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LIVE24SEVEN // Business E X P LAIN THE MAR K E T – WI TH GUY SHONE


New Money Is Booming


The value of the virtual currency Bitcoin is booming. Last month each individual ‘coin’ became worth more than $2,000 (£1,600). Guy Shone explains how virtual currencies work….


even more revolutionary is afoot. It involves a technology called Blockchain. Blockchain has been around for a few years. It is the underlying technology that allows people to buy and sell things with Bitcoin. But now, analysts believe it is Blockchain that is the technology set to create the biggest change to the world of business.


The skyrocketing value (over 65% per month) has been linked to government policy changes in Japan and China that have made it easier for speculators to trade in bitcoins.


Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made without any real coins, cards or even banks. There are no transaction fees and no need to even give your real name. The idea of virtual currency is still a long way from mainstream but many more online stores are beginning to accept bitcoin as payment for all sorts of products and services.


HOW TO GET INVOLVED: If you want to invest in Bitcoins then


many excellent trading platforms can be found online like Markets.com, Trade.com & etoro.com


If you want to buy bitcoins to use then why not try websites such as CoinCorner.com


Buying things without a bank may point to an exciting future - but beneath the world of virtual currencies something


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Blockchain is a method of recording data - a digital ledger of transactions, agreements, contracts - anything that needs to be independently recorded and verified as having happened. The big difference is that this ledger isn't stored in one place it's distributed across thousands of computers around the world.


Banks think it could be the future of financial transactions and are busy trying to establish to what extent it represents both as an opportunity and a threat to their future profits. According to recent predictions, the global Blockchain market is expected to be worth $8 billion in less than 10 years.


The increasing adoption of the technology in the financial services sector and expected adoption across the public sector and healthcare segments are few of the major factors that are expected to fuel such huge demand. But beyond banking companies a diverse range of industries like Manufacturing, Fashion, Media & Transportation are also now investigating how they can take advantage and use Blockchain.


BLOCKCHAIN BENEFITS: • All transactions are automatically validated without the need for a bank or finance company • Dramatic savings to bothtime and money as no need for duplicates of company records • Disputes are settled instantly • Data doesn’t need to be reconciled and can be shared with unlimited sources


Blockchain potentially makes doing business fairer. In any deal or contract the original document cannot be tampered with which makes agreements indisputable. Technology like this might well level the playing field between small companies dealing with big banks – even farmers buying and selling land from governments in developing countries. In agreements created with Blockchain every step is transparent.


To find out more why not check out www.blockchain.com


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