Advances in cryptography in the late 1980’s lead to a number of researchers trying to build digital currencies based on cryptographic principles. While these early crypto-currencies worked, they were centralised and usually backed by a national currency. It was not until 2009 that Bitcoin was launched based on a paper written the previous year under the pseudonym Satoshi Nakamoto. Bitcoin was the first decentralised cryptocurrency and uses a distributed, permission-less database known as the Blockchain to record transactions. The Blockchain is the real innovation behind Bitcoin, and can be used for many more applications than just Bitcoin transactions. It can be used to achieve consensus on decentralised networks to prove asset ownership (e.g. land titles), the fairness of elections and lotteries, digital notarisation, escrow transactions, domain name management, and more.
Novatti does not directly participate in cryptocurrency activities, but the Novatti platform can integrate to the Blockchain and Bitcoin exchanges to enable payments to and from Bitcoin account holders, converting between fiat currencies and Bitcoin.
Novatti is constantly monitoring developments in this area to ensure that the platform is able to adapt and take advantage of this disruptive and very exciting new technology.