Blockchain

blockchain [1] [2] [3] – originally block chain [4] [5] – is a distributed database that is used to maintain a continuously growing list of records , called blocks . [6] Each block contains a timestamp and a link to a previous block. [7] A blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. By design, blockchains are inherently resistant to modification of the data. Once recorded, The data in any given block can not be altered retroactively without the alteration of all subsequent blocks and a collusion of the network majority. Functionally, it can be used as an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. [8]

Blockchains are secure by design and are an example of a distributed computing system with high Byzantine fault tolerance . Decentralized consensus has been achieved with a blockchain. [9] This Makes blockchains Potentially suitable for the recording of events, medical records, [10] [11] and other records management activities, Such As identity management , [12] [13] [14] transaction processing , and Documenting from .

The first blockchain was conceptualised by Satoshi Nakamoto in 2008 and implemented the following year as a core component of the digital currency bitcoin , where it serves as the public ledger for all transactions. [1] The invention of the blockchain for bitcoin made the first digital currency to solve the double spending problem, without the use of a trusted authority or central server . The bitcoin design has been inspiration for other applications. [1] [3]

History

The first work on a cryptographically secured chain of blocks was described in 1991 by Stuart Haber and W. Scott Stornetta, [15] in 1992, Bayer, Haber and Stornetta incorporated Merkle trees to the blockchain. Documents into one block. [16] [6]

The first blockchain was then conceptualized by Satoshi Nakamoto in 2008 and implemented the following year as a core component of the digital currency bitcoin , where it serves the public ledger for all transactions. [1] Through the use of a peer-to-peer network and a distributed timestamping server, a blockchain database is managed autonomously. The use of the blockchain for bitcoin made it impossible to make a double spending problem without requiring a trusted administrator. [4] The Bitcoin Design has been the inspiration for other applications. [1] [3]

The words block and chain were used separately in Satoshi Nakamoto’s original paper in October 2008, [17] and when the term moved into wider it was originally block chain, [4] [5] before becoming a single word, blockchain, by 2016 In August 2014, the bitcoin blockchain file size reached 20 gigabytes . [18] In January 2015, the bitcoin blockchain grew from 50 gigabytes to 100 gigabytes in size. [19]

By 2014, “Blockchain 2.0” was a term referring to new applications of the distributed blockchain database. [20] The Economist is an implementation of this second-generation programmable blockchain as coming with a programming language that allows users to write more sophisticated smart contracts. Dividends if profits reach a certain level. ” [1] Blockchain 2.0 technologies go beyond transactions and enable “exchange of value without powerful intermediaries acting as arbiters of money and information”. They are expected to enable people to enter the global economy, To provide monetize their own information, and provide the capability to ensure creators are compensated for their intellectual property . Second-generation blockchain technology makes it possible to store an individual’s “persistent digital ID and persona” and are providing an avenue to help solve the problem of social inequality by “[potentially changing] the way wealth is distributed.” [21] : 14-15 As of 2016 , Blockchain 2.0 implementations continue to require an off-chain oracle to access any “external data or events based on time or market conditions [that need] to interact with the blockchain.” [22] And provide the capability to ensure creators are compensated for their intellectual property . Second-generation blockchain technology makes it possible to store an individual’s “persistent digital ID and persona” and are providing an avenue to help solve the problem of social inequality by “[potentially changing] the way wealth is distributed.” [21] : 14-15 As of 2016 , Blockchain 2.0 implementations continue to require an off-chain oracle to access any “external data or events based on time or market conditions [that need] to interact with the blockchain.” [22] And provide the capability to ensure creators are compensated for their intellectual property . Second-generation blockchain technology makes it possible to store an individual’s “persistent digital ID and persona” and are providing an avenue to help solve the problem of social inequality by “[potentially changing] the way wealth is distributed.” [21] : 14-15 As of 2016 , Blockchain 2.0 implementations continue to require an off-chain oracle to access any “external data or events based on time or market conditions [that need] to interact with the blockchain.” [22] Second-generation blockchain technology makes it possible to store an individual’s “persistent digital ID and persona” and are providing an avenue to help solve the problem of social inequality by “[potentially changing] the way wealth is distributed.” [21] : 14-15 As of 2016 , Blockchain 2.0 implementations continue to require an off-chain oracle to access any “external data or events based on time or market conditions [that need] to interact with the blockchain.” [22] Second-generation blockchain technology makes it possible to store an individual’s “persistent digital ID and persona” and are providing an avenue to help solve the problem of social inequality by “[potentially changing] the way wealth is distributed.” [21] : 14-15 As of 2016 , Blockchain 2.0 implementations continue to require an off-chain oracle to access any “external data or events based on time or market conditions [that need] to interact with the blockchain.” [22] [21] : 14-15 As of 2016 , Blockchain 2.0 implementations continue to require an off-chain oracle to access any “external data or events based on time or market conditions [that need] to interact with the blockchain.” [22] [21] : 14-15 As of 2016 , Blockchain 2.0 implementations continue to require an off-chain oracle to access any “external data or events based on time or market conditions [that need] to interact with the blockchain.” [22]

In 2016, the central securities depository of the Russian Federation ( NSD ) announced a pilot project based on the Nxt Blockchain 2.0 platform that would explore the use of blockchain-based automated voting systems. [23]Various regulatory bodies in the music industry have started testing models that use blockchain technology for royalty collection and management of copyrights around the world. [24] [ better source needed ] IBM opened a blockchain innovation research center in Singapore in July 2016. [25] A working group for the World Economic Forum in November 2016 discusses the development of governance models related to blockchain. [26] According to Accenture , an application of the diffusion of innovations theory suggests that in 2016 blockchains attained a 13.5% adoption rate within financial services, therefore reaching the early adopters phase. [27] In 2016, an industry initiative to create the Global Blockchain Forum, an initiative of the Chamber of Digital Commerce . [28] Global Blockchain Forum, an initiative of the Chamber of Digital Commerce . [28] Global Blockchain Forum, an initiative of the Chamber of Digital Commerce . [28]

In early 2017, the Harvard Business Review suggests that the blockbuster is a foundational technology and thus “has the potential to create new foundations for our economic and social systems.” “It will take decades for the economic and social infrastructure.” [8]

Description

A blockchain facilitates secure online transactions. [29] [ Better source needed ] A blockchain is a decentralized and distributed digital ledger that is used to record transactions across many computers so that it can not be altered retroactively without the alteration of all subsequent blocks and the collusion of the network. [30] [1] This allows participants to verify and audit inexpensively transactions. [31] They are authenticated by mass collaboration powered by collective self-interests . [32] The result is a robust workflow where participants’ Uncertainty regarding data security is marginal. The use of a blockchain removes the characteristic of infinite reproducibility from a digital asset. It confirms that each unit of value was transferred only once, solving the long-standing problem of double spending . Blockchains have been described as a value -exchange protocol . [20] This blockchain-based exchange of value can be completed more quickly, more safely and more cheaply than with traditional systems. [33] A blockchain can assign title rights because it provides a record that compels offer and acceptance . [1] The use of a blockchain removes the characteristic of infinite reproducibility from a digital asset. It confirms that each unit of value was transferred only once, solving the long-standing problem of double spending . Blockchains have been described as a value -exchange protocol . [20] This blockchain-based exchange of value can be completed more quickly, more safely and more cheaply than with traditional systems. [33] A blockchain can assign title rights because it provides a record that compels offer and acceptance . [1] The use of a blockchain removes the characteristic of infinite reproducibility from a digital asset. It confirms that each unit of value was transferred only once, solving the long-standing problem of double spending . Blockchains have been described as a value -exchange protocol . [20] This blockchain-based exchange of value can be completed more quickly, more safely and more cheaply than with traditional systems. [33] A blockchain can assign title rights because it provides a record that compels offer and acceptance . [1] It confirms that each unit of value was transferred only once, solving the long-standing problem of double spending . Blockchains have been described as a value -exchange protocol . [20] This blockchain-based exchange of value can be completed more quickly, more safely and more cheaply than with traditional systems. [33] A blockchain can assign title rights because it provides a record that compels offer and acceptance . [1] It confirms that each unit of value was transferred only once, solving the long-standing problem of double spending . Blockchains have been described as a value -exchange protocol . [20] This blockchain-based exchange of value can be completed more quickly, more safely and more cheaply than with traditional systems. [33] A blockchain can assign title rights because it provides a record that compels offer and acceptance . [1] [20] This blockchain-based exchange of value can be completed more quickly, more safely and more cheaply than with traditional systems. [33] A blockchain can assign title rights because it provides a record that compels offer and acceptance . [1] [20] This blockchain-based exchange of value can be completed more quickly, more safely and more cheaply than with traditional systems. [33] A blockchain can assign title rights because it provides a record that compels offer and acceptance . [1]

A blockchain database consists of two kinds of records: transactions and blocks. [1] Blocks hold batches of valid transactions That are hashed and encoded into a Merkle tree . [1] Each block includes the hash of the block block in the blockchain, linking the two. Variants of this format were used previously, for example in Git . The format is not enough to qualify as a blockchain. [34] The linked blocks form a chain. [1] This iterative process confirms the integrity of the previous block, all the way back to the original genesis block. [35] Some blockchains create a new block as frequently as every five seconds. [36] As blockchains they are said to grow in height.

Sometimes separate blocks can be produced concurrently, creating a temporary fork. In addition to a secure hash based history, any blockchain has a specified algorithm for scoring different versions of the history so that one with a higher value can be selected over others. Blocks not selected for inclusion in the chain are called orphan blocks. [35] Peers supporting the database of the history at all times. Instead, they keep the highest scoring version of the database that they currently know of. Whenever a peer receives a higher scoring version (usually the old version with a single new block added) they extend or overwrite their own database and retransmit the improvement to their peers. There is never any guarantee that any particular item will remain in the best version of the history forever. Because blockchains are typically built to add the score of new blocks on old blocks and because they are incentives to work on the old blocks, the probability of an entry becoming superseded goes down exponentially [37] as more blocks Are built on top of it, eventually becoming very low. [1] [38] : ch. 08 [39] For example, in a blockchain using the proof-of-work system , the chain with the most cumulative proof-of-work is always considered the valid one by the network. There are a number of methods that can be used to demonstrate a sufficient level of computation . Within a blockchain the computation is carried out redundantly rather than in the traditional segregated and parallel manner. [40]

Decentralization

By storing data across its network, the blockchain eliminates the risks that come with data being held centrally. [1] Decentralised blockchains may use ad-hoc message passing and distributed networking . Its network lacks central points of vulnerability that computer hackers can exploit or any central point of failure . Blockchain security methods include the use of public-key cryptography . [4] : 5 A public key (a long, random-looking string of numbers) is an address on the blockchain. Value tokens. A private key is a password that gives its owner access to their digital assets or otherwise interact with the various capabilities that blockchains now support. Data stored on the blockchain is considered incorruptible. [1]

Every node or miner in a decentralized system has a copy of the blockchain. Data quality is maintained by massive database replication [9] and computational trust . No centralized “official” copy exists and no use is “trusted” more than any other. [4] Transactions are broadcast to the network using software. Messages are delivered on a best effort basis. Mining nodes validate transactions, [35] add them to the block they are creating, and then broadcast the completed block to other nodes. [38] : c. 08 Blockchains use various time-stamping schemes, such as proof-of-work to serialize changes. [41] Alternate consensus methods include proof-of-stake and proof-of-burn . [35] Growth of a decentralized blockchain is accompanied by the risk of node centralization. [42]

Hard forks

Per Investopedia , a hard fork term for a split into two separate chains in consequence of the use of two distinct sets of rules. [43] For example, Ethereum has hard-forked to “make whole” the investors in the DAO , which had been hacked by exploiting a vulnerability in its code. [44] In 2014 the Nxt community was asked to consider a hard fork to a rollback of the blockchain records to mitigate the effects of a 50 million NXT from a major cryptocurrency exchange. The hard fork proposal was rejected, and the majority of the funds were recovered after negotiations. [45]

Openness

Blockchain data

Open blockchains are more than friendly to some traditional ownership records, which, while open to the public, still require physical access to view. Because all early blockchains were permissionless, controversy has arisen over the blockchain definition. An issue in this ongoing debate is whether a private system with verifiers should be considered a blockchain. [46] [47] [48] [49] [50] Proponents of permission or private chains argue that the term “blockchain” may be applied to any data structure. These blockchains serve as a distributed version of multiverse concurrency control (MVCC) in databases. [51] Just as MVCC prevents two transactions from concurrently modifying a single object in a database, blockchains prevent two transactions from spending the same single output in a blockchain. [21] : 30-31 Opponents say that permission is granted to resemble traditional corporate databases, not supporting decentralized data verification, and that such systems are not hardened against operator tampering and revision. [46] [48] The Harvard Business Review defines blockchain as a distributed ledger or open to anyone. [52] In 2016, Nikolai Hampton of Computerworld asked that “much of [permissioned blockchain hype] is nothing more than snake oil and spin.” [53]

Permissionless

The great advantage to an open, permissionless, or public, blockchain network is that guarding against bad actors is not required and no access control is needed. [37] This means that it can not be applied to the network without the consent of others, using the blockchain as a transport layer . [37]

Bitcoin and other cryptocurrencies currently secure their blockchain by requiring new entries including a proof of work. To extend the blockchain, bitcoin uses Hashcash puzzles developed by Adam Back in the 1990s. [54]

Financial companies have not prioritised decentralized blockchains. [55] In 2016, venture capital investment for blockchain related projects was weakening in the USA but increasing in China. [56] Bitcoin and many other cryptocurrencies use open (public) blockchains. As of September 2016 , bitcoin has the highest market capitalization.

Permissioned (private) blockchain

Main article: Distributed ledger

Permissioned blockchains are emerging as open source protocols where openness and collaboration are encouraged. [57] These can be transacted in the context of the process. [40] These private blockchains lack transparency .

The New York Times noted in both 2016 and 2017 that many corporations are using blockchain networks “with private blockchains, independent of the public system.” [58] [59]

In contrast to public blockchain networks, validators on private blockchain networks are vetted by the network owner. They do not rely on anonymous nodes to validate transactions nor do they benefit from the network effect . [60]

Disadvantages

Nikolai Hampton pointed out in Computerworld That “There is no need for a aussi ’51 percent ‘attack was private blockchain, as the private blockchain (Most Likely) already controls 100 percent of all Creation block resources. If You Could attack or damage the Blockchain creation tools on a private corporate server, you can effectively control 100 percent of their network and alter transactions however you wished. ” [53] This has a set of particularly profound adverse implications during a financial crisis or debt crisis like the financial crisis of 2007-08 , where politically powerful actors make decisions that favor some groups at the expense of others. Citation needed ] and “the bitcoin blockchain is protected by the massive group mining effort. It’s unlikely that any private blockchain will try to protect records using gigawatts of computing power – it’s time consuming and expensive.” [53] He also said, “Within a private blockchain there is also no breed, there is no incentive to use more power or discover blocks faster than competitors. . ” [53] [53] He also said, “Within a private blockchain there is also no breed, there is no incentive to use more power or discover blocks faster than competitors. . ” [53] [53] He also said, “Within a private blockchain there is also no breed, there is no incentive to use more power or discover blocks faster than competitors. . ” [53]

Applications

Blockchain technology has a large potential to transform business operating models in the long term. Blockchain distributed ledger technology is more a foundational technology -with the potential to create new foundations for global economic and social systems-than a disruptive technology , qui Typically “attack has traditional business model with a lower-cost solution and overtake incumbent firms quickly.” [8] Even so, there are A Few operational maturing products from proof of concept by late 2016. [56] The use of blockchains promised to bring significant efficiencies to global supply chains , financial transactions, asset ledgers and Decentralized social networking.

As of 2016 , some observers remain skeptical. Steve Wilson, of Constellation Research, believes the technology has been hyped with unrealistic claims. [61] To mitigate risk businesses are reluctant to place blockchain at the core of the business structure. [62]

Blockchains technology can be integrated into multiple areas. This means that it is possible to disrupt innovation, because lower-cost solutions can be instantiated, which can disrupt existing business models. [8] Blockchain protocols to use new methods of processing digital transactions. [63] Examples include a payment system and digital currency , facilitating crowdsales , and implementing prediction markets and generic governance tools. [64]

Blockchains can be thought of as an automatically notarised ledger . They alleviate the need for a trust service provider and are predicted to result in less capital tied up in disputes. Blockchains have the potential to reduce systemic risk and financial fraud . They automated processes that were already time-consuming and done manually, such as the incorporation of businesses. [65] In theory, it would be possible to collect taxes, conduct conveyancing and provide risk management with blockchains.

Major applications of blockchain include cryptocurrencies -including bitcoin , BlackCoin , Dash , and Nxt -and blockchain platforms Such As Factom have a distributed registry, Gems for Decentralized messaging, MaidSafe for Decentralized applications Storj for a distributed cloud Sia for distributed storage, and Tezos for decentralized voting. [21] : 94 Frameworks and trials as the one at the Sweden Land Registry to demonstrate the effectiveness of the blockchain at speeding land sale deals. [66] The Republic of Georgia is piloting a blockchain-based property registry. [67] The Ethical and Fair Creators Association uses blockchain to help startups protect their authentic ideas. [68]

New distribution methods are available for the insurance industry Such As peer-to-peer insurance , parametric insurance and microinsurance Following The adoption of blockchain. [63] Banks are interested in this technology because it has potential to speed up back office settlement systems. [69] The sharing economy and IoT are also set to benefit from blockchains because they involve many collaborating peers. [70] Online voting is another application of the blockchain. [71] Blockchains are used to develop information systems for medical records , Which increases interoperability . In theory, legacy disparate systems can be completely replaced by blockchains. [72]Blockchains are being developed for data storage , publishing texts and identifying the origin of digital art .

Banks such as UBS are opening new research in the field of energy efficiency and reduce costs. [73] [74]

The Big Four

Each of the big four accounting firms is testing blockchain technologies in various formats. Ernst and Young have been provided to all (Swiss) employees, [75] have installed a bitcoin ATM in their office in Switzerland, and accepted as payment for all its consulting services. [76] Marcel Stalder, CEO of Ernst and Young Switzerland stated “We do not only want to talk about digitalization, but also actively drive this process together with our employees and our customers. “[To] smart contracts and digital currencies.” [76] PwC , Deloitte , and KPMG have taken a different path from Ernst & Young and are all testing private blockchains. [76]

Smart contracts

Blockchain-based smart contracts are contracts that can be partially or fully executed or enforced without human interaction. [77] One of the main objectives of a smart contract is automated escrow . The IMF believes blockchains could reduce moral hazards and optimize the use of contracts in general. [78] Due to the lack of widespread use their legal status is unclear. [78]

Some blockchain implementations could enable the coding of contracts that will execute when specified conditions are met. A blockchain smart contract would be enabled by extensible programming instructions that define and execute an agreement. [79] For example, Ethereum Solidity is an open source blockchain project that was built specifically to realize this possibility by implementing a Turing-complete programming language capability to implement such contracts. [21] : ch. 11

An application has been suggested for securing the spectrum sharing for wireless networks. [80]

A January 2017 World Economic Forum report predicted that by 2025 ten percent of global GDP will be stored on blockchains or blockchain-related technology. [81]

Alternative blockchains

Alternative blockchains, also known as altchains, are based on bitcoin technology and / or code. [7] The term encompasses all blockchains but bitcoin’s main chain. Compared to bitcoin, these designs add functionality to the blockchain design. Altchains can provide solutions, including other digital currencies, though tokens in these designs are not always considered as such. Altchains target performance, anonymity, storage and applications such as smart contracts . [82] Starting with a strong focus on financial applications, blockchain technology is extending to activities including decentralized applications and collaborative organizations that eliminate a middleman. [83] [ non-primary source needed ]

Notable non-cryptocurrency designs include:

  • LaZooz – decentralized real-time ride sharing [84]
  • Swarm and Koinify – decentralized crowdfunding [85]
  • Synereo – synchronous and asynchronous communication [86]
  • Gem [87] – Blockchain Platform for healthcare and supply chain
  • Steemit combines a blogging site / social networking website and a cryptocurrency
  • DECENT Network content distribution platform
  • Hyperlinked – cross-industry collaborative effort from the Linux Foundation to support blockchain-based distributed ledgers.
  • Counterparty – open source financial platform for creating peer-to-peer financial applications on the bitcoin blockchain
  • Bitcache
  • Bitnation is the world’s first operational Decentralized Borderless Voluntary Nation, a Blockchain Powered Jurisdiction.
  • JPMorgan Chase ‘s Quorum permissible private blockchain with private store for smart contracts [88]
  • Ethereum is a Blockchain, with a Turing complete scripting language that enables the processing of smart-contracts on the Blockchain.
  • æternity is being white Developed as the only Blockchain That can sustain by ict core design throughput of mainstream world use cases thanks to state channels , while providing good real-world interfaces Within icts Blockchain through Decentralized Oracles . [89]

For a list of cryptocurrencies, see List of cryptocurrencies .

Blockchain vs distributed ledger systems

Simply put, a blockchain is a peer-to-peer network that timestamps records by hashing them into an ongoing chain of hash-based proof-of-work, which can not be changed without redoing the proof-of-work. On the other hand, a distributed ledger is a peer-to-peer network that uses a defined consensus mechanism to prevent modification of an ordered series of time-stamped records. Citation needed ] All blockchains are distributed ledgers, but not all distributed ledgers are blockchains.

Some of the blockchain and distributed ledger systems are: BigchainDB, Billon, Chain, Corda, Credits, Elements, Monax, Fabric, Ethereum, HydraChain, Hyperledger, Multichain, Openchain, Quorum, Sawtooth, Stellar.

Other uses

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Blockchain technology can be used to create a permanent, public, transparent ledger system for compiling data on sales, storing rights data by authenticating copyright registration , [90] and tracking digital creators, such as musicians. [91] By developing blockchain technology in partnership with ASCAP and PRS for Music , IBM will unlock value to the benefit of music creators worldwide. [92] Imogen Heap’s Mycelia [93] service, which allows managers to use a blockchain for tracking high-value parts moving through a supply chain , was launched as a concept in July 2016. Everledger is one of the inaugural clients of IBM ‘ S blockchain-based tracking service. [94]

CLS Group is using blockchain technology to expand the number of currency trade deals it can settle. [62] NETL is currently (December 2016) investigating the use of blockchain technology as a cybersecurity tool to maintain the robustness of integrated energy systems of the future. [95]

Commercial offerings

Distributed ledgers and other blockchain-inspired software are being developed by commercial organizations for various applications:

  • Deloitte and ConsenSys announced plans in 2016 to create a digital bank called Project ConsenSys. [96]
  • R3 connects 42 banks to distributed ledgers built by Ethereum , Chain.com, Intel , IBM and Monax . [97]
  • Microsoft Visual Studio is making the Ethereum Solidity language available to application developers. [98]
  • SafeShare Insurance offers blockchain-based insurance for the economy , underwritten by Lloyd’s of London . [99]
  • A Swiss industry consortium, including Swisscom , the Zurich Cantonal Bank and the Swiss stock exchange, is prototyping over-the-counter asset trading on a blockchain-based Ethereum technology. [100]
  • Context Labs , a company developing blockchain enabled platforms
  • Digital Asset Holdings , led by CEO Blythe Masters
  • Satoshi Citadel Industries
  • IBM blockchain offering announced [101] March 20, 2017
  • Disney ‘s DRAGONchain
  • Billon’s Billon standard Distributed Ledger enabling cost-less transactions in regulated currencies

In August 2016 a research team at the Technical University of Munich published a research document about how blockchains may disrupt industries. They analyzed the venture funding that went into blockchain ventures. Their research shows that $ 1.55 billion went into startups with an industry focus on finance and insurance, information and communication, and professional services. High startup density was found in the USA, UK and Canada. [102]

ABN Amro announced the development of a new partnership with the Port of Rotterdam to develop logistics tools. [103]

National currencies

  1. E-Dinar is Tunisia national currency which was the first state currency using blockchain technology in the world. [104]
  2. ECFA is Senegal blockchain-based national currency currency. [105]

Academic research

Blockchain panel discussion at the first IEEE Computer Society TechIgnite conference

Journals

Main article: Ledger (journal)

In September 2015, the first peer-reviewed academic journal dedicated to cryptocurrency and blockchain technology research, Ledger , was announced. The inaugural issue was published in December 2016. [106] [107] The journal covers aspects of mathematics , computer science , engineering , law , economics and philosophy that relate to cryptocurrencies such as bitcoin . [108] [109]

The journal encourages authors to digitally sign a file of papers, which will then be timestamped into the bitcoin blockchain. Authors are also asked to include a personal bitcoin address in the first page of their papers. [110]

Projects

Non profit organization

  1. Level One Project from the Bill & Melinda Gates Foundation AIMS to blockchain use technology to help the two trillion people worldwide Who Lack bank accounts. [111] [112]
  2. Building Blocks project from The UN ‘s World Food Program (WFP) AIMS to make WFP’s growing cash-based transfer operations faster, cheaper, and more secure. Building Blocks begins field pilots in Pakistan in January 2017 that will continue throughout Spring. [113] [114]

Decentralized networks

  1. Bitnation is the world’s first operational Decentralized Borderless Voluntary Nation, a Blockchain Powered Jurisdiction.
  2. The DAO (organization) was a decentralized autonomous organization and a form of investor-directed venture capital fund.
  3. Backfeed project develops a distributed governance system for blockchain-based applications allowing for the collaborative creation and distribution of value in spontaneously emerging networks of peers. [115] [116]
  4. The Alexandria project is a blockchain-based Decentralized Library. [117] [118]
  5. Tezos is a blockchain project that governs itself by voting its token holders. [119] [120] [121] Bitcoin blockchain performs as a cryptocurrency and payment system. Ethereum blockchain added smart contract system on top of a blockchain. Bitcoin and Ethereum blockchains. Bitcoin and Ethereum blockchains. [122]

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