Technology

Aug 15. 2018

What's a blockchain? How do we work with this technology?

blockchain

And here it is… A technology that came in fairly quickly and has already found application in many industries. A blockchain isn't just a cryptocurrency; it's a technology that revolutionizes today's Internet world. 

“Blockchain” is an “indestructible ledger containing various economic transactions” that can be programmed to record not only all financial transactions, but virtually everything of value.” – Don & Alex Tapscott (authors of Blockchain Revolution 2016)

What's a blockchain?

If we want to start from the very beginning , “block” in the word “blockchain” means a record of new transactions (cryptocurrency placement, medical data, voting record, etc.), which, when completed, is added to the “ chain” to create an extensive block string = blockchain.

How to better understand it?

Imagine a spreadsheet that is about a thousand times duplicated and located on a network of computers. Then imagine that this network is designed to update the spreadsheet regularly... and that's what a blockchain is about. It is a shared and constantly updated database of information not stored in one place, which means that the stored records are easily verifiable and accessible to everyone on the Internet. There is no centralized “repository” of this information that could be attacked, destroyed or misused by its data. 

Where can this technology be used?

Last year, the World Economic Forum (WEF) reported that it expects up to 10% of world GDP to be stored in a blockchain by 2025.  This statement says that even the top global directors are preparing to implement and make increasing use of it in sectors. This shows that the impact of this technology could be even greater than the Internet revolution itself.   

Blockchain technology is useful in almost every area – the public sphere, car manufacturing, health care, insurance, real estate market, tourism, advertising and many others.

blockchain use case
Author: Matte Gianpietro Zago.

How do we work with blockchain technology?

We're not among those claiming that this technology is the solution to everything... We know its advantages and disadvantages and we are always looking for the best place to use it.

We are currently auditing smart contracts, which are an indispensable part of all decentralized applications and ICOs (Initial Coin Offering). These are so-called “smart” contracts that are converted into computer code and stored and controlled by a network of computers managing the blockchain. Smart contracts directly control the transfer of certain digital currencies or assets between both parties under certain conditions. Not only do they define the rules and penalties related to the agreement, they can also automatically enforce the resulting obligations.

When it comes to the field of blockchain and cryptocurrencies, we also work with the CARPATHIAN Advisory Group, which has many years of experience in finance and is able to provide legal advice to clients on any issues related to the field.

We have been working with blockchain technology for a long time, so we can develop a robust system that can create records of data and stored information. We can build powerful decentralized applications that meet all conditions for the needs of clients and their business. We have our own development modules that can be easily adapted to the client's requirements and we also provide tokenization and authentication services.

For a better understanding of the blockchain topic, you can watch a short video:

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