The World According to Blockchain

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Controlling Digital Currency in China

Bitcoin is just one example of cryptocurrency that blockchain can support. BusinessInsider says that the number of initial coin offerings (ICOs) in China is growing. There now are more than 40 platforms and more than 100,000 participants.

Efforts are under way to manage the growth. Six Chinese blockchain technology companies, in an effort to reduce instability and risks around blockchain, have released The Guiyang Blockchain ICO Consensus advisory. Separately, the People’s Bank of China is considering steps such as opening a digital currency center and cryptocurrency exchange inspections.

A lot of confusion surrounds blockchain, the technology upon which bitcoin is built. Essentially, it is a platform in which transactions aren’t controlled or managed through a central node. Instead, it is a mesh. Every transaction is updated for everyone. If person A does business with person B, people C, D and E are all automatically updated.

This is a big conceptual change. It is also a big physical change, especially if the number of participants reaches into the millions. Juniper Research’s Blockchain Enterprise Survey for August 2017 showed that corporate understanding of blockchain grew during the past year, which is an assessment echoed by IT Business Edge’s Arthur Cole). Key findings: Fifteen percent of respondents know "very little" about blockchain, while 76 percent believe it could be "quite useful" or "very useful" for their firms.

At this point, blockchain comes with a cost: A bit over one-third, 35 percent, who are considering or actively deploying blockchain feel it will cause "significant internal disruption." More than half, 51 percent, who are considering or actively deploying blockchain feel it will cause "significant" disruption to their partners and/or customers.

Let’s look at where we are with blockchain and its potential.


Related Topics : Unisys, Stimulus Package, Security Breaches, Symantec, Electronic Surveillance

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