Cryptocurrency is a big thing right now and my opinion is to be very attentive when investing in this market. Cryptocurrency is used in every industry and here are some examples. Insurance : Accenture—With goals to boost efficiency and productivity within the insurance industry, Accenture builds blockchain solutions for its insurance clients. They translate key insurance industry processes into blockchain-ready procedures that embed trust into the system.
Blockchain in retail : Warranteer—A blockchain application that allows consumers to easily access info regarding the products they purchased and get service in the case of product malfunction.
Medical centers that have digitized their patient records don’t distribute their data across multiple facilities, instead keeping them on-site on centralized servers. These are a prime target for hackers, as evidenced by the ransomware attacks that struck NHS hospitals in the UK. Even if security risks are overlooked, there is still the problem of fragmentation. There are currently more than 50 different electronic healthcare record (eHR) software systems that operate in different hospitals, often with dozens of different packages within the same city. These centralized systems do not interoperate with one other and patient data ends up scattered between disparate centers.|Ukraine holds the honor of becoming the first nation to use blockchain to facilitate a property deal. A property in Kiev was sold by prominent cryptocurrency advocate and TechCrunch founder Michael Arrington. The deal was enabled with the aid of smart contracts on the Ethereum blockchain, and is intended to be the first of many completed by Propy, a startup specializing in blockchain-based real estate deals. See more info on what are crypto wallets.
Every single person on the network has access to the ledger and can see all the transactions. This means there is no centralized copy that can be tampered with. All the data stored on the blockchain is also encrypted so while you can see the ledger, it’ll look like a bunch of numbers and letters rather than “John Smith spent 10 Bitcoin on 6 Tonnes of Saffron”.
In terms of the advantages blockchain technology can offer within the travel industry, stability and security rank very highly. The decentralised nature of the blockchain means that information can never go ‘offline’ or be lost through accidental deletion or a malicious cyber attack, ensuring transactions are always traceable. 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 : Arbitrage: A practice of taking advantage of differences in price of the same commodity in two or more markets or exchanges. For example, cryptocurrency prices on Korean exchanges can be different from those on US exchanges. An arbitrage trader would be in both markets in order to buy in one and sell in another for profit.
Bitcoin Improvement Proposal (BIP): A technical design document providing information to the Bitcoin community, describing new proposed features, processes or environments affecting the Bitcoin protocol. Suggested changes to the protocol are submitted as a BIP. The BIP author is responsible for soliciting feedback and consensus for his or her suggested improvements within the community, and documenting dissenting opinions.
Distributed Ledger: Distributed ledgers are ledgers in which data is stored across a network of decentralized nodes. A distributed ledger does not necessarily involve a cryptocurrency and may be permissioned and private.
And the latest crypto news : A G7 taskforce is being created to examine how central banks can regulate cryptocurrencies such as Facebook’s libra, Reuters reported on June 21. Although Paris has said it is not against Facebook creating a financial instrument, it vehemently opposes libra becoming a sovereign currency. Concerns have been raised over how to ensure cryptocurrencies comply with anti-money laundering laws, consumer protection rules and other regulatory matters. The G7 taskforce is going to be led by Benoit Coeure, who sits on the board of the European Central Bank. Read more details at government-issued cryptocurrencies