Pretty soon after 1.0, Blockchain 2.0 technology was "born" with typical "representative" of Ethereum - a very famous cryptocurrency in the market.
What is Blockchain 2.0?
Following version 1.0, Blockchain 2.0 technology was “born” and gradually dominated the financial market, becoming a bright spot to help change people's lives.
The essence of Blockchain 2.0 is a cryptocurrency network smart contract, which is applied to the transparent and completely public handling in the fields of ownership, mortgage, checks, debt... as well as any other issues general agreement-related issues.
The implementation of smart contracts has given people the opportunity to revolutionize the world, eliminate intermediaries and create trust in the current digital platform.
Ethereum (ETH) - an extremely “prestigious” cryptocurrency after Bitcoin at that time, is the most widely known “representative” of Blockchain 2.0.
The emergence of Ethereum (ETH) as well as smart contracts has contributed to a major turning point in the field of cryptocurrency.
Applications of Blockchain 2.0
Blockchain 2.0 has officially “encroached” and replaced the inefficient accounting networks of the previous financial industry.
According to a report by goldmansachs.com, this has saved stock market operators a significant amount of money, up to a whopping $6 billion per year.
In its infancy, many companies operating in the financial sector have raised their doubts about the fraud risk of Blockchain 2.0 technology.
However, all those thoughts have disappeared and become more positive over time, as the applications of Blockchain 2.0 are gradually realized.
Oliver Bussmann (CIO of UBS) said that Blockchain 2.0 has the ability to reduce transaction times to just a few minutes.
Moreover, Blockchain 2.0 has escaped from the narrow, beyond the field of cryptocurrencies and into smart contracts.
This technology has the effect of protecting all contracts and agreements under the interference of people with bad intentions.
Working on smart contracts, users will not need to spend as much on authentication and operation as before.
Some events related to Blockchain 2.0
In 2016, overstock.com - online retail website, used Blockchain 2.0 technology to distribute more than 126,000 stocks of the company.
This helped overstock.com set its first historic milestone and become a publicly traded company using Blockchain in stock trading.
In addition, R3 CEV - a company operating in the Fintech field and also a global enterprise complex of more than 80 of the world's largest financial institutions, has used Blockchain 2.0 in governance along with information synchronization.
