&quot;A New Layer Of Trust: Which key aspects of traditional financial services are affected by blockchain’s technology? How are banks and governments responding to this new technology?&quot;

Technological innovation is restructuring and helping shape the way society functions. The Internet revolutionised the way people could communicate with one another on a global and instant level. Just over a decade ago, the Bitcoin whitepaper published under the alias Satoshi Nakamoto opened up a whole new area of technological advancement. With the coming of Bitcoin came the introduction to blockchain. Creating a peer-to-peer transaction system, based on a decentralised network in which all participants contribute to the distributed ledger was a new way of looking at traditional payment mechanisms. Blockchain technology is transparent by nature and forms the basis of many opportunities - be it instant payments, placing our trust in algorithmic computing validation, and letting go of the idea that ‘trusted’ third parties – or intermediaries - are a necessity when it comes to transferring assets from one party toanother. Given the implications blockchain could have for the...Show moreTechnological innovation is restructuring and helping shape the way society functions. The Internet revolutionised the way people could communicate with one another on a global and instant level. Just over a decade ago, the Bitcoin whitepaper published under the alias Satoshi Nakamoto opened up a whole new area of technological advancement. With the coming of Bitcoin came the introduction to blockchain. Creating a peer-to-peer transaction system, based on a decentralised network in which all participants contribute to the distributed ledger was a new way of looking at traditional payment mechanisms. Blockchain technology is transparent by nature and forms the basis of many opportunities - be it instant payments, placing our trust in algorithmic computing validation, and letting go of the idea that ‘trusted’ third parties – or intermediaries - are a necessity when it comes to transferring assets from one party toanother. Given the implications blockchain could have for the traditional financial industry, this thesis aims to explore the nature of blockchain technology and its new layer of trust within the financial sector.Show less

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"A New Layer Of Trust: Which key aspects of traditional financial services are affected by blockchain’s technology? How are banks and governments responding to this new technology?"