Humanity is becoming more and more dependent on technology and especially the internet. Everything revolves around the use and application of different technologies that have been invented. The world seems to be developing too first and those who cannot keep up with the speed are left behind. Every sector of human activity has received a boost through the touch of technological advancement and innovation. The internet has made the world into a global village and now everyone has access to everything across the globe. The economy of the world itself depends on technology because businesses have taken online as the market place for selling and buying idea.
The opportunities and possibilities offered through internet technology are limitless and they provide the world with powers beyond imagination. But the greatest development of all has taken place on the internet itself through blockchain technology. This is a technology that taken the world by stock. It is a technology that was developed not so long ago but the steps it has already gone through are massive. It is like a door was opened for the world to witness a massive revolution in technology that was just lying behind the curtains.
The reason that made blockchain technology so popular is the security features provided. Privacy and anonymity are the basis upon which blockchain technology is built. It is considered the internet of the future because of the unique features that creates great interest.
There have been attempting to bring decentralization into the finance and financial processes which was achieved through blockchain technology. Because of that and issues of consensus, cryptocurrency was created and the first decentralized system of money, a world currency that is not controlled by anyone.
Proof-of-Work and Proof-of-Stake protocols
The main algorithms used in the blockchain technology is Proof-of-Work (PoW) and Proof-of-Stake (PoS) for most transactions especially when the deal with currency. These are the two security protocols that deal with this digital or virtual currency. POW is focused on ensuring that there is no cyber attack such as the common distributed denial-of-service (DDoS) attack that sends many fake requests exhausting the computer. PoS allows for trustless and distributed consensus in which you don’t need to trust a transaction through a third party. It is being used mostly in mining digital currency. The difference between PoW and PoS comes through the was to reach the goal, the both have the same goal. A simple explanation would be, in PoS, there is no block reward so the miners take the transaction fee.
A new algorithm
Now that you have a clue of what blockchain technology is and the two major algorithms known, let us look at a new development that is really taking over blockchain technology, the Proof-of-Asset protocol. The problem with PoS and PoW is that they can never be used in the real world. Now in an attempt to bring blockchain, especially on Etherium to be incorporated into real world governance, PoA was created. The protocol is used for tokenization of gold. It ensures that every physical asset has a 1:1 relationship with blockchain minus errors. With this protocol, anything and everything and be securitized, including land title deeds, ownership titles, stocks, bonds, credit cards, and many more.
Application of PoA
If you are looking to tokenize your assets and have a securitized file of assets on the blockchain technology, you do not have to search further anymore. All this is made possible today through BANCA. This is an investment bank that is based on AI and Big Data and offers some of the most unique services related to bring blockchain technology into the real world. These include, ICO, securitizing crypto assets, market making and management of crypto assets among other services. This is a higher level of blockchain.