One of the constant thing in life generally is change, and the ability to change have always been the top most priority of our evolution as humans. There are almost infinite factors that contribute to these changes in our civilized world. Whether we like to admit it or not, blockchain technology is of importance towards achieving this change.
Innovations like the AI and IOT are on people’s lips nowadays. Not just that, there’s a tendency that everyone has a device that uses one, if not both of these technologies in their vicinity.
For couple of years now, Cryptocurrency and the Blockchain technology has really captured part of the spotlight. There is argument by some people that cryptocurrency – Bitcoin to be specific is the most important invention of the century. However, if cryptocurrencies were to vanish into thin air tomorrow (hypothetically speaking), there is still something to fall back on and that is the Blockchain technology.
The Blockchain technology is such an awesome technology filled with intricacies and has been disrupting our traditional business models and there are still some unaware aspect to many of us. In simple words, Blockchain is a virtual, public ledger of information collected through a network that sits on the internet. It is how this information is recorded that gives the Blockchain its groundbreaking potential which enables cryptocurrencies decentralized.
A Dive into the Importance of Blockchain
One of the most important benefits Blockchain offers is that it facilitates consensus within a trustless community through a smart incentive system, a number of people with no reason to trust each other can reach an agreement over something that can be said to be true before it is added to the chain. Once the data is recorded in a block it cannot be altered without having to change every block that came after it, making it difficult to do so without it being seen by the other participants on the network.
The ledger is copied across the network of validators using cryptography tech. This means that even if a hack would be possible in theory, in practice, it’s almost impossible.
Blockchain technology improves existing database technology and it’s quite cost effective and more secure. It has the potential to usher in a new, fairer world, spanning finance, governance, supply chain management and much more.
Blockchain greatly improves over our existing database technology as it’s more efficient, more cost-effective, and more secure. Of course, it has to be said that traditional databases have clear advantages over the Blockchain in terms of performance. However, their biggest setback is the fact that they are centralized, with the management of data placed in the hands of just a few entities.
Till date, there are four types of Blockchain which are permissioned Blockchains, permissionless Blockchains, public permissioned Blockchains, and private permissioned Blockchains. Both Bitcoin and Ethereum are permissionless Blockchain; that is anyone can start mining and operate as full node. But it is not so in the case of permissioned Blockchain, there is need for authorization and only a number of limited users are authorized to join.
Public permissioned Blockchains are simply permissioned Blockchains, however the data is available for public view. Contrast to private permissioned Blockchains, data is restricted from public view in this case.
Smart contract – Smart contracts are agreement written in code and embedded onto a particular Blockchain. The code contains set of rules, conditions, expiry dates and other relevant information needed which self-execute if the conditions are met. One part of Blockchain technology which not only increases a number of Blockchain use cases, but also the ability to disrupting a variety of industries and non-profit causes is the invention of smart contracts.
Practical benefit of Blockchain and how it works
Blockchain provides business with transparency, improved trace-ability, enhanced security, increased speed and efficiency and it is cost effective.
Since the Blockchain is a distributed ledger, all participant on the network share the same view and data. Each block contains the data it is recording, for example a transaction like 1 kurecoin being sent from Benjamin to Israel, as well as timestamps of when that information was recorded, also it will include a digital signature linked to the account that made the recording and a unique identifying link, in the form of a hash (one can think of it as digital fingerprint), to the previous block in the chain.
Furthermore, data on the Blockchain is accurate and transparent, after a transaction is approved, it is encrypted and linked to the previous transaction, it is this link that makes it impossible for any of the information to be altered or for a block to be inserted between two existing blocks. The data shared can be updated through a consensus which means that it must be agreed and accepted by everyone on it. This is what makes the Blockchain perfect for industries such as financial sector, health sectors, and even government data management.
Industries being disrupted by the Blockchain
The Blockchain is popularly known to have been designed to enhance and disrupt the financial sector which is in the aspect of cryptocurrency, however it is important to remember that this payment method is only the tip of the iceberg in current Blockchain use cases. Below are some listed ones;
As said before, one of the most fascinating aspects of Blockchain is how they allow consensus to be reached which makes it difficult for any information to be altered without the participant on the network not seeing it. When it comes to voting, it all comes down to trust. In the future, we might very well see Blockchain technology powering national or local elections. Blockchain has the potential to significantly diminish electoral fraud, manipulations, violence as seen in some part of the world.
Blockchain In Banking
Banking is one industry that is very prone to human error. With the help of Blockchains, recording transactions would virtually eliminate this problem. Also, Blockchains guarantee a high accuracy for records and provides a highly traceable audit trail. Accepting Blockchain technology in banking and the broader financial system could improve the industry by paving the way for a much more responsive and flexible infrastructure.
Blockchain In Supply Chain Management
Blockchain technology offers trace-ability and cost-effectiveness, thanks to its unique features, Blockchains can easily track the movement of goods from their origin to the middle and finally to the final consumer for a supply chain management.
Blockchain In Health Care
Transitioning to a Blockchain healthcare system would cut costs and improve security of health data. When it comes to Blockchain the future of healthcare will be all about efficient data processing and sharing, enhance opportunity for analyzing medical trends and assessing high quality of care.
The Blockchain healthcare use case increases even more if a smart contracts is considered. For instance, an individual patient could interact with a specific Blockchain healthcare platform in order to easily view all of their claims, transactions, as well as medical history. Alternatively, the Blockchain can be used in order to apply for transfers or schedule appointments with their immediate medical staff, which are activated by smart contracts as soon as payment is processed and doctor confirms availability.
In conclusion, the Blockchain technology has a lot of use cases, a lot more than it can be covered in this article. There are still a lot of development and research to be done. The technology is still in its infant stage until it reaches its maturity, it will change the way we live our lives.
What is your take on the Blockchain Technology? Do you think it will really change the way we live our lives? Share your thoughts with us in the comment section.
Picture Credit: Synergyaustralia.com
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Block.one Offers Early Backers a 6567% ROI Buyout Option
Block.one, the Cayman Islands-registered firm which is behind the world’s largest ICO till date, $4 billion EOS software has recently sent out an email to early backers stating its intention to buy back some portion of its shares giving them a whopping 6567% ROI in less than 3 years according to a Bloomberg report.
In July of 2018, billionaire investor Peter Thiel invested into Block.one joining the like of Alan Howard and Louis Baycon who were early backers of the startup since 2017. These investors are faced with the mouthwatering option of either liquidating their shares of the company and cashing out huge gains or remaining with them.
Block.one in a March 19 e-mail to shareholders seeks to rein in external ownership of its equity by offering a $1,500 per share as compared to the $22 per share seed round. When asked about this move, a spokeswoman of the company merely said the company intends to use proceeds it generated from token sales to expand its resources while building its business strong clearly dodging the main question asked.
According to an email circulated to its investors, by February 2019, Block.one was valued at $3 billion as compared to $40 million during its seed round in 2017. And unaware to most of the public, it holds as much as $2.2 billion in U.S. government bonds as compared to the jurisdiction it is registered in the Cayman Islands.
Block.one had faced serious criticisms from industry stakeholders with many labeling it a shady enterprise that certainly didn’t need as much as $4 billion to launch a decentralized software. One of such critics is Richard Burton, San Francisco-based founder of Balance.io, a blockchain company that designs applications for open source financial products, he has once said
They designed a very clever mechanism to hoover up as much capital as possible,
He continued by saying,
Bitcoin was started on a shoestring and Ethereum raised just a few million dollars, which goes to show you don’t need anything like the money Block.one raised to launch and scale a successful network. It should be beholden on them to explain why they needed that much and what they are doing with it.
Brendan Blumer, the young CEO of Block.one however disagrees with such critics as he made his stance known in a Bloomberg interview in November of 2018, saying
too much transparency into everything that we are doing on an ongoing basis can actually take away a lot of the competitive advantage when we’re trying to put out new types of technology
clearly knocking off the argument of critics who demand squeaky clean transparency after raising so many funds.
When asked if they were willing to take up the buyback offer, Bacon and Howard declined to comment while Thiel ignored numerous messages sent to him privately, sources reported. On the other hand, early backer, Christian Angermayer made his stance known. He had this to say,
Block.one is one of the most promising and best-positioned companies in the blockchain industry, and its success story is just beginning,
Recall that Mike Novogratz had earlier liquidated his stakes in the firm and realizing as much as 123% in returns valued at up to $71.2 million in the transaction.
Although Block.one which holds up to 140,000 units of bitcoin as assets, cited extreme volatility as a major factor that impacted its valuation clearly halving its holdings valued at around $1 billion, which has since been recovered in the recent bitcoin really, it is looking promising and sure has the likes of Peter Thiel happy at any of the option it decides to pursue.
Chilliz, the Sports Platform Partners with Binance Chain
Chiliz, the digital currency for sports and entertainment platforms, has announced a strategic partnership with Binance Chain, to bring about the usher in in of football giants such as Juventus FC and Paris Saint-Germain FC (PSG) into the growing cryptocurrency industry.
Chilliz released thannouncementent in a press release issued on the 17th of May 2019 signaling in a new phase of its growing business.
Chiliz raised more than $66 million through private placement in 2018, with Binance as one of its major investor amongst others.
Chiliz is a digital currency that fuels blockchain-backed platforms and products geared towards casual, mainstream consumers, starting with Socios.com, a tokenized fan influence mobile app. It aims to bridge the gap between mainstream users in a 3.5 billion people powered sports industry and blockchain technology.
While blockchain as a pervasive technology, continues to gain grounds globally by finding use cases, Chiliz takes it a step further to bring about real use cases with it socios.com platform.
Socios.com, the consumer-facing tokenized fan influence product from Chiliz, powered by the platform’s native currency $CHZ, will allow sports fans to participate in club-related polls and access exclusive rewards with the purchase of club-branded Fan Tokens.
Speaking on this development, Alex Dreyfus, the CEO of Chiliz and Socios.com said:
Integration of Binance Chain protocol will increase our access to the large liquidity pool of the Binance community, one of the largest and most vibrant communities in the cryptosphere. Through Socios.com, we will highlight blockchain to a more mainstream audience – an addressable audience of 3.5 billion fans around the world – as well as allowing global brands and household names the chance to access the crypto space.
Binance CEO, Changpeng Zhao, an equally excited partner to the Chiliz project had this to say:
Sports is the perfect vehicle through which to educate mass consumers about the potential and the utility of blockchain technology. I’m proud that Binance and Chiliz are leading that charge globally.
Alex Dreyfus further highlights the important of this partnership and the Binance Chain move undertaken as a strategic step for the Chiliz project. He continued by saying:
Binance Chain’s focus on usability, security and incredible one-second block time speed will be crucial to the success of the platform we are building, and for the eventual audience of hundreds of millions of sports fans
May 27th, 2019, has been set as the date for the unveiling of this partnership. The Binance team will be joining Chiliz for a meetup in Seoul, South Korea joined by the legendary Juventus FC striker, David Trezeguet to discuss more on the importance of fan engagement and the use of blockchain in football.
Further details to be released in the coming weeks of the technical integration of the partial migration of ERC20 tokens to BEP2 with competitions and giveaways to entice and engage the community.
Digital Assets Exchange Luno Launches Cryptocurrency Literacy Tour For Varsities in Nigeria
Luno has kicked off its cryptocurrency adoption program for Nigerian universities dubbed “Cryptocurrency Literacy Tour for Universities” launching out with the University of Lagos as the first of a series of tour where it will go about canvassing for the favourable adoption of cryptocurrency through knowledge in 6 Nigerian universities.
Luno, an exchange based off of South Africa was launched in 2013. It has since continued its growth trajectory by adding new users across 40 countries spanning more than 4 continents. It presently boasts of up to 3 million registered users across its platform with Nigeria as one of its biggest market.
Speaking on this development, Owenize Odia, the Country Manager for Luno said:
We are committed to educating our customers given the nature of the market and the tendency for people to fall into the wrong hands while online
With its debut tour kicking off in Unilag and having 300 youths in attendance, Luno is clearly taking the charge to bringing about perceptual shift and a favorable disposition towards cryptocurrencies which it says has not been properly understood. Through its representative Odia, it argues that the current financial systems was built for a non-digital age, ignoring the needs of the modern individual. Citing on the decentralized nature of a peer to peer digital currency like the bitcoin, it is not dependent on any central government or authority as obtainable with fiat.
She continued by saying
We are contributing by investing heavily into our Luno Learning Portal, which helps the public, the media, and other stakeholders educate themselves about the facts, opportunities, and risks in the cryptocurrency market,
In her post on LinkedIn, Odia assured the participants and other stakeholders that Luno would continue to focus on awareness initiatives such as this in Nigeria and Africa at large, thereby providing a reliable platform where just about anyone can visit either buy or sell cryptocurrencies.
AfricaBlockchainUG19 Conference Launches
Scheduled to Hold on the 3rd & 4th July by the BlockchainaUG’s Kwame Rugunda
The AfricaBlockchainUG19 Conference recently launched by the Blockchain Association of Ugandan’s Chairman Kwame Rugunda and some strategic partners is scheduled to hold in Kampala on the 3rd and 4th of July, 2019 according to a Tweet. This conference is expected to assist the Africa continent in tapping into the vast opportunities from the Fourth Industrial Revolution.
The conference according to data on the blockchain Uganda’s website featured will accommodate about 3000 delegates, 50 speakers and feature at least one Tech Expo. The conference is focused on Blockchain Technology, Artificial Intelligence, Robotics, Internet of Things, Drones technology, and Big Data.
The Blockchain Association of Uganda, BAU which is based in Kampala, Uganda is a membership organization that consists of individuals & organizations that are interested in promoting blockchain related technologies and capabilities.
The 2018 edition tagged “The Role of Blockchain Technology in Africa’s Transformation” featured key speakers such as the President of Uganda Yoweri K. Museveni, Former President of Mauritius Ameenah Gurib-Fakim, CEO of Binance Changpeng Zhao, the Governor of the Bank of Uganda, Tumusiime- Mutebile.
Meanwhile, this conference is coming at a time just after the Blockchain Africa Ladies Conference in Lagos, Nigeria which saw the attendance of speakers travel from the world coming over in April 2019 and its Second edition which will be holding in Ghana within the same quarter.
Uganda is one of the fastest blockchain growing nations in Africa and this can be attributed to the reception of the technology by the President as against those of other Africa countries. This reception is evident in the acceptance and activities of Top Cryptocurrency Exchange Binance in the Country.
More so, Uganda is one of the fastest growing economies in Africa and currently home to over 45 million citizens which is an increase of 3.27% from the previous year of which 17.5% are urban dwellers. The population Density in the country is rated at 229 per kilometer square with a land area of 77,147sq miles.
Tickets are currently on sale on the website and it can be purchased here to secure a sit at the AfricaBlockchainUG19 Conference.
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