CYBER Blockchain – Considering the Regulatory Horizon: Oxford

Blockchain – Considering the Regulatory Horizon | Oxford Law Faculty: "Blockchain is often referred to as a type of distributed ledger technology (DLT) that provided the foundation for bitcoin and other cryptocurrencies when they first emerged. A simple way to conceptualise blockchain, however, is as a permanent ledger which records transactions. However rather than one ledger, there are multiple copies of the ledger in the network called nodes. If a new block of data is to be added to the blockchain, a majority of the nodes within the network, each of which possesses copies of the existing blockchain must verify the proposed transaction.

A key feature of this multiple node structure is that it enables unknown counterparties to trade with each other securely and uses a cryptographic key to authenticate participants. An attractive attribute of blockchain technology is that it solves the 'double spend' problem, enabling counterparties to transact with each other as it removes each party’s need to 'trust' the other. They can trust the authenticity of the ledger. Blockchain companies are also investigating how different types of data can be stored on a blockchain e.g. patient health records, property registers, voting information.

Consequently, the benefits of blockchain technology have been touted as improving services and performance across a range of industries. For example, the Government Chief Scientist, Sir Mark Walport, released a report in January on how blockchain could transform the delivery of public services and boost productivity." 'via Blog this'