Mining isn’t rocket science. It is broadly simple; the more computations a miner can make, the greater the chances of solving the puzzle and the greater their chances of being rewarded with a Bitcoin. The

Thus, while many public blockchains will be used to test ideas, in the fullness of time, they will be implemented by private blockchains – where trust can be validated.

The challenge becomes that because no-one owns cryptocurrencies – because they are decentralised – you have no recourse to anyone to say, “Please send it back.”

Slock.it have also been working closely with RWE, the German power company, to look at the automatic charging of electric cars, with the electric cars having their own digital wallets.

Indeed, regulators across the globe now closely monitor any exchanges from traditional currency into cryptocurrencies and vice versa to implement their Know Your Customer (KYC) and Anti-Money Laundering (AML) methodologies.

Because Bitcoin is based on cryptography, each block of data that is created is sealed.

All banks also have to deal with each other’s legacy computer systems. The exchange of information, data and payments must be 100% accurate to maintain complete trust and integrity.

Valley start-up focused on supply chain finance called Skuchain (Skuchain.com) with their Brackets solution, which is an acronym

Their proof of concept is in its very early stages, but the vast cost savings and efficiencies that can be obtained are driving growth in the whole of the trade finance space. It is not just the finance space that is considering smart contracts based finance. This same idea of programmable