December 7, 2020
Efforce is a new venture from Apple Co-Founder Wozniak. It is going to transform the green energy sector. Above all, it is Wozniak’s second venture after the famous Apple. He along with Steve Jobs had launched Apple in 1976. Efforce is planning to use Blockchain technology and Cryptocurrency. In addition, the technologies would make the funding process cheaper and simpler for energy companies. According to the media reports, Efforce will be shortly on Bithumb Global. Bithumb is also an exchange for decentralized currencies.
Key Features of Efforce
· It is the world’s first blockchain-backed energy-saving company.
· It is also the first company that permits contributors to take advantage of the project.
· Cryptocurrency and blockchain technology would result in fast processing. The security level is very high. This makes the process for funding for ‘green’ projects quicker, cheaper, and simpler.
· It is the first platform in the world for such an operation.
· Everybody from everywhere can take part and gain.
· The venture would contribute to the field of environment and climate change.
· The venture is foreseeing a market for energy-efficiency projects worth $250 billion.
· It has created its own and unique Cryptocurrency token named “WORX”. The token name is an influence from the name of the owner of the company Mr. Wozniak.
· The total WOZX tokens amount is 1,00 million
· The emission rate is zero. No creation of fresh Tokens will ever happen.
How does it work?
Efforce uses blockchain technology that links the investors and the energy companies. Contributors can take part in energy efficiency projects. After that, they can take part in the acquisition of future savings tokens.
Companies gain from free energy efficiency enhancement. The outcome is savings that are there on the blockchain in real-time. Blockchain’s Smart contracts make transactions seamless. There is no involvement of any third-party in transactions. The crypto-token issued by Efforce is WOZX.
More about Efforce
WOZX token was used in financial transactions of energy-efficiency projects. For this, the energy service companies have to list them on their platform. Efforce finds out the achievement of energy savings through energy projects. The company returns the saved energy to the investors. The gained energy is like an energy credit. One can use it later.
Efforce makes it easy for businesses to register their projects related to energy on the web. After that, they can attract investors from around the world. The initiative will benefit the companies.
In conclusion, the initiative is a great step towards energy efficiency. It will have much positive effect on the environment. It would promote energy efficiency. In addition, there will be more investment in this “green” energy sector. The sector may get a boost.
Efforce is Wozniak’s second company of life after 44 years of the formation of Apple Inc. Wozniak’s brainchild is going to create a transformation in the ‘green’ energy sector. Its model encourages energy savings. It is also very timely and relevant.
December 5, 2020
Bitcoin has been in news for different reasons since its origin in 2009. The virtual currency has seen its ups and downs in these years. Bitcoin enthusiasts term it as the future of digital currency. However, critics question its validity and functionality. Over the last decade, Bitcoin is becoming more popular. Before jumping to Bitcoin mining let us discuss Bitcoin.
Bitcoin is the world’s first Cryptocurrency (Crypto). It is the most popular one as well. Crypto is a digital asset crafted to play its role as an exchange medium. A special computer database stores ledgers of individual coin possession records. In addition, the use of specific cryptographic codes ensures the security of all transaction records. Satoshi Nakamoto was behind the creation of Bitcoin. However, nobody knows whether Satoshi is a real person (persons) or a pseudonym.
Bitcoin is an open-source digital currency. It is not issued by any government or central banking agency. Above all, it is a decentralized currency that uses cryptographic language to record all transactions. Blockchain is the technology that makes Bitcoin function. Blockchain is a distributive ledger of all public transactions.
Now, let’s shed light on Bitcoin mining and the mechanism behind it.
Bitcoin Processing or Mining
The creation of Bitcoin is the reward for the mining process. By solving complex computational problems formation of new Bitcoins occurs. Mining is the process behind the creation of this Cryptocurrency. You can buy, sell, and share Bitcoin among the users. In addition, you can also exchange the same with other physical currencies and virtual currencies.
Bitcoin mining process
Mining is a distributed or dispersed consensus system. The use of this is to acknowledge pending transactions. Blockchain includes all transactions. A Consensus is the job of realization of all processes that happens in a group. The task is to achieve an agreement on various explicit values. Above all, the votes or confirmation of each process is the basis of the values. Undisputed agreement occurs on values through a specific consensus algorithm. Therefore, it needs to get an undisputed agreement on some value. This sounds simple but involves too complex mathematical calculations. Bitcoin miners use high-end computing devices for this purpose. In conclusion, we can say, it is a kind of record-keeping facility.
To make Bitcoin mining occur miners use powerful computers. The computers deal with complex and complicated computational mathematical problems to solve them.
Is it secure
The process put in force a sequential order in the Blockchain. It safeguards the impartiality of the network. In addition, it also permits various computers to be in consent with the status of the system.
A block stores transactions and have a link with the next block. The transactions follow very stringent cryptographic rules. Above all, the entire network verifies each transaction. Crypto links join irreversible blocks. Alteration in any block will alter the connecting blocks and invalidated them. This is a standard rule not to change any previous block. Therefore, this ensures data security as nobody can alter it for their advantage. In conclusion, for any modification to happen all Bitcoin holders have to give their consent. It is not workable at all.
We hope, the content serves you to understand the basics of Bitcoin mining. We would discuss other related aspects of Bitcoin mining in future articles.
December 4, 2020
Blockchain technology is again in news for its application in ‘paperless’ trade. The Australian Border Force (ABF) is planning to use Blockchain in cross-border trade. It aims to make it simpler, quicker, and convenient. In addition, ABF is planning to start paperless trade with the Asian nation Singapore. The ABF is Australia’s customs and border protection agency.
On November 25th, ABF has announced the launch of this digital cross border trade. After that, the two leading business nations had signed an agreement on this behalf in August.
What is the Australia-Singapore Digital Economy Agreement (DEA)?
DEA is a path-breaking step. A global benchmark was set for digital trade rules and practical trade cooperation. The expectation is that it would shrink the obstacles to virtual (digital) trade. Above all, it would create an environment conducive for Australian businesses as well as customers. It would encourage the participation of Australian businesses and consumers in digital trade. Therefore, the aim is to bring them closer to a digital economy.
The Blockchain trial run will end by early 2021. Moreover, a discovery report compilation of the learning from the trial is under the plan.
Highlights from the agreement and the new development.
- It would integrate paperless trading. Therefore, this means no more paperwork for each business dealings and activities. It would also contribute to the environment. In addition, it is a sustainable way of doing business.
- Promote secure digital exchange and sharing of trade information. Dissemination of information would be easier. Therefore, the sharing of critical information in a safe way is possible.
- Reduce hurdles lie in digital trade and promote a seamless trade environment. It would have a positive impact on business volume and dynamics.
- The Blockchain tryout aspires to trim down administration costs. Digital transactions would cut administrative costs. In addition, cost savings would be possible for traveling expenses. Above all, the technology would help in virtual meetings and conferences.
- It would create a better business culture that enhances trade efficiency.
- Help in sharing and exchanging electronic documents. These documents are safe to store and transfer. In addition, the exchange of documents is possible in a very quick time. Therefore, the documents will be safe. There is no need for storing files in piles. Accessing any document will be a matter of a few seconds.
- It will test digital verification platforms for primary certificates of origin.
- It is a big step towards Australia’s plan for Single Window Trade facilitation in the future.
In conclusion, the initiative by the Australian authority is good news for Blockchain fans. It would help both the Australian businesses and customers in diverse ways. It would boost the national economy in many. Paperless trading would have a positive effect on the environment. Australia-Singapore Digital Economy Agreement is going to transform the digital economy of Australia.
The digital economy is going to transform the business environment of Australia. Blockchain would enable quick transactions among a huge network of stakeholders. Transparency and security aspects would make transactions more acceptable. Exchange of business documents would be possible. Business houses and other concerns would not waste time on physical paperwork. Through Blockchain smart contracts would be possible.
November 26, 2020
The Blockchain technology is behind the functioning of Cryptocurrencies like Bitcoin. It is in the news, yet again. Blockchain has emerged as a new-age technology with a variety of applications. We have seen its use in defense systems. It is also used in supply chain management, banking, and the electoral system to name a few. In addition, it’s the turn to use Blockchain in health management, more particularly to combat COVID-19.
The pandemic has engulfed the whole world during the last year. It has taken thousands of lives and shattered and shuttered the entire globe. After that, people have been in home isolation. Above all, the businesses, industries, and public activities are almost stopped. Because of the severe economic crisis, countries are opening up now. Till now, no foolproof medicine or vaccine is available to fight COVID-19. Without mass vaccination, it is difficult to control the spread of the virus. Without vaccination, normalcy is not going to come back.
In many countries, scientists and medical professionals are busy developing vaccines for COVID-19. At least a dozen Medical Labs have claimed their advancement in vaccine development. Two to three labs are claiming to have done with it. Above all, they are ready to market the product soon, possibly in the next three to six months.
But, for successful vaccination, there is a need for an effective supply chain. In other words, a well-organized supply chain can ensure a smooth supply of vaccines to each one of us. There is a need for quickness in the distribution of vaccines. The creation of a database of all stakeholders is also essential. It would ensure smooth monitoring and management of the vaccination process.
Blockchain Application in COVID-19 Management
The development of the COVID-19 vaccine is in the advanced stage. Some claim its arrival by the year-end. However, the next challenge is the management of the supply chain. It is a complex supply chain where the number of stakeholders is high. Acceptance of error is almost zero. In addition, it requires a huge data exchange, easy accessibility, transparency, and usability.
Several governments and medical laboratories are considering using Blockchain in combating COVID-19.
The vaccine supply chain is consisting of different stages. The stages are the development of the vaccine, storage, packaging, and cold-chain transport. Few more stages are the national and international delivery and distribution.
Blockchain technology has several unique advantages. Now here are some notable advantages of Blockchain in its application in COVID-19.
- Blockchain would ensure quick communication among all stakeholders when an epidemic strikes
- Effective Patient Consent data management is possible.
- A decentralized database would help connect all stakeholders in a single network
- The tracking of vaccine distribution could be helpful for pharmaceutical companies.
- A high level of transparency is possible in Blockchain-based applications.
- Communication among parties becomes easier.
- The storage of data here is secure and it is difficult to delete.
- Ensures quality control
- Blockchain can ensure a fair, transparent, and democratic process.
- Blockchain will record transactions made between 2 parties in an organized way.
November 24, 2020
Bitcoin is continuing to march ahead by reaching $18,000 per Bitcoin recently. On 18th November, it has crossed this mark which is the highest mark after the last boom in December 2017. The upsurge is 150 % more than what it was in the last year. The Bitcoin boom was last experienced in 2017. At that time it reached near the $20,000 mark. Cryptocurrency experts are predicting the repeat of history by the end of the year.
There are speculations about Bitcoin’s leap. The digital currency tends to volatility.
Growth and Speculations
Since its inception in 2009, Bitcoin, the world’s first Crypto has been erratic in its growth. But it has never come to a situation like this. It has a strong foundation in Blockchain technology. Although it’s a virtual new-world currency it has better features than physical currencies. No other currency can match Bitcoin. This includes the speed of transaction, transparency, easiness, data security, and decentralization.
A person or a group of persons formed Bitcoin. However, it is still a mystery surrounding the originator. But the idea was clear and the concept was logical. Blockchain is the most important driving factor for Bitcoin. However, right from the start, there were speculations, uncertainties, and above all controversies. Till now only Mexico and a few handfuls of countries have given it proper recognition. The digital (virtual) programming base has kept away any third-party intervention. Though the governments have been distancing themselves from it.
However, with time, Bitcoin is gaining confidence among governments and companies. This includes financial institutions, banks, die-hard investors, and common people. Due to its inherent advantages, it is being accepted by many stakeholders now.
Why Bitcoin Price is Rising?
Bitcoin is the first Cryptocurrency in the world. It is also the most popular virtual currency is rising. It is not at all a new phenomenon. We have seen such a kind of upsurge in 2017 and a few instances before. Since the launch, Bitcoin has witnessed ups and downs in its price.
But post-March ‘2020 the price of Bitcoin is skyrocketing. There are several reasons behind such growth. But what factors are driving this exceptional growth? Many factors are responsible for the climb in the price of Bitcoin.
We may classify the factors into two sets. The first set comprises of those factors that are regular and historical. These are very generic to the Bitcoin boom. The second factors are the recent circumstances. These are accelerating the price of Bitcoin in 2020.
Factors Behind the Rise
Bitcoin is running because of Blockchain. The technology is on decentralization, transparency, and peer-to-peer transactions. It is not controlled by any government, financial authority, or bank. It is free from any intervention from any authorities. Of course, governments can ban or limit the acceptance of exercising their authority. No third-party regulates the functioning of Cryptocurrencies like Bitcoin. It is highly transparent and the data stored in blocks are not possible to delete. Users can access their transaction history very easily. They can make transactions very quickly in any part of the world.
The upsurge of Bitcoin in 2020 is very different from the earlier picks. Many big corporations have been embracing Bitcoin. It has started in 2018 but picked up in 2020. DBS Bank and China Construction Bank (CCB) have jumped into the crypto world. PayPal has entered the zone with its huge customer base across the world. It seems that the upward trend is going to be there in 2021.
November 21, 2020
Cryptocurrency is rising high in 2020. Since March this year, Cryptocurrency is on an upward trend. The current price of one Bitcoin is more than $18,000. It may touch $20,000 by December end. Experts are predicting the value of Bitcoin may reach $100,000 by 2025.
Cryptocurrency is a Blockchain-backed digital currency. It uses cryptography that ensures secure transactions. It is a decentralized peer-to-peer system. Bitcoin is the most popular Cryptocurrency in the world. Several other Cryptocurrencies are in use. It is not under any regulatory framework. Hence, there is a market risk in Cryptocurrencies.
We have always seen the rise and fall of Cryptocurrency throughout its history. Many big companies and organizations are entering the crypto market. Several financial institutions especially banks are embracing crypto in the last few years. Amazon, Microsoft, Square, BMW, Google, Citigroup, PayPal, have one thing in common. They all have already joined the crypto market.
Since its start in 2009, the first Cryptocurrency of the world, i.e. Bitcoin has seen a mixed fate. Crypto enthusiasts are very optimistic about it. They feel it has the potential to be the numero uno currency of the digital finance world. Amidst accolades, it has also seen resistance. Many skeptics are apprehensive of Cryptocurrency. Besides that, we have also seen illegal and criminal activities using crypto. Therefore, let us discuss the dark side of crypto.
The Dark Side of Cryptocurrency
Nobody talks about the darker side of Cryptocurrency. Mark Twain once said, “Every man is a moon and has a side which he turns toward nobody. You have to slip around behind it if you want to see it.”
Cryptocurrency has the following dark sides that need to watch for:
Lack of Security In Case of Any Loss
Bitcoin is a very safe and secure investment. Tampering with information is impossible. Blockchain and other technologies are behind the success of Cryptocurrency. But, if any hacker by chance steals your money then there is no way to get it back. Unlike physical currencies, crypto is not managed by any central authority.
The market is not regulated
Crypto trading is not under any central controlling authority. Till now, there is an absence of legal market regulations to handle Cryptocurrencies. Most governments of the world are skeptical about its feasibility. Except for Mexico, no other government has shown much interest in it.
Crypto Market is Fluctuating
The price of crypto is very fluctuating. We have seen a sudden collapse in price after continuous accent for months. This kind of trend is happening time and again. For some people, it is an avenue for investment. But for the majority of people, it is still an “unofficial currency”.
Difficult to Understand
Many small individual investors don’t have a clear understanding of Cryptocurrency. The functioning of crypto and Blockchain is not easy for many.
The currency was used for money laundering, terrorism activates, and many other illegal activities. The US authorities closed AlphaBay in 2017. AlphaBay was responsible for the illegal trafficking of drugs, firearms, hacking tools, etc.
November 20, 2020
Bitcoin price is shooting up in 2020. It is reaching new heights now rallying since March this year.
The price of this digital currency has been fluctuating. We have seen a rise and fall in Bitcoin price throughout its history.
As of November 19th, the price of one Bitcoin is $18,114.48. In March it was about $5,000 when the market nosedived. According to crypto pundits, the Bitcoin price may reach the $20,000 mark by December end.
The Prediction: $20K in 2K20
Reasons behind Bitcoin rise
Sound technical structure
Bitcoin is operated by a technology called Blockchain. The design of blockchain technology aimed to make Bitcoin functional. The technology later started getting attention for its use in several other industries. This sound technical structure is one of the main reasons for Bitcoin’s acceptance. Blockchain is a secure and decentralized system where peer-to-peer transactions take place.
The year 2020 has been witnessing a global economic slowdown. The sluggish economic trend that started in the last few years is continuing. The origin of Bitcoin was due to the global financial crisis. So people and companies are feeling safe to invest in Bitcoin. For them, Bitcoin is a “haven” for investors.
The pandemic has affected global finance. The already sluggish global economy got further blow due to COVID19. The world remained standstill for one year. The light has not ended yet. Most of the economic and industrial activities are facing problems. Due to this, investors are getting attracted to Bitcoin. For them, it is an alternative investment avenue.
Big Corporate, Banks embracing Bitcoin
In 2020 we saw many big corporate and banking institutions embracing bitcoin. Some reputed brands who are into the crypto market are Amazon, BMW, Google Microsoft. Some other reputed brands are DBS Bank, Credit Suisse, Citigroup, JPMorgan, and, Square.
In 2020, many new corporate/ banks have joined the band. We may recall brand names like PayPal, DBS Bank, and China Construction Bank (CCB). These big entries have a positive effect on the rising of Bitcoin.
PayPal enabling Cryptocurrency purchases
PayPal’s crypto entry has given a new boost to Bitcoin. PayPal has a huge customer base and operation in more than 200 countries. As of June 2020, it has 346 million active PayPal accounts worldwide. The news of PayPal’s crypto indulgence had made Bitcoin jump from around $12,300 to $12,900.
Bitcoin is a safe-haven
Bitcoin is a “safe haven” for investors. Many companies and banks invest in Bitcoin as they feel it is safe and secure. There have been many illegal financial transactions done through Bitcoin by rackets/ gangs. They try to be aloof and avoid security scrutiny.
Bitcoin’s dominance over other currencies
Bitcoin has been performing better than all other alternative Cryptocurrencies. Bitcoin Cash, Litecoin, Ethereum, Ripple, Stellar, NEO, etc are far behind bitcoin. This phenomenon is also giving rise to Bitcoin price.
November 11, 2020
The Indian Cryptocurrency industry is witnessing continuous growth in recent times. Irrespective of uncertainty around cryptocurrency, its popularity, and followers are increasing. India is a big market with pro-savings people. There no wonder many crypto firms from India and abroad are making their presence felt. Regulators are hesitant to engage with the crypto industry.
Expanding Indian Crypto Industry
Cashaa has tied-up with Indian organization the United Multistate Credit Co. Operative Society. They have launched crypto banking services for the Indian market. This news has sent a positive signal to the Indian crypto community. Crypto enthusiasts are very optimistic about their future in India. Cashaa and co have formed a dedicated crypto banking company named Unicas.
Unicas is going to start its operation through thirty-six branches now. It has planned to scale up in 2021 when it will have 100 branches across India. They will offer an interest in crypto deposits. Customers can open accounts with them for storing and transacting cryptocurrency.
It is notable here that the Reserve Bank of India (RBI) had banned cryptocurrency in 2018. There was an allegation of fraudulent financial transactions. Latter the crypto-fans had taken the ban issue to the Hon. Supreme Court of India. In March 2020, through a ruling, the apex court ended the ban on the digital currency transaction in India. A series of lockdowns and shutdowns followed owing to the COVID 19 pandemic. People are now getting to know about digital currency. This is majorly due to slow economic growth.
Launching New Crypto Firms and Entry of Big brands
Global crypto-centric brands are entering the Indian market. any big companies from India are also embracing cryptocurrency now a day. Crypto is attracting companies for its liquidity. The growing demand for Bitcoin allures companies to consider it as a safe haven to invest. Binance, the Malta-based exchange has taken over the Indian crypto firm WazirX. Bain & Company is now funding India’s largest cryptocurrency exchange CoinDCX,
Polaris Capital is investing in the Indian crypto market. The Indian corporate giant Tata Consultancy Services has launched its Quartz Smart Solution. The smart solution provides financial aid to institutions. In turn, the institutions offer a cryptocurrency trading facility. PayPal has also entered the crypto world globally. PayPal will have its crypto operation in India as well.
Singapore-based Bank DBS has entered the crypto market recently. After that many Indian baking institutions are considering following the path of DBS.
The Reluctant Regulators
In cryptocurrency maters, regulators in India are keeping themselves at distance. The Supreme Court of India has allowed the transaction of cryptocurrency in India. Still, the regulators are not interested to get indulged in crypto matters.
The authorities have not yet formulated any regulatory framework for cryptocurrencies. The RBI and government agencies are showing an unfavorable attitude towards crypto. Streamlined crypto is possible using a regulatory framework. It would increase the acceptance of crypto in India. There will be a decrease in scams.
Despite unfavorable regulatory clarity, many crypto enthusiasts are entering the crypto industry. Some still believe that the govt. may ban crypto completely. A clear regulatory framework would boost the cryptocurrency to the next level. Crypto enthusiasts are eagerly awaiting such crypto industry reforms to happen in India. Even without that, they are still hopeful about a bright future for crypto in India.
November 9, 2020
Cryptocurrency is in the headlines yet again. In recent times, we saw many big corporate embracing virtual currencies. These have various advantages. Therefore, the coins are getting more acceptance by businesses and fans. The popular cryptocurrencies are Bitcoin, Ethereum, Bitcoin Cash.
Apart from them Litecoin, Ripple, Libra, and Tether, etc. are also gaining importance. However, Bitcoin is the most accepted among all the cryptocurrencies.
Bitcoin Crossed $15,000 mark, reached near $16,000
Bitcoin has crossed the $15,000 mark and hobnobbed below the $16,000 mark last week and took a leap of 2.1%. It was the highest point for the cryptocurrency since the surge happened in early 2018. We may mention here a fact for those who are little new to Cryptocurrency-world. The highest point that Bitcoin has ever achieved was on 17th December 2017 when BTC reached to $19, 666.
The recent success of Cryptocurrency attributes to two factors, experts opine. One of the factors is the economic recession due to the COVID19 pandemic. The other one is uncertainty over the Presidential election in the US.
Bitcoin: #1 Asset of 2020
In the last few weeks, Bitcoin has been leading the group of top-trio assets of 2020. The standing so far is in this order – (#1) Bitcoin, (#2) Gold, and (#3) Silver. Bitcoin is now the topmost asset leaving (the precious metals) gold and silver behind. It has been leading the list in the last few months. Last month, we had informed about this in another article “Bitcoin Ahead of Gold and Silver”.
The prominence of cryptocurrencies has been increasing day by day. More number of global corporate giants are jumping to the crypto market. Many others are using it as an alternative to traditional currencies. because of many advantages.
On February 19, 2020, Forbes Released the 2nd Annual Blockchain. 50 List Of Companies Embracing The Technology Underlying Cryptocurrencies. The enlisted reputed brands include Amazon, Google Microsoft, Credit Suisse. A few more are Citigroup and JPMorgan, BMW, etc.
We have also observed the entry of companies like Square, the Robinhood trading app. Paypal and DBS bank are other names in this context. The main reasons behind the acceptance of Bitcoin are its capabilities. Bitcoin can speed up business processes, bring transparency, and save expenses.
The trend is very favorable for Bitcoin now, as it was never before. It is performing very well since witnessing low points in 2018. The COVID 19 led economic slowdown has affected almost all countries and currencies. The sluggish world economy has affected all major and medium economies. This economic bane has become an economic boon for cryptocurrency. Bitcoin is marching ahead with increasing its value against the dollar. It has become the numero uno asset of 2020 way ahead of gold and silver. According to Crypto fans give credit to an encouraging economic situation. While the critics are terming it as a temporary phenomenon. As per them, it will subside after some time. Let’s see what’s happening!!!
November 7, 2020
Blockchain technology has an array of potential benefits. It has started to influence our lives in many ways. In addition, it has revolutionized banking, business, health system, national security, and cybersecurity. In other words, the blockchain revolution has begun and a lot of its application is yet to come.
A blockchain is a digital ledger of transactions. Blockchain is a type of DLT in which a cryptographic mark records transactions. The mark also called a hash. It is permanent. Blockchain was the brainchild of Satoshi Nakamoto.
The blockchain technology assisted in the functioning of bitcoin as a cryptocurrency. However, now it is being applied in various sectors and in many ways. Below are the ten major applications of Blockchain.
10 Major Applications of Blockchain
1. Cryptocurrency (e.g. Bitcoin) Exchange
Cryptocurrencies use blockchain as a digital transaction ledger. As we know, blockchain’s main purpose was to assist Bitcoin. Blockchain ensures enhanced data security. Therefore, nobody would be able to tamper with any data stored in blocks. It has a decentralized structure. It uses cryptographic data which is difficult to decipher by hackers. Above all, the entire transaction done by a user is accessible at your fingertips.
2. Record Keeping
Blockchain technology was first used to keep records of financial transactions securely. Blockchain has the potential to keep other kinds of records as well. For instance, Medical records, Educational records, Military Records, and many more. Above all, records kept with blockchain are easily accessible, secure, and functional.
3. Evidence of Ownership.
Blockchain maintains your data. In case of any dispute, the record will hold as evidence of ownership. Therefore, it will discourage illegal activities.
4. Personal identity security
Blockchain technology can ensure unique digital identities for everyone in the digital society.
Digital Identity has become vital in an interconnected digital world. Here accuracy in identity has a meaningful role in personal security.
5. Decentralized Cloud Storage
In a centralized system personal data is not so secure and the cost associated is high. In other words, a blockchain system will have a distributed cloud storage of data.
6. Smart Contracts
Blockchain ledgers have a rule-based transaction structure. It enables smart contracts and a programmable economy. In addition, blockchain technology facilitates making such smart contract eliminating any involvement of intermediaries.
7. Enhanced Internet Browsing
Blockchain helps in enhancing interaction among advertisers, users, and publishers. It eliminated the intermediaries. Companies have come up with blockchain-enabled browsers. Above all, this keeps track of all data and provides you a customized browsing experience.
8. Knowledge Sharing
Blockchain technology has great ability in knowledge management and sharing. The first encyclopedia of the world is Everipedia. It is already operational and uses blockchain technology successfully. Its tagline is “An ecosystem of knowledge. On the blockchain”.
Blockchain technology provides an enhanced Cybersecurity. The transactions made are safe. Similarly, personal information stored is also secure.
10. Enhanced Advertising and Marketing
Blockchain technology is valuable in bringing advertisement and marketing fruitful and targeted. It is because the users are genuine. In this decentralized platform, it is quite easy to target and reach a set of people.