To work, the bitcoin is based on a decentralized transaction recording system: the blockchain. Energy, culture, photography … The prospects of this “blockchain” go far beyond the world of finance.
And if bitcoin was just the beginning? To invent the first cryptocurrency, the mysterious Satoshi Nakamoto has developed a revolutionary transaction recording system: the blockchain. A technology that could upset the world of financial markets, and many other industries afterwards.
Bitcoin, a logical step in monetary history
The era of digital currencies
This “blockChain“, is like a completely computerized account book shared on the Internet by members of a community. In the case of bitcoin, creditors and debtors register their transactions without going through the control of a bank. But the same technology also makes it possible to notify the subscription to a service or the sale of a property directly from peer to peer. In theory, no need for Uber to reassure yourself before ordering a driver. And no need for a notary to confirm the transfer of an apartment.
A shared register, cryptographic calculations that can not be falsified
Trust between individuals can be complete since each member of the community keeps their own copy of the account book on their computer. To modify the registry, the majority of the members must validate the operation. The agreement is automatically given through tamper-proof cryptographic calculations that rely on the registry's history and balance the accounts. In some cases, a “smart contract” can even trigger the action of a software or connected object.
This confidence in computing is the subject of many experiments. The most successful of them begin to be deployed on a large scale. “Fundraising in cryptocurrency, also known as ‘Initial Coin Offering' (ICO), is the first case of global use of the blockchain,” says Clément Jeanneau, the co-founder of the consulting firm Blockchain Partners.
“The Bank over the world will soon decentralize the register of identifiers creditors, says the consultant, commercial banks will collect the annual 3,000 requests from companies who want to take transfers and verification of records will be automated via a blockchain“.
Savings in money, and time, are expected.
Perspectives beyond the world of finance
Countries over the world has also dematerialized the issue of mini-vouchers, ex-vouchers, thanks to a chain of blocks. But the blockchain's prospects go beyond the world of finance. Redeemed by Total last September, the SME Greenflex intends to trace the source of energy to facilitate the market between individuals, at the time of solar production on rooftops or wind in the garden. The cultural sector is not left out: block chains could simplify the sharing of royalties in live shows, music or photography.
In exchange, these projects are pampered by investors. An iced tea company saw its value increase by nearly 500% the day its leader announced that the listed company was switching to decentralized IT. Blockchain technology is eyeing a $ 7.7 billion market in 2022, according to a Market & Research study.