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===What is it === | ===What is it === | ||
A blockchain is a distributed record of information — transactions, contracts, whatever — stored across | A blockchain is a distributed record of information — transactions, contracts, whatever — stored across a network. Each “block” of information gets its own cryptographic code which is posted to ''every'' node on the network. Thus, you can’t futz with any information on the blockchain unless you can futz with the whole network. Once written, the blocks are, effectively, permanent. | ||
Blockchain | Blockchain allows ''parties who don’t trust each other'' to transact in confidence. What’s done is done — what’s on the blockchain cannot be reversed. There’s a permanent record. No one controls it: it’s truly anarchic, like: no government. No mendacious middlemen like banks. just pure, untrammeled laissez-faire. Thus, bitcoin — a currency without the backing of ''anyone''. It just bootstraps itself into existence like a [[skyhook]]. | ||
This makes loads of sense to a tech guy. It makes | This makes loads of sense to a tech guy. It makes none to a banker. (But you ''would'' say that, banker dude). | ||
===So how — ?=== | ===So how — ?=== | ||
Because some | Because some folks got a bit giddy - and some techo-unabomber types, but they were kind of giddy in the first place. Blythe Masters - she who invented the [[credit default swap]]<ref>I know what you’re thinking. The Midas touch!</ref> — thought it was so profound that she joined a startup in 2015. And folks listen to Blythe — why wouldn’t you? | ||
The FT reports that as long ago as 2016 Gartner put blockchain near the top of its “peak inflated expectations” curve. | The FT reports that as long ago as 2016 Gartner put blockchain near the top of its “peak inflated expectations” curve. |