LKS Foundation

Business & Finanza

  • 5458
LKS Foundation

Business & Finanza

What is Blockchain? How will it improve our lives?

2020-05-15 15:15:10

Blockchain technology was launched a little over a decade ago. Nowadays, it stands as a paradigm of innovation that allows us to face new challenges addressing the needs of individuals, businesses and organizations. Here is a study on this incredible and fascinating world.

Although for several years only a few "insiders" were involved in blockchain development, a wider and more varied audience has recently started to be be interested in this topic.

The blockchain, in fact, is gradually is emerging in various fields as an innovative solution addressing the needs of businesses or public utility services for the citizens. 

In particular, unlike other technological innovations, the blockchain tackles some ethical issues that normally are not immediately associated with digital innovation: transparency, responsibility, community, decentralization

Given the extraordinary importance of blockchain to achieve innovation, the mission of the LKS Foundation is precisely to contribute actively to the dissemination of blockchain culture for greater awareness of its value and potential.

What is blockchain technology

Blockchain technology is part of a subgroup of the wider family of Distributed Ledger technologies. 

The blockchain is defined as a digital register in which information is structured in a chain of blocks. This information is stored in multiple computers that make up a shared and immutable data network. The transactions and consent are distributed among all the nodes that build the network. Each node can participate in the process to validate the transactions to be included in the digital ledger.

From a more operational point of view, we can understand the blockchain as a valid alternative to centralized archives where data are instead shared, accessible and distributed to all network participants. This system not only ensures greater security, but also eliminates the need for a central administration body.

The elements that make up the blockchain

It is very important to understand the most common terms used when discussing blockchain. Let's have a look at the main ones:

  • Node: They are the participants in the blockchain network mentioned above, physically they are represented by the computers/servers of each participant.

  • Transaction: It consists of the data exchanged between the nodes and that must be verified, approved and then archived.

  • Block: It is a set of transactions that are merged to be verified, approved and then archived by the blockchain participants.

  • Ledger: It is the public register in which all transactions carried out in an orderly and sequential manner are "annotated" in a transparent and immutable way. The Ledger consists of a set of blocks that are chained together by means of an encryption function and thanks to the use of hashes.

  • Hash: It is a non-invertible operation that allows you to map a text and/or numeric string of variable length into a single and univocal string of a determined length. The hash identifies each block uniquely and securely and makes it impossible to trace the text string and/or numbers that generated it.

Why is the blockchain so useful: Unique Digital Assets

The blockchain allows (also) to create unique digital assets. 

In order to understand the opportunities related to this characteristic, we need to take a step back. 

When you digitally share a piece of data of any kind with somebody (a text, an image, etc.) there will be 2 copies of it: one in your possession and one will exist in the inbox, cell phone, or computer of the recipient. This data could then be shared in turn with other people who will also receive another copy. And there are no limits how many times it can be shared and it can be changed and modified over time uncontrollably.

It is therefore evident that the text or image you share are not unique digital assets, because they "go out" of your sphere of control and can be multiplied in an indefinite number of copies.

On the contrary, our asset encrypted in a blockchain network allows you to avoid duplication of the digital world by making it unique. Similarly to how it happens in the physical world, when we pass a digital asset through the blockchain to another user, this asset will no longer be in our possession, instead it will pass into the hands of the recipient subject completely. In turn, if the recipient shares it, they will lose its possession it in favor of another person and so on.

The asset remains unique and it is not possible to duplicate it, exactly as it happens when you give someone a paper banknote to pay for a good or service.

The value of the blockchain lays in its ability to guarantee the uniqueness of a digital asset. This opens the doors to its use for a more efficient management of exchanges and transactions in those fields where the uniqueness of the asset is fundamental. For example, think of the financial sector, luxury goods, but also of collector's items, art, web domains, event tickets and even the registration of property and physical goods.

But there is something more.

It is vital to solve a problem that affects more and more people every day. We have to protect the authors of content published on the web. And the blockchain can finally provide us with a solution.

How to enforce digital copyright: NFTs

More than half of the world's population is online. This number of users always connected, without time and space limitations, requires an increasing amount of web content related to each possible topic, fueling a market with exponential growth.

However, the contents are not adequately protected and copyrights can hardly be claimed due to the complex bureaucracy that regulates them. 

For this reason, there is an absolute need to make sure that every digital content is protected with a safe, transparent and affordable system for all users.

The LKS Foundation has launched a campaign to look for resources to create a Non Fungible Token by building the first truly digitized copyright system

How does it function? Thanks to a Non Fungible Token, or NFT, the ownership of the content and the identity of the source are connected to each other and registered according to the fundamental principles of the Blockchain, through a unique and irreversible transaction.

Thanks to this tool, it will be possible to enforce the copyrights of the creators of content published and shared on social networks and online platforms. The intellectual property of those who create ebooks, texts, articles, music, videos, art, etc., will be recognized internationally.

Moreover, with the possibility of connecting digital content, content ownership and creator’s identity in a single NFT, it will be possible to tackle the proliferation of fake news, by encouraging a clearer responsibility system for digital content creators.

The LKSCOIN campaign

To support the project, simply participate in the LKSCOIN IEO by buying LKSCOIN on the Eidoo Crowd crowdfunding portal at a fixed price of 0.01 Euro before they are launched on the market.

Find out how to participate:

>> How to participate in the LKSCOIN IEO on Eidoo Crowd: tutorial

For questions and clarifications on the project, visit the Telegram chat where you can ask the Community for help or information at any time: