It has now been 10 years since the start of the financial crisis in 2007-08. FinTech enthusiasts cited two months later an inflection point in history with the birth of new era in finance and technology.
Bitcoin a pseudonymous cryptography and crypto-currency. “A new electronic cash system that’s fully peer-to-peer, with no trusted third party”. Coined itself by Satoshi Nakamoto, whose identity still remains a mystery. He is thought to have developed a robust framework for a currency that could run without the backing of government or the need for a trusted third party which has traditionally been a large part of the banking sector.
Underlying Bitcoin is Blockchain technology. However, the interest extends beyond governments and banks. It can be applied to law, real estate, healthcare, farming and beyond. Blockchain stores records with facts verified by parties on the “chain” through a network of computers, which means it is not only decentralised but is also disturbed. It is not “owned” by one individual. Each Blockchain is automatically downloaded on every node or computer. Using “blocks” of information which are connected or chained to another in chronological order, it allows all to use it, help run it, and see changes made to it. As everyone can see exactly where an unauthorised change was made and requires them to validate, it is harder to edit and corrupt. Hackers must access all the computers at the same time and make the exact same change in each node or computer to hack the data.
Bitcoin has sky rocketed in value since 2017. The underlying technology it relies upon has also increased in its own currency value. Blockchain is on the lips of almost every industry, sector and government. Its application is both innovative and disruptive. The birth of new era goes far beyond FinTech.
To ensure we are Forte Markets keep our finger on the pulse we’ve updated our Fintech workshop to include the latest Crypto and Blockchain developments. Check out the workshop details here.