Blockchain technology is being analysed for its possible use in different scenarios producing a plethora of new applications and tools. The most prominent application is in the cryptocurrency field, where Bitcoin is the best-known example, with a market capitalisation greater than 17.8 billion euros, but where other cryptocurrencies are also becoming more relevant.
The financial sector has started to explore the feasibly of blockchain technology for different purposes. Other uses of blockchain technology explore its ability to transfer digital assets. Nasdaq intends to apply blockchain technology to stock market operations while Ascribe offers digital media contents traceability. The immutability of the blockchain can also be applied for notarisation functions. For instance, multiple solutions have been proposed for time stamping where data digest is stored as a special transaction in the blockchain in order to prove its existence at a given time. The distributed and open properties of blockchain technology make it also interesting for applications where user identity has to be registered, unaltered and available for multiple purposes.
Montimage is exploring the security of blockchains and intends to find way to monitor its internals. Decentralized systems might not be as secure as they seem. On December 2017, Nice Hash, one of the largest Bitcoin marketplaces got hacked, resulting in 60 million dollars in losses. It raised an important issue of blockchain operations safety. Beside 51 attack is still an issue. Imagine the situation in which one person or a group of people could concentrate in their hands 51% of mining power. This owner automatically becomes the game changer, acquiring possibilities to pass transactions with that same coin twice, or as many times as needed. This breaks all the rules.