Introduction

Man is a catalyst upon which this world has rested its oars to sail upon the sea of knowledge and transcendence. In a luminous bidding birthed from the mind to ride upon the wings of an inestimable wealth of wisdom, a lot of brain children have emerged from the womb of this endless and taleful adventure. Nevertheless, man's resilience has turned a deafened ear to impossibilities. It started with the Wright brothers, Picasso,Lenardo Da Vinci, Einstein, Faraday and a host of geniuses that the world possessed and likewise felt the wave of their multivariate inventions and discoveries that have formed a yardstick and a strong foundation for the diurnals of this present day.

Many of these discoveries and inventions have been modelled, upgraded, transformed and tweaked into better and glorious outcomes beneficial to the world at large.

Technology, once a prancing pony in the medieval times has morphed into an energetic horse coursing through the corners of the earth on a trajectile progression into space to defy gravity and remain ever relevant and undone in the affairs of men.

This same new order of wisdom and advancement has brought man into a tango with the very things in which they have given life and thoughtful reasoning to. It has creeped into our beds, etched in our books, splattered on the screen of our computers, displayed on our smartphones and even suspended in space. Technology has always been characterized by a phenomenal and necessitated need to change our lives and enable man to rise beyond the level of crudeness and mediocrity. The blockchain technology, which is a successor of the steam engine, power and internet of things (IOT) has proven to be a water shed in the technological affairs of men.

Centralization of Operations through an Accounting Ledger

Centralization of Operations through an Accounting Ledger

Prior to the emergence of the blockchain technology, many transactions have been modelled to be mainly centralized in a single ledger account. The futursitic prospects and even the actualization of the transfer of information has always been bleak, inconclusive and rigid. Many organizations, individuals and companies have for long maintained a centralized account to a default, having to perform transactions within a single centralized system.

Scenario

Malcom is a U.S based manager of Chuko Farms Ltd. Chuko Farms is owned by his grandfather and also have branches all around the United States. Due to the level of exposure Malcolm has ganered as a result of attaining a college degree in Wisconsin, he decides to upgrade the ledger accounts of the farm-with respect to inventory, sales, farm produce and he many likes- to a computer based one. Although Malcolm's feat seems commendable and his idea welcome by the rest of his family members, he goes through a hard time of having to decentralize the computing operations of the farm to other subsidiary farms all around America. Chuko Farms still operates a centralized ledger account which limits a lot of transactions and transfer of information from one end to another as well as the shortcoming of being able to perform decentralized operations independently without consulting a single unit.

Shortcomings of the internet with respect to the transfer of data and decentralization

The internet is an amazing hub of activity that has harnessed billions of users all around the world into its diversified sphere of operations ranging from browsing, to leisures, to social media, networking, digital trading e.g. Forex e.t.c. We can say it has done well by meeting infinitesimal needs, but the existing problem is that needs still keeps cropping up no matter how much they seem assuaged.
One of these many needs is the issue of transference and the transmission of information from one end to another, from one person the next.
Although the internet can be used to transfer information without the limits of boundaries, time constraints, or whoever is the recipient at the barest and the least of costs. However, it cannot realize point to point transfer of value, but rather still depends on the accounting of central authority.

What is blockchain ?

Blockchain is a technology that removes intermediaries and transfers value between two transaction parties in a reliable way through computer networks. Transaction is recorded in a public and anti-interference distributed books in the form of time blocks. The value is represented by digital vouchers. All trading parties can enter the distributed ledger. Distributed ledger has the characteristics of transparency, unchangeable record and being able to execute the business rules automatically so as to realize excellent automation. Blockchain has a great impact on financial services and is lower in cost.
Source: Whitepaper Page 4

Beneficial intricacies of the Blockchain network

Due to the blockchain network which is scalable (an ability to be readjusted in size and scope to suit the multivariate needs of users) and uttermostly secure (end to end encryption), the hassles of information transfer has been curtailed properly which is efficiently low in cost.

Use Case for Blockchain

Mr Bello is a well to do administrative staff who works with the Federal Medical Center, Abeokuta, Nigeria. Of recent, his eighteen year old son in college who had just returned from an excursion trip to the Nigerian Stock Exchange (NSE) commission fills him in about the detailed need to going into the buying of shares and securities listed on the NSE as a viable means of a guaranteed futuristic investment with a high market yeild when these securities will be traded in the future. Mr Bello is open to optimism and is willing to invest a part of his retained earnings to purchase a number of shares, but problem arises due to the fact that apart from himself and the NSE, there is the presence of a third party, an agent, also known as a broker who is willing to transact on behalf of both parties, to facilitate the trade as an intermediary. Due to the high level of fraudulence and financial crimes being perpetrated in the market, Mr Bello is having a second thought about going futher with his prospective financial investment.

What is BUMO?

BUMO is a new generation of public chain that is useful to business ventures and operates. It builds an internet infrastructure that can move value around through core technologies.

BUMO also creates an ubiquitous (widespread and very prevalent) trust network that allows value to flow freely like information.

BUMO is a next-generation commercial-grade public Blockchain for ubiquitous and trusted value transfer, which is aimed to build a decentralized application ecosystem featured with extensive digital trust, free-flowing value and public-sharing apps.

Benefits of BUMO

Ubiquitous Trust Network

Trust is based on ubiquitous machines. Rights of data belong to users themselves. All nodes are involved in the maintenance of Blockchain. Trust network will be everywhere.

Trusted Value Transfer System

Digital trust is the linkage of virtual world and the real one. Ubiquitous trust system will be established. Online value flows will become ubiquitous as well.

Public-Sharing DApp Ecosytem

Digital Identity, Tokenization Protocol, Value Transfer, Decentralized Transactions, In-DApp exchange, etc. Distributed applications will also be ubiquitous.

Source: BUMO Website

Here is my video entry;

For more information and resources

Bumo Website
Bumo Whitepaper
Bumo Technical Paper
Bumo Weibo
Bumo Telegram
Bumo Reedit
Bumo Facebook
Bumo Twitter
Bumo Github
Bumo Wallet

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https://steemit.com/crypto/@originalworks/1250-steem-sponsored-writing-contest-bumo

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