Name: What is blockchain?
Uploaded: 2017-07-17T15:13:03.000Z
Duration: 2 min 20 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

Adverbs of manner

Modern Technology allows people to communicate directly.

Voice and Video calls, Emails, pictures and instant messages travel directly from A to B,

maintaining trust between individuals no matter how far apart they are.

When it comes to money, people have to trust the third party to be able to complete a transaction.

Blockchain Technology is challenging the status quo in a radical way.

blockchain provides an open decentralized database of any transaction involving value:

money, goods, property, work or even votes,

creating a record whose authenticity can be verified by the entire community.

The future global economy will move towards one of distributed property and trust

where anyone with access to the internet can get involved in blockchain based transactions

and third party trust organizations may no longer be necessary.

The uses of blockchain technology are endless.

Some expect that in less than 10 years, it will be used to collect taxes.

It will make it easier for immigrants to send money back to countries

where access to financial institutions is limited.

Financial fraud will be significantly reduced,

as every transaction will be recorded on a public and distributed ledger,

which will be accessible by anyone who has an internet connection.

Think of it as wills and contracts that execute themselves

or dated proof of existence for ideas, much like a patent.

Blockchain will become a global decentralized source of trust,

A huge proportion of trust services, from banking to notaries,

will face challenges on price, volume and in some cases their very survival.

Public authorities could find it more and more difficult to enforce traditional financial regulations

due to the new possibilities offered by the bitcoin network ,

to bypass traditional financial intermediaries.

Unimagined new networks will evolve to meet society's needs

more cheaply and potentially more securely.

Will governments, financial and legal institutions embrace blockchain?