Over the past decade, Bitcoin – the world’s first decentralized digital currency allowing peer-to-peer transfer of funds between parties without the involvement of an intermediary – and blockchain technology – a publicly distributed, shared and immutable digital ledger – have gained incredible popularity among large investment banks and ordinary users alike. To showcase the immense potential of cryptocurrencies, Pura Cryptocurrency, an international, decentralized, digital currency, discusses some of their current, extensive utilization methods.
One of the most prominent use cases refers to the implementation of smart contracts – autonomous, digitally created, computable and self-executable agreements between two or more parties – in the financial industry. As opposed to traditional contracts that are drafted by lawyers, executed by administrators and enforced by courts, blockchain-based smart contracts automate the fulfillment of every successive agreement term as soon as predefined conditions are met, and are enforced by the blockchain, eliminating the need for third party intermediaries. At the same time, smart contracts increase transaction accuracy, reliability and security while reducing costs, risk of error, malfeasance and manipulation. Another instance is represented by Ripple (XRP), a payment protocol that enables banks to initiate real-time, international transactions between themselves, and avoid the additional costs and time constraints infused by a central authority. Carefully designed to comply with the legislations and regulations of current banks and central banking institutions, Ripple is already being implemented on top of the current banking infrastructure, and steadily rising in popularity.
One of the other major sectors, education, has been supporting cryptocurrencies since 2013. In a recent article published by Futurism, a leading science and technology news magazine, it was revealed that a number of universities in the United States, Switzerland, Germany and Cyprus have started accepting Bitcoin for tuition, with Lucerne University of Applied Sciences and Arts being the latest adopter. As noted by Pura cryptocurrency, blockchain and its capabilities can be effectively utilized for ethical purposes as well. Democracy Earth, a non-profit organization, has developed a blockchain-based app, which promotes honest voting and helps battle electoral fraud. “The blockchain is incorruptible; no one can modify or subvert how the votes are stored, and that’s vital for democracy,” says the CEO of Democracy Earth, Santiago Siri. Siacoin (SC), a decentralized cloud storage that allows users to rent their unused hard drive space, is looking to improve the security of online data. By functionality, Sia is similar to Google Drive, Dropbox and Amazon Cloud, however, being an open-source, blockchain-based cloud platform focused on reliability, cost reduction, fraud protection and decreasing the risk of tempering with unencrypted data is what sets it apart in a highly competitive landscape. As the potential of cryptocurrencies and blockchain technology continues to unveil, more entrepreneurs are stepping up with possible solutions to complex issues, signaling fundamental changes to many core aspects of the modern world.
Pura cryptocurrency is an international, decentralized, digital currency that empowers users to transact with anyone in the world instantly, directly, privately and securely, eliminating the need for third party intermediaries such as banks or escrow services. Controlled by no single central authority, the company authorizes its stakeholders to make decisions on the progress, evolution and global impact that the cryptocurrency brings to the world, and is actively seeking to list, fund and track sustainable, environmental and social projects around the globe.
Pura Cryptocurrency – Explores the Momentous Potential of Blockchain-Big Data Fusion: https://finance.yahoo.com/news/pura-cryptocurrency-explores-momentous-potential-173500922.html
Pura Cryptocurrency – Analyzes the Rising Tide of Corporate Blockchain Adoption: https://finance.yahoo.com/news/pura-cryptocurrency-analyzes-rising-tide-195500613.html