"The implications are staggering, not just for the financial-services industry but also right across virtually every aspect of society."CEO Don Tapscott in interview w/ McKinsey
"In distributed ledger technology, we may be witnessing one of those potential explosions of creative potential that catalyse exceptional levels of innovation."Distributed Ledger Technology: beyond blockchain, A report by the UK Government Chief Scientific Advisor
"We may be entering the peak of the hype cycle for blockchain and distributed ledger technology. But here's the thing: blockchain is a major breakthrough."Mariana Dahan, World Bank's Blog
A blockchain, distributed across a network, is a technology that effectively replaces and decentralizes traditional ledger systems.
Central authority is holder of main ledger and is ultimate authority.
Ledger is shared by several authorities who must confirm with each other.
No central authority. Ledger shared by all.
Virtually impossible to change or erase data in any block
All data is shared by every computer in the blockchain network
No dependence upon any central node or authority
Can be audited and confirmed
Can be used in networks with many, many nodes
Digital cash enabling transactions without financial institutions
Self-executing contracts with terms directly written into code
Reducing back office costs and settlement times
Tracking precious goods like diamonds and luxury items
Decentralized Autonomous Organizations with no central control
Secure identity management and e-residency programs
Global internet usage continues to grow, providing the infrastructure for blockchain adoption.
Blockchain technology offers opportunities to bring financial services to underserved populations.