Cryptocurrency is trendy right now and my advice is to be very attentive when investing in this market. Cryptocurrency is used in every industry and here are some examples. Insurance : Proof of insurance—Nationwide insurance company is currently testing a blockchain solution to provide proof-of-insurance information called RiskBlock. Ultimately, when this tool is fully deployed it will help law enforcement, insured and insurers verify insurance coverage in real time and accelerate claims processing.
Logistics and supply blockchain cases : Provenance—Consumers are increasingly demanding transparency regarding the products they purchase and consume to ensure the sourcing of materials and production of products adheres to their individual values. Provenance uses blockchain to provide chain-of-custody and certification of supply chains.
In life-and-death settings, the lack of reliable data and sluggish interfaces may prove devastating. The Essentia framework addresses all these issues by using a blockchain-powered system that will store clinically relevant patient data and which can be immediately accessed, regardless of geographical borders. Patient privacy is maintained on a secure decentralized network where access is granted to only those who are medically authorized and only for the duration needed.|Ukraine holds the honor of becoming the first nation to use blockchain to facilitate a property deal. A property in Kiev was sold by prominent cryptocurrency advocate and TechCrunch founder Michael Arrington. The deal was enabled with the aid of smart contracts on the Ethereum blockchain, and is intended to be the first of many completed by Propy, a startup specializing in blockchain-based real estate deals. See extra info at Ethereum (ETH) Price.
Most people know that cryptocurrencies such as Bitcoin use blockchain technology, but what exactly is blockchain? If you imagine Bitcoin as a car, then blockchain would be the combustion engine; i.e. blockchain is the underlying technology that drives the system.
One of the most crucial aspects of blockchain technology is that data is decentralised, with information shared across a peer-to-peer network. Each block contains transaction information and a time stamp. Blocks are also permanent and cannot be altered without consensus from the entire network and without altering all subsequent blocks. If only time travel were possible then majority of people would wish to back in 2010 to buy bitcoins. A mere 10,000 rupees invested in bitcoins back then would have fetched you over mind boggling 330 crores by now! The world was stunned with such a phenomenal growth of bitcoins as a cryptocurrency. Keep reading this post as we will explain about bitcoin shortly. But how could such a currency grow stupendously on a global scale? The answer is Blockchain. Simple as it may sound there are huge mechanisms in place in making the technology work. The time spent by IBM global financing was reduced by 75% in solving financial disputes using Blockchain technology. Did you know that in international trade finance and remittances ICICI bank using Blockchain technology successfully executed transactions? Did you know SBI is using it in its KYC norms and smart projects? Did you know that Azure is already providing Blockchain as a service(BaaS)? And these are just three instances of the applications of Blockchain and the most obvious use case is bitcoin.
Here are some terms explained : Airdrop: A marketing campaign that distributes a specific cryptocurrency or token to an audience. It is usually initiated by the creator of a cryptocurrency in order to encourage use and build popularity of the coin or token. Most airdrop campaigns run with mechanics such as receiving coins or tokens in exchange for simple tasks like sharing news, referring friends, or downloading an app.
Byzantine Generals’ Problem: A situation where communication that requires consensus on a single strategy from all members within a group or party cannot be trusted or verified. An example of this agreement problem is where a group of generals, encircled around a city, must decide whether to attack or retreat. Every general must agree to attack or retreat, or everyone will be worse off. Some generals may be treacherous, voting falsely, and messengers may deliver false votes. Under these circumstances, a consensus must be reached. In cryptocurrency, when network participants post false or inaccurate information to others about transactions taking place, it could lead to network failure. *see Byzantine Fault Tolerance (BFT).
Delegated Proof-of-Stake (dPOS): A consensus mechanism where users can vote for delegates producing blocks on the blockchain, with votes proportional to their stake. It aims to increase efficiency and environmental friendliness of blockchain consensus protocols.
And the latest crypto news : According to Cointelegraph Japan, the FSA has identified shortcomings in Fisco’s internal control systems — such as anti-money laundering measures — and found it to be insufficiently compliant with local laws and regulations. As previously reported, Fisco assumed ownership of Japanese exchange Zaif in fall 2018, shortly after the platform was hacked to the tune of ~$59.7 million. The FSA’s action has reportedly been taken under the provisions of the country’s Act on Settlement of Funds. Read more details on Litecoin (LTC) Price