Blockchain Technology and its Role in the Development of the Contemporary Financial System Virtual Currencies as a Model

Abstract

Rapid advances in financial technology have attracted the use of new technologies, and in turn, have stimulated research on whether and how financial technology can increase economic and social benefits. Blockchain technology was used for the first time in 2008, i.e. after the global crisis and with the emergence of virtual currencies bitcoin that used this technology and affected the world of finance and business, and derived its strength and the confidence of dealers in it, and many people confuse between blockchain technology and bitcoin as one, and this is not It is true that this research paper includes the concept of blockchain technology and its most important advantages and disadvantages and its role in modern financial systems, and the reasons for choosing this technology by miners of virtual currencies (Bitcoin), noting that the blockchain technology works according to three main principles, which are the open registry, the distributed database, and mining, It can be used in the fields of money and business because of its advantages, trust and high security, and what makes the blockchain system one of the engines of the smart revolution that human life is witnessing, and makes it one of the most important tools for managing people’s lives. Protection of transactions from fraud, i.e., ensuring that there is no fraud during the execution of the transaction.

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