The Man, the Myth, the Legend- Bitcoin and it’s integration with blockchain and GIS

GIS and cryptocurrency combined with blockchain are changing the way we do things. It shall soon become the core of finance, security, and transactional trust between parties without the need for intermediaries.

The Man, the Myth, the Legend- Bitcoin and it’s integration with blockchain and GIS
The Man, the Myth, the Legend- Bitcoin and it’s integration with blockchain and GIS

The Man, the Myth, the Legend- Bitcoin and it’s integration with blockchain and GIS

Believe it or not, the future is here. We’re trading digital currencies and transactions across the globe are happening at the touch of a button, a blink of an eye, and sometimes even at our voices.

With this advancement and the payments revolution, the world of digital currencies needed a standard, unregulated mode of payment that could be exchanged and stored digitally. Enter bitcoin. A digital currency that came into existence in 2009 and is purely peer-to-peer for online transaction and is decentralised, unlike government-issued currency.

GIS and cryptocurrency combined with blockchain are changing the way we do things. It shall soon become the core of finance, security, and transactional trust between parties without the need for intermediaries.

Bitcoin can be transferred without a third-party interaction and GIS enables location tech to secure transactions beyond just knowing each others’ basic information. It can be bought and sold in multiple ways like through exchanges, directly through marketplaces, and even in cash. 

The combination of 34 digits and letters forming the public key holds the bitcoin’s address and balance which is supplemented by a 64 digit and letter private key. These two are not connected and there is no way to “guess” the private key through the public.

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The data created through bitcoin is stored in network nodes in a blockchain, which is encrypted and secured for user protection. 

When traditional currencies fail in security and governments are slow to analyse and address problems, digital currencies form the foundation of development, especially when they’re independent of regulatory bodies.

With no physical existence and higher security, these digital assets are held virtually, usually in the form of “tokens” and have been some of the more booming financial assets in terms of value. 

Based on blockchain, bitcoin is the most popular cryptocurrency out of 1800 to exist and has unchangeable integrity and security built-in. 

A blockchain is an open ledger of data that cannot be altered. Each bitcoin transaction adds another chain link to this already existing encrypted data. This decentralised database is not controlled by one single computer device. While at this point this blockchain lacks geospatial compatibility, the future has growth potential for both integration and diversification.

Bitcoin is the currency of the future. With other advanced tech coming into play like AI and Machine Learning, it is only optimistic to look at a future where payments through digital platforms take place securely and without third party interaction.

The darker side of technology prevails when it is good. Bitcoin has been used in crimes and felonies like demanding ransoms for kidnapping, fraud, money laundering, and more.

Sensible use of digital currency brings with it certain downsides which will always exist but can be controlled. 

While the value of bitcoin skyrockets to thousands of dollars, there is still very little proof to support its utility and use. The slow yet steady progress towards and digitally-enabled future is facilitated by many technologies and financial autonomy through digital payments is one of them.