Blockchain and Its Coming Impact on Financial Services

This article provides insight into how “Blockchains” work. A block chain or Blockchain is a distributed database that maintains a continuously growing list of data records that are hardened against tampering and revision, even by operators of the data store's nodes. One can view a Blockchain as a public ledger of all transactions that have ever been executed. It is constantly growing as completed blocks are added to previous blocks forming a chain. Importantly, blocks are added to the Blockchain in a linear, chronological order. Each miner gets a copy of the Blockchain when joining the Bitcoin network. The Blockchain they receive has complete and accurate information about the addresses and their balances…