Blockchain explained

Blockchain is the digital, distributed, and decentralized ledger underlying most virtual currencies that's responsible for logging all transactions without the need for a financial intermediary, such as a bank. In other words, it's a new means of transmitting funds and/or logging information.

Blockchain was the vision of developers who believe the current banking system is flawed. They hated the idea that banks acted as third-parties charging extortionate fees and charges for making transactions while their payment validation and settlement could take up to five business days in cross-border transactions. With blockchain, real-time transactions are a possibility (even across borders), while banks are left out of the equation entirely, reducing transaction fees and the requirement for banks to be involved in these services.

In July, 2018, Forbes listed 50 public companies exploring the use of blockchain technology. The list included American Express, Oracle, IBM, Facebook, Comcast and more. Today there are literally thousands and is increasing each day.

With so many companies considering blockchain integration in their operations, it’s easy to see how many industry professionals predict massive growth in corporate adoption of cryptocurrencies over the next few years avoiding the need for Fiat currency. Paying for goods and services using cryptocurrencies may soon be as normal as using PayPal.

Fiat money is government-issued currency that is not backed by a physical commodity, such as gold or silver. The value of fiat money is derived from the relationship between supply and demand and the stability of the issuing government, rather than the worth of a commodity backing it. Most modern paper currencies are fiat currencies.

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