Jkm o bitcoin

For the time being, traditional paper contracts are more stable and safe. The Blockchain can produce many addresses instead of real identity for users to avoid information leakage, which is believed to be quite safe for users. However, the Blockchain cannot prevent transactional information leakage because all information on transactions and balances are shown to the public Meiklejohn et al. Many examples are reflecting these phenomena, such as Barcelo , demonstrating that his Bitcoin transaction can reflect the user's profiles.

Although multiple methods have been proposed to improve the anonymity of Blockchain, the problem still has not been solved well Cong and He, The execution and storage costs of big data programs can be higher than the long-term storage costs of electronic money transfers and transaction data Staples et al.

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Price claimed that the computing power needed to run Blockchain is rapidly growing. The bitcoin system consumes an enormous level of electricity. Indeed, the amount of electricity required by a single bitcoin transaction needs terawatt-hour. The statistics of bitcoin energy consumption in different countries and the comparison between bitcoin and VISA are listed in Fig. If you choose the mining mechanism, it will consume more electricity. Blockchain technology can create permanent and immutable records for participants, but it also increases the privacy risks of some entities Till et al.

Meanwhile, confidentiality is challenging to build in public Blockchain-based systems, as information is visible to all participants in the network by default Staples et al.

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Transparency is needed for clarifying ownership and preventing double-spending, while users require privacy Drescher, Feng et al. Regulatory uncertainty will have many consequences. The data in question will be permanently recorded on the Blockchain if there is a problem with the data source. Since Blockchain is decentralized, without the supervision of laws and personnel, and it is difficult to change records on the chain, all of these will cause some problems. The most popular Bitcoin is only unrestricted in about countries Price, , as shown in Fig.

The reason for this phenomenon is that the asset class is so new that governments and banks have not adopted the corresponding policy for them. In cases of fraud, bankruptcy and other failures, the company does not know the laws and regulations. This is particularly problematic for companies operating in multiple jurisdictions Lewis et al. Therefore, some risks exist as the taxation status and trading rules of bitcoin could change overnight.

1. Introduction

On the other hand, a complete lack of regulation leads to manipulation by some small group of crypto owners. Nguyen asserted the lack of legal and regulation on Bitcoin and cryptocurrency hindered the full application of Blockchain. Although there are no specific regulations on Blockchain until now, relevant laws might be introduced once some new products of Blockchain appear. The award method is one of the intrinsic properties of Blockchain, so how to define the nature of these rewards, whether these conducts violate the law, all of these are needed to be discussed.

Public Blockchains promote competition, innovation and productivity, but they also pose challenges to regulation of money laundering, terrorist financing and tax avoidance since they do not require participants to authenticate. Staples et al. According to Price , Cybercriminals, also called computer-oriented crimes, conduct illegal activities with the network, causing harmful consequences for victims.

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Cryptocurrency is the payment method of criminals. Lewis et al. Every object can be used for good or evil, and it merely depends on who is using it. Drescher believes that the openness of Blockchain and the absence of any form of central control are the basis for its operation but may also limit its adoption. Andolfatto asserts that the most important non-technical limitation of Blockchain is the lack of legal recognition and user recognition. Nevertheless, Blockchain non-cooperative consensus has a comparative advantage in supporting decentralized autonomous organizations DAOs.

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Blockchain technology is being used in ways that have implications for central banking that span all the functions that we have. Although the development of this emerging technology is still immature and faces many challenges and limitations, large international banks and other financial giants have rushed to lay out the field and invest resources in technology development and experiment. Based on Interviewee A ," finance is the natural application scenario of the Blockchain, and cryptocurrencies are also by far one of its most successful applications, such as bitcoin.

The volatility of bitcoin's price has been widely criticized, but its value cannot be denied. However, technology needs time and talents to explore its possibility. McAfee 1 concludes that the government should deliver relevant Blockchain knowledge to the public and companies, who will benefit from modern Blockchain technology. Many research papers and projects on the Blockchain are focusing on bitcoin.

However, bitcoin is only a small part of Blockchain, which can be applied to many fields. Blockchain can be blend with other technologies to create more significant impacts. According to Interviewee B, she said," The Blockchain is decentralized, while the bank is a centralized system. If the underlying technology of the Blockchain can be used to make a centralized system, I think the Blockchain technology can be used in the banking industry. For example, Blockchain can blend with big data, since transactions on Blockchain can be used for big data analysis.

Moreover, users can predict the potential development of trading activities.

The only exception is that the improvement of Blockchain technology can create many new opportunities. With the rise of Internet finance, the forms of Yu 'ebao, P2P and third-party payment platforms have accelerated the process of financial disintermediation. This asset-light and service-heavy model has severely impacted the traditional financial business of Commercial Banks, and the reform of the traditional banking industry is imminent.

Affected by user demand and market competitiveness, traditional Banks have begun to layout Internet finance, but the effect is not ideal. It is also driving traditional banks to seek new technologies and ways to speed up the Internet. Blockchain might fundamentally change the existing finance and the FinTech industry due to the innovation in storing and transmitting data Mu, Cocco et al.

Research on the impacts of Blockchain has shown that it can minimize costs and bring changes to the financial field in a long time Nguyen, Under the prevalence of Blockchain, commercial banks actively develop and apply Blockchain technology to improve the current centralized banking system. The financial organizations cut out the middleman by utilizing Blockchain's security, immutability, transparency of the Blockchain Underwood, On the other hand, Hassani et al. Hence, what is the real power to attract banks to explore the new technology?

Banks are the backbone of the financial system.

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However, based on Shenzhen Institute 2 , banks are outdated institutions and no longer focus on customer loyalty. Few would agree that the current banking system is modern or could be considered an "honest institution", due to recent scandals that have impacted giants such as Goldman Sachs and Deutsche Bank. According to Heires , major corporations have begun to explore Blockchain technology in the past years. Bank of America has drafted 35 patents related to Blockchain. Blockchain technology has changed the business model and technical characteristics of traditional banks.

The real motivations, for international financial giants and local commercial banks, to apply Blockchain are as follows:. First, it reduces costs and value transfers. Commercial banks often need to invest a lot of money in a centralized database, since terminal maintenance and purchase costs are high. On the other hand, many bookkeeping and settlement work add to the labor costs and human operation risk. Blockchain technology can solve these problems, since the use of a decentralized ledger and Blockchain's automation can build a model with low costs and transparency, without spending Nguyen, Second, it can control risks more effectively.

Commercial banks emphasize the monitoring and tracking of loan use, but the actual operation is not so reliable and effective. Additionally, global regulation of capital circulation can make it more challenging. The multi-centered feature of Blockchain technology treats each user as a node in the Blockchain, enabling direct peer-to-peer transactions between borrowers and lenders, eliminating the need for credit guarantees by banks as intermediaries.

The credit risk, brought by information asymmetry, is considerably reduced and the efficiency of fund management is improved. Finally, it seeks innovative ways to profit.