Cryptocurrency is a big thing right now and my opinion is to be very prudent when investing in this market. Cryptocurrency is used in every industry and here are some examples. Realestate applications of blockchain : Deedcoin—Rather than a typical 6% real estate commission, Deedcoin runs on 1% and hopes to be the new way for home buyers and sellers to connect with real estate agents who accept a lower commission.
Logistics and supply blockchain cases : OriginTrail—Already in use in the food industry, more applications are planned for OriginTrail, a platform that lets consumers know where their purchases came from and how they were produced.
Medical centers that have digitized their patient records don’t distribute their data across multiple facilities, instead keeping them on-site on centralized servers. These are a prime target for hackers, as evidenced by the ransomware attacks that struck NHS hospitals in the UK. Even if security risks are overlooked, there is still the problem of fragmentation. There are currently more than 50 different electronic healthcare record (eHR) software systems that operate in different hospitals, often with dozens of different packages within the same city. These centralized systems do not interoperate with one other and patient data ends up scattered between disparate centers.|Blockchain is now being used to support sustainable fishing. Illegally caught fish is an endemic problem within the industry, and distributed ledger technology provides a means of proving where fish were caught, processed and sold. This ‘net-to-plate’ chain allows inspectors to determine whether fish had come from regions notorious for human rights abuses or from countries that are affected by economic sanctions. See more info on cryptocurrency market news.
This encryption is called hashing. In simple terms, hashing is when an input produces an output of a fixed length. Bitcoin uses a hashing algorithm called SHA-256 which means that no matter the length of the input, the output will always be 256 bits in length. This hashed output functions as the block’s fingerprint in the sense that it is a unique identifier. The hash of the block is determined by the contents of the block, so any change to the data within the block will result in a new, and very different, hash.
Although blockchain technology can sound confusing at first, it is actually pretty simple to get to grips with. Ultimately, it is a list of public records, also known as a public ledger, where transactions between parties are listed or stored. Each record, known as a ‘block’ within blockchain terminology, is secured using cryptography. 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 : Ashdraked: A situation where you lose all your money, more specifically when you lose all your money shorting Bitcoin. This was based on a story of a Romanian trader who continued to short BTC when it went from $300 to $500, since he had made a lot of profit doing so historically. Adapt your trading strategy!
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).
Cloud Mining: Mining with remote processing power rented from companies operating outfits in countries like Iceland, where the electricity is abundant and cost-efficient, and the ambient temperature is cold year-round. Another term for this is mining contract.
And the latest crypto news : A G7 taskforce is being created to examine how central banks can regulate cryptocurrencies such as Facebook’s libra, Reuters reported on June 21. Although Paris has said it is not against Facebook creating a financial instrument, it vehemently opposes libra becoming a sovereign currency. Concerns have been raised over how to ensure cryptocurrencies comply with anti-money laundering laws, consumer protection rules and other regulatory matters. The G7 taskforce is going to be led by Benoit Coeure, who sits on the board of the European Central Bank. See more details at live crypto news show