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.
Seven large banks are collaborating to make domestic and cross-border commerce easier for European small and medium-sized enterprises.
The consortium is making progress in developing common standards for connecting IoT devices, while other market players propose their own interoperable solutions.
Deloitte is opening its second blockchain lab to focus on providing blockchain-powered solutions for its clients in the financial sector.
The companies have entered a two-year agreement aimed at the development of secure blockchain-based ways to exchange health data.
The contest that will last for a month is expected to promote bitcoin as a business opportunity.
China’s central bank unveiled plans to more closely inspect operations of digital currency exchanges in an effort to curb the yuan’s outflow.
The analysts underlined that there is no particular reason for the SEC disapproval, it is just a mixture of fear, uncertainty and doubt that can make the approval process difficult.
Bitcoin price demonstrated a sharp drop on Friday after the central bank of China warned users of the threats associated with the investment in digital currency.
Post-trade financial services company has announced it will soon start developing new blockchain-based platform for processing credit default swaps.
The Chinese government seriously intends to keep its money at home.
The Seam is forming a new consortium in collaboration with IT giant IBM to provide distributed ledger solutions for the cotton businesses globally.
The People’s Bank of China emphasized that bitcoin is not a currency and can’t circulate in the market as a real currency.
The current price slump is strongly connected with attempts of China to shore up the yuan.
Bitcoin has gained 123% in 2016, making it the top performing currency for the second year in a row.
Blockchain technology company Bitfury Group together with international law company Covington will launch a new blockchain advocacy group later this month.