The Economist (October 31)
2015/ 11/ 01 by jd in Global News
“Bitcoin’s shady image causes people to overlook the extraordinary potential of the ‘blockchain,’ the technology that underpins it.” Blockchain technology “lets people who have no particular confidence in each other collaborate without having to go through a neutral central authority” and Bitcoin’s innovation carries a significance stretching far beyond cryptocurrency. This “machine for creating trust” could eliminate the need (and cost) for institutions like banks and clearing houses that handle many existing transactions.
Tags: Authority, Banks, Bitcoin, Blockchain, Clearing houses, Confidence, Cryptocurrency, Innovation, Potential, Significance, Technology, Transactions
