Why is Everyone Talking about Blockchain?

Blockchain technology has already been around for over a decade now. What started as a medium for untraceable, secure transactions in 2008 has evolved to implemented technology in almost every industry in the world, from healthcare to voting.

According to a survey by PwC, on 600 employees across 15 sectors, 84% agreed that their employers were actively involved in using blockchain.

What is Blockchain?

Don & Alex Tapscott, authors of Blockchain Revolution, have defined blockchain as, “an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”

It has no centralised server or governing body and is replicated across all nodes on the network. A consensus among these nodes is needed to execute or start a transaction.

Why is Blockchain so Popular?

Mostly due to the latest security systems and protected data exchange processes.

The data on a blockchain is stored across thousands of participating nodes or computers simultaneously, with no single user or entity having complete control over it. This method eliminates the risk of single point failure and would need hackers to access all the systems simultaneously to hack the data.

The data cannot be altered since it needs consensus among all nodes to carry out any changes. This eliminates chances of fraud in transaction or corruption of data stored on a blockchain.

Some traders are still sceptical about crypto trading. Read why.

Applications of Blockchain

Blockchain is already being applied in the financial services, retail management, insurance, governance, healthcare, and real estate sectors. Here’s a look at some of the applications that have benefited from blockchain:

Clearing and settlement systems

Payment systems

Digital identity

Voting

Property ownership

Maintaining health records

Crowdfunding for start-ups

Insurance

Supply chain management

Trading Cryptos

To use a blockchain solution, you need a cryptocurrency that acts as the currency of use on that specific blockchain platform. With blockchain and, therefore cryptos, gaining popularity, people are increasingly looking at ways to benefit from digital currencies. This has led to the rising demand on crypto trading, with crypto exchanges mushrooming all over the world. However, these exchanges have been facing their fair share of challenges.

Have a look at the top 5 crypto exchanges list.

To ease the process of trading cryptocurrencies and to overcome current challenges, IronFX Group, an award-winning global online trading platform with connections to top-tier financial institutions, has partnered with EmurgoHK Group, the creators of Cardano, to develop the IronX Exchange. The main aim of this joint venture is to provide traditional retail traders with the already established convenience of a traditional trading platform and integrate it with the latest developments in blockchain technology.