Blockchain is the latest buzzword with almost all the Fintech people and enthusiast talking about its potential globally. The technology, originally devised for the digital currency, Bitcoin, is gaining a lot of popularity and traction. It was invented by Satoshi Nakamoto, a secretive internet user in 2008, before it went online in 2009. Several attempts to identify Satoshi have been made without any conclusive proof.
According to blockchain.info, about 16.5 million of bitcoins have been mined till date with a CAGR of 34% since 2009. The website quotes an aggregate bitcoin transaction of over 200,000 taking place every day, and the number is increasing with each passing minute. In March 2017, the value of a Bitcoin, at US$1,268, exceeded that of an ounce of gold ($1,233) for the first time. And then there is no looking back. Currently, a Bitcoin is valued at over US$4,500. That’s quite impressive!
But what makes Bitcoin and the technology backed by it the preferred choice to perform transactions? Let’s delve more deeply into it to understand this. Every business is based on transactions. These transactions are routed through third-party intermediaries such as banks, brokers, and lawyers. The process to complete a business transaction thus takes a …
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