GSB Gold Standard Corporation, Josip Heit and the Blockchain Technology (FOTO)

Hamburg (ots) - The blockchain technology is one of the most discussed
innovations of the digital transformation of economy and society, which is
comprehensively implemented by GSB Gold Standard Banking Corporation AG.
According to Josip Heit, this is the only reasonable way for the future, from an
uncontrolled to a sustainable regulated market.

With features such as decentralisation, reliability and counterfeit protection,
the block chain technology opens up a wide field of innovative applications and
new forms of cooperation.

A block chain is a continuously expandable list of data records, also known as
"blocks", which are linked together by means of cryptographic procedures. Each
block typically contains a cryptographically secure hash (scatter value) of the
previous block, a time stamp and unalterable transaction data.

The block chain technology was developed based on the vision of a decentralized
distributed system that would replace centralized instances and enable
transactions to take place directly between the participants in the network.
Over the past ten years, a substantial technological and economic development
has taken place. By means of block chain technology, all conceivable values,
rights and obligations in tangible and intangible goods can be represented by
tokens and their tradability and exchangeability can potentially be simplified.

By far not the only use case for block chain technology is that of the crypto
currency. With the sharp rise in the prices of many a crypto currency and the
new form of financing known as Initial Coin Offerings (ICO), public interest in
block chain technology has grown. Recently, applications beyond cryptocurrencies
have been coming more and more into focus. In the Federal Republic of Germany
(FRG) and the European Union (EU) a dynamic ecosystem of developers and
providers of blockchain-based services has emerged. Thus, not only Germany has a
promising basis for the development of a token economy.

With so-called tokens (hardware components for user identification and
authentication), all conceivable values, rights and obligations in tangible and
intangible goods could be represented and their marketability simplified.

In order to achieve this goal, GSB Gold Standard Banking Corporation AG has long
strived to ensure that applications based on block chain technology are
compatible with applicable law and to prevent abuse.

According to Josip Heit, this requires the creation of an investment- and
growth-oriented regulatory framework in which market processes function without
government intervention and the principle of sustainability is guaranteed.