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At a very high level, Blockchain is a decentralised ledger or list of all transactions across a peer-to-peer network. It’s the technology that underlies Bitcoin and other cryptocurrencies, and it has the potential to disrupt a wide variety of business processes.If the internet is the foundation for all kinds of digital innovation, Blockchain technology is the root of radical rethinking of how we pay for things — as well as how we verify who owns what and who has the right to buy and sell it.
Blockchain technology is complex, although an eloquent overview from The Economist offers a way in. At a very high level, though, the Blockchain is a decentralised ledger, or list, of all transactions across a peer-to-peer network. This is the technology underlying Bitcoin and other cryptocurrencies.
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FISMA, the directorate of the European Commission responsible for EU policy on banking and financial stability asked PwC to investigate Blockchain as a solution to make mandatory reporting on derivatives transactions traceable and compliant with applicable regulations. Together with Claryon, we devised a Blockchain solution that uses smart contracts to implement ‘digital doppelgängers’, or digital representations of derivatives trading documents, created on the Blockchain.
All transactions are logged and stored securely offering immutable history and an audit trail. All transactions are always auditable.
Automated events can be defined using smart contracts when certain conditions are met in the transactions, such as automatic report generation.
The integrity and security of transactions are guaranteed via cryptography and trust provided via consensus between all members.