block chain software

We have seen that the Bitcoin protocol not merely 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 dependant on an unbiased 3rd party mediator can be replaced by implementing the Bitcoin software. As the application is policed by all participating members, the chance of corruption, or hacking the device is minuscule. Regardless of whether Bitcoin the currency ever blossoms into a legitimate mainstream form of monetary transaction remains to be observed, however the revolution in software that Nakamoto has unleashed has only begun. 

Bitcoin is not only money for the web block chain software; it is a programming language that enables for the decentralization of any information system. As said by Andreas Antonopoulos (2014), "Bitcoin is the web of money." In order to appreciate this let's use the analogy of the web; allowing any individual admission to a global communication and information network instantaneously. In this in an identical way, Bitcoin is allowing individuals'instant access to a totally free global financial network. The implication of a decentralized financial network free from the corruption of 3rd party moderators is overwhelming. Ponder for a minute introducing 6 billion potential consumers to the global marketplace. The options for economic growth and innovation are exponential. This exists because Satoshi Nakamoto, the inventor of Bitcoin, chose to generate open source software that gave all users equal say. The energy of the Bitcoin network is its users, which currently exceeds the combined computing power of the top 600 super computers on Earth. This equates to a network, which is for many intents of purposes, impenetrable. Essentially, every person computer acts as a voting node. These nodes vote on the validity of the existing Bitcoin equation, otherwise known as the block chain. In order for the block chain to be verified, a majority of the voting nodes must corroborate if the equation is completed correctly. This process 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 general public hearings in New York regarding future regulation have catapulted the currency to the mainstream ( NPR ). However, limiting the Bitcoin protocol to these mentioned before industries is extremely short sighted given the genius of Satoshi's underlying goal. Remember, the Bitcoin protocol can be applied to any information system, including the system of voting. When applied to voting blockchain database, there's no longer the need for a 3rd party organization to verify an election as this is completed 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 very own homes, using verifiable identification codes, by way of a transparent voting system.