BchainTalk Forum - Community for Blockchain Believers

Join like-minded people in a collaborative culture to share & learn.

Latest topics
» Interacting Through Decentralization: Sociall, The Blockchain Social Media Platform To End All Others
Today at 3:22 am by Vladdirescu

» Blockchain Gaming Innovators Chimaera Announce TGE Beginning 23 March 2018
Today at 2:33 am by Vladdirescu

» Physical Bitcoin Debit Cards Are Coming Back to Europe
Yesterday at 7:25 pm by Vladdirescu

» Databroker DAO Launch Pre-Sale and Announce IOT Sensor Data Marketplace, Scheduled March 19th 2018
Yesterday at 6:56 pm by Vladdirescu

» MedCredits Partner With Civic In the First Blockchain Backed Physician Registry
Yesterday at 4:14 am by Vladdirescu

» Huawei is Planning to Design a Smartphone Able to Run Blockchain Apps
Yesterday at 12:21 am by Vladdirescu

» Task Force in the UK Will Study Framework for Potential Cryptocurrency Regulations
Fri Mar 23, 2018 11:40 pm by Vladdirescu

» Regulators to Close Binance in Japan. Binance Moving to EU
Fri Mar 23, 2018 10:41 pm by Vladdirescu

» Blockchain Company Lympo Reveals Plans to Distribute Shares to Token Holders
Fri Mar 23, 2018 9:30 pm by Vladdirescu

» Qurrex, the World’s First Hybrid Cryptocurrency Exchange, is Changing the Decentralization Game
Fri Mar 23, 2018 3:49 pm by Vladdirescu

» Thaler, Property-Backed Stable Coin, to Power $5b Blockchain-based Investment Fund
Fri Mar 23, 2018 3:13 pm by Vladdirescu

» Snowden Revealed a Secret Document Showing How NSA Tracked Bitcoin Users
Thu Mar 22, 2018 9:45 pm by Vladdirescu

» FSB Chair Says Cryptocurrencies Don’t Pose Risk to the Global Financial Market
Thu Mar 22, 2018 9:24 pm by Vladdirescu

» Venezuelan Cryptocurrency Petro Banned by Trump Executive Order
Thu Mar 22, 2018 9:05 pm by Vladdirescu

» Essentia Gives Users Full Control to Their Data, ICO Starts 15.04
Thu Mar 22, 2018 8:28 pm by Vladdirescu

» Intimate ICO Launches Sex Industry Token, 7 Days Until Pre-Sale Ends
Wed Mar 21, 2018 8:58 pm by Vladdirescu

» Crowd for Angels ICO Progressing Ahead of Schedule
Wed Mar 21, 2018 4:39 pm by Vladdirescu

» Market.space Announces Partnership with Web Shield to Secure the Decentralized Cloud
Wed Mar 21, 2018 3:53 pm by Vladdirescu

» Dreams On a Smart Contract
Wed Mar 21, 2018 4:50 am by Vladdirescu

» Twitter May Ban Cryptocurrency Ads, Following Facebook and Google’s Lead
Wed Mar 21, 2018 3:35 am by Vladdirescu

Blockchain predicted to expand beyond bitcoin and finance

View previous topic View next topic Go down

Blockchain predicted to expand beyond bitcoin and finance

Post by Kirti verma on Sun Apr 23, 2017 7:57 pm

Blockchain technology, the likes of which allows the web-based currency Bitcoin to function, could quickly become the backbone of modern financial transactions or even government systems as support grows around the world.

Blockchain has attracted some big backers who have risen to prominence partly because of their rejection of traditional power structures - like bitcoin itself.

Major figureheads including IBM’s president and chief executive Ginni Rometty have compared the rise of blockchain and its potential impact with the rise of the internet.

Now they are looking at a wide range of new uses for the technology, with those outside the realm of finance expected to grow most.

For example, Italy’s biggest opposition group, the 5-Star Movement, wants blockchain to be used in streamlining public services. In the United States, President-elect Donald Trump has a number of enthusiasts for the technology in his inner circle.

Experts caution that blockchain still needs several years of experimentation and development, much like the early days of the internet, and say some projects will never work.

Nevertheless, in an ironic departure from blockchain’s libertarian origins, the very establishment that early supporters hoped it would displace is also jumping on the bandwagon.

Many of the world’s biggest banks and corporations are trying to harness the technology to make the likes of transacting cross-border payments, issuing debt and recording health data more efficient. Even Britain’s Conservative government is keen to get in on the act.

Blockchain allows for transactions and data transfers to be completed in seconds through a peer-to-peer computer network, with no need for a third party. It has therefore attracted those who distrust established authority, such as the central banks that issue traditional currencies.

This is particularly the case in its first implementation, bitcoin, which outperformed all conventional currencies in 2016. Iceland’s Pirate Party, the country’s joint second-biggest party, wants bitcoin accepted as legal tender.

Notwithstanding the corporate interest, blockchain reflects the spirit of the past year when disgruntled Britons rejected the European Union, Italians brought down their prime minister and Americans elected Trump.

“A global and open blockchain... lends itself very well to current anti-establishment sentiment,” said Jon Matonis, an economist and founding director of the Bitcoin Foundation. “The general theme is removing the role of a third-party auditor or enforcement agency.”


Kirti verma

Posts : 11
Reputation : 0
Join date : 2017-04-15

View user profile

Back to top Go down

View previous topic View next topic Back to top

Permissions in this forum:
You cannot reply to topics in this forum