Central Banking

Key innovation behind Bitcoin could prompt ‘fundamental change' to payment systems

The Bank of England

A key innovation underpinning crypto-currencies such as Bitcoin that enables payments to be carried out without intermediaries could have a "much broader" impact "than on payment systems alone", according to an article released by the Bank of England (BoE) today (September 11).

Distributed ledger technology, by which ‘copies' of a decentralised ledger are shared between all participants in the system, rather than allowing banks and ultimately central banks to record transactions in master ledger

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