Boa - a Comprehensive Overview

In: Business and Management

Submitted By KasperJensen1992
Words 1553
Pages 7
U.S. Economic Watch
10 July 2015

Digital Banking

Blockchain Technology: The Ultimate Disruption in the Financial System
Nathaniel Karp

Blockchain ledgers bypasses centralized financial infrastructure

This leads to the development of new businesses and the overhaul of existing ones

For the financial sector it could imply the biggest disruption to date

“I have now no doubt whatever that private enterprise, if it had not been prevented by government, could and would long ago have provided the public with a choice of currencies, and those that prevailed in the competition would have been essentially stable in value and would have prevented both excessive stimulation of investment and the consequent periods of contraction.”
–F.A. Hayek
“… the key innovation of digital currencies is the ‘distributed ledger’ technology that allows a payment system to operate in an entirely decentralized way, with no intermediaries such as banks.”
–Bank of England

What is Blockchain?
Blockchain is a peer-to-peer public ledger maintained by a distributed network of computers that requires no central authority or third party intermediaries. It consists of three key components: a transaction, a transaction record and a system that verifies and stores the transaction. The blocks are generated through open-source software and record the information about when and in what sequence the transaction took place. This “block” chronologically stores information of all the transactions that have taken place in the chain, thus the name blockchain. In other words, blockchain is a database of immutable time-stamped information of every transaction
that is replicated on servers across the globe. This technology is the foundation of bitcoin, a crypto currency.
In traditional transactions such as money transfers or foreign currency, there is usually an…...

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