Blockchain - Distributed Transactions as a Change of System

@ 30.11.2022

As you can see, Bitcoin technology has made a lot of noise and frightened the governments of many countries, questioning the very essence of the state's monopoly right to issue banknotes. Although the very idea of arbitrary money issue (not to be confused with a common counterfeit) is not new enough, nevertheless, it was the unusual realization of the idea to organize, issue and ensure the functioning of a new financial system that made finally the prospects of any modern (and prospective) accounting, registration and control systems to be completely reconsidered.

The main essence that gives such a revolutionary nature to the same Bitcoin is the Blockchain principle, or, in more comprehensible terms, distributed transactions. Nothing more or less, it is a complete decentralization of storage, information management and control over its integrity and correctness. It was this principle that suddenly turned everything upside down. All at once it became clear that the most important, the most important, controlling entity, the mega-regulator, may not exist at all, because it becomes completely unnecessary. Each agent of the System has its own copy of the registry, which is constantly synchronized with copies of all other agents. Arbitrary change, deletion of information without legal confirmation by most agents of the System becomes impossible - the System simply does not authorize the intervention. Any agent has access to full, valid information about any other agent at any time.

This is the fear, horror and nightmare of most structured Systems in today's world, like banks, rating agencies, registration services, government agencies, social networks. Blockchain is the beginning of the era of the sunset of their monopoly right to form, manage, transfer and destroy any information whatsoever.

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