The blockchain, although developed for and most commonly known as a financial instrument within cryptocurrencies, is gaining an increasing foothold as a useful technology in many industries. It is being applied to many applications and held up to solve some interesting problem areas.
What is Cryptocurrency and Blockchain?
The terms Cryptocurrency and Blockchain have become widely used within the cyber security and financial industry. The more they come into focus in the headlines the higher the likelihood there is of an attack exploiting them. You can define both Cryptocurrency and Blockchain as:
“A cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets.” Wikipedia
Often referred to as digital, virtual or alternative currencies, Cryptocurrencies use decentralized control as opposed to centralized electronic money and central banking systems. The decentralized control of each cryptocurrency works through a blockchain, which is a public transaction database, working as a distributed record. However, despite the development and adoption of these digital currencies in recent years, the opportunity to scale these networks poses an ongoing and ever-increasing problem for marketplaces and organizations which trade on it.
To find out more about how we can future proof the development of both cryptocurrency and blockchain please download our free R&I report.