The Potential Impact of the Blockchain Technology on the Financial Sector
Journal Title: Zeszyty Naukowe Wydziału Zamiejscowego w Chorzowie Wyższej Szkoły Bankowej w Poznaniu - Year 2016, Vol 18, Issue
Abstract
The Internet itself can serve as a perfect example of a complex decentralized artifact that emerged spontaneously and continues to evolve without intervention from an overarching authority or central designer. In August 2008, an anonymous user registered the domain of bitcoin.org. At the same time, an article was published, signed by Satoshi Nakamoto, pioneering an idea of direct peer-to-peer money transactions using a currency called Bitcoin and based on a technology termed as blockchain. The system was launched with the usual framework of coins made from digital signatures that provides strong control of ownership but is incomplete without a way to prevent double-spending. To solve this, a peer-to-peer network was proposed using proof-of-work to record a public history of transactions that quickly becomes computationally impractical for an attacker to change if honest nodes control a majority of central processing units power. Nodes work all at once with little coordination, they do not need to be identified, since messages are not routed to any particular place and only need to be delivered on a best effort basis. The paper tries to predict how the network can, using the Bitcoin and blockchain technologies, reshape financial services.
Authors and Affiliations
Paweł Szewczyk
Keywords
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