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Blockchain sounds very complicated — and it’s and it is not. Basically, a blockchain is made up of a series of blocks that capture and store data permanently using cryptographic coding to connect the blocks together to a chain. Normally, individuals associate this cache of data with Bitcoin as well as the recording of electronic trade information around the Blockchain. But theoretically, Blockchains can save anything from voting documents to medical information. When a block is rubberized (i.e. accepted by the computer network as a valid trade to combine the Blockchain), the block is inserted into the series — consequently, the expression blockchain. What is Blockchain? Essentially, that a Blockchain is a safe transaction (private or public ) ledger database — an electronic document — which can only be shared with people that are a part of a recognized network of computers. This makes Blockchain super secure, transparent and since it’s handled by computers, Blockchain is free of human error or deception. As you can imagine, this is the reason why there is a lot of hype! Gone are the times when we had bankers or authorities who could control the money supply or rob us blind with […]
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Facebook might have had no inkling of the troubles that it would face when it first announced plans to launch its altcoin. Facebook is already mired in controversies related to privacy issues and the way it uses the data collected from millions of its users. To make things worse, the Facebook-backed cryptocurrency Libra has also started facing backlash from multiple fronts. About a week ago, PayPal, one of the strongest supporters of Libra, also backed out from the alliance. This follows a series of ominous signs for the project. Recently the Wall Street Journal that payment service providers like Visa, Mastercard, and other partners in the project may think afresh regarding their involvement in this venture. Regulatory Scrutiny The criticism that Facebook-backed cryptocurrency Libra has received from countries like France and Germany have made it to the top of altcoin news. Both countries have cited the risk that Libra poses to the financial sector, which has jeopardized Libra’s authority in Europe. The finance ministers of both countries had said last month that digital currencies posed a threat to not only consumers and financial stability but also the monetary sovereignty of European countries. The European Central Bank has also announced its plans […]
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After remaining the hot cake for a better part of 2017 and early 2018, Bitcoin’s price nosedived to $6,200 in February 2018. However, if trends are to be believed, there could be a revival in Bitcoin’s fortunes. If that happens, it will mark another bull run for Bitcoin, and that the longest one. Bitcoin’s average convergence-divergence histogram shows higher lows, which is indicative of seller exhaustion. Many other indicators also seem to suggest that there could be oversold conditions. So, What Do The Trends Say? Bitcoin’s current price is $8,329. However, every time it soared above the $8,500 mark, it was rejected by the investors on 1st October. In fact, there was a pullback of $400 in Bitcoin’s price to keep the prices stable. This would have ended the lows at the $7,700. However, Bitcoin’s MACD histogram suggested otherwise, as it had recovered substantially after 26th September from -236 to reach -56. This could mean that the bearish momentum has passed, and the arrival of the bull period is in the waiting. Impediments in Bull Run for Bitcoin Bitcoin mining might face stiff resistance during its rise at the 200-day moving average. It is currently at $8,503. It could be […]
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The music and entertainment industry has been facing continued disruptions as streaming platforms have gained popularity. However, the problem with such platforms is that they don’t compensate the creators well despite being globally accessible. Now blockchain’s decentralized nature has emerged as a disruptor. As such, blockchain has dismantled media and entertainment industry. Through its forgery-resistant attributes, blockchain has created a fair and transparent system. Disrupting the Entertainment Sector Various producers and music artists have come together to build a streaming platform that is committed to resolving two major issues that currently plague the entertainment sector. These two problems are exorbitant prices for consumers and lack of fairness. Blockchain would stream live events from all areas of entertainment, which would solve these issues. This would democratize the entertainment industry. Decentralized Media and Entertainment Industry Innovative developments in the blockchain sector have helped in the decentralization of the entertainment sector. A careful blockchain analysis would prove this would provide various benefits to them who are part of the entertainment industry. Although blockchain might not get officially adopted by the mainstream entertainment industry anytime soon, Blockchain has dismantled media and entertainment industry. Conclusion The blockchain magazine has reported that some of the revolutionary […]
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The massive popularity of cryptocurrency and blockchain technology has got many people thinking. Almost every day I am volleyed by questions like “what would be the perfect time to start your blockchain enterprise?” And I always smile at them and say to them Blockchain would offer them more and more opportunities at it matures. They can’t necessarily wait all their lives to invest in this extraordinary technology. So, I tell them that the time is NOW. Yes, you read that right. Invest now and you can reap its benefits two or three years down the line. All that you need to do is seek opportunities that provide an effective real-world application that would bring in potential buyers. Solving Problems of the Real World Any blockchain startup needs to ask itself whether or not they are solving a real-world problem for its customers. So it’s the idea behind the project that matters the most. Explore the blockchain space, read blockchain magazine to get hang of the ideas doing the round in this industry. If you have a concept ready that you think you can sell, then it’s the perfect time to start your blockchain enterprise. Seek Investors Who Are Much More […]
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Cryptocurrencies have taken the world by storm. Till a decade ago, not many would have thought that there would come a time when the conventional currency would run the risk of being entirely replaced by the digital currency. But that scenario has completely changed today in 2019. As such, there was a need for a platform that explored every aspect of the crypto domain and kept a close eye on the blockchain world, on the whole, to create awareness amongst people who wished to be a part of this world. To this end, Cryptoknowmics has played a crucial role in bridging the gap between blockchain and crypto enthusiasts, and the ocean of relevant information and updates in these fields that they have so far remained deprived of. How Can You Benefit From Cryptoknowmics? Cryptoknowmics had been established with the sole focus of catering to the needs of the people who were intrigued by the arrival of the blockchain and cryptocurrency. To meet their requirements, Cryptoknowmics posts the latest cryptocurrency news and that covers updates on various cryptocurrencies and events. Also, to keep the readers posted on the upcoming ICOs, Cryptoknowmics maintains its list of latest ICOs. Here, you can find […]
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Security woes of centralized exchanges aren’t the only factors that give investors and regulators cold feet. The recent cryptocurrency news published by Coin Desk of Bitfinex misleading its investors of over $800 million has aggravated the issues of security and transparency in the crypto world. Fortunately, some exchanges have taken cognizance of these issues and are working toward proving a transparent and secure environment to crypto investors. Enhancing Transparency Cryptocurrency exchanges often struggle with the issue of transparency. Transparency mainly requires to prove solvency and legitimate trading volumes. Proof of solvency is crucial because investors need to know what risks they would be taking with a particular financial entity holding their funds. However, most exchanges have issues with disclosing their financial details publicly. However, a few technical advancements have promised glimpses of provable exchange reserves that choose to remain private. Tools such as Messari 10 and BTI serve investors with better information. Ramping up Security Centralized exchanges are the single biggest threat to security. That is why many initiatives in the crypto sector strive to remove centralized exchanges entirely or end their custody if the former isn’t possible. The custody of exchanges over the funds of users is a security […]
Every Bitcoin enthusiast, at some point, must have asked themselves the question “where do the Bitcoins come from?”. While banks are responsible for the creation of traditional money, Bitcoins are mined by the miners. This process is called Bitcoin mining. The miners are network participants who execute additional tasks. To be specific, they order transactions chronologically by adding them to the Bitcoin block that they find. Thus, they solve the problem of “double-spend” by preventing the user from spending a Bitcoin twice. How is Bitcoin Mining Done? Finding a block is similar to a network lottery. The miner spends a tiny amount of energy in their attempt to find a new block, which is nothing but guessing a lucky number. Most of these attempts fail, and the miner has to try again. The miner succeeds only once in about every ten minutes. If they are successful, they add a new block to the blockchain. This means by the time a valid block is found, the miner will have burned much more energy from all the failed attempts. Need for Proof-of-Work Proof-of-work ensures that the miners don’t create Bitcoins out of thin air. They will have to spend energy to earn […]
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Many researchers have claimed that women can outperform their male counterparts in making better investments. Despite the immense ability that women have in outshining men in investment returns, they don’t have adequate representation in the blockchain space. While their lack of interest in the blockchain domain could be a reason, gender inequality in the blockchain industry can’t be ruled out as a crucial factor for this inadequate representation. Is There a Deliberate Attempt to Keep Women Out? The scenario of unsatisfactory women representation in the blockchain domain isn’t any different to their scant representation in all other areas initially like entertainment, politics, technology, etc. Despite significant advancements made by women in every field, the patriarchal mindset continues to hold them back. The blockchain industry is no exception either as there are women team members in only about 14 percent of all blockchain startups. What Role Can Journalists and Entrepreneurs Play? In an era when something like the #meetoo movement becomes a global revolution, the absence of women from the blockchain industry is shocking. Sheryl Sandberg, the COO of Facebook, had said famously that in the future, there wouldn’t be female leaders; there would only be leaders. If gender inequality in […]
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The current business atmosphere puts many small and medium-sized ventures in a disadvantageous position. Although they play a crucial role in building any major economy, they continue to face barriers to entry. In such challenging times, it has become evident that small businesses need blockchain technology to fuel their growth and survive in a market that is heavily tilted against them currently. Streamlining Business Flows with Blockchain Small businesses often neglect the fundamental processes of inventory, invoicing, and payroll in their bid to focus on scaling their businesses. However, business flows that support their products and services also need to evolve. Small companies often resort to purchasing a CMS or CRM platform or hiring the services of a service provider. Blockchain, through smart contracts, offers a more economical alternative. Using this, they can create and enforce deals between users, who will serve as their clients and merchants. With smart contracts, companies can solve the issues of handling inventory fulfillment, settling interest fees, paying employees and bills, closing new deals, creating insurance policies, or any other transactional activity. While this may sound too complicated, blockchain online courses for beginners can help them learn the basics of technology and employ them in […]
Artificial Intelligence and Blockchain technology have been the two most significant drivers of technological innovation in recent times. According to several predictions, AI will add about $15 trillion to the world economy, and blockchain will contribute over $3 trillion to business valuations. Therefore, it’s anybody’s guess what a blockchain and AI combination can achieve. Combining AI and Blockchain to Boost Security AI hasn’t got much use without data. Algorithms require data for making decisions, drawing conclusions, and delivering actionable insights. The performance of AI’s algorithms relies heavily on the data quantity that it has. That is why there is such demand for the collection, storage, and analysis of data. Since blockchain serves as a distributed ledger for data storage and encryption, combining AI with blockchain can go a long way in creating a secure and decentralized database for highly sensitive information for AI-driven systems to collect and store. Preventing Monopoly Over AI Through Blockchain Although a revolutionary technology, it can prove dangerous if it lands up in the wrong hands. There is no saying what would happen if a handful of organizations come to control the majority of the AI technologies. Innovators would have to take their permission to use […]
The growing consensus among entrepreneurs and business leaders has established one thing- the future of blockchain technology will be much more than Bitcoin. Blockchain is anticipated to impact every business area and transform its operations like never before. Blockchain is transforming business by using cryptography to process and verify transactions on the distributed ledger. So here are five ways how blockchain is disrupting businesses and some of their core areas 1. Accounting The transparency that blockchain provides makes all the transactions visible for approved users. Consequently, it decreases the auditor’s work when it comes to the sampling and validation of trade and lends them more time to focus on controls and examining anomalies. 2. Advertising and Marketing Blockchain can help advertisers monitor and govern their budget expenses and keep track of the investment from the initial transfer of the media budget to the final publication. This would eliminate the possibility of overcharging and also rid companies of under performance, which is a direct offshoot of overcharging. 3. Human Resources Often third-party companies provide inaccurate historical information about a job candidate or existing employee. The blockchain technology can bring about a significant reduction in such cases. This would be possible because […]