Posts

Entry {5} - {The Blockchain Today and Future Expectations}

Image
The Blockchain Today and Future Expectations      The technology behind blockchain and, quite frankly, the blockchain itself, is still very primitive. The number of potential fields and ideas to which blockchain could be applied to increase efficiency, productivity, etc., increases every day. Today, blockchain is widely thought of as existing to act as a vehicle for dealing with the big name cryptocurrencies like Bitcoin and Ethereum; however, the proof of work methods and complete ledger transparency that makes the blockchain so unique have the capability to innovate and better every corner of the world, not just technology. A logistically superior future is very possible, and widespread adoption of the blockchain is the first big step in the right direction.      One key pull for blockchain adoption is the voter fraud. Especially following our most recent presidential election, the lack of clarity and cybersecurity make true opinions fairly ambiguou...
1 comment
Read more

Entry {4} - {Cryptocurrency in International Banking: Ripple}

Image
Cryptocurrency in International Banking: Ripple      When John Doe in New York, United States wants to pay Jane Doe in Berlin, Germany, the processes through which he must go to pay Jane are unnecessarily inconvenient. First, he must ask a bank to authorize the transaction. Next, the bank will wire the amount of money to the country where Jane lives. Then, the bank in Berlin must exchange the U.S. dollars for Euros. This occurrence happens after a two business day delay (1). Then, Jane must wait until the bank is open to have her funds settled and ready to be utilized. As cryptocurrencies become more accepted and more prominent across the globe, one coin has been created with the goal to make this tedious process more efficient: Ripple.            Ripple, the payment protocol which "provides one frictionless experience to send money globally using the power of blockchain," (2), was introduced in 2012 to counter the inefficiency in mo...
Post a Comment
Read more

Entry {3} - {Blockchain's Multidisciplinary Applications}

Image
Blockchain's Multidisciplinary Applications      When most people hear the term "blockchain", they usually imagine the news of the most recent Bitcoin surge or the stories of all the people getting rich overnight by trading cryptocurrencies; however, the technology powering the the existence of these cryptocurrencies is applicable in many different realms. As a reminder, the blockchain is "a digitized, decentralized, public ledger of all cryptocurrency transactions," (1). The blockchain's popularity has been exponentially increasing, and its now changing not only finance but virtually every domain of humanity such as storage, property, ride sharing, and many more.      The healthcare system has recently been impacted by blockchain technologies in the way of infrastructure through companies like Patientory and Change Healthcare. Patientory, "...a cybersecurity blockchain-based distributed electronic medical record network," (2), was founded i...
1 comment
Read more

Entry {2} - {Mining Cryptocurrencies}

Image
Mining Cryptocurrencies      Unlike regular, institutional fiat currencies that will physically print out more money when necessary, Bitcoin and other cryptocurrencies are essentially created through a system called "mining," which is defined as, "...the process by which transactions are verified and added to the public ledger, known as the blockchain, and also the means through which new [cryptocurrencies] are released," (1). The mining process exists for two main reasons: to validate transactions using a specific currency and then to reward the miner who confirmed the activity by generating and delivering to him or her a set number of new coins.            If the blockchain was inconsistent, or if it faltered in its reported data about any transaction at any given point in its lifetime, then the blockchain would be unreliable and completely untrustworthy. One of the main attractions to the blockchain is that it builds upon itself fro...
1 comment
Read more

Entry {1} - {Crytpocurrencies and the Blockchain}

Image
Cryptocurrencies and the Blockchain Preface      For the first blog post, I generally explore my topic and its main components.  Introduction       In 2009, an unknown figure who goes by Satoshi Nakamoto invented a decentralized digital asset called Bitcoin. Designed to be used as a globally available, peer-to-peer electronic currency, Bitcoin is independent of any central authority or government (decentralized). Originally worth $0.0008 U.S. dollars per unit on its debut date of October 5, 2009, Bitcoin just recently surpassed a colossal $6,000.00 per unit. In the years after the creation of Bitcoin, many other currencies modeled after Bitcoin's design were constructed. Bitcoin and these other "alt-coins" (digital assets that are not Bitcoin) are classified as cryptocurrencies, which are defined as "digital or virtual [currencies] that use cryptography for security," (1).      Hundreds of cryptocurrencies exist today, and...
1 comment
Read more