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ARTICLE · 13 JULY 2017

The Blockchain Buzz and Alberta

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One of the buzzwords in the legal and financial industries in 2016 was "blockchain", and the buzz appears to be going strong in 2017.

CanadaTechnology
Bennett Jones LLP
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One of the buzzwords in the legal and financial industries in 2016 was "blockchain", and the buzz appears to be going strong in 2017. Blockchain, in simple terms, is a distributed database that maintains a record of transactions between the participants in the system. Using the technology, transactions can be validated by the network without the need for a central administrator (such as a bank). Once verified, the record of the transaction is permanent and unalterable, making it resistant to hacking and fraud.

While blockchain has been around for some time, most famously as the foundation for Bitcoin, it has been receiving increasing attention as of late for its potential to manage and streamline transactions in a wide range of areas, from financial services, to real estate transactions and the sale of energy and commodities.

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