Blockchain: as explained by Fenbushi’s Remington Ong
Blockchain is a database that is shared, encrypted, distributed and based on consensus about what is true. This creates trust, so it can transfer data such as money, securities, records and files.
The blockchain is a global trend, but one that is not widely understood. Yet consider this:
In October 2016, Bank of China and HSBC announced a pilot program for mortgage services in Hong Kong. In November, the Monetary Authority of Singapore began testing the use of digital currencies through a blockchain for interbank settlements. In February, 2017, Hong Kong’s Securities and Futures Commission joined a global consortium of regulators developing standards for blockchain.
Great. So what is blockchain?