Sentences with phrase «instead of a central authority»

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.