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Breaking the erroneous zone and understanding the real potential of block chain
There is excitement about the revolutionary potential of block chain technology, but there are also many puzzles. Some people think block chains are only used for bitcoin and encrypted currency, or they are only used to enable malicious anonymous online transactions. In fact, block chains, like the Internet of Things (IOT), artificial intelligence and fog computing, are one of the key technologies that are revolutionizing businesses and changing the industry as a whole. In short, these four technologies can drive new business models and offer new value propositions, while addressing long-standing challenges through transparency and security in transactions involving multiple parties and large amounts of data.
To understand the true potential of block chains, we must first define techniques, then eliminate some common misunderstandings, and finally examine some of the most exciting potential use cases.
What is block chain?
Block chaining is a decentralized ledger that allows a group of shared computing systems to agree that transactions between multiple parties are real. These results will be permanently recorded and continuously coordinated and updated in an encrypted and secure manner. Because ledgers are distributed among all trading participants, they exist in multiple locations at the same time, making it extremely difficult to manipulate items or tamper with data without the attention of other parties. So the reason block chains are so important is that they can automate trust and transparency between the parties using them.
Perhaps one of the most important innovations in the field of block chain is re establishing intelligent contracts. Intelligent contracts have existed for decades, but are now being re-conceived to operate and automate business processes in a completely decentralized manner, enabling shared participatory rules, behaviors, and business processes to be automated and enforced across the ecosystem. Intelligent contracts extend block chain applications to encrypted currencies.
Misunderstanding: block chain is equal to bitcoin.
Fact: Because Bitcoin bookkeeping uses block chains, many people equate them with or believe that block chains are only used to encrypt money. Yes, both technologies originated here, but today's encrypted currency is just one of many applications that can run on block chains.
Misunderstanding: the block chain is open and anonymous.
Fact: Block chains for Bitcoins are probably the most famous example of an unauthorized public block chain network anyone can participate in. Encrypted currencies use this type of block chain technology because it allows all parties to track, verify, and negotiate transactions, even if individual participants remain anonymous. But this is only one of the block chain models. The other is a private, licensed block chain. We can start to see that the rate of adoption is rising. Some large companies, including Microsoft, Wal-Mart and JPMorgan Chase, are deploying block chain networks, with only well-known entities (such as partners, suppliers or customers) involved. Through private, permissible block chains, companies use protocols to reach consensus and validate and assemble blocks in the block chains. Such a block chain can deliver thousands of transactions per second and provide fine-grained management and control over who sees and accesses transactions.
Misunderstanding: block chain ledger can not be changed.
Fact: As mentioned earlier, all parties are transparent about the transactions recorded in the block chain ledger, and each block is associated with the previous block. This transparency and visibility to a single source of fact make block chains extremely difficult, if not impossible to manipulate on a large scale. Nevertheless, there is still much work to do to ensure the end-to-end security of the block chain network. First, ensure that data and transactions entered into the block-chain ecosystem are adequately protected from manipulation. Infrastructure of the block chain network must also have the necessary protective measures. In the block chain, you have only the weakest link. If the integration point is damaged, the whole block chain ecosystem may be at risk.
Misunderstanding: block chain is mainly applicable to financial services industry.
Fact: when discussing the potential of block chaining technology, most conversations focus on the financial services industry. In fact, the new use cases of the technology almost appear in many different industries every day. There are only a few:
End the Counterfeiting in the Supply Chain: Companies begin to crack down on counterfeiting by implementing private sector chain ledgers throughout the supply chain. By creating unique digital signatures for each product or component, they can easily track, monitor chains, and transfer ownership to achieve end-to-end visibility. Similarly, supply chains can improve food safety and use block chain ledgers to identify sources of contaminated goods.
Managing electronic health records: Medical errors cause deaths every year, some of which may be the result of inability of health care providers to fully understand the patient's medical history. By maintaining health records in a private block chain network, medical professionals can request permission to access patient records for their specific purposes and record transactions on a decentralized ledger. This can help prevent catastrophic errors, such as different prescriptions for different prescriptions.
Enhanced Data Privacy: Numerous large-scale data leaks, such as Equifax and Yahoo, show that personal information is vulnerable when stored in online databases. Through the federated digital identity model stored on the block chain ledger, individuals can maintain more control over their personal information, allow businesses to access only the minimum amount of information they need and know who has viewed their information.
These are just sectors of the block chain that are likely to change and transform, have a positive impact on our economy and even save lives. Various block chain usage cases are still in the proof-of-concept stage, but it is becoming increasingly clear that when combined with other leading technologies such as the Internet of Things, artificial intelligence, and fog computing, the potential for adding new business value is virtually unlimited.
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