block chain software

It's hard to imagine some sort of where mobile phone technology is ubiquitous, and there are still people who do not have access to adequate financial institutions. In these modern times there are roughly six billion people who have limited or no access to banking facilities. Difficult to fathom, right? Sadly here is the truth for lots of people in developing countries. Along with corruption, limited modes of transportation, and high transaction fees, bank accounts certainly are a luxury that lots of people cannot afford. Enter Bitcoin into this equation and financial freedom is merely the beginning block chain software.

Bitcoin is not just money for the web; it is really a programming language which allows for the decentralization of any information system. As said by Andreas Antonopoulos (2014), "Bitcoin is the web of money." To be able to appreciate this let's utilize the analogy of the web; which allows any individual admission to a global communication and information network instantaneously. In this same manner, Bitcoin is allowing individuals'instant access to a free global financial network. The implication of a decentralized financial network free from the corruption of 3rd party moderators is overwhelming. Ponder for a moment introducing 6 billion potential consumers to the global marketplace. The number of choices for economic growth and innovation are exponential. This exists because Satoshi Nakamoto, the inventor of Bitcoin, thought we would create  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 will be for several intents of purposes, impenetrable. Essentially, each individual computer acts as a voting node. These nodes vote on the validity of the existing Bitcoin equation, otherwise referred to as the block chain. For the block chain to be verified, most the voting nodes must corroborate if the equation is performed correctly. This process happens in nanoseconds, meaning not totally all voting nodes will take part in every given block chain verification blockchain technology.

Bitcoin is primarily considered in the west as trendy, new technology and a way 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 aforementioned groups, current buzz surrounding Bitcoin millionaires and the public hearings in New York regarding future regulation have catapulted the currency to the mainstream.However, limiting the Bitcoin protocol to these mentioned before industries is incredibly 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 applied to voting, there is no longer the necessity for a 3rd party organization to verify an election as this is performed by each individual voting node. This completely eliminates voter fraud and voting machine tampering. Individuals would be able to vote from the comforts of their own homes, using verifiable identification codes, through a transparent voting system blockchain database.

We've seen that the Bitcoin protocol not just has the power to shape the future of our global financial network, but of our voting, our phones, and our cable television. Any system that is based on an unbiased 3rd party mediator can be replaced by implementing the Bitcoin software. As the software is policed by all participating members, the chance of corruption, or hacking the system is minuscule. Whether or not Bitcoin the currency ever blossoms into the best mainstream form of monetary transaction remains to be observed, though the revolution in software that Nakamoto has unleashed has only just begun.