Posted Date: 26/05/2018
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Blockchain: A new technology that will change our lives

Bitcoin prices ranged from US$2,000 in May last year to nearly US$20,000 by the end of the year, and to May’s more than US$8,000 in May this year. The sharp fluctuations in just one year have attracted the attention of many people around the world. At present, there are support or opposition camps for bitcoin, and naturally there are indecisive players. Israeli industry experts recently said in an interview with a reporter from Science and Technology Daily that regardless of the future outlook of Bitcoin, Block-chain technology, the pillar of Bitcoin and other encrypted digital currency trading platforms, will quickly enter people’s lives, and its impact and current The ubiquitous Internet compares favorably.

May cause banking challenges in the financial sector

Block-chain technology, also known as distributed ledger (or bookkeeping) technology, belongs to the Internet database technology. Participants jointly complete the database records, characterized by decentralization and transparency. In addition, after the information in each block is written and approved, the entire block-chain database is completely stored in the nodes of the Internet and it is difficult to be modified. Therefore, the security of the database is extremely high. It is generally believed that block-chain technology is an important means for the rapid, secure, and transparent peer-to-peer (P2P) transfer or transfer of digital products (such as currency and intellectual property).

At the Israeli company ZenProtocol, Achille Manning, a block-chain application development expert, explained that his company is developing the Zen block-chain platform, which will be used to support automated and free trade of financial products in an unmediated environment. Usually, people deposit money in banks and rely on banks to manage their own funds. However, when it comes to the control of funds, it is often subject to restrictions imposed by banks, or problems such as length of time, high costs, etc. in remittances. The block-chain technology platform will allow people to have the ability to manage and control their own money for the first time. He believes that the decentralized financial management system has a vast market and is expected to greatly change the traditional financial market.

Faced with the banking sector challenges that block-chain technology may trigger, Ahsil believes that banks should adopt block-chain technology to improve their competitiveness. He said that a large proportion of the currencies managed by the banking system exist in digital form and use SWIFT codes to transfer funds. With block-chain technology, banks can improve daily currency management and improve service quality. According to Israeli media reports, the Israeli Workers Bank took the initiative to launch a strategy to cooperate with Microsoft and began to develop a digital guarantee platform based on block-chain  technology, which is expected to become the first bank in Israel to use block-chain technology for financial contracts. Users provide simple and fast guarantee signing services.

Block-chain technology, which is expected to become the first bank in Israel to use block-chain technology for financial contracts. Users provide simple and fast guarantee signing services.

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