Cryptocurrency is trendy now and my opinion is to be very careful when investing in this market. Cryptocurrency is used in every industry and here are some examples. Insurance : Proof of insurance—Nationwide insurance company is currently testing a blockchain solution to provide proof-of-insurance information called RiskBlock. Ultimately, when this tool is fully deployed it will help law enforcement, insured and insurers verify insurance coverage in real time and accelerate claims processing.

Entertainment blockchain examples : Guts—A transparent ticketing ecosystem that uses blockchain technology to eliminate ticket fraud and the secondary ticket market.

One of the main benefits of blockchain technology is the way it removes intermediaries or middlemen. The music business is a prime example of an industry whose inefficiencies have seen artists poorly remunerated for their efforts. A number of blockchain-based projects have sprung up seeking a fairer deal for music creators, including Artbit, overseen by former Guns N Roses drummer Matt Sorum.|The De Beers Group, the world’s most famous diamond company, now has its own blockchain up and running, designed to establish a “digital record for every diamond registered on the platform”. Given concerns about the source of diamonds, and the ethics concerning their country of origin, coupled with the risk of stones swapped for less value ones along the line, blockchain is a natural fit. Because each record is indelible, it will ensure that data for each stone lasts as long as the diamonds themselves. See extra info at Bitcoin price.

Every single person on the network has access to the ledger and can see all the transactions. This means there is no centralized copy that can be tampered with. All the data stored on the blockchain is also encrypted so while you can see the ledger, it’ll look like a bunch of numbers and letters rather than “John Smith spent 10 Bitcoin on 6 Tonnes of Saffron”.

Of course, financial transactions are a vital part of the travel industry too, and blockchain technology has the capacity to not only simplify, but also secure payments. This is especially true when dealing with overseas payments. As a consequence of this, blockchain has the potential to improve the level of trust among all parties. 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.

Bitcoin Improvement Proposal (BIP): A technical design document providing information to the Bitcoin community, describing new proposed features, processes or environments affecting the Bitcoin protocol. Suggested changes to the protocol are submitted as a BIP. The BIP author is responsible for soliciting feedback and consensus for his or her suggested improvements within the community, and documenting dissenting opinions.

Confirmations: A transaction is only confirmed when it is included in a block on the blockchain, at which point it has one confirmation. Each additional block is another confirmation. Different exchanges require a different number of confirmations to consider a cryptocurrency transaction final.

And the latest crypto news : A G7 taskforce is being created to examine how central banks can regulate cryptocurrencies such as Facebook’s libra, Reuters reported on June 21. Although Paris has said it is not against Facebook creating a financial instrument, it vehemently opposes libra becoming a sovereign currency. Concerns have been raised over how to ensure cryptocurrencies comply with anti-money laundering laws, consumer protection rules and other regulatory matters. The G7 taskforce is going to be led by Benoit Coeure, who sits on the board of the European Central Bank. See extra info at Ripple (XRP) Price