Blockchain is a universal transactional book that registers and tracks every operation carried out within it, it is distributed throughout the Internet in thousands,
non-editable copies, through the peer-to-peer model and secured with advanced cryptographic methods.
The closest comparison is to an accounting book — publicly available, global book that allows users to register and view transactions such as smart contracts, financial transactions or, for example, property deeds. However, information on participants is confidential, available only to the initiator of the transaction. Programmable and open nature of blockchain technology will completely restructure many businesses.
Moreover, many supervisory and accounting elements are evolving. Trade processes and information exchange are becoming transparent, faster and much cheaper. Imagine our World with no costs incurred for maintaining the entire financial system. Public trust institutions — banks, stock exchanges and financial transaction agents also see great potential in the technology. Nevertheless, they also see it as a threat for their status quo.
Experts claim that blockchain needs more than a dozen years of further dissemination and improvement to be globalized. Today, its development and functioning are perceived primarily in the context of the cryptocurrency market. The idea of creating a universal book of all operations was born in an environment that created the first — alternative to the official financial system — currency, Bitcoin (BTC). It can be said that the cryptocurrency world is a specific laboratory in which all the strengths and weaknesses of this technology are verified in continuous use.
It is also obvious that blockchain could have been hatching in an area where transactions require a maximum degree of security and total trust.
Where are our world heading with blockchain technology?
At this point, we would like to outline Box2Table`s team view on where the blockchain technology should perform at its best and the fastest due to its structural features:
- Blockchain is a revolution in the flow of information.
- Blockchain is transparent.
- Blockchain has unlimited power to process large datasets of information.
- Blockchain ensures data confidentiality.
- Blockchain is a technology that enables a convenient and secure exchange of information.
- Blockchain can eliminate areas of poverty and facilitate access to the financial mark.
Those features of the new technology helped to improve the Box2Table platform. We strongly believe, that more businesses around the world should adopt blockchain and in this way help to change industries towards more efficient decentralized future.