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.
Starting from 31 December 2016, BTC.com will offer the lowest fee in the industry.
Straits Financial will be able to accept bitcoin via the partnership with digital bank WB21 Ltd.
As the interest in blockchain grows, numerous educational programs appear all over the world to give developers a clear understanding of the technology.
Apple includes multiple apps, music and GIF sharing abilities in the iOS 10 update.
The London-based blockchain startup, DLT Financial, and fintech company Tramonex have announced plans to launch a new index that will track the performance of leading virtual currencies.
Financial institutions all over the world partner to explore and adapt the blockchain technology to financial needs.
Accounting giant has announced its third acceleration programme that will focus on blockchain applications and unveiled six startups participating in the initiative.
Terepac is likely to become a world leader at the intersection of two revolutionary technologies – blockchain and Internet of Things.
The collaboration is intended to reduce costs and speed up settlement time for transferring funds between banks.
New companies will contribute to the development of a cross-industry open standard for distributed ledgers.
Internet of Things has become one of the major revolutionary technologies that tends to make a profit of $357 billion by 2019.
The father-and-son writing team shows that blockchain is of a greater importance than bitcoin itself.
The San Francisco-based blockchain startup announced yesterday that it released an open source tool for registering connected items, including wearables and smart home objects.
R3 CEV files a patent application for Corda, distributed ledger software underlying the Concord Project.
The banks are planning to develop a new digital cash to serve as a standard for financial trades settlement.