Blockchain based government services
Blockchain Standards and Government Applications. Many people talk about blockchain but very few understand its true nature and potential. Blockchain seems very exciting yet simultaneously a bit confusing, and naturally many people, businesses, and governments approach it with high expectations while also exhibiting some hesitancy. This article will deal with the use of blockchain in relation to government applications.
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Blockchain based government services
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Benefits of Blockchain for Government Agencies
I got so many questions from my readers and national radio show listeners that I wrote an e-book about crypto to help. I demystify digital currency, mining, and how to get started trading.
Tap or click here to get your copy on Amazon. Sadly, I also hear from people that got fooled by one crypto scam or another. Where there is money, criminals are waiting. Tap or click for five clever crypto scams making the rounds right now and steps to stay safe. Before we get started, know this is not financial advice. Uncertainty in traditional markets and Fed concerns, experts say. Ask yourself these 3 questions to protect your finances. Every cryptocurrency transaction is processed, verified, and recorded on a virtual ledger known as a blockchain.
When someone buys or sells using cryptocurrency, another entry is made on this virtual ledger. Think of the blockchain as a series of boxcars from a train. When a cryptocurrency transaction is made, another boxcar gets added to the train. The blockchain is decentralized. Instead, the blockchain exists on computers all over the world that are accessible because of the internet. Each transaction is timestamped, individually encrypted, and cannot be reversed or changed.
Yes, you read that right — crypto transactions cannot be reversed. Would you rather listen than read? Tap or click for an episode of my podcast, Kim Komando Explains, about everything crypto. You'll also hear first-hand from a crypto miner too. Fiat money is government-issued currency. How much each token is worth varies based on the current market value. One day it's up; the next day down.
With cryptocurrency, the price fluctuations can happen much faster and are more extreme — both positive and negative. A good resource to check the current prices is CoinMarketCap. There are thousands of cryptocurrencies, with new ones being added all the time.
At the time of this writing, these are the five currencies with the highest market caps. That is the total market value of the circulating supply. To buy cryptocurrency, you need to start with an exchange. Think of an exchange like a crypto middleman. If you're familiar with traditional investing, a crypto exchange functions as a brokerage.
You can deposit money through a bank transfer, by wire, through a debit card, and other standard deposit methods. You can expect to pay fees for most transactions.
You can also buy crypto through apps you already might be using, like Venmo, Robinhood, or Cash App. Get tech news straight to your inbox and be up to date in five minutes or less. See a sample and sign up at TheCurrentNewsletter. In basic terms, a cryptocurrency wallet is an app or physical storage device that allows you to store and retrieve your digital currency.
Rather, wallets store the location of your currency on the blockchain. Wallets are split into two main categories: Hot and cold. A hot wallet is, by definition, connected to the internet. Physical wallets come in different types but are usually specially designed USB drives that directly store your cryptocurrency for later use.
Physical wallets provide you the most protection from hackers. Of the two, I prefer the Ledger Nano X because it supports 23 different types of cryptocurrencies and has additional features. I ranked them for you here. Did your pick make the list? You have probably heard this term associated with Bitcoin, which is created by mining. Computers mine coins by solving complex math problems. While there are a few cryptocurrencies out there with an infinite supply, most have a limit.
For Bitcoin, that limit is 21 million. The last coin will be mined in or sooner. DeFi is a shortened version of decentralized finance. Still, getting your arms around traditional online banking? It's perfectly safe if you follow a few rules of thumb. Tap or click for banking security Some people collect vintage cars, wines, famous art and baseball cards. Now, any digital item also can be turned into a collectible. They also act as status symbols online.
The only way to buy an NFT is by using cryptocurrency. You can buy an NFT through an auction platform, secondary marketplace, or by participating in a mint.
After an NFT is minted, it can be sold or traded. If you are participating in a mint, that means you are the first person to buy that work from its creator. You can hold it, sell it, or trade it. During the minting process, the creator specifies the royalties they receive from future sales.
This acts as commission if the work changes hands in the future and is a big draw for artists looking to go digital. If you sell an NFT on a secondary marketplace, it likely gets a cut of the sale too. Here's a term you might see on social media. HODL stands for "hold on for dear life. Want to dive even deeper? Bonus Tip: How your TV streaming apps stalk you.
In this episode, you'll learn the secret risks you take when you cut the cord. Listen to the podcast here or wherever you get your podcasts. Learn about all the latest technology on the Kim Komando Show , the nation's largest weekend radio talk show.
Kim takes calls and dispenses advice on today's digital lifestyle, from smartphones and tablets to online privacy and data hacks. For her daily tips, free newsletters and more, visit her website at Komando. This column was originally published in November Blockchain Every cryptocurrency transaction is processed, verified, and recorded on a virtual ledger known as a blockchain.
Cryptocurrency, on the other hand, is virtual money. Wallet In basic terms, a cryptocurrency wallet is an app or physical storage device that allows you to store and retrieve your digital currency.
The Blockchain is Perfect for Government Services
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BLOCKCHAIN4CITIES
In April , 22 European Member States signed a declaration to further develop blockchain technology and to foster broader usage. The goal of the European partnership is to position Europe as the worldwide leading community of states in the devel-opment, introduction, and application of distributed ledger technology. The application of blockchain in both the public and private sectors is to be pushed forward in the entire digital single market. Blockchain is a great opportunity for Europe and Member States to rethink their information systems, to promote user trust and the protection of personal data, to help create new business opportunities and to establish new areas of leadership, benefiting citizens, public services and companies. Blockchain: What's what? Blockchain for Education: Lifelong Learning Passport. According to the European Commission figures, 80 million Euro has already been invested in projects using blockchain this year, and the EU Commission is planning to invest a further million in the coming years to foster its development.
Get covered against smart contract failure & exchange hacks.
The retail industry will need to overcome unprecedented challenges if it wants to mitigate ESG risks and improve visibility into its supply chains. Fortunately, help may be on the way. The information age continues to dominate the business landscape, bringing with it the expectation of greater corporate transparency. As a result, leaders are beginning to prioritize environmental, social and governance ESG policies in their business operations. With the requirement to integrate ESG policies into business activities, implementation presents challenges as businesses try to adapt.
How crypto foe China Is embracing NFTs, with strings attached
In a recent survey on technology tipping points, the World Economic Forum estimates that 10 percent of global gross domestic product GDP will be stored on blockchain technology by And, the survey estimates that taxes will be collected for the first time by a government via blockchain by Many people have heard of Bitcoin, a digital currency, but not as many are familiar with blockchain—the technology that allows digital currencies to be created, traded and tracked. Blockchain is a distributed ledger database that records and shares every transaction that occurs in the network of users. Each party involved in the transaction maintains its own ledger, following the double-entry bookkeeping system that developed in the 15th-century Venice. Each party spends valuable time to ensure that its ledgers remain accurate and the ledgers are usually privately held.
Is crypto the 21st century tulip bulb bubble?
The idea of a completely decentralized currency reflected widespread anger with the financial and political institutional responses to the crisis. Ten years later, Bitcoin's underpinning technology, blockchain , is, interestingly, being embraced by the very institutions its creator lashed out at. The line between Bitcoin and blockchain is blurry for many, but make no mistake: they are not the same thing. Blockchain is a technology, while Bitcoin is an application of that technology. Nowhere is this more evident than in the recent news that Russian hackers used Bitcoin to fund hacking efforts in the election, while investigators used the blockchain to discover the payments. Blockchain, like any technology, can certainly be used for nefarious purposes, but many experts believe early adopters can shape it in a way that negates the influence of bad actors. Many states and nations are adopting the technology for everything from voting to making public services and foreign aide more efficient. The following examples illustrate the potential of blockchain in government.
President Xi Jinping has urged mass adoption of digital ledgers to help turn China into an industrial and digital powerhouse. The country is also embracing the latest blockchain craze - non-fungible tokens - albeit with conditions attached. More or less. In , the central bank shut down exchanges that hosted trades between yuan and Bitcoin and banned individuals or businesses from raising money from crypto tokens.
I got so many questions from my readers and national radio show listeners that I wrote an e-book about crypto to help. I demystify digital currency, mining, and how to get started trading. Tap or click here to get your copy on Amazon. Sadly, I also hear from people that got fooled by one crypto scam or another. Where there is money, criminals are waiting. Tap or click for five clever crypto scams making the rounds right now and steps to stay safe.
Nine out of ten governmental organizations were planning to invest in Blockchain by Also, seven out of ten public sector executives looked forward to the disruptive potential of Blockchain implementation. These numbers prove that blockchain government initiatives are only going to increase in the future. More often than not, Blockchain is mistakenly equated with cryptocurrency. As a result, the blames on the latter are passed on to the former. In fact, Blockchain came into existence alongside the first cryptocurrency — Bitcoin.
Yehia Badawy, one of Rain's founders, says the company strongly believes in the long-term value of cryptocurrency and its blockchain technology foundation. Photo: Rain Management. Once Rain has satisfied all approval conditions and receives its permit, the company will be able to list a greater number of virtual asset pairs provided they meet the Accepted Virtual Assets criteria set out by the ADGM's regulatory authority, the exchange company said. Founded in by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago and Yehia Badawy, Rain will use the proceeds of the funding round to secure more licences in the Mena region as well as Turkey and Pakistan, enhance its technology through an advanced trading platform and grow the team.
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