Digital world: Finance & Technologies (I)

Currently and around the world there are excellent and beneficial crypto assets and cryptocurrency projects underway. Due to the great relevance that they are having in these times, it is essential to know and understand as best as possible what Cryptoactives and Cryptocurrencies are and all their associated terminology and technology.

What is the digital economy?

It is a new area of ​​commerce that is in full development and expansion. It refers to all electronic or digital commerce carried out through the Internet and the latest Information and Communication Technologies (ICT) to make and obtain new and better products, goods and services with a few clicks. While Electronic Commerce only refers to the fact itself, the process of buying and selling products by electronic means, such as mobile applications and the Internet.

This new area involves and integrates progressively and exponentially the technologies of different fields (education, work, entertainment, finance, commerce, telecommunications) to obtain more efficient, safe and personalized alternative mechanisms for everyone.

In the Digital Economy, the internet serves as a universal platform for the generation of work, the creation of wealth, and the distribution and consumption of goods and services. All this to meet the growing needs of today’s society, a technological society based on knowledge.

What is a fintech?

Financial Technologies (FinTech) is a concept whose name comes from the acronym «Financial Technologies». And it specifically refers to all those modern technologies used by organizations (companies, businesses and industries), public and private, in any sector (financial, commercial, technological and social services) to create and offer new products, goods and services.

More conservative sectors call FinTech only the set of companies in the financial field that contribute new ideas and economic and commercial models through the use of the new and most modern ICT. Among the technologies that encompass this concept are Distributed Ledger Technology (DLT) and Blockchain Technology (Blockchain) and Crypto-commerce (Cryptoassets and Cryptocurrencies).

DLT: Have you heard about this technology?

Distributed Ledger Technology, also known by its acronym from the phrase “Distributed Ledger Technology” is usually used mainly in the field of private development, but includes Blockchain Technology, which is the same as the field of public development. DLT only ultimately refers to the technology, that is, to the technology that makes possible transactions on the Internet in a secure way and without intermediaries, through distributed databases, which guarantee the immutability and cryptographic protection of the data.

The concept of Blockchain should not be confused with DLT. Making an analogy to understand both concepts, it can be said that, speaking of currencies, DLT would be the concept itself of “Currency” and Blockchain would be a single one in particular, for example, the Dollar, the Euro, the Ruble or the Yuan. Just as each of these is one of many currencies, a Blockchain is a DLT. DLT is the generic term, and Blockchain is a specific term, which owes its popularity to the boom in crypto assets, specifically cryptocurrencies. So when talking about Blockchain, one usually refers to the original platform of “Bitcoin”, being the first one created.

There is much more information regarding technologies, finance and the digital economy that will be shared in the next note.
Also in the tutorials section, there is published specific information on some topics of interest.

Source: DesdeLinux

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