Blockchain is a decentralized ledger introduced in 2008 with Bitcoin that allows for an open, continuously updated spreadsheet shared by everyone participating. It can reduce costs by eliminating third party verifiers, has no single point of failure, and transactions cannot be corrupted. Future uses may include stock trading, identification systems, smart contracts, file storage, and land title registrations. For blockchain technology to truly revolutionize the economy, it will require large-scale adaptation, though it is still decades away from widespread comparable use like email.

1. BlockchainTechnology
Andrew Adamson

2. What is Blockchain?
Introduced in 2008 with Bitcoin.
An open decentralized ledger
Imagine a continuously updated
spreadsheet shared by everyone.

3. Advantages in Business
Reduce cost of transactions by eliminating third
party verifiers.
Decentralized
No single point of failure.
Transparent
Cannot be corrupted.
Every transaction has a unique signature.
Immense interaction with little friction.

4. FutureUses
Stock market trading
Identification systems
Multiple party transactions
“Smart Contracts”
File storage
Land title registrations

5. Revolutionizing the Economy
Needs large scale adaptation
“Bitcoin has the same character a fax machine had.A single
fax machine is a doorstop.The world where everyone has a
fax machine is an immensely valuable thing.”
Larry Summers, Former US Secretary of theTreasury
Comparable to email
Still decades away

6. Sources
 https://www.economist.com/news/briefing/21677228-technology-
behind-bitcoin-lets-people-who-do-not-know-or-trust-each-
other-build-dependable
 https://hbr.org/2017/01/the-truth-about-blockchain