Blockchain

27.07.2017

Blockchain

Nowadays, blockchains gain more and more attention. They are the continuous series of blocks storing a wealth of information. However, an attitude towards them is always ambiguous.

History

Users don’t understand why they need another tool when they already have e-cards and e-currency. Advantages of blockchains include:

  • transparency;
  • high speed;
  • security;
  • effectiveness.

This technology is rapidly catching new fields of activity.

A blockchain ties new data in blocks that then are situated one by one. Each new one is at the end of the chain. The blocks are closely linked so they have a particular sequence.

Application

Blockchains are perfect for making international transactions. The parties will be able to avoid bureaucracy and to increase the cooperation rates significantly. Blockchains are not a centralized system as the user can control the current state from anywhere in the world and be certain that transactions he carries out are transparent. But average users and those who make transactions will have different access levels.

Due to this, blockchains are almost immune to hacker attacks, as attackers will need an access to all computers of the chain in order to use information. So, now more and more banks consider the implementation of such system. Besides, the advantages of blockchains are obvious to many users, so the demands to the service become only more serious. That’s why the users are encouraged not to expect impossible things. SWIFT has declared that the implementation of the technology is not real for the banking sector at this stage.

Transparency and integrity are ones of the main signs of the democracy. It’s not surprising that already now the parliamentary elections are going to be conducted with the blockchain.

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