Why blockchain will be much more important than the bitcoin

Hackathon-Blockchain-Money2020 everyone knows today the bitcoin. This is only the emerged part of a truly disruptive technology, blockchain. This new computer system architecture completely decentralized and deemed unbreakable could well disrupt our daily lives.

Blockchain, star of the Money2020 conference

The conference Money2020 who has just taken place in Las Vegas spent not a mobile payment system, a bank or a financial institution, but a technology, blockchain. It’s the “peer to peer” architecture that has been designed originally for Exchange of bitcoins. Totally decentralized and “unbreakable”, has potentially many other possible applications. Last illustration for date, the Nasdaq which took advantage of this conference to unveil Linq, a market of new generation that relies on blockchain. “This allows the issuance and exchange of securities of companies on a blockchain” details Eric Larchevèque, founder of the House of the bitcoin in Paris and CEO of Ledger, a company offering portfolios bitcoin as USB keys. “Blockchain brings a total resistance to any form of manipulation or censorship while ensuring an auditability up to this impossible to achieve,” added the expert. “The use of a blockchain will facilitate and accelerate financial clearing, the timestamp and the certification of registers of properties or land titles, contracts in the cloud between machines.”

The venture capitalists are beginning to leverage this disruptive technology

Investors and financial institutions are now interested closely in this technology born in the bitcoin community. During Money2020, the $ 1 billion raised by startups bitcoin and blockchain bar has been reached. Orange Digital Ventures participated in a record fundraising in the community blockchain with 30 million dollars raised by the American Chain, alongside Visa, Nasdaq and Citi Ventures. Meanwhile, the french Paymium received 1 million euros from Newfund and Kima Ventures, the Fund of Xavier Niel. Pierre Noizat, the founder of Paymium points why blockchain will represent, according to him. a technological rupture for multiple sectors of activity: “to establish a person’s digital identity, that is now a bank branch, for example, scan his identity card, his passport, proof of address. It can then stand as a guarantor of the digital identity of its client. With blockchain, the client can directly upload these documents encrypted on a system of decentralized storage model BitTorrent and set the private key encryption in blockchain. Therefore, it establishes a compelling match between documents and an electronic signature.” At any time the identity of the person who signs a transaction with this private key can be demonstrated without recourse to a central authority, what state, or financial business such as Facebook or Google. “Even if there are a few counter-examples that can be counted on the fingers of one hand, 9 times out of 10, these are American companies that dominate these centralized systems” says Pierre Noizat. “Blockchain, this is the opportunity to depart at the time on a new Open Source basis, but also fairer from an economic point of view, without any intermediary between the provider of a service and its client.
Nasdaq in fact, multiple projects are launched on this new paradigm. Several decentralized social networks seek has emerge and, much more seriously, major banks investment, like Goldman Sachs, JP Morgan and Credit Switzerland participate in an alliance which aims to set common standards to operate blockchain in the issuance of negotiable debt securities. There are many potential applications in the field of the data of health and education. Recently, the Holberton School of San Francisco made the choice to certify the authenticity of the diplomas of engineers that it awarded with blockchain.

Simple digital autonomous economic agents identity

Blockchain infrastructure to manage a digital identity in a reliable and free manner. Hotel keys, access in business cards, electronic voting and perhaps one day digital passports, tamper-proof digital identity can have many applications in our near future. This should be the first wave of applications of blockchain to appear to the public after the bitcoin.

With blockchain, more than possible doubt on intellectual property of a brand name, a logo or a photo. This inviolable registry can demonstrate conclusively who the real owner and it is what pushed the Honduras to turn to Factom and Epigraph, two U.S. companies specializing in blockchain, in order to secure the cadastre of the country. It was frequently tampered with by corrupt officials in order to serve the interests of one or other, including in the allocation of very lucrative mineral rights. The objective is to switch the cadastral register on blockchain by 2016 and avoid in the future any possibility of falsification.

Stéphane Traumat, founder of Blockchain Inspector, a blockchains transaction monitoring software, the next step will be the dematerialisation of the contract. A subject on which IBM research teams are already at work. No need to go through a notary, or even sign a proof for a bank transfer or a direct debit authorisation, while may be provided on blockchain. The impact on our daily lives could be amazing: “machines will be able to enter into contracts between – they” explains Stéphane Traumat. “Imagine you charging your drone to fetch a coli in the mail for you. As it is relatively remote, your drone will have to arise on the way to recharge. “It will then negotiate a contract for the purchase of electricity with a fully automatic recharge point.” The machines that can communicate with each other and sign contracts to carry out the mission that you have entrusted to them, it could well become commonplace at the time of the internet of things.

Skynet the ultimate step, it will be that of the “autonomous economic agents”. Assuming that, in a few years, the autonomous car is something common, you want to become an entrepreneur and earn money by putting your car at disposal of über. You can create your business by saving it in the blockchain of the State, then pay tens of bitcoins to Tesla as a first installment. Listed über, your autonomous car will then start its activities, cash races, set itself its electricity refills, the monthly payments of the credit and automatically transfer you its profits. “Blockchain can handle all of the interactions between humans and machines as well as between machines on the principle of the contract. Such an agent can operate autonomously through blockchain’ enthuses Stéphane Traumat. This notion of autonomous economic agents is not new, but relying on a trusted of type blockchain system, it could well revolutionize from multiple sectors of activity, starting with the Bank, insurance, including health insurance systems. Once connected objects may in turn “sign” contracts with humans or other machines, this is a different kind of company that awaits us!

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