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If anyone has been paying attention to the tech world they’ll know blockchain is the flavour of the year. In fact, Sir Richard Branson and Bill Tai hosted a summit on the topic on Necker Island just last month, with others hosting events in Shanghai next month and many more around the world to follow. It looks like it’s going to be the new disruptive technology, but who is it going to disrupt and why?
For those who think blockchain is something that belongs in a toolbox in a shed, here is a simplified explanation of the concept:
Where the internet revolution has up until now given us lots of ways of sharing information, distributing that information in a more controlled way has so far been elusive.
In particular, if you want to ensure that there is just one true copy of something that everyone can easily pass around and no one can alter, this control hasn’t been possible.
‘Where computers have been used for copying and editing information and the internet for sharing and sending the information, it’s taken until now to finally figure out how to make sure you can a have a trusted single-source of information that no one is in control of and that can’t be altered or duplicated.’ John Bulich, Co-Founder of Power Ledger