How it works? Blockchain is a record of digital transactions on a distributed database. This database has the characteristic that after publishing (storing) a transaction, it cannot be modiied. The database is managed by a network of computers collec- tively adhering to a protocol to validate approved new transactions. In other words thousands computers all over the world keep a copy of the database containing the registration of any and all transactions backed by themselves, creating a network. Due to the foregoing, blockchain makes easier to use Internet to perform transactions in a secure and decentralized manner with no need of a market maker. We could say that blockchain is a low-cost disruption for any company acting as an intermediary in any market. Internet reduced the marginal costs of information communication and transfer to almost zero. Blockchain, by enabling to close a commercial transaction (for example, transferring ownership on an asset) without needing a central authority, reduces marginal costs of a transaction almost to zero, as well. As Internet has evolved from transferring information in texts, images… to programs and videos, blockchain is evolving from transferring ownership on inancial assets (FinTech), smart contracts and property rights… to proof of existence and transpar- ency, distributed cloud storage and digital identity. FinTechs like RSK are trying to foster apps with very tangible beneits. RSK foresees the possibility to execute smart contracts allowing to automatically verify and guar- antee the performance of agreements without needing a market maker. If the concept of a smart contract is already disruptive and polemic, the mechanism used by RSK to allow their happening is even more disruptive and polemic. Nowadays, people can buy plane tickets, make hotel reservations, purchase tours or going out to eat through transactions carried out on the bitcoin network. However, by adding the smart contract capacity to the bitcoin network, we can exploit to the maximum the potential and mildness of technology and achieve the full growth of ecosystem (H. Sraigman, Business Development Director of RSK. Institutional con- versation, February 15, 2018). A TWO-WAY PATH76

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