Representatives of the Bank of Canada explained why questions about double embezzlement at the blockchain should not disturb users. In their conclusions, they shared with the public in scientific work, which reveals the possibilities of using blockchain technology in the informed industry.
The main focus was directed to the possibilities of proof-of-work and practical examples of the use of Bitcoin as a payment instrument. Additionally, strategic options for the behavior of miners were considered from the position of permissible errors in their work. To simplify perception, the relevant components of the document received the names «honest miner» and «dishonest miners». The final chord of the work was the approval in the opinion, according to which the blockchain can be controlled sufficiently, in order to completely eliminate the possibility of double embezzlement.
Canada Bank considers the possibility of using the blockchain as a certain surrogate of the immune system. According to experts, the technology can be a protective barrier on the way of attempts to falsify or theft of information. Additionally, using the blockchain it is planned to form a trust system of relations with users. The problem is that for many years of centralized work, the banking sphere actually discredited itself: the level of trust, according to customer polls, has significantly fell. The possibilities of decentralization are the lines of fully open operation, which naturally eliminates the distrust of the parties and can be the key to stabilization of the situation.
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