What is the Blockchain?
The Blockchain is the space in the internet where cryptocurrencies exist and move around. Each cryptocurrency has its own Blockchain.
The Blockchain is a highly advanced and highly secure electronic space in the internet, in which crypto/digital currency exists and in which they flow and transact, fast, efficiently and securely. The video below explains the Bitcoin Blockchain. The principles of the Bitcoin Blockchain are fundamentally the same for all other Blockchains. (The video below is quite technical. We suggest you watch it for the first 2 to 3 minutes just to get a feel and if you wish to, watch the full video.)
Crypto/Digital currency technology is far advanced on the technologies used by modern banks and exchanges.
Global Banking Sector and Crypto/Digital Currency
With Bitcoin, Ethereum and other crypto/digital currencies receiving massive media exposure world-wide since 2017, many leading banks are currently looking into and researching Blockchain technology to gain an understanding and to look at how Blockchain technology can be incorporated into the future. Two of the leading banks in South Africa have appointed senior executive positions for this and the South African Reserve Bank (SARB) has a team working on this.