The new disruption in world of technology: Blockchain
Are you interested in blockchain app development?
Do you like to explore cryptocurrency and blockchain?
Are you willing to be a part of the new age technology?
Get ready to know immutable (highly secure), decentralized and transparent data storage system which can make our data highly secure especially for financial institutions. With this article, we will brief you about the important traits of cryptocurrency and blockchain. Moreover, we will new insights bring insights out this new age technology.
About Blockchain and Cryptocurrency
Before a decade, there was no confusion between blockchain and cryptocurrency. It was very new to the world and anonymous. Half the population did not know anything about Bitcoin. In 2019, we now definitely know what Bitcoin is all about. Just that today we are confused with two terms, Blockchain and cryptocurrency. We must first understand what these terms mean individually.
The blockchain is the distributed ledger technology that supports cryptocurrencies like Bitcoin. This forms a network that stores all the distributed data. This also creates a network for transactions. It also enables the transfer of information or value of cryptocurrency.
Cryptocurrency is an application of blockchain. This is like a token that is used within ledger to transact value and information. It is with cryptocurrency, transactions are possible in the blockchain. They are like the resource for blockchain. They are capable of digitizing the value of the asset.
So both are highly dependent on each other. Cryptocurrency Exchange Development Services are essential for transactions on the blockchain. While blockchain is necessary to record and transfer these transactions, cryptocurrencies eventually get the shape of assets. Also, when features of both were researched, cryptocurrency did not possess any advantages like blockchain. While blockchain remains decentralized, immutable and peer-to-peer.
Industries Working with Blockchain
Plenty of industries today are integrating themselves with this new technology. It was in 2018, the blockchain development became very popular among industries. The major advantage that these industries like, is its anonymity and security. Most industries combine their business plan with a blockchain technology to improves security. New jobs in this sector are also coming up. In 2018, the number of jobs relating to blockchain app development has tripled. Some of the industries that involve blockchain technology are mentioned here.
Banking is the first sector that came forward to experiment the blockchain technology. Even 33% of commercial banks are expected to adopt this technology at the end of this year. With decentralization feature, transactions and transfer can be done swiftly. It is fast, cheap and secure of storing all the bank records.
2. Decentralized app development and IoT
Etherium is a very good example of blockchain app development. This is unlike other cryptocurrencies. It is an open source application that is used for app development. IoT is trending these days. But a major drawback with it is that it lacks security. This is where blockchain helps in securing devices.
3. Digital identity
This is done especially to reduce paperwork and data storing. Passports are nowadays using this new age tech to prevent the creation of fake IDs.
A lot of fake student transcripts are made today. So to prevent such cases, job providers make sure to check transcripts with blockchain.
5. Real estate
These are based on smart contracts that can nullify paperwork. Also, third parties are not involved in buying properties with blockchain. This saves time and money.
Blockchain ensures the security of donated money. It makes sure that the money reaches the right place without fraud.
7. Health care
Medical records require safety no matter what. Hence, data security is vital. This is maintained with blockchain. This keeps the data of patients safe.
8. Voting system
The blockchain is helpful in the manipulation of the votes. There is no worry of counting extra and fake votes with this model.
Blockchain uses an immutable ledger and this makes it highly secure. It will take a long time for hackers to decode this ledger. This increases its application in cybersecurity.
10. Cloud storage
Cloud storage is ideal for business owners and companies. When a shift from a centralized network is done to decentralized data storage it is safer. This is much needed for cloud storage.
This clearly explains the future of blockchain app development. It is already being used in so many industries of the world. This is expected to grow in a larger way in the future. Interestingly, the global spending of blockchain in 2018 has increased to 21 billion USD.
The Future of Cryptocurrency
Cryptocurrency is a digital currency that is exchanged in the value of something. This receives a lot of opposition from many governments. This is because it has very strong features that can someday replace fiat money. It is possible that the future generation will not need banks and want to use digital currency. The world is digitizing in every aspect, so why not with currency? Indeed, some countries like the United States consider digital currency is legal. The future of cryptocurrency also depends on the development of cryptocurrency exchange clones. These cryptocurrency exchange development company are certainly the future.
Other than Bitcoin exchange software, there are a number of cryptocurrencies like Ethereum, Ripple, and Litecoin. The cryptocurrency exchange clones are used for launching a digital currency exchange service online. So users are able to exchange any type of digital currencies. These are based on the Bitcoin exchange software. Additionally, they are secure and safe with the blockchain technology. Now let us see some of the possibilities of cryptocurrency in the future.
- Now, 69% of banks are exploring the cryptocurrencies. They are also working on developing their own digital currency. This will surely change the perspective of people on using digital currency.
- A number of companies like Wal-Mart, Starbucks and Amazon are trying to adopt them. This will bring trust in people and alter their idea about cryptocurrencies.
- Both online and offline retail giants will start accepting some kind of cryptocurrency. This will shift people to invest in digital currencies. This also gives them a sense of safety and security.
- Bitcoin was created in the idea of not letting people suffer due to the federal deficit. So when such a case happens, digital currency is sure to change the world.
Wrapping up this article, some tips to assist your cryptocurrency exchange development company. This will also tell you why you must use blockchain and its benefits.
- Implement a good ICO to bring a crowd to your blockchain app.
- Small contracts are essential to avoid transactions without middlemen.
- Following cryptocurrency exchange clones is one of the best options to start.
Cryptocurrency will surely be the best way of the transaction of value and information.