What is a blockchain, and why is it growing in popularity?
Last year, Ripple Labs, creator of the virtual currency XRP, was fined $0.7 million (~£540,000) by the US Financial Crimes Enforcement Network for violating regulations concerning money laundering.
Some observers cite this as the moment cryptocurrencies shaved off their startup hipster beards, put on a tie, and went mainstream. Being fined by a regulator means that you’re part of the financial services industry at last.
Given that the first and most famous cryptocurrency, Bitcoin, was launched back in 2009, it has taken the wider industry a relatively long time to warm to it. But now suddenly everyone is talking about Bitcoin’s underlying blockchain technology as a disruptor of potentially massive proportions: Sweden is trialling a new land registry that uses a blockchain, dozens of startups spanning numerous sectors are poking around at possible uses, and importantly policy makers such as the European Parliament have voted in favour of a more hands-off approach towards blockchain tech regulation.