Today, here I appear with my perspective on Bitcoin, the most essential and observatory topic. We are at the entrance of the information-driven Fourth Industrial Revolution (4IR) along with the emerging hi-tech revolutions. To meet these challenges successfully in this emerging tech world, expertise-worthy countries will benefit, and explore the opportunities timely manner. In the upcoming 4IR, Blockchain technologies will rule the fundamental aspect. As well as Bitcoins and other cryptocurrencies will take their position economically.
Day by day, the Bitcoin blockchain will accelerate and invent more advanced computing programs, which will lead the world economy. As we can see, the decentralized application of the blockchain is the new breed of its significant adoption, allowing the execution of autonomous programs without relying on any central entity. Anyone can participate in the public blockchain network to create and validate blocks as well. But nobody has individual control of this network. As a result, the transactions and corresponding data are accessible and remain transparent and visible to anyone. As the data control is equally divided among the network, no single person can manipulate that anymore.
At present, in the stock market, brokers, regulators, and others are present as intermediaries to settle any of the transactions, mainly. It’s killing time and also costs additionally for the trader and the organization.
Here, a blockchain-based system can deduct such costs by eliminating intermediaries, which will be faster for regulating and settling transactions without the need for a central authority through smart contracts. There is no exception for the Bangladeshi stock market, which can easily benefit from a blockchain-based solution. The Central Bank of Bangladesh can officially approve Bitcoins along with other cryptocurrency transactions legally. On the other hand, the government of Bangladesh can also use a blockchain subsidiary distribution platform to assess recipients' eligibility to get various forms of subsidies and track them easily, where there is often a chance for manipulation during subsidiary assessment and delivery. The government needs a proper tracking system for the subsidiary, a tool to deal with deficit and short-term poverty, and well-practiced in the economic systems.
In general, cryptocurrency still remains the most widely used application in public blockchain, but also for the whole blockchain, even though there are different ways public blockchain systems are utilized. Ethereum is the first fully-fledged smart contract platform and provides exciting propositions in the world, However, Bitcoin is the most widely used cryptocurrency so far. Ethereum is the leading innovation in the public blockchain and is being explored in a multitude of application areas is a fact. Smart-contract-based platforms heavily rely on their underlying cryptocurrencies, including Ethereum, unfortunately. Fully anonymous payment mechanisms or even support for pseudonymous cryptocurrencies is one of the major concerns in the government throughout the world. A wide range of criminal activities is often abused by criminals for such a mechanism, which is untraceable to a legal entity. Many governments, including Bangladesh, are extremely cautious about adopting any public blockchain system and have explicitly banned the usage of Bitcoin and other crypto currencies like other concerned countries.
To be prepared for the upcoming Fourth Industrial Revolution, and its challenges, every country should be updated with modern blockchain technologies and adopt crypto currencies legally, including Bangladesh. Perhaps, some international businessmen are investing in crypto currencies through their offshore companies and their transactions nowadays. Not only that some young tech persons are also investing or earning crypto currencies by using gaming, trading platforms, and so on. However, that carries out the risk and threat of scams. As a businessman, I had too much interest in investing in Bitcoins along with other crypto currencies. Hopefully, I’ll dive into this trade very soon and will be a part of this blockchain crypto world in the Fourth Industrial Revolution.
Here, these are all for today, I’m up, see you in my next blog where I’ll appear with a new topic, and till then, have a great day!
All photos are edited and taken from Canva