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  • What if there is a technological advancement so powerful

  • that it transforms the very basic pillars of our society?

  • A technology which fundamentally influences the way that our economy, governance systems

  • and businesses function,and change our conceptual understanding of trade, ownership and trust?

  • This technology already exists, and it’s called crypto currency. People often think

  • of crypto currency as only virtual money or a transaction system. But if you look closer,

  • youll see that the monetary aspect, is just the tip of the iceberg.That’s because

  • Bitcoin is a ground-breaking internet technology for which money is merely one of the possible

  • applications. crypto currency enables a network of computers to maintain a collective bookkeeping

  • via the internet. This bookkeeping is neither closed nor in control of one party, rather,

  • it is public and available in one digital ledger which is fully distributed across the

  • network. We call this the Blockchain. In the Blockchain, all transactions are logged including

  • information on the time, date, participants and amount of every single transaction. Each

  • node in the network owns a full copy of the Blockchain. On the basis of complicated state-of-the-art

  • mathematical principles, the transactions are verified by the so-called crypto currency

  • Miners, who maintain the ledger. The mathematical principles also ensure that these nodes automatically

  • and continuously agree about the current state of the ledger and every transaction in it.

  • If anyone attempts to corrupt a transaction, the nodes will not arrive at a consensus and

  • hence will refuse to incorporate the transaction in the Blockchain. So every transaction is

  • public and thousands of nodes unanimously agree that a transaction has occurred on date

  • X at time Y. It’s like there’s a notary present at each transaction. This way, everyone

  • has access to a shared single source of truth. This is why we can always trust the Blockchain.

  • And each crypto currency is both individually identifiable and programmable.This means that

  • users can assign properties to each unit. Users can program a unit to represent a eurocent,

  • or a share in a company, a kilowatt-hour of energy or a digital certificate of ownership.

  • Automizing such matters leads to a considerable decrease in bureaucracy, which saves accountants,

  • controllers, and the organization in general an incredible amount of time but there is

  • more. In an 'internet of things', our economy will be dealing with machines that actively

  • participate in the economic traffic.In fact, they are already here. Think of a vending

  • machine. or drones delivering packages. These machines are unfamiliar with the concept of

  • trust, Because of the blockchain, the drone can be a hundred percent certain that it will

  • deliver the package to the right recipient and know for sure that it has been paid for.And

  • we can program the vending machine in such a way that it will automatically keep track

  • of its supplies, order new supplies from the supplier and pay for them automatically. Of

  • course, you will understand that this is only the beginning. Internet technology is disruptive

  • and breaks the status quo.It opens markets and breaks the positions of middlemen all

  • the time. Blockchain and crypto currencies have caused a paradigm shift. It’s time

  • to explore this new technology constructively and critically, and openly discuss the potential

  • applications.

What if there is a technological advancement so powerful

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B2 AU blockchain crypto transaction currency ledger technology

The Blockchain Technology Explained - The real value of blockchains and crypto currency technology

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    Chris Lyu posted on 2016/01/13
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