{"id":6199,"date":"2015-01-18T08:07:51","date_gmt":"2015-01-18T14:07:51","guid":{"rendered":"http:\/\/www.zmetro.com\/?p=6199"},"modified":"2015-01-18T08:07:51","modified_gmt":"2015-01-18T14:07:51","slug":"the-blockchain-what-it-is-and-why-it-matters","status":"publish","type":"post","link":"http:\/\/www.zmetro.com\/?p=6199","title":{"rendered":"The Blockchain: What It Is and Why It Matters"},"content":{"rendered":"<p><A href=\"http:\/\/www.brookings.edu\/blogs\/techtank\/posts\/2015\/01\/13-blockchain-innovation-kaushal\">Mohit Kaushal and Sheel Tyle<\/a>: <\/p>\n<blockquote><p>Chances are that you\u2019ve heard of bitcoin, the digital currency that many predict will revolutionize payments \u2013 or prove to be a massive fraud \u2013 depending on what you read. Bitcoin is an application that runs on the Blockchain, which is ultimately a more interesting and profound innovation.<br \/>&nbsp;<br \/>&nbsp;The Blockchain is a secure transaction ledger database that is shared by all parties participating in an established, distributed network of computers. It records and stores every transaction that occurs in the network, essentially eliminating the need for \u201ctrusted\u201d third parties such as payment processors. Blockchain proponents often describe the innovation as a \u201ctransfer of trust in a trustless world,\u201d referring to the fact that the entities participating in a transaction are not necessarily known to each other yet they exchange value with surety and no third-party validation. For this reason, the Blockchain is a potential game changer.<br \/>&nbsp;<br \/>&nbsp;In 2008, Satoshi Nakamoto, the pseudonymous person or group of people credited with developing bitcoin, released a whitepaper describing the software protocol. Since then, the network has grown and bitcoin<\/p><\/blockquote>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mohit Kaushal and Sheel Tyle: Chances are that you\u2019ve heard of bitcoin, the digital currency that many predict will revolutionize payments \u2013 or prove to be a massive fraud \u2013 depending on what you read. Bitcoin is an application that runs on the Blockchain, which is ultimately a more interesting and profound innovation.&nbsp;&nbsp;The Blockchain is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/6199"}],"collection":[{"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6199"}],"version-history":[{"count":1,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/6199\/revisions"}],"predecessor-version":[{"id":6200,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/6199\/revisions\/6200"}],"wp:attachment":[{"href":"http:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6199"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}