12, Nov
Beyond Crypto: 7 Block Chain
Blockchain technology is heralding in a fairer world, where producers and buyers can directly exchange goods and services, without the need for banks and centralised institutions. Although it is linked with bitcoin, it is now being applied in a multitude of ways for the common good of its users. The financial world has long been controlled by banks, which have provided currency, credit and security needed to facilitate economic transactions. In 2009 that historic control weakened when blockchain handed people the means to transact their business directly without the banks via their own protected networks. Traditionally, each participant in a financial transaction has had their own recording system, or paper ledger, says Prof John Breslin, who is based at Confirm Smart Manufacturing, VistaMilk and Insight SFI Research Centres in NUI Galway, a blockchain pioneer in Ireland. For example, in property transactions there's the property owner, the buyer, the auctioneer, the bank and the mortgage company. Even though the transaction is related to all those parties, they all have a version of the truth that may be the same, or partially the same, but may also be different from other parties’ versions, Breslin adds.
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