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finance
are introduced which provide com- without previous permission, to be
mon creation of digitally distributed able to add a block of transactions if
ledgers which according to their char- the person has access to the internet
acteristics and opportunities create and computer power to resolve some
a new revolutionary way of function- new cryptographic riddle. The motive
ing of the systems of payment, trade, for this is based on the fact that every-
settlement and records in the world. one who will manage to find a solution
The distributed book is actually a col- of some assigned cryptographic riddle,
lection of blocks of information about will be awarded with 25 bitcoins. These
transactions which are connected in a are so called Bitcoin Miners. The Bit-
chain. coin currency is an internet crypto
currency which equals money. Unlike
The algorithms which enable cre- the banknotes which are identified
ation of distributed ledgers represent only with their physical appearance,
a revolutionary and powerful innova- the serial number and the other pro-
tion which will change the way how tective elements, in the Bitcoin crypto
financial institutions, companies and currency there is a ledger where all
the public sector would be able to of- transactions are recorded with each
fer their services to the consumers individual Bitcoin currency whereby
in the future, in a more efficient and authenticity is provided for each indi-
faster way. The blockchain technology vidual Bitcoin unit.
is treated as the fifth revolutionary
computer technology after computers The Bitcoin crypto currency and the
with high processing power, personal blockchain technology that this cur-
computers, the Internet and social rency is based on, were successful be-
media. cause the system is open (that is, per-
missionless) and it is built on the idea
Blockchain algorithms enable ag- that there will be no need of a single
gregation of transactions in so called institution with centralized manage-
blocks of digital information which are ment of the system which will give au-
constantly being added in a chain of thorization to everyone who wishes to
already existing blocks by using cryp- join the network. At the same time, the
tographic signatures. Hence, the first network design enables all its mem-
blockchain algorithm that the led- bers to perform transactions between
ger for the crypto currency Bitcoin is each other, and at the same time their
based on, is constructed and distrib- anonymity can be protected.
uted in a way which enables anyone
(photo: http://d.ibtimes.co.uk/)
36 November 2016
