It was interesting fact that the man(or a group) who introduced bitcoin system hides behind the name
Satoshi Nakamoto. You can search internet for different view related this. Coming back to the bitcoin system. The paper you can read here -
Bitcoin White Paper in PDF - Satoshi Nakamoto
In general, Bitcoin system aims to avoid all intermediary (can be banks), which can act between a transaction - to make it direct from the sender to the receiver through a network with using amazing new technology named blockchain. Bitcoin was the first decentralized digital currency using peer-to-peer technology to function without an intermediary, such as a financial institution.The block chain is a
shared public ledger on which the entire
Bitcoin network relies. The integrity and the
chronological order of the block chain are enforced with cryptography. Short words - entire sysytem relies on the network and certain algorithms to keep the transaction secure as well as public to verify its credibility. And all based on the revolutionary technology called blockchain.
Based on the latest new microsoft is working with bank of america - building up their own block chain facility/network and all the major information technology companies are researching on its potential, focusing it in various domains like retail, finance etc.
And last day news came - ICICI Bank executes India’s first banking transactions on blockchain in partnership with Emirates NBD. And ICICI becomes the first bank in india to apply this awesome technolgy, and below is the aticle published in icici portal after the transaction.
October 12, 2016
- Undertakes pilot transactions in international trade finance and remittance on blockchain
Mumbai: ICICI Bank, India’s largest private sector bank by
consolidated assets, announced that it has successfully executed
transactions in international trade finance and remittance using
blockchain technology in partnership with Emirates NBD, a leading
banking group in the Middle East.
ICICI Bank is the first bank in the country and among the first few globally to
exchange and authenticate remittance transaction messages as well as
original international trade documents related to purchase order,
invoice, shipping & insurance, among others, electronically on
blockchain in real time. The usage of blockchain technology simplifies
the process and makes it almost instant—to only a few minutes.
Typically, this process takes a few days.
ICICI Bank executed these pilot transactions via its blockchain
network with Emirates NBD on a custom-made blockchain application,
co-created with EdgeVerve Systems, a wholly owned subsidiary of Infosys.
Ms. Chanda Kochhar, MD & CEO, ICICI Bank said, “ICICI Bank
has a rich legacy of leveraging the latest technology to bring in new
paradigms in banking. Akin to pioneering new technologies in the country
like software robotics, mobility and near-field communication among
others, I am delighted that we are the first bank in India and among few
globally to set up a blockchain application. We have also marked a
milestone by piloting a blockchain network with Emirates NBD as a
partner and have successfully executed cross-border open account trade
finance and remittance transactions. I envision that the emerging
technology of blockchain will play a significant role in banking in the
coming years by making complex bilateral and multi-lateral banking
transactions seamless, quick and more secure.
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Hope this technology will boost the popularity of bitcoin. Also improve the applications in the other domains - predictions are the like this will increase the second hand resale market - where the credebility of the product is more visible and cannot be tampered because of the powerful blockchain technology backed with good network and cryptographic algorithms to keep track of each transaction happened to a product. Hope we can experience this technology in some of our real life scenarios soon!!!
