Bitcoin and blockchain can restore trust in financial transactions, one of the foremost authorities on cryptocurrencies, Brian Forde, spoke at the World Congress of Accountants (WCOA) meeting in Sydney on Nov 7th.
Bitcoin is re-creating trust that has been lost in banks, said Forde, a senior lecturer for Bitcoin and blockchain at the MIT Sloan School of Management and a former adviser on mobile and data innovation to the Obama White House.
"Bitcoin was built for people, not companies," he said, "It is about being able to transfer faithfully without trusting a third party, a government, a company, an organisation. It starts to remove intermediaries that take fees."
Forde believes developing countries will move into cryptocurrency adoption ahead of developed countries where citizens can easily find a bank or ATM.