Virtual currency and blockchain
Virtual currency is an electronic exchange medium that can be used to pay for goods and services among an unspecified number of people through the Internet. In order to protect transactions, encryption techniques such as public key cryptography, hashing and digital signatures using both are used.
In virtual currency, data such as who sent to whom is recorded and put together in one block. Distributed management of each virtual currency is through block chat, a public transaction database that performs the function of distributed transactions. .
Blockchain is a technology that distributes and records the history of the transaction not on one computer but on multiple computers participating in the network.
- History of transaction data is left li>
- Trade data can not be altered li>
- Supervised by an unspecified number of people li>
From the above points, blockchain technology can be applied to not only virtual currency but also various businesses that require traceability.
Virtual currency has great potential to transform the social structure, enriching the lives of the Filipino people.