The Birth Development And Evolution Of Bitcoins And RFID Technologies Case Study
THE BIRTH, DEVELOPMENT AND EVOLUTION OF BIT-COINS AND RFID TECHNOLOGIES
INTRODUCTION
RFID (Radio Frequency Identification) and BIT-COINS technologies are regarded as the most prestigious payment system technologies of today due to their various responsibilities of tracking and making legitimate payments. The main focus of this article is to make the thorough investigation on the birth, development and evolution of BIT-COINS and RFID technologies regarding the following issues which might arise when using these technologies. This issue includes: How the payment system works, Payment system cost, Security of the payment system, Regulations and Independence.
1. BIT- COINS
BITCOIN is a payment system that uses digital money in which transactions can be done without the need for a credit card or central bank. It is used when performing internet payments like sending money. It enable the simplicity of sending money over the internet.
THE BIRTH, DEVELOPMENT AND EVOLUTION OF BIT-COINS TECHNOLOGY
Bitcoin (2014), describes that in 2008 Satoshi Nakamoto published the article called the cryptography mailing list which describes the protocols of bitcoins. In 2009 the network of Bitcoins was born with the first Bitcoin client released.
HOW THE BIT-COINS WORKS
According to Karame et al (2014), the Bitcoin is the block chain that have every transaction …show more content…
Krishnan et al (2004), there is still an on-going investigation research on the selection of efficient hardware that will correspond efficiently with the cryptography and its functions or modules, symmetric encryption and authenticating codes of messages thus improving random number generator which will improve RFID security. Lastly, contactless card readers contains microprocessors and memory that have the capacity to perform cryptographic
INTRODUCTION
RFID (Radio Frequency Identification) and BIT-COINS technologies are regarded as the most prestigious payment system technologies of today due to their various responsibilities of tracking and making legitimate payments. The main focus of this article is to make the thorough investigation on the birth, development and evolution of BIT-COINS and RFID technologies regarding the following issues which might arise when using these technologies. This issue includes: How the payment system works, Payment system cost, Security of the payment system, Regulations and Independence.
1. BIT- COINS
BITCOIN is a payment system that uses digital money in which transactions can be done without the need for a credit card or central bank. It is used when performing internet payments like sending money. It enable the simplicity of sending money over the internet.
THE BIRTH, DEVELOPMENT AND EVOLUTION OF BIT-COINS TECHNOLOGY
Bitcoin (2014), describes that in 2008 Satoshi Nakamoto published the article called the cryptography mailing list which describes the protocols of bitcoins. In 2009 the network of Bitcoins was born with the first Bitcoin client released.
HOW THE BIT-COINS WORKS
According to Karame et al (2014), the Bitcoin is the block chain that have every transaction …show more content…
Krishnan et al (2004), there is still an on-going investigation research on the selection of efficient hardware that will correspond efficiently with the cryptography and its functions or modules, symmetric encryption and authenticating codes of messages thus improving random number generator which will improve RFID security. Lastly, contactless card readers contains microprocessors and memory that have the capacity to perform cryptographic