• What is Blockchain technology and how can it be useful for your business?

    Blockchain has been defined as the new Internet generation, Internet of Transactions, Internet of Value, a new Trust concept and, giving it something similar to a political value, a new form of democracy. Many of us have heard for the first time about Blockchain in association to Bitcoin, even if Blockchain has been developed at the beginning of the '90s whether Bitcoin have been developed at the end of 2008. Last, but not list to have a clearer view of this never-ending subject, The Economist has defined it the Trust Machine.

    We have chosen 4 definitions among them, who represents the 4 principal interpretations. We can say that Blockchain is:

    - Security: a shared, decentralized, distributed and encrypted database, with specific security rules;

    - Consensus: an open archive to all the participants that can be modified with all the users consensus;

    - Immutability: a database that protects the immutability and the incorruptibility of the information;

    - Openness: Blockchain is open, all users can see everything in every moment.

    Blockchain can be defined as a paradigm, a communication pattern, rather than a technology, in which all entities share IT resources such as memory, CPU, and band;

    The key element that leads us to transparency and to the political value of this paradigm is the update path, known to be safe, chosen among all the users, and cryptography validation techniques. This leads to a shared faith among all the users, that all their shared data are secure, and this is why paradigms such as this one are considered the same way as recognized and regulated authorities such as banks and assurances.

    Blockchain's success is mainly due to its main characteristics, such as:

    - reliability: thanks the decentralized control, each and every user can verify what happens in the database;

    - transparency: the procedures are cleare to everyone;

    - convenience: you don't have to relate to banks nor assurances;

    - solidity: le informazioni inserite non possono più essere modificate e pertanto sono solide e attendibili;

    - irrevocability of the transictions, that can't be modified or nullified;

    - digitalization: everything is virtual, so that's why you can, potentially, use it for a wide variety of operations.

     

     

    Blockchain is not only bitcoin

    As you have noticed already, Blockchain isn't only about bitcoin: thanks to its decentralization, it allows the exchange of every kind of data in a safe way, cutting the mediator chain. It's only limiting to think about it being applied to the financial field. Proof of this statement is that between 2016 and 2017, a billion have been invested in more than 120 blockchain-related startups.in more than 120 blockchain-related startups.

     

    Words and defintions: Bitcoin

    Bitcoin is a cryptocurrency and a worldwide payment system created in 2009 by an anonymous inventor, known with the pseudonym of Satoshi Nakamoto, who developed an idea that he made public through a paper published on the Internet at the end of 2008. You usually use the term Bitcoin with the capital B, it refers to the technology and to the net, whether if it's small b, it refers to the currency itself. Source Wikipedia

     

     

    How can you use blockchain in Italy?

    First of all, the opportunities that can be created through blockchain in the field of mobile payment (and digital payment in general). Even if nowadays the transaction processing has still a long way to go to meet the needs of the market we are used to, and we find ourselves in a legal void, up to mid-aprilthe active cryptocurrencies were 894,that nowadays generate a market capitalization that reaches up to 327 billion dollars.

     

    The IoT world could gain advantage from Blockchain thanks to an easier communication among interconnected objects (we will get back to you soon with our new olive trees project!); it would also be of use in the field of Public Administration and healthcare. The Public Administration could gain an advantage from Blockchain, thanks to the possibility of developing digital identities in a way that can help fighting (or eliminating) tax evasion, organized crime, and it can help to simplify citizen services use. The same way, it would certainly help managing hour health data in a safe and prompt way from the doctors in order to cut the waste and all the health service inefficiences.

     

    Even the agrifood field could benefit of the Blockchain use. Think about a farmer that needs to track and certify its products as a quality and reliability guarantee. Decentralization, shared control and openness are Blockchain characteristics that can be of use in this sector.

     

     

     

    small Blockchain Glossary:

    • Knot: Those are the Blockchain participants and are physically mad of every participant server
    • Transaction: it's made of data that represents the values subject to "the exchange", and that need to be verified, approved and then archived
    • Block: it's represented by a group of transactions that are united in order to be verified, approved and then archived by the Blockchain participants.
    • Ledger: It's the public register in which all the transactions are "written down" with the maximum openness and in an irrevocable way, in an ordered and sequential way. The Ledger is made of the blocks, that are chained to each other through a cryptography function and thanks to the hash use
    • Hash: It's a (non invertible) operation that allows the mapping of a text and/or numerical string of different lengths
      in only one univocal string. The Hash identifies in an univocal and safe way every block. An hash mustn't allow anyone to go back to the text that generated it.

     

     

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