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Blockchain: Open source money

“Blockchains are simply distributed transaction processing mechanisms. Technology allows data to be stored in different places while tracking the relationship between different parties in that data. Most people who try to explain blockchains want to compare it to a book. A transaction, such as changing a currency or adding a new device to a network, is recorded in the chain and anyone can track what happened. That’s why law enforcement is so passionate about Bitcoin – digital fingerprints are easy to track. “ Fortune tech, Stacey Higginbotham, May 29, 2015

What if we lived in a world where global access to money was accessible to all? Money can approach the world at the speed of digital as an equivalent decentralized and cooperative process – no top-down banking system is needed. Trust relationships occur automatically through digitally signed transactions without permission, destroying the inevitability of poverty. Would this be a giant step for humanity?
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This is the utopian dream of technology developers. The next generation of computer networking facilities surrounding the world for the better. Welcome to the planned blockchain (financial) transformation of the world.

Ignore it at your own risk.

My article from May 2016, The power behind the throne, discusses mostly underreported but steady progress towards a cashless society through blockchain technology and my thoughts on who really benefits. This could end in a giant leap for the banking industry, gaining omnipotent control over our financial transactions. Bloomberg article, Inside the secret meeting where Wall Street tests digital money, May 2, 2016, quoted by Nasdaq, Citigroup Inc., Visa Inc., Fidelity, Fiserv Inc., Pfizer Inc. and others present.

Enter 2017 and the documentary created for inspiration and excitement: The Blockchain and Us. Some say 2017 will be the year that this technology transitions to mass flow; others say it’s just too risky.
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The ad-type documentary features “leaders” from around the world praising the virtues of open source money, levels and bottom-up cultural change launched by Bitcoin in 2008. Blockchain technology and its potential impact are likened to the introduction of the plane changed society; only for the structure of the financial services industry is transformed 100% into digital within 20 years. In addition, blockchain technology is expected to:

  • Influence any industry as a “valuable” platform with military-grade cryptology
  • Create a generational change in technology, an opportunity capable of “lifting people out of poverty”
  • Adjust what they call “smart” contracts
  • Make a profound change in the way the Internet can be used to create new forms of value and new ways of transactioning value
  • Generate more jobs thanks to automation

Here it is … Blockchain and us. Yet dissatisfied people like me cannot see the commensurate personal gain. To hand over the scarce financial confidentiality left to us by cash to the Goliath banking industry? It seems to me that we may not have a choice, as “small” people seem to be the revenue units just for travel.

However, using cash and paying as you go has obvious and perhaps less obvious advantages:

  • Choice
  • Confidentiality of transactions
  • No bank interest (overdraft, credit cards, loans, credit lines, etc.)
  • Possible 5% discount on the seller on request
  • Fiscal responsibility that the use of credit has destroyed
  • Limiting thinking about immediate gratification encourages easy lending
  • More personal time when dealing with debt means working harder / faster

I think life in the material world is easy to forget that the full definition of wealth involves more than accumulation. The intangible wealth of personal well-being and peace of mind is priceless until it is neglected and underestimated. Instead of the utopian dream, imagine this: We no longer make purchases we don’t need, we don’t have to impress people with money who aren’t really interested in us. If more people have a habit of using cash, we could strengthen our own money management skills to build real wealth and also send a message to those who own gold.

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Nano Coin compared to Nexty Coin – Crypto

Nano and Nexty: Are these real and practical alternatives to cash? Let’s find out!
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Blockchain is no longer a hip maniac! Bitcoin is revolutionizing the way many of us have seen currencies, diaries, money transfers and transactions. The beauty of all virtual currencies is that almost every one of them is trying to solve a problem. And here is our interesting coin – Nexty. During the recording, the similarity of the Nexty platform will be compared to the Nano – XRB to get a better understanding of this platform.
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In very simple words, the Nexty platform is presented as a transaction system that will eliminate the concept of transaction fee, while providing ultra-fast transfers to facilitate its users. Apart from that, transfers are extremely fast, as transactions do not require miners to perform confirmation, as in the case of other virtual currencies such as Bitcoin, etc.
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However, according to the White Paper published by the creators of Nexty, the main use of Nexty is for start-up e-commerce businesses to help generate public funding. Since there is no transaction, ultra fast transfer (2 seconds! And it’s almost real time) and a confirmation fee, fundraising will become less of a hassle. The coin is surgically targeted at e-commerce stores, as this will cultivate an ecosystem where these stores will accept NTY coins from buyers.
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The concept behind NTY makes everyday online transactions a seamless experience. The team behind NTY consists of Blockchain developers and established retailers. Some team members have ten to 12 years of experience in the full development and marketing of the stack.
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Some of you may argue that the Nano – formerly known as Railblocks, XRB – already performs the same functions as NTY. The XRB coin is a bit unique because it uses its own block grid data structures. Therefore, each Nano account has its own blockchain, which reduces the latency for fast transfer.
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Apart from that, XRB is energy efficient and resource efficient and does not need a high quality GPU system to execute transactions. However, the Nano does not come with the option of a smart contract. Smart contracts are designed to exchange triggers for any cryptocurrency. These contracts facilitate the exchange of funds, real estate, shares or any tangible or intangible entities of financial value. Smart contracts also push out the need for brokers, while carrying our crypto asset exchange flawlessly. Apart from this one difference, NTV and XRB (Nano) are more or less the same. Another key capability of the Nexty platform is its integration into existing e-commerce applications such as Joomla. According to the developers of NTY integration takes 3-4 hours max.
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To balance the supply and demand of NTY, the platform is offered with a built-in smart betting program. This program offers bonuses and credits for buying, selling and retaining Nexty. The system is designed for investors and everyday users at the same time.
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The capabilities of the Nexty and Nano platforms are huge. Just imagine a world where crypto replaces conventional wallets and transactions are fast! For example, if a security guard accepts BitCoin, he may not hand over the goods and service to you until the transaction has been confirmed by a number of minors. And now imagine again paying for goods and services in a currency that is quickly transferred with zero transaction fees, independent of any small checks!
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History of the CRYPTOCOLOT

The advent of cryptocurrency is already taking over in our daily transactions. Cryptocurrency is a digital asset that exists in the crypto world, and many call it “digital gold”. But what exactly is a cryptocurrency? You must be wondering.

It is a digital asset intended to be used as a medium of exchange. It is clear that this is a close substitute for money. However, it uses strong cryptography to secure financial transactions, verify the transfer of assets and control the creation of additional units. The entire cryptocurrency is either a virtual currency, a digital currency, or an alternative currency. It is mandatory to note that all cryptocurrencies use a decentralized control system, unlike the centralized systems of banks and other financial institutions. These decentralized systems operate through distributed book technology that serves a public finance database. A blockchain is usually used.

What is a blockchain?

This is an ever-growing list of records that are linked and protected using cryptography. This list is called blocks. The blockchain is an open, distributed book that can be used to record transactions between two parties in a way that is verifiable and permanent. To enable a block to be used as a distributed book, it is managed by a peer-to-peer network that collectively adheres to a new block validation protocol. Once the data is saved in each book, it cannot be changed without changing all the other blocks. Therefore, the blockchain is design-protected and also serves as an example of a distributed computing system.

The history of cryptography

David Chaum, an American cryptographer, discovered anonymous cryptographic electronic money called ecash. This happened in 1983. In 1995, David realized it through Digicash. Digicash was an early form of cryptographic electronic payment that required user software to withdraw banknotes from a bank. It also allows the identification of specific encrypted keys before they are sent to a recipient. This feature allows the digital currency to be untraceable by the government, the issuing bank or a third party.

After intensified efforts in the following years, Bitcoin was created in 2009. It is the first decentralized cryptocurrency and was created by Satoshi Nakamoto, a pseudonymous developer. Bitcoin uses SHA-256 as its cryptographic hash function (proof of operation scheme). The following cryptocurrencies were also released from the release of bitcoin.

1. Namecoin (April 2011)

2. Litecoin (October 2011)

3. Peercoin

These three coins and many others are listed as altcoins. The term is used to denote alternatives to bitcoin or simply other cryptocurrencies.

It is also imperative to note that cryptocurrencies are exchanged over the Internet. This means that their use is mainly outside the banking systems and other government institutions. Cryptocurrency exchanges involve the exchange of cryptocurrency with other assets or with other digital currencies. Conventional fiat money is an example of an asset that can be traded in a cryptocurrency.

Atomic swaps

They refer to a proposed mechanism whereby one cryptocurrency can be exchanged directly with another cryptocurrency. This means that nuclear swaps will not require the participation of a third party in the exchange.

Enterprise Blockchain Solutions: What can they do for your business?

Despite the popular belief that blockchain technology is only intended for cryptocurrency transactions and bitcoin earnings, blockchain continues to enter many areas of life: social media, games, healthcare, real estate and more. The technology aims to improve work efficiency, reduce business costs and improve the customer experience.

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

Here are areas where blockchain has already entered and proven that this technology is worth relying on.

Supply chain management, for example, is a key but vulnerable part of many companies’ workflows. The parties involved in the process often do not interact directly and still apply paper methods to collect and store information. Blockchain offers complete elimination of document circulation: the flow of documents becomes automated, and digital certification is used. More importantly, any authorized member of the supply chain can trace the product from manufacturer to consumer and prevent the spread of counterfeits.

Several US retail giants, which have faced outbreaks of foodborne illness and additional food seizures, have implemented blockchain technology in their food supply chains. It took a minimum of about 7 days before a product was tracked, and these days the origin of a food can be identified in a matter of seconds.

In this way, blockchain solutions have made the seizure process faster, more efficient and cost-saving. Meanwhile, customers have also experienced the acceptance of blockchain in their hypermarkets. For example, in Walmart’s Chinese stores, they can scan the QR code and get all the product information: from the location of the farm to the verification certificates.

Healthcare is the area in which blockchain-based solutions have established themselves as an extremely secure and transparent way of keeping electronic health records (EHR). Both doctors and patients are given permission to access the records and use them when necessary. At the same time, blockchain solutions are fueled by smart contracts that protect the confidentiality of EHR data. Data on healthcare products and clinical trials are encrypted, insurance can be taken out and stored. Another use case is prescription drugs and control of the equipment supply chain.

E-commerce increasingly requires blockchain technology. Again, the supply chain is a key aspect here: monitoring goods and managing supplies are often challenging tasks, but the blockchain helps businesses manage their inventories more efficiently. Consumers who trust their money and data to e-commerce organizations are concerned about data security and transparency, but this problem can be solved with the development of a blockchain. Even slight changes in the transaction are obvious to the blockchain, and tracking who made a mistake is no longer a problem. It is also possible to make crypto payments.

The next area is actually related to cryptocurrency transactions. DeFi, abbreviated to decentralized financing, does not simply involve the transfer of assets, but also applies to more complex cases of financial use. The implementation of a blockchain contributes to the exclusion of intermediaries and therefore reduces costs. All transactions are encrypted and immutable, multi-stage authentication mechanisms make the system difficult to access for unauthorized members. Among the latest innovations is the opportunity to turn to P2P lending services and digital banking.

Social media can also be affected by the blockchain. Along with its global popularity and ability to connect people around the world, social media is still vulnerable to account hacking, identity expiration and copyright infringement. To address these issues, blockchain offers copyright protection, digital identity verification, and impartial licensing.

Real estate, e-government, the gaming industry and many others have joined the wave of blockchain acceptance. Once your business chooses to innovate, delegate the technology implementation to one of the corporate blockchain companies, which will develop for you a future DLT for enterprises. With blockchain, your business will change the rules of the game in your area.

The future of blockchain technology in the insurance industry – Blockchainerz

What is insurance?

Insurance is a method of securing money loss. This is a type of risk management used mainly to help against the danger of unexpected misfortune.

The insured may report an accident or claim to a broker and, together with the necessary information, present it to the insurance specialists, in particular to the insurer, if applicable, to the reinsurer. The placement of the claim is confirmed by a receipt to the Insured.

From this point on, the Claims Agent may request additional details of 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 claims agent of the insurer. The insurance is disclosed for various fraud schemes. From sharing an insurance plan after a divorce to concealing medical diagnoses. So how does blockchain help in this area?

The future of blockchain technology is seen as the greatest image of the fourth industrial revolution and a potential destroyer for some organizations and businesses, including the insurance industry. Even though the technology is still in its infancy, it has just demonstrated what it can do: streamline printed materials, increase information security and back-up organizations’ costs by removing annoying case forms.

Summary of Blockchain technology:

  • The blockchain is an extensive, decentralized advanced record that is reliably up-to-date and stores the record of a significant number of exchanges. Blockchain systems are designed to record everything from physical resources to electronic money and are openly available to all involved meetings to view.

  • After the verification process, the transaction block is time-marked and added to the blockchain network in a straight sequential request. The additional block then connects to previous blocks, making a chain of data blocks for each transaction ever made in the history of that blockchain.

How Blockchain technology can benefit the insurance industry:

Blockchain was familiar to the majority through bitcoin, but its applications pass only by recording electronic cash. In the same way, it can allow for inventive and disturbing changes in various industries other than finance, such as the insurance business model. In addition to recording electronic money and financial transactions, this technology can become part of an insurance and health project.

  • The insurance company mainly manages successively different procedures, which include an insurance contract that must be signed. The processes can be different – from obtaining an insurance policy, customer evaluation, claim or fraudulent policy management.

  • Because blockchain technology deals with smart contracts, experts in the insurance industry say that this technology can change the way insurers deal with customers. The insurance industry depends on a lot of data, like different industries, the blockchain can eventually authorize all or most of the data-related transactions for that industry through a smart contract.

  • In this way, the smart contract can promote, implement and enforce the application of the contract or the application of an insurance contract through blockchain technology. Insurance contracts are unpredictable and difficult to understand, so a smart contract can make it possible to increase productivity in the insurance valuation chain, wherever time, effort or money is spent confirming information before making transactions.

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Key points of the blockchain that affect the insurance industry:

1. Improving trust:

There is extraordinary confidence in the financial services sector. Despite the fact that big banks are the main point, the breakdown of trust affects all businesses. Lack of trust, high costs and inefficiency of the insurance business play a role in extremely high levels of reinsurance. Blockchain technology encourages customer confidence by giving straightforwardness and transparency.

2. Improving efficiency:

As he changes insurance agencies or health care providers, he knows how wasteful the information section process is to start coverage or care. In addition, customers are afraid of losing control of their own information. Blockchain provides an answer to the efficiency and security of the drive, which would allow individual information to be controlled by an individual while the confirmation is recorded in the blockchain.

3. Improved processing of claims through smart contracts:

The insured and the insurer currently have problems that blockchain and smart contracts can solve. Insured people often find insurance contracts long and mysteriously, while insurance agencies struggle with various frauds that are extraordinary. Through blockchain and smart contracts, both would benefit by overseeing claims in a responsive and transparent manner. And it starts with recording and confirming contracts in the blockchain. At the time an action is brought, the blockchain can ensure that only substantial or valid single cases are paid. But when the network detects multiple cases in which cliams have been filed from the same crash, then the blockchain can trigger a claim without human intervention, thus improving the speed of resolving claims.

4. Fraud detection and prevention:

One of the most compelling reasons why insurance agencies should investigate a blockchain is its ability to detect and prevent fraudulent or illegal activity. The expected 5 to 10 percent of all cases are fraud. The Blockchain Decentralized Technology Store is a historical record that can autonomously verify customers, policies, and transactions for authenticity. Today, every insurance agency must make a move to understand how blockchain innovation can affect the way they 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 freshen up to concepts or want to read the latest news related to Blockchain & Cryptocurrency technology at this time, stay in touch with us.

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Crypto TREND – Fifth Edition

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

What changes are coming that could change the game 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 explanation at a fairly high level, but it is important to understand conceptually what the difference is and why it is an important factor.

Remember that the main technology with digital currencies is called blockchain, and most current 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, or a bank or check clearing house, to settle your transaction. These trusted objects are “centralized,” meaning that they keep their own ledger that stores the transaction history and balance of each account. They will show you the transactions and you have to agree that it is correct or start an argument. Only the parties to the deal see it.

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

PoW requires “work” to be performed to confirm a new blockchain entry transaction. In cryptocurrencies, this validation is performed by “miners” who have to solve complex algorithmic problems. As algorithmic problems become more complex, these “miners” need more expensive and more powerful computers to solve problems than anyone else. Extraction computers are often specialized, typically using ASIC chips (application-specific integrated circuits) that are more experienced and faster at solving these difficult puzzles.

Here is the process:

  • Transactions are combined into a “block”.
  • Miners check whether the transactions in each block are legitimate by solving the puzzle of the hashing algorithm known as the “proof of operation problem”.
  • The first miner to solve the block’s “proof of work” problem was rewarded with a small amount of cryptocurrency.
  • Once verified, transactions are stored in the public blockchain throughout the network.
  • As the number of transactions and miners increases, the difficulty in solving hashing problems also increases.

Although PoW has helped eliminate blockchain and decentralized, unreliable digital currencies, it has some real drawbacks, especially with the amount of electricity these miners consume, trying to solve “evidence of work problems” as quickly as possible. According to Digiconomist’s Bitcoin Energy Consumption Index, bitcoin miners use more energy than 159 countries, including Ireland. As the price of each bitcoin rises, more and more miners are trying to solve the problem by consuming even more energy.

All of this energy consumption just to validate transactions has motivated many in the digital currency space to look for an alternative method to validate blocks, and the leading candidate is a method called “Proof of Pledge” (PoS).

PoS is still an algorithm and the goal is the same as in the proof of operation, but the process of achieving the goal is quite different. There are no miners with PoS, but we have “validators” instead. PoS relies on the trust and knowledge that all people who validate transactions have skin in the game.

Thus, instead of using energy to answer PoW puzzles, the PoS validator is limited to validating a percentage of transactions that reflects his or her share of ownership. For example, a validator that holds 3% of the available ether can theoretically validate only 3% of the blocks.

In PoW, the chances of solving the proof of operation problem depend on how much computing power you have. With PoS, it depends on how much cryptocurrency you have on “bet”. The higher your bet, the better your chances of solving the block. Instead of winning crypto coins, the winning validator receives transaction fees.

Validators enter their bet by “locking” part of their tokens to the fund. If they try to do something malicious against the network, such as creating an “invalid block”, their bet or deposit will be lost. If they do their job and do not break the network, but do not win the right to validate the block, they will get their bet or deposit back.

If you understand the main difference between PoW and PoS, that’s all you need to know. Only those who plan to be miners or validators need to understand all the intricacies of these two validation methods. The majority of the general public who wants to own cryptocurrencies will simply buy them through the stock exchange and will not participate in the actual digging or validation of block transactions.

Most in the crypto sector believe that in order for digital currencies to survive in the long run, digital tokens must move to a PoS model. At the time of writing, Ethereum is the second largest digital currency behind bitcoins, and their development team has been working on their PoS algorithm called “Casper” for the past few years. We are expected to see Casper implemented in 2018, putting Ethereum ahead of all other major cryptocurrencies.

As we saw earlier in this sector, major events such as the successful deployment of Casper could lead to higher Ethereum prices. We will keep you informed in future editions of Crypto TREND.

Stay on the line!

Is cryptocurrency the future of money?

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

Could crypto really be the future of money? The answer to this question depends on a general consensus on several key solutions, ranging from ease of use to security and regulations.

Let’s look at both sides of the (digital) coin and compare and contrast traditional fiat money with cryptocurrency.

The first and most important component is trust.

It is imperative that people trust the currency they use. What gives value to the dollar? Is it gold? No, the dollar has not been backed by gold since the 1970s. So what gives value to the dollar (or any other fiat currency)? The currency of some countries is considered more stable than others. Ultimately, people’s trust is that the government that betrays them stands firmly behind them and essentially guarantees their “value.”

How does trust work with bitcoin, as it is decentralized, which means that they are not a governing body that issues coins? Bitcoin sits on the blockchain, which is actually an online ledger that allows the whole world to view every transaction. Each of these transactions is checked by miners (people working on computers on an equal footing) to prevent fraud and ensure that there are no double costs. In exchange for their services to maintain the integrity of the blockchain, miners receive payment for each transaction they verify. Since there are countless miners trying to make money, everyone checks to see if others are working for mistakes. This proof of the workflow is why the blockchain has never been hacked. In essence, this trust is what gives value to bitcoin.

Then let’s look at the closest friend of trust, security.

What if my bank is robbed or has credit card fraud? My bank deposits are covered by FDIC insurance. Chances are that my bank will cancel all the fees on my card that I have never made. This does not mean that criminals will not be able to perform stunts that are the least frustrating and time consuming. More or less peace of mind comes from knowing that I will most likely be healed of any wrongdoing against me.

In crypto there are many options for choosing where to store your money. It is imperative to know if the transactions are insured for your protection. There are reputable exchanges such as Binance and Coinbase that have proven experience in correcting mistakes for their clients. Just as there are fewer reputable banks around the world, the same goes for crypto.

What if I throw a twenty-dollar bill into the fire? The same goes for crypto. If I lose my login details in a digital wallet or exchange, I will not be able to access these coins. Again, I can’t stress the importance of doing business with a reputable company.

The next issue is scaling. Currently, this may be the biggest obstacle preventing people from making more transactions in the blockchain. In terms of transaction speed, fiat money moves much faster than crypto. Visa can process about 40,000 transactions per second. Under normal circumstances, the blockchain can only process about 10 per second. However, a new protocol is being introduced that will increase to 60,000 transactions per second. Known as the Lightning Network, it can turn crypto into the future of money.

The conversation would not be complete without talking about convenience. What do people usually like in their traditional banking and spending methods? For those who prefer cash, it is obviously easy to use most of the time. If you are trying to book a hotel room or car rental, then you need a credit card. Personally, I use my credit card wherever I go for convenience, security and rewards.

Did you know that there are companies that provide all this in the crypto space? Monaco already issues cards with the Visa logo, which automatically convert your digital currency into local currency for you.

If you have ever tried to make money with someone you know, this process can be very tedious and expensive. Blockchain transactions allow the user to send crypto to anyone in just minutes, no matter where they live. It is also significantly cheaper and safer than sending a bank transfer.

There are other modern methods of money transfer that exist in both worlds. Take applications such as Zelle, Venmo and Messenger Pay. These applications have been used for millions of millennia every day. Did you also know that they are starting to include crypto?

The Square Cash app now includes bitcoins, and CEO Jack Dorsey said, “Bitcoin doesn’t stop buying and selling for us. We believe it’s a transformational technology for our industry and we want to learn as soon as possible.”

He added: “Bitcoin offers an opportunity to provide more people with access to the financial system.”

While it is clear that fiat costs still dominate the way most of us move money, the new crypto system is rapidly gaining ground. Evidence is everywhere. Prior to 2017, it was difficult to find widespread media coverage. Now almost all the big business news covers Bitcoin. From Forbes to Fidelity, they all judge their opinions.

What is my opinion? Perhaps the biggest reason Bitcoin succeeds is that it is fair, inclusive, and provides financial access to more people around the world. Banks and large institutions see this as a threat to their very existence. They seem to be at a losing end to the greatest transfer of wealth the world has ever seen.

Still haven’t decided? 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 crypto

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

Buying and selling CC requires you to choose an exchange that deals with the products you want to buy and sell, whether they are Bitcoin, Litecoin or one of over 1300 other tokens in play. In previous editions we have briefly described the products and services offered at several exchanges to give you an idea of ​​the various offers. There are many exchanges to choose from and they all do things their own way. Look for the things that are important to you, for example:

– Deposit policies, methods and costs for each method

– Withdrawal policies and costs

– Which fiat currencies trade in deposits and withdrawals

– Products they deal with, such as crypto coins, gold, silver, etc.

– Transaction costs

– where is this exchange based? (USA / UK / South Korea / Japan …)

Be prepared for the Exchange setup procedure to be detailed and lengthy, as exchanges usually want to know a lot about you. This is similar to creating a new bank account, as exchanges are value brokers and they want to make sure that you are who you say you are and that you are a reliable person to deal with. “Trust” seems to gain over time, as exchanges usually allow only small amounts of investment.

Your exchange will keep your CC in storage for you. Many of them offer “refrigerated storage”, which simply means that your coins are kept “offline” until you indicate that you want to do something with them. There are quite a few news stories about stock market hacking and many stolen coins. Think about the fact that your coins are in something like a bank account on the stock exchange, but remember that your coins are only digital and that all blockchain transactions are irreversible. Unlike your bank, these exchanges do not have deposit insurance, so keep in mind that hackers are always there, trying their best to get your crypto coins and steal them. Exchanges typically offer password-protected accounts, and many offer two-factor authorization schemes – something you should seriously consider to protect your account from hackers.

Given that hackers like to loot on exchanges and your account, we always recommend using a digital wallet for your coins. It’s relatively easy to move coins between your Exchange account and your wallet. Be sure to choose a wallet that handles all the coins you want to buy and sell. Your wallet is also the device you use to “spend” your coins with merchants who accept CC for payment. Both types of wallets are “hot” and “cold”. Hot wallets are very easy to use, but leave your coins on the Internet, but only on your computer, not on the Exchange server. Cold wallets use offline storage media, such as dedicated hardware memory and simple paper printouts. Using a cold wallet makes transactions more complicated, but they are the safest.

Your wallet contains a “private” key that allows all the transactions you want to initiate. You also have a “public” key that is shared online so that all users can identify your account when they engage in a transaction with you. When hackers get your private key, they can move your coins wherever they want, and that’s irreversible.

Despite all the challenges and wild volatility, we are confident that the core technology of blockchain is a game that changes the game and will revolutionize how transactions are forwarded.

How to use Blockchain technology for e-commerce

What is Blockchain technology?

Blockchain is a decentralized digital public book for tracking economic transactions. It is designed to record not only financial transactions, but also everything that goes into it. The best feature of Blockchain is that it allows users to publicly see the possessions and transactions they have made over the system.

In addition, it also disguises a user’s identity through powerful cryptography. Decrypting cryptographic code requires a long and challenging calculation, which makes it the safest way to make a money transaction.

Challenges in the e-commerce sector

Blockchain technology is transforming the e-commerce industry by decentralizing control and cutting the existence of an intermediary from the landscape. But before we explore the potential of Blockchain technology for the e-commerce industry, let’s look at the current challenges facing the e-commerce industry.

  • High costs – One of the main problems of the seller in the traditional business model for e-commerce is the involvement of an intermediary, which takes a good share of money with each purchase. The seller must pay the transaction processing fee to complete each transaction.
  • Insecure security- Buyer data protection is another key concern for this type of business. The system must gain the trust of its customers and assure them that their personal and financial data are safe. The current state of e-commerce fails to provide reliable security for consumers.
  • Time-consuming The e-commerce model includes a set of operations such as supply chain, logistics, payment gateways and more. To manage all these operations, the e-commerce industry has to deal with these intermediates on a daily basis. This takes a long time to complete the whole process.

How Blockchain will stimulate the e-commerce industry in the future

Blockchain e-commerce technology is a boom not only for sellers but also for buyers. Some of the challenges that can be addressed through the introduction of Blockchain in the e-commerce industry are the following:

  • Cost reduction – With Blockchain, the e-commerce industry can rely on Blockchain technology for inventory management, payment processing, product database and other business activities. This results in less system maintenance costs or hiring IT support teams to maintain them. Cryptocurrencies such as Bitcoin, Ripple and others. It will reduce the fees charged by third-party institutions such as banks during transactions.
  • Cyber ​​threats- Despite using a secure transaction network, the e-commerce industry is always at risk of losing its customers’ data and money due to unwanted cyber attacks. Blockchain technology is the perfect solution to these challenges. It provides the highest level of security through the use of distributed books to manage e-commerce database management systems.
  • Fast processing – Blockchain e-commerce technology removes the dependence of intermediaries, labor and third-party organizations on the e-commerce model. This saves a lot of time spent in the entire process, ranging from inventory management to placing orders to step-by-step delivery to consumers.

Conclusion

These challenges have bothered sellers from the beginning. Thus, integrating Blockchain technology in 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, which is able to solve all the challenges on its own.

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

How can Blockchain increase your banking profits?

Every industry is revolutionizing technology in the digital economy and has led to drastic changes. The banking industry is no different. Banks have successfully embraced the future of digitalisation. We are at the height of a radical revolution, and yet most do not know. Even those people who appreciate the potential of blockchain technology often do not look beyond bitcoins. Once the individual digs deeper and understands how the blockchain works and its consequences, he will inevitably realize its importance.

Blockchain is a distributed book that maintains a comprehensive and unedited record of all relevant information related to a digital transaction. This book allows you to settle transactions instantly and stably. Blockchain is a blockbuster in banking because it reduces the time required to make a payment and eliminates unnecessary processes. Blockchain technology has the potential to upset 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 will have the chance to create an account and make transactions internationally. This will also allow citizens to have secure and reliable transactions between participants without the need for centralized monitoring or an intermediary.

Not surprisingly, financial institutions are exploring the unique capabilities of the blockchain. Financial institutions can also use it to get a better idea of ​​market developments and increase transparency. Blockchain technology can reduce the bank’s infrastructure costs and allow faster processing times. Data management is a big problem in banking, but with the help of blockchain technology, banks can store any type of data and allow access to this data only according to pre-set rules.

Trade finance is a key area of ​​banking that can be transformed as a result of blockchain technology. Outdated banking processes need to be updated in terms of cost and efficiency. Blockchain is the best platform for uniting parties in a secure network without a third party and by performing each transaction in a secure way.

Whether it is payments, fast transactions or transparency, the basic properties of blockchain for efficiency, profitability and secure transactions are several reasons for the growing popularity of this technology in financial organizations. Blockchain technology is potentially enough to change the entire banking system. But much more needs to be done to make financial organizations and residents fully aware of the implications and benefits of the blockchain. There is no doubt, however, that blockchain technology holds the key to improving the banking system. The use of this technology can bring many effective benefits to the banking industry.