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.

Blockchain for Cannabis: Uruguay Is Harnessing Blockchain Potential for Cannabis Production
Jun 03, 2020 at 08:12
News
Blockchain for Cannabis: Uruguay Is Harnessing Blockchain Potential for Cannabis Production
Blockchain and cannabis are some of the most searched keywords on the internet today and it is interesting to see the correlation between the two. Today, blockchain is being applied to pretty much every sector and cannabis production is no exception.
Alibaba Will Use Domain Names to Connect Between Blockchains
Jun 02, 2020 at 15:38
News
Alibaba Will Use Domain Names to Connect Between Blockchains
Chinese e-commerce giant Alibaba has filed a patent for cross-chain technology that improves the connection between blockchains through domain names. The ‘unified domain name scheme’ has been approved by the United States Patent and Trademark Office (USPTO).
Swiss Regulator Approves Cryptocurrency Trading with Local B2B Banks
Jun 02, 2020 at 15:11
News
Swiss Regulator Approves Cryptocurrency Trading with Local B2B Banks
Swiss InCore Bank has become the first local B2B bank to get regulatory approval for digital asset trading support.
Korean University Wants to Establish a Blockchain Campus
Jun 02, 2020 at 13:33
News
Korean University Wants to Establish a Blockchain Campus
Suseong University will build an exclusively blockchain and AI technology campus in Daegu ready to admit students in a year’s time.
Kazakhstan to Promote Cryptocurrency Mining Institutionalization Bill
May 30, 2020 at 09:49
News
Kazakhstan to Promote Cryptocurrency Mining Institutionalization Bill
A new law to institutionalize Bitcoin (BTC) and cryptocurrency mining will be dealt with in the House of Representatives of Kazakhstan.
Lithuanian Central Bank Tests Blockchain Sandbox for Non-Financial Sector
May 29, 2020 at 13:11
News
Lithuanian Central Bank Tests Blockchain Sandbox for Non-Financial Sector
The Bank of Lithuania (BoL) is working on the development of a blockchain platform to support the non-financial sector. As per the report by Europe World News, the BoL unveiled that it has successfully completed the blockchain-powered sandbox ‘LBChain’ initiative.
China’s Digital Yuan Has No Official Launch Date, Though in Progress
May 28, 2020 at 11:29
News
China’s Digital Yuan Has No Official Launch Date, Though in Progress
Although pilot tests for the digital Yuan have been launched and are happening progressively across four large Chinese cities, the governor of the Chinese Central Bank in a recent report by Xinhua news claimed no official date had been set for the launch of the long-awaited project.
Russia’s Largest State-owned Bank Introduces 5,000 Blockchain-based ATMs
May 27, 2020 at 12:36
News
Russia’s Largest State-owned Bank Introduces 5,000 Blockchain-based ATMs
Sberbank, Russia’s largest state-owned bank, expands and installs blockchain-based ATMs to expand contactless transactions. Thanks to the distributed ledger tech (DLT), the ATMs will provide effective, safe, secure and fast touchless transactions and also offer a significant security and performance level.
National People’s Congress: China to Establish a Blockchain Development Fund
May 26, 2020 at 14:38
News
National People’s Congress: China to Establish a Blockchain Development Fund
At this year’s annual gathering, the Chinese legislative body proposed the establishment of a fund to support the development of blockchain technology led by the government.
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