Everyone’s probably heard of “bitcoin,” but many only have the vaguest idea about it and little understand the underlying technology. Even fewer realize the true impact this technology may have on the future. Bitcoin is a cryptocurrency. A cryptocurrency is a digital program or asset designed to work like currency. It seeks to have the following properties: a store of value, a unit of account, and a medium of exchange Bitcoin is the most popular cryptocurrency of the seven hundred out there. Other major cryptocurrencies are Ethereum, Ripple, and Litecoin.
Cryptocurrencies work via a system of paired-public, private keys - randomly generated numbers. Each user in the cryptocurrency network has a unique pair of public and private keys. The public key is a string of numbers available to everybody on the network. They are used for encryption. The private key is only available to an individual. It is used for decryption of the paired public key. The bitcoin transfer mechanism works…
The "Killer" Blockchain Application? On February 14, four witnesses (an analyst in Cybersecurity Policy from the Congressional
Research Service, the director of NIST's Information Technology Laboratory, the vice president
of food safety of Walmart, the vice president of blockchain technologies of IBM
and the Associate Clinical Professor of Benjamin N. Cardozo School of Law) showed
up in 2318 Rayburn House Office Building, to testify about blockchain technology before the
Subcommittee on Oversight and Subcommittee on Research and Technology. The
witnesses answered questions from members of the two subcommittees. Summary
I attended this hearing and below are my summarized findings, in case you didn’t have the time to attend this mind-blowing hearing.
Mr. Chris A. Jaikaran, analyst in Cybersecurity Policy,
covered blockchain applications in cryptocurrencies, healthcare, identity management, and supply chain management. He discussed certain pitfalls of the technology.
New Federal Reserve Chairman Jerome H.
Powell (above) showed up at the Rayburn House Office Building on February 27 to deliver
his first semiannual testimony before the Committee on Financial Services.
Before he dug into the details of monetary policy, Powell described the outlook for the U.S. economy as bright androbust: “The U.S. economy grew at a solid pace
over the second half of 2017 and into this year.” setting an
optimistic tone for his interpretation of the current economy and prospects for the future. He emphasized that U.S. economy, from his perspective,
is getting better, stating that, “my personal
outlook for the economy has strengthened since December.” Apparently, the new Chairman of the Fed has full confidence in this country’s economy despite the
Dow Jones’s plunge of more than 600 points in the same month. EconomicOutlook Here are some highlights from Powell’s testimony. •Labormarket:job growth since last year has been solid enough to lower the
unemployment rate to 4.1%;…