Movement from Bitcoin to Blockchain: A step by Banks and Tech Companies

July

13

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After a very heated and angry discussion continued for a very long time, a strange founder and originator of digital currency, Bitcoin, was identified on Internet Monday. In New York, the debate was carried out at a significant Bitcoin conference with a direct message “we have moved on.”

The reason behind this message was that Blockchain’s technology has significantly replaced the digital currency (Bitcoin). This technology trusses the prime interest of technology companies, financial institutions such as banks etc., and the community’s investors.

According to Jerry Cuomo, the vice president at International Business Machine Corp of Blockchain Technologies, “the Bitcoin or digital currency is only one percent when Blockchain’s opportunity is 100 percent.” So, the application in large industries is extensive, with up to 99 per cent opportunity. 

Some years ago, the leader of numerous Wall Street Firms, Sir Goldman Sachs, stated their devotion for pursuing Blockchain for tracking and clearing monetary transactions as a possible revolutionary technology. 

You might be thinking that how Blockchain technology work overall. So, the technology creates permanent but public ledgers of entire transactions. It probably can replace intricate clearance and settlement systems. The clearance and settlements are done with simple accounting.   

One of the most significant fulfilment of Blockchain technology is still the Bitcoin digital currency. Regarding the development that one can develop without others is genuinely a reasonable discussion of the time.

According to Joseph Guastella, who is principal at Deloitte Consulting in New York City, “Bitcoin is yet the unique Blockchain-enabled, cross-border high order, testable application that is truly in production.” Like the past, Bitcoin, the digital currency, might not be related to the Blockchain technology’s proof case in several ways.

The process of creating bitcoins is simple and is called the mining process. During this process, complicated and challenging math problems are solved through extraordinary computers for Bitcoins exchange. The Bitcoins are traded at different rates in the world; however, one Bitcoin is equal to £352.35.

In the past few months, the magnitude of the Bitcoin transaction has been decreased among the bitter break on the technical changes made in the protocol. The technical changes were required to play a role in increasing the system capacity that is producing the Bitcoins. As no formal governance is there for cryptocurrency, so, for proper direction, it depends on a developed group of developers who are classified over each change sharply. 

The debate of cryptocurrency enthusiasts in New York was related to them from little to none. On Monday, a tech entrepreneur, Craig Wright from Australia represented himself as the founder of the digital currency, the Bitcoin.

According to Bharat Solanki, the announcement is unrelated as it is unable to solve an issue or resolve a dispute. He said that “it could help in determining the Bitcoin’s origin for the sake of recognition.”

Global innovation and financial expert, Naoki Taniguchi stated that he has no concern about the fact that who created the digital currency, Bitcoin. 

About the author, Awi Khan

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