Let's start with some quick definitions. Blockchain is the technology that permits the existence of cryptocurrency (among other things). Bitcoin is the name of the best-known cryptocurrency, the one that blockchain technology was invented. A cryptocurrency may be a medium of exchange, as the US dollar, but is digital and uses encryption techniques to regulate the creation of monetary units and to verify the transfer of funds.

A blockchain may be a decentralized ledger of all transactions across a peer-to-peer network. Using this technology, participants can confirm transactions without a desire for a central clearing authority. Potential applications can include fund transfers, settling trades, voting, and plenty of other issues.

From a business perspective, it’s helpful to consider blockchain technology as a sort of next-generation business process improvement software. Collaborative technology, like blockchain, promises the flexibility to enhance the business processes that occur between companies, radically lowering the “cost of trust.” For this reason, it should offer significantly higher returns for every investment dollar spent than most traditional internal investments. Financial institutions are exploring how they might also use blockchain technology to upend everything from clearing and settlement to insurance. These articles will facilitate your understanding of these changes—and what you ought to do about them. For an outline of cryptocurrency, start with Money isn't any object. We explore the first days of bitcoin and supply survey data on consumer familiarity, usage, and more. We also observe how market participants, like investors, technology providers, and financial institutions, are affected because the market matures.