Making Sense Of Cryptocurrency And Blockchain Technology

Cryptocurrency, Blockchain…So what does it all mean?

Let’s get on with some quick definitions.

Blockchain is the technology that enables the existence of cryptocurrency (among other things).

A cryptocurrency is a medium of exchange, such as the US dollar, but is digital and uses encryption techniques to take over the creation of budgetary units and to verify the transfer of funds.

What actually is Blockchain Technology?

Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.

Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger.

Benefits of Blockchain Technology

Some Applications of Blockchain Technology

1. Secure personal information

Keeping data such as your Social Security number, date of birth, and other identifying information on a public ledger (e.g., a blockchain) may actually be more secure than current systems more susceptible to hacks. Blockchain technology can be used to secure access to identifying information while improving access for those who need it in industries.

2. Non-fungible tokens

NFTs, are commonly thought of as ways to own the rights to digital art. Since the blockchain prevents data from existing in two places, putting an NFT on the blockchain guarantees that only a single copy of a piece of digital art exists. That can make it like investing in physical arts but without the drawbacks of storage and maintenance.

NFTs can have varied applications, and ultimately they’re a way to convey ownership of anything that can be represented by data. That could be the deed to a house, the broadcast rights to a video, or an event ticket. Anything remotely unique could be an NFT.

3. Data storage

Adding blockchain technology to a data storage solution can provide greater security and integrity. Since data can be stored in a decentralized manner, it will be more difficult to hack into and wipe out all the data on the network, whereas a centralized data storage provider may only have a few points of redundancy. It also means greater access to data since access isn’t necessarily reliant on the operations of a single company. In some cases, using blockchain for data storage may also be less expensive.

4. Gambling

The gambling industry can use blockchain to provide several benefits to players. One of the biggest benefits of operating a casino on the blockchain is the transparency it provides to potential gamblers. Since every transaction is recorded on the blockchain, bettors can see that the games are fair and the casino pays out. Furthermore, by using blockchain, there’s no need to provide personal information, including a bank account, which may be a hurdle for some would-be gamblers. It also provides a workaround for regulatory restrictions since players can gamble anonymously and the decentralized network isn’t susceptible to government shutdown.

7. Voting

Using a blockchain code, constituents could cast votes via smartphone, tablet or computer, resulting in immediately verifiable results.If personal identity information is held on a blockchain, that puts us just one step away from also being able to vote using blockchain technology. Using blockchain technology can make sure that nobody votes twice, only eligible voters are able to vote, and votes cannot be tampered with.

8. Securely share medical information

Keeping medical records on a blockchain can allow doctors and medical professionals to obtain accurate and up-to-date information on their patients. That can ensure that patients seeing multiple doctors get the best care possible. It can also speed up the system for pulling medical records, allowing for more timely treatment in some cases. And, if insurance information is held in the database, doctors can easily verify whether a patient is insured and their treatment is covered.

9. Financial exchanges

Many companies have popped up over the past few years offering decentralized cryptocurrency exchanges Using blockchain for exchanges allows for faster and less expensive transactions. Moreover, a decentrilized exchanges doesn’t require investors to deposit their assets with the centralized authority, which means they maintain greater control and security. While blockchain-based exchanges primarily deal in cryptocurrency, the concept could be applied to more traditional investments as well.

What is Cryptocuurency?

Cryptocurrency — also known as crypto — is a digital currency designed to work as a medium of exchange. It uses cryptography to secure and verify transactions, as well as to control the creation of new units of a particular digital currency.

Many cryptocurrencies are built on blockchain technology, which is a distributed ledger enforced by a distributed network of computers. Cryptocurrencies are distinguished from fiat currencies like the United States dollar or the British pound because any central authority does not issue them, making them potentially impervious to government intervention or manipulation.

Most well known types of cryptocurrency

Bitcoin (BTC)

Litecoin (LTC)

Ethereum (ETH)

Bitcoin Cash (BCH)

Ethereum Classic (ETC)

Zcash (ZEC)

Stellar Lumen (XLM)

Chainlink (LINK)

Binance Coin (BNB)

Trade these cryptocurrencies and other digital access via,

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