Tag: Blockchain

Know about Dogecoin

 Dogecoin is a name that you’ll recognize even when you’re blindfolded. This cryptocurrency has been continually trending on Reddit and Twitter, making it extremely popular. Even though it was the first “meme coin,” Elon Musk praised it and even accepted it as payment for Tesla. What began as a joke evolved into one of the most obvious ways for bitcoin users to tip creators online, make online purchases, and interact with one another. For more information on bit alpha ai click here.

Dogecoin is not a cryptocurrency that has resulted in technological advances and has yet to achieve anything noteworthy. Dogecoin was designed solely to mock the other altcoins that were available at the time. The money eventually evolved into much more than a simple spoof. 

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What is the source of all this success? What makes Dogecoin so appealing to investors? Let’s take a closer look into Dogecoin’s antics and understand its history and what makes it unique among cryptocurrencies. There is a wealth of data on Dogecoin available in this article.

  • Historical Perspective 

Jackson Palmer and Billy Markus created the digital currency Dogecoin in December 2013. They had a more casual, optimistic view of the bitcoin market, which is more widespread now. 

In a couple of hours, Markus had invented the token as a parody of Bitcoin, the current leading cryptocurrency. As the crypto community has evolved from its former elitist and aristocratic state, the joke is intended to poke fun at the past. This is why the Dogecoin developers want to create a friendly, welcoming, and lighthearted neighborhood.

At the time, Billy Markus was a software engineer for IBM in Portland, Oregon, and Jackson Palmer was a product manager for Adobe Inc. in Sydney, Australia. Palmer created the token. Once Markus learned about it, he contacted Palmer to ask permission to create the software that runs it. 

Dogecoin initially provided block miners with a randomized payment. That situation changed when Dogecoin implemented a fixed payment to miners of 10,000 DOGE tokens in 2014.

Even if Bitcoin’s price only fluctuated by about $1,000 in 2013, many more individuals started to take cryptocurrencies seriously—possibly a bit too seriously. The Shiba Inu dog meme was chosen as the two artists’ mascot after brainstorming something intriguing together. The internet was intrigued by this unique approach to cryptocurrencies, given its presence. 

  • Its creation

They created the Dogecoin cryptocurrency using the Scrypt-based Proof-of-Work (PoW) consensus algorithm employed by Luckycoin. PoW is a technique for determining who updates transactions on a blockchain network, and it is often tied to the computational power miners or nodes contributing to transaction validation. 

Although Luckycoin (LKY) was an innovative open-source P2P money that used cutting-edge cryptographic techniques for security, it has now become obsolete. As with Litecoin, Luckycoin relied heavily on that cryptocurrency’s codebase. 

For online payments, Charlie Lee, a former Google developer, launched Litecoin (LTC) in 2011.

  • Its Popularity

This “meme coin” sparked a flurry of interest throughout the internet and now boasts one of the world’s largest crypto communities. It is regarded as a welcoming and beginner-friendly coin and is also well-known for its charitable contributions and support of numerous other worthy causes.

Shibes are members of the Dogecoin community. They have their language, which you must see for yourself to understand. In general, the community is most interested in having a good time. What a blast! (Shibe dialect)Since Dogecoin has grown in popularity, let’s consider what makes it tick.

  • Its Features

Dogecoin, like practically every other cryptocurrency, is built on blockchain technology. The blockchain is a massive database that maintains transaction information, known as a public ledger. Miners must solve a cryptographic challenge to validate transactions and receive rewards.

After that, every transaction you perform using Dogecoin is recorded on the Dogecoin blockchain network. It’s worth noting that the blockchain isn’t stored on a single hard disc or a single central server; instead, it’s distributed across thousands of computers known as nodes. This is what makes DCNs so unique and desirable. They are not centrally located but rather scattered around the world.

Conclusion

The fact that Dogecoin is the newest cryptocurrency is common knowledge. It has not yet attained a level of acceptability that constitutes a critical mass. Even still, business magnates like Elon Musk have hailed the concept. 

If a person of such prominence and accomplishment can see the potential in this novel monetary system, it is destined for greatness. Let’s wait and see whether it gains traction in the future since, right now, it’s not very popular. 

Top Reasons to hoard bitcoins right now

 As per bitcoin’s history in the past years, it provided a 59% return in the year of 2020, a 60% return in the year of 2021, and then in 2022, there was a decline of 67%. Still, a question occurs in the crypto investors’ minds the bitcoin worth it to hoard or not? Learn more profit edge Application click here

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Some experts still insist on hoarding bitcoin because huge profits await investors in the upcoming years. Let’s dive into it. Does bitcoin still have the ability to give good returns or not? 

Rising Trend of Bitcoin

Major tech and non-tech firms are rapidly increasing the usage of bitcoin in their expenses, such as bonuses to the employee or allowing customers to pay in bitcoins. For example, in recent times, Tesla founder Elon Musk created a sensation in the bitcoin price when he announced, “Tesla would accept the bitcoin as the payment of its electric vehicle.”

On the other hand, all over the world, people are considering using bitcoin as a trading currency like the dollar, euro, or any other trading currency presently. Some e-Commerce portals allow the customer to pay via bitcoins or any other cryptocurrency.   

With time, bitcoin will hold its presence worldwide like the usual trading currency. Sooner we are going to witness the situation when bitcoin and cryptocurrency would trade like the usual currency. After that, holding bitcoin will undoubtedly provide some amazing returns in the upcoming years.

The safest asset

As everyone is aware, no centralized enterprise or authority manages bitcoin. So it is one of the safest assets for people. In the world, no government can seize this asset from any of the holders. If an individual holds the assets, no one can seize or still the asset, and exceptions are always there, such as theft of the key or loss of a hot wallet. And one of the best things no one will know is how much an individual possesses. For a bitcoin trade, an investor can use CRYPTOSoft, one of the best of its own. 

Instead of holding the assets in a bank or vault. In any situation, if something happens, then the assets are seized by the holder’s authority or the government. Bitcoin allows the investor to be the authorized person to use the currency whenever required without nobody’s intervention. 

Furthermore, there is a major advantage of keeping some bitcoin in reserve. Why wouldn’t it hold the currency that anyone in any circumstances can seize?

Is it the best time to Buy?

The current rate of the bitcoin is $16987.80 per bitcoin, according to the 6th of December 2022, and in June 2022, it was $31,148.30 per bitcoin. Why not buy bitcoin? Compared to June 2022 and December 2022, an individual gets one bitcoin at almost half price. 

And if an individual considers himself one of those investors who would buy the bitcoin at the bottom price, then this is something like I would drive my car when every signal is green. This is an amazing time to buy bitcoin. 

As it is obvious, no one can control the bitcoin rates. However, an individual can prevent the loss. Hence, before buying bitcoin at this time, keep the below-mentioned things in mind: 

  • Only invest the amount which cannot affect life in the situation of loss. 
  • What’s the storage device? Such as a “hot wallet” or “cold wallet”? 

Accessible to move

Let’s look at it this way, suppose an individual is hoarding gold and silver. It would take effort and time. Or maybe it can be theft in the middle of the moving process. But this doesn’t hold true with Bitcoin.

Bitcoin transactions between accounts may be completed in a matter of seconds. A sender needs the receiver’s wallet address, internet connection, smartphone, laptop, or desktop. With one click, the bitcoin would be in another account. 

Conclusion

Hoarding bitcoin at this time is going to provide some huge financial benefits. Due to this, it has declined a lot since June. As per the cryptocurrency expert, it is going to be upward soon. Before bitcoin starts to trend upward, invest something into it. Even many governments from all over the world also hoard bitcoin in their treasures to deal with inflation.

The present situation of Bitcoin in the UK and US

 There is no doubt that Bitcoin has turned out to be one of the most efficient, trustworthy, and popular cryptocurrencies on the planet right now. It does not have any physical existence as it is a digital currency. Nevertheless, one will be guaranteed online safety, accountability, and transparency while making use of Bitcoin as a mode of payment. It is because bitcoin used some latest technologies to make its network more secure and the most vital is Blockchain technology that offers bitcoin cryptocurrency a decentralized network where no data could be altered or deleted. Bitcoin has already attracted many entrepreneurs, global investors, beginners, as well as financial experts.

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Bitcoin is a significant digital currency:

It is a fact that Bitcoin investment will allow you to manage the highest target since the prices are changing constantly on the market these days. The inventor of this cryptocurrency introduced blockchain systems into Bitcoin to gain the trust of the audience, attaining some safety factors, as well as maintaining transparency, efficiency, and consistency. 

Though, the question might arise in our minds regarding who will be responsible in the event of something unusual happening because of governmental factors.

It is also important to get rid of the bugs and viruses that might affect online platforms right now. This is because many of these platforms consist of bugs, viruses, and intermediaries these days. Fixing these glitches will result in the seamless functioning of the online platforms without any problem whatsoever.

Investing in Bitcoin in the UK:

. In case you are residing in the UK, then the simplest way to invest in this cryptocurrency will be to buy it from a crypto exchange like Coinbase, eToro, or Uphold online.

It is possible to purchase and sell Bitcoin from your computer, smartphone, or tablet directly with the help of crypto exchanges. After purchasing this cryptocurrency, you may do any of these two things mentioned below:

  • Your Bitcoin can be moved to a secure wallet that is owned by a crypto exchange used by you or it can be separate as well. 
  • Otherwise, it will be a sensible idea to leave the currency in the crypto exchange where Bitcoin can be exchanged for other digital currencies or fiat currencies.

Purchasing Bitcoin in the US:

It will not be difficult to purchase Bitcoin or any other cryptocurrency in the US. It is as simple as selecting a wallet and picking an exchange to purchase from. However, you need to verify your identity through a somewhat complicated KYC process. After providing your details, you need to verify your identity by providing a passport copy or a government-issued ID copy. It will be simple to purchase and sell Bitcoin once your identity has been verified by the exchange.

However, if you like to trade in Bitcoin globally, then make sure to use a powerful tool known as BitTrader. You will get more information regarding this tool from bit-trader.io

Is Bitcoin legal in the US?

There is no doubt that the US is one of those countries on the planet that have embraced the usage of Bitcoin. This particular cryptocurrency has been described by the U.S. –  Treasury as a convertible currency that can be used by individuals instead of the US dollar. 

‘The United States Financial Crimes Enforcement Network’ is providing guidelines regarding Bitcoin since 2013. As per their work is going on this crypto-

  • All entities administering or exchanging this cryptocurrency as money service businesses have been classified by them. 
  • Besides this, this organization is likewise implementing regulations intended for financial and non-financial institutions for establishing crypto tracking and reporting priorities. 
  • According to these regulations, financial institutions, crypto exchanges, and other institutions need to report any distrustful activity for immediate investigation regarding transactions.

Bitcoin asset regulations in the UK:

When it comes to the UK, it is a fact that no single document outlining the comprehensive regulatory specifications of Bitcoin exists at present. The primary target of UK regulators will be to stay away from all types of online scams related to cryptocurrencies while enticing new customers. 

Final thoughts:

According to the latest news, the trading of Bitcoin has been legalized fully in the UK and the United Kingdom along with several other countries. Many individuals are investing in Bitcoin at present and they have also been able to generate lots of money from this as well. 

Bitcoin is becoming quite popular – Why?

 Bitcoin was the first digital currency that was invented in the year 2009, and it become quite popular across the globe over the years. However, its value is never stable as of now, and right from the beginning, it is continuously fluctuating. Therefore bitcoin, as a cryptocurrency is known as a highly volatile asset amongst all. For more detail about Bitcoin Application

These days, Bitcoin is used by many individuals and companies as a method of payment instead of conventional currencies. No one can deny that this particular cryptocurrency has made trading quite simple and lots of customers are accepting it in their businesses. Let us move forward and see the reasons behind the popularity of Bitcoin right now.

  1. Low fees for transactions:

Bitcoin attracts minimal costs, unlike conventional methods of payment. In fact, low transaction fees are one primary reason that attracts more people toward it. It makes sense for most individuals, particularly while making online payments for services or purchasing items online. Many people are using Bitcoin for sending money, particularly across borders.

  • Suitable asset to make a profit:

One more reason behind the popularity of Bitcoin is the fact that there is a huge potential for making a profit. In case you purchase Bitcoin when the price is low and sell it once the price becomes high, you will be able to make lots of profit in the long run. During the last several years, almost all the investors are doing short-term bitcoin trading and earning little but multiple profits by using the same strategy.

  • It is becoming simpler to use Bitcoin:

People are becoming more aware of Bitcoin which has helped it to become more popular these days. Lots of websites are accepting cryptocurrencies such as Bitcoin as payment which will become more widespread in the upcoming days. It can be rightly asserted that the usage of Bitcoin is becoming simpler every day since an increasing number of online companies are adopting it. Here, we like to mention that the usage of cryptocurrency debit cards has also started in some particular locations.

For instance, at present, the e-Yuan currency has been introduced in China and if you like to trade this particular currency, then it will be advisable to make use of the Yuan Pay App. Visit yuanpaygroup.nl for getting more information on this particular topic.

  • Less possibility of fraud:

Bitcoin is 100% digital, and therefore, many individuals are investing in this digital currency right now. Moreover, Bitcoin does not exist physically and it offers a decentralized platform where no central authority is there to regulate the transactions. Consequently, there is virtually no risk of fraud when it comes to the usage of Bitcoin.

  • Security:

The usage of Bitcoin happens to be safer compared to fiat money which can be stolen by getting hold of your physical wallet. But, bitcoin is safer as you use your private key for safeguarding your digital wallet. No person can get hold of your Bitcoin without this digital wallet key. Moreover, you will only share the address of your digital wallet while paying with Bitcoin, and there is no need to reveal any personal info. Bitcoin will allow you to safeguard your money and identity which matters a lot for most individuals out there.

  • Bitcoin is seen as the currency of the future:

According to many people, government-regulated currencies will be replaced by cryptocurrencies in the future. Bitcoin is loved by lots of individuals because of its innovativeness. Apart from this, this particular cryptocurrency also makes use of blockchain technology that has the power of transforming lots of social and economic sectors. Bitcoin is used by many people as a means of acclimatizing to technological innovation which has made it quite popular over time.

  • The simplicity of acquiring Bitcoin:

In the past, individuals were in the habit of mining Bitcoin for obtaining it. However, this process is somewhat complicated that requires one to solve math or computer problems are need high energy and highly proficient hardware. However, now it is not difficult to get Bitcoin anymore. You simply require a well-known crypto exchange for purchasing or trading this cryptocurrency.

Conclusion:

More and more traders are accepting Bitcoin these days as a convenient method of payment. Therefore, it can be rightly asserted that the popularity of this digital currency will go on increasing shortly. Moreover, Bitcoin is likely to allow individuals to preserve value, particularly when there is an economic crisis.

Factors influencing the rise of Bitcoin’s market price

 Bitcoin, the cryptocurrency that was created in 2009 gained its reputation in the year 2020 as it marked an alleged rise in value before the start of the pandemic. Bitcoin was at its lowest limit during the Covid period raking in $4,000 in value and reaching a stupendous amount of $30,000 at the end of the fiscal year. Within a few days, the value reached a peak of $40,000 and in 2021 it skyrocketed to over $65,000 for Bitcoin investors to sell them as assets and earned even billions and millions. Thus, it is essential to check the different factors involved before buying a cryptocurrency for trading purposes. Learn More

Over 18,000 different cryptocurrencies are in the existence among them Bitcoin stands tall. With the increase in the value of Bitcoins, other cryptocurrencies are also increasing in value over the longer term. However, there are several reasons why bitcoin shows such volatility and those reasons have marked the growth in the rates of Bitcoin cryptocurrency. A few of the essential factors are demonstrated below.

Factors influencing the rise of rates and values of Bitcoin cryptocurrency:

According to News reports, Bitcoin has staggered its way up from $0 in 2016 and now in 2022, it is around $20,600 as of November. Many factors are responsible for the increase in the values and rates of Bitcoin cryptocurrency. 

  1. Increase in Bitcoin investors:

The major reason for an increase in Bitcoin value and rates is because of the high increase in Bitcoin investors. Many organizations and service providers have staked in hefty amounts for buying Bitcoins for trading purposes. According to news sources-

  • companies like J.P. Morgan have invested quite heavily in cryptocurrencies. 
  • Companies like PayPal have introduced services for purchasing, selling, and trading purposes using Bitcoins. 
  • Visa has also been favorable to Bitcoins by introducing debit and credit cards for the trading platform Coinbase.
  • Many other mammoth organizations are accepting bitcoins as a payment method and also utilizing services for trading purposes. 

With the increase in investors, the Bitcoin applications such as bitcoin-prime.nl have become quite easy to login into accounts and trade over different cryptocurrencies. Digital wallets and private keys need to be kept safe from any unwanted intrusion into the Bitcoin account.

  • Inflation due to the Covid-19 pandemic:

Another increase in the value of Bitcoins is due to Covid 19 pandemic issues. This has evolved into banks printing more money and the government imposing extensive packages by driving up inflation. In the last financial year, the government of the United States deducted a 2% rise in the initial economic showdown. 

Therefore, keeping Bitcoins seems to be wiser for people. Possessing Bitcoins shortly can help investors in getting increased rates over the same. According to News agencies, the utilization of Bitcoin would go up in several folds and individuals would stick to Bitcoins for transactional purposes. Bitcoin is kept at a margin of 21 million units whereas around 18 million units of Bitcoins are been utilized to date by individuals.

  • Safe and secure cryptocurrency with strong policies:

Another important aspect of the rising values and rates of Bitcoins is that they are safe and secured cryptocurrencies utilized by many financial companies worldwide. The policy is also updated over stringent approvals where individuals have fewer chances of losing assets.

  • Some companies like Tesla and Expedia utilize Bitcoins for buying cars and booking hotels and flights. 
  • Companies like PayPal, Microsoft, and Shopify utilize Bitcoins for shopping purposes and individuals can purchase software, add-ons, mods, and even products to buy from such portals. 
  • Easily available cryptos for trading:

Another important aspect of the growing utilization of Bitcoins is that it is available to the general public easily. Bitcoins are quite volatile and prices may increase or decrease depending on the utilization of the cryptocurrency for trading purposes. Bitcoins have a really good store value and individuals can convert their cash to the bitcoin value and store it for prospects. Some even tend to buy assets utilizing bitcoins and store them for reselling purposes soon.

Bottom-line:

Thus, the above-mentioned points prove that saving Bitcoins can help with numerous advantages over the period. It is also essential to check with the different trading platforms for utilizing it in buying Bitcoins. Some trading platforms provide utilization of a decentralized process for storing bitcoins using a secure blockchain methodology. It is also advisable to check the different policies involved before buying Bitcoins for personal purposes.

The fundamentals of Bitcoin trading that you need to know

 Trading actually means transferring things in exchange for something. However, bitcoin trading is the same but the practice is more centered on the profit gained out of a trade. The process of purchasing bitcoin at a low price and selling it at a higher price for making a profit is known as Bitcoin trading. A trader will purchase this cryptocurrency when he’s off the notion that its price will go up and he can sell it afterward at a higher price. For more detail please visit our website.

In the same manner, it is also possible for traders to take advantage of the plummeting prices of Bitcoin. He might short-sell Bitcoin at a higher price when he thinks that its price will drop in a while and the position can be covered at a lower price.

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Why bitcoin trading is a good idea?

It will be extremely profitable to trade Bitcoin in case you can get the basics correct and also comprehend how to minimalize the risk of this volatile market. Incidentally, Bitcoin is considered to be the most renowned cryptocurrency on the market right now.

Here, we have enumerated the various benefits of trading Bitcoin preferably with the help of the Bitcoin Era app. If you want to know more about this app, then make sure to visit https://bitcoins-era.nl/.

  1. Opportunities for trading:

There has been a rise in the different trading opportunities over time since the price of Bitcoin fluctuates heavily at times. You will come across a Bitcoin trading setup virtually all the time. It is a fact that the price of this cryptocurrency can go up or fall significantly within only several minutes these days.

  • Mass adoption:

One can’t deny that the concept of cryptocurrency is rather new in the financial world. Nevertheless, Bitcoin has been accepted already by lots of large businesses as well as several renowned banks out there and other companies are likewise planning to do it.

  • Margin trading:

It is possible to trade Bitcoin with a margin account on leverage similar to any other digital currency. This will enable you to open a bigger position size compared to your trading account and it will allocate just a small percentage of your account for the trade as collateral.

Steps for trading Bitcoin:

  1. Create a brokerage account:

The initial step that should be taken by you will be to create a brokerage account. The registration process comes first here that needs some of your IDs to be verified and once it is done a bitcoin trading account will be opened.

  • Funding

After opening up the brokerage account, transferring some funds to it is necessary. Therefore, it will be imperative to link your bank account for getting the funds and the withdrawals promptly. 

  • Select the currency:

After completing the previous steps, you need to select the currency type that you will deal with. All these steps will be essential for every type of cryptocurrency out there including Bitcoin.

  • Automated trading:

An automated trading platform will be the most effective option for you when you want to formulate a solid strategy for Bitcoin trading. One notable thing regarding automated trading platforms is that they will provide you with conservative, aggressive, or neutral mechanisms that you can use to generate quick money, diversify your portfolio, plus hold the coins.

  • Store the currency:

It is a fact that Bitcoin happens to be a digital currency, unlike money that exists physically. Consequently, it is important to store Bitcoin properly since it does not have any physical existence and online fraud can be another reason as well. Therefore, use bitcoin wallets that safeguard your crypto holdings by keeping your private and public keys safe. Try to use cold storage wallets that are more secure.

Conclusion:

The procedure of starting a trade, monitoring it, and closing it happens to be quite simple. Brokers are nowadays making a lot of investments in order to earn. However, the toughest part happens to be fine-tuning your decisions regarding trading so that you will be able to make a profit. But newbies who stick to the standard advice of Bitcoin trading in small sizes will provide themselves with the most effective option of becoming successful in the long run.

Performing Ethereum Trading With Excellence

 The trend of cryptocurrency in financial institutions is increasing because it benefits the people in the portfolio. The accountability of the people in acquiring the excellent choice in cryptocurrency trading is increasing, and they are perfectly managing their assets from . The outstanding efficiency of the people in having the same characteristics but with distinct nature makes them more different from the others. The tremendous development of cryptocurrency in earning profit and trading with the different elements makes them different in operating the modes and making the trading strategy.and join ethereum code platform 

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The evolution of cryptocurrency in determining the operating and adopting market is bringing people closer to each other. The investors can simply apply the trading strategy and ideally focus on defining their end goal by establishing a fantastic decision. Digital selling and purchasing of the Cryptography establish the marketplace where the consumer can effectively learn about the person ready to dip into commerce. The article presents some effective strategies where the crypto traders can effectively meet the money secured on the platform and, without losing, can regularly make the judgment.

Crypto Trading And The Wonderful Strategy

Financial risk is necessary to mitigate, and it is possible only if effectiveness is applied in making the strategy. Common strategies typically bring a lot of changes, but advanced strategies can alter your future and make you a permanent part of cryptocurrency investment.

Day Trading

An efficient way a person can enter the market and exit after an unlimited period is adequate. Day trading is an exciting part of trading strategies, including a single-day investment. Most people who want to know about tea’s income sources utilize day trading. Typically more people understand Bitcoin volatility, and it is there to help everybody to make a profit in the moving market. The focus of everybody is to analyze the technical part and understand whether the strategy is consuming more risk or giving an accountable part of the suitable investment.

Future Trading

Another element that speaks loud while understanding future trading is the contract agreement on the participation of multiple people. In future trading, a person pre-determines the strategy and utilizes their money to invest according to the date and time. There is no option available, but most people are selected about the cryptocurrency, and to reduce the danger, they focus on future trading.

Top 4 Strategies

Risk management is essential, and to enhance the prosperity of any cryptocurrency, it is understood that the volatility must reduce, and risk should manage in a manner. People falling apart in management need to focus on the capital and the critical factor designed to minimize the actual losses. Risk management needs to define the prosperity and the portfolio that increases the confidence of a person to approach the cryptocurrency market.

Technical analysis is another part where a person cannot do several things from the chart and creates confidence to focus on the past moment of investment significantly. Typically people who are very analytic about their skills focus on getting the best benefit from the technical aspect.

Another fundamental analysis is again a part of Technical Analysis and a factor for understanding the software of Ethereum application. The cryptocurrency Ethereum is very technical, and the development team has executed the unit’s function very smartly. Unfortunately, the price fluctuated when the coin was launched for the first time, and the future was uncertain. However, people gather information from different websites and places about Ethereum using fundamental analysis.

Controlling emotion is essential for people who use money without understanding the percentage of danger involved in cryptocurrency. Many might feel that the volatility is attractive, but at the end of the day, the opportunity is necessary to excite the trader. Understanding that greed and frustration are part of the emotion and should not come between your investment is very systematic. Other than that, everything in cryptocurrency is a part of the investment. The future depends primarily on the factors and intelligent decisions a person will take to balance the portfolio.

To conclude, whenever a person uses any strategy to upgrade themself for the digital market. They focus on many other things that are vital and imperial for the target market.

Web 3.0 : Financial Service Industry

How will the evolution of the web have an effect on Financial Services? This is a question that puts many financial institutions in peril but is it really something that will put banks out of business? 

What is Web 3.0?

Web 3.0 is a new evolution phase that is coming into reality. The web as we know, is evolving into something more secure with more opportunities and various features. A lot of people don’t understand Web 3.0 and are scared of it. This will be a massive change on how we see the internet and how we will use it. It is going to be a decentralized platform and it will be individualized wherein you can customize your internet browsing experience. 

The Royal Bank of Canada is utilizing millions of data points to train its own AI, resulting in fewer client calls and faster application delivery. Meanwhile, BNY Mellon, the world’s largest cross-border payments service provider, improved its fraud prediction accuracy by 20%. By researching real-time market data within nanoseconds, AI and high-performance computing (HPC) are combining to provide better and faster trading intelligence.

What does this mean for Financial Services?

Web 3.0 is transforming the finance sphere slowly into a decentralized place. Basically, you don’t need a financial institution governing your transaction or authorizing them. The transaction will only be initiated by you and reaches the receiver, in a matter of moments, without any middlemen. Using cryptocurrency, you can make transactions over blockchain that eliminates that bank server from between. Cryptos are digital assets that let users transact directly without a payment service provider in the intermediary, which means that they enable new forms of capital. Although Bitcoin remains comparatively low now, it still may provide effective money governance by preserving and protecting the data or memory of what our money represents. Then there is the unparalleled manipulation of fiat money. We can observe how central banks have significantly extended their balance sheets since the GFC and the ongoing pandemic COVID-19. 

DeFi

DeFi is short for decentralized finance where there are no middlemen between you and the receiver. The transaction will be on the blockchain where the transaction time is reduced from time of hours/days, to moments that you can count on your hands. With DeFi, you can perform all transactions and services that are offered by traditional banks, without the bank in between. Now, you might wait for your transaction to be passed through because your bank should allow it and then it has to pass through the bank’s server. 

DeFi uses cryptocurrency as the main currency because they are programmed using blockchain technology. There is a huge difference between CeFi and DeFi. 

Effect on Financial Services

Undoubtedly, Web 3.0 has opened its doors for infinite opportunities and many FinTechs are utilizing them while traditional institutions are being left behind. These organizations are investing in their technology and its improvement in this rapidly changing market. These FinTechs’ major part of investment is into AI which are being programmed to understand the different problems faced by people and able to give out the solutions in a matter of seconds. This dependance on AIs is being constantly improved which are learning from their own errors and giving better and more efficient solutions. A survey by NVIDIA , according to it, nearly 83% of finance service professionals say that AI is essential for the companies’ success. It is also said that AI can improve company growth by 20%.

Conclusion

Web 3.0 is bringing so many opportunities while improving the present technology and organizations that are utilizing it will not be taking rest anytime soon. This technology is just going to become better and better. Every single day that we see this technology step up just shows that we are not done with technology, it can be better and more efficient and these companies are proving that to use everyday. Web 3.0 is showing more freedom of speech and thoughts than the present restricted web 2.0, decentralization is going to put back the control back in the hand of the User.

“Where there is life, there is growth

Where there is age, there is evolution.”

~Charles Darwin

Thank you so much for reading this article. I have added information from different websites and I thank them for their view on this topic. Do leave comments on different aspects of Web 3.0 that you think will change us.

The links to pages that helped me understand Web 3.0 better:

Financialit.net: How web 3.0 is transforming the financial services industry?

https://www.finextra.com/the-long-read/231/how-ai-is-powering-the-future-of-financial-services

https://n26.com/en-eu/blog/what-is-defi#:~:text=How%20does%20DeFi%20work%3F,are%20secured%20through%20blockchain%20technology.

Web 3.0 : Financial Service Industry

How will the evolution of the web have an effect on Financial Services? This is a question that puts many financial institutions in peril but is it really something that will put banks out of business? 

What is Web 3.0?

Web 3.0 is a new evolution phase that is coming into reality. The web as we know, is evolving into something more secure with more opportunities and various features. A lot of people don’t understand Web 3.0 and are scared of it. This will be a massive change on how we see the internet and how we will use it. It is going to be a decentralized platform and it will be individualized wherein you can customize your internet browsing experience. 

The Royal Bank of Canada is utilizing millions of data points to train its own AI, resulting in fewer client calls and faster application delivery. Meanwhile, BNY Mellon, the world’s largest cross-border payments service provider, improved its fraud prediction accuracy by 20%. By researching real-time market data within nanoseconds, AI and high-performance computing (HPC) are combining to provide better and faster trading intelligence.

What does this mean for Financial Services?

Web 3.0 is transforming the finance sphere slowly into a decentralized place. Basically, you don’t need a financial institution governing your transaction or authorizing them. The transaction will only be initiated by you and reaches the receiver, in a matter of moments, without any middlemen. Using cryptocurrency, you can make transactions over blockchain that eliminates that bank server from between. Cryptos are digital assets that let users transact directly without a payment service provider in the intermediary, which means that they enable new forms of capital. Although Bitcoin remains comparatively low now, it still may provide effective money governance by preserving and protecting the data or memory of what our money represents. Then there is the unparalleled manipulation of fiat money. We can observe how central banks have significantly extended their balance sheets since the GFC and the ongoing pandemic COVID-19. 

DeFi

DeFi is short for decentralized finance where there are no middlemen between you and the receiver. The transaction will be on the blockchain where the transaction time is reduced from time of hours/days, to moments that you can count on your hands. With DeFi, you can perform all transactions and services that are offered by traditional banks, without the bank in between. Now, you might wait for your transaction to be passed through because your bank should allow it and then it has to pass through the bank’s server. 

DeFi uses cryptocurrency as the main currency because they are programmed using blockchain technology. There is a huge difference between CeFi and DeFi. 

Effect on Financial Services

Undoubtedly, Web 3.0 has opened its doors for infinite opportunities and many FinTechs are utilizing them while traditional institutions are being left behind. These organizations are investing in their technology and its improvement in this rapidly changing market. These FinTechs’ major part of investment is into AI which are being programmed to understand the different problems faced by people and able to give out the solutions in a matter of seconds. This dependance on AIs is being constantly improved which are learning from their own errors and giving better and more efficient solutions. A survey by NVIDIA , according to it, nearly 83% of finance service professionals say that AI is essential for the companies’ success. It is also said that AI can improve company growth by 20%.

Conclusion

Web 3.0 is bringing so many opportunities while improving the present technology and organizations that are utilizing it will not be taking rest anytime soon. This technology is just going to become better and better. Every single day that we see this technology step up just shows that we are not done with technology, it can be better and more efficient and these companies are proving that to use everyday. Web 3.0 is showing more freedom of speech and thoughts than the present restricted web 2.0, decentralization is going to put back the control back in the hand of the User.

“Where there is life, there is growth

Where there is age, there is evolution.”

~Charles Darwin

Thank you so much for reading this article. I have added information from different websites and I thank them for their view on this topic. Do leave comments on different aspects of Web 3.0 that you think will change us.

The links to pages that helped me understand Web 3.0 better:

Financialit.net: How web 3.0 is transforming the financial services industry?

https://www.finextra.com/the-long-read/231/how-ai-is-powering-the-future-of-financial-services

https://n26.com/en-eu/blog/what-is-defi#:~:text=How%20does%20DeFi%20work%3F,are%20secured%20through%20blockchain%20technology.

Startups to leverage " Deep Tech " to build solutions for local & global markets

 The Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, Shri Piyush Goyal today called upon the Indian industry to aim for raising 75 unicorns in the 75 weeks to the 75th anniversary of Independence next year.

“We have added 43 unicorns added in 45 weeks, since the start of ‘Azadi ka Amrit Mahotsav’ on 12th March, 2021. Let us aim for atleast 75 unicorns in this 75 week period to 75th Anniversary of Independence,” he said, while releasing the NASSCOM Tech Start-up Report 2022.

Shri Goyal said Startup India started a revolution six years ago and today ‘Startup’ has become a common household term. Indian Startups are fast becoming the champions of India Inc’s growth story, he added.

“India has now become the hallmark of a trailblazer & is leaving its mark on global startup landscape. Investments received by Indian startups overshadowed pre-pandemic highs. 2021 will be remembered as the year Indian start-ups delivered on their promise, – fearlessly chasing opportunities across verticals – Edtech, HealthTech & AgriTech amongst others,” he said.

Shri Goyal lauded the ITES (Information Technology Enabled Services) industry including the Business Process Outsourcing (BPO) sector for the record Services exports during the last year.

“Services Export for Apr-Dec 2021 reached more than $178 bn despite the Covid19 pandemic when the Travel, Hospitality & Tourism sectors were significantly down,” he said.

Shri Goyal said the Prime Minister Shri Narendra Modi has declared 16th January as the National Startup Day, showing his commitment to take the innovation culture to every nook and corner of the country.

“We all celebrated this innovation spirit through Startup India Innovation Week, during the last week as part of ‘Azadi ka Amrit Mahotsav’. PM’s interaction with Startups a week ago has supercharged the courage of our innovators,” he said.

Shri Goyal said the Government has taken several steps to boost startup ecosystem, –

  • Removing problems of ‘Angel tax’, simplification of tax procedure & allowing self-certification and self-regulation towards which we are moving
  • Reducing burden of over 26,500 compliances
  • Decriminalization of 770 compliances

Shri Goyal said the New India is today being led by new troika of Innovation, Technology & Entrepreneurship (ITE), which in a way has grown further from the original ICE (Information, Communication & Entertainment).

“I remember when ICE was introduced many years ago, we were excited about the new information age. Today, that same vibrancy & excitement is witnessed in the way our startups are growing in the ITE areas,” he said.

Shri Goyal said India’s unique digital infrastructure – Aadhaar, Digilocker, Fastag, Cowin, UPI etc. have enabled Access & Affordability.

“The Cowin portal showed the world that Indian could run world’s largest vaccination programme efficiently & effectively, with complete mapping & monitoring done digitally. UPI has helped new age technologies in reaching the common man at affordable prices,” said Shri Goyal.

“The next “UPI moment” will be the ONDC (Open Network for Digital Commerce). The first-of-its-kind globally, ONDC to enable interoperability between eCommerce companies, providing equal opportunity to small & large players, will help control digital monopolies & make industry more inclusive for buyers & sellers alike, empowering MSMEs to unlock innovation & value,” he added.

Shri Goyal unveiled a five-point plan as the way forward for the NASSCOM:

     1. Emphasize on basic & core needs of people, – providing better access to financial          services, education & healthcare; solutions to problems of farmers, etc.

     2. Focus on High growth & Job creating sectors, – Advertising & Marketing, Prof. services, Fitness & Wellness (Yoga becoming popular globally), Gaming, Sports, Audio-Visual services

     3. More & more startups should leverage Deep tech to build solutions for local & global markets, – AI, IoT, Big Data, Data Analytics, Blockchain, Virtual Reality, 3D Printing, Drones, etc.

     4. We have a lot of potential in Startups from Tier-2 & 3 cities. If we give them more support & proper mentoring, they could also play a much greater in the years to come.

     5. India will assume G20 presidency in 2023 – suggest ideas on themes resonating with our vision to solve global issues.

Shri Goyal hoped this momentum of the Indian Startup ecosystem will continue in the current year and the years to come.

“While 2021 was a year in which we defied all odds, 2022 will be the breakthrough year which will unlock country’s exponential value. ‘India at 100’ will be renowned as a Startup nation. But as PM Modi said yesterday in his speech- the “Amrit Kaal,” the coming 25 years – are the period of utmost hard work, sacrifice and tapasya,” he said.

*****

#EDUCHAIN- BLOCKCHAIN IN EDUCATION

“If we teach today’s students as we taught yesterday’s then we rob them of tomorrow.” During the pandemic, technology facilitated education in the best way. Therefore the intertwining of blockchain and education #EdChain will certainly be really. Blockchain is an immutable, decentralised form of database that stores information. As the name suggests, it is a chain or a series of blocks that store data like the date, time and amount of transactions.

The most important feature associated with blockchains is security. Each block within a blockchain contains a hash of the previous block. Hashing makes it difficult to alter the blocks. Thus it ensures immutability. Incentivising miners ensures integrity as they disapprove malicious transactions. These mechanisms ensure the high security of data.

The intertwining of blockchain and education would help improve teaching and learning in various dimensions.

Decentralized control over data

Blockchain can store data related to students’ credentials. It can also store details like the skills or courses that students have learnt. Consequently, a centralized authority will not control this data. It would also enable the students to share this data with their prospective employers. Furthermore, students can store data related to both classroom learning and skill enhancement. It would ensure accuracy in the resumes. The security mechanisms of blockchain ensure the safety of the data. Students cannot alter past educational certificates stored on the blockchain so it would ensure accuracy. Blockchain also takes care of privacy. This is because blockchain would store the hash of the data rather than the data itself. Students can also encrypt data before storage at the option of the student. We already have many blockchain-powered applications that facilitate the record-keeping of digital credentials and intellectual property.

Ensuring accuracy

Students cannot alter their past educational certifications. Therefore, employers would get the most accurate information about their skills. This would also help find the perfect matches between employers and job seekers. A distributed ledger system like blockchain supports safe chronological academic records. By integrating transparency and accuracy blockchain can create a strong relationship between employers and job seekers.

Make learning engaging

Blockchain can also make learning more engaging. This would help us to move forward from the conventional tools of teaching and learning. Blockchain’s OpenSource framework is a tool that can enhance online teaching and learning. It would also facilitate the personal development of students. New technologies combined with blockchain can provide personalized learning. Consequently, we can customize the content to suit the needs of different students. We can also have gamified online education to make learning interesting.

Smart Contracts

Students can also enter into various Smart Contracts with the university through blockchain. These contracts can be related to various payments like tuition fees or examination fees. The contracts will provide convenience and safety of transactions at the same time. Smart Contracts in Blockchain can help automate administrative tasks. Additionally, this would also reduce overhead costs related to administrative tasks.

Efficacy in Selection

Blockchain would certainly reduce CV fraud by streamlining the data provided by the students. It can also make appropriate matches between employers and job seekers by suiting their requirements. Blockchain-based university diplomas would certainly be a good leap forward in the selection of job seekers

SUCCESSFUL INITIATIVES

Digital Credentials Consortium is an initiative that aims to enhance the record-keeping of digital academic credentials. The initiative started in 2018, intending to create a safe mechanism for storing digital academic credentials. It will enable the students to hold a lifelong record of their academic achievements. Students can easily share this data with the employer as well. The students will also get other benefits like safety, security and privacy. Moreover, they will not be required to pay fees to get copies of their credentials from the university. It would also benefit the educational institutions by managing records securely, eliminating the risk of identity fraud. Thence they can save the cost and time required in admin work. Subsequently, the employers would get the benefit of easy access to accurate records.

MIT is one of the leading institutions that has developed blockchain applications to streamline academic accreditation. It believes that the intertwining of blockchain in education can be used for various purposes.MIT Media Lab and Learning Machine’s Blockcerts is a platform. It allows educational institutions to incorporate blockchain accreditation in their programs. The University of Nicosia offers accredited courses through verified certificates on the blockchain. Southern New Hampshire University issues bachelor and diploma degrees in a digital format on the blockchain besides in a traditional paper format.

CONCLUSION

Educational technology has made good progress over the last 20 years but, there is a long way to go. Modern technologies like blockchain can facilitate progress effectively. According to the Gartner, 2019 CIO Survey around 2% of higher education respondents has already incorporated blockchain. On the other hand, 18% are planning to do so. However, 47% are not interested in incorporating blockchain in education. The possible reason behind this seems to be a wait and watch approach. Keeping in mind the hype and potential risks of blockchain respondents probably aim at playing safe. Record keeping is the most promising use of blockchain besides security and privacy. Overall we have numerous universities and enterprises aiming at enhancing education by intertwining blockchain with it. These universities use blockchain not only for record-keeping but also for teaching and learning purposes.

We need to have an accepting attitude towards change. Amalgamating technology in education may seem difficult. But it is the need of the hour. New technology can improve the existing methods by saving time and cost at the same time. Many universities have already explored this walk still we need more efforts in this regard. As they say, change is the only constant, so we need to be more receptive to this change.

WHY IS SOCIETY SCARED OF CONFIDENT WOMEN?

INTRODUCTION

Men often consider workplaces like offices and positions of power as their original territory. But unfortunately, a woman walking down the same corridor seems really hurting. Maybe, the patriarchal society does not dare to accept a woman’s success. Society has sadly conditioned men to see women as inferior. Society has suppressed women for the longest time. Men have gotten so used to seeing women as the weaker sex that they cannot see them prosper. The story does not belong to the present day. Society is writing it since ancient times. A legitimate example would be the terror in the hearts of men on seeing Razia Sultan’s regime.

CONSTANT FEAR OF SUCCESSFUL WOMEN

A woman with a solid and confident personality strikes terror in the hearts of men for no fault of hers. Suppose a woman questions a decision or expresses her point strongly. In that case, she is instantly stereotyped as a devil for violating the conventional code of conduct. As a retaliation, men usually title strong women as challenging to work with or get along or tough to handle. This is the most common solution men use when they cannot accept a confident and booming woman. The frustration is so deep that they even derogate the assumption that the woman must have done sexual favors to impress her boss.

The issue is not that superficial as it may seem to be. Instead, it is something much deeper rooted. More than a mere stereotypical gender face-off, it brings out the fickle-mindedness of society.  For long years the community has conditioned men to see themselves as superior and women tolerant of it. The television and film industry is the trendsetter for the country. But unfortunately, in the majority of cases, successful and confident working women are often portrayed as mean, cold-hearted, or harsh. If a man is career-driven, then he is praised for his determination. But if a woman does the same, she’s seen as selfish or irresponsible towards her family. Successful working women are rarely portrayed as affectionate mothers or wives. This brings out a bizarre assumption that a career deteriorates motherhood in a woman.

WHY ARE WE SO INSECURE?

Insecure people do pull down everyone, but when this pulling down does a gender bias, things get ugly. The whole proposition takes a dramatic turn because men often see it as a role reversal. They often look at this role reversal as a threat to their masculinity. Since the earliest times, a man is seen as the breadwinner for the family. This label further cements their superiority over women. This is because it is a certification of the fact that women are dependent upon men. In such a scenario, when women break their cocoons and move out, it scares men to the core. Men are in constant fear of losing their supposed superiority over women. Men cannot accept that women can break their shackles and be on an equal footing to them.

POSITION OF THE SOCIETY

This fear of losing power is so deeply rooted that it is visible even between a husband and a wife. If a wife starts earning equal to or more than her husband, she often hurts her husband’s ego and falls prey to numerous taunts. But this does not mean that only men are at fault, the society has an equal contribution. Very conveniently, society says that behind every successful man, there is a woman. Still, it cannot believe the vice versa. Community respectfully uses the term “working women” for females when they move out of their homes. But it mockingly uses the phrase “house husband” when a husband takes care of the household. This clearly highlights that despite shouting about equality at the rooftops, society is still uncomfortable for it at heart.

THE FINAL THOUGHT

Not liking a woman just because she is successful or confident brings out society’s own insecurities. If a husband supports his wife the same way his wife helps him, things will improve. It is certainly wrong to stereotype that all men are afraid of confident women. Husbands have started supporting their wives to fulfill their dreams. This precious support is unclipping their wings.

Men have begun respecting women at top management levels.  The traditional rigid roles of men being the protector provider and women being dependent ought to be challenged. Masculinity is no certificate of superiority. Equality comes where we judge a person on his merit and not his gender. Gender bias is certainly corrosive to society and progress as well. There is nothing wrong with healthy competition. In fact, it actually brings out the best in a person and helps him to flourish. But when this competition is a pure consequence of the power play between sexes, it does become problematic.

#MediChain- USING BLOCKCHAIN IN MEDICINE

INTRODUCTION TO THE IDEA

“Healthcare is yet to be transformed by technology.” The renowned American businessman, Joshua Koshner has very rightly given this statement. Developed countries like the USA plan to spend 20% of their GDP on healthcare in future. The Healthcare industry spends jarring costs due to data breaches and inefficient practices in data management. In this case, Blockchain comes to the rescue. It can certainly pop this spending bubble with great ease.

WHAT IS BLOCKCHAIN?

Blockchain is an immutable, decentralised form of database that stores information. As the name suggests, it is a chain or a series of blocks that store data like the date, time and amount of transactions. There are various types of blockchains like public, private and permissioned. A public blockchain allows anyone to contribute to the network. Hence public blockchains are both decentralised and democratic. Opposite to this, permissioned blockchains allow only verified participants to join the network. Private and permissioned blockchains are similar in function with one difference. The difference is that a particular organisation owns a Private blockchain.

The most important feature associated with blockchains is security. Each block within a blockchain contains a hash of the previous block. A hash is a cryptographic key. These keys are stored in the shared ledger. The keys are also connected by a mesh of nodes that join them. Each node contains a copy of the whole chain which is synchronised and updated constantly. Therefore hashing makes it difficult to alter the blocks. Thus it ensures immutability. Moreover, incentivising miners ensures integrity as they disapprove malicious transactions. These mechanisms ensure the high security of data

HOW DO WE USE BLOCKCHAIN IN MEDICINE?

Blockchain has a wide range of applications in the field of medicine.

STORING PATIENT DATA

Blockchain can keep a decentralised, incorruptible and transparent log of patient data. Since the Blockchain would be private, it would store the sensitive data safely with complex codes involved in it. Decentralisation of data would also allow patients and faculty to access the information, saving the time involved therein. Therefore, Blockchain can create a constantly updated single ledger of health records for rapid transfer by authorised parties.

SECURE DATA STORAGE

The safety and security of patient data have prime importance. Over 176 million patient records were leaked due to data breaches between 2009 and 2017. Important details like health and genomic testing records were stolen. In such a case blockchain provides safety of data through its security features. Each individual can have a private key that would unlock data only when required. Thence, blockchain can store data safely and securely.

SEAMLESS SHARING DATA TRANSFER

The data stored on the blockchain can be readily shared with healthcare providers. This can be done through a shareable private key. Hence blockchain can easily eliminate the time wasted in sharing information with health care providers. It would ensure speedy treatment without time lag. Therefore, Blockchain would improve Health Information Technology (HIT).

PREVENT INEFFICACIES

Surprisingly, a whopping amount of $11 billion is wasted annually due to inefficiencies in data management. The processes involved in obtaining data access related to medical records are very time-consuming. These processes not only exhaust the staff resources involved but also lead to delays in inpatient care. Decentralisation of medical records helps save the time wasted in providing data access to faculties. This way Blockchain would facilitate faster diagnosis and treatment.

SUPPLY CHAIN TRACEABILITY

Decentralisation has serious implications in terms of supply chain traceability. It ensures full transparent supply chain management. Patients can get appropriate answers to concerns related to the supply chain. The ledger once created, can record data at every step of the shipping journey. It would record important details like the information about the supplier.

TRACKING DISEASE OUTBREAKS

Blockchain can help in real-time disease reporting. It would also facilitate the recognition of disease patterns. This can in turn help in identifying transmission parameters.

SAFETY OF GENOMICS

In 2001, the cost to process a human genome was $1 billion. But today, it is just $1000. Hence, the ability of genomics to improve health has certainly become a financial and scientific reality. But these days genomics data theft has become a serious issue. A large number of companies bring individual DNA sequencing. Therefore the security of genomics data is a serious concern. Blockchain provides a potential solution to this. It can provide an online market, where scientists can buy encrypted data for research purposes. This would also eliminate the middlemen and time involved in the purpose earlier. So, blockchain is a perfect fit for this purpose as it can store precious genomics data safely.

A GLANCE AT SOME SUCCESS STORIES

Blockchain in healthcare is certainly not an unexplored arena. Several platforms have already reaped the benefits of blockchain and others are planning to do so. BurstIQ is a platform that helps companies manage patient data safely and securely. Factom has employed blockchain technology to store digital health records safely. Factom also received a grant of $200000 from the U.S. Department of Homeland Security to integrate data from Border Patrol cameras and sensors. MedicalChain maintains a record of the origin and patient identity. In May 2018 MedicalChain launched a telemedicine platform to consult doctors via video call. Guardtime which is located in California helps healthcare companies to implement blockchain technology in their operations. The company uses blockchain for cybersecurity applications. Robomed has combined AI and blockchain to offer patients better treatment. The company also uses chatbots to collect patient information and share it with the medical team. The Taipei Medical University has recently implemented blockchain technology including Robomed’s network. This was done to store and secure medical records more easily.

Most importantly, the government agency, the Centre for Disease Control and Prevention (CDC) uses blockchain to monitor diseases and report outbreaks. Additionally, IBM is working with CDC to develop a blockchain-based surveillance system. Subsequently, this would also help public health agencies to collect patient data effectively.

THE FINAL THOUGHT

Developed countries spend a good share of their Gross Domestic Product (GDP) in healthcare. The U.S government plans to spend 20% of its GDP on healthcare soon. Hospital costs are whopping and inefficient practices in data management further aggravate the. Blockchain can reduce these costs substantially. Estonia has been an initiative taker in this regard. It began harnessing the benefits of blockchain technology in healthcare in 2012. Today almost all of the healthcare billing in the country is processed through blockchain.  Almost 95% of patient data is ledger-based while 99% of prescription data is digital.

Today, blockchain is used in various fields like education, finance and data management. Blockchain has a wide variety of applications in healthcare. It facilitates the secure transfer of patient medical records, supply chain, management and handling of genetic code. Inculcating blockchain technology can improve the efficacy of operations in health care. Currently, we are in the initial phase of using blockchain. Therefore, we need extensive research in this field. We also need pilot surveys to understand the efficacy and limitations of the technology. Blockchain will not only reduce costs but would also improve the safety and security of data.

The significance of innovations is indispensable. Also, change is the only constant. Therefore, encouraging innovations and accepting changes is the need of the hour.

Block chain Technology- Implementations

You must have heard a lot about the emergence of blockchain, isin’t? But here in this article, we will focus on the practical issues for blockchain implementation.

Introduction

In the tech world, blockchain technology is still the leading buzzword. Its ability to work in a distributed environment without getting tampered is the core source behind all the hypes.

As the technology is still in its developing phase, despite various possibilities in almost every sector, it will still take some course of time to get over all the challenges it is facing right now. Let’s explore what the practical blockchain implementation issues are.

As blockchain is revolutionizing rapidly, its scope and career opportunities are beyond imagination. If you are looking to start a profession in blockchain space and want to become a blockchain expert or a blockchain developer, favorable chances are on its way.

Practical Blockchain Implementation Issues

Blockchain technology is an algorithmic immutable ledger that presents a future-ready architecture for organizations to transact and exchange business-related information securely.

Does it mean it has no challenges? Of course not. There are various challenges associated when it comes to implementation. So let’s get started.

Lack of Internal Blockchain Knowledge

The first and foremost challenge while implementing blockchain is that most organizations have insufficient knowledge about technology. Companies do not have Blockchain experts and professionals who clearly understand the core concept of technology.

Thus organizations find it challenging to choose and adopt the best enterprise blockchain platform. Moreover, the companies are not aware of blockchain implementation steps that should guarantee the best outcome.

High Implementation Cost

Although popular enterprise blockchain platforms such as Hyperledger Fabric have made great strides in terms of the transaction speeds( just about twice the rate over VISA platform), most of the existing platforms such as Bitcoin(transacts 3 to 5 transactions per second ) and Ethereum (up to 15 transactions per second ) are inefficient in terms of speed of transactions and the energy consumption. Thus we can infer that the most convenient blockchain platforms come at a vast implementation and energy costs.

Backup and Recovery

Backup and recovery of data for blockchain networks are also one of the significant implementation issues. Although theoretically, creating a new node is easy, but it’s not practical spending several hours for a new node to sync with existing blockchain nodes and transfer configuration metadata. The recovery becomes even more critical when there is a requirement to migrate a node across datacenters.

Data privacy

Data privacy is a crucial bottleneck problem in blockchain as most enterprises do not appreciate the case where anyone can view their sensitive data, which might be delicate to their core business. Those who plan to share confidential business data are worried about confidentiality between several participants and shielding this data from access by other companions.

But, when blockchain nodes are run as a managed cloud service with users only able to access them through the APIs and event subscriptions, data privacy can be maintained to a great extend.

Blockchain Interoperability

Although they are various enterprise blockchain platforms, interoperability is a pertinent issue to which Blockchain developers are looking for mass adoption. The basic idea is to join one particular platform and to utilize the service on another enterprise platform if required without any severe compatibility problems.

Therefore, developers are finding a way through which users of different software can interact and conduct meaningful business.

Performance

In the blockchain network, the performance requirement is never the same. It varies from one scenario to the other. Like for example, the performance metrics include throughput and latency, and outcomes will vary in terms of network size and hardware configurations, and the tradeoffs between higher throughput versus lower latency.

Thus, based on the deep understanding of the business demands and platform architecture, a reasonable performance optimization solution needs to be adopted.

This is not the end of the list. Moreover, a lack of regulatory clarity is one of the significant implementation issues. Many governments are still unsure about how they consider this technology from a legal standpoint, and this leads to complexity.

Conclusion

Enterprise blockchain is gaining popularity and adoption in almost all sectors and for different use cases. Although blockchain might seem to be offering several advantages to the industries, it needs to be re-architected depending on various use cases for greater acceptance of enterprise blockchain in the mainstream.

The buzz around blockchain probably won’t subside, so hurry up and upgrade your skills now with the best online Blockchain certification courses.

To get instant updates about Blockchain Technology and to learn more about online blockchain certifications and become a blockchain expert, check the online opportunities which deals with all levels – beginner, intermediate and professional learning.