[1] According to the chairperson of the Australian Securities and Investments Commission, Greg Medcraft, the blockchain technology employed by Bitcoin has the potential to dramatically change the global financial system.
[2] Bitcoin’s blockchain acts as a decentralised register of all transactions involving the cryptocurrencies.
[3] The technology is beneficial as it holds potential for full automation, disintermediation of transactions and eliminate the need for ‘trusted’ third-party intermediaries, among others.
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