The particular Far Reaching Implications of the Bitcoin Protocol

It really is hard to imagine a world where smart phone technology is ubiquitous, and there are still individuals who do not have access to adequate banking institutions. In these modern times there are roughly six billion people with limited or no entry to banking facilities. Difficult to fathom, correct? Sadly this is the truth for many people in developing countries. Coupled with corruption, limited modes of transportation, and higher transaction fees, bank accounts are a luxury that many people cannot afford. Enter Bitcoin into this equation plus financial freedom is just the beginning.

Bitcoin is not only money for the internet; it is a programming language that allows for the decentralization of any information system. As said by Andreas Antonopoulos (2014), “Bitcoin is the web of money. ” In order to understand this let’s take an use the analogy of the internet; that allows any individual admission to a global conversation and information network instantaneously. In this particular same way, Bitcoin is allowing people’s instant access to a free global economic network. The implication of a decentralized financial network free from the problem of third party moderators is overpowering. Ponder for a moment introducing six billion potential consumers to the worldwide marketplace. The possibilities for economic development and innovation are exponential. This exists because Satoshi Nakamoto, the inventor of Bitcoin, chose to produce open source software that gave all users equal say. The ability of the Bitcoin network is its users, which currently exceeds the mixed computing power of the top six hundred super computers on Earth. This means a network, which is for all intents of purposes, impenetrable. Essentially, every individual computer acts as a voting node. These nodes vote on the validity from the current Bitcoin equation, otherwise referred to as block chain. In order for the prevent chain to be verified, a majority of the voting nodes must corroborate when the equation is done correctly. This process happens in nanoseconds, meaning not all voting nodes will participate in every given block chain verification.

Bitcoin is usually primarily thought of in the west as fashionable, 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 due to its rising value. Though Bitcoin is utilized predominantly inside these types of aforementioned groups, current buzz surrounding Bitcoin millionaires and the public proceedings in New York regarding future legislation have catapulted the currency into the mainstream ( NPR ). Nevertheless , limiting the Bitcoin protocol to previously mentioned industries is extremely short sighted given the genius of Satoshi’s underlying goal. Remember, the Bitcoin protocol can be applied to any information system, such as the system of voting. When placed on voting, there is no longer the need for a 3rd party organization to verify an selection as this is done by each individual voting node. This completely eliminates voter fraud and voting machine tampering.
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Individuals would be able to vote from the comforts of their own homes, using verifiable id codes, through a transparent voting system.

We have seen that the Bitcoin process not only has the power to shape the continuing future of our global financial network, but of our voting, our phones, plus our cable television. Any system that is based on an unbiased third party mediator can be replaced by implementing the particular Bitcoin software. As the software is policed by all participating members, the possibility of corruption, or hacking the system is definitely minuscule. Regardless of whether Bitcoin the currency ever blossoms into a legitimate mainstream form of monetary transaction remains to be seen, nevertheless the revolution in software that Nakamoto has unleashed has only just begun.

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