SINGAPORE (July 7): Crypto-currencies like Bitcoin are in the news again, as they fluctuate in price, while central banks investigate setting up their own versions.

We need to understand the difference between the technology behind crypto-currencies (blockchain) and the crypto-currencies that are used for transactions over a blockchain platform (such as Bitcoin or Ether).

In essence blockchain is a secure ledger or database for financial transactions. It could change the way that money flows through the economy and the financial system by creating a permanent, unhackable record of all transactions. Below is a graphic where the World Economic Forum explains blockchain in more detail and clarity than is possible here.

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