Technology

Home Technology

Scope of Bitcoin and Blockchain in India

0

In the simplest terms, Bitcoin is a digital asset and a payment system which uses peer-to-peer technology to operate with no central authority or banks. Geographical boundaries don’t limit it, and unlike paper currency, managing transactions and the issuing of Bitcoins is carried out collectively by the network, using complex and cryptographic code used in its design.

The most striking feature about Bitcoin is that it makes use of the Blockchain technology. A blockchain is an incorruptible digital ledger that can be programmed to record details of financial and non-financial transactions. The data is stored in a distributed database and is immutable and permanent. The whole ledger is entirely transparent, and anyone connected to the network can view the transactions.

In the present digital age, India has the potential to become a huge market for Bitcoin and Blockchain. I say this with confidence, as I have been a witness to the latest trends in the gradual shift towards a digital and cashless economy. People are now starting to place their trust in a robust and dependable mechanism other than contemporary paper currencies. Adoption of Bitcoin has a thrilling potential to empower flawless transactions and deliver economic solutions for a transparent process.

Post demonetization, the financial institutions weren’t adequately equipped to handle the huge workload and this, in turn, brought out the problems of having a centralized authority for managing financial transactions. Following this, the RBI started encouraging banks to promote digitization and released a statement highlighting the potential of Blockchain to fight counterfeiting and the possibility of bringing about a significant transformation in the functioning of financial markets, collateral identification (land records for instance) and payments system.

The integration of Blockchain with financial transactions could save us substantial amounts of time and money, with a dramatic reduction in the time required for processing and authenticating transactions. The fact that it operates on a decentralized database has made operations seamless, ensured a tight security and made it safe from cyber-attacks. Multiple financial institutions have started investing heavily in research in the field of Blockchain after realizing the benefits offered.

Blockchain can also help us in curbing the circulation of “black money” and dealing with the widespread money laundering in the economy as every address used for transactions is permanently stored on the databases, making all transactions verifiable and accountable. The government is starting to see Blockchain as an avenue to explore a gamut of options that might help us enforce a tighter control on the economy of the nation.

Blockchain has also successfully dealt with the problems of unauthorized spending, double spending of the stored currency and race attacks, thereby increasing security. The increased security helps attract a wider audience, as there has been a significant increase in the number of cyberattacks in the recent years.

This concept could be extended to other fields too –

· Governance (by making the results fully transparent and publicly accessible, Blockchain technology could bring full transparency to elections or any other kind of poll taking. Issuing smart contracts helps to automate the process).

· Crowdsourced VC funds (where participants purchase tokens and vote on capital investments, thus initiating a paradigm shift in economic co-operation between businesses and the public)

· File storage (saving the data on distributed networks prevents it from getting hacked or corrupted)

· Protection of intellectual property rights (by enabling publishers and creators of content to track ownership by making the details of the origin of the data transparent and curbing the widespread piracy of content)

· Stock trading (increasing efficiency in share management, making trade confirmations quick and eliminating clearing houses, auditors, custodians), etc.

As a global IT competitor, it is the right time for India to start boosting its efforts to capitalize on this opportunity and become a key player at the global level in the field of Bitcoin and Blockchain. Venturing into open waters across these areas might lead to the creation of a stable and concrete structure across the digital world, thus enabling a holistic development of the entire IT sector.

Identifying cryptocurrency mining scams

0

New industries on the market come with various scams, so Bitcoin and Ethereum are no exceptions to this rule. It goes from scam coins to mining rigs and contracts where a variety of methods to steal your hard earned money is present.

For example, when choosing a particular mining company, you should check if that company’s Bitcoin mining contract appears in some reputable lists of trusted services or other mining platforms. When it comes to the equipment, rules are pretty much the same. If the equipment is not tested yet, or there’s no sufficient evidence of its existence, or maybe a decent track record of the mining company, the equipment will probably be not listed on the most reputable mining services. Forums can be also a good idea to see other people’s experiences, but there’s always a risk that an amount of posts are made by scam users who wish to send potential users to their own websites.

Here’s the list of things you should be aware of. Scammers usually have these problems:

– The domain name is not registered to a real user but it’s hidden instead
– Companies avoid showing proof of their equipment when they’re asked
– Companies are registered in some of the famous world capitals, but their directors are usually foreign nationals, coming from some countries where identity requirements can be easily faked
– Some of them set aside some funds and use funds from clients to make payouts in order to show respectability and honesty, hoping that it will generate more clients. They show you the verifiable Bitcoin address from which the payments are being done, but one day, that address suddenly disappears
– Some of them advertise by making videos of fake representatives and offices, without the proof of equipment

 Avoiding the Ponzi Scheme scams

When investing funds, you will come across some investments that promise some particular market returns. You should be cautious when dealing with these brokers because many clients became victims of a Ponzi Scheme. Thanks to this scheme, many investors lost tens of billions of dollars in last two centuries.

The thing about Ponzi Scheme is that fraudsters usually promise some incredibly reliable returns, which they do, but just for a while. Instead of investing the funds in something, these scammers use client’s funds to pay obligations to some their old promised returns. As there’s not enough money to sustain this system, it usually collapses at some point, leaving people empty-pocketed.

Ponzi Scheme in cryptocurrency world

 The major concern today is the promotion of the Ponzi Scheme using digital currencies, such as Bitcoins. In this case, money from new investors is usually used to pay those who joined the investment in early stages. The operation slowly grows to unsustainable levels which cause the imminent collapse.

Here are some of the ways to protect yourself from scams:

Being very cautious

If someone offers you a huge and immediate return with little or no risk, it probably includes some kind of fraud. There was a case of Bernie Madoff who provided clients with 1% return per month for 10 years before everything collapsed. So, be very cautious about the returns that are being generated by something you never heard of.

Be aware of unsolicited offers

It happens that investors get suddenly invited by the unknown person to attend an investment seminar, which probably means trouble.

 

See if the investment is verified

Ponzi Schemes often offer unverified investments, so it is smart to ask the person who offers it if the investment is verified and to ask why it is not verified if it’s the case.

Get to know the investment

If you don’t fully understand the investment, try to understand how it works from the start to the end, or simply avoid it. There are many online resources which can help you understand how to invest and how to evaluate opportunities for risk and gain.

Most common sources of cryptocurrency scams

 To give you an idea how it usually works, here are some of the most common things that you can come across:

Malware downloads

 There’s a number of fake Bitcoin wallets that contain some malware downloads. It often happens by clicking an URL posted on the social media page. Fake Bitcoin surveys are also a source of malware distribution.

Bitcoin phishing

Bitcoin phishing impersonators are largely present on the social media. Phishing websites offer search service to users who need to enter their private Bitcoin key to see if it’s in their database. Once they entered, the private key is immediately being compromised.

Flipping-scams

People often get caught in this trap, because they’re offered with an instant exchange of bitcoins for money after they pay an initial startup fee. Potential investors are being told that would get a double return, but Bitcoins are actually stolen immediately.

Bitcoin pyramid scams

Even though these scams are harder to recognize than flipping-scams, the result is the same. Users give a low initial fee and try to multiply it by bringing new users using referral links. When there are enough users in the database, scammers just go away and the “pyramid” collapses, leaving the people empty handed.

Blockchain - Witnessing The Biggest Revolution By Mankind In My Lifetime

0

Lot of talks and debates have happened in 2016 about various use cases of blockchain in different industries and sectors. Multiple high profile institutions across the globe have been doing R&D of what is possible with blockchain and where it can help industries to save cost, improve efficiency or make more robust systems. In September 2015, after a survey with more than 800 executives, World Economic Forum reported that 10% of world’s GDP will be overseen by blockchain by 2027. That would be trillions of dollars on the blockchain.

My personal belief is that blockchain is one of the biggest revolutions by mankind that I would see in my lifetime. I say that for a lot of reasons and among them, the biggest one is that the blockchain technology has given mankind a solution to a problem which was never solved before. The problem was that how do we make such systems where we do not need to trust the owner, creator or the operator of the system for the system to run (function) in a reliable manner. Now, in our pre-bitcoin world, we relied on banks to take care of our money and we trusted them with our money, and more often than not these institutions have withstood and have done justice to our trust in them. But essentially, whenever we are trusting a bank (whether retail or investment), we are fundamentally assuming: a) they have the capability to do justice to our money/trust and b) that they have the right intentions, to not betray our trust. Now, all of us are well aware of examples where banks either lacked the capability to do justice to our trust in them (Remember the cases of India’s biggest public sector banks lending 1000s or crore rupees to Vijay Mallya, without the appropriate documentation or collateral, and it was indeed a wonderful move by the Indian government to recapitalize the banks by demonetization and essentially improve their Cash Reserve Ratios, and we have no clue, if any of the Indian public sector banks might have collapsed owing to exceptionally high NPAs, and this would have happened not because of their mal-intentions but because of their inability to stand-up to the average man’s trust in their capability to keep his money safe). While on the absolutely other hand, we have seen enough examples of trust being betrayed by financial institutions in the western world owing to mal-intentions of the very men running the institutions.

Hence, for all those matters that really matter, we have learned that humans are inherently unreliable and untrustworthy. Hence any system whose unique selling proposition or critical point of failure is human trust is more than likely to fail today or tomorrow, either owing to lack of capability or due to mal-intention. While we also know that trust is a paramount necessary characteristic of any trade of exchange of value, and this conundrum had kept the most talented brains of humanity busy for years. And it is only recently, in 2008, that this fundamental problem was solved, of how we can remove reliance on human trust for exchange or store of any value and this solution was presented not just theoretically but also demonstrated with a real world application, which we now know as our beloved bitcoin.

This for me, is the most beautiful thing about blockchain technology, that it has been able to remove the need to trust humans, to store, record or even trade anything of value or importance, ranging from a school diploma to the huge amount of wealth. And when trust is placed in computer verifiable mathematical equations, few of very very wonderful things happen, two of them being;

  1. a) it becomes very easy to scale these systems
  2. b) the cost of establishing and proving trust goes down, i.e. creating trustworthy system becomes very affordable.

Now what the above two mean, is that any one, who understands the principals of blockchain is able to create institutions of trust at an exceptionally lower cost both in terms of time (also known as, experience, here) and money. This leads to the creation of, alternate banks or institutions with a bank like trust, in various sectors or industries of human storage/trade of value/importance, by young entrepreneurs, with very little capital or social reputation to show. Ex: anyone with a publicly mathematically verifiable decentralized ledger/database can create a bank for college degrees, land records, public distribution systems, public health records, intellectual property rights and so on and on, as long as it is of value to anyone, ranging from an individual to a private organization to a government.

These banks, devoid of human trust and hence devoid of possibilities of central failures, which are being created every moment by really really smart young entrepreneurs who understand Satoshi Nakamoto’s invention or rather a solution, have the potential to change the world completely the way we see it.

 

Banks that take care of money, wealth, as institutions have been responsible for tremendous growth of mankind in the past three hundred years, it is them because of which the present capital market system exists, it is because of them that we have this huge private equity market, and it is because of these private equity firms that we have absolutely wonderful companies like Facebook, Uber, Airbnb and thousands of others are changing our lives absolutely majestically, and it is also because of them that we have this flourishing spirit of entrepreneurship across the globe, and now imagine if we had banks in all the various sectors/industries ranging from education to healthcare, to insurance to real estate to food to pharmaceuticals, to genomics to intellectual property whether it is of music or scientific innovation and so on and on, how fast would all these industries grow, what how steep would the rate of innovation be in all these industries if they had infallible banks, repositories of information which all individuals, organizations and governments and even judiciaries trusted and agreed on. Such an environment and infrastructure of innovation is being laid down by blockchain companies at this very moment across the globe. And mankind would enter an era of an imaginable rate of innovation when this infrastructure is laid.

And it is for the above reason that I am backing Satoshi Studios, to help young visionaries establish the infrastructure of innovation across various industries in South East Asia and also launching a venture capital fund to help these brave young men and women. If you’re interested in being a part of this journey with me, a post blockchain world, a world where we will take the blockchain infrastructure for granted will be so much more beautiful and efficient, just as the present post-internet world, where we take the internet for granted is so much more beautiful and infinite than the world without internet, please feel free to reach out.

Hello India, My vision for 2017. Bitcoin, Blockchain and Cryptocurrencies

0

I have been a blockchain enthusiast for more than 3 years now. I have seen years end and start and blockchain enthusiasts passionately claiming the coming year to be theirs. And we hear something very similar this year, the ubiquitous roar that 2017 will belong to blockchain, the coming year bitcoin shall rise to so and so price and so on. But from my personal opinion, the voices are louder, more diverse than ever and the enthusiasm fuelling their voices is less of hope and more of jubilation, more like of the song the crowd sings when you’re 3–1 or 2 -0 ahead in a game and your team is defending the last 2 minutes of the champions league.

And the reasons for this pragmatic optimism and not just hope lie in the wonderful year 2016 has been for blockchain enthusiasts. In 2016, price of bitcoin rose from $430 to almost $1000 . And this is an increase that did not happen overnight owing to some change in policy by a major government but a price that has grown slowly and steadily on a trading volume of over $55M weekly. A volume which is about 100 times the trading volume that prevailed when Bitcoin last hit this range. An year that clearly demarcated bitcoin price will no longer be held hostage to small events, +ve or -ve, across the globe, but rather the currency has an inherent fundamental value and will have its value be determined by people’s acceptance and perception of that inherent utility/value. A true reason for celebration for bitcoin investors.

2016 was also the year where the marriage of cryptography and blockchain made another giant leap. This was the year where the couple presented their second child to the world, namely smart contracts. Ethereum, the most popular platform for smart contracts, saw the creation and crowdfunding of a Decentralised autonomous organization (appropriately named the DAO) which would invest money in blockchain projects across the globe, raise over $150M in less than 50 days. Unfortunately, the DAO got hacked, but the ethereum leadership could not have impressed the world more by choosing to act and hard fork the project to save $50M worth of currency from being stolen by hackers. Indeed, the entire ethereum community did not approve of the hard fork, but the dissent was very maturely resolved by the natural creation of two parallel chains/tokens. The entire incident sets precedent of how the ethereum team, lead by Vitalik, combined the best of principles of decentralisation and active central leadership to arrive at a solution where most people were pleased except the hackers. This in my opinion showcased the present world, that blockchain enthusiasts are prepared to provide solutions much better than the world has been witnessing so far.

This was also the year where banks extensively discussed, experimented with and prototyped blockchain solutions in their numerous daily operations. These may be ranging from settling international transfers to trading desks to the royal mint offering gold trading to even running stock markets on blockchain. In fact, 2016 can almost be said as an year where banks stole the limelight of action from cryptocurrencies in the realm of blockchains. It is more than evident that these POCs are likely to fructify in 2017 and maybe start bearing fruits by mid or late 2018.

2016 also saw the biggest corporations across the globe participate in the blockchain industry. All three, namely Microsoft, IBM and AWS saw release of Blockchain as a Service, offerings on their cloud platforms. The biggest technology firms, namely Infosys, TCS, HCL and Accenture, released their blockchain offerings for banking and numerous other industries and actively engaged in POCs with various industry leaders. While on the other front, the big 4, also partnered with numerous technology partners to offer blockchain solutions to their clients across the globe and showcased their blockchain readiness. It was a fabulous year where both immense technological infrastructure was created by tech giants and numerous solutions were built and tested with industry leaders by both technology and management consultants. The next year only beckons to be even more full of opportunities for those who are ready to help the industries benefit from the efficiencies of distributed ledgers.

And to make all of this happen, the governments across the globe and throughout the year, for the first time, welcomed blockchain and bitcoin more than rejecting them. The IRS of the USA, approved a bitcoin individual retirement account, allowing people to directly invest savings for retirement in bitcoins, the government of Japan became the first major government to officially recognise bitcoin and digital currencies as money, the government of Russia softened its stance on usage of bitcoin by abandoning penalties. Also, it is very interesting to note that global financial instability, whether that be induced by Brexit or the bad debts of the European banks or the

Chinese government tightening external capital flow or the demonetisation by the Indian government have all lead the masses towards bitcoin as a safe haven of store of value.

Talking about me personally, we launched GBMiners, which reached about 108 PH/s in about 115 days, averaging about 1 new Petahash added per day, making us the fastest growing bitcoin mining pool in the world, the 2nd largest mining pool outside china and 9th largest globally, operating at almost 5% of the network mining power. We launched CoinBank, a Bitcoin Bank where you can do fixed deposits and we offer 1.5% per month interest rate on a 6 months fix deposit, which is the highest offered by an bitcoin wallet/bank globally.

I have recently also invested in Satoshi Studios, an incubator for South East Asian blockchain startups where the intention is to fund at least 6 startups by 1st of April with $50K each and do a three month intensive program with them while also inviting blockchain experts from across the globe to meet the best of the budding Asia in New Delhi.

We also privately launched BitcoinGrowthFund, a VC fund for blockchain startups in South East Asia. Interestingly, the fund lets investors buy tradable tokens against their investments thus essentially solving the liquidity problem of LPs/investors. The tokens are also stored and traded on blockchain in the form of colored coins, making it the first of its kind Blockchain fund in the region and if the experiment goes well, we will be happy to launch a fund for non blockchain startups also towards the end of the year. Venture Capital is another industry waiting to be disrupted by distributed ledgers.

Earlier in the year, I have invested in 6 other Blockchain startups, all in stealth mode, based out of India, one of them is soon launching an Index Fund for cryptocurrencies, which will help cryptocurrency investors both hedge their investments and also maximise return by carefully choosing a basket of promising alternate currencies to invest in. The team has been busy number crunching for the past six months in pilot phase and so far their chosen basket of alternate currencies has outperformed bitcoin over the matched time period, despite bitcoin’s ominous march in the last few months.

Regarding my vision for 2017, I would love to see many industries getting disrupted by the efficiencies brought in both cost and time by Blockchain, some of them being, namely; Banking & Finance, Healthcare, Supplychain, Insurance, Real estate, Governance/Public sector, Media & content, Anti-counterfeiting. Personally, I am willing to help ([email protected]) startups in any capacity whether that be raising capital, or opening access to connections or lending a hand in technological expertise. Over the past few months, we have built a small but very capable ecosystem of Bitcoin Enthusiasts and Developers in New Delhi, who would be very happy to help anyone dabbling with blockchain or cryptography.

I see a great potential for Blockchain in South East Asia, for it is a region which can gain massively by skipping a technological inefficiency in its journey of digitisation of systems and processes and directly reap the benefits of efficiencies of decentralisation and personally I am really really excited for that revolution to happen in my country, and I am willing to dedicate all I can to the cause for the coming year.

In Conversation With Miners Working With GBMiners | Week 1 | GBMiners Success Stories

0

Hello Community,

Ever since I set up GBMiners, I have wanted to talk about the miners who have been constantly working towards making our mining farms with an enormous success. The relationship we share has benefitted both GBMiners and the various members of our mining team.

I have decided that from now on, GBMiners will cover the success story of five of our miners every week. For the next three months — from April to May — we will talk about how GBMiners has changed the lives of the miners.

1. Name/Author: Mukul Gupta

My name is Mukul Gupta and I work as a Senior Economic Analyst with ICRA. Earlier, I had worked as a Currency Strategist at various organizations such as the National Stock Exchange of India Ltd (NSE), IDEA global and the Confederation of Indian Industry (CII). I have always been very optimistic about Bitcoins and a few other cryptocurrencies. When I came to know about GBMiners and the mining contracts the company offered in India, I was both delighted and a bit sceptical. Delighted because it was a wonderful opportunity to be a part of a revolutionary technology called Bitcoin and earn good returns on it. Sceptical because there are a lot of Ponzi schemes in the market and I did not want to end up being duped and lose my hard-earned money. Nonetheless, I decided to delve deeper and attended an event organized by GBMiners in New Delhi where I got to know more about Bitcoin technology and GBMiners. I also met Mr. Amit Bhardwaj during the event and most of my doubts and scepticism about the company vanished after speaking to him.

I started Bitcoin mining with GBMiners in August 2016 (deeply regret that I did not start early) and I have since then been regularly investing my Bitcoins with GBMiners. I am happy to say that my experience in GBMiners has been very enriching both personally and financially. GBMiners has honoured all the commitments of the mining contract and has also been taking steps to improve the returns for its investors. My interactions with other cloud miners at GBMiners have also convinced me that GBMiners is committed to working for the financial well-being of its investors.

I am very bullish about Bitcoins and the future of Bitcoins in India. The government of India has already set up a committee to look in to providing a legal status to Bitcoin in India and I am confident that Bitcoin will soon be accorded a legal status in India. My optimism stems from the recent progress made in some of the advanced countries including Japan in providing legal sanctity to bitcoins. I am also optimistic about a few other crypto currencies including Ethereum, Ripple, XEM. I think they hold great promise in terms of their usage in solving some of the real-world problems and I feel that the time is ripe to go long in some of these alt-coins.

2. Name/Author: Rahul Tungatkar

My name is Rahul Tungatkar and I have been working with GBMiners since July ’16. Prior to getting involved with GBMiners, I completed my MBA and had been working as a Chartered Accountant. I strongly believe that Bitcoin would be as popular as Paytm in the coming future. It is the most refined way of making digital payments and can also become the main currency for online shopping and savings. I believe that other cryptocurrencies can see considerable growth with their popularity but they will never be able to reach the success and level of Bitcoin.

3. Name/Author: Mayank Jain

My name is Mayank Jain and I have been associated with GBMiners for the past five months. Before taking up mining, I had been heading the sales division at the Audi dealership at Okhla, New Delhi. I have a strong feeling that in the coming years, cryptocurrencies will see a boom, which could be compared to the one witnessed by computers in India a few years ago. Talking about other cryptocurrencies, I personally believe that the cryptocurrency mined by GBMiners would start growing. I am strongly looking forward to hearing about the new token launch as I feel that it could act as a great investment opportunity of people who are just getting started with investments in cryptocurrencies.

4. Name/Author: Sukhbir Singh Suri

My name is Sukhbir Singh Suri and I’ve been working with GBMiners for four months. Before being associated with GBMiners, I was running a t-shirt business with the name ‘Joketees’ based out of Mumbai. I believe that Bitcoin has just started witnessing remarkable growth in India and has a long way to go. According to me, the ones who have missed the Bitcoin jump the last year have a chance to invest in other Altcoins now and earn like the people who had invested in Bitcoin last year. As vendors all over the world are starting to accept payments made in Bitcoin, now is probably the best time to start investing in them.

5. Name/Author: Dr. Sandeep. D. Borse

Hey, guys. My name is Dr. Sandeep D Borse and I am relatively new to the whole mining process. I started mining in December last year. My first contract with GBMiners was of 3 Bitcoins, immediately followed by another contract of 6 Bitcoins. These two contracts were followed by multiple top-ups in each pay-out, totalling to an impressive 13.5 Bitcoins till date. The future certainly seems bright for Bitcoin and if the government of India makes Bitcoin legal, it would only add to the achievements of Bitcoin and would attract more customers from the Indian subcontinent. Since I’m still an amateur, I haven’t had much time to read about other cryptocurrencies apart from Bitcoin. But I’m sure that they too might gain a lot of support and popularity, as the advent of cryptocurrencies has been taken well by the general public and people are finally starting to accept them.

What is Blockchain Technology?

0

A blockchain is a huge public ledger that holds the data of all Bitcoin transactions that have ever been made. It is continuously growing as numerous “completed” blocks are being constantly added to it with a new set of recordings about transactions. These blocks are added to the blockchain in a linear and chronological order, so it is fully transparent, just like in an ordinary ledger.

Blockchain technology

The blockchain is an original and resourceful invention by the founder known by the pseudonym, Satoshi Nakamoto. Since it was created in 2008 and implemented the following year, Blockchain has evolved into something much greater. As it allows digital information to be distributed but not copied, blockchain technology created perfect conditions for having a new type of internet, different to the one we know today. At the beginning, the idea was to create it only for the digital currency purposes, for Bitcoin. Nowadays, the tech community is trying to find other great purposes of this system for the worldwide technology, and it can be said that they’re doing a good job so far.

Bitcoin was known as the “digital gold” because until today the total value of this cryptocurrency came close to $9 billion US. Blockchains can make other types of digital value as well. Many people ask if Blockchain was a totally new invention or not. In general, the answer would be “no”. Blockchain technology is a combination of already proven technologies, but those are applied in a totally new way. It was invented as the orchestration of three technologies: the Internet, private key cryptography and a protocol governing incentivization.

A distributed database

Information which is held on a blockchain exists as a shared and constantly updated database, so anyone can access and see the current status. The blockchain database isn’t stored in any single location, which means that the records it holds are totally public and easily to verify. There is no centralized version of this huge information on the network, so the chances of hackers corrupting it are minimal. It is hosted by millions of computers simultaneously and the whole data it contains is accessible to anyone on the internet, not just Bitcoin holders.

Blockchain durability

By storing blocks of information that are identical across the network, the blockchain just cannot be controlled by any single entity. Blockchain is also a revolutionary system and invention because it has shown no single point of failure so far, which cannot be said for any other system. Since the creation of Bitcoin in 2008, the Bitcoin blockchain has operated without any major disruption. Just to give you a better idea of this system, we’ll take the Internet as example. The Internet has proven to be durable for almost 30 years, which is a good a good record, regarding the date of creation of blockchain technology and its continuous development.

The blockchain network is in some sort of a state of consensus, as it automatically checks in with itself every ten minutes. The network simply reconciles every transaction that happens in ten-minute intervals, and each group of these transactions is known as a “block”.

Here are two most important characteristics of Blockchain technology:

Transparency
The data is embedded within the network as a whole and by definition it is public and verifiable.

It cannot be corrupted
Trying to alter any unit of information on the blockchain would mean using an enormous amount of computing power in order to override the entire network, which is still not possible.

Decentralization

By design, the blockchain is a decentralized technology. It means that every operation that occurs on it is a function of the network as a whole. By creating a new way to verify transactions, the traditional commerce system as we know today could indisputably become useless and forgotten. Stock market trades are almost simultaneous on the blockchain.

A global network of computers uses blockchain technology to jointly manage the database that records all Bitcoin transactions that ever happened. Bitcoin is managed by its network, and not any central authority. Decentralization means the network operates on a peer-to-peer basis, free from the authority.

Blockchain in healthcare and other industries

As many experts have predicted, blockchain technology is slowly entering numerous areas of science and industry. The thing that was recently mentioned the most is the ability of blockchain technology to help the healthcare system and electric car industry.

For example, PokitDok and Intel are currently developing the Blockchain platform DokChain which will be installed on Sawtooth Lake with a goal to secure the decentralized and transparent infrastructure for healthcare companies, offering them more efficient platforms.

As using autonomous vehicles is rapidly approaching, the idea that blockchain could connect automobiles and other IoT devices, is slowly starting to get some serious attention. Even though during the last year the main attention was on smart houses, Blockchain startups are thinking more and more about the potential of connected cars.

The co-founder and CEO at Oaken, John Gerryts said that this decade of 21st century was the perfect to begin building this stuff out. Gerryts and his team are actually developing a mechanism that would allow autonomous vehicles to refuel, recharge and park on its own. In addition to that, these cars would also pay for those services.

Interesting facts about Blockchain

60% of people think that Blockchain is the biggest tech invention since Internet.

45% think that it could end the traditional banking for good.

35% of banking executives still haven’t heard about this technology.

20% of bankers expect Blockchain to become mainstream in the next 5 years.

42% think consumers will adopt Blockchain for personal use.

Popular Posts