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10 videos to watch to fully understand Blockchain Technology

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The 10 most popular videos, which explains Blockchain Technology in a very simple manner, one can refer in order to understand it completely.

Top 10 videos on the internet community that would help gain the newbies, a grip in the blockchain fundamentals

The Blockchain Technology is inherently meant to be an internet of value and the traditional internet that we use today accounts to transfer of information. In simple words, Blockchain Technology is a protocol where the complete transfer of information takes place without maintaining its duplicate. On the other hand, the internet as we all know is a paradigm in which the clients receive a duplicate of the master copy on the server. The blockchain technology is originally meant to provide security features to any information by decentralizing it.

The most widely discussed topic and also the most bizarre one, demands a constant and special explanation in both simple and complicated manner at outer and deeper levels respectively. Below are the 10 most popular videos, which explains Blockchain Technology in a very simple manner, one can refer in order to understand it completely.

 

  1. What is blockchain?

The video posted by World Economic Forum offers a very intuitive way to understand the Blockchain Technology and the fields of application where it can be implemented. The explanation demands special attention as it is explained by one of the most respected economic forums around the world.

 

  1. Ever wonder how cryptocurrencies work?

The blockchain technology is explained by one of the ex-teachers at Khan Academy named San Anderson. The channel is specialized in explaining all the concepts in mathematics through animation. It concentrates more on the application of the concepts rather than just using the formulas to get a solution.

 

  1. Blockchain- A short introduction

The explanation starts with the need for money and the evolution of the blockchain technology from the cryptocurrency Bitcoin. It even goes further to explain how the Blockchain Technology can reduce the transactional costs along with providing digital identity to currency as well as any particular real-world object for that matter.

 

  1. Blockchain: massively simplified

The TED community is well known to conduct volunteer workshops on various life-changing topics. They provide explanations from the experts in that particular field. In this video, Richie Etwaru goes on to explain the evolution and need of the blockchain technology from the internet error goes on to explain the evolution and need of the blockchain technology from the internet era. He even clearly differentiates characteristic features of normal databases to that of a Blockchain Distributed Ledgers.

 

  1. What is Blockchain?

CNBC explains one of the most preferred and reliable news outsource media, CNBC comes forward to explain the amazing implications of the Blockchain Technology and the impact it is having on the real world. In the video, they agree that it is wrongly being used for the purchase of drugs and other illegal commodities. They even state a fact that how banks are worried that the technology what completely disrupt them. However, the video mostly concentrates on the positive side of it.

 

  1. How does Blockchain work- Simply explained

The video initiates by comparing the Blockchain Technology similar to a digital notary. The time Stamping mechanism of Information. Further, it goes on to explain, Bitcoin as an application of Blockchain Technology and how it prevented in solving the double spend problem.

 

  1. Blockchain, How it works?

With the increase in the global economy, the video illustrates the difficulties and the expenses required to maintain the huge cumbersome databases. It takes the shipment of a diamond, as an instance in order to explain the application of the technology apart from the finances. It puts forth the effectiveness that the technology offers in tracking any particular commodity.

 

  1. Blockchain – Demystified

Another awesome explanations buy one of the experts in the field at a Ted Talk. He begins to explain the origin of the internet along with Blockchain Technology. He cited that the outcome of Bitcoin might be a coincidence of the 2008s Economic Crisis.

 

  1. Why blockchain matters more than you think?

Coldfusion TV is an amazing channel that explains the most complicated stuff in most relaxed manner. It goes on to explain the working of the cryptographic features of Blockchain Technology. The video concludes by explaining the smart contract concept in a very simple fashion by considering a real-world scenario.

 

  1. How Blockchain will radically transform the economy

As the title suggests, the video explains the radicalization that the Blockchain Technology is bringing into the current deprecated economic conditions. Effective elimination of the intermediaries is also a key topic of discussion in the video.

 

Conclusion

We hope that these videos would provide an effective overview of the Blockchain Technology for the geeks who are alien to the amazing cryptographic based technology.

#Bitcoin

How To Reduce Energy Consumption In The Midst Of Crypto Popularity

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Cryptocurrency and Bitcoin miners can make the switch to cleaner and friendly renewable sources of energy such as solar energy.

How To Reduce Energy Consumption In The Midst Of Crypto Popularity

Electrical energy has become an integral part of everyday modern life. It’s used to power our bulbs and home appliances, trains, and even charge electric vehicles. Globally, its use is rising rapidly as different economies across the globe develop. Therefore, there is a growing need for energy which in turn continually drives the demand for electricity generation. For years now, most of the electricity consumed on a global scale has been generated from three energy sources: fossil fuel, nuclear, and hydro. Renewable energy sources such as photovoltaic (solar power), offer an alternative, albeit small, a share of the world’s electricity. However, our energy sources can have significant environmental impacts.

 

Cryptocurrency Mining, Then Versus Now

Back in the day, 2009 to be precise, Bitcoin mining was nothing more than a lucrative hobby for several crypto enthusiasts. Miners could leverage their CPUs to mine Bitcoin as they were enough. It was possible because the only hardware needed for mining was a simple computer and the number of miners was significantly low. In fact, in the early stages, Hal Finney and Satoshi were the only ones mining BTC through the use of several computers simultaneously. Satoshi mined 1,000,000 Bitcoins in the first week of the project, courtesy of several computers.
At that time, the difficulty of mining was extremely low. However, over time, the problem has shot up drastically courtesy of Bitcoin’s rules and a change in new and advanced mining hardware. At the start, individuals would use CPUs (Central Processing Units) to mine BTC. CPUs represent the electronic circuitry within a computer.

Back in 2009, a miner would generate bitcoins at a rate of 50 per block. Gradually, people made the shift to GPU mining which was comfortable and lucrative to use. Due to this, GPU mining became extremely popular, and in 2011, people started using them. Soon after, the mining difficulty increased, and by June 2011, people began using FPGAs (Field Programmable Gate Arrays). Shortly after that, in 2013, FPGAs gave way to ASICs (Application Specific Integrated Circuits) that have made BTC mining industrious.
Currently, the Bitcoin mining process requires about 73.04 TWh of computational power to solve complex mathematical equations per year. This equates to about 0.33% of the total global electricity consumption. One Bitcoin transaction on average consumes about 916 KWh of electricity that could power about 31 US households. Mining is no longer lucrative for individual miners as setting up needs specialized mining rigs that are expensive to buy and operate.

For instance, it would set a single Bitcoin miner back around $15,861 to mine one bitcoin in the Cook Islands near New Zealand. The cost rises to about $16,209 in the Solomon Islands located near Papua New Guinea. The prices of mining one Bitcoin further rise in Bahrain, Niue, and South Korea with amounts of $16,773, $17,566, and $26,170 respectively.

Mining creates enormous electricity bills through energy consumption and cooling (and that’s on top of the cost of mining equipment and, nowadays, a facility to house your rows and towers of machines). The current BTC network is estimated to be consuming about 2.55 gigawatts (GW) of electricity annually which is enough to power a whole country. For context, the entire state of Ireland consumes an average of 3.1 GW of electricity.

 

Potential Consequence of High Non-Renewable Energy Usage

Greenhouse Gas Emissions

The most well-known impact of increased non-renewable sources usage is the production of greenhouse gases mainly CO2 that is believed by many to contribute to climate change (though much of this is politicized hype). Different types of non-renewable energies produce different levels of greenhouse gases. For example, coal provides the highest amount of CO2 emission. It’s important to note that CO2 is plant food (and plants produce oxygen), is what every breathing creature emits when exhaling, and climate change (formerly Global Cooling, formerly Global Warming) is not agreed upon by scientists to be caused by human activity, as there are a myriad of other, likely much more influential factors, such as solar cycles. It’s also worth noting that climate change has always happened, with warmer and colder periods, and what has been hyped up in the last decade is a tiny percentage of what humanity has witnessed, without industry. Predictions of the world ending disastrously in a few short years if we don’t do something politically have fallen flat.
It is worth noting that the above factor will also depend upon how efficient the engines using these fuels are, and filtering systems to reduce emissions. Modern technology can produce very efficient, low emission engines which use fossil fuels.

 

Token Creation (PoW/PoS/DPoS)

Proof-of-Work (PoW) is a term that’s usually used to denote the kind of concept that the Bitcoin network uses to validate and add transactions to the blockchain. It involves the use of ASICs in mining to solve complex mathematical algorithms otherwise known as PoW problems. Although PoW is excellent against cyber-attacks, it has a major limitation of high electricity consumption. Furthermore, mining rigs require top computing hardware that’s expensive to attain. Some of the projects using the PoW consensus algorithm include Bitcoin, Monero, Ethereum, Ethereum Classic, Bitcoin Cash, Zcash, Litecoin, and DogeCoin. Ethereum is intended to make the change from PoW to PoS via the Casper protocol.

Proof-of-Stake (PoS), on the other hand, is an alternative way of validating transactions or blocks. It was engineered as an alternative to the PoW process that consumes an immense amount of energy. Unlike Proof-of-Work, coins are no longer mined but are forged or minted. Block validation is done by a select group of individuals known as validators. They are chosen depending on the age and amount of stake they hold within the blockchain network. Some of the projects using the PoS algorithm include Dash, QTUM, NEO, NavCoin, Stellar Lumen, Zcoin, and Stratis.

 

Benefits of the PoS system include:

Less expensive hardware is required.

Transaction times are much faster.

It is energy efficient as it doesn’t consume a lot of energy.

Delegated Proof-of-Stake, otherwise known as DPoS, is a new and alternative protocol to both the PoW and PoS consensus algorithms. It’s mostly considered to be the most decentralized consensus model in existence today. This is mostly because every token holder has a degree of influence about what happens in the network. DPoS uses the power of stakeholder approval voting to promote consensus in a fair and democratic manner. Projects using DPoS include Lisk, Ark, Rise, Tezos, OxyCoin, Shift, Lightning BTC, and EOS, among others.

 

Conclusion

Blockchain projects around the world can help reduce energy consumption by taking alternative routes in the cryptocurrency mining process. First, blockchain projects can make the switch from the PoW system to the PoS system which is much cheaper and consumes less energy. Secondly, cryptocurrency miners can make the switch to cleaner and friendly renewable sources of energy such as solar energy. Lastly, blockchain networks can incentivize miners to use renewable energy resources by offering additional rewards for those that utilize them.

 

Guest Post by Pawel Towczzk

My name is Paweł Tomczyk. I’m a technology enthusiast and an early adopter. I’m the contributor in the blockchain ecosystem and various range of funds. I have been specializing in marketing and Fintech for six years. Nowadays, I’m the founder of Cyberius (www.cyberius.com), which specializes in content creation and crowdfunding.

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#Blockchain

How Blockchains are being implemented in Supply Chain Management

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A blockchain technology investment can be a turning point for supply chain and the reorganization of infrastructure and certification of trust in commerce.

Blockchain refers to a dynamic database which takes records of all events or data on a digital basis. It does this in a way which makes it impossible for interference. Blockchain users might have tried to at some point add to the data, access it or even scrutinize it. It is, however, unlikely to delete or change any data. This implies that the first and original data stays the way it is. Therefore, there is a constant trail of transactions information which is available and accessible to the public.

In contrast to conventional tools, blockchain transactions are not controlled by any organization. Blockchain operates on a record-keeping basis which ensures ease and security for businesses to carry out various sales and deals over the internet. Originally, blockchain was designed to carry out financial transactions.

Now, all forms of businesses are utilizing the blockchain ledger. This blockchain ledger is useful for purposes such as Verification, tracking and recording anything which has value. If the whole blockchain were a record of all transactions carried out in banks, then the bank statement of an individual would be just one block in the chain. Blockchain technology provides the easiest and safest way for companies, organizations, and businesses to complete transactions.

 

How Blockchains Impact Supply Chain Management

A blockchain technology investment can be a turning point for the reorganization of infrastructure and the certification of trust when in commerce. It is said to be the technology which will take us into the next industrial reformation. This coming revolution will see to the change in the mode of transportation, finance, supply chain and a host of others.

The supply-chain management is also known as supply network. This supply network involves a data collection of people and goods that participated in the trading process. It also consists of the record of the transportation or movement of the product from the manufacturer through the various networks and links, to the final consumer who needs it.

Several years back, the supply chain model was simple, and it was an easy walk-through because business operations were consummated locally. Taking a look at the supply chain in today’s world, it can be said that bureaucracies are the order of the day. The creation and distribution of goods are very complex. It is possible for the supply chain of a product to go through several stages, settings, accounts and the likes. It could also involve multiple individuals, and it could expand over a period.

The long-drawn processes involved in the supply chain make it a somewhat complicated process with several parties. It is quite difficult to trace illegal activities when the supply chain is very complicated. So, it is possible for events of this sort to go on for a very long time without the knowledge of anybody. Blockchain technology has the potential to bring great transformation to the supply chain.

 

How Blockchains Can Enhance the Supply Chain

Blockchain technology gives room for tracking all forms of transactions securely and transparently. The best cryptocurrency exchange platforms around the world have demonstrated how efficient the blockchain can be. This could also be replicated in the supply chain. Anytime a product is up for sale; the transaction will be recorded as it goes through the necessary channels. This trail is permanent, and it stands for the product’s stable history

This innovation would help to reduce time lag, additional costs and possible human errors which are likely to occur in a conventional everyday transaction. Some supply chains are already utilizing this technology. Financial experts and analysts have previously predicted that using blockchain technology could facilitate a universal supply chain system.

Regarding recording, the number of assets and their transfer and movement within the supply chain would be documented. It is impossible for the records on blockchain to be erased, and this ensures transparency in the supply chain. Blockchain also provides that there is no disagreement on the chain, as all participating parties have the same sample of the ledger. This transparency also transcends to the lessening of fraud when it comes to goods which are highly valued. Such products include precious stones and drugs.

Companies can utilize blockchain technology to have a grasp on how every used item and the finished goods, passed through the entire process of manufacturing. So companies would be able to communicate better with the consumers by either decreasing the amount or eradicating the effect of sham products.

Also, when it comes to the tracking of essential details such as the purchase and delivery orders, blockchain technology can help. The same will suffice for the receipt and other documents involved commerce. Blockchain can effectively track down every detail. Organizations can make their physical assets digitized hence setting up a record of every transaction. As expected, each recorded transaction is accessible to all, and therefore all assets can be effectively monitored.

 

Integrating Blockchains Into a Supply Chain

For the successful application of blockchain technology in supply chain management, some factors have to be set in motion. First and foremost, the companies and organization involved must have a grasp of possible risks. This is essential because all the weak points would be noted and plan to contain them would be made up.  This is a retorted line of thought when new programs, software or processes are under implementation in an ecosystem,

The most likely set of plans will be able to spot the weak points in the resultant use of blockchain technology. Now, companies and organizations need to commence basically by first applying these solutions to the weak points. Once this is seen to be yielding positive results, then further application can be made to other aspects. Many change agents will implement a walk-through test to be sure that the expected results are seen.

For a company or an organization to achieve success with the use of blockchain in the supply chain, there is a need for the company to first, set up a blockchain for the company internally. At first, everyone might not be used to it, as it is expected of new technology. However with time, everyone will commence its application, and progress would be attained.

Also, the company should ensure that all its contacts such as suppliers and the likes, participate in the blockchain movement. This collaboration is essential if proper transparency and easy-to-track procedures are in view. Again, it would surely be difficult to carry out, but possible to implement. However, as an organization, it is essential for you to partner with organizations who embrace any innovative technology.

Once this is completed, then every partaker in the supply chain can be involved since every data can be made available. Blockchain technology in the supply chain management is already gaining grounds in some companies. Those companies who have not started its utilization are encouraged to take a cue from their fellow field players who are already enjoying the benefits.

In the long run, if blockchain technology will afford us the opportunity of tracking all transactions. As a secured platform, it implies that the possibilities it possesses in the supply chain are limitless.

 

Author Bio:

Denise Quirk is a Health Advisor who is fascinated by Crypto and Blockchain Revolution. She is a believer in transforming complex information into simple, actionable content. She is keenly interested in finding the value of the crypto world. She writes for Coin Review, Bitcoin Warrior, Irish Tech News, etc. You can find her on Linkedin, Twitter, and Facebook.

 

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If you are passionate about Bitcoin and Blockchain and would like to share a guest post, contact us via email.

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#Ripple

SWIFT not joining hands with RippleNet

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The Speculation that went through in the previous days that RippleNet and SWIFT were joining hands to integrate Ripple's products was actually fake news.

The Speculation that went through in the previous days that RippleNet and SWIFT were joining hands to integrate Ripple’s products such as XRapid which was the prime reason for Ripple XRP to cross Ethereum in terms of market capitalization was actually fake news and just rumors.

 

SWIFT denies its partnership with RippleNet

According to Finance Magnates, the SWIFT payments network denied that the upcoming upgrades in the system have anything related to RippleNet.

 

“I’m not sure where those rumors are coming from but the upcoming standards release … is entirely unrelated to RippleNet.”

Had the hypothesis been valid, such an association could conceivably have seen SWIFT significantly advantage from the RippleNet, particularly concerning the transactional speed. While RippleNet claims it can course “payments effectively and use instant settlement for transactions within seconds,” SWIFT says that even with the update, just half of the Quick GPI payment is credited in under 30 minutes.

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