[2017-11-21] BS: The promise of blockchain

[polynesia]

The promise of blockchain

http://www.business-standard.com/article/opinion/the-promise-of-blockchain-117112101316_1.html

State Bank of India (SBI) is all set to roll out two applications that adopt the revolutionary blockchain technology for banking. The use of blockchain could considerably reduce the costs of certain transactions while raising the bar for security.

The blockchain is an open electronic ledger system invented to provide a platform for bitcoin, a cryptocurrency. It was conceptualised by bitcoin inventor, “Satoshi Nakamoto”, as a method for verifying, while guaranteeing anonymity, transactions involving a digital currency that was not issued by any central authority.