Cryptocurrencies and Blockchain Technology Applications

Preface

Blockchain is in its early phase of development where experiments are performed on existing systems by developers working on reducing the cost and making user activities faster. Their support is limited in terms of computing power and the number of nodes within the network being small. The current situation is that solutions are usually designed to address where the decentralized system makes decisions. Coin offerings made by blockchain technology implemented using smart contract can deliver high proposition value to the solution over a decentralized network where each node will have equal importance and control over the decisions made by the system. In the future, real power is empowered by smart contract where advanced technologies will enable transactions at a faster rate. Satoshi Nakamoto published his paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” in October 2008 and released it in January 2009, which was a clear sign of the disruption of the financial and banking sectors to come. Since it is a practical solution with limiting technology, it seemed very unlikely to have drawbacks to its success and full-fledged implementation. With the exception of financial sectors, healthcare, supply chains, and governments look forward to implementing game-changing results. Companies acting as a middleman to conduct business can be eliminated using this technology. Thus, they are looking forward to utilizing blockchain technology to remove central authority over ...