BLOCKCHAINS: THE TRUE INNOVATION BEHIND BITCOINS

Ed. Note: This post by Vishal Rakhecha is a part of the TLF Editorial Board Test 2016.

Bitcoins have disrupted e-commerce not because of the idea of virtual currency but the peer- to-peer system it has developed. The USP of bitcoins was the decentralised structure of data entry. Any participant in the entire network can make an entry into the ledger if they follow certain rules. This reduced the dependence on trusted third-parties (Pay Pal, Master Card, etc.) or a centralised authority (governments). This has been made possible using an open database called Blockchain. This article will give a brief explanation of blockchain and the possible applications it can have across sectors.

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