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Blockchain (The use of blockchain (Make it easier for immigrants to send…
Blockchain
Bitcoin
In 2009, Bitcoin came out.
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The first digital currency that uses a peer-to-peer network to create a platform for executing transactions without depending on central authorities.
Brief introduction
Currently, most people use a trusted middleman such as a bank to make a transaction. But blockchain allows consumers and suppliers to connect directly, removing the need for a third party.
Using cryptography to keep exchanges secure, blockchain provides a decentralized database, or “digital ledger”, of transactions that everyone on the network can see but not tamper.
Technical introduction
Blockchain is a network of computers, called nodes.
A transaction is encrypted and signed on a mathematical way. When a transaction is saved in the blockchain, it is duplicated across all nodes in the network.
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Once the network reached consensus about the validity of these transactions, the block is appended to the existing chain of blocks.
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The use of blockchain
Make it easier for immigrants to send money back to countries where access to financial institutions is limited.
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Enable citizens to own and monetize their data (and protect privacy) through owning their personal identities rather than identities being owned by big social media companies or governments.
Help build accountable government through transparency, smart contracts and revitalized models of democracy.
Who is using it?
In theory, anyone with access to the internet would be able to use it to make transactions.
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Problems to be addressed
Regulation is critical in creating an open digital environment for commerce and financial transactions.
Both banks and regulators want to maintain close control. A single digital identity passport authorizer is a next step.
Blockchain should enable more rapid setup, training, and reduce problem resolution time.