Today, cryptocurrencies are at the peak of popularity. Around them, heated, not for a minute, ongoing debate flare-up. Politicians, journalists, businessmen and ordinary participants in cryptocurrency exchanges express their opinions: some believe that virtual currency is only harmful, while others see the future in it. Will blockchain systems be popular in the future?
What is blockchain?
This idea is very simple: cryptocurrency systems are vast information bases that anyone can access. These bases operate without centralized management and supervision by intermediaries. The verification of the correctness of the translations is carried out by the users themselves, confirming the authenticity of the transactions made and forming record blocks.
This process is very complicated from a mathematical point of view, so the user needs to have a powerful computer. Maximum decentralization allows you to control the correctness of operations with BTC without involving financial supervisory authorities.
The advantage of blockchain systems over conventional banking systems
- Anonymity. All personal information contained in the system is encrypted and it is impossible to access it unless the user himself gives it.
- Lack of intermediaries. Today, all banking transactions with currency and documentation go through a large chain of intermediaries. Virtual systems do not require such an approach and constant verification by third parties.
- No overpayments. The Bank, like any other intermediary organization, always takes a percentage for the provision of its services. There are practically no commissions in blockchains, and they are set by users on their own.
The reaction of the world’s strengths
The emergence of bitcoin, like other cryptocurrencies, has been treated differently in many states. In Russia and China, it almost came to an official ban, but things did not go beyond threats and unfounded statements.
However, the mind triumphed over traditional inertness. So, the head of Sberbank and the former Minister of Economic Development of the Russian Federation, German Gref, said that to ignore the emergence of Internet currency, and even more so to prohibit it, is senseless, wrong and stupid. He expressed confidence that blockchain systems will be able to revolutionize all sectors of human life. At one of the forums, he even urged in the near future to replace the expensive information system of Sberbank, since it is outdated and does not meet the requirements of the future.
In the same vein, statements are made by the head of the Ministry of Communications and Communications, Nikolai Nikiforov. He assured citizens that the necessary studies were already being carried out and urged everyone not to be oriented today, but 5–10 years in advance.
In favor of bitcoin systems, the fact that giant banks (JP Morgan, Barclays, etc.) are engaged in the study of this cryptocurrency speaks. Especially for this, they even teamed up with a consortium called “R3” to fully explore the capabilities of blockchain systems. By 2017, there are concrete achievements: work has begun on the development of a generalized open-source blockchain banking system. Financial institutions clearly understand that the introduction of such technologies will significantly reduce the cost of operations.
Experts note that for many years the BTC virtual system has been under attack from various sources, however, none of them led to a blockchain breakdown. This means that the experience of creating such decentralized network projects can be adopted not only by banks but also by government agencies. For example, blockchain can be widely used in judicial practice: the use of this technology makes it impossible to falsify data.
Not all IT professionals are confident in the infallibility and unconditional benefit of the blockchain. They note that security and anonymity, the practical availability of virtual currency can be used by enterprising businessmen who are dishonest.
As an argument, each of them cites a story that happened with the Silk Road shadow market, where prohibited substances were freely sold during BTC. The search for the founder and the termination of the resource required a considerable amount of time and time from the US government.
The power departments of many countries, unlike economic organizations, insist on the gradual implementation of this technology in life. They believe that if you do not regulate this sphere at the proper level, then there is a considerable danger both for the state and for society as a whole.
Bitcoin as a product of blockchain systems is a revolutionary phenomenon that attracts the attention of specialists and ordinary citizens. Virtual “coins” need close study. Of course, they will be gradually introduced into social and economic life, despite numerous obstacles. However, for human safety, there is a need to establish a regulatory mechanism.