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How a TV network is being used to move financial transactions

Patrick Nelson | Oct. 7, 2014
Bitcoin eliminates banks from the transactional loop and passes the savings on to the end-user. What if you could cut out the Internet too? One organisation is trying with an OTA, or Over-The-Air, digital TV network.

If all this has got you wondering "why bother?" Well, firstly, there's an argument which suggests that Bitcoin shouldn't be as dependent on the public Internet as it is now-the Internet is not particularly hardened to attacks.

Alternatives might include encrypted Internet circuits, like Tor.

But the problem with squirting crypto transactions down secure, proprietary, software-driven Internet networks like Tor, for example, is that dedicated software and a learning curve lessens the accessibility of Bitcoin to new users.

So a medium found in virtually every home in many parts of the world like digital TV could provide an affordable, easy-to-use block chain system for crypto-currencies.

The main problem is, of course, that it's only one way. But still, according to Koodilehto, it could be used for any cash payment terminals. Anything from a cash register to a coin-operated self-service laundry.

The user sends Bitcoins normally using the Internet, and the laundry reacts to the payment without having to buy a facility Internet ISP subscription-or pay banks.

Source: Network World


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