Since the world was created and humans started to inhabit it, each civilization has applied an economic model. Some traded animals for beans; others used salt as a form of payment, later gold coins and precious gemstones, and so on.
Humanity has always found a way to trade an object for the value of another, and more recently, we have searched for ways to make this trade less centralized. Many today would like not being so dependent on banks and governments, and are searching for new ways to pay for their good and services. In our modern society the use of virtual currency, digital coins and cryptographically coins are being proposed. This new manner of payment is supposed to revolutionize our global banking and payment system.
Today, there are various types of virtual currency; some say there are approximately more than 500. International organizations, including the European Central Bank, explain that the most famous is Bitcoin. Others virtual currencies, like: Litecoin, Peercoin, Dogecoin, Namecoin, Quark, among others, are also seeking to have an important role in our online world and want to be used both virtually as in the real world.
Bitcion is probably been the most successful one in the last years, since Microsoft directors have been studying the possibility of introducing themselves in the digital currency world. According to Reuters: “Redmond company has partnered up with ConsenSys, a company based in Brooklyn and which is specialized in Blockchain, trying to take Bitcoin’s virtual coins and successful technology to other financial institutions”.
If those of you who do not know Blockchain, it’s an innovative high-tech method that supports virtual currencies like Bitcion. Basically, it works as a big decentralized accounting book for any bank, and is used to record every transaction anonymously. This book is not public, meaning, Blockchain is virtually proven to be tamperproof and expert hackers proof, making it ideal for financial clients.
Blockchain´s system also supports other data exchange and other companies who are investing in big projects to develop personal blockchains, who would be compatible with Bitcoin.
Many Microsoft manages are choosing to combine their technology with ConsenSys on their own cloud in a project called Azure. It consists in developing a system called Ethereum Blockchain. This way, Microsoft gives this emerging technology the credibility it needs to be used by large companies and ultimately the financial sector. At the moment, Microsoft has been negotiating with four big financial entities who are interested in the project.
At present, Microsoft´s SEO, Satya Nadella, decided to take on the challenge of using criptocoins, trying to win over the online world and wanting to make could-based services a profitable business.
ALFA