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What is the power of Blockchain Technology?

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power of blockchain

An ingenious invention, Blockchain is a continuously growing log of records called blocks. These blocks are securely linked to each other by means of cryptographic methods. Each and every block comprises a cryptographic hash of its precursor, a time stamp and transaction data. The blocks grown constantly in a chronological fashion with more and more completed transactions. This allows all the users over that particular network, to keep track of every single transaction taking place without the need of any central authority to maintain a record book.

Blockchain was developed authentically as a system of accounting for Bitcoins. Blockchains use something popularly known as the Distributed Ledger Technology which helps in verifying transactions and recording documents, the authenticity of which is verified by the Blockchain community.

One could think of a blockchain as a system of shared documents in the same way that we share documents and files Google Drive. Both parties involved have complete access to the same complete information in the same given block of time. Also, the exact same version of the information is available to both the sides.

 

Block by Block to the power Blockchain

Technically, a “block” is the current part of a blockchain. This records a little or almost all of the transactions. Once the transaction is completed, the block is then moved into the “blockchain” thus forming a permanent database which cannot be altered. The genesis block is the first block that is created i.e. the block which records the first transaction. The complete blockchain has all the information about user addresses and their balances starting from this “genesis” block up till the recently generated block. Innumerable such blocks join together in a chronological linear arrangement to form a complete blockchain. Each block that becomes a part of an ever increasing blockchain is in simple terms a financial institution’s bank statement.

 

Cryptography: Power of blockchain

This blockchain is immutable i.e. it cannot be altered. The cryptography applied during rendering and addition of blocks ensures that no one else can meddle with it. It can thus provide understanding and information about actualities such as what was the value held by a particular address at some given point of time in the past, what recent developments have taken place, what recent transactions have pulled through and much more.

There are quite a few who have raised concerns regarding its storage and synchronization since a blockchain is ever growing by nature.

All of the data on this network cannot be copied but distributed. Transactions are broadcast and every node in the network creates an updated version of events. As a result, blockchain completely does away with the need of a trusted third party interference for digital transactions or relationships to be established.

A private key cryptography tool gives rise to a powerful ownership system that takes care of several requirements such as establishing authenticity over the network. The sole criteria to establish ownership over something is simply the possession of this particular private key. The added advantage of such a private key is that one need not divulge any more personal information than this, which could be asked for by hackers under the pretext of completing a successful exchange.

 

Peer to Peer Network: The power of Blockchain

The next vital step required is authorization which requires a distributed peer-to-peer network. Recordkeeping, security, and reducing the risk of centralised misconduct are a few the distributed network should be committed to.

This idea of cryptographic keys and shared logs has everyone from the government to banks to IT firms and huge multinational companies wildly exploring reconfigured blockchain systems to fit their needs. This brand new transaction layer would easily replace the need for any dependable and incorruptible system or records.

Blockchain provides for a system which deliver accountability to its highest degree. No transaction can take place without the consent of both parties. Also, there is no scope of human error or machine error or even a scope of missed transactions. The data is transparent;y embedded into the network and made public to everyone on the network. A huge amount of energy would be required to over power the network and alter pre-existing information on the blockchain thus rendering into tamper free.

 

Can Governments use the power of Blockchain?

Blockchain technology when incorporated by companies and the government is a powerful tool to get rid of the usual blunder of having to pass documents amongst each other over and over again, losing track of the most recent and updated version of the document concerned, and not being in sync with it. It would save a huge amount of time and effort required in bringing all these versions in sync as everything would be readily provided to each and every part over the distributed network for reference and updations in real time.

 

There is not a single point of failure in the entire blockchain system. The Bitcoin blockchain till date has functioned regularly without rendering any faults or mishaps. Every issue that has arised in regard with this has been due to malicious activities or human error and not due to the existence of any faults in the underlying conceptualization of the technology. This technology also gives users the chance, for the first time ever, to actually own the data that belongs to them. Complete online identity is decentralized.

 

Final Note

The power of blockchain technology is highly visible with applications like smart contracting, automated governance, streamlining of clearance and settlements, automating regulatory compliance. However, blockchain still has innumerable practical applications which have still not been explored. Since many of the blockchain reconfigurations are still in either their development stages or beta testing phases, the world is yet to marvel at the usefulness of blockchain technology. With more money being poured into blockchain oriented startups, these services and products would soon become mainstream.

Also read 15 myths on Blockchain.

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#Bitcoin

How Accepting Bitcoin Can Help Your Business

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Education will be essential to increasing Bitcoin’s acceptance and usage by merchants, institutions, and individuals. Start accepting Bitcoin for business.

Recently, cryptocurrencies and bitcoin have become the main topics in the financial industry. A cryptocurrency is a digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. A defining characteristic of a cryptocurrency and arguably its most endearing allure is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation. Cryptocurrencies have their benefits and drawbacks. The paper elaborates different aspects of cryptocurrencies, starting with their early development, challenges and risks, opportunities, advantages and disadvantages, and their future. Also, the paper covered issues related to the practical and technical function of cryptocurrencies. It was concluded that it is not easy to predict the future of cryptocurrencies since there is a lot to be done especially in the field of formal regulations. However, the banks and other financial institutions should see and consider cryptocurrencies as an alternative for the financial transactions in the future.

 

Faster, Cheaper Payment Solution

Bitcoin transactions can occur at any time, are fast and have lower fees. The average Bitcoin transaction is executed in 10 minutes with fees for simple P2P transfers to remittances coming in at under 1%. This is due in large part to the fact that traditional third-party financial institutions like banks are removed from the transaction process. Merchants and individuals using bitcoins are not restrained by set banking hours, withdrawal limits or long transaction execution periods before funds become available.

 

Safeguards Against Currency Manipulation

Bitcoin is not owned or controlled by a country or governing body. Additionally, unlike many other forms of currency, the number of bitcoins that will be issued is finite, exactly 21 million. The benefit of this lack of ownership and the limited amount is that the bitcoin supply cannot be artificially manipulated. When it comes to fiat currency, governments can easily print additional paper or mint coins, devaluing existing money in circulation and causing inflation. The decentralized nature of bitcoin decreases monetary concerns and mostly leaves fluctuations in value up to natural supply and demand economics.

 

Greater Consumer Protections

The use of bitcoin as an alternative to fiat currency protects the downside that can occur with traditional bank accounts. This includes the threat of bank failure or skimming. In the event of a bank failure, a customer can face frozen bank accounts while liquidation plans or bailouts are hashed out. In some countries, traditional bank customers may even find that banks will skim money off of customer’s accounts to remain solvent. This occurred during the banking crisis faced by Cyprus in 2013. With bitcoin, individuals remain in full control of when and how their assets are retrieved, transferred and spent. Essentially, digital currency users become their bank.

 

Greater Transparency

Because all bitcoin transactions are permanently recorded on the blockchain, all sales are public and traceable. The balance associated with each address is also part of the public record. The blockchain makes bitcoin much more transparent than many other monetary systems.

 

Private and Secure

Although all bitcoin transaction details are stored publicly on the blockchain, the identities of the users involved remain relatively anonymous. Because payments can be made without including personal identification information, Bitcoin provides inherent security against identity theft. Additionally, there is no risk of being charged twice or of fraudulent charges being assessed to your wallet thanks to the blockchain, which monitors unique coin addresses and eliminates the possibility of paying multiple people with the same bitcoin. Bitcoin doesn’t offer the complete anonymity of cash but is undoubtedly a far more private experience than making online payments or transactions using debit or credit cards.

 

Final Thoughts

Bitcoin is currently the most valuable and widely adopted digital currency. A growing number of businesses, charities, and other organizations are accepting bitcoin payments ranging from e-retailers to law firms to sports franchises. Further, recent inflationary and banking crises across the globe have highlighted some of the critical threats inherent to fiat currency. This creates additional opportunities for decentralized digital currencies. Education will be essential to increasing Bitcoin’s acceptance and usage by merchants, institutions, and individuals. The system will also need to address common criticisms around illicit use of bitcoin and work diligently to build regulatory and legal frameworks around the world.

 

A guest post by KillerLaunch.com

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#Blockchain

Crypto Liquidity Problem: Is There Really A Solution?

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One of the most significant problems facing new exchanges and smaller decentralized exchanges is liquidity. Liquidity refers to the volume of assets.

One of the most significant problems facing new exchanges and smaller decentralized exchanges is liquidity. Roughly defined, liquidity refers to the volume of assets within a market, and affects how much trading of an asset can be executed. Small exchanges and startups often suffer liquidity issues simply because inadequate levels of an asset are available to them.


According to Encrybit, 36% of people are concerned about the liquidity an exchange has before signing up to trade on it. To compound the problem, small order books and large bid/ask spreads can slow trading down or bring it to a grinding halt, in some cases, further driving away customers who bring more liquidity.

 

It’s not all bad news, however. The last year has witnessed some significant developments for exchanges, including the recent Blockchain Exchange Alliance partnership with ONEROOT and the announcement of Blockstream’s Liquid sidechain for the Bitcoin blockchain.

 

One idea for solving the liquidity issue faced by small exchanges would be to decouple from BTC and ETH pairings and instead offer a greater range of fiat and stablecoin pairings, which would allow people to purchase specific tokens without the need to buy BTC or ETH first. Complexity is a known factor that inhibits crypto adoption. Simplifying the process would bring more liquidity to the market.


Another idea, proposed by the BXA/ONEROOT partnership, is to create a network of exchanges with shared liquidity. To put this into context, BXA is the majority shareholder of Bithumb, South Korea’s largest decentralized exchange. With a shared liquidity pool of that size, small exchanges that join the alliance would benefit from Bithumb’s and each other’s liquidity and order books. ONEROOT has spent the past year developing the technology and tools for the BXA to provide this service.


A big turn off for liquidity providers (i.e., market makers) are the unappealing fees that some exchanges charge. Market makers have been around since trading began and are highly necessary for developing or enhancing liquidity on an exchange. Some exchanges are well aware of their necessity and have created more appealing offers. For instance, ETERBASE has a zero fee market maker program to ensure liquidity when they launch.


The acquisition is also a potential solution. There are over a hundred exchanges, and crypto assets are divided up between them. Therefore, liquidity is divided too. If exchange owners have such big egos that they don’t want to partner up, as in the solution proposed above, then maybe it’s time for good old acquisition to come into play. Instead of competing for liquidity, perhaps some of the better off crypto exchanges could buy it.

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#Blockchain

Bitcoin Coffee: The first blockchain coffee is a fact!

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Blockchain technology makes the massive inequality in the coffee chain transparent for consumers. Token embraces this transparency and offers a solution.

Blockchain can be used for beautiful things. You can arrange and settle a lot through blockchain. Property rights, identity, but also, for example, the origin of products. How about coffee on the blockchain? Today you can buy the world’s first blockchain coffee: Token. This newly established coffee brand is an initiative of Moyee Coffee and FairChain Foundation that want to offer you full transparency about where your coffee comes from. Thanks to the blockchain, more money can go to the poor farmers. And that must make the world a little more honest. The token is the first coffee brand that is entirely transparent with blockchain technology.

 

No more hard time for coffee farmers

Nowadays, many coffee farmers have a hard time. They can barely cover their production costs, let alone social and environmental costs. According to the recently launched coffee brand Token, blockchain could provide the transparency and efficiency needed to change that.
Blockchain technology makes the massive inequality in the coffee chain transparent for consumers. Token embraces this transparency and offers a solution. The first cargo of 60,000 kilos, produced by small coffee farmers and blockchain-traceable, is going to prove that an honestly distributed value chain is possible.

 

Transparency

Token attempts to become the world’s first complete end-to-end blockchain coffee.

The token is a collaboration between Bext360, Moyee Coffee and the FairChain foundation. Their blockchain system makes it clear precisely what everyone deserves in every step of the chain. Inefficiencies and unnecessary intermediaries can thus be identified. According to the organizations, this transparency makes a fairer distribution of value throughout the chain possible. Blockchain technology makes the massive inequality in the coffee chain transparent to consumers. Token embraces this transparency and offers a solution.

 

Does blockchain make coffee more honest?

Most coffee is produced by a handful of large coffee companies that do not distribute the profits equitably. For example, the vast majority of the 25 million coffee farmers in the world can barely cover their production costs. Fortunately, there are more and more coffee brands who believe that blockchain can be used to make coffee more honest. This technology provides the transparency and efficiency needed to change this unfair system.

 

The coffee chain

Cryptocurrencies provide various modern opportunities; you can use on your daily basis. Presently, you can easily gamble with cryptocurrencies or invest your money in betting with crypto. For example, you can use a betting site Fairlay to bet on anything you want. You can also choose to build up more gradual assets by investing in the blockchain technology that lies behind all cryptocurrencies. The success of digital coins is possible thanks to the revolutionary blockchain technology. You can see that there are great opportunities for companies that develop blockchain services and for other companies that benefit from the digitization of the financial sector.

To make the benefits of blockchain real, each bag of Token coffee is provided with a token. Every token is worth 50 cents that you can invest in part of the coffee chain via the KrypC Technologies platform. You can give it to the farmers who produce the coffee, but also to yourself by offering yourself a discount on your coffee.

 

Gradual growth instead of a supercharger

It is, of course, nice if you have made a significant profit with cryptocurrencies. Earning a lot of money gambling with crypto is possible. However, the chance that you have burned your fingers on the bitcoin is also quite significant. If you are tired of waking up every day with the uncertainty of having become 10% richer or poorer with a digital currency that night, you may want to consider putting your money in mutual funds. You then become for a tiny part owner of a large number of companies that make all kinds of articles and provide services. To be honest: you will not get rich with an investment in the fintech sector. Although the underlying trend is healthy, you run the risk with your assets, and it is essential to build a financial buffer and invest only with money that you can miss for a long time.

 

How blockchain makes the world fairer?

The blockchain ensures that the world becomes fairer. It offers safety and transparency. This technique can be used for all kinds of applications.

How does blockchain work?

The blockchain can be seen as a ledger containing the accounting of each transaction that has ever been done. Every time a new transaction is registered, it comes to a chain of existing data blocks of transactions. That is why we call this chain the blockchain. Information about companies can be recorded on the blockchain. This increases the chance of fair trade. Scandals can be prevented because the right information is available.

Just think of the fraud with software in cars. That would not have been possible if all the information had been recorded on the blockchain. Multiple parties check the information. It would immediately have been discovered that something is not right. The registration on the blockchain would, therefore, be rejected. With such a discovery you are almost assured that it is made public.

The blockchain can also work with clothing manufacturers. There could be registered where sweatshops are located. If a piece of clothing comes precisely from that area, it could be observed on the blockchain that it was not produced with respect for the man.

Another example: elections are not fair all over the world. By registering votes on the blockchain, no more results can be tampered with. The blockchain tracks the information and verifies that the information is correct. Voice fraud is then impossible

 

Fair gambling

These days, we see that blockchain technology is being used more and more often in online casinos. Not only to be able to support payment instruments such as Bitcoin and altcoins but also in games themselves. For example, players can check whether a round in a game has been fair.

 

We thank Davey Cross for this guest post.

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