Modern Information Systems

The Pros and Cons of Bitcoin

The Bitcoin was designed to be the perfect virtual currency. Bitcoin is completely anonymous, cryptographically secure, and friction-less. It is also invisible to law enforcement as well as the taxman. It can be seen as the holy grail of payments for anyone trying to avoid bank fees while spending money domestically or abroad. On another note it is the perfect trading grounds for members of the underground economy, attempting to avoid law enforcement and prosecution.

Although there are many pros in the use of Bitcoins, there are always cons. Nothing is perfect. The strengths of Bit coin can also be considered its weaknesses.… Read the rest

Abey Francis

The Future of Bitcoin

Bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer. P2P network-based virtual currency that is traded online and exchanged into currencies. When paired with third-party services, allows users to mine, buy, sell, or accept bitcoins from anywhere in the world. The offer of transactions with relative anonymity is a significant financial power and brings changes to the future payment systems. Transactions are made with no banks interfering, so there are no transaction fees. More merchants are beginning to accept them. Every-one can buy services, goods but also criminals have a way to transfer very their in-come from illicit activities completely anonymously.… Read the rest

Abey Francis

Bitcoin – Meaning, Transactions, Mining and Network Security

Bitcoin is a decentralized virtual cryptocurrency, launched in 2009 by an unidentified person known as Satoshi Nakamoto. It does not rely on any central services for managing the creation or flow of money. It relies on cryptographic algorithms in order to prevent abuse of the system. It is abbreviated as BTC and is powered by a peer-to-peer network in the public domain both in terms of issuing and valuation.

Until Bitcoin €™s invention, online transactions always required a trusted third-party intermediary. For example, if a person A wanted to send $10 to B over the Internet, he would have had to depend on a third-party service like Paypal.… Read the rest

Abey Francis

Ethical Hacking – Need, Types, Applications and Problems

The word hacking is defined as an illegal use of the other’s computer system or the network resources. Hacker is the term which is formerly meant for the skillful programmer. The word hacker refers to the names of the persons who enjoys the work in learning the details of the computer systems and stretch the capabilities from the system. The system of hacking describes the fast improvement in the new programs that make the codes for the providing a better security to the system with more efficiency. The word cracker also belongs to the same field it make use of the hacking skills for the unlawful purposes like email id, intruding into other’s system.… Read the rest

Abey Francis

E-Service Orientation

The traditional e-commerce paradigm based on e-tailing, commodity goods, and transaction sales, has largely failed and taking the international stock markets down with it (Dotcom bubble). Those organizations that have survived this meltdown have one thing in common – they learned quickly to embrace the e-service paradigm. The new e-service paradigm takes advantage of the inherent nature of the online environment to feature information flows and computation, as a means of learning more about customers and building long-term customer relationships. Its profitability model is based more on revenue expansion than on cost reduction, and those revenues come from enhancing the service experience rather than just replacing people with automated systems.… Read the rest

Abey Francis

An Introduction to Computer Forensics

Forensic auditing deals with an extensive range of analytical work that is performed by expert accountants. This line of work typically involves an examination of the financial affairs of a company and is frequently connected with scrutinizing fraudulent activity. Forensic auditing consists of the entire investigation process, including having the investigator serve as an expert witness in a trial. Forensic accountants are even qualified to look into situations that are not fraud-related. These might include the settling of fiscal issues of a business or disputes between insurance claims.

The forensic investigation encompasses the necessary steps taken to collect evidence in a suspected fraud case.… Read the rest

Abey Francis