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Blockchain and Cryptocurrency Education Test Q&S Latest Updat
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Blockchain and CryptocurrencyEducation Test Q&S Latest Update
Why Use a Blockchain? - Answer As the implications of the invention of have
become understood, a certain hype has sprung up around blockchain technology.
This is, perhaps, because it is so easy to imagine high-level use cases. But, the
technology has also been closely examined: millions of dollars have been spent
researching blockchain technology over the past few years, and numerous tests
for whether or not blockchain technology is appropriate in various scenarios
have been conducted.
Blockchain technology offers new tools for authentication and authorization
in the digital world that preclude the need for many centralized
administrators.
Blockchain technology offers new tools for authentication and authorization in
the digital world that preclude the need for many centralized administrators. As a
result, it enables the creation of new digital relationships.
By formalizing and securing new digital relationships, the blockchain revolution is
posed to create the backbone of a layer of the internet for transactions and
interactions of value (often called the 'Internet of Value', as opposed to the
'Internet of Information' which uses the client-server, accounts and master copy
databases we've been using for over the past 20 years.)
But, with all the talk of building the digital backbone of a new transactional layer
to the internet, sometimes blockchains, private cryptographic keys and
cryptocurrencies are simply not the right way to go.
Many groups have created flowcharts to help a person or entity decide between
a blockchain or master copy, client-server database. The following factors are a
distillation of much of what has been previously done:
, Is the data dynamic with an auditable history?
Paper can be hard to counterfeit because of the complexity of physical seals or
appearances. Like etching something in stone, paper documents have certain
permane
How could blockchain technology change finance? - Answer This question has
been asked by every futurist research lab in many of the largest banks, central
banks, financial institutions, think tanks, consulting firms and government
committees around the world.
R3CEV, a consortium effort financed by some of the world's largest banks, is busy
trying to answer this question. Goldman Sachs, McKinsey Consulting and
Consumers' Research have all written excellent reports on this question. The UK
Government, the Senates of the US, Canada, Australia and the EU have all made
inquiries along these lines.
Many startups also produce white papers concerning their particular innovation
or use of blockchain technology, and often include the larger social question:
"How this will change things?"
Much of this research underlines four major areas of change:
Infrastructure for cross-border transactions
The digital revolution has totally transformed media, as we all know. It's had an
effect in the finance industry as well. Of course, financial institutions use computers.
They used them for databases in the 1970s and 1980s, they made web pages in the
1990s and they migrated to mobile apps in the new millennium.
But the digital revolution has not yet revolutionized cross-border transactions.
Western Union remains a big name, running much the same business they
always have. Banks continue to use a complex infrastructure for simple
transactions, like sending money abroad.
The following infographic, prepared by Richard Gendal Brown, shows the
infrastructure and intermediaries in cross-border banking that have been in place
since the '70s.
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