While most investors are trying to wrap their head around the soaring price of Bitcoin, I’m more focused on its underlying technology (blockchain) and its impact on the future of banking. Blockchain is here to stay and Bank of America (NYSE:BAC) is staking its claims.
So, what is this revolutionary technological innovation called blockchain?
It’s pretty simple really. As most know by now, it’s a decentralized, digital accounting of transactions in chronological order.
Each transaction builds on top of the other. When one “block” is complete, another begins in linear, chronological fashion.
The technology is more complicated and powerful than that simple explanation, so I encourage the reader to google Blockchain for a more definitive description. My focus instead will be on Blockchain in banking, and I’ll be content letting others dream of becoming Bitcoin billionaires. Read more from seekingalpha.com…
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