It’s hard to imagine a world where smart telephony technology is omnipresent, and there are still people who do not have access to adequate financial institutions. In these modern times, there are about six billion people with limited access or no access to banking facilities. Difficult to understand, right? Unfortunately, it is the truth for many people in developing countries. Coupled corruption, limited modes of transport and high transaction costs, bank accounts are a luxury that many people can not afford. Enter Bitcoin in this equation and financial freedom is only the beginning.
Bitcoin is not only money for the Internet; It is a programming language that allows the decentralization of any information system. As said by Andreas Antonopoulos (2014), “Bitcoin is the Internet of money”. In order to understand that, use the analogy of the Internet; which allows individual admission to a global network of communication and information instantly. In the same way, Bitcoin allows instant access to individuals to a free global financial network. The involvement of a decentralized financial network exempt from the corruption of third-party moderators is overwhelming. Think for a moment introducing 6 billion potential consumers to the global market. Opportunities for economic growth and innovation are exponential. This exists because Satoshi Nakamoto, the inventor of Bitcoin, has chosen to create open source software that gave all equal users to say. The power of the Bitcoin network is its users, which currently exceeds the combined computer power of the 600 super-computers on Earth. This equates to a network, which is for all purposes useful, impenetrable. Essentially, each computer plays a voting node. These nodes vote on the validity of the current bitcoin equation, otherwise known as the block string. For the block chain to be checked, the majority of the voting nodes must corroborate if the equation is performed correctly. This process occurs in nanoseconds, which means that all voting nodes will only participate in each verification of the given string.
Bitcoin is mainly thought to the west as a trend, new technology and way to get rid of wealth. Recently, the popularity of crypto-currencies has rapidly developed in investment circles, hedge funds and among inclined technologies due to its growing value. Although Bitcoin is used primarily within these aforementioned groups, the current buzz surrounding the millionaires of Bitcoin and the New York public hearings concerning future regulations have catapulted the currency in the main network (NPR). However, the limitation of the Bitcoin Protocol to these industries mentioned above is extremely abbreviated considering the genius of the underlying objective of Satoshi. Remember that the Bitcoin protocol can be applied to any information system, such as the voting system. When applied to the vote, there is no longer a need for a third-party organization to verify an election as being done by each individual voting node. This completely eliminates electoral fraud and modification of the voting machine. Individuals would be able to vote from the comfort of their own homes, using verifiable identification codes, through a transparent voting system.
We have seen that the Bitcoin protocol has not only the power to shape the future of our global financial network, but our vote, our phones and our cable TV. Any system based on an impartial third-party mediator can be replaced by the implementation of Bitcoin software. As the software is polished by all participating members, the possibility of corruption or piracy of the system is tiny. Regardless of the question of whether Bitcoin, the currency ever flowers in a legitimate form of monetary transaction remains to be seen, but the software revolution that Nakamoto has triggered only simply started.