Update

Blockchain is here – a brief overview of this exciting technology and its implications for smart contracts

Guernsey has just held its first ever blockchain conference 'How Blockchain Technology could change the world'. The message from this sell out event was clear: Guernsey is keen to embrace blockchain technology (and any other technology, including artificial intelligence or AI) and to become a world leader in the adoption of blockchain, leveraging off its existing depth of resources in the financial services and legal markets, its regulatory flexibility and its relative stability in a climate of global political instability.

This update attempts to explain some of the basic concepts behind blockchain technology, the launch of the world's first private equity blockchain in Guernsey and to highlight some of the interesting applications associated with it, including smart contracts and bitcoin.