External Bitcoin and Block-Chain Technology Audit
Bitcoin is conventionally known as the digital currency established in January 2009 after the housing market fall (Lansiti& Lakhani, 2017). Bitcoin conforms with the ideas outlined in a whitepaper by the known and fictitious author Satoshi Nakamoto. Blockchain is a cryptocurrency system, and it was established in 1991 but well used in the birth of bitcoin to help in cryptocurrency exchange (Lansiti& Lakhani, 2017).
In Bitcoin, Blockchain is used to verify the monetary transactions made due to Blockchain being decentralized; hence information cannot be altered. Blockchain’s involvement lowers the chances of fraud, theft, and it significantly reduces the cost of the transaction. The combination of bitcoin and Blockchain provides a stable currency to countries with unstable economies, making the system convenient (Lansiti& Lakhani, 2017). Cybersecurity is a career field that attempts to mitigate illegal activities on modern technology, leading to personal information being compromised. Blockchain diminishes cyber threats greatly because of its complex technology that is difficult to break by hackers(Williams, 2018).Blockchain has a decentralized storage system that is difficult to trace, thus ensuring cybersecurity. Blockchain internet apparatus such as routers and switches are secured from access by hackers. In a blockchain, the messages are private despite the connection with social media. Blockchain gives the best solution to cybersecurity in bitcoin and all other virtual currency platforms (Williams, 2018).
The integration of Blockchain boosts convenience in virtual currency operations. Therefore, the incorporation of Blockchain in virtual currencies like Litecoin and XRP will be more efficient by incorporating Blockchain. In a blockchain, identities are not disclosed, and therefore the parties involved can comfortably participate in trusted exchanges (Williams, 2018). This helps reduce the time spent by either party to get the required services. The Blockchain’s distributed nature makes it easy for registration without passing through the central authority. Blockchain has gone beyond just dealing with documents but can deal with any digital asset, including email backups, video clips, and images. For better services in bitcoin and Blockchain, the professionals must ensure security, efficiency, cost reduction, and flexibility (Williams, 2018).
In bitcoin, the use of Blockchain faced several challenges. Blockchain uses a more considerable amount of energy, and this raises the cost of operation. Blockchain does not involve paralleling tasks since it is not a vast system. There is no mutual assistance in the tasks performed. When using a blockchain, mining does not guarantee network security, leading to its disruption during computations (Williams, 2018). Blockchain is overly complex due to its decentralization, thus posing a challenge in maintenance. The virtual currencies at large do not have well-set regulations, thus hindering their acceptance by most of the wealthy nations in the world. They lack supervision from one main administrator provides a platform for money laundering. The value of the virtual currency is highly volatile, therefore making virtual currency unreliable for savings. Despite the encryption to avoid cyber threats, there are still security concerns on the information that might be lost, leading to significant losses (Williams, 2018).
The world’s economies are defined by contracts, money transactions, and the records of those two (Williams, 2018). Their protection is significant for they determine a lot in the relations among countries and the safety of the assets and establish organizational boundaries. Through Blockchain, this is achievable across the world because that is the reason for its architecture. Virtually Blockchain can help revolutionize the business’s operations and improve the economies and the company’s performance.
Despite the need and rise of cryptocurrency, various countries have set regulations to either ban or support cryptocurrency (Dolan, 2020). China and Russia banned Bitcoin and other virtually conducted businesses in fear of their impact on the economy. The united states have greatly encouraged Bitcoin, and other cryptocurrencies, but also a few rules were established to regulate business. In Europe, cryptocurrency was accepted initially, but later, it introduced a law that controlled the virtual trade (Dolan, 2020).
The budget for implementing Blockchain depends on several factors about its installation. The cost of project management determines the performance of Blockchain following its implementation (Dolan, 2020). Frequent follow-ups, testing, trucking the current sprint, and bugs are some ways the project is managed. The Blockchain system is continuously integrated to ensure a channel of quality code. After successful installation, the blockchain system requires maintenance throughout. The cost implementation largely depends on the complexity of the blockchain platform. There are some Blockchains of low complexity, medium complexity, and high complexity, and their cos increases from the lowest to the highest. Alongside cryptocurrency, there are many areas where Blockchains can be applied. It can be used to observe supply chains to trace inefficiencies in the business supply pattern (Dolan, 2020).
Blockchain can reward loyal customers, especially having monitored the consumer pattern (Dolan, 2020). Blockchain can correctly be used in the designing of digital identification. These identities can be used by security departments of a country to trace criminal cases. Through Blockchain, data can comfortably be shared across different sectors to different places in the world. The advantage is that the data is protected from unauthorized access. Documents produced across the world can be kept safe to avoid duplication using a blockchain. The copyright laws are therefore beefed, making the owners of the documents gain from their production. On the voting system, Blockchain can efficiently protect the votes hence reduce the rigging that is rampant in most countries in the world. Blockchain can be used to preserve the foods to their rightful destinations. Through Blockchain, donated food can, therefore, reach needy people. Data can be backed up using Blockchain. The data is protected hence making Blockchain the desired backup platform (Dolan, 2020). In most countries, tax evasion is widespread. Still, with Blockchain, there is an efficient monitoring plan for the businesses registered in various parts of the country. Through the sales that are correctly monitored by Blockchain, the government can assess the level of income and the expected tax (Williams, 2018).
In general, cryptocurrencies have a significant impact on the third world countries bringing up financial inclusion of persons and companies. By lowering the transaction costs, time and international payments can be improved. This is important in remittance payments. The underlying modern technology can also be of significant impact in the war against corruption by installing a system that is transparent and easy to track funds (Dolan, 2020).
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