What is the technology of block chain and how it can revolutionize the business world?

In January of 2009, based on research published in November 2008, an anonymous person named

Satoshi Nakamoto published an electronic coin called Bitcoin, which is fully encrypted and based

on block chain technology. In its first application as a technology, financial world.

Bitcoin is not controlled by any central authority and is not subject to any central laws exchange

currency is directly between dealers without a mediator process, which completely cancels the banking

sector of business transactions and transfer of funds.

What is the blockchain technology of plaque and what is it based on?

Blockchain is a technology for storing, verifying and licensing digital transactions on the Internet with

high security and encryption, which can be impossible to break under the technologies available today.

Many researchers and experts assert that the technology of blockchain will be the gateway to a world

of innovation in the Internet space and the destabilization and change of business methods in a way that

may disappear with many companies around the world as money transfer companies unless installed

wave and adapt their work to the latest technologies.

Traditional business management depends on centralization most of the time and the inevitability of a third party in any

transaction that authorizes or guarantees the transaction. For example, banks are the ones who control the money transfer

sector for a specific fee. For example, the bank is the third party to guarantee the transaction and transfer funds from the

sender to the sender.

In another example, the Land Registry Department represents the basis of dealing and transfer of ownership of any property in

any country so that it plays the role of the third party for specific fees issuing property and leases and ensuring smooth

handling.

The focus of this transaction is of any kind:

• Need time to be done completely (lack speed).

• Charged high fees in all transactions.

• Infiltration and manipulation.

• Limited participation.

• Need specific skills, rules and regulations governing the role of the third party.

• Trading in them is highly vulnerable.

After all these challenges and flaws, this is still the way around the world. What if I knew that the technology of

the blockchain was designed to eliminate all these challenges and defects.In short, it can be considered blockchain

as a new type of database. Instead of being centralized in the third party of the transaction and stored in one server or

several third-party servers, the databases are all stored frequently in all connected devices Some of the devices of

persons dealing with each other who use these databases stored in their devices in duplicate in verifying the validity

of any transaction.

Having a copy of the transaction in people's devices facilitates the detection of any unauthorized transaction.

For example, let us assume that there is a coded database in the blockchain. This database is stored in 10 people computer or

servers in encrypted form. This database contains my personal data. I am the only person authorized to make any changes to

this rule. If I change my phone number, the database in my SIM will change the database of my device and communicate with

all devices that have the same database in an encrypted way to report the change. On the other hand, until the change is

made on all devices on the network, I agree first that I have the authority to change the phone number and then update the

stored database. Suppose a hacker succeeded in changing my phone number, in the Blockchain database. Will be rejected by

other databases in the network of the blockchain, making the penetration of the network of the semi-impossible.

The characteristics blockchain:

• There is no centralized or third party transaction required.

• No one agrees or rejects the transaction if you are authorized to do.

• The power of the system in the range of encryption and not centrality.

Application of blockchain:

• Financial transactions: For example, electronic treaties such as stocks, bitcoin, and remittances.

• Supply Chain: The Bloc chain technology can keep the history of any product or plant from

origin and even the buyer in a safe, reliable and encrypted manner that cannot be manipulated.

“Dubai Ports is currently working on the application of the Blockchain technology on the port to speed

up and facilitate the port operations quickly, safely, reliably and high encryption level.”

“One of the most striking characteristics of blockchain is its ability to provide confidence even in areas

where confidence may be difficult.”

• And in many areas such as saving passwords, credit rating, issuing driving licenses, marriage certificates and managing

assets and assets.

To this day there is a reservation on the use of Blockchain technology because it may cause a change in systems and laws and

may lead to the disposal of many companies and government institutions and private.

What hinders the application of blockchain?

• Most people and those working in technical and service organizations do not know what the

blockchain technology is, but if they know it, their knowledge of it is simple and free of details

and no more than their knowledge of the bitcoin currency.

• The novelty of this technology, which needs time to mature and vary in applications.

• Manage data in a decentralized environment.

• There are no international standards and standards for this technology.

• Regulatory Acceptance: It simply requires a radical change in procedures, laws, and policies.

• Resistance to change.

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