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Breaking Down Blockchain's Dramatic Effect on the World Blockchain's innovative nature has the ability to put data back in the hands of the people.

By MaRS Discovery District

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

In this video, Entrepreneur Network partner Mars Discovery District features Aion Foundation CEO and Founder Matt Spoke, who explains the technology of blockchain as "an open distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way."

Notably, blockchain is one way for communities with underdeveloped financial infrastructures to get easier access to banks, including setting up accounts and taking out loans. Looking forward, blockchain may act as a tool with which people can exercise more control over their own data.

Moreover, blockchain can take this control of information out of the hands of powerful government entities. Therefore, people can experience a democratization of the flow of ideas.

To hear more about the details of the blockchain, click the video.

Related: How a Bill Gates Prediction Helped This Entrepreneur's Company Blossom

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MaRS Discovery District is the world’s largest urban innovation hub. Located in the heart of Toronto, MaRS supports impact-driven startups tackling key societal challenges in the health, cleantech, fintech and enterprise sectors.

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