Cryptocurrency has the potential to completely change how our economy functions—and it’s already doing it. Many countries have either allowed or fully embraced cryptocurrencies like Bitcoin, the market cap for multiple cryptocurrencies has exceeded $1 billion, and public regard for cryptocurrencies is at an all-time high (and climbing higher). That means the core institutions of […]
Crypto enthusiasts have long held that someday, cryptocurrency would replace traditional currency. That would mean the majority of a local population (or world population) using a decentralized currency or currencies in place of fiat currencies like dollars, pounds, or Euro. That reality would demand that at least one major world power adopt a specific cryptocurrency […]
The blockchain is supposed to be a revolutionary technology, changing the way we think about everything from financial transactions to cybersecurity. Yet only something like 3 percent of Fortune 500 companies are currently using the blockchain as a core part of their business. We might be seeing slow and steady progress, with consumers warming up […]
Blockchain is often described in terms that sound hyperbolic and larger than life — but not because the possibilities are overstated. Rather, it’s because the possibilities extend in so many directions. This technology, upon which all cryptocurrency is built, is now being used by companies ranging from Amazon to IBM, and soon, we should expect to see it implemented […]
The past couple of decades have seen continual advancements in technology. These advancements have made it possible to improve many other areas of our lives and culture. Communications, health care, and business management have all been enhanced with new and better technology. Therefore, it was only a matter of time before technological improvements inspired the […]
The global travel market has enjoyed steady gains since 2010. In 2017, the year over year increase jumped from 4 percent to 7 percent. It’s a market that is subject to volatility from multiple sources. These sources include geopolitics, economics, climate change, and innovation. That makes the continuously upward international travel trend even more impressive. And, […]
After the tax bill was finalized and passed in December, many business owners began to contemplate what they should do with their new windfall. With the corporate tax rate falling from 35 percent to 21 percent — representing the biggest one-time drop in U.S. history — pass-through businesses catching a break, and overall tax reductions […]
In recent years, there has been a lot of hype surrounding cryptocurrencies and blockchain applications for business. Blockchain payments have been of special interest in many circles. However, the reality is that all things blockchain aren’t perfect. New platforms are coming out regularly, but eventually, they have the potential to run into problems — especially […]
Cryptocurrencies were the talk of the town this past year. As Bitcoin hit $20,000 a token on December 17, it became nearly impossible to not hear about the tech. Cryptocurrencies have been the first blockchain innovation to catch on. However, blockchain goes beyond financial services. Blockchain technology offers the safe and secure transfer of data […]
It’s hard to ignore the sweeping popularity that cryptocurrency has enjoyed over the past few years. Last year illustrates the powerful force behind digital currency. Bitcoin, the biggest name in the market, grew from under $1,000 at the start of the year to a peak of nearly $20,000 by the end of December. As a […]
As an exciting new alternative to traditional currency, centralized banking, and transaction methods, cryptocurrency was introduced as a mainstream product in 2009 with the appearance of Bitcoin. Since then, hundreds of other Internet currencies have emerged to provide numerous options of paying for goods and services across the world in a way that is both safe and anonymous. Cryptocurrenices are categorized as an alternative currency known as a digital currency for the very fact that they can work without having to undertake currency exchange rates.
With the growth in use and acceptance as well as the realization that cryptocurrency can be used for financial and non-financial applications, more attention has been paid to the technology behind this alternative payment and transaction method.
Since 2009, many other types of cryptocurrencies have been developed, including those known as second generation cryptocurrencies like Nxt, Ethereum, and Monero. These newer versions have added to the attractive anonymity, including stealth addresses. It has been reported that there are over 200 different kinds of digital currencies in use. The framework for cryptocurrency is known as blockchain. This technology is actually defined as a database for the transactions undertaken with Bitcoins and other altcoins. Think of it as a ledger that tracks all the transactions in place of what a bank would do with a centralized system of transactions. At first, the concept of blockchain may seem foreign and perhaps too technical to grasp, but it is actually pretty straightforward in terms of how it works to change and enhance the entire world of transactions.
Blockchains are maintained by "miners" who then validate and record the transactions to maintain transparency and accuracy as cryptocurrency changes hands across various transactions. This decentralized method of transactions is radically different from the traditional centralized banking system. This method of transactions is not as new as it at first appears, this currency exchange has actually been used for centuries. On a financial basis, more companies are now seeking ways to commercialize bitcoins for mass adoption in the near future. To simplify the commercialization of bitcoin there has been an emergence of bitcoin debit cards and a more informed and relaxed retailer acceptance of this type of currency for purchases as well as digital wallets now made for Internet currency.
For example, you may not realize that numerous alternative uses for blockchain are being explored, including cloud storage, communications platforms, digital content marketplaces and digital assets. There has been proxy voting by shareholders and even political voting, digital identity creation, organized and secure record keeping, real estate uses and other contracts, review gathering, gaming application, app development, medical records use, and more.
With such interesting possibilities in terms of how blockchain can be used and the need to develop a standardized framework, this topic has been added to our blog post categories on Due.com. Check back often to explore the additional articles that will be added. These articles are focused on topics that provide updated information on the policy, trends, technology and applications that can help you stay updated on the benefits and issues involved in blockchain and the cryptocurrency transactions recorded within these databases. Staying updated on this new type of currency will help you better understand its uses and how it can be a tool you use within your freelance business or startup. Staying aware and knowledgeable will help you be able to make critical decisions and be on the cutting edge of new payment methods for products and services in today's global business world.