The department of computer science and engineering had organized a tech talk on 23/09/2017(Saturday). On the request of the Head of the department and faculties of computer science department, Mr. Pratyush Dikshith(Guest speaker) working as a Network Engineer II at CISCO SYSTEMS (firstname.lastname@example.org) came to our college and delivered a talk on Bitcoin, Blockchain Technology, Cryptography, and the upcoming India’s first crypto currency Lakshmi, etc.
Bitcoin is a worldwide crypto currency and digital payment system called the first decentralized digital currency (since the system works without a central repository or single administrator). It was invented by an unknown group of programmers under the name SATOSHI NAKOMOTO and released as open-source software in 2009. The system is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by nodes and recorded in a public distributed ledger called a Blockchain. Besides being created as a reward for Mining, Bitcoin can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted Bitcoin as payment. Bitcoin can also be held as an investment. According to research produced by Cambridge universiy in 2017, there are 2.9 to 5.8 million unique users using a crypto currency wallet, most of them using Bitcoin.
Cryptography or cryptology is the practice and study of techniques for secure communication in the presence of third parties called adversaries. More generally, cryptography is about constructing and analyzing protocols that prevent third parties or the public from reading private messages. various aspects in information security such as data confidentiality, data integrity, authentication, and non-repudiation are central to modern cryptography. Modern cryptography exists at the intersection of the disciplines of mathematics, computer science, electrical engineering, and communication science. Applications of cryptography include electronic commerce, chip-based payment cards, digital currencies, computer passwords, and military communications.
The Reserve Bank of India has cautioned people about the possible drawbacks of the popular crypto currency known as Bitcoin. They may seem to not like Bitcoin but this doesn’t mean the RBI bank has set aside the whole idea of digital currency alternatives. RBI is planning to get in the crypto currency business with Lakshmi Coin which can be assumed as their version of Bitcoin. If made possible, Lakshmi Coin could become a digital currency alternative in India and also contribute to a new Block chain.