The Quiet Revolution - Investment in Cryptocurrency
With many innovations, people initially underestimated how much they would later change the world. In 1990, for example, Ron Sommer, then head of Deutsche Telekom, believed: "The Internet is a gimmick for computer freaks, we don't see any future in it. Ex-Microsoft boss Steve Ballmer made a similar statement about the iPhone in 2007. As is well known, both were mistaken.
If one believes lectures and interviews of representatives of the digital economy, another digital turn of an era could be imminent: "Blockchain technology will turn the financial sector upside down just like the investment in cryptocurrency will turn the car industry upside down," believes Philipp Sandner, head of the Blockchain Center at the Frankfurt School of Finance and Management. Czech journalist Vít Jedlička goes even further. He has invested in cryptocurrencies his own state on a deserted Danube sandbank on the Croatian-Serbian border. As president of the "Free Republic of Liberland" he wants to create the first country on a block-chain basis.
Blockchain fever has broken out everywhere. It is being discussed at industry conferences, group board members are attending Blockchain seminars, medium-sized companies are working on pilot projects. And it affects the entire economy. From insurance companies to tourism groups to the shipping of bananas: If you believe the apologists of the new technology, investing in cryptocurrency like Bitcoin could turn our world upside down like the Internet did recently.
The block chain is a database that consists of a chain of data blocks
This chain is constantly being extended by new blocks in which transactions are stored. The principle can be compared to an accountant who writes all transfers in a network on a sheet of paper every day and staples them in a large folder in the evening. The sheet of paper would be the data block, the folder the block chain.
It doesn't matter which information is stored in the data blocks - Bitcoins, title deeds, freight books - it's all the same.
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