Finance in a Digital World: The Rise of Blockchain Technology


Finance in a Digital World

 

What started as a novel technology to kickstart an innovative decentralised way of anonymising monetary transactions has evolved into a growing technology of worldwide record-keeping systems. By revolutionising finance in a digital world, blockchain’s early uses revolved around the development of Bitcoin, a cryptocurrency. Developer(s) using the alias Satoshi published the technology as the open ledger platform for transactions made for Bitcoin, the first decentralised currency. Blockchain 1.0 facilitated Bitcoin as a form of cash that could be sent peer-to-peer without the need for a central bank or other authority to operate and maintain the ledger, much like how physical cash can be. Since then, a ‘second’ generation of blockchain technology has been discovered to facilitate other potential financial and inter-organisational transactions.

 


Blockchain 2.0

 

By cryptographically securing chains of blocks whereby no one could tamper with the timestamps of documents, Blockchain 2.0 was born. This blockchain version explores other solutions rather than its pioneering currency one. This technology is used in a plethora of different projects through the different types of blockchains, such as public, private and permissioned blockchains. Today, its data immutability and tamper-proof nature are spearheading the fintech industry and birthing new dApps that solve modern business concerns. CryptoBLK works towards harnessing the characteristics of blockchain technology to find different industry solutions such as trade finance, insurance and the construction space.

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