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Blockchain technologies: Application in the long-run perspective

innovation
(© NicoElNino – stock.adobe.com)

Millions of active users are familiar with “blockchain” term. But mostly all of them believe that blockchain is the same as “bitcoin” and that’s all. Actually, this is not entirely true.

Blockchain is a technology for storing and transmitting data that can be used in banking, business operations, database storage, even entertainment. With such advantage of technology as high reliability and protection against “corruption manipulation” it has limitless prospects.

Despite its relatively young age (it was announced in 2008, and the first data chain was created in 2009), there are at least 2 million blockchain-tools of various specializations in the hi-tech world.

Bitcoin

Due to the Bitcoin, nowadays people all over the world know what cryptocurrency is. Without Bitcoin it would be really difficult to popularize blockchain and make it really worldwide.

It is impossible to predict the future of Bitcoin as well as to predict its highly-volatile rate, but one cannot deny the fact that the first cryptocurrency has totally changed the idea of ​​​​financial transactions.

There are many potential advantages of Bitcoin to consider – the high reliability of the system, the anonymity of payments, and the relatively low commission for making transfers.

But there are plenty of downsides too: high volatility, that can make Bitcoin to change the exchange rate against world currencies frequently. In addition, financial regulators and central banks in many countries do not recognize the possibility of blockchain payment instruments, and in some countries they are even prohibited.

In addition, the use and disclosure of Bitcoin has its own risks – equipment with e-wallets can break, tha data can be lost beyond retrieve, the accounts can be hacked and so on.

Make sure you take into account all the risks using cryptocurrency as financial of investment tool. You can lose all your real money really quickly.

Altcoins

In addition to the main currency – Bitcoin – there are thousands or even tens of thousands of alternative “coins”. Pay attention that 99% of them are unpromising, but some can be used as alternatives to Bitcoin. Several altcoins have massive circulation among users around the world.

There are online services, game-services, shops and marketplaces that use Bitcoin or alternative cryptocurrencies in their operations. There are even Bitcoin-oriented services or something like dogecoin casino in which players risk dogecoin, altcoin, Bitcoin as well as real money. Before visiting any gambling services, you should calculate all risks and think about the consequences.

If you can’t afford to lose money, whether it’s cryptocurrencies, dollars, euros or any other currency, don’t risk it at all. This rule works for both casinos, trading and investments.

Payment transactions

Some payment systems and exchange services include cryptocurrencies in the list of available methods for financial transactions.

In theory, even in banking, blockchain technology can make transaction as safe and secure as possible for all participants. For example, operations in the field of accreditation or most securities. In theory with the help of blockchain banks can save up to 50% on transactions.

Another example is smart-contracts. Thanks to smart contracts, it is really possible to increase the security and reliability of various business operations.

Cyber Security

Blockchain systems are a database in which each block is responsible for the whole system integrity. Such a system is very difficult to hack. Blockchain-databases can be used in many fields as emissions data, including personal information, financial data, business statistics, research and so on.

Story by Steve Hunter 


augusta free press
augusta free press
augusta free press

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