Blockchain: Down The Rabbit Hole: (Discover The Power Of The Blockchain)

Factom has recently secured grant funding from Homeland Security in the US to look at security of digital identity on the blockchain for Internet of Things devices, and has been actively in discussions with the Chinese government to look at administrative systems linked to the blockchain for smart cities, where IOT devices provide marked levels of

The most interesting part of this reduction is that the banking infrastructure responsible for the change has not come from the Banking Sector. Instead, the Telecommunications Sector has driven

The two biggest challenges of security and access are solved by utilizing blockchain technology, as the end user is in full control over his or her data, and can, therefore, share it with whomever he or she likes, instead of relying on other

and while there is confidentiality of customer data, there also has to be openness; openness to regulators, law enforcement agencies and those that enforce compliance.

it’s the weakest link in the blockchain – you and me? Whether it is a decentralised blockchain or a centralised system, hackers will target human weakness.

Many applications are still proofs of concept and pilots, rather than commercially viable solutions.

Because of the anonymity of Bitcoin as seen above, there are compliance processes that need to be implemented - KYC and AML - to identify who you are. These are designed to minimise the opportunities for money laundering,

The challenge becomes that because no-one owns cryptocurrencies – because they are decentralised – you have no recourse to anyone to say, “Please send it back.”

Because Bitcoin is based on cryptography, each block of data that is created is sealed.

The International Standards Organisation has already begun working on this area by establishing the creation of a technical committee geared specifically towards development and establishment of unified standards for blockchain-related technology.