| |SEPTEMBER 20189Consultants ReviewBitcoin is indeed an exciting invention but that was only made possible by Block Chain technologyWhat primarily is to ponder that, one no longer requires a central ad-ministrator or a third party in this ex-change and thus the transactions are one-to-one and secure and also cut down on the cost invariably.Hence, a group of users wanting to share a particular data that resides on a particular block can do so through a special private key that is created ac-cording to a cryptographic algorithm.The DLT is what this is known as or in tech terminologies or distrib-uted ledger technology. Primarily, a chain consisting of blocks connected to each other.If we were to do a financial trans-action without the involvement of an administrator or authority, this tech-nology stands distinguished through the nature of its non-permeability due to the shared information on blocks and cryptographic nature. Unleashing the Latent Potential and Revolutionising the Financial World!!The industry pandits recognise un-deniable potential for revolutionis-ing the way we can manage data and do business; but this indeed remains debatable.Many streams would evolve as a consequence to this technological out-burst, such as better process dynam-ics on contracts and agreements, they would be standardised, methodologi-cal and process oriented as they may be shared on a reference block con-nected to each other in proper linear, chronological order. Imagine the volume of data we generate when technologies such as Internet of Things crop up and so do millions and millions of transac-tions, we truly need a technology that could settle trillions of real time transactions.This technology came into being through Bitcoins. Bitcoins is a digi-tal coin or a cryptocurrency which transacts on the internet and this fa-cilitation happens through the Block-chain Technology where the data re-mains potentially secure and ensures utmost safety.One estimate says, there are close to 2.9 to 5.8 million unique users us-ing this cryptocurrency wallet. Does this mean we would some-day preposition a formal good bye to the centralised financial systems and our entire nomenclature is in for a change? I have begun to wonder. This would however, surely revolutionise the world economy.The valuation on Bitcoin surges by leaps and bounds. News has it, that it has risen 1850 times since 2015 and therefore highly volatile. In August 2017 "Bitcoin Cash" came into being to scale up the trans-action capacity.Bitcoin too has its own challenges though! To upgrade the cryptocur-rency or to change the software that's used to mine and authenticate trans-actions, developers need more than 50 per cent of the global network of min-ers to agree with that change as per a research. When they get that support they can create a "fork" which is noth-ing but a software upgrade.Bitcoin is indeed an exciting inven-tion but that was only made possible by Block Chain technology. Imagine how the world changes! One things leads to another!! First it was "data", then it was "encrypted data" and now "data on a blockchain through cryp-tography ". Why not?Especially when we hear giants struggling with cyber safety!Did we hear recently that North Korean hackers stole a vast cache of data, including classified wartime con-tingency plans jointly drawn by the United States and South Korea, when they breached the computer network of the South Korean military last year. I am sure this would have been next to impossible, had it been on a block chain. Now is this technology a win-win?Or would it survive the test of glob-al adoption is a question to be asked especially in the financial context? Governments may find it a challenge to regulate cryptocurrencies of all kinds or legalise it. Bitcoin was intended to be originated due to its capacity to by-pass centralised authority. If there is no authority, how would they exercise control over such a cryptocurrency or commodity? We haven't yet talked of acceptance altogether! But Bitcoin surely is our showstopper!! Deepa Sayal
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