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Back to the future: the Blockchain today and tomorrow
Material posted: Publication date: 06-10-2017
lockchain industry has grown to billions of dollars in market volume from small and bold concept. For example, capitalization of bitcoin today is $ 69 billion. This technology is already changing the economic environment and approaches to managing companies. And in the near future she has all chances to enter the daily life of each of us.

A bit of history

The technology was first mentioned in the original paperdescribing the bitcoin and published in 2008. But she began to develop long before the advent of distributed databases and the technologies associated time stamps (linked timestamping).

Together they are something like proto-blockchain. Linked timestamping, and to collect transactions into blocks and connects them together using hashes, and the principle of distributed databases is that part of the system are located in different network nodes with access from a single interface. Research in this area was conducted in 80-ies of the last century.

From the underground to the public sector

In 2008, the description of bitcoin appeared in open access, and the technology started to gain popularity. A few years on the blockchain are talking in isolation from the processes of exchange of cryptocurrency: now there are new ways to use it.

For example, we Bitfury Group have been developing technology to translate state register on the blockchain. In the digital age, humanity is still clinging to dozens of official documents, statements and certificates which, although they are duplicated somewhere in the state information systems are still more important than digital copies.

In case of loss of license or passport we have to wait for a new one. Tax inspection still issues paper was. Although the electronic document management system widely used by many organizations to completely abandon paper documents, we can't.

Projects today

So the blockchain technology are interested in the governments of many countries. So, Georgia is planning with solutions Bitfury to put into operation the first pilot blockchain project in the field of land management.

Each digital excerpt from the register is assigned a hash ID, and the network units contain information about the transaction time (timestamping). This trading system allows you to quickly verify ownership, check out the real estate transaction and to protect the market from fraud and corruption — data property you can't fake.

Another way of using the blockchain in the public sector — providing e-government services to citizens. Despite the fact that in recent years, the interface between the individual and the state becomes more friendly and the experience is "custom", inside the process has not changed much. You can apply for an extract from the egrn via the Internet, but it still sits a person who will almost manually process your request.

The government of Ukraine together with the Bitfury Group plans to abandon parts of these imperfect processes and translate the state register on the blockchain technology. In the future, the result of the experiment will be a safe state system that will be transparent. It will make human life simpler and at the same time the budget will save significant amounts.

Based on these (and many other) developments, we have written an open framework for the development of the block chain. Using the platform Exonum companies and government organizations will be able to implement blockchain solutions that guarantee the security of data storage.

It can be used, for example, for verification of the election results and protection of copyright, producers of digital content.

Paperless office

In the near future the blockchain will completely eliminate paper documents. For example, in Dubai plan to translate all government documents into the blockchain in 2020.

According to preliminary calculations, the rejection of the paper will enable the government to save more than 5.5 billion dirham (about $ 1.5 billion).

And in the state of Delaware entered into force a law allowing companies to keep a list of shareholders and other corporate records using the blockchain. Delaware — the unofficial capital of the corporate law of America, there was more than two thirds of companies listed in Fortune. According to rumors, the state government plans to move to the document in the blockchain.

Without notaries, corruption and plagiarism

At the end of July Bitfury Group held a major conference Blockchain Summit on the island of Richard Branson, where leading players in this young market discussed the current state of the industry — including the social consequences of the introduction of the blockchain and shared plans.

According to the participants of the conference, the blockchain technology can replace some state functions. Another promising area is intellectual property, which can be implemented using blockchain.

This approach will eliminate intermediaries between the consumer and the rights holder, and to increase centrosoyus. This is especially true for musicians, writers and other content producers.

Social impact is also significant: if the exchange of information transparent and cannot be hidden or faked in the past will leave corruption, manipulation of official documents, fraud. Actions of any object will leave a digital trail that cannot be erased or changed. This technology will find its application in the public sector, manufacturing, the Internet of things and other fields.

However, it is fair to note that technology has a drawback – it does not agree with the so-called right to be forgotten. It involves excessive data or information, the legal basis for retention which disappeared over time.

Another of the promising areas — private blockchain, which will store, say, all of our medical records, prescriptions, prescription, and medical history. This blockchain will be able to connect doctors, pharmacists, insurers.

This will allow us, for example, to monitor the spread of drugs and to weed out fake prescriptions, to monitor the consumption of drugs, record the actions of doctors and nurses, to explore the medical information of the population. If a little provisionsthat, the blockchain has the potential to become the future of the Internet is absolutely natural for our minds, technology, organically woven into everyday life.


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