Beyond Bitcoin: How Blockchain Is The Foundational Building Block Of A Technological Revolution
In India, every day seven lakh people join the crypto currency space. After the Indian demonetization policy, the digital currency acceptance has increased. India might release its own cryptocurrency soon.
When the world worried about the stock market collapse and the US economic crisis in 2008, someone called Satoshi digitized Trust! He simply wanted to bring the centralized financial system into a piece of software. Yes, you read that right!
Most disruptive innovation in the world is attributed to timing, be it Uber or Airbnb. Bitcoin came during a time when the world went through a major financial crisis and everyone was craving for a foolproof system which could save their investment from these speculations.
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Birth of Bitcoin
Taking a step back to 1970¡¯s, when digital signature was invented, that was the time digital currency was born but couldn¡¯t find the demand -- perhaps the timing was not correct or perhaps economic theory was not thought through. So Satoshi in 2008 created a software program and released it in the Internet where every 10 minutes a block is created and the block creators called miners are incentivized some digital coins which he called Bitcoin.
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During 2008 the incentive was 50 bitcoins. Today in 2017 its 12.5 bitcoins and by 2020 it will be 6.25 bitcoins as every 4 years the bitcoins get reduced to half which is already programmed in the algorithm. So from 2017 till 2020 another 20 billion dollar will be created easily and released in the world economy for consumption.
The creators of bitcoin blockchain had enough economic understanding when they designed it, primarily driven by demand and supply. By keeping the bitcoin limit to 21 million, the supply is limited and hence the market will be created once all the bitcoin will be out in the world by 2140. They introduced bitcoin in the market with some base price and the market price dynamics and speculations took it ahead!
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Bitcoin & blockchain in India & the World
In India, every day seven lakh people join the crypto currency space. After the Indian demonetization policy, the digital currency acceptance has increased. India might release its own cryptocurrency soon. Specially after the launch of Digital India campaign in July 2015, there has been a rise in digital payments in India. Dubai has released its first official state cryptocurrency in Oct 2017 called emCash. Bitcoin's value went past $10,000 in the last week of November 2017, and Bitcoin's total market capitalization reached as high as 120 billion.
Around 500 super computers are making sure today the bitcoin network in the world is active! Till today there has been 90 trillion dollar transaction in bitcoin in the world. Imagine the bitcoin industry valuation! Its estimated that 70% of the world mining power originates from China!
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Approximately 1200 crypto currieries are there in the world, most popular is Bitcoin and Ethereum. About 2300 crypto currency exchanges are present in the world, of which 1600 bitcoin ATMs are installed around the world as of Oct 2017. This clearly proves the rise in demand over cryptocurrencies and the need to change the economic system globally. This demand is also driven by its secure technology. Not a single bitcoin is compromised till now. Remember Equifax was hacked, not the internet. Similarly bitcoin exchanges are hacked, not the blockchain.
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Use of blockchain in industry
1) In the music industry, Blockchain will stop piracy. You can buy only if the hash key is similar to the original hash. On 2 October 2015, Heap released her single "Tiny Human" using blockchain technology.
2) United Nations is leveraging Blockchain with industry consortium to help refugees identify their origin who don¡¯t have any document proofs.
3) Everledger, a blockchain based startup, authenticates real diamond. Hence many use cases of IOT clubbed with blockchain can simply disrupt any industry.
4) Walmart was able to track shipment details of few mangoes in 2 seconds using blockchain technology which earlier took 7 days.
This is just the tip of the iceberg. Now imagine something like a blockchain router, which will replace Wi-Fi routers and firewalls to jump to the blockchain network and share anything and everything like car, energy, stocks, music etc, completely securely.
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I personally met Vitalik Buterin, the Ethereum inventor, in India in May 2017. Had a deep conversation on the future valuation of Ethereum and its link to bitcoin valuation too. His views were that the evolution in the algorithm will happen and better software versions should solve all problems keeping in mind the economics of supply and demand. Truly software will rule the world soon through smart contracts!
With Blockchain, the middlemen, the friction of capitalism will be forgotten forever. As it's the common communication channel for all organization which doesn¡¯t lie and is trustworthy, blockchain is the only means to get justice in the digital age.
About the author: Deric Karunesudas is currently working with a Dimension Data India he comes with a rich technology sales experience of 10+ yrs of selling cloud, security analytics and managed services business globally. He has a consulting background working with organizations like Deloitte and Wipro where he has executed end to end information security projects. His proposal paper on ¡°Internet of Things¡± was selected for ISF Copenhagen World congress Nov 2014 and Atlanta World Congress 2015. He represented Tech Mahindra in ISF World Congress Conference at Paris in Nov 2013 as the youngest delegate out of 850+ participants from 120+ countries.
