Current Trends and Future Opportunities for Blockchain Finance Industry

Current Trends and Future Opportunities for Blockchain Finance Industry

A blockchain, originally blockchain, is a growing list of records called blocks that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree). A blockchain is by design resistant to changes in its data. This is because the data in a particular block cannot be changed retrospectively after it has been recorded without changing all subsequent blocks.

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Some of the key players of Blockchain Finance Industry:

IBM, Ripple, Rubix by Deloitte, Accenture, Distributed Ledger Technologies, Oklink, Nasdaq Linq, Oracle, AWS, Citi Bank, ELayaway, HSBC, Ant Financial, JD Financial, Qihoo 360, Tecent, Baidu, Huawei, Bitspark, SAP

For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network that collectively maintains a protocol for communication between nodes and validates new blocks. Although blockchain records are not immutable, blockchains can be considered secure and exemplify a distributed computing system with high Byzantine fault tolerance. The blockchain has been described as "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent manner".

The blockchain was invented in 2008 by a person (or a group of people) under the name Satoshi Nakamoto to serve as the public transaction book for the cryptocurrency Bitcoin. The identity of Satoshi Nakamoto is still unknown today. The invention of the blockchain for Bitcoin made it the first digital currency to solve the double spending problem without the need for a trusted authority or central server. Bitcoin design has inspired other applications and blockchains that are publicly readable and widely used by cryptocurrencies. The blockchain is seen as a kind of payment mechanism. Private blockchains have been proposed for business use, but Computerworld called the marketing of such privatized blockchains without an appropriate security model "snake oil".

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