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.
According to Jeffrey Berns, more than a million Americans are subject to the summons granted to the IRS.
Cambridge Innovation Center becomes the first company to use blockchain technology for lease contracts with the help of Deloitte Netherlands.
Experts enumerate the whole range of factors influencing the bitcoin price increase.
The company brings savings clubs into the digital world via blockchain-based mobile app.
Metropolis is a part of a long-term ambitious plan to move the protocol toward the so-called abstraction.
US-based bitcoin startup has announced it will stop bitcoin trading via the platform and will focus on using the distributed ledger technology for mobile payments.
LeFinance shares its international ambitions saying that cross-border payments is just what is needed now to increase global influence.
One of the leading audit and consulting services providers, Deloitte, made its first investment in the blockcain-based startup as part of its initiative to diversify its business model.
The white paper focuses on twelve smart contract use cases across a range of industries and topics.
Сhartering financial technology companies that offer bank products and services is connected with increased interest and inflow of investments in the sphere.
Several Illinois agencies have teamed up to explore blockchain and the way how the technology can be integrated into government operations.
The IRS suspects that some individuals could have hidden taxable income for the specified period.
R3 aims to encourage collaboration and contribution to the Corda platform by giving developers an access to the source code.
The market will be underpinned by up to $1bn in gold bars, or around two tonnes at current prices.
EY Switzerland launches the first bitcoin ATM where customers will be able to exchange Swiss francs for bitcoins and vice versa.