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Blockchain Technology and Its Expected Role in the Future
2011–2015 гг.
| Nr. | Название главы | Стр. |
| Abstract | 3 | |
| 1. | Introduction | 1 |
| 2. | The principles of blockchain technology | 2 |
| 2.1. | How does the technology work | 2 |
| 2.2. | The opportunities and risks | 3 |
| 3. | The evolution and protocol projects of blockchain | 3 |
| 3.1. | Blockchain 1.0 | 4 |
| 3.2. | Blockchain 2.0 | 4 |
| 3.3. | Blockchain 3.0 | 4 |
| 4. | The existing applications of blockchain technology | 4 |
| 4.1. | Ethereum | 5 |
| 4.2. | Ripple Labs | 5 |
| 4.3. | Sidechain technology | 6 |
| 4.4. | NASDAQ | 6 |
| 4.5. | Wave | 6 |
| 4.6. | Other financial applications | 6 |
| 5. | The planning blockchain based applications and industries | 6 |
| 5.1. | Blockchain in the financial industry and banking framework | 7 |
| 5.2. | Blockchain in capital markets | 8 |
| 5.3. | Blockchain in insurance | 8 |
| 5.4. | Blockchain in governance and in voting systems | 9 |
| 5.5. | Blockchain in the music industry | 9 |
| 6. | Implications and recommendations | 10 |
| 7. | Conclusion | 11 |
| References | 12 |
7 Conclusion
The blockchain technology is in this early stage of development. The blockchain technology is developing fast and many applications are made, such as Ethereum, NASDAQ, Ripple Labs and it has a great potential not only in finance industries, but also in non-finance industries. The blockchain technology is based on spreading out information in huge number of computers, and this decentralization increases transparency and is more resilient to attacks, because each computer in this chain keeps a record of the activity in the network. Despite of the huge potential of technology, it is not yet proved itself in scale and it is not ready for completely system changing in the near future. The main aims are to increase the effectiveness of industries and in fraud detection, cost reduction and innovative products and service developing. Technology solves double spend problem, it is immutability, and there is no need for third intermediaries as well as it provides the transparency of industry.
The inefficiency of industries and cost reduction potential is the main reason, why several structures are so interested in blockchain technology and cost reduction could make an impact and benefits to clients of markets. There are expensive costs of trying to prevent for example, money laundering and the financial and non-financial industries have a need for new technology what could solve the current problems. The technical aspects of blockchain allow to provide data and transaction immutability, as well as resiliency against cyber-attacks and fault tolerance.
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The relatively new technology – blockchain – is predictable from researchers that it would be in the future as revolutionary as Internet was. At first the technology was a base for cryptocurrencies as Bitcoin, but nowadays there are great expectations that the blockchain technology would be useful for the development of other industries. The technology has many opportunities, what is useful in almost every area of finance, banking, economics and markets and financial transactions. The main goal for blockchain technology is to reduce risk of fraud and costs and increase the efficiency of industry. This technology is also useful in public sector for tax collection and voting systems as well as industry professionals predict that this technology will shift to the field of communications, business, politics and law. There are many using opportunities and technology develops fast, but most of the applications now are in initial stage or in expected and predictable level. The aim of seminar paper is to examine what are the opportunities and risks of blockchain technology based applications and is it possible that it will completely change the financial system in the future. In order to do, first of all there are description of the principles of blockchain technology, the main existing and planning applications and industries what is using or planning to use the blockchain technology in the future.
