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 it’s own copy of the blockchain.

Blockchain Features:

  • Blocks
  • Chaining
  • Verification
  • Validation
  • Crypto hashing
  • Decentralization
  • Digital signatures
  • Peer-to-peer network
  • Proof-of-work
  • Cryptocurrency
  • Public history of transactions

Blockchain

Blockchain Types

  • Public blockchain
  • Federated blockchain
  • Private blockchain

Smart Contracts:

  • Digital contact: computer program that directly and automatically controls the transfer of digital assets between the parties under certain conditions.
  • Features:
    • Trust
    • Accuracy
    • Speed
    • Backup
    • Safety
    • Autonomy
  • Disadvantages
    • A lack of international regulations
    • complicated to implement
    • immutable

Effects of Blockchain on Business:

  • High level of Security
  • Hacking threats reduced
  • Transparency of transactions increased
  • Different levels of accessibility
  • Fast transactions

Government

  • Deliver services
  • Prevent tax fraud
  • Eliminate bureaucracy
  • Reduce waste
  • Digital cash transactions
  • Social security
  • Improve document management

Healthcare:

  • Cut overhead
  • Deliver better care
  • Streamline insurance coverage processes
  • Improve the overall quality of life and extend life expectancy for the greater population

Food industry:

  • 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
  • JavaScript & HTML programming
  • Using Libraries from Github
  • Pythons
  • Nodejs and NPM (for Hyperledger)
  • Using Solidity (for Ethereum)
  • C++ (for Bitcoin)