Well Bitcoin is the villain of season. An unprecedented ransom ware called “Wannacry” has stuck 150 countries and 230,000 computers. and counting. Any guesses for the channel in which they have asked the money? Well if you have not locked yourself in an island, it is the dreaded #Bitcoins. As I had mentioned in my previous post, Dark Side of Bitcoin- Part 1, the strength of this crypto currency (de-centralization), the anonymity, the lack of agencies through which transactions pass though, the loose regulations. all these are in fact, one of its weakness. Since these are the best tools for hackers. The loot of this ransom ware is $69 Million+ in Bitcoins.
And here in comes Blockchain, the alter ego of Bitcoin. It stands for making every transaction permanent and crystal clear. For this reasons – there is more of trust, even by banks (which are getting disrupted by Blockchain). But it is not just the banking sector that is getting excited about Blockchain, there are lot of non-financial use cases too.
A snap shot of same is as follows
Also note that like most of us, am also beginning to hop on to this wave and know more. I might have missed some grand use cases – please be kind enough to share your learning as well 🙂
Thank you so much in advance.
PS: The views expressed here are my own