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A smart auction is a type of smart contract. Its function is to transfer ownership of an item after predetermined parameters of the agreement are met.
Chapter 7
Financial Technology
IN THIS CHAPTER
The first institutions to adopt blockchain technology were banks, governments, and other financial organizations — and they’re the fastest-growing blockchain users, too. The powerful tools that are being built to manage and move money will reshape our world in new and unexpected ways, so it makes sense that financial technology (fintech) would jump onboard.
This chapter gives you the inside scoop on what governments are currently doing with blockchain technology and how it will affect you. Fintech touches your life every day, whether you’re aware of it or not.
This chapter introduces you to future banking trends, new regulations, and the new tools that can help you move money faster and more cheaply. You discover new types of investment vehicles and other blockchain innovations. And finally, we warn you about potential risks of investments involving virtual currency and new blockchain-technology-enabled financial products. To read more about how blockchain technology may affect the economy of the future, head to Book 5, ssss1, and check out the rest of ssss1 to learn about cryptocurrency investing.