There has been a flurry in recent days of activity about blockchains among the graybeards of the financial world, those who ponder the Really Big Picture and who have the ear of important regulators.
Let us start from the beginning. What is a blockchain? It is a chronological, virtual, and disseminated ledger that covers a history of transactions for a single unit of account. The term arose in the world of bitcoins specifically and alternative currency in general, where a “bitcoin” is a cyber spatial fact that incorporates its own history, going back to the moment when it was “mined.” (For now, let’s leave out of discussion the issue of how mining/creation works.)
http://www.allaboutalpha.com/blog/2016/09/11/esmas-greybeards-ponder-blockchains/
