Homework: why Satoshi Nakamoto and the Blockchain has changed finance by @yuceetoria. (100% power up)
INTRODUCTION.
Hello Steemains, this is a task from the Nigeria crypto professor, to check our knowledge about Bitcoin. I am happy to take part in this task.
Cryptocurrencies is the main deal in the sense that it has helped in many ways of the years. One unique thing about the cryptocurrency is that is a decentralised currency. If you are a person that do not like going to the bank for unnecessary transactions about what happened to your funds, don't worry you are in luck because bitcoin has made it possible for one do do any kind of transactions anywhere in the world without lifting a finger.
First before a brief explanation of ways Satoshi Nakamoto and the Blockchain has changed the finance face, I will explain what each terms means.
Satoshi as the time of this post is not known, nobody knows if it is a male, female, or a group of persons. They have remained anonymous since no one has been able to uncover their identity.
Blockchain the brain child of th psuendonym is, in the simplest of terms, a time-stamped series of immutable records of data that is managed by a cluster of computers not owned by any single entity. Each of these blocks of data (i.e. block) is secured and bound to each other using cryptographic principles (i.e. chain).1.
In other words, both has no central authority — it is the very definition of a democratized system. Since it is a shared and immutable ledger, the information in it is open for anyone and everyone to see. Hence, anything transactions or block, that is built on the blockchain is transparent for all to see, no funny stories about something happening to your funds. It is credible more than our usual financial houses.
CONCLUSION
These two has really changed the face of finance because they came at a time it was needed the most. When they've lost faith in the Finance industry.