𝘞𝘩𝘢𝘵 𝘪𝘴 𝘣𝘭𝘰𝘤𝘬𝘤𝘩𝘢𝘪𝘯?
Imagine about the old savings passbook, I would need to bring it to the bank teller to update it, even with the auto-mated teller machine, I have to bring my passbook to the auto-mated teller machine to update it, I recalled there were times where the updating of my parents passbook have an error, and they have to visit the branch teller to check and ensure that the records are correct, it was a tedious process and it take a lot of time and resources.
𝘏𝘰𝘸 𝘸𝘰𝘶𝘭𝘥 𝘺𝘰𝘶 𝘭𝘪𝘬𝘦 𝘢 𝘴𝘰𝘧𝘵𝘸𝘢𝘳𝘦 𝘵𝘩𝘢𝘵 𝘴𝘰𝘭𝘷𝘦𝘴 𝘵𝘩𝘦 𝘢𝘣𝘰𝘷𝘦? 𝘈𝘯𝘥 𝘵𝘩𝘢𝘵 𝘺𝘰𝘶 𝘬𝘯𝘰𝘸 𝘵𝘩𝘢𝘵 𝘢𝘭𝘭 𝘺𝘰𝘶𝘳 𝘵𝘳𝘢𝘯𝘴𝘢𝘤𝘵𝘪𝘰𝘯𝘴 𝘢𝘯𝘥 𝘥𝘢𝘵𝘢 𝘢𝘳𝘦 𝘴𝘵𝘰𝘳𝘦𝘥 𝘴𝘢𝘧𝘦𝘵𝘺, 𝘢𝘯𝘥 𝘯𝘰 𝘰𝘯𝘦 𝘤𝘢𝘯 𝘢𝘮𝘦𝘯𝘥 𝘪𝘵?
On October 18, 2019. The first blockchain application was started by Satoshi Nakamoto on January 3, 2009 with the creation of the first block of the chain. While we do not know the actual identity of Nakamoto, we do know the blockchain application known as Bitcoin. Bitcoin is credited with being the very first blockchain.
So, bitcoin is a digital phenomenon software and a type of cryptocurrency. To ensure that is legit and working well, someone or a group of people named Satoshi Nakamoto started with encouraging people to come to mine for it, these group of miners come and mine and each successful mined bitcoin form a block and the next successful mined formed another block, which is chained to the previous block, using a algorithm that is unhackable and unbreakable.
In summary, a blockchain is shared digital record of transactions that can help reduce fraud because it increases the visibility and transparency of the transactions made throughout a supply chain and between members of a business network. Participants can see the history and transfer of assets, so fraudulent transactions are easier to identify.
Blockchains are used for recording transactions made with cryptocurrencies, such as Bitcoin, and have many other applications.
The practical applications of blockchain in the financial services industry could include onboarding, recordkeeping, client screening, data management, security, privacy and transaction and trade processing. The insurance industry is also subject to costly mistakes, scams, and ingenuine claims.
30 prominent blockchain applications to know. • Secure sharing of medical data • Non-fungible token marketplaces • Music royalties tracking • Cross-border payments • Real-time IoT operating systems • Personal identity security • Anti-money laundering tracking system • Supply chain and logistics monitoring • Voting mechanism • Advertising insights • Original content creation • Cryptocurrency exchange • Real estate processing platform
𝑨𝒓𝒆 𝒕𝒉𝒆𝒓𝒆 𝒂𝒏𝒚 𝒅𝒊𝒔𝒂𝒅𝒗𝒂𝒏𝒕𝒂𝒈𝒆 𝒐𝒇 𝒃𝒍𝒐𝒄𝒌𝒄𝒉𝒂𝒊𝒏? The main advantages of the Blockchain technology are decentralized network, transparency, trusty chain, unalterable and indestructible technology. In turn, the main disadvantages of the Blockchain are the high energy dependence, the difficult process of integration and the implementation's high costs.
A paper from 2018 from the Oak Ridge Institute in Ohio found that one dollar's worth of bitcoin took 17 megajoules of energy, more than double the amount of energy it took to mine one dollar's worth of copper, gold and platinum. To put it in perspective, a megawatt of capacity will produce electricity that equates to about the same amount of electricity consumed by 400 to 900 homes in a year. Which means the energy of $1 worth of bitcoin in 2018 can power up 6,800 – 15,300 homes.
𝑯𝒐𝒘 𝒅𝒐 𝒘𝒆 𝒌𝒏𝒐𝒘 𝒕𝒉𝒆 𝒕𝒓𝒖𝒔𝒕𝒆𝒅 𝒔𝒐𝒖𝒓𝒄𝒆𝒔 𝒐𝒇 𝒃𝒍𝒐𝒄𝒌𝒄𝒉𝒂𝒊𝒏 𝒂𝒏𝒅 𝒄𝒓𝒚𝒑𝒕𝒐𝒄𝒖𝒓𝒓𝒆𝒏𝒄𝒚? Bitcoin is a published open-sourced code, which means it is publicly available. The cryptocurrencies in the market that openly published their code, their usage and who are they working with, will be one of the criteria to look out and consider for if you want to invest in them. There are more than 6,700 different cryptocurrencies as I write and 35% of them failed due to no open-sourced code, no usage, scam, or whatever reasons.
What do you think are some of the other usage of blockchain? Are there any limitations on blockchain and bitcoins? Do you feel that bitcoin will be here to stay? My name is Mike Sim from Singapore, a tropical island in the Southeast Asia that is 728.3 km². Feel free to comment below.
𝘋𝘪𝘴𝘤𝘭𝘢𝘪𝘮𝘦𝘳: 𝘛𝘩𝘪𝘴 𝘮𝘢𝘵𝘦𝘳𝘪𝘢𝘭 𝘴𝘩𝘢𝘭𝘭 𝘯𝘰𝘵 𝘣𝘦 𝘤𝘰𝘯𝘴𝘵𝘳𝘶𝘤𝘵𝘦𝘥 𝘢𝘴 𝘢𝘯 𝘰𝘧𝘧𝘦𝘳, 𝘳𝘦𝘤𝘰𝘮𝘮𝘦𝘯𝘥𝘢𝘵𝘪𝘰𝘯 𝘰𝘳 𝘴𝘰𝘭𝘪𝘤𝘪𝘵𝘢𝘵𝘪𝘰𝘯 𝘵𝘰 𝘤𝘰𝘯𝘤𝘭𝘶𝘥𝘦 𝘢 𝘵𝘳𝘢𝘯𝘴𝘢𝘤𝘵𝘪𝘰𝘯. 𝘛𝘩𝘪𝘴 𝘪𝘴 𝘱𝘶𝘳𝘦𝘭𝘺 𝘴𝘩𝘢𝘳𝘪𝘯𝘨 𝘰𝘧 𝘧𝘳𝘦𝘦 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘵𝘩𝘢𝘵 𝘪𝘴 𝘢𝘷𝘢𝘪𝘭𝘢𝘣𝘭𝘦 𝘧𝘳𝘰𝘮 𝘵𝘩𝘦 𝘸𝘦𝘣𝘴𝘪𝘵𝘦 𝘢𝘯𝘥 𝘤𝘰𝘯𝘴𝘰𝘭𝘪𝘥𝘢𝘵𝘦 𝘧𝘰𝘳 𝘦𝘥𝘶𝘤𝘢𝘵𝘪𝘰𝘯 𝘢𝘯𝘥 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘱𝘶𝘳𝘱𝘰𝘴𝘦𝘴.