With the exponential growth of non-cash transactions and digital currencies such as Bitcoin, the need for a decentralised system is paramount. Enter blockchain.
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The integral blocks underpinning our political, economic and legal systems are individual transactions. The concept of a secure contract, whether in a payment, a registration or any other type of agreement is what assures individuals to buy, sell, and engage in any material interaction with a third party.
Traditionally, these contracts have been founded on trust. First, in the barter society, it was trust between the participants of a transaction, and now it is trust of the centralised institution—be it a bank, court or your local betting agency—which offers to record and enforce your transactions.
However, globalisation has expande
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