Blockchain : technological revolution or mirage?

This system, which is based on the virtual currency Bitcoin allows to establish secure and tamper-proof records. From finance to education, transportation, culture, applications could be endless. But we are not there yet … “Edurne and Mayel are happy to announce their marriage, the first in the world exclusively recorded on the ‘blockchain’!” No, it’s not a joke: it is the announcement of a stateless matrimonial union of a new type, physically marked on 1 December between two human beings native of the Basque Country, nomads global or “glomades” residing in London, Edurne Lolnaz and Mayel of Borniol are the pioneers of this marriage 2.0. “We do not want our wedding to be linked to a particular nation-state. Neither a government define should look like our relationship or our celebration … So we write our own rules,” explain these young libertarians on their site staff.

And they invite all those who wish to come and celebrate the event with them on June 17, on the Greek island of Santorini. The newlyweds popularize the same time a technological concept that in his advocacy, could become as disruptive as the Internet itself: the blockchain or “block chain”. Bitcoin, the tree that hides the forest Blockchain: you do not know that word. Not yet … but memorize it, because for a growing number of experts, it simply represents the future of the trust! The “chain blocks” is indeed the software technology that is already based virtual currency Bitcoin. But Bitcoin is the tree that hides the forest. For, whatever the fate of this crypto-currency, the infrastructure that underpins it – the blockchain – could have applications in an unsuspected number of areas: finance, trade, security of course … but also transportation, citizenship, education or culture! According to a recent survey by the World Economic Forum in Davos, at least 10% of world GDP could be recorded on blockchain platforms, 2025. “The blockchain is the most disruptive technology I have ever seen” Justice Salim Ismail, an officer of the Singularity University in California.

Christian Faure, the consulting firm Octo Technology, “those are all economic sectors – private and public – all organizations and all centralized institutions that have their foundations shaken” by the blockchain. Starting with all intermediaries – lawyers or notaries – who act as certifiers or escrow … How does it work? Let’s start with the beginning. According to the Bank of England, the blockchain is “a technology that allows people who do not know to put their trust in a shared list of transactions.” This is a large digital register in which all transactions are recorded, unalterable way. This avoids middlemen. Imagine a country that decides to submit any real estate transaction to blockchain: when you sell your property via this system, it keeps the precise recollection of the transaction: location of the property, shape, surface, etc. Gradually, over the transactions, a cadastre is (and notaries, become useless, disappear …). The information is accurate, tamper-proof. The magazine “The Economist” speaks of “machine to create confidence.”

 

 

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