Blockchain technology in government

Blockchain technology is a tool created i.e. to improve government services and transparency of the relationship between government and citizens. Distributed technology can optimize business processes by increasing efficiency and security when sharing data.

Blockchain technology in government
Blockchain in government. Source: https://gcn.com/articles/2016/03/22/blockchain-government.aspx

Blockchain technology in government

Blockchain appears also in the public sector. Distributed technology improves the level of service provision, eliminates bureaucracy, minimizes waste and prevents tax fraud. Digital transactions can affect changes in financial transactions between citizens and the government.

The public sector has become a symbol of corruption and bureaucracy, lack of trust in terms of solving problems and providing services. Blockchain makes that trust regarding regulation and leveling of multistage and expensive processes growth.

The advantages of blockchain technology

Blockchain technology has found applications in many fields. It is irreplaceable in health care brunch, social security issues, document management, and storage. Therefore, governments in different countries can improve operations and reduce their costs. They will increase trust in governments introducing modern, decentralized and autonomous infrastructure.

The problems with the functioning of the government

The centralized system and functions fulfilled by its principles gave governments a terrible reputation. People flee from any contacts with offices, which are still associated with huge, few hours long queues and inefficiency. If the only way out of fraud is bureaucracy, simple tasks extend repeatedly.

The main problem in the government is the lack of operations transparency. Any information about the activities that the state takes is difficult to obtain. The community does not know anything about expenses tax money, and additionally, updates on this subject delays.

It is extremely irritating that the government collect and store large amounts of information about taxpayers which violates the privacy of citizens. Even mobile phones are surveillance tools. A new information gathering system could provide an appropriate way of collecting information necessary to maintain relative national security.

It is equally problematic in most countries to submit applications, for example regarding benefits. Documents have to be provided several months in advance before the consideration. Many-stage verification and auditing process, unfortunately, take a lot of time, costs a lot of money and is very time-consuming.

What improvements does blockchain bring?

Changes in the governments’ action system could certainly reduce the level of corruption, tax evasion, and data falsification. It is incredibly problematic in developing countries. However, frauds concern not only the government side but also citizens who, for example, evade paying taxes.

Work in the public sector is extremely expensive and long-lasting. Documents verification is a multi-stage and long-lasting process. Shortening at least some of the processes using blockchain technology would bring substantial financial profits and limit their duration.

Read more on newsroom.futurocoin.com

FTO update

Results of a fork – is it profitable to carry out?

The results of a fork are changes in blockchain structure. What exactly are these changes? First of all, one of the chains in blockchain becomes the dominant one. The second one shows low adaptation to conditions. Both chains exist and function independently with an approximately equal value. One of them dominates the other, but both remain equally valuable.

Results of a fork – how to recognize the type of the fork?

During the fork, any occurrence is possible, but the third option is most common. Then a new cryptocurrency appears. The first case is also highly probable, while the second one occurs most often during soft forks. When a cryptocurrency goes through a fork – find out if it is a soft or hard version. If you are a regular user – you do not need to do any particular actions, unless a new cryptocurrency is created in the process. However, if you are a miner – check that you have the latest version of the software.

How to receive free coins during the fork?

If you want to receive free coins from a hard fork, you need to do some critical steps. But first – find out why free coins are the products of the hard fork. Blockchain is a transaction book with registered actions. Each participant who received coins before and during the forks have coins in both chains after the end of the fork. New resources with a snapshot date in the general ledger create during the hard fork. The snapshot takes place at a defined block number, which is extremely important during the fork. So, if you want to participate, you’ll need to complete the transaction before the snapshot.

Directly speaking, a hard fork is a code change. A soft fork is a small change that is not needed to update the nodes. A hard fork is a massive change in blockchain, which significantly changes the operation of the cryptographic network. It can only be a change in blockchain or raise a new currency. The process requires an upgrade to the latest software version – the old and new chains are incompatible. The effect of the fork is the creation of two blockchains, two cryptocurrencies, and two code sets. Most participants update the software, and if not, the system continues to operate.

Are digital wallets important during the fork?

When the cryptocurrency forks, you want to keep it in a digital wallet with the ability to control private keys. The stock market and user wallets do a lot of work to take care of users, while a person with a private key can do it independently. If you use a third-party platform, you’ll be dependent on it for fork payouts. Remember to choose the right services for another platform, mainly when the hard fork is being carried out. Some of them work better, some – worse. The best of them have a long history of lending for carried out forks.

If you are the miner or you haven’t done any update of the software before the fork, you will stop in a chain that does not comply with the new rules and you will not be able to carry out post-upgrade activities.

Read more on http://newsroom.futurocoin.com

A hard fork is upcoming! Check this out!

The hard fork is upcoming! In connection to blockchain technology, a hard fork is a change in the protocol which influences on transactions and blocks. It requires users and nodes to update the newest version of the software’s protocol.

The hard fork is upcoming! – how does it work?

Put another way, it is is a new section of a blockchain version. The previous nodes’ release will be no longer valid. It creates some kind of fork in the blockchain. One of two paths follows the new blockchain, the second – along the old one. 

what-is-a-hard-fork
Source: https://blockgeeks.com/guides/ethereum-constantinople-hard-fork/

This activity involves splitting the path of a blockchain by invalidating transactions confirmed by nodes that have not been upgraded to the new version of the protocol software. Users of the old blockchain quickly realize that its version is outdated and needs an update. Moreover, it allows reducing security threats in older versions of the software to develop functionality and rollback transactions.

Differences between a hard fork and soft fork

Obviously, a hard fork and a soft fork are a very similar process in which cryptocurrency code changes. In the case of the soft fork, only one blockchain is valid when users accept the changes while a hard fork relates with two blockchains. All users and programmers decide to carry out a hard fork for security reasons, although soft fork could also do the job. Furthermore, a hard fork associates with the release of high computing power – it is much safer than a soft fork.

We are so happy that the hard fork is upcoming soon!

Read more articles on http://newsroom.futurocoin.com.

five-advantages-of-blockchain

Five advantages of blockchain

Nowadays, there are no payment systems that do not use blockchain in their technology. Central and commercial banks are interested in blockchain technology and apply it in transfers. Why is this solution so effective? Check out five advantages of blockchain!

five-advantages-of-blockchain
How does blockchain work? Source: https://pwc.pl

A blockchain is a modern form of database building, that stores information about transactions, authenticity, and correctness of the process. The system contains all information regarding blockchain. You cannot modify them and delete them. Information entered once duplicates, and the database is stored in numerous copies on all devices in a given network.

Five advantages of blockchain

Fewer intermediaries

The payment services industry is huge. Most payment transactions take place through several significant players who are not in a hurry to make improvements. Therefore, a lot of intermediaries participate in the payment process: buyer – payment gateway – exchange system – bank of the cardholder. Brokers store information about the transfer of money, terms of their activities, charge for the process, and extend it, making it less secure. Blockchain can confirm integrity without the presence of intermediaries. Together with the buyer, sellers transfer money with peer-to-peer payment, and the system saves data on the subject. As a result, the transfer process is short, transparent, cheap, and straightforward.

Fast transactions

Although private sector transactions are quite fast, we can’t say it about cross-national transactions. This process often takes several days, due to the need for cooperating with intermediaries to minimize an occurrence of fraud. Transactions involving blockchain allow cashing flow in a maximum few hours. Furthermore, operations do not require any intermediary, and at the same time, it is 100% safe.

Lower costs

The cost of bank transactions in a specific country is up to 3% of its size. In the case of payment transactions, it is up to 0.5%, cross-border – up to 10%. In the blockchain payment system number of intermediaries is very low. Transaction costs decreased to a maximum of 0.1 of its size.

Anonymity

If the system does not have adequate protection, users’ data may fall to an unauthorized person. Moreover, governments use also private information to track citizens. Blockchain technology can introduce a sense of anonymity and security. Also, the system does not need a third party to confirm and verify transactions.

Security level

Not so long ago, in 2016, there was a break-in to Central Bank accounts in Bangladesh. This history confirms that even heavily protected systems can break. This situation influenced the decline of confidence in bank institutions. The blockchain-based platform can help banks to protect transaction information and works quickly – hackers would have less time to act. Each transaction entry is fixed, and its copy goes to each user of the network. Also, blockchain secures two keys – open and private, which is necessary for the transaction. The user account number is associated with the key. Moreover, you can use it only once. It protects against unauthorized transactions.

If you want to know something more about blockchain and cryptocurrency – check out Blockchain in Know Your Customer technology or another of our articles.

FuturoCoin update

coverFTO

Dear users!

Technical work for FTO site is already done. A Website and an Explorer are again available to use.

We apologize for such a long time of waiting for the site to come back. Thank you for your patience and enjoy!

FuturoCoin Official site: www.futurocoin.com

Explorer FTO: https://explorer.futurocoin.com

blockchain in know your customer technology

Blockchain in Know Your Customer technology

Blockchain is an excellent tool to protect information on the Internet – it allows to store them in open databases in the cloud, while providing guarantees of authenticity and security. It is also possible solution to the “Know Your Client” – known as “KYC” procedure. In this article you will look how blockchain in Know Your Customer technology may change clients, business and government. Continue reading

blockchain in insurance industry

Blockchain in insurance industry. Is it possible to make it better?

The insurance industry, despite paying huge premiums, experience big problems with high financial losses. Poor data quality, low efficiency of business processes and multitude of scams are one of the biggest difficulties. Access to blockchain technology will help to eliminate some of problems and slightly modernize the industry. How? Through decentralization, transparency and increase of security, reducing transaction costs and time of its duration. Continue reading

blockchain in agriculture

Advantages of blockchain in agriculture

One of the largest and, unfortunately, most inefficient branches of the world economy is agriculture. Long supply chains, old accounting system and bureaucracy are just some of the problems that affect the industry. Blockchain in agriculture is one of the solutions for unfavorable situation. Continue reading

Future of cryptocurrencies and blockchain

Future of cryptos and blockchain technology

The financial future will certainly be dominated by blockchain technology. An efficient infrastructure of cryptocurrencies will contribute to cost reduction for market participants. Furthermore, it will revolutionize global banking. It will increase efficiency of operations by simplifying settlement of transactions with help of scattered accounting books. Continue reading

Save your retirement capital in cryptocurrency!

Unfortunately, few young people who has just started their professional career or have been working for several years think about the distant future. However, it is worth considering a little earlier to save money for retirement. Pension systems in most countries helps to save money for the future, but they do not fully fulfill its function. To improve the quality of your life at later date, it is good to save on your own account. One of the ideas for an effective investment is retirement capital in cryptocurrency and blockchain technology. Continue reading