Bitcoin Could Be the Future Of The Financial Transactions
Last month, the representatives from the political and financial world gathered on the private island of the Richard Branson to discuss about the potential of the Bitcoin.
Exactly what is Revolutionary Potential of the Bitcoin
In general, the Blockchain is the technology used by the bitcoin to complete its transactions. There are lots of experiments taking place globally signaling how it can transform the way of banking and cyber security.
Exactly what it is?
The Satoshi Nakamoto invents the Blockchain in 2008 at the same time as the bitcoins. All the transactions of the BTC are registered like a bank ledger. In a traditional transaction, the bank updates its ledger to show how the money has come and gone. In bitcoin transaction, the blockchain updates all information about the money. However, there are some differences between the two. All the transactions of the bitcoin are confirmed by the peer-to-peer network to prevent the wrong use of the system.
Blockchain is a danger to banks, but still the world is excited about it. Why?
A way has founded by the Bitcoins to remove the bank’s role in the transactions making it a historical. But, nowadays, the banks want to use this technology to eliminate the security and make their processes safe. A lot of banks, including the Commonwealth Bank are experimenting with this technology.
Use of Bitcoin for Democracy Related Purposes
According to some enthusiasts, the blockchain can have a big effect on the elections. The individual voter’s privacy is a big concern, when it comes to the election. Many developers and entrepreneurs that consists a start up from the Perth are looking on the blockchain to assist in discovering a solution.
On the other hand, an expert from this field Dr. Vanessa Teague states that we should not have to believe more on the Bitcoins to have more success in this field. According to her, the blockchain is not fully safe from the cyber-attacks.