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Author Topic: [2016-09-19] Blockchain: A Polish perspective | Lexology  (Read 138 times)
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September 19, 2016, 01:20:48 PM

Some call it a means of digital disruption, others a mere hype. In simplified terms, blockchain is a distributed ledger where peer-to-peer transactions effected with the use of Bitcoin, Ethereum or a similar protocol for transferring value and data are verified, recorded and stored in the form of “blocks”. The ledger is made up of a chain of blocks (blockchain), where each new block is created and timestamped every several minutes. Crucially, each new block must be compatible with the previous block. The compatibility requirement serves verification purposes and promotes trust among the users that no one has manipulated the system to the detriment of other users. This is known as the “network consensus”. Given its peer-to-peer nature, blockchain exists thanks to the users of the underlying protocol (e.g. Bitcoin users). In such a way, blockchain is the underlying technology for executing peer-to-peer digital transactions. The idea behind the blockchain technology is to eliminate a third-party intermediary, be it a bank, another financial institution or even a public official. What for? Mainly for the sake of speed, security and reduced transaction costs.
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