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Fin tech4kids remittance and blockchain
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Fin tech4kids remittance and blockchain
1.
Because we can
all connect together on the network, anyone can send money to anyone else on the network. There are two major sorts of peer-to-peer services in finance: lending and payments. Peer-to-peer lending is where someone sends money to another person over the network. It could be from their mobile phone, laptop or even their car or fridge! They want the money back, and so they are lending the money and not giving it away. The person receiving the money is then called a borrower. Borrower Lender © thefinanser.com
2.
Peer-to-peer payment allows
anyone, anywhere, anytime to send money to anyone else through the network to pay for something. The person sending is the buyer and the person receiving is the seller. If you use the internet to buy anything from someone who is not a company, then that is a peer-to-peer payment. But if you live in a country with a poor banking system, you will have to visit a person who manages money and gives you the cash. This is called remittances. For example, let’s say that Bill wants to send Suzy some money. Bill lives in America and Suzy lives in Asia. The way this would usually be done with remittances is that Bill would pay an agent to send the money to Suzy, and the agent in the other country gives Suzy the cash. © thefinanser.com
3.
AGENT B AGENT
A © thefinanser.com
4.
Peer-to-peer payment and
lending has led to other big changes, like creating our own money systems on the network. These are called cryptocurrencies, and are inspired by a technology called distributed ledgers. I’m going to hand over to Bill to explain those, but before I do so, I want you to answer two questions for me. What is peer-to-peer lending? Can you explain a remittance to me? © thefinanser.com
5.
Thanks Suzy and
hello. I’m Bill! I’m going to talk to you about distributed ledgers and cryptocurrencies. All of banking is built upon the idea of a ledger. A ledger is a system of recording money. When you spend money, you get a debit. When you receive money, you get a credit. The difference between your debits and credits is your bank balance. Do you know what a ledger is? © thefinanser.com
6.
© thefinanser.com
7.
For hundreds of
years, this system has been looked after by banks, but that is changing because of what are called distributed ledgers. Distributed ledger technology (DLT) allows everyone to have a copy of the ledger. Before, only the bank had the ledger. Now, everyone can see the ledger. We could not do this before, because it needed to be totally secure. After all, if anyone could access the ledger, they could change your bank balance, and possibly make you richer or poorer. That would be good for criminals, but bad for you. Then, technology developed a system where the ledger could be shared and no- one could change it. Technologists have a word for this – they call it immutability. The idea is that because everyone can see the ledger – it is distributed to everyone who needs to see it – it cannot be changed without everybody seeing the change. That makes it better and more secure than just one bank looking after the ledger. In other words, the network looks after the ledger. © thefinanser.com
8.
© thefinanser.com
9.
The core technology
behind distributed ledgers is called blockchain. Blockchain allows money in and money out – debits and credits – to be recorded securely and available for everyone to see securely. This is because blockchain technology adds every action of spending money as a block to the chain, that can never be changed. The blocks are blocks of data that are chained together in sequence. Like an ABCD or 1234 of what has been spent, by who, when, and recorded automatically and securely. It is an amazing technology that started in 2009 with something called bitcoin, a cryptocurrency. But, before we talk about bitcoin, I have a few questions for you: What is a debit and what is a credit? Do you know what a ledger is? Can you describe how a distributed ledger works? © thefinanser.com
10.
Bitcoin appeared in
2009 and is one of the first ever digital currencies that worked! There are now many digital currencies. Some are issued by governments, some by banks, some by the network and some by companies. In fact, there are many digital currencies in the world, but people like bitcoin because it is a global currency with no government involved. Other people hate the fact there is no government involved, as they only trust money issued by governments. This is a big debate that people are having: what will the money of the future be? The money issued by governments or by the internet? What do you think? © thefinanser.com
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