Why nowadays the blockchain and cryptocurrency is so important in the digital transformation era?
Bitcoin, one of the most famous terms in blockchain and cryptocurrency, is the brainchild of a mysterious person or group of people known as Satoshi Nakamoto. The identity of Satoshi Nakamoto is unknown, but their vision was laid out in a whitepaper in 2009 called: “Bitcoin: A Peer-to-Peer Electronic Cash System.”
Electronic and Digital cash system
The bitcoin is one of the most popular cryptocurrencies and decentralized digital currency that use the blockchain technology, but what is a blockchain?
A blockchain is a distributed ledger technology that is formed by a chain of blocks. Each of these blocks includes information and specific data within the block that are bundled together and secured verified.
These blocks are validated and strung onto the chain of transactions with the previous blocks. These blocks of transactions are permanently recorded in the distributed ledger that is the blockchain.
One of the most amazing features of Blockchain is that every block has a unique hash, imagine the hash like our finger print. The hash of every block is unique and nontransferable. This process makes the blockchain one of the most secure system in electronic cash transfer.
At this point you maybe are asking you the next question:
What is the difference between Blockchain & Cryptocurrency?
A cryptocurrency is a digital asset designed to work as a medium of exchange that uses the cryptography technology to make secure the financial transactions, control the creation of additional units, and verify the transfer of every asset you made.
Cryptocurrency uses decentralized control that works through the distributed ledger, typically the blockchain.
In other words, cryptocurrency is the digital money (Bitcoin, Etherum, etc.) that you use to make your transactions.
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Ethereum (ETH)
- Zcash (ZEC)
- Dash (DASH)
- Ripple (XRP)
- Monero (XMR)
- NEO (NEO)
- Cardano (ADA)
- EOS (EOS)
But, which implications are going to have Blockchain and Cryptocurrency in the business?
Actually we make transactions every day through digital currency, from pay our services throughout banking apps to transfer money to a friend or colleague with our mobiles devices.
In the near future, more and more people are going to start making their daily financial activities with Cryptocurrency so the companies need to adopt this new technologies to be part of the market.
In dataismm.ai we’re experts in guide you how implement cryptocurrency technology in benefit of your business.
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