Posted by Marian Vasilescu on June 19, 2019 in Finance
Cryptocurrency is trendy right now and my advice is to be very careful when investing in this market. Cryptocurrency is used in every industry and here are some examples. Healthcare blockchain cases : Nano Vision—Looking to catapult medical innovation away from traditional data silos and incompatible records systems, Nano Vision combines the power of blockchain with artificial intelligence (AI) to gather molecular-level data on Nano Tokens. AI then sifts through the data to find trends and analyze connections that will lead to medical breakthroughs.
Logistics and supply blockchain cases : IBM Blockchain—Knowing the status and condition of every product on your supply chain from raw materials to distribution is critical. Blockchain for supply chains allows transparency with a shared record of ownership and location of parts and products in real time.
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.|The De Beers Group, the world’s most famous diamond company, now has its own blockchain up and running, designed to establish a “digital record for every diamond registered on the platform”. Given concerns about the source of diamonds, and the ethics concerning their country of origin, coupled with the risk of stones swapped for less value ones along the line, blockchain is a natural fit. Because each record is indelible, it will ensure that data for each stone lasts as long as the diamonds themselves. See extra details on what are crypto wallets.
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 : Anarcho-capitalism: A political philosophy and school of thought that believes in removing centralized states in favor of self-ownership, private property and free markets. Many of the early adopters of Bitcoin were proponents of anarcho-capitalism, believing it would give power and control back to the masses.
Block Reward: An incentive for a miner who successfully calculates a valid hash in a block during mining. By contributing to the security and liveness of the chain, the miner is rewarded with this incentive, ensuring that miners continue to act in the best interest of the blockchain by legitimately taking part in the process (instead of hacking it).
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 on Ripple (XRP) Price