What is blockchain?A blockchain is an online ledger that stores information which is 'distributed' or shared across a network of computers.
There should be many applications for this technology which provides a decentralised and secure record of transactions.

Indeed, in theory, its potential should be limitless, and 대바엑스 billions of venture capital cash has been invested in this bright f
br>/p> Digital links: A blockchain is an online ledger that stores information which is 'distributed' or shared across a network of com
br>/p>But, at present, blockchain is best known for its key role in the systems for 대바엑스 the buying, selling and storage of cryptocurrencies such
bi
n.Blockchain is also used in the systems for NFTs.

These are non-fungible tokens, or digital wor
f
 The most famous of these is The Merge, 대바엑스 by an anonymous artist called the Pak, which sold for $91.8m
on a
ago.To what other uses could blockchain be put?Much has been made of its power to disrupt traditional payment systems for shares and other
ancia
sets.The world's big banks aspire to substitute blockchain for their current high-cost and cumbersome international payment syste
for e
le.  RELATED ARTICLES Share this article Share HOW THIS IS MONEY CAN HELP One of blockchain's key attractions is its status as a 'trustless' network, so-called not because the participants do not trust each other, but because they do not have to do so, the blocks being 'immutable
tamp
roof.To date - presumably for the lack of other opportunities - people seeking to exploit blockchain's potential have backed
ptocu
cies.Some have made fortunes: bitcoin's price reached $68,000 in November 2021.

But it is now $16,582, largely as a result of the recent collapse of the FT
ypto
ange.How does blockchain actually work?Usually the data in a database is structured into tables.
But in a blockchain, the data is structured into blocks that are strung toge
in a
in. When a block detailing a transaction is added to this chain it is given a
act t
tamp.As a result, the information is permanently recorded - and should be viewable by anyone since the ledger
decen
ised.Did a single person invent blockchain?Not exactly.

Two American scientists - Stuart Haber and W Scott Stornetta - came up with the idea in 1991. Later they entered into a collaboration with S
hi Na
to. This is the pseudonym of the person (or persons) who are said to have developed bitcoin and put together the first blockchain database.
To date, attempts to discover the true identity of the individual, or team, concerned have proved unsuccessful. Haber and Stornetta are definitely r
peopl
ough.Why are we hearing so much about blockchain just now?The collapse of FTX, once a $32billion business, has severely dented confidence in bitcoin and other c
ocurr
es.  It has also shaken faith in blockchain, although the FTX's failure seems largely to have been caused by
e sca
raud.So the outlook for blockchain is gloomy?Actually no.

Governments around the world are contemplating launching their own crypto currencies, with Venezuela havin
ready
e so.The Bank of England is looking into whether it should launch a central bank digital currency based on bloc
in te
logy.This could be part of the post-Brexit reforms for the City, unveiled late last year by the chancellor.

This currency would be used to pay for things online or to transfer mone
othe
ople.
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