Cryptocurrency is a big thing now and my advice is to be very attentive when investing in this industry. 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.

Blockchain in retail : Warranteer—A blockchain application that allows consumers to easily access info regarding the products they purchased and get service in the case of product malfunction.

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.|Ukraine holds the honor of becoming the first nation to use blockchain to facilitate a property deal. A property in Kiev was sold by prominent cryptocurrency advocate and TechCrunch founder Michael Arrington. The deal was enabled with the aid of smart contracts on the Ethereum blockchain, and is intended to be the first of many completed by Propy, a startup specializing in blockchain-based real estate deals. Read more details on Ethereum (ETH) Price.

You could think of blockchain as a database which records a single, trusted version of the digital history. We call this “database” a digital ledger. It’s important to have one version since it means data can’t be manipulated by bad actors for nefarious means. Blockchain allows digital data to be distributed but not copied or changed.

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 : Airdrop: A marketing campaign that distributes a specific cryptocurrency or token to an audience. It is usually initiated by the creator of a cryptocurrency in order to encourage use and build popularity of the coin or token. Most airdrop campaigns run with mechanics such as receiving coins or tokens in exchange for simple tasks like sharing news, referring friends, or downloading an app.

Block Reward: An incentive for a miner who successfully calculates a valid hash in a block during mining. By contributing to the security and liveness of the chain, the miner is rewarded with this incentive, ensuring that miners continue to act in the best interest of the blockchain by legitimately taking part in the process (instead of hacking it).

Delegated Proof-of-Stake (dPOS): A consensus mechanism where users can vote for delegates producing blocks on the blockchain, with votes proportional to their stake. It aims to increase efficiency and environmental friendliness of blockchain consensus protocols.

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. Read extra details on US-China trade war’s impact on Bitcoin