We may agree that Bitcoins cannot change the world but the technology that there is behind it, it may actually change it.

 technology
At least that's what the World Economic Forum (a group that is well known for its annual meeting in Davos and includes various members of the global financial elite), claimed in the report that they released some days ago.

Specifically the report said: "Our findings suggest this technology has the potential to 'live-up to the hype' and reshape financial services, but requires careful collaboration with other emerging technologies, regulators, incumbents and additional stakeholders to be successful." But what exactly is the blockchain technology and what does it do?

The blockchain technοlogy, that is also known as distributed ledger technology that powers the bitcoin, is the secure database that records all bitcoin transactions and allows them to occur. While it's secure, it doesn't need to be centrally controlled and that is actually the innovation that the World Economic Forum believes that it could change financial services worldwide.

According to their report the past 3 years 1.4 billion dollars has been invested in blockchain technοlogy. The New York Times stated that the specific report is actually a huge step toward legitimizing the technοlogy behind bitcoin in the financial mainstream.

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Petros Stathis

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