After social media, if there is anything that is showing the path to connect the world is the blockchain technology. In the last couple of years, blockchain created a fuss around us just like the same way internet did in the 1990’s. Blockchain technology is not just about bitcoin and cryptocurrency but it is the chain technology which allows us to exchange money across the globe in the real time. In today’s online banking world, companies are trying to make the transaction and communication in bare minimum steps. That’s what cryptocurrency will do to the world. It is essentially a record of transactions. While sharing money through blockchain technology, there is no third party and mediocre financial firm. So it actually clears the concept of the third party in the exchange and transaction process.
Bitcoin and blockchain are quite different. Cryptocurrency like bitcoins relies on blockchain technology to conduct transactions process. Besides; the problem with bitcoin and other cryptocurrencies is because of the limitation of decade-old design and the proof of work to validate the transaction. First, we need to understand the difference between the blockchain and bitcoin, then the real problem will be highlighted. Moreover, the industry has the power to revamp over financial system into more eradication fraud and security issues. The technology could be the perfect platform to transform a knowledge-driven economy into a digital-inclusive society.