Blockchain, The Technology That Will Change Business
The best-selling book in the Amazon Economy and Business section in June 2017 deals with Blockchain. This technology could be a disruption for sectors as important as banking and will allow the implementation of electronic voting systems, assembly lines and logistics through shared smart contracts in a chain of blocks. Below, we offer you the keys to understanding the potentials of the blockchain.
Blockchain: A chain of data accepted by consensus
A blockchain consists of an ordered list of blocks of data linked together, which store transactions between users. When a new block is created, it is distributed throughout the network so that each user has an updated copy of the blockchain. The new data blocks are accepted by the nodes of the network through a consensus process.
The Blockchain technology emerged as an auxiliary technology to the Bitcoin virtual currency. Later it was seen that it had an entity by itself and could be useful in other areas. Currently, many virtual currencies use this technology as the basis of their existence.
Immutability, decentralization, and transparency
The Blockchain technology guarantees the immutability of the data stored in it, a quality provided by the linking of information blocks. Because it is a decentralized distributed network, it has two other qualities: it provides high availability of the stored data and works without the need to rely on a trusted third party. Finally, it should be noted that in most cases, they provide transparency and evidence.
These qualities are the main advantages that this technology provides. However, it is important to emphasize that the immutability of the chain can be seen as a problem in certain cases (for example the right to be forgotten).
Public and private blockchains to store any information
Access to the Blockchain is done through free software that downloads a copy of the blockchains in question. However, we must bear in mind that not all blockchains are public. An example of a private chain is Ripple, which was designed to make transactions between banks.
Most Blockchains can store almost any type of information beyond financial transactions and executable code - so-called Smart Contracts: books, user credentials, etc.
Ethereum smart contracts
Ethereum and other Blockchains allow you to store code in your blockchain. These code portions define rules and conditions just like in traditional contracts. However, its potential goes beyond the bureaucratic scope. For example, smart contracts are currently being used to implement electronic voting systems, assembly lines and logistics.
A very important aspect to consider regarding smart contracts is that they can store capital in the form of virtual currency (Ether in Ethereum) so that inadequate programming of them can cause economic losses to the parties involved.
For Fintechs, logistics companies, and supply chains
The Fintechs is a clear example of the type of companies that can use Blockchain technology to generate business. Loans, e-commerce transactions or money transfers are some of the areas of the sector with potential for disruption since they can use the blockchains to store their information and record any transaction. Other examples are logistics companies, the energy sector, and supply chains.
The default security
Any company can use block chains to upload information and create smart contracts, which can lead to the creation of new processes, or at least, the creation of more efficient processes.
However, as mentioned above, the correct scheduling of such contracts is crucial to ensure that no user can lose their capital. This is where units of technology centers such as companies that specialize in computer security, can provide an audit service.
Research opportunities in preservation and management of digital identity
At the scientific level, the Blockchain represents new ways of exploration regarding the preservation and management of digital identity, the authentication of users, the information generated in the Internet of Things or Industry 4.0.
The Internet of Things and the Blockchain, two technologies for a common destiny?
In the heart of Silicon Valley, Blockchain University is trying to democratize this technology, which is most often associated with Bitcoins. We will, however, be interested in its potential impact on other uses, particularly on the Internet of Things.
Its possible impacts on the Internet of Things
The need for blockchains is strong regarding securing data, history associated with the connected object and interoperability. Its decentralized and unmediated organization could also allow an object to communicate with another object that could lead to autonomous decision-making by the latter. Upstream, code properties will delineate the barriers and capabilities of objects to make decisions. You should hire blockchain developers for blockchain technology.
Concerning security, the stakes are high given the sensitive and critical data that could pass through smart cities solutions or connected health. The blockchain, which already secures Bitcoin transactions, could add a security layer by adding a 'string' associated with the identity of the connected object. Thus, this "chain of identification" will allow the objects to interact with each other without having to communicate via a third party (cloud platform type) limiting information outputs or potential attacks coming from outside.
Let's now look at the possible uses of IoT & Blockchain in different industries
One of the industries is the transportation industry. To continue to unclog the streets and use efficiently existing infrastructure, the contribution of the blockchain could be in the disintermediation of shared routes. Thus, it will no longer be necessary to go through the now famous Uber to move instantaneously from point A to the desired point B. The startup Arcade City, presented as an "Uber Killer," is based on a Facebook page to connect drivers and passengers with given importance to the profile of each to make his choice. The LaZooz organization is also positioning itself on this aspect of a community platform dedicated to transportation. You should hire blockchain developers for blockchain technology.
The Healthcare market is certainly one of the most impacted by the mass arrival of connected objects and the quasi-infinite data associated with these objects worry about some potential malignancies. The Blockchain naturally returns to its possible positive impact on democratization and the use of health data, inspired by the Bitcoin transaction model. Philipps Healthcare has accelerated this process by recently formalizing its collaboration with Tierion which will be responsible for transcribing medical data within the Blockchain to ensure control and immediate access to data in an ultra-secure manner. You should hire blockchain developers for blockchain technology.
Blockchain: A chain of data accepted by consensus
A blockchain consists of an ordered list of blocks of data linked together, which store transactions between users. When a new block is created, it is distributed throughout the network so that each user has an updated copy of the blockchain. The new data blocks are accepted by the nodes of the network through a consensus process.
The Blockchain technology emerged as an auxiliary technology to the Bitcoin virtual currency. Later it was seen that it had an entity by itself and could be useful in other areas. Currently, many virtual currencies use this technology as the basis of their existence.
Immutability, decentralization, and transparency
The Blockchain technology guarantees the immutability of the data stored in it, a quality provided by the linking of information blocks. Because it is a decentralized distributed network, it has two other qualities: it provides high availability of the stored data and works without the need to rely on a trusted third party. Finally, it should be noted that in most cases, they provide transparency and evidence.
These qualities are the main advantages that this technology provides. However, it is important to emphasize that the immutability of the chain can be seen as a problem in certain cases (for example the right to be forgotten).
Public and private blockchains to store any information
Access to the Blockchain is done through free software that downloads a copy of the blockchains in question. However, we must bear in mind that not all blockchains are public. An example of a private chain is Ripple, which was designed to make transactions between banks.
Most Blockchains can store almost any type of information beyond financial transactions and executable code - so-called Smart Contracts: books, user credentials, etc.
Ethereum smart contracts
Ethereum and other Blockchains allow you to store code in your blockchain. These code portions define rules and conditions just like in traditional contracts. However, its potential goes beyond the bureaucratic scope. For example, smart contracts are currently being used to implement electronic voting systems, assembly lines and logistics.
A very important aspect to consider regarding smart contracts is that they can store capital in the form of virtual currency (Ether in Ethereum) so that inadequate programming of them can cause economic losses to the parties involved.
For Fintechs, logistics companies, and supply chains
The Fintechs is a clear example of the type of companies that can use Blockchain technology to generate business. Loans, e-commerce transactions or money transfers are some of the areas of the sector with potential for disruption since they can use the blockchains to store their information and record any transaction. Other examples are logistics companies, the energy sector, and supply chains.
The default security
Any company can use block chains to upload information and create smart contracts, which can lead to the creation of new processes, or at least, the creation of more efficient processes.
However, as mentioned above, the correct scheduling of such contracts is crucial to ensure that no user can lose their capital. This is where units of technology centers such as companies that specialize in computer security, can provide an audit service.
Research opportunities in preservation and management of digital identity
At the scientific level, the Blockchain represents new ways of exploration regarding the preservation and management of digital identity, the authentication of users, the information generated in the Internet of Things or Industry 4.0.
The Internet of Things and the Blockchain, two technologies for a common destiny?
In the heart of Silicon Valley, Blockchain University is trying to democratize this technology, which is most often associated with Bitcoins. We will, however, be interested in its potential impact on other uses, particularly on the Internet of Things.
Its possible impacts on the Internet of Things
The need for blockchains is strong regarding securing data, history associated with the connected object and interoperability. Its decentralized and unmediated organization could also allow an object to communicate with another object that could lead to autonomous decision-making by the latter. Upstream, code properties will delineate the barriers and capabilities of objects to make decisions. You should hire blockchain developers for blockchain technology.
Concerning security, the stakes are high given the sensitive and critical data that could pass through smart cities solutions or connected health. The blockchain, which already secures Bitcoin transactions, could add a security layer by adding a 'string' associated with the identity of the connected object. Thus, this "chain of identification" will allow the objects to interact with each other without having to communicate via a third party (cloud platform type) limiting information outputs or potential attacks coming from outside.
Let's now look at the possible uses of IoT & Blockchain in different industries
One of the industries is the transportation industry. To continue to unclog the streets and use efficiently existing infrastructure, the contribution of the blockchain could be in the disintermediation of shared routes. Thus, it will no longer be necessary to go through the now famous Uber to move instantaneously from point A to the desired point B. The startup Arcade City, presented as an "Uber Killer," is based on a Facebook page to connect drivers and passengers with given importance to the profile of each to make his choice. The LaZooz organization is also positioning itself on this aspect of a community platform dedicated to transportation. You should hire blockchain developers for blockchain technology.
The Healthcare market is certainly one of the most impacted by the mass arrival of connected objects and the quasi-infinite data associated with these objects worry about some potential malignancies. The Blockchain naturally returns to its possible positive impact on democratization and the use of health data, inspired by the Bitcoin transaction model. Philipps Healthcare has accelerated this process by recently formalizing its collaboration with Tierion which will be responsible for transcribing medical data within the Blockchain to ensure control and immediate access to data in an ultra-secure manner. You should hire blockchain developers for blockchain technology.
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