Do we still need VCAT

Abstract

I set myself a mini-goal for June to learn about blockchain technology. Blockchain tech underpins cryptocurrencies, but the tech itself has many other uses. In the case of Bitcoin, the distributed ledger functions by giving Bitcoin in the form of a financial reward to whichever account provides the service of encrypting the next block in the chain. This removes need for oversight, by virtue of the volume of accounts participating the ability for collusion is disabled. Blockchain tech is so effective in cryptocurrencies, because the way transactions are locked into the ledger means once a transaction occurs and has been captured within a block, the data within the previous blocks can never be changed.