Blockchains are a remarkably transparent and decentralised method of recording transaction lists. Their most well-known application is for digital currencies such as Bitcoin, which introduced blockchain technology to the world in 2013 with a headline-grabbing 1000 percent increase in value in a single month. This bubble quickly burst, but steady growth since 2015 has resulted in Bitcoins being valued higher than ever before.
There are numerous methods for using blockchains to create new currencies. Hundreds of such currencies have been created, each with its own set of features and goals. Because blockchain-based currency transactions generate fast, cheap, and secure public records, they can also be used for a variety of non-financial tasks such as voting in elections or proving that a document existed at a specific time. Blockchains are particularly well suited to situations in which ownership histories must be known.
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1. Blockchain Technology
Blockchains are a remarkably transparent and decentralised method of recording transaction lists.
Their most well-known application is for digital currencies such as Bitcoin, which introduced
blockchain technology to the world in 2013 with a headline-grabbing 1000 percent increase in value
in a single month. This bubble quickly burst, but steady growth since 2015 has resulted in Bitcoins
being valued higher than ever before.
There are numerous methods for using blockchains to create new currencies. Hundreds of such
currencies have been created, each with its own set of features and goals. Because blockchain-based
currency transactions generate fast, cheap, and secure public records, they can also be used for a
variety of non-financial tasks such as voting in elections or proving that a document existed at a
specific time. Blockchains are particularly well suited to situations in which ownership histories must
be known.
