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ARTICLE · 20 JANUARY 2016

Blockchain - Enigma. Paradox. Opportunity

Deloitte
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Throughout history, many items have been used as a store of value, from cowrie shells and clay tablets to coins and today's ubiquitous paper money.

United KingdomFinance and Banking
Vimi Grewal-Carr
Vimi Grewal-Carr
Stephen Marshall
Stephen Marshall
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Foreword

You may have read about Bitcoin or heard about it at a 'FinTech' conference. You may have used Bitcoins to purchase pizza, coffee or even a spaceflight. Wherever the word has cropped up, fierce debates have often followed. Early adopters passionately claim that Bitcoin will remove dependencies on banks and governments. Hardened business tycoons advise that Bitcoin is just a 'flash in the pan'.

While the debate about Bitcoin rages on, researchers have been quietly examining the technology that underpins this and other digital currencies. This is the realm of the blockchain – a protocol for exchanging value over the internet without an intermediary – and there is a growing buzz about how it might transform not just banking but many other industry sectors, too.

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