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Blockchain gains traction in FinTech as payment networks emerge

Lucas Mearian | Oct. 19, 2017
Banks and financial tech companies are increasingly embracing blockchain’s native capabilities as the basis for cross-border payment networks.

Alex Tapscott, the CEO and founder of Northwest Passage Ventures, a venture capital firm that invests in blockchain technology companies, said while no system is "unhackable," blockchain's simple topology is the most secure of any network today.

"In order to move anything of value over any kind of blockchain, the network [of nodes] must first agree that that transaction is valid, which means no single entity can go in and say one way or the other whether or not a transaction happened," Tapscott said. "To hack it you wouldn't just have to hack one system like in a bank..., you'd have to hack every single computer on that network, which is fighting against you doing that."

 

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