How the blockchain is changing money and business, TEDTALK by Don Tapscott is an informational talk about new technology, internet of information, Internet of value and blockchain.
Next generation of internet is the Internet of value. So, it is based on the blockchain technology.
What happens when Internet of Value works on the same concept as Internet of Information? I am asking this because, in the internet of information, we are sending copies of information, we are not sending the original.
But assets such as money, loyalty points have no value when just a copies is sent. Therefore, blockchain technology is here to provide the original value from one end to another security. Bitcoin is the cryptocurrency which helps people to transaction with trust in the internet. Bitocoin is transacted using technology and the technology is called Blockchain.
But we are using intermediaries, best example is bank. But, to move money from bank takes time, high costs, privacy is undermined and also the risks of the hackers.
With the blockchain technology, people can transact peer to peer, and trust established by coolaboration and code based on the Trust protocol it developed. For the transaction to occur, information are distributed across the global ledger using the highest level of cryptography. When the transaction is done, it is recorded in computers around the world. Bitcoin miners has greatest computing power at their fingerpoints, 10 to 100 times bigger than all of google worldwide. So, miners really do a great job at every ten minutes a block is created that has all the transaction from the previous ten minutes. The block is linked to the previous block to create a chain of blocks. Therefore it offers digital wax seal. Therefore, to hack one block, it requires to hack all the preceeding blocks. Therefore, it is really difficult and so offers more secure than by the computer system we have.
Therefore, it compels banking and financial industry to collaborate with Technological industry to form Financial Technology Company(Fin-tech companies).
Blockchain has four components. They are Shared Ledger, Node Application, Virtual Machine and Consensus Algorithm.
Data is an important asset and the digital you, the data we created is protected, managed and controlled by us through the use of blockchain technology.
Blockchain is used in different sectors not limited in the finacial industry.
Five Transformation for prosperous world through Blockchain Technology
ØProtecting rights through immutable records
ØCreating a true sharing economy
ØEnding the remittance rip-off
ØEnabling protection of privacy, own and monetize the data
ØEnsuring compensation for the creator of data
Technology is The Future of World: The use of blockchain in banking industry, drones in agriculture, security and defense, environmental protection already predicts that techology is the future of the world.
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