{"id":728,"date":"2019-03-13T11:55:32","date_gmt":"2019-03-13T11:55:32","guid":{"rendered":"http:\/\/horizon.peachpuff-wolverine-566518.hostingersite.com\/?p=728"},"modified":"2019-03-13T11:55:32","modified_gmt":"2019-03-13T11:55:32","slug":"blockchain-could-democratise-banking-music-but-at-what-cost","status":"publish","type":"post","link":"https:\/\/scienceblog.com\/horizon\/728\/blockchain-could-democratise-banking-music-but-at-what-cost\/","title":{"rendered":"Blockchain could democratise banking, music \u2013 but at what cost?"},"content":{"rendered":"<h3 class=\"dotted\"><strong>Few technologies have the potential to disrupt old institutions as much as blockchain \u2013 a system that maintains records on huge networks of individual computers. As with any new technology, it could be used for social good \u2013 such as supporting people who are priced-out of the current bank accounts \u2013 but the big challenge is how to limit its unintended consequences.<\/strong><\/h3>\n<div class=\"field field-name-body field-type-text-with-summary field-label-hidden\">\n<div class=\"field-items\">\n<div class=\"field-item even\">\n<p class=\"selectionShareable\">At its heart, blockchain is a list of \u2018blocks\u2019 of digital information \u2013 any information \u2013 that is not stored in one place, but copied to computers in numerous different places. In principle, information stored in this way is accessible to anyone, and is also harder to corrupt, because corruption would need to occur simultaneously in a majority of the identical copies.<\/p>\n<p class=\"selectionShareable\">The most famous application of blockchain is bitcoin, a completely virtual currency that sidelines all banks and governments. In 10 years bitcoin\u2019s value has gone from almost zero to thousands of euros \u2013\u00a0although in the past year or so it has been in decline.<\/p>\n<p class=\"selectionShareable\">Many people see bitcoin and other applications of blockchain as a freer, more egalitarian and more secure way of running services such as banking. One of those people is Robert Ka\u0142u\u017ca, co-founder of the Polish blockchain technology company Billon.<\/p>\n<p class=\"selectionShareable\">\u2018The expensive, centralised architecture of banking IT systems leaves many people behind \u2013 migrants, temp workers or the underaged (under 18s), whose income is generated by gig-economy jobs or micropayments,\u2019 Ka\u0142u\u017ca said. \u2018That income is too small or too irregular to be serviceable by (existing) banking technology, so banks consider those people as unprofitable.\u2019<\/p>\n<p class=\"selectionShareable\"><strong>No cost<\/strong><\/p>\n<p class=\"selectionShareable\">Ka\u0142u\u017ca adds that the annual cost of servicing a current account is \u20ac100, which banks try to reclaim from customers one way or another. According to a 2016 study by the Polish central bank, only 9% of under-18s have a bank account.<\/p>\n<p class=\"selectionShareable\">\u2018This is the most technologically advanced group of the society with a huge need to get access to financial products adjusted to their situation,\u2019 he said. \u2018We want to give them that.\u2019<\/p>\n<p class=\"selectionShareable\"><a href=\"https:\/\/cordis.europa.eu\/project\/rcn\/212243\/factsheet\/en\">Bill<\/a><a href=\"https:\/\/cordis.europa.eu\/project\/rcn\/212243\/factsheet\/en\" target=\"_blank\" rel=\"noopener noreferrer\">on\u2019s answer<\/a>\u00a0is a blockchain-based platform to replace much of the backbone of current banking, coupled with a smartphone app that allows users to instantly send or receive money for free. The platform involves every installed app acting as a node, securely checking the transactions not just of its own user but of every other user, too.<\/p>\n<p class=\"selectionShareable\">The process is a collective, decentralised version of what individual banks currently do \u2013 and without the cost. Unlike bitcoin, the monies involved are not virtual but conventional currencies such as the British pound or the Polish z\u0142oty, which provide a degree of trust. It also means that, unlike with bitcoin, users can buy things in regular shops and withdraw cash from ATMs.<\/p>\n<p class=\"selectionShareable\">\u2018From the end user\u2019s point of view there is not much difference between Billon\u2019s solution and a standard bank account,\u2019 says Ka\u0142u\u017ca. \u2018They can simply install a free app from (the new platform) and receive or transfer money just how they would do usually.\u2019<\/p>\n<p class=\"selectionShareable\">Billon will ultimately make money from the platform by licensing it to banks and other service providers, such as utility companies. It is currently moving from the concept to commercialisation phase, with a view to launch the product later this year.<\/p>\n<p class=\"selectionShareable\">That could be good news for people with irregular incomes. But Dr Bal\u00e1zs Bodo, a socio-legal research scientist at the University of Amsterdam in the Netherlands, wonders whether the disruptive effect of blockchain applications such as Billon\u2019s will always be positive.<\/p>\n<p class=\"selectionShareable\">In 2018, he launched a research project called\u00a0<a href=\"https:\/\/cordis.europa.eu\/project\/rcn\/212798\/factsheet\/en\" target=\"_blank\" rel=\"noopener noreferrer\">Blockchain Society<\/a> to look into this. In it, Dr Bodo is trying to answer three general questions: What makes a blockchain application successful? How does society adapt to it? And how can it be regulated?<\/p>\n<div class=\"quote-view quotesBlock quote_horizontal\">\n<blockquote>\n<p class=\"selectionShareable\">\u2018(Blockchain) disrupts existing institutions, but fails to provide solutions that provide the same level of service.\u2019<\/p>\n<p class=\"selectionShareable\">Dr Bal\u00e1zs Bodo, University of Amsterdam, the Netherlands\u200b\u200b<\/p>\n<\/blockquote>\n<\/div>\n<p class=\"selectionShareable\"><strong>Oversight<\/strong><\/p>\n<p class=\"selectionShareable\">It is the last question that is perhaps the most difficult to answer, as it goes to the heart of blockchain\u2019s challenge to existing, centralised institutions. Unlike existing institutions, many blockchain applications aim to be accessible to everyone equally \u2013\u00a0but that sacrifices centralised oversight.<\/p>\n<p class=\"selectionShareable\">The risk of blockchain is that it \u2018disrupts existing institutions, but fails to provide solutions that provide the same level of service,\u2019 says Dr Bodo. \u2018Or it just replaces old middlemen with new ones (and) rearranges power \u2013 but ultimately not to the benefit of the powerless.\u2019<\/p>\n<p class=\"selectionShareable\">Take for example copyright in the music industry, one of the potential targets of blockchain Dr Bodo has studied recently. The current situation is complicated, and dominated by powerful middlemen: a handful of digital platforms such as Spotify and YouTube perform distribution, a few major record companies control rights, and a small number of collecting societies provide licences.<\/p>\n<p class=\"selectionShareable\">Blockchain solutions have been proposed to restrict the power of these big middlemen. But Dr Bodo warns that these could struggle to translate the complexity of the old system into the inflexible logic of computer programming, without introducing new power injustices.<\/p>\n<p class=\"selectionShareable\">\u2018The question is not blockchain per se \u2013\u00a0blockchain is a wonderful technology,\u2019 he continued. But, he says, there is an open question about what happens when blockchain challenges the power of the law and the power of existing institutions.<\/p>\n<p class=\"selectionShareable\">For Dr Bodo, the battle between technology and traditional institutions is important as a research topic, and also highly fascinating in its own right. \u2018It\u2019s like I\u2019m watching a football match,\u2019 he says. \u2018Who\u2019s going to win?\u2019<\/p>\n<div class=\"moreInfoBlock\">\n<h3>How blockchain works<\/h3>\n<p class=\"selectionShareable\">Blockchain is a secure, decentralised way of carrying out instructions and storing information. A historical record is saved on multiple devices such as computers or phones, which are linked together in a dedicated network.<\/p>\n<ol>\n<li>A user sends an instruction, such as \u2018transfer \u20ac5\u2019 or \u2018update address\u2019 to the network.<\/li>\n<li>The different devices all begin to code this instruction into a block \u2013 a set of information &#8211; by solving a mathematical puzzle.<\/li>\n<li>The first one to finish sends the block and the solution to the rest of the network to check.<\/li>\n<li>Once the block is validated, it is added to previous blocks to create a time-stamped chain of instructions.<\/li>\n<li>The updated blockchain is saved separately on every device in the network, making it difficult to tamper with.<\/li>\n<li>The original instruction is carried out.<\/li>\n<\/ol>\n<\/div>\n<p class=\"selectionShareable\"><em>The research in this article was funded by the EU. If you liked this article, please consider sharing it on social media.<\/em><\/p>\n<p><em>Originally published on <a href=\"https:\/\/horizon-magazine.eu\">Horizon.<\/a>\u00a0<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Few technologies have the potential to disrupt old institutions as much as blockchain \u2013 a system that maintains records on huge networks of individual computers. As with any new technology, it could be used for social good \u2013 such as supporting people who are priced-out of the current bank accounts \u2013 but the big challenge &#8230; <a title=\"Blockchain could democratise banking, music \u2013 but at what cost?\" class=\"read-more\" href=\"https:\/\/scienceblog.com\/horizon\/728\/blockchain-could-democratise-banking-music-but-at-what-cost\/\" aria-label=\"Read more about Blockchain could democratise banking, music \u2013 but at what cost?\">Read more<\/a><\/p>\n","protected":false},"author":311,"featured_media":729,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"generate_page_header":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[112],"tags":[235,119,79,24,28],"class_list":["post-728","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ict","tag-blockchain","tag-industry","tag-research","tag-science","tag-technology"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Blockchain could democratise banking, music \u2013 but at what cost? - Horizon Magazine Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceblog.com\/horizon\/728\/blockchain-could-democratise-banking-music-but-at-what-cost\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blockchain could democratise banking, music \u2013 but at what cost?\" \/>\n<meta property=\"og:description\" content=\"Few technologies have the potential to disrupt old institutions as much as blockchain \u2013 a system that maintains records on huge networks of individual computers. As with any new technology, it could be used for social good \u2013 such as supporting people who are priced-out of the current bank accounts \u2013 but the big challenge ... Read more\" \/>\n<meta property=\"og:url\" content=\"https:\/\/scienceblog.com\/horizon\/728\/blockchain-could-democratise-banking-music-but-at-what-cost\/\" \/>\n<meta property=\"og:site_name\" content=\"Horizon Magazine Blog\" \/>\n<meta property=\"article:published_time\" content=\"2019-03-13T11:55:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2019\/03\/machine-map-product-cash-atm-automated-teller-machine-571812-pxhere.com_.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1350\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jon Cartwright\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jon Cartwright\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/scienceblog.com\\\/horizon\\\/728\\\/blockchain-could-democratise-banking-music-but-at-what-cost\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/scienceblog.com\\\/horizon\\\/728\\\/blockchain-could-democratise-banking-music-but-at-what-cost\\\/\"},\"author\":{\"name\":\"Jon Cartwright\",\"@id\":\"https:\\\/\\\/scienceblog.com\\\/horizon\\\/#\\\/schema\\\/person\\\/e46ce6c2573e7e2e6293fb35a31a87b9\"},\"headline\":\"Blockchain could democratise banking, music \u2013 but at what cost?\",\"datePublished\":\"2019-03-13T11:55:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/scienceblog.com\\\/horizon\\\/728\\\/blockchain-could-democratise-banking-music-but-at-what-cost\\\/\"},\"wordCount\":1095,\"publisher\":{\"@id\":\"https:\\\/\\\/scienceblog.com\\\/horizon\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/scienceblog.com\\\/horizon\\\/728\\\/blockchain-could-democratise-banking-music-but-at-what-cost\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/scienceblog.com\\\/horizon\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2019\\\/03\\\/machine-map-product-cash-atm-automated-teller-machine-571812-pxhere.com_.jpg\",\"keywords\":[\"blockchain\",\"industry\",\"research\",\"science\",\"technology\"],\"articleSection\":[\"ICT\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/scienceblog.com\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/scienceblog.com\\\/horizon\\\/728\\\/blockchain-could-democratise-banking-music-but-at-what-cost\\\/\",\"url\":\"https:\\\/\\\/scienceblog.com\\\/horizon\\\/728\\\/blockchain-could-democratise-banking-music-but-at-what-cost\\\/\",\"name\":\"Blockchain could democratise banking, music \u2013 but at what cost? - Horizon Magazine Blog\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/scienceblog.com\\\/horizon\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/scienceblog.com\\\/horizon\\\/728\\\/blockchain-could-democratise-banking-music-but-at-what-cost\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/scienceblog.com\\\/horizon\\\/728\\\/blockchain-could-democratise-banking-music-but-at-what-cost\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/scienceblog.com\\\/horizon\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2019\\\/03\\\/machine-map-product-cash-atm-automated-teller-machine-571812-pxhere.com_.jpg\",\"datePublished\":\"2019-03-13T11:55:32+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/scienceblog.com\\\/horizon\\\/728\\\/blockchain-could-democratise-banking-music-but-at-what-cost\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/scienceblog.com\\\/horizon\\\/728\\\/blockchain-could-democratise-banking-music-but-at-what-cost\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/scienceblog.com\\\/horizon\\\/728\\\/blockchain-could-democratise-banking-music-but-at-what-cost\\\/#primaryimage\",\"url\":\"https:\\\/\\\/scienceblog.com\\\/horizon\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2019\\\/03\\\/machine-map-product-cash-atm-automated-teller-machine-571812-pxhere.com_.jpg\",\"contentUrl\":\"https:\\\/\\\/scienceblog.com\\\/horizon\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2019\\\/03\\\/machine-map-product-cash-atm-automated-teller-machine-571812-pxhere.com_.jpg\",\"width\":1350,\"height\":900,\"caption\":\"Free blockchain-based platforms can make bank accounts accessible to those unable to afford regular banking technology. Image credit - Pxhere, licensed under CC0\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/scienceblog.com\\\/horizon\\\/728\\\/blockchain-could-democratise-banking-music-but-at-what-cost\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/scienceblog.com\\\/horizon\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Blockchain could democratise banking, music \u2013 but at what cost?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/scienceblog.com\\\/horizon\\\/#website\",\"url\":\"https:\\\/\\\/scienceblog.com\\\/horizon\\\/\",\"name\":\"Horizon Magazine Blog\",\"description\":\"The EU Research &amp; Innovation Magazine\",\"publisher\":{\"@id\":\"https:\\\/\\\/scienceblog.com\\\/horizon\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/scienceblog.com\\\/horizon\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/scienceblog.com\\\/horizon\\\/#organization\",\"name\":\"Horizon Magazine Blog\",\"url\":\"https:\\\/\\\/scienceblog.com\\\/horizon\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/scienceblog.com\\\/horizon\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/scienceblog.com\\\/horizon\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2026\\\/04\\\/eu-logo.jpg\",\"contentUrl\":\"https:\\\/\\\/scienceblog.com\\\/horizon\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2026\\\/04\\\/eu-logo.jpg\",\"width\":601,\"height\":283,\"caption\":\"Horizon Magazine Blog\"},\"image\":{\"@id\":\"https:\\\/\\\/scienceblog.com\\\/horizon\\\/#\\\/schema\\\/logo\\\/image\\\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/scienceblog.com\\\/horizon\\\/#\\\/schema\\\/person\\\/e46ce6c2573e7e2e6293fb35a31a87b9\",\"name\":\"Jon Cartwright\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/639fdb95ff34581e15fbc64f36881a045bb2057ef25c3710e9a63eee1126dd52?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/639fdb95ff34581e15fbc64f36881a045bb2057ef25c3710e9a63eee1126dd52?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/639fdb95ff34581e15fbc64f36881a045bb2057ef25c3710e9a63eee1126dd52?s=96&d=mm&r=g\",\"caption\":\"Jon Cartwright\"},\"url\":\"https:\\\/\\\/scienceblog.com\\\/horizon\\\/author\\\/joncartwright\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Blockchain could democratise banking, music \u2013 but at what cost? - Horizon Magazine Blog","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/scienceblog.com\/horizon\/728\/blockchain-could-democratise-banking-music-but-at-what-cost\/","og_locale":"en_US","og_type":"article","og_title":"Blockchain could democratise banking, music \u2013 but at what cost?","og_description":"Few technologies have the potential to disrupt old institutions as much as blockchain \u2013 a system that maintains records on huge networks of individual computers. As with any new technology, it could be used for social good \u2013 such as supporting people who are priced-out of the current bank accounts \u2013 but the big challenge ... Read more","og_url":"https:\/\/scienceblog.com\/horizon\/728\/blockchain-could-democratise-banking-music-but-at-what-cost\/","og_site_name":"Horizon Magazine Blog","article_published_time":"2019-03-13T11:55:32+00:00","og_image":[{"width":1350,"height":900,"url":"https:\/\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2019\/03\/machine-map-product-cash-atm-automated-teller-machine-571812-pxhere.com_.jpg","type":"image\/jpeg"}],"author":"Jon Cartwright","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Jon Cartwright","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/scienceblog.com\/horizon\/728\/blockchain-could-democratise-banking-music-but-at-what-cost\/#article","isPartOf":{"@id":"https:\/\/scienceblog.com\/horizon\/728\/blockchain-could-democratise-banking-music-but-at-what-cost\/"},"author":{"name":"Jon Cartwright","@id":"https:\/\/scienceblog.com\/horizon\/#\/schema\/person\/e46ce6c2573e7e2e6293fb35a31a87b9"},"headline":"Blockchain could democratise banking, music \u2013 but at what cost?","datePublished":"2019-03-13T11:55:32+00:00","mainEntityOfPage":{"@id":"https:\/\/scienceblog.com\/horizon\/728\/blockchain-could-democratise-banking-music-but-at-what-cost\/"},"wordCount":1095,"publisher":{"@id":"https:\/\/scienceblog.com\/horizon\/#organization"},"image":{"@id":"https:\/\/scienceblog.com\/horizon\/728\/blockchain-could-democratise-banking-music-but-at-what-cost\/#primaryimage"},"thumbnailUrl":"https:\/\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2019\/03\/machine-map-product-cash-atm-automated-teller-machine-571812-pxhere.com_.jpg","keywords":["blockchain","industry","research","science","technology"],"articleSection":["ICT"],"inLanguage":"en-US","copyrightYear":"2019","copyrightHolder":{"@id":"https:\/\/scienceblog.com\/#organization"}},{"@type":"WebPage","@id":"https:\/\/scienceblog.com\/horizon\/728\/blockchain-could-democratise-banking-music-but-at-what-cost\/","url":"https:\/\/scienceblog.com\/horizon\/728\/blockchain-could-democratise-banking-music-but-at-what-cost\/","name":"Blockchain could democratise banking, music \u2013 but at what cost? - Horizon Magazine Blog","isPartOf":{"@id":"https:\/\/scienceblog.com\/horizon\/#website"},"primaryImageOfPage":{"@id":"https:\/\/scienceblog.com\/horizon\/728\/blockchain-could-democratise-banking-music-but-at-what-cost\/#primaryimage"},"image":{"@id":"https:\/\/scienceblog.com\/horizon\/728\/blockchain-could-democratise-banking-music-but-at-what-cost\/#primaryimage"},"thumbnailUrl":"https:\/\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2019\/03\/machine-map-product-cash-atm-automated-teller-machine-571812-pxhere.com_.jpg","datePublished":"2019-03-13T11:55:32+00:00","breadcrumb":{"@id":"https:\/\/scienceblog.com\/horizon\/728\/blockchain-could-democratise-banking-music-but-at-what-cost\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/scienceblog.com\/horizon\/728\/blockchain-could-democratise-banking-music-but-at-what-cost\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/scienceblog.com\/horizon\/728\/blockchain-could-democratise-banking-music-but-at-what-cost\/#primaryimage","url":"https:\/\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2019\/03\/machine-map-product-cash-atm-automated-teller-machine-571812-pxhere.com_.jpg","contentUrl":"https:\/\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2019\/03\/machine-map-product-cash-atm-automated-teller-machine-571812-pxhere.com_.jpg","width":1350,"height":900,"caption":"Free blockchain-based platforms can make bank accounts accessible to those unable to afford regular banking technology. Image credit - Pxhere, licensed under CC0"},{"@type":"BreadcrumbList","@id":"https:\/\/scienceblog.com\/horizon\/728\/blockchain-could-democratise-banking-music-but-at-what-cost\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/scienceblog.com\/horizon\/"},{"@type":"ListItem","position":2,"name":"Blockchain could democratise banking, music \u2013 but at what cost?"}]},{"@type":"WebSite","@id":"https:\/\/scienceblog.com\/horizon\/#website","url":"https:\/\/scienceblog.com\/horizon\/","name":"Horizon Magazine Blog","description":"The EU Research &amp; Innovation Magazine","publisher":{"@id":"https:\/\/scienceblog.com\/horizon\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/scienceblog.com\/horizon\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/scienceblog.com\/horizon\/#organization","name":"Horizon Magazine Blog","url":"https:\/\/scienceblog.com\/horizon\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/scienceblog.com\/horizon\/#\/schema\/logo\/image\/","url":"https:\/\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2026\/04\/eu-logo.jpg","contentUrl":"https:\/\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2026\/04\/eu-logo.jpg","width":601,"height":283,"caption":"Horizon Magazine Blog"},"image":{"@id":"https:\/\/scienceblog.com\/horizon\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/scienceblog.com\/horizon\/#\/schema\/person\/e46ce6c2573e7e2e6293fb35a31a87b9","name":"Jon Cartwright","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/639fdb95ff34581e15fbc64f36881a045bb2057ef25c3710e9a63eee1126dd52?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/639fdb95ff34581e15fbc64f36881a045bb2057ef25c3710e9a63eee1126dd52?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/639fdb95ff34581e15fbc64f36881a045bb2057ef25c3710e9a63eee1126dd52?s=96&d=mm&r=g","caption":"Jon Cartwright"},"url":"https:\/\/scienceblog.com\/horizon\/author\/joncartwright\/"}]}},"jetpack_featured_media_url":"https:\/\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2019\/03\/machine-map-product-cash-atm-automated-teller-machine-571812-pxhere.com_.jpg","jetpack_shortlink":"https:\/\/wp.me\/pgtNKV-bK","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":2248,"url":"https:\/\/scienceblog.com\/horizon\/2248\/cryptocurrency-upheaval-could-be-a-blessing-in-disguise-for-the-future-of-blockchain-technology\/","url_meta":{"origin":728,"position":0},"title":"Cryptocurrency upheaval could be a blessing in disguise for the future of blockchain technology","author":"Horizon Magazine","date":"December 27, 2022","format":false,"excerpt":"Every cloud has a silver lining. So whether or not the sun sets on cryptocurrencies, its underlying technology, blockchain, has a bright future beyond just coins. By\u00a0\u00a0TOM CASSAUWERS Sam Bankman-Fried was the darling of the cryptocurrency world, then he became its black sheep. In November of this year, the cryptocurrency\u2026","rel":"","context":"In &quot;Social Sciences&quot;","block_context":{"text":"Social Sciences","link":"https:\/\/scienceblog.com\/horizon\/category\/social-sciences\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2022\/12\/27-scaled.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2022\/12\/27-scaled.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2022\/12\/27-scaled.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2022\/12\/27-scaled.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2022\/12\/27-scaled.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2022\/12\/27-scaled.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":2999,"url":"https:\/\/scienceblog.com\/horizon\/2999\/bottling-trust-researchers-are-using-chemistry-and-blockchain-to-discourage-wine-fraud\/","url_meta":{"origin":728,"position":1},"title":"Bottling trust: researchers are using chemistry and blockchain to discourage wine fraud","author":"Horizon Magazine","date":"March 7, 2025","format":false,"excerpt":"EU-funded researchers have developed smart tags to guarantee the authenticity and traceability of wine from vineyard to table, helping to combat counterfeiting and boost consumer trust. By Sofia Sanchez Manzanaro Red, white, or ros\u00e9, sparkling or still, dry or fruity, wine is deeply embedded in European culture. But so are\u2026","rel":"","context":"In &quot;Agriculture&quot;","block_context":{"text":"Agriculture","link":"https:\/\/scienceblog.com\/horizon\/category\/agriculture\/"},"img":{"alt_text":"New digital passports for wine combine chemistry and blockchain technology to guarantee authenticity. \u00a9 Barillo_Images, Shutterstock.com","src":"https:\/\/i0.wp.com\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2025\/03\/07.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2025\/03\/07.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2025\/03\/07.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2025\/03\/07.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2025\/03\/07.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2025\/03\/07.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":3100,"url":"https:\/\/scienceblog.com\/horizon\/3100\/navigating-growth-researchers-use-blockchain-and-ai-to-reclaim-europes-inland-waterways\/","url_meta":{"origin":728,"position":2},"title":"Navigating growth: researchers use blockchain and AI to reclaim Europe\u2019s inland waterways","author":"Horizon Magazine","date":"May 23, 2025","format":false,"excerpt":"Europe\u2019s expansive inland waterways remain underutilised despite their potential. Researchers and industry partners are developing innovative tools, such as digital simulations of river flows or blockchain-powered pollution control, that support smarter, more resilient and sustainable inland waterway transport. By Tom Cassauwers The Douro River is one of Portugal\u2019s best-known waterways.\u2026","rel":"","context":"In &quot;Earth, Energy &amp; Environment&quot;","block_context":{"text":"Earth, Energy &amp; Environment","link":"https:\/\/scienceblog.com\/horizon\/category\/earth-energy-environment\/"},"img":{"alt_text":"A cruise ship sails on Portugal\u2019s Douro River, part of Europe\u2019s underutilised inland waterways that researchers are working to make more sustainable. \u00a9 M\u00e1rio Rodrigues\/APDL","src":"https:\/\/i0.wp.com\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2025\/05\/22.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2025\/05\/22.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2025\/05\/22.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2025\/05\/22.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":1406,"url":"https:\/\/scienceblog.com\/horizon\/1406\/smartphone-blockchain-technologies-to-open-new-frontier-in-fight-against-food-fraud\/","url_meta":{"origin":728,"position":3},"title":"Smartphone, blockchain technologies to open new frontier in fight against food fraud","author":"Horizon Magazine","date":"August 24, 2020","format":false,"excerpt":"Food fraudsters have found myriad ways to trick shoppers \u2013 from cheap\u00a0horsemeat\u00a0sold as beef to conventional\u00a0apples\u00a0labelled as organic. But new rapid testing and tracing technologies may help turn the tables on food crime. The stakes are high for producers of expensive foods, which are particularly vulnerable to fraud. These include\u2026","rel":"","context":"In &quot;Earth, Energy &amp; Environment&quot;","block_context":{"text":"Earth, Energy &amp; Environment","link":"https:\/\/scienceblog.com\/horizon\/category\/earth-energy-environment\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2020\/08\/Olive_branch.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2020\/08\/Olive_branch.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2020\/08\/Olive_branch.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2020\/08\/Olive_branch.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2020\/08\/Olive_branch.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2020\/08\/Olive_branch.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":835,"url":"https:\/\/scienceblog.com\/horizon\/835\/quantum-a-double-edged-sword-for-cryptography\/","url_meta":{"origin":728,"position":4},"title":"Quantum \u2013 a double-edged sword for cryptography","author":"Jon Cartwright","date":"June 11, 2019","format":false,"excerpt":"Quantum computers pose a big threat to the security of modern communications, deciphering cryptographic codes that would take regular computers forever to crack. But drawing on the properties of quantum behaviour could also provide a route to truly secure cryptography. Defence, finance, social networking \u2013 communications everywhere rely on cryptographic\u2026","rel":"","context":"In &quot;ICT&quot;","block_context":{"text":"ICT","link":"https:\/\/scienceblog.com\/horizon\/category\/ict\/"},"img":{"alt_text":"Cryptography that would be impossible for a regular computer to crack, would take a quantum computer just seconds.","src":"https:\/\/i0.wp.com\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2019\/06\/hacking-1685092_1920.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2019\/06\/hacking-1685092_1920.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2019\/06\/hacking-1685092_1920.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2019\/06\/hacking-1685092_1920.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2019\/06\/hacking-1685092_1920.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2019\/06\/hacking-1685092_1920.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":2160,"url":"https:\/\/scienceblog.com\/horizon\/2160\/extra-flavour-and-fraud-prevention-on-the-menu-for-europes-beer-and-wine-industries\/","url_meta":{"origin":728,"position":5},"title":"Extra flavour and fraud prevention on the menu for Europe&#8217;s beer and wine industries","author":"Horizon Magazine","date":"September 21, 2022","format":false,"excerpt":"Europe\u2019s valuable wine and beer industries are working to retain their competitive edge with an expanded range of aromas and blockchain-based fraud prevention. BY DANIELA DE LORENZO The debate over whether fermentation was a more important human discovery than fire will continue forever. In the meantime, with Europe as the\u2026","rel":"","context":"In &quot;Health&quot;","block_context":{"text":"Health","link":"https:\/\/scienceblog.com\/horizon\/category\/health\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2022\/09\/21-scaled.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2022\/09\/21-scaled.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2022\/09\/21-scaled.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2022\/09\/21-scaled.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2022\/09\/21-scaled.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/scienceblog.com\/horizon\/wp-content\/uploads\/sites\/4\/2022\/09\/21-scaled.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/scienceblog.com\/horizon\/wp-json\/wp\/v2\/posts\/728","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/scienceblog.com\/horizon\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/scienceblog.com\/horizon\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/scienceblog.com\/horizon\/wp-json\/wp\/v2\/users\/311"}],"replies":[{"embeddable":true,"href":"https:\/\/scienceblog.com\/horizon\/wp-json\/wp\/v2\/comments?post=728"}],"version-history":[{"count":0,"href":"https:\/\/scienceblog.com\/horizon\/wp-json\/wp\/v2\/posts\/728\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/scienceblog.com\/horizon\/wp-json\/wp\/v2\/media\/729"}],"wp:attachment":[{"href":"https:\/\/scienceblog.com\/horizon\/wp-json\/wp\/v2\/media?parent=728"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/scienceblog.com\/horizon\/wp-json\/wp\/v2\/categories?post=728"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/scienceblog.com\/horizon\/wp-json\/wp\/v2\/tags?post=728"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}