The Far Reaching Implications of the Bitcoin Protocol

The future where mobile telephone technology is universal is very hard to imagine, and you can still find people who have no access to enough money. At the moment there are approximately 6 billion people with minimal or probably no bank access. Hard to fathom, right? Okay? Sadly, for many people in developed countries, that is the reality. Along with corruption, restricted transportation methods and high transaction costs, bank accounts are a privilege that many cannot afford. Enter Bitcoin into the freedom of finance and this equation is just the start.

Bitcoin is not just Internet money; it is a programming language that enables every info system to be decentralised. “Bitcoin is the web of money,” Andreas Antonopoulos (2014) says. “We use the analogy of the web in order to understand that, allowing any person to immediately access a world wide information and communication network. In the same way, Bitcoin allows users to access a completely open, global financial network instantly. It is overwhelming that third-party moderators are not compromised by the decentralised financial network. For a moment, imagine introducing the global demand for six billion future buyers. There are exponential prospects for economic growth and creativity. This is because Satoshi Nakamoto, Bitcoin’s founder, wanted to build open source software to all users. Bitcoin network capacity is its users, which actually exceeds the cumulative processing power of the world’s top 600 supercomputers. This is like a network which is impenetrable for all purposes. Each machine functions as a voting node, basically. The current Bitcoin equation, usually referred to as the block chain, is valid for the nodes. A vast majority of the polling nodes must check whether the equation is done correctly to ensure that the block chain is confirmed. This process occurs in nanoseconds, meaning that in each block chain verification only certain polling nodes can participate.

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Bitcoin is mostly considered common in the west, along with brand new wealth technologies. In recent times, the adoption of cryptocurrencies in investment circles, hedge funds and among technologically inclined people has increased rapidly because of their increasing value. Although bitcoin is primarily used in these communities, the currency is catapulted into the mainstream in current buzz surrounding bitcoin millionaires as well as the latest public meetings in York concerning potential regulation (NPR). However, it’s very short-sighted to restrict the Bitcoin Protocol to the above industries because of the brilliance of the primary target for Satoshi. Note, you may also position the Bitcoin Protocol on any kind of info device, such as the voting process. When added to vote, a third party entity is not asked to validate an election, as each voting node does. This removes completely the voting machine and the manipulation of voting fraud. Individuals are prepared to vote from the comforts of their own homes utilizing a transparent voting method using verifiable identification codes.

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We found that the Bitcoin Protocol does not only shape the future of our global financial network, but also our voting system, our phones and our cable TV. The implementation of the Bitcoin programme will replace any process that is based on an impartial Third Party Mediator. The potential for corruption and hacking of the system is tiny because of the software programme monitored by all participating participants. If Bitcoin’s currency ever flowers into a true mainstream financial transaction remains to be seen, but Nakamoto’s revolution in software has only just started.

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