Blockchain not only for Cryptocurrencies

Nov 14, 2018

16:05

CASE STUDY

15 min

Blockchain is known mainly from cryptocurrencies, but more and more often this term is mentioned in connection with the acceleration of business. Its greatest advantage is inherent resistance to modification of the records. Data transparency and resistance to additional edits is ensured and guaranteed by a consensual decentralized peer-to-peer network. Blockchain technology making inroads in finance, banking, Internet of things (IoT), manufacturing, logistics, supply chain management, and other domains — mainly because they offer an excellent mechanism for multiple entities to share one consistent, verified, tamper-resistant source of truth. The original „proof of work“ model proposed by Satoshi Nakamoto is extremely energy-intensive, because the expensive computational tasks need to solved to ensure the robustness of the ledger. A significant rise in the cost of motivational cryptocurrency results in the high transaction price. The time limit and low transactions ratio required to execute it in a large number of transactions are not suitable for business use. These business limiting factors are trying to improve the model of private blockchains.

  • Branislav Majerník (SK)

    Solution Architect

    Oracle

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