Business Insider: Ledger of all ledgers. This is what blockchain is and why it will change everything

My article in BUSINESS INSIDER published 4^th of March 2018.

Blockchain is a universal transaction ledger, allowing registration and tracking of every operation carried out within it, distributed throughout the Internet in thousands, non-editable copies, in the pre-peer model and secured with advanced cryptographic methods.

The easiest way to compare it is to an accounting ledger – publicly available, global and allowing each of its users to register and view transactions such as financial transactions, property deeds or eg contracts. But the information who made the transaction is confidential, available only to the owner of the transaction. The programmable, open nature of blockchain will completely rebuild the financial sector. And even more – some of its supervisory and accounting elements will be unnecessary. Trade processes, information exchange will become transparent and faster and much cheaper, with no costs incurred for maintaining the entire financial system in the world. Public trust institutions – banks, stock exchanges and financial transaction agents also see great potential in it, but also a threat to maintaining the status quo.

One of the most important features of the blockchain is that all users who decide to use this “ledger” have access to its copy, and each copy automatically registers any changes made within it. Blockchain is a distributed system, which means that there is no central source of processed data.

The security of its use and application, which seems to be its most important feature, results from the application of mathematical algorithms and rules of cryptography. Blockchain can register transactions: sales, exchanges, authorizations, electronic signatures and actually any operation that is associated with the validation of any form of assets.

Read more in the full article.

Link to the full article (in Polish)

Related articles:

– Why do we care about blockchain technology?

– Blockchain – the ultimate financial crash

– Blockchain – the Holy Grail of the financial system?

– What is blockchain? All you need to know

– What are the bitcoins? All you need to know

– Blockchain has a potential to upend the key pillars of our society