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.
Gamers will get a possibility to pay for games in a more secure way.
E-Coin users get an opportunity to make instant bitcoin transactions without the need to wait for three confirmations.
Blockchain has appeared to be in the limelight of multiple financial companies within the past year. This digital public database is redefining what is possible within the fintech ecosystem and beyond.
World’s trading giant is studying blockchain to adopt it to Alipay service.
The bitcoin technology holds enormous potential to disrupt the real estate industry, according to experts.
Bitcoin payment company Simplex has raised an overall investment of $8.4 million aimed at facilitating bitcoin purchases.
Factom collaborates with iSoftStone to shape a smart city strategy, which will roll out data storage, auditing, and verification service for several regions in China.
BitPay partners with Wargaming to enable its gaming platform to accept Bitcoin.
The EC has published an Action Plan containing a set of measures agains terrorism financing.
Bitcoin company Blockstream secured $55 million in its second financing round aimed at expanding its operations worldwide.
The company has only managed to raise 30% of the initial sum.
Final round increased the total sum of investment to $60 million.
UNICEF plans to invest in early stage blockchain companies in an effort to improve the lives of children in developing countries.
The cryptocurrency called MUFG coin will reduce managerial costs and transaction fees.
Diamond traders will be encouraged to use Uphold and FX4BIZ as payment platforms for faster and cheaper transactions.