There is a growing interest in fintech all over the world so that there are no days when fintech, which means the convergence of finance and IT, is not mentioned in the news story. Fintech is diverse. For example, in the field of business, financial services such as payment, remittance, insurance, and financing are mentioned, and in the field of technology, blockchain, which is the foundation technology of artificial intelligence, internet of things, and virtual currency, is mainly discussed.

Concept and features of virtual currency

Recently, various analyzes of virtual currency have been proposed, but a formal definition that is commonly accepted has not been established. However, it is generally issued by the private sector and has its calculation unit and is a value that exists on a computer rather than in physical form and is recognized as a kind of digital currency used as a means of payment and remittance. Reference). Above all, Bitcoin, the representative of virtual currency, can exchange with the unspecified majority, not legal currency, and distributed ledger called Blockchain bonus bitcoin  is used as a base technology for payment and transaction record management.

Blockchain technology is characterized by the fact that transaction records are managed through the provision of economic incentives to an unspecified majority without the involvement of third-party institutions such as central banks or private banks, and dual-use and forgery of transaction records are not possible. Is discussed. Also, since transactions are made directly between individuals and individuals or businesses without going through the existing payment and remittance system operated by an accredited organization, there is an advantage that the processing speed is faster and the cost burden of the user is reduced. Such blockchain technology is supported by encryption technology and proof of work (aka mining work) system.