Blockchain technology will subvert the traditional business model

Experts predict that blockchain technology will expose the Internet to many new challenges and subvert past business models.

William Mougayar, an investment advisor, believes the world is moving toward a fundamental economy in the blockchain because of the inherent security of blockchain technology and the lack of third-party involvement.

Recently, at the European Security and Cloud Computing Conference 2017 in Munich, William Mougayar said that in the next few years, the economy of the blockchain will be larger than the economy of the Internet.

According to Mougayar, money is an area where the web does not deal with "homeland", and most currency transactions are still via banks rather than P2P platforms.

"Banks have convinced us that they still need them, but they actually just update their ledgers," he said, noting that blockchain technology does what it does, but does not require third-party involvement, like banks.

The most famous application of blockchain technology is bitcoin, Mougayar said its "core" is the value of P2P transmission, and passwords are a key part of protecting stored data and securing and verifying transactions.

He believes Bitcoin and other cryptocurrencies will become more and more popular as a means of transferring value, with as many as 900 different cryptocurrencies.

Mougayar said that regional chains are based on the emerging emerging P2P infrastructure, unlike many web-based applications such as Facebook, that do not apply to the original decentralized concept of the Internet.

He said the regional chain provides a clear and fast way to deal, without involving third parties. "This blockchain is a simple example of an API application interface that is used to verify something, which is a reconciliation, an identity, but because it is immutable, each transaction adds just the same thing as before, Trading history remains the same. This is a good record keeping technique, "he said.

Digitally encrypted currency goes beyond the currency

Mougayar said that encrypting money is more than just money. "They can represent a function, work and attention which means that new companies publishing user content can compensate users so they can get the token's attention or attention."

"This means that users have access to cryptocurrencies that they can exchange for goods and services, which has been implemented by companies such as Steemit, and everyone is paid to create and plan content," he said.

Mougayar said most of what's happening around the blockchain is about core developments, which is largely a "technical story."

"Many of the activities are very technical, but we will now learn more about application development and will get more story-telling about applications, and that's where the web starts. First, we have to get the infrastructure and standards before we develop Application, "he said.

Developers should be prepared for the inevitable blockchain changes

Mougayar urges the organization to encourage their developers to learn the blockchain language in preparation for this inevitable change.

"In fact, there are about 10 million Java developers in the world, but only 30,000 blockchain developers, and these will be the talent manufacturers need," he said.

Mougayar said standards are very important in the technology age, and although there are only a handful of blockchain standards, the ERC20 standard for issuing tokens or cryptographic security is important because it is the primary reason that there are many ICOs and encrypted storage. He said: "When you put the standard on the market, it is the standard."

However, Mougayar warned not to oversee the blockchain too early because of concerns about stifling innovation around the technology. "The blockchain is now just a baby, and we wait for it to grow as an adult and then regulate it," he said.

Looking to the future, he said that the blockchain will overturn the database technology, a new type of virtual environment will emerge, there will be a new way to prove people's identity and value ownership, tokens and smart contracts will become new Language.

Mougayar said: "We will enter the new blockchain economy 20 years ago by entering the online economy."

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