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Technical Review 2 - Research Paper Example

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Owing to the changing aspects in the world such as evolving man, changing systems and environment shifting cultural contexts and practices among other aspects, technological innovations and changes are also happening.
Applying the concepts of technology scanning, a new…
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Technical Review 2
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Download file to see previous pages This paper is a technical analysis of a new technology referred as Bitcoin. The paper seeks to discern how Bitcoin can support cyber security challenges already in place. At the very end, the paper will analyze potential loopholes for exploitation and misuse and give a way forward.
Of late there has been a lot of buzz concerning electronic currencies and other virtual monies. According to (Kregel, 2010) there is great potential in shifting towards electronic funds or web cash. The web cash system is at the inception stage and given the level of activity accompanying it, it is expected to reach the maturity phase in a couple of years. JPMorgan has already submitted a patent which seems to set new stage for competition among the already well known players such as Bitcoin (Reardon, 2012). The patented technology referred as JPMorgan Chase, is a new paradigm that facilitate the creation of a new virtual cash accounts with real time digital exchange value. It works by exchanging real time digital exchange information without the involvement of third parties such as banks. The structural components of the system include a Payment Portal Processor or a digital wallet, an Internet Pay Anyone IPA account, a virtual private Lockbox, EFT network, a cash card and an Account Reporter (Reid, 2013). It works by exchanging digital information in a real time basis with capabilities to archive all the transactions in a personal digital wallet. With advanced built in security features involving crypto-currency models, transactions are safeguarded against vulnerabilities and attacks (Verme, 2013).
According to the International Journal of Community Currency and Research, other electronic digital monies and crypto-currencies have emerged over time since the turn of the decade (Ryan, 2012). Infinitecoin hit the market in 2013 and though it offers an easy adjustment rate, it offers a broad spectrum. Quark coin launched almost the same time and ...Download file to see next pagesRead More
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