To apply you need to master

Blockchain basic theses (suitable for the humanities). Part 2

Blockchain ecosystem

The blockchain ecosystem is growing very dynamically and already consists of many super platforms, hundreds of applications and services, and involves an increasing number of countries and the largest companies in the world.

Segments of blockchain development can be conventionally divided into three classes:
- private blockchain systems;
- infrastructure and solutions with a protocol level;
- decentralized autonomous organizations and applications, services based on such organizations.

Blockchain technology demonstrates high investment potential. Over the past few years, even very large companies such as NASDAQ, American Express, MasterCard and Visa have started participating in the investment rounds of Bitcoin and blockchain startups. Financial and technology companies are investing billions of dollars in the development of blockchain technology in the near future in an effort to bring this technology to the capital markets. As a result, the number of blockchain startups is also growing rapidly.

Although there are a large number of startups operating in the ecosystem, most of them are trying to improve the Bitcoin system and eliminate those shortcomings that currently exist. The next category of projects is aimed at developing services based on the bitcoin payment mechanism, joining the transfer of other assets within the bitcoin system, as well as self-executing contracts. There are startups that are developing a blockchain consensus system to increase processing speed.

link for future

Blockchain application

In 2021, we can confidently say that the technology has left the laboratory environment, many different consortia have appeared that will develop this direction together. There are already a number of national, interstate, industry and university consortia for technology development.

The main advantage of the blockchain system is the ability to record facts and data. In this sense, blockchain can be used to create systems for the circulation of documents and property rights with built-in protection against malicious interference.

The blockchain phenomenon promises to gain momentum with the introduction of smart contracts, where a minimum or infinite number of conditions can become a prerequisite for the transfer of money and the transfer of the transfer of ownership.

The development of smart contracts will turn the blockchain from a tool for recording data into a public register into a tool that independently ensures the fulfillment of obligations and independently fulfills all requirements for all stages of transactions.

Blockchain can be used for any kind of asset registry, inventory and exchange, including all areas of finance, economics and money; physical assets; intangible assets (votes, ideas, reputation, intention, health data).

An asset encoded in the system becomes “intellectually independent” and can be transferred using smart contracts. Any asset can be registered on the blockchain, and thus its ownership can be controlled by whoever has the private key. The owner can then sell it by transferring the private key to another party. A smart asset is thus an asset whose ownership is controlled through the blockchain using contracts based on specified performance conditions.

appliccation bitcoin

Having such a property as trustlessness, the blockchain allows you to launch a whole series of effective transformations in different systems. For example, this property can greatly affect the lending market, not only by lowering fees as a result of fewer transactions with intermediaries, but also by reducing fraud and fraud. In fact, blockchain-based contracts allow strangers to lend money by claiming a guarantee in the form of smart assets. Globally, such a system would make credit much cheaper.

Another direction of the subsequent development of the blockchain is the digital identification of people. Services such as OneName and BitID offer digital identity services. Such services can replace the services of identification through social networks, which have gained popularity in recent years.

A huge vector of ecosystem development is the replacement (decentralization and differentiation) of state functions for providing services to the population. The blockchain could serve as a repository of all public documents, playing the role of a global ledger.

An interesting direction for blockchain development is also the emerging paradigm of global enterprises, which means bringing together large global enterprises in a new and innovative way called Decentralized Conglomerates. These clusters allow multiple businesses to join forces on a universal platform that allows them to invest in each other’s success.

The open nature of the program code allows everyone to trace information on any transaction. Any user can easily read any block and see all the records in this block. Thus, all data in the blockchain is easily verifiable, which means that it is not necessary to trust other network participants, because you can always check and get a guaranteed reliable answer about any transaction.

However, the openness of the register does not mean the disclosure of personifying data. The system is completely anonymous, and the only way to get such information is to get a special key from the owner himself.

It is assumed that the blockchain is used to optimize the following operations:

- registration and verification of the authenticity of documents;
- user identification;
- protection of intellectual property;
- data storage;
- financial operations;
- maintenance of various registers;
- enterprise management;
- crowdfunding campaigns;
- supply chains;
- conclusion and execution of contracts.

Keep for updates.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store