Microsoft bets on Bitcoin

     According to Reuters, Microsoft has partnered with Brooklyn-based startup ConsenSys, which specializes in blockchain technology, to promote Bitcoin and related technologies to financial institutions.

     The core of Bitcoin is blockchain technology. Blockchain is actually evolved from a set of rigorous encryption algorithms, and its security issues can even be proven by mathematics. It is simple and impeccable. Through the setting of complex public and private keys, the blockchain network distributes the ledger of all transactions in the entire financial network to each client, while ensuring that everyone can only modify their own property.

     Blockchain technology can enhance other data exchanges, and some companies are building private blockchains that extend the functionality of Bitcoin.

     By working with ConsenSys, Microsoft hopes to sell new technologies to financial companies and other companies and institutions in need. According to Microsoft, four major financial institutions have already negotiated with Microsoft on related matters.

     As early as September this year, Business Insider reported that nine global banks, including JPMorgan Chase , State Street, UBS, Royal Bank of Scotland , Credit Suisse, BBVA and Commonwealth Bank of Australia, had signed a framework for the joint development of blockchain technology.

     Recently, Yibada News also reported that Bitcoin has experienced many ups and downs since its launch. The government began to implement regulation because it was worried about threatening the stability of the real economy. After the Bitcoin trading platform Mt. Gox was exposed to a scandal, the price of Bitcoin plummeted.

     Recently, Bitcoin seems to be making a comeback. Bitcoin hit a high of $500 last week, but then the price was nearly halved within a week. It has recovered slightly in the past two days and the price has remained above $300.

     Some analysts believe that the recent price increase is due to the Russian Ponzi scheme and the increased demand from Chinese investors. There are also different views that it is precisely because of the very good prospects of blockchain technology that the price of Bitcoin has risen.