BchainTalk Forum - Community for Blockchain Believers

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

Latest topics
» Scientists Propose Using Blockchain In Dairy Products Industry
Today at 12:59 am by Vladdirescu

» ICO Problems: Double-check Where You Are Sending Your Money To
Thu Jul 20, 2017 10:00 pm by Vladdirescu

» Russia To Legalize and Regulate ICOs
Thu Jul 20, 2017 1:28 am by Vladdirescu

» Social Media and Blockchain: Where Everyone Has Voice and Freedom
Fri Jul 14, 2017 11:14 pm by Vladdirescu

» The Chinese Exhibition Market is Starting to Implement a Blockchain
Thu Jul 13, 2017 2:36 am by Vladdirescu

» Billion-dollar Unregulated Gaming Industry to Embrace Blockchain
Sat Jul 08, 2017 1:55 am by Vladdirescu

» Blockchain Crowdfunding Is Attracting Hundreds Of Millions Of Dollars – And It’s Growing Fast
Fri Jun 23, 2017 8:57 pm by Vladdirescu

» Is Blockchain Really the Future of Energy?
Thu Jun 22, 2017 11:54 pm by Vladdirescu

» Global Commodity Exchange To Use Blockchain For Trading Diamonds
Fri Jun 16, 2017 10:18 pm by Vladdirescu

» How to buy Bitcoin in India ?
Tue Jun 13, 2017 2:53 pm by blockchainboy

» Coinbase Scam
Tue Jun 13, 2017 9:26 am by theepicbonus

» Poland is Moving Towards Embracing Bitcoin and Blockchain Technologies
Tue Jun 13, 2017 3:44 am by Vladdirescu

» The First Islamic Bank to Use Blockchain Technology
Tue Jun 13, 2017 12:14 am by Vladdirescu

» The Number of Blockchain-related Vacancies on LinkedIn Has Tripled
Fri Jun 09, 2017 2:30 am by Vladdirescu

» Sberbank Conducts the First Letter of Credit Transaction on the Blockchain
Tue Jun 06, 2017 2:36 am by Vladdirescu

» Blockchain Startup TrueFlip Banned in Russia
Mon Jun 05, 2017 11:26 pm by Vladdirescu

» Energy Sector Welcomes Blockchain Worldwide
Fri Jun 02, 2017 2:11 am by Vladdirescu

» Dubai is Leading the Way for Blockchain Implemenation
Tue May 30, 2017 10:26 pm by Vladdirescu

» The Next Generation of Blockchain Tech - ‘Quantum-Secured Blockchain
Sat May 27, 2017 12:20 am by Vladdirescu

» Blockchain-Based Cryptocurrency Travacoin Used as Compensation for Flight Delays
Thu May 25, 2017 3:15 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.”

Source:https://eandt.theiet.org/content/articles/2017/01/blockchain-predicted-to-expand-beyond-bitcoin-and-finance/

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

- Similar topics

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