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The Potential of Blockchain Technology and Digital Economy of Bangladesh

Volume: 58  ,  Issue: 1 , August    Published Date: 20 August 2020
Publisher Name: IJRP
Views: 80  ,  Download: 24
DOI: 10.47119/IJRP100581820201362

Authors

# Author Name
1 Barna Bose
2 Naimur Rahman

Abstract

Digital economy is relied on the trust of an online authorities. Complex transaction pattern made it difficult to confirm quick transfer of money between hands. Digital transactions provide a platform to make this complex nature of transactions easier for parties involved in online platform. of money Blockchain is a distributed ledger used to have a peer to peer online transaction system without the intervention of any centralized authorities. Blockchain technology facilitates the user with the maximum security during the transaction because the use of the cryptographic hash function by the system which generates a unique output that can not be changed if the transaction is successfully completed. Blockchain also contains a certain verification code for every transaction. It cannot be altered once transaction is completed. Individuals and organizations involved in various monetary interactions need to keep trust on each other. Blockchain technology also keep every record of the transactions being made. Bitcoin is the pioneer cryptocurrency used in blockchain technology is also a peer to peer digital currency.

Keywords

  • Digital currency
  • Crypto economy
  • Cryptographic hash function
  • Cryptographic nonce
  • Distributed ledger
  • Bitcoin
  • Cryptocurrency
  • Blockchain
  • References