The IBM Blockchain is a hot topic these days. No doubt, blockchain technology is an ingenious invention which allows digital information to be distributed without allowing to it to be copied or modified. Though it was invented by Satoshi Nakamoto in its initial form but uptill now it has evolved itself into a digital giant. That’s why every person somehow related to the internet technology has asked the question:
What is blockchain?
In short, blockchain is the backbone of a new kind of internet technology. In its original form, blockchain was being devised specifically for the cryptocurrency, Bitcoin. It is also known as the distributed ledger technology as it maintains a flawless record of digital transactions. Due to its credibility, blockchain has also been used by the tech community in various other ways. Furthermore, IBM Blockchain technology is a much more refined form of this digital platform.
As we all know, IBM is on the top of the list as it has been working with Blockchain technology since 2015. The credit of bringing blockchain to mainstream also goes to IBM. It was in 2016, when IBM started to use Blockchain technology in their own company.
And now IBM has presented the concept of an affordable Blockchain Starter Plan especially designed for small scale businesses.
IBM’s business blockchain network
At an initial stage a beta version of Blockchain Starter Plan will be launched in order to facilitate the use of Blockchain in all sorts of businesses. For that purpose, in 2016 IBM launched a test Blockchain program in partnership with Walmart.
This starter plan will be free for the duration of its beta version. After completion of the beta version duration a 30-day free trial will be offered once the plan becomes applicable in its full form.
How will all this work?
To be precise, business blockchain network uses the so called distributed ledger technology in order to make sure a secure transfer of business assets inside that network. The beauty of this process is that these assets can be both in physical or digital form. Members of this network would use a concord mechanism instead of depending upon a bank or other such institute for the validation of their transactions. It will automatically not only improve the processing speed of transactions but will also become the first step towards transparency across the business network.
According to Marie Wieck, the general manager of IBM Blockchain, the company currently has over 250 active blockchain networks. She further stated that this new plan will suit pilot projects and will be perfect for those who want to build solutions on the IBM blockchain platform.
World’s biggest community of Bitcoin miners, China, is cracking down on cryptocurrency. A proactive step has been taken by regulators for shaping the stratospheric increase of Bitcoin. According to President Xi Jinping, there’s been booms and busts in the economy for a decade. As a result, the role of China in the cryptocurrency’s world is going down.
Is it allowed to trade Bitcoin in China?
Bitcoin can be traded only in over-the-counter markets. According to some analysts, it is a slower process that increases the credit risk.
Is China anti-cryptocurrency?
Not really. A bank named “The People’s Bank of China” has run trials of its own prototype cryptocurrency, as it is a prime step to being the very first central bank, that is going to issue digital money.
What is China doing exactly?
Well, China banned initial coin offerings (ICOs), that are equal to initial public offerings for new virtual currencies. Later, it stopped local exchanges from trading cryptocurrencies and also delineated proposals to dampen bitcoin mining. Then it moved to Chinese companies that were listed in abroad skirting to stop its domestic ban on ICOs. Now it’s intended by the officials to block the domestic access to mobile apps and other online platforms that offer such services for cryptocurrencies.
Companies that promote themselves as blockchains, to boost their shares are also being targeted by domestic stock exchanges. It’s a part of an effort by agencies like China’s Ministry of Industry and Information Technology, central bank and the cyberspace administration.
What is the reason behind the crackdown in China?
Cleaning risks from financial markets have been government’s statement for almost two years, but there’s been no clear explanation yet. The thriving shadow banking sector is also among the main concerns of the government, although digital currencies also provide a way to move money out of China.
Where else are officials clamping down?
South Korean is known as the home of most of the frantic cryptocurrency trading. Some banks are being inspected because of the allegation of money laundering and the country is considering to close such cryptocurrency exchanges. Also, in the past year, the U.S. Securities and Exchange Commission started to work fast on digital token sales.
What’s the effect of China’s actions?
Because of inexpensive power and cheap labour, miners gathered to China, but now they may have to look somewhere else. Bitmain is running China’s two major Bitcoin-mining collectives and is setting up district HQs in Singapore. The #3 mining pool, also known as “BTC. Top” is also opening a facility in Canada. Wallet services and bitcoin exchanges in the country are also leaving. Also, they’re setting up over-the-counter shops in Hong Kong and in other areas of Singapore/South Korea.
What about cryptocurrency prices?
The prices appeared to shrug off the news of increased regulations in China. However, according to analysts, the growing tide of regulation has a hefty impact on digital currencies and it’s also helping in explaining the hefty losses since the starting of 2018.
Story credit: fortune.com
Image Credit: BitNews
A Blockchain Ecosystem is a digitized, public journal of all cryptocurrency connections. Continuously increasing as ‘completed’ blocks (the most existing offers) are recorded and contributed to it in chronological order, it allows market participants to keep an eye on digital currency deals without central recordkeeping. Each node (a computer system connected to the network) gets a copy of the blockchain, which is downloaded quickly.
Initially established as the accounting approach for the virtual currency Bitcoin, blockchains – which use exactly what’s called dispersed journal development (DLT) – are appearing in a range of industrial applications today. Currently, the technology is mainly used to verify transactions, within digital currencies though it is possible to digitize, code and insert practically any file into the blockchain. Doing so produces a long-lasting record that cannot be changed; moreover, the record’s credibility can be validated by the entire community using the blockchain instead of a single central authority.
How Blockchain Works?
To start, here’s the most basic explanation without any metaphors or embellishment. In the language of cryptocurrency, a block is a record of new deals (that could imply the location of cryptocurrency or medical information, or perhaps voting records). When each block is finished it’s contributed to the chain, producing a chain of blocks: a blockchain.
Because cryptocurrencies are secured, processing any deals suggests fixing complicated mathematics issues (and these concerns end up being harder with time as the blockchain grows). Individuals who resolve these equations are rewarded with cryptocurrency in a treatment called “mining.”.
Public South Korean Development
The brand-new collaboration will take advantage of blockchain tech to produce a medical big information environment that would allow for both the safe and secure and private storage and the transfer of large amounts of delicate genomic and personal information.
As the press release notes, advances in genomics are improving the international medical landscape, permitting individually customized diagnoses, treatment and prevention. Medical huge information, which incorporates people’ genomic, health and lifestyle details, is both extremely delicate and of remarkable worth for the pharmaceutical and healthcare markets.
Public South Korean biotech service Macrogen, the country’s principal biotech sequencing provider, is developing a genomic huge information blockchain-based platform together with regional tech firm Bigster.
Macrogen CEO’s Remark
Macrogen and Bigster objective to develop the platform and have chosen to develop a permission blockchain that would restrict access to specific organizations such as pharmaceutical companies, biotech firms, healthcare facilities, and research institutes.
Speaking to a local news outlet The Korea Herald, Macrogen CEO Yang Kap-Seok commented,
” In spite of its large utility, gene information has been challenging to move due to personal privacy defense problems and technological barriers. We hope that our upcoming blockchain-based platform will enable healthcare genet [ic] and medical big information to flow easily.”.
A precedent for using blockchain for the safe exchange of genomic information has in fact been set by American Nebula Genomics’ cooperation with Longenesis– the latter being a Hong-Kong-based partnership in between Insilico Medicine and the Bitfury Group.
United States healthcare huge UnitedHealth Group announced it would be carrying out blockchain to keep its records approximately date in a more effective, protected and available method.
The majority of people nowadays have a clear idea as to what is Bitcoin and how does it work. For those who haven’t heard of it before: Bitcoin is a digital, decentralized, peer to peer currency. Bitcoin mining setup is same as traditional currency. The only difference is that it is not tied to a particular country. Yes, anyone, anywhere can use Bitcoin and make transactions without any legal obligations.
Unlike the traditional currency, Bitcoin is not regulated by a third party (government, the central bank, etc.) and only exist in the form of numbers in highly secured computers.
If you want to earn cryptocurrency, you cannot do it the traditional way.
Bitcoin mining explained
The only way to generate bitcoin is a process called Bitcoin mining.
In bitcoin mining, miners from all across the world connect with each other through the internet to form groups. Each group is asked to solve some mathematical algorithm. Those who are able to solve these problems are then rewarded with 25 coins for their successful efforts.
Is It Possible to Do Mining from Home?
Yes, it is. For starters, it will seem intricate and you’d need a little guidance to familiarize with it. Once you get used to it, it’s as easy as ABC.
for beginners, there are several visual mining programs to help them get familiarized. Find one if you are having troubles in understanding the process.
What Do You Need to Start Mining?
Before you could start mining, you must have the following equipment:
- Bitcoin wallet address. Having a wallet is necessary as it is used to store the coins and keeps track of your money
- A mining software. There are numerous mining programs out there. But if coding is not one of your strong attributes, go for a GUI version.
- A powerful computer to support the software
- Electricity because your computer needs to be up and running 24/7
- Internet connection (most of us already have it, but if you don’t, do it right now to start mining)
Learn how to setup a Bitcoin miner here.
Is Bitcoin Mining Profitable?
The work required to mine bitcoins increases and becomes harder over time. If you are using a less powerful computer, it might even take you years – let’s say, 10 to earn only one lot of 25 bitcoins.
At the time of writing, the worth of one bitcoin was $1096. Multiplying it with 25, we get $27,400 which is approximately $2,740 per year. Now if you compare the electricity bills and other costs, you will realize that the amount is pretty low.
So, the question is, how do miners make money through bitcoins?
To generate larger sums of money, the process needs to be faster and this is the main reason as to why miners work in the form groups. The more people in a group, the faster the mining.
However, if you are keen on working alone, then you will need to have enough financial power to buy thousands of low-power consuming; mining computers. This would make the process a lot faster.
Good luck with your venture!
Tags: How to setup a bitcoin miner
Ever since its creation, Bitcoin has had its ups and downs in terms of both survival and price stability. However, as of late, the currency has been on the rocket-ship ride; going past $4000 mark for the first time last week.
Some investors view Bitcoin as something which can be compared to gold, and rightly so. Because just like gold, Bitcoin is not governed by any government or a central authority. One of the advantages of Bitcoin’s autonomy is that it makes Bitcoin insulated to any financial or economic crisis in a country. On the other hand, the fiat of that country can’t really cope with the crisis and more often tends to take a nosedive.
In fact, Bitcoin can benefit from the uncertainty and crisis, just like gold does. A recent example is Donald Trump winning presidential elections as both gold and Bitcoin surged 3% and 4% respectively in the aftermath.
Some investors are also relating the latest spike in Bitcoin to the potential war between North Korea and USA over NK’s nuclear problem.
Regardless of all the similarities, there is still one noteworthy difference between gold and Bitcoin: Gold is substantially more stable and the graph below shows it all:
The graph comprises of the data taken from Onvista and Coindesk. So, if you are looking to make a safe investment, Gold is still the way to go.
News Credit: BusinessInsider