How Blockchain May Just Revolutionize the Economy
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Blockchain-powered systems are all the rage lately but do you truly know what blockchain refers to? The term "blockchain" was first used in a paper entitled "Bitcoin: A Peer-to-Peer Electronic Cash System."
The paper was written by the pseudonymously named Satoshi Nakamoto and it described a new type of database that would be used to store cryptocurrency transactions. That database was called a blockchain and, today, it has the power to transform our economy.
Why? Well, for several reasons. First, blockchain has the ability to change the way that we pay for goods and services. Second, it has the potential to make money transfers across borders much cheaper.
It can even be used for other purposes such as voting and manufacturing supply chains. How can one system achieve all these uses? That is the power and beauty of blockchain.
We explore blockchain's many potential roles and even delve into the mystery that is Satoshi Nakamoto. Indeed, to date, no one knows who Satoshi Nakamoto really is.
Is he a real person or a group entity and what has happened to the estimated one million Bitcoins that Nakamoto supposedly owns but has never redeemed? Watch the video to find out more.
IE attends New Scientist Live and speaks with the UK Atomic Energy Authority, to learn more about the ambitious STEP program.