There is likely to be a large delivery very soon from both the Beijing and the Basel birthing rooms, and this time, it will be the Blockchain baby
Some months ago, I wrote a column that attempted to provide a simple explanation of Bitcoin, and its underlying technology, Blockchain. I used the example of promissory notes, and their dark side, the hawala system, to explain how the technology is designed to work. Pre-defined amounts make up the “block" and the hands it passes through form the “chain" with Internet technology ensuring that the size of the block cannot be tampered with, and that the defined block instantly shows up in the databases of all trading parties in the chain. I had also predicted that national governments would begin to step in to regulate Bitcoin and its competitors, which are still largely unregulated and therefore unsuppressed as cash substitutes.
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