In 2017 UN was highly disturbed at the leakage of relief funding and high cost of money transfer to the refugees and migrants affected by bloody war in Syria. They tried blockchain technology as the prepaid credit card system they used earlier costed the UN’s world food program (WFP) which had setup supermarkets in the refugees’ camps in Jordan, millions of dollars due to transaction fees and forging partnerships with the local banks. After the use of the block chain technology, most famous for being the technology behind immensely successful Bitcoin as an international virtual currency, UN’s WFP could save huge money and reduce fraud and leakage of the funds. In the case of block chains, the refugees accounts would be credited with some money and they could go to WFP engaged supermarkets and with an iris scanner they could redeem their credits for food and supplies – all without opening their wallets. The shops would then sell their collected credits in the form of coupons back to UN. UN saw more innovative use of the technology in their other international relief programs in a similar way. They found that they can maintain tamperproof data of all international registered refugees and can serve them with the relief, loans and even aid even if they move to other countries to escape wars, riots and other political upheaval even when their identity papers including passports are destroyed in the milieu. The program in Jordan, which was called ‘building blocks’ by UN was a great hit and reduced the money transfer fees by almost 98%, reduced fraud, and radically simplified the aid process for both WFP and refugees. People, society and companies around the world are now extremely excited about the prospects of the technology to be used in several social and commercial applications ranging from smart contracts, land records, elections/e-voting, financial products, international trade and commerce, fast and cheaper international money transfers and many other innovative uses. On the other hand these mysterious technologies have also earned bad reputation for being used by criminals, drug peddlers and terrorists around the world for money transfers, some of the applications have been accused of contributing to global warming (especially crypto currencies mining operations), causing governments to lose revenue in taxes and bypassing of local government regulations in foreign money dealings. In spite of all the accusations, more and more governments are becoming ready to adopt block chain technologies and its applications and are creating block chain use national and international policies.

This topic is discussed in hindi language by Dr. Vijesh Jain who would be talking about the public opinion about Bitcoin and myths connected withe cryptocurrency. Dr. Jain talks about the need to educate people and the society at large about the blockchain and crypto in order to prepare them about the technology. Also make them ready to exploit emerging opportunities in this field. In general the society at large is in negative mood of accepting the new technology which is quite normal and happens with every disruptive and revolutionary technology.

With several loopholes, costs and insecurity associated with card money and bank money, crypto provide a comprehensive digital solution for international currency. It has revolutionized the way international money transfers can be done.

Bitcoin is the first commercially made available successful cryptocurrency introduced in 2008 by a mysterious person with a pseudo name of Satoshi Nakamoto, and the currency is most popular in the virtual world. The Bitcoin which was priced at a few dollars per bitcoin even in 2009, today is worth around USD 12000 per bitcoin. In order to buy or sell the bitcoin you need to go to a Bitcoin exchange and use an interface similar to net banking interface.

Bitcoin is a sophisticated cryptocurrency made available on the internet using most sophisticated blcokchain technology. In order to fully understand the botcoins and technology behind it, a number of concepts of crypto world are required to be understood.

In this section Dr. Jain talks all about blockchain and technology behind it. Blockchain is the main technology on which all cryptocurrencies are based and this technology is the most consequential technology after the advent of internet.

Bitcoin Philosophy comes from the ideas of its mysterious creator who seemed to be critical of the role of banks and financial institutions in money transaction and their failure to adhere to the norms, resulting in the 2008 economic crisis.

The unprecedented rise of Bitcoin in past decade since its inception in 2008 is meteoric and a lot has been written for the factors causing its great rise, In this section Dr. Jain takes into one interesting case study to drive the pint of this unimaginable rise of any currency in the world like Bitcoin.

Inspite of all the excitement, support and potential of Bitcoin, there still remains a dark side of it where you can pinpoint certain loopholes associated with Bitcoin. But that is true for all past revolutionary technologies that came into existence.

The main excitement of Cryptos comes from the fact that the blockchain technology can revolutionize the way several kinds of businesses are done and provide solutions to customers in a way that customers would find it more profitable and secure to use blockchain assisted goods and services. The applications potential is very wide and high.