What is Cryptocurrency, blockchain and NFTs?
Cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Cryptocurrencies work using a technology called blockchain. Blockchain technology is a structure that stores transactional records, also known as the block, of the public in several databases, known as the “chain,” in a network connected through peer-to-peer nodes. Typically, this storage is referred to as a digital ledger. Blockchain increases trust, security, transparency, and the traceability of data shared across a business network — and delivers cost savings with new efficiencies.
Non-fungible Tokens are tokens that we can use to represent ownership of unique items. They let us tokenise things like art, collectibles, even real estate. They can only have one official owner at a time and are secured by the Ethereum blockchain or any other blockchain that supports them – no one can modify the record of ownership or copy/paste a new NFT into existence. NFTs are like physical collector’s items, only digital.
Cryptocurrencies and tokens are the foods that nourish blockchain ecosystems. They serve to address different concerns across markets and they function in very specific ways. The many benefits of cryptocurrencies for businesses and individuals are low transaction fees, instant payments, fraud reduction, accessibility, decentralisation, transparency and security. Our team specialises in FinTech and can deliver high-level FinTech solutions for your business.
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