Business, Technology

CBDC (Central Bank Digital Currency): A Possible Revolution in Money

Image by WorldSpectrum from Pixabay  CBDC may eventually turn out to become a revolution in money in the post-COVID-19 world. Before the idea of a central bank digital money started gaining ground, the cryptos have been around as virtual or digital currencies. Taking into consideration that the global mobile payment market is presently estimated at US$816.50B and with the projections that it will reach over US$5.5T by 2025, the way we carry on transactions with money is set to undergo a mammoth revolution with the intended introduction of digital currencies by governments around the world. However, unlike the cryptos that encountered very stiff opposition from governments and some large corporate bodies, it seems the CBDC will enjoy their patronage. The main reason governments around the world were very equivocal in the opposition cryptos encountered is the fact that cryptocurrencies were not meant to be regulated.  The seriousness governments are attaching to CBDC is the reason why about 80% of the world’s central banks are exploring the possibility of adopting the digital currency. It’s on record, however, that China has gone very far on the project, having been working on it since 2014, when Xiaochuan Zhou, who was the Governor of the People’s Bank…

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Technology

Can Blockchain Solve the Problem of Data Breaches?

We live in a dynamic and ever-changing world, with data breaches increasing and regulators looking to tackle the issue with strict restrictions on data management. One such regulation that has had a widespread impact is the General Data Protection Regulation (GDPR) brought in by the EU. It is having an effect all over the globe, not just in the EU countries. Essentially, if you’re processing data that has even a single EU citizen involved, then you must conform to the regulation. These tight and strict regulations have been brought in to combat the ever-growing number of data breaches which have an impact on individuals and companies. In a digital age, where previously there was little to no regulation, privacy was an afterthought. Now, privacy is beginning to reshape the internet. So, it might just be that blockchain technology, the innovation powering the world of cryptocurrencies, holds the key to preventing data breaches. Major Data Breaches and Blockchain: Use Cases The case of 500 million compromised records You might be surprised to learn that around 5 billion records were compromised in 2018. According to the study conducted by RBS, the most vulnerable sector is the business sector – it accounts for…

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