The Bitcoin cryptocurrency is based on the Blockchain technology. The Blockchain is a decentralization technology that permanently records transactions in a way the cannot be later erased but can only be sequentially updated, in essence keeping a never-ending historical trail.
Back-end database that maintains a distributed ledger, openly.
Exchange network for moving value between peers.
A transaction validation mechanism, not requiring intermediary assistance.
- Cost Savings: direct or indirect.
- Speed: removing time delays.
- Transparency: providing the right information to the right people.
- Better Privacy: protecting consumers, businesses via more granular controls.
- Lower risk: better visibility, fewer exposures, less fraud, less tampering.
- Access: more equitable access.
- Productivity: more work output.
- Efficiency: fast processing or reporting.
- Quality: fewer errors or more satisfaction.
- Outcomes: profits and growth.
What Blockchain enables?
The Blockchain offers ‘ATOM‘; which is a shortcut for:
- Programmable Assets
- Programmable Trust
- Programmable Ownership
- Programmable Money
- Programmable Identity
- Programmable Contracts
Jamie Dimon & Digital Cryptocurrencies
The digital cryptocurrency is the most visible element in a blockchain. The Bitcoin is the father of cryptocurrencies which is leading the Blockchain revolution, that is unstoppable as Bill Gates said.
The list of challenges facing the blockchain is long, but there is not a lot of difference with the internet’s situation, back in 1997, when startups knocked down all these barriers one by one, while some of them went away on their own.
Jamie Dimon called Bitcoin a “fraud”, but the bitcoin rose again over 5000$, because of dreamers who supported it even though it went down under 3000$.