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  • Difference Between Blockchain and Bitcoin

    Difference Between Blockchain and Bitcoin

    For newcomers to cryptocurrency, the terminology can be quite confusing and even misleading. Some people refer to Bitcoin when talking about blockchain technology, while others will mention blockchain when talking about cryptocurrencies in general. However, these terms are not really interchangeable: they refer to distinct but connected concepts. Thus, it is important to understand the differences between them. Hereby we introduce you the basics of blockchain technology, cryptocurrencies, and Bitcoin....
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  • History of Blockchain

    History of Blockchain

    The underlying technology behind cryptocurrencies is the blockchain. It allows every client in the network to reach consensus without ever having to trust each other.

    The early days

    The idea behind blockchain technology was described as early as 1991 when research scientists Stuart Haber and W. Scott Stornetta introduced a computationally practical solution for time-stamping digital documents so that they could not be backdated or tampered with. ...
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  • How Does Blockchain Work?

    How Does Blockchain Work?

    What is blockchain?

    In short, a blockchain is a list of data records that works as a decentralized digital ledger. The data is organized into blocks, which are chronologically arranged and secured by cryptography.
    The earliest model of a blockchain was created in the early 1990s when computer scientist Stuart Haber and physicist W. Scott Stornetta employed cryptographic techniques in a chain of blocks as a way to secure digital documents from data tampering.
    The work of...
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  • Blockchain Advantages and Disadvantages

    Blockchain Advantages and Disadvantages

    Blockchain Advantages and Disadvantages

    Most blockchains are designed as a decentralized database that functions as a distributed digital ledger. These blockchain ledgers record and store data in blocks, which are organized in a chronological sequence and are linked through cryptographic proofs. The creation of blockchain technology brought up many advantages in a variety of industries, providing increased security in trustless environments. However, its decentralized nature...
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  • What Is a Blockchain Consensus Algorithm?

    What Is a Blockchain Consensus Algorithm?

    A consensus algorithm is a mechanism that allows users or machines to coordinate in a distributed setting. It needs to ensure that all agents in the system can agree on a single source of truth, even if some agents fail. In other words, the system must be fault-tolerant (see also: Byzantine Fault Tolerance Explained).

    In a centralized setup, a single entity has power over the system. In most cases, they can make changes as they please – there isn’t some complex governance system...
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  • Blockchain Use Cases: Supply Chain

    Blockchain Use Cases: Supply Chain

    A supply chain is a network of people and businesses involved in creating and distributing a particular product or service - all the way from the initial suppliers to the end users and customers. A basic supply chain system often involves the suppliers of food or raw materials, the manufacturers (processing stage), the logistics companies, and the final retailers.

    Currently, the supply chain management system is plagued by a lack of efficiency and transparency and most networks face...
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  • Blockchain Use Cases: Charity

    Blockchain Use Cases: Charity

    Blockchain for charities: an introduction to crypto-philanthropy

    Charitable organizations often encounter barriers to success due to a lack of transparency, accountability issues, and limits to the ways they can accept donations. Crypto-philanthropy (or the use of blockchain technology to facilitate charitable contributions) offers an alternative solution, with decentralized and direct transactions that may help these organizations receive donations and raise funds more efficiently....
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  • Blockchain Use Cases

    Blockchain Use Cases

    The ideas behind blockchain were first conceived as early as 1991, but it wasn't until Bitcoin was developed in 2009 that the technology started to receive more attention. Bitcoin was created by a person or group of people under the pseudonym Satoshi Nakamoto. Though it's still unknown exactly who Satoshi Nakamoto is, their technological innovation has already made a huge impact on the way the world creates and uses money.
    Most blockchains function as a distributed ledger that records and...
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  • Blockchain Use Cases: Healthcare

    Blockchain Use Cases: Healthcare

    While it is more often associated with Bitcoin and other cryptocurrencies, blockchain technology has also been explored for data storage and protection in a range of different industries. Along with charity and supply chain, the healthcare sector is among the most discussed use cases. But what aspects of blockchain make it suitable for healthcare?

    The benefits of using blockchain in healthcare

    Some of the features that allow cryptocurrency blockchains to act...
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  • Blockchain Use Cases: Governance

    Blockchain Use Cases: Governance

    Although blockchain technology was initially designed to function as the architecture of Bitcoin, it's now being used in many different fields. One of these fields is that of governance, where distributed systems have the potential to greatly change the public sector.

    Why should governments consider adopting blockchain?

    While it has many potential advantages in governance, there are a few major reasons for government entities to consider leveraging blockc...
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  • Blockchain Use Cases: Digital Identity

    Blockchain Use Cases: Digital Identity

    Among the many emerging use cases of blockchain technology, digital identity management and verification is perhaps one of the most promising. In 2018 alone, billions of people were affected by personal data breaches, all around the world. There is an undeniable need for more secure methods of storing, transferring, and verifying sensitive information. In this context, blockchain systems may bring valuable solutions to some of the difficulties faced by most centralized databases.

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  • Blockchain Use Cases: Remittance

    Blockchain Use Cases: Remittance

    In short, remittance can be defined as the transfer of money to a distant location, usually between individuals that live in different countries. In most cases, it consists of an immigrant worker sending money to their home country. Today, remittances represent the largest flow of funds into the developing world, surpassing foreign direct investments and official development assistance. According to the World Bank Group, the remittance industry experienced significant growth in the past years, up...
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  • How Blockchain Technology Will Impact the Banking Industry

    How Blockchain Technology Will Impact the Banking Industry

    How can blockchain change the current banking landscape?

    Banks often act as middlemen within the global economy by managing and coordinating the financial system through their internal ledgers. Since these ledgers aren’t available for the public to inspect, it forces trust in banks and their often outdated infrastructure.

    Blockchain technology has the potential to disrupt not only the world’s currency market, but also the banking industry as a whole by cutting...
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  • Blockchain Use Cases: Gaming

    Blockchain Use Cases: Gaming

    The blockchain ecosystem is growing at a fast pace, impacting more and more people every day. While the technology is mostly used in cryptocurrency networks, it also allows for innovative solutions in a wide range of industries.

    On Binance Academy, you can find numerous articles discussing blockchain use cases. Notable examples include healthcare, governance, supply chain, IoT, and charity.

    But did you know that blockchain technology is changing the gaming industry as well?...
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  • What Is Blockchain Technology? The Ultimate Guide

    What Is Blockchain Technology? The Ultimate Guide

    What is blockchain?

    A blockchain is a special type of database. You may also have heard the term distributed ledger technology (or DLT) – in many cases, they're referring to the same thing.

    A blockchain has certain unique properties. There are rules about how data can be added, and once the data has been stored, it's virtually impossible to modify or delete it.

    Data is added over time in structures called blocks. Each block is built on top of the last and includes...
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