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How The Technology Behind Bitcoin Is Changing Money Business And The World

Steven Hayes

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Published in Blockchain Revolution: How The Technology Behind Bitcoin Is Changing Money Business And The World

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The technology behind Bitcoin, known as blockchain, is a revolutionary new way to store and transfer data. It has the potential to change the way we think about money, business, and the world.

Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World

by Don Tapscott

4.2 out of 5

Language	:	English
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What is blockchain?

Blockchain is a distributed database that is used to maintain a continuously growing list of records, called blocks. Each block contains a timestamp, a transaction record, and a reference to the previous block. Once a block is added to the chain, it cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.

This makes blockchain a very secure way to store data. It is also very transparent, as anyone can view the entire blockchain and verify the validity of any transaction.

How is blockchain changing money?

Blockchain is changing money in a number of ways. First, it is making it possible to send and receive money without the need for a bank. This is known as peer-to-peer (P2P) payments.

Second, blockchain is making it possible to create new types of money. These new currencies, known as cryptocurrencies, are not backed by any government or central bank. Instead, they are secured by cryptography.

Third, blockchain is making it possible to develop new financial products and services. For example, blockchain can be used to create smart contracts, which are self-executing contracts that can be used to automate a variety of tasks.

How is blockchain changing business?

Blockchain is also changing business in a number of ways. First, it is making it possible to create new supply chain management systems. These systems can track the movement of goods and services from the point of origin to the point of sale.

Second, blockchain is making it possible to create new accounting systems. These systems can be used to track financial transactions in a more secure and transparent way.

Third, blockchain is making it possible to create new customer relationship management (CRM) systems. These systems can be used to track customer interactions in a more personalized way.

How is blockchain changing the world?

Blockchain is also changing the world in a number of ways. First, it is making it possible to create new forms of government. These new forms of government, known as decentralized autonomous organizations (DAOs),are not controlled by any single entity.

Second, blockchain is making it possible to create new social networks. These new social networks, known as decentralized social networks (DSNs),are not controlled by any single company.

Third, blockchain is making it possible to create new educational systems. These new educational systems, known as decentralized autonomous learning networks (DALNs),are not controlled by any single institution.

Blockchain is a revolutionary new technology that has the potential to change money, business, and the world. It is still early days, but blockchain is already having a major impact on a variety of industries. As blockchain continues to develop, we can expect to see even more innovative applications for this technology.

Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World

by Don Tapscott

4.2 out of 5