#Blockchain Blockchain Technology for industries. Explained. Published 10 months ago on August 2, 2018 By Coinnounce - Coin Announcements Share Tweet Elucidating the use cases of the Blockchain Technology. Introduction The Blockchain Technology was first invented and applied by the founder of the world’s first most successful cryptocurrency, Satoshi Nakamoto, he founded Bitcoin and the underlying technology to keep a track of all the transactions. Through Blockchain Distributed Ledger Technology along with the Cryptographic principles, the chain of all the transactional information which is also known as Blockchain is made completely authentic, as a consensus is reached to, by all the members of the network, hence even tampering of the data is avoided. Advantages The Blockchain Technology is highly efficient and robust, in the way that it eliminates the middlemen which, in this case, were all the banks and Centralised Financial Institutions. Basically, Blockchain Technology can be implemented in any field where there are intermediaries to carry out some task. As the whole process is transparent if implemented through Blockchain Technology, there is no need for a third party in case of disputes as everything is self-evident and open to transparency. Most of the newbies in the cryptocurrency domain, confuse themselves that the Blockchain Technology is only applicable for the cryptocurrencies, but it is our key duty to enlighten everyone that the Blockchain Technology is also used for a number of other industries as well. Let’s decipher it below. Blockchain in the electoral process The traditional electoral process is not at all free from the illicit activities of corruption and bribery. In extreme cases, it is even witnessed that the electronic voting machine gets tampered and results are manipulated. If the Blockchain technology is applied to the electoral process, then the whole process becomes transparent without the need of any intermediary election committee. The citizens can cast their vote through a mobile-based application powered by Blockchain Technology where each and every vote of the user is recorded on an immutable public Blockchain, distributed and visible to everyone. In this way, as the record is distributed among everyone, no tampering is possible. This methodology, being completely online and software-based, is real-time and instant, hence the overall expenditure and time are highly reduced. A better democracy is made possible through this process. Blockchain in Supply Chain Management The transportation, as well as the shipping industry, deals with a lot of lags, due to the cumbersome paperwork at each level of product shipment. If all the data related to the product along with its complete description is entered into an immutable record and distributed with every authority, related to the transportation of the product at each level, then the whole process can be simplified. As the Technology is online and in real time, the products can even be tracked in the real time as it changes hands through the authorities. The verification of all the shipment details of the product along with the authority is self-authentic as a Blockchain Technology itself is authentic, due to its distributed nature. Hence, the time taken for the paper works by the customs and duties is avoided. Blockchain in HR industry The most challenging task for an HR manager is the verification of the authenticity of the data provided on the resume by a specific applicant. Verification of each and every attribute of an applicant is highly time-consuming, and which can effectively be reduced by the Blockchain Technology. Assuming that the whole process of hiring a candidate is Blockchain powered, all the organizations like the School, College, University, previous Companies along with a number of other people too like friends, the members of the family, HR manager are a part of an HR Blockchain Network (say). Since each and every information related to a particular candidate is verified by his friends, family, along with the respective institution itself, the authenticity and trust can be maintained easily, where the HR manager need not explicitly verify it again. The manager can just view details on the Blockchain which is distributed among each of its participants. This automation can boost the productivity of everyone by huge margins. It is noteworthy that this Blockchain Technology implementation could effectively remove eliminate the fraudsters. In the case of multinational companies, a personal Blockchain could be developed for the transfer of salaries to its employees in the form of coins, which would indirectly cut all the transactional costs of the fiat world. 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Continue Reading Advertisement You may like Circle Fires 30 Employees due to Regularity and Market Conditions NYAG Case: Bitfinex and Tether Argue for Case Dismissal Craig Wright registers Copyright for Satoshi Whitepaper: BSV Surges 85% The Current Bitcoin Market Scenario: Price Manipulation by Whales ETH to USD, 21 May: Ethereum Price Analysis, What’s Next? BTC to USD, 19th May: Bitcoin Price Analysis, $6000 or $9000? 11 Comments 11 Comments Pingback: Blockchain Technology for industries. Explained. – Btc News Magazine Pingback: Blockchain Technology for industries. Explained. – The Coinage Times Pingback: XLM vs ADA: Stellar vs Cardano Analysis – BTC News Paper Pingback: Covered: EOS Global Hackathon, United States – Coinance: Bitcoin, Ethereum, Blockchain & Cryptocurrency News Pingback: Is Ontology [ONT] worth investing? - Hacker Post Pingback: Is Blockchain Development Hard? - Coinnounce - Techtigy Pingback: Is Blockchain Development Hard? – Coinnounce | Bitcoin & Cryptocurrency Pingback: Use Case: Blockchain Technology in Transport Industry - Odeybit Pingback: Use Case: Blockchain in Automobile Industry – News Investments Pingback: Explained: IBM Blockchain – Coinnounce – Short Term Wealth Pingback: QuadrigaCX mystery takes a shocking turn: Wife reveals CEO used own money to fund user withdrawals – Coinnounce – Tradersville Leave a Reply Cancel reply Your e-mail address will not be published. Required fields are marked *Comment Name * Email * Website #Bitcoin Can Bitcoin be Traced? Published 3 weeks ago on May 1, 2019 By Ruchi Ramaswamy Earlier it was challenging to trace Bitcoins, but current technology has led to practical ways of tracking stolen bitcoins. To track the person who received the bitcoin, the address owner must be aware of it. However, governments do not want bitcoin owners to be unknown, and they are trying to regulate bitcoin in a way that can be monitored. It’s nothing new since people have been doing blockchain analysis and bitcoin tracking since bitcoin was used to exchange stuff on the internet. Is Bitcoin Anonymous? As Bitcoin has become more popular and some criminal activity has been disclosed on the Bitcoin network, many people have wondered whether their Bitcoin transactions are anonymous or whether there are some essential complexities that they should be aware of. Bitcoin tumblers allow many different users to put their cryptocurrency in a “bucket” and then return the same bitcoin value to each user, but with bitcoins put into a bucket by other users. Bitcoin is not entirely untraceable, but it is a common misunderstanding, as Bitcoin is well known for masking user identity. Users who rely on bitcoin exchanges ( such as Bitfinex, Binance or Kraken ) to exchange money for bitcoin must disclose their personal information to such an account. However, governments are beginning to introduce new rules that could force an anonymous Bitcoin exchange to verify the identity of a new user before allowing them to purchase Bitcoin with fiat currency. Create multiple addresses so that bitcoin can be randomly distributed, making blockchain analysis more difficult and anonymous. Bitcoin is often presented as an untraceable payment method that facilitates illegal activities by allowing criminals to make and receive payments without being monitored. There are many ways in which the identity of a person can be exposed to bitcoin transactions. Now you have your bitcoin clean; you don’t want to waste all the hard work of using it in a trackable transaction. As such, if you can pay with bitcoin and rely on the trader not to keep any PII records, the purchase may be anonymous. If you prefer to spend your bitcoin on other cryptocurrencies or cash, the easiest thing to do would be to go to the exchange. Portfolios, currency exchanges, mixing companies, and P2P sites have all been used to cheat bitcoin users. Keep in mind that bitcoin is still the most widely accepted cryptocurrency. Bitcoin is the only virtual currency with enough people who want to buy it to become moldy. Cybercriminals use the creation and monitoring of Bitcoin portfolios, which can be done automatically, helping them find out which victims have paid. Bitcoin transactions are public and contain all the information we need to track ransom payments, provided that we know which wallets to look at. In most cases, payment tracking is not as easy as cybercriminals move bitcoins through multiple wallets to avoid payment tracking. So, if you’re still thinking about using Bitcoin for your transaction gateway, be careful that you can track it as well. Most users use online bitcoin exchanges to exchange bitcoins for real currency, such as bitpay, coinbase, localbitcoins, etc. As the number of pro traders is slightly lower in online markets, it is easy to look at the bitcoin transaction by going to their bitcoin address. Oaktar can be used to collect much more than the information needed to identify and link someone to specific Bitcoin addresses and transactions and can do so without relying on cryptocurrencies. As alarming as oaktar and its activities, no new information has recently emerged to indicate that the NSA has expanded its Bitcoin monitoring efforts to other cryptocurrencies. These protocols include CoinJoin, Dark Wallet, bestmixer, io, sharecoin, and coinwap, all of which also offer Bitcoin and other cryptocurrencies the possibility of anonymizing their transactions. In the meantime, the more direct and intrusive methods of the NSA are also based on the fact that crypto users unconsciously compromise their internet connections, which could not be expected to monitor all cryptocurrency transactions in mass. Bitcoin, the Internet currency loved by computer scientists, libertarians and criminals, is no longer vulnerable. But Bitcoin ‘anonymity is also a powerful tool for criminal financing: virtual money can keep shady transactions secret. Continue Reading #Blockchain Forbes releases top 50 blockchain companies list Published 1 month ago on April 19, 2019 By Joyce Lang Forbes has released a new top 50 blockchain companies using blockchain technology list and these are almost all household names of the world’s largest companies. In fact, they are all billion dollar plus companies such as Amazon, Citi Group, Foxconn, Comcast and a whole host of others and unsurprisingly the bulk majority of these companies are using Ethereum. Although, outside of Ethereum which is, of course, the number 1 blockchain for these companies, we do see others like Hyperledger and Quorum for example, although much rarer on the list in terms of mentions are blockchains such as Stellar Lumens or Cardano. Blockchains such as TRON, EOS, NEM, and others are not mentioned in the list of top 50 companies. Companies choosing Ethereum according to Forbes: Big businesses really like what Ethereum is doing. Ethereum has also worked very hard to make these relationships happen over the last few years and those relationships are now paying dividends big time. All the top 10 companies are located in China or the United States. The Top 10 (Forbes List): 10. Ping An Insurance Company: China 9. Bank of China: China 8. Apple: United States 7. Wells Fargo & Company: United States 6. Bank of America: United States 5. Agricultural Bank of China: China 4. Berkshire Hathaway Inc: United States 3. JPMorgan Chase & Co: United States 2. China Construction Bank Corporation: China 1. Industrial and Commercial Bank of China: China Continue Reading #Blockchain JPMorgan expanding itself into the blockchain and crypto space Published 2 months ago on March 29, 2019 By Janet F. Sanchez JPMorgan Chase, the American multinational investment bank and financial services company has been posting a lot of job opportunities in the blockchain and cryptocurrency industry on Indeed.com, a job listing site. According to the data from Indeed.com, the overall job openings for the cryptocurrency industry also seems to be on a rise. JPMorgan Entering the Cryptocurrency Space: Though the CEO of JPMorgan, Jamie Dimon has always been a strong opponent of Bitcoin and other cryptocurrencies, his company has been interestingly expanding its operations in the field of blockchain and cryptocurrency. Last month, JPMorgan launched its own cryptocurrency known as the JPM Coin, which will serve the bank’s precious customers in order to make transactions between them more swift and steady. Back in 2018, JPMorgan had launched a blockchain powered platform known as Quorum which might be seen quite homogeneous to bitcoin and ethereum, however, it is almost fully centralized in nature. Large companies entering the Blockchain Space: In recent times, a lot of huge companies worldwide have been entering into the blockchain and cryptocurrency space. According to a recent publication by the Forbes, large organizations such as IBM, Deloitte, Cisco, Microsoft, Consensus, and others have been curiously hiring employees that are experts in the field of blockchain technology. 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