THE BLOCKCHAIN ‘ JOURNEY ’ OR ‘ PROCESS ’ CAN BE SUMMED UP AS FOLLOWS :
BLOCKCHAIN
WE EXPLORE WHETHER BLOCKCHAIN SHOULD BE A TOOL TO REFORM THE PAYMENT SOLUTIONS STATUS QUO OR IF IT SIGNIFES SOMETHING MORE REVOLUTIONARY
50
A
foundational technology in the last 10 years of development within financial services ( FS ), blockchain is essentially an integrated network of individual , immutable records of information called ‘ blocks ’. The ‘ chain ’ refers to a publicly accessible network through which the data contained in the blocks can be utilised . Fundamentally , blockchain records basic transaction details such as currency and the amount exchanged , the date and time of transaction , and who participated in an exchange . Furthermore , each block receives a unique identifier code , meaning that , although transaction details may appear similar in some instances ( repeat orders throughout a month or similar orders placed in quick succession ), each will still exist as an independent and easy-to-identify record .
THE BLOCKCHAIN ‘ JOURNEY ’ OR ‘ PROCESS ’ CAN BE SUMMED UP AS FOLLOWS :
• A transaction takes place
• Details of the transaction are recorded and verified
• Once confirmed , the data is stored as a dedicated block
OCTOBER 2020