Understanding the blockchain
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Its admirers include Bill Gates and Richard Bransonand banks and insurers are falling over one another to be the first to work out how to use it. Currently, most people use a trusted middleman such as a bank to make a transaction. But blockchain allows consumers and suppliers to connect directly, removing the need for a third party.
This network is essentially a chain of computers that must all approve an exchange before it can be verified and recorded. In the case of Bitcoin, blockchain stores the details of every transaction of the digital currency, and the technology stops the same Bitcoin being spent more than once. The technology can work for almost every type of transaction involving value, including money, goods and property.
Its potential uses are almost limitless: Blockchain could also help to reduce fraud because every transaction would be recorded and blockchain technology explained simply irresistible on a blockchain technology explained simply irresistible ledger for anyone to see. In theory, if blockchain goes mainstream, anyone with access to the internet would be able to use it to make transactions.
Currently only a very small proportion of global GDP around 0. The Bank of Canada is also experimenting with the technology. And Silicon Valley venture capitalists are also queuing up to back it.
This is how blockchain will change your life Will blockchain change the world? Blockchain technology explained simply irresistible HuttFormative Content.
The views expressed in this article are those of the author alone and not the World Economic Forum. We are using cookies to give you the best experience on our site. By continuing to use our site, you are agreeing to our use of cookies. Rosamond Hutt Formative Content. India is now the world's fifth biggest defence spender Briony Harris 04 May Saharan solar farms, sustainable limits and other top stories of the week Adrian Monck 04 May It's 40 years since the first spam email was sent.
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