The Discussion On How Bitcoin Can Change The World – Part 3

The Continuation 

Here we talk about the bitcoin business that is sure to interest and entertain you. As the evolving technology comes up with surprises each time they are presented, this is where we have reached, and we make sure you get whatever we present in this short writeup. It is mentioned short because bitcoin and blockchain represent an ocean of ideas and applications. 

Talking Beyond the Business of Bitcoins

Hereby this concept of cryptocurrency has surely enabled many new digital currencies and structures to float in the virtual world whereby including Ethereum which is a platform that will allow multiple cryptocurrencies to be exchanged. Here Ethereum will also allow creating and hosting apps. Therefore, users can pay for usage in cryptocurrencies or can earn equivalents by contributing to the platform.

Thereby in the current context, Facebook allows advertisers to target its users specifically eBay offering a secure marketplace to enable buyer-seller interaction whereas both Facebook and eBay can bank on such privately held restricted networks, accessible to and controlled only by them. Thereafter these companies are valuable because of their registered user bases which are held privately by them. 

Hereby imagine if a similar generic network opens based on blockchains offering secure yet decentralised control whereas on such a network a Facebook user can easily connect to an eBay seller to buy the desired good. Here effectively both users are on the same blockchain network and are using Facebook and eBay like apps on this network for their requirements. Hence in this new world, the sellers will no longer have supreme control based on their individual user bases. Therefore, such decentralised protocol thereby enables peer-to-peer transactions secured by bitcoin and its underlying technology.

Companies Without Directors?

Hereby any cryptocurrency comes as a company without directors thereby including bitcoin. It is, therefore, offering financial services and paying the employees as well as those who hold bitcoins as the shareholders. Therefore, it is theoretically possible to run a company without a director as a blockchain that can be pre-programmed with a specific set of business models to run and operate the business. Hence the blockchain act as a public record to store financial information, record shareholder votes, and run the business accordingly.

In this case, a new platform BitSharesX comes as a development to replicate bank operations including lending other currencies to clients against BitShares as collateral. The more the offerings include election services and online lotteries running on their own with transparent rules as the idea is based on decentralised autonomous operations not controlled by any single person, authority, or organisation. 

The Challenges

Henceforth bitcoin has now evolved as a great cryptocurrency built on the backbone of a robust and resilient network. It is here that however its scripting language is considered to be vulnerable to attacks as the third-party applications and systems built on top of the bitcoin protocol can be insecure and vulnerable leading to bitcoin thefts. The technological advancements however could make the system more robust particularly if bitcoin gets into the mainstream.

Hereafter a global cryptocurrency comes with its own set of challenges including decentralized autonomous control and a lack of geographical and regulatory oversight. It is how efficiently can the rules be created and adopted in the autonomous network will be an area of concern. 

The Bottom Line

It is here that all in all, the bitcoin and its underlying technology having great potential as the applications based on blockchains will present technical, legal, economic, and social problems that may be similar to the ones raised by similar peer-to-peer applications like Torrent, Napster, or Freenet. Thereby the alternatives offered by bitcoin will have to pas the test of time and trust before it gets accepted in the mainstream. Thereby nonetheless while bitcoin might not last the technology underpinning it will surely be a game-changer and continue to evolve in the years to come. 

The discussion ends here but the technology continues in its pace to discover evermore applications. Hence while you are reading this the blockchain must have come up with whatever more they can offer the investors and miners. Hereby we hope you have an idea of the gross applications of blockchain and the Bitcoin. We sign off here but the rest of the matter will be discussed in the coming articles. So while we offer you this comprehensive discussion on the necessity of what is called the decentralised ledger technology, let us take leave here and enable you to read all the recent innovations taken up by the bitcoin.