From the course: Blockchain Programming in JavaScript
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What is a centralized ledger? - iOS Tutorial
From the course: Blockchain Programming in JavaScript
What is a centralized ledger?
- [Instructor] Let's say that John needs to send some money to Mary. And let's also assume that John and Mary are not neighbors but they live quite a far apart, maybe thousands of miles apart. Now the current way of sending the money from John to Mary includes a middleman, now that middleman can be a bank. John is going to send the money to the bank, the bank is going to verify that Mary actually exists, and then the bank is going to send the money to Mary. Now, John may be sending $20 and Mary is going to get $18. Now you might be wondering what happened to those $2? Well, that's the cut that bank is going to charge for the transaction fees. Not only the high transaction fees is a problem with this approach, but also the amount of time the money went from John to Mary, it actually might take three to five business days, and that's just too late. Apart from the money, the transaction fee, the three to five business…
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