Blockchain technology - known as the chain of blocks, is used to store and send information about any online transactions. This blockchain is arranged in the form of consecutive blocks of data. One block contains information about a specified number of transactions. When it's full, another block is created, creating a chain. On average, a new block appears every 10 minutes, in which information about various transactions is sent. This includes commercial transactions, electricity market, transactions regarding shares or stocks, and also currency trading transactions. It all takes place outside the system functioning for centuries - without any involvement of public trust institutions (including financial institutions).
Thus, Blockchain is a decentralized and distributed database in an open-source model, in a peer-to-peer network (a communication model that provides all hosts with the same rights).
This technology does not have any central computers and a centralized storage location. The blockchain's purpose is to maintain a joint and collective accounting book of transactions in digital form.
The blockchain cannot be faked. Blockchain transactions stored in the blocks are irreversible, and completely safe. All data is almost completely resistant to counterfeiting and various manipulations.
On June 24, the Canadian company called Graph Blockchain issued a press release in which it announced the signing of a contract with the Ministry of Transportation in Seoul. As a result of this cooperation, a pilot program for data storage will be launched, all within the Smart City initiative.
On 17th of June the Business Wire stated in a press release, that Singapore Press Holdings (SPH), the NTUC Income (Income) and LumenLab insurance will establish cooperation. All this in order to take advantage of the possibilities offered by blockchain technology in automating the process of verifying claims for life insurance.
On June 18, the social media giant has published the white paper of the Libra project. This information has been anticipated for a long time. Facebook's cryptocurrency has a chance to contribute to the global adoption of all coins, but what do analysts think about it?
As a professional social networking service LinkedIn verified it in the latest report, an excellent knowledge of blockchain technology is one of the ten most crucial skills that employees in the Asia-Pacific region should have.
We define a Bitcoin as a chain of digital signatures. Each owner transfers one Bitcoin to another owner by digitally signing a hash of the previous transaction and the public key of the next owner and adding these to the end of the coin. A payee can verify the signatures to verify the chain of ownership.
Smart Contract is the next step in the blockchain technology development. It transfers the protocol of financial transactions to a universal tool, which will implement contract terms automatically. This will minimize the risk of errors and manipulation.
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