• Skip to primary navigation
  • Skip to main content
  • Skip to footer
  • Home
  • About us
  • Contact Us
  • Our Team

Blockchain Consultants

Blockchain Transformations Done Here

  • News
  • Subscribe
  • Cryptocurrency Exchange

Central Bank

Moving beyond the crisis narrative: Crypto in a post-pandemic world

February 27, 2021 by Blockchain Consultants

Everyone knows the story. When the first block of Bitcoin (BTC) was mined, the protocol itself entered a world of grave economic uncertainty. Not long before the market would hit its lowest point of the 2009 recession, Bitcoin was quietly created, dropped like a life raft alongside a then-sinking economy. The now infamous phrase “Chancellor on brink of second bailout for banks” was cribbed from the headlines, immortalized in code in the origin story of one of the most compelling, innovative, best-performing assets of the last decade.

But Bitcoin did not immediately take root beyond a small community of true believers. Bitcoin and digital assets, in general, have been a lot of things in their relatively short histories, from purely speculative investments and “magical internet money” to a crisis-time safe haven and an attractive hedge against “the great monetary inflation.”

In the face of the COVID-19 pandemic, an associated market meltdown and huge amounts of central bank stimulus, cryptocurrencies have proved themselves to be remarkably resilient.

But as we watch vaccines being distributed around the country, cautiously optimistic that the end of the pandemic is within reach, where will crypto fit in a post-pandemic world? If its history of resilience shows us anything, we expect crypto to adapt to whatever the next few years will bring — crisis or not.

Related: How has the COVID-19 pandemic affected the crypto space? Experts answer

Crypto banks

Just three years ago, leaders of some of the largest banks in the world refused to even talk about Bitcoin in interviews, calling the asset itself a “fraud” and referring to those who would buy it as “stupid.”

Today, the general sentiment across banks is markedly different. On the heels of the United States Office of the Comptroller of the Currency’s Interpretive Letter #1170, which made explicitly clear that federally chartered banks can provide banking services to legally operated companies in the digital asset space and custody digital assets on behalf of their clients, banks have been looking for the best way to get their clients the crypto exposure they demand. We anticipate legacy financial players’ interest in crypto to only grow in the coming years, with crypto becoming a mainstream requirement of financial services.

In the short term, banks will almost certainly rely on subcustody relationships with digital asset specialists to safely and effectively get crypto into their clients’ hands. And this is because the complexity is easier to address from the crypto-native side than the other way around.

Related: The need for a dialogue between crypto businesses and regulators

We also anticipate some number of acquisitions to occur, with some crypto service providers being swallowed up by banks with pockets deep enough to buy them. As demand for crypto services grows, and as regulatory clarity comes, more and more institutions will enter.

Proliferation of decentralized apps

Just as Bitcoin was built in response to the failings of a legacy system, decentralized finance has emerged as crypto’s answer to financial intermediaries. Until recently, though, entire portions of this ecosystem have been unavailable to institutions, mostly for lack of a secure means to participate.

Slowly but surely, institutional-grade DeFi tools are coming to market, and we anticipate this trend to continue. Not only will we see a continued proliferation of DeFi growth, but institutional-grade tools will make institutional participation far more accessible.

Related: Was 2020 a ‘DeFi year,’ and what is expected from the sector in 2021? Experts answer

Despite its significant growth, the DeFi space is still very much fragmented. Cross-chain interoperability — or lack thereof — is still a problem. Institutions want to be able to put their assets to use across the DeFi ecosystem. We anticipate significant growth in this area, with more and more layer-one protocols being bridged to DeFi and the broader Ethereum ecosystem — a development that also has the potential to improve liquidity along with market stability and efficiency.

Corporate treasuries and lowered barriers to entry

Against a backdrop of seemingly endless monetary stimulus, a significant number of private companies are treating digital assets as an inflation hedge. Some of these, like Square and MicroStrategy, have taken significant positions in recent months. We’ve seen MassMutual buy up $100 million in Bitcoin. And with Tesla’s $1.5-billion dollar Bitcoin purchase this month, the trend shows no signs of slowing. In the coming years, we expect digital assets to become an instrumental part of private-company balance sheets.

Related: Tesla, Bitcoin and the crypto space: The show Musk go on? Experts answer

Another factor at play is the lowered barrier to entry on the retail front. With tools like Celo’s Valora coming to market, Diem expected to launch in 2021 and firms like PayPal making it easy for their clients to buy crypto, we expect to see more of crypto as a tool for banking the unbanked — for putting financial tools into the hands of the millions without access to traditional banking services.

Related: Will PayPal’s crypto integration bring crypto to the masses? Experts answer

Beyond the crisis narrative

By virtue of being built in response to one economic crisis, crypto seems to be locked into a crisis narrative. In reality, digital assets have more than proved to be resilient in even the most challenging economic times. Just this past year, crypto proved itself in the grips of a once-in-a-century global emergency, earning a place in the portfolios of institutional and retail investors alike.

As the pandemic (hopefully) fades into the rearview, it’s exciting to think about what crypto can do without being forced into a defensive posture — without being defined against legacy assets like gold. It would be naive to say that crypto will never face another crisis — it almost certainly will. But from here, at what feels like the tail end of the pandemic, it’s exciting to think about what crypto can do in whatever “new normal” comes next.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Diogo Monica is a co-founder and the president of Anchorage. Before co-founding Anchorage, Diogo was the security lead at Docker — an open platform for building, shipping and running distributed applications. He has a B.Sc., an M.Sc. and a Ph.D. in computer science, has published several papers in peer-reviewed security conferences on the topic of distributed systems and information security, and is the author of several patents in secure communications, encrypted hardware and payment systems.

Moving beyond the crisis narrative: Crypto in a post-pandemic world

Source

Filed Under: blockchain technology Tagged With: Anchorage, author, Bank, Banking, Banks, Bitcoin, Central Bank, Co-founder, Companies, computer science, coronavirus, COVID-19, crypto, Cryptocurrencies, Custody, decentralized, Decentralized Finance, DeFi, Digital, Docker, economy, ethereum, finance, financial services, Future of Money, Go, gold, government, Headlines, Inflation, information, Internet, Investments, Mainstream, Market, opinions, other, Patents, PayPal, science, security, Space, Square, Unbanked, United States, us, world

Stripe Sees Former BoE Governor Mark Carney Join Board Of Directors

February 22, 2021 by Blockchain Consultants

Stripe, a US-based payments company dedicated to the development of new commerce solutions for the Internet, has recently added a brand new member to its Board of Directors: Mark Carney. Carney joins up with Stripe after having served in the Bank of England (BoE) as one of its crypto pioneers.

Carney’s Still A Big Fish

The official introduction of Carney as a Board Member occurred on Sunday, standing alongside names like Diane Green, Christa Davies, Sir Micheal Moritz, Jonathan Chadwick, as well as the two co-founders of Stripe: John and Patrick Collison.

In the mandatory public statement, Stripe cited Carney’s extensive experience regarding global governance and financial systems, which will be especially useful with the payment firm’s rollout of new climate efforts.

The Mandatory Kind Words

In a public statement, Carney declared that commerce by its very nature has changed within these past ten years. He praised Stripe, as one always does in this situation, stating that the firm has been at the forefront of this change. He said the firm helped enable this digital economy, explaining that it provides both small and large businesses across the globe with both resilient and innovative global payment solutions.

In his mandatory kind words, he declared his eagerness to work alongside Stripe and support it throughout the coming years. He stated that the firm will develop and construct a global infrastructure that will allow the Internet at large to become an engine for inclusive and robust economic growth.

Crypto Hedge Funds Defraud Investors of $100 Million

Stripe itself was founded back in 2011, marketing itself as an all-encompassing payments processing platform dedicated to various forms of online business such as e-commerce. Stripe even dabbled in Bitcoin payments for a time, rolling out BTC payment options back in 2015. However, Stripe had also pulled out of Bitcoin in 2018 due to the platform’s issues with the network in terms of slow processing time and high transfer fees.

Stripe even had its finger in Diem, back when it was first announced and was still known as the Libra Project. Massive pressure from various global governments had completely crippled Libra, before the entire project built itself back up. Time will tell how Libra, or rather Diem, will fare in the future.

Stripe Still Positive About Crypto

It should be noted that John Collison, one of the co-founders of Stripe, has been giving positive sentiments regarding crypto for some time now. The man is hopeful for crypto’s future in general, even if Stripe was forced to pull out thanks to the ever-expanding problem of transaction fees within the top crypto networks out there.

Carney himself had already expressed positive sentiments toward none other than Central Bank Digital Currencies, or CBDCs. Indeed, he expressed a vision of the future back in 2019 at the Jackson Hole Symposium, one where the great US Dollar was replaced by some sort of CBDC as the global reserve currency.

It should be noted that it’s been almost a year since he stepped down from his position of Governor of the Bank of England. Carney was there to help tackle the BoE’s problems regarding Brexit and COVID-19’s initial impact on the global economy.

Stripe Sees Former BoE Governor Mark Carney Join Board Of Directors

Source

Filed Under: blockchain, cryptocurrency Tagged With: Bank, Bank of England, Bitcoin, board of directors, Brexit, btc, Business, CBDC, Central Bank, crypto, cryptocurrency, Currencies, Currency, Digital, digital currencies, e-commerce, Economic Growth, economy, Hedge Funds, Infrastructure, Internet, Libra, Market, marketing, other, payments, stripe, Trading, transaction fees, us

UK firm launches service for company treasuries to invest in Bitcoin

February 19, 2021 by Blockchain Consultants

BCB Group, a global digital financial services firm, is planning to help corporations navigate cryptocurrencies like Bitcoin (BTC) by launching a dedicated service.

According to a Feb. 19 announcement, BCB Group has launched BCB Treasury, a new service designed for corporate treasury departments seeking to get involved in Bitcoin à la Tesla. 

The new service aims to provide a specific solution enabling access to treasury management for companies willing to invest their capital into Bitcoin and other digital assets. With BCB Treasury, executives can enter, hold, manage, and report on a Bitcoin-focused treasury strategy, the announcement states.

BCB Group founder and CEO Oliver von Landsberg-Sadie said that the launch of BCB Treasury comes in response to growing demand triggered by the recent Bitcoin moves of companies like MicroStrategy and Tesla. The exec said that lots of companies are looking to invest in crypto to hedge against weak fiat currencies:

“We are seeing some powerful signals attracting companies to the digital asset space including the debasement of reserve currencies through unprecedented levels of central bank money supply.”

Last year, BCB Group’s core business BCB Payments received regulatory approval from the United Kingdom’s Financial Conduct Authority.

Headquartered in London, BCB Group is a major European crypto payment services provider, serving some of the world’s largest crypto companies like Coinbase, Gemini, Galaxy Digital, Bitstamp and Kraken. In early February, the firm appointed former Coinbase UK CEO Zeeshan Feroz as an advisor.

UK firm launches service for company treasuries to invest in Bitcoin

Source

Filed Under: blockchain technology Tagged With: Adoption, Bank, Bitcoin, bitstamp, Business, Central Bank, ceo, coinbase, Companies, crypto, Cryptocurrencies, Currencies, Digital, fiat, financial services, founder, Galaxy Digital, Inflation, Investments, kraken, London, money, other, payments, Space, tesla, uk, United Kingdom

Wealthy Japanese Crypto Holders Thailand’s Latest Tourism Target

February 19, 2021 by Blockchain Consultants

Thailand didn’t fare really well with the COVID-19 pandemic. The country’s entire tourism industry managed to collapse on itself thanks to the pandemic. With this in mind, however, the country’s tourism industry has opted to target a new kind of market to try and revive it: Wealthy crypto holders from Japan.

Trying To Rope In Japan’s Big Crypto Fish

The Tourism Authority of Thailand, or the TAT, has gone out of its way to try and cater to this space. It plans on being the first country in the world to welcome crypto holders in a tourism-based sense. In particular, the TAT is aiming for Japan’s host of wealthy crypto owners, with the TAT seeing Japan as a regional hub when it comes to crypto activity. As a result of this, the TAT is in the process of investigating the possibilities surrounding crypto payment options within a tourism context.

It should be noted that Thailand as a nation has been targeting the wealthier part of the world ever since its tourism industry was crushed thanks to the pandemic back in 2020’s first quarter. Countries all across the world started to close their borders as each of them tried to keep their respective outbreaks under control.

Everything Must Be Approved Legally

Yuthasak Supasorn stands as the Governor of the TAT and gave a statement by way of the Bangkok Post, a Thai news outlet. In Supasorn’s statement, he stressed that the inclusion of cryptocurrencies could be the key to bring back the high rollers to Thailand’s tourism space. He highlighted that crypto integration could see the young and wealthy generation of high-spending tourists be drawn to the nation.

Of course, Yuthasak was quick to state that these crypto payments must first be allowed by the country’s central bank, with the payments following its regulations. Furthermore, he stressed that certain mechanisms must be put in place in order to help combat the potential for money laundering through this process.

Elon Musk Potentially Visiting The Kingdom

This is where things get odd.  The TAT cited figures for Japan’s crypto ownership that are three years old, which showed that 11% of the country boasts crypto holdings. This figure isn’t the same as 2020’s, however, as the latest metric showed a crypto ownership metric of 4% of the population, according to Statista.

There were even suggestions that Elon Musk could visit the nation. Recently, the entire crypto market was jerked into a bull run thanks to Musk and his Tesla company including Bitcoin into their balance sheets, purchasing an incredible amount of BTC in the process.

It should be noted that Thailand as a country has very few establishments actively accepting crypto as payments. This comes despite the country’s overall positive view on cryptocurrencies, as well as boasting a number of crypto exchanges, such as Upbit and Bitkub.

Wealthy Japanese Crypto Holders Thailand’s Latest Tourism Target

Source

Filed Under: blockchain, cryptocurrency Tagged With: Bank, Bitcoin, btc, Central Bank, COVID-19, crypto, Crypto Holdings, Cryptocurrencies, cryptocurrency, elon-musk, inclusion, Japan, Market, money, Money Laundering, news, payments, Space, tesla, Thailand, Trading, view, world

Prepare Yourself With These Top 30 Blockchain Interview Questions 2021

February 4, 2021 by Blockchain Consultants

Prepare Yourself With These Top 30 Blockchain Interview Questions 2021

Want to have a career in the Blockchain space? This article talks about the top 30 interview questions to get you ready for a big interview. Excited? Let’s get started.

Table of Contents 

  • Top Interview Questions You Should be Prepared for
  • Wrapping Up: How to Learn Blockchain?

Top Interview Questions You Should Know

In this section, let’s discuss the top 30 blockchain questions and answers.

1. What is the difference between Bitcoin Blockchain and Ethereum Blockchain?

Both Bitcoin and Ethereum have decentralized distributed databases of immutable records. But Bitcoin and Ethereum differ in purpose in a way that Bitcoin is considered as an alternative digital currency that offers various advantages, whereas Ethereum is regarded as the king of smart contracts that facilitates Peer-to-Peer contracts and applications via its own currency known as ETH. Ethereum was introduced with an intent to complement rather than compete with bitcoin.

2. How is Blockchain different from traditional databases?

A database is a kind of central ledger, whereas Blockchain has a distributed ledger, which means unlike the traditional databases, it is not governed by any central server. Due to this, Blockchain is a fully confidential and robust technology.

3. What is double-spending, and how can it be stopped?

It is the process of spending a balance of that cryptocurrency more than once. It is done by fooling the network to think that the original amount is never spent, thus making it available to be used for multiple transactions. 

However, this problem can be prevented in blockchain-based cryptocurrencies by utilizing a consensus mechanism known as Proof-of-Work (PoW).

Bitcoin’s solution to deal with this crucial problem is that if the majority of the nodes agree on which transaction was first to be received, later tries to double-spend are pointless.

4. Out of the three types of Blockchain, which is the best one?

Out of public, private, and consortium Blockchain, to state which one is the best would not be right because each of has its own features, usage, and requirements. If you want to design and implement your own enterprise blockchain, a private blockchain is a one-stop solution. Consortium blockchain, on the other hand, is likely to interest organizations who want to efficiently streamline communication among one another.

Features  Public  Private  Consortium 
Accessibility  Anyone  Single Person/ Central Incharge  More than one central in-charge.
Who can join? Anyone  Permissioned and known identities Permissioned and known identities
Consensus Mechanism PoS/PoW Voting or multi-party consensus algorithm Voting or multi-party consensus algorithm
Transaction Speed  Slow  Lighter & Faster  Lighter & Faster 
Decentralization Completed Decentralized  Less Decentralized  Less Decentralized 

5 How ICO differs from IPO?

ICO stands for Initial Coin Offering, whereas IPO stands for Initial Public Offering. The first difference between an ICO and an IPO is that ICO is generally for the young and risky, whereas IPO is mainly for well-settled companies. The process of issuing also differs in both. An IPO is an extensive process that requires underwriters and lengthy evaluations to determine the market price of each share. Moreover, for an IPO, you need lawyers, banks, and patience, whereas, for ICO, one needs programmers and the Internet. 

6 Name a few popular platforms for developing Blockchain-based applications?

There are multiple platforms available but before deciding on one, understand what type of Blockchain do you need, how popular is the chosen platform, what kind of scalability does your solution need, and ensure whether your preferred blockchain platform supports smart contract functionality or not. 

Blockchain platforms enable the development of blockchain-based applications that are in great demand and useful for businesses and enterprises. A few of the top platforms for developing Blockchain-based apps are Hyperledger Fabric, Ethereum, R3 Cords, Quorum, and Ripple.

7 What do you know about the lightning network?

It is an off-chain, micropayment system designed to make transaction processing faster in the Blockchain. In Lightning Network, the members can directly interact with each other without offering anything to the miners, and members can engage in numerous microtransactions with each other. And finally, when the payment channel is locked, the concluding transaction set is added to the Blockchain.

Lightning network not only helps in scalability but also makes payments instantaneous, and transactions are not dependent on miners. The network is micropayment and multi-signature friendly and, moreover, reduces the load of the main chain and decreases waiting time.

8 Distinguish between Fungible and Non-Fungible.

  • Fungible are Interchangeable: Fungible tokens are interchangeable and can be exchanged with any other token of the equivalent kind. 
  • Non-Fungible are Non-Interchangeable: Unlike Fungible tokens, such tokens are non-interchangeable as they cannot be replaced with the non-fungible token of the same type.
  • Fungible Tokens are Uniform: Each token is different from all other tokens of the same type. 
  • Non-Fungible Ones are Unique: All tokens of each type are identical in specification, and each token is identical to the other. 
  • Fungible Tokens are Divisible: These tokens can be divisible into smaller units, and one can get any number of units, and it does not matter to holders as long as the value remains the same.
  • Non-Fungible Tokens are Non-Divisible: These tokens cannot be divided in any sense.  

9 What is Blockchain Wallet?

A blockchain wallet can be defined as a digital wallet or E-wallet that allows individuals to store, manage, and transfer their cryptocurrencies such as Bitcoin(BTC), Ethereum(ETH), and many more. With such wallets, users can manage their balances of these two cryptocurrencies by paying transaction fees that depend on various factors such as transaction size. Since digital assets or cryptocurrencies are just a number, that is why the wallet keeps the private key of any particular individual, and the private key fetches the balance of that individual from the Blockchain.

10 Explain the features of DeFi.

  • Autonomy — DeFi platforms ensure that your assets are all yours, and no one has control over them.
  • Enables affordable and faster cross border payments
  • Tradability — You can trade more efficiently as they aren’t prone to an entire high-value investment at once.
  • Accessibility: DeFi has a financial system that is accessible to everyone regardless of their location.
  • Interoperability: DeFi apps and protocols are built to integrate and complement one another.
  • Transparency — In the DeFi environment, data is available publicly, which helps keep service providers impartial.
  1. Question: What are the requirements for implementing Blockchain technology for enterprise usage?

Answer: Here are the most basic ones:

  • Is the network peer-to-peer? 
  • Does the system offer smart contract functionality for the execution of decentralized applications or not? 
  • Can data be stored permanently without compromising the security measures?
  • Does it offer decentralized data storage?
  • What are its data privacy aspects? 
  • Is the immutability ensured?

12 Question: What is blockchain mining? 

Answer: Blockchain mining is a process by which transactions of a blockchain are verified without involving any third-party. Every time a transaction is sent from a Bitcoin wallet, it is sent to the transaction pool. Miners then pick hundreds of transactions and combine them to form a block with other overheads like Merkel Root, SHA-256 Hash, Nonce, etc. 

13 List some of the top blockchain development tools. 

  • Solidity
  • Remix
  • Geth 
  • Meta Mask
  • Truffle Framework

14 What, according to you, are the key Challenges for Blockchain Adoption

  • Scalability 
  • Interoperability 
  • Energy Consumption 
  • Lack of Talent 
  • Lack of standardization 

15 What are the drawbacks of Blockchain?

It is a complex technology that is hard to understand and implement. Scalability is another issue related to Blockchain. Moreover, network speed and transaction costs vary, and human errors still persist. 

16  Is it possible in Blockchain to remove one or more blocks from the networks?

No, it is not possible to manually remove a block. However, blocks can be removed with the help of default options and filters. Deleted blocks can be re-downloaded again whenever needed.

17 Enlist key features of Blockchain technology.

Transparency– Transparency is one of the significant issues in the current industry. Although to improve it, organizations have attempted to implement more rules and regulations, but there is one thing that doesn’t make any system completely transparent,i.e., centralization. But with the help of Blockchain, organizations can go for a complete decentralized network where there is no need for a centralized authority, improving the transparency of the system.

Immutability– Blockchain is immutable, meaning nobody can modify the data over a blockchain. This feature enables companies to ensure that there is no hamper of data, making their system more functional in a highly competitive market. 

High Availability– As we already defined Blockchain as a decentralized system of peer to peer network, thus it is highly available due to the concept of decentralization. It offers decentralized services that provide unique access to the options that are otherwise unavailable.

Security– Unlike traditional databases, Blockchain provides a high level of security to its users. High security is due to the cryptographic algorithms which are being run behind the Blockchain. Rather than trusting any individual or third party, in the Blockchain, one needs to trust only cryptographic algorithms.

Fast Dealing- Traditional banking organization takes a lot of time in initiating and processing the transactions and is prone to human error and often requires a third-party intermediary. Blockchain can streamline and automate the entire process without any human intervention and with complete accuracy.

Reduced Transaction Fees- As Blockchain removes the involvement of the third party, it eliminates the overhead cost of exchanging the assets; thus, it leads to reduced transaction fees. 

18 Mention types of Consensus Algorithms?

  • Proof-of-Work (PoW)
  • Proof-of-Stake (PoS)
  • Delegated Proof-of-Stake (DPoS)
  • Proof-of-Authority (PoA)
  • Proof-of-Elapsed Time (PoET)
  • Byzantine Fault Tolerance

19 Explain how PoW consensus works.

The central principle behind PoW consensus is to solve complex mathematical problems and make the largest number of guesses as quickly as possible. Such requires a lot of computational power, and by using a more efficient mining machine to run calculations, a miner can maximize profitability in terms of crypto rewards. 

In this type of consensus mechanism, miners compete to be the first one to find a hash regarding a particular block, which can only be solved using sheer computing power to make the largest number of guesses. When a miner finds the right solution, they advertise it to the whole network, receiving a reward in cryptocurrency provided by the protocol. 

20 Explain the Concept of PoS

Proof-of-Stake is a consensus algorithm that deals with the main drawbacks of PoW. In this mechanism, every block gets validated before the network adds another block to the blockchain ledger. Unlike PoW, where miners have to solve complex puzzles, in PoS, miners can join the mining process using their coins to stake. It allows users to mine for rewards using very minimal hardware and software resources. Here, the mining capacity of a particular miner depends on how many coins they already have; thus, the more coins one has, the better chances are, which indicates only the richest can have control of the consensus. 

21 Define the term CBDC

CBDC stands for Central Bank Digital Currency, which is controlled directly by the country’s central bank and is backed by national credit and government power. 

In other words, CBDC is an electronic form of central bank money that can be used to store value and make digital payments seamlessly.

22 What is DeFi technology? Explain the term, DeFi Pulse 

Decentralized Finance can be defined as financial services using smart contracts that don’t need any central authority and uses decentralized, distributed ledger technology, Blockchain. Most of the DeFi protocols are based on the Ethereum Blockchain network. 

DeFi Pulse is a data site that lets individuals find the latest analytics and rankings of all DeFi protocols. Pulse rankings track the total value that is locked into the smart contracts of DeFi protocols so that individuals can stay up to date on the latest trends.

23 What is Hyperledger Fabric? 

Hyperledger Fabric is a distributed ledger platform that comes with versatility, modularity, and performance specially crafted to provide enterprise-grade solutions. It is an open-source enterprise-grade permissioned DLT platform known to provide modularity and versatility for a broad set of industry use cases, including banking, insurance, healthcare, supply chain, human resources, etc.

24 What are Smart Contracts? What are its benefits?

A smart contract is used to describe computer code that can facilitate the exchange of money, content, shares, or anything of value. When running on the Blockchain, smart contracts becomes like a self-operating computer program that executes automatically when desired conditions are met. Since such contracts run on the Blockchain, they run exactly as programmed, without any possibility of censorship, downtime, fraud, or any third-party interference. 

  • No intermediaries ensure a quick transaction process
  • Secure and Efficient
  • No Middleman, more savings 
  • Works with accuracy and precision 
  • Establish confidence
  • Automation saves time and effort. 

25 What are dApps? Mention some of the popular dApps.

Decentralized applications (dApps) are digital applications that exist and run on a peer to peer network of computers instead of a single computer. 

Some of the dApps that are popular, innovative, and feature-rich are:

  • Cipher
  • Chainlink 
  • EOS Dynasty
  • TraceDonate 
  • Brave  

26 Explain the role of Blockchain in Governance

Due to increased decentralization, data integrity, and transparency, along with better efficiency and reduced operational costs, blockchains are becoming popular in governance. From improving transparency to streamlining the tax collection mechanism, Blockchain distributed networks can help governments to operate more efficiently and build higher levels of trust among their citizens. 

27 Mention some of the myths related to Blockchain. 

  • Blockchain and Cryptocurrencies are the same. 
  • All blockchains are public blockchains.
  • Technology only targets the finance domain. 
  • Blockchain is just a database.
  • Blockchain is free and highly accessible. 

28 Are there any restrictions for putting records in Blockchain?

No, there is no such restriction. One can store any kind of record, depending upon their requirements. The most common type of records that are recorded in Blockchain are records of transaction processing, identity management, business transactions, health management data, and all other crucial documentation.

29 Is Blockchain a trusted approach?

Blockchain is undoubtedly a trustable technology that helps participating parties to share their valuable data in a secure and tamper-proof manner. It makes use of cryptography for securing crucial information, thus making it extremely hard for attackers to play with stored data. Due to its high potential to provide security, it is widely adopted and implemented by various organizations and businesses for their operations.

30 What do you know about the future of Blockchain?

Blockchain is likely to discover a whole new way of economic transactions and contribute to global economic development immensely. Although its mainstream adoption is yet to be achieved, once it is done, it will change the way businesses operate and transform the landscape of the technology sector forever.

Wrapping Up: How to Learn Blockchain?

We hope all the questions mentioned above will help you get ready for your interview.

If you are a beginner and want to get started with Blockchain, Blockchain Council can assist you. Whether you want to become a Blockchain Developer or an Expert, or an Architect, Blockchain Council can be your one-stop solution. Blockchain Council is a globally renowned organization with an authoritative group of subject experts and enthusiasts who are evangelizing Blockchain research and development, use cases and products and knowledge for a better world. 

All Blockchain certifications offered by Blockchain Council are meant for a duration of roughly 6-8 hours and to be completed as self-paced training. 

Getting certified will help you gain an in-depth understanding of Blockchain & its implementation and prove your Blockchain skills & understanding.

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.

Prepare Yourself With These Top 30 Blockchain Interview Questions 2021

Source

Filed Under: blockchain, blockchain technology Tagged With: Adoption, Apps, article, Bank, Banking, Banks, Better, Bitcoin, blockchain, blockchain certifications, blockchain council, blockchain developer, blockchain-technology, blockchains, btc, Business, Career, CBDC, censorship, Central Bank, Companies, computing, crypto, Cryptocurrencies, cryptocurrency, cryptography, Currency, data, database, databases, Deals, decentralization, decentralized, decentralized network, DeFi, design, Digital, digital currency, digital wallet, DLT, Economic Development, Enterprise, Environment, ETH, ethereum, Ethereum Blockchain, exchange, finance, financial services, fraud, Go, government, health, healthcare, Hyperledger, Hyperledger Fabric, ICO, identity management, information, initial coin offering, initial public offering, insurance, Internet, interview, investment, IPO, Ledger, lightning network, Market, mining, money, other, payments, peer to peer, Privacy, ripple, security, smart contract, smart contracts, Software, Space, storage, supply chain, tax, Technology, Tokens, trends, world

How CBDC Affected Crypto Space and What’s Next?

February 2, 2021 by Blockchain Consultants

Wondering what exactly CBDC is? How it affected crypto space in 2020, and what will it bring for the future? You have landed on the right page.

Table of Contents

  • What Exactly is CBDC?
  • Why is CBDC Gaining Momentum?
  • CBDC’s Effect on Crypto Space in 2020 and What’s Next in 2021?
  • Concluding Lines 

What Exactly is CBDC?

CBDC is a digital payment device that is issued and backed directly by the country’s central bank and is a legal tender. Instead of relying on third-party intermediaries such as banks and other entities, money transfers could be made directly between the participating parties in real-time.

Blockchain experts and technocrats consider CBDC as a new payment technology that could potentially increase payment efficiency and lower costs. It allows more direct control of the money supply than indirect tools and leads the way towards a full reserve banking system.


Are you looking for Blockchain Certifications? Get started with Blockchain Council today!

Why is CBDC Gaining Momentum?

The Bank for International Settlements reported in January 2019 that around 70% of central banks were studying the potential of issuing a CBDC. But 2020 has been a promising year in terms of CBDC adoption. It was reported that around 80% of the world’s central banks such as Australia, Brazil, Estonia, Kenya, Russia, Sweden, Thailand, and many others are already evaluating CBDC adoption.

Central banks in developing market economies are moving toward developing CBDCs more swiftly than developed countries. Also, the competition of launching their respective CBDC between the United States and China led to the tech cold war. The conversation of this technology competition was even brought to the U.S Senate. 

There are various reasons for rapid CBDC adoption. European Central Bank, BIS, and many experts and technocrats believe that the COVID-19 outbreak is one of the prime reasons. 

CBDCs are crucial for the advancement of the financial system, as they can boost bank balances, radically modify conventional finance, reshape global markets, alter our perceptions of money and how we use it by substituting currency. 

CBDC’s Effect on Crypto Space in 2020 and What’s Next in 2021?

Brian Brooks, who is an acting comptroller of the currency, expressed his views regarding CBDC. He believes that at this tremendous development phase, the crucial question is how to achieve the digitization of the dollar and other fiat currencies. He mentions that due to the vital role of the U.S. dollar, the United States should step forward in this domain.

Another expert, a founder of Neo, and founder and CEO of Onchain, Da Hongfei, also shared his opinion on the impact of CBDCs. He believes that the implementation of CBDCs will certainly be a boon as its development declares the integral role blockchain technology will play in building the future of tomorrow. As blockchain development spurs, countries recognize the necessity to build a truly digital future that will fix global order shortcomings. 

According to Denelle Dixon, CEO and executive director of the Stellar Development Foundation, CBDC will prove to be an inventive tool for financial inclusion. She highlighted, saying that the COVID-19 pandemic has proved that CBDCs are impactful and central banks and other entities are recognizing ways to serve citizens better and create equitable access to the financial system, which is way much better. She further added that 2021 would see central banks take the learnings from 2020 and start placing CBDCs into practice.

James Wallis, vice president of central bank engagements at Ripple, expressed his views and stated that in 2021 he expects to see a world where crypto assets, stablecoins, and CBDCs have their own place in the finance domain with even more comprehensible and precise use cases. As governments continue to pilot CBDCs, he thinks that more regulatory clarity in those jurisdictions will follow suit. 

Mance Harmon, co-founder and CEO of Hedera Hashgraph, shared his opinion stating that CBDC will continue to put a spotlight on the wider cryptocurrency and distributed ledger domain, and in next year, we will notice small countries issuing their first digital currencies apparently using private, permissioned ledgers.

Roger Ver, executive chairman of Bitcoin.com, also thinks that the pace of innovation is going to grow and develop in the years to come.

Want to become a Certified Cryptocurrency Expert? We are here to assist you!

Concluding Lines 

From the above discussion, it is clear that CBDC holds a very promising future in the years to come. People would prefer CBDC over a bank account because of the fact that central bank digital currencies are not vulnerable to risk. Moreover, the removal of that risk would not only be advantageous to citizens but to the economy as well.

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.

How CBDC Affected Crypto Space and What’s Next?

Source

Filed Under: blockchain, blockchain technology Tagged With: Adoption, australia, Bank, Banking, Banks, Better, Bitcoin, blockchain, blockchain council, blockchain-technology, brazil, CBDC, Central Bank, ceo, chairman, China, Co-founder, COVID-19, crypto, cryptocurrency, Currencies, Currency, Digital, digital currencies, Director, economy, europa, executive, fiat, finance, financial inclusion, founder, inclusion, Kenya, Ledger, Market, Markets, money, Money Transfers, opinion, other, ripple, Russia, senate, Space, Stablecoins, Stellar, Sweden, tech, Technology, Thailand, u.s., United States, Vice President, War, world

  • Go to page 1
  • Go to page 2
  • Go to page 3
  • Go to Next Page »

Footer

Get the latest news delivered weekly. Simple as that.

  • Cryptocurrency Exchange
  • About us
  • ANTI-SPAM POLICY
  • Cookies Policy
  • Digital Millennium Copyright Act (DMCA) Notice
  • Earnings Disclaimer
  • Exchanges
  • Our Team
  • Terms of Use

Copyright © 2021 · Blockchain Consultants LLC · WordPress · Log in