Building the blocks around the smartest cryptocurrency on the market



We’re talking Blockchain – but it began with Bitcoin.

So what is Bitcoin?
Bitcoin is a cryptocurrency and a digital payment system.  Invented by an unknown programmer (or a group of programmers), it was released as open-source software in 2009. There is a market cap with Bitcoin.  The value of an individual Bitcoin has increased substantially during this time, every year more and more merchants and vendors accept bitcoin as payments for goods and services, and millions more unique users are using a cryptocurrency (digital) wallet.

Why is there a worry about Bitcoin?
There are many concerns related to Bitcoin, price volatility, doubts around legal status, tax and (lack of any) regulation, Bitcoin has been notorious in criminal activity, and is well renowned for the role it has in cyber-attacks like Ransomware.  But for believers, Bitcoin has huge upsides, de-centralised thus outside the control of a central authority, privacy, deflationary, low cost to transfer funds across borders, but most it is an attractive “store of value”.

Why is Bitcoin important?
Bitcoin is important because it requires a blockchain.  A blockchain is an undeniably ingenious invention, but since Bitcoin, blockchain has evolved into something greater.  And the main question every person is asking is – what is a blockchain?

So what is a blockchain?
The simplest explanation “Blockchain is to Bitcoin, what the internet is to email. A big electronic system, on top of which you can build applications. Currency is just one.”  Sally Davies, FT Technology Reporter.

How does blockchain work?
A blockchain is a distributed database that is used to maintain a continuously growing list of records, called ‘blocks’.   Each block contains a timestamp and a link to a previous block. A blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. By design, blockchains are inherently resistant to modification of the data. Once recorded, the data in any given block cannot be altered retrospectively without the alteration of all subsequent blocks and a collusion of the network majority.   Functionally, a Blockchain can serve as “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way”.

“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” Don & Alex Tapscott, authors Blockchain Revolution (2016).

Blockchains are secure by design and are an example of a distributed computing system with high Byzantine fault tolerance.  Decentralised consensus has therefore been achieved with a Blockchain.  This makes Blockchains potentially suitable for the recording of events, medical records and other records management activities, such as Identity Management, transaction processing and documenting provenance.

The entire financial, legal, and record-keeping industries are being disrupted using this decentralised, secure, and inexpensive method. It has therefore caught the eye of the Bank of England plus other large organisations including Microsoft, IBM and Cisco have consequently started to take note of it.

In summary the opportunities are infinite.

People need to understand that “blockchain” is NOT the same thing as “Bitcoin”.

Bitcoin was the first blockchain system designed, but there have been a number of others since then which are very different, designed by different people, often for different purposes. These people are in the business of designing things for use by corporations to operate their businesses to drive a competitive edge. This is no different to what Amicus ITS has been doing for 30 years, problem solving and designing solutions that deliver business value as we look constantly to the horizon at future technologies.

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Bot technology offers a new era in seamless business support

Conversational apps and services, such as Apple’s Siri and Microsoft’s Cortana have managed to find a way into peoples’ everyday lives as a way of finding answers to questions, quickly.

These conversational apps, also called ‘Bots’ which are a form of Artificial Intelligence (AI), are not limited to just answering questions, but can, using ‘natural conversation’ enable users to interact with services (be it ordering a pizza without looking at a traditional menu, or providing technical support to an employee’s PC issue).

Bots can be interacted with by either voice or text and can come in the form of a website, an app, or integration into existing services such as:  Skype for Business; Facebook Messenger; Cortana; Microsoft Teams and more. Bots can be accessed via a wide range of devices from smart phones to laptops and even devices without screens.

So why should businesses consider developing their own Bots?

The advantages of Bots to a business should be obvious – without the need of a dedicated and extensive support desk to handle queries for your own website, app or service, you could bake in support for bots inside your own website, app or service.  This way users would have access to the same support tools using natural conversation, without leaving the screen that requires assistance.

Bots can work well on their own, but they work even better with the help of humans when they hit the limit of their coded knowledge.   Bots are primarily programme driven but are inevitably only be as good as they are designed and coded by humans.  The Bot experience is intended to be seamless to the user, even if the Bot’s script has reached its end and it needs to interface to get guidance from a service desk.  The user talking to the Bot just enjoys a single trafficked conversation without seeing any splits.

The disadvantages at the start of the Bot technology process was in the creation period as building a coding system from scratch to handle conversational queries and integrate across known and used services was a monumental task. The good news however is that a lot of this work has now been done and is being made available as a foundation to consumers to build their own Bots. Microsoft is currently taking the lead in this area with its own Bot Framework, currently in preview.

Bots are no longer reserved by the technical giants of the world.  With the tools to create Bots having been developed and distributed, this makes Bots accessible to a wide array of devices and services. We will soon see a lot more Bots out in the wild from a wide variety of businesses and tech hobbyists. This influx in Bots could impact the technical landscape in a similar way that mobile Apps achieved when their tools became readily available – like with the original arrival of Apps in 2008 for Apple with the iPhone 3G.  So those who can make a strong brand early on will see stronger success as the platform evolves over time – and Bots could become a regular feature as part of the service desk toolkit for IT Managed Service Providers in future.