BlockChain Technology was pioneered and invented by a person or people using the name of Satoshi Nakamoto, as part of the Bitcoin system, in its original reference implementation, Bitcoin Core (formerly known as Bitcoin-Qt). BlockChain Technology underpins Bitcoin.
Some businesses now show signs like the one below:
There is a very ingenious system of trust-logic embedded in BlockChain Technologies. The following references explain the process of “Bitcoin Mining”, and how it ensures trust is maintained (at least trust would be maintained, after a Secure & Private Enterprise-Strength BlockChain has been fully developed!)
“what is a bitcoin worth”!
Limitations of BlockChains
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- We are prepared to interface our Accounting (and quite possibly other) Systems to future Enterprise-Strength, Blockchain-based Technology.
- Examples could be: “Public/Private-Key” Financial Transaction Ledgers, Land Title Registers, Rental Bond Authorities, etc.
- There would be possibilities for Blockchain Systems to centralise and guarantee other (often Multi-Party) validation processes external &/or internal to single- or multi-department/branch Organisations.
- There is an Open Source Project; Linux Foundation’s Hyperledger Fabric (currently v1.0).
- If secure and fast Blockchain Networks can be developed that allow communication with existing external Databases, Blockchains will replace current means (more susceptible to fraud as they are) of recording and reporting in central Registries and Transaction Journals, both Public and Private.
- Pre-Validation of transactions, where Multiple Parties are required to participate, is possible.
- The uniqueness of each Block Address, guaranteed by a single-threaded “timestamp server”, enables unique Public/Private Key pairs to be generated as each block is recorded. Addresses and Keys are highly encrypted.
- Each participant in every transaction recorded on the blocks receives (machine-machine) their own private key.
- It is the role of our application, on our customers’ behalf, to store and associate keys to transactions safely and reliably.
- Transactions can not be changed (edited) by anyone at all, without exception, after completion of original transaction. This is the real Anti-Fraud value of Blockchains.
- The process of receiving and storing a key (guaranteeing authenticity and immutability of the transaction) can be made to securely trigger the receiving party’s (eg your …) accounting or other procedures automatically, using the data contained in the transaction in the recorded block.
|“NEWS FLASH! IBM Has Now Released a Fully Secured Business Strength Version of a Commercial Blockchain Service based on Linux Foundation’s Hyperledger Fabric.” IT Cloud Solutions is taking full advantage of this development!|