Blockchain Primer

Note from the CEO: Since there’s a lot of time as we take a break between the end of last weekend’s holidays and we wait for this weekend to ring in 2017, we at FintekNews thought a little primer on blockchain might be nice. So get the kids, get by the fire (or fire pit if you’re at the beach) and tell the simple story of blockchain. It’s the future.

We all know the word “blockchain” by now and here is a brief explanation of the technology at the very heart of fintech. It’s brief, descriptive and a very good read. Great way to get up to speed.

“Blockchain is undoubtedly a buzzword nowadays – same as FinTech. However, it is often difficult to comprehend, and in fact, many people do not have a clue what is it all about. Being at the heart of FinTech and having very strong potential to disrupt and revolutionize the way our world functions now, the concept of blockchain definitely needs a proper understanding.

The Blockchain Begins

It all started back in 2008. Short after the Lehman Brothers’ collapse, when the world was in a global financial decay and stock markets had hit historic lows, a person or a group of persons called Satoshi Nakamoto came into the global arena to disrupt it.

The notion of blockchain materialized in the form of a white paper which described the now well-know cryptocurrency of Bitcoin and the underlying concept on which it operates. The blockchain.

The Concept

Generally speaking, the blockchain is a distributed public ledger. Instead of data being accounted and stored on a central server’s database, it is encrypted, and a copy is kept on every node connected to the network. There are as many copies of the ledgers as there are nodes connected to the network……”

Read Full Post by Linas Beliūnas at LinkedinPulse