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Recent years have seen cryptocurrencies such as Bitcoin, Litecoin and Etherium attract enormous attention and fascination. Blockchain technology is complex, but the idea is simple. For the uninitiated or unaware, blockchain is a global distributed ledger or database running on millions of devices and open to anyone. On the blockchain, trust is established not by traditional intermediaries like banks, governments or technology companies, but through mass collaboration and clever code. Blockchains radically improve transparency thus ensuring integrity and trust between strangers.
As it gains more and more traction among individuals and investors, it is influencing real world money in significant ways.
Here are 3 ways blockchain is impacting our money.
Recent years have seen cryptocurrencies such as Bitcoin, Litecoin and Etherium attract enormous attention and fascination. While early investors in these currencies made small fortunes overnight (Bitcoin’s value soared over 70% in 2020 alone), what the fever-pitched excitement over cryptocurrencies overshadowed was the more important technological transformation being driven by blockchain.