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What is Blockchain Technology?

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A Closer Look into the Disruptive Technology

Unless you have been living under a rock for the past nine years, you have heard the term ‘blockchain’ at least once before. The most well-known application for this technology is the cryptocurrency Bitcoin. Bitcoin has been brought up a lot in the news lately and has some very famous critics, Warren Buffet and Bill Gates to name a few.

However what people may not know about Blockchain technology is that cryptocurrencies like Bitcoin, are only one application of it. There are a lot more possibilities for the use of this recent technological advancement. Blockchain can transform not only the financial services industry but many other industries as well.

When did blockchain technology originally get introduced?

The blockchain concept was introduced in a white paper in 2008 by Satoshi Nakamoto, an anonymous person or group of people. To this day Satoshi Nakamoto’s identity is still unknown. In 2009 blockchain technology was first implemented with Bitcoin, the most well-known cryptocurrency to date.

What is blockchain technology?

A blockchain is a decentralized database, meaning that the storage devices for the database are not all connected to a central processor. This decentralized database maintains a list of ordered records, called blocks. Each block has a timestamp and a link to a previous block. Blockchains are secure databases by design.

Cryptography is what only allows users to edit the parts of the blockchain that they own. Users have ownership of individual blocks with the private keys necessary to write to the file.

Every transaction is recorded permanently on a public ledger. This feature of complete transparency on the ledger eliminates the need for a centralized authority managing every transaction made by participants in the blockchain.

How does Bitcoin use Blockchain technology?

What makes Bitcoin unique is this is the first digital currency that doesn’t have the possibility of duplication of the original assets. Blockchain technology is the first technology of its time to be able to send the original “block” and not a copy of it to a recipient.

Every other digital currency system in place before the release of Bitcoin allowed for users to make copies of original files. There was no possible way to send the original data to another user digitally. This system redundancy provides room for error and double spending.

What’s another theoretical example of the utilization of blockchain?

An easy way to understand the functionality of this technology in layman’s terms is to think of how you currently send pictures to friends over email or SMS.

Let’s say you were on vacation and took a fantastic picture of a sunset. You want to send the original file entirely to your friend who couldn’t make the trip.

With our current digital technology, the only way to send this picture is a somewhat degraded copy of the picture of the sunset to your friend.

With blockchain technology, you could send the entire original image through the blockchain to your friend by giving your friend your private key. The image would leave your possession entirely into the full possession of your friend through the blockchain.

You could also see in real-time when the transaction is over. If you have a forgetful friend and they somehow lost the image and doubted that you sent it at all. You could theoretically point to the ledger as proof of the transaction.

The ledger is unalterable. In this current climate of “fake news,” it is incredible that a rapidly evolving technology is guaranteeing a record of transactions that cannot change in any way.

Will blockchain technology disrupt other industries?

Blockchain technology has the potential to impact numerous industries that deal with record keeping. The most apparent industry is the financial services industry.

Other industries to look out for are:

  • The medical field with patient records
  • Real estate for land and property transactions
  • Possibly fine art transactions.

The future is uncertain of how blockchain will affect our everyday lives. However, one thing is certain, blockchain technology is not going away.

If you enjoyed learning some of the basic principles of blockchain please check our blog as we launch https://hybridblock.io/ the world’s most robust cryptocurrency ecosystem

Source: https://blog.hybridblock.io/blockchain-technology-explained/

With over three years of experience in the field of cryptocurrencies, Suumit decided to put his knowledge and experience in front of thousands of people though BitzArena. You can connect with Suumit on LinkedIn, Facebook and Twitter.

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iPhone XS, Apple Watch Series 4 Renders Leaked Ahead of September 12 Launch

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Apple just sent out invites for one of the most awaited tech events globally – the 2018 iPhone launch – slated for September 12 at the company’s Steve Jobs Theater in Cupertino, California. The “Gather Round” teaser issued with the invite does not reveal much about the hardware products expected at the event, however reports have now surfaced that give us an alleged first look at the two upcoming iPhone XS OLED models and the Apple Watch Series 4. Apart from these two products, the rumoured Retina Display MacBook Air might also make its way to the iPhone 2018 event.

As per a report by 9to5Mac, we have our first look at what will be the 5.8-inch and 6.5-inch variants of the upcoming iPhone XS. This glimpse at the two phones, stacked on top of each other, suggests that the two variants will borrow the iPhone X’s design and get a new gold colour option, not seen with last year’s model. The report does not show any renders of the rumoured, cheaper 6.1-inch LCD iPhone expected in September. The iPhone XS variants will start shipping in late September, as per the 9to5Mac report.

As per a report by analyst Ming-Chi Kuo, both the OLED models are supposed to sport similar specifications – the latest Apple A12 SoC, 4GB of RAM, 64GB/ 256GB/ 512GB of inbuilt storage, dual 12-megapixel rear camera sensors, and a stainless steel casing. The 5.8-inch variant might be priced starting at $800 (roughly Rs. 56,600), and the 6.5-inch model at $900 (about Rs. 63,500).

Yet another report by 9to5Mac gives us a look at the Apple Watch Series 4 that is rumoured to launch at the September 12 Apple event, alongside the three iPhone models. Borrowing design elements from the iPhone, the Series 4 is expected to arrive with an “edge-to-edge” display with minimal bezels and up to 15 percent bigger displays compared to last year’s Apple Watch Series 3.

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Delta Exchange Launches a New & Better Way to Trade BTC

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Making money via trading cryptos was easy in 2017 when everything was moving up, practically in a straight line. Buy and Hold was the best performing strategy in the year. Alas, opportunities to make easy money don’t last.

Its been a topsy-turvy ride for cryptos in 2018. While the overarching trend has been downward, there have been short lived rallies too. To navigate these markets profitably, a trader needs two things: (a) ability to both long and short, and (b) leverage. The exact two things that are quintessential to derivatives.

Given this, it is no surprise that cryptocurrency derivatives, especially Futures, are going mainstream rapidly. This is reflected in the sharp rise in trading volumes at derivatives exchanges like BitMex and OkEx. Further, this growth is also attracting experienced derivatives traders to the space.

A prime example of this trend is Delta Exchange. Delta is an exchange dedicated to cryptocurrency derivatives. The founding team is comprised of ex Citi and UBS employees that have in the past traded derivatives. The team started working on building the exchange in early 2018 and have launched recently, although their mock trading platform had been live for a couple of months already.

Announcing their launch in a Medium post last week, Delta team called cryptocurrencies and cryptocurrency derivatives “an idea whose time has come“. Currently a  BTC-USD Futures contract that offers 20x leverage is listed on the platform. The Delta team promises to list more contracts shortly. Further, to inceltivize early users, trading commissions for the month of August have been waived off.

The founding team of Delta is solid, their trading platform feels mature & well-designed, and they are operating in a space that’s increasing coming in vogue. I have a feeling that we will be hearing a lot more about team and company in the coming days and months.

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Formosa Financial Announces Partnership with Chainfuel

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The team here at Formosa Financial is excited to announce a partnership with CHAINFUEL this week!

“ Founded in 2017, Chainfuel offers 24/7 community management services for crypto and blockchain projects. Their services include design, implementation, and delivery of community engagement strategies, community staffing, and branding” -Matt Nguyen, Co-founder CHAINFUEL

For Formosa Financial, the team at CHAINFUEL will help us build our social media management platforms, including automated FAQ integrations into our website and communities. With the experience their core team brings we are confident that our communities will be in good hands.

“I started my career at Google as a community manager so have first hand knowledge of the importance of creating real conversations and engagement with project supporters. The Chainfuel team has developed a rock solid methodology and suite of tools that will help Formosa Financial take our community to the next level” -Ryan Terribilini, Co-Founder CEO, Formosa Financial

For CHAINFUEL, Formosa Financial provides a package of treasury management services that they can recommend to blockchain clients in need of custodial, brokerage or risk management tools. CHAINFUEL’s client introductions will also be an integral part of building our whitelist of clients to test the private-beta of FF’s services.


More info about CHAINFUEL:
website: 
https://www.chainfuel.com

More info about Formosa Financial:
Website : 
https://www.formosa.financial
Telegram: 
https://t.me/formosafinancial
Twitter: 
https://twitter.com/formosaofficial
Facebook: 
https://www.facebook.com/formosa.financial

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