Emergence and the impact of blockchain technology

Abstract

The key objective of this paper is two-fold. The first is to synthesize a clear understanding of the Blockchain technology from both a technical and business perspective. Once we gain clarity into the concepts behind Blockchain, we will look at cryptocurrencies, especially Bitcoins, that are essentially a network on the Blockchain. We will address some of the key allegations against bitcoins such as “Bitcoins are essentially deflationary currency” and “Bitcoin standard is the next Gold standard” Key takeaways from the paper:- 1. A clear understanding and appreciation for Blockchain technology. 2. Comparison of a Credit card transaction with Blockchain transaction. 3. Introduction to Bitcoins, their similarity with Gold Standard. 4. Popular misconceptions about Bitcoins and our critique of those arguments.