1.0Gizmodo Australiahttps://gizmodo.com.auGizmodo Internationalhttps://gizmodo.com.au/author/gizmodointernational/rich600338<blockquote class="wp-embedded-content" data-secret="SkAXVVykUh"><a href="https://gizmodo.com.au/2015/04/whats-the-blockchain-and-why-does-bitcoin-depend-on-it/">What’s The Blockchain, And Why Does Bitcoin Depend On It?</a></blockquote><iframe sandbox="allow-scripts" security="restricted" src="https://gizmodo.com.au/2015/04/whats-the-blockchain-and-why-does-bitcoin-depend-on-it/embed/#?secret=SkAXVVykUh" width="600" height="338" title="“What’s The Blockchain, And Why Does Bitcoin Depend On It?” — Gizmodo Australia" data-secret="SkAXVVykUh" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"></iframe><script> /*! This file is auto-generated */ !function(d,l){"use strict";l.querySelector&&d.addEventListener&&"undefined"!=typeof URL&&(d.wp=d.wp||{},d.wp.receiveEmbedMessage||(d.wp.receiveEmbedMessage=function(e){var t=e.data;if((t||t.secret||t.message||t.value)&&!/[^a-zA-Z0-9]/.test(t.secret)){for(var s,r,n,a=l.querySelectorAll('iframe[data-secret="'+t.secret+'"]'),o=l.querySelectorAll('blockquote[data-secret="'+t.secret+'"]'),c=new RegExp("^https?:$","i"),i=0;i<o.length;i++)o[i].style.display="none";for(i=0;i<a.length;i++)s=a[i],e.source===s.contentWindow&&(s.removeAttribute("style"),"height"===t.message?(1e3<(r=parseInt(t.value,10))?r=1e3:~~r<200&&(r=200),s.height=r):"link"===t.message&&(r=new URL(s.getAttribute("src")),n=new URL(t.value),c.test(n.protocol))&&n.host===r.host&&l.activeElement===s&&(d.top.location.href=t.value))}},d.addEventListener("message",d.wp.receiveEmbedMessage,!1),l.addEventListener("DOMContentLoaded",function(){for(var e,t,s=l.querySelectorAll("iframe.wp-embedded-content"),r=0;r<s.length;r++)(t=(e=s[r]).getAttribute("data-secret"))||(t=Math.random().toString(36).substring(2,12),e.src+="#?secret="+t,e.setAttribute("data-secret",t)),e.contentWindow.postMessage({message:"ready",secret:t},"*")},!1)))}(window,document); </script> https://gizmodo.com.au/wp-content/uploads/2015/04/16/1210124925415016619.jpg?quality=75636358It’s going to unshackle us from the oppressive dungeon of fiat currency! But also criminals and rogue cops use it to do nefarious drug stuff! Digital currency is often defined by its volatile hype cycle. And yet its most promising feature is incredibly mundane-sounding: a bookkeeping system called “the blockchain”.