Blockchain Startup Stories || Blockchain in Fintech startups || Updegree

Blockchain Startup Stories || Blockchain in Fintech startups || Updegree

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⭐ About Blockchain: ⭐
Blockchain technology is the backbone that supports Cryptocurrencies such as Bitcoins, Ethereum, Litecoin, EOS, and Stellar. Blockchain is a protocol for exchanging value over the internet without an intermediary, such as a central bank. It is the technology that allows secure management of a public ledger or database which is nothing but the ‘distributed ledger’, where transactions are verified and securely stored on a network without a physical governing central authority.

It is believed to have the similar disruptive potential that the internet had in the 1990s.

Just like the internet revolutionized the exchange of information, Blockchain is being said to revolutionize the exchange of value. Clearly, Chartered Accountants, CFOs, and business leaders are intrigued by the promise of Blockchain technology.In a marked difference from the prevailing systems of exchange of value, where two or more parties need to agree on the value and other commercial considerations for a transaction to happen, Blockchain allows for transactions within a closed group underpinned by a cryptocurrency.

Blockchain offers the storage of records of transaction data through distributed networks. It retains the full history of transactions, which makes them verifiable and independently auditable. It also enables peer-to-peer transfer of value, potentially eliminating the need for intermediaries. In addition, event-triggered programmable contracts, also known as smart contracts, can be stored and executed on Blockchain.


⭐What this Blockchain technology is so powerful?⭐
Blockchain has several intrinsic features which allow it to record and transfer value over the internet in a peer-to-peer manner:

Irreversibility: This technology prevents double spending, fraud, abuse, and manipulation of transactions because it contains certain and verifiable records of every single transaction ever made that cannot be altered without altering the entire chain.

No intermediary: It allows any two parties to transact directly with each other, without any trusted third party.

Near real-time: It enables near real-time settlement of recorded transactions, removing friction, and reducing risk.

Censorship resistant: Crypto economics ensures that Blockchain continues pumping out new blocks and that blocks are not being reverted or altered.

Distributed ledger: The peer-to-peer distributed network records a public history of transactions, making Blockchain distributed and highly available.

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