Comprehending different disciplines which incorporates Blockchain Technology
People had familiarized themselves with the amazing Blockchain Technology only after the crypto spike in December last year. It is also observed that people have a vague notion that cryptocurrencies are the only field in which the blockchain technology can be applied. But I am here to confront with a statement that it has a vast horizon of applications in innumerable sectors of the industry. One must have some self-discipline an not get swept away by the hike and blur themselves to see things through their objective vision.
Wrapping one’s mind around Blockchain
Blockchain Technology is just a Distributed Ledger Technology where information is stored in the form of a ledger and the same is distributed to everyone on the network. This feature provides for an increased security by avoiding tampering of the data due to the cryptographic connections between each and every block of information. It’s distributed ledger must not be confused with its weakness because of sharing the master copy with everyone, but the Blockchain Technology intelligently converts the same weakness into its strength by the proof of work consensus. It originally was introduced with a firm belief to eradicate the Trust Gap which this particular generation is obsessed with.
A consensus is nothing but an agreement by the members of the network so as to deem a particular record to be valid or invalid. According to the Blockchain network applied in the cryptocurrencies, 51% of the consensus is required in order to validate a particular record otherwise it is automatically inferred that the information has been tampered with.
Some of the most prominent industrial sectors which the Blockchain Technology finds its applications are:
1. Health care industry
The Medical and the Healthcare industry can be radicalized with the Blockchain Technology by storing all the patient’s past information (such as ongoing prescriptions, ailments, injuries and all the other medical facts relating to the individual) in an immutable ledger known as Blockchain. This ledger is immutable and shared among various key organizations. This would prove to be beneficial to the doctor while treating a particular patient as he would have all the authentic record of his patient from the beginning of time. One must also observe that a lot of cumbersome paperwork can be avoided by storing the information on the blockchain.
2. HR industry
On similar lines, the blockchain technology can also be applied in HR industry for the Identity verification where the whole resume of a particular application can be verified instantly rather than undergoing intense verification procedures by the HR managers. A distributed ledger of information can be shared among all the educational institutions, previous workplaces, along with individuals where all the Institutions verify and confirm his tenure at that particular institution. Hence the data is authentic in itself as it is distributed in nature the HR managers need not explicitly verify the details mentioned on a resume saving the organization and him ample of time and energy. The Blockchain Technology here can be observed, creates a form of trust between the individuals as each one of them trusts the other person’s Blockchain without any doubts.
3. Identity Verification
Blockchain technology in identity verification is very similar to the previous one. Here all the government organizations which issue identity cards for a particular citizen, can store the whole ledger on Blockchain and distribute them among the people so as to verify the same. The Identity verification storage servers are usually vested with a centralized organization which in turn makes it highly vulnerable to data leaks as well as attacks. Imagine that the identities of the citizens of a whole country are vested with only a single authority and that’s too much power for one single authority to behold. But due to the Blockchain implementation, the authority can be distributed and can be far more secure.
An election is one of the most controversial events that occur in the politics. The whole event is corrupted with manipulations being done on the voters by providing them short-term incentives in order to gain votes. Tampering of the Electronic Voting Machines isn’t rare, but frequent. Now imagine if the whole electoral process was Blockchain based. Each and every vote which is to be counted is stored on a Distributed Ledger, visible to each and every individual of the nation. The Technology leaves absolutely no room for any kind of discrepancies that can occur during the elections in order to manipulate the results. Virginia and Switzerland are some of the only places in the world which have already tried blockchain-based elections.
Apart from the above-mentioned sectors, the Blockchain Technology has spurred something called Smart Contract which is worth mentioning. The contracts are enforced in almost all the fields where trust is a major issue. For a real-life example, when one visits a car showroom in order to buy a motor vehicle, there is absolutely no assurance that the dealer would handover the vehicle to the buyer once the payment is done, at this point of time trust is a key factor which comes into the picture. The Blockchain Technology as inherently was designed to impart trust among the parties, the smart contract effectively undertakes the transaction a Smart Contract and make sure the transaction is undertaken without any hitch.
New to crypto? Buy only the original Bitcoin BTC, do not fall prey to shitcoins
Comprehending the rationales for the dominance and reliability of Bitcoin over shitcoins.
The anonymity of Bitcoin developer is the key to its acceptance
Bitcoin, having the first movers advantage has a lot of influence on the crypto community. Due to the various reasons, bullish momentum or bearish trend of Bitcoin is followed by all the Altcoins, but there are some exceptions. Any form of Fear, Uncertainty, or Doubt, affects the world’s first cryptocurrency and later on, due to the ripple effect, all the other coins closely associated with Bitcoin, fluctuate respectively. The censorship free kind of Blockchain platform offered by Bitcoin is highly useful to the customers who are obsessed with privacy or anonymity. Bitcoin, in fact, is the only cryptocurrency whose founder is not known until now.
Cryptocurrency is equivalent to Bitcoin
According to statistics, it has been estimated that among the merchants accepting cryptocurrencies, Bitcoin is accepted by 80% of them. The fame is so well seeded in the minds of people that “Bitcoin” is at times considered to be pseudonymous with “cryptocurrency“. Therefore, even the merchant’s have incorporated the Bitcoin payment system, as it is mostly used by the people. The number of Merchant stores accepting Altcoins but not Bitcoins is very rare. This insight clearly makes it evident that each and every individual are exposed to the cryptoverse only through the popularity of Bitcoin.
Bitcoin attracts Development, not Shitcoins
All the major venture, in the form of Research and Development, takes place in the name of Bitcoin and maybe further is expanded to other Altcoins. This particular reason is enough to give an overview of the Bitcoin reliability. The Bitcoin network, although experiences scalability issues, but it’s popularity has never been on a negative scale.
The cause for the anonymity of Bitcoin inventor
The mastermind behind the Bitcoin project, who called herself/himself Satoshi Nakamoto, has been anonymous since the invention of Bitcoin. Even until today’s day is identity has not been revealed, therefore, the users of the Bitcoin blockchain can subconsciously be assured about the security of his funds on the network. Else, even for the futile activity of the developer, the community would start to speculate about the future of the coin. Consider, Altcoins for example, where all the Altcoins have some or the other owner. Any speculative activity of theirs would spur FUD in the respective community.
Added perks of Bitcoin over Altcoins
Being anonymous also ensures an immunity against the government seizures. Pause and imagine, if the owner of any Altcoin was alleged for some issue, irrelevant of crypto, then his/her venture may be taken down by the government. The distributed nature of Bitcoin and anonymity, seeds stability in the network. The community members also start to judge the project based on the capabilities of the team members, in the case of Altcoins. The Bitcoin network is spread across the world, and it can also be considered bigger than the Internet. According to computer scientists, the entire Bitcoin network dominating the globe is around 11000 times powerful than the top 500 supercomputers from the world combined. Bitcoin even dominates for the highest number of wallet addresses registered. It qualifies to be, the top cryptocurrency to be listed on most of the exchanges around the world.
The Shitcoins aren’t made for the global Cryptocurrency
Many other Altcoins like Litecoin, Ethereum, etc are popularly known as Shitcoins because of their undirected focus towards becoming a global cryptocurrency. In simple words, these cryptocurrency coins are specifically developed, not to become a global cryptocurrency but for other futile and short-term purposes. Utility token is the other name for such coins, which would not gain widespread acceptance, because of their popularity and acceptance only in a single stream. On the contrary, Bitcoin is a generalized form of cryptocurrency known by everyone.
Closing thoughts on acceptance of Bitcoin for the beginners
The acceptance of Bitcoins in various countries, across the world, may be restricted due to their legal implications. Therefore, Bitcoin is the best start for the beginners to get a feel for the cryptoverse. Bitcoin is well known by the masses and an immense amount of information is available on the internet as well, regarding Bitcoin.
Note: Cryptocurrency investments are very risky and this article is not, in any way, an investment advise. The article is only the opinion of the writer and you should do your own due diligence in researching about any digital asset you wish to buy.
John Mcafee: Trust only Decentralized Exchanges
John McAfee, the security master turn cryptocurrency devotee, who is accepted to have the precious stone ball for his correct expectations in the cryptocurrency showcase as he would like to think says that decentralized exchanges (DEX) will before long gain the core of the cryptocurrency network with parts jettisoning centralized exchanges. This he says will drive them to shut down.
Decentralization Over Centralization
His most recent assessment is joining that of Ethereum’s prime supporter, Vitalik Buterin who remarked around two months back, saying he “certainly trusts centralized exchanges go consume in damnation however much as could be expected.”
Despite the fact that McAfee’s reasons are somewhat not quite the same as that of Vitalik’s, McAfee trusts the following five years would convey decentralized exchanges to the spotlight, pursuing centralized exchanges to annihilation.
In his view, the world will grasp cryptocurrencies and blockchain due to its “permissionless characteristics.” Citing a case between two gatherings in a money related exchange, he says in the present budgetary framework, the experts could put a stop to such exchange. Same goes for centralized exchanges as he says they could end up deceptive, utilizing clients assets voluntarily, solidifying people assets, or closing down completely without being followed.
With blockchain, he says holds “confirmation of reality”; record of truth. Furthermore, notwithstanding when something occurs, it’s anything but difficult to spot if it’s actual or not which by and by is impossible with centralized exchanges.
Prompting the crypto network, he says all everybody needs is “presence of mind,” which will make everybody understand that centralized exchanges cause more mischief than anything to the vision of cryptocurrency and decentralization.
Blockonix – A 100% contract based DEX
Blockonix is based on the Ethereum platform and completely run by a collection of smart contracts. The users of Blockonix have the facility to trade cryptocurrencies of their choice without the intervention or control of any of the developers or the team members of the exchange. In simple words, the user is the only person who is in the complete control of his funds. Privacy is one of the major concern and is not at all compromised in case of Blockonix. The whole system runs on the Distributed Smart contract environment.
0.03% Transaction Fee on Blockonix
You read it right. Trading fee on Blockonix is only 0.03%. This fee is collected in Ether or BDT, apart from the gas price. This collected Ether or BDT is not the exchange’s profit. Rather 100% of the fee collected is used to buy back and burn BDT, decreasing the total supply of the native token, whose use is to avail 70% discount on the trading fee on Blockonix.
What do you think about decentralized exchanges? Let us know in the comments section below.
How Bitcoin is a boost to the IT Industry Worldwide
IT world keeps changing always and what is better to than to tell that digital currencies like bitcoin changes it even more, for the better or worse.
Following are some reasons how bitcoin boosts the IT industry:
Bitcoin for Payments
Payments among many IT industry has always been changing with many changes in policies where payments are made from other countries or any other mode of payments by making the amount to be paid high which cannot be sent quickly and with the IT crimes it is even more fearing to send this big amount of money through transfers and this brings the industry more towards digital cryptocurrencies especially like bitcoin which is the best among them.
Bitcoin Market capital
The market capital of a cryptocurrency is always higher and it is explaining its worth in many different ways by its features and usage. Changes keep happening in cryptocurrency and when player like bitcoin comes into the market they give a very good kind of gesture in the methods and process of the IT industry and allows more companies with the largest share of cryptocurrency to transfer money without any obstacles and requiring very less power of computation too. Bitcoin revolutionises the market as we know it.
Quality of Bitcoin
Bitcoin has the potential when it comes to terms of assurance its gives for quality. Companies can link many parts of their supply chain and other operations to make it easier to solve problems and arrive at solutions and in cases like this bitcoin have a feature of immediately sorting of the issue.
Not just as money but as also in terms of process and the value it gives to the process that take place within the company by just using this cryptocurrency makes sure that the right quality is delivered at the right time and right place.
No backing out
In IT industry sometimes, projects are closed or terminated without payments through bank transfer or cash but bitcoin payments put a full stop to that as once paid it is irreversible. It may be a bane in certain cases but it is definitely a boon to companies when they have clients who back out without paying or paid and cancelling the transfer before the money reaches after they get their job done.
No requirement of permission
When someone or some company wants to build a financial operation with bitcoin then bitcoin does not require any kind of permission to be given or waited for transfer. This also fosters innovation too as payments can be made for all requirements needed without wait and this leads many processes to complete faster and also gives opportunity to many people who are waiting in line to get their projects and ideas started.
With the changing technology and world privacy is something that comes at very high price and sometimes even at high prices one can find it so hard to have some kind of privacy. With improving technology in IT industry many new inventions are made which require high levels of privacy in terms of money and announcements too. Often private projects are found when transactions are made. Bitcoin puts a full stop to this trouble and comes up with a big solution by providing high levels of privacy. There is no central command or authority over bitcoin by anyone.
Bitcoin is providing confidential transaction / zero cash now and working on it for better privacy and implementations.
Any transfer anytime any place any amount is being possible with bitcoin. It can be transferred from any country to country without even having access to the internet and in some cases even without internet availability.
No matter the distance or the occasions transferring of funds and money have never been faster and easier as the speed it takes to transfer using bitcoin cryptocurrency.
With bitcoin companies are able to make smart decisions by making way for the company to handle big projects with large amounts of money transaction to take place without any confusion and delay. With bitcoin the companies get the chance to think quick and act fast with their decisions and also rectify their mistakes quicker for the better and be better the next time.
Bitcoin can have list of resources being handled through it within the organisation. It can keep a maintenance of what comes in and goes through the means of its transactions.
Bitcoin destroys the old traditional methods of transaction and especially the record keeping part. It changes everything as we know and in the field of IT where constant changes is prominent, bitcoin adds more change to it. The best feature about bitcoin is that the companies do not need to understand how it operates in order to use its features and use them for their transactional purposes.
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Live Crypto Prices
- Bitcoin(BTC) 6711.99282151
- Ethereum(ETH) 243.937286599
- Bitcoin Cash(BCH) 494.382576503
- EOS(EOS) 6.0342039515
- Litecoin(LTC) 60.1376324137
- Cardano(ADA) 0.0868860605
- Dash(DASH) 207.336884194
- TRON(TRX) 0.0241137035
- NEM(XEM) 0.0999753863
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