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Can you explain blockchain in a sentence?
It is difficult to tell who has it hardest, the people trying to get to grips with the concept of blockchain – the technology behind bitcoin – or the people trying to explain it.
Often described as digital decentralized ledger, blockchain is a big concept that’s hard to pin down in a sentence, though plenty have tried. But in the effort to make things easy to understand can one go to far?
According to Yann Ranchere, a partner with UK VC Anthemis who recently commented on the Fintech Connect Live event in London, you can:
Sometimes, dumbing it down for people seems to go too far. https://t.co/qvKa4pKefw
— Yann Ranchere (@tek_fin) December 8, 2015
— Ben Walton (@BenWaltonEO) December 8, 2015
Now, to some beginners ” a spreadsheet in the sky” might be helpful. But then again, the more you understand blockchain, the more insufficient the simpler explanations seems. So how would Yann describe it? Well, he does offer this:
Any clearer? If not, Wired has a guide (yes, it’s longer than one sentence).