Imagine a world where you can vote in an election with your phone, where you buy a house in a matter of hours, or where cash simply doesn’t exist. These are some of the scenarios being mooted by an increasingly excited blockchain community. The technology that underpins the cryptocurrency Bitcoin is nothing new – it’s been around for decades. It’s just an encrypted database that’s distributed across a computer network. But what makes it different is it can only be updated when everyone on that network agrees, and once entered the information can’t be overwritten, making it extremely secure and reliable. And trust, as we know, underpins most business transactions.
From fine wine to lotteries: Blockchain tech takes off
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