Blockchain and Cryptocurrency Essay Example
Blockchain and cryptocurrency have been reached the verge of high usage as well as in demand. With the ever-evolving technology, the concepts of digital currency and its transaction through decentralized ledger has also caught its track towards success. Ergo, this is also taught to the Singaporean students in their educational course programs. Consequently, the native, as well as international students studying in Singapore with a finance major, usually come across the task of writing essay on blockchain and cryptocurrency.
The Singaporean students are assigned the task to write blockchain and cryptocurrency essays within a time limit. So, they must go through various examples of blockchain and cryptocurrency essay.
Here the same we are going to discuss what you should comprehend for writing a splendid easy for your coursework. You can go through the following discussion and the free yet comprehensive blockchain and cryptocurrency essay sample to get ideas for writing your own. Besides, you will have other options also of availing quality help with all your programming assignments writings with the help of our expert programming writers for Python as well as other languages too.
Introduction to Blockchain and Cryptocurrency
Blockchain technology is basically a record-keeping technology behind the bitcoin network. There is a very general definition yet popular is “blockchain is a distributed, decentralized, public ledger”.
Yes, the blockchain technology provides the users with the confirmation of transactions with the need for any central clearing authority. The blockchain technology is the one, which empowers the existence of cryptocurrency. Bitcoin is the most-known and utilized cryptocurrency for which the blockchain was invented.
In literal meaning, the blockchain is actually a chain of blocks but not in a traditional sense. Rather when the words “block” and “chain” are mentioned, it is always about the digital information (blocks) which is stored in a public database (chain).
Relationship between Blockchain and cryptocurrency
There is a very deep and strong linkage between the blockchain and cryptocurrency. As it is already discussed that blockchain is the technology that enables the use of bitcoin (cryptocurrency). Circulating its operations all over the computer network, the blockchain allows the cryptocurrency like bitcoin to operate without any requirement of any middle authority.
Besides, this technology not only reduces the risk but also abolished the fees of many processing and transactions.
So, remembering the definition again, we can state the relationship between the blockchain and cryptocurrency in a better way-
A blockchain is a decentralized ledger of all the transactions of peer to peer network. This facilitates the users to confirm their transaction which is undoubtedly bitcoins or other cryptocurrencies, without any central authority. Also, the potential applications comprise settling trades, fund transfers, voting, etc.
Besides, the main objective of blockchain is to allow recording digital information, distributing but not to edit it.
Advantages of Blockchain and Cryptocurrency
While writing an essay, everyone should take care that every coin has two sides so does the topic too will. One should comprehend and write advantages as well as disadvantages of the topic in the essay.
As we have understood what actually the blockchain and cryptocurrency is but are there really any benefits of them?
Let us know and understand the advantages of blockchain and cryptocurrency: –
- It allows verification without requiring any third party
- The data structure in the blockchain cannot be altered/ edited i.e. it is append-only.
- Blockchain technology utilizes protected cryptography in order to safeguard the data ledgers.
- The data recorded in blockchain is in chronological order. Thus, every block in the blockchain is time-stamped.
- All transactions occurring in blockchain are transparent. So, the individuals having the authority can view all the transactions by themselves.
- Low transaction fees
- Fraud reduction
- Instant payments
Disadvantages of Blockchain & Cryptocurrency
Along with having numerous benefits, the blockchain technology and cryptocurrency have drawbacks as well.
Here are some of the disadvantages of blockchain & cryptocurrency: –
- Data is immutable- Blockchain cannot go back as the data is immutable
- It is a costly process of implementation of blockchain
- It can slow down when there are multiple users simultaneously working
- High energy consumption
- Cybersecurity issues with cryptocurrency
- Require self-maintenance- The user needs to maintain the his own wallet by himself else he will lose the access
Future Scope of Blockchain Technology and Cryptocurrency
Not only the blockchain serves the users on a base level but also gained enough value to evolve in the future. By 2022 it won’t be getting so much adoption but it might shine through many enterprises as well as different sectors by 2026. Its business value will grow over $360 billion and not only this, by 2030 it will reflect growth over $ 3.1 trillion.
These are some sectors that the blockchain technology and cryptocurrency will spread their virtue: –
- Digital Advertising
- Cyber Security
- Remove the third party in finance
- The governments may provide their digital currencies
- The world trade might be managed by the blockchain
- Sustain supply-chain management
- Blockchain is getting opted by IoT
- More secure blockchain in cloud storage provides a shield against hacking
Other technologies for creating a cryptocurrency
There are many other technologies that deal with a variety of cryptocurrencies. Singaporean students might need to answer such questions in their Computer science assignments. You can find solutions to all your assignment issues here with our supreme assistance.
When it comes to different technologies to deal with cryptocurrencies, there are no fewer numbers in that list too.
Here are some of the technologies which come up with different cryptocurrencies: –
These are some cryptocurrencies other than bitcoins i.e. altcoins: –
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- Ripple (XRP)
- Libra (LIBRA)
- Litecoin (LTC)
- Monero (XMR)
- Binance Coin (BNB)
- Tether (USDT)
- EOS (EOS)
- Bitcoin SV (BSV)
One solution for all essay writing problems
After reading this essay sample on blockchain and cryptocurrency, you might have gained enough knowledge and understanding of the blockchain technology and the concept of cryptocurrency, bitcoins, and other altcoins. Thus, making college reports or essays on such topics won’t be going to be much difficult for you now.
After going through all this if you still are not able to write a proper essay for your coursework, you can contact us and avail our quality help at the pocket-friendly amount. You can also review our more essay samples and examples on blockchain and cryptocurrencies or any other topic too.
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