Cryptocurrency is a big thing right now and my opinion is to be very careful when investing in this market. Cryptocurrency is used in every industry and here are some examples. Realestate applications of blockchain : Ubiquity-This Software-as-a-Service (Saas) blockchain platform offers a simpler user experience to securely record property information to ensure a clean record of ownership.
Logistics and supply blockchain cases : De Beers-De Beers mines, trades and markets more than 30% of the world’s supply of diamonds. The company plans to use a blockchain ledger for tracing diamonds from the mine to the customer purchase. This transparency will help the industry and anybody who wishes to verify, confirm diamonds are free from conflict. Fura Gems also plans to use blockchain in its supply process of emeralds, rubies and other precious stones.
Google is also reported to be working on a proprietary blockchain to support its cloud-based business. Parent company Alphabet is developing a distributed ledger that third parties will be able to use to store data, believed to be in regards to Google’s cloud services for enterprises, with a white label version for companies also in the works.|Supply chain management is seen as one of the most beneficial use cases for blockchain, as it’s ideal for industries where goods are passed through various pairs of hands, from beginning to end, or manufacturer to the store . IBM and Walmart have teamed up to launch Blockchain Food Safety Alliance in China. The project, run in conjunction with Fortune 500 company JD.com, is designed to improve food tracking and safety, making it easier to verify that food is safe to consume. Read extra info at Bitcoin price.
You could think of blockchain as a database which records a single, trusted version of the digital history. We call this “database” a digital ledger. It’s important to have one version since it means data can’t be manipulated by bad actors for nefarious means. Blockchain allows digital data to be distributed but not copied or changed.
The decentralised, permanent, time stamped and unalterable nature of the data recorded in the blockchain means that data is more secure, traceable and transparent. After all, there is no central point of vulnerability or failure, and the data itself is resistant to modification and unwanted tampering. 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.
Bear Trap: A technique played by a group of traders, aimed at manipulating the price of a cryptocurrency. The bear trap is set by selling a large amount of the same cryptocurrency at the same time, fooling the market into thinking there is an upcoming price decline. In response, other traders sell their assets, further driving the price down. Those who set the trap then release it, buying back their assets at a lower price. The price then rebounds, allowing them to make a profit.
Decentralized Autonomous Initial Coin Offerings (DAICO): A method for decentralized funding of projects, combining ideas from Decentralized Autonomous Organizations (DAOs) and Initial Coin Offerings (ICOs), proposed by Vitalik Buterin, creator of Ethereum. It introduces a form of governance in the ICO process, allowing backers to vote for the return of their funds if certain conditions are met.
And the latest crypto news : According to Cointelegraph Japan, the FSA has identified shortcomings in Fisco’s internal control systems – such as anti-money laundering measures – and found it to be insufficiently compliant with local laws and regulations. As previously reported, Fisco assumed ownership of Japanese exchange Zaif in fall 2018, shortly after the platform was hacked to the tune of ~$59.7 million. The FSA’s action has reportedly been taken under the provisions of the country’s Act on Settlement of Funds. Read extra info at live crypto news show.