Kumar Sangakkara 
Kumar Sangakkara  Sachin Tendulkar & Rahul Dravid 
Sachin Tendulkar & Rahul Dravid  Alastair Cook 
Alastair Cook  Brendon McCullum 
Brendon McCullum  James Anderson 
The new world of blockchain could create “a new era of economic prosperity and freedom” according to a report published last week by a think tank, the World Economic Forum (WEF).
The report titled “Why Blockchain Is The Future” also features an analysis from the International Monetary Fund, which claims that the digital currency could provide a “disincentive for large banks to hold large amounts of money.”
According to WEF’s Deputy Director, Jeffrey Sachs, the report says:
“Some aspects of today’s financial markets are already built on a basic basis of trust and without these trust characteristics there can be no stable market value for currencies. The need for trust does not disappear if it is replaced by a new paradigm in which money is not the issuer of value but a universal medium of exchange. There is a need for central banks to take responsibility for the functioning of our financial markets and to build a new system in which financial intermediaries are able to provide financial services in terms of trust, without the need for banks to hold a large amount of money. Blockchain, unlike credit cards or wire transfers, is based on a universal system in which all members of the network benefit from the network’s network effect. This trust is key. It enables the networks from which payments are made to become the basis of our digital identities.”
But what exactly can a blockchain enable us to accomplish? The report says that there are several technologies already created for this use: proof-of-stake, or distributed consensus on proof of work; proof-of-stake-based distributed autonomous organizations; and so on.
Proof-of-stake is, as the name suggests, where the distribution goes back in the proof-of-work model, meaning that the total number of signatures needed for an agreement is based on hash data or hashpower from multiple participants.
The idea is that the more signatures there are on a block, the more likely a solution to that particular problem could eventually be found. This does mean that, at some point, the network will split, leaving