block chain software

blockchain technology

block chain software

It is hard to assume a world where smartphone technology is ubiquitous, and there are still people who do not have access to adequate financial institutions. In these modern times there are roughly six billion people with limited or no access to banking facilities. Difficult to fathom, right? Sadly this is the truth for many individuals in developing countries. Coupled with corruption, limited modes of transportation, and high transaction fees, bank accounts certainly are a luxury that many people cannot afford. Enter Bitcoin into this equation and financial freedom is merely the beginning block chain software.

Bitcoin is not only money for the internet; it is really a programming language which allows for the decentralization of any information system. As said by Andreas Antonopoulos (2014), "Bitcoin is the internet of money." To be able to appreciate this let's use the analogy of the internet; allowing any individual admission to an international communication and information network instantaneously. In this same manner, Bitcoin is allowing individuals'instant access to a totally free global financial network. The implication of a decentralized financial network clear of the corruption of third party moderators is overwhelming. Ponder for a moment introducing 6 billion potential consumers to the global marketplace. The possibilities for economic growth and innovation are exponential. This exists because Satoshi Nakamoto, the inventor of Bitcoin, thought we would create that gave all users equal say. The ability of the Bitcoin network is its users, which currently exceeds the combined computing power of the utmost effective 600 super computers on Earth. This equates to a network, which will be for many intents of purposes, impenetrable. Essentially, every person computer acts as a voting node. These nodes vote on the validity of the current Bitcoin equation, otherwise known as the block chain. To ensure that the block chain to be verified, most the voting nodes must corroborate if the equation is done correctly. This method happens in nanoseconds, meaning not all voting nodes will take part in every given block chain verification blockchain technology.

Bitcoin is primarily looked at in the west as trendy, new technology and a means of accruing wealth. Recently, the popularity for crypto-currencies has grown rapidly within investment circles, hedge funds, and among the technologically inclined because rising value. Though Bitcoin is utilized predominantly inside these aforementioned groups, current buzz surrounding Bitcoin millionaires and the public hearings in New York regarding future regulation have catapulted the currency to the mainstream.However, limiting the Bitcoin protocol to these previously mentioned industries is incredibly short sighted given the genius of Satoshi's underlying goal. Remember, the Bitcoin protocol could be applied to any information system, such as the system of voting. When applied to voting, there's no longer the requirement for an alternative party organization to verify an election as this is done by every person voting node. This completely eliminates voter fraud and voting machine tampering. Individuals would have the ability to vote from the comforts of their particular homes, using verifiable identification codes, by way of a transparent voting system.

We have seen that the Bitcoin protocol not just has the power to shape the continuing future of our global financial network, but of our voting, our phones, and our cable television. Any system that is based on an unbiased third party mediator could be replaced by implementing the Bitcoin software. As the program is policed by all participating members blockchain database, the likelihood of corruption, or hacking the system is minuscule. Whether or not Bitcoin the currency ever blossoms into a legitimate mainstream form of monetary transaction remains to be seen, however the revolution in software that Nakamoto has unleashed has only just begun.