BLOCKCHAIN IS FAST BECOMING A STANDARD TECHNOLOGY

Blockchain isn’t just for cryptocurrencies, and more industries are developing ways to use the technology. Data validation, ID protection, payments, supply chain management, land registry are just some of the areas where blockchain is being utilized.

IBM and Hyperledger currently offer onboarding and validation via blockchain, though their solutions are geared for large international enterprises and are cost-prohibitive for average businesses. But other products like Aikon’s ORE ID offer tools and solutions that many java developers can use to integrate blockchain onboarding for businesses.

What is Blockchain?

Investopedia lays out the key aspects of blockchain, which, at its core, is a kind of database:

  • Blockchains store data in blocks that are then chained together. As new data comes in it is entered into a fresh block. Once the block is filled with data it is chained onto the previous block, which makes the data chained together in chronological order.
  • Different types of information can be stored on a blockchain.
  • Blockchain can be used in a decentralized way so that no single person or group has control – rather, all users collectively retain control.
  • Decentralized blockchains are immutable, which means that the data entered is irreversible. As an example, for bitcoin, this means that transactions are permanently recorded and viewable to anyone.

2019 marked the year that companies began to get serious about understanding and trying to leverage the advantages of blockchain technology. The global demand for blockchain engineers saw a 517 percent increase that year, according to the Hired recruitment portal. Huge investments are being made, across various types of industries, including tech companies, media, telecom, energy, and manufacturing.

12 Comments
  1. andrej 2 weeks ago

    “transactions are permanently recorded and viewable to anyone”

    That’s why I wouldn’t touch Bitcoin or anything similar with a borrowed 10-foot pole. Once spooks, criminals or law enforcement connect bitcoin wallet and person’s identity, they can trace all transactions the said person ever made.

    Those who paid for anything illegal with bitcoin will be haunted by that for years, if not decades. If you fall for the fake sextortion email (https://www.cnbc.com/2019/06/17/email-sextortion-scams-on-the-rise-says-fbi.html), and pay bitcoin to the scammer, that transaction will be recorded on the blockchain forever, for all to see.

    Another problem – how about accepting bitcoin from a wallet, that has been used for criminal activity? Extortion for example, or accepting payments for child pornography? Everybody, who accepts payment from such a wallet, even unknowingly, could potentially get into trouble with law enforcement.

  2. Dean Finzelberg 2 weeks ago

    Sorry you missed the boat

  3. David Goldman 2 weeks ago

    Pray I could understand bitcoin. Moment someone Children both bought. Not me

  4. David Goldman 2 weeks ago

    Pray I could understand bitcoin. Children both bought. Not me. Thoughts welcome

  5. Joe Doran 2 weeks ago

    Bitcoin is a store of value, limited in quantity that can ever be produced, and built on block-chain technology. It was the first significant block-chain currency of its kind. It can be purchased like any other asset (ie. gold or silver). It’s available for purchase in fractional amounts, on digital currency exchanges such as Coinbase or Binance.
    Bitcoin was created by someone who remains anonymous, and the technology itself is decentralized, meaning no one authority can control it or alter the database.
    Because Bitcoin has a limit on the amount of the currency that can ever be produced, it can fulfill its function of being a store of value that hedges against inflationary central banks / governments, etc. Hope that helps.

  6. andrej 2 weeks ago

    @Dean Finzelberg

    Sorry to inform you that the bigs haven’t missed anything.

    I’m working with that abovementioned IBM Hyperledger thingy as we speak/read/write. There’s more to this technology than just bitcoin & blockchain.

    As far as fintech company where I’m currently employed is concerned, the main problem is keeping the account balances of fiat, gold, stonks or whatever in sync, in a byzantine fault tolerant manner:

    https://en.wikipedia.org/wiki/Byzantine_fault

    The main thing here are network protocols & accompanying software. Blockchain is just a byproduct.

  7. andrej 2 weeks ago

    @Joe Doran

    The creator of Bitcoin might be anonymous, but, the users of Bitcoin are only pseudonymous.

    All Bitcoin transactions you’re ever made will remain recorded on blockchain forever, for everyone to see. And, how in the world you could possibly keep your crypto exchange fiat/crypto transactions hidden, KYC & all!? Like – forever?

    AFAIC, as I’ve said, I’m not touching Bitcoin with a borrowed 10-foot pole, no matter what the profits might be.

    Bitcoin is a privacy nightmare. Tyrants wet dream.

  8. Joe Doran 2 weeks ago

    @andrej Interesting input, thanks for your persepctive. And interesting article that addresses some of what you’re talking about…

    https://coinsutra.com/anonymous-bitcoin-transactions/

  9. Joe Doran 2 weeks ago

    Also, something like Zcash has privacy options built-in…

    https://z.cash/the-basics/

  10. andrej 2 weeks ago

    Monero also seems pretty private, and that’s the reason the “regulators” don’t like it a bit.

    How much Monero really is private, I can’t say. Mathematics behind it is way over my head.

  11. mikebenke 2 weeks ago

    Monero is 100% private, despite multiple attempts to crack the code by governments and others. The core developer team is constantly improving the protocol. Privacy and fungability are critically important for sound money.

  12. mikebenke 2 weeks ago

    Monero has replaced bitcoin on darknet black markets.. bitcoin is not private. Monero is

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