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It seems that the blockchain revolution is in full swing. Over a period of one year, Google search requests because the keyword "blockchain" has increased by 250%. The United States Senate recently he had a public discussion on the most important application of blockchain, cryptocurrency. IS different public bodies they added "blockchain" to their company name. So, what's the hype? What is blockchain and how will companies benefit from it?
What is a blockchain?
In simple terms, a blockchain can be described as a ledger of only append transactions. This means that the ledger can be written with new information, but the previous information, stored in blocks, can not be changed, modified or modified. This is achieved by using cryptography to link the contents of the newly added block to each block before it, so that any change to the contents of a previous block in the chain will invalidate the data in all subsequent blocks.
Blockchains are guided by consensus. A large number of computers are connected to the network and to reduce the possibility for an attacker to add transactions on the network, those added to the blockchain must compete to solve a mathematical test. The results are shared with all the other computers on the network. Computers, or nodes, connected to this network must agree on the solution, hence the term "consent."
This also makes the work of adding data to the general decentralized register. That is, no single entity can take control of the information on the blockchain. Therefore, we do not need to trust a single entity because we rely on an agreement from many entities. The beauty of this construct is that transactions recorded in the chain can be publicly published and verified, so that anyone can view the content of the blockchain and verify that the events that have been recorded in it have actually occurred.
So, to sum up, the blockchains are:
•& nbsp; Transaction logs
•& Nbsp; Immutable
•& Nbsp; Guided consensus
•& Nbsp; decentralized
•& nbsp; Trustless (not based on a trust system)
•& nbsp; Safe from encryption
•& nbsp; It can be made public
Which companies benefit?
Before the advent of the blockchain, there was no way to protect and validate the property in a digital asset or verify a transaction in a public and untrustworthy manner. For example, & nbsp; the act of using a software license to access a program such as Microsoft Word. To assert the right to use the software, you need to control a centralized server managed by Microsoft. If Microsoft wanted, it could deny access to the software or transfer those permissions to another user. While we consider Microsoft a trusted entity, the risk of illicit behavior increases when an untrusted party is introduced.
Perhaps a better example is the ownership of a more valuable asset, such as a substantial share in a company or a precious digital heritage as a unique piece of digital artwork. To transfer ownership shares in a company, the current model requires stacks of documents, a lawyer or a centralized and trusted entity, such as the New York Stock Exchange.
What about the transfer of a digital resource like art? How do you prevent people from copying the digital file and sending a copy to many others? If there is no way to publicly verify the transfer of a single asset to a single entity, there is no way to impose ownership or authenticity. This is the reason why the value in art is always in the physical good.
The blockchain is the first technology that allows the transfer of digital property in a decentralized and trustworthy manner. In fact, there are companies like Polymath that are destroying the industry by creating digital tokens that can represent ownership in a company, or DAEX, who is trying to destroy the digital art world by publishing the property on the blockchain.
While the technology and support platforms around the blockchain ecosystem will certainly evolve, to answer the question of which companies will initially benefit from its use, are those that have the following traits:
•& Nbsp; based on the transaction
•& nbsp; Benefits of public control
•& nbsp; Benefits from the history that can not be rewritten
•& nbsp; Decentralization benefits the end-user or customer
Revolutionary but limited
It is easy to be sucked into the clamor of one of the fastest growing new technologies. But it is important to understand that the blockchain has its practical limits. It may not be a suitable substitute for where centralization is needed (or at least where there is no additional advantage for decentralization) or where the malleability of transactions is required.
An example of where I think blockchain can complicate things but not add value to a problem is the case of medical records. Since privacy of information is protected by federal law, their accessibility to the public may not necessarily be a good thing. The only way to do something like this would be to encrypt the information, then store the decryption keys on centralized entities to allow the other nodes to read the encrypted data. But this would require some specific parts to be able to read and write encrypted data. Therefore, a central authority should check the licensing of this information to ensure that bad actors do not have the opportunity to hijack a person's medical records. Furthermore, incorrect information added to the chain may be impossible to modify.
Without a doubt, support technology around the blockchain will evolve rapidly, as will the potential for applications based on it. With its growth will increase the awareness of consumers for its benefits, as well as an equally supportive community. Companies that believe they can add value by incorporating this technology into their products or services can tap into a growing community of blockchain engineers, both in an independent environment and in a professional blockchain development agency. As in any nascent industry, the talents will initially be scarce, but as the ecosystem develops, the offer should increase to support it.
Do I qualify?
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It seems that the blockchain revolution is in full swing. Over a period of one year, Google search requests because the keyword "blockchain" has increased by 250%. The United States Senate recently he had a public discussion on the most important application of blockchain, cryptocurrency. IS different public bodies they added "blockchain" to their company name. So, what's the hype? What is blockchain and how will companies benefit from it?
What is a blockchain?
In simple terms, a blockchain can be described as a ledger of only append transactions. This means that the ledger can be written with new information, but the previous information, stored in blocks, can not be changed, modified or modified. This is achieved by using cryptography to link the contents of the newly added block to each block before it, so that any change to the contents of a previous block in the chain will invalidate the data in all subsequent blocks.
Blockchains are guided by consensus. A large number of computers are connected to the network and to reduce the possibility for an attacker to add transactions on the network, those added to the blockchain must compete to solve a mathematical test. The results are shared with all the other computers on the network. Computers, or nodes, connected to this network must agree on the solution, hence the term "consent".
This also makes the work of adding data to the general decentralized register. That is, no single entity can take control of the information on the blockchain. Therefore, we do not need to trust a single entity because we rely on an agreement from many entities. The beauty of this construct is that transactions recorded in the chain can be publicly published and verified, so that anyone can view the content of the blockchain and verify that the events that have been recorded in it have actually occurred.
So, to sum up, the blockchains are:
• Transaction logs
• Immutable
• Consensus-driven
• decentralized
• Without trust (it is not based on a trust system)
• Protected by cryptography
• It can be made public
Which companies benefit?
Before the advent of the blockchain, there was no way to protect and validate the property in a digital asset or verify a transaction in a public and untrustworthy manner. Take, for example, the use of a software license to access a program such as Microsoft Word. To assert the right to use the software, you need to control a centralized server managed by Microsoft. If Microsoft wanted, it could deny access to the software or transfer those permissions to another user. While we consider Microsoft a trusted entity, the risk of illicit behavior increases when an untrusted party is introduced.
Perhaps a better example is the ownership of a more valuable asset, such as a substantial share in a company or a precious digital heritage as a unique piece of digital artwork. To transfer ownership shares in a company, the current model requires stacks of documents, a lawyer or a centralized and trusted entity, such as the New York Stock Exchange.
What about the transfer of a digital resource like art? How do you prevent people from copying the digital file and sending a copy to many others? If there is no way to publicly verify the transfer of a single asset to a single entity, there is no way to impose ownership or authenticity. This is the reason why the value in art is always in the physical good.
The blockchain is the first technology that allows the transfer of digital property in a decentralized and trustworthy manner. In fact, there are companies like Polymath that are destroying the industry by creating digital tokens that can represent ownership in a company, or DAEX, who is trying to destroy the digital art world by publishing the property on the blockchain.
While the technology and support platforms around the blockchain ecosystem will certainly evolve, to answer the question of which companies will initially benefit from its use, are those that have the following traits:
• transaction-based
• Benefits of public control
• Benefits from history that can not be rewritten
• Decentralization benefits the end-user or customer
Revolutionary but limited
It is easy to be sucked into the clamor of one of the fastest growing new technologies. But it is important to understand that the blockchain has its practical limits. It may not be a suitable substitute for where centralization is needed (or at least where there is no additional advantage for decentralization) or where the malleability of transactions is required.
An example of where I think blockchain can complicate things but not add value to a problem is the case of medical records. Since privacy of information is protected by federal law, their accessibility to the public may not necessarily be a good thing. The only way to do something like this would be to encrypt the information, then store the decryption keys on centralized entities to allow the other nodes to read the encrypted data. But this would require some specific parts to be able to read and write encrypted data. Therefore, a central authority should check the licensing of this information to ensure that bad actors do not have the opportunity to hijack a person's medical records. Furthermore, incorrect information added to the chain may be impossible to modify.
Without a doubt, support technology around the blockchain will evolve rapidly, as will the potential for applications based on it. With its growth will increase the awareness of consumers for its benefits, as well as an equally supportive community. Companies that believe they can add value by incorporating this technology into their products or services can tap into a growing community of blockchain engineers, both in an independent environment and in a professional blockchain development agency. As in any nascent industry, the talents will initially be scarce, but as the ecosystem develops, the offer should increase to support it.
