8 Interesting Uses of Cryptocurrency and Blockchain for Better Future

Cryptocurrency and blockchain technology are growing exponentially and why not after all it got potential to do great in future. Well, cryptocurrencies are alternative digital money to make different exchanges better. If you know, Bitcoins is one of the best-known cryptocurrencies.

Blockchain technology and cryptocurrency are decentralized which means no banks or third-parties are involved in the process. Anonymous and digital, it is the fastest technology so far. It will go far beyond the finance sector.

1. Wealth engagement: The democratic ecosystem is where you can control a database of crypto assets. Using cryptocurrencies will offer investors opportunity to manage their wealth without restrictions. Thus, easy wealth management for different businesses too.

2. Ethical business practice: Blockchain-based application offers complete transparency of every record and transaction. This, in turn, will make different business work according to the rules and standard.

3. Prevent election fraud: Voting combine with blockchain technology will bring a better solution. It is incorruptible, so no one can change or delete how the votes are recorded which is important for any democracy.

4. Fundraising: Start-ups has already started using cryptocurrencies for raising funds. It is easy to raise money and keep tracks of all the funds. One can fund their ideas, services or products of course with a proper proof of work.

5. Corruption free charities: Blockchain technology cut fund leaks. It keeps the accountability which makes it easy to cover the loopholes. Organizations like World Food Programme is using blockchain to distribute cash help to the needy.

6. Digital publishing engagement: Blockchain development services have helped in introducing a unique of pay-per-article advertising. The proprietary form of cryptocurrency helps both publishers and audience to earn digital currency by commenting and posting original contents. Advertisers also get a chance to buy tokens to choose their ad placements in the relevant articles.

7. Education: As the cryptocurrencies are becoming popular, few universities are accepting it as a form of payment.

8.Travel: In the travel and hospitality industry, the future of blockchain technology and cryptocurrencies are bright. The ease of transaction, transparency, promptness are some of the main aspects which makes it a preferred platform. It will slowly take time to spread worldwide, but few travel agencies have started taking the advantages.

The world of blockchain technology is no doubt huge. The potentials are so amazing that it can eradicate hunger and different world issues. It is the time that will reveal. However, developing good blockchain-based applications is needed for any business to efficiently take advantage of it.

We at Sphinx Solutions are leveraging different blockchain features. If you need any help or want to discuss more, get in touch.

Why should you really care about blockchain technology?

The global blockchain market is expected to be $20 billion by 2024. Blockchain technology is evolving and it is going to stay for really long. This is the high time that you should really care about it for a better business process.

To clear your idea more, remember bitcoin and blockchain technology are a different concept. Understanding blockchain will help you to understand how this technology will it serve different industries.

What is Blockchain?

Blockchain technology is a digital ledger which works as a series of a block that contains information, chained together to offer a reliable and secure accounting for any particular field of work. In a block the information shared is encrypted, confirmed and distributed to a number of linked computers (in the network which are known as nodes). This ledger is secure and tamper-proof. The activities such as transactions, exchanging cryptocurrency, medical records, shareholder records, agreements are some of the best uses so far. However, it has a huge potential.

Benefits :
·    Data management: Strong verification process for better data management.
·   Logistics: Goods can be traced to their origin which offers company and consumers better transparency.

·  Investing: It provides a strong space for crowd-based funding and other investment.
·  Internet of Things: Offers an infrastructure to assign automation for remote systems as many IoT devices come with some privacy concerns.

 ·   Security: Decentralize data makes it easy to save files in multiple locations.

What is Bitcoin?

In simple words, it is a digital currency exists in codes (encrypted) form. It is one of the most popular cryptocurrency. Users can use high-end computing hardware to mine bitcoin. There is a limited supply of bitcoin as it requires a lot of computer resources and time. In 2017, a single bitcoin was worth about $17,112 USD. It is a viable currency online for many e-commerce.

How bitcoin works over blockchain?

Let’s assume that Mr. A wants to send money to Mr. B. Initially, they both need a bitcoin “wallets” as it works as software to use blockchain. A wallet is just an access door.

Mr. A uses his cryptographic key to request the transaction. The cryptographic key is transforming plain text into coded one. The key is private and ensures high security. This is the main part of the cryptographic operation. Mr. A’s request is joining the other requests or orders in a block, containing a cryptographic sign or hash of the previous block, a timestamp and transaction data too. This ensures that a block is linked to other blocks and can’t be altered separately.

The requests are then analyzed by others in the network. They check whether Mr. A really has the bitcoin to spend to Mr. B. If everything is okay, miners on the network will initiate the request with other similar transaction to form a new block. The block is marked with a date and it is added to the chain over the network. Finally, Mr. B receives his money.

We at Sphinx Solutions are working on the blockchain app development, wallet development, smart contracts and many more. We are an experienced IT team offers the best solution to the different industry. Curious to know more, contact us to take this forward.

The Journey of Cryptocurrency

This article talks about the journey of cryptocurrencies and their potential.

Blockchain and Cryptocurrency have traveled an uncertain path to worldwide popularity. Many people are showing interest in the blockchain development even if they are not investing in cryptocurrencies.

1^st phase

The US subprime mortgage crisis was a banking emergency that affected the world economy. To prevent any such kind of event from happening again, Mr. Satoshi Nakamoto (real name not known) created a decentralized virtual currency called Bitcoin. And bitcoin is backed by blockchain technology which is transparent, unalterable, and eliminated from third parties like bank, government and any financial institution from the transaction process.

Initially, it served as a payment medium. This publicly verifiable virtual money gradually became popular among the IT developers. Eventually, innovation of other new cryptocurrency started flowing which helped to engage a broader audience.

2^nd Phase

Vitalik Buterin (Russian-Canadian programmer) came up with wider use of blockchain technology which is commonly known as Smart Contracts. And the platform is Ethereum. Certainly, Ethereum is more than just a coin. The IT intellectuals started reviewing the potential of this distributed ledger technology. Ethereum revolutionized and decentralized the internet. Thus, Decentralized Apps (DApps), Decentralized Autonomous Organizations (DAOs) came into being.

The developers from different parts of the world started experimenting to launch their own tokens and raise money from the public with ICO (Initial Coin Offerings).

Five Tips to Launch a Successful ICO

3^rd Phase

Scalable and practical, the 3rd phase of Blockchain technology is in its infancy. It's been predicted that in 2019-2020, there will be a blockchain of blockchains with millions of transactions per second. It will be enormous that includes organizational structures like cities and connected to the other bodies.

Cryptocurrencies have made a dramatic leap in terms of innovation and adoption in past few years. The tokenization of many businesses across different industries will open a wide opportunity for economic growth.

We at Sphinx Solutions, are working on Blockchain App Development and ICO services. Our experienced developers are thoroughly acquainted with the full development stack. You can rely on us for scalable Cryptocurrency Wallet, Hyperledger, Bitcoin apps & private blockchain development services.

How Blockchain will influence the Social Media Marketing

This article talks about 5 blockchain trends that will influence the Social Media marketing. Whether you are a marketer or business owner using social media to reach your potential customers, this article will offer a fair idea and how to deal with it. 

Blockchain technology is all set to jump on different industries and create new opportunities. Unlike other technologies, blockchain has immense popularity and media space. Probably, it can put an end to the advertising revenue issues for influencers.

Social media is now the heartbeat of communication and connecting with others. Companies use platforms like Facebook, and Twitter to build their brands are going to witness a dramatic change. Blockchain technology will make an impact on how companies network, their customers and all business related activities over social media platforms.

It’s a high time that you prepare yourself to develop a blockchain app to fight with the changing online business world and get best out of it.   

·        Look for verified consumers
No company wants to continue to market in the black hole of social media and false PPC ad impressions. Now, the business will get the chance to connect with verified consumers and not bot. This is all by blockchain technology and smart contracts which look after consumer verification for increase in marketing Return on Investment.

·        Verified marketplaces too

Just like verified identities will influence, so will be the verified marketplaces. Getting connected to already interested and the verified marketplace will definitely lessen the effort of marketing and increase the ROI. You will actually get in touch with a verified group of individuals and blockchain technology will continue this phenomenon over social platforms.

·        Crypto-enabled social media

You will see an interesting mix of cryptocurrencies and blockchain-enabled social media platforms. The social media users will get a choice on which to network as the decentralized platform will become a commonplace. If each business post you make earn you a little amount of bitcoin, then automatically the platform will attract more engagement. The crypto-enabled social platforms will offer the opportunity to get rewarded.

·        Crypto Collectibles on the scene

These are entirely a new class within the crypto-sphere. Each Crypto Collectible is unique and its value is dependent on that uniqueness. The crypto collectible sector will influence the future social media. The virtual goods, crypto trading and many more things will open new investment opportunities over social media.

·        No more fake content

The life of fake news and spam bots are in danger. The content distribution will be based on verified information and it will be traceable. So, the smart contracts and blockchain technology have all the potential to restrict all such poor activities over social media which is a great option for brand builders.

Early adopters will definitely have some advantages. The platforms like Snapchat, Facebook, Instagram, Pinterest and Twitter will see a dramatic change. The sooner you understand the potential, the sooner you can implement changes to your social media marketing strategy.

We are an IT solution company working on the latest development of Blockchain Technology, ICO launch and Mobile application. We provide an end-to-end software solution. If you seek any help regarding blockchain and how it can boost your business. Get in touch.

Why these industries should implement Blockchain technology today!

Blockchain for these industries are going to define the future. You need to move fast and take advantage of the blockchain technology to stay ahead of your competition.

Here are some industries, which can massively benefit by adopting to blockchain:

1) Banking:

Banking is just the beginning. In any case, from a large scale point of view, banks fill in as the basic storage facilities and exchange centers of significant worth. As a digitized, secure, and tamper-proof ledger, blockchain could serve the same function, injecting enhanced accuracy and information sharing into the financial services ecosystem.

2) Government (Identities & Voting):

In the present framework, it's hard to build up your actual character, and your own data lives on government servers for applications you use with little between operability. There's a blockchain future where your character can be effortlessly conveyed with you the web. Utilizing blockchain for example, a client will get to applications on decentralized systems and have perfect portability of their data. By capturing votes as transactions through blockchain, governments and voters would have a verifiable audit trail, ensuring no votes are changed or removed and no illegitimate votes are added.

3) Education & Academia:

By nature, academic accreditations must be all around perceived and obvious. In both the essential/optional tutoring and college conditions, confirming scholarly accreditations remains to a great extent a manual procedure (overwhelming on paper documentation and case-by-case checking). Deploying blockchain solutions in education could streamline verification procedures – thus reducing fraudulent claims of un-earned educational credits.

4) Real Estate:

Pain points for buying and selling property include a lack of transparency during and after transactions, copious amounts of paperwork, possible fraud, and errors in public records. Blockchain offers an approach to decrease the requirement for paper-based record keeping and accelerate exchanges — helping partners enhance proficiency and diminish exchange costs on all sides of the exchange. Land blockchain applications can enable record, to track, and exchange arrive titles, property deeds, liens, and the sky is the limit from there, and can help guarantee that all archives are precise and unquestionable.

5) Healthcare:

Healthcare institutions suffer from an inability to securely share data across platforms. Better information coordinated effort between suppliers could eventually mean higher likelihood of effective treatments, and the overall increased ability of healthcare systems to deliver cost-effective care.. Use of blockchain technology could allow hospitals, payers, and other parties in the healthcare value chain to share access to their networks without compromising data security and integrity.

If you need assistance with your blockchain development project get in touch with us.