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INTERNATIONAL SCIENCE AND ART RESEARCH CENTER
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https://www.isarconference.org/
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2.INTERNATIONAL SCIENTIFIC RESEARCH
AND INNOVATION CONGRESS
ORGANIZATION
ISARC
INTERNATIONAL SCIENCE AND ART RESEARCH CENTER
GENERAL COORDINATOR
Yasemin AĞAOĞLU
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Betül YILDIRIM
EDITORS
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ISTANBUL
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ABSTRACT
Cryptocurrencies use decentralized control which means that they cannot be controlled by one person or
government. Cryptocurrencies are the buzzword from the global perspective and it is also called digital
currencies. It makes trading through the financial market easily converting investment and trading all over the
globe or world. It is secure and safe where doing investment or trading business. Speculative investment,
without much history on which to base predictions and stick to more conventional investments for long-term
wealth building. Because Bitcoin is the largest cryptocurrency by market value, and the rest of the market tends
to follow its patterns, Bitcoin futures are a reliable indication of the crypto market in general. Bitcoin prices
have gone from a peak of $60,000 in April to a low of less than $30,000 as recently as July in 2021. Bitcoin has
just surged back toward $50,000. Because of this volatility, experts recommend that you limit your crypto
investments to less than 5% of your overall portfolio at first. There will be seven contenders for the greatest
crypto coin. Robinhood, eToro, CashApp, PayPal, Coinbase, and Kraken are some of the best bitcoin trading
apps. The value of Bitcoin has risen in lockstep with its popularity. Five years ago, a Bitcoin could be purchased
for roughly $500. In August 2021, a single Bitcoin was worth more than $45,000. That's an almost 8,900 percent
rise. This study is based on secondary data gathered from search engine websites. Traditional asset classes such
as stocks, currencies, and commodities have little exposure to cryptocurrency returns. These findings call into
question conventional arguments that cryptocurrencies' behavior is influenced by their functions as a stock-like
investment in the future of blockchain technology, a unit of account comparable to currencies, or a store of
value similar to precious metals.
Introduction
Blockchain technology means a shared, immutable ledger – a digital technology that will forever change the
world! Blockchain is a distributed, decentralized, public ledger that records the provenance of digital asset. The
term "blockchain" has arisen as a potentially transformative force in government and business sector processes.
Its potential has been recognized globally, with a variety of international organizations and technology
companies highlighting the benefits of its application in reducing costs of operation and compliance, as well as
in improving efficiencies. While the technical underpinnings of the technology can be scary to a big section of
policy and decision makers, blockchain can make it easier for businesses to collaborate and for our citizens to
Research Methodology
Secondary data has been used. Data has been collected from various journals, websites, and books being a new
concept, and as it is not being used too frequently worldwide, thus it was quite difficult to collect the data easily.
Secondary data was also not readily available.
Definition
To understand the power of blockchain systems, and the things they can do, it is important to distinguish
between three things that are commonly muddled up, namely the bitcoin currency, the specific blockchain that
underpins it, and the idea of blockchains in general.” The Trust Machine, THE ECONOMIST, Oct. 31, 2015.
• Bitcoin has a future in more countries, young people positive about cryptocurrency- Cardano Founder.
• After bitcoin, these alternative Cryptocurrencies may see a surge in the future- NDTV.com
• Cryptocurrencies have a future, may become effective means of payment. Former Governor RBI-
Raghuram Rajan
• Cryptocurrency will take over Rupees and Dollar in future- Analytics Insight
• Agreed this is not the time to pick technology winners or losers in cryptocurrency technology. There is
no crisis that compels hastly legislation- Elan Musk
Bockchain Techology
Blockchain is a new technology that has emerged with the appearance of Bitcoin, which has added a new way
The basic goal of cryptocurrency is to overcome the problems of traditional currencies by giving currency
holders greater authority and responsibility. All cryptocurrencies follow the five properties and three functions
of money, and they all try to solve one or more real-world problems.
Provide tracking information for business or governmental activity using blockchain or distributed ledger
technologies. A private, permission network where identities are often known and without the need for
cryptocurrencies.
Main Data Depending on the kind of service in which this blockchain is applicable, for example, transaction
records, bank clearing records, contract records or IOT data record.
Hash -When a transaction executed, it had been hash to a code and then transmitted to each node. Because it
could contain thousands of transaction records in each node’s block, blockchain used Merkle tree function to
produce a final hash value, and also Merkle tree root. A block also has a hash and fingerprint which is unique
to each block. It uniquely identifies a block and all of its contents, similar to a fingerprint. As a result, once a
block is created, any change within the block will modify the hash.
Efficient: Transaction information is recorded once and is immediately available to all parties through a
distributed network with each participant acting as a publisher and subscriber. (Peer-to-peer replication)
Cost-effective: Eliminates the need for intermediaries. (Cuts out third parties)
Reliable: After being transacted and recorded on the blockchain network's digital ledger, information becomes
immutable. (Invariable, fixed, and permanent data)
Secure and safe: Since the underlying transferred ledger cannot be changed; a change can only be made via
another transaction, and both transactions would be visible.
1. Currency 1.0
1.Financial controls
2. Smart contracts 2.0
3. DApps 3.0 2.Assets tracking
3.Payment system
4. Digital identity
In 2022 at least one innovative business built on blockchain technology will be worth dollar 10 billion. By 2026,
the commercial value added by blockchain will have risen to slightly over 360 billion dollars, and by 2030, it
will have risen to more than 3.1 trillion dollars. Bitcoin will be worth in 2030 just 4.8 % believed that it had the
potential to be to be worth more than $ 500,000 while 5.5 %set a range of between $100,000 and $ 50,000.
Cryptocurrency
A cryptocurrency is one medium of exchange like traditional currencies such as USD, but it is designed to
exchange digital information through a process made possible by certain principles of cryptography. A
cryptocurrency is a type of digital currency that falls under the umbrella of alternative and virtual currencies.
Cryptocurrency is a digital cryptography-based bearer instrument. In this type of cryptocurrency, the currency
is owned by the person who holds it. There was no other record of the owner's identity. Wei Dai released "B-
Money," an anonymous, distributed electronic cash system, in 1998. Digital currency that has no central
monetary authority. They have shared ledgers that can be used to record any transaction and track the movement
of any asset internationally. The effectiveness and efficiency of this ledger are the basis of a cryptocurrency
value. People and businesses all across the world use special software in a peer-to-peer computer network to
Types Of Cryptocurrences
Token – A cryptocurrencies that is built on another blockchain. A token represent an asset or utility for
specific project and are sold during the first public sale for a project.( Initial coin offerings)
Coins- A cryptocurrency that has it own blockchain such as bitcoin, ethereum, litecoin or Ripple.
Top Cryptocurrencies
(Source: https://coinmarketcap.com)
Disadvantages Of Cryptocurrecies
India- Crytocurrency
India- bitcoin and other cryptocurrency are not illegal in India but are unregulated. The government also intends
to introduce cryptocurrencies and regulate it through the “Official Digital Currency Bill, 2021,” which is
expected to definitively clarify the government's position. Crypto investments in the country grew from $ 923
million to nearly $ 6.6 billion by May 2021.
(Figure 3 Price of Bitcoin Changed (Bitcoin as experienced heady highs and sudden lows since its creation in
2009)
Future Aspect
For managing: Healthcare and academics require more efficient, secure, and cost-effective systems.
Medical and student records
Preauthorizing payments
Transfer of payments
Settling insurance claims
CONCLUSION
Every transaction is recorded in an immutable and permanent manner using blockchain technology. According
to an early survey-based assessment from the World Economic Forum, almost 10% of global gross domestic
product (GDP) is anticipated to be held on the blockchain by 2027, alluding to the technology's predicted
eventual popularisation by traditional markets. The paper, titled "Deep Shift Technology: Tipping Points and
Societal Impact," presents a picture of expectations from a community of over 800 executives and specialists
in the ICT sector. Dubai is the smart city, meant client keeping in memory, Avoid fraudulent and forgery
activities, Removing the involvement of third parties in any transactions, Improve technology to field of
industries and it change world manner, Emerging market practice, Collaborative economy, Social network like
facebook, twitter, and Instagram. A cryptocurrency is digital or virtual currency that is secured by cryptography,
REFERENCES
1. Androulaki, E., Karame, G. and Roeschlin, M., (2012), Evaluating User Privacy in Bitcoin, IACR Cryptology E-print Archive, pp.
105-109.
2. Gangeshwer, D. K., (2013), ‘E-Commerce or Internet Marketing: A Business Review from Indian Context’, International Journal
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Financial Cryptography.
5. Reserve Bank of India, (2013), RBI Cautions Users of Virtual Currencies Against Risks, Press Release.
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11.https://www.sreb.org/sites/main/files/fileattachments/2018_blockchain_technology_in_nursing_strick_final.pdf
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