Blockchain, the underlying technology of the Bitcoin system, it has long been predicted to change the face of the future of information technology. The concept of big books distributed it would simplify the way people store data in the future. Simplicity blockhain also accompanied by a high level of security and also the ease in sharing information in a data base.
Various efforts have been initiated to explore the potential implementation of the blockchain, in which a consortium of R3 CEV consists of a variety of technology companies and financial companies. In addition, Russia has also started initiation to examine the blockchain. Australia through the institution of research CSIRO has also embarked on the development of the blockchain in its utilization in the industrial world. Wall Street, world financial center, is also not left behind in the development of the blockchain.
Excess
Blockchain on Bitcoin is a system which is decentralized. This means that Bitcoin is not influenced by the policy of any government which may bring bad influence to the system. Bitcoin is also an example of the success of the system of peer-to-peer without any central controllers that control the running of the system. Bitcoin can replace the credit cards and debit cards in the future.
Deficiency
The system of decentralization in Bitcoin not only bring advantages, but also disadvantages. Transactions that occur in the system can not be canceled. If an error occurs the transaction, then the funds paid already can not be returned to the sender. There is no way to cancel transactions that have been confirmed into the blockchain. This is quite different from the system of centralization such as credit cards, where consumers get the protection of the above errors, and can get the funds paid back. The utilization of bitcoin in the services of remittances will also experience problems. Those who receive funds in the form of bitcoin should do the conversion into local currency through the exchange service. This is one of the that hinder the implementation of bitcoin to become the intermediary for transaction of remittances.
Potential
Wall Street has invested $1 billion in blockchain technology. The pilot implementation of this technology in Wall Street will be done this year. Goldman Sach has mentioned some practical applications of the blockchain in a variety of industries such as energy and property. The Blockchain can also help the music industry in determining the royalty to be paid to the copyright owner the song and the artist, based on the number of songs played. Blockchain will also play a role in the Internet of Things with focus on micro-transactions. The Blockchain can also be implemented in a variety of other uses that haven't been mentioned, which will probably appear in the future.
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