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Bitcoin and Ethereum cryptocurrencies have recently got very famous and people are crazy about it. Blockchain is the reason for the success of these cryptocurrencies. Every industry is acquainted with the benefits of blockchain and is utilizing it. Since the technology revolution is expanding every day, almost everything is done digital. Thus, it calls for the most crucial aspect, i.e., security. Blockchain is a superhero that provides a safe and secure gateway for transactions. As the name suggests, it is a chain of blocks. Block refers to digital information, and the chain refers to the public database. It is used in Healthcare, property records, smart contracts, supply chain use, etc. Why do we need blockchain for data storage? The traditional way of storing data is by using cloud storage. It has a great demand and, thus, is prone to misuse. The major disadvantage being all the information is centralized. Data becomes vulnerable and is not usually encrypted during transactions....

What is Tokenomics? Tokenomics (token economics or crypto-economics) study the economic institutions and policies of the distribution, production, and distribution of goods and services that have been tokenized. Blockchain technology has become the driving force of innovation on the internet.  Such developments have mobilized economic transactions that rely on tokens and do not require centralized intermediaries like banks or big enterprises. The nature of these commercial systems differs from the traditional industrial economies as their characteristics are decentralized, requiring very little capital to scale, and offering significant security of transactions. What is a Token? Tokens, in a general sense, are units of value issued by an organization, but in the context of Tokenomics, it is more specifically built on top of an existing blockchain. Tokens have been rebranded with the advent of blockchain, but tokens have always been around. Concert tickets, gym membership card...

If the internet was the breakout consumer technology of the first decade of the new millennium, the second decade arguably belongs to blockchain technology. It’s been just over a decade since Satoshi Nakamoto, who can be considered as the father of blockchain, introduced us to Bitcoin through his eponymous whitepaper. And while Bitcoin grew mainstream, thousands of other cryptocurrencies popped up all around the world, each having its niche use cases. But cryptocurrency is just one of the applications of comprehensive blockchain technology, a mere tip of the iceberg. Over time, as adoption grew and people began to see blockchain as a trusted approach, more and more avenues opened up. Blockchain technology was used in implementing smart contracts, supply chain and logistics, IoT, cross-border payments, fraud detection, securing medical records, and more. What is the real concept of Blockchain? Blockchain seems complicated, and it definitely can be, but its core concept is quite simp...

The history of the original Ethereum network began back in 2013 when Vitalik Buterin’s idea for a new programming language didn’t gain much traction within the Bitcoin community. Buterin made a case for Bitcoin to create a new programming language that could automate tasks and allow apps to be built on top of its blockchain. As there wasn’t much interest in his idea, he decided to raise funds via a crowd sale. In July 2014, one of the largest crypto fundraising efforts took place — amassing 25,000 BTC with a market capitalization of $17 million at the time. Ethereum — a global, open-source software platform — was born. The platform would allow the creation of decentralized smart contracts, which are essentially agreements between two parties that are written in code. The contract gets processed automatically by the blockchain once the conditions in the agreement are met. The combination of blockchain’s immutability, teamed with its open-source functionality, makes smart contra...

One of the attributes that the blockchain is often associated with is its immutability. In its technical nature, Blockchain is an immutable database, and you cannot manipulate data that’s already in the blockchain. The hash value is unique, identifying one block. It depends on the block’s content, so each block has its unique hash value, and it’s identifying this block only. Therefore each block can reference or point to the block before, which means the four-block is taking a reference to the third one is taking a reference to the second, and so on. So that reference is made by the hash value. The simplest way to explain the blockchain process can be: Let’s, for example, implement the blockchain in a simple yet flawed bank transaction. Suppose A wants to send money to B. The transaction is represented as a “block.” This block is broadcast to every party in the network. Those in the network approve whether the transaction taking place is valid. As iterations go on, a chain is formed...

Blockchain is a cloud-based system to store information. Blockchain is the underlying network of cryptocurrency. There are many cryptocurrencies in the market. The most important ones are Bitcoin, Ethereum, Tether, and XRP. This technology enhances flexibility, security issues, and even data transfer processing due to its advantages. In this article, we will discuss Why Blockchain Technology is the future of digital pieces of information. We need in-depth knowledge of what Blockchain is, how it works, and what it uses. Scientists first proposed Blockchain technology in 1991. The original motto of this technology was to store digital data so that not to get it modified. Blockchain acts as an open-source database. Later a group of Computer Scientists adopted Blockchain technology to form a digital cryptocurrency named Bitcoin. Once a blockchain contains written data, it is hard to change it. This property enhances the security of cryptocurrency. In this technology, each block re...

The logistics industry’s vastness raises numerous challenges that are holding it back from becoming a smoothly-functioned one. Some of the many issues that the logistics sector faces include high dependency on paperwork, lack of trust, transparency, and delay in consignments and payments. There has been an attempt to make the shipment process a lot smoother with the implementation of many technologies. However, none of the technologies has made a substantial impact. But now, with blockchain technology, there is a possibility that the logistics industry can be revolutionized. The implementation of blockchain in logistics has many potential applications that can mitigate all the logistics industry’s inefficiencies and issues. What is blockchain? Blockchain is a decentralized ledger technology to store digital information in the form of a chain. Every blockchain block consists of digital data that can be transacted or used to create smart contracts and decentralized applications. Ther...

To trade cryptocurrencies, you’d have to use a cryptocurrency exchange. But did you know there are two kinds of crypto exchanges? They are namely, centralized and decentralized cryptocurrency. What is a Cryptocurrency Exchange? Cryptocurrency is a digital or virtual currency that is secured by cryptography. Since it is secured under the cryptographic system, it is nearly impossible to counterfeit or double-spend. A Cryptocurrency Exchange is a platform that allows users to exchange or trade different cryptocurrencies like Bitcoin, Ether, and the like. These exchanges are mainly of two kinds: Centralized Decentralized What is a Centralized Cryptocurrency Exchange?   A centralized cryptocurrency exchange is a platform where you can buy or sell digital assets. Here, you have to trust a third party to monitor the transaction and secure the assets on behalf of the buyer and the seller. Their deals aren’t tracked on the blockchain. Such exchanges require you to submit your pers...

Every business starts with a transaction among participants. Transactions involve the storage and exchange of values. These values are the essence of transactional data. Data must not only be stored securely, at the point of origin, but also must be safeguarded during the exchange as well as storage with other players. Recording Transactions   Let us understand how blockchain works with the help of an example. In a non-digital world of the past, had you bought a house, you would have paid a specific sum of money and would have agreed to pay the rest in installments, let’s say, over five years. You would record the amount paid as a transaction. You would also keep the record safe and secure in a vault so nobody could tamper with it. Not only that, but you would also encode your record in a manner that even if the record lands in the hands of someone who cannot be trusted, the transaction cannot be interpreted easily. Today, in the age of digital technology, record keeping ca...

Bitcoin and Ethereum these cryptocurrencies have recently got very famous, and people are crazy about them. Blockchain is the reason for the success of these cryptocurrencies. Every industry is acquainted with the benefits of blockchain and is utilizing it. Since the technology revolution is expanding every day, almost everything is done digitally. Thus, it calls for the most crucial aspect, i.e., security.   Blockchain is a superhero that provides a safe and secure gateway for transactions. As the name suggests, it is a chain of blocks. Block refers to digital information, and the chain refers to the public database. It is used in Healthcare, property records, smart contracts, supply chain use, etc. Why do we need blockchain for data storage? The traditional way of storing data is by using cloud storage. It has a great demand and, thus, is prone to misuse. The major disadvantage being all the information is centralized. Data becomes vulnerable and is not usually encrypted du...

What Makes Blockchain Secure? A blockchain, as the name implies, is a chain of digital blocks that contain records of transactions. Each block is connected to all the blocks before and after it. This makes it difficult to tamper with a single record because a hacker would need to change the block containing that record as well as those linked to it to avoid detection. This alone might not seem like much of deterrence, but blockchain has some other inherent characteristics that provide additional means of security. The records on a blockchain are secured through cryptography. Network participants have their own private keys that are assigned to the transactions they make and act as a personal digital signature. If a record is altered, the signature will become invalid and the peer network will know right away that something has happened. Early notification is crucial to preventing further damage. Key Characteristics Of Blockchain Security Blockchain technology comes with many bu...

Blockchain has gained massive popularity in the past decade, thanks to Bitcoin. However, Blockchain use cases have expanded way beyond cryptocurrency now. Blockchain technology is emerging as a game-changer for multiple industries, including BFSI, healthcare, education, real estate, supply chain & logistics, and IoT, to name a few. Blockchain’s popularity and increasing industrial applications are skyrocketing because of its innate qualities – the decentralized and distributed ledger is immutable and completely transparent. There’s no need for a centralized authority to manage a Blockchain network. All the peers in the network verify the information stored in the Blockchain ledger. The bottom line – it is highly secure and reliable with hardly any point of entry for attackers. Essentially, these qualities of Blockchain technology make it one of the most revolutionary technological tools of the 21st century. Being a tamper-proof ledger, Blockchain technology offers many possibl...

Let us understand Blockchain Technology by a simple example. When we create a Google document and share it with a group of people, the Google document is distributed instead of being copied. This creates a decentralized system in which everyone gets access to the Google document and can make changes in real-time. Blockchain Technology in cryptocurrency is the foundation of cryptocurrency and brings multiple innovations in the fields of finance, education, real estate, voting, data sharing, and more. Blockchain and Cryptocurrency Blockchain and cryptocurrency are connected. Blockchain is a history of transactions that exists on a network. Cryptocurrency is a decentralized technology that helps users own money and make secure payments anonymously. It is independent of the government and is digital money not controlled by one person or government. The software program that powers blockchain technology is open-source and free, i.e., developers can use that program to build their de...

About Blockchain Mining Blockchain mining is a process to validate every step in the transactions while operating bitcoins or other cryptocurrencies. The people involved here are known as blockchain miners, and these miners function in a labyrinth of computational hardware and software — their primary aim to authenticate the transfer of currency from a computer in the network to another. Blockchains are so-called because of their ‘blocks’ and ‘chain’ structure. The blocks are composed of numerous bitcoins which are individual units that store all the data code individually. The chain refers to the links from one neighborhood block to another. Each blockchain represents a specific code authentication explicitly encrypted on the network software. If you are a beginner check out these blockchain project ideas. The Mining Process The encrypted data needs decryption to prove validity. Decrypting the data encoded in blocks is not an easy task and demands computational hardware and so...