Managing GST efficiently with Blockchain and GSTCoin (⇞)
Bitcoin is the rage! With an unbelievable appreciation in prices, many people want to invest in this red-hot cryptocurrency but whether the current valuation is a bubble that will burst is an open question. What is indisputable however is the immense versatility of the blockchain technology that is used in bitcoin -- and all cryptocurrencies. GST too is the rage, or rather the cause of rage because of the inefficiency of the software implementation. This article explains how a decentralised blockchain application could solve GST problems. But what is bitcoin? image borrowed from financeminutes A bitcoin is a unit of value , like an equity share of a company, that can be owned and transferred. It resides in an account in a ledger, like a dematerialised share in a demat account with NSDL. The account number, the public key of the account, is known to all and so anyone can send or deposit demat shares into this account. However to sell or transfer shares out of this account, t...