Ben van Lier: Blockchain, distributed ledgers and the Paxos protocol

In his book The Fourth Industrial Revolution executive chairman of the World Economic Forum Klaus Schwab wrote [1]: “The digital revolution is creating radically new approaches that revolutionize the way in which individuals and institutions engage and collaborate. For example, the blockchain, often described as a distributed ledger, is a secure protocol where a network of computers collectively verifies a transaction before it can be recorded and approved”. In Schwab‘s view this blockchain is, in essence: “a shared, programmable, cryptographically secure and therefore trusted ledger which no single user controls and which can be inspected by everyone.”