Blockchain and virtual currencies are still words which seem a bit suspect to some consumers. After all, these are terms from the field of crypto currency, a relatively young field in the financial industry. But with it, much more is possible than just managing digital currencies.
What can Blockchain technology do?
Government contracts in Japan are to be administered via blockchain
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The business model
The Blockchain can therefore be explained as a possibility for various applications.
What can Bitcoin Trader technology do?
The blockchain is a database that is protected against manipulation by the fact manipulation by Bitcoin Trader that each data record is cryptographically linked to the subsequent data record. Blockchain applications therefore go far beyond the use of crypto currencies. Blockchain examples can be found in almost all distributed systems, whereby the security of transactions is improved and simplified in comparison to a central system. Various options are already being tested in everyday life or are to be tried out in the near future. Especially for the banking business, the blockchain has an immense innovative potential. However, Dr. Patrick Pohl, Managing Director of Deutsche Bank and Head of Products for Medium-Sized Businesses at Deutsche Bank, also finds warning words and slows down the euphoria: Not everything that this modern database technology promises can be realistically implemented. Nevertheless, various blockchain projects are already underway worldwide.
Government contracts to be managed in Japan via blockchain
As the Japanese Foreign Ministry announced in the summer of 2017, the technology of the blockchain in the Far East is to be integrated into state administration: From April 2018, the test phase for a management system based on a blockchain that is to be used to manage government tenders will begin. This will enable the authorities to exchange the data of the commissioned companies with each other. Japan awards contracts with a total volume of around 600 billion US dollars every year. This value corresponds to 38.3 percent of all public spending, or 16.2 percent of the gross domestic product. The Far Eastern economic power hopes for a better interface between the public administration and private companies through the special mode of operation.