In the financial world, cryptocurrency technology advances have caused a huge splash in 2017 so far. The main player, Bitcoin, currently continues to ride high in the markets and has seen around a 500% increase over the whole year. Will Blockchain be made more accessible for the mass market?
This growth shows that more people are becoming aware of this new financial sector and the opportunities it seems to offer. In an interesting development, it seems that some companies are looking at whether the underlying technology cryptocurrencies are built on can be developed for the mass market also.
What is Blockchain?
Simply put, Blockchain is the technology that sits underneath and powers all cryptocurrencies. The key factor here is that this Blockchain code can be amended and updated as it is open-source. The real beauty of this for investors and companies is that Blockchain can be used to power tools like apps for business, not just for mining coins with. This naturally opens up this new digital financial sector to companies who may otherwise not be keen on getting involved.
BTCUSD Live Price Chart
Simple Token aims to bridge the gap
One major problem for many companies wanting to get involved in using Blockchain for business is the perceived complex nature of the process. As a fairly new technology in the public’s eyes, many companies are unsure as to how it can be used or don’t have the skilled staff to update the relevant code for them.
A new product called Simple Token aims to change that. This will make Blockchain based apps and technology available to all businesses. It is hoped that the easy to use nature of Simple Token will allow organisations to create and launch their own apps. They will then benefit from having their business involved with the ever more popular cryptocurrency market.
Investors keep a close eye on the market
There is no doubt that many investors are still a little wary of getting fully involved with cryptocurrencies at this moment in time. Moves like Simple Token will surely help to ease this issue as more companies adopt new Blockchain technology and the market continues to grow as a result. With Bitcoin sitting pretty, it would seem that cryptocurrencies are one sector in the financial world that investors need to know about.
