Use of blockchain in business: cryptocurrencies
Publication date: November 20, 2023
Explanation and blockchain in cryptocurrencies
Being one of the most popular topics of the last years in technology, blockchain offers great perspectives but still remains often seen as vague, complicated matter. Not going into details, it can be surely stated that it is not as complicated as it may seem, both in understanding and especially in application. In a nutshell, blockchain is a technology which secures sharing of information, storing data in a digital database on a distributed ledger of blocks. It allows mostly to record transactions or track assets of various kinds. Importantly, it runs completely online but is properly secured: all information stored is cryptographically coded and to access specific data you need to use your own, private key which is authenticated by network.
That being said, the most important application for blockchain is now cryptocurrency, the most known being bitcoin. The very existence and operation of crypto depend on the blockchain technology. Nowadays, it is not just growing popularity of fashionable crypto assets but an actual growth in the use of this technology in business. In 2022, there were estimated 2,353 businesses in the US accepting bitcoin and the number is believed to grow. Cryptocurrencies are being used by different brands, for different purposes: from purchasing tickets or non-fungible tokens to even buying real estate. The scope of possibilities may be not unlimited but certainly is bound to be increasingly broader.
