A Blockchain and Cryptocurrency – A Case Study

Abstract

<em>The money and finance world is changing right in front of our eyes. The technological weapon of choice driving the success of Bitcoin and other cryptocurrencies, a decentralized transaction and data management in short known as Blockchain. Blockchain has a ledger that contains a transaction spreadsheet. When someone trades or mines cryptocurrency, the transaction is recorded in a spreadsheet, which is referred to as a ledger in the virtual world. Blockchain technology gives up new possibilities for making data use more efficient and equitable. The amount of money invested in virtual currency over the last several years appears to have leveled off recently. This does not, however, suggest that blockchain technology, which underpins virtual currencies, has lost its utility. The increasing valuation of digital currencies provides a variety of problems and difficulties for the financial and political system. Almost majority of recent Blockchain-Based studies are focused on its application for cryptocurrencies such as Bitcoin, with just a limited number of studies exploring the use of Blockchain Technology in other fields. On the contrary, a new generation of blockchains, as well as associated applications, is currently being developed and deployed. Although there are over 1000 cryptocurrencies on the market, Bitcoin is the most well-known and commonly bought cryptocurrency on the planet. Bitcoin has a market capitalization of little over 725 billion dollars. Bitcoin, the first decentralized cryptocurrency, became live in January 2009 and was created by Satoshi Nakamoto whose identity is unknown. He has given the world something innovative, and it is up to the users to decide what they will do with it. The future of blockchain technology is very exciting; new technologies are continuously hitting the market, offering greater and bolder applications. The purpose of this paper is to provide a brief introduction to these topics. This white paper will give you an overview of how the KYC procedure could be carried on in a smooth flow with less time and cost consumption, which becomes a solution to many challenges like inconsistency in the verification process, security issues, and redundant work carried on by the Banks and other Financial Institutions.</em>