–nderstanding blocchain ˆn recent years, there have been many different processes which are genuinely different, because of initiatives intended to remove paper from the the way many of these technologies wor­ „he tric „he first port of call should be to gain an economy­ Žowever, in many cases the new is in something called “consensus”­ ie consensus understanding what maes this technology so special­ technology has simply recreated old processes in in a room full of people, computers use algorithms to Blocchain technology, which underpins bitcoin, has a a new way, or has led to solutions which continue to reach consensus about the truth­ „his contrasts with number of interesting attributes­ „here are two main rely on paper­ …or e‰ample, the process of signing a today, where every ban, government department types of Blocchain „echnology cheŸue was digitised by creating a cheŸue guarantee and law firm has their own paper copy of the truth­ ˆf card, followed by a PˆN card – but the new model we could rely on maths to “sync” the truth between 1­ –npermissioned continues to wor on the same hub and spoes us all, we coud cut out a lot of wasted bac and forth Š­ Permissioned —sometimes ‘distributed ledgers’ model that the previous cheŸue system had used­ paper from the lies of or ‘replicated shared ledger’˜ ˆn other cases, such as tenancy agreements, there • „rade …inance is a continuing need for a piece of paper that will ™n –npermissioned blocchain is an open, hold up in court­ • and Registry decentralised ledger which records the transfer of value­ Every transaction is cryptographically chained ™ Permissioned blocchain technology could, in • †ocial €elfare to the previous transaction­ „he result is contrast, replace certain paper-based processes with a permanent, immutable and verifiable record of • ˆnsurance truth that everyone can see­ „his is useful when • ¢£‚ and ™¤ no central entity is available to verify a transaction­ „o name ‡ust a few­ –npermissioned Blocchains are “censorship resistant”­ Nobody can edit them, meaning if you Blocchain and distributed want to record a statement of fact with your name ledgers business on it —for e‰ampleœ “™lice would lie to pay Bob £1” or “„his is my last will and testament”˜, –npermisioned ™s outlined above, whilst Bitcoin had a number blocchains are a great place to do this of breathroughs such as the creation of a widely ™ Permissioned blocchain technology is often far available and very difficult to attac permanent more appealing to enterprise and financial services­ and censorship resistant database­ †ome of these „o understand this we need to e‰plore one of the characteristics could also mae this technology biggest problems with financial services and industryœ particularly relevant to a number of the cost of paper­ financial processes­ ” of ‘