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Bitcoin first hit the market in 2009 as open-source software, introducing consumers everywhere to the concept of a digital currency that transcends borders and government entities, and is regulated only by its own complex system of technological checks and balances.
While Bitcoin itself has since struggled to gain acceptance from consumers and financial institutions alike, the technology underpinning Bitcoin transactions may just be the next big thing in the world of transaction processing and recording.
“As a virtual currency, Bitcoin has no regulating agency or bank behind it,” Lois Hansen, vice president, product development, for CO-OP Financial Services said. “However, underlying the Bitcoin application is a highly sophisticated protocol called blockchain, and this technology has the financial world taking note.”
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