The European University of Lefke (EUL) Departments of Business Administration and Economics organized a conference titled “The Past and Present of Cryptocurrencies.” The conference featured Assocc. Prof.  Dr. Murad Kayacan, the Director of the Training and Publication Department of Borsa İstanbul, as a guest speaker.

In his presentation, Kayacan pointed out that blockchain technology, which until 2009 had limited application, became the constant topic of discussion in technology circles with the creation of the first cryptocurrency, Bitcoin, using the digital cryptography system developed by Satoshi Nakamoto in 2009.

Kayacan continued his speech by stating: “Blockchain is like an online ledger. Blockchain software is a digital ledger that can be used to track all types of data. This software, among other things, can track the flow of goods, money transactions, and the ownership of art pieces or poems. Blockchain technology can be used in many areas, ranging from healthcare to transportation, from sports to art, and from certification processes to voting. Blockchains are distinguished by their ability to store information in an immutable way; meaning that the information cannot be altered or stolen. The primary function of each blockchain is to group digital information in ‘blocks,’ which are immutable collections. When a block is filled with data, a very complex process is performed to make it a permanent record. Each block is connected to the next block with a code referencing the content of both blocks. That’s why it is called a ‘chain.’ Especially in today’s world, where reserve currencies are being used as a weapon, nation-states are rapidly digitizing their national currencies and are closely watching the world of cryptocurrencies, which has reached a market value of 3.879 trillion USD.”

Kayacan concluded by saying, “In the next 10 years, crypto assets will always exist and are on the path to becoming digital gold.”