The blockchain technology is a real innovation of the 21stcentury. It attracts a huge number of investors, representatives of business circles and ordinary people from all around the world. Blockchain can be successfully integrated into various important spheres: economy, finance, politics, education, culture, etc. “What is the blockchain technology?”, “How can blockchains be used in real life?”. The topic of blockchain causes a lot of questions. Most people do not understand how blockchain works and how it can be applied in the modern business environment. However, there are a lot of amazing cases of projects which have made a decision to integrate blockchain into their infrastructure.
Read the Coino.biz article “What is blockchain” and find out more details on how blockchain works.
A huge amount of money was spent on in-depth research of the blockchain technology by the government representatives from different countries. For example, the Ministry of Science and Information and Communication Technologies of the Republic of Korea announced a strategy for the development of blockchain technology. A total of 230 billion won (more than $ 200 million) is to be distributed for this industry. The government announced that it plans to complete a fundraising campaign by 2022. To further develop and promote developments based on blockchain, the South Korean government plans to grow over 10,000 industry professionals and set up 100 companies. In addition, the authorities plan to invest in enhancing the country’s competitive position in the blockchain industry.
Blockchain has all chances to change the world as we know it; this revolutionary technology makes all spheres more transparent and fair. Moreover, it has a number of essential features, which makes the technology so attractive and innovative. Among them – decentralization, transparency, independence, anonymity, peer to peer character, etc. It brings a lot of useful benefits to a digital world and facilitates the development of digital relationships. Blockchain is about the Internet of a new generation and decentralized transactions, available to everyone. Blockchain is a hype. But do all projects and companies really need it? What are the alternatives to blockchain? In the modern days, most companies choose between client and server special database or blockchain. Both options have their advantages and disadvantages.
“Giving users easy access to many different kinds of digital assets on the blockchain and, particularly, tokens that are linked to assets in the real world, is crucial to seeing blockchain adoption reach the next level, and I applaud Digix Global’s initiative in being the first of many such projects to successfully launch” – Vitalik Buterin
Blockchain is a distributed public ledger, where all transactions records of each and every Bitcoin user is stored. You can not modify or delete any transaction from the system. This word consists of two parts: “block” and “chain”, which symbolize an endless number of transactions made and recorded during some particular period.
Most European banks prefer not to deal with cryptocurrency start-ups because of the possible use of digital currencies for money laundering and financing of criminal activities.
Who should control the data?
Blockchain promotes the world without third parties and controlling authorities. However, there are a lot of reasons why the data should be controlled or regulated by a third party. When is control useful for the data? When the data security is an important factor there are ways to protect the data by not using a network. Unfortunately, the existing IT system all around the world is not sufficient for a full security of the data and protection of personal details. This is when blockchain becomes useful. Blockchain with its private keys and push transactions do not need any third party facilitation or control in order to proceed with digital relationships.
Satoshi Nakamoto noted:
“Merchants must be wary of their customers, hassling them for more information than they would otherwise need. A certain percentage of fraud is accepted as unavoidable.”