#blockchainanalyis

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Blockchain may be 100 times as large as Google’s Servers

So the reason that blockchain is more secure, as you mentioned, is that there is this ledger which is continuously updated, and each transaction that happens on the ledger is added into a block, which is connected to every other block going back to the history, to the beginning of the blockchain.

What that means in practice is, if you wanted to alter a transaction, to change the record of what has occurred, you wouldn’t just have to attack one computer, you’d have to attack millions of computers simultaneously. And you wouldn’t just have to rewrite one transaction, you’d have to rewrite every transaction all the way back to the beginning of blockchain. And you wouldn’t have all the time in the world to do it; you would have to complete this massive attack in a matter of a few minutes. And you’re not just fighting one computer system, you’re fighting a whole bunch.

It’s estimated that the combined computing power of the biggest blockchain, which is the bitcoin blockchain, is 10 to 100 times as large as all of Google’s server farms. Which makes basically means it’s about 100 times more difficult to hack than one of the largest and most secure systems in the world.

So if you’re talking about securing and storing sensitive financial information, or information about individuals such as their health records or how they voted, it’s really important that those systems not be vulnerable to attack, and with blockchain we’ve found by far the best solution to securing that information.

http://business.financialpost.com/midas-letter/podcast-blockchain-revolution-co-author-alex-tapscott-on-brexit-opportunities

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Blockchain Definition

Smith upped the ante Monday night by challenging attendees to describe what the blockchain is in 30 seconds or less. Hands flew up as people tested words and phrases like “ledger” and “galaxy of computers” or talked about the secure and efficient movement of assets. They threw out buzzwords like “trust,” “freedom” and “censorship resistance,” or even mentioned terms other groups had coined (excuse the pun), like “trustchain” and “trustnet.” But the room went into a hush during the recitation of a blockchain-explainer poem (appropriate given the many limericks the group had dreamed up in the previous 48 hours): “In blockchain we trust, People trusting people, Moving goods and services verifiably and reliably, From the bottom up,” contributed by Karen McArthur, a Canadian and New York attorney who advises Canadian venture capital firms, incubators and financial institutions. http://www.forbes.com/sites/laurashin/2016/06/10/on-sir-richard-bransons-necker-island-bitcoin-illuminati-reassess-blockchain-strategies/#2ee9ccbc40a4

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Bitcoin Blockchain tracks Diamonds

Kemp, who has a background in both technology and jewellery, thinks the model could be adapted for items other than diamonds, from art to watches and even luxury cars. Finding a surefire way to confirm something’s provenance has far-reaching implications. “The question of authenticity is key because, for instance, counterfeit goods are funding terrorist activities,” Kemp tells WIRED. “We can apply this technology to solve very big problems: ivory poaching, blood diamonds, all these big ‘blood problems’ that are helping cartels, terrorists and criminals. http://www.wired.co.uk/article/future-of-the-blockchain

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10% of economic activity on Blockchains

Wedbush and the World Economic Forum have independently estimated that by 2025, 10% of economic activity will be on blockchains. Blockchains promise to bring a new world of value exchange; but they will also bring a new world of illicit activity. Source: Elliptic