Institutions Turn Inside Out: Backend Systems Revolution via Blockchain

By September 20, 2016Bitcoin Business

The world’s largest search engine now processes an average of over 40,000 search queries per second. Every one of those key word combinations is saved and carefully categorized. It’s unclear exactly who’s prying eyes has access to this information, but apart from the scant few that exist in your local search history – it isn’t you. It doesn’t have to be that way. The Emperor has no clothes The procedure you and your friends use to interact with internet search remains shrouded in a veil of obfuscation, whereas Bitcoin’s internal operations could be likened to the Centro Hélio Marin of user data. The functionality of the Bitcoin Blockchain is configured in such a way the entire inner workings of the systems are fully exposed at all times to anyone who cares to have a look at it. Far from a mere handy feature of the system, it is in fact integral to the entire operation of the multi-billion dollar cryptocurrency network. No Limits Information of all granularity levels, from complete Blocks to individual transactions, can be queried at any time by anyone with an internet connection. This stands in stark contrast to the status quo whereby the world’s largest search engines or micro-blogging services impose draconian rate limits on usage of their APIs. In consideration of the way that these companies are organized, the limits perhaps provides a more egalitarian distribution of computing resources across the spectrum of interested parties. That being said, Bitcoin has demonstrated a radically alternative model for organizing backend infrastructure at global scale. API rate limits serve as a hinderance to developers looking to add value to services through the contribution of their original ideas. Bitcoin is essentially free from such restrictions and initiatives like Blockstack . The Semantic Blockchain Project is able to take […]

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