Bumili ng Crypto
Magbayad gamit ang
Mga Merkado
NFT
Feed
USD

Crypto and the Blockchain

2021-03-30

Are you aware that Bitcoin and Blockchain are not the same? Since people have interchangeably used these terms, a lot of them assume that they're the same. That may be because Bitcoin and Blockchain are pretty related to each other. If you want to know how these two differ, check out this article.

What is Blockchain?

Cryptography secures the distributed ledgers that people refer to as blockchains. These public databases are where people can view or add to the database anytime. Instead of having the data reside on a centralized server, the data gets copied across so many computers worldwide, letting every computer access the database. The transactions then get compiled into "blocks" or data-holding vehicles. Every block has a consecutive string executed to make up the Blockchain, a distributed chronological order transaction database.

Blockchain involves the system of having information recorded in such a way that cheating, hacking, or changing the system can be either impossible or quite complicated. The digital transactions ledger or Blockchain gets distributed and duplicated all over the whole network of the Blockchain's computer systems. There are many transactions in every block of the chain. Whenever a new transaction happens on the Blockchain, a transaction record gets added to every participant's ledger. Multiple participants manage the decentralized database that they know as the DLT or Distributed Ledger Technology. The kind of DLT wherein they record transactions is what people call Blockchain. It comes with an immutable cryptographic signature that they call the hash.

Because of this, whenever a block in a chain gets changed, it would immediately become apparent if someone tampered with it. Whenever hackers want a blockchain system to become corrupt, they need to change all the chain's blocks across the chain's distributed versions.

Ethereum and Bitcoin are blockchains that continuously grow since blocks get added to the chain that could significantly increase the ledger's security.

When it comes to straightforward terms, the Blockchain is a computer file that stores data. If you want it in highly technical jargon, it is an open and distributed database or ledger. Thus, the data in the Blockchain gets duplicated or distributed across various computers, making it decentralized.

Among the things that allow Blockchain to become transformative is decentralization. It is not similar to a centralized, traditional database wherein records get processed by a central administrator like the government or a company. The whole Blockchain is transparent as user consensus verifies the data. Even if it is transparent, blockchains are highly secure as there is no central attack point that hackers can target.

Bitcoin: Distributed and Decentralized

Specifically developed for and to underpin Bitcoin is Blockchain technology. It is the initial example of a blockchain in action, and without it, Bitcoin may not become possible. That is the reason why these two names often get interchanged.

However, Bitcoin and Blockchain are not the same things. The electronic peer-to-peer payment system or decentralized digital currency is Bitcoin. Here, users can have bitcoins transferred anonymously without a third-party authority (like the government or a bank) interfering with it. Bitcoin is only one example of cryptocurrency as there are other networks in cryptocurrency that blockchain technology powers. Even if Bitcoin utilizes blockchain technology for digital trading currency, it is more than just Bitcoin.

A look at the pervasive applications of  blockchain technology

Since Bitcoin and Blockchain are linked inextricably, it took a long time to realize a broader application for Blockchain than the cryptocurrency network. In reality, Blockchain has great potential. People believe that this technology can revolutionize how people do business, similar to what the internet could do.

Here are examples of Blockchain's pervasive applications:

Blockchain has applications that can go well beyond Bitcoin and cryptocurrencies. It can maintain a transparent and shared system of record. As a solution, Blockchain is ideal for maintaining a transparent, secure, and long-term history of assets that every party can securely access. Land rights is an excellent example of this.

Provision of a Proof of Insurance

A company that provides insurance nationwide can plan to utilize Blockchain for the provision of information on proof-of-insurance. This tool can help customers, insurers, and police officers immediately verify insurance coverage to make the claims process faster.

Supply Chain Audit

Because of the Blockchain, users can record the goods' ownership traced back to its source. De Beers, a diamond company, has begun using the Blockchain to trace the mine's diamonds to the end customer. Whenever anyone needs to verify if their diamonds are not in a conflict, they can have a complete and transparent record.

Execution of Smart Contracts

Bitcoin has allowed people to become aware that Blockchain can be significant in having digital transactions facilitated. Because of it, people are now aware that Blockchain is excellent in facilitating any digital transaction. Anyone can also have them used to formalize a digital relationship with smart contracts. Having a smart contract will allow the release of automated payments whenever the contract terms get fulfilled. It can promise to solve any dispute, minimize discrepancies, and help in saving time.

Why has there been an increased hype on blockchain technology?

There have been many attempts to create digital money in the past, but they always failed.

Trust is the prevalent issue here. Whenever a person creates a new currency that he called the X dollar, do you think you can trust that they won't have your money stolen for themselves?

This problem is what Bitcoin got designed to solve as it uses a certain kind of database that they called the Blockchain. A lot of the usual databases, like the SQL database, have a person in charge who can work on having the entries changed so they can earn millions of dollars. Since no one is in charge of the Blockchain, people who use it are the ones who run it. They can get hacked, faked, or spent more than once. Because of that, people can trust that this money has value.

What is Cryptocurrency?

Cryptocurrency is a digital place to store value primarily for selling and buying property, goods, and service. Bitcoin and litecoin are famous examples of this. These are digital currencies secured cryptographically against any counterfeit that is not controlled nor issued by a centralized authority. The network's governance instead got left to the participants. People can refer to cryptocurrencies as coins or tokens.

What is the Difference?

Decentralized platforms that require cryptocurrency get enabled by blockchains. The technology called Blockchain serves as the distributed ledger that lets a network work on maintaining consensus. Having a distributed consensus will allow the network to transfer information and value and track any transaction.

Within these networks, tokens called cryptocurrencies were what they used to give network incentives, pay for any transaction, and send value. Aside from that, you can view them as a blockchain tool that serves as a utility or resource in some instances. They can even have an asset's ownership digitized.

Summary of the Key Differences

Here is a quick summary as to why Bitcoin and Blockchain are two completely different things:

  • Blockchain technology powers Bitcoin, but there are many uses for blockchain technology beyond Bitcoin.

  • Blockchain is a distributed database, while Bitcoin is cryptocurrency.

  • Bitcoin allows the transfer of currency between users. Blockchain may get used to having all sorts of things transferred that includes property ownership rights or information.

  • Blockchain is all about transparency, while bitcoin promotes anonymity. There are specific sectors where people can apply this, particularly in banking. Blockchain needs to meet the strict rules on Know Your Customer.

Philippine-based Blockchain and Crypto Projects

Indium Software

The technology solutions company, Indium Software, is committed to delivering customer-centric and exceptional solutions across Independent QA, Product Development, and Big Data Analytics & Engineering. The company is experienced for more than two decades and serves more than 350 clients across Fortune 500 companies, Global enterprises, and start-ups. Since the company began last 1999, they have served customers in South Africa, Europe, APAC, India, and North America.

  • Creates analytics from dashboards and data visualizations, turning it into ML & AI-based analytics like voice, image, and text.

  • Q.A. or Independent Software Testing: Offers end-to-end services in testing that includes Security Testing, Compatibility Testing, Performance Testing, and Test Automation for application to enterprise across various domains that IP-led innovation fostered.

  • Product Development: Offers the development of UX/UI and full-stack through using the react J.S. and node JSJavaoffer full-stack Java development and UI/UX using node J.S. and react J.S. Low code development expertise in Mendix and Alpha Software. Also, we have experience building ICO platforms and writing smart contracts in Solidity.

  • Big Data Engineering: Works on the configuration and setup of big data platforms, B.I., data lake, and build data warehouse platforms. Allows for the migration from on-prem to cloud (Microsoft Azure, Google Cloud, and AWS) to have the TCO or total cost of ownership optimized.

Indium Software operates through its registered offices in California & New Jersey in the U.S. and Singapore. They have Global Delivery Centers located in Chennai & Bengaluru in India.

Indium has strong solutions competency in Banking, Technology, Healthcare, Lifesciences, Retail, Education and Gaming industries.

Winterwind Software Services

In Blockchain Development, Winderwind, Southeast Asia's leader, is a website specialized in Blockchain and an agency for app development based in San Francisco, California. The company has a team of Filipino graphic designers and web developers. This software agency focused on Laravel cryptocurrency and payments that Anthony Vipongd, a senior software engineer, managed. Last 2017, Anthony was LoyalCoin's lead developer. LoyalCoin was the Philippines' first cryptocurrency.

With a physical office in Manila, Winterwind has a team of more than 25 individuals. They have an impressive client list that includes Disneyland Paris, wherein they maintained and built their section on help and support. Their other notable clients are the cryptocurrency exchange Coinflyer and one of the real estate websites with the world's highest traffic, Juwai.com.

Some of their other projects are the real-time cryptocurrency exchange EZ365.io and the EOS-based gaming site Gameworks.io. They also support Blockchain Amon-tech that became one of the biggest ICOs last 2017.

The agency focuses on a particular stack of technology that is among the best on Upwork. They have an extensive list of achievements in the blockchain world. Aside from the creation of LoyalCoin, they could also work on the LoyalWallet, a mobile app related to Blockchain, available on GooglePlay and AppStore. They also maintained and created the fully-working cryptocurrency exchange called Coinflyer.com. They also made their token based on EOS called Gold Tael that trades on Bancor and other exchanges. CryptoMonsters is another client they are working for that creates a mobile game based on EOS that integrates non-fungible and fungible tokens.

The company became responsible for creating trading bots that run on various exchanges like Bitmex and Binance. Lastly, they are now making a cutting-edge cryptocurrency exchange for a well-known Canadian company that employs more than six developers full-time.

As one of the country's properly-run and highly organized software development agencies, they always aim to complete any project and maintain the highest quality of service.

Appsolutely, Inc.

Appsolutely works on taking customer rewards to anyone online in real-time through the power of Blockchain.

The company leads the way to the future of rewards programs as they want to expand a brand's loyal base of customers. They started doing this in 2013 with a patented digital solution for customer loyalty that got made for any smartphone.

Now, 3.8 billion people have a smartphone, so they continuously use Blockchain to enhance the platform's loyalty and ensure that the points get used everywhere, anytime. Customers will remain loyal to the brands.

Team Harbour

The full-cycle custom, web, and mobile team in software development Team Harbour have its headquarters in the U.S. with team members worldwide from their R&D centre in Ukraine to Los Angeles. The company aims to allow start-ups to become profitable businesses by speeding up the time to market and get to the product that fits the market, including developing the product. With the expertise of Team Harbour technology, you can have your start-up empowered.

Exist Software Labs, Inc.

As an innovator of global technology, Exist aims to provide enterprise solutions by consulting and creating services and products which are highly innovative.

When it comes to Information Technology services and solutions, they have a comprehensive portfolio that aims to build and transform sustainable advantage so that enterprises will become empowered.

Since it got backed by innovation for more than a decade, Exist works to leverage its team's expertise in business process knowledge, agile methodology, domain expertise, and Open Source technologies to build software technology better for the enterprise technology businesses. As one of Java Open Source Software's early adopters, it became the core technology for the building of a software application that is robust, scalable and highly customizable.

ZendCreative Inc.

Here is a mobile, desktop, and web development service company that provides technical assistance to start-ups to have products deployed on the internet. They have a team composed of developers who were able to work with Fortune 500 companies in Australia and the United States. ZendCreative provides services to clients worldwide, especially in the U.K., Australia, and the U.S.

BCS Technology International Pty. Ltd.

The leading global professional I.T. services organization BCS Technology International focuses on delivering customized solutions in emerging technologies that include machine learning, Blockchain, predictive analytics, digital, A.I., cloud, and big data. For more than 17 years, the consultants of BCS became successful in implementing end-to-end solutions for high profile customers in the aviation and travel industry. They eventually expanded their operations across a wider range of industries that cover high-profile clients in the government, media, education, healthcare, banking, and finance.

WYLog

In more than a decade, WYLog was able to work hand-in-hand with some of the top innovative start-ups and enterprise accounts in the world to make solutions that are groundbreaking in the industrial, FinTech, IoT, Video Surveillance, and Healthcare sectors. With the company's software engineers' team, they can help turn people's ideas into highly successful products.

Proudcloud

Based in Manila, Proudcloud is a full-stack software engineering firm building mobile and web technologies for global enterprises and start-ups since 2009 through NoSQL, SQL, Javascript, and Ruby Rails databases. Nowadays, they are developing the machine economy to expand their work to data-driven platforms, machine learning, and IoT.

White Cloak Technologies, Inc.

The software development company called White Cloak creates customized digital solutions to empower businesses. After it got established in 2014, White Cloak helped numerous enterprises grow and improve their performance through tailor-fit software that fits their goals.

OFS - ObjectFrontier Software

You may either have software I.S. as your business or use software to help in driving business growth. Whatever it may be, OFS can help in the creation of innovative software that can be delightful to any customer and allow employees to become empowered in new ways.

Virtual Currency: Peer-To-Peer 

P2P is the sharing or exchange of assets, data, and information between parties without a central authority involved. P2P or peer-to-peer takes a decentralized approach when it comes to the interactions between groups and individuals. That is the approach that networking and computers use in peer-to-peer file sharing, including virtual currencies trading.

The Breakdown of Peer-To-Peer or Virtual Currency

Every user in a digital peer-to-peer network is (in theory) equivalent to the contributor and owner of the network. This type of network is what they can use in the process of file or information sharing. The file-sharing service of Napster was among the earliest mass use of P2P networks.

P2P refers to the currency exchange that does not come from a central authority in banking regarding currencies. Bitcoin is among the widespread applications of cryptocurrency exchange networks. Here, currencies don't get traded through any physical exchange like banknotes and coins. These are considered virtual currencies that people can transfer to other parties electronically.

Because of peer-to-peer exchanges, people can move the currencies from their accounts to other people's statements without the need to go through any financial institution. Since P2P networks are reliant on digital transfers, they depend on the availability of the internet. It lets people use computers, including mobile devices like phones and tablets.

Peer-to-peer currencies did not get exchanged or created in the same way as the currencies that come from the central banks. A network of computers works on developing new money and recording transactions that a collective and not the government manages and maintains. When it comes to cryptocurrency exchanges, distributed ledgers confer what the P2P advocates consider a notable advantage in security, wherein transactions get recorded on every peer's network. Because of that, in cryptocurrency exchanges, it can be challenging to have ledgers falsified or overwritten.

The Growing Popularity of Crypto Trading in the Philippines

In its current groove, the Philippines needs to take the "first-mover advantage." The country understands that there will be a lot of things involved in cryptocurrency, whatever happens. If the Philippines treat this capital best, the money will flow there and allow other jurisdictions to miss out completely.

Generally, Filipinos are more interested in traditional investments like equities. However, many young businesses have eyed cryptocurrency to raise capital in the process, referred to as initial coin offerings. Since 70% of Filipinos don't have a bank account, virtual currency provides consumers with a new option to make payments.

The Filipino population can jump on a currency source that is transparent and available to anyone because of the Blockchain or online transaction ledger.

Support from the Philippine Government

The governor of the Philippine central bank may view cryptocurrency trade as part of his bigger plan to allow the country's electronic payment systems to become highly advanced.

Because of cryptocurrency, the efforts to facilitate electronic payments will become enhanced. According to Benjamin Diokno, the National Payment Systems Act of 2016 bolsters the bank's capacity to have the efficiency of the payment systems fostered as pipelines for the funds in the financial market.

The Securities and Exchange Commission, including the central bank, work together to regulate cryptocurrencies to protect Filipinos. This move is a positive step towards adopting cryptocurrency that will allow users to become confident and secure in it. It would apply to a specific segment of the population that is technically sophisticated.

First Mover Advantage

Even if the Philippines picked up cryptocurrency later than the rest of East Asia, the country may eventually stand out when the regulators embrace it instead of restricting it.

Right now, the current groove of the Philippines should be to take the "first-mover advantage." Since the Philippines understands that a lot is involved with cryptocurrency, it will happen. When the country becomes the one that will treat this capital best, the money will continuously flow there and make other jurisdictions miss out completely.

Buy Crypto now with Binance.

The best cryptocurrency exchange in terms of users and trading volume is Binance. It announced a P2P (peer-to-peer) trading platform in PHP or Philippine Peso. The company aims to provide Filipinos access to cryptocurrency in their local currency.

It can now be possible for Filipino Binance users to sell and buy ETH, BTC, BNB, USDT, EOS, and BUSD using the Philippine Peso. Binance has a P2P platform that allows Filipinos to do this without any transaction fees. Integrating this will enable the user to trade crypto in their preferred prices and payment modes. They can even have their crypto assets transferred to a Binance wallet without an added cost.

The platform's zero transaction fees offer an escrow service that ensures that all of the cryptos will go to the users' wallets. Binance has a P2P platform that lets users gain more access to various financial services. Included here are spot, margin, lending, and futures trading of Binance.com.

Since its launch in October 2019, Binance's P2P platform has supported approximately 31 fiat currencies. It was also able to process trades of more than $1 billion. For their Global P2P Merchants Program, the company now actively searches for local merchants with reliable crypto and fiat access. Here, verified merchants enjoy a lot of benefits. It includes exclusive support for customers, VIP discounts, ad transactions and postings, and security deposits without any fees.

Learn more about Binance P2P trading by trading through Binance now.