Blockchain can build a financial system based on trust.
The blockchain has existed since the advent of Bitcoin, and many are skeptical about the new virtual currency after the last global financial crisis. In the early days, the main focus was mainly on the cryptocurrency itself, and not on the technologies behind it.
This technology is called Blockchain.
The blockchain was originally created to be a decentralized register of Bitcoin transactions that occur within the Bitcoin network.
A decentralized or distributed database / ledger essentially means that the storage devices where the ledgers are located are not connected to a common processor. The blockchain contains an ever-growing list of transactions in the form of blocks. Each block has a timestamp and then links to the previous block to become part of the block chain.
Users can edit only those sections of the Blockchain that belong to them. For editing, the user must have private keys, which is equivalent to a password. A distinctive feature of Blockchain technology is the fact that each copy is synchronized, even if the Blockchain is not connected to a common processor or is not accessible through devices associated with the processor.
Any changes to the synchronized file are time stamped. Any recording or editing of a file cannot be changed.
Another important fact is that Bitcoins cannot be sent before they are received. This rule is built into fraud prevention software.
Why is blockchain needed?
While the hype about self-driving cars and artificial intelligence accumulates, nothing can be as tangible as the implementation of Blockchain technology- not only in the financial system, but also in everyday life.
Can a world really exist without paper money?
Of course, the market capitalization of Bitcoin and cryptocurrency is negligible compared to the turnover of paper money - 83.6 trillion dollars and the financial system today. But Bitcoin's market capitalization has now surpassed the market capitalization of many of the largest US companies.
So how can blockchain technology change the charity sector?
Transparency can enhance the credibility and effectiveness of charitable organizations working in developing countries that fall under the influence of a corrupt or unstable government. An increased level of trust in where the money goes and who benefits will undoubtedly lead to increased contributions and support people in need in troubled parts of the world.
Blockchain can build a financial system based on trust.
The blockchain has existed since the advent of Bitcoin, and many are skeptical about the new virtual currency after the last global financial crisis. In the early days, the main focus was mainly on the cryptocurrency itself, and not on the technologies behind it.
This technology is called Blockchain.
The blockchain was originally created to be a decentralized register of Bitcoin transactions that occur within the Bitcoin network.
A decentralized or distributed database / ledger essentially means that the storage devices where the ledgers are located are not connected to a common processor. The blockchain contains an ever-growing list of transactions in the form of blocks. Each block has a timestamp and then links to the previous block to become part of the block chain.
Users can edit only those sections of the Blockchain that belong to them. For editing, the user must have private keys, which is equivalent to a password. A distinctive feature of Blockchain technology is the fact that each copy is synchronized, even if the Blockchain is not connected to a common processor or is not accessible through devices associated with the processor.
Any changes to the synchronized file are time stamped. Any recording or editing of a file cannot be changed.
Another important fact is that Bitcoins cannot be sent before they are received. This rule is built into fraud prevention software.
Why is blockchain needed?
While the hype about self-driving cars and artificial intelligence accumulates, nothing can be as tangible as the implementation of Blockchain technology- not only in the financial system, but also in everyday life.
Can a world really exist without paper money?
Of course, the market capitalization of Bitcoin and cryptocurrency is negligible compared to the turnover of paper money - 83.6 trillion dollars and the financial system today. But Bitcoin's market capitalization has now surpassed the market capitalization of many of the largest US companies.
So how can blockchain technology change the charity sector?
Transparency can enhance the credibility and effectiveness of charitable organizations working in developing countries that fall under the influence of a corrupt or unstable government. An increased level of trust in where the money goes and who benefits will undoubtedly lead to increased contributions and support people in need in troubled parts of the world.
Blockchain can build a financial system based on trust.