The idea of a blockchain was first conceived as the mechanism supporting Bitcoin (CRYPTO:BTC). To solve the double-spending problem associated with digital currencies, Satoshi Nakamoto devised an immutable ledger of transactions that chains together blocks of data using digital cryptography.
While the idea works extremely well for Bitcoin and other cryptocurrencies, there are loads of other useful applications of blockchain technology. Here are 15 of them.
1. Money transfers
The original concept behind the invention of blockchain technology is still a great application. Money transfers using blockchain can be less expensive and faster than using existing money transfer services. This is especially true of cross-border transactions, which are often slow and expensive. Even in the modern U.S. financial system, money transfers between accounts can take days, while a blockchain transaction takes minutes.
2. Financial exchanges
Many companies have popped up over the past few years offering decentralized cryptocurrency exchanges. Using blockchain for exchanges allows for faster and less expensive transactions. Moreover, a decentralized exchange doesn't require investors to deposit their assets with the centralized authority, which means they maintain greater control and security. While blockchain-based exchanges primarily deal in cryptocurrency, the concept could be applied to more traditional investments as well.
Continue reading: https://www.fool.com/investing/stock-market/market-sectors/financials/blockchain-stocks/blockchain-applications/
While the idea works extremely well for Bitcoin and other cryptocurrencies, there are loads of other useful applications of blockchain technology. Here are 15 of them.
1. Money transfers
The original concept behind the invention of blockchain technology is still a great application. Money transfers using blockchain can be less expensive and faster than using existing money transfer services. This is especially true of cross-border transactions, which are often slow and expensive. Even in the modern U.S. financial system, money transfers between accounts can take days, while a blockchain transaction takes minutes.
2. Financial exchanges
Many companies have popped up over the past few years offering decentralized cryptocurrency exchanges. Using blockchain for exchanges allows for faster and less expensive transactions. Moreover, a decentralized exchange doesn't require investors to deposit their assets with the centralized authority, which means they maintain greater control and security. While blockchain-based exchanges primarily deal in cryptocurrency, the concept could be applied to more traditional investments as well.
Continue reading: https://www.fool.com/investing/stock-market/market-sectors/financials/blockchain-stocks/blockchain-applications/
