If you think about what it takes for me to send you money via credit card or PayPal, there has to be a trusted entity that comes between us, validates the transaction, guarantees that the money came from me, and then transfers it to you. The amazing thing about blockchain is that you don’t need an intermediary.
I can send the money directly to you without
Having to go through another party. It’s a huge network, just like the Internet, no one owns it and it operates globally. As long as you and I have access to this network, we can exchange things of value without having to go through a third party. This is a game-changer for many different industries. I firmly believe that it has the potential to provide a significant upgrade to the operating systems of democracies around the world.
If I want to send money via blockchain
You need what’s called a digital wallet, and that digital wallet is where you store records of resources that have been sent to you and resources overseas chinese in canada data that you’ve sent to others. You don’t need anything other than that digital wallet to participate in this system. Over time, I expect we will see more and more organizations move their work to blockchain.
In this case, you may see different applications
Different interfaces to facilitate access to these here’s how to address these challenges: assets and systems. But one of the nice things about the whole enterprise is that you don’t need to build a lot of infrastructure to do this because the infrastructure is a public good. Anyone with internet access can participate and share in the benefits. GOVLOOP: Can you go into more detail about how blockchain impacts a country’s economy?
One example we’ve seen with our partners
BitFury is the Republic of Georgia. Govern tg data ments come looking for help in moving their property registrations onto the blockchain. According to the World Bank, Georgia’s property registration system is already the third largest in the world. But they face a challenge, which is if you want to sell your house in Georgia, it can take days to close the deal and hundreds of dollars in fees to make sure everything is registered correctly.