Blockchain technologies: application and business innovationFayyad Bayan
What is the Blockchain:
- Chain of blocks (digital pieces of information).
- Blockchain is a database (ledger system).
- The information must be verified.
- The information must be store in blocks.
- The block must be given a hash (unique code).
- Each computer of the network has itâ€™s own copy of the blockchain.
- Crypto hashing
- Digital signatures
- Peer-to-peer network
- Public history of transactions
- Public blockchain
- Federated blockchain
- Private blockchain
- Digital contact: computer program that directly and automatically controls the transfer of digital assets between the parties under certain conditions.
- A lack of international regulations
- complicated to implement
Effects of Blockchain on Business:
- High level of Security
- Hacking threats reduced
- Transparency of transactions increased
- Different levels of accessibility
- Fast transactions
- Deliver services
- Prevent tax fraud
- Eliminate bureaucracy
- Reduce waste
- Digital cash transactions
- Social security
- Improve document management
- Cut overhead
- Deliver better care
- Streamline insurance coverage processes
- Improve the overall quality of life and extend life expectancy for the greater population
- Make food safer and smarter
- Make food traceable
RMG Business consulation:
- Define possible use cases for blockchain
- Engage with participates to place a strategy to implement blockchain within their area of work
- Highlights key challenges and risks
RMG Technical consulation:
- Unix based operating systems
- Understanding of different types of consensus mechanisms
- Using Libraries from Github
- Nodejs and NPM (for Hyperledger)
- Using Solidity (for Ethereum)
- C++ (for Bitcoin)