Blockchain: the very name fascinates and bamboozles in equal measure. Although businesses based around the technology are popping up all over Switzerland, many still wonder what exactly it does and how it can improve their lives.
The potential possibilities are myriad, yet many still appear tantalisingly out of reach. After asking readers to pose their questions about blockchain, we’ve answered a selection of them below to try to lift the veil on what’s behind the technology.
We appreciate your frustration. That’s why we put together this simple animation to explain the basic concepts behind Digital Ledger Technology (DLT), such as blockchain:
Ruth: What is blockchain’s value proposition?
To achieve a lot of things in life, we need someone’s help. We ask our bank to transfer funds to someone else’s account. We lean on social media companies to present our personal data.
The blockchain ledger allows groups of people to manage these activities among themselves – even if they are competitors with conflicting interests. The ledger presents the data in such a way that groups of people can decide among themselves if the books balance. And it does this whilst still preserving privacy.
So people can take personal control of their own data and share it with others in an orderly way without wasting time and…