For the average millennial or at least anyone that pays attention to the business world, the term “cryptocurrency” would not seem like such a strange word. If that is, then the terms Bitcoin, Ethereum or at least Blockchain should ring a bell. One might wonder, why are these terms suddenly so prevalent, especially cryptocurrency news? Computing is getting rather pervasive and the society is leaning towards digital services. The finance world too isn’t spared as the disruption of technology into this sector has fostered the birth and development of Fintech organizations.
These Fintech organizations look to digitize payments and transactions, offering the same services that are currently in existence but in a better, efficient and more effective way.
Blockchain is the network upon which most of these cryptocurrencies operate on. The history of blockchain and bitcoin, in particular, does not have a definite story. In 2009, an individual or group of individuals known to be “Satoshi Nakomoto” developed and published the technology to allow people make digital payments between themselves anonymously without having an external party to verify or authorize the transfer of the currency being exchanged.
Although technologies like this might seem rather complex, understanding how Blockchain works is quite easy, given that one has a basic idea of how networks work. Blockchain is simply a database shared between several users, containing confirmed and secured entries. It is a network, where each entry has a connection to its previous entry.
This technology affords a very secure model whereby every record in the database cannot be tampered with. Apart from the stellar security that this network offers, the transparency and speed at which the network operates give it an edge over the conventional way of conducting transactions.
In simple terms, cryptocurrencies are just monies in digital form, transacted via digital means and over a digital network. The transfer of these currencies is utilized with cryptography and the aforementioned blockchain network. Up until the 2010s, cryptocurrencies were not really known until Bitcoin made its breakout and this gave rise to the birth of new cryptocurrencies.
Cryptocurrencies have had their fair share of bullish and bearish trends, going to show how unstable they can be. The latest cryptocurrency news reports lots of people predicting prices for various cryptocurrencies in the years to come but no-one can say for sure.
Blockchain, on the other hand, is making its way into pervasive computing, especially IoT, giving way for the development of new solutions that embrace data security and transparency.
R3 explains that Blockchain itself can’t be applied to wholesale financial markets without careful consideration – that’s why Corda was created.
The companies have announced a new blockchain-based solution that will bring the distributed ledger technology to the telecommunications industry.
Bitcoin continues its steady growth and moves from an alternative asset to a mainstream payment form for businesses.
Satoshi Fund’s report on Blockchain investments indicates an impressive growth, yielding returns of over 500% in 2016.
Bitcoin price recovers as Chinese authorities and bitcoin industry push for regulatory alliance.
Denmark’s police have used cryptocurrency transfers as an evidence for the second time in a row, what is likely to prevent bitcoin usage by criminals in the future.
The Chicago-based financial services provider is launching the first commercial application of the blockchain technology to administer private equity funds.
Daimler AG has become one of 115 members of the Hyperledger Project working on the creation of common distributed ledger technology.
The team behind IOTA is going to introduce the first decentralized blockless tokens for the Internet of Things that will allow users make transactions at zero fees.
Chinese leading trading platforms have imposed halts on withdrawals resulting in traders flocking to peer-to-peer marketplaces to continue buying and selling bitcoin.
The head of Russia’s leading bank unveiled his views on the future of the blockchain technology while speaking at the Real Estate Market Innovation Conference.
The blockchain-enabled open source project developing the Internet of People reveals its ambitious roadmap for 2017.
Together, the companies will develop and demonstrate the use cases that adopt blockchain technology to business propositions and processes.
Bitcoin future in the Asian market is arousing speculations after Chinese exchanges suspend Bitcoin withdrawals.
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Bitcoin will continue expanding in the upcoming years, as more governments continue to adopt the technology, says the new infographic from the New Jersey Institute of Technology.