Revolutionised system, Bitcoin has got this new application called ‘TumbleBit’, which will run on top of Bitcoin to make Bitcoin transactions more complex, which in turn will make it difficult to identify and track down the parties involved in Bitcoin transactions.
Bitcoin was initially introduced for doing transactions across the boundaries anonymously, however it was found that the transactions could still be tracked by observers to reach to the end users’ data. Bitcoin operates with a unique pubic key assigned to each user. Users can transfer money in the form of digital bitcoins from one Bitcoin user to another.
With this new system, the entire transaction will have three different phases, which will include complex cryptography with several parallel transactions to make it difficult for observers to track any of the end users.
This new system has already been tested with 800 Bitcoin users, and it was found that it took seconds to complete transactions, which means it will still continue to facilitate completion of transactions speedily with lesser transaction cost.
India, while progressing steadily on the road to complete digitisation, has not incorporated any major changes, when it comes to Bitcoin inclusion in the existing payment eco-system. However, we can expect something soon related to this, happening in India.
