{"id":4033,"date":"2023-06-29T11:26:39","date_gmt":"2023-06-29T11:26:39","guid":{"rendered":"https:\/\/innovationisrael.org.il\/en\/?post_type=report&p=2735"},"modified":"2023-08-15T10:34:22","modified_gmt":"2023-08-15T10:34:22","slug":"welcome-to-the-crypto-age","status":"publish","type":"article","link":"https:\/\/innovationisrael.org.il\/en\/article\/welcome-to-the-crypto-age\/","title":{"rendered":"Welcome to the Crypto Age"},"content":{"rendered":"\n
The crypto market is a growing market, and many equate its innovation and future impact with that of the internet at the end of last century. Experts in the field forecast that blockchain technology will, in the years to come, become a part of every area of our lives, from a method of payment via means for tracing transportation of goods to registration of assets in blockchain.<\/p>\n\n\n\n
Blockchain is a sophisticated computer technology that was invented by developers of the first virtual currency \u2013 the Bitcoin. Blockchain is a means of encoding data (cryptography) in a way that allows visible and secured business activity via the internet and the verification of transactions without the need for a central regulating entity. <\/p>\n\n\n\n
The problem with blockchain is that although it is extremely secure, it is not as simple or secure to use as a bank. It is not backed by any government entity or bank that supervises the transfers and which can assist the users in case of human error or fraud. <\/p>\n\n\n\n
In fact, blockchain is not backed by any government agency or other responsible entity. The ‘ledger’ in which the incoming transfers are registered is controlled by the community of users and is secured at an unprecedented level. This saves bureaucracy, lowers costs, and speeds up procedures (transfers between account holders in different countries within a few seconds instead of several days). Nevertheless, its initial period of use witnessed a number of worrying scenarios and several unfortunate events. For example, in the real world, it is relatively easy to deal with a lost wallet and credit card. If someone forgets his bank account number, he can contact the bank and retrieve the number after undergoing an identification process. However, in a similar scenario in the blockchain world, there is simply no central-responsible entity to turn to for assistance. <\/p>\n\n\n\n