Uses of crypto currency

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Content:

• What is bitcoin and how does it work?
• 5 Reasons why you should go for cryptocurrency
• These are the countries where cryptocurrency use is most common
• What is Cryptocurrency?
• Bitcoin and cryptocurrencies – what digital money really means for our future
• Cryptocurrency: What is it good for? (A lot, actually.)
• Blockchain technology: not just for cryptocurrency
• cryptocurrency

WATCH RELATED VIDEO: Cryptocurrency Explained - What is Cryptocurrency? - Cryptocurrency for Beginners - Simplilearn

What is bitcoin and how does it work?

Blockchain applications go far beyond cryptocurrency and bitcoin. With its ability to create more transparency and fairness while also saving businesses time and money, the technology is impacting a variety of sectors in ways that range from how contracts are enforced to making government work more efficiently.

We've rounded up 34 examples of real-world blockchain use cases for this pragmatic yet revolutionary technology. It's far from an exhaustive list, but they're already changing how we do business.

Pioneered by Bitcoin, cryptocurrency transfer apps are exploding in popularity right now. Blockchain is especially popular in finance for the money and time it can save financial companies of all sizes. Blockchain application: Algorand is developing technology that reduces the gaps between traditional and decentralized finance, implementing next-generation products and protocols to make financial transactions more equitable for all.

Blockchain application: Gemini is a licensed digital asset exchange and custodian that facilitates regulated and secure buying, selling and storing of digital assets like Bitcoin and Etherium.

The company offers a range of products and services that allow crypto traders to utilize their assets in the ways they best see fit, from credit cards that provide crypto rewards to the Gemini Earn program that allows users to earn up to 7.

How it's using blockchain: Chainalysis builds tools to help financial institutions and governments monitor the exchange of cryptocurrencies. How it's using blockchain: Chain builds cloud blockchain infrastructures for financial services. Smart contracts are like regular contracts except the rules of the contract are enforced in real-time on a blockchain, which eliminates the middleman and adds levels of accountability for all parties involved in a way not possible with traditional agreements.

This saves businesses time and money, while also ensuring compliance from everyone involved. Blockchain-based contracts are becoming more and more popular as sectors like government, healthcare and the real estate industry discover the benefits. Below are a few examples of how companies are using blockchain to make contracts smarter. The smart contracts establish the parameters of what data can be shared and even displays details of personalized health plans for each patient.

How it's using blockchain: Mediachain uses smart contracts to get musicians the money they deserve. By entering into a decentralized, transparent contract, artists can agree to higher royalties and actually get paid in full and on time.

Streaming giant Spotify acquired Mediachain in April How it's using blockchain: Propy is a global real estate marketplace with a decentralized title registry system. The online marketplace uses blockchain to make title issuance instantaneous and even offers properties that can be purchased using cryptocurrency. The Internet of Things IoT is the next logical boom in blockchain applications. IoT has millions of applications and many safety concerns, and an increase in IoT products means better chances for hackers to steal your data on everything from an Amazon Alexa to a smart thermostat.

Blockchain-infused IoT adds a higher level of security to prevent data breaches by utilizing transparency and virtual incorruptibility of the technology to keep things "smart. How it's using blockchain: Filament creates software and microchip hardware that lets connected devices operate on blockchain. How it's using blockchain: HYPR thwarts cybersecurity risks in IoT devices with its decentralized credential solutions.

By taking passwords off a centralized server, while using biometric and password-free solutions, the company makes IoT devices virtually unhackable. The technology manages billions of devices at once and can even self-diagnose and heal possible breaches. Xage is primarily used by IoT companies in the transportation, energy and manufacturing industries. According to identity theft expert LifeLock, more than 16 million Americans complained of identity fraud and theft in alone, with an identity being stolen every two seconds.

Fraud on this scale can occur via everything from forged documents to hacking into personal files. By keeping social security numbers, birth certificates, birth dates and other sensitive information on a decentralized blockchain ledger, the government could see a drastic drop in identity theft claims.

Here are a few blockchain-based enterprises at the forefront of identity security. Blockchain application: Ligero provides lightweight, scalable protocols for secure multiparty computation and zero-knowledge proofs, providing a highly capable platform for facilitating decentralized collaboration both on and off blockchain.

The platform makes it possible to complete confidential transactions, private smart contracts, secure auctions for decentralized exchanges and enable verifiable machine learning capabilities, and is led by a team of capital and cryptography experts with decades of experience.

Blockchain Application: Illinois is at the forefront of experimental blockchain in government with the Illinois Blockchain Initiative. The state-funded initiative has already put in place measures to use a distributed blockchain ledger to enhance the security of birth certificates, death certificates, voter registration cards, social security numbers and much more.

How it's using blockchain: Civic is a blockchain-based ecosystem that gives individuals insights into who has their information. If the contract is broken or an unauthorized source tries to access private data, the individual is immediately alerted. Sovrin stores private information, acts as a communication medium between the individual and entities wanting private information, and verifies information as true in real-time. By viewing biometric systems on blockchains, governments can more easily catch identity thieves foraging fake passports, certificates and IDs from other countries.

Blockchain in healthcare , though early in its adoption, is already showing some promise. In fact, early blockchain solutions have shown the potential to reduce healthcare costs, improve access to information across stakeholders and streamline businesses processes. An advanced system for collecting and sharing private information could be just what the doctor ordered to make sure that an already bloated sector can trim down exorbitant costs. Blockchain application: For both health professionals and families providing care, WholeCare simplifies and streamlines the influx of information necessary to properly manage and provide care for those who need it when they need it most.

The WholeCare platform brings care plan information, medication protocols, appointment creation and high quality resources into an easily distillable platform that allows individuals, support systems and multi-care facilities to better understand how to provide the nuanced care possible. Built on a blockchain network to remain as secure as possible, WholeCare provides HIPAA-compliant record keeping so all people involved in the care process can maintain peace of mind.

One of the biggest issues with healthcare is the fragmentation of data across different providers and clinics. The blockchain-platform allows for patients and doctors to stay in constant communication, while a steady pipeline of medical data allows for any medical professional to quickly and safely diagnose patients based on a clearer medical history.

All information gathered from an individual test is totally anonymous and kept private through a blockchain-based encryption, so a user's data can never be identified or stolen. With Medicalchain, doctors no longer have to wait on insurance information. The blockchain can automatically verify whether a patient has insurance and is covered.

Additionally, drug and clinical trials can easily identify top candidates through a blockchain-based portal that safely shows patient medical records and identifies prime contenders for different trials. A major complaint in the shipping industry is the lack of communication and transparency due to the large number of logistics companies crowding the space.

According to a joint study by Accenture and logistics giant DHL , there are more than , shipping companies in the US alone, causing data siloing and transparency issues.

The report goes on to say blockchain can solve many of the problems plaguing logistics and supply chain management. The groundbreaking study argues that blockchain enables data transparency by revealing a single source of truth. By acknowledging data sources, blockchain can build greater trust within the industry. The technology can also make the logistics process leaner and more automated, potentially saving the industry billions of dollars a year.

Blockchain is not only safe, but a cost-effective solution for the logistics industry. Here are some companies on the cutting-edge of logistics blockchain technology. How it's using blockchain: Shipping giant DHL is at the forefront of blockchain-backed logistics, using it to keep a digital ledger of shipments and maintain integrity of transactions. DHL has a major presence in the US and is one of the largest shipping companies to embrace blockchain.

The logistics operation platform helps businesses safely monitor the progress of their shipped goods, house information on drivers and materials, and manage payments. Block Array also features smart contract processing and secure document management. How it's using blockchain: Based in Denmark, but with offices all over the US, shipping giant Maersk has teamed up with tech giant IBM to infuse blockchain into global trade.

The two companies will use blockchain to better understand supply chain and track goods digitally across international borders in real-time. How it's using blockchain: ShipChain is a fully integrated blockchain system serving the end-to-end shipping process. From the moment the shipment leaves the facility to the time it arrives at its destination, the logistics ecosystem safely tracks and documents every move to create a transparent ledger. Thanks to blockchain technology, consumers can now claim sole ownership over some of the most desirable digital assets out there.

Remember the meme Nyan Cat? NFTs give buyers the chance to own digital moments, art, and culture that will outlive us all. Below are a few examples of companies taking advantage of the NFT wave. Blockchain application: Candy operates a cutting-edge NFT ecosystem that allows fans and collectors to interact with top sports, art, music and cultural icons in the form of official licensed digital collectibles, opening up the doors to a secure marketplace where users can buy, sell and trade NFTs to maximize their investment.

Buyers have the opportunity to own collectible moments that range from a Lebron James highlight reel dunk to an Anthony Davis blocked shot GIF.

The company helps everyone from game studios to individual musicians and artists to create their own digital assets in just minutes. The company also created the site SuperRare , which has become one of the go-to sites for buying and selling digital art in the NFT era. One of the most surprising applications for blockchain can be in the form of improving government. As mentioned previously, some state governments like Illinois are already using the technology to secure government documents, but blockchain can also improve bureaucratic efficiency, accountability and reduce massive financial burdens.

Blockchain has the potential to cut through millions of hours of red tape every year, hold public officials accountable through smart contracts and provide transparency by recording a public record of all activity, according to the New York Times.

Blockchain could also revolutionize our elections. Currently, voter apathy in the US is at an all-time high, with just over 58 percent turning out in the presidential election, while only Blockchain-based voting could improve civic engagement by providing a level of security and incorruptibility that allows voting to be done on mobile devices.

The following companies and government entities are a few examples of how blockchain applications are improving government. How it's using blockchain: Voatz is a mobile voting platform that runs on blockchain.

The encrypted biometric security system makes it secure to vote on a mobile device from anywhere in the world without fear of hacking or data corruption. How it's using blockchain: Similar to the Illinois Blockchain Initiative, the State of Delaware is also launching their own initiative to explore the benefits of blockchain in business and government.

So far, the state has mostly focused its efforts into archiving public documents and safely securing private records. How it's using blockchain: Follow My Vote is a secure online voting platform using an open-source virtual blockchain ballot box. The technology decreases spending on physical ballots and can be accessed via any device. Follow My Vote implements the end-to-end tools that elections need in order to provide total safety and confidence in the voting process. Many of the current problems in media deal with data privacy, royalty payments and piracy of intellectual property.

According to a study by Deloitte , the digitization of media has caused widespread sharing of content that infringes on copyrights. Deloitte believes blockchain can give the industry a much needed facelift when it comes to data rights, piracy and payments. It can be shared and distributed while also preserving ownership, making piracy virtually impossible through a transparent ledger system.

Additionally, blockchain can maintain data integrity, allowing advertising agencies to target the right customers, and musicians to receive proper royalties for original works. The following US-based companies are helping grow the popularity of blockchain in our media. How it's using blockchain: MadHive is a blockchain-based advertising and data solution for digital marketers.

The platform tracks, stores and generates reports on customer activity, saving all the data to a private blockchain.

5 Reasons why you should go for cryptocurrency

Our site works better with JavaScript enabled. Learn how to turn it on in your browser. Do you feel like you need a decryption key when it comes to cryptocurrency? More than just digital cash, cryptocurrency and the technology that makes it possible have the potential to change the way you pay for goods and services every day, as well as how banking might work in the future.

These are the countries where cryptocurrency use is most common

Bitcoin, the rogue digital currency, is a fixture in the news. Last week, the formal launch of the very first Bitcoin exchange-traded fund raked in investment worth million dollars on just the first day alone. And Bitcoin prices hit an all-time high, crossing 66, dollars per Bitcoin. Crypto-mania is surging in Pakistan too: we reportedly rank third globally, behind India and Vietnam, in crypto adoption metrics. Binance, a cryptocurrency exchange, is reportedly one of our top downloaded apps. And social media is abuzz with investment advice. Bitcoin enthusiasts are also making a renewed push for crypto-friendly rules and regulations, with the Sindh High Court setting up a committee to look into the matter and to consider the legality of transacting cryptocurrencies.

What is Cryptocurrency?

Digital currencies such as bitcoin have caused a financial frenzy. What is a cryptocurrency? Is it like bitcoin? In a word, yes.

Bitcoin and cryptocurrencies – what digital money really means for our future

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Cryptocurrency: What is it good for? (A lot, actually.)

Came across solutions that could lower charges for diaspora remittances. Mthuli Ncube MthuliNcube September 9, But despite the official shoutout, few believe that Zimbabwe is on the brink of reversing its ban on crypto transactions. But middlemen take a sizable chunk of the remittance pot for themselves: between 10 and 20 percent in commission fees to facilitate money transfers from abroad. Zimbabwe is hardly alone. Governments around the globe have placed restrictions and even all-out prohibitions on the trading and use of cryptocurrencies as they try to strike a balance between reaping the benefits of blockchain innovations without losing control over monetary systems and policy. But a hard line can have unintended consequences.

Blockchain technology: not just for cryptocurrency

Cryptocurrencies get a ton of buzz these days, even so, the real use cases of these new technologies are often glossed over. Most cryptocurrency discussion unfortunately leaves the reader with too much breathless hype or knee-jerk condemnation and not enough measured analysis. It is not surprising, then, that some people may walk away with the impression that cryptocurrency is little more than a new iteration of the dot com bubble, without any real value add.

cryptocurrency

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The trio of partnerships with Amber, Bitkub and CoinJar make it easier for consumers and corporates to spend cryptocurrency on physical or digital Mastercard payment cards. In partnership with Mastercard, three leading cryptocurrency service providers in Asia Pacific will be launching crypto-funded Mastercard payment cards. For the first time, consumers and businesses in the Asia Pacific region will be able to apply for crypto-linked Mastercard credit, debit or pre-paid cards that will enable them to instantly convert their cryptocurrencies into traditional fiat currency, which can be spent everywhere Mastercard is accepted around the world. The three digital asset service providers that Mastercard is partnering with are Amber Group , Bitkub in Thailand, and CoinJar in Australia, all of which offer cryptocurrency purchase and exchange services in their respective domestic markets. While some merchants already accept payments in digital currencies such as Bitcoin or Eth, this form of acceptance is not widespread.

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