Blockchain News | What is Blockchain

Blockchain News | What is Blockchain - http://www.newsbtc.com/blockchain-2-0/

Bitcoin is a zero trust consensus network that enables a new payment system and completely digital currency.
Bitcoins are produced by millions of computers solving mathematical problems ensuring only a pre-determined number of coins come into circulation every day.
While the value of Bitcoin as a virtual currency and payment system is highly volatile, new applications using the Blockchain are promising to be much more valuable than Bitcoin itself.
The notion of digital money has been around since The 80's, however, Bitcoin was the first digital currency to solve the major problem that faced its predecessors: the double spending problem: "How does one prevent a money form that exists in purely digital form from being copied and spent more than once at the same time?"
The Blockchain behaves almost like a database; it's a "place" where the network participants store data semi-publicly in a linear container space called the Block.
While the mining work done to secure and validate internal Bitcoin-to-Bitcoin transactions is valuable, recent enhancements to the core Bitcoin source code now allow for the mining network to secure and validate external non-Bitcoin transactions.
With this new level of application for the Bitcoin Protocol the Blockchain 2.0 concept is born.
Smart contracts are programs that encode certain conditions and outcomes.
Although much of that investment has been deployed to augment the traditional Bitcoin ecosystem, a growing amount is being directed at Bitcoin 2.0 companies.
Retail banking can be largely influenced and disrupted by this new Bitcoin 2.0 technology.
A blockchain-based solution could be used to unlock that value without risk of corruption.
Digital certificates of authenticity and proof of ownership embedded in the blockchain can be a powerful anti-counterfeiting tool.
Intellectual property can be time stamped and recorded, replacing traditional copyrights and patents.
This may disrupt the legal system, where expensive courts and lawyers are required to confirm, verify, and validate contracts.
Bitcoin 2.0 leveraging Blockchain applications will prove to be a powerful technology.
If this system is to supplant investment banks and asset exchanges, it will have a profound disruptive effect in the way financial markets operate.

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