There is a growing interest towards digital currency, especially the technology that powers digital currencies like bitcoin and others. Most of us already know what a blockchain is, but for those who don’t blockchain is a decentralized digital ledger. Blockchain keeps a record of all transactions happening over a digital currency network and it is responsible for confirming any digital currency transaction. Contents of the ledger can be viewed by anyone using Block explorer or other tools.
These properties of blockchain have made it a very attractive alternative that can be used in various conventional applications. Currently, the banking sector is heavily invested in blockchain technology. Banks are spending millions of dollars on conducting feasibility studies for identifying ways to incorporate blockchain technology into their regular operations.
Going by the current rate of adoption, the technology powering bitcoin is gaining more traction than bitcoin itself. According to Blythe Masters, the CEO of Digital Asset Holdings also reiterated the same while speaking at the Bloomberg Markets Most Influential Summit, held yesterday in New York City. In the speech she mentioned that she never had high regards towards bitcoin as a currency. However, the technology behind it is a different story.
Blythe Masters mentioned that blockchain has a long list of attributes which makes it an attractive futuristic technology that can power all industries. Blythe Masters was quoted saying-
“I never became particularly enamoured with cryptocurrency.”
Incidentally, Digital Asset Holdings is one of the companies that designs and creates blockchain technology based software for banks, digital currency exchanges and other fintech players. The company’s outlook seems very promising, especially after a survey which stated that over 94 percent of Wall Street professionals believe that distributed ledger, better known as blockchain technology among the bitcoin community to be the future of finance.
Image: The Guardian