Blockchain is a form of digital ledger technology which is based on the decentralised ideal of cryptocurrency. The technology, used by bitcoin and other cryptocurrencies, is a growing list of records called blocks which are linked using cryptography to create almost incorruptible digital ledger of economic transactions.
Blockchain has the power to change everything
By the words of cryptography expert Toni Nijm, “What the internet did to data, Blockchain will do to assets. “The transfer of money is the one everyone talks about but honestly there are so many other things - housing, real estate, property, the internet of things", he added. He suggested online streaming platforms such as Spotify could also benefit from the technology in the future. Mr Nijm explained, the technology’s digital ledger capabilities will make it easier to identify who created a given piece music and therefore where the royalties need to go.
Cryptography expert Toni Nijm
Mr Nijm explained a number of mainstream companies which is already starting to embrace and invest in Blockchain’s digital ledger technology. Blockchain is a very safe way for transactions to be made because the technology is almost “un-hackable”. He explained the huge amounts of money which is required to conduct a successful hack made it extremely unlikely. "The technology itself is already being invested in - but it is not large scale yet",he added.
Huge super computers can be used to mine bitcoin
Nicky Morgan, the Treasury Committee chair has described the industry associated with Blockchain as the “wild west”. She said: “Bitcoin and some other crypto-assets exist in the wild west industry of crypto-assets. This unregulated industry leaves investors facing numerous risks and the Treasury committee strongly believes that regulation should be introduced", she said.