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Comparison of Internet and Cryptocurrency Adoption from 2014-2024. (Source: Wan S., 2021) 2.1. Blockchain Technology In 2008, a revolution in blockchain technology occurred when complementary related research emerged in Internet discussion forums. It was the work of the aforementioned Satoshi Nakamoto titled "Bitcoin: A Peer-to-Peer Electronic Cash System." As experts later noted, the blockchain protocol explained in Nakamoto's research paper is actually identical to David Chaum's protocol. The main difference lies in the advancement of Bitcoin's Proof-of-Work (PoW) consensus mechanism for verifying the validity of data blocks and coin mining. The result was the first modern blockchain launched in January 2009 along with the associated cryptocurrency Bitcoin. (Kriptomat.io, n.d.) Theoretically speaking, a blockchain is a distributed database shared by nodes of a computer network. They are best known for their key role in cryptocurrency systems in maintaining secure and decentralized transaction records, but are not limited to cryptocurrency use. Blockchains can also be used to make data immutable in any industry and make hacking or system cheating more difficult or impossible. Simply put, the blockchain is a virtual "ledger" where all crypto transactions are recorded. (Hayes, A., 2023). Blockchain is a combination of three leading technologies: Cryptographic keys: private and public keys, Peer-to-peer network containing a shared ledger -digital signatures, Computational resource for storing network transactions and records.
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Since the dot-com bubble, the potential of digitization has been evident, with technological advancements resolving issues surrounding financial transactions and documentation, thus globalizing investments. In today's digitally empowered era, where information is readily accessible, investments in various assets like stocks, digital currencies, pro...
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