Date of Award

Winter 1-15-2019

Degree Type

Thesis

Degree Name

Master of Science (MS)

Department

Computer Science

First Advisor

Stephen Hilkowitz

Abstract

Cryptocurrencies, with Bitcoin leading the charge, are the beginning of something new because this ideology is attempting to change the way people store and use money - led by an influx of technological innovation and success. If executed accordingly, blockchain has the chance to completely change our world for the better. With Bitcoin being driven by advanced blockchain technology, this digital currency has the ability to decentralize one of the most important aspects of life - money. This in turn would allow for people to take direct control of their money without the need for being completely dependent on bank systems and government entities. Society is beginning to realize the full potential of blockchain technology and crypto as a whole, but lack of security may be the reason why sustained growth and mass adoption is happening at a slower rate than expected.

Bitcoin and blockchain technology have life changing potential, but there are security issues holding back mass adoption and disallowing institutional money from flowing into the market. There is not a quick fix available, but starting at the root of the problem, which is in the areas surrounding education and awareness, would certainly create a solid foundation and help bridge the gap between this innovative technology and the end-user. Additionally, regulation and insurance against possible theft need to be fully established to give users the peace of mind to accept the technology. Lastly, advancements on the technical side of securing the blockchain also need to be properly executed for all of this to come together.

Finding the proper balance between the technological innovation, user accessibility, and security is vital for the success of bitcoin and blockchain technology as a whole.

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