Tips on how to make yourself indispensable in your company

In my several years of experience as an entrepreneur, I have had the opportunity to work with several people from different nationalities, and in fact, with different approaches to work and life. Even with the divergent views and somewhat different customs, I have come to one informed conclusion: everyone wants to be that go-to person at their job. Everyone wants to be that indispensable guy who is best known for being a pro at what he does. It has a way of boosting your confidence. Your managers can rely on you and you feel a great sense of job security. In my own terms as an entrepreneur, being indispensable in your company means that you are irreplaceable because of the expertise and professionalism you exhibit.

In this article, I have outlined five tips to make yourself indispensable in your company.

 

Tips for Indispensability at Work, Denis Bederov

 

As you might know by now, I am not just a systematic scientist or technical scientist, I am also an adept entrepreneur with several accolades for my achievements in the business world. The tips I give are based on experience, years of study, and informed research.

 

Denis Bederov Advises That You Review Yourself Regularly

 

One of the mistakes many people make after getting their dream jobs is that they barely work harder to stay abreast of new trends in their profession – be it entrepreneurship or in the public sector. While you might get regular feedback and a performance review from your supervisor at work, I also believe that it is very important to do a regular personal review to ensure that you are still very much on track with your own goals and expectations. It is important to keep track of your accomplishments, training, projects, and every measurable related to your career. These self-checks will help you to review your progress, set new goals, and anticipate your next milestone.

 

Improve

 

As an entrepreneur, it is easier for you to get edged out by competitors if you do not take pertinent steps to stay in the game. I always advise budding entrepreneurs to set new goals. This can be achieved by looking at important metrics and including them as part of your business plan. Entrepreneurs, business owners, and companies always cherish focused employees who are ever improving, motivated and always finding effective ways to raise the performance bar.

Commit yourself to high standards. Bring your A-game to everything you do, and regularly raise the bar for yourself. Expanding your skills, and keeping an open mind towards career-advancing opportunities will guarantee your indispensability at work.

 

Denis Bederov Advises That You Speak Up

 

Entrepreneurs and business owners value employees who have mastered the art of effectively communicating with their boss and team, including asking questions and ensuring that they fully understand assignment instructions. Always ask questions for clarity. This will help you achieve the set targets for your company.

More importantly, always ask for opportunities to get better. Be expressive and let your boss know that you are open to learning. When you get the opportunities to collaborate with another team, be actively involved and be vocal about your ideas and suggestions. Being willing to educate others helps you attain status as an invaluable training asset in your company.

 

Offer Solutions

 

If you really desire to become indispensable at work, then you need to find ways to solve problems faced by your company. For entrepreneurs, you need to offer proactive solutions to the challenges your business and your clients face. This increases your value to your customers and to the company as a whole.

 

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The advantages of Blockchain Technology at a glance 

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The Internet of Things: What Will Come? 

 

The advantages of Blockchain Technology at a glance

A blockchain, simply put, is a computer file that is used for storing data. To go more in-depth, blockchain is a distributed open database. It is termed “distributed” in the sense that the information on the blockchain is distributed to several computers, and the entire blockchain is decentralized. Therefore, no single person has absolute control over the blockchain.

What is a Blockchain, Denis Bederov

 

Blockchain also can be seen as a time-stamped series of unalterable record of data which is managed by a collection of computers that are not owned by one individual. This blockchain does not have a primary authority; it is decentralized. The effect is that any information on the blockchain is free for anybody to see, thereby enhancing accountability and transparency.

Having explained the meaning of blockchain, I will explain some of the numerous advantages of blockchain technology.

 

Advantages of Blockchain Technology, by Denis Bederov

 

  1. Improved Transparency: One important advantage of blockchain technology is that it has greatly improved transparency for every systematic scientist. Due to the very nature of blockchain, it is distributed to all network contributors that use the same documentation as against individual ones. The data that is stored on the blockchain can be reorganized through agreement by unilateral acceptance of everybody involved in the transaction. Also, before any change or alteration can be made to a single record, there have to be changes made to previous records, and this must be approved by the entire network. The data is saved in a place that is accessible to everyone that has access to it. This makes the information saved on blockchain to be transparent, accurate, and consistent. The access to add or alter the data is available to individuals who have the requisite permission to do so.

 

  1. Speed and Efficiency: For a systematic scientist, speed is paramount to deliver an excellent job. Using the regular traditional means of storing data is not only time consuming but vulnerable to mistakes and errors. When you streamline and automate these procedures with blockchain technology, it becomes faster, less error-inducing and more efficient. The information stored on the blockchain is done using one digital ledger that is accessible to various users; it therefore dispenses with the need to harmonize different ledgers, and that makes the work less clumsy. It also encourages trust amongst co-workers, as everyone has access to the same data and it reduces the need for supervision.

 

  1. Reduces Cost: Reducing the cost of running a business is very important for a systematic scientist, so that funds can be used for more important projects. The cost that is incurred by manual documentation, errors, mistakes, and delays can be averted by using a cost-effective blockchain. Blockchain technology also helps you to eliminate unnecessary intermediaries, and third parties as members can now monitor and track information themselves. There is no longer a need for unnecessary document review because everybody that is involved in the particular transaction has access to the same unchanged data.

 

  1. Improved Security: Because most of the information used by a systematic scientist is confidential and private, sound security is a priority for them. The data stored on blockchain is usually encrypted and this improves the security of the data. Also, changes or alterations cannot be made on the blockchain, so it helps to secure the information from fraudulent manipulation and unauthorized activities. It is also advantageous to me as a space scientist, for it also reduces the incidence of hacking because the data is saved on several computers and not on a single server.

 

Blockchain, though a new concept, is gradually beginning to gain relevance and importance in areas like banks and other financial institutions. It is also used by entrepreneurs, IT specialists, and systematic scientists for effective data documentation. Being a new terrain, it is still developing and I might not be sure of the extent of protection, risks involved, privacy, and dispute resolution. However, I, Denis Bederov, insists that the advantages, as set out above makes it a good option to consider for a decentralized system of record.

 

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Revolutionary – The Industrial Internet of Things

The hype about the Internet of Things is everywhere now, and as a technical visionary, I can boldly say that the IoT technology is here to stay. More than just an optimist, I am a technical visionary who always sees the better sides of innovations, and this time, Denis Bederov is writing about the revolution the industrial applications of the IoT technology can spur.

 

Technical Visionary’s View of IIoT, by Denis Bederov

 

The Industrial Internet of Things, or IIoT, is used to refer to a network of smart sensors and actuators, instruments, and other devices connected with computers to enhance industrial processes, including automation of manufacturing processes and energy management. This connectivity enhances data collection, synchronization, and analysis, potentially facilitating productivity, efficiency and other economic benefits for industrial uses.

Also known as the “industrial internet” or “Industry 4.0,” IIoT builds on the efficiency of smart machines and uses real-time analytics to take advantage of the data that industrial machines have produced over a long period of time. IIoT is driven by the philosophy that smart machines are not just more efficient and faster than humans at capturing and analyzing data in real time, they are also better at generating and sharing important information that can be used to drive business decisions more accurately.

Enabled by technologies like cybersecurity, cloud computing, edge computing, artificial intelligence and machine learning, Big Data, RFID technology, and cognitive computing, the IIoT is every technical visionary’s dream come true. Simply put, I will love to call it “the application of IoT technology in manufacturing and factory-based work environments.”

 

A Technical Visionary’s View of the Architecture of IIoT, Denis Bederov

 

Typically, any IIoT ecosystem comprises smart sensors that can communicate and store information about themselves, a public and/or private data infrastructure for communicating (such as Wi-Fi, cloud computing), tools for analytics and applications that can generate business information from raw data, and the people.

From the perspective of a technical visionary, I believe that IIoT comes with numerous benefits. One of those benefits is that IIoT enhances predictive maintenance in industries. This means that industries can use real-time data generated from IIoT systems to predict defects or faults in their machinery, before those defects actually occur. This enables companies to swing into proactive action to correct those issues before a part fails and thereby preventing downtime.

Another common benefit of IIoT is a more efficient field service. The application of IIoT technologies helps field service technicians to promptly identify potential issues in customer equipment before they become major issues, and this will enable the field technicians to fix the problems before they begin to inconvenience their customers.

Furthermore, another merit of Industrial Internet of Things is asset tracking. Asset management systems can be used by suppliers, manufacturers, and customers used to track the location, status and condition of products as they move through the supply chain. The IIoT system will send instant notifications to stakeholders about the status of the goods – maybe damaged or at risk of being damaged, hence, giving them the opportunity to take immediate or preventive action to arrest the situation.

One of the revolutionary trends of IIoT is that it also enhances customer satisfaction. When products are connected to an IoT system, the manufacturer can collect, collate and analyze different product usage data about their products, and this enables the manufacturers and product designers to see the future trends of IoT devices and ultimately build more customer-based products.

Conclusion

 

Even though the IIoT technology is still majorly at the stage of trials and pilots, I believe that its future is bright and it has a lot of prospects. As a technical visionary, I am of the opinion that as sensors get smaller and cheaper, and as 5G network become more profound and reliable, the prospects and interest in the IIoT will continue to grow in the years to come.

 

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The Internet of Things: What Will Come?

I know everyone would agree that the Internet of Things paradigm is rapidly becoming a part of the mainstream electronics culture, as more people are now adopting smart devices into their homes and offices. A technical visionary like me will definitely agree that there will be up to 21 billion connected devices to the internet by 2025. Like every other technical visionary, I believe that we are moving towards an era where IoT devices will be a huge part of how we interact with basic everyday objects.

 

View of Internet of Things by a technical visionary, Denis Bederov

 

From the perspective of a technical visionary, I like to define Internet of Things, or IoT for short, as a network made up of devices that connect to the Internet, synchronize and share data with each other. Beyond computers, laptops and smartphones, IoT devices also include “smart” devices and gadgets that have been equipped with chips to gather, share, and synchronize data over a network. Some of these “smart” devices include washing machines, robotic vacuum cleaners, door locks, toys, and toasters.

 

Like every other technical visionary, I am of the school of thought that the potential of Internet of Things is enormous and limitless. The ease and convenience that smart devices connected over an IoT network render is boundless. Some common usage is using smartphones to help users make a grocery list, or savings, like turning down the heat at home while they are away. This means that we can have smart homes, thermostats, and lighting systems that can all collect data on the user’s habits and patterns of usage. I believe that the more data IoT devices collect, the smarter they will become and the more convenience they offer.

 

Predictions about the Future Trends of IoT by Denis Bederov

 

From the perspective of a technical visionary, I believe that a lot of IoT trends are coming up almost every day. These trends are here to make life secure, easier, and more comfortable than before, so I have selected and described some interesting IoT trends.

 

Higher Consumer Adoption:

 

As a hopeful technical visionary, I see the prospects that in the next decade, we will get to see a huge shift of IoT away from the usual consumer-based IoT. As the funding of the consumer-based IoT decreases, the future trends will usher in the industrial IoT infrastructure and platform. The only thing is that these IoT trends may actually require time to completely evolve, but most definitely will solve the difficulties in insurance, transportation, agriculture or telecommunication, and ultimately reduce the capital expense.

 

More “Smart” Devices:

 

As I earlier stated, individual consumers will no longer be the only ones using IoT devices. I see the trends pointing towards a growth in the number of cities and companies adopting smart technologies to save time and money. Through the use of IoT connected devices, I believe that we can have “smart” cities with smart traffic lights that collect traffic data, which can be used to sync lights during peak traffic times.

 

The “smart” cities paradigm implies that there will be cities that will be able to centrally automate, remotely manage, and collect data through different objects like visitor kiosks, video camera surveillance systems, and even taxis.  Powering responsive cities with IoT will help solve traffic congestion issues, unlock sustainable development, improve overall efficiency, improve safety, and ultimately save the government money by reducing the running cost.

 

More Dangerous Forms of IoT-based DDoS Attacks:

 

The world witnessed first occurrence of IoT-based malware in 2016. It was strain of malicious software that can infect connected devices such as security cameras. I have read about Distributed Denial of Service (DDoS) attacks that have used infected IoT devices to hack and shut down websites.

 

A more shocking revelation is that IoT devices can also be used to direct other attacks, and there are speculations that IoT devices can be weaponized, such as a country shutting down home thermostats in an enemy state during the lowest temperatures.

 

Final Words from Denis Bederov

 

Even though many people are concerned with security and privacy challenges that IoT presents, I believe that these challenges will inspire more legislative and regulatory measures. For example, the European Union implemented the General Data Protection Regulation (GDPR) mid-2018, and this has motivated similar security and privacy initiatives in the United States and in several other nations around the world. That means users can have more control over their data and privacy.

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How to come up with creative ideas that are worth a Patent

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How to come up with creative ideas that are worth a Patent

As a systematic scientist with years of experience and having worked on several projects, I realize that brainstorming for innovations can be quite a herculean task to undertake. And not just that, one of the qualities that really makes Denis Bederov an accomplished systematic scientist is the fact that I know that just coming up with an idea is not enough to get you a patent. Frankly speaking, generating the idea is the first step toward being able to obtain a patent, but it is at the invention stage that your intellectual property could be protected.

 

In summary, what I’m trying to say is that the single factor that determines if your idea can be patented or not is, if it’s still just an idea or if you have built a prototype of your invention.

 

How does Denis Bederov define a patent?

 

As a systematic scientist, I will define a patent as a government-granted exclusive right for a company or individual to produce or market a product. A patent lets you profit from and manage the way your product is used, distributed, and sold, usually for a specific period of time, often 20 years. A patent for your idea helps you protect the intellectual property of your idea, and gives you immunity over competitors who may want to exploit your innovation. When a competitor violates the use or distribution of your intellectual property, they can be sued and fined as allowed by the law.

 

Principles of generating patentable ideas, by Denis Bederov

 

When I work with teams and individuals, most times when people ask me how to really generate ideas worth patenting, I usually advise them that the best way to begin is to never think of ideas, but rather, think of your personal problems, or think of problems people around you are facing that really need to be overcome.

 

Every systematic scientist will tell you that innovative ideas often come from problems, and not by thinking about some startup ideas. Many big names, brands and companies that exist today stemmed from the problems their founders faced and then went ahead to build solutions for those problems.

 

So, what if you can’t find problems around you that actually require innovative solutions? My expert advice as a systematic scientist is that you can go out and talk with different people, understand what they do and where they need more simple and smart solutions. Take time to observe the people, listen attentively to field experts and objectively analyze the trends. To be frank, if you think sitting and forcing your brain to come up with some genius ideas is the way to go, most times, it just does not happen that way. Even if it happens and you come up with a wonderful idea, there is a great chance it might not hold water, unless it really solves a problem.

 

A Systematic Scientist’s Classification of Inventions, by Denis Bederov

 

Generally, inventions can be divided into two categories – substitutes and complements. While a substitute is a new or improved way of doing something that an existing product already does, complements are typically modifications to existing inventions, or concepts, usually in the form of accessories.

 

In some cases, complements would be easier to sell on their own, while in other cases, a manufacturer might incorporate the invention into the design of their own product which can use your invention as an accessory. In simpler terms, complements are add-ons that improve the functionality of an existing product.

 

In conclusion, because of the complexity involved in ideation and patenting, I always recommend that people come up with complement inventions because they are typically much easier to patent and market, as opposed to ideas for substitute inventions.

 

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This is how you keep the overview in the most complicated contexts

Complicated problems can be quite messy, unstable, unpredictable and confounding. These problems require new solutions created specifically for that context, and you can only know that you’ve found a good solution after the fact. Not just for a systematic scientist like Denis Bederov alone, I believe that everyone can benefit from having good problem solving skills, as we all encounter problems on a daily basis. Some of these problems are obviously more complex than others.

 

It would be wonderful to have the ability to solve all problems efficiently and in a timely fashion without difficulty, unfortunately though, every systematic scientist knows that there is no single way to solve all problems. While a systematic scientist can quickly solve smaller problems by intuition or experiential knowledge, more complex problems or problems that have not been experienced before will likely require a more systematic or logical approach to solve. Whenever I meet myself in situations like this, I simply employ creative thinking.

 

Keeping the overview in the most complicated contexts usually involves working through a number of steps or stages, such as those I outlined below.

 

The stages include: getting a clear understanding of the problem at hand, breaking into tasks, defining roles, and defining deliverables.

 

I’ve met and worked with teams who are often curious of the qualities that make Denis Bederov unique when faced with complicated contexts. They eventually found out that I’m not just a systematic scientist like any other regular one, and it takes effort and time to attain my current status. I always advise that it’s important to give yourself the time to understand the most important things about the job first, while keeping in the mind the priorities and deadlines for the job. As a problem solver, I knew I need to be able to identify the cause of issues and understand them fully. I usually begin to gather more information about a problem by brainstorming with other team members, consulting more experienced colleagues or acquiring knowledge through online research or courses.

 

I have been able to understand that, depending on the industry, it may be easier to solve problems when you have a strong working technical knowledge. I also profoundly belive in gaining more technical knowledge through additional coursework, training or practice.

 

Complicated jobs are best broken down into a set of tasks that can be easily achieved by a sub-team over a short period. This makes it easier to achieve, and progress can be tracked in relatively shorter time.

 

The deliverable is the tangible thing that results from the work. The deliverable should have a due date as well, and should be relevant to the overview.

 

In summary, what does Denis Bederov advise?

 

In order to keep the overview in the most complicated contexts, I will advise everyone from a systematic scientist perspective that every context should have an encompassing aim that guides the whole processes, strategies and techniques employed in the activities. Only tasks and deliverables relevant to the overview should be accepted and tasks must not be oversimplified to avoid overkilling the workflow with so many deliverables.

 

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What technical revolution will be there in the next 5 years?

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What technical revolution will be there in the next 5 years?

I think we all have to agree now that the rate of technological change is on the fast track – you blink, you miss. Every innovative trend is often tagged as “the next big thing.” The trends have become quite unpredictable and unprecedented, and with so many technologies emerging in every sphere of life, it might be quite challenging to keep up with everything.

 

7 technical Trends

 

Sometimes, I’ve been asked, “Denis Bederov, as a technical visionary, what trends do you think we should expect in the next years?” So here is a list of 7 technical trends that I believe will be at the forefront of industrial revolution in the next couple of years, especially till 2025.

 

  1. Bioplastics:

Bioplastics are environmentally friendly plastics derived from plant-based sources, such as cane sugar, corn or other byproducts of plants like wood bark and corn husks. Statistics show that less than 15% of the world’s plastic is recycled, with the rest incinerated, abandoned or dumped in a landfill. As they are generally compostable, bioplastics offer a solution for sustainability because of their low emission of greenhouse gases.

 

  1. Biometric technology:

Just like I, Denis Bederov, it might interest a scientist or any technical visionary that about 72% of companies are said to be planning to drop traditional passwords by 2025. The newer and stronger biometric authorization services for face, voice, eye, fingerprint, vein authentication and signature identification for accounts and devices are taking over.

 

  1. Virtual assistants:

Virtual friends and assistants are becoming a part of everyday life, and are being used increasingly to care for the elderly, educate children and undertake all sorts of tasks. New techniques that capture semantic relationships between words are making machines better at understanding natural language. These improvements, alongside better speech synthesis, has enabled us to move from giving AI assistants simple commands to having conversations with them. I think we are approaching a time when these virtual assistants will be able to deal with daily tasks like taking meeting notes, Internet searches or shopping online.

 

  1. Smarter fertilizers:

There have been recent improvements in the production of fertilizers, focusing on their ability to slowly release nutrients when needed in the soil. However, they still contain ammonia, urea and potash which are not environmentally-friendly. By the recent trends, a technical visionary can look forward to the manufacture of fertilizers, which use more ecologically friendly sources of nitrogen, and microorganisms that improve absorption by plants.

 

  1. Genomics:

Beyond now, genetic engineering technology is expected to increase with faster computer processing speeds. New DNA sequencing technologies and advanced analytics will improve agricultural production, reduce reliance on fossil fuels and ultimately extend human life expectancy.

 

  1. Blockchain:

Every technical visionary like I, Denis Bederov, will agree that blockchain is one of the biggest buzzwords in the world today. The hype seems to be growing by the day especially with its use in the cryptocurrency world. Blockchain allows parties to exchange secure information over standard networks. Far from its most common use in Bitcoin, in the coming years, blockchain is expected to drive more commercial uses and industrial applications because of its security.

 

  1. Internet of Things:

The number of devices currently connected to the internet is estimated to grow between 50 about 1 trillion in the next ten years. This means that every technical visionary can anticipate that the power of the cloud and widespread connectivity will ultimately make multiple devices safer, more efficient, and more responsive.

 

Conclusion Denis Bederov

So we can look forward to a lot of new things in the next five years. Above all, these 7 innovations only represent the top. The further developments in the automotive industry towards self-driving vehicles etc. would have blown up the frame. But in a future post, I’ll be happy to talk more about developments in this industry.

 

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What is BIG DATA exactly?

Big data is a term used to describe the large volume of unstructured and structured data that a business accumulates over a period of time. It is regarded as the science of understanding and predicting human behavior by studying gargantuan volumes of data. Big Data is also referred to as ‘predictive analytics’ because it provides data that can be analyzed for insights that lead to better decisions and strategic business moves, which is important to every entrepreneur.

 

Some Big Data examples include analyzing Twitter posts, Facebook feeds, studying security videos, traffic data, weather patterns and heart rate trackers. For a well-practiced entrepreneur like myself, Denis Bederov, I think it’s important to know what Big Data exactly is.

 

Big Data encompasses the unstructured data collected from a variety of sources, including business transactions, text documents, email, video, audio, financial transactions, social media and sensor information or even machine-to-machine data. Other forms of data that make up Big Data include structured and numeric data in traditional databases.

 

People often come to me and ask, “Denis Bederov, what exactly is all the buzz surrounding Big Data about? Why do you think Big Data is important?”

 

Personally, I believe that the essence of Big Data is not just about the volume of the data you have, but what you do with it.

 

With Big Data, an entrepreneur like me can collect data from any source and analyze it to find answers that enable cost reductions, time reductions, new product development and influence smart decision making. When Big Data is combined with smart analytics, an entrepreneur can accomplish important business-related tasks like calculating causes of failures, issues and defects, with great accuracy, and even detecting fraudulent behavior before it affects his/her business.

 

So, from the perspective of Denis Bederov, I’ll let you see how business sectors can benefit from the advantages of Big Data.

 

If government agencies are able to apply analytics to their Big Data, they can be well equipped to run agencies, and deal with contemporary issues like traffic congestion or preventing crime. Furthermore, by studying social media, financial records, flight reservations, and security data, law enforcement agencies can predict and locate terrorist suspects before they perpetrate evil.

 

As for financial institutions, while it’s important to understand customers’ behavior to provide better services, it’s equally important to minimize risk and fraud while maintaining regulatory compliance. Big data brings big insights, but it also requires financial institutions to stay ahead of the game with advanced analytics.

 

Similarly, by analyzing big data, educational institutions can identify lapses in students’ records and make sure that students are making adequate progress, so they can implement a better evaluation system and support for teachers. In the healthcare sector, when big data is managed effectively, health care providers can uncover hidden insights that improve patient care. Occurrence of epidemic breakouts can be accurately predicted, and maybe even prevented.

 

These and many more are some of the boundless prospects that Big Data offers and I think just like me, Denis Bederov, every entrepreneur can agree to these points, too.

 

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What you really should be proud of when it comes to your children

I don’t think there is anything special about naming something that I am proud of when I think of my children. The mere fact that they are there, fills me with absolute pride. Even if they do nothing at all, I am proud of them. I don’t make that dependent on any actions or results. The love for one’s own children should be omnipresent and independent. If I only loved my children if they did something special, what kind of father would I be?

 

The first time I was really proud.

 

I remember her birth very well. Holding her in my hands for the first time filled me with pride and love. As a space scientist, entrepreneur and leader, I naturally hope that our son and our little daughter will develop into people who will benefit others through their own strength, intelligence and willpower. My inner wish is that they will be always well, are happy and lead a life full of enthusiasm and benefit for themselves and others. 

 

Indeed, my son is already going in a similar direction as I did then. He is enthusiastic about scientific subjects and achieves his successes there. He is well above the class average. 

 

Our little daughter likes to dance and paint. We enable her to go to the dance school and have hired a private teacher who promotes her individual talents.

 

Children should be allowed to develop themselves

 

It’s important to realize who your kids are. To understand what kind of  individuals they are and what talents, needs and desires they have. In this way they can develop themselves and learn that they are important. 

How many people are unhappy because they were never allowed to live the life they had within them? People who had to suppress their talents because of social conventions. People who hid their needs and desires behind their fears because they were taught to do so. 

I believe that bringing up children should not be pulling in a selfish and pre-defined direction that parents or society dictate, but supporting the inner forces, talents and needs of children.

 

I am proud of the inner development of my children. If they have recognized and understand who they are and what they want, then I have done many things right.

 

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The blockchain technology for the financial wastelands – easily explained by Denis Bederov

More and more often we hear the word “blockchain” or “crypto currency” in our everyday life. To understand that Blockchain is much more than the technology behind “crypto currency”, here is a simple metaphor: If you want to shape a piece of wood, plane, grind and file it, chips and dust are generated. The piece of wood is the blockchain and the chips, the waste product of this technology so to speak, are the crypto currencies.

Due to the hype and speculations in the field of crypto currencies, the market screamers are correspondingly loud here, which is why one is quickly tempted to completely forget the technology that is revolutionary. Let me tell you about the advantages of the blockchain, especially in the financial sector.

 

Current situation in the financial sector

 

Looking at the current state of the financial sector, you will probably know that the central bank is an institution where other banks in the financial sector can borrow and park money. This central bank, as its name implies, is centrally organized. 

Let’s go from the macro level to the micro level and to your wallet: What do you think makes your €10 bill worth €10? Is it the paper and the color? Is it unique and therefore worth 10€? NO! The only thing that makes your bill worth 10 € is trust. From you, from the supermarket cashier, etc.

In what form does this money still exist? Obviously there is money in your account, i.e. Fiat money, which can be seen in your online banking. 

 

What the blockchain enables for the financial sector

 

In contrast to the easily corruptible and hackable systems, the central administration, the blockchain is completely decentralized. Its storage locations are on every computer connected to it. Once it has been programmed for a specific process, it cannot be changed.

In addition, you do not enter the blockchain as a person, but with a personal ID. For example in contrast to a bank transfer, which bears your name, and exactly titles the name of the receiver, such a transaction is encrypted in the block and by your personal user ID.

 

The term “block”

 

A block is ultimately made up of several combined transactions. If the capacity of one block is fully used, the next block begins. To ensure that the correct sequence of blocks is recognized, each block receives a specific key code at the end. A subsequent block then begins with exactly this key code. This makes the sequence comprehensible for everyone.

This coding and security encryption can currently be guaranteed by two different methods: “Proof of Work” and “Proof of Stake”. I will explain these in more detail in another blog article.

 

Conclusion – Denis Bederov

 

You can see that the security loops and verification methods are logical. For this very reason, the confidence that crypto currencies enjoy as a small part of this technology is enormous, so many investors have included crypto currencies in their portfolios for risk diversification. Nevertheless, the journey is still a long one and only through complete regulation of this market will blockchain technology including crypto currencies gain a foothold in the financial market.

 

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