What is blockchain?
Blockchain is probably the best known distributed ledger technology (DLT). Whereas a ledger in accounting is known as the principal book of accounts, in the context of DLT a ledger is a database which keeps a final and definitive record of transactions. Blockchain and/or DLT enable a ledger to be held in a network across a series of nodes, which avoids one central party and the need for intermediaries’ services.
While its obvious application relates to securities transfers and cryptocurrencies, blockchain is increasingly being considered for a far wider range of uses, from electronic voting, to storing health records or property contracts, or even evidence for criminal trials. There is a lot of potential for blockchain to be used in many different areas.
Wendy PronkSenior Associate Attorney at law
Wendy Pronk, attorney at law, is a member of the Banking & Finance practice group in our Amsterdam office. She focuses on advice and legal proceedings in financial regulatory matters.T: +31 20 578 53 15 M: +31 6 10 61 79 95 E: email@example.com