NEW YORK, Dec. 15, 2015 /PRNewswire/ -- Bitcoin is the first successful digital currency. Its success lies in its ability to create consensus for a transaction database, a blockchain, between a large number of independent sources, or nodes. Bitcoin has a number of unique and powerful properties. Envisioned by Satoshi Nakamoto, Bitcoin's consensus allows transaction between mutually unknown actors without the need for a central authority such as a bank, remittance, or market platform provider, such as Airbnb or Uber. Bitcoin is the first "killer application" for blockchain technology in the same way email was the first "killer application" for the Internet. This Market Insight provides an overview of Bitcoin, its potential use cases, and its current challenges.
• Bitcoin is the first successful digital currency. Its success lies in its ability to createconsensus for a transaction database, a blockchain, between a large number ofindependent sources, or nodes. Bitcoin has a number of unique and powerful properties.• Envisioned by Satoshi Nakamoto, Bitcoin's consensus allows transactions betweenmutually unknown actors without the need for a central authority such as a bank,remittance, or market platform provider, such as Airbnb or Uber.• The blockchain is a ledger encompassing the history of every Bitcoin transaction that hasever taken place. It is held and maintained by every node on the network simultaneously.• Blockchains are cryptography-based, distributed databases which verify data or transactionacross a network. Blockchain is the technology that supports cryptocurrencies such asBitcoin, but it can support the transaction of any data or digital asset.• Applications of Bitcoin range from conventional payment to microfinance, remittances,autonomous software entities, digital resource trade networks, and crowdfunding.• Bitcoin is the first "killer application" for blockchain technology in the same way email wasthe first "killer application" for the Internet.• Since the conceptual stages of Bitcoin, blockchain technology would clearly find uses farbeyond cryptocurrency. Companies across multiple verticals have been experimenting withthe technology and many have found ways to circumvent its limitations by using otherblockchains for their own particular needs.
Identification of Bitcoin Application Stack
• The Frost & Sullivan ICT team drew up the Bitcoin development project and generated a model which encompassed all its component parts.
• Different projects on the Bitcoin blockchain were considered and divided into component parts.
• The fundamental workings of Bitcoin were extracted into pieces.
• These pieces were compiled into a narrative and given an easy-to-understand flow, removingextraneous detail.
• The use cases of Bitcoin were brainstormed and brought together under general categories.
• Existing and theoretical projects were considered, but categories were limited to use cases possible under the current iteration of Bitcoin development.
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