Maersk

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Blockchain, could be a back-up to payment systems

imagine shopping in front of you and get to the checkout, But your card is not working It turns out that your bank has a computer-GAU and none of the customers, also they can pay for anything.

But what if the cashier had access to a record, or General Ledger account, The Balance of your credit and debit cards has been updated, whenever you bought something?

Also with The Bank 's systems, your card would still work in the supermarket because the cashier know, and your balance.

This is offered only a possibility of a distributed ledger, called the blockchain. The technology has been hyped for More Than a decade and was strong.

It sounds pretty practical, But it is used in practice. So, what happened?

cryptographic money, Bitcoin is perhaps fought The Most famous use of blockchain

the Blockchain has to find a purpose through the power of crypto currencies such as Bitcoin.

In this scenario, the blockchain acts like a universal record of every Bitcoin transaction ever made. The blockchain is a ledger or log of all transactions and users on The Network work together to verify new transactions when they occur. They are financially a company is rewarded for these efforts - known as "Bitcoin mining".

But the basic idea of the fixed-point distributed information to many different users instead of maintained centrally, which has provoked a lot of attractions.

proponents have long argued, it could be a better alternative to traditional databases.

a blockchain-style alternatives would But how transformative it really? The Shop tills example was proposed by Dave Birch, author, and consultant for digital Financial Services , was critical of some of the proposed blockchain rules in The Past .

"I'm ready to buy," he says, of the funds idea. "I think there is some value. "

There are other ideas. Prof Gilbert Fridgen, Financial Services expert at the University of Luxembourg proposes a distributed ledger system that tracks, certificates, and diplomas from universities.

Not an organization to be responsible for him. Rather, copies of the ledger would be kept, would be the one of several parties and individuals will be able to check the records of your own qualifications carefully.

It would certainly be useful. In 2018, a BBC investigation revealed that there were thousands of fake degrees in circulation, so that a decentralized system that tracks skills to appeal to employers.

That said, Prof Fridgen notes that nothing can stop a blockchain even some corrupt people are trying to give fraudulent information to it. Additional tests are required.

If you have these trust issues can be resolved, then block chains could have real benefits.

News surfaced, to stay the recent migrants from the Commonwealth who have made their legal status is in question because the records were not maintained, is granted a leave of absence, in the 1970s. In The Future , such errors can be avoided by using information, such as on a distributed ledger, to care instead of relying on the government.

Some of the big companies have the integration of technology in their operation.

Maersk tracks documents for the goods with the blockchain technology

you Take shipping giant Maersk . It is the blockchain technology used in TradeLens, a new system for the tracking of customs documentation that shipped goods internationally. The idea is that each stakeholder in The Process , from a port to a customs authority, to quickly find details regarding a delivery.

Maersk says that 10 million marine events are registered in The System every week.

in contrast to Bitcoin, TradeLens used an approved blockchain, which is a non-public ledger, to which access is controlled.

But it could be a similar system to that achieved with other technologies, such as cloud-based ledger databases that encrypt the data and control who will have access to what information.

Another project of interest is the Real Estate system being tested is that of the Swedish Land Registry -lantmäteriet in the area. A blockchain is designed to documents tracking, while the sale of a property is. The buyer and seller, brokers and banks involved, could you all take part and track the sale of Digital.

Sweden , Land Registry experimented with blockchain

During the study, proved to be such a scheme was possible, a change in legislation would be required before The System can be scaled up in The Future , says Mats Snall, Chief innovation officer at the Swedish Land Registry .

"It was never in the production of integrated system of Land Registry ," he tells the BBC.

In Thailand, crypto-money company Zcoin developed a blockchain-based system, so that the members of the Thai Democrat could throw a party digital votes for its new leader by the end of 2018. Rather than trust a Central authority to count the votes, they were gathered, instead, on the Zcoin blockchain.

the voices were to the polling stations or through a mobile app, where the voters needed to send you a photo of yourself when submitting your ballot.

The digital vote in the consideration by the election Committee, a Zcoin spokesman for the BBC told. Zcoin says, to announce that it is planning a larger Plan, with "millions" of voters, in the near future.

These are thought-provoking activities that, while a debate on whether the blockchain is absolutely necessary for each of them.

Some say that in the end, blockchain-style-prove systems as The Most efficient option for the organization of data in a large scale. Entrepreneurs Helen Disney is one of them.

"In many cases, is a cost-effective, if you even make it past the first hurdle, obviously, is expensive to bring in any new system," she says.

While the blockchain-noise is set to continue in The Future , even the skeptics, like Mr. birch think there are a few focused applications that could prove to be worth it. So far, the blockchain might not have changed The World - But it has to think a lot of people.

cryptocurrency, bitcoin

Source of news: bbc.com