The appearance of blockchain technology made a revolution in very different spheres of life - in the world of virtual reality, in financial processes, and in people’s minds. It was on investors’ minds for decades that if there was the internet, virtual entities, communities and business processes there should be virtual money.
It was clear that sooner or later it was bound to appear. The delay was only due to the lack of a reliable transaction verification tool and blockchain came about to fill that gap.
An ordinary user does not care about technical details, they simply heard bits and pieces here and there and know that blockchain is somehow related to Bitcoin.
Bitcoin became widely known due to two sensational things, one was its incredibly fast-growing value and the other was the black market where any criminal business could operate because payment for illegal goods in Bitcoins could not be tracked.
Therefore, the public has mixed feelings about blockchain. One can’t but admire the technology that beats powerful governments and banking systems. And yet willing to use it looks suspicious.
If with so many bank cards and electronic wallets for which at least someone bears responsibility, you still want to use an alternative internet currency you must have something criminal on your mind.
What then is blockchain is all about? The term itself suggests a “chain of blocks”. The blockchain technology is a data base of all transactions, i.e. transfer of digital coins from one user to another.
What then is the blockchain all about? The term itself suggests a “chain of blocks”. The blockchain technology is a data base of all transactions, i.e. transfer of digital coins from one user to another. A database which cannot be hacked, crushed, or changed irrespective of what one might need it for.
In other words, this is a strong and reliable tool – neither evil, nor good in and of itself. Just like a hammer which is good when it drives in a nail but evil when it lands on your finger. It is clear that the responsibility for good and evil is not with the hammer but with whoever holds it in their hands.
The fact that bitcoin works with blockchain technology goes to show that other systems can also work with it. It is gradually beginning to be understood worldwide. In autumn of 2016, Bank of America and Microsoft embarked on joint development of a new blockchain platform.
At that same time, a $100,000 deal between Israeli Wave, Irish Ornua and UK Barclays Bank was made. The process which, in a normal bank organisation, would take 7 to 10 days with the help of blockchain technology was successfully completed within 4 hours. Soon Russia’s Alfa Bank followed suit using blockchain to make a transaction with S7 Airline.
The Bank of Russia initiated creation of a Master chain platform and EU officers are investigating the possibility of running elections using the new technology.
So, blockchain is sure not to be forgotten or rejected as an offender. It is clear that its successful application in banking and in the political sphere is only a matter of time.
BLOCKCHAIN AND SECURITY
Transaction security is probably the biggest advantage the blockchain system provides to cryptocurrency. Security is guaranteed by anonymity of payments and multiple copying of information about them. Blockchain offers such guarantees which do not require any trust whatsoever – the system protects itself, and therefore its users, from hacking and faking!
As it happens, all transaction participants can see what is going on with the payment but neither them nor anyone else can change the information in their interests. In reality, it looks like intranet – a shared server accessible to all registered users. Anyone can see all the folders and know what files are in each of them. Who, when, for whom, and what new file was uploaded is all traceable. But only the addressee can read or download the file.
The history of all the events is available to all the users. Moreover, it is automatically encrypted, copied, and stored on each user’s machine. The computer of one party to the transaction can be broken into or damaged, or of both parties, many computers – twenty, thirty – can be broken into or damaged but all the information will still be preserved.
Because a system like this does not have a single centre. Encrypted data of all executed transactions are continuously being copied and copies are assembled into blocks. Each block is a separate link in a long chain of blocks. Chains of blocks are created, linked, and continue so that at any point in time and from any point on the globe movement of any sum of coins can be traced down to the very first transaction in 2008.
The question of guarantees is one of the most challenging ones in the contemporary world - “Can we trust this certificate?”, “How trustworthy is this expert?”, “How can you prove that you are truly acting on the seller’s behalf?” Every time we demand guarantees, it is as if we were begging to give us ground for trust. The internet is a space in which it is impossible to trust anyone 100 per cent.
Any nickname, any avatar may hide a fraudster, but blockchain offers such guarantees which do not require any trust whatsoever – the system protects itself, and therefore its users, from hacking and faking. It is the transparency and security of blockchain that makes the technology so attractive in the world of online sales, online voting, etc.
Top-ranking business people and officials have already had a chance of appreciating the advantages of the system and we can now expect government projects, online services, and private platforms based on it. Blockchain is likely to settle most firmly where today people are most of all concerned about guarantees of cleanliness and protection from hacking and faking: ·
- Storage of Medical Histories and Health Information.
- Storage of legal documents.
- Information about Bank account and operations.
- Micro-transactions
It is not accidental that the invention of blockchain is considered to be second only to the creation of the world wide web. We simply have no chances of side-stepping this technology in the future. Over time, more and more opportunities, spheres, and domains for its application are bound to suggest themselves. Each of us will have to make an effort to understand what blockchain is all about and how we can use it. Exactly like each of us, way back, had to understand what the computer and the internet were all about.
By its sincere commitment, PLC Group AG is not just promoting PLATINCOIN rather they educate the people the new technology and make them aware how the technology works!
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