Blockchain explained in plain English
5 stars based on
30 reviews
Its admirers include Bill Gates and Richard Bransonand banks and insurers are falling over one another blockchains explained simply be the first to work out how to blockchains explained simply 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 blockchains explained simply 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 distributed on a public ledger for anyone to see.
In theory, if blockchains explained simply 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? Rosamond 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. Why dictators love development statistics and other top economic stories of the week Margareta Drzeniek-Hanouz 07 May Here are five tips to make your message clear in a crowded world Serena Scarpello 07 May Here are 5 rules every responsible tech leader should follow Srikar Reddy and Vijay Raju 07 May More on the agenda.
Explore the latest strategic trends, research and analysis. So what exactly is blockchain, and why are Wall Street and Silicon Valley so excited about blockchains explained simply How does it work in practice? Written by Rosamond HuttFormative Content. Fourth Industrial Revolution View all. Technological innovation can bolster trust and security at international borders. Here's how John Moavenzadeh 03 May Six charts that show how to get the most out of digital investment Mark Blockchains explained simply 03 May Stop apps making you sad, see the Earth change and other top stories of the week Adrian Monck 27 Apr From trade unions to NGOs:
