Leading Bitcoin Blockchain infrastructure provider and transaction processing company, BitFury, has recently released a white paper entitled “Digital Assets on Public Blockchains”.

1. teamsteverhyner.com
http://www.teamsteverhyner.com/bitfury-explains-how-to-securely-store-and-transfer-digital-assets-on-the-bitcoin-blockchain/
Steven L.
Rhyner
BitFury Explains How to Securely Store and Transfer Digital
Assets on the Bitcoin Blockchain
Leading Bitcoin Blockchain infrastructure provider and transaction processing company, BitFury, has recently
released a white paper entitled “Digital Assets on Public Blockchains”. The paper demonstrates methods of storing
and transferring digital assets securely on the bitcoin-secured public blockchain.
Blockchain infrastructure enables digital asset management
During the process of drafting its white paper, the BitFury group discovered blockchain infrastructure can be utilized
for digital asset management that would allow the global economyto store purely digital assets and control them
online.
Major blockchain networks, most notably the Bitcoin blockchain network, hold the capacity for storing various sets of
data apart from the main transaction data. The Bitcoin blockchain, for example, enables senders to store alternative
data sets on the actual transaction, such as texts or strings of data.
This secure storage of data on an irrefutable and unalterable blockchain like the Bitcoin blockchain is made possible
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2. due to the unique property of the bitcoin blockchain that allows senders to embed additional information.
The usage of digital assets in financial services
Since early 2015, the Bitcoin and cryptocurrency community have seen the rising interest of financial firms and
global corporations in the blockchain technology. The R3 consortium, which is composed of the world’s largest and
most powerful banks have already used the Ethereum network to build their own permissioned blockchain to send
and receive international paymentsat lower costs and process traditional financial settlements on the blockchain
network.
The BitFury team explains that blockchain-secured digital assets can be used effectively in financial services and on
emerging consumer-to-consumer markets. Digital assets stored on the blockchain network can be further used for
alternative activities such as crowdfunding, charity, peer-to-peer lending and smart properties purchases.
As the Bitcoin blockchain network is transparent, it allows anyone to track the digital asset on the blockchain
network. Thus, the transparency expands the potential applications of the blockchain technology.
Tips for corporations and
businesses
In the white paper, the BitFury team
says:
“Use of blockchains could also facilitate management of assets by businesses, e.g., for discounts, gift
cards, vouchers, and coupons. Blockchains could also prove effective in reducing the cost and
expanding the reach of electronic money services for currencies both pegged to fiat money and
alternative currencies. Additionally, the algorithmically enforced properties of public blockchains,
including impossibility of counterfeit and increased transparency and auditability, could prove
attractive for regulatory bodies.”
The BitFury Group is dedicated to the growth of the bitcoin and blockchain ecosystem. The firm will continue to issue
white papers that propose alternative solutions based on the bitcoin blockchain to solve real world problems.
Re-posted from www.cointelegraph.com by Joseph Young March 27, 2016
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