Stephen’s presentation effectively demystified this challenging topic of Blockchain and Cryptocurrencies, grounding his presentation on the traditional role banks the world over have played in facilitating trusted transfer of money.  

While he acknowledged that Blockchain has the potential to transform the way money is moved and created there are many limitations that need to be resolved before this becomes a mainstream payment option.  Some of the limitations include 

• The massive computing power and resultant energy needs for generation of money based on block chain technology;  
• The ability for misuse of cryptocurrency in money laundering and illegal trade; 
• The existing success of global credit card systems in rapidly processing movement of money 100’s of times faster than Bitcoin (the most prominent of 100’s of crypto-currencies currently in existence) can achieve;  and 
• The challenges of negotiating standards for cooperation and coordination between financial service providers globally.

Members engaged with many penetrating questions, and the meeting closed with several questions left un-answered.  This is always a positive indicator.  The good news, as foreshadowed by Speaker Chair for the day, Bev Brock, is that Stephen is a candidate for membership of Rotary Melbourne.  We are likely to be able to enjoy the benefits of his insights into this and other aspects of financial services when Stephen has been inducted to Rotary Melbourne membership.

Here is the link to Stephen Rando's presentation on YouTube:

https://youtu.be/apLB22dpDN8

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