The bitcoin is undoubtedly the only cryptocurrency serving as the alternative currency to the contemporary currencies around the world. But the truth is, it is not the bitcoin but the Distributed Ledger Technologies or DLTs and other blockchain technologies incorporated in the bitcoin transactions have the potentialities to survive across the turmoil of bitcoin and establishing itself as one of the best, reliable and efficient technologies to protect and promote all types transactions and services across varieties of sectors in the world economy. Eventually, it is the DLTs and other blockchain technologies which have kept the bitcoin safe till now. Contact Paychain in order to keep your bitcoin safe through the blockchain technologies.
The bitcoin cryptocurrency blockchain is a decentralised and distributed master ledger or compiled database of all the transactions of bitcoins which is further shared and maintained among all the bitcoin holders. Everyone is the blockchain network access and has control over his or her transactions and able to track the ownership of bitcoin.
Most banks and financial institutions around the globe are moving towards implementing the blockchain technologies in their financial transactions. But a new trend began with the IBM-Canada venture which looks forward to implementing the blockchain technologies beyond financial transactions to all other sectors like industry, health, welfare and so on. IBM started various new initiatives to assist delivering blockchain as a service particularly blockchain technologies for the use of enterprises. The IBM created 44000 code lines for the open source project of Linux Foundation. In the process, Big Blue also launched blockchain services Bluemix and integrated the IoT data from the devices to the blockchain. The IBM further announced that the existing transactions can be accessed by the blockchain system to support new settlements, payments, supply chain and business.
The IBM intended to open IBM garages globally in cities like New York, Tokyo, Singapore, and London in order to foster innovation in relation to develop and design new blockchain applications. The IBM further sought collaboration with different global partners like London Stock Exchange Group and a Finland based business development organization.
Some of the realities of blockchain implementation are, bitcoin has proved the credibility of DLTs and blockchain technologies, but still has very limited scope and scalability. Major banks around the world are looking forward to exploring various possibilities of blockchain technology and have created R3 blockchain consortium for the purpose. Eventually, the attempts of IBM have struck in full force not only across the bank and financial sectors but also expanding the scope to industry and other services.