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Block chain technology

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BLOCK CHAIN TECHNOLOGY
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The UK Treasury Department has focused on financial services sector. Another focus is on distributed ledger technologies. Block chain startups that are active in this area should be given access to a new sandbox. There, improvements to the infrastructure of the British financial market can be tried out. The Bank of England has also launched a so-called omnibus account. There, service providers are to optimize payment services with central bank money. Block chain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. It involves combining large blocks of data with multiple participants who can simultaneously validate them and sign transactions which then lead down into trusted peers connected with those public key hashes where they must agree on their own version (blocks). The proof-of work uses all available computing power for verification instead allowing individuals to verify against each other’s versions without relying upon software from corporations or banks.

The UK Treasury Department has even more plans to modernize the financial services sector. In addition, it is planning “a number of measures” which will enhance regulation across sectors from tax treatment to clearing and settlement procedures.

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