In the simplest terms, the golden coin is the internet of money.
It is a digital asset and a payment system which utilizes peer-to-peer technology to operate with no central authority or banks. Geographical barriers don’t limit it, and unlike paper currency, managing transactions and the issuing of Golden coins is carried out togetherly by the network, using complex and cryptographic code used in its design.
The most remarkable feature about Golden Coin is that it makes use of the Blockchain technology. A blockchain is a digital ledger that can be programmed to register details of financial and non-financial transactions.
The data is cached in a distributed database and is permanent and stable. The whole ledger is entirely transparent, and anyone connected to the network can see the transactions. Check out the scope of golden coin and blockchain in global market.
Scope of Golden coin and Blockchain in Global Market
In the modern digital age, Asia, Europe Etc. has the potential to grow a large market for Golden coin and Blockchain. I say this with certainty, as I have been a spectator to the modern trends in the gradual shift towards a digital and cashless economy.
People are now beginning to place their trust in a robust and dependable mechanism other than contemporary paper currencies. Selection of Golden coin has a breathtaking potential to enable flawless transactions and produce economic solutions for a transparent process.
Post demonetization, the financial institutions weren’t sufficiently equipped to manage the massive workload and this, in turn, took out the problems of having a centralized administration for handling financial transactions.
Following this, the Central bank authorities began promoting banks to support digitization and published a statement highlighting the potential of Blockchain to fight counterfeiting and the possibility of bringing about a substantial transformation in the functioning of financial markets, collateral identification (land records for instance) and payments system.
The integration of Blockchain with financial transactions could save us substantial amounts of time and money, with a dramatic reduction in the time required for processing and authenticating transactions.
The fact that it operates on a decentralized database has made operations seamless, ensured a tight security and made it safe from cyber-attacks. Multiple financial institutions have started investing heavily in research in the field of Blockchain after realizing the benefits offered.
Blockchain can also aid us in curbing the circulation of “black money” and dealing with the extensive money laundering in the economy as every address used for transactions is permanently stored on the databases, making all transactions verifiable and accountable. The government is starting to see
Blockchain as an avenue to explore a gamut of options that might help us enforce a tighter control on the economy of the nation.
Blockchain has also firmly dealt with the difficulties of unauthorized spending, the double spending of the stored currency and race attacks, thereby increasing security.
The high security helps attract a wider audience, as there has been a significant increase in the number of cyber attacks in the recent years.
This concept could be extended to other fields too – Governance Crowdsourced VC funds File storage Protection of intellectual property rights Stock trading etc.
As a global IT opponent, it is the best time for Europe, Asia to start encouraging its attempts to capitalize on this opportunity and become an outstanding player at the global level in the field of Digital currency like Golden coin and Blockchain.
Venturing into open waters across these areas might lead to the creation of a stable and concrete structure across the digital world, thus allowing a holistic growth of the entire IT sector.
