Blockchain

samstickkz (65)in #blockchain • 9 years ago

BLOCKCHAIN

over the years we have seen many Blockchain technology turn into real life applications providing meaningful solutions to our day to day life.

newbies on cryptocurrency may ask " What is Blockchain" ?

A Blockchain originally block chain is a distributed database that is used to maintain a continuously growing list of records, called blocks. Each block contains a timestamp and a link to a previous block.A blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks

use of Blockchain

The real transformative vision, replacing the financial system’s infrastructure of multiple ledgers with a single distributed ledger, needs a continuous regulatory rethink and additional technology upgrades. Most importantly, it needs to unlock the control over infrastructure by powerful centralists in favor of transaction flows among financial institutions themselves.

more specifically the two breakthrough components: distributed ledger technology (DLT) and cryptographic validation of transactions.

the financial market infrastructures (FMIs) and utilities (FMUs) whose very existence is threatened by DLT may be the factor that will not allow blockchains to realize the transformational vision for finance anytime soon.

what is DLT?

DLT is a distributed database that records every transaction and distributes this information across computer nodes connected to the internet. It is a single immutable ledger shared by all.

some Blockchain technology to look out for

SAFE

a company that allows network members to display their verified STD status on their phone. Safe connects with Labcorp and Quest diagnostic labs in order to ensure ease-of-use and accurate testing. Safe can also connect to dating and social media sites according to user preference.

Aeternity

The Aeternity (also spelled Æternity) Project has developed a solution for issues that networks like Ethereum and Bitcoin are facing–most notably, transaction processing speed and network scalability. By establishing a network that handles all transactions and contracts in a state channel, the number of transactions that the network can process goes up exponentially. The contracts only touch the network when the transaction has been completed or in the event of a dispute.

DFINITY

DFINITY is a revolutionary blockchain that utilizes an AI called the Blockchain Nervous System (BNS) in order to solve the issue of network guidance. The direction of the network is decided by the market. For example, when users dislike an action that the network has taken, they sell off tokens, which then decreases the overall value of the market. The network learns from the mistakes it makes and uses the market opinion to guide the growth and progression of the network. To address scalability issues, the DFINITY network stores information across the network in shards.

Cognate

Cognate is a blockchain-based common law trademark registry. Common law trademarks refer to the use of a mark in commerce, and are normally upheld without the need for a more expensive, federally-registered trademark. Beyond registering in their database, they help users keep tabs on their trademarks as well.