Educational group Consumers’ Research has submitted a report on technological possibilities as well as advantages and disadvantages of blockchain.
Called Bretton Woods 2015 White Paper, the report embraces such internet currencies as bitcoin. Furthermore, digital money is viewed as highly perspective.
It is interesting, that its preamble focuses on Bretton Woods Conference that took place in 1944. In the result of that meeting the US dollar was declared a global reserve currency. According to Consumers’ Research we are on the threshold of new financial era.
Generations of blockchain systems
Altogether three generations of blockchain systems were defined:
The first one includes bitcoin and any digital currency that allows transferring and storing assets.
The second one represents systems that allow controlling organization’s smart contracts and programmable money.
The last generation is a category of blockchains that use the technology for governmental purposes and provide access to state services.
Blockchain advantages
There are five main advantages of using this technology.
Efficiency. Blockchain improves system and process efficiency, optimizes administrative protocols as well as verification processes and financial transactions.
Customer protection, availability, privacy and security. Blockchain contributes to improvement of product and service availability.
Transparency. As a matter of fact, blockchain information is permanently included into register and is always available for public access.
Self-management with no middlemen. Blockchain is a real step towards decentralization, as it gives a possibility to wisely distribute managerial resources between separate people and groups.
Empowerment of people. From now on the majority of people will always have access to data and other amenities of the web.
