Solving Real World Problems With the Bitcoin Blockchain
We are starting to see Blockchain based disruptive technologies, solving real world problems. Bitcoins are mined. Mining is a computationally intensive process. Mining with CPU and GPU has already gotten to a point where the profitability is almost trivial. The energy consumption is higher than the output that can qualify as profitable. Some discussions on the Internet are asking the question, "Isn't Bitcoin mining with high energy inputs a cause for environmental concern?" There is another discussion starting to happen in the Bitcoin skeptics society lately, as well. A Quora Question:....
Related News
Here is Bitcoinist’s day 3 coverage of the Inside Bitcoins New York conference! Solving Real Business Problems with the Blockchain. Peter Kirby, President of Factom, opened day 3 of Inside Bitcoins New York with his lecture on using blockchain technology to solve real business problems. Factom, Kirby’s blockchain project, builds on top of the Bitcoin blockchain — much like how many useful applications are built on top of the Internet. The projects first collaboration is with Healthnautica.com, which is working on a tool for HIPAA compliance. However, the transparency vs privacy remains a....
You, like many others, might be forgiven for assuming that, as a digital currency, Bitcoin is green. After all, it exists only online. However, this doesn't mean it has no impact on the real world. In fact, Bitcoin mining is said to use over $300,000 worth of electricity per day. How does this happen? In brief, Bitcoins are generated by computers solving complex mathematical problems. Mining Bitcoins is an interesting issue: computers essentially 'find' Bitcoins by solving processor-intensive equations, which get harder as the number of Bitcoins grow. The idea behind the increasing....
As the developers of MultiChain, a popular general-purpose blockchain platform, we've gained a fairly broad view of the types of applications that people are building on this new class of database. And we also have a sense of whether those applications are a good fit for blockchains as an architecture, and if so, how soon they are likely to move from proof-of-concept to pilot and production. For a startup with limited resources, these distinctions are crucial – they ensure that MultiChain's product roadmap is driven by genuine rather than artificial needs. One glaring example is....
Blockchain-based data management solution Factom is set to integrate its technology with Ancun Zhengxin's electronic data notarization services in China, International Business Times reports. Earlier in February, Factom signed a deal with technology consulting firm iSoftStone to collaborate on a “smart cities” initiative for several regions in China. Factom says it wants to apply blockchain technology to solving real-world business problems. According to the company, Factom’s back-end infrastructure allows corporations, governments and organizations to securely integrate, manage and secure....
Factom is the first usable blockchain technology to solve real-world business problems by providing an unalterable record-keeping system. By creating a data layer on top of the Bitcoin blockchain, Factom’s distributed ledger technology secures millions of real-time records in the blockchain with a single hash using cryptographic isolation. Businesses, governments and any other organization that relies on secure data can use Factom to document their information so that it cannot be modified, deleted or backdated. Factom’s technology decentralizes record keeping by ensuring that the....