government research guys government research is government research good depends on what the arena is I suppose do you think the government knows NIST blockchain report examines the tech behind the hype oh really is there hype guys the National Institute of Standards and Technology has issued a report title blocking technology overview the report intended to provide high level technical overview it discusses the application of blockchain technology to electronic currency in depth it also discusses the broader applications if you guys remember we also covered this before on another crypto news bit this one's intriguing around the blockchain we want to help people understand how block chains work so they can appropriately and usefully apply them to technology problems it's a NIST computer debt scientist Dylan Yaga who's one of the authors of the report it's an introduction to the things you should understand and think about if you want to use the blockchain according to yaga blockchain technology is a powerful new paradigm business Yagyu would be correct so far the very fact that it comes from NIST makes the report worth reading oh really you mean the same the same the same NIST that said 9/11 is I won't go there NIST 8 non-regular compliance non regulatory agency of the US Department of Commerce whose mission is to promote innovation and industrial competitiveness is a high profile agency of the US government with programs that include nanoscale science and technology engineering and information technology as well as propaganda they forgot that partner from the small electric power grid and electronic health record records to atomic clocks advanced nanomaterials and computer chips in new global innumerable products and services to rely in some way on technology the measurement and standards provided by the National Institute of Standards and Technology notes that NIST on notes to the NIST website therefore NIST recommendations are likely to shape not only the development of blockchain technology in the private sector but also the US government's adopt and regulation of blockchain technology as well as public opinion as well as propaganda and the news cycle because the market is growing so rapidly several stakeholders customers and agencies ask NIST to create a straightforward description of block chain so that newcomers to the marketplace could enter with the same knowledge about the technology reads the inist press release it's a good thing the vast majority of consumers enjoy reading government we govern rent reports said no one ever if we want to help people see past that we want to help people see past the hype said yaga the NIST report is formally a draft open to public comments from January 24th at to February 23rd 2018 so if you'd like to give them your color commentary on their report feel free to check it out the authors also note that many electronic cash genes were proposed before Bitcoin but none of them achieved widespread use Bitcoin achieved compelling capabilities in widespread use because blockchain technology enabled electronic cash to be implemented in a distributed fashion without controlling bodies and single points of failure other blockchain technologies discussed explicitly our aetherium like coin - multi chain ripple and hyper ledger according to the author's financial organizations are likely to be the most impacted by blockchain technology and may need to adapt or even completely change their practices this my friends is exactly correct I believe in my heart of hearts that the future not only will be decentralized but the future will be running on blockchain and so I completely agree with Yaga in this regard the vast majority of companies will need to begin thinking very progressively and very assertively as to how to use blocking in the future if they don't they're going to end up becoming a blockbuster that's right they're going to be well they're not going to be very important in the future they're gonna be redundant or useless in the future if they're not running on blockchain if they're am with this programmable smart contracts able to perform calculations store information and be hacked all the time is considered an enabler of next generation non-financial blockchain applications for example in this researchers have created smart contracts that publicly gener trustworthy random numbers just like crypto kitties and the uselessness of that the NIST report mentions several non-financial applications of blockchain technology including autonomous machine-to-machine transactions iota anyone smart buildings that autonomously trade excess renewable energy public records keeping for land title's marriages or births supply chain monitoring management identity systems and digital notarization services as well as a one-world government in a one-world currency the report notes that practical quantum computers which could be developed in the near future would be capable of greatly weakening and in some cases rendering useless existing cryptographic algorithms this could result in the need to change or update the cryptography technology used in today's blockchain systems the report provides a table taken from NIST 2016 report on post quantum cryptography describe the impact of quantum computing on common cryptographic algorithms in summary RSA elliptic curve cryptography ECDSA and EC D H and finite field cryptography DSA should be considered as no longer secure hey es sha - and sha-3 should use larger key and output sizes blockchain technologies have the power to disrupt many industries you better believe it conclude the NIST authors to avoid missed opportunities and undesirable surprises organizations should start investigating whether or not blockchain can help them I completely agree in this regard however the report warns that updating technology systems with users distributed around the world and governed by the consensus of users could become extremely difficult oh really you mean distributing things and creating a decentralized nature Rimi means that the companies can no longer control everything or have limited control or loss of control that's part and parcel with blockchain technology my friends the fact that something I recorded on blockchain usually stays there forever even when there is a mistake it can be desirable feature for some organizations but a serious problem for others kind of like Kodak and putting on prawn on the Internet you heard it so what do you guys think about this NIST report give me your feedbacks in the bitcoin dot pub or the comments section below I'd love to know I think Yaga is on to the right track however though I believe that the future will be decentralized and the future will be on blockchain so the question is are you ready how much Bitcoin do you own guys smash the like button for blockchain in the future and NIST the believers of conspiracies when it comes to 911 mmm it is conspiracy Sunday after all
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