Cryptocurrency is trendy 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. Healthcare blockchain cases : MedRec—In order to give any medical provider secure access to patients’ records, MedRec uses blockchain to save time, money and duplication in procedures between a variety of facilities and providers. Patients could also grand access to their anonymous medical records to be used for research.

Entertainment blockchain examples : Spotify—When Spotify acquired blockchain startup Mediachain Labs it was to help develop solutions via a decentralized database to better connect artists and licensing agreements with the tracks on Spotify’s service.

One of the main benefits of blockchain technology is the way it removes intermediaries or middlemen. The music business is a prime example of an industry whose inefficiencies have seen artists poorly remunerated for their efforts. A number of blockchain-based projects have sprung up seeking a fairer deal for music creators, including Artbit, overseen by former Guns N Roses drummer Matt Sorum.|Blockchain is now being used to support sustainable fishing. Illegally caught fish is an endemic problem within the industry, and distributed ledger technology provides a means of proving where fish were caught, processed and sold. This ‘net-to-plate’ chain allows inspectors to determine whether fish had come from regions notorious for human rights abuses or from countries that are affected by economic sanctions. See more info on what are smart contracts.

Most people know that cryptocurrencies such as Bitcoin use blockchain technology, but what exactly is blockchain? If you imagine Bitcoin as a car, then blockchain would be the combustion engine; i.e. blockchain is the underlying technology that drives the system.

Although blockchain technology can sound confusing at first, it is actually pretty simple to get to grips with. Ultimately, it is a list of public records, also known as a public ledger, where transactions between parties are listed or stored. Each record, known as a ‘block’ within blockchain terminology, is secured using cryptography. 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.

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.

Delegated Proof-of-Stake (dPOS): A consensus mechanism where users can vote for delegates producing blocks on the blockchain, with votes proportional to their stake. It aims to increase efficiency and environmental friendliness of blockchain consensus protocols.

And the latest crypto news : Bitcoin (BTC), and XRP, the third biggest coin by market cap, are not competitors, Ripple CEO Brad Garlinghouse claimed in a Fortune interview on June 20. In the interview, Garlinghouse outlined the key difference of two major cryptocurrencies, arguing that bitcoin is a store of value or “digital gold,” while XRP is a “bridge currency” that enables an efficient solution for fiat-to-fiat transfers. As such, Garlinghouse cited the difference between bitcoin and XRP in terms of transactions costs, claiming that Ripple can do a transaction for a tiny fraction of a cent while a bitcoin transactions costs roughly $2.30 on average. Read extra info on government-issued cryptocurrencies