Confused about blockchain?

Bitcoin, the most popular crypto in existence, is now considered one of the most popular investments. But did you know that this has led to many new bitcoin scams? Yes, that’s the truth, unfortunately you can be a part of it if you do not know anything about these scams. This article gives you a brief overview on bitcoin scams.

These are the types of bitcoin scams that exist.

Phishing scams

Always be on the lookout for phishing scams. Phishing attacks are certainly popular with hackers and fraudsters. In a phishing attack, the person concerned usually imitates a service, business, or individual simply by e-mail or other text message, or by posting a fake-manipulative site that looks real. The goal is always to trick the victim into revealing their personal advice or sending the bitcoin to the address to which the scammer belongs.

These types of emails often seem legal, but they are fake in nature.

Fake exchanges

Of course, one of the least difficult ways to defraud an investor is to set up a well-established online business affiliate. Well, that’s especially what bitcoin’s scammers do.

There are many such exchanges, they presented themselves as a place for bitcoin exchange, but in the end they were fraudulent. Many exchanges have thus deceived people with their money by simply presenting themselves as a new, reputable, legal cryptocurrency exchange.

Fake ICOs

With the growth of blockchain companies, fake ICOs have become very popular as a way to support these types of new companies. However, due to the unregulated nature of bitcoin, the door was wide open for all kinds of fraudulent transactions.

Most ICO scams have occurred through the acquisition of investors on fake ICO sites, or through fake bitcoin wallets or other cryptocurrencies, or by appearing as companies based on real cryptocurrencies.

Many people have already been blamed for such defects, so it is better to check such wallets before actually deciding to put your money in them.

Humong returns

If you are in the trading industry, you should know by now that huge profits are simply not possible when it comes to bitcoin trading or crypto trading in general. Therefore, when a broker tries to promise you that your money will double in a certain period of time, in such cases the best option would be to stay away from such brokers as much as possible. They will just take your money, run away, leave you with nothing but sorrow and regret.

In the early days of 2009, several thousand bitcoins were used to buy pizza. Since then, the meteoric rise of the cryptocurrency reached $ 65,000 in April 2021, after its heart rate of about 70% in mid-2018 was about $ 6,000, shocking many people – cryptocurrency investors, traders or just curious idea: missed the ship.

How it all started

Remember that dissatisfaction with the current financial system has led to the development of digital currency. The development of this cryptocurrency is based on Satoshi Nakamoto’s blockchain technology, a pseudonym that is apparently used by a developer or group of developers.

Despite the many predictions that the cryptocurrency will die, the work of bitcoin has inspired many other digital currencies, especially in recent years. The success of the blockchain-induced crowdfunding campaign has caught the attention of those who undoubtedly deceived the public, and it has come to the attention of regulators.

Beyond Bitcoin

Bitcoin has inspired the launch of many other digital currencies. There are currently over 1000 versions of digital coins or symbols. Not all of them are the same, their values ​​are as different as their liquidity.

Coins, altcoins և symbols

Suffice it to say at this point that there are good differences between coins and altcoins. Altcoins or alternative coins generally describe something other than the advanced bitcoin, although altcoins such as ethereum, litecoin, ripple, dogecoin և dash are considered the “main” category of coins. which means they are sold on more cryptocurrency exchanges.

Coins serve as a currency or storehouse of value, while symbols offer assets or useful applications, such as a blockchain supply chain management service, from winemaking to tracing and validating wine products.

It should be noted that low-value tokens or coins offer positive opportunities, but do not expect meteorite-like growth in bitcoin. Simply put, lesser known signs may be easier to buy but harder to sell.

Before entering the cryptocurrency, start by examining the value proposition և technological considerations, that is, the trading strategies outlined in the white paper accompanying the initial offering of each coin or ICO.

For those who are familiar with stocks և stocks, it is no different than the initial public offering or IPO. However, IPOs are issued by companies with business experience with tangible assets. Everything is done in a regulated environment. The ICO, on the other hand, is based on an idea put forward by a white paper on a business that still needs to operate without assets looking for a way to start.

Out of order, so beware of buyers

“What is unknown can not be settled,” probably sums up the situation with digital currency. Regulators and regulators are still trying to reach cryptocurrencies, which are constantly evolving. The golden rule of crypto space is “use of warnings”, let the buyer beware.

Some countries are open-minded in adopting a policy of closing their hands to cryptocurrency blockchain applications while pursuing blatant fraud. However, in other countries there are regulators who are more concerned with the disadvantages of digital money than the advantages. Regulators are generally aware of the need to strike a balance, with some considering existing securities laws in an attempt to control the many flavors of cryptocurrencies around the world.

Digital wallets. the first step

A wallet is a great place to start with cryptocurrencies. Consider e-banking, but minus the protection of the law in the case of virtual currency, so security is the first and last thought in the crypto area.

Wallets are of digital type. There are two types of wallets.

• Internet-connected wallets that expose users to hacker attacks

• Cold wallets that are not connected to the Internet are considered safer.

In addition to the two main types of wallets, it should be noted that there are wallets for only one cryptocurrency and others for multiple cryptocurrencies. There is also the option of having a wallet with several signatures, which is somewhat similar to having a joint account with a bank.

The choice of wallet depends on the preferences of the user – interest in pure bitcoin or etherium, as each coin has its own wallet, or you can use a third-party wallet that includes security features.

Wallet notes:

The cryptocurrency wallet has a public-private key with personal transaction records. A public key includes a link to a cryptocurrency account or address that does not differ from the name required to receive a check.

The public key is available to everyone, but transactions are only approved upon verification and validation based on the appropriate consensus mechanism for each cryptocurrency.

The private key is the PIN, which is commonly used in electronic financial transactions. The bottom line is that the user should never reveal anyone ‘s private key, back up that data, which should be stored offline.

It makes sense to have a minimal cryptocurrency in a hot wallet, while a larger amount should be in a cold wallet. Losing a private key is just as good as losing your cryptocurrency. The usual precautions for online financial transactions apply, from having strong passwords to being alert to malware և phishing.

Wallet dimensions

Different types of wallets are available to suit individual tastes.

• Hardware wallets made by third parties to buy. These devices work somewhat like a USB device, which is considered secure և connected only when required by the Internet.

• Web-based wallets provided by, for example, crypto exchanges are considered hot wallets that put users at risk.

• Software-based wallets for desktop or mobile phones are generally available for free և can be provided by coin issuers or third parties.

• Paper wallets can be printed with relevant QR code cryptocurrency data with public-private keys. They should be kept in a safe place for as long as required during the crypto transaction; են copies should be made in the event of water damage or print data fading over time.

Crypto exchanges և markets

Crypto exchanges are trading platforms for those interested in virtual currencies. Other options include direct trading sites for buyers-sellers as well as brokers where there is no “market” price but it is based on a compromise between the parties to the transaction.

Consequently, there are many crypto exchanges located in different countries, but with different standards of security practice and infrastructure. These range from those that allow anonymous registration, which requires just an email to open an account to start a business. However, there are others who require users to comply with the International Identification, known as the “Know Your Customer” դեմ Anti-Money Laundering (AML) Remedies.

The choice of crypto exchange depends on the preferences of the user, but anonymous may have restrictions on the size of the trade or may be subject to sudden new regulations in the country of residence of the exchange. Minimum administrative procedures with anonymous registration allow users to start trading quickly, while the KYC և AML process takes more time.

All cryptocurrencies need to be properly processed and validated, which can take from a few minutes to a few hours, depending on the coins or tokens traded and the trading volume. It is known that scale is a problem of cryptocurrencies, և developers are working on ways to find a solution.

Cryptocurrency exchanges are of two categories.

• Fiat-cryptocurrency Such exchanges involve purchases of fiat-cryptocurrency through direct transfers from bank or credit-debit cards, or through ATMs in some countries.

• Only in cryptocurrency. There are cryptocurrencies that operate only in cryptocurrency, which means that customers already need to have a cryptocurrency, such as bitcoin or etherium, to “exchange” it for other coins or tokens based on market exchange rates.

Fees are charged to facilitate the purchase and sale of cryptocurrencies. Users need to research in order to be satisfied with the infrastructure, security measures, as well as determine the fees that are convenient for them, at different rates charged by different exchanges.

Do not expect a common market price for the same cryptocurrency with different exchanges. It may be worthwhile to take the time to research the best price for the coins և tokens you are interested in.

Online financial transactions involve risks, և users should heed warnings such as two-factor authentication or 2-FA, be aware of the latest security measures, be aware of phishing scams. One of the golden rules of phishing is not to click on the provided links, no matter how valid the message or email.

Crypto-what?
If you have tried to immerse yourself in this mysterious thing called blockchain, you will be forgiven for being terrified of the absolute opacity of the technical jargon often used to frame it. So before we understand what cryptocurrency is and how blockchain technology can change the world, let’s look at what blockchain really is.

In simple terms, a blockchain is a digital transaction log, unlike the logs we have been using for hundreds of years to record sales and purchases. The function of this digital notebook is essentially almost identical to that of a traditional notebook, as it records people’s debits and loans. This is the main concept behind the blockchain. The difference is who keeps the log and who checks the transactions.

In the case of traditional transactions, payment from one person to another involves an intermediary to facilitate the transaction. Suppose Rob wants to transfer 20 pounds to Melanie. He can either give her cash in the form of a 20 20 banknote or he can use a bank account to transfer the money directly to his bank account. In both cases, the bank is the intermediary, which checks the transaction. Rob’s funds are checked when he withdraws money from the cash register, or they are checked by the app when he makes a digital transfer. The bank decides whether the transaction should be carried out. The Bank also keeps track of all of Rob’s transactions, and is solely responsible for updating it when Rob pays or receives money from someone. That is, the bank keeps, controls the register, everything flows through the bank.

It’s a big responsibility, so Rob may feel that he can trust his bank, otherwise he would not risk his money with them. He must feel confident that the bank will not deceive him, will not lose his money, will not be robbed, will not disappear overnight. This need for trust has substantiated almost every major behavior of the monolithic financial industry, to the point that even when it turned out that banks were handling our money irresponsibly during the 2008 financial crisis, the government (another intermediary) chose: save them, not risk the last shards of trust by allowing them to collapse.

Blockchains work differently in one main sense. they are completely decentralized. There is no central accounting house like a bank, և there is no central ledger kept by one entity. Instead, the log is distributed over a vast network of computers called nodes, each of which holds a copy of the entire log on their respective hard drives. These nodes are interconnected through software called a “peer-to-peer” (P2P) client, which synchronizes data over a network of nodes to ensure that everyone has the same version of logs at any given time. .

When a new transaction is entered into a blockchain, it is first encrypted using the latest cryptographic technology. Once encrypted, the transaction becomes something called a block, which is mainly used for the encrypted group of new transactions. This block is then “sent” (or broadcast) to a network of computer nodes, where it is checked by nodes; under the list of all previous blocks. This is called a chain, hence the technology is called blockchain.

Once approved, the transaction can be completed after registration. Here’s how cryptocurrencies like Bitcoin work.

Responsibility վեր Loss of trust
What are the advantages of this system over the banking or central clearing system? Why would Rob use bitcoin instead of regular currency?

The answer is trust. As mentioned earlier, in the banking system, it is very important for Rob to trust his bank to protect his money and to manage it properly. To do this, there are huge regulatory systems in place to monitor the banks գործող to ensure that they are in line with their purpose. Governments then regulate regulatory bodies by creating a kind of gradual system of inspections whose sole purpose is to help prevent mistakes and misconduct. In other words, organizations like the Financial Services Authority exist precisely because banks cannot be trusted on their own. And banks often make mistakes and misbehave, as we have seen many times. When you have one source of power, power tends to be abused or abused. The trust relations between people and banks are awkward and unstable. We do not really trust them, but we do not feel that there is much alternative.

Blockchain systems, on the other hand, have absolutely no need for you to trust them. All transactions (or blocks) in the blockchain are checked by the network nodes before adding to the log, which means that there is no failure point և no confirmation channel. If a hacker wanted to successfully break the blockchain registry, he would have to hack millions of computers at once, which is almost impossible. Hackers will also be almost unable to crash the blockchain network, as, again, they must be able to shut down every computer on a worldwide network.

The encryption process itself is also a key factor. Blockchains like Bitcoin use deliberately difficult processes for their verification process. In the case of Bitcoin, blocks are checked by nodes, which perform a series of deliberate processor-time calculations, often in the form of puzzles or complex mathematical problems, which means that the check is neither instantaneous nor accessible. The nodes that require the resource to inspect the blocks are rewarded with a transaction fee and an abundance of newly produced bitcoins. It has the function of encouraging people to become nodes (because such processing units require quite powerful computers – a lot of electricity), at the same time it manages the process of creating or cutting currency units. This is called mining because it involves a considerable amount of effort (in this case by the computer) to produce a new product. This means that transactions are audited as independently as possible, more independently than an organization regulated by a government such as the FSA.

This decentralized, democratic, highly secure nature of blockchains means that they can operate without the need for regulation (self-regulation), government, or other impenetrable mediators. They work because people do not trust each other and not in spite of that.

Let that significance linger for a while, the excitement around the blockchain begins to make sense.

Smart contracts
Where everything really becomes interesting is the use of blockchain, except for cryptocurrencies like bitcoin. Given that one of the principles underlying the blockchain system is secure, independent verification of transactions, it is easy to imagine other ways in which these types of processes can be valuable. Not surprisingly, many of these applications are already in use or being developed. Some of the best are:

• Smart contracts (Ethereum). Probably the most exciting blockchain development since Bitcoin, smart contracts are blocks that contain a code that must be executed in order for the contract to be executed. Code can be anything as long as a computer can do it, but in simple terms it means that you can use blockchain technology (with its own independent verification, unreliable architecture և security) to create some kind of backup system for any type of transaction. . For example, if you are a web designer, you can sign a contract that checks to see if a new client’s website is up and running, and then automatically gives you the funds when it launches. No more harassment or invoices! Smart contracts are also used to prove ownership of an asset such as property or art. The potential for reducing fraud with this approach is enormous.
• Cloud storage (Storj). Cloud computing has revolutionized the Internet, with the advent of big data, which in turn has ushered in a new revolution in artificial intelligence. However, most cloud-based systems run on servers that are hosted on a single deployment server owned by one person (Amazon, Rackspace, Google, etc.). This presents the same problems as the banking system, as your data is controlled by a single, opaque organization that represents a single point of failure. Distributing data on the blockchain completely eliminates the problem of trust; he promises to increase reliability, as it is much more difficult to destroy the blockchain network.
• Digital identification (ShoCard). Two of the biggest problems of our time are theft and data protection. With huge centralized services like Facebook, which has so much information about us, ջանք the efforts of governments in various developed countries to keep digital information about their citizens in a central database, the potential for our personal data to be misused. Blockchain technology offers a potential solution by wrapping your key data in an encrypted block that can be verified by a blockchain network when you need to prove your identity. These applications range from the obvious replacement of passports, ID cards, to other areas, such as password replacement. It can be huge.
• Digital voting. As a result of the investigation into Russia’s influence in the recent US elections, digital voting has long been suspected of being “unreliable” and highly vulnerable to fraud. Blockchain technology offers a way to verify that a voter’s vote was successfully sent while maintaining their anonymity. It promises not only to reduce electoral fraud, but also to increase voter turnout, as people will be able to vote on their mobile phones.

Blockchain technology is still in its infancy, մեծ most applications are far from universal. Even Bitcoin, the most established blockchain platform, is subject to enormous volatility, which indicates its relative newcomer status. However, some of the key issues facing the blockchain potential that we face today make it an unusually exciting and enticing technology to follow. I will certainly follow.

As we expected, since the publication of Crypto TREND, we have received many questions from readers. In this edition we will answer the most common.

What changes are expected that could be players in the field of cryptocurrencies?

One of the biggest changes to the cryptocurrency world is an alternative method of block validation called Proof of Stake (PoS). We will try to keep this explanation at a fairly high level, but it is possible to have a conceptual understanding of what the difference is and why it is a significant factor.

Keep in mind that the underlying technology for digital currencies is called blockchain, and most current digital currencies use a validation protocol called Proof of Work (PoW).

With traditional payment methods, you have to trust a third party, such as Visa, Interact, or the bank or check-in center to handle your transaction. These trusted organizations are “centralized”, which means that they keep their personal log, which keeps the history of the transaction, the balance of each account. They will show you the deals,: you have to agree that it is right or start an argument. Only when do the parties to the transaction see it?

In the case of most Bitcoin և other digital currencies, accounting is “decentralized”, which means that everyone on the network gets a copy, so no one should trust a third party, such as a bank, as anyone can directly check the information. This process of verification is called “distributed consensus”.

The PoW is demanding that “work” be done to validate the new deal to enter the blockchain. In the case of cryptocurrencies, this validation is done by “miners” who have to solve complex algorithmic problems. As algorithmic problems become more complex, these “miners” need more expensive, powerful computers to solve problems first. Mining computers are often specialized, usually using ASIC chips (Application Specific Integrated Circuits), which solve these difficult puzzles more skillfully and quickly.

Here is the process.

• Transactions are united in a “block”.
• The miners check that the transactions inside each block are legal, solving the puzzle of the hashing algorithm, which is known as the “work problem”.
• The first miner to solve the block “proof of work” problem is rewarded with a small amount of cryptocurrency.
• Once approved, transactions are stored in the public blockchain throughout the network.
• As the number of transactions and miners increases, so does the difficulty of solving hashing problems.

Although PoW helped bring out the blockchain և decentralized, unreliable digital currencies, it has some real drawbacks, especially with the amount of electricity these miners consume in an attempt to solve “proof of work problems” as quickly as possible. According to Digiconomist’s Bitcoin Energy Consumption Index, bitcoin miners consume more energy than 159 countries, including Ireland. As the price of each bitcoin rises, more and more miners are trying to solve problems by consuming even more energy.

All this power consumption just to validate transactions has prompted many to look for an alternative method of block validation in the digital currency area; the leading candidate is the method called Stake Proof (PoS).

PoS is still an algorithm, the goal is the same as in the proof of work, but the process of achieving the goal is completely different. There are no PoS miners, instead we have “certifiers”. PoS relies on the knowledge that all people who ratify transactions have a face in the game.

In this way, instead of using energy to respond to PoW puzzles, the PoS certifier is limited to the percentage of transactions that reflect his or her ownership package. For example, a validator with 3% of the available Ethernet could theoretically validate only 3% of the blocks.

The ability to solve the problem of proof of work in PoW depends on how much computing power you have. In the case of PoS, it depends on how much cryptocurrency you have “at risk”. The higher your bet, the more likely you are to win the block. Instead of winning cryptocurrencies, the winning certifier receives transaction fees.

Ratifiers enter their stock by “locking in” some of their fund tokens. If they try to do something malicious against the network, such as creating an “invalid block”, they will lose their share or security deposit. If they do their job, do not break the net, but do not gain the right to ratify the block, they will get their share or deposit back.

If you understand the main difference between PoW and PoS, that’s all you need to know. Only those who intend to be miners or ratifiers should understand all the nuances of these two ratification methods. Most people who want to own cryptocurrencies will simply buy them through exchange and not engage in real-world mining or forex trading.

Most cryptocurrencies believe that digital currencies need to move to the PoS model in order for digital currencies to survive. At the time of writing, Ethereum is the second largest digital currency after Bitcoin, and their development team has been working on their PoS algorithm called Casper for the past few years. We expect to see Casper invest in 2018, putting Ethereum ahead of all other major cryptocurrencies.

As we have seen before in this section, major events such as the successful implementation of Casper could push Ethereum prices even higher. We will keep you posted on future issues of Crypto TREND.

Stay with us!

What is a blockchain?

The term blockchain has been used in many social-corporate conversations in recent years, it seems that everyone has heard of blockchain technology, but most people do not really understand what it really means.

To give you a clear idea of ​​what blockchain technology really means, let me give you a brief overview of the history of money transactions. Historically, when people exchanged valuables, there were intermediaries whose sole purpose was to establish the authenticity of the two sides “to establish trust between them.” At present, these average people are known as banks. The use of banks: brokers has continued over time, with the advent of digital assets such as stocks, e-money և intellectual property, the need for a more secure method has arisen. This is because digital assets are usually files inside a computer that are therefore vulnerable to manipulation or theft. Thus, the use of blockchain technology allows the parties to enter into open-transparent transactions, ensuring the secure and efficient exchange.

The future of Bitcoin

Blockchain could completely shake up the financial industry, just as social media disrupted mainstream media or how Netflix destroyed blockbuster movies. Blockchain technology can be used as a platform to provide financial services to people all over the world, this includes people from developing countries who may not have access to traditional banking services և can not afford the rates required to make large transactions. . This technology has the potential to make great strides in almost every major industry that is typically exploited by large corporations.

The use of blockchain technology in education

Blockchain technology can be used in education to identify students who really need scholarships և those who can afford it. This is due to the fact that several students bypassed the system and received funding. This will actually hurt the needy students who eventually drop out or accumulate huge debts that make them almost work.

Finally, a large number of people can now hide their heads in the sand because they want the blockchain to go away, but this piece of technology is definitely not going anywhere. In the near future we will all trade, using blockchain as part of our daily routine, our grandchildren will read about money և ATMs just as we read about barter և gold. It is therefore imperative that we jump on the run as soon as possible and adapt before we are forced to adapt.

Blockchain is an undeniably inventive invention that is revolutionizing the global business market. Its evolution has brought greater benefits not only to the business but also to the beneficiaries. But since it is a revelation to the world, the vision of its operational activity is not yet clear! The most important question in everyone’s mind is the following. What is a blockchain?

To begin with, Blockchain technology serves as a platform that allows the transfer of digital information without the risk of copying. It has somehow laid the groundwork for a new kind of Internet space. Originally designed to deal with bitcoin, trying to explain to ordinary people the functions of its algorithms, hash functions, and digital signatures, technology enthusiasts today are finding other possible uses for this flawless invention that could pave the way to the beginning. about the process of brand new business transactions in the world.

A blockchain is, in all respects, a kind of data distribution algorithm for managing e-cash without the intervention of a centralized administration designed to record all financial transactions, as well as everything of value.

The work of the blockchain

Blockchain can be thought of as a distributed log technology originally designed to support bitcoin cryptocurrencies. But after severe criticism and rejection, the technology was revised to be used more effectively.

To give a clear idea, imagine a spreadsheet that practically adds tons of computing systems in tons. And then imagine that these networks are designed to update this spreadsheet from time to time. This is exactly what blockchain is all about.

The information stored in the blockchain is a shared newspaper, the data of which is combined from time to time. It is a practical tool that speaks of many obvious advantages. Blockchain data does not exist in one place. This means that everything stored there is open to the public for viewing. Moreover, there is no centralized information storage platform that can be compromised by hackers. It has access to virtually over one million computing systems, and its data can be accessed by anyone with an Internet connection.

Blockchain longevity և authenticity

Blockchain technology is something that reduces the space of the Internet. It is luxuriously strong by nature. Like offering data to the general public over the World Wide Web, blocks of real information are stored on a blockchain platform that is identical to all networks.

It’s important to note that a blockchain cannot be controlled by one person, organization, or identity; it does not have a single point of failure. Just as the Internet has proven to be a stable space for the last 30 years, the blockchain will also serve as a real, reliable global platform for business transactions as it continues to evolve.

Transparency և non-corrupt nature

Veterans of the field claim that the blockchain lives in a state of consciousness. It practically checks itself from time to time. It is similar to self-audit technology, where its network coordinates each transaction, known as the block, which takes place on a regular basis on the ship.

This gives rise to two main features of blockchain: it is extremely transparent and can not be corrupted at the same time. Every transaction that takes place on this server is embedded in the network, therefore, the whole thing is always visible to the public. Moreover, editing or skipping blockchain information requires a lot of effort և powerful computing power. At the same time, fraud can be easily detected. Therefore, it is called non-corrupt.

Blockchain users:

There is no set rule or rule as to who should or can use this flawless technology. Whether at the moment its potential users are banks, commercial giants, only the world economies, technology is open to the daily business of the general public. The only drawback of blockchain is its global recognition.

A blockchain is exactly what the name implies – a blockchain in a chain. Originally created to support cryptocurrency, bitcoin, blockchain technology has grown, has the potential to revolutionize our lives, our economy, our world. One of the biggest advantages of Blockchain is that all transactions are public. This means that you can trace everything back to its origins.

For example, imagine an outbreak of a foodborne illness. Contamination can be traced back from the dinner plate to the supermarket and back to the source of the product. Let’s take this transparency one step further. We live in an armed society. There are many weapons that are sold illegally. Blockchain technology will not only eliminate illegal trade, but will also be a way to prosecute the source of the illegal arms trade. In addition to allowing transactions to be public, Blockchain transactions are also fast.

Blockchain could potentially replace current trading platforms, as investors who sell shares through Blockchain will have instant access to their funds instead of the usual standby time. Blockchain transactions happen very quickly, at low cost, and most importantly, they are safer than most, if not all, platforms. Security is a huge factor in Blockchain transforming the world as we know it. Due to its design, Blockchain is basically impossible to break. Its transaction logs are decentralized, which means that copies of those transactions exist; they must be checked by nodes. When the transaction is checked, it is “sealed” in the block, և it is almost impossible to change. Because this platform is so secure, it can be used as a voting tool in the United States and even around the world.

There are so many suspected cases of corruption and fraud that voting through Blockchain will eliminate those concerns. Again, everything is public. It’s instant. And it’s very safe. There will be no worries about changing the votes or counting the votes. The irreversible register will confirm that. In addition to being public, reliable, and secure, Bitcoin is also very cost-effective. In most cases, this will eliminate the broker. There will be no need for third parties to manage or review transactions. Businesses will not have to spend money on security to prevent fraud, as Blockchain covers it. Businesses will also be able to use Blockchain to assess their supply chain and identify inefficiencies.

You may find it funny how Blockchain started out as a small platform to support Bitcoin, and now this technology is bigger than the one created to support Bitcoin. Although Blockchain technology is relatively new, there are many advantages that are too good to ignore. Blockchain technology is transparent. All transactions are made in the public register. Blockchain technology is “fast” and cost effective. And finally, blockchain technology is safe and secure.