Creation and Integration of Blockchain-Based Products — Natural Course of History. Review of the article by Alexander Kud

Creation and Integration of Blockchain-Based Products main

In his new article, the author continues to explore the ideas of the previous publication “Transformation of Socioeconomic Relations in the Age of Blockchain-Based Information Platforms”.

Lately, we have been witnessing a rapid development of high-tech platforms that change socioeconomic relations.

The author points to historical patterns saying, “We know that many achievements and scientific discoveries were made by analysing events and making decisions based on such analysis”. Such actions, for example, helped us start exploring space, creating the Internet and numerous technologies, including blockchain that may potentially influence socioeconomic relations.

Since ancient times, problems have been arising due to the negative impact of the human factor on social processes. Society would occasionally come up with solutions to these problems but none of them were optimal.

Stones, coffee beans and seashells were used as the first forms of money. Later, globalisation created the need for a universal method for determining value. Thus, it led to the emergence of stamped coins and later — of paper money. But every form of money still had its disadvantages: possibility of forgery, theft, loss and use for corrupt schemes.

The next stage was the creation of electronic money. The ease of its use was undeniable, but the risks of applying such form of money for terrorism financing and money laundering were not eliminated. In other words, the world remained as controversial as before.

The development of a technology called “blockchain” is an important step in the global progress that we see today, as there is still no way to exchange common values without the risk of fraud.

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The creation of international financial institutions allows people to exchange any types of assets. But it is much easier to reduce uncertainty using the blockchain technology. And the tool to solve this problem has been created — the Bitbon System — a platform developed by the Ukrainian company Simcord.

The launch of this system is the next stage in the development of the new global community based on the principle of socioeconomic relations regulated by digital assets. The main features of this method include a new type of digital contracts, elimination of the negative human factor and exclusion of intermediaries.

The Bitbon System and other similar hardware and software complexes will become a mechanism for managing and evaluating any values and creating a single database that would update in real time and contain unbiased information.

The world population is steadily growing, while resources, which are limited, are consumed more and more. Blockchain-based platforms will allow us to monitor any digital information, which will increase the resource efficiency and eliminate their excessive use.

In addition, the use of the Bitbon System will increase the level of social security. The evolution continues, and the next step will be a complete elimination of paper money — it is just a matter of time.

Simcord believes that the notion “money” will not exist in the future and will be replaced with assets in digital form. Their recording and management will be executed automatically. And innovations based on blockchain will help us change the world for the better.

The author is convinced that “The faster we start to integrate information platforms and see progressive changes in socioeconomic relations, the more transparent and clearer our future and the future of next generations will be!”.

We live in interesting times. Due to the creation of the blockchain technology and blockchain-based platforms, our generation is witnessing the beginning of the new digital age.

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