Is Blockchain the new backbone of the Internet?

Blockchain technology is a data infrastructure that is currently the backbone of a new type of internet that is attracting the online business community. Blockchain is an encrypted and decentralized book that is programmed to record all financial and digital transactions that have value.
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This platform uses Bitcoin, a decentralized peer-to-peer system that has a digital currency known as a cryptocurrency used to pay for goods and services. Bitcoin allows online users to process payments between parties through the exchange of bitcoins that can be purchased in national monetary currencies or can be minted using mathematics, algorithms and cryptography. Blockchain is used to record all these network transactions.
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Blockchain is like a distributed database in which the spreadsheets of all financial transactions are duplicated over its network of thousands of computers. These networks are designed in such a way that they are automatically updated regularly. Records and transactions within the network are publicly available to anyone on the Internet and are easily verifiable. The advantage of blockchain technology is that there is no centralized version of duplicate spreadsheets. It is fully automated without human decision making. Furthermore, it provides the advantage of removing intermediaries, such as banks, traders or brokers in any type of financial transaction.

Advantages of Blockchain applications:

Because of its cryptographic base, it is ensured that malware, hacks, illegal business practices or identity theft attacks will not occur. With unsurpassed security and an immutable blockchain program that is distributed and duplicated across multiple networks, it has immeasurable potential to prevent hackers from corrupting data in any way.

The application of blockchain technology in the financial industry has greatly influenced record-keeping database systems. It has the ability to support self-initiated smart contracts that include programmed conditional clauses for participants. Transactions will be successful, and funds will be transferred only when the conditions from the clauses are met. Such contracts are currently being implemented and executed on decentralized crowdfunding and voting platforms, where the results are fully transparent and publicly available.

What does Blockchain bring for the future?

The use of blockchain technology can revolutionize the field of law. By using smart contracts, blockchain technology has the ability to have smart contracts and the blockchain will take effect immediately after a person dies. An executor and an intermediary would no longer be needed to execute wills. This blockchain technology would rather require a lawyer who has the professional skills of a computer programmer.

In addition, this technology would be useful for car rental agencies. By using smart contracts, agencies could automatically allow car rentals after payment and customer insurance information is approved.

This platform could potentially help the online music industry. Musicians often make money from sales due to recording in companies or on independent platforms. The blockchain could be used to remove middlemen and give the artist more control and ownership of the music, which leads to the retention of a large percentage of sales that artists originally lost.

The blockchain platform can also change accounting based on the organization’s audit verification process. Instead of a firm keeping separate transaction records, blockchain technology can store all transactions in a common registry. This will create a system in which all transactions are sealed in an interconnected system where changing transactions, fraud or their destruction will not be possible.

Furthermore, blockchain technology can change the marketing and advertising industry. First, it will eliminate intermediaries in digital marketing and advertising by creating cost-effectiveness and transparency for organizations. With transparency, it will be easier for merchants and advertisers to identify accurate target markets. Merchants will no longer need to seek consumer information from a variety of sources. You will easily find all the information in the blockchain.


Blockchain technology is a vital and useful asset for online business communities. It can be used to strengthen and enhance trust and transparency. Through this technology, all information is visible to consumers so that they can monitor and validate each product and customer before successfully proceeding with an audit and secure transaction. This leads to an end to data corruption. Traceable transactions will provide companies with an efficient infrastructure that will massively reduce costs for all participants within the blockchain. This will lead to a prosperous and independent society with transparency, cost-effectiveness, integrity, greater security and without intermediaries.


A brief introduction to the blockchain – for normal people


If you’ve tried to dive into this mysterious thing called a blockchain, you’ll be forgiven for backing away in horror at the sheer opacity of the technical jargon often used to frame it. So before we get into what cryptocurrency is and how blockchain technology can change the world, let’s talk about what blockchain actually is.
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Simply put, a blockchain is a digital book of transactions, unlike the books we have used for hundreds of years to record sales and purchases. The function of this digital book is actually quite identical to a traditional book in that it records debits and credits between people. This is the core of the concept behind blockchain; the difference is who keeps the book and who checks the transactions.
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In traditional transactions, payment from one person to another involves some kind of intermediary that facilitates the transaction. Let’s say Rob wants to transfer £ 20 to Melanie. He can give her cash in the form of a £ 20 banknote or he can use some kind of banking application to transfer money directly to her bank account.
In both cases, the bank is the intermediary that verifies the transaction: The slave’s funds are checked when the money is taken out of the ATM or the application checks them when the digital transfer is made. The bank decides whether the transaction will continue. The Bank also keeps records of all transactions made by Rob and is solely responsible for updating them whenever Rob pays or receives money into someone’s account. In other words, the bank holds and controls the book and everything flows through the bank.
It’s a big responsibility, so it’s important that Rob feels he can trust his bank, otherwise he wouldn’t risk his money with them. He must be sure that the bank will not deceive him, will not lose money, will not be robbed and will not disappear overnight. This need for trust has supported almost every major behavior and aspect of the monolithic financial industry, to the extent that even when it was discovered that banks were irresponsible with our money during the 2008 financial crisis, the government (second intermediary) decided to save them , instead of risking destroying the final fragments of trust by letting them collapse.
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Blockchains work differently in one key respect: they are fully decentralized. There is no central clearing house like the bank, nor is there a central ledger kept by one entity. Instead, the book is distributed through a vast network of computers, called nodes, each of which contains a copy of the entire book on its hard drives. These nodes are connected to each other through a piece of software called the peer-to-peer (P2P) software, which synchronizes data across a network of nodes and ensures that everyone has the same version of the general ledger at any point in time.
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When a new transaction is entered into the blockchain, it is first encrypted using state-of-the-art cryptographic technology. Once encrypted, a transaction is converted into something called a block, which is basically a term used for an encrypted group of new transactions. This block is then sent (or broadcast) to a network of computer nodes, where the nodes verify it and, after verification, forward it to the network, so that the block can be added to the end of the book on everyone’s computer, below the list of all previous blocks. This is called a chain, so the technology is called a blockchain.
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After approval and entry in the general ledger, the transaction can be completed. This is how cryptocurrencies like Bitcoin work.

Responsibility and removal of trust

What are the advantages of this system over the banking or central clearing system? Why would Rob use Bitcoin instead of normal currency?
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The answer is trust. As already mentioned, it is crucial for the banking system that Rob trusts his bank to protect his money and treat it properly. To ensure this happens, there are huge regulatory systems that check the performance of banks and ensure that they fit their purpose. Governments then regulate regulators, creating a system of check levels whose sole purpose is to help prevent mistakes and misconduct.
In other words, organizations like the Financial Services Authority exist precisely because banks cannot be trusted on their own. And banks often make mistakes and behave badly, as we have seen too many times. When you have one source of authority, power is often abused or abused. The relationship of trust between people and banks is uncomfortable and insecure: we don’t really trust them, but we don’t feel there is much alternative.
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Blockchain systems, on the other hand, don’t need to be trusted at all. All transactions (or blocks) in the blockchain are verified by nodes in the network before being added to the book, which means that there is no fault point and no authorization channel. If a hacker wanted to successfully tamper with a book on blockchain, they would have to hack millions of computers at the same time, which is almost impossible. Hackers also would largely not be able to crash the blockchain network because, again, they should be able to shut down every single computer in a network of computers distributed around the world.
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The encryption process itself is also a key factor. Blockchains like Bitcoin use deliberately difficult processes for the verification process. In the case of Bitcoin, blocks are checked by nodes that perform a deliberately processor- and time-intensive series of calculations, often in the form of puzzles or complex mathematical problems, meaning that the check is neither instantaneous nor available.
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The nodes that bind the block verification resource are rewarded with a transaction fee and the benefits of newly minted Bitcoins. This has the function of encouraging people to become nodes (because processing such blocks requires quite powerful computers and a lot of electricity), while also controlling the process of generating – or minting – currency units. This is called mining because it involves considerable effort (in this case a computer) to produce new goods. It also means that transactions are verified in the most independent way possible, more independent of a government organization like the FSA.
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This decentralized, democratic, and highly secure nature of blockchains means that they can function without the need for regulation (they are self-regulating), government, or other opaque intermediary. They work because people don’t trust each other, but in spite of it.
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Let the significance of that sink in for a moment and the excitement around the blockchain starts to make sense.

Smart contracts

Things that are getting really interesting are blockchain applications outside cryptocurrencies like Bitcoin. Given that one of the fundamental principles of a blockchain system is secure, independent transaction verification, it is easy to imagine other ways in which this type of procedure can be valuable. Not surprisingly, many such applications are already being used or developed. Some of the best are:

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  • Smart contracts (Ethereum): Probably the most exciting blockchain development after Bitcoin, smart contracts are blocks that contain code that must be executed in order for a contract to be fulfilled. The code can be anything, as long as the computer can execute it, but in simple words it means that you can use blockchain technology (with independent verification, untrusted architecture and security) to create a kind of escrow system for any type of transaction. For example, if you’re a web designer, you can create a contract that checks to see if a new client’s website is running or not, and then leave the funds to you automatically. No more rushing or invoicing. Smart contracts are also used to prove ownership of assets such as property or art. The potential for reducing fraud with this approach is huge.
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  • Cloud Storage (Storj): Cloud computing has revolutionized the network and led to the emergence of big data that in turn triggered a new AI revolution. But most cloud-based systems run on servers stored on single-location, single-entity servers (Amazon, Rackspace, Google, etc.). This presents the same problems as the banking system, because your data is controlled by an opaque organization that represents a single point of failure. Distributing data on the blockchain completely removes the issue of trust, and also promises to increase reliability, because it is so much harder to crash the blockchain network.
  • Digital Identification (ShoCard): The two biggest problems of our time are identity theft and data protection. With huge centralized services like Facebook containing so much 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 daunting. Blockchain technology offers a potential solution to this by wrapping key data in an encrypted block that the blockchain network can verify whenever you need to prove your identity. Applications of this area range from the obvious exchange of passports and ID cards to other areas, such as the exchange of passwords. It could be huge.
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  • Digital voting: Extremely topical following an investigation into Russian influence in the recent US elections, digital voting has long been suspected of being unreliable and very sensitive to unauthorized interference. Blockchain technology offers a way to verify that a vote has been successfully sent, while maintaining its anonymity. It promises not only to reduce election fraud but also to increase the overall voter turnout as people will be able to vote via their mobile phones.
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Blockchain technology is still in its infancy and most applications are far from general use. Even Bitcoin, the most established blockchain platform, is subject to high volatility, which indicates its relative status as a newcomer.

frontier airlines reservstions However, the potential of the blockchain to solve some of the major problems we face today makes it an extremely exciting and seductive technology. I will definitely be careful.

What is blockchain development?

Blockchain technology may be a new name for readers, but experts are of the firm opinion that thanks to this technology we can witness a major change in the field of technology. Therefore, various companies are looking for good opportunities in the field of Blockchain application development. Blockchain is an emerging technology, so most people are not aware of this new advancement. If you are one of those who want to have quite a bit of knowledge about technology, just keep reading the information below.

What do we mean by Blockchain?

Blockchain works like a digital book in which transactions are made using Bitcoin or cryptocurrencies. According to Blockchain experts, this technology provides an absolutely secure way to execute or record any transactions, agreements or contracts. Moreover, Blockchain is valuable for everything needed to be checked and stored in a secure digital ecosystem.

From the starting point of the network, the database is shared between a number of users involved to access the information of all transactions. The total size of the network varies depending on the number of users which can be two or three users or can be a group of hundreds of users.

What is the use of Blockchain technology?

Experts are trying to use it for several purposes, and today the most visible and prominent 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 address or reduce issues of security, challenge or belief.

How is it used?

Specialized computer software is used to create a chain of blocks automatically to divide data into a database in the event of a new transaction. A blockchain contains blocks that are scattered or coded sets of transactions. Each code, with the hash of the block in front of it, connects the two and forms a chain that is a blockchain. This process requires validation of each block to ensure the security of the entire database.

Why do we need Blockchain development?

As mentioned above, Blockchain is trying to make technology more useful for people who need to keep undisputed transaction records. Blockchain technology provides ultimate clarity and transparency and can be used as an effective tool against corruption cases.

With the help of Blockchain technology, all transactions take place in a secure environment where all the details are encrypted by generating a unique transaction number and that number is recorded in the book as a reserved place. In this case, not all users would be able to see the details of the transaction. However, the network will be aware of the transaction. This procedure limits any change to the scam because a person with malicious plans must access every computer on 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 trustworthy company to develop Blockchain.

Tips to consider when looking for a Blockchain application development company

Blockchain … It has become ubiquitous: left, right and center – we hear about this technology everywhere. But it has gained importance by merit: no one can cast doubt on the multifunctional performance, dexterity, and flexibility of the blockchain.

Today, many blockchain application development companies come forward with their services and there are certainly a lot of experts on the market. Once you decide to test and approve a blockchain yourself, you need to consider many factors. The Internet abounds with various sources and you will be able to find numerous tips on how to choose the best company to develop blockchain applications.

We have decided to compile for you a list of the most relevant tips that will alleviate the hassle of choosing. Go!

  1. Choose a blockchain development company that offers consulting services. Usually, companies like this are well versed in blockchain technology and provide you with comprehensive, detailed, expert reports. It will let you know exactly how you can benefit from implementing a blockchain in your company. Moreover, blockchain consulting companies are always up to date with the latest trends and can advise you to use the latest solutions.

  2. Take a closer look at their website. Get acquainted with the company’s portfolio: projects they have implemented (their complexity, industry, technology, etc.). Client recommendations also need attention. They usually point out what makes the team stand out, among others, how quickly they implemented the project, what methodology they used and the general impression of the development and management processes. Furthermore, to get more details about the professional competence of the company, you can even contact their clients directly to get their feedback.

  3. Don’t go cheap. Certainly development costs are crucial and it is okay if you want to consider the financial aspects. However, don’t look for the cheapest development services as you could end up in complete disappointment. It is much better to just fix the project budget at the very beginning.

  4. Look for a dedicated team. Sometimes you can be a little confused, saddened or even disappointed when you have to remind the team of the goals of your project or point out some mistakes that have not been corrected and repeated over and over again. We agree that you do not need these misunderstandings. So look for a company that will provide you with a dedicated team.

A dedicated team will only work on your project, deliver it on time, provide you with all the necessary updates and organize daily / weekly virtual meetings.

  1. Be sure to ensure that the company provides special support services. You should be aware that the mere development of a blockchain application is not enough. It is a well-known phenomenon that all applications need continuous support even after the implementation process is complete. Consider support services such as cloud hosting, live technical support, and bug fixes. A team of experienced developers will do their best to rid your business of unnecessary problems in the future.

Here, we have it. The next time you think about which blockchain application development company to choose, don’t forget these tips.

I wish you good luck!

Blockchain for IoT in business

A new horizon in the data exchange framework

Blockchain is a shared distributed database for peer-to-peer transactions. At the core of this technology is bitcoin – a digitally encrypted wallet for controlling transactions and payment systems that was introduced in 2009. This transaction management system is decentralized and mostly works without intermediaries. These transactions are supported by a set of network nodes and documented in a utility book known as a blockchain.

The Internet of Things (IoT) is a cyber-physical network of interconnected computer devices, digital objects, and individuals with unique system IDs. The goal of IoT space is to serve a single point of integration and data transmission on a network without the need to interfere with people or computers.

There is an intricate relationship between blockchain and IoT. IoT provided by businesses can find solutions using blockchain technology. A common system can develop and record a cryptographically protected dataset. Such databases and records are protected from alteration and theft, provided they are highly protected and protected from malware. The duo can build transparency and accountability, while moderating business development mechanisms. Blockchain alone can help reduce mismanagement in the workplace, overhead and business unpredictability through its interconnected servers. A digital book can develop a cost-effective business and management system in which everything can be efficiently exchanged, properly monitored and tracked. This process eliminates the need for a central management system, which basically eliminates many bureaucratic red bars and simplifies business processes. The commercial adoption of this innovation offers an immersive platform in the IoT domain and within business enterprises.

Blockchain basically allows interconnected IoT devices to participate in secure data exchange. Businesses and businesses can use the blockchain to manage and process data from peripheral devices, such as RFID-based assets (radio frequency identification), machine-readable barcodes and QR codes, infrared blusters (IR blusters), or device data. . If integrated into the business setup, IoT edge devices will be able to transmit blockchain-based records to update contracts or check the communications network. For example, if an IoT-enabled and RFID-tagged device with a sensitive geographic location and confidential information is moved to another unspecified point, the data will be automatically stored and updated on the blockchain book and take the necessary action if the system is assigned. As the product spreads to different locations, the system allows stakeholders to get the status of the package’s place of residence.

To enjoy the fruit of the blockchain-enabled IoT framework, business organizations must have four basic principles:

1. Cost Reduction

High-end devices should reduce runtime and eliminate IoT gateways or Internet intermediaries within the system. Because data and information sharing is transmitted within the system, removing additional protocols, programs, hardware, channels, nodes, or communications reduces overhead.

2. Accelerate data exchange

A blockchain-enabled IoT can eliminate the IoT gateway or any filtering device needed to establish a network between the cloud, the administrator, the sensor, and the device. The expulsion of such a ‘middle man’ can allow for peer-to-peer contracts and data sharing. In this process, the digital book eliminates the extra time required to synchronize devices and process and collect data. However, removing the IoT gateway provides channels for malicious malware and security breaches. A blockchain-enabled IoT network can be solved by installing features such as malware detection and encryption mechanisms.

3 Building trust

Through the blockchain-enabled IoT space, devices and devices can virtually and physically perform transactions and communicate as trusted parties. Unlike conventional business where transactions require confirmation and verification, blockchain does not need any central authentication or peer recommendation. As long as the network is protected and trusted by the technologically skilled, the IoT space does not require additional documents. For example, Team A may not know Team B, may not have met physically, or may not have had confidence in each other, but a certified record of network transactions and information exchange in the blockchain book confirms business reliability. This allows individuals, organizations, and devices to gain the mutual trust that is vital to establishing agile business settings and removing administrative clutter.

4. Enhancing security for IoT

Blockchain provides space for a decentralized network and technology that promises to store, handle, and retrieve data from its billions of connected devices. This system must provide a highly secure network that is both encrypted and easy to use. A decentralized network must provide high bandwidth, permission, low latency, and querying. Installing a blockchain in an IoT network can regulate and moderate the exchange of data across edge devices, while maintaining the same secured transaction and data exchange of connected devices.

Elimination of points of failure in IoT space

Blockchain-enabled IoT can upgrade the supply chain network by tracking tagged items as they move along different locations in an import store or warehouse, while at the same time approving safe and accurate product delivery. The blockchain installation provides accurate and detailed product validation and solid traceability of relevant data along supply chains. Instead of finding paper tracks to identify the country of origin (Io), the IoT can verify the physical confirmation of each product via a virtual “visa” that provides relevant information such as the authenticity and origin of the product. Blockchain can also make product records that can be checked and help organizations trace or create a record history. It can also provide secure access to the data network for administrative records or alternate plans.

The blockchain-enabled IoT is not limited to business failures or use cases. Any business entity with IoT space can increase business productivity by marginalizing costs, removing bottlenecks, additional cycles, and individual points of failure in the system by updating process innovations. It is in the self-interest of such organizations to understand, adopt and implement the blockchain in their business solutions.

More …

Launched by the Fourth Industrial Revolution (4IR), blockchain-enabled IoT is now the dominant innovation after the integration of transistors and computer systems. It is the break that welcomes the ‘second machine age’ in terms of digitization and advanced artificial intelligence (AI). Organizations facing business are leaders in the fruits of this revolution. It will be unfortunate if these organizations fail to realize the business potential of this mega integration that can bring intelligence into systems anywhere and anywhere. In addition to the new integration, this system also addresses critical flexibility issues related to the distributed network, such as privacy and data network protection, security device coordination, and intellectual property management. Although many technology builders are building an open source foundation to address these issues, organizations and businesses should embrace and disseminate this technology for increased mobility and improved integration of products and services.

Blockchain: open source money

“Blockchains are simply distributed engines for processing transactions. The technology allows data to be stored in various different places while monitoring the relationship between different sides of that data. Most people who try to explain blockchains like to compare them to a general ledger. Whenever someone makes a transaction, like change currency or adding a new device to the network, it is recorded in a chain and anyone can keep track of what happened. That’s why law enforcement is so interested in Bitcoin – digital prints are a simple clue. “ Fortune tech, Stacey Higginbotham, May 29, 2015

What if we live in a world where global access to money was available to everyone? Money can be zoomed around the world at the speed of digital as a peer-to-peer decentralized and cooperative process – no top-down banking system is needed. Trust relationships happen automatically through digitally signed transactions without permission, destroying the inevitability of poverty. Would this be a huge step for humanity?

It is the utopian dream of technology developers. The next generation of computer networks is preparing to surround the world for the common good. Welcome to the intention of blockchain (financial) transformation of the world.

Ignore it at your own peril.

My article from May 2016, Power behind the throne, talks about mostly unreported but steady progress, towards cashless society through blockchain technology, and my thoughts on who really benefits. It could end up as a huge leap for the banking industry, gaining omnipotent control over our financial transactions. Bloomberg article, Inside a secret meeting where Wall Street tested digital money, May 2, 2016, quoted representatives of Nasdaq, Citigroup Inc., Visa Inc., Fidelity, Fiserv Inc., Pfizer Inc. and others present.

Enter 2017 and a documentary created for inspiration and excitement: Blockchain and Us. Some say 2017 will be the year in which this technology moves into the mainstream; others say it is simply too risky.

The commercial-type documentary features “leaders” from countries around the world glorifying the virtue of open source money, local and cultural bottom-ups that Bitcoin 2008 launched. Blockchain technology and its potential impact compare to how the introduction of airplanes has changed society; reportedly, only the structure of the financial services industry will be transformed 100% into digital within 20 years. In addition, blockchain technology is expected to:

  • Influence every industry as a “value” platform with military-class cryptology

  • Create a generational shift in technology, an opportunity capable of “pulling people out of poverty”

  • Adapt to what they called “smart” contracts

  • Take advantage of the profound change in the way the Internet could be used to create new forms of value and new ways of value transactions

  • Create more jobs with automation

Here you go … Blockchain and me. Yet troublemakers, like me, cannot see a proportionate personal benefit. Hand over the poor financial privacy we have left in cash to the Goliath banking industry? It seems to me that we may not have a choice, because it seems that “small” people are units of income just for driving.

However, using cash and paying on the go has obvious, and perhaps not so obvious, advantages:

  • Choice

  • Transaction privacy

  • No bank fees (overdraft, credit cards, loans, lines of credit, etc.)

  • Possible 5% discount for seller on request

  • Fiscal responsibility destroyed by the use of credit

  • Suppressing the mindset of instant gratification encourages easy lending

  • More personal time when keeping up with debt means working harder / faster

I think life in the material world is easy to forget that the complete definition of wealth involves more than accumulation. The intangible wealth of personal well-being and peace of mind are invaluable until we overlook and underestimate them. Instead of a utopian dream, imagine this: We no longer make purchases we don’t need, we don’t have to impress people with money who don’t really care about us. If more people had a habit of using cash, we could strengthen our own money management skills towards creating real wealth, and also send a message to those who own gold.

The main characteristics of Blockchain

Blockchain was originally created to be a decentralized book of Bitcoin transactions that take place within the Bitcoin network. A decentralized or distributed database / book basically means that the storage devices where the books are located are not connected to a common processor. The blockchain contains an increasing list of block transactions. Each block is time-stamped and then linked to the previous block to become part of a block of blocks.

Before computers, people kept their important documents by making lots of copies and storing them in impenetrable steel safes, buried treasure chests, or bank vaults. As an added security measure, you would translate each of these documents into a secret language that only you could understand. That way, even if someone managed to break into your bank vault and steal your belongings, they won’t be able to understand your secret messages, and you’ll still have a lot of backups stored elsewhere.

Blockchain puts this concept on steroids. Imagine that you and a million friends can copy all your files, encrypt them with special software and store them in digital vaults (computers) across the Internet. That way, even if a hacker breaks into, steals, or destroys your computer, it can’t interpret your information, and your network of friends still has 999,999 backups of your files. It’s a blockchain for short.

Special files, encrypted with encryption software so that they can only be read by certain people, stored on normal computers, linked together over a network or over the Internet. Files are called general ledgers – they record your data in a certain way. Computers are called nodes or blocks – personal computers that share their processing power, storage space and bandwidth. And a network is called a chain – a series of connected blocks that allow computers to share general ledgers (hence the name, blockchain).

The social impact of blockchain technology is already beginning to be understood and this is perhaps just the tip of the iceberg. Cryptocurrencies have already cast doubt on financial services through digital wallets, the introduction of ATMs, and the provision of loans and payment systems. Given the fact that there are more than 2 billion people living in the world today without a bank account, such a shift is certainly life-changing and can only be positive.

The transition to cryptocurrencies may be easier for developing countries than the fiat money and credit card process. In a way, it is similar to the transformation that developing countries have had with mobile phones. It was easier to procure massive quantities of mobile phones than to provide new infrastructure for landlines. Decentralization outside governments and control over people’s lives are likely to be accepted by many, and the social implications can be quite significant.

The multitude of identity thefts that have hit the news in recent years should be taken into account. Handing over control of identification to people would certainly eliminate such events and allow people to disclose information with confidence. In addition to providing access to privileged banking services, greater transparency could also increase the profile and efficiency of charities operating in developing countries that fall under corrupt or manipulative governments. An increased level of confidence in where the money goes and who benefits will certainly lead to increased contributions and support to those in need in parts of the world that desperately need help. Ironically, but not in line with public opinion, a blockchain can build a financial system based on trust.

Going a step further, blockchain technology is in a good position to remove the possibility of voice tuning and all other negatives associated with the current process. Believe it or not, Blockchain can actually solve some of these problems. Of course, with new technology there are new obstacles and problems to come, but the cycle continues and these new problems will be solved with more sophisticated solutions.

A decentralized book would provide all the necessary data for accurate recording of votes on an anonymous basis and check the accuracy and whether there was any manipulation of the voting process. There would be no intimidation if voters could vote in the privacy of their home.

Whether blockchain technology will actually become a part of everyday life remains to be seen. Although inflated expectations have increased the possibility of the end of central banks and their responsibilities as we know them today, the end of the centralized financial system may be too far for now. Time will tell how the blockchain is evolving, but one thing seems certain today. The status quo is no longer an option and a change is needed.

Are you planning to trade Monero cryptocurrency? Here’s the basics to get you started

One of the basic regulations of blockchain technology is to provide users with unwavering privacy. Bitcoin as the first ever decentralized cryptocurrency relied on this premise to market to a wider audience that then needed a virtual currency without government interference.

Unfortunately, Bitcoin has proven to be fraught with several weaknesses along the way, including non-scalability and a variable blockchain. All transactions and addresses are written on the blockchain, making it easy for everyone to connect the dots and reveal users ’private details based on their existing records. Some governmental and non-governmental agencies already use blockchain analytics to read data on the Bitcoin platform.

Such flaws have led developers to explore alternative blockchain technologies with improved security and speed. One of these projects is Monero, which is usually represented by an XMR ticker.

What is Monero?

Monero is a privacy-focused cryptocurrency project whose main goal is to provide better privacy than other blockchain ecosystems. This technology protects user information through hidden addresses and ring signatures.

An invisible address refers to the creation of a single address for a stand-alone transaction. Two addresses cannot be attached to one transaction. The received coins go to a completely different address, which makes the whole process unclear to an outside observer.

A ring signature, on the other hand, refers to mixing account keys with public keys, thus creating a “ring” of multiple signatories. This means that the monitoring agent cannot associate a signature with a specific account. Unlike cryptography (a mathematical method of securing crypto projects), a signature ring is not a new child in the block. Its principles were researched and recorded in a paper in 2001 by the Weizmann Institute and MIT.

Cryptography has certainly won the hearts of many blockchain developers and fans, but the truth is that it is still a newborn tool with a handful of uses. Since Monero uses the already tested Ring signature technology, it stood out as a legitimate project worth adopting.

Things to know before you start trading Monera

Monero’s Market

The Monero market is similar to the market for other cryptocurrencies. If you want to buy it, some of the exchanges to visit are Kraken, Poloniex and Bitfinex. Poloniex was the first to adopt it, followed by Bitfinex and finally Kraken.

This virtual currency appears to be mostly pegged to the dollar or to other cryptocurrencies. Some of the available pairings include XMR / USD, XMR / BTC, XMR / EUR, XMR / XBT and many others. The volume of trade and liquidity of this currency are recorded by very good statistics.

One of the good things about XMR is that anyone can participate in its mining either as an individual or by joining a mining fund. Any computer with significantly good processing power can mine Monero blocks with a few hiccups. Don’t bother with ASICS (application-specific integrated circuits) that are currently mandatory for Bitcoin mining.

Price volatility

Although it is a frightening cryptocurrency, it is not so special when it comes to instability. Virtually all altcoins are extremely volatile. This should not worry any passionate trader, because this factor is what makes them profitable in the first place – you buy when prices are falling, and you sell when they are on a rising trend.

In January 2015, XMR cost $ 0.25 and then ran at $ 60 in May 2017 and is currently bowling above the $ 300 limit. The Monero coin recorded its ATH (highest maximum) of $ 475 on January 7, before it began to fall along with other cryptocurrencies to $ 300. At the time of writing, almost all decentralized currencies are in the price correction phase, and Bitcoin is fluctuating between $ 10-11,000 from its famed $ 19,000 ATH.

Interchangeability and adoption

Thanks to its ability to offer reliable privacy, XMR has been adopted by many people making its coins easy to exchange for other currencies. Simply put, Monero can easily be mistaken for something else.

All Bitcoins in the Bitcoin Blockchain are recorded, so when an incident like theft occurs, the operation of any coin involved will be avoided making them immutable. With moner, you can’t tell one coin from another. Therefore, no vendor can refuse any of them because it is related to a bad incident.

The Monero blockchain is currently one of the trend cryptocurrencies with a significant number of followers. Like most other blockchain projects, its future looks great, although government repression is threatened. As an investor, you need to perform a detailed analysis and research before trading any cryptocurrency. Where possible, seek help from financial experts to take the right path.

How Blockchain can fight blood diamonds

One of my biggest desires for Africa is to start aggressively solving our own problems using emerging technology. I firmly believe that the next generation of problem solutions and innovative thinkers are well equipped to implement custom solutions on the continent. Ideally, these solutions would stop the cycle of poverty and corruption.

When it comes to the diamond industry, there is no better time than now for new technology to be used to solve the long-standing problem of digging conflict. By using Blockchain, we could eradicate unethical and powerful mining of diamonds and other precious metals, which are often controlled by rebel forces. According to various studies, these rebel forces can earn from 3 to 6 million dollars a year from blood diamonds. What is discouraging is that much of the forced labor is imposed on young and innocent civilians. Mainly in countries like the Democratic Republic of Congo, Sierra Leone, Angola and the Central African Republic.

These rebel forces can earn from 3 to 6 million dollars a year from blood diamonds.

Finding the origin of diamonds has never been an easy or immediate process, and for hundreds of years dishonest people have managed to exploit holes to their advantage.

The good news is that the development of technology in the last few decades has introduced better ways of processing information. My belief is that Blockchain technology is a proactive way to strengthen transparency and confidence in the diamond industry. I will explain how below. (If you are unfamiliar with the technology, this article provides a little more background)

One of the leading systems that comes to mind is TrustChain. Unlike many other Blockchains, this one is an “attack with a majority of 51 percent” because it introduces a third party into the signing of each block. This provides “Proof of Confidence”.

Blockchain hacking

If you are wondering what that means, it refers to this popular question; “Are Blockchains really hackable?”

The fact is that it is incredibly difficult to hack any Blockchain. Hacking any block would mean hacking each previous and next block before the next block is formed. This becomes exponentially difficult to perform as the chain of blocks grows.

However, this does not mean that hacking is impossible. An individual or group of hackers could gain control if they can hack most of the network’s scatter rate to revise transaction history, which would prevent new transactions from being validated on the Blockchain. Although such an attack is very unlikely and extremely difficult to execute, it is encouraging to know that systems like TrustChain are designed to completely eliminate this possibility.

Improved Kimberley process

The Kimberley Process was enacted in 2000 by the UN to combat the exchange of conflicting diamonds. The problem is that it is still a solution on paper that relies on certifications and the merchant community. Although the initiative aimed to do good, it does not eradicate the possibility of malicious activities within trade communities. What makes Blockchain different is that it leaves no room at any level for corruption or bribery by people. Trust is built into the system, and transactions are open and transparent. No government or system administrator can randomly issue certificates or change information. The nature of the Blockchain architecture is to create a distributed book in which transactions are recorded chronologically and secured using advanced cryptography … making it almost impossible to edit existing data.

Diamond data

Because diamonds have very unique elements as they are created, each transaction would be equally unique. Transactions would record the unique fingerprint of each stone, including its color, carat and clarity, serial number, as well as how much each stone was sold at each touch point. We could follow every step of selling diamonds on Blockchain.

Cutting the Middle Man

Diamond suppliers often rely on several intermediaries to move diamonds around the world. Eg. Accountants, government officials, lawyers, banks, dealers, etc. The introduction of this technology in the industry would mean that intermediaries will play a less important role in the process, leaving no room for mistakes or corruption.

The future shines brightly like a diamond.

To summarize, it is clear that diamond blockchains are a major milestone in this industry. Organizations like IBM, De Beers, TrustChain and Everledger are jumping on the blockchain. If jewelers, individuals and other large corporations follow it, it can force conflict mines to fall out of the way. This would drastically reduce the profitability of those who sell blood diamonds, which could later lead to the end of the blood diamond era.


Disclaimer: I am not affiliated in any way with the companies and organizations mentioned in this article. You are simply passionately solving the relevant problems of Africa with the help of Blockchain. Below are some links to the mentioned companies.


Trustchain: https://www.trustchainjewelry.com/

De Beers Blockchain statement: https://www.debeersgroup.com/en/news/company-news/company-news/de-beers-group-progresses-development-of-first-blockchain-initia.html

IBM on Blockchain: https://www.ibm.com/blogs/think/2018/05/everledger/

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 provide support from 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 the insurer, if applicable, to the reinsurer. Acceptance of the damage is confirmed by the insurance certificate.

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 detected 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 to be the biggest picture of the fourth industrial revolution and a potential disruption for some organizations and companies, 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.

Briefly about Blockchain technology:

  • The blockchain is a comprehensive, decentralized advanced record that is reliably updated and contains records 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 then connects 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 health 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 similar to various industries, a blockchain could eventually 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 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.


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 substantially valid solitary cases are paid for. 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, stay in touch with us at that moment.

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