G999, GStelecom and Josip Heit explain interesting facts about blockchain

G999, GStelecom and Josip Heit explain interesting facts about blockchain

G999, GStelecom and Josip Heit explain interesting facts about blockchain

Josip Heit, proven business manager and blockchain pioneer as well as Chairman of the Bord of GSB Group explains interesting facts about blockchain, GSTelecom and G999 blockchain technology.

“Many in the G999 community, who have heard a lot about blockchain, associate blockchain with bitcoin, but this is wrong, which is why I would like to clear up the most important 10 misconceptions at this point,” Josip Heit said to journalists before the past Easter weekend, on Maundy Thursday at Düsseldorf airport, just before his departure, in times of the current coronavirus lockdown, on the technical news of the GStelecom app, a blockchain secured and operated platform that allows all users to send and receive voice chats, messages and pictures, all encrypted via the blockchain.

A blockchain is a continuously expandable list of data records, also called “blocks”, which are chained together using cryptographic methods.

Each individual block typically contains a cryptographically secure hash (scatter value) of the previous block, a timestamp and transaction data, making fraud and manipulation impossible and assuring users of absolute security.

“The blockchain is about to change the world at the very moment we talk about it,” Heit stressed, elaborating, “Hailed as the “fifth evolution” of computing, blockchains in their most basic form are the most accurate database imaginable.”

Heit continued, “It is believed to be 10 times more valuable than the internet and it is not that difficult to understand the blockchain. A user requests a transaction, which is transmitted to a network. The request is validated. If successful, it is added to the current block of transactions, which is chained with older transactions and finally confirmed. The record of transactions from day one is meticulously kept. If the transaction is not valid, it is rejected.”

Explaining some trivia here, Heit said and launched into:

1) “Blockchain is the best accountant ever created: When you consider what blockchain really is – a data structure that allows you to create a digital ledger of data that can be shared with a network of independent parties, you can fully grasp the concept of the most reliable and efficient accountant. Nothing can be lost in translation or misinterpreted. As we described the process in our introduction, if something is wrong in the transaction requests, the request is rejected. So everything that is entered has to be one hundred percent (100%) correct.

The beauty of Blockchain is that everything is one hundred per cent transparent, creating a paperless environment that stores records of everything from assets, liabilities, cash flow and reconciliations. With Blockchain technology, you can no longer “cook the books”.

2) Blockchain is being used to create digital IDs for people: In many countries, it can be a challenge to get an official ID card for oneself. Those living in rural areas often do not have the means to get to an official ID registration office. Many are too poor to afford one, while some are lost in natural disasters.

There are many reasons why around 1.1 billion people cannot identify themselves. Yet over 60% of these people have a mobile device and access to some form of internet. Digital IDs will undoubtedly be beneficial and protect people online, but they are an option for many who cannot prove who they are because they cannot properly identify themselves. When they finally have an official digital identity, they can open a bank account or become a property owner. Without an ID, you are not an official person and Blockchain can change that.

3) Luxury brands love Blockchain: Blockchain will change the way luxury brands do business. For starters, you would be able to create a digital identity for your valuables and prove that you are the rightful owner of the items. Blockchain will also help curb the booming counterfeiting industry and reduce payment risks online.

Moet Hennessy Louis Vuitton, or LVMH, developed a project called AURA. This uses blockchain to ensure that fashion and luxury goods are authenticated. This would make them the first luxury goods company to use the technology to combat counterfeiting. With this service, customers can track the history of the product, from where and how the raw materials were sourced, all the way to the point of sale.

The same principle applies to De Beers, the world’s leading diamond company, which uses blockchain technology to authenticate diamonds. Customers can also track the diamond’s journey from mine to purchase, ensuring that everything is above board when they buy their eternity diamond.

4) Blockchain is the future of store of value: Cryptocurrencies are powered by blockchain, breaking away from the need to depend on banks and the influence of governments. In its basic form, it gives you more control over your own money.

As Forbes writes, blockchain is a “single version of the truth, but not a single point of failure. Change one block and you’d have to change every subsequent block before new blocks could be mined.” So if anything is stored that contains even the slightest error, it will be picked up by the blockchain and not accepted, leaving no room for error or fraudulent behaviour and making storing value on the blockchain the future.

5) Less than one per cent (1%) of the population currently uses Blockchain: don’t be fooled by this figure as it will skyrocket as it becomes mainstream and feeds into technologies that you don’t even realise are Blockchain.

In the medical field, Blockchain will change the way we go to the doctor, as a record of every single visit, medication and diagnosis will be available to any doctor at the click of a button. Blockchain will cut out the middleman and save us unnecessary costs. It will help keep our valuables safe, create opportunities for everyone to invest in property, be identified, improve cyber security, protect intellectual copyright.

6) With Blockchain, corruption has nowhere to hide: There are very few governments where there is no corruption, but with Blockchain – this will be a thing of the past. Because of transparency, governments will no longer be able to funnel funds.

This very transparency is one of the biggest promises that blockchain technology gives to its customers. Blockchain can provide a fully auditable and legitimate ledger of transactions. The way Blockchain stores information is tamper-proof. If a piece of information is not true, it is not accepted by the technology. It is much harder to hide things with Blockchain.

Every transaction made is irrevocable, and the transaction has an accurate history of who made it and when. Consumers can potentially track everything across the supply chain, from bank transactions to charitable donations to tracing where your food comes from! When it comes to governments, using blockchain technology will make the government accountable for its spending – leaving no room for doubt, ambiguity or concern about what the funds are being used for.

7) Blockchain will facilitate the Internet of Things revolution: The Internet of Things, or IoT, refers to every single device in the world that is connected to the internet or uses advanced technology, and there are billions of them! It’s not just mobile phones and computers, but things as small as a pill or as big as a plane. They are all part of the IoT.

So the IoT is – by definition – decentralised and this makes Blockchain an online ledger for where the technology is, how it communicates with each other and how it is managed. Blockchain and IoT will change the way everything digital works, from smart buildings to energy, manufacturing to security and everything in between.

8) Blockchain could make election fraud a thing of the past: If the US election count is anything to go by, let’s hope blockchain is used sooner rather than later. Allegations of election fraud and miscounting are still doing the rounds, as they have recently, and when recounts were conducted, the results did change, but not in favour of the outgoing president who made the allegations. Trump was quoted as saying, “It’s statistically impossible that I lost. Blockchain would change that.

With blockchain technology, there is little room for error, and elections could be conducted with legitimacy and veracity. Voters could vote from their electronic devices, with verified credentials, with additional authentication factors such as fingerprints or eye recognition if needed.

9) Money on Mars will be on Blockchain instead of paper: It would be a bit difficult to grab your wallet and hand over a few dollar notes if you live on Mars, so the answer is obviously Blockchain.

Because Mars is so far away, there is a concern that transactions might take too long, so a so-called “Marscoin” could be created for Mars. This “Marscoin” transaction could then be processed via the Blockchain.10) In a Blockchain network, participants appear anonymously. To carry out an activity within the blockchain, a public key is used, namely the public key. This acts as an address, and makes it possible to obtain something. By using the public key, it is not possible to trace the activities back to the respective user. The identity is therefore anonymous, and this despite the fact that each new block refers to the previous block and everyone involved is up to date on every activity, and a blockchain thus has a certain transparency.

Against the background of all these things worth knowing, the GSB Gold Standard Corporate will make an effort in its technical laboratories to invent further technical innovations, to improve them and to expand the existing projects. Because only a strong community in cooperation with an innovative partner can guarantee success in the long run.

Seit 2011 agiert die GSB Gold Standard Corporate als weltweite Holdinggesellschaft mit Fokus auf einzigartige/reine Mineralien, Metalle und Entwicklungen von Blockchain Technologien.

Die GSB mit Sitz in Hamburg ist einer der Weltmarktführer in den Bereichen Bergbau, Raffinerie und weltweiter Handel mit Eigen- und Fremdressourcen.

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