Blockchain: Why a Trust-Less System the Most Trustable System in the World
When it comes to most technologies, we know about the basic functions they perform. But, a sizeable portion of users scarcely express any interest in understanding the technology at play. For example – when we talk about sending an email, we all know that the data we send is received by the recipient unless the transfer fails, which leaves us with the obvious option of clicking the “Retry” button. But how many of us know about the various protocols and the technicalities involved? Similar is the case with Blockchain. We all know that the data is immutable, transparent and the entire system....
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Trust in the financial industry has weakened since the worst of the global recession in 2008 and again during the Greek debt crisis. For some experts, the current system is no longer appropriate and there may be a need to explore new technologies like the blockchain when it comes to preventing another meltdown from taking place. Blockchain is the public ledger of transactions in bitcoin. While the cryptocurrency has hogged the spotlight in the past few years, the underlying technology in updating and storing entries on the blockchain is proving to have several practical applications in....
Bitcoin has been in existence for more than six years already, yet it seems like the system is having a tough time securing the trust of the general public. After all, the cryptocurrency has gained a bad reputation for being used in underground markets and money laundering activities, and it doesn't help that some bitcoin exchanges like Mt. Gox have suffered hacking attacks and have ultimately shut down. While governments and states are trying to come up with legislation to oversee this industry and protect consumers, many are still doubtful that digital currency security can be....
According to a press release today, Singapore-based blockchain solutions provider Tembusu Systems will begin trial implementation of its virtual currency payments using the flagship TRUST system on June 10, 2015. The company's TRUST System - Tembusu Reputation-based Universally Secure Transaction System - uses the same technology as that behind the cryptocurrencies such as Bitcoin, Litecoin, Dogecoin and others, and allows users to make payments using different currencies - fiat, digital, and even gold and silver. Andras Kristof, Co-founder and CEO of Tembusu Systems said, "TRUST is taking....
Even though blockchain is seen to have a number of useful features for banks to utilize they are finding that putting these features into practice may prove difficult. The banking world may not trust the idea behind bitcoin, but they have realized that bitcoin’s underlying technology, the blockchain, has many valuable features that they could use, according to a Financial Times report. The technology can’t be hacked, is transparent, and allows anyone to view and verify trades on its system. However, while blockchain’s features were seen as the way forward at the beginning, it seems that....
When most people think about computers and robots taking jobs away from humans, the images that usually come to mind are robots moving inventory around in an Amazon warehouse or McDonald’s customers placing their order via a tablet instead of a cashier. But the robots are coming for much more sophisticated jobs as well. For example, blockchain technology is out to eat the lunches of some professionals in the traditional financial system. At a recent blockchain-focused event in Toronto, Bitcoin Core contributor Peter Todd was asked to explain the reasoning behind Wall Street’s increased....