What are smart contracts

Cryptocurrency is a big thing right now and my advice is to be very careful when investing in this industry. Cryptocurrency is used in every industry and here are some examples. Healthcare blockchain cases : MedicalChain—The first healthcare company using blockchain technology to facilitate the storage and utilization of electronic health records in order to deliver a complete telemedicine experience. They are real practicing doctors in the UK healthcare structure and want to change the system from within.

Logistics and supply blockchain cases : Food industry—The food industry’s complex network from farmers to grocers makes tracking down food-borne illnesses challenging. Blockchain can improve the transparency and efficiency of finding out what food might be contaminated and where throughout the supply chain.

Medical centers that have digitized their patient records don’t distribute their data across multiple facilities, instead keeping them on-site on centralized servers. These are a prime target for hackers, as evidenced by the ransomware attacks that struck NHS hospitals in the UK. Even if security risks are overlooked, there is still the problem of fragmentation. There are currently more than 50 different electronic healthcare record (eHR) software systems that operate in different hospitals, often with dozens of different packages within the same city. These centralized systems do not interoperate with one other and patient data ends up scattered between disparate centers.|Supply chain management is seen as one of the most beneficial use cases for blockchain, as it’s ideal for industries where goods are passed through various pairs of hands, from beginning to end, or manufacturer to the store . IBM and Walmart have teamed up to launch Blockchain Food Safety Alliance in China. The project, run in conjunction with Fortune 500 company JD.com, is designed to improve food tracking and safety, making it easier to verify that food is safe to consume. See extra details at what is blockchain technology.

Most people know that cryptocurrencies such as Bitcoin use blockchain technology, but what exactly is blockchain? If you imagine Bitcoin as a car, then blockchain would be the combustion engine; i.e. blockchain is the underlying technology that drives the system.

The travel industry relies upon different companies passing information between one another. For example, travel agents need to pass customer details on to flight companies and hotels, while the personal belongings of travellers are often passed between companies and tracked too. Blockchain can make accessing and storing important information easier and more reliable, because responsibility for storing it is shared across the whole network. Over the past decade, the Internet and software have made the transaction of money practical. You can easily shop online and trade securities. But transferred financial assets go through correspondent banks, archaic systems linking clearing houses, and central depositories. Sometimes it takes many days for the funds to reach an account or purse to settle. Not only are these systems slow, but they are expensive and unsafe. Blockchain development is addressing this problem by restructuring fundamental business transactions, including money market transactions, and introducing new forms of digital interaction.

Here are some terms explained : Anarcho-capitalism: A political philosophy and school of thought that believes in removing centralized states in favor of self-ownership, private property and free markets. Many of the early adopters of Bitcoin were proponents of anarcho-capitalism, believing it would give power and control back to the masses.

Byzantine Generals’ Problem: A situation where communication that requires consensus on a single strategy from all members within a group or party cannot be trusted or verified. An example of this agreement problem is where a group of generals, encircled around a city, must decide whether to attack or retreat. Every general must agree to attack or retreat, or everyone will be worse off. Some generals may be treacherous, voting falsely, and messengers may deliver false votes. Under these circumstances, a consensus must be reached. In cryptocurrency, when network participants post false or inaccurate information to others about transactions taking place, it could lead to network failure. *see Byzantine Fault Tolerance (BFT).

Decentralized Autonomous Initial Coin Offerings (DAICO): A method for decentralized funding of projects, combining ideas from Decentralized Autonomous Organizations (DAOs) and Initial Coin Offerings (ICOs), proposed by Vitalik Buterin, creator of Ethereum. It introduces a form of governance in the ICO process, allowing backers to vote for the return of their funds if certain conditions are met.

And the latest crypto news : Chinese cryptocurrency mining giant Bitmain is revisiting plans for an initial public offering (IPO,) Bloomberg reported on June 21. The company had filed to list an IPO on the Hong Kong Stock Exchange, but the application expired on March 26. Now, Bitmain is reportedly planning to file listing documents with the United States Security and Exchange Commission, potentially paving the way for a share sale to take place later this year. While the company was hoping to raise $3 billion from its planned Hong Kong IPO, the Bloomberg report suggested that this fundraising target will be reduced to between $300 million and $500 million if it lists in the U.S. See more info at US-China trade war’s impact on Bitcoin