Blockchain 101 for the Non-Techie Lawyer

“What exactly is a blockchain?

Simply put, a blockchain is a digital network of information, complied in a decentralized database shared with users that may have access. Each “block” in a blockchain is a record of information, such as an entry in a ledger, which contains a timestamp and is linked to a previous block. It was first developed as the technology behind the digital currency bitcoin.

Marco Santori, partner at law firm Cooley, explained blockchain by comparing it to “magical pieces of paper” owned by two people at opposite ends of the world. When one person writes anything on their piece of paper, it automatically shows on the other person’s paper as well.

While he notes this may not seem “magical,” given that a central intermediary like a bank or money transmitter can accomplish this feat, the “magic” behind blockchains is that no central intermediary is needed.”

via Legaltech News


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