Britain commonly described as crypto currency, and its market value reaches almost 19.2 billion dollars. The exchange of Bitcoin done on a platform called Block chain. The use of this tool as a means of exchange will have excellent benefits that grab not only consumers but also financial institutions. Understanding the Bitcoin technology and the new platform on which this medium exchanged, our team has gathered a brief description regarding the implementation of this innovative composite technology. We will start by describing the benefits and the downsides that will monitor the implementation of the present technology in today’s financial and investment markets.
The advantage of this virtual currency, Bitcoin, is that it appeals to a variety of people for different reasons. For customers in the market, the transaction cost is almost nothing. However, without Bitcoin, the use of third parties for money transfer is an inevitable and costly. For Individuals and entities active in the financial sector, it brings a unique area for investment. For economists and people interested in technology, this is the only entrance to the modern digital age.
Another characteristic of Bitcoin is the scarcity of supply. Every 10 minutes a certain number of Bitcoins are created, and this will continue up to the year 2140.
There are limited beneficial trends which took place over the past eight years. The first one is tremendous value added per Bitcoin which was almost $200 increment per Bitcoin in November 2013 to over $1000 a month later in December 2013.
The downside of the implementation of this groundbreaking technology, Bitcoin, is linked to security. What we understand by that is, there are some unusual hack tactics which could create a wave of uncertainty among the clients.
Another downside of Bitcoin is the aim of this medium by terrorists, corrupt people, and sometimes criminals to hide the source. This setback has raised considerable concern over the past five years. There were some illegal activities taking place on Dar Web which was held by the authorities.
The most attractive and advantageous business that is so full of value to people in emerging markets is the implementation of the Blockchain technology. This technology will go to get the benefits that we will list below.
Disintermediation & Trustless Exchange
Two parties can make an exchange without the oversight or intimidation of a third party, eliminating counter party risk.
Empowered Users
Control of the information regarding their transactions
High-Quality Data
Location data is in line, comprehensive, timely, reliable, and widely available.
Durability, Reliability, and Longevity
Decentralized Database prevents attacks by the hackers.
Process Integrity
Transactions commenced as the customers wished.
Transparency and Immutability
Changes to public Block chains are publicly viewable by all parties, creating transparency. All transactions are immutable, meaning they cannot be amended or deleted.
Ecosystem Simplification
With all transactions added to a single municipal ledger, it reduces the clutter and complications of multiple ledgers.
Faster Transactions
Transactions through Intrabank have duration around 3 to 5 days. Also, the procedure for clearings and settlements will take days as well. Block chain operations can reduce transaction times two minutes and processed 24 hours seven days a week.
The cost of the services is cheaper than usual money transaction through third parties like banks
Because there is no third-party, the overhead costs are much smaller.
Our Group, SamanceGroup, has realized the most valuable benefit that this technology platform can provide. In the emerging market, corrupt people look for the opportunity to take advantage of the lack of regulation that should exist in the body of law. This law should prevent and monitor the title to real estates and other assets being owned by their actual owners. People in the emerging markets have encountered huge losses relating to lack of the structured regulation. This technology provides an opportunity to eliminate the ability of criminals to intervene in the process of the criminal act.
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