- Blockchain technology creates a secure transaction ledger database that records and stores every transaction that occurs in a network of decentralized computers, essentially eliminating the need for “trusted” third parties such as payment processors.
- The four pillars of blockchain technology are security, transparency, trust and speed. The manner in which transactions occur provides all four for all participants, and transactions occur in minutes, if not seconds, rather than over the longer time frame that many banking activities require.
- Blockchain can be used to transform the way music, media and movies are obtained online.
- It enables the transfer of ownership and assets to be completed and stored, and the provenance of information and items to be proven.
- The technology could offer new and innovative ways of storing, providing and tracking healthcare and insurance information.
- If the technology is successfully developed, the entire financial services and securities systems could be transformed.
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