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.
The Thunder network is an alpha testing software that promises to considerably reduce the time of bitcoin transactions processing.
The ideal balance between reasonable regulation and certain degree of freedom for bitcoin must be found.
Zug becomes the first city in the world that launches a 6-month trial to see whether accepting bitcoin payment for government services is rational.
The Australian entrepreneur has lost the courage to offer more definitive proof that he is a developer of virtual currency, after providing false evidence.
The state unveiled a new initiative that will help businesses to enhance operational processes by using Symbiont’s smart contracts technology.
5 months after Craig Steven Wright, an Australian computer scientist and entrepreneur, was outed against his will as Satoshi Nakamoto, he says he is indeed the creator of bitcoin.
Deloitte has decided to store warranties on a blockchain and allow users to buy insurance for items even after they have been purchased using Facebook Messenger API.
The London-based bitcoin exchange has allowed clients to transfer funds to credit cards, thus becoming the first cryptocurrency exchange to offer instant fiat currency withdrawals.
The Samsung Artik platform offers hardware and software necessary for fast and simple development of new enterprise, industrial and consumer applications.
The British government is studying blockchain to better control public money distribution and loan payments.
The US-based video game developer introduced a new bitcoin payment option that will allow users in emerging countries to buy games without using their credit cards.
Global tech companies have joined forces to launch the first Japanese blockchain industry organization with an aim of increasing public awareness of the technology.
Gem aims at development of cryptographically secured universal network of medical information.
Rolls Royce gets an opportunity to leverage Microsoft Azure IoT Suite and Cortana Intelligence Suite to further improve its aircraft services.
The major bitcoin exchange has finally received a license from the government of Luxembourg, thus becoming the first regulated digital currency trading platform in Europe.