of new technology brings in amalgamation of curiosity (which enables us to try it)
and caution (which make us slow in taking steps). The third invisible factor in
this equation is our inability to deal with it. When the internet came into realization
nobody knew what to do with it. Only few geeky minded people could relate to it
and were using it.
No one knew how ground breaking internet was and no one would have guessed how much impact
it would make since then. Bitcoin and
Block chain is such groundbreaking idea since the invention of Internet.
put Bitcoin is a peer to peer electronic cash system which can be used as online
payment and sent directly without a financial institution or a middle man. And Block Chain facilities this transaction
with utmost security and freedom.
You lost me there. Are they same ?
uses Block Chain like the way email uses Internet. At its core the block chain
is a database.
1. A database that is public, so it’s not owned by anybody.
across many computers around the globe and constantly synchronized with latest
3. The technology is secured by
the state of art cryptography making it tamper proof and attacker proof.
4. Overall more than 1 billion$ has been invested in the Bitcoin and Block chain
Wait whats the big deal ?
been around for 7 years now and block chain is evolving. While many are
skeptical about the regulatory factors, Giants like JPMorgan Chase & Co, Microsoft,
Intel Corp and more than two dozen other companies have teamed up to develop
standards & technology. The effort is aimed to make it easier for
enterprises to use blockchain code to move toward distributed ledger systems.
The latest addition to this list is EEA, The European Economic Area.
So what now?
has gained significant momentum now. Amongst the new development is Ethereum.
It is a type of blockchain that can be used to develop decentralized
Several banks have already adapted Ethereum to develop and test
blockchain trading applications. At this rate of synergy and growth, it
is going to be much simpler to do personal and official transaction in a much
more efficient way.
Its all about finances right ?
technology is not just for financial transaction. Since it is a database at its
core, it can be used to save all information about you.
For example, all your
assets, and documents like passports, driver’s license or marriage certificates
can be tied to your Block Chain ID. Even voting can be done using Block Chain
ID securely from the comfort of your living room.
Fiction or Fact ?
True! We are not quite there yet,
but we are on our way. It is vital for busines owners start preparing for this massive
change in the industry. In no time we would be developing apps for Block chain enabled businesses.
I just created my onename id, a place where you can save
all your identity information securely, and created my account with Xapo a
bitcoin wallet. I invite you to explore
the Block chain and Bitcoin world!
Business Analyst - Snr Software Consultant.