If data is “the new oil”, it will be deposited in the blockchain.
“In fact, anything that you can make a list of, you can manage with blockchains. Ambitious developers and entrepreneurs are aiming to use them to rework everything from how we track land ownership to how we distribute medicine and how we grant diplomas.”
Scott Rosenberg, Wired.
Successful new technologies usually undergo growth and expansion, similar to the vivid evolution as the one that happened during the Cambrian Era, which in general means using them to immediately solve all of the most blazing and contemporary problems of humankind. Blockchain, one of the crucial tech buzzwords of 2017, is now taking is a turn in the one-tech-fits-all role. So it doesn’t come as a huge surprise that it’s already possible to take the courses like this “Ethereum Blockchain Mastery Bundle”. You can easily dig into the subject and master it, become involved in development and be up-to-date with the all progress. It is, among others, possible to learn to develop blockchain dApps (decentralized apps), projects, real-world projects, and the blockchain ecosystem itself. Many of the companies (but also universities such as Harvard) already prepared webinars for those who would like to learn how to create, develop or implement this technology. Apparently, there is something going on and blockchain looks quite serious, or even it’s the future’s axiom to be known already, or at least — foundation of the future.
What naturally comes to mind is the question: from all technologies out there, why blockchain? What makes it so unique and why it is expected to be the main core of technology of tomorrow? And why has RepuX chosen to build technology powered by Ethereum Blockchain 2.0? In the end, it all comes down to trust…
Blockchains can be perceived as a promising tool because they create data that is both reliable and secure. The trick is to bind and handle data inside of a strict framework that’s secured through cryptography. Right now we experience the very early stage of blockchain technology development but there are already a few areas where it has been implemented seriously: diamond market, Democracy Earth and cryptocurrencies.
Some even say that it will revolutionise the world and our lives in every possible aspect: and especially the Ethereum platform can impact overall development, sustainability, and charity. Blockchain in particular is uniquely positioned to accelerate our impulses toward inclusivity, equal rights, solving hunger, climate change and poverty while also creating sustainable jobs which seem to be the main goals and challenges in the beginning of the 21’st century. In the future, it can be used by everybody to vote, keep and share medical records, but also for faster and more transparent financial transactions, for reducing the risk of identity theft and many many others.
“What is the blockchain? It is the way to transfer ownership without an intermediary, the way to sell shares in a company without an exchange (…). Every currency can be placed on the blockchain. Many governments are experimenting with putting national currencies there. Singapore has stanched the Singapore dollar for interbank settlements, Putin intends to introduce CryptoRuble . Recently, Catalonia, as part of its independence efforts, has been considering the possibility of issuing a Catalan currency on blockchain.
Zoe Adamowicz, neufund.org founder. Source: Wysokie Obcasy, nr 45 (957), November 18 2017.
Big companies, such as Deutsche Bank, already admitted that blockchain is going to be one of the main future technologies and moving toward such innovations seems to be the only reasonable move, because blockchain is the invention “with the most disruptive character for the finance sector and the public since the invention of the internet”. Authors of the report admitted that blockchains have the potential to revolutionize industries from the bottom-up and also to create new business models up to a various peer-to-peer communities. Blockchain itself is called the “distributed, safe and decentralized payment system, which does not need banks, intermediates, an organization or a central technical infrastructure to work.” Although, who can benefit now because of Blockchain is not only a Big Business. Small and Medium Enterprises and developers who need to exchange the data, the new oil, also can profit. That’s exactly what RepuX was made for and the future looks promising. But not only Big Business can benefit from blockchain: now, thanks to RepuX, also Small and Medium Enterprises along with developers needing access to data can profit from the technology..
By design, blockchains are inherently resistant to the modification of the data involved. It’s a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. A blockchain can serve as an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. For use as a distributed ledger, it is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority. Blockchain technology allows for the reduction of fraud rates thereby enabling a whole host of potential applications. This makes blockchains ideal for use as the foundation for the RepuX Protocol where security and transactional integrity are paramount.
RepuX, in a few words, is a marketplace that lets small and medium businesses sell anonymised data to developers and to each other. How does it work? Businesses sell anonymised data and earn REPUX tokens. Developers buy the data to train Machine Learning algorithms and then re-sell their intelligent applications (d’Apps) back to enterprises, enabling them to make better business decisions. One of our goals is to integrate the RepuX Protocol with existing blockchain technology while building custom solutions in certain cases. Custom blockchain infrastructure that could potentially scale to millions of transactions.
Another fact in favor of blockchain is, that it leverages a peer-to-peer network to govern transactions and interactions across a distributed community. Moreover, it enables managing this governance through a decentralized ledger that benefits from having a distributed computing infrastructure and a common protocol, making it very difficult to create a fraudulent transaction. With blockchain and decentralization, every entity is incorporated into the process and no one single entity has control over all of the process.
Furthermore, smart contracts are programs that run on an Ethereum 2.0 blockchain and are triggered by transactions or other smart contracts. Smart contracts eliminate the friction associated with traditional payment systems and ensure that all parties involved in a transaction are paid instantly, with irrefutable proof of the transaction. The rating system which runs on the blockchain will be completely open and transparent.
The blockchain environment is changing constantly, with innovations occurring every day. As a result, RepuX remains open to exploring the incorporation of more effective, efficient and scalable blockchains that may be developed in the future. The current sample logic contracts are built using Ethereum’s 2.0 solidity programming language. However, it is still under development. We have considered many different solutions and currently believe a Proof of Authority (or POA) custom blockchain will most likely be the fastest, most secure method in the longer term. However, it offers less decentralisation than both Proof of Stake (or POS) and Proof of work (or POW). Ultimately, we want to strike a balance between speed and security, on the one hand, and decentralisation, on the other hand, allowing the selection among different logic systems in the final RepuX Protocol. Since the payments are sent in REPUX Tokens on the, (yes, exactly!) blockchain, the seller has the assurance that they will be paid appropriately and in a decentralised way.
There is also risks related to blockchain as to each not yet fully developed technology. That includes blockchain technologies and digital assets. As the blockchain networks and blockchain assets have grown in popularity and in market size, federal and state agencies have begun to take interest in, and in some cases, regulate their use and operation. The regulation of the non-currency use of blockchain assets is also uncertain and that’s probably the field of one of biggest changes in upcoming future and we can be sure that there is a lot is going to happen. We describe and explain them in our White Paper.
The businesses who don’t adapt to the decentralized world of the future will soon become businesses of the past.
Mohit Mamoria, The New Web
It seems that in 10–20 years, the blockchain will be one of these technologies which are being used everywhere. Moreover, it is highly probable, that the only way how institutions like banks, can survive and maintain their presence is by implementing it. Otherwise, they could disappear along with upcoming, inevitable changes. Words of Mohit Mamoria quoted above seem to summarise the trend which has already started to prepare the ground for the future, highly decentralized world. Blockchain is here to stay…
For those who represent Small and Medium Enterprises, are developers want to understand more or would like to let others participate in REPUX Pre-sale, here is some useful article (not only for a Christmas time!).
About RepuX:
RepuX is a blockchain-backed protocol and platform for SMEs to earn rewards for sharing data on a secure, decentralized network. The RepuX platform encrypts data and maintains quality through reputation scores determined by purchasers. Industries that stand to benefit from the RepuX platform include e-commerce, healthcare, accounting, microlending, and advertising, among others.
Aneta, RepuX Support Team
More about REPUX token pre-sale and RepuX Protocole/ Marketplace can be read here:
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