Enterprise Blockchain Solutions: What Can I Do For Your Business?

Despite the popular belief that blockchain technology is designed only to perform cryptocurrency transactions and earn bitcoin, blockchain continues to enter many areas of life: social media, gambling, healthcare, real estate and more. The technology wants to improve work efficiency, reduce costs for businesses and improve the user experience.

Blockchain can be explained as a digitized database and belongs to digital book technology (DLT), which does not involve central data storage or administrative functionality. Why is this an advantage for the company? Decentralization, together with transparency, gives each individual participant the opportunity to review all recorded data, ensure its security and monitor important information.

Here’s an area that blockchain has already entered and proven to be worth relying on this technology.

For example, supply chain management is a major but vulnerable part of the work process of many companies. The parties involved in the process often do not communicate directly with each other and still apply paper-based data collection and storage methods. Blockchain offers complete paperwork removal: document flow becomes automated, digital certification is also used. More importantly, any authorized member of the supply chain can monitor the product from producer to consumer and prevent the distribution of counterfeit products.

Several U.S. retail giants, faced with an outbreak of food-borne diseases and further food recalls, have implemented blockchain technology into their food supply chains. Previously, tracking a single product took at least 7 days, and these days the origin of a food product can be identified in a matter of seconds.

Thus, blockchain solutions have made the recall process faster, more efficient and cost-saving. Meanwhile, customers have also experienced the adoption of blockchain in their hypermarkets. For example, in Chinese Walmart stores, they can scan a QR code and get all the product information: from the location of the farm to the inspection certificate.

Healthcare is an area where blockchain-based solutions have established themselves as a very secure and transparent way of keeping electronic health records (EHR). Both physicians and patients receive approval to access records and use as needed. At the same time, blockchain solutions are driven by smart contracts that enable the protection of EHR data privacy. Medical device data and clinical trials are encrypted, insurance can be performed and stored. Another use case is prescription drugs and equipment supply chain control.

E-commerce is increasingly demanding blockchain technology. Again, the supply chain is a crucial aspect here: monitoring goods and inventory management are often challenging tasks, but blockchain helps companies manage their inventory more efficiently. Consumers who trust their money and data to e-commerce organizations are concerned about data security and transparency, but this issue can be addressed by developing a blockchain. Even small changes in the transaction are obvious on the blockchain, and tracking who made a mistake is no longer a problem. It is also possible to make crypto payments.

The following area is actually related to cryptocurrency transactions. DeFi, short for decentralized finance, not only involves the simple transfer of assets, but also refers to more complex cases of financial use. The implementation of the blockchain contributes to the exclusion of intermediaries and, accordingly, reduces costs. All transactions are encrypted and immutable, multi-step authentication mechanisms make it difficult for unauthorized members to access. Among the recent innovations is the opportunity to turn to P2P lending services and digital banking.

Blockchain can also affect social media. Along with its global popularity and ability to connect people around the world, social media continues to be vulnerable to account hacking, identity leaks, and copyright infringement. To address these issues, the blockchain offers copyright protection, digital identity verification, and impartial licensing.

Real estate, eGovernment, the gaming industry and many others have joined the wave of blockchain adoption. Once your company chooses an innovation, delegate the implementation of the technology to one of the large blockchain companies that will develop DLT for you for the future. With blockchain, your business will change the rules of the game in your field.

A brief introduction to Blockchain – for the layman

Encryption what?

If you try to dive into this mysterious thing called blockchain, you will be forgiven for retreating in horror at the sheer ambiguity of the technical terms so often used to frame it. So before we dive into what crytpocurrency is and how blockchain technology can change the world, let’s discuss what a blockchain actually is.

In simpler terms, the blockchain is a digital transactional ledger, not unlike the ledgers we have used for hundreds of years to record sales and purchases. The functionality of this digital ledger is, in fact, broadly identical to the traditional ledger in that it records interpersonal debts and credits. This is the basic concept behind blockchain. The difference is who keeps the ledger and who checks the transactions.

In traditional transactions, payment from one person to another involves some type of middleman to facilitate the transaction. Let’s say Rob wants to transfer £ 20 to Melanie. He can either give her cash in the form of a £ 20 cash note, or he can use some kind of banking app to transfer the money directly to her bank account. Either way, the bank is the intermediary that verifies the transaction: Rob’s money is verified when he takes money from a cash machine, or it is verified by the app when he digits the transfer. The bank decides whether to go ahead with the transaction. The bank also keeps a record of all transactions made by Rob and is solely responsible for updating it when Rob pays someone or receives funds in their account. In other words, the bank maintains and controls the ledger, and everything flows through the bank.

This is a huge responsibility, so it is important for Rob to feel he can trust his bank or else he won’t be risking his money with them. He must feel confident that the bank will not cheat him, not lose his money, not be robbed, and not disappear overnight. This need for trust has greatly supported every major behavior and aspect of the monolithic finance industry, to the point that even when it was discovered that banks were irresponsible for our money during the 2008 financial crisis, the government chose (another middleman) to bail them out rather than risk destroying the last bits of Confidence in letting them collapse.

Blockchains work differently in one major aspect: they are completely decentralized. There is no central clearinghouse like a bank, nor is there a central ledger maintained by a single entity. Instead, the ledger is distributed across an extensive network of computers, called nodes, each of which loads a copy of the entire ledger onto their respective hard drives. These nodes are linked to each other via software called a peer-to-peer (P2P) client, which synchronizes data across the network of nodes and ensures that everyone has the same version of the ledger at any given point in time.

When a new transaction is entered into the blockchain, it is first encrypted using the latest cryptographic technology. Once the transaction is encrypted, it’s converted into something called a block, which is the term originally used for an encrypted set of new transactions. This block is then sent (or broadcast) to the network of computer nodes, where it is verified by the nodes, and once verified, it is passed through the network so that the block can be added to the end of the ledger on everyone’s computer, under the list of all previous blocks. This is called the chain, and then the technology is referred to as the blockchain.

Once approved and recorded in the ledger, the transaction can be completed. This is how cryptocurrencies like Bitcoin work.

Accountability and the demise of trust

What are the advantages of this system over the banking or central clearing system? Why does Rob use bitcoin instead of regular currency?

The answer is confidence. As mentioned earlier, with the banking system, it is crucial that Rob trust his bank to protect and handle his money properly. To ensure this happens, massive regulatory systems are in place to check the actions of banks and ensure they are fit for purpose. Governments then regulate the regulatory agencies, creating a kind of tiered system of controls whose sole purpose is to help prevent errors and bad behavior. In other words, institutions like the Financial Services Authority exist precisely because banks cannot be trusted on their own. Banks often make mistakes and misbehave, as we have seen many times. When you have one source of power, power tends to be misused or abused. The trust relationship between people and banks is embarrassing and risky: We don’t really trust them but we don’t feel like there are many alternatives.

On the other hand, Blockchain systems do not need to be trusted at all. All transactions (or blocks) in the blockchain are verified by the nodes in the network before they are added to the ledger, which means that there is not a single point of failure nor a single approval channel. If a hacker wanted to successfully tamper with the ledger on the blockchain, they would have to hack millions of computers at once, which is almost impossible. The hacker would also be largely incapable of disabling the blockchain network, as he would need, once again, to be able to lock down every computer in a network of computers distributed around the world.

The encryption process itself is also a major factor. Blockchains like Bitcoin one use intentionally difficult operations to perform verification. In the case of Bitcoin, blocks are verified by nodes that intentionally perform a series of time-consuming and manipulative calculations, often in the form of complex puzzles or mathematical problems, which means that verification is not instantaneous and inaccessible. A contract requiring a supplier to verify blocks is rewarded with transaction fees and a bonus of newly minted bitcoins. This has the function of motivating people to become nodes (because processing blocks like this require very powerful computers and a lot of electricity), while also dealing with the process of generating – or minting – units of currency. This is referred to as mining, because it requires a large amount of effort (by computer, in this case) to produce a new commodity. It also means that transactions are verified in the most independent, and independent manner, of a government organization such as the Financial Services Authority.

This decentralized, democratic, and highly secure nature of blockchain networks means that they can operate without the need for a regulation (they are self-regulating), government, or other opaque medium. They work because people do not trust each other, not in spite of it.

Let the significance of that sink for a while and the excitement around the blockchain begin to make sense.

Smart contracts

Where things get really interesting are blockchain applications other than cryptocurrencies like Bitcoin. Given that one of the fundamental tenets of the blockchain system is the secure and independent verification of a transaction, it is easy to imagine other ways in which this type of operation could be of value. Not surprisingly, many of these applications are already in use or development. Some of the best ones:

  • Smart Contracts (Ethereum): Probably the most exciting blockchain development after Bitcoin, smart contracts are blocks containing code that must be executed in order to fulfill the contract. The code can be anything, as long as the computer can execute it, but in simple terms, it means you can use blockchain technology (with independent verification, unreliable architecture and security) to create some kind of security system for any type of transaction. For example, if you are a web designer, you can create a contract that checks whether or not a new customer site is launched and then automatically release the funds for you once it is launched. No more stalking or billing. Smart contracts are also used to prove ownership of an asset such as property or art. The potential to reduce fraud with this approach is enormous.
  • Cloud storage (Storj): Cloud computing revolutionized the web and led to the emergence of big data which in turn launched the new artificial intelligence revolution. But most cloud-based systems run on servers stored in single-site server farms, owned by a single entity (Amazon, Rackspace, Google, etc.). This represents all the same issues that the banking system faces, where your data is controlled by one opaque institution that represents one point of failure. Distributing data on the blockchain completely removes the trust issue and also promises to increase reliability since it is very difficult to disrupt the blockchain network.
  • Digital Identification (ShoCard): Two of the biggest issues of our time are identity theft and data protection. With vast central services like Facebook containing a lot of data about us, and the efforts of various governments of the developed world to store digital information about their citizens in a central database, the potential for misuse of our personal data is terrifying. Blockchain technology offers a potential solution to this by encapsulating your main data into an encrypted block that can be verified by the blockchain network whenever you need to prove your identity. Applications for this range from the apparent replacement of passports and ID cards to other areas such as password substitution. It can be huge.
  • Digital voting: In the wake of the investigation into Russia’s influence over the recent US elections, digital voting has long been suspected of being unreliable and prone to manipulation. Blockchain technology provides a way to verify that a voter vote has been sent successfully while remaining anonymous. It promises not only to reduce electoral fraud but also to increase the general voter turnout as people will be able to vote on their cell phones.

Blockchain technology is still in its infancy, and most applications are still very far from general use. Even Bitcoin, the more established blockchain platform, is subject to large fluctuations indicating the status of a relatively newcomer. However, the ability of the blockchain to solve some of the major problems we face today makes it an unusually exciting and alluring technology to pursue. I will definitely watch.

The future of blockchain technology in the insurance industry – Blockchainerz

What is insurance?

Insurance is a method of protection against loss of money. It is a type of risk management, which is mainly used to protect against the danger of an unexpected accident.

The insured may report the accident or claim to the broker and provide it with the necessary information to the insurance experts, in particular to the insurer, if applicable, to the reinsurer. Acceptance of the damage is confirmed by the invoice to the insured.

From that point on, the claims agent may request additional information for the claim through an external source. After this step, if each of the conditions is met, the claim is confirmed and the installment begins through the insurer’s claim agent. Insurance has been revealed by various fraud schemes. From sharing a post-divorce insurance plan to concealing medical diagnoses. So how does blockchain help in this field?

The future of blockchain technology is considered the biggest picture of the fourth industrial revolution and a potential disruption for some organizations and businesses, including the insurance industry. Even technology is still at an early stage, it has just shown what it can do: streamline printed material, increase information security, and save organizations costs by removing tedious case patterns.

About Blockchain:

  • Blockchain is a comprehensive, decentralized advanced record that is reliably updated and contains a record of a significant number of exchanges made. Blockchain systems are designed to record anything from physical sources for electronic money and are open to access to all involved sets.

  • After the verification process, the transaction block is time-stamped and added to the blockchain network in a true sequential request. The additional block is then linked to the previous blocks, forming a chain of blocks with data on each transaction ever made in the history of that block.

How Blockchain Technology Can Benefit The Insurance Industry:

Blockchain is familiar to most through Bitcoin, however, its applications go through easy electronic cash recording. In the same way, it can reinforce inventive and problematic changes in various industries, except in finance, for example in the business insurance model. In addition to recording electronic cash and financial transactions, this technology can become part of an insurance and healthcare project.

  • The insurance company generally consistently manages the various procedures involving the insurance contract to be signed. Processes can be anything from getting an insurance policy, evaluating a client, claiming rights or managing fraud.

  • Because blockchain technology deals with smart contracts, experts in the insurance industry argue that this technology can change the way insurers deal with customers. The insurance industry depends on a lot of data, much like various industries, a blockchain can ultimately strengthen all or most of the data related transactions for this industry through smart contracts.

  • In this sense, a smart contract can encourage, execute and enforce insurance contracts or implement it through blockchain technology. Insurance contracts are unpredictable and difficult to understand, so a smart contract can boost productivity in the insurance compliance chain wherever time, effort or money is spent to validate information before preparing transactions.

OR

Key points of the blockchain affecting the insurance industry:

1. Improve trust:

There is an urgent confidence in the financial services industry. Despite the fact that the main banks are large banks, the breakdown of confidence affects all companies. Lack of trust, high costs and inefficiency of insurance play a role in extremely high levels of subinsurance. Blockchain technology encourages building customer trust because it provides directness and transparency.

2. Increase efficiency:

Although he changes insurance agencies or health care providers, he knows how wasteful the information department process is to begin coverage or care. Moreover, customers are undoubtedly afraid of losing control of their own information. The blockchain provides an answer to the efficiency and security of the drive that would allow an individual to control individual information while a certificate is being written to the blockchain.

3. Improved claims processing through smart contracts:

The policyholder and the insurer now have problems that blockchain and smart contracts could solve. Insured people usually reveal insurance contracts for a long time and mystically, while insurance agencies struggle with various scams that are extraordinary. Through blockchain and smart contracts both would profit by monitoring claims in an appropriate and transparent manner. And it starts by recording and confirming the contract on the blockchain. At the time of application, the blockchain could guarantee that only materially valid solitary cases are paid. But when the network finds multiple cases where cliams are filed for the same accident, then the blockchain could trigger a suspension of claims without human intervention, which improves the speed of resolving claims.

4. Detection and prevention of fraud:

Prominent among the most compelling reasons why insurance agencies should investigate the blockchain is its ability to detect and prevent fraudulent or illegal activities. The expected 5 to 10 percent of all cases are fraud. The decentralized trade of Blockchain technology and its historical record that can autonomously verify the authenticity of customers, rules and transactions. Every insurance agency must make a move today to understand how blockchain innovations can affect their work together today and later.

This is how blockchain technology will help or participate in the insurance industry in the future. In case you need to refresh yourself with concepts or want to read the latest news related to Blockchain & Cryptocurrency Technology at that time stay connected with us.

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Crypto Trend – Fifth Edition

As we expected, since the publication of Crypto TREND, we have received many questions from our readers. In this edition we will answer the most common question.

What kind of upcoming changes could be a game changer in the cryptocurrency sector?

One of the biggest changes that will affect the world of cryptocurrencies is an alternative method of block validation called Proof of Stake (PoS). We will try to keep this interpretation at a fairly high level, but it is important to have a conceptual understanding of what is the difference and why it is an important factor.

Remember that the core technology of digital currencies is called blockchain and most of today’s digital currencies use a verification protocol called Proof of Work (PoW).

With traditional payment methods, you need to trust a third party, such as Visa, Interact, a bank or check clearing house, to settle your transaction. These trusted entities are “centralized,” which means they maintain their own ledger that stores the transaction history and balance of each account. They will show the transactions to you, and you must agree that they are correct, or launch a dispute. Only the parties to the deal ever see her.

With Bitcoin and most other digital currencies, ledgers are “decentralized,” which means everyone on the network has a copy, so no one has to trust a third party, such as a bank, because anyone can directly verify the information. This verification process is called “distributed consensus.”

PoW requires that “work” be done in order to validate a new transaction to enter the blockchain. With cryptocurrencies, validation is done by “miners”, who must solve complex algorithm problems. As problems with algorithms become more complex, these “miners” need more expensive and more powerful computers to solve problems before anyone else. Often “mining” computers are specialized, usually using ASIC (Application Integrated Circuits) chips, which are more adept and quick to solve these difficult puzzles.

This is the process:

  • Transactions are grouped together into a “block”.
  • Miners verify that transactions within each block are legitimate by solving a hashing algorithm puzzle, known as “Proof of Work Problem”.
  • First miner solving a block’s “proof of work problem” is rewarded with a small amount of cryptocurrency.
  • Once verified, transactions are stored in the public blockchain across the entire network.
  • As the number of transactions and miners increases, so too does the difficulty of solving hash problems.

Although PoW has helped get the blockchain and unreliable decentralized digital currencies onto the ground, it has some real shortcomings, especially with the amount of electricity these miners consume in an effort to solve “proof of business problems” as quickly as possible. According to Digiconomist’s Bitcoin Energy Consumption Index, Bitcoin miners use energy from 159 countries, including Ireland. As the price of each bitcoin rises, more and more miners are trying to solve problems, consuming more energy.

All this energy consumption just to validate transactions has spurred many in the cryptocurrency space to search for an alternative method of block validation, and the main candidate is a method called ‘Proof of Stake’ (PoS).

PoS is still an algorithm, the purpose of which is the same as in proof of work, but the process for reaching the goal is completely different. With PoS, there are no miners, but instead we have “auditors”. PoS is based on trust and knowledge that all the people who verify transactions have a good appearance in the game.

This way, instead of using energy to answer PoW puzzles, the PoS auditor is limited to validating a percentage of transactions that reflect its ownership stake. For example, a validator with 3% of available ether could theoretically validate only 3% of blocks.

In PoW, your chances of solving a proof of business problem depend on how much computing power you have. With PoS, that depends on how much cryptocurrency you have on the “stake”. The higher your stake, the higher your chances of resolving the block. Instead of winning cryptocurrencies, the winning auditor receives transaction fees.

Auditors enter their stake by “locking” a portion of their money tokens. If they try to do something malicious against the network, such as creating an “invalid block,” their stake or security deposit will be forfeited. If they did their job and did not violate the network, but did not win the right to validate the ban, they would get their share back or say goodbye.

If you understand the basic difference between PoW and PoS, this is all you need to know. Only those who plan to be miners or auditors need to understand all the ins and outs of the two validation methods. Most of the general public who want to own cryptocurrencies will simply buy them through the exchange, and will not be involved in the actual mining or validation of block transactions.

Most of those in the crypto sector believe that for cryptocurrencies to survive in the long term, digital tokens must transform into the POS model. At the time of writing this post, Ethereum is the second largest digital currency after Bitcoin and their development team has been working on a PoS algorithm called “Casper” for the past few years. We expect to see Casper in 2018, putting Ethereum ahead of all other major digital currencies.

As we have seen previously in this sector, major events like the successful implementation of Casper could drive Ethereum prices up a lot. We will keep you updated on future releases of Crypto TREND.

stay tuned!

Is cryptocurrency the future of money?

What will the future of money look like? Imagine you are entering a restaurant and looking for the digital menu board at your favorite combo meal. Only, instead of $ 8.99, it shows as.009 BTC.

Could crypto really be the future of money? The answer to this question hinges on the general consensus on several key decisions, ranging from ease of use to safety and regulations.
bitcoin prices
Let’s examine both sides of (digital) currency and compare traditional fiat money and cryptocurrencies.

The first and foremost component is trust.

It is imperative that people trust the currency they are using. What gives the dollar its value? Is it gold No, the dollar has not been supported by gold since the 1970s. Then what gives the value of the dollar (or any other fiat currency)? Some countries’ currencies are more stable than others. In the end, people have confidence that the government issuing that money is firmly behind it and is essentially guaranteeing its “value”.

How does trust work with Bitcoin because it is decentralized in the sense that it is not a governing body that issues coins? Bitcoin is located on the blockchain and is basically an online ledger that allows the whole world to view every transaction. Each of these transactions is verified by miners (the people who operate computers on a peer-to-peer network) to prevent fraud and also ensure that there is no double-spending. In exchange for their services in maintaining the integrity of the blockchain, miners receive a payment for every transaction they verify. With countless miners trying to make money, every one checks each other’s work for errors. This evidence of business process is why the blockchain has never been hacked. Basically, it is this trust that gives Bitcoin the value.

Next, let’s look at our closest trusted friend, Security.

What if my bank is robbed or there is fraudulent activity on my credit card? My deposits with the bank are covered by FDIC insurance. It is also possible that my bank will waive any fees on my card that I have never held. This does not mean that criminals will not be able to perform stunts that are at least frustrating and time consuming. It’s the somewhat peace of mind that comes from knowing that I will most likely be safe from anything wrong with me.

In cryptography, there are a lot of options when it comes to where to store your money. It is imperative to know if transactions are secured to protect you. There are reputable exchanges like Binance and Coinbase that have a proven track record of debugging their clients. Just as there are fewer reputable banks around the world, the same is true for cryptocurrencies.
cryptocurrency prices live
What happens if you throw a twenty dollar bill into the fire? The same goes for encryption. If I lose my login credentials to a specific digital wallet or exchange, I will not be able to access these currencies. Again, I cannot emphasize enough the importance of running a business with a reputable company.

The next issue is sizing. Currently, this may be the biggest obstacle preventing people from doing more transactions on the blockchain. When it comes to transaction speed, paper money moves much faster than cryptocurrencies. Visa can handle around 40,000 transactions per second. Under normal circumstances, the blockchain can only handle about 10 per second. However, a new protocol is enacted that will increase speeds of up to 60,000 transactions per second. Known as the Lightning Network, cryptocurrencies could make money the future of money.

No conversation would be complete without talking about comfort. What do people usually like about their traditional banking and spending methods? For those who prefer cash, it is clearly easy to use most of the time. If you are trying to book a hotel room or rent a car, you need a credit card. Personally, I use my credit card everywhere I go because of the convenience, the safety, and the rewards.

Did you know that there are companies that offer all of this in the crypto space, too? Monaco is now issuing Visa cards with the logo that automatically converts your digital currency into the local currency on your behalf.

If you ever try to transfer money to someone you know, this process can be very tedious and expensive. Blockchain transactions allow a user to send encryption to anyone in just a few minutes, regardless of where they live. It is also much cheaper and safer than sending a wire transfer.

There are other modern methods of transferring money that are found in both worlds. Take, for example, apps like Zelle, Venmo, and Messenger Pay. Millions of millennials use these apps every day. Did you also know that they are starting to incorporate cryptocurrencies as well?

The Square Cash app now includes Bitcoin, and CEO Jack Dorsey said, “Bitcoin, for us, doesn’t stop at buying and selling. We believe this is a transformative technology for our industry, and we want to learn as quickly as possible.”

“Bitcoin provides an opportunity to reach more people of the financial system,” he added.

While it is clear that compulsory spending continues to dominate the way most of us move money, the nascent cryptocurrency is fast gaining ground. Evidence is everywhere. Before 2017, major media coverage was difficult to find. Now, almost every major business news outlet covers Bitcoin. From Forbes to Fidelity, they all balance their opinions.

What is my opinion? Perhaps the biggest reason Bitcoin is so successful is that it is fair, inclusive, and gives financial access to more people around the world. Large banks and institutions see this as an existential threat. They are about to be on the losing end of the largest transfer of wealth the world has ever seen.

Still hesitating? Ask yourself this question: “Do people trust governments and banks more or less with each passing day?”

Your answer to this question may be what determines the future of money.

Getting started with encryption

Investing in the cryptocurrency market space can be a bit daunting for a traditional investor, as investing directly in Crypto Currency (CC) requires the use of new tools and the adoption of some new concepts. So if you decide to dip your toes into this market, you need to have a very good idea of ​​what to do and what to expect.

Buying and selling CC requires choosing an exchange that deals in the products you want to buy and sell, be it Bitcoin, Litecoin, or any of the more than 1,300 other tokens in operation. In previous editions, we briefly described the products and services available in a few exchanges, to give you an idea of ​​the different offerings. There are many exchanges to choose from and they all do things their own way. Find things that interest you, for example:

Deposit policies, methods and costs for each method

Withdrawal and cost policies

– What are the paper currencies that they deal with in deposits and withdrawals

The products they deal in, such as cryptocurrencies, gold, silver, and others

Transaction costs

Where is this exchange located? (USA / UK / South Korea / Japan …)

Be prepared for the Exchange setup to be detailed and lengthy, as exchanges generally want to know a lot about you. It’s akin to creating a new bank account, as exchanges are brokers for valuables, and they want to make sure that you are what you say, and that you are a trustworthy person to do business with. “Trust” appears to be gaining ground over time, as exchanges usually allow only small investment amounts to start with.

Your Exchange will keep your CC in storage. Many offer “cold storage” which simply means that your coins remain “offline” until you indicate that you want to do something with them. There are quite a few news stories about stock exchanges being hacked and many currencies stolen. Think of your coins in something like a stock exchange bank account, but remember that your coins are only digital, and all blockchain transactions are irreversible. Unlike your bank, these exchanges do not have deposit insurance, so be aware that hackers are always trying everything they can to obtain and steal your cryptocurrencies. Exchanges generally offer password protected accounts, and many offer two-factor authorization systems – something you should take seriously in mind in order to protect your account from hackers.

Since hackers love to break into exchanges and your account, we always recommend using a digital wallet for your coins. It is relatively easy to transfer coins between your Exchange account and your wallet. Make sure to choose a wallet that deals with all the currencies you want to buy and sell. Your wallet is also the device that you use to “spend” your coins with merchants who accept CC Pay. The two prefect types are “hot” and “cold”. Hot wallets are very easy to use but leave your coins exposed on the Internet, but only on your computer, not on the Exchange server. Cold wallets use offline storage media, such as specialty hardware memory cards and simple printouts for hard copies. Using a cold wallet makes transactions more complicated, but it is the most secure.

Your wallet contains a “private” key that authorizes all transactions you want to perform. You also have a “public” key that is shared online so that all users can recognize your account when engaging in a transaction with you. When hackers obtain your private key, they can move your coins wherever they want, and there is no turning back.

Despite all the challenges and extreme volatility, we are confident that the underlying blockchain technology will be a game-changer and revolutionize how transactions are conducted in the future.

How to use Blockchain technology in e-commerce

What is blockchain technology?

Blockchain is a decentralized digital general ledger for tracking economic transactions. It is designed not only to record financial transactions but everything that goes into them. The best feature of Blockchain is that it allows to generally display the user’s holdings and the transactions that they have made through the system.

Moreover, it also anonymizes the user through effective encryption. Deciphering the cipher takes a long and difficult account, which makes it the most secure way to handle money.

Challenges in the e-commerce sector

Blockchain technology is transforming the e-commerce industry by decentralizing control and cutting the middleman’s presence from the landscape. But, before exploring the potential of Blockchain technology for the e-commerce industry, let’s dive into the current challenges that the e-commerce industry faces.

  • Rising costs One of the main weaknesses of the seller in the traditional ecommerce business model is the involvement of a middleman who takes a large share of the money on every purchase. The seller has to pay the transaction processing fee to complete each transaction.
  • Uncertain security- Protecting buyers’ data is another major concern for this line of business. The system needs to gain the trust of its customers and assure them that their personal and financial data are safe. The current state of the e-commerce industry fails to provide guaranteed security to users.
  • Time consuming – The e-commerce model includes a set of processes like supply chain, logistics, payment gateways, etc. To manage all these processes, the e-commerce industry has to deal with these middlemen every day. This consumes a lot of time to complete the whole process.

How Blockchain Will Lead the Ecommerce Industry in the Future

Blockchain e-commerce technology is a boom not only for sellers but also for buyers. Few of the challenges that can be tackled by introducing Blockchain into the e-commerce industry are as follows:

  • Reducing costs- With Blockchain, the e-commerce industry can rely on Blockchain technology to manage inventory, process payments, product database, and other business activities. This results in less spending on maintaining systems or hiring IT support teams to maintain them. Cryptocurrencies like Bitcoin, Ripple, etc. will reduce fees charged by third-party institutions like banks during transactions.
  • Cyber ​​threats – Despite using a secure transaction network, the e-commerce industry is always at risk of losing their customers’ data and money due to unwanted cyber attacks. Blockchain technology is an ideal solution to solve these challenges. It provides the highest level of security by using distributed ledgers to manage e-commerce database management systems.
  • Fast processing- Blockchain e-commerce technology removes the dependency of brokers, workforces, and third-party organizations from the e-commerce model. It saves a lot of time in the overall process ranging from stock management to placing orders and delivery at users’ door.

conclusion

These challenges have troubled sellers from the start. Hence, integrating Blockchain technology into the e-commerce sector can definitely be a good idea for the whole system. Here comes the need for Blockchain technology for the e-commerce industry capable of solving all challenges alone.

Many e-commerce companies have already started investing in Blockchain technology to run their businesses smoothly. The day is not far away when Blockchain technology penetrates the entire e-commerce industry.

How can blockchain increase your profits in banking?

Every industry revolutionizes technology in the digital economy and has led to fundamental changes. The banking industry is no different. The banks have embraced the future of digitization. We are at the height of a radical revolution and yet most of us are not aware of it. Even those individuals who value the potential of blockchain technology often look no further than Bitcoin. Once an individual digs deeper and understands how blockchain works and its implications, they will inevitably realize its importance.

Blockchain is a distributed ledger that maintains a comprehensive and unedited record of all information related to a digital transaction. This ledger allows transactions to be settled promptly and firmly. Blockchain is a huge tool in the banking arena because it reduces the length of time taken to complete a payment and eliminates redundant transactions. Blockchain technology has the potential to destabilize banking. In a world where billions of people do not have access to banks, blockchain technology can have a profound impact. Residents of developing countries with limited access to banking services will have the opportunity to create an account and conduct transactions at the international level. It will also enable citizens to have secure and reliable transactions between participants without the need for central monitoring or an intermediary.

Not surprisingly, financial institutions have explored the unique capabilities of the blockchain. Financial institutions can also use them to gain an improved view of market movements and increase transparency. Blockchain technology can reduce bank infrastructure costs and enable faster processing time. Data management is a big problem in banking services, but with the help of blockchain technology, banks can store any type of data, and only allow access to that data according to predefined rules.

Trade finance is a major area of ​​banking that could be transformed as a result of blockchain technology. Outdated operations in the areas of banking need to be updated, in terms of cost and efficiency. Blockchain is the best platform to bring parties together in a secure network without a third party and by performing every transaction securely.

Be it quick payments, transactions, or transparency, the blockchain’s fundamental characteristics of efficiency, cost-effectiveness, and secure transactions are some of the reasons for the growing popularity of this technology across financial institutions. Blockchain technology is enough potential to transform the entire banking system. But much more needs to be done for financial institutions and residents to become fully aware of the implications and benefits of the blockchain. However, there is no doubt that blockchain technology holds the key to improving the banking system. The use of this technology can lead to many effective benefits in the banking industry.

What is blockchain development?

Blockchain technology could be a new name for the readers, but experts have a strong opinion that due to this technology, we could witness a major shift in technology. Hence, many companies are looking for good opportunities in Blockchain application development. Blockchain is such an emerging technology that most people are not aware of this new advance. If you are one of those who would like to gain great knowledge of technology then just keep reading the information below.

What do we mean by blockchain?

Blockchain works like a digital ledger as transactions take place with Bitcoin or cryptocurrencies. According to Blockchain experts, this technology provides a completely secure way to make or record all transactions, agreements or contracts. Moreover, Blockchain is valuable for everything that is required to be verified and preserved in a secure digital ecosystem.

From the initial point of the network inception, the database is shared among a number of users who are included to access information for all transactions. The total size of the network varies according to the number of users, which may be two or three users or it may be a group of hundreds of users.

What is the benefit of blockchain technology?

Experts try to use it for more than one purpose, and at present, the most obvious and notable use of Blockchain technology is Bitcoin. Bitcoin has been helping people involved in financial transactions since 2008. In addition, experts are looking for ways in which the same technology can be used to solve or reduce security issues, disagreement, or beliefs.

How is it used?

A specialized computer program is used to create the blockchain automatically to share information in the database in the event of a new transaction. The blockchain contains hashed blocks or encrypted batches of transactions. Each token, with the block hash before it, connects the two and forms the chain which is the Blockchain. This process needs validation of each block to ensure overall database security.

Why do we need to develop a blockchain?

As mentioned earlier, Blockchain is trying to make the technology more useful to people who need to keep an indisputable record of transactions. Blockchain technology provides absolute clarity and transparency and can be used as an effective tool against corruption cases.

With the help of Blockchain technology, all transactions are done in a secure environment where all details are encrypted with creating a unique transaction number and this number is recorded in ledger as a placeholder. In this case, not all users will be able to see the transaction details. However, the network will be aware of the transaction. This process limits any fraud change because the person with malicious plans must have access to every computer in the network to make changes to the database.

Due to the growing importance of Blockchain development, a number of individuals or organizations are looking for a reliable and trusted Blockchain development company.

Is Blockchain the latest revolution in technology?

A blockchain is more like a digital book to store financial transactions, just like a book that contains what goes in and what goes out. Unlike a traditional book, digital is much larger and more secure without intermediaries involved.

In Blockchain, each block contains, but is not limited to, cryptographic scattering of the previous block, along with transaction data. Two parties can use it to record transactions in a secure and permanent way. It is managed by a peer-to-peer network and enables the secure transit of digital information.

Why is Blockchain the latest revolution in technology?

Blockchain technology was originally designed to deal with bitcoins, but now it has become the story of the city, a revolution. During its earlier stage, the technology faced severe criticism and rejection, but after careful revision, it proved more productive, useful, and safer. Now it has become a convenient way to store data in digital form that is periodically synchronized.

Let’s look at some of the benefits:

Authenticity – Information is stored in blocks that are further stored on the Blockchain that cannot be managed by one person or identity. This simply means that there is no or very little chance of failure, and technology can serve as a reliable space for a business transaction.

Transparency – Technically smart people claim that Blockchain technology is completely transparent. As blocks are recorded and added to them in chronological order, participants can track transactions with much ease and without keeping records.

Quality – In case of any irregularities, the Blockchain system makes it easier for stakeholders to investigate any problem because the system can lead them all the way to its origin. Quality assurance makes it an ideal technology for sectors where origin tracking and other key details are necessary.

No tampering – As transactions and records are checked each time they are transferred from one block to the next, there is little or no chance of error. The precision of the procedure protects the data from unauthorized access, making the technology easier to use and more efficient.

Agile – In an era when time is money, Blockchain can play an imperative role by enabling faster business. As the system does not require a lengthy verification and approval process, different industries can use it to close deals quickly.

Cost savings – And last but not least, Blockchain is a cost-effective technology because it does not involve any third parties. It makes the system ideal for both startups and established organizations.

Well then! It is time to understand the technology and its advantages before applying it in any business …