This is just one more controversy in a long list surrounding Bitcoin, the world’s best known virtual currency, which has sparked a furious debate across financial services, technology, political and civil liberties organisations. Yet it continues to exist. What’s more, Bitcoin is going beyond its alternative currency status to exert a much bigger impact through its underlying technology, Blockchain.
In a few short years, Blockchain has come to be recognised for its potential to create a fundamental, disruptive shift in the way financial transactions are processed, making them safer, faster, cheaper, more accurate and tamper-proof. Its potential impact is such that Blockchain is now being regarded as the biggest disruptive phenomenon since the internet. While a number of technologies, including the SMAC stack, have transformed banking and financial services delivery, none have promised to challenge the operating principles of banking transaction and book-keeping. Blockchain does this in style, questioning the very premise of centralisation by ensuring its transactions are inherently trustworthy, peer-to-peer, and signed off online by counterparty institutions. The technology takes out the centralised authority in a financial transaction — from stock exchanges to clearing houses — and plants its network instead to play that role.
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