The cryptocurrency is considered to be the digital asset which is designed to work on the exchange medium so that one uses the cryptography to mainly secure the transactions and control the creation of the different additional units. With this, the currencies are classified and have the alternative and virtual currencies (Cachin et al., 2016). The use of decentralised control opposes the electronic money and central banking system which works through blockchain for a public transaction database. This works on the decentralised cryptocurrency working on the blend of alternative coin. The currency is mainly set by the system which is defined to handle the control of currency with proper pricing units.
Considering about the cryptocurrency technology, it makes use of the tokens which are based on the distributed forms of the ledger technology. The technology used is block-chain which is for continuously listing the records that are linked and secured through cryptography. They are resistant to the data modification (Pilkington, 2016). It includes the systems dealing mainly with the buying, selling, investing and handling the trading, micro tipping the different aspects deals with the blockchain native token. The technology is different at the time of dealing with other blockchain projects like Ethereum. The cryptocurrency works on decreased production of currency with placing the cap of currency (Yli-Huumo et al., 2016).
There are different people who are considered to be the major stakeholders of cryptocurrency:
The cryptocurrency is considered to be the open source on which no one has the control. The code is available for the open source online community GitHub for checking the updates. The technologies are trying to file the patents of blockchain. It has been seen that the European Union Intellectual Property (EUIPO) has been working on hiding the proceeds of crime and hindering the anti-party efforts. The consideration is to enforce the intellectual property which relies on tracking money through normal currencies (Wright et al., 2015). The act is mainly set by the users who are able to hide the wallet. The advantage is to look at the patent claim and determine about the introduction of elements to implement the abstract ideas. The change in the IP protection by the Court mainly ensure that the inventors of the Blockchain processes can be protected. Without the protection, there is no possibility of proper maintenance and improvements. If they are left unchecked, then the litigations are there with small business or smart up who cannot compete with big banks and large corporations. The patent system allows the things that are allowed as patents and exclude the others depending upon the litigations related to the patent infringement (Peter et al., 2017).
The trademark is important for the business where the owners can handle the different risks under this (Kosba et al., 2016). This includes the inability to register or use their own marks but look for the legislation to deal with the protection under Trademark Act. The trade secret protection and patentability are complementary with information including the formula, pattern, program, device that services independent economic value. The justifications are based on formulating the plans and working with the purchase of the trading secrets.
The copyright infringement of the blockchain are protectable where the timely filing is needed with benefits. It includes the ability to properly display the product to sell and work on creating a better by-product for the work (Nofer et al., 2017). The infringements are defined to allege with no originality difference. With this, the copyrights are available to the blockchain variants and the other owners.
The positive points are that it can store the information with the technology set through the mass collaboration to ensure the integrity and trust between the users. The technology provides a better platform to register the artwork which includes the authenticity and the condition with ownership (Mohler et al., 2017). The IP like patents and designing are mainly important to comply with the rules and the rights which are granted upon making applications. The disadvantage is that the producer of the same bitcoin could not replicate it and sell it at a lower price.
The cryptocurrency is the new investment like Bitcoin that utilise the blockchain technology for handling the transactions. There is different list of records which are linked and secured through the use of cryptography. The immediate settlement is to purchase the real property which involves the delays, and the fees payments where the enforcement is to eliminate the third-party approvals. The lower fees are set for the cryptocurrency exchange where the services act like what PayPal does for its customers (Lemiuez, 2016). It is possible to identify the theft, and access to everyone which is based on the cryptocurrency market, depending upon the use of push mechanism that allows the crypto-holder to send the data what the merchant or the recipient is looking forward to, for more information. The decentralisation and then working over the global network to manage the database is important for the Bitcoin transactions. The management of the network is set with user-to-user basis with mass collaboration that is set to operate at the different universal levels. The recognition is based on handling the transactions where the cryptocurrency operates at the universal level to make the transactions easy.
Cybercrime: The issues are related to the information on the blockchain which exists mainly where the database of blockchain is not in a single location. The cybercrime could threaten the person or the nation’s security. There is a possibility to hack the system, set copyright infringement or unwanted mass surveillance (Adhikari, 2017). It includes the damage that is done to the governmental and the non-state actors. The fraud and the financial crimes, cyberterrorism is some of the issues which affect the system functioning.
Privacy: The issues of privacy are being dealt with the new technology of Zcash development where the proofs are required to provide the anonymity to the users. This allows the user with proper verification and the data privacy at the same time. The technology is mainly used for the sender and the recipient address to handle the accounts of transaction. With this, there are different transactions which contain the data strings by the user (Olnes, 2016).
The investment and the trading are found to be the new market which requires a proper specialised knowledge (Sikorski et al., 2017). It has a rampant growth that has led to the volatility with attractiveness to invest in the digital currencies. The brand focus on the instability to consider before the investments. Hence, it is important to weigh the risks and the rewards for the right situation and to match with the volatility of the system.
The cryptocurrency comes with the transactions which comes with the technological advancement with higher front costs. They are mainly irreversible with different blocks that confirm the transaction. It includes how the destruction of the physical media, with effectively removing the lost cryptocurrencies affect the mining with the hidden launches or the extreme rewards (Zheng et al., 2016). The blockchain technology is effective to match with the distributed forms of the digital information which includes the digital currency along with handling the information held on the blockchain. This is set with no centralised version for the hacker to corrupt. There is a way to make use of the network with controlled entity and without any point of failure. These points have been effective enough to cover the problems of the risks. The blockchain comes with the transparency data which cannot be corrupted as the data is embedded in the network where it is not possible to alter the information on the blockchain. It just makes use of the computing power to override the entire network. There is a need to consider the technical elements which includes the cryptocurrency transactions after the different blocks confirm the transaction. Here, they are loss from the local storage mainly due to the malware or the data loss which could happen due to the destruction of the physical media.
References
Adhikari, C.L., 2017. Decentralized Secure Framework for Sharing and Managing Electronic Health Record Using Ethereum-based Blockchain Technology.
Cachin, C., Sorniotti, M.V. and Weigold, T., 2016. Blockchain, cryptography, and consensus.
Crosby, M., Pattanayak, P., Verma, S. and Kalyanaraman, V., 2016. Blockchain technology: Beyond bitcoin. Applied Innovation, 2, pp.6-10.
Kosba, A., Miller, A., Shi, E., Wen, Z. and Papamanthou, C., 2016, May. Hawk: The blockchain model of cryptography and privacy-preserving smart contracts. In Security and Privacy (SP), 2016 IEEE Symposium on (pp. 839-858). IEEE.
Lemieux, V.L., 2016. Trusting records: is Blockchain technology the answer?. Records Management Journal, 26(2), pp.110-139.
Mainelli, M. and Smith, M., 2015. Sharing ledgers for sharing economies: an exploration of mutual distributed ledgers (aka blockchain technology).
Mohler, J.S., Milojkovic, M. and Marella, P.B., 2017. Ancile: Toward Using Blockchain Technology for Access Control and Interoperability of Electronic Health Records.
Nofer, M., Gomber, P., Hinz, O. and Schiereck, D., 2017. Blockchain. Business & Information Systems Engineering, 59(3), pp.183-187.
Ølnes, S., 2016, September. Beyond bitcoin enabling smart government using blockchain technology. In International Conference on Electronic Government and the Information Systems Perspective (pp. 253-264). Springer, Cham.
Peter, H. and Moser, A., 2017. Blockchain-Applications in Banking & Payment Transactions: Results of a Survey. European Financial Systems 2017, p.141.
Pilkington, M., 2016. 11 Blockchain technology: principles and applications. Research handbook on digital transformations, p.225.
Sikorski, J.J., Haughton, J. and Kraft, M., 2017. Blockchain technology in the chemical industry: Machine-to-machine electricity market. Applied Energy, 195, pp.234-246.
Wright, A. and De Filippi, P., 2015. Decentralized blockchain technology and the rise of lex cryptographia.
Yli-Huumo, J., Ko, D., Choi, S., Park, S. and Smolander, K., 2016. Where is current research on blockchain technology?—a systematic review. PloS one, 11(10), p.e0163477.
Zheng, Z., Xie, S., Dai, H.N. and Wang, H., 2016. Blockchain challenges and opportunities: A survey. Work Pap.–2016.
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