The Blockchain technology is complex, but the idea is simple. The blockchain is a vast, global allocated records or database running on millions of devices and open to anyone.
In other words, we can say that it’s the first indigenous digital medium for value, just as the internet was the first native digital medium for information. And this has a big connotation for business and the corporation.
Much of the hype around blockchain has focused on their potential to fundamentally change the financial services industry by dropping the cost and complexity of financial transactions, making the world’s unbanked a viable new market, and improving transparency and regulation.
The Blockchain is a confusing concept in the current financial scenario that could change the current state of affairs. It has the potential to bring to the limelight new methods of handling money and transactions. Blockchain enables point to point transactions and take off mid parties, such as banks, the government, lawyers etc. It is encrypted with a safe algorithm to secure transactions from mischievous threats. The algorithm is mathematically secured and cannot be hacked. The decisive aspect of Blockchain is it creates trust among participants who involved in the transactions.
Blockchain has already been adopted in many cryptocurrencies, such as Bitcoin, Ethereum, and the like. According to Cryptocurrency Market Capitalisation report, Bitcoin holds $43 Billion USD market cap, followed by Ethereum with $28B USD cap.
This shows the passion of cryptocurrencies and their adoption in venture capital and other financial transactions.
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