Technology is without a doubt the back bone of modern world development. Technology is seen as the scientific process that involves application of learned knowledge to improve human life. Technology has taken roots in every part of human society. With the current trend in computer applications, everyone must adopt to the changing global way of life. Human socialization and interaction is affected greatly by these innovations. Everything that is done in every corner of human culture seems to revolve around development in technology.
The internet is one of the technologies that have seen the world come to life. Its invention was received with enthusiasm and great positivity. Many people have embraced this technology that has provided humanity with access to information in a way that was never imagined before. It is obvious that information is the backbone of development, and the internet has brought it to our door step making is easily accessible.
Finance is one of the biggest fields in the world; in fact, it is the field that controls the world economy. This sector has seen massive developmental projects through the internet. The business world in general has grown dependent on the internet for marketing reasons and resources. Getting information to the public is one of the challenges that face businesses but technology makes it a walk in the park. Coursgratuits expert provides great insights on how modern marketing works. It is a tutorial with downloadable Finance PDF documents, which are easy and simple for self education.
This article focuses on the trends being witnessed in the financial sector.
E-finance
For many years, banks and insurance agencies have employed different traditional methods that have yielded great results. However, these institutions have found themselves in a society that is developing at a very first rate. Most of bank transactions before took place over the counter which made bank halls and ATM machine witness long queues and burden of work. The situation made going to the bank look like a burden.
With technology and scientific innovation, the finance and banking sector has managed to go through transformations that not could have foretold.
E –finance can be termed as the process of making financial transactions using online medium. E-banking involves use of smart phones to receive banking services like sending and receiving money. Online payments methods have made selling and buying of good using bank ATM cards possible. As long as you have a bank account with an ATM card and you own a PayPal account connected to it, your financial solution are taken care of.
E-finance has made it easy for online marketers and shops to connect to buyers of their services. Investment in fields like bonds and stocks can take place on a worldwide platform thanks to technology in finance. One of the major innovations visible in finance today is the digital currency.
What digital currency
Digital currency, commonly known as cryptocurrency is the topic on every one’s lips today. This subject has hit the news headlines since it was innovated. Though many people have dealt or accessed information on cryptocurrency, very few understand what it means. Lets looks closely as this currency.
Cryptocurrency is seen as currency of the future. It is a form of currency that is digital in nature. Digital currency is a currency that can only be used online. To understand what cryptocurrency is, get these words;
#1 blockchain technology
Blockchain technology can be perhaps described as the internet of the future. It is a continuous list of records called blocks that are secured using cryptography. Each block has a pointer called a hash pointer that connects to the previous block. Cryptography is simply the study of secure communication. Blockchains are controlled by peer to peer network which is a secure communication network between two individuals over the internet.
#2 peer-to-peer network
P2p network is a network that partitions tasks equally between peers. In P2P network, every member if equal, regardless of the amount of contribution they give towards the network.
Cryptocurrency uses blockchain technology to secure transaction.
How was cryptocurrency started?
The person behind this new form of currency remains a mystery though he or they are known under the acronym Satoshi Nakamoto. The idea was for creating cryptocurrency was originally just to find a way of making peer to peer transactions without a third party. This led to the creation cryptocurrency.
Blockchain technology is a decentralized system and so consensus was a big issue. In liquid currency, all transactions are handled by a single entity that stands in as middlemen. With such a system, acquiring full consensus is not hard. What about a system that is decentralized? This question let of consensus let to the creation of Bitcoin, the first cryptocurrency.
How are cryptocurrency made
Physical currency is made by printing. Traditional currency like gold and silver was made through mining and carried to the bank to exchange for paper money. Cryptocurrency are made though a process called mining. Mining cryptocurrency involves solving complex problems that are mathematical in nature using computer. To mine, one needs to have a computer, a working network and a will. A pool of miner come together to compete, the one who solves a block get rewards sent to their account called, digital wallets. Each block mined has a certain amount of cryptos to it and they are added to a block.
Mining cryptocurrency is a difficult task that can take an individual over a year to finish. The best option it to join a pool and receive a membership registration, when you solve together it is quicker and you share the reward.
Other means of acquiring crypto currency is to buy them using money in your bank account. You can also get them from a friend or buy using sites that exchange.
Conclusion
Cryptocurrency is becoming more and more common today. It is being used by online businesses as a currency for transaction. Investing in cryptocurrency can be likened to forex exchange and it provides great opportunities for making wealth. Cryptocurrency is a global currency and no country can claim ownership. There are countries that have not yet embraced this technology and do not allow the use of cryptocurrency.