Finance Information from around the globe.
Personal Finance - Financial planning generally involves analyzing an individual's or a family's current financial position, and formulating strategies for future needs within financial constraints. Personal finance is a very personal activity that depends largely on one's earnings, living requirements, goals and individual desires.
TRAVIS SZTAINERT, PHD, KNOWLEDGE BROKER
Blockchain is an increasingly popular technological innovation that underlies cryptocurrencies
such as Bitcoin and Ethereum. In order to understand cryptocurrencies and the impact they
will have on the gambling market, it’s important to first understand how blockchain functions.
WHAT IS BLOCKCHAIN?
Blockchain is a method for tracking transactions using a public, globally distributed ledger.
Transactions can include anything of value (e.g., houses, patents, intellectual property, cars,
software, contracts), but is most commonly used for virtual currency (i.e., cryptocurrency).
Blockchain automatically and securely (using cryptography) keeps a historical record, or
ledger, of all transactions.
New transactions are saved in a “block” and added to the existing chain (hence the term
blockchain). Importantly, this record has a number of encryptions and redundancies which
ensure it cannot be changed, falsified or altered. As such, the blockchain remains unbroken,
and free of error or tampering. The unbroken record is shared and distributed among
everyone who uses blockchain. This means that everyone has a record, which can then be
compared across individuals to ensure there are no anomalies. When a new transaction is
added to the record, it is time-stamped and verified by all those who are using the blockchain.
This ensures that no records are falsified or altered.
Simplified Blockchain Example
Say Joe wants to pay Sue using blockchain technology. When Joe sends Sue the money, this
transaction will be automatically (and securely) recorded in the blockchain and distributed
globally. Now, everyone can see that Joe has indeed sent Sue the money. When Sue then
accepts the money, this too is automatically (and securely) recorded in the blockchain and
distributed globally. Everyone can now see that Sue has accepted the payment. Neither party
can claim that the transaction didn’t take place, or the