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Now that we have a better understanding of the concept of Block Chain, let’s now put that concept into action! This chapter gives you a few real world scenarios in which block chain is applied from Bitcoin and beyond, here some of the best examples of the block chain at work!
Starting up a Block of Data with Block Chain
As we have already discussed, the idea of a “block chain” is that it consists of an unbroken chain of data storing up transactional information in each block. These blocks are then enshrined on the network for all to see. Each of these blocks then has a hash applied to them. You might ask; what is a hash? Is it similar to a Hash Tag like you find on Twitter? A hash brown like you get from the breakfast menu at McDonalds? What is a hash?
Well—in strictly block chain speak, a hash is something that works as a kind of finger print with “unique identifiers” which are “time stamped” and placed directly over the chunk of data in the chain. Since no one would be able to change, alter, or duplicate this unique, time stamped hash, it is said to be “tamper proof”. Good news for anyone wishing to rely on the network and start up their own block of data with block chain.
When you begin a block of data on the block chain you are essentially beginning your own little testament in the transactional world. You are permanently locking down all of your financial assets into one small chunk of information on a public ledger for all to see. Once this is accomplished you will know that you have achieved something very great. Great enough to last a lifetime as your data remains perfectly encapsulated on the block chain.
Sharing the Ledger
Share and share alike I say, and when it comes to the block chain shared ledger there is nothing better. This public ledger has an unimpeachable record of providing solid transactions all across the block chain ecosystem. In this shared ledger your transactions can hold all information in regard to commerce across the network.
Shared data between users, and unique permissions given between users. One of the greatest innovations of the block chain is the fact that it can share information over great distances with people that have nothing to do with each other and yet not allow any one entry enough data to locate the source of the tidbits that they do receive.
In this sense you can think of the public ledger as a kind of assembly line in which all of the participants get a small chunk of the data, or a small piece of the larger assembly, but none of them have quite enough information to put together the whole on their own. In this way you can share the public ledger with complete confidence that no one will actually be able to steal your personal information from the data base.
How Block Chain uses Consensus
Anyone who has been in business, or even just worked on a team for very long, has to know a little something or other about building consensus. You have to build consensus with clients, as well as with coworkers on any given project in order to succeed. So why not build consensus on something as important as your money as well? The block chain provides that consensus for you.
It gives you proof of purchase, multiple signatures for verification and most importantly, a valid means of breaking through the classic conundrum of the “Byzantine Fault Tolerances” by using different nodes in the network to communicate different things. Block chain also builds consensus of “smart contracts”. All of these things combined help to build consensus.
And the block chain has a remarkable ability when it comes to doing just that. The block chain is able to singlehandedly bring people together from all over the network in order to determine the validity of a purchase or transaction. The scope and the implications of this consensus are nothing short of incredible. How block chain uses this consensus is the number one standout feature of the technology and its ultimate reach is still unknown.
Block Chain in Business
Strong international commerce has been a great factor in the accumulation of riches. And in recent years this commerce has worked very hard to overcome any friction that may be present during a transaction. Advances in communication tech for example, have constantly worked to reduce the detriment of conducting business from two points that geographically far apart, bringing the users together like never before.
But despite some of these more outward advances such as telephones, and the internet, that served to greatly reduce the challenge presented by miles of separation, many other problems remain. The block chain seeks to ameliorate the remaining disparities. In this fashion block chain seeks to get rid of the market friction inherent in many other platforms and thereby opening up the floodgates of opportunity.
It has been said before that business is not just about making money, it is also about making people. And when we say it is about making people we mean that it is about making up the data that certain people represent. It is this secure chain of data, and personal information; that makes the business of the block chain worthwhile.
Taking the Friction out of your Business
It takes a real innovator to chip away at the friction that is inherent in much of the business world of today. The advent of the first telephones is a perfect example of this, since it cut right through the snail pace of shipping out mailed correspondence by immediately allowing someone to speak with their business partner over large distances.
The internet of course, kicked all of this up into high gear as well, and now with digital currency and the implementation of block chain technology we have seen a gigantic leap once again. The open, public ledger or block chain technology is yet another means of taking friction out of your business. Things couldn’t be smoother with the block chain handling your transactions.
Block chain also helps to streamline permissions, allowing those who use it to conduct exchanges with ease, in the full knowledge that the person on the other end of the transaction really is the person they claim to be. This is certainly a great asset for the long distance, often anonymous transactions that we have in today’s world.
The sheer security inherent in the block chain itself can not be underestimated either. This cryptography allows for the assurance that no one can tamper with your chunk of data in the block chain. Block chain also takes much of the friction in regard to consensus out of your transactions in regard to just how tamper proof the system really is.
Block chain also serves to reduce friction in many business dealings simply though it’s trusted and streamlined nature. This simplification of transactions works in great contrast with those who have complex regulations and operating procedures. Instead of reducing profits from too much regulation, the ease of the block chain serves to double them!
If you would like to take a lot of the regulation out of block chain, then it is simply a matter of focusing on the lock trap nature of the technology. Since the block chain can slam shut on most of the info that you put into it, you no longer have to worry about leaks, or any other compromise of your information. This will serve to take a great deal of friction out of your business.
Taking a Tour of the Block Chain Ecosystem
Through upgrading our awareness, the platform known as block chain positions itself as a transformational agent of change for the entire block chain ecosystem. Some of this kind of transformative agency can then be used to streamline entire industries, taking outmoded performances of the past and making them much better in the present.
Block chain can play a vital role in information transference from weigh station to weigh station all down the line of production without any worry of corruption or fraudulent tampering. This extra security boosts the entire block chain ecosystem. And if you were to take a tour of the entire block chain ecosystem you would no doubt see that this security is an on the fly, work in progress that learns from its mistakes.
The security of the block chain is not 100% perfect but it is always striving to be so! It is a process of trial and error, and with each bump in the road it gets just a little bit better. Just take a tour of the block chain ecosystem sometime, and you will learn all these things for yourself!
Commercial Financing
Commercial corporations want to buy products through accreditation, and that line of credit must have thorough presentation in order to keep from having any arguments with the transactional data emerge later on. With over 4000 applications on the block chain, the juggernaut of IBM currently provides a good example of this commercial financing in action.
In fact, IBM global financing is currently using 125,000 of their clientele in over 60 nations across the planet to mediate any disputes that come forward. This has been projected to save IBM as much as 75% when it comes to financial costs and services. So if you have some kind of dispute with a client don’t hire a high priced Silicon Valley attorney, hire the block chain to do your work for you!
Starting up a Block of Data with Block Chain
As we have already discussed, the idea of a “block chain” is that it consists of an unbroken chain of data storing up transactional information in each block. These blocks are then enshrined on the network for all to see. Each of these blocks then has a hash applied to them. You might ask; what is a hash? Is it similar to a Hash Tag like you find on Twitter? A hash brown like you get from the breakfast menu at McDonalds? What is a hash?
Well—in strictly block chain speak, a hash is something that works as a kind of finger print with “unique identifiers” which are “time stamped” and placed directly over the chunk of data in the chain. Since no one would be able to change, alter, or duplicate this unique, time stamped hash, it is said to be “tamper proof”. Good news for anyone wishing to rely on the network and start up their own block of data with block chain.
When you begin a block of data on the block chain you are essentially beginning your own little testament in the transactional world. You are permanently locking down all of your financial assets into one small chunk of information on a public ledger for all to see. Once this is accomplished you will know that you have achieved something very great. Great enough to last a lifetime as your data remains perfectly encapsulated on the block chain.
Sharing the Ledger
Share and share alike I say, and when it comes to the block chain shared ledger there is nothing better. This public ledger has an unimpeachable record of providing solid transactions all across the block chain ecosystem. In this shared ledger your transactions can hold all information in regard to commerce across the network.
Shared data between users, and unique permissions given between users. One of the greatest innovations of the block chain is the fact that it can share information over great distances with people that have nothing to do with each other and yet not allow any one entry enough data to locate the source of the tidbits that they do receive.
In this sense you can think of the public ledger as a kind of assembly line in which all of the participants get a small chunk of the data, or a small piece of the larger assembly, but none of them have quite enough information to put together the whole on their own. In this way you can share the public ledger with complete confidence that no one will actually be able to steal your personal information from the data base.
How Block Chain uses Consensus
Anyone who has been in business, or even just worked on a team for very long, has to know a little something or other about building consensus. You have to build consensus with clients, as well as with coworkers on any given project in order to succeed. So why not build consensus on something as important as your money as well? The block chain provides that consensus for you.
It gives you proof of purchase, multiple signatures for verification and most importantly, a valid means of breaking through the classic conundrum of the “Byzantine Fault Tolerances” by using different nodes in the network to communicate different things. Block chain also builds consensus of “smart contracts”. All of these things combined help to build consensus.
And the block chain has a remarkable ability when it comes to doing just that. The block chain is able to singlehandedly bring people together from all over the network in order to determine the validity of a purchase or transaction. The scope and the implications of this consensus are nothing short of incredible. How block chain uses this consensus is the number one standout feature of the technology and its ultimate reach is still unknown.
Block Chain in Business
Strong international commerce has been a great factor in the accumulation of riches. And in recent years this commerce has worked very hard to overcome any friction that may be present during a transaction. Advances in communication tech for example, have constantly worked to reduce the detriment of conducting business from two points that geographically far apart, bringing the users together like never before.
But despite some of these more outward advances such as telephones, and the internet, that served to greatly reduce the challenge presented by miles of separation, many other problems remain. The block chain seeks to ameliorate the remaining disparities. In this fashion block chain seeks to get rid of the market friction inherent in many other platforms and thereby opening up the floodgates of opportunity.
It has been said before that business is not just about making money, it is also about making people. And when we say it is about making people we mean that it is about making up the data that certain people represent. It is this secure chain of data, and personal information; that makes the business of the block chain worthwhile.
Taking the Friction out of your Business
It takes a real innovator to chip away at the friction that is inherent in much of the business world of today. The advent of the first telephones is a perfect example of this, since it cut right through the snail pace of shipping out mailed correspondence by immediately allowing someone to speak with their business partner over large distances.
The internet of course, kicked all of this up into high gear as well, and now with digital currency and the implementation of block chain technology we have seen a gigantic leap once again. The open, public ledger or block chain technology is yet another means of taking friction out of your business. Things couldn’t be smoother with the block chain handling your transactions.
Block chain also helps to streamline permissions, allowing those who use it to conduct exchanges with ease, in the full knowledge that the person on the other end of the transaction really is the person they claim to be. This is certainly a great asset for the long distance, often anonymous transactions that we have in today’s world.
The sheer security inherent in the block chain itself can not be underestimated either. This cryptography allows for the assurance that no one can tamper with your chunk of data in the block chain. Block chain also takes much of the friction in regard to consensus out of your transactions in regard to just how tamper proof the system really is.
Block chain also serves to reduce friction in many business dealings simply though it’s trusted and streamlined nature. This simplification of transactions works in great contrast with those who have complex regulations and operating procedures. Instead of reducing profits from too much regulation, the ease of the block chain serves to double them!
If you would like to take a lot of the regulation out of block chain, then it is simply a matter of focusing on the lock trap nature of the technology. Since the block chain can slam shut on most of the info that you put into it, you no longer have to worry about leaks, or any other compromise of your information. This will serve to take a great deal of friction out of your business.
Taking a Tour of the Block Chain Ecosystem
Through upgrading our awareness, the platform known as block chain positions itself as a transformational agent of change for the entire block chain ecosystem. Some of this kind of transformative agency can then be used to streamline entire industries, taking outmoded performances of the past and making them much better in the present.
Block chain can play a vital role in information transference from weigh station to weigh station all down the line of production without any worry of corruption or fraudulent tampering. This extra security boosts the entire block chain ecosystem. And if you were to take a tour of the entire block chain ecosystem you would no doubt see that this security is an on the fly, work in progress that learns from its mistakes.
The security of the block chain is not 100% perfect but it is always striving to be so! It is a process of trial and error, and with each bump in the road it gets just a little bit better. Just take a tour of the block chain ecosystem sometime, and you will learn all these things for yourself!
Commercial Financing
Commercial corporations want to buy products through accreditation, and that line of credit must have thorough presentation in order to keep from having any arguments with the transactional data emerge later on. With over 4000 applications on the block chain, the juggernaut of IBM currently provides a good example of this commercial financing in action.
In fact, IBM global financing is currently using 125,000 of their clientele in over 60 nations across the planet to mediate any disputes that come forward. This has been projected to save IBM as much as 75% when it comes to financial costs and services. So if you have some kind of dispute with a client don’t hire a high priced Silicon Valley attorney, hire the block chain to do your work for you!
The Complete Guide to Understanding Block Chain Technology By Matthew Scott
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