Monument to Blockchain Technology | Bitcoin
The Kranj City Council has just inaugurated a “Monument to Blockchain Technology” in the urban centre of Kranj. The monument ‘s designer was Chorovic and its creator was Francheskin. It unveiled on March 13.
The sculpture comprises a metal circle with a diameter of about seven meters and a bitcoin inside, it symbolizes the decentralized nature of connectivity. The monument to the new technologies, built by the Slovenian city’s municipal authority, inaugurated with the financial support of two local blockchain companies.
This year will also see the tenth anniversary of Satoshi Nakamoto and his invention of the blockchain technology.
As blockchain technology scales to new heights, the Cran City Council is familiar with the benefits it can offer in numerous resource-heavy industries. Unlike traditional centralized ledger systems, the potential for what a “decentralized ledger of transactions” can do is wide open. There could be many applications, for example to healthcare, public administration, logistics and other areas.
Blockchain is a technology that will become more and more common in the future. A lot of countries are investing in blockchain technology, but Slovenia is a standout leader. In October 2017, the country’s recently resigned Prime Minister announced that it plans to be a destination for blockchain technology.
“We have fantastic blockchain startups, we have people with a strong influence on blockchain and ICOs (initial coin offerings) and our government is very friendly to blockchain businesses. With the first analog blockchain technology monument in Slovenia, in Kran, we are proving how passionate we are about the technology and its potential,” said 3fs CEO Andraz Logar.
Bitcoins allow the investing public to raise funds. It works as a virtual currency system in which a person, natural or legal, provides virtual currency in exchange for officially recognized currencies.
This might be the biggest change in the financial system in over a hundred years.
It is a type of digital currency, as it uses cryptographic methods to create and manage money and verify transactions. Cryptocurrency has been around since the late 1990s. Its proposition happened in part by Wei Dai on the mailing list of the activist group Cypherpunks, which is an activist group that actively promotes the use of cryptography.
Bitcoin is the first of many cryptocurrencies. It was the first to take off in 2008 and has been gaining popularity ever since. A distinctive feature of bitcoin is it’s decentralization. The world’s first completely open financial network runs without a third party. P2P technology means that transactions are direct between individuals. They can happen instantly.
Blockchain technology is a monument to cyber safety. It is a tamper-proof digital ledger designed to be impenetrable to hackers. A public ledger of all encryption transactions that have ever occurred. Blockchain technology has been around for a while and is often referred to as distributed ledger technology. Blockchain databases are stored across many computers and there is always a copy of the database that cannot be modified without all the other copies agreeing. Blocks add up in chronological order. Each machine running on the Bitcoin network receives a copy of the blockchain, which happens automatically after joining.
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Author: PC-GR
The World of Technology
