Overview of Cryptocurrency Blockchain
The authors of this article has presented a very novel means for decentralised the validation of peer-to-peer license of software by making use of the new technology of cryptocurreny blockchain. They have done so in order to provide a mechanism for every software developers so that they could protect the copyrighted works of theirs. Furthermore, it is also to note that this article proposes the usage of this technology similar to the Bitcoin. It has also provided an overview of the functions of cryptocurrency blockchain as well as has discussed the advantages of a decentralised peer-to-peer architecture. management, Herbert and Litchfield (2015) have also presented the requirements for such software license validation methods along with presenting a brief overview of the master Bitcoin model which is considered to be the basic form the software license validation that is been proposed by Fortin in the year 2011 and is implemented by Lebo in the year 2014.
This article has presented a brief overview on one of the most popular cryptocurrency- the Bitcoin and its principle of usage. This article has considered the scheme of financing and laundering the money of terrorism by making use of the technology of cryptocurrency by providing an example of the transaction of Bitcoin. It has also suggested an approach for the purpose of identifying the so called “laundry” cryptocurrency. The article has concluded that in the assessment of the money laundry schemes by using the cryptocurrency bitcoin, it is very important to create the function the result of which is a probabilistic assessment of the transactions that is involved in such activities of money financing and laundering of the terrorism. Furthermore, it is also to note that the results of this study has allowed the readers to develop the tools which could be used for monitoring the suspicious transactions.
The authors of this article Dierksmeier and Seele (2016) have addressed the influence of the “blockchain technology” on the nature of the financial transactions from the perspective of business ethics. They have surveyed on some of the relevant literatures from the related disciplines in order to make this study more reliable and accurate. The study highlighted all the possible avenues for the future research like the changing roles and responsibilities of the regulators and the miners, the antisocial utilisation of the shadow banking, the pro-social usage of the cryptocurrencies along with the transactions in the ‘dark internet” and the impact of cryptocurrencies on deflation and inflation. As per this article, as the members of network could stay anonymous, in absence of any clear regulation which governs the concept of cryptocurrencies, the cryptocurrency based systems of payments might be utilised and are also already in use for some criminal activities like money
Validation of Peer-to-Peer Software Licenses
Hayes, A. S. (2017). Cryptocurrency value formation: An empirical study leading to a cost of production model for valuing bitcoin. Telematics and Informatics, 34(7), 1308-1321.
In this paper Hayes (2017) have identifies the possible sources of the value which cryptocurrencies possess in the marketplace by making use of some cross sectional empirical data and information. He have examined a total of 66 of the most used cryptocurrencies for the same in a manner using some objective factors that are shared by every one of them. The results and findings of this study have indicated that the formation of relative value takes place in the production at the margin, more or less like the other commodities. Furthermore, it has been found that the relative difference in the production costs on the margin are the major determinants. The paper has concluded that the production cost is the factor that drives the value and any other things which serves to decrease the production cost of bitcoin would tend to have pessimistic impact on its price.
Harwick, C. (2016). Cryptocurrency and the Problem of Intermediation. The Independent Review, 20(4), 569-588.
This paper has presented a brief analysis of the mechanism of cryptocurrency blockchain and has compared its process of development over the last few years with the fractional reserve banking under the regime of the gold redeem ability. It has also evaluated some of the schemes for stabilising the power of purchasing by the process of automatically adjusting the coins’ quantity. Management, it has concluded that the upcoming progess of the bitcoin as well as of the cryptocurrency would not only be based on the achievement of the level of stability of the purchasing power but will also depend on the establishment of the financial intermediaries.
Al Shehhi, A., Oudah, M., & Aung, Z. (2014, December). Investigating factors behind choosing a cryptocurrency. In Industrial Engineering and Engineering Management (IEEM), 2014 IEEE International Conference on (pp. 1443-1447). IEEE.
This article has addressed the two most challenging questions in the subject of cryptocurrency and its types. Those questions are- (1) “what are the bases on which the online users chose to use and/or mine their cryptocurrency?” and (2) “Which factors strongly affect the coin’s popularity and value?” However, it is to note that the speciality of this study is that, unlike any other research study on cryptocurrency, this paper has focused on the preferences and behaviours of the human beings while choosing a cryptocurrency for their usage and mining instead of their technical and technological aspects. However, it has been found that the major factors that work behind choosing cryptocurrency are- ease of mining, privacy, the value of the currency, potential, popularity, technology and strong and large community. The findings and results of this paper helps greatly in predicting how successful this new technology is could be and it grants the readers an in-depth understanding of the human preferences on the matter of cryptocurrency.
Implications of Cryptocurrency on the Financial Transaction and Fiat Currency Markets
Zhao, Y. (2015). Cryptocurrency Brings New Battles into the Currency Market. Future Internet (FI) and Innovative Internet Technologies and Mobile Communications (IITM), 91.
This paper shed light on the impact of cryptocurrency on the cryptocurrency market as well as on the fiat currency market. It has also presented a brief overview on the competitions among the different types of currencies as well as that among the exchanges. The paper has also introduced a new idea apart from cryptocurrency in this paper and that is of the “digital wallet”. As according to Zhao (2015), digital wallet refers to the wallet or the bank of digital currencies from where individuals could take the control of their coins such as they can transfer their coins all over the internet. Furthermore, it is also to state that in the competition among the exchanges of cryptocurrencies, OKCoin secures the top most position both in the Litecoin as well in the Bitcoin market. Also, China at present is the biggest market for the cryptocurrency as well as for the transaction of the BTC.
Bunjaku, F., Gorgieva-Trajkovska, O., & Miteva-Kacarski, E. (2017). Cryptocurrencies–advantages and disadvantages. Journal of Economics, 2(1).
Bunjaku, Gorgieva-Trajkovska and Miteva-Kacarski (2017) in this paper have elaborated on the several different aspects of the cryptocurrencies right from their earlier process of development, challenges, risks, opportunities as well their advantages and disadvantages. They have also predicted its future growth and demand as well. With the same, this paper has also covered all the issues in regard to the technical and practical functions of cryptocurencies. The authors of this study have concluded that it is not that easy to predict the demand of market of cryptocurrency in the future. However, it has been found from the analysis that the banks and the other related financial institution would see and regard this technology of crypotocurrencies as one of the alternatives for the process of financial transactions in the near future.
Hoy, M. B. (2017). An introduction to the Blockchain and its implications for libraries and medicine. Medical reference services quarterly, 36(3), 273-279.
Hoy (2017) in this paper has presented an overview of the new technology of blockchain that is used for verifying and storing the transaction records for the online cryptocurrencies such as the Bitcoin. This system is distributed and redundant and it makes it very difficult for the transactions to be faked, duplicated, copied and rescinded. According to the author, beyond the online currencies, the blockchain have a very significant use in the education and health care sectors like many other sectors. This paper has elaborated on describing what is blockchain and how they are used. It has also presented the future uses of it, keeping in mind that this will help the interests of the medical practitioners as well as of librarians in order to cope up with some of the related problems with their systems.
Advantages and Disadvantages of Cryptocurrencies
Button, S. (2018). Cryptocurrency and Blockchains in Emerging Economies. Software Quality Professional, 20(3).
This article has addressed the social value of the cryptocurrencies and the large scale businesses. It has also described the value of the other blockchain related systems by laying emphasis on their unique value proposition in the emerging nations and economies. As per the article, by means of improving and enhancing the auditability, reliability and the quality of the significant processes which influence the national economies, the block chain based system have the ability to enhance the access to banking, energy as well as to the developed world. It has also been concluded that it is very important for the practitioners to ensure that the software that is delivered in bug free and all the requirements are met in the stages of validation and verification.
Kho, W. (2018). Blockchain Revolution in Healthcare: The Era of Patient-centered Dental Information System. International Journal of Oral Biology, 43(1), 1-3.
This article has focused on describing the revolution of blockchain in the healthcare sector. As per the author Kho (2018), blockchain has a huge effect on the healthcare industry comprising of the dentistry as well. It is the key technology behind the bitcoin and it is all about transparency, security, decentralisation and reliability. Kho (2018) has suggested that bitcoin is an alternative to the problem of direct online asset transaction in between two different entities. He has regarded blockchain as the technology which enables a huge number unspecified network participants in order to record the details of transaction taking place in the system as well as to verify and compare them alongside. Overall, this paper has assessed the influence of blockchain in the field of dentistry and how it is contributing to its development.
Light, K. (2019). Cryptocurrencies: Can They Live Together with National Currencies and What Impact Do They Have on National and Global Economies?. In Learning To Live Together: Promoting Social Harmony (pp. 213-223). Springer, Cham.
In this paper, the author Light (2019) has focused on the impact or the influence of national cryptocurrency on the system of payment landscape in the middle of the emergence of worldwide public cryptocurrencies as well as the interest form the central banks in the likely national crytptocurrency. He has analysed these impacts on the merchants, consumers, payment providers, banks and the international money transferring operators as well as on the central banks. This study has analysed the advantages and disadvantages of every players as well with an overall impact ranking. Furthermore, it is also to state that there is a special emphasis on the central banks due to the fact that they hold the important regulatory oversight form the financial and economic matters influencing a nation. With the same, it is also to note that a sandbox approach has been proposed in this study for mitigating the risks of introducing a national cryptocurrency.
References:
Al Shehhi, A., Oudah, M., & Aung, Z. (2014, December). Investigating factors behind choosing a cryptocurrency. In Industrial Engineering and Engineering Management (IEEM), 2014 IEEE International Conference on (pp. 1443-1447). IEEE.
Bunjaku, F., Gorgieva-Trajkovska, O., & Miteva-Kacarski, E. (2017). Cryptocurrencies–advantages and disadvantages. Journal of Economics, 2(1).
Button, S. (2018). Cryptocurrency and Blockchains in Emerging Economies. Software Quality Professional, 20(3).
Dierksmeier, C., & Seele, P. (2016). Cryptocurrencies and business ethics. Journal of Business Ethics, 1-14.
Harwick, C. (2016). Cryptocurrency and the Problem of Intermediation. The Independent Review, 20(4), 569-588.
Hayes, A. S. (2017). Cryptocurrency value formation: An empirical study leading to a cost of production model for valuing bitcoin. Telematics and Informatics, 34(7), 1308-1321.
Herbert, J., & Litchfield, A. (2015, January). A novel method for decentralised peer-to-peer software license validation using cryptocurrency blockchain technology. In Proceedings of the 38th Australasian Computer Science Conference (ACSC 2015) (Vol. 27, p. 30).
Hoy, M. B. (2017). An introduction to the Blockchain and its implications for libraries and medicine. Medical reference services quarterly, 36(3), 273-279.
Kho, W. (2018). Blockchain Revolution in Healthcare: The Era of Patient-centered Dental Information System. International Journal of Oral Biology, 43(1), 1-3.
Light, K. (2019). Cryptocurrencies: Can They Live Together with National Currencies and What Impact Do They Have on National and Global Economies?. In Learning To Live Together: Promoting Social Harmony (pp. 213-223). Springer, Cham.
Sat, D. M., Krylov, G. O., Evgenyevich, K., BORISOVICH KASATKIN, A. L. E. X. A. N. D. E. R., & Kornev, I. A. (2016). INVESTIGATION OF MONEY LAUNDERING METHODS THROUGH CRYPTOCURRENCY. Journal of Theoretical & Applied Information Technology, 83(2).
Zhao, Y. (2015). Cryptocurrency Brings New Battles into the Currency Market. Future Internet (FI) and Innovative Internet Technologies and Mobile Communications (IITM), 91.
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