THE TECHNOLOGY used by bitcoin will be as influential as the internet and has the potential to impact every single monetary transaction in the world, an expert has suggested.
Blockchain is a form of digital ledger technology based on the decentralised ideal of cryptocurrency.
The technology, used by bitcoin and other cryptocurrencies, is a growing list of records - called blocks - which are linked using cryptography to create an almost incorruptible digital ledger of economic transactions.
Speaking exclusively to Express.co.uk, Blockchain and cryptography expert Toni Nijm said: “What the internet did to data, Blockchain will do to assets.
“Every single thing that has assets or value transfer will be impacted in one way or another.”Companies like Shell, BP, Microsoft, Google - every single one of them has ploughed hundreds of millions of dollars into projects like this.”
Blockchain is a very safe way for transactions to be made because the technology is almost “un-hackable”,
To hack into and try to change a historical payment on the bitcoin blockchain you would need to invest about half a billion dollars within a very short period of time to hack one transaction.
Government would soon embrace cryptocurrency-related technology.