Is this technology safe?

The blockchain as a transaction book with the current technology and computing power of computers cannot be created. It is estimated that a computing power equal to half the Internet is needed to break a blockchain network. However, the introduction of quantum computers will require the implementation of new cryptographic security features according to Forbes. Blockchain transactions in the blockchain are irreversible. Attempting to change one block involves changing the entire blockchain following it. In the event that someone tries to cheat, change or enter an unauthorized transaction, the blockchain nodes in the verification and reconciliation process will discover that one of the copies of the book has a transaction that is incompatible with the records in the network and refuses to include it in the blockchain. Data, transactions and their order are resistant to counterfeiting and all kinds of manipulations. The blockchain philosophy, advanced mathematical methods, and cryptographic security allow us to trust the data contained in the accounting books of the transaction. On the other hand, is the chain because can’t get any point because of nature it works, the entire block needs to be rewritten or scrapped but for this happens this is to be identified. It is difficult to identify it the chain is many many many blocks away.

The financial industry was the first to recognize the potential of blockchain, but also the risk for its status quo that this technology brings. Since 2014, we have seen a huge flood of start-ups, which develop crypt-based technology for block-based currencies. A new industry is emerging, named for finance and technology in the FinTech industry, and in the insurance industry Insurance Tech (or InsurTech). There is a lot going on in the traditional financial industry. In 2015, a consortium of Banks and FinTech was established with the aim of developing blockchains. The consortium for September 2016 included, among others, Citi, Bank of America, Morgan Stanley, Societe Generale, Deutche Bank, HSBC, Barclays, Credit Suisse, Goldman Sachs, JP Morgan, and ING. In July 2016, Citi announced that it had developed its own crypto-currency, which he named Citicoin. FinTech start-up Chain.com received on October 30 million USD co-financing (from Nasdaq, Visa, CapitalOne, Orange and Citigroup) in order to build a solution that will allow you to send various valuable assets in the network (loyalty points, shares, vouchers and various financial instruments).

Learn more about Richard Butler Creagh, the founder of Henley Finance here. Read more about Henley Finance which is a bridging lender company that invests in UK property here.

Author: Richard Butler Creagh

Richard Butler-Creagh has been in the bridging lending business for many years. He became involved with this sector through his experiences in buying and selling his own properties. He soon realised that the most important part of this process was to be able to have the availability of good financing.

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