Blockchain – a deeper emerging technology than Bitcoin and Cryptocurrency | news

Blockchain here, and it appears to remain. The cryptocurrency is the first thing that many people link to Blockchain, but it is used for more than just funds.

Abraham Walton, American delegate to International Committee for Recovery on Blockchain And the professor of administration in Florida Tech, Blockchain described as mainly using two different uses – one is Mali and the other is part of the institution.

Walton said: “Anything we call a coin, and even the digital dollar – all in this money bucket.” “The other big bucket of Blockchain is what we might call the institution or Blockchane benefit.”

Blockchain is a technology that uses a network of different computers, all of which work together to create a professor note for transactions. These transactions are general, and because they are independently verified by each individual computer, it is almost impossible to use fraud.

What is the financial use of Blockchain?

Current currencies are one of the most famous financial uses in Blockchain. It works by creating a busy record for every transaction that occurs on a public network.

The value of the cryptocurrency is determined according to the supply and demand. For symbols like Bitcoin, there are a limited number of symbols that can be purchased, and with the high popularity of the symbol and more people try to buy from limited supply, the value of the distinctive symbol rises.

Bitcoin It is currently the most popular and widely used cryptocurrency. With a value of about $ 100,000 per code, the price of Bitcoin has increased ten times in the past five years.

Walton said: “It is a rare resource.” “We do not make it more quickly as we are used to, and there is a higher demand for its acquisition.”

some Prediction models Get the price per bitcoin up to more than a million dollars based on a form of stocks to a flow that is used to predict the value of other rare resources such as silver and gold. It is important to note that these statistical models use historical data to try to predict the future value of Bitcoin, but they do not serve as a guarantee of the asset that reaches a specific price.

Since the price of Bitcoin depends entirely on supply and demand, Walton said that if the market remains on the same path that is currently operating, the price of $ 1 million per bitcoin can be perceived, but it is not guaranteed in any way.

Walton said: “To reach a million, it must be the category of the ongoing assets that people want to keep.” He said there are obstacles that could make bitcoin a less desirable balance, which will lead to low value due to low demand.

Walton said his basic interests when it comes to longevity is quantum technology and Amnesty International.

Bitcoin Blockchain quantum technology depends on safety, and artificial intelligence trading may cause more severe fluctuations in bitcoin value, according to Walton.

What is the use of Blockchain benefit?

Blockchain uses in the institution serve a completely different purpose from the financial uses of Blockchain, although there are certain interventions.

One of the current uses of Blockchain in the Foundation’s context is to track supply chains. Using Blockchain, all stations that the product takes can be tracked along the supply chain and recorded on the notebook of the General Professor.

Walton said that this is useful in cases such as calling the products because there is a clear record of the products that ended up with retailers, and then the calls can be processed properly.

This technology can also be useful when it comes to charging packages. When each entity records interacting with a package on Blockchain, it makes it easier to track where the charging error occurred if the package does not reach.

Smart contracts Combining certain aspects of the institution and the financial use of Blockchain. The smart contract is a contract created on Blockchain, which is automatically paid after proving the provision of goods or services.

“This is a truly useful tool for lack of payment and such things,” Walton said. Since the contract is linked to the calculated currency of each party, automatic payment removes any negotiation for payment after fulfilling a contract.

The main issue that arises with smart contracts is the volatility in the value of the encrypted currency. If a contract is signed that requires payment of bitcoin compensation, this value can change significantly by the time when the contract is completed.

The way to avoid this is to request bitcoin equality with a specific amount of other currency, such as the US dollar.

What are the regulations and obstacles facing Blockchain?

On January 20, President Donald Trump signed Executive order This created federal support for the use of cryptocurrency and Blockchain technology. This request protects the use of these technologies by individuals and those in the private sector and also states that the government will create clear regulations for digital assets and Blockchain, although this may not be easy.

Walton said: “It is a nightmare.” He said that due to the speed with which these technologies develop, it will be very difficult for federal organizers to keep up with it.

One of the biggest challenges facing Blockchain technology is the amount of data required to maintain all transactions that occur. Blockchain will not be able to keep pace with daily credit card transactions at the present time.

“There are a lot of transactions,” Walton said. “We have some technological problems that must be solved – this will be a big problem.”

Over time, especially as federal government’s involvement increases with this technology, it is likely to continue to grow.

Walton said: “I don’t think it is something we can adhere to our head in the sand.” “Let’s tend to do so, but very smart.”