Cryptocurrency is a big thing right now and my opinion is to be very prudent when investing in this industry. Cryptocurrency is used in every industry and here are some examples. Realestate applications of blockchain : BitProperty—Using blockchain and smart contracts, BitProperty wants to democratize opportunity and create a decentralized society by allowing anyone anywhere in the world (except the U.S. and Japan due to regulatory concerns) to invest in real estate.
Logistics and supply blockchain cases : Food industry—The food industry’s complex network from farmers to grocers makes tracking down food-borne illnesses challenging. Blockchain can improve the transparency and efficiency of finding out what food might be contaminated and where throughout the supply chain.
One of the main benefits of blockchain technology is the way it removes intermediaries or middlemen. The music business is a prime example of an industry whose inefficiencies have seen artists poorly remunerated for their efforts. A number of blockchain-based projects have sprung up seeking a fairer deal for music creators, including Artbit, overseen by former Guns N Roses drummer Matt Sorum.|The De Beers Group, the world’s most famous diamond company, now has its own blockchain up and running, designed to establish a “digital record for every diamond registered on the platform”. Given concerns about the source of diamonds, and the ethics concerning their country of origin, coupled with the risk of stones swapped for less value ones along the line, blockchain is a natural fit. Because each record is indelible, it will ensure that data for each stone lasts as long as the diamonds themselves. See more details on what is Bitcoin mining.
This encryption is called hashing. In simple terms, hashing is when an input produces an output of a fixed length. Bitcoin uses a hashing algorithm called SHA-256 which means that no matter the length of the input, the output will always be 256 bits in length. This hashed output functions as the block’s fingerprint in the sense that it is a unique identifier. The hash of the block is determined by the contents of the block, so any change to the data within the block will result in a new, and very different, hash.
The travel industry relies upon different companies passing information between one another. For example, travel agents need to pass customer details on to flight companies and hotels, while the personal belongings of travellers are often passed between companies and tracked too. Blockchain can make accessing and storing important information easier and more reliable, because responsibility for storing it is shared across the whole network. If only time travel were possible then majority of people would wish to back in 2010 to buy bitcoins. A mere 10,000 rupees invested in bitcoins back then would have fetched you over mind boggling 330 crores by now! The world was stunned with such a phenomenal growth of bitcoins as a cryptocurrency. Keep reading this post as we will explain about bitcoin shortly. But how could such a currency grow stupendously on a global scale? The answer is Blockchain. Simple as it may sound there are huge mechanisms in place in making the technology work. The time spent by IBM global financing was reduced by 75% in solving financial disputes using Blockchain technology. Did you know that in international trade finance and remittances ICICI bank using Blockchain technology successfully executed transactions? Did you know SBI is using it in its KYC norms and smart projects? Did you know that Azure is already providing Blockchain as a service(BaaS)? And these are just three instances of the applications of Blockchain and the most obvious use case is bitcoin.
Here are some terms explained : Airdrop: A marketing campaign that distributes a specific cryptocurrency or token to an audience. It is usually initiated by the creator of a cryptocurrency in order to encourage use and build popularity of the coin or token. Most airdrop campaigns run with mechanics such as receiving coins or tokens in exchange for simple tasks like sharing news, referring friends, or downloading an app.
Byzantine Generals’ Problem: A situation where communication that requires consensus on a single strategy from all members within a group or party cannot be trusted or verified. An example of this agreement problem is where a group of generals, encircled around a city, must decide whether to attack or retreat. Every general must agree to attack or retreat, or everyone will be worse off. Some generals may be treacherous, voting falsely, and messengers may deliver false votes. Under these circumstances, a consensus must be reached. In cryptocurrency, when network participants post false or inaccurate information to others about transactions taking place, it could lead to network failure. *see Byzantine Fault Tolerance (BFT).
Delegated Proof-of-Stake (dPOS): A consensus mechanism where users can vote for delegates producing blocks on the blockchain, with votes proportional to their stake. It aims to increase efficiency and environmental friendliness of blockchain consensus protocols.
And the latest crypto news : Chinese cryptocurrency mining giant Bitmain is revisiting plans for an initial public offering (IPO,) Bloomberg reported on June 21. The company had filed to list an IPO on the Hong Kong Stock Exchange, but the application expired on March 26. Now, Bitmain is reportedly planning to file listing documents with the United States Security and Exchange Commission, potentially paving the way for a share sale to take place later this year. While the company was hoping to raise $3 billion from its planned Hong Kong IPO, the Bloomberg report suggested that this fundraising target will be reduced to between $300 million and $500 million if it lists in the U.S. See extra details at Litecoin (LTC) Price