Taken from a Gresham lecture by Raghavendra Rau at Barnard’s Inn Hall, London.
https://www.gresham.ac.uk/watch-now/trust-crypto
The crypto movement began as a reaction to the concentration of economic power in the traditional financial system (and associated financial crises). It involved the creation of a new type of financial recording system, that did not depend on any one individual keeping records, did not allow falsification, and prevented fraud and double spending.
Crypto is underpinned by public-private key encryption, hashing and mining and allows a completely decentralised system to write enforceable contracts that cannot be altered once written. But how does the technology actually work? How would the tragedy of Romeo and Juliet have played out had crypto been around in the sixteenth century?
