Blockchain protocols are a new class of protocols that are extremely resilient to attack by virtue of being decentralised. Distributed consensus and anonymity are two main elements of blockchain.
The blockchain distributed consensus model is probably the most important invention since the internet itself. The blockchain can be useful for cross sectorial applications. It has the potential to transform the world of finance and beyond.
Current digital economy is shifting its trust, which is now in a certain trusted authority, to more global protocols and infrastructures based on decentralised systems. We are starting to rely less on a third-party source to tell us the truth by means of being an intermediary, validating and safeguarding online transactions of digital assets. It is no secret that their sources can be hacked, manipulated or compromised.
Blockchain technology enables a distributed consensus where each and every transaction, past and present, involving digital assets can be verified at any time in the future. Such verification does not compromise the privacy of the digital assets or parties involved. By storing the fingerprint of the digital asset instead of storing the digital asset itself, the blockchain technology allows for a great deal of anonymity.
