Blockchain is the latest development in the tech world and soon to become a big part of any business transaction. Simply put, blockchain is a continuously growing list of records, so called ‘blocks’ which contain data, these blocks are cryptographically interlinked and secured. Blocks can not be altered or changed without effecting other blocks, which makes them secure and inherently resistant to modification or forgery. Each block is built into the previous one, hence creating a ‘chain’.
Blockchain allows elimination of intermediaries and middlemen, while ensuring legitimacy and security of transactions without further validation, therefore making future business transactions efficient and cost effective, while sustaining the necessary level of transparency and security.
Bitcoin is a new generation digital currency which is likewise based on cryptography, therefore ensures safety and privacy of transactions on daily basis. Furthermore, other advantage cryptocurrency brings is ease and cost- effectiveness of transactions involving it. Being digital, it is much easier to store and transport than physical cash. Moreover, there are extremely low transactions rates and no applicable exchange rates, which makes the transactions extremely effective.
One’s obvious first question would be regarding the safety and security of such transactions, as well as cryptocurrency itself. Cryptocurrency is not a centralized, government-issued currency under strict monetary controls, but a decentralized, peer-to-peer currency derived from an open-source software and built on a trust-based, consensus system – blockchain, which is designed to ensure security and legitimacy of such transactions.