Talkin ‘Bout A Revolution

Talkin ‘Bout A Revolution

The use of Blockchain technology is very wide, and with its help, many questions that may sound utopian can be answered. By using this technology, the bureaucratic apparatus could be drastically reduced. Transfer money without intermediaries, without limitation, in real time and without additional costs. All this can incredibly affect the development of the global economy and even civilization as a whole. The introduction of such a system could be a huge blow to business malversations, corruption, criminal and political influences… It sounds like a fairytale.

But we know that in the stories of a bright future, there is always a famous “but”, without which it is practically impossible to tell the whole story. It is hard to believe that current carriers will be able to give up leverage that they hold in their hands so easily. We will see how the bankers will try to retain the profits they are now having, in which way the owners of large capital, state and politicians will try to keep the positions they have gained since history is known to be not smooth. The world in which the passport or any document is removed for free, where jobs are settled without waiting in line or where it is possible to send money to another person without any commissions, can sound like utopia, but thanks to Blockchain it is practically possible. We still have to wait for a certain amount of time until the system comes to life.

What is bad with this idea

One of the negatives of the Blokcejna idea and its realization is connected with the high consumption of electricity caused by miners. The future of mankind will move towards rational energy consumption, and a more efficient way of carrying out verification tasks will have to be designed. One of the guidelines for the new approach was defined last year by Vitalik Buterin, the younger director in Blockchain’s world of famous Ethereum, which proposes a new approach to mining called Proof-of-stake, instead of the standard Proof-of-work, which would greatly reduce the need for systemic resources.

When we already mentioned him, he met with Russian President Putin at economic forum in St. Petersburg, and they with cooperation agreed on an open possibility for the introduction of the Ethereum platform and parallel development of Russian money as cryptocurrency, which would have a positive impact on the development of the economy in that country . The director of the largest Russian bank Sberbank, Herman Gref, said that it is necessary to wait for another 18 months to get the conditions for implementing the Blockchain project until all infrastructure issues are resolved. Another potential problem in the implementation may be related to the low bandwidth of the Blockchain network, as is currently the case with Bitcoin, where it is sometimes necessary to wait for several hours in order to get a confirmation of the transfer. This is, however, a consequence of the not very happy solution of the Bitcoin network, and we believe that similar networks in the future will have fewer problems.