Unsure About Blockchain? Here are 3 Ways Combining Big Data & Bitcoin Can Benefit Society

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Cryptocurrency such as Bitcoin has been increasingly gaining the attention of the mainstream consumers. Initially, public perception of the novel instrument was that it was a risky financial fad. However, Bitcoin and the architecture that makes it possible, the blockchain, are growing more familiar among global consumers.

One reason that Bitcoin and its underlying technology are garnering so much attention is that the financial instrument is proving that its supporting architecture is virtually impenetrable.

In addition, the currency can potentially provide banking access to an untapped market of 2.2 billion citizens, a possibility of great interest to investors. As an example, the M-PESA smartphone app, a Vodafone subsidiary, has claimed its share of the $100 billion per day mobile transaction market by providing financial access to nearly 30 million Kenyan consumers previously disenfranchised from making convenient financial exchanges, and one in three M-PESA users own a bitcoin wallet.

Bitcoin works by using a global, decentralized network of volunteer computers to process the blockchain algorithms that validate transactions. Decentralization works in the same fashion as the once popular peer-to-peer file sharing service Napster.

In other words, the sum of the entire network manages Bitcoin accounting, versus traditional management protocols that operate from a single location. …

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