BLOCKCHAIN

The blockchain technology is in the process of disrupting interactions between parts’s models because of its immutability and traceability characteristics. Applications such as cryptocurrencies are quickly gaining traction.

 

Leveraging on the knowledge acquired at MIT Sloan and MIT Digital Currency Initiative, we provide services in the following areas of the crypto space:

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Blockchain - based business model consulting

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Regulatory & compliance

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Technology consulting

We provide advice not only on the cryptocurrency industry but also on other blockchain areas such as:

Having a broad experience with different projects and industries (logistics, transportation, agriculture, academia, etc,), real estate tokenization is a relevant part of our portfolio.

BICTOP REAL ESTATE
BLOCKCHAIN

Best In Class Tokenization Platform

 
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Selected Blockchain references

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In BICTOP we are convinced that the inclusion of the Blockchain technology will mean a real revolution of the industrial processes and the development of the Internet for the next years, which has been called as 4th Industrial Revolution and Web 3.0 (of course supported by complementary technologies such as IoT or AI).

In short, Blockchain is a decentralized database that stores a record of assets and transactions in a peer-to-peer network.

Simply put, it is a ledger that records who owns what and who trades with what. The transactions are secured through the use of cryptography. The blocks, which group transactions, are secured with cryptography as well and linked in a time sequence creating an immutable record.

This record is replicated on each computer using the network which makes it extremely complicated to manipulate unlike a database controlled by a single entity or central authority.

Smart Contracts


A smart contract is a program that lives in a blockchain and is not controlled by any of the parties, or their agents, and that executes an automatic contract under certain conditions.  When a pre-programmed condition, not subject to any human assessment, is triggered, the smart contract executes the corresponding contractual clause. This has infinite possibilities.

It could be used in any transaction that requires a registered agreement between parties, such as the contracting of financial or insurance products, guarantee deposits, merchandise purchase and sale operations and logistical chain follow-up registration, voting systems, etc.

Blockchain’s possibilities are endless. But beyond the possible cases of use to which it can be applied at present, blockchain opens up a whole world of possible new business models that we still cannot even imagine. The revolution that promises to bring this technology to our society is comparable to the one that brought the Internet in the 90s or even greater. Some experts already call it the fourth industrial revolution.

TRADITIONAL SCENARIO

BLOCKCHAIN SCENARIO

In a traditional centralized scenario, all transactions will always be handled by a central entity:

 

 

  • It is essential to trust this central entity to be part of the system and to be able to establish relations (commercial, financial, …) between entities (companies, users, …)
  • It plays the role of «administrator», accepting or rejecting the transaction
  • Therefore, there are one or more single points of failure, which would render the system inoperative
  • The «administrator» or a third party who gains access to the central entity, could access the data of the transactions carried out and modify them, delete them or create new false ones.
  • Therefore, extra investment in redundant and security systems is needed to try to reduce this risk.

In a Blockchain scenario, all transactions are part of an environment/network distributed over multiple nodes:

  • All nodes have a replica of the database with all transactions
  • No node assumes the role of «administrator»
  • Therefore there are no single points of failure
  • You cannot modify or delete a transaction, to create a new one you need the approval by consensus of the majority of the nodes.
  • The information is integrated in the blockchain as a whole, by definition it is Public, that is, that information distributed among all the nodes is known by all these nodes within the organization. Whether it is visible or not from outside the organization will depend on the type of Blockchain we use (Public, private, etc.) and the configuration of the visibility of such data.
  • It is not necessary that there is trust between entities to establish relationships, the consensus algorithm is responsible for creating that trust
  • The alteration of any unit of information on the blockchain, would mean the use of an enormous amount of computing power (51% attack). It cannot be corrupted

Blockchain is more than
monetary transactions

Health

The use of digital signatures on Blockchain-based data could control the availability of medical records and thus maintain your privacy. A conglomerate composed of insurers, patients, doctors and hospitals, being part of Blockchain would serve to reduce payment fraud in the health sector.

Distributed Cloud Storage

Today's cloud storage services are centralized = rely on a single provider. Blockchain can improve security and decrease dependency. Even users will be able to rent their surplus storage capacity.

National Security

In 2016, the U.S. Department of Homeland Security announced a project that will use blockchain Factom as a way to securely store and transmit the information it obtains to mitigate security breaches. It is currently under development. S&P Global Platts, is currently working on using the block chain to record oil storage and transportation information, minimizing the potential for human error and fraudulent alteration

Cross-border payments

Blockchain can speed up and simplify this process and also reduce costs significantly by eliminating many of the traditional intermediaries. According to the Deloitte study, The blockchain reduces costs to 2-3% of the total amount and offers guaranteed real-time transactions across borders.

Energy

New energy initiatives: household power generation and community solar energy. Smart meters can record the electricity produced and consumed in a block chain for new consumption patterns (surplus, producer credits or foreign exchange, swaps against the energy grid, ...).

Digital Voting

Blockchains can serve as a means to cast, track and count votes, so as to prevent voter fraud, lost registrations, etc. Using Blockchains we could verify that each vote has been successfully and anonymously cast.