Blockchain, the technology behind cryptocurrencies
Blockchain – one of the most overhyped technologies ever
One of the promises of blockchain technology is that it could cut out large amounts of paperwork. Bitcoin was one of the first applications of this technology. It’s a public ledger of bitcoin transactions that is tamperproof. Transactions on the bitcoin using this technology require verification from a number of different parties. The transactions are verified by so-called “miners” solving complex mathematical puzzles with high-powered computers. There is no central authority on the bitcoin network which is why this technology is often called distributed ledger technology. Large financial institutions are exploring how it could be used.