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'Decentralization' paradigm shift led by a block chain
The value chain of digital cryptography such as Bitcoin, Ethereum and so on has skyrocketed around the world, and the block chain that is the basis of this technology is getting attention. But a block chain is not just a technology for virtual money. It is expected to be especially effective in all areas where there are many stakeholders and where reliability is required. Governments and businesses are busy making use of block chains.
The starting point of the block chain is 'bit coin'
The bit coin, which can be regarded as the starting point of the block chain technology, is attracting attention with rapid price increase. The same goes for 'Etherium' following the beat coin.
This sharp rise in prices has also increased the number of people who are in bit coin 'mining'. The bitcoin is issued in such a way that there is no central device that issues and manages calls and generates a cipher value through a particular program. The process of operating this program resembles gold mining and is called 'mining'. The total issuance of bit coins is set at 21 million. Bit coins are currently issued 25 times every 10 minutes, but every time 210,000 copies are issued, they have a half-life of half, and gradually converge to zero.
Since bitcoin 'mining' has advantage of superior computing power, especially a distributed computing system capable of performing multiple operations at the same time, the GPU to utilize it is showing a scarcity in the market, Which has a huge impact on the computing market.
New deal book, 'block chain'
The World Economic Forum (WEF) predicts that 80% of the world's banks will adopt blockbuster technology this year (2017), and many global IT companies are also marking the blockbuster with the innovation technology of the Fourth Industrial Revolution. Nakamoto, founder of bitcoin, presented the concept of 'block chain' in 2008.
It is possible to eliminate the risk that transaction data is damaged or manipulated by dividing the verified transaction data that is created every certain time into 'block' units and connecting these blocks as 'chain' to form a complete data. . This means that trading information is distributed to a personal (P2P) network rather than to a centralized server of a specific organization, and a transaction book is recorded and managed jointly by users who are not special account holders.
The block chain distributes the data and connects to the network once a certain amount of time, and compares new transaction history with each other to verify data corruption, alteration, and alteration. It can be seen that all of the users manage the books together without writing a central trading account book.
Therefore, the block chain is virtually impossible to distort information through hacking. Each block is updated every time a certain unit of time is maintained and the same information is maintained. In order to change it arbitrarily, a majority of users possessing a transaction book must be attacked at the same time to change their contents.
These block chains are in fact 'applicable to all areas'. It is expected, however, that it will be particularly useful in areas where there are many stakeholders and reliability is required.
Expected to apply for logistics etc.
Logistics is a typical field where block chains are expected to be utilized. In the case of logistics, a lot of stakeholders such as ships, banks, importers, customs, insurance, etc. are entangled. At present, banks and banks must guarantee goods, money, and documents. Numerous stakeholders and numerous documents are intertwined and the accident rate is not negligible.
If the block chain is applied, not only the amount of documents is reduced but also the authenticity of the original document becomes much easier.
Recently, Samsung SDS launched a consortium of shipping logistics chains to apply logistics to the block chain. KTNET, Cyber Logitech, Korea IBM, Samsung SDS, etc. participated in the consortium including Korea Customs Service, Ministry of Maritime Affairs and Fisheries, Korea Maritime Institute, Busan Port Corporation, Hyundai Merchant Marine, Koryo Shipping, SM Merchant Marine, Janggum Merchant Marine, do.
Participants in the consortium are planning to apply the block chain technology, which has recently been getting much attention, to the logistics through the pilot project. They plan to apply the block chain to the whole shipping logistics process for actual import and export goods by the end of this year.
C & C, a SK Corporation, is also planning to add a block chain to its logistics business. SK Corporation C & C implemented tracking and management system for container cargo using LoRa network, which is a dedicated network of SK Telecom's Internet (IoT) on the land. At sea, And shared the city information in bulk.
The management information of the container temperature and humidity as well as the location information of the container freight are automatically collected while blocking the possibility of artificial intervention and it is shared in real time to all the persons concerned with the logistics so that the means of freight transportation is' The contents of the data are maintained without the necessity of newly registering the contents and status of the cargo.
Developed various services such as USA and UK
If the block chain is applied to the logistics, the production, processing, storage and transportation histories from the production to the final consumer are transparently managed, preventing the manipulation of origin, manufacturing and distribution period change and false advertising in the transportation process. For logistics officers, it is possible to share relevant information in real time without paper documents, thereby reducing costs and speeding up work.
Countries are also struggling to develop various services using block chains. The United States is developing block-chain-based medical information recording and sharing services, and the UK is pushing for block chains and smart contracts for all public services.
Global companies are carrying out various R & D activities aimed at prevention of illegal and unauthorized alteration, protection of key data such as intellectual property and patents through various consortium configurations. In particular, along with global IT companies such as Microsoft and Intel, the World Wide Web Consortium (W3C) is leading the establishment of a block chain technology standard based on ISO 20022 (Real Time Payment Billing International Standard).
A number of coalitions emerged ... We are struggling to secure technology.
In addition, many companies that are paying attention to the high security and transparency of block chains are also taking the lead in introducing block chains. Especially in Korea, the financial industry is fast moving. In November 2016, the Financial Crisis Group led the 'Block Chain Council', which focused on the mobilization of domestic financial capacities and efficient joint research.
The Block Chain Council is comprised of the Financial Services Commission, the Financial Supervisory Service, the Federation of Banks, the Financial Investment Association, and the FinTech Industry Association. The advisory group is comprised of the Financial Research Institute, the FinTech Support Center, the Financial Security Agency, the Credit Information Center and experts. The council helps smooth sharing of information between consortiums according to each trade, and reviews institutional improvements.
Internationally, there is an industry-wide collaboration called Hyperledger, which the Linux Foundation has established for the development of block-chain technology. Hyper Leisure is a global consulting company with leaders in finance, banking, IOT, supply chain, manufacturing and technology. Recently, collectors IQ (CollectorIQ Inc.), Korea Exchange (Korea Exchange), Shanghai Onechain Information Technology Shenzhen Forms Syntron Information, The State of Illinois, The Netherlands Organization for Applied Scientific Research (TNO), and One World Block Chain have. Currently, 135 member companies are participating in Hyper Leisure.
Brian Behlendorf, Director of Hyper Leisure, said, "Global-level global organizations are joining Hyper Leisure almost every week." Hyper Leisure's open collaboration is key to furthering the growing industry, It is essential to develop it into code of quality that can actually be produced. "
Arranging of drafting system
The problem faced in applying and spreading the block chain technology is that there is no 'legal definition' to use or utilize it. Therefore, it is pointed out that it is necessary to discuss whether the block chain should be defined as what it is and whether the upper legislation such as the promotion law should be needed.
Especially in the case of 'Bitcoin', which is attracting attention, there are still some problems with the exchange center.
As the situation suggests, the exchange is also operating without much regulation. Mountain Crains, the largest bitcoin exchange in 2014, went bankrupt with a loss of about $ 600 million due to hacking. The domestic bit coin exchange market is also not so good. Testimony has been spreading that unfair practices are continuing, for example, by returning a bit coin in a cyber purse for not having been connected for a long time from the B-Exchange through online communities.
As a paradigm shift beyond technology
Market research firm IDC predicts that the cost savings of the banking industry will amount to about $ 20 billion by 2022 with block-chain technology. Gartner expects to grow to $ 10 billion by 2022. McKinsey also expects the cost savings to reach 23 trillion won per year.
The proliferation of block chains as well as economic advantages enables collaboration among network members without involving third parties. The possibility of innovating existing industrial structures that required certification bodies or interim brokers for trust is also getting attention.
Currently, tasks that require inter-agency trust are costly and time consuming. For example, transactions between financial institutions are traded through liquidation agencies or central banks. In this way, a lot of costs are incurred for the guarantee of the transaction, and the clearing house is periodically collected and cleared, so immediate settlement is impossible. If institutions build a block-chain and establish a liquidation system, trust fees are reduced and liquidation is possible immediately.
If you build a system through a block chain, the content you need is shared among the organizations and the interested parties will verify the content. Verification content is also shared immediately. This process can solve many of the costs incurred for trust assurance and can be handled promptly. In addition, it is strong against the central attack and immediately finds the forgery and alteration of the transaction history.
As a result, the distribution structure is fundamentally improved, and the network of people can be a device for ensuring reliability. It is possible to go beyond the vertical structure of a server / client and make an equal P2P contract. Therefore, experts predict that the block chain is not just a technological innovation, but a potential political and social innovation.
"The block chain is a computer and it can be used anywhere. It is a technology that can transform the value of a country, society, organization, and enterprise into a horizontal relationship that is not upside down. "
We are on a mission to build a more open, accessible, and fair financial future for everybody.
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