Blockchain has been around since the evolution of Bitcoin, with many have been somewhat skeptical of Bitcoin creator Satoshi Nakamoto’s new virtual currency in the wake of the last global financial crisis. In the early days, the focus remained largely on the cryptocurrency itself and not the technology behind it. After all, exponential gains in a new asset class tend to overshadow what’s the driving force behind it.
Things have changed and, while Bitcoin prices may continue to break into unchartered territory, the technology behind Bitcoin and other cryptocurrencies that have since been launched is all the rave.
This technology is called blockchain.
The blockchain is a peer-to-peer distributed ledger of time-stamped transactions. For the purposes of cryptocurrencies, the entire ethos was to decentralize away from central banks through Bitcoin and other cryptocurrencies. Therefore, it’s a movement against the centralization and the control of fiat money. While with fiat money, central banks are in control of the ledger, with cryptocurrencies and blockchain technology, the user maintains their own copy of the ledger and all copies of the ledger are synchronized through what is known as a consensus algorithm.
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