The biggest U-turn in the history of U-turns took place earlier this month, when China suddenly revoked its previous sentiments towards blockchain and declared it “an important breakthrough” for mankind instead. In October, Chinese president Xi Jinping gave a speech where he said China needs to “seize the opportunities” presented by blockchain. It makes him the first major world leader to issue such a strong endorsement of the digital ledger technology which, in the simplest of terms, is a time-stamped series of data records managed by a number of computers and not owned by any single entity. It allows individuals who don’t know and trust each other to transfer value to one another, and has been hailed an absolute game-changer. But until now, blockchain has mostly been ignored or looked at with distrust by governments worldwide.Capable of enabling faster, cheaper and more transparent financial transactions than those we have today, such as SWIFT, blockchain has been celebrated mostly for its potential in the finance sector. Most notably, blockchain is the technology that enables the existence of cryptocurrency - decentralized, AES-encrypted, peer-to-peer digital money that exists outside the realm of banks, and the supposed answer to all our currency issues. ...
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