Business

Ed Drake

Blockchain privacy explained

Blockchain does not require user identification in the same way as other technologies. Unlike the Internet, where users are tracked and profiled with every click, blockchain does not, by definition, require identity. Blockchain privacy explained as private users and transactions on the blockchain is a primary focus for those developing the world’s new money.

This means private user information is not recorded on a central server, which makes blockchain considerably more secure than the Internet.

While SegWitCoin (BTC) is often held up as guaranteeing blockchain privacy, it falls down because of its focus on pseudonymity. BTC transactions are deliberately difficult for law enforcement authorities to track and unpack, undermining its viability for payments.

In practice, this has allowed BTC to become the cryptocurrency of choice for illegal transactions online — an unsustainable position for any would-be global digital currency.

In the words of nChain chief scientist Dr. Craig Wright, pseudonymity takes BTC transactions outside of the scope of laws and government — a fundamental flaw that means by definition, BTC can never become the currency of choice for mainstream payments. Moreover, Dr. Wright has said that BTC “is not Bitcoin” as it was envisioned in the original Bitcoin whitepaper.

Bitcoin SV, on the other hand, allows for privacy of transactions without anonymity, a key distinction that makes it more suitable for global payments. According to Dr. Wright, this is one of many ways in which BSV presents a superior alternative to other cryptocurrencies, and one more closely aligned to the original vision and roadmap for Bitcoin.

The CoinGeek Seoul Conference 2019 gives developers a chance to learn more about BSV and how BSV is enabling the world’s new money.

Open to all stakeholders, including those supporting other crypto projects, the event will explore the topic of blockchain privacy explained in more depth, as well as discussing the latest developments on BSV. Featuring presentations from world-leading academics, including Dr. Wright, the conference is designed to help delegates learn more about Bitcoin SV. For more information about the CoinGeek Seoul Conference, visit the website today.

Get 20% off the CoinGeek Seoul conference tickets when buying with BSV, plus conference attendees can also take advantage of exclusive discount to the Le Meridien Seoul. Check out this link, select “Group code” at the Special Rates tab and simply type the promo code RE1RE1A to receive the hotel discount.

To receive the latest CoinGeek.com news, special discounts on CoinGeek Conferences and other inside information direct to your inbox, please sign up for our mailing list.

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