At this point, the blockchain is two things. It refers to either a currently operating and open distributed network that is processing Bitcoin transactions worldwide, or to a concept that can be used by any company to build their applications on. Many companies of all sizes have recognized the efficiencies of the blockchain technology and now want to harness this concept to power their existing systems.
A cryptocurrency is a token on a distributed consensus ledger (DCL) that represents a medium of exchange and a unit of account. A cryptocurrency can be obtained, stored, accessed and transacted electronically. It facilitates peer-to-peer exchange without necessarily going through a third-party intermediary.
It’s clear that many U.S. based financial companies are investigating how blockchain technology can streamline their current work processes and create more efficient networks to process financial transactions.
The cryptocurrencies should be:
• Cost effective to issue
• Available immediately
• Governed and regulated
• Instantly liquid - liquidity should be instantly generated or generated
• Secure and immutable - cannot be double spent
• Trusted - backed by a lender of last resort (e.g. a central bank)
• Free from fractional reserve banking in its crypto-form
• Transparent with transaction finality (directly or remotely)
• Add purpose to economic activity (commerce) and have sustainable value
• Have standards to enable interoperability
• Be legitimate - a competent authority to impose these standards
- Blockchain technology has far-reaching applications across many industries.
- Blockchain is already used to facilitate identity management, smart contracts, supply chain analysis, and much more.
- The full potential of blockchain technology likely remains to be discovered.
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