Say hello to the decentralized economy — the Blockchain is a type of data base, which is used to record a list of growing 'blocks'. Each block is timestamped and has a connection to a previous block. New blocks can be added according to a set protocol. Once a block is saved, it cannot be changed without changing all subsequent blocks as well. is about to change everything. In this lucid explainer of the complex (and confusing) technology, Bettina Warburg describes how the blockchain will eliminate the need for centralized institutions like banks or governments to facilitate trade, evolving age-old models of commerce and finance into something far more interesting: a distributed, transparent, autonomous system for exchanging value.
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