The technology that backs the cryptocurrency Bitcoin is being hailed for its potential to fix the modern world of finance. Digital ledger technology, known as the blockchain, allows people or financial institutions to instantly make transactions without any intermediary. Additionally, these transactions are stored in one automatically shared, tamper-proof database. This makes the complicated, expensive procedures used to make sure banks are acting in line obsolete. So besides being lucid and efficient, what are the implications of bringing blockchain technology into the mainstream? As we detailed in the cover story of our latest issue of The Optimist, the cryptocurrency system can eliminate the money monopoly that big banks hold. Also, cryptocurrency has no need for interest, and, as such, it eliminates debt. Blockchain technology can change all that.
The technology behind Bitcoin could change the financial industry for the better
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