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This offers a way to store data on a peer -to -peer network against having to rely on a central cloud storage service such as Dropbox, Amazon, and Google drive. In the later, you trust a single party to keep your data for retrieval at a later date safely. However, with the former, the data is secured by multiple parties. This is similar to how torrents are stored. Anyone on the internet can store your data at a pre-agreed price. Hashing and having the data in multiple locations are the keys to securing it.
These are legally binding programmable digitized contracts entered on the blockchain. They are smart because they are automated and can self-execute. What developers do is to implement legal contracts as variables and statements that can release of funds using the bitcoin network as a ‘3rd party executor’, rather than trusting a single central authority. For example, if two people want to exchange $100 at a specific time in future when a set of preconditions are met, the conditions, payout and parties’ details would be programmed into a smart contract. Once the defined conditions are met, funds would be released and sent to the appropriate party as per terms.
As an immutable public ledger, it can be used to track ownership real world assets through attached pieces of data, which is accessible via private keys held by the owner. The holders of the private keys can exchange assets while viewing the transfers on a transparent ledger in real time. The control of any digitized asset will lie with the owner of a private key. When this key is transferred, so is the title to an asset. Such keys could access a house, car, financial assets, land titles and virtualized assets. This will significantly lower the cost as well as ease the process of moving assets compared to centralized solutions.
One interesting feature of the blockchain is its timestamp feature. The whole network essentially validates the state of wrapped piece of data (called a hash) at a certain specific time. As a trustless decentralized network, it essentially confirms the existence of [something] at a stated time that is further provable in a court of law. Until now, only centralized notary services could serve this purpose. Say, for example, you have an original written piece of work. To get started, simply have it in digital form, and then compress it into a hash and relay it as a transaction on the blockchain. After the whole network has seen it, it enters a block, and a timestamp effectively confirms you had it first. Later, it can be retrieved to prove you had the original idea at the time of hashing.
Traditionally, exchanges require an intermediary such as a broker/clearing housing to match buyers and sellers. With the blockchain, the need for this 3rd party arbiter is scraped. Orders to buy and sell are matched and executed using an escrow system while the network acts as a validator
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