WHAT IS BLOCKCHAIN TECHNOLOGY? For much of 2017, you've likely heard some of the following terms if you've paid any passing attention to the world of finance: Cryptocurrency, Blockchain, Bitcoin, Bitcoin Cash, and Ethereum. But what do they mean? And why is cryptocurrency suddenly so hot? Before answering that, we need to explain the basics of blockchain, the technology that powers Bitcoin. As society becomes increasingly digital, financial services providers are looking to offer customers the same services to which they're accustomed, but in a more efficient, secure, and cost effective way. Enter blockchain technology. The origins of blockchain are a bit nebulous. A person or group of people known by the pseudonym Satoshi Nakomoto invented and released the tech in 2009 as a way to digitally and anonymously send payments between two parties without needing a third party to verify the transaction. It was initially designed to facilitate, authorize, and log the trans...
Economics, Business and Finance