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The Future of Currency?

The Future of Currency?

Blockchain, the technology behind Bitcoin, is generating interest among developers who want to expand its use beyond cryptocurrency such as securing healthcare records and even election results.

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11.11.2017 kl: 23:01


Bitcoin uses a peer-to-peer system, meaning that each computer within the bitcoin network acts as a server that facilitates transactions and the sharing of information. Once a user is connected to the network (by installing the Bitcoin client software), he or she is given a pair of unique keys (one public and one private); the public key is necessary to receive bitcoins from other users while the private key, which is used to transfer bitcoins, is stored securely on the user’s computer. For a transaction to materialize, the Bitcoin software combines the recipient’s public key with the sender’s private key together with the number of bitcoin to be transferred. The transaction is relayed across the bitcoin network, which can then be verified by other users thanks to the digital ledger called blockchain. This virtual ledger can be accessed by any user within the network, which ensures the integrity and accuracy of the records in the event of a hack or crash.

Blockchain is generating interest among developers who want to expand its use beyond cryptocurrency such as securing healthcare records and even election results. According to Identity Theft Resource Center, as many as 1,093 data breaches affected U.S. companies and government agencies in 2016 – a 40 percent increase from 2015. Blockchain technology is seen as a viable solution to curb the rampant data theft affecting millions of individuals each year.

As government agencies become more dependent on technology, hackers are working tirelessly to exploit their cyber security flaws. In fact, in the recent DefCon conference in Las Vegas, hackers successfully breached U.S. voting machines in less than two hours, according to tech news website The Register. With a blockchain in place, it would be virtually impossible to manipulate election results as those with access to the blockchain all share identical information. If ever a ballot is in question, it can be easily traced to its source and authenticated.

It’s no surprise that Bitcoin and other cryptocurrencies are gaining momentum due to their robust security mechanism. Even e-commerce giant Amazon wants in on the cryptocurrency action – at least according to online publication DomainNameWire. For what it’s worth, Amazon has purchased domain names pertaining to cryptocurrency, namely amazoncryptocurrencies.com, amazoncryptocurrency.com, and amazonethereum.com. The basis of any currency is trust, so for a multi-billion dollar company like Amazon to roll the dice on cryptocurrency spells good news for its future, and is definitely something to watch out for.


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