Due Co-Founder and CTO Chalmers Brown offered his thoughts on the bitcoin protocol to the Forbes Technology Council. He explained what it is, how it works, and how it addresses certain payments issues, including fixing untrustworthy transactions. It does this by incorporating digital signatures for verification, a timestamp server, and proof-of-work system for an additional layer of trust. The article also includes information about blockchain and how this ledger is kept honest.
The conclusion is that bitcoin is still a product in process that will continue to evolve, adapt, and grow to meet the needs of users and address the issues that arise along the way. However, as Chalmers noted, “blockchain technology may be one of the biggest advancements to date with the potential to completely change how systems work.”
You can read the original How Bitcoin Protocol Works article here.
Due’s blog offers a wealth of information about digital currency and its impact on the payments industry, including a category that includes numerous articles, updates, and trends about blockchain technology.
