Security and Trust with Bitcoin Latinum
Major tech companies are having trouble replacing their existing infrastructures to better allow them to incorporate blockchain technology into their everyday business operations. In most cases, the source of this hesitancy is that many lack a rudimentary understanding of the technological utility that would justify this transition.
There are many uncertainties surrounding the security aspect of cryptocurrencies. One major concern is around the concept of 51% attacks, which occur when a malicious party takes control of over half of a blockchain’s total computing power hash rate. Once a party achieves 51% control, they can then ultimately decide which transactions are confirmed and which ones aren’t. This has brought a realization to the forefront of cryptocurrency adoption: China controls roughly 45% of total Bitcoin hashing power, which brings a political consideration to blockchain.
Proof of work (POW) models have proven detrimental to the overall functionality of a blockchain. Bitcoin and Ethereum, both using POW consensus protocol systems, have experienced open exposure to 51% attacks, ransomware, and other cyber-security breaches. These cryptocurrencies heavily rely on mining to validate transactions, which has led to major congestion and slow transaction times. These security concerns have led many to question the reliability of blockchain.
Various delusions have attempted to strike concerns with the blockchain as reason to forget about crypto, leading to larger hesitation in its adoption and poor understanding of what this young technology can do.
Gaming is an ideal industry for blockchain adoption as a majority of users are already familiar with tokenization. Blockchain revolutionizes the way in-game purchases take place. Blockchain implementation would create a fairer, more efficient platform for trading in-game items that also transition into the real world marketplace. This would be most beneficial in a free-to-play game like Fortnite, as in-game purchases of skins, weapons and other accessories could be tokenized, authenticated, openly tradeable. Crypto integration to the gaming industry would encourage a major influx of gamers incentivized by traceable ownership of scarce or rare in-game assets. Adopting a decentralized protocol would ultimately necessitate major security changes to the way games are run, updated, and prompted to better adopt community consensus.
US film and TV industries lose billions of dollars every year through fraudulent transactions and copyright infringements from torrenting and illegal streaming. Blockchain’s append-only structure helps secure a creator’s work by making it easy to manage IP rights in a fixed ledger on the blockchain. This puts more control into the hands of creators and makes them more capable of identifying infringements on their rights, enabling them to report these violators accordingly.
The fundamental benefit of cryptocurrency in media is the elimination of intermediaries to artists’ or producers’ revenue. In time, one will be able to buy directly from the content creator as opposed to a third-party vendor. Disintermediation in the multi-media industry will increase overall revenue by artists and publishers as a whole, while simultaneously securing their creations. The adoption of peer-to-peer content distribution and a rationalized royalty program can revolutionize the way we access media as a society.
Data is one of the most important assets a company has to better understand their customers’ day to day behavior. Unfortunately, seemingly daily headlines highlight massive data breaches caused by hackers or unstable clouds, creating drastic revenue impacts and loss of consumer trust. Data centers have been tasked with keeping sensitive data secure, a task that has become increasingly more difficult as data supply grows larger than networks can manage.
Allowing the cloud to operate independently on a blockchain allows for more transparent data flow, creating vision into who controls data, who has viewed it and how it was created. All this can be validated by private administrators and/or public users who have access to the blockchain. This system would bring total traceability to the cloud and deter attackers from trying to access sensitive data.
Because the current telecommunication industry is based on so many interconnected factors, from payment tracking and processing, to royalty distribution, fraud prevention, lease management roaming charges and countless other processes, blockchain technology can become the ideal mechanism to distribute the streamlining all these processes. A distributed database managing these processes heightens the security of the network as a whole, as distributed nodes have to validate any changes to the blockchain. If one node appears suspicious, the other nodes will block the actions of the malicious node. Thus, blockchain enables better ease of use, flexibility and provides more transparency in day to day operations.
Bitcoin Latinum aims to incorporate the most trusted blockchain adaption for major enterprises around the world.
Latinum creates a decentralized financial network focused on efficiency and security, ranging from gaming, cloud computing, media, and telecommunication. Because of its engineering, Latinum has the potential and scalability to revolutionize these industries as a whole. Alongside heightened security, Latinum provides practical usability with improvements to transaction speeds, cost efficiency, governance, and sustainability compared to Bitcoin.
As reviewed earlier, tokenization in the media and entertainment, gaming, cloud computing, and telecommunications industries could be revolutionized with the implementation of Latinum. Introducing these industries to a reliable blockchain allows for new methods of secure ownership and consumption of products and services. Bitcoin Latinum will also change the way cryptocurrencies view environmental impact and digital asset management at large. The green initiative of the Latinum network will pave the way toward a net-zero carbon emission rating, changing the perspectives of many disbelievers in crypto ESG. With the depth of Latinum’s benefits, it is being adopted by targeted industry leaders looking to increase their competitive edge.
To address real-world data needs, Bitcoin Latinum aims to improve upon a number of factors that help enterprises function efficiently and securely, including cybersecurity and data protection, low fee transactions, decreased transaction times, improved volume, and an underlying asset value utilizing a network effect. Bitcoin Latinum is a decentralized network that uses a community-driven representative model to ensure a strong and secure consensus infrastructure. The blockchain’s use of distributed ledgers will evidently improve and safely disintermediate our traditional financial system by eliminating the need for central authorities to clear transactions and verify asset ownership.
Unfortunately, traditional data management is usually stored in a single location, increasing the possibility of ransom attacks at any singular point of weakness. The decentralized nature of blockchains means that they contain multiple warehouses of data across various validator nodes, making these attacks exponentially harder to execute. Latinum’s representative governance model creates a more stable and secure platform, allowing for self-resistance to any malicious attacks.
With next-generation security upgrades to the Bitcoin Blockchain, Bitcoin Latinum can be trusted to power the future of media and entertainment, gaming, cloud computing, and telecommunications.
Read our story to get an insight into our goals and aspirations for Bitcoin Latinum.