2017 blockchain industry application review

nRunaway commentary: blockchain technology in the past just realized a huge leap in 2017, more and more people began to understand the concept, it has more than just synonymous with bitcoin. Mainstream departments are beginning to devote more attention to this new technology, and we can see that all walks of life are studying the blockchain to innovate and grow their business. While the use of blockchain in cryptocurrencies remains controversial, there is no doubt that it has more use cases that can make a huge contribution to social development. In 2018, we are likely to see some substantive advances in the technology.n
nTranslation: Inan
In 2017, the first blockchain system, bitcoin, returned more than 1300%. During this year, the blockchain technology has become hard to ignore, and more companies are interested in it. Meanwhile, the New York Stock Exchange submitted to the SEC two applications for bitcoin ETFs, CBOE became the first institutional investor to launch the Bitcoin futures market, and CME Group made similar progress a week later. However, it is not just these large exchanges that want to engage in blockchain games, but many industries are interested in using blockchain technology to make their business more cost-effective.n
The growing interest in blockchain technology in 2017 led the CFTC to launch the Virtual Currency Primer, recognizing that blockchain technology could be used by governments, financial institutions and various industries to optimize day-to-day operations.n
Example n
Blockchain technology can be used as a store of value in trade and payment transactions, making domestic and transnational transfers quicker and cheaper, only two of its many use cases.n
Blockchain technology is respected for its ability to reduce costs and improve safety and speed. The blockchain system is a distributed ledger backed by an encrypted workload certificate or proof of entitlement. In other words, a powerful computer will crack the algorithm and add the transaction data to each block in an encrypted manner. When a computer can crack the algorithm, a block that records the most recent transactions is added to the chain, and a copy of the updated ledger is propagated to other nodes, that is, each connected to the network Computers, these nodes will update their own network transaction history. If the updated ledger is not approved by most of the nodes in the network, these nodes will not update the ledger because it does not represent the transaction data truthfully and honestly.n
Record keepingn
It is believed that the blockchain and its node consensus systems that are cryptographically protected can generate more accurate copies of the books than the existing centralized recording system.n
In a paper entitled “Blockchain: An Emerging Solution for Fraud Prevention,” the author of the computer science department at California State University in Sacramento states that “changing or deleting a company’s accounting system The information, the change of electronic documents and the creation of fraudulent electronic documents are the primary methods of concealing fraud. “n
In industries such as accounting, much of the work is handled manually by staff members, such as the verification of records and the authenticity of transactions, which may lead to human error or that the ill-intentioned person manipulates or falsifies the records so that the records do not reflect correctly Transaction history.n
This is why accounting and record keeping industries are attracted by blockchain technology. The blockchain network is cryptographically protected and authenticated over computer networks – not manually verified. Because of this, blockchain technology can create virtually tamper-proof records and allow individuals to do peer-to-peer transactions without having to trust third parties to honestly facilitate their transactions.n
Blockchain technology allows business operations to proceed without intermediaries, which does not work until blockchain technology is available unless it is an individual trading in cash; but even in cash, management and trading are becoming more and more The more inefficient. Operating an enterprise, financial institution, or financial intermediation often results in unnecessary costs, as computers can do some work faster and more efficiently and with fewer mistakes.n
When staff members carry out business operations, enterprises must pay for infrastructure leasing, electricity, gas, water, staff salaries, paper costs, and more. Organizations can become more cost-effective if they can reduce the costs of operations or pay for a service that can be performed on their computers automatically.n
This encryption system, which operates just by connecting to the blockchain network, can effectively reduce some of the costs associated with running the business. Blockchain technology can reduce the human resources required, reduce wage costs, eliminate the need for businesses to own / lease and operate infrastructures, and keep data records kept by businesses from being forged and manipulated.n
But what the blockchain does is more than just letting the business run on a more efficient, economical and secure system. In 2017 we also saw how blockchain technology has changed the way companies raise money.n
Fund raisingn
ICO is a way to raise money by selling a project ownership or royalties to investors. ICOs are often compared to IPO. However, it is far easier for companies to do ICOs than to IPO. This makes the ICO an attractive choice for start-ups seeking start-ups and enables blockchain technology to change the process of raising capital.n
To start an ICO, what the company needs to do is get the project accepted for technical review, publish a white paper and announce the date the token was sold. Compared with the IPO, this form does not require economic guarantees or government recognition, extremely convenient.n
Digital revolution, Internet eran
Like a paperless office, keeping pace with the digital revolution to increase efficiency, cut costs and move forward, businesses and governments are also focused on blockchain technology that seems to be leading the business community toward a digital future.n
The economic benefits of blockchain technology, faster transaction speeds, and cryptographic protection make it attractive for businesses that now have significant operating costs and many of which can be handled more efficiently through automated machines.n

2017 is the first year we saw the influx of blockchain technology into the mainstream market. Until then, only the cryptocurrency community was concerned with blockchain technology. Unlike mainstream markets, cryptocurrency communities place more emphasis on the utility of these technologies than on speculation. But in any case, blockchain technology has given the mainstream media a positive first impression in 2017. As companies interested in the blockchain are increasingly adopting this technology and retail investors and institutional investors are looking forward to the return on investment in blockchain technology, it can be argued that this technology will continue in 2018 exist.n

Leave a Reply

Your email address will not be published. Required fields are marked *