Cryptocurrency and Blockchain Technology

Cryptocurrency is digital money secured by cryptography, while blockchain is the underlying decentralized, distributed ledger technology that records these transactions across a network. Blockchain ensures transparency, security, and immutability without central authorities, enabling peer-to-peer,,,permissionless transactions. OxJournal
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Key Concepts:

• Blockchain: A digital,,,public ledger that organizes data into blocks, which are linked in a specific, chronological order.
• Cryptocurrency: Digital assets (e.g., Bitcoin, Ethereum) that function as a medium of exchange, relying on cryptographic techniques to control creation and verify transfers.
• Decentralization: No central bank or authority controls the network; instead, it is maintained by a global network of computers.
• Security & Mining: Transactions are secured by cryptography and verified by consensus, with "miners" solving complex problems to validate blocks and secure the network. PwC
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Benefits and Applications:

• Efficiency: Transactions can be faster and cheaper than traditional, cross-border banking, often costing only pennies.
• Transparency: All users have the same,,view of information on public blockchains.
• Use Cases: Beyond currency,,blockchain applications include tracking supply chains, smart contracts,,non-fungible tokens (NFTs), and,decentralized finance (DeFi). PwC
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Challenges:

• Regulatory Uncertainty: Lack of government oversight in many jurisdictions.
• Environmental Impact: Some consensus mechanisms require high computational power and energy. OxJournal
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