Update Paper: Blockchain
- Blockchain applications are booming and have the potential to not only change the financial sector.
- The reason for the success of Blockchains is that transactions can be processed without intermediaries like banks in a quick and tamper-proof way. The blockchain database transparently includes all information as to when and where a service has been provided or a payment has been made.
- This is achieved using a register that is stored on networked computers and constantly updated. It is only possible to access a specific record using a matching key.
- The virtual currency bitcoin is the first application that successfully implements the technology. With a venture capital investment volume exceeding $1.8 billion, other industries are gearing up to leverage the technology.
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