Is Cryptocurrency Needed For Blockchain Adoption
What is cryptocurrency and why it needs to adopt blockchain technology? Does cryptocurrency use the cryptography technique and what is cryptography technique? Let’s take a discussion on these points and understand what it is. Cryptocurrency is a digital currency which uses the cryptography techniques. Cryptography techniques provide the secure communication using some encryption methods.
The blockchain is a structure of block which makes a form of the chain. It is used to provide the platform for the cryptocurrency. The blockchain is a public ledger which records the transaction details of cryptocurrency. The blockchain is a decentralized network system which used the hashing method. So these things make secure its transaction. Cryptocurrency is not regulated by government and banks but it is growing exponentially. Banks are also taking the interest in blockchain technique. They want to adopt this technology. Now we will take a discussion on some points which proves the need for blockchain adaption.
As we know that cryptocurrency is digital currency and it is not accepted by the bank. Also, its growth rate is too fast. So blockchain technology is a good option which provides the platform for these cryptocurrencies. Blockchain technology uses the single public ledger and ensures that is not altered. When a new transaction is processed before that all parties give consent. Also, it increases the speed of transaction and reduces the time and cost. Time and cost are reduced because it eliminates the paper process.
Blockchain technology is secure the transaction of these digital currencies. Blockchain technology uses some encryption technique like hashing method and Merkle tree. Hashing method apply a hash function when a transaction is entered into a block. This hash function accepts this as an input of a string and another string of any length. After that, it will return a sequence of a letter of fixed length. Hence, hashing method encrypts the input of transaction. Blockchain technology will not stop the securing process here after this it will apply a Merkle tree method.
Another option to use bitcoin secretary via hide the proxy of your system. Tor browser is a better option to hide the proxy. After hiding the proxy it can connect you bitcoin network anonymously. Tor browser change your IP address so it will hide your location. Tor browser always work as an incognito window. An incognito window doesn’t save your cookies and history. So, it helps that NSA won’t be able to observe you.
Merkle tree method is used to create a single root hash. Means, there is no hash node is left in the transaction process. All the hash node are joint together and make a new root hash node. When a transaction is processed with hashing method after that Merkle tree is applied on this. It will use to more secure the transaction process. These methods help to make it fast and reduce the cost.
Hence, cryptocurrency needs to adopt blockchain technology. Because it will help to improve the transaction process of these cryptocurrencies. It also helped because of reducing time and cost. Blockchain technology uses the advance method as compare to cryptography techniques.