Ten years in, nobody has come up with a use for blockchainKai Stinchcombe, MA, and BA and BA,Stanford University – Political Science and Colorado College – History, Math & Computer Science.”Everyone says the blockchain, the technology underpinning cryptocurrencies such as bitcoin, is going to change EVERYTHING.
And yet, after years of tireless effort and billions of dollars invested, nobody has actually come up with a use for the blockchain—besides currency speculation and illegal transactionsEach purported use case — from payments to legal documents, from escrow to voting systems—amounts to a set of contortions to add a distributed, encrypted, anonymous ledger where none was needed. What if there isn’t actually any use for a distributed ledger at all? What if, ten years after it was invented, the reason nobody has adopted a distributed ledger at scale is because nobody wants it?”(Stinchcombe, 2017) 1. IntroductionIs blockchain poised to be the great thing in the future?The blockchain is the topic I hear with increasing regularity about the technology that, was primarily associated with the cryptocurrency Bitcoin.
Actually, I have not learned much about blockchain or Bitcoin either, despite the last few years of enthusiastic captions in multiple tech publications. However with the news this year that Moscow mayor plans to process a voting system by blockchain, and ArcBlock project which just launched on 03/01/2018 was created the first ecosystem in the world. The technology is changing every day with great inventions which contribute to developing business sector as well as other sectors. I realized it was time to do some research what blockchain is – and I realized blockchain is “the most important IT invention of our age”.According to searching information about blockchain, the issue I have with this definition and especially what I consider to be an important defining characteristic of the blockchain. Whether blockchain is the great invention and will be used largely in the future or nobody has come up with the use of blockchain which that is a topic of Kai Stinchcombe I was particularly interested. That topic was posted on 23 Dec 2017 on hackernoon.comAlthough I did not agree with the author’s arguments, I have to admit that most of the blockchain/cryptocurrencies supporters are only looking forward to the future, however, the current benefits of this technology are almost negligible even it was invented more than 10 years ago.
Scope2. Scope2.1 AuthorAt present, Kai Stinchcombe is founder and CEO at True Link financial.
Graduated from Colorado College with BA, history, Math & Computer Science from 2000-2002, and Stanford University with MA, Political Science. He started the career with founder and Executive director at Roosevelt Institute as Builder a campus-based policy research organization to 8,000 members, 80 chapters, seven full-time and 20 part-time staff from 2004 – 2007. Then, he was cofounder at Aktana from 2007-2010. He established sales strategy software for the large enterprise. After that, he became a founder of strategic districts.
From 2012 – 2013, he worked at LendUp as head of Risk and Data Science.He has wide and expert knowledge of the business market. He wrote a series of valuable articles and posted on various news pages. 2.2 ResearchBefore going to the main of this topic, let’s find out what blockchain is and why it is so much attention.
The blockchain is described with a simple definition as digital ledger. It is a ledger, a distributed, digital ledger.A more wordy definition:The blockchain is a distributed database that provides an unalterable, (semi-)public record of digital transactions.
Each block aggregates a timestamped batch of transactions to be included in the ledger – or rather, in the blockchain. Each block is identified by a cryptographic signature. These blocks are all back-linked; that is, they refer to the signature of the previous block in the chain, and that chain can be traced all the way back to the very first block created. As such, the blockchain contains an un-editable record of all the transactions made.
The blockchain was first defined in the original source code for Bitcoin. While the recent interest in the blockchain often tries to separate it from that, it’s worth looking at this history – the two, together.Bitcoin is a virtual currency, invented in October 2008 with the publication of “Bitcoin: A Peer-to-Peer Electronic Cash System,” a paper written by Satoshi Nakamoto (an alias. The real identity of Satoshi Nakamoto, the inventor(s?) of Bitcoin remains unknown, despite several well-publicized – and failed – attempts to “out” him).
The code was released as open source in January 2009. (The next section of this guide examines the technology of Bitcoin and the blockchain in more detail.)3. CommentaryNot only bitcoin and cryptanalysts, the blockchain with the decentralized and irreversible principle is gradually being applied to many fields that require the accuracy of the information and honesty of the participants. . In late November, the Australian Securities Trading Center (ASX) began testing a securities depository system using blockchain technology. Earlier De Beers, the world’s largest diamond-mining and trading company, promoted the use of blockchain for a diamond-themed profile system.
Blockchain has become so fashionable that companies try to put the brand in their name to boost stock prices like the dotcoms nearly 20 years ago.Taking off the crazy bitcoin dance or blockchain home-grown movement, the explosion of cryptographic algorithms in economic and financial applications could be the start of social change. profound later. Satoshi Nakamoto invented the blockchain mechanism for the purpose of creating a cross-border currency independent of the state.
Bitcoin exists and operates based on an interconnected community across the Internet regardless of nationality or color. The ASX blockchain system, too, removes the role of a central agency that completely delegates the operation and management of information to its members in a democratic way: have the same voice and the majority will win. Professor Tyler Cowen of George Mason University argues that promoting the (successful) community role of bitcoin and blockchain technology is a bright spot in today’s oppressive political context.Not just financial transactions, the principle of community consensus replacing state power is more evident with smart contracts on the Ethereum platform, another blockchain application by Vitalik Buterin. developed after bitcoin for several years. With this tool many types of transactions / civil contracts in the future will no longer need state management. The boom in capital mobilization (ICO) is based on a smart contract on Ethereum, for example.
Although many countries are cautious with the ICO, even banned this form as in China, the ICO will certainly be a formidable opponent of the IPO in the future. In the immediate future, despite the bitcoin price jump like many other cross-border money transfer services using this bitcoin rail system is operating very effectively compete face-to-face with traditional money transfer services.The cross-border nature of bitcoin in particular and blockchain technology is generally another highlight that Bloomberg’s Matt Levine has pointed out.
In the context of globalization stalled by the recent financial crisis and the rise of narrow nationalism in many Western countries, blockchain applications show that political barriers are already being exploited. passing technology. Of course, it is still a long way to come before national power fosters the blockchain or other technologies, but a more coherent or “flat” world is more likely than the inevitable consequence of this technology trend. Perhaps with Satoshi Nakamoto building a more equitable, democratic, and democratic (one-CPU one vote) community than the billion-dollar fortune that lies dormant in the root account of the bitcoin system. Although such huge assets may be wasted, although bitcoin may be leaving as many other currencies in history, blockchain technology will inevitably continue to grow and will challenge the institutions / structures of the commune.
The Society has existed for thousands of years to look forward to a better future for humanity. 4. Conclusion