ABOUT BLOCKCHAIN

Hear It From Me

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.

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It was on inventors’ 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.

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Therefore, the public has mixed feelings about blockchain. One can’t but admire the technology that beats powerful governments and banking systems. And yet willingness 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.

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What then is 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.

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A database which cannot be hacked, crushed, or changed irrespective of what one might need it for.

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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.

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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.

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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.

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The Bank of Russia initiated creation of a Masterchain 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.