…through which cryptocurrency is transacted and generated. The Ether cryptocurrency operates through the ethereum blockchain” — Paul Ebeling
The evolution of blockchain platforms has brought about heightened awareness of decentralized finance, or DeFi, for driving new business models that pose major threats to traditional banking, finance and supply chain finance.
This is Blockchain: Blockchain technology had been discussed in scientific literature for 20 yrs before the arrival of cryptocurrencies with cryptocurrencies becoming 1 of the 1st and most widely known applications of blockchain.
In Y 2009 engineers using the pseudonym “Satoshi Nakamoto” invented the 1st cryptocurrency through the bitcoin blockchain to serve as a public ledger for transactions of bitcoin.
Perhaps the most significant solutions that a digital currency through blockchain technology provides is an answer to the double-spending problem. As it provides this solution along with all of its functionality without the need for a trusted central authority or server.
The Big Q: Why?
The Big A: Because a blockchain network consists of computer nodes which can be located anywhere in the world, blockchains, and therefore cryptocurrencies, operate as completely decentralized platforms.
Decentralization, along with the pseudo-anonymity offered by cryptocurrency as a means of saving and payment is a Key theme that made blockchain technology and cryptocurrency so popular and controversial. Other potential benefits offered by blockchain as a currency platform include 24/7, 365-day operation, transaction fees determined by a market, speed, security, and ease of access.
Cryptocurrency is the most famous application of blockchain, blockchain technology can be used for many other practical applications.
The banking and finance industry will see a huge benefit from blockchain’s speed, security, and lack of set hours of operation.
Other areas of business and society that will benefit from using this technology include federal currencies, the healthcare industry, supply chains, and democratic elections. Each of these sectors can leverage 1 or all of the benefits that blockchain has to offer.
We are seeing multiple enterprises adopt blockchain platforms for vendor and supply chain management and that list is growing daily.
Have a prosperous weekend, Keep the Faith!