Blockchain

A brand-new revolutionary technology is rapidly gaining momentum. The blockchain technology, which was created in 2008 to serve Bitcoin when it launched a year later, is being used almost in every corner of our world. 

“The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts.” – wrote in an announcement Satoshi Nakamoto, a founder of Bitcoin. 

The blockchain is a public record of Bitcoin transactions in chronological order. The blockchain is shared between all Bitcoin users. It is used to verify the permanence of Bitcoin transactions and to prevent double spending. Majority of people use a trusted third party, for example, a bank to make a transaction. But blockchain allows both consumer and supplier to connect directly, eliminating the need for a middleman. 

How does Blockchain work? 

On a simple example, we will find out how this system works. Imagine you want to send Bitcoin (or some other cryptocurrency) to a friend, or sell it, that information will be available for every user on the blockchain. They might not know who you are, but they will know exactly how much trade coins have been transferred from one person to another.

Ukraine and Russia at the Forefront of Embracing Cryptocurrency
Sep 17, 2020 at 13:30
News
Ukraine and Russia at the Forefront of Embracing Cryptocurrency
Eastern European countries are topping the list in cryptoasset adoption speed. Particularly, Ukraine and Russia have topped others because they have unduly intensive cryptocurrency usage. This shows that a bigger ration of nationals has moved away from traditional monetary activity to cryptoassets.
Iran will Buy Foreign Cars Using Locally Mined Cryptocurrency
Sep 16, 2020 at 11:58
News
Iran will Buy Foreign Cars Using Locally Mined Cryptocurrency
Due to the hyperinflation of the local currency, Iran is planning to use locally mined cryptocurrency for car import.
Central Banks to Test Implementation of CBDC thanks to MasterCard’s New Simulator
Sep 11, 2020 at 09:57
News
Central Banks to Test Implementation of CBDC thanks to MasterCard’s New Simulator
A multinational payment bull MasterCard offers a virtual platform to test the potential of central bank digital currency (CBDC). The company wants to help central banks globally that are planning to develop, analyze and explore their state-backed virtual currencies.
What Do Banks See In Blockchain Technology?
Sep 09, 2020 at 12:30
News
What Do Banks See In Blockchain Technology?
Banks have a different perspective and vision when it comes to blockchain. Some banks support this groundbreaking technology, some are still lagging behind and redundant, and others are still against it.
Cell Protocol Is on the Way, Will the Oracle Kingdom Built on TRON Become Popular?
Sep 08, 2020 at 09:17
News
Cell Protocol Is on the Way, Will the Oracle Kingdom Built on TRON Become Popular?
This year, DeFi continues to be popular, and several DeFi-related concepts have become goldmines. The most prominent one is oracle.
HR Revolution: Is Blockchain Involved?
Sep 07, 2020 at 09:29
News
HR Revolution: Is Blockchain Involved?
The talent acquisition and retention process have always been tedious, expensive, inconveniencing and opaque to job-seekers, employees and employers. However, blockchain’s Distributed Ledger Technology (DLT) features of transparency, urgency, decentralization, immutability and security seems to present a better experience for the industry.
6 Reasons to Invest in Bitcoin in 2020
Sep 04, 2020 at 12:33
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6 Reasons to Invest in Bitcoin in 2020
Cryptocurrencies including Bitcoin (BTC) are just one decade old but they have proved to be one of the major profitable investment alternatives in the world.
How to Choose Which Altcoin to Invest In?
Sep 03, 2020 at 12:58
Price
How to Choose Which Altcoin to Invest In?
The emergence and growth of the popularity of the alternative currency Bitcoin has led to the creation of many other cryptocurrencies based on Bitcoin Blockchain code. All these cryptocurrency have the generic name - Altcoins.
More People Start Using Bitcoin Cryptocurrency Due to Covid-19 Pandemic
Sep 02, 2020 at 12:10
News
More People Start Using Bitcoin Cryptocurrency Due to Covid-19 Pandemic
Recent research shows massive growth of Bitcoin wallets since the beginning of the lockdown in different parts of the world due to the Covid-19 pandemic.
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