Crypto currency is taking the world by storm with more and more number of people investing in the virtual money market, paving the way for a new economic change. Crypto currency started with the Bitcoin in the year 2009, which is the largest blockchain network now and more than 1000 crypto currencies are trading currently in the global market. The value of the Bitcoin, the largest of all crypto currency went as high as $16,000 recently, with experts speculating even higher rise in its value. But the uncertainty of the crypto currency market is something that has for long kept financial experts wary of it, warning people not to invest heavily in it. With countries like Japan legalizing crypto currency as a legal tender and countries like India warning people against its use, its future is quite dubious. Though a lot of skepticism does surround the blockchain and its future, but this has not stopped it from being popular amongst individuals and now even amongst the corporate.
But for the ones investing in blockchain network, they need to understand the basic of how a blockchain network works. Blockchain grows continuously and is recorded in the form of cryptography. The records are called blocks. Each block typically contains a cryptographic hash of the previous block. There are nodes on the cryptograph on which the transactions are recorded. It is resistant to data modification and can record transactions efficiently in a permanent and verifiable way. Blockchain was invented in Japan by Satoshi Nakamoto in 2008.He invented it to be used for recording transactions done using the Bitcoin and since then blockchain became the foundation on which the entire virtual money market works.
Blockchain being a decentralized transaction networks, links the individual involved in the transactions directly without the involvement of any middlemen. Also there are no regulations and restrictions as of now or any policies controlling the blockchain network. Governments and financial institutions around the world are keeping a close watch on all the developments taking place in this regard. After all, it is attracting individuals to invest money in it and the more people invest the more impact it is going to create on the economy of the country and also the international business. Use of blockchain reduces dependence on third party verification and hassles of currency exchanges for carrying out overseas transactions. Also it reduces the transaction costs involved and the transaction time is also too less. Hence these attributes of blockchain make it very helpful for international business, especially to carry out cross country transactions. But the overall skepticism and doubt regarding the blockchain network, its security and volatility of the crypto currency market make it very difficult for now to decide whether to invest your money or associate your business into it or not.