Cryptocurrency is hot right now and my opinion is to be very prudent when investing in this industry. Cryptocurrency is used in every industry and here are some examples. Insurance : Proof of insurance—Nationwide insurance company is currently testing a blockchain solution to provide proof-of-insurance information called RiskBlock. Ultimately, when this tool is fully deployed it will help law enforcement, insured and insurers verify insurance coverage in real time and accelerate claims processing.

Entertainment blockchain examples : Spotify—When Spotify acquired blockchain startup Mediachain Labs it was to help develop solutions via a decentralized database to better connect artists and licensing agreements with the tracks on Spotify’s service.

Medical centers that have digitized their patient records don’t distribute their data across multiple facilities, instead keeping them on-site on centralized servers. These are a prime target for hackers, as evidenced by the ransomware attacks that struck NHS hospitals in the UK. Even if security risks are overlooked, there is still the problem of fragmentation. There are currently more than 50 different electronic healthcare record (eHR) software systems that operate in different hospitals, often with dozens of different packages within the same city. These centralized systems do not interoperate with one other and patient data ends up scattered between disparate centers.|Blockchain is now being used to support sustainable fishing. Illegally caught fish is an endemic problem within the industry, and distributed ledger technology provides a means of proving where fish were caught, processed and sold. This ‘net-to-plate’ chain allows inspectors to determine whether fish had come from regions notorious for human rights abuses or from countries that are affected by economic sanctions. Read more details on Bitcoin price.

You could think of blockchain as a database which records a single, trusted version of the digital history. We call this “database” a digital ledger. It’s important to have one version since it means data can’t be manipulated by bad actors for nefarious means. Blockchain allows digital data to be distributed but not copied or changed.

One of the most crucial aspects of blockchain technology is that data is decentralised, with information shared across a peer-to-peer network. Each block contains transaction information and a time stamp. Blocks are also permanent and cannot be altered without consensus from the entire network and without altering all subsequent blocks. Over the past decade, the Internet and software have made the transaction of money practical. You can easily shop online and trade securities. But transferred financial assets go through correspondent banks, archaic systems linking clearing houses, and central depositories. Sometimes it takes many days for the funds to reach an account or purse to settle. Not only are these systems slow, but they are expensive and unsafe. Blockchain development is addressing this problem by restructuring fundamental business transactions, including money market transactions, and introducing new forms of digital interaction.

Here are some terms explained : Ashdraked: A situation where you lose all your money, more specifically when you lose all your money shorting Bitcoin. This was based on a story of a Romanian trader who continued to short BTC when it went from $300 to $500, since he had made a lot of profit doing so historically. Adapt your trading strategy!

Bitcoin Improvement Proposal (BIP): A technical design document providing information to the Bitcoin community, describing new proposed features, processes or environments affecting the Bitcoin protocol. Suggested changes to the protocol are submitted as a BIP. The BIP author is responsible for soliciting feedback and consensus for his or her suggested improvements within the community, and documenting dissenting opinions.

Confirmations: A transaction is only confirmed when it is included in a block on the blockchain, at which point it has one confirmation. Each additional block is another confirmation. Different exchanges require a different number of confirmations to consider a cryptocurrency transaction final.

And the latest crypto news : Bitcoin (BTC), and XRP, the third biggest coin by market cap, are not competitors, Ripple CEO Brad Garlinghouse claimed in a Fortune interview on June 20. In the interview, Garlinghouse outlined the key difference of two major cryptocurrencies, arguing that bitcoin is a store of value or “digital gold,” while XRP is a “bridge currency” that enables an efficient solution for fiat-to-fiat transfers. As such, Garlinghouse cited the difference between bitcoin and XRP in terms of transactions costs, claiming that Ripple can do a transaction for a tiny fraction of a cent while a bitcoin transactions costs roughly $2.30 on average. Read extra info at Litecoin (LTC) Price