Blockchains are a distributed database shared across a network, and are widely responsible for their role in cryptocurrencies. Recently, cryptocurrencies have been a hot topic amongst online communities and discord group chats that have commercialized trading on the blockchain. The truth of the matter is that digital cryptocurrencies are actually a much more effective means of payment than the standard system implemented. The blockchain offers a unique opportunity to decrease the level of fraud, and increase the effectiveness of payments across the world.
Deepak Thapliyal, CEO of Chain, a company founded in 2014, is an online tool developed with the goal of allowing institutions to develop and launch their own blockchains. Chain is particularly unique in its endeavors, because unlike the common Ethereum network, Chain allows for a completely private network, without public access and public miners. Thapliyal believes that this sort of regulated blockchain is the future for major institutions, and urges them to adopt this system. Institutions should be able to run a blockchain based on the private needs of their clients, and tailored to their business model. Operating through a public network is much less effective, and likely does not serve in institutions best interests. If institutional adoption of private blockchains were to become mainstream, the economical effects could revolutionize the modern day economy.
Chain is well known for their endeavors with Nasdaq and Citibank. The Nasdaq is commonly referred to as the stock market, and they operate and oversee the majority of stock exchanges. Chain CEO Deepak Thapliyal insists that adoption of a private blockchain could make transfer more effective, with less fees, and more security through cryptography that verifies every transaction. These private networks could have their own regulations and security parameters, ideal for stock exchanges, which require mass amounts of transactions.
Recently, there has been a surge in the interest of cryptocurrencies, and the wealthiest man in the world, Elon Musk, has even become akin to cryptocurrencies, advertising them across Twitter and other platforms. It is no secret that many people have made much money across the network, and that these methods of payment are already beginning to become accepted at major retailers. Alongside the public support, the widespread hype, institutional adoption, and celebrity advertisement, cryptocurrencies are something of the present, and may even be a massive part of the future. Chain hopes to capitalize on this shift from current banking behaviors, to a more secure, private, and effective means of transactions, utilizing a similar means of blockchain as those that have become very mainstream.
Time will tell how the blockchain will evolve, but Chain and their team is on the backend, pushing common banking and trading towards the future of blockchains.
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