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Q&A
January 2016
What is blockchain?
At a very high level, the blockchain is a
decentralized ledger, or list, of all transactions
across a peer-to-peer network. This is the
technology underlying Bitcoin and other
cryptocurrencies, and it has the potential to disrupt
a wide variety of business processes.
If the Internet is the foundation for digital innovation of all
kinds, blockchain technology is the underpinning of a radical
rethinking of how we pay for thingsas well as how we verify
who owns what and who has the right to buy and sell it.
The details of blockchain technology are complex, although a
lucid overview1 from The Economist offers a way in. At a very
high level, though, the blockchain is a decentralized ledger, or list,
of all transactions across a peer-to-peer network. This is the technology
underlying Bitcoin and other cryptocurrencies.
Using this technology, participants can transfer value across the Internet without the need for a central
third party. The buyer and seller interact directly without needing verification by a trusted third-party
intermediary. Transactions are not anonymous, but they are pseudonymous: a transaction record is
created, but identifying information is encrypted, and no personal information is shared.
How the crypto-currency could become the internet of money, The Economist, March 15, 2014, www.factiva.com, accessed on January 19, 2016.
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