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Block Chain Technology Mini Project 2 FINAL
Block Chain Technology Mini Project 2 FINAL
Introduction
Scope of Innovation
Feasibility
1. Financial Feasibility
2. Operating/Production Feasibility
Description
USP
References
Introduction
DESCRIPTION
Blockchain seems complicated, and it definitely can be,
but its core concept is really quite simple. A blockchain
is a type of database. To be able to understand
blockchain, it helps to first understand what a database
actually is.
Is Blockchain Secure ?
Blockchain technology accounts for the issues of
security and trust in several ways. First, new blocks are
always stored linearly and chronologically. That is, they
are always added to the “end” of the blockchain. If you
take a look at Bitcoin’s blockchain, you’ll see that each
block has a position on the chain, called a “height.” As
of November 2020, the block’s height had reached
656,197 blocks so far.
Given the size of the sums involved, even the few days
that the money is in transit can carry significant costs
and risks for banks. European bank Santander and its
research partners put the potential savings at $15
billion to $20 billion a year.3
Capgemini, a French consultancy, estimates that
consumers could save up to $16 billion in banking and
insurance fees each year4 through blockchain-based
applicationsGiven the size of the sums involved, even
the few days that the money is in transit can carry
significant costs and risks for banks. European bank
Santander and its research partners put the potential
savings at $15 billion to $20 billion a year.3
Capgemini, a French consultancy, estimates that
consumers could save up to $16 billion in banking and
insurance fees each year4 through blockchain-based
applications.
Currency
Blockchain forms the bedrock for cryptocurrencies like
Bitcoin. The U.S. dollar is controlled by the Federal
Reserve. Under this central authority system, a user’s
data and currency are technically at the whim of their
bank or government. If a user’s bank is hacked, the
client’s private information is at risk. If the client’s bank
collapses or they live in a country with an unstable
government, the value of their currency may be at risk.
In 2008, some of the banks that ran out of money were
bailed out partially using taxpayer money. These are
the worries out of which Bitcoin was first conceived
and developed.
By spreading its operations across a network of
computers, blockchain allows Bitcoin and other
cryptocurrencies to operate without the need for a
central authority. This not only reduces risk but also
eliminates many of the processing and transaction
fees. It can also give those in countries with unstable
currencies or financial infrastructures a more stable
currency with more applications and a wider network
of individuals and institutions they can do business
with, both domestically and internationally.