Small Business Awards 2019

, 4 Corporate Vision - Small Business Awards 2019 Bitcoin Inc. Almost thirty years on from the initial conception of Sir Tim Berners-Lee’s idea for theWorldWideWeb, bitcoin and blockchain technology represent the next great technical frontier to conquer. To learnmore about this new technology, we profiled Bitcoin Inc. to discover more about its successes, and how it has become a recognised leader in blockchain systems. Recognised Leaders in Blockchain Systems 2019: Bitcoin Inc. Highly secure and perfect for cryptocurrencies such as bitcoin, blockchain technology represents the future of digital security through a myriad of ways. Originally intended to timestamp digital documents, blockchain technology makes them almost impossible to tamper with or backdate. Each individual block in the chain is comprised of three core elements; some data, the hash of a block, and the hash of the previous block in the chain. Blockchain technology is one of the most secure technologies in the world today through these three elements, and a number of security measures. Data can be anything, but the hash is akin to a digital fingerprint which is calculated as the block is being created. By building a new block on the fingerprint of an old block, everything is connected and therefore secure. Should a block be tampered with or changed in any way, the hash of the block is changed and it stands out in the blockchain as being different. Changing one block makes everything else invalid. Bitcoin creator Satoshi Nakamoto took the idea and applied it to digital currency. Each block contains the data of each transaction, as well as the digital fingerprints of the previous block. Modifying one block in the chain would immediately stand out, so to be effective, a hacker would have to modify almost every block. Whilst some computers could achieve this, blockchain employs yet another security measure: proof-of-work. This mechanism slows down the creation of new blocks, and checks everything is secure in approximately ten minutes. For a hacker to change every block in a chain would take an immeasurable amount of time, and this deters hackers even further. Ten years ago, the world was introduced to the first cryptocurrency in the shape of bitcoin. A form of decentralised digital currency that did not have a central bank or single administrator, bitcoin operates as a peer-to-peer electronic money network system. Following its inception in 2009, Bitcoin Inc. was formed in 2011 to promote the widespread adoption of blockchain commodity systems, through encouraging education and participation with crypto- currencies. For the last eight years, the firm has served both individuals and organisations who want to learn more about this relatively young and exciting technology. Today, it continues to support those who may require specific assistance in capitalising on the opportunities it affords. Much as the Internet has exploded with popularity thanks to its ingenious innovation and tremendous ease-of-use, Bitcoin Inc. are seeking to do the same thing with blockchain technology. The firm are en- couraging businesses and organisations to see it as vastly superior when compared with other systems that fulfil a similar purpose. Blockchain systems have a similar potential to forever change the way in which humans interact digitally, and Bitcoin Inc. are at the forefront of encouraging education about its implementation. Just one of the driving forces behind Bitcoin Inc.’s success is the technology behind the currency itself. Fundamentally, people value privacy and trust above most other things. The moment either one of those is under threat, people seek out ways of building on and improving the systems that are currently in place. The mastermind behind bitcoin, pseudonymously named Satoshi Nakamoto, created the currency in tandem with blockchain technology. Now Bitcoin Inc. are making sure that the world knows just how valuable it is and why is should be used more widespread.