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A quick look at the technology behind Bitcoin

It has taken a few years for the majority of us to understand how Bitcoin works. Many people are now fluent in the world of cryptocurrency, but there is still a related topic few people understand, the very technology that fuels Bitcoin: Blockchain.

Blockchain will become relevant in our modern world, as it is a very effective technology against corruption and fraud, and many industries have begun to implement Blockchain technology. Did you know the U.N. has been using Blockchain for their World Food Programme?

Blockchain, as its name implies, is a chain of blocks, and each block has information inside that connects to other blocks within the same network. It has the great advantage that it is very difficult to tamper with the chain of blocks: if you artificially modify any block (that could represent an amount of money sent from user A to user B), the entire network would be affected and the “guilty” block would easily be discovered. Imagine you are building a wall made out of Legos, and suddenly someone wants to change the shape and size (information) of a piece of Lego in the middle section of the wall. In order to do this, they would have to modify all the Lego blocks surrounding the modified piece, a task almost impossible to do.

Another advantage is that the chain of blocks is not stored in a single computer or mainframe. Rather, it uses a P2P (peer-to-peer) system. This means every user of a blockchain has a copy of the entire chain of blocks, making sure that the network is intact and in order, which makes Blockchain a very reliable bookkeeping method.

Thanks to its reliability, Blockchain technology is soon to be implemented in banking, for keeping medical records, collecting taxes, and even for voting in the elections!

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The future of Digital Payment solutions>

Some financial experts have made the forecast that in ten years’ time many societies around the world will be operating without cash. Say goodbye to banknotes and coins, soon enough stores will display signs indicating that they will only accept contactless cards or mobile payment methods.

This has worried some but the trend is quite indisputable: a report from 2018 shows the projected decrease of cash payments over the next 4 years.

Chart by MerchantSavvy.co.uk | Data Source: Worldpay's 2018 Global Payment Report

What is interesting to note is that while cash payments are in a steady decline, there is an equally abrupt upward change with Mobile Payments. This is due to the rapid expansion of the Internet to all sectors of public and private life. In addition, new payment solutions are developed every year which compete with both cash and bank cards.

[DID YOU KNOW? In China, 525.1 million people now use mobile payments rather than cash!]

Countries like China are seeing a boom in Mobile Payments. Phone applications such as WeChat or Alipay allow the Chinese to pay with their phones in almost all shops and stores in their country.

In Denmark, a growing number of stores and restaurants allow you to pay by scanning a QR code with an app in your phone, allowing them to instantly deduct the funds from their bank account. Naturally, this is a concern for many: while cash also has its risks, contactless cards and mobile applications can easily be abused by thieves and fraudsters.

If the trend continues, governments may decide to stop printing and coining money in the near future. Many experts have voiced concerns against such a move, and financial experts usually address two sensitive topics if we choose to move to a cashless society.

First, the security of digital payment solutions is not as rigid as one would like it to be; a hacker can potentially drain the bank accounts of tens of thousands of users. The second point often addressed is that rural areas and economically poor regions will face an unfair disadvantage, as they don’t necessarily have the means to own mobile phones or even open bank accounts.

The world is currently geared for rapid change and we have to be ready to adapt quickly to the new trends. Will a cashless society be the next step in the evolution of human civilization?

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