Since the invention of blockchain technology a shift is taking place all over the world away from centralized business models towards decentralized business models. With a single point of control, centralized business models are inherently flawed: they are constantly at risk of being hacked or fall victim to security breaches and are subject to fraud being committed by bad actors who are able to gain control over the system. Blockchain technology however allows for decentralized business models to be created which are not controlled by a central authority and do not have any single point of failure. This paradigm shift in the way businesses are able to structure their business models going forward will drastically disrupt major industries as we know them today, such as the traditional banking system, and will be the catalyst for the emergence of new businesses that could not existed prior to the invention of this revolutionary technology.
As the new era of the digital economy continues, it’s important to understand how bitcoin technology functions. While Satoshi Nakamoto, the man behind the origin of bitcoin, never explicitly wrote down the guiding principles behind blockchain technology, there are numerous principles that can be derived from it. These principles are key for shaping the future of the digital economy and those venturing into the digital currency sphere need to understand the basics of blockchain technology.
The phenomenal surge in the price of Bitcoin in 2017 generated huge interest in this and other cryptocurrencies. It attracted a lot of attention worldwide and many people were jumping on the bandwagon with the fear of missing out without checking first what Bitcoin is all about.
With any investment, it is wise to do due diligence and check the facts before taking the plunge. Those who did this, were asking the question: “Who created Bitcoin?”