More than just Bitcoin: Why blockchain technology is attractive to many industries

Rage Comment : The distributed ledger of blockchain can be applied to every transaction information in the world, not only in the financial field, but also in any field that needs to keep accounts. This public ledger that records all transactions can automatically calculate and record tasks, speed up the transaction processing process, and skip cumbersome processes and middlemen. Many governments such as the British government, the US Delaware, and the Russian government are trying to integrate blockchain technology into their political or financial systems. The underlying technology of Bitcoin, blockchain, is more likely to change the way we trade online.

Translation: Nicole

If you've ever run a business, whether it's an ice cream shop or a Fortune 500 company, you've had a ledger. There's nothing special in the ledger, just the details of the transaction. This is a fundamental technological change, and institutions including the UK government, major banks and the state of Delaware want to use blockchain technology.

Australian businessman Craig Wright reignited attention to digital currencies this week when he claimed to be bitcoin's mysterious creator, Satoshi Nakamoto, but a growing number of financial technology experts agree that the blockchain, the technology that underlies bitcoin, is more likely to change the way we transact online.

Entrepreneur Craig Wright, who says he is the creator of the bitcoin digital currency, is seen in this file photo attending the Inside Bitcoins conference and trade show in New York in 2014.

Imagine one day, an online ledger or ledger network can record every transaction in the world, and others can use this system to quickly verify it, protecting people's privacy while being transparent enough for anyone to supervise. There will be no specific group to supervise, so everyone who verifies with a computer can remain neutral and verify these messages. This is the vision of the future blockchain world.

Adam Draper, CEO of Boost VC, told American Banker:

“In three years, no one will be talking about blockchain technology because they will all be using blockchain technology. I’m not going to say I’m going to use TCP/IP to talk to you, I’m going to say I’m going to send you a message.”

Jack Markell

Delaware Gov. Jack Markell said he intends to use blockchain technology in Delaware, praising the blockchain for cost savings and more efficient business processing. The state incorporates more companies than any other agency, a public ledger that records all transactions, automated calculations and recordkeeping tasks, and accelerated transaction processing, these features can skip cumbersome processes and middlemen.

Markell told The Wall Street Journal:

“We believe blockchain technology can bring great benefits.”

The Defense Advanced Research Projects Agency (DARRA) of the United States Department of Defense wants to create a messaging platform that cannot be attacked by hackers through blockchain technology. The agency officially calls for:

"The Department of Defense is eager to develop a secure messaging and transaction platform that can be accessed through a browser or as a standalone built-in application. The platform separates the process of message generation, sends messages through a secure messaging router, and encrypts messages when they are received."

In Seattle, Microsoft is working with the R3 blockchain consortium, which is made up of the world's largest banks, including JPMorgan Chase and Citigroup, to learn how to "accelerate the use of distributed ledger technology" in investing, lending and other financial transactions. On Wall Street, Goldman Sachs believes blockchain has the potential to change "everything."

No, these aren't real bitcoins (just bitcoin buttons). Cryptocurrency enthusiasts see some benefits in blockchain technology, such as eliminating transaction fees.

Overseas, some governments are looking for ways to integrate blockchain technology into their political or financial systems. Russia's National Settlement Depository, which issues domestic corporate bonds, is testing a voting system for shareholder meetings that uses blockchain technology to ensure security. The UK Government Office for Science has also encouraged the UK to adopt blockchain technology, praising the ability of blockchain to "reduce fraud, corruption, errors and costs."

Jeremy Gardner, chairman of the board of directors of the Blockchain Education Network and an investor at Blockchain Capital, told NPR that blockchain "can bring a level of transparency and auditability to finance (and deposits, provenance, ownership) that we've never had before.