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Blockchain Software Development Services by Abitcoin

Blockchain is secured by cryptographic techniques. Each transaction is secured with a cryptographic signature. This signature is called hash. Hash is generated by running the transaction through SHA - 256 algorithm. This generates a unique hash number corresponding to the transaction or group of hashes for the transaction or the block as a whole. The major advantage of this hashing mechanism is that even if one transaction of the block is changed, the hash number of the whole block changes. This would become immediately apparent that the transaction had been tampered. In other words, If hackers aim to corrupt the whole blockchain system, they would have to alter all blocks of the whole blockchain chain throughout all the nodes of the distributed network. Which is technically infeasible for conventional computers as it would require an infinite amount of computing power. This cryptographic technique to secure the digital ledger has made blockchain software development services offered by Abitcoin highly sought after.

Blockchain is a marvel technology of the 21st century. Although it traces its origin to the last decade of the 20th century, it was Satoshi Nakamoto who actually brought this idea into the real world through a real life application by implementing it in the Bitcoin payment system. This tech has become a popular system of information record keeping that its implementation is being deliberated across different sectors by many fortune 500 companies.  Abitcoin aims to aid, promote and facilitate its adoption by providing blockchain software development services.

So, let’s begin with what is a blockchain ? Blockchain refers to a decentralised and  digital ledger containing all transactions that ever took place in the blockchain. It is decentralised as the system maintains the copy of data of transactions in each and every system that is connected by the blockchain. This ensures that the blockchain remains immune from any form of external attempt to sabotage the system. This strengthens the cyber security resilience of the blockchain system. Moreover, the system also provides security from frauds. If any one user connected in the system tries to change the previous transaction data, this attempt will be curtailed as the system will check for variation in the data across various databases. The fraud can be easily located and the system restored to its previous version of correct data. This cyber resilience makes blockchain software development services most sought after these days. 

Blockchain is called digital ledger as it is like any other conventional database in terms of the functionality. As any conventional database it stores data digitally. Here the similarity ends. Unlike traditional databases, the blockchain doesn’t store data in the form of tables with rows and columns. Here, the data is stored in the form of blocks. All relevant data is clumped together in the block. The block contains numerous such transactions. Each block contains the block number and link to the previous block. All transactions that occur in a given period of time are put into one block. Once the block is stuffed with all relevant transactions it is appended to the previous block. This appending of blocks goes on and the blockchain is formed.

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Cryptocurrencies - A very serious concern : India’s Federal Bank(RBI)

Cryptocurrencies are the novel innovation of the 21st century. The significance of their innovation can be equated to the creation of the internet or development of quantum computers. These are digital currencies  which are secured through means of cryptographic technology. Application of this tech to the crypto ecosystem makes it nearly impossible to counterfeit or double-spend. Most cryptocurrencies are based on blockchain technology and the related transaction data is simply stored on decentralized networks. Blockchains involve using a distributed ledger which consists of records of data originating from crypto transactions occurring on the network. It is called distributed ledger because exact copies of the transaction ledger are stored on different systems/ computers called nodes of the system. Another defining and characteristic feature of the cryptocurrencies is that these are not backed and issued by central banks,thus making them resistant to any sort of interference by government or any public authority or a regulatory institution. These features have made crypto very popular and cryptocurrency news today, a must listen to for all enthusiasts.

Cryptocurrency characteristics listed above have increased crypto adoption among crypto enthusiasts and led to widespread adoption. Thus fuelling crypto market prices especially Bitcoin which increased above USD 66000. This phenomenal price rise along with increased adoption has attracted regulatory attention. A cursory look at cryptocurrency news today made me realise that financial regulatory institutions see cryptocurrencies and the associated rise in prices as albatross around their neck. Governor of Reserve Bank of India

(RBI) Shaktikanta Das who is the governor of India’s central bank expressed his concern over the rise in popularity of cryptos. 

Among other concerns raised by him, the primary one was that participation of retail investors is probably exaggerated. His opinion, largely based on anecdotal evidence, was that a large proportion of investors are small, having investments ranging from Rs 1000 to 3000. He said the euphoria around large investments by Indians is a ploy to attract more and more Indian investors to enrol and invest in the crypto sphere. This was in response to a report by ET newspaper which reported that about 105 million citizens of the country have invested in the crypto sector through Indian exchanges. This sizable population makes up about 7% of the country’s population. The report also mentioned that Indian investments in cryptocurrencies hit the spectacular figure of USD $ 10 billion.  

One other such concern raised by him prominently mentioned in the cryptocurrency news today probably emerged owing to his role as the governor. He said cryptocurrency prevalence will lead to rise in instability in financial space in particular and macroeconomic space in general. He was worried about the impact of crypto on monetary policy as set by the central bank. His concern is legitimate as regulators can’t regulate money supply in the nation’s economy if the presence of unregulated sectors expand. This will undoubtedly impact inflation goals of the central banks. Governor was also concerned about the systemic risks involved. These risks involve bankruptcy filing by exchanges for fraud and alleged involvement in money laundering cases as was seen in many exchanges in the country as well as abroad e.g. UK. Moreover, there are reports of crypto scams coming up along the way. Recently, the issuers of a crypto coin based on a popular korean serial Squid game took off with all the investor money leaving crypto investors high and dry. A glance at cryptocurrency news today will bring fore other such instances across the globe.

Central Bank Governor is not wrongly sceptical about the problems involved in the crypto sphere. There sure are problems with scams coming up but fraudsters are naturally attracted to any lucrative sector like financial payments etc to make a quick buck. But, this does not exactly justify his other concerns. Maybe, the ex-bureaucrat within him fears loss of authority and power to the new rodeo in the town.