Cryptocurrency and Blockchain In Agriculture

A cryptocurrency is a form of digital currency that utilizes cryptography for security, and it cannot be counterfeited. Furthermore, the digital asset is based on a certain network spread across multiple computers.
The name cryptocurrency was derived because it utilizes encryption processes for all transactions.
In addition to its encryption approach, cryptocurrencies do not need to be carried around like physical cash. On the contrary, they exist as digital entries to a database and are individually different for every transaction.
Cryptocurrency is known for its unique decentralization feature which means it’s not controlled by any government or financial institution. Many cryptocurrencies are decentralized due to blockchain technology.
Blockchain technology is an organizational method incorporated into transactional data for integrity. Additionally, blockchain technology is a major factor when operating a cryptocurrency business.

Cryptocurrency works similar to payment platforms like PayPal and credit cards. But the difference is that cryptocurrencies are digital assets used to purchase goods and/or services. In addition, these digital assets are stored in what is known as a cryptocurrency wallet or crypto wallet. The wallet acts as a bank or even a physical wallet.
However, when performing cryptocurrency transactions, the individual performing the transaction needs to have a private key (password). The private key is like a bank account but in this case, the receiver of the crypto funds is not privileged to know the source of the cryptocurrency fund because of the encryption process.
To ensure the success of each transaction, a verification process known as “cryptocurrency mining” needs to occur. In addition, cryptocurrency mining consists of massive amounts of computing power and algorithms.

As mentioned previously, cryptocurrency is a virtual or digital asset that is used to perform various transactions ranging from online shopping to payment of tuition.
But the question is - how do cryptocurrencies differ from the traditional banknotes?
Here’s how:
1. Blockchain Technology
Contrary to the traditional currency controlled by authorities, cryptocurrency is not controlled by authorities. However, this is not to say that governments have not tried to control it. Furthermore, blockchain is a database of cryptocurrency transactions and totals.
2. Cryptography
Simply put, cryptography is the process of making blockchain secure using cryptographic codes know as “Hashes”. Hashes are similar to passwords but are almost impossible to decipher by a second party.
Besides explaining what cryptocurrencies are and how they work, it is also important to consider the types of cryptocurrencies available.