Beyond Bitcoin: Other Applications of Cryptocurrency Technologies

Yasmin Valdez  | 16 de octubre de 2018  | Vistas: 120

Daniel Morin together with Arturo Alvarado discusses the elements, structure, new applications and challenges that are surrounding the blockchain and cryptocurrency system, such as Bitcoin.

Morin starts the seminar explaining the characteristics of a peer to peer network and compares it with a hybrid P2P network. He describes the system of hashing and the benefits of having a cryptographic hash in contracts, passwords but also to fight spam.

Blockchains are an ideal way of storing historical information that should not be altered.”

Arturo explicates what is blockchain and relates it with regular databases, hashing method and a personal experience with a corrupt attorney. In addition, he reveals how blockchain can be used as a timestamp notary and breaks down the encryption method, public/private process, and the way a key is applied to code or decode information.

If encryption brakes tomorrow, you have to forget about all the online banking, social networks, everything because everybody could pretend to be anyone.”

The moderators present the use and benefits of a public/private key, to make digital signatures in a general view and for blockchains. Besides describing how digital certificates work, Morin shows a demo of signing a digital contract and a way to take advantage of the technologies presented.

What it’s interesting with blockchain or cryptography reputation systems is that you don’t have to rely on a third party.”

Daniel exposes the usage of smart contracts associating It to shipping services like eBay, PayPal, and bitcoin. He arguments that blockchain can be applied to create new jurisdictions, changes of ownership, governance transparency, shares of a company, and land title registry. Morin closes the seminar commenting on the challenges of blockchain related to the size of data, hashing power, scalability and more.

Learn more about Decentralized, Crypto-Enabled Platforms in Business and Freedom.