Blockchains are a way of storing information (transactions, in Bitcoin’s case) in a distributed way: sharing it between many parties, thus doing away with the need for a trusted central server.
The blockchain can only be updated with the consent of the majority of participants and, once entered, information can never be erased, meaning it can provide a definite, verifiable record of ‘digital events’.
Sourced through Scoop.it from: www.computerworlduk.com
By Charlotte Jee. a number of banks, including Deutsche Bank, Barclays and Santander, have started exploring blockchain’s potential to make payments faster, cheaper and more transparent.