Bitcoin happens to be a digital asset cum payment system which makes use of peer-to-peer technology in order to operate with no central authority or even banks. Geographical boundaries do not contain its operations and it is not like a paper currency, managing transactions as the issuance of Bitcoins are done collectively by the network which makes use of complex as well as cryptographic code that is used in its design.
What is striking about Bitcoin?
The most striking feature as far as Bitcoin is concerned is making use of the Blockchain technology. A blockchain helps in maintaining records details of financial as well as non-financial transactions. The data is in fact stored in a distributed database and is also immutable as well as permanent. The whole ledger is in fact completely transparent.
India indeed has tremendous potential to become a huge market for Bitcoin as well as Blockchain. People are depending upon other financial transactions than just paper money. If one adopts Bitcoin, one can empower oneself with flawless transactions as well as deliver economic solutions for a very transparent process.
It is advisable to integrate the Blockchain with financial transactions as it could save substantial time cum money. It will lessen the time required for processing and authenticating transactions.
Blockchain can indeed also help us in curbing the circulation of “black money” and also dealing with the widespread money. For the government, Blockchain is an avenue to explore a gamut of options that might also help in enforcing a tighter control on the economy of the nation.
What are the achievements of Blockchain so far?
Blockchain has also successfully dealt with the problems of:
- Unauthorized spending
- Double spending of the stored currency
- Race attacks, thus increasing security
- Governance by making the results fully transparent and publicly accessible
- Blockchain technology to bring full transparency to elections
- Poll taking
- Issuing smart contracts helps to automate the process)
- File storage thus saving the data on distributed networks that prevent hacking and corruption of networks.
- Protection of intellectual property rights.
- Stock trading with a view to increasing efficiency in the arena of share management.