Welcome to the blockchain blog. My name is David Taylor and I am its author. I have been studying the topic of blockchain for 5 years, and decided to create this blog to share my knowledge and experience in this area.
I think that everyone has already heard the words “blockchain”, “cryptocurrency”, “bitcoin” at least once in their life, since this topic is no longer so new and is actively developing in the modern world. I want to tell you about how blockchain is applied in the financial sector.
Blockchain technology can be used in various niches. Firstly, it is implemented in cryptocurrencies, and secondly, in the financial sector.
The main characteristics of the blockchain are the lack of a single control center, transparency, irreversibility of transactions and the inability to make changes to already registered blocks. Anyone connected to the internet can view the data for all transactions on the public blockchain, but no one can change it.
Until recently, the word blockchain was associated only with cryptocurrency. Bitcoin remains the most famous and successful example of this technology to date. Miners are responsible for processing and confirming transactions, who receive a reward for their work with the accounting unit of the network – bitcoin cryptocurrency. Most other cryptocurrency networks operate in the same way.
But the possibilities of this technology are not limited to cryptocurrency. Many corporations are implementing blockchain: projects have already started in the areas of healthcare, logistics and the gaming industry. And the most popular niche for blockchain applications after cryptocurrencies is the financial sector.