Don Tapscott's Blockchain Rules

Inside every working anarchy there's an Old Boy Network. The internet is a great and popular invention that has changed, developed and improved today’s society. Yo-Yo Ma, once described the famous historical Silk Road as the ‘Internet of Antiquity’ meaning, the ancient internet, how and why would Yo-Yo Ma come to such a theory, the Silk Road and the internet may not have existed during the same period of time but there are similarities and difference to prove Yo-Yo Ma’s theory.

Cryptocurrency is a digital asset that serves as a medium of exchange with no central authority and was created to prevent the issue of double spending. This problem is solved with the use of blockchains where miners confirm transactions on a public ledger. As of today, there are over 1,000 different types of cryptocurrencies, and at least 600 of these have listed market caps of over $100,000. Bitcoin, Ethereum and Litecoin are top cryptocurrencies trading today with their combined market cap topping $331B. Bitcoin, created in 2009, is the biggest cryptocurrency and has recently reached a net value of over $270 billion, with much of its growth being in the last few months. This has led to much

The dramatic development of blockchain technologies seems to be a double-edged sword. Although cryptocurrency leads to innovative payments and transfers, it may be a tool for criminal usages. In terms of benefits, bitcoins have ability to solve double-spending problems and Ethereum’s smart contract is used for sharing economy. On the other hand, because there is no legal which is responsible for Bitcoin trading activities, Bitcoin is considered as one of the greatest risk to national security through illegal operations involving to financing of terrorism and extremism (Vovchenko et al, 2017). In 2013, for example, the U.S government closed down the largest website, named Silk Road, involved to illegal goods trading, in which there is 1.5% of Bitcoin was used for trading illicit drugs and counterfeit

Some people only knew blockchain as the causal technology behind the always controversial digital currency Bitcoin. Yet, blockchain technology is so much, much more; it's unbelievably innovative and its potential is extensive to say the least. Much like the internet of today, there’s no need for you to know how this technology works to use

Our focus will be on The Bank of the People a small regional fictitious bank could use the blockchain to increase the efficiency of the bank-to-bank payment systems. The worlds’ transfer payment system cost more than 2 trillion dollars in fees and operation cost. It take days for a settlement any cross border a transfer under 50 dollars would almost entirely be consumed in fees and small payment of say .50 Cents in not even possible The blockchain will minimized delays in payment and remove settlement risk. The need for Nostro accounts would be greatly reduced (when a domestic bank having an account in a foreign bank in that country’s currency).

Cryptocurrencies such as bitcoin, ethereum, and ripple have blown up in popularity recently. But with that popularity, they have also lost a ton of popularity which has ultimately led to a loss of the overall value of these coins and left people feeling as though they have been ripped off. People recently have been wondering whether or not these cryptocurrencies are a safe invest after the most recent crash of the market leaving some of the more new investors losing more money then they are gaining. Therefore, cryptocurrencies are not as trustworthy as some people believe them to be, very few may have made a lot of money from cryptocurrencies but you can never truly tell whether or not investing in these coins will completely backfire on you

Wall Street is going gaga for blockchain. According to a recent report from the World Economic Forum (WEF), over $1.4 bn has been invested in blockchain technology in the past three years, with over 90 firms coalescing into rival groups. The motivation is clear. Distributed ledger technology, commonly known as blockchain, and the underlying idea behind crypto-currency bitcoin, promises to revolutionize the infrastructure of modern finance and investment.

Recent breaches by hackers of digital wallet provider, Parity, and more than five others will not do much to bolster confidence in Blockchain as a viable security solution for banking. However, Blockchain is a solid way to ensure how high-value products, contracts, and other transactions are managed and resolved throughout the chain of custody. Blockchain acts as a secure ledger database that is shared by various parties that participate in a distributed network of endpoints, devices, and assets.

Bitcoins and other cryptocurrencies are little bit harder to understand. As stated previously, traditional currencies today are based on trust between the

The world of finance is changing drastically right in front of us as the entrance of new technology deviates how people have done things for years. Wealth management is one of the areas that will follow this path over the next decade or so. With the introduction of technology such as virtual reality, and bitcoin, advisors would be able to serve more clients than they do nowadays. While we are still quite a ways away from virtual reality being implemented into today’s practices, the experiences that could be achieved from this technology is vast. Virtual reality would allow the advisor to literally take the client on a journey through a financial model, made understandable by triggered simulations (Sokolin). This way, the client will actually be able to see the implications of their potential investment decisions. Bitcoin also presents an interesting idea of how wealth management could change. It centers around the idea of holdings such as a stock, or a quantitative hedge fund interest having the capability of being treated the same way as a digital photo, or mp3 (Sokolin). The client would simply be able to use their fingerprint as a gateway for doing business with an advisor. Once this happens, money transfers and trades would be able to take place. All of the activity would then be recorded and digitized in case any conflict arose in the future. The implementation of these technologies would forever

As Nakamoto described, "We propose a solution to the double-spending problem using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions. We define an electronic coin as a chain of digital signatures. Each owner transfers the coin to the next by digitally signing a hash of the previous transaction and the public key of the next owner and adding these to the end of the coin.” (Nakamoto, 2008)

The hidden power behind cryptocurrency is blockchain technology, which is as tough to recognize as it is to discuss. There are definitely in-depth descriptions of exactly how blockchains work offered, yet generally, each is built on an openly

The Newsweek has gone too far by invading Satoshi Nakamoto’s private life without his consent. The reporter goes to the extent of going to confront Nakamoto from his residence in temple city where he decides to involve the police because he never consented on speaking with the reporter. In the letter he accuses Newsweek of printing false reports concerning his life, and this has created a great deal of confusion and stress to him and the family members. He finishes by asking the Newsweek to respect his privacy.

Ever since Satoshi Nakamoto first described Bitcoin in a paper in 2008, Blockchain, the technology behind Bitcoin has captured the imaginations of many the world over. Years later and the outlook of blockchain remains extremely positive. In fact, a majority of people who have been closely following its advancement believe that blockchain represents the future of financial transactions. In their minds, there is little doubt that in the near future, blockchain will have impinged on every aspect of life, for practically everyone on the planet. Therefore, for such a disruptive technological force, it is imperative that we seek to understand it. Consider this as a “blockchain explained for dummies” article. In it, we will seek to, among other things, answer the following questions:

Nowadays, the Internet has implemented great impacts on people’s life, and it also has changed the business world significantly. In order for companies to cope up with the changing customer demands, they must adopt new technologies not only to support their business functions but also to reduce paper works, reduce costs, and provide better services. Bitcoin is a currency of the Internet, distributed, worldwide, decentralized digital money that be developed as a new payment method. In Australia, the regulator has defined Bitcoin as property instead of currency for accounting purposes (King, 2015 February). Although Bitcoins are not materially existed, it can be exchanged for goods and services at places that accept it, the same way you would give someone a dollar for a cookie.