2019-06-11 | Kaswii
My royal eminence…
As promised, I am here today to explain to you how secure our blockchain technology is. As we move forward, look into this with an open mind that is ready to accommodate all the limitless possibilities provided, as we eliminate major hurdles in our path, into the advance and seemingly secure future .
And I begin…
Blockchain is a time stamped set of immutable seconds, managed by independent computers while owned by people and distributed all over the world. The blockchain has no central authority. It is open for everyone and anyone to see.
Blockchains is an indigenous, yet simple way of passing information from point A to point B, in a fully automated, yet safe manner as it carries no or neligable transaction cost. That’s awesome right? The verified transaction is added to a chain which is added to a block. This creates a unique record with a unique history. Altering a single transaction would alter the entire chain. As you can see, Ubricion uses this security model for monetary transaction.
Now, one of the problems that blockchain will solve is that of money transfer. If today, person A in the United States wants to send money to person B in Kenya, he/she will have to go to a trusted party say a bank. Person A will deposit the money with the trusted third party, who will in turn identify and validate person B in Kenya. The trusted third party will then move the money to person B after taking a fee. The process may take three or more days. Sometimes a week. A hectic process indeed.
Here we see our blockchain protocol enabling transfer of money without the trusted third party, without delay and without fees. Awesome right? So you might wonder, why blockchain? Valid question. You see, blockchain facilities the inclusion of fringe stake holders, to positions of saliency at the core of decision making. Every user of the network is the owner of the network too. UBRICOIN gives us an opportunity to build an incentive structure for goodwill and excellence. We will therefore focus on giving incentives to traditionally marginalized hardworking people who contribute knowledge for the betterment of humanity. If you ask me? Its about that time!
The law also seems to be on our side, since Buterin’s (2012) who gave us the Ethereum blockchain, allowing everyone to build smart contracts. This system can resolve disputes directly and efficiently, reducing lawyer/client workload. It will also improve effectiveness of the criminal justice systems as everything is transparent therefore improving the quality of police work who investigate crime, and the court system that prosecutes the offenders.
I’m not even done yet, businesses will also profit from the blockchain technology. Industries that implement the blockchain will find it easier to enforce standard operating procedures within their organization while information is readily verifiable. Blockchain also uses consensus algorithm to validate transactions.
Dear reader, my royal eminence, blockchain is a powerful technology whose power will expand in the coming years. In the legal and business world, it will enhance precision and accountability.
The future is now!
Hop on board guys!
Catch me again tomorrow, as I open up another interesting aspect into this, dare I say, Goldmine. You can check out our social media sites too. That is; ubrica_ke on instagram, @ubricaKE on Twitter, The Ubrican on YouTube or checkout our website ubricoin.ubrica.com.