by Wharton
The blockchain is one of the most significant, fundamental advances in digital platforms since the internet and also probably the most overhyped technology in current times, according to Kevin Werbach, Wharton professor of legal studies and business ethics, at the inaugural annual Penn Wharton Budget Model Spring Policy Forum, held recently in Washington. The basic idea behind blockchain is that one can trust the system as a whole without necessarily trusting any of the participants, Werbach said. The blockchain is a ledger — record of transactions in a database — distributed to people in a network. Everyone on that network has their own copy of the ledger and be “actually confident, based on mathematical structures of cryptography, that every copy is the same.” So even though there is no central intermediary — like Equifax, a bank or the Federal Reserve — all the players in the blockchain network can trust the information.
http://knowledge.wharton.upenn.edu/article/blockchain-can-transform-government/
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