Blockchain technology is gaining traction and changing the finance industry as we know it. Banks have long held on to traditional banking methods, but to survive in a digital future, they need to implement new banking technology. This is the only way to give a better banking experience to their customers while staying afloat in this new technological era.
What is Blockchain?
Created in 2008, Blockchain is an encrypted digital ledger that stores linked ‘blocks’ of data. Blockchain’s open ledger framework can store a variety of information in these blocks such as account data, transaction processing, contracts, and more. Since the blocks cannot be altered once they have been stored, blockchain offers a very secure and incorruptible system.
Blockchain technology was developed alongside one of the first and most popular crypto-currencies, Bitcoin. Bitcoin is like digital cash, with each Bitcoin’s data stored on the blockchain. Since it’s decentralised, Bitcoin has solved the double spending issue without involving a third party or central server.
While Bitcoin is the most popular crypto-currency running on the blockchain, there are other crypto-currencies in use. Etherium is another well-known alt-currency that runs on blockchain technology and offers additional features like smart contracts.
Why is blockchain one of the most …