Simply put, the blockchain is a “digital ledger.” Blockchain has a consistently growing list of transactions called “blocks” – all sequentially connected. Each block has a link to a previous block in the list.
Once a block has been added to the “chain”, it can not be deleted and becomes part of a fixed database, not all transactions that have occurred since the operation.
One of the most interesting features of blockchain technology is that there is no central authority or a single source of ledger. This means that every nodes have a complete, complete copy of that blockchain. When a new block is added, every node will know it. Distributed distribution and trust helps ensure system transparency.
Replace “Bitcoin” with “Property”
If you look at the blockchain through the Bitcoin prism (or any other virtual currency), you will have limited visibility into the value and usefulness of the blockchain. If you associate blockchain with any other property, We will see its infinite potential.
In Blockchain: Blueprint for a New Economy, “Malanie Swan described three types of blockchain:
Blockchain 1.0 – Currencies: Includes currency converter, remittance and digital payment system. This is also the area most familiar to us and is considered as the territory of Bitcoin and other cryptocurrencies.
Blockchain 2.0 – Contracts: Expand blockchain, put it into financial and market applications. Assets include stocks, checks, debt, ownership, and anything related to the agreement or contract.
Blockchain 3.0 – Organizing Activity: Putting blockchain beyond financial boundaries, and into areas such as education, government, health and the arts. In these areas there will be many types of physical, digital or human in nature.
The latter two are two types of blocks that have far greater potential than Bitcoin.
Blockchain 2.0 – Contracts
The potential benefits of blockchain in the financial services industry have been neglected. However, recently, JP Morgan has started investing significantly in blockchain. And many companies in the financial services industry are beginning to take a more serious and bolder look at blockchain technology and its potential.
Oliver Bussmann, UBS CIO, said that blockchain can “cut trading time from few days to minutes.”
Visa, Citi, and Nasdaq have invested $ 30 million in the startup company’s blockchain.
In a recent paper in Fortune Magazine, Christopher Giancarlo, a member of the Commodity Futures Trading Commission, expressed the view that blockchain could have saved Lehman Bros. He said, “If there was an accurate blockchain of Lehman’s all transactions since 2008, Lehman’s regulators were able to use data-mining tools, smart contracts, and analytical applications. Else to recognize the anomaly. And they may have responded earlier with Lehman’s credit crunch.
It is notable that Bitcoin has no “voice” in the discussion. This is completely the benefit of using blockchain technology to solve real business problems in the financial services sector.
Blockchain 3.0 – Organized Activity
Outside of the financial sector, blockchain is used in many unexpected out-of-the-box scenarios that we did not initially think of. As mentioned earlier, the recent Republican vote in Utah also uses blockchain technology.
Applying this technology clearly demonstrates the concept of “distributed ownership.” When you create a “vote asset”, it is added to the chain. You do not own the chain but you still own your property, which is your vote, and the ballot is a block in the chain. Therefore, every voter owns a block in the chain. These blocks will become permanent records of each individual’s property and are permanently authenticated by the chain’s consent.
In Estonia, the government is using blockchain to store and protect more than 1 million electronic health records (EHR). It should be remembered that the illnesses still possess individual EHR property, and its confidentiality, security, and transparency will be maintained in the blockchain. Instead of calling and depending on the provider to get the records stored, the patient can move his or her own case through the blockchain.
Britain’s leading scientific consultant has released a report titled “Distributed Ledger Technology-Beyond Blockchain.” In particular, he stressed that the technology “could revolutionize services, at all. Both government and non-government. “
During the recent #CIOChat tweetchat, Stephen Di Fillipo (Digital Strategy Advisor), Peter Salvitti (CTO, Boston College), and Joanna Young (CIO, University of Michigan) , include:
Proof of learning and achievements
The concept of micro-learning and micro-credentials
And in the world of IoT, IBM and Samsung have partnered to develop a PoC that demonstrates a remote IoT-based, blockchain-based system.
“The road is long and thorny”
The great promise of blockchain has outstripped its role as a platform for the success of Bitcoin and cryptocurrencies. Upcoming applications and technological challenges in terms of stability and efficiency are still a problem to be solved.
As with any technology, blockchain is just a tool, not a destination. In the end, technologists and scientists still need to help businesses reach their goals and reach out with the use of tools that bring commercial value. See more Introduct bitcoin is here