Robot Cars with Road Rage

The people who have not used bitcoins and those who have used it share a common characteristic: They both harbor misconceptions on how the controversial digital currency works. Bitcoin does not require official approvals. It just needs a platform through which it can function and then users emerge. Primarily, it is a universal database and an incorruptible electronic ledger of economic transactions that is programmable to record virtually anything of value to humans done over electronic systems. To the surprise of many, besides financial transactions, the blockchain can log items such as medical procedures, titles of ownership and deeds, votes, financial accounts, educational credentials, interactions between smart electronic systems and anything that can be expressed in code form.

Nothing is comparable to the recent buzz that blockchain has created in the financial service industry. This trend begs the questions why has it become the buzzword, why has it drawn so much attention, and where is it going to be in the future? Following its introduction to the blockchain technology through the emergence of bitcoin, the industry has made headlines on what it entails and what its potential impacts can be. According to many, the technology appears to be a remedy for most ills while to others there is fear and uncertainty of the looming disruption that the blockchain might have.

The fact that blockchain is merely a distributed database that records, confirms and transfers electronic assets may seem uninteresting. However, the technology remains revolutionary and can be used to foster, speed transparency, trust, cost efficiency with the global financial sector and beyond. Despite the fact that the industry is promising, it would be a remiss to acknowledge the fact that it needs many developments for its potential to be fully realized. Thinking, technology, and legacy are not one-off things neither can their transformation take place overnight. It is, however, notable that the blockchain industry is set on the right course and it is, therefore, a potential investment vehicle.

It was not until 2008 when the technology emerged as a work of a programmer. Its launch was a pivotal moment for the financial industry. After its introduction, the reaction towards the technology was kept off the limelight, and many technology enthusiasts were not attracted to the technology. However, for the period between 2011 and 2012 block having, technology started to draw the attention for most tech enthusiasts. The fuss on bitcoin commenced after its stated increasing in value as a crypto-currency and its acceptance as a mode of payment by a significant number of merchants. From that juncture, the new abut bitcoin stated having momentum with most of the news being negative. Bitcoin was considered a web-based black market. The negativity was heightened following the collapse of Mt. Gox, which was the most extensive bitcoin exchange system then. Although the negative stories brought the crypt-currency into the limelight, they were equally responsible for compromising the ambition that many had to use bitcoins to replace fiat currency as financial institutions stated distancing themselves from it.

Amidst the negativity with the bitcoins, it soon became apparent that the financial system stakeholders were paying attention to the wrong aspects of the technology. The revolutionary element of the bitcoin is not its usage as a token of exchange but rather the blockchain technology behind it. The realization of the concept behind bitcoin immediately became apparent, and it was an eye-opening for the industry. Bitcoin provides a platform that is more efficient and transparent for exchanging electronic assets. Consequently, this bridges the divide that has characterized digital banking for ages.

Following the successful POC concerning; the next step is large-scale commercialization. Despite the few setbacks such as some countries still not accepting digital documentation, companies have no choice but to invest in the technology or suffer extinction. Managers of enterprises should establish ways through which they can use the technology to revolutionize their operations. However, a challenge remains on how the technology can be regulated. The future of the financial sector, therefore, lies with blockchain technology.

Technology is dynamic and the inventions of today are likely to be the relics of tomorrow. Just as the bitcoin technology emerges automobile, manufacturers are racing towards the production of autonomous vehicles. Despite the bums and obstacles, they face they have remained on their course towards the market of self-driven cars. With autonomous automobiles, the technology must be able to learn how to operate in the human world. The big question is that what or who will be blamed for the road carnage with the emergence of the self-driven vehicles? Is it the driver, the automobile or the manufacturer? There was a recent case in Florida when a Tesla vehicle was involved in a car crash when in autopilot mode.

Imagine a situation where self-driven cars adopt the blockchain technology. Given that the bitcoin systems is incorruptible, vehicles will be forced to play on a fair level with no instances foul play. For a car model to be well rated it will be vital that they have to compete favorably against other vehicles. There are many instances where cars have caused accidents thus resulting in a blame game that circulates in a continuous loop until a decision is finally reached. Scientists are still miles away from proving a vehicle that they consider entirely safe. At any point in time, there will be likely incidences of a driver, a pedestrian or a cyclist being killed by a self-driven car. At such instances, the lines between technological failure and human failure will always be blurry with various parties blaming the technology used by the engineers while others will blame the drivers, cyclist of bystanders. In such instances, court cases are likely to develop thereby putting the respective companies in a series of litigations.

Despite the many obstacles, that car companies face the production of self-driven cars is the future of the industry, and we are soon reaching a point where a majority of the automobiles will be self-driven. It is, therefore, a lucrative area for investors interested in investing in the industry. What the car producers need to understand is that car safety is not only about designing efficient algorithms, but also it is about the ownership of the data but also the operations of the vehicle. The same problems used to characterize the airline industry until the regulatory bodies such as NHTSA introduced flight data recorders. The same technology as in the case of airplanes should be incorporated into autonomous vehicles. Just like the electronic data electronic data recorder used in aircrafts, there is a need for self-driven cars to have systems to keep the data. Which better system can there be if not blockchain systems? Although the question is debatable, it is highly logical and future-oriented. With the ephemeral technology, cars will be rated based on the performance data (# of trips accepted and overall customer rating). Also, information on accidents will always be accurate thus determining the exact cause of the accidents. Competition is likely to stiffen competition as each manufacturer will be trying to stay ahead of other producers. Adopting a blockchain will eventually lead to cars that are aggressively involved in the race to earn more cash and to receive better ratings for their owners.