From ACT Wiki
A distributed, secure database of transactions, also known as 'distributed ledger technology' which may complement or replace the use of database and file transfer software used in the software systems in use by corporate treasuries.
A database using distributed ledger technology (blockchain) which can be used for cryptocurrency transactions.
- Blockchain defined
- "At its heart, blockchain is a relatively straightforward concept.
- It is a ledger of blocks of information, such as transactions or agreements, that are stored across a network of computers.
- This information is stored chronologically, can be viewed by a community of users, and is not usually managed by a central authority such as a bank or a government.
- Once published, the information in a certain block can't be changed.
- If people try to tamper with that information, it becomes obvious."
Cryptocurrencies such as Bitcoin may require blockchain technology but the use of blockchain does not require the involvement of Bitcoin.
- Case for blockchain is stronger than for cryptocurrency
- "The use case for cryptocurrencies – from providing an alternative to expensive and entrenched traditional finance to enabling anonymity and an escape from government-held monopolies – seems feebler after the many scandals and frauds that have plagued the sector.
- ... the economics use case for cryptocurrencies is not to be confused with the use of blockchain technology.
- Solving an important economic problem – that of trust between contractual counterparties – blockchain is probably here to stay, especially after improvements in its appalling energy inefficiencies.
- It’s true that commercial blockchain technology applications have also experienced several significant drawbacks lately.
- But this seems more a part of a wider tech downcycle, which blockchain is likely to survive – especially as computing power gets cheaper still."
- Tamara Basic Vasiljev, Senior Economist, Oxford Economics - The Treasurer, March 2023, p20.
- Blockchain Governance Initiative Network (BGIN)
- Centralised finance
- Daisy chain
- Decentralised finance (DeFi)
- Digital asset
- Digital currency
- Distributed ledger
- Layer 1 network
- Layer 2 network
- Non-fungible token
- Payments and payment systems
- Ripple payment protocol
- Smart contract
- SWIFT gpi