BRITISH HERALD
FINTECH
The revolutionizing world of Blockchain
W
ith the world of DeFi transforming before our eyes, staying ahead of new changes in fintech and digital currency is key to understanding the current market.
What is a Blockchain? A blockchain network is a digital, encrypted, and decentralized medium of exchange. Unlike the US Dollar or the Euro, no central authority manages and maintains a blockchain's medium of exchange's value. Instead, these tasks are broadly distributed among a digital currency's users via the internet. Blockchain is a shared, immutable ledger that facilitates the process of recording
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transactions and tracking assets in a business network. A blockchain is essentially a digital ledger of transactions duplicated and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains several transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant's ledger. The decentralized database managed by multiple participants is known as Distributed Ledger Technology (DLT). Blockchain is a type of DLT in which transactions are recorded with an immutable cryptographic signature called a hash. This means advanced coding is involved in storing and transmitting digital currency data between wallets and public
ledgers. Encryption aims to provide security and safety. Bitcoin was the first decentralized blockchain conceptualized by Satoshi Nakamoto in a 2008 paper titled "Bitcoin: A Peer-to-Peer Electronic Cash System." Nakamoto described the project as "an electronic payment system based on cryptographic proof instead of trust." Since then, over $7 trillion worth of bitcoin has been transferred.
Blockchain and its legal considerations Along with the explosion of interest in blockchain, there is a growing need for clarity regarding the legal implications of these new currencies and the technologies that drive them.
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