Posted on 06/24/2018 6:43:01 PM PDT by 2ndDivisionVet
The Ministry of Science and ICT of South Korea revealed a Blockchain Technology Development Strategy on June 21st earmarking a total of 230 billion Won (over of $200M USD) for the development of blockchain-based technology.
Multiple Initiatives
The Government announced that it plans to finish the fundraising by 2022. In an attempt to further the development and advancement of blockchain-based technology, the Korean government plans to nurture over 10,000 industry professionals and 100 companies.
Furthermore, the country’s plans are to streamline the investments into a few different directions. The overall aim is to increase the country’s competitive edge in blockchain technology.
1 – Pushing Pilot Projects
Starting next year, the ministry plans to expand the scale and to further the support for six blockchain pilot projects. They are spread across different fields, highlighting the cross-industry benefits of blockchain technology. The projects focus on the following: •Electronic document distributions between countries •Marine logistics •Easy real estate •Online voting •Personal customs clearance •Management of livestock records
2 – Blockchain as a Service (BaaS)
South Korea’s ministry has also announced its intentions to support the development of BaaS. Their main goal is to further assist companies, which specialized in the development of blockchain technologies. In order to do so, the ministry will provide roughly around 10 BaaS purchase vouchers that guarantee government payments to small and medium-sized enterprises (SMEs) on a yearly basis.
A More Hands-on Approach to Cryptocurrency Regulations
A Push for Legislative Clarity
The announcement also highlighted the fact that the ministry will be organizing research teams. They will work to strengthen the currently existing laws, which are currently hindering widespread adoption of blockchain technology in the country.
Clearing the legislative differences between conventional legal contracts and the emerging smart contracts based on blockchain technology is to be prioritized. The announcement also hinted to potential tax benefits for developers of blockchain technology developers.
This is good news for the local cryptocurrency field, as the country is seemingly loosening up and setting a rather friendly environment. Blockchain-based applications are becoming an integral part of the IT landscape in the country. Furthermore, back in May, South Korea’s National Assembly recommended legally allowing ICOs under specific conditions, which established some protections for investors.
Do you think South Korea is making the right move to facilitate blockchain development? Don’t hesitate to let us know in the comments below!
The Block Chain Technology BCT revolution is going to be historical, going to be bigger than the telecommunications revolution, bigger than the internet revolution.
I wish one of you techies would explain it to me, in layman’s language but not as if to a child. I’m sure I’m not the only one here who knows little or nothing about it.
Same basic principles. Let's not confuse business software marketing forces with News.
Could somebody explain blockchain technology in reasonably simple terms for us technological dummies?
Everything made or service requested or provided has a digital script, with each and every phase of process, costs, finance, shipping, delivery, and username associated with every step being shared and identifiable to those who are licenced software users/ participants in the network. Closer to the mark of the beast than imaginable.
I went to the hardware store and put up a chain to block my driveway off from drivebys. It wasn’t that hard. Not really that techie.
I can imagine to being used to remove people, who are unapproved by the system.
It's a great layman's explanation of block chain and bitcoin I've come across.
Essentially a block chain is a public ledger, that is distributed across many, many nodes (instead of all the bank customers relying on the bank to accurately maintain the balance of all accounts and keep the sole record of authority).
Each of them have the same copy of the ledger, and transactions are added to the block chain in new blocks to every copy that exists of the ledger. The blocks themselves contain a hash result from an encryption algorithm. The information in the ledger block that is being added is the input for the hash that verifies the block. Any attempt subsequently to alter that block of transactions would mean the output of that block wouldn't match the hash. An attempt to reverse a transaction and restore money to another ledger entry is immediately obvious.
Why does this matter? In the current monetary system you can't see when the banks create money (which by its nature devalues yours in relative accordance). But this counterfeiting of value is not permitted in a blockchain based currency like bitcoin. It's a 'hard money', in that the fiscal authorities can't conjure it at will and bail out their favorites in the medium.
Battle of the bit-bots. One EU based, one U.S. based.
I had been waiting for the day government turned to SAP style controls. This is it. Don't think it's by accident that it is the Korean peninsula as a test bed.
This will become an interesting and world changing experiment on the Korean peninsula.
This will become an interesting and world changing experiment on the Korean peninsula.
The BCT algorithm is heavily mathematical so it won’t be possible to understand its inner workings unless one is mathematically trained.
Let’s talk about what BCT is not.
How many electronic business transactions are there in a week? Ans. Trillions.
How many of those transactions are passed through clearinghouses and other banking infrastructure? Ans. All. Transactions are centralized.
What if these transactions bypassed banking infrastructure? What if these were decentralized? What else is decentralized for transactions? Ans. Cash.
But cash is not electronic.
BCT brings the banking industry’s electronic transactions networks to its knees. It makes banking obsolete.
BCT is Person to Person (P2P), decentralized.
From one computer to another, from one smartphone to another. from one device to another.
BCT makes banks obsolete, puts a bank right into a person’s phone, computer, device.
And it’s not just banking. It can be any transaction that adapts BCT as a means of initiating, completing, storing a transaction. For example, real property titles are recorded and transferred when such property is bought and sold. BCT can transfer those titles in seconds.
Where aviation safety critical parts need full testing records, QA documentation to accompany a part as its pedigree, BCT can carry the entire transaction and validate its genuine status.
BCT is a full pedigree transactional algorithm that carries the whole history, description, nature of a transaction including its validation. And it does it P2P or B2B. Hackers can possibly capture part of a BCT stream but can’t capture all the nodes in a network that validate the information carried in the BCT stream. Nor do hackers know where the validation nodes are and if one node happens to be discovered, the nodal location changes. Hackers end up chasing their own tails.
If BCT was transacting YOU, it would have everything known about you and those around you put into an electronic channel and sent off, such as your biometrics, your DNA sequencing, your fingerprints, your voicegram, your brain rhythm characteristics, your ancestor’s lineage, and on and on ad infinitum, and all data packets would be in different places that respond only to other nodes in a network of information about YOU. It would be near impossible to alter YOU because the nodes in the BCT network retain all the info and confirm, validate repeatedly and on demand all the decentralized data. To ‘hack it’ would require knowing where all the nodes are and what their last status was and staying abreast of streaming changes, in other words, a ‘hack’ would forever be chasing a changing target. And if a ‘hack’ managed to somehow ‘ride’ the BCT transaction, other invisible nodes would report any alteration and sound the alarm.
Banks go bye-bye.
What will banks do to fight becoming obsolete?
They will smear BCT to the nth degree.
BCT is ‘risky’.
BCT needs ‘regulation’.
BCT will be ‘used by criminals’.
BCT will ______________(fill in the blanks)
First off, there are backdoors in BCT Apps for government investigators with a proper warrant to track financial crimes.
Second, decentralized BCT is more secure than centralized bank networks could ever be. BCT security is to banking security as nuclear warhead launch security is to an automobile security system. There’s no comparison.
Many in the financial press will report that a website or corporate computer was hacked and that accounts were broken into and things of value were copied, taken or transferred. The site could be a government website, a commercial website, or a network.
If a website creates accounts for owners of valuable financial documents, contracts, tokens, and so on and security information, then the financial press will usually report a security breach accurately.
But if the means of conducting transactions to and from those accounts is by BCT, the financial press will blow the story out of all proportion at the behest of banks. The story will circulate and amplify for days EVEN THOUGH BCT HAD NOTHING TO DO WITH THE BREAK-IN of the accounts.
Example:
Someone, a friend, a relative, a snoop discovers the login info of another person’s computer or smartphone. Say a smartphone has a BCT App for direct transactions. The person breaking into the smartphone using the owner’s login information didn’t need to know anything about BCT. They can, however, use the BCT App to purchase say money cards at a supermarket and then ditch the phone.
If there were no BCT App, the financial press will not think anything of such a hack. They are not going to print a story on it.
BUT, if the financial press hears the smartphone had a BCT App on it, they are going to blast the world with news of a BCT security breach even though it is false. It was not a BCT breach, it was an account breach. Why do they do this? Because the financial press caters to the finance world and that world wants to put a stake through the heart of BCT.
BCT is an existential threat to the big banks, to Wall Street, to centralized services everywhere.
The above is what you need to know.
Ping
blackdog described it very well until the mark of the beast ending.
Mark of the beast is already in the electronic transaction system today, it’s CENTRALIZED through bank computer infrastructure.
Blockchain is DECENTRALIZED.
Centralized banking can ‘turn us off’, ‘cast us out’, by blocking our card transactions, our e-commerce.
Centralized banking cannot turn us off if we are using Blockchain. That is one reason Central Banks fear Blockchain, they risk losing control of us.
The Bible prophesizes the mark of the beast. We can’t stop it, it will happen and is happening. We can only worry about our own souls in preparation for what is coming, what is here.
St. Paul prophesized about the mark of the beast to describe when we would know the end times are near, and yes, we are nearer today. St. Paul describes a time when people cannot buy or sell without the mark of the beast. We are there. I don’t read it clearly stated in the Bible, please inform me if I am wrong, clearly stated that ALL people will have the mark of the beast, nor do I read it clear that people that do have such mark are condemned. I read that it is a marker of the prophecy.
Cash, our ‘In God We Trust’ cash, is still acceptable. Cash is under attack by the centralized banking networks. Big banks would like to see cash retired from usage, made obsolete. The attack on cash is more indicative to me of the spirits behind the mark of the beast than is Blockchain. To me, Blockchain is ‘electronic cash’ whereas centralized banking is ‘electronic control’.
I am going to join the history to remove centralized banking in favor of cash and electronic cash. I could be wrong in my direction so in the meantime I look forward to discussions with fellow Christians and Jews about this subject.
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