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

Technical Review 2 - Research Paper ExampleThis make-up is a technical analysis of a new technology referred as Bitcoin. The paper seeks to discern how Bitcoin stomach support cyber security ch solelyenges already in place. At the very end, the paper will analyze latent loopholes for exploitation 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 great potential in shifting towards electronic funds or web cash. The web cash system is at the inception stage and granted the level of activity accompanying it, it is expected to reach the maturity phase in a catch of years. JPMorgan has already submitted a patent which seems to set new stage for competition among the already well know players such as Bitcoin (Reardon, 2012). The patented technology referred as JPMorgan Chase, is a new paradigm that facilitate the conception of a new virtual cash accounts with real tim e digital exchange value. It deeds by exchanging real time digital exchange information without the involvement of third parties such as banks. The morphological components of the system include a Payment Portal Processor or a digital wallet, an net income 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 proceedings 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 puddle emerged over time since the turn of the decade (Ryan, 2012). Infinitecoin hit the market in 2013 and though it offers an easy allowance account rate, it offers a broad spectrum. Quark coi n launched almost the same time and