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Blockchain Applications for all walks of life

Given the dramatic increase in the popularity of cryptocurrencies in 2017, some traditional financial institutions are calling for boarding the train of Ever-changing crypto

Bitcoin futures on the CBOE and CME markets has proven that Wall Street investors have a good appetite for hedging their bets on the daily movements of cryptocurrencies.

While the two Chicago-based stock exchanges will go down in history being the first to offer futures, a number of big players are not far behind.

The New York Stock Exchange officially filed a request for authorization to launch exchange-traded funds related to the CME and CBOE and the likes of Goldman Sachs plan to launch their own cryptocurrency trading desk .

Let's not forget the NASDAQ, which should launch its own future Bitcoin. In the middle of the year 2018.

As experts refined their plans to offer Bitcoin futures on their future platform, NASDAQ shared some important facets of the underlying technology that gives life to crypto-currencies. ]

Blockchain 101

For the uninitiated, we should take a quick look at the Bitcoin Blockchain. More simply, this particular blockchain is an electronic accounting register that records every transaction made using Bitcoin since it was created.

The registry is shared on a global network of computers, which retains exact copies of the entire Blockchain. The transaction batches are stored on blocks that, when full, are added to the chain – hence the word "Blockchain". Each transaction must be verified by the nodes of the Blockchain before being stored in the Blockchain

this watered-down definition of Blockchain technology, its application is almost infinite, as we have seen with creating a wide variety of cryptocurrencies.

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For NASDAQ, and other financial institutions, Blockchain application for transactions is of the greatest interest and it allows a number of crucial functions in the financial world.

Cutting the Middle

First and foremost, the decentralized nature of Blockchain technology precludes the need for centralization. organization or a third party to approve and process transactions. As the Nasdaq pointed out in his article on by Peter Daisyme, most parties act in their own interest

"The problem, however, is that many of these" agents "are are misaligned. "

Using Blockchain technology, vital information can be authorized and shared by an efficient algorithm, free from maladministration.

" Implemented large-scale work, we can remove the error of human bias and maintain cleaner and more accurate transactional databases. "

Prove Ownership

Ethereum of Smart contracts with its Blockchain, which effectively add contractual parameters to transactions or shared information.

Smart contracts were created to eliminate credible and transparent contractual obligations using Blockchain technology. The NASDAQ highlights the Blockchain application of the TrustToken Smart Contract, which provides a legal protocol for asset ownership.



While it is extremely difficult to fully neutralize the threat of piracy, Blockchain technology has taken an important step in the right direction by reversing the threat of cyberattacks .

Since the Blockchain must be verified by nodes On the network, which is made up of millions of computers around the world, it is virtually impossible to hack a Blockchain. Making changes to a single node is ineffective because the rest of the Blockchain will simply remove the node and its non-conforming registry record

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Even though a hacker can destroy or affect each node of a blockchain, the data is encrypted cryptographically. Although each transaction is universally visible, the information is immutable.

Quoting SteelKiwi from Hackernoon, Nasdaq Stresses How Hard Technology Is to Crack

"Unless the hacker can cut down an entire network at the same time (which is almost impossible ), undamaged computers, also called "nodes", would continue to function to check and keep a record of all data on the network. "

Overhauling supply chain

Another important factor for large companies is the application of Blockchain technology in the management of the supply chain

. From finance to tracking and ordering raw materials, a lot of things can go wrong during this process.

Multinational consumer goods giant Unilever seeks to implement its own Blockchain technology to streamline supply chain management

The company plans to use Blockchain technology to manage transactions within its tea supply chain, which could include up to 10,000 farmers.

The Possibilities Are Infinite

As Daisyme points out in his analysis, the applications of Blockchain technology are endless. It just takes brilliant minds looking for simple electronic solutions to real world problems to bring the next Blockchain application to life.