“Do you take bitcoin?” “How did my bitcoin wallet get hacked—I thought blockchain was secure?” “What is a blockchain, anyway?”
There’s no guaranteed relationship between the importance of a technology and the amount of hype it receives. However, when a sophisticated new technology is all over the news, you can definitely expect that your customers will be have plenty of questions about it. That’s the situation financial institutions find themselves in today regarding blockchain and cryptocurrency.
Is the business case there for your organization to dive headfirst into investing in blockchain-based solutions? In order to make that assessment and explain it to your customers, you need to understand how the technology works. There’s no shortage of websites and publications trying to do just that, but given the complexity of the underlying technology and the diversity of applications it’s found in today, most of the explainers out there just weren’t targeted to the particular interests of Katabat’s clients.
That’s why we produced Understanding Blockchain: The Powerful Technology Behind Cryptocurrency. Written by experts with the specific needs of financial industry leaders in mind, this whitepaper lays out what you need to know about the current state of blockchain technology and the cryptocurrency marketplace.
What’s in the Whitepaper
Understanding Blockchain begins by spelling out the basics: what a blockchain is, how blockchains are formed, and how they use sophisticated computational puzzles to guarantee their integrity, protecting against hackers. This background information is followed by an assessment of the features that blockchain technology has to offer financial services firms. These range from security enhancements for major banks to alternative sources of authority for upstart fintech players. This topic—how blockchain can transform industries—was the subject of a major conference last month hosted by MIT Technology Review and the MIT Media Lab Digital Currency Initiative.
The second part of the whitepaper examines the state of the cryptocurrency market. Many aspects of cryptocurrency remain unsettled—from whether it should be treated as a currency or a security from a regulatory perspective to how to exchange it with traditional currencies and methods of payment without getting hacked. Understanding Blockchain explains the underlying factors that lead to instability in cryptocurrency markets, as well as outlining the various fraudulent and criminal schemes that have cropped up around something with so much buzz. Lastly, it examines the situations in which blockchain and cryptocurrency present compelling opportunities.
Download the whitepaper today to become fully informed how blockchain works and the impact cryptocurrencies are having on financial institutions.