The technology that makes bitcoin work

Bitcoin’s recent success has put cryptocurrencies on the map, but they wouldn’t exist without technology. Bitcoin is bought and sold because of Blockchain.

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Blockchain CEO Peter Smith joined FOX Business to explain how it works.

“Blockchain technology is just an underlying protocol that enables you to do high-value transfers in a low-trust environment,” Smith told Stuart Varney on “Varney & Co.” “And the way that it is used today in the market is for digital currencies like bitcoin and etherium predominantly.”

Smith added even if bitcoin and etherium were to go away, Blockchain would still exist.

“We support really every cryptocurrency and we really offer a platform for individuals and businesses to make use of digital currencies… “[As long as] people are finding value from, we’ll be there and we’ll be in the market,” he said.

Blockchain is a privately held company backed by Google (NASDAQ:GOOGL), Lightspeed and Virgin. When asked about going public Smith replied:  “Someday I think. But I think right now the industry is pretty nascent. We’ve got a lot of work to do and really a lot of customers to acquire before we go public.”