An Overview Of Cardano Blockchain


Making the world a better place is a common goal among most tech companies that emerge today but while this comes to mind, only a few have made significant impacts in contributing to a global change that is changing the world for the better. Over the years, we have seen a massive impact by blockchain in the global world. Blockchain has brought decentralization, immutability, security and eliminated third parties but there are still limitations in the existing blockchains in terms of high energy dependence, difficult integration, high implementation cost, scalability, etc. Cardano has built a platform for changemakers, innovators and visionaries with the tools and technologies required to create possibility for bringing global change and solving blockchain limitations.


WHAT IS CARDANO?

Cardano is the first proof of stake blockchain based smart contract platform to be founded on peer reviewed research and developed through evidence based methods. It combines pioneering technologies to provide unparalleled security and sustainability to decentralized applications, systems and societies. Cardano aims to compete against similar platforms such as Ethereum, Tezos, and EOS through a more modular, layered protocol that runs on a proof of stake consensus algorithm called Ouroboros.

Cardano brings a new standard in technology by restoring trust to global systems, creating through science a more secure, transparent, and sustainable foundation for individuals to transact and exchange, systems to govern, and enterprises to grow.

USE CASES

Cardano accommodates a broad range of use cases, solving problems across multiple industry verticals  including education, retail, agriculture, government, finance and health care.

  • EDUCATION:- Atala PRISM, an ID & credentials solution built on Cardano blockchain secures certifications within an immutable and tamper proof ecosystem, empowering students to own and share their achievements and institutions to instantly verify those credentials.
  • RETAIL: – Atala SCAN leverages blockchain technology to offer solution to the problem of counterfeit goods being flooded in markets. They use a tamper proof system to establish product provenance and auditability to ensure every product sold is certified original.
  • AGRICULTURE: – Atala Trace and EMURGO’s proprietary traceability solution can be used for transparency in the supply chain. Farmers, haulers, and retailers can use the blockchain for product certification and traceability.
  • Government: – Atala PRISM addresses the flaws of credentials issuance and verification systems through the provision of a digital identity service.
  • FINANCE: – Atala PRISM leverages blockchain technology to deliver a one click user experience, solving the slow and resource heavy onboarding process that often leads to multiple third parties with high fees.
  • HEALTH CARE: – Atala SCAN authenticates and verifies the origin and supply chain of pharmaceutical products, guaranteeing the safety and well-being of patents worldwide.

ADA, CARDANO’S NATIVE TOKEN

Cardano’s ADA cryptocurrency has been one of the top performing tokens this year and has become the sixth largest crypto according to CoinMarketCap. The ADA token referred to by investors as a third generation cryptocurrency utilizes new developments such as layered architecture to improve scalability, security, and sustainability. Thereby creating more usefulness, addressing flaws and rectifying inefficiencies. ADA token got its name from Ada Lovelace, the 19th century mathematician.

ADA is available for trading on Binance, Kucoin, Upbit, Bittrex, Bitfinex, Okex, Hotbit and so many other cryptocurrency markets, currently trading for 0.0969 dollars.

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