Bitcoin gets a lot of attention, it is the first digital currency that solves the long-contemplated problem of double spending.
It also relied on the blockchain and introduced a new class of assets that caused a stormy change in the world.
When reading Satoshi Nakamoto’s original white paper you know that this unknown person was a genius before his era without a doubt, and that his invention was able to disrupt the economy as we know it, but he failed to do one thing with that invasive technique to the world; He is obtaining a patent for it.
Blockchain distributed logging technology is now being used in thousands of startups in all industries from e-betting to real estate, to improve the efficiency and transparency of operations, and giants such as Facebook and Walmart have begun to change and modify their blockchain systems, and to file patents for those changes.
Although the basic technology of bitcoin is experiencing a lot of experiences, the digital currency itself is being circumvented by those applications, where startups choose to imitate Bitcoin and create their own “currency,” and many companies are looking to adopt blockchain technology in developing supply chain systems that do not involve No numeric codes at all.
Many companies simply want to use blockchain technology, but they have not yet realized the benefits of using the same cryptocurrencies. We see a high demand for asset tracking, anything of value that a number of individuals trade across the supply chain is a good example of using blockchain technology.
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Transformation of Bitcoin into Society
Blockchain technology is constructed by well-known technology in the world of information security technology, that is, digital signature by public key cryptography and chaining by hash function. Although such technology has the purpose of speculation on crypto assets, it has gained 3.5 million users in Japan alone, and was traded as having economic value of several tens of trillion yen at peak time, which is an example of the past. It can be said that this was a social development of information security technology that was carried out on a scale not seen.
However, the development of Bitcoin is not limited to rosy success stories. Early investors gained financial gain by increasing the value of Bitcoin, which they obtained at extremely low prices. However, such a rise in market prices was caused by Bitcoin’s ability to anonymously transact internationally beyond the framework of financial regulation. Its development was used for international money laundering and financing of terrorism, and caused confusion in the global financial order.
In addition, for investors after 2017, when the market price rose, assets were robbed by successive cyber attacks on exchanges, and the market price fell and suffered losses. From the viewpoint of information security technology, the application of cryptographic assets has made us realize again how difficult it is to securely manage the secret key for digital signatures, which is the key to security.
PoW (Proof of Work), which was implemented as a means to enhance the security of transactions without the presence of a reliable third party, was the origin of Bitcoin’s success. However, as the price of Bitcoin soared, high profit could be expected by executing PoW, that is, by mining Bitcoin. As a result, excessive capital investment that causes distortion of global resource allocation was induced, which had the side effect of aggravating global environmental problems. The Bitcoin system was the computer resources provided by individuals who agreed with the purpose of the system or who would like to profit from it.
Satoshi Nakamoto, the inventor and early developer of Bitcoin, designed Bitcoin as electronic cash that allows strangers on the Internet to exchange monetary values while remaining anonymous. However, Bitcoin deviates from the world Satoshi would have dreamed of and has failed to realize the original concept. How did the deviation occur, and can it ever return?
In this paper, we consider the important points for blockchain technology to be accepted from society, following the social development of bitcoin and other crypto assets that have become social phenomena.