Cryptocurrency – it came, it saw, it conquered; and now it is facing a foreign invasion. Its defences were breached by hackers who managed to get away with 153,000 ethers, which are $32 million in current exchange rate. Parity Technologies faced this security hack in their multi-signature wallet software while normal wallets are safe as yet. Before this, CoinDash had to cancel their ICO after facing a $10 million hack. (Wilmoth, 2017) [Read more…]
The Burdens and Benefits of BlockChain
BlockChain is an innovation of technology that has taken the world by storm and revolutionized the concept of digital transactions. Primarily associated with Bitcoin, BlockChain technology has more tricks under its sleeves. According to popular definition, this chain is a storage space where transactions are stored in form of blocks which are interconnected in the form of chain; hence the name, BlockChain. It is also referred to as ‘Append-only data store’; that means you can only add data to the bank but cannot take it away. (Tennison, 2015) [Read more…]