Do You Think That Our Intellectual Property Laws Are Fit for Today’s Era?
What is blockchain? Well, for better understanding of blockchain it is very important for you to distinguish between three things: the bitcoin, the cryptocurrency, the specific blockchain underlying it and blockchains in general. Bitcoin is the largest and most known project that uses such kind of technology, but at the same time you will come across numerous large cryptocurrencies are emerging based on blockchain. Blockchain can be considered as a trusted public ledger without single user control or centralized authority, where the participants themselves collectively keep track of the system. For example, it keeps track of the transactions on the continuous basis and prevents double-spending.
Take any organization into account, contracts, transactions and the records of them are among the most defining structures in our economic, legal and political systems. They protect assets and set organizational boundaries to a great extent. Apart from this, they even establish and verify identities and chronicle events. They also govern interactions among nations, organizations, communities as well as individuals. And still these critical tools and the bureaucracies formed to manage them have not kept up with the economy’s digital transformation. Thus, things need to change.
Blockchain technology promises to solve this problem. The technology at the heart of bitcoin and other virtual currencies is open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. Moreover, the ledger itself can also be programmed to trigger transactions automatically.
Understand Its Working
With Blockchain, we can imagine a world in which contracts are embedded in digital code and stored in transparent, shared databases where they can be protected from deletion, tampering, and revision. Now a days, every agreement, every process, every task and every payment would have a digital record and signature that could be identified, validated, stored, and shared. Intermediaries like lawyers, brokers, and bankers might no longer be necessary. Moreover, individuals, organizations, machines and algorithms would freely transact and interact with one another with little friction. This is the immense potential of blockchain.
By now I am sure you must have heard how blockchain is about to revolutionize business and redefine the companies and world economy. But most of us fear due to its hype, do you know why? It’s not just security issues that concern us but many barriers — technological, governance, organizational, and even societal — will have to fall. So heading into blockchain innovation without understanding how it is likely to take hold. The foundational technology has the potential to create a new foundation for our economic and social systems. It is assumed that the impact will be enormous, it will take decades for the technology to seep into our economic and social infrastructure.
An approach towards Blockchain investment
The easiest place to start is with single-use applications, which minimizes the risk because they aren’t new and involve little coordination with third parties. What can be done is add bitcoin as a payment mechanism. The infrastructure and market for bitcoin are already well developed, and adopting the virtual currency will force a variety of functions, including IT, finance, accounting, sales, and marketing, to build blockchain capabilities.
Another way is to make use of the blockchain internally as a database for applications like managing physical and digital assets, recording internal transactions, and verifying identities. You might find this a useful solution for companies struggling hard to reconcile multiple internal databases.
So that’s all for now! Keep watching the space to know more regarding the same.
Published By TatvaSoft UK — A Software Development Company in UK.
