Technology
The Lykke marketplace uses the distributed ledger, which is blockchain technology pioneered by Bitcoin.
This technology incorporates a protocol for decentralized data storage in the chain of blocks, where the consistency of the data is guaranteed by the cryptography and consensus of multiple nodes.
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The blockchain makes it possible to create a global marketplace that will be a level playing field, where any financial asset can be traded directly for any other asset or instrument.
- It's decentralized. There is no central authority in the blockchain, so no one can manipulate the data or block the procedures.
- It's secure. The blockchain enables people who do not know each other to build a global notary service. The step-by-step procedure is a safeguard against fraud, and it reduces the risk associated with transactions.
- It's easily accessible. Everyone will be able to have free access to the marketplace from any location, just like with the Internet.
- It's peer-to-peer. There is no intermediary, transaction costs are low, and transactions are faster than in many existing systems.
- It supports direct ownership. Contracting parties can immediately have direct ownership, which reduces complexity.