Blockchain is an innovative concept to manage data and provide security and automation. It is set to transform the foundation of businesses.
Exactly 10 years ago on the 26th of April 2011, Satoshi Nakomoto wrote a document about Bitcoin, the cryptocurrency from which Blockchain technology emerged. And since then, the financial industry has been growing at a rate of 23% per year.
Flash forward to 2021, Bitcoin is the world’s first decentralized digital currency after reaching the price of $60,000 where governments and central authorities has no control.
For someone who have been following financial news for the past 10 years, you may have heard the term “Blockchain”, the record-keeping technology behind the Bitcoin network.
Blockchain is a form of decentralized and distributed ledger used to store transactional data in a sequential order and in a continuously expanding list of records known as blocks.
Another option in Blockchain is linking and securing blocks through cryptography.
Each block contains three elements:
- A Hash pointer: Link to the previous block
- A timestamp
- Transaction data
According to Jeff Koyen, an active Blockchain investor, entrepreneur and journalist:
“It’s a very interesting space to watch. It’s clear that blockchain has the potential to make finance more efficient, but the big players are well-established. And establishments don’t tend to favor innovation. I’d keep an eye on the startups who want to disrupt, but also know how to play nice with the institutions.”