Technical Review 2 Research Paper Example | Topics and Well Written Essays - 1000 words

Technical Review 2 - Research Paper ExampleThis paper is a technical analysis of a new applied science referred as Bitcoin. The paper seeks to discern how Bitcoin can support cyber security challenges already in place. At the very end, the paper will analyze potential loopholes for development and misuse and give a way forward.Of late there has been a lot of buzz concerning electronic currencies and other virtual monies. According to (Kregel, 2010) there is majuscule potential in shifting towards electronic funds or web cash. The web cash system is at the inception floor and given the aim of activity accompanying it, it is expected to reach the maturity phase in a couple of years. JPMorgan has already submitted a patent which seems to set new stage for competition among the already well known players such as Bitcoin (Reardon, 2012). The patented technology referred as JPMorgan Chase, is a new paradigm that facilitate the creation of a new virtual cash accounts with satisfying t ime digital exchange value. It works by exchanging real time digital exchange information without the social occasion of third parties such as banks. The structural components of the system include a liquidatement Portal Processor or a digital wallet, an Internet Pay Anyone IPA account, a virtual private Lockbox, EFT network, a cash card and an Account Reporter (Reid, 2013). It works by exchanging digital information in a real time basis with capabilities to archive all the transactions in a personal digital wallet. With advanced built in security features involving crypto-currency models, transactions are safeguarded against vulnerabilities and attacks (Verme, 2013).According to the International Journal of Community Currency and Research, other electronic digital monies and crypto-currencies have emerged over time since the turn of the decade (Ryan, 2012). Infinitecoin hit the foodstuff in 2013 and though it offers an easy adjustment rate, it offers a broad spectrum. Quark coi n launched almost the same time and