Even though cryptocurrency is still a controversial discussion topic, there seems to be a consensus that blockchain, the technology behind cryptocurrency, is revolutionary. I can see that blockchain has at least one vulnerability. IBM and Microsoft are leaders in cloud blockchain services. In other words, the involvement of third-party arbitrators, such as banks and governments, to verify or authorize transactions is not needed in a blockchain platform.
Lastly, blockchain is a great tool to use to store vast amounts of important documentation in industries such as healthcare, logistics, copyright and many more. Individuals could potentially store a proof-of-existence of medical data on the Blockchain and provide access to pharmaceutical companies in exchange for money.
Ultimately, the use cases for a transparent, verifiable register of transaction data are practically endless — especially since blockchain operates through a decentralized platform requiring no central supervision, making it resistant to fraud. Distributed management of transaction data and the use of electronic signatures ensure the safety of transactions and helps prevent fraudulent transactions and the tampering of transaction information.
In many cases businesses will find that the largest impact of implementing blockchain will be seen in the parts of the business that deal with accounting, payments, value transactions, etc. Bahrain is looking to become a global virtual currency hub, with its firm belief in blockchain technology and cryptocurrency.
Yet the industry the Deloitte report identifies with the most aggressive deployment plans is healthcare and life sciences: 35 percent of respondents in that industry say their companies plan to deploy blockchain in production within the next calendar year.
Perhaps one of the best real-world examples of blockchain in action is the partnership between Ripple (CCY: XRP-USD) and banking giants American Express ( NYSE:AXP ) and Banco Santander ( NYSE:SAN ). It was announced in mid-November that American Express users would be able to send non-card payments to U.K. Santander accounts over AmEx's FX International Payment network and have those transactions processed over Ripple's blockchain.
Here's a thought, the uses and advantages of blockchain technology can be used to create a real life country. In a span of less than two months, two reports have been released raising concerns on the possibilities of successful adoption and implementation of blockchain projects.
Blockchain—a peer-to-peer network that sits on top of the internet—was introduced in October 2008 as part of a proposal for bitcoin, a virtual currency system that eschewed a central authority for issuing currency, transferring ownership, and confirming transactions.
They'll need to develop new expertise in software and blockchain programming. In fact, the first international blockchain transaction was completed on October 24, 2016. I am new to blockchain technology, and I have many questions. They can be made to include certain functionality (like pruning old data) or forking to meet specific needs of the blockchain vis-a-vis certain regulatory requirements.
Deletion of such unwanted content is impossible, which means the Blockchain operators can be sued for hosting illegal or objectionable or politically sensitive content, or violation of privacy and copyright. Enthusiasts are also beginning to realise that even when a blockchain might be a suitable tool for the job at hand, they will still need to resolve the same sorts of problems as for any other big IT project.
As a result, companies could benefit from the agile financial model that accommodates new technology. The blockchain was born as the blockchain technology digital scaffolding for cryptocurrency transactions. With the open and public ledger, we could put an end to money laundering and other financial crimes.