Blockchain forges business links in Chinese market

Imagine a financial system that is far more efficient than the one we presently have. One that is less expensive to run and less costly to use, yet at the same time more robust and much harder to abuse. One that gives individuals more control over their financial transactions while better protecting their privacy.

A revolutionary new technology, the "blockchain", allows parties to carry out direct transactions without using an intermediary. It does so by providing a means for people to share reliable and tamper-proof lists of information known as "distributed ledgers".

It allows firms to do things that they have previously been unable to. For instance, Blockchain could allow banks to introduce the real-time settlement of transactions. By adding full programming capabilities to blockchains we could create "smart contracts", autonomous financial agreements that enforce themselves. We could build "smart wallets" for individuals that would allow them to carry out a large part of their financial transactions on their own, and even manage their money for them.