The Economist Talks Up Bitcoin→
The blockchain is an even more potent technology. In essence it is a shared, trusted, public ledger that everyone can inspect, but which no single user controls. The participants in a blockchain system collectively keep the ledger up to date: it can be amended only according to strict rules and by general agreement. Bitcoin’s blockchain ledger prevents double-spending and keeps track of transactions continuously. It is what makes possible a currency without a central bank.
The Economist is a little bit more conservative in their writing and opinions than I tend to be,1 and they’re distinctly more mainstream than most of my news sources, so the fact that bitcoin and the blockchain were on their cover is impressive.
Another notable excerpt:
Twenty-five banks have just joined a blockchain startup, called R3 CEV, to develop common standards, and NASDAQ is about to start using the technology to record trading in securities of private companies.
And those aren’t small-name banks, either – I peeked through the list on their website2 and saw some of the biggest names in the United States, plus a couple international ones that I recognized. As I’ve mentioned before, I think the world of financial technology could do with some serious shaking-up. This could be a facilitator of that.