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The Opportunities of the Blockchain Technology
Blockchain technology jointly with AI, IoT and autonomous vehicles are the “hot” topics these days. Thanks to the speculative valuation of Bitcoin, the underlying solution — the blockchain is making its way in mainstream media. Тhe technology behind the Bitcoin is very innovative and provides solutions to use cases beyond its original purpose. This technology will become part of our lives.
So what is blockchain — the history, the concepts, the use cases and the future it offers?
Тhе ledger itself is defined as a register, book that records all incoming and outgoing transactions, assets in the domain of interest. Assets can be either physical or intangible. In general — anything that can be attributed with some kind of value can be recorded and/or moved through the blockchain network adding transparency, reducing risks.
Blockchain builds trust through the following five qualities:
- Distributed and sustainable
- Secure, private and indelible
- Transparent and auditable
- Consensus based and transactional
- Orchestrated and flexible
