The financial crisis of 2008 has led people to lose trust towards banks and they even inclined towards third parties as the facilitators of their financial system. In parallel, in order to obtain a new paradigm in the way information is shared and records are maintained, blockchain technology emerged with a potential to create new financial and economic system.
The most important aspect of blockchain is that it is completely decentralized, as no person or company controls its integrity. This makes it unyielding, and information is retained permanently on the blockchain network. As a result, when bitcoin, the first cryptocurrency based on blockchain emerged in 2008 it turned out to be an alternative currency and financial ecosystem which was independent from the financial institution.