Tuesday, June 21, 2016

Bitcoin technology: As block chain to replace banks – Tagesspiegel

Vitalik Buterin growing on the Internet. When he is born in 1994, the world is already five years the World Wide Web. Buterin starts early, to program itself. Later he writes for a blog and will be paid for with Bitcoins. Because his digital currency, however, has too many weaknesses, he developed his own. He calls Ethereum. And he realizes that you can do much more with the technology behind digital currencies. With only 22 years Buterin is the pioneer of a new movement. One movement, the experts led to superlatives. Goldman Sachs speaks of the “megatrend”, the Bank of England of a “real innovation”. Twitter investor Marc Andreessen thinks Go: This is the greatest invention since there is the Internet

Block Chain is the technology behind the digital currency Bitcoin

There is talk of the block chain.. This is the technology that is behind Bitcoins. And the now is to be used beyond the digital currency. So far took everyone who wanted money transfer, a bank. She handles the payment and checks whether all necessary data agree. The block chain technology makes but exactly the same thing – only fully automated, faster and cheaper. It thus replaces the Bank. And as in the transfer also works in other stores. In addition to the Bank, the block chain can also replace the current supplier, the music group or the real estate agent. For how to make money back and forth about this technology can, you can buy per block chain also stream music or property for sale – and without a Group is interposed

Imagine you can block chain such. a kind of super file. It covers all transactions by all parties, which are processed through their system. The special feature: Instead of a central server will simultaneously stored on the computers of all the participants and updated there regularly. As a result, instead of a mainframe transaction is checked by each computer that is connected to the network. Knowledge and responsibility are therefore delegated to machinery and divided. Manipulation is hardly possible in this way. Because criminals would be to not only in one but in all the connected computer hacking.

The block chain is an intelligent cashbook

As the block chain actually works, is the example of the remittance clearly : will transfer person A to person B money, that information is encrypted to all computers on the network transmitted. The computer automatically balance the data with the information that is already stored in the block chain. Check for example, whether the account that will transfer money from person A is effectively connected A. Enter all computers you Okay, is the transaction carried out and added as information of Super File. This Super file is nothing more than a yard long chain (Chain), always new information (blocks) are added to the. The result is a huge, intelligent cash book.

The block chain technology

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the fact that some describe the discovery of the block chain as a revolution, is that it takes over tasks, which were believed to date to need their own institutions for them , However, with the block chain is needed just any banks to transfer money. It also does not need any more stock market to buy shares. None notary to execute a will – instead, will the heirs automatically transferred the money. Even tech companies that have emerged only in recent years, has become superfluous. It would take no Uber to find a taxi driver. No company like Airbnb to match tenants and landlords of apartments.

banks also conduct research themselves at the Technology

The idea that you no longer accomplices need for all of these operations, but solely a clever Super file is initially disturbing. The German Bank speaks of a paradigm shift. After you take the block chain seriously, you have to rethink the economy. So the accountants Deloitte also believe that it is less a question of technology, if penetrated the block chain. Instead, it depends to 80 percent on whether people are willing to think differently. Whether they can give a decentralized technology as much confidence as a central institution -. About a bank

The banks take the block chain nonetheless serious. After all, they would be the first whose services could make the technology obsolete, at least in parts. At Deutsche Bank, says: “. The block chain technology is one of the first truly disruptive ideas from Fintech region” Not to be left behind, the Geldhäuser research therefore even on the technology. They hope that if they provide the banks the block chain themselves, they could save. 42 major banks have recently formed a consortium that explores the block chain in New York and London. The company bears the nondescript name R3. But the list of institutions in the forefront, reads like a Who’s Who of the financial world: In addition to German Bank and Commerzbank make about Goldman Sachs, Morgan Stanley, Bank of America, Barclays and UBS. Also, the IT giant Microsoft is.

Parallel work almost all financial institutions to own block chain projects. JP Morgan is to test my block chain, for example, currently with more than 2,000 customers, the way-forth money between London and Tokyo. Citigroup has its own digital currency called Citicoin designed to simplify payments. The credit card company Visa is working to facilitate migrants’ remittances to their home -. Which could make a costly transfer services such as Western Union superfluous

The utilities deal with the block chain

And that’s just the beginning, because the block chain is not just for the financial industry. Apart from banks, there are the big energy companies, which they fear. Because the technology can also trade in electricity – without having to need a energy company. That this works, just two Americans have proven: One has sold one per block chain power, he has generated with a solar panel on its roof. In Berlin, a team from ITB began operation in February already on a similar project.

The major utilities deal with the block chain. Vattenfall invites on Monday for experts to Berlin to discuss examples. Manager Claus Wattendrup says: “If this new technology is a reality, it has the potential to revolutionize the energy industry.” Competitor RWE intends to use the block chain, for example, in electric cars. Because it indicates the charging stations other than a gas station no checkout, paying the current is still a problem. Most drivers of electric cars have separately enter into a contract with one of the local public utilities. Thanks to the block chain technology could go a lot easier. About a chip in the car could the money after refueling just automatically be charged to your account

Buterin dreams of software that uses all World

located Sets the block chain in width by, one of them is particularly benefit: Vitalik Buterin. The 22-year-old has set up a foundation. The other is the technology ready, so they can develop new applications to block chain base. to operate the on the model of Apple. The Group has an operating system for smartphones developed with iOS – and then invited other programmers, for inventing Apps. As once Apple founder Steve Jobs dreams Buterin of the global software, which uses the world. He still has a long way to go.


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