And
instead of a central authority stamping the transaction (think of a deed on a house verified from the county records) it is the open ledger blockchain that is the authorizing party of the transaction.
Instead of a central authority, there was conciliarity with leadership dispersed in local churches.
Not exact matches
Like other virtual currencies, such as Ethereum and Ripple, bitcoin has no
central authority and relies
instead on thousands
of computers across the world that validate transactions and add new units to the system - technology known as blockchain.
No
central authority or server verifies transactions, and
instead the legitimacy
of a payment is determined by the decentralized network itself.
The academy conversion model (initially common in schools in special measures, known as «sponsor» academies) is now chosen by many good / outstanding schools (known as «convertor» academies) as it turns a school into an independent business (not for profit) that receives funding directly from
central government
instead of a local
authority.
A key difference is that they are funded directly by
central government,
instead of receiving their funds via a local
authority.
In an attempt to know more, ECO contacted the
central bank, which didn't address Santander Totta's blockade, but
instead just restated that bitcoin has no
central authority controlling it, and that, given the lack
of regulations, no cryptocurrency - related business has to register with the financial institution.