Blockchain as a Trust Machine
Blockchain and distributed ledger technology is used to create trust between people and organisations that do not know one another.
A blockchain allows records of transactions and other information to be securely stored in a shared database in a way that cannot be altered. This allows all authorised participants in a blockchain network to be able to rely upon the integrity and authenticity of the data.
Blockchain solutions are being developed that will impact almost every sector of our economy and society. Once it is possible to rely fully upon shared data, new systems and processes can be developed that allow parties who do not know one another to transact securely and efficiently without the direct support of intermediaries.
Bitcoin is the first of many digital currencies that utilise blockchain technology. Bitcoin allows the transfer of digital value among participants who do not know one another without the assistance of a central intermediary.
Blockchain technology is a new way of organising information. Transactions and other records are stored on a distributed ledger in a cryptographically connected chain that cannot be altered. This gives all authorised participants full confidence in the security and authenticity of the records.
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