New Generation of Economy via Blockchain Technology

Press Release (ePRNews.com) - London, England - Aug 08, 2017 - The development of advanced IT technologies provides us with new, ultra-fast and powerful tools that make it possible to efficiently conduct business processes, optimize resource costs, create and store accounting records and simplify everyday tasks, turning them into a simple, low-cost process that does not require significant effort.

A current example of a real breakthrough among such innovative IT solutions is blockchain technology. It is a decentralized database consisting of a chain of blocks, each of which contains information and a hash function with data about the previous block. Blockchain ensures that parties fulfill the terms of an agreement or deal, thereby verifying the transaction, fulfilling legal obligations and removing any intermediaries from this process.

It should be noted that the popularity of blockchain technology is growing due to fundamental changes in the priorities of society, as a result of which the desire for anonymity is being replaced by openness, transparency of internet activity and business processes, a lack of confidence in traditional financial and economic institutions and the expectation of a higher level of accountability and responsibility in all matters from modern IT solutions.

One of the most significant advantages of a blockchain environment is the security of data and information. All the information contained in the chain is assembled in a sequence of blocks. Due to the continuous communication between them, forging or changing anything within the chain is a practically impossible task.

Despite the enormous potential for the development of this marvel of technology, it has not yet become ubiquitous. This is due to the sensitive issue of legalizing the operation of a blockchain platform and the circulation of crypto-currency, its main digital payment unit. However, a mechanism for embedding blockchain into the current system is being actively discussed in Russia, and a solution has already been designed by Russian developers.

Blockchain 3.0: Evolution of the Digital Economy

Until recently, the electronic transfer of information using a chain of blocks (blockchain) was used mainly to make individual transactions in the Bitcoin crypto-currency, which takes the form of Blockchain 1.0. Users quickly appreciated the convenience of the system and its ability to make anonymous payments. A few years later, the Ethereum platform emerged, making it possible to create decentralized autonomous organizations outside the legal environment, which gave rise to a wave of discussions on the possibilities of using blockchain technology in virtually all sectors of the economy. Nevertheless, the lack of a legal framework prevented their full implementation.

The launch of Blockchain 3.0, the first version of which was completed by the Erachain platform, which launched in 2014, was a real breakthrough in the blockchain field, providing a protocol for operations within the legal framework. The operation is regulated by ZertES a Swiss Federal law that regulates the conditions under which trust service providers may use certification services with electronic signatures. Additionally, this law provides a framework that outlines the provider’s obligations and rights as they apply to providing their certification services.

Why is this important? First of all, it gives the opportunity to openly conduct business transactions and manage document flow. Due to the unique protocol and high-quality regulatory support, Erachain is convenient for commercial enterprises, public organizations of any type and state structures.

Another important point: the legitimacy of the platform grants a certified user all legal rights and powers, which cannot be not found in any other blockchain environment. Working in Erachain, you can conclude contracts, and in case of disputes, all information about the deal will be available for examination and contestation.

What is Blockchain 3.0 capable of?

An entrepreneur, bank employee, public official and any other person face a variety of problems every day. Erachain helps to solve each of them:

• Attracting investments from legal entities all over the world
• Barter with any types of assets
• The creation of tokens – the issue of one’s own crypto-currency, which is lawful due to the legal status of rights to claim
• Signing transnational contracts
• Recording and protecting patents, know-how and other types of intellectual property and transaction details in an encrypted form.

Among the advantages of the new blockchain-based approach, the possibility of making quick transfers with a minimal amount of commission (dozens or hundreds of times faster than previous versions) should be emphasised.

Secondly, the program is pertinent to the operation of state institutions – holding tenders, accepting applications, running land registries, registering the status of citizens, publishing legislative acts, etc.

Security of Public Transactions

Using innovative solutions, Blockchain 3.0 developers have built a powerful data protection mechanism. The user can choose encrypted or public document flow. The first option will be cheaper, but in both cases, there is no need to worry about the safety of information: its change or removal by unauthorized persons is absolutely impossible.

The identity of an Erachain user is certified by a unique protocol. In addition, the system provides for the creation of an enhanced unqualified digital signature with increased protection. This is recognized by the program, and Erachain will instantly detect if it is accessed by someone else. In other words, all actions are associated with a certain user, therefore, it is impossible to perform any operation in someone else’s name or forge documents.

As part of the platform, the inviolability of data is guaranteed by a chain of unique blocks. Each of them is assigned its own number, which is transferred to the next link. The principle of continuity makes it possible to save information in its original form, meaning that you can keep record of several registers at the same time.

How to Work with Blockchain: User Guide

First, it is necessary to register for the program. This is possible in two different ways:

• Simplified: information about the newcomer is confirmed personally by a user of the platform who knows him
• Classic: the authenticity of the user is certified by a member of the Erachain community after receiving a confirmation non-cash payment

Two accounting units are in circulation in the system. ERA Tokens are the property of the user, which he can dispose of at his discretion. COMPU crypto-fuel is commission that is paid to the platform for the provision of services.

The Erachain blockchain system provides users with more independence compared to standard document management:

• A client of the platform is not required to create an account
• You do not need to be afraid of being blocked without good reason – only members of the community have the right to make this decision
• Even with open profiles, the details of individual operations can be encrypted – only the immediate participants will have access to them using a special key

Economists, businessmen and the heads of state structures recognise the importance of Erachain for the development of manufacturing, the financial market and the field of management. The platform’s main achievement is the removal of barriers, which became possible due to the international openness of information stored in the system. With the development of Blockchain 3.0, the credibility of an enterprise or particular person is foreseeable: it no longer needs to be confirmed by intermediaries. Operations within the legal framework and honest relationships allow the technology to act as a full-fledged element of Openomics – a modern, open economy.

Sean B, Marketing director 

Sean.b@erachain.org