NSF - Today the use of Bitcoin is worldwide. Bitcoin is a virtual currency that exists only digital world. This currency was developed in 2009 by a person whose pseudonym Satoshi Nakamoto. Bitcoin same as other currencies such as the dollar. Bitcoin is associated with Cryptocurrency which have decentralized nature and not regulated by the central authorities. The technology that supports Bitcoin can even change the way government works.
Bitcoin uses the method of recording all financial transactions are unique, where all financial transactions are not using the existing banking system. The technology in the recording called Blockchain. The technology can even make the central bank into something that is no longer needed. Blokchain technologies that make success for currency Bitcoin.
Some Things You Should Know About Blockchain.
Blockchain allow financial transactions occurred and was recorded without the ledger that is controlled by a bank. Ledger in Blockchain even be used and applied to any case. Transactions are recorded in the general ledger Blockchain can be known by the public and cannot be changed by anyone.
Impact Blockchain On Government
If Blockchain used by the government to record any transaction or agreement, then corruption will be impossible to do. This is because there is not one single computer can change the transactions that have been recorded in Blockchain. Flow of funds can be determined by a detailed and precise, so it would have better accountability than the existing system today. Companies impossible to falsify their accounts as well as all remittance transactions originating from government agencies will be recorded.
Minister Matthew Hancock stated that the central bank is required to regulate the circulation of currency in the management of the country economy, but the central bank may be reduced when people can perform payment transactions without the constraints of geographical location of a country.