According to a report from Financial Times, in 2017, in China, the most patent fillings were for Blockchain technology. According to THomson Reuters from the international patent organization, from 406 Blockchain patents, 225 came from China, 91 from US and 13 from Australia.
WIRESUMMIT 2018, an upcoming blockchain event for the broader Blockchain communities is around the corner. The exclusive gathering of investors and Blockchain startups is being organized in the capital city of India on December 2, 2018. Sources close to the organisers stated that they are strategically hosting the event in New Delhi with an expectation to attract blockchain enthusiasts, experts, influencers, investors; owing to its strategic location and proximity to government organisations.
With every event, the #WireSummit is committed to becoming the largest and the most extensive Blockchain-oriented event of 2018 in the industry. The event is organised by one of the most well-known news platforms in the industry, BTCWIRES. The Blockchain news outlet has in the past covered various global blockchain conferences and summits.
The theme of the event will revolve around the promotion of Blockchain and DApp Projects for Investment Promotion, Facilitation and Execution.Event Format?
With an exclusive invite-only attendance, the Wire Summit Invest 2018 will witness the coming together of select Blockchain and DApp startups along with some of the most experienced investors and venture capitalists in the market.
As per their website, ‘Wire Summit’s Investor Edition looks forward to setting a benchmark in India when it comes to startup funding in India’. Sources at BTCWIRES elaborated that the primary goal of the Summit’s First Edition is to promote investment in revolutionary ideas of startups working in the Blockchain world. The Summit is poised to serve as the breeding ground for the world’s next and upcoming Blockchain companies.
A particular process devised for participation in the event enables both startups and investors to be shortlisted before the Summit-based upon their Value proposition and Investment portfolio respectively.
It will save a lot of time for the parties involved in conducting due diligence, verification and validation of the Proof of Concept. The particular idea was to maintain a high conversion ratio and successful closures.What to expect at the Wire Summit Invest 2018?
The blockchain event will be graced by more than 1000+ investors, and it will be underscored by Keynotes from sought-after experts in the Blockchain world. With reputed media partners slated to cover the event, participating startups will get a chance to showcase their products and ideas to a massive audience around the globe. Startups and blockchain companies will get the chance to pitch their ideas and products to experienced investors, venture capitalists, and fund managers.
At the event one can also expect to network with some of the most influential people in the business world- from founders of pioneering startups, MDs, CxOs of the biggest firms, Vice Presidents, MDs, including professionals from Bluechip companiesHow to reserve your seats?
The private nature of the event restricts the entry to only investors and chosen startups. The BTC Wires Team has made sure to include investors who have a definite knowledge in this particular domain and have shortlisted the same based upon their investment portfolio.
However, if you are keen to participate in this niche event, you can apply for consideration to the organising committee by requesting an invite to the official website of Wire Summit Invest 2018.
The juvenile crypto-asset marketplace still requires assistance in cleaning up its act. Last year’s ICO craze has now proven to be bad news for some and terrible for most. The crypto gold rush, which only came to a screeching halt just 8 months ago, has left behind too many casualties; many non-accredited investors and speculators were victims to really bad ICO punts. So many ICO projects performed so bad, exasperated the recent bearish market conditions, with some even reporting over 99% losses from their all time high prices!Are we in need of a regulatory framework?
The short answer is yes. However, regulators who support the underlying blockchain technology are aware that too much regulation will probably destroy the many promising projects in the pipeline; too little oversight would deem them irresponsible to their duty of protecting the irresponsible retail investor. The middle ground should evolve with a focus on frictionless points of entry, while maintaining the integrity of the points of entry. No easy task.
This is not about overcomplicating fundraising as a process, instead, a refining to simplicity. This brings us to the current STO wave, bringing some needed legitimacy that is friendlier to institutional investors and a catalyst to marketplace consolidation.Signs of maturity are emerging. Several leading blockchain companies, still startups themselves, have recently made significant acquisitions, utilizing their cash rich balance sheets to buy up market share and strategically, vertical and horizontal expansion.
The M&A wave has now arrived to the Blockchain sector:
- Binance acquires Trust Wallet
- Coinbase acquired Ethereum exchange platform Paradex
- Tron buys BitTorrent
- Bitcoin exchange Bitstamp acquired by Belgium Investment Co NXMH
- Global Blockchain acquires Atari Founder Nolan Bushnell’s crypto-based X2 Games
- Lightyear, the company behind Stellar’s IBM Blockchain partnership acquires Chain
- Wyre acquires Bitcoin smart derivatives platform Hedgy
- Shapeshift acquires bitcoin tool Bitfract
- Circle acquires bitcoin and altcoin exchange Poloniex
- Evonax buys ExchangeMyCoins.com
Defining and acknowledging the overall benefits over their dangers will be one of the most challenging tasks for regulators moving forward. Fresh new regulatory frameworks are being worked out, providing predictable solutions for the industry while applying better risk management for investors. In my opinion, this backdrop provides a recipe for a surge in STOs and the new startups have the edge.
- Andrei Popescu
What are dApps?
We all want a mobile application. It just seems so hard in today’s current world to survive without a mobile application. Everything has become so easy and comfortable with the use of mobile applications which we call apps. Through these apps we communicate, transfer files, data, share information and the list keeps going on but the end result is still the same. Each mobile application is aimed at meeting customer expectations and satisfying them.
But what are dApps? It sounds like an extension of apps. Yes, it is, but with far more feasibility, opportunities and potential to reach and meet more customer expectations. It also better satisfies every customer and business because of its user-friendly features. It is called as decentralized applications. As the name suggests, since it is decentralized, the opportunities are far greater to achieve the vision of a business.
To learn solidity of an application, dApps are a best suited example as its structure has a better framework than apps.
Types of dApps
- Type 1
These dApps function on the blockchain platform of their own. Here, the network cannot be changed and if functions best as a recording system.
- Type 2
These dApps function on type 1 as a base by using their platform. Here, the function focus is on decentralized applications.
- Type 3
These dApps function on the type 2 as a base by using their protocols. Here, the function focus is on storage and communication network.
dApps explained1. Operating feasibility
The most attractive features of dApps consists in the fact that it is an open source application. Hence, it allows users to use the application to their maximum extent and meet all their requirements. In the following, you can find features of dApps in terms of its operation:a) Flexible
It allows users to use the structure of the program to their feasibility thus, being able to transfer or handle data with more stability.b) Speed
The time taken to transfer funds or data or information is faster than the usual time taken by current applications. Since it works a decentralized network, there is no wait time to process and authorize for an operation to occur or take place.c) Maintenance
Since dApps work on a decentralized platform, all users involved are eligible to maintain it and this also reduces the maintenance costs. No changes in the network can be made without shutting down the whole network thus maintenance is low. Updating the network is also quicker thus any upgrade needed reaches the user at a faster rate and more efficiently.2. Decentralized network
There is no central authority that controls the operations of dApps thus it allows more transparency between the user and the provider. No extra charge is taken from the user for using dApps or for using its network to transfer funds of data. This is because the connection is only between peer to peer and there is not central authority that interferes this peer to peer connection.a) Transparent
All data that are transferred through the networks is available to users involved. Any changes made in the data or information or structure of the network itself is immediately notified to all parties involved. However, making changes in the network is not so easy as it requires shutting down the whole network. The data is stored and there is no limit to it. Stored data in decentralized works as a digital ledger and thus we can also call this application as dApps blockchain.b) Accessibility
All users involved have access to all features of the platform or network. There is no restriction to their usage or operation and the only variable that influences it is internet connectivity. This allows the business to reach more customers or users and give them the access they require thus satisfying their needs even better.
Through dApps, every data or information can be accessed even from remote areas. The location does not matter as long as there is internet connectivity. This kind of borderless and unrestricted accessibility allows more transparency. This kind of accessibility also fosters innovation among project developers and users.
Some example projects are Augur and Golem. Augur is a prediction model-based project and Golem is a project that allows users to connect and share their computer resources without any obstruction. Projects of such kind are possible only through the breakthrough that dApps has made in the digital market.
dApps and IOT (Internet of things)
Imagine all the possibilities that we can have when dApps are being a part of the IOT world. IOT by itself makes life easier as everything is accessed and controlled via internet. Now when these IOT devices and technology use dApps as a platform, it opens even more opportunities and possibilities for users and business.
Even when we do not use a particular device still it can be used by someone else by lending it for a particular period using dApps. This allows users and providers/lenders to earn money even with spare space or idle devices lying without usage at home or business. Operations as simple as buying groceries to complicated operations such as sharing hardware and software become easier with dApp working with IOT.
Over to you: Is dApps worth it
dApps help to increase the volume of transaction and the quantity of customer base at the same time. It reduces cost on maintenance and managing a facility for transactions to take place with increased security and trusted network. Features like these shows great prospect for dApps in the future.
Each of us have our own perception towards digital world but we all come together when all those opportunities are changing the world for the better. dApps is changing the world for the better with all of their features. Make your own research too and you will find it promising. To survive in the competitive world, we need to update and upgrade ourselves along with changing trend. Be a part of the dApp community.Author Bio:
Sonal Mehta is a Content Lead at SoluLab, a leading Blockchain, Enterprise Mobile Apps and Web development company, started by ex-vice president of Goldman Sachs and ex-principal software architect of Citrix. SoluLab Inc provides full spectrum, 360-degree services to enterprises, startups and entrepreneurs helping them turn their dreams into awesome software products.Social Profiles https://www.facebook.com/solulab.inc/ https://twitter.com/solulab
Blockchain is an aggressively growing technology. Different platforms are utilizing the technology to make compelling products that help secure transactions and assets, make business processes effective and integrate separate business entities. It is essential to understand how technology will be used in the coming times. The article explores some expectation from blockchain this year!
Blockchain Technology will Take a Boom
In 2018, blockchain technology will take an exponential boom, and will shift from permissioned blockchains to permission less blockchains. It can be called the next generation of internet, with decentralized transactions, decentralized messaging layer, the decentralized storage layer, and a high-end computing system. Various sub-technologies are utilizing blockchain, such as
Ethereum for decentralized operations, Matrix for a decentralized messaging layer, and others.
A similarity of patterns between the usage of consumer-oriented internet and blockchain. Games, gambling, and pornography escalated as people gained access to the internet. Blockchain platforms such as Spankchain, Virtue Poker, Fun Fair and others are attracting people with similar interests.
Bitcoin is Just the Start
‘Blockchain is the tech. Bitcoin is merely the first mainstream manifestation of its potential’ – Marc Kenigsberg
One of the most hyped blockchain technologies is bitcoin, but it’s just a start for blockchain’s glory. Bitcoin has developed a secure digital space for storage, but it’s the most basic utility of blockchain. There are technologies which provide everything that bitcoin does and more, such as Ethereum. It understands the need for trust and capitalizes it.
2018 will witness robust technologies, leaving bitcoin far behind. Some interesting uses of blockchain will become famous such as programmable money. Simple documents of Microsoft Word will be encrypted by code, further enhancing the security and privacy of data.
Permissioned Blockchains will Lose their Clientele
Just a few decades ago, intranet took over the internet, and there was no looking back. The phenomenon will repeat itself with permission blockchains. Permission less blockchains will become popular as they will strengthen their security, leading to the downfall of permissioned blockchains, like Ripple. Most developers will witness a shift of interest from permissioned to permission less blockchains, as permissioned blockchain will lose their relevance in the digital world. However, some sectors will continue to use the permissioned blockchains.
Permission less blockchains allow users to create individual addresses which can interact with the network. The transactions are submitted by the users and entries are added to the ledger. Permissioned blockchains determine which user to validate for the transaction while building nodes across the globe.
Ethereum will be the Largest Blockchain Developer
The interest of developers determines the success of a technology. Ethereum will continue to be of interest to developers from around the globe. The platform has minimized (almost eliminated) the chances of fraud, censorship or any other type of interference from any third-party.
Custom-built blockchain allows developers to create platforms without any third-party or middleman. This reduces the risk from any external or internal source.
Ethereum has a rapidly growing community. MetaMask has more than 500,000 users, Infura receives more than 2 billion requests daily, and Truffle has over 250,000 downloads.
The platform will maintain its competitive edge and continue to grow in 2018.
Blockchain will Become Mandatory for Asset Tracking
Blockchain will become mandatory for tracking assets, especially those of high values. Soon organizations will understand that blockchain allows tracking and tracing assets and connecting the information to the public chain. Blockchain has various implications within real estate, enabling continuous monitoring and facilitating quicker sales when needed. This allows asset holders to claim and prove their ownership of the assets easily.
Walmart has already started using blockchain for its supply chain. The platforms help manage inventory which can otherwise lead to inefficiencies, wastage of resources and reduced customer loyalty.
The technology will reduce stolen and counterfeit goods, protecting the business of original products.
Blockchain will Serve Humanity
Apart from helping businesses and industries progress, blockchain will be utilized for addressing societal issues. Ethereum has already supported the United Nations in addressing hunger and poverty as well for assisting refugees in living in different regions of the world. It facilitated the World Food Program to distribute food vouchers amongst thousands of refugees.
The problems of refugees have gained global attention. People who are forced to seek refuge live as immigrants or third-grade citizens in foreign lands for the rest of their lives. Blockchain technology can help track their assets in the parent country, assign identification and manage their living.
Businesses will Educate Themselves about Blockchain
Although software developers and engineers understand the technical aspects of the blockchain, different functional units of business will educate themselves on the utility of blockchains. It is predicted that specific educational programs will be developed for managers, lawyers, decision-makers, policy controllers and business students to analyze the potential of blockchain in integration business processes such as inventory management, supply chain, asset tracking, asset depreciation, and others.
Blockchain will go beyond computer scientists and shall trickle down to people in layman terms for everyone to benefit from it. This highlights the importance and scope of blockchain in various field of life in 2018.
Blockchain will collaborate with Lawyers
Legal concerns on the use of technology have always been significant. As blockchain will pave its way into different fields, it will become integral for lawyers to understand the technology and analyze it from a legal perspective. Ethereum has started working with lawyers to help the legal community in the making most of the blockchain technology as well taking their experts’ opinions on keeping blockchain free of any legal obligations. Enterprise is working with some leading firms and school for the collaboration.
Lawyers can create, edit and deploy legal agreements with Ethereum. This helps in saving time and costs, especially for traditional consumer agreements like that of purchases and equity.
Blockchain will Encourage Digital Assets
The importance of digital assets is increasing with the increasing popularity of blockchain. Soon all tangible assets will have a digital presence on the distributed ledger, including real estate, stocks, loyalty points, train ticks, gold, natural resources and more. Regulators of the assets will be facilitated to create efficient and competent specifications of software. The compliance of these specifications by companies will be enforced by the regulators.
The regulation process has been initiated by Jesse Clayburgh, Juan Batiz-Benet and Marco Santori through SAFT. More research is being conducted on the efficiency of SAFT as Cardozo Law and ConsenSys Legal join heads to explore more about SAFT.
Blockchain will Raise Disputes on Taxes
As the technology will grow exponentially and shall be utilized in different industries, the Internal Revenue Service and other departments will activate to receive their share. The struggle has already started as in the case of United States vs. Coinbase, Inc. Virtual currencies that allow conversion to traditional currency are considered property and tax laws will apply on them.
Internal Revenue Service asked Coinbase, Inc. to declare customer records of its 14,000 customers. After a long battle, the San Francisco district counter ordered Coinbase to exchange customer data.
Such issues will increase in the coming times as blockchain will continue to grow. It is crucial for companies to pay their taxes, to avoid any conflict.
Individual Online Identities
‘Online identity and reputation will be decentralized. We will own the data that belongs to us’ – William Mougayar
Blockchain will allow to manage individual online identities without any third-party provider such as Facebook, LinkedIn, Twitter or so. This will help companies manage their profiles without any limitations or constraints. Government and other regulating bodies will act as attesters to identify and verify different users. The online portfolios will serve as credit scores for the person or company, helping recruiters, investors and other stakeholders to make their partnership decisions accordingly.
The practice has initiated in Switzerland. The city of Zug is offering digital identity to all the citizens, with a digital ID. The personal data is secured by cryptography.
Open Source Work will be Monetized
‘If you want to buy $10 of Ethereum and poke around with smart contracts, I encourage that. But use it as a technology, not as an investment, unless you know what you’re doing’ – Olaf Carlson
Open source work will be monetized for the first time, facilitating entrepreneurs and developers to make their developments a success on a global platform. The exposure will develop an overall competitive environment in the development arena.
General Manager of MariaDB, Steven Grandchamp, says ‘The whole idea is to put the product out there, let people use it, experiment with it, and jump on the chat channels.’
Regulating through the Blockchain
In 2018, government to government and government to citizen digital regulations will enhance. This will help save costs and make it easier to track the treaties. The technology will share the responsibilities of the regulatory authorities by providing a platform for tracking the laws and regulations, instead of accessing company records and personal data. The regulations will be written as smart digital contracts making it easier for parties to comply.
However, the Securities and Exchange Commission is focused on discouraging any possible irregularities related to the blockchain.
Deputy Direct of the United States Treasury, Sigal Mandelker, says ‘We feel very strongly that we need to have this kind of regulation all over the world.’
Stablecoins will Rise
Stablecoins are essential for using cryptocurrencies and making the most of the technology.
According to a report by one of the leading crypto providers, Blockchain Luxembourg, ‘the number of active stablecoin projects has dramatically increased over the past 12-18 months, and more than a dozen project teams have states they plan to launch in the coming weeks/months’.
The stability of stablecoins makes them valuable, unlike other cryptocurrencies. The low volatility addresses the concerns raised on bitcoin.
Digital Assets will Exceed $2 trillion by 2019
‘Cryptography shifts the balance of power from those with a monopoly on violence to those who comprehend mathematics and security design’ – Jacob Appelbaum
The price and value of cryptocurrencies will increase. Ether will exceed $2000 and shall outgrow bitcoin, surpassing the total market cap of bitcoin. Filecoin’s market cap will also exceed that of bitcoin in the next five years. On the contrary, bitcoin will lose value, if it doesn’t evolve with the changing market trends. Its governance issues are another concern.
Forward Pricing Curves and Contango
Forward pricing curves will be provided by different regulating bodies where the future price of bitcoin and other cryptocurrencies will be predicted higher than the expected spot price. Since the spot price will be lower, people would be willing to purchase digital assets.
After analyzing how bitcoin settled last year, the market will be careful with the assets and shall predict a prosperous future, so the world remains interested.
Several new digital assets will emerge in the storm.
Auditing Agencies will Gear Up
The new digital world of cryptocurrencies and digital assets cannot afford bugs and viruses. Moving to a valuable era of the internet demands error-free transactions and bugs can lead to potential losses. What good would the digital assets be if people still have to work around the same system?
Security auditing agencies like ConenSys Diligence will gear up to audit the security, privacy, and reliability of various blockchain platforms. It will help blockchain by improving the platforms and validating the reliability of the platform from third-parties.
From Proof of Work to Proof of Stake
Ethereum has already started using testnet alpha of Casper and people are looking forward to the platform to transition from proof of work to evidence of stake. A proof of work is an economic measure against service abuses and attacks. Spams are the most common form of strikes and are actively addressed by the service provided using ASIC or GPU.
Proof of stake used various validators on each bet as deemed necessary. The weight of the validators varies with the size of the deposits. Those found guilty will be penalized. This will help reduce energy consumption and hardware costs.About Author:
Rameez Ramzan has been a senior digital marketing executive at Cubix, a leading software development company in Washington DC that specialized in blockchain development and software development. With over 6 years of experiences in the software development industry, Rameez is passionate about helping business to increase their branding on the internet.
Lines of code replace physical cash. That’s probably a thing to expect in the near future. Soon, stories of widespread cryptocurrency adoption will circulate around. Although the prospects of it may appear worrying, it simply is not. It is just another technology that will transform the way we conduct transactions.
Blockchain constitutes the central element of this radical shift, which already took the world by storm since its unveiling in 2008. Disruption is real with financial technology already on the verge of a major turnover. Blockchain with its novel concept of distributed ledgers have already set in motion or precipitated such a takeover on a colossal scale.
However, the insistence is on fully digital currencies linked to solid cryptography to build the future of cash. The economies of the coming times will reap unique benefits by following the blockchain model. And not just banks or other financial institutions but everything linked to money like enterprises.
Globally, the potential of blockchain is viewed in a much broader sense. Enterprises were the first to realize its possibilities and hence have already set their resources to leverage this future-ready form of transaction. Taking advantage of it for your enterprise does require a brief know-how of blockchain and how it operates. And so, let us start from the very beginning.
The Blockchain Perspective: An OverviewFirst introduced to assist Bitcoin, a decentralized digital currency, Blockchain has ever since expanded its usage to other domains rather than cryptocurrency-based transactions. So, what is blockchain? You could search on the web, but they bring out a hoard of information that could baffle an ordinary person.
The first thing to understand is that blockchain is a technology made to simplify and make transactions fast, ultra-secure and transparent. There is no single payment platform or provider anymore that facilitates your transactions. It eliminates the authority by establishments, central servers or middlemen by linking you directly with the transactions.
Rather, it is distributed across a large array of computers over the network. The information concerning the transactions is recorded in blocks, which get linked to one another when updates or new transactions occur forming a continuous chain, thus the name.
An exact definition of blockchain goes on like: A decentralized and shared digital public ledger used to register transactions across peer-to-peer networks whether public or private. The ledger is shared among the members of the network that ensures greater transparency among all the transactions combined with robust and tamper proof security measures.
It is a record of a ledger entry represented by a data structure that resembles blocks linked to one another. Every single transaction that takes place, gets automatically recorded in the ledger cryptographically in blocks of information containing a hash. The computers that register this crucial ledger information constitute the ends of the network known as nodes.
Essentially, one can say that the block represents the area where transaction information gets inscribed permanently. And it is incorruptible and protected from any attempts to tamper the data, because of complex cryptography and its distributed nature.
Depending on the number of transactions, the network of blocks will grow to form elaborate chains. Whereas, the authentication of transactions is done entirely by the network of members. This linkage to one other forms the basis of the secureness of this technology.
Distributed Ledger Technology - The Essence of Blockchain
Blockchain is designed to distribute the transaction data across numerous nodes rather than one single centralized platform. The network remains decentralized with a peer-to-peer connection, where the participants can directly carry out, view, replicate and validate transactions on the shared ledger without a central authority or middlemen.
Distributed ledger technology (DLT) remains the underlying method by which blockchain functions. It exists as a form of synchronized digital database where all the transaction information remains shared among the members of the network. The participants validate and respond collectively for each change made to the records in the ledger.
The information gets encoded with a cryptographic signature or keys that makes it foolproof against any tampering or other forms of illegal access and manipulation. Distributed ledger technology is an evolution over the traditional methods of ledger keeping as it was replete with errors, loss of information and was not designed for easy use.
DLT were an advancement from paper into digital mediums that eventually shifted all forms of record keeping into computers spread over a network. The digitization of ledgers led to the advent of DLT where the entire process remains decentralized. Distributed ledgers quickly gained importance and made blockchain a more relevant technology owing to its following benefits:
Ultra Secure - A distributed ledger system does have a major plus point when it comes to security. Since the ledger is decentralized and distributed, the information registered gets stored onto the nodes, which effectively thwarts any attempt at intrusion or tampering.
Swift Transactions - The absence of a central authority or third-party platforms facilitated seamless transactions with zero hurdles. This speeds up the transactions, which also significantly reduces the costs involved in transactions of any sizes.
Multiple Applications - DLT does encompass not only finance but extends its applications to several other fields that involve massive transactions such as enterprises and governments, real estate, tax collection, electoral voting, to name a few.
Simplify Ledger Keeping - Record keeping in the traditional sense can make it prone to errors that lead to disputes among the parties concerned. A digital ledger can reduce the manual intervention required to maintain the records. This can reduce errors or duplication of information thereby simplifying and speeding up the process.
Transparent - In a distributed ledger system, every information and transactions that gets stored in the blocks remain fully transparent to the users. Any changes made to the blockchain system remain accessible to all the users allowing greater control and transparency in the whole process.
Distributed ledger technology has already been a major disrupting force in the financial industry. The increased transparency and accountability of transactions meant organizations can come up with innovative ways to provide rewards or incentives to their customers.
By eliminating the need for centralized authority or servers, it could prove to be of valuable aid in areas like stock trading, crowdfunding as well as facilitating simple transactions.
Blockchain Technology and the Enterprise
With the technology behind blockchain proliferating, what does it hold in the enterprise? Businesses do maintain ledgers that curate all the transactional details that go into executing its process and operations. And by incorporating a technology like blockchain, enterprises can considerably improve on their transaction time, strive for transparency, enhance security and eliminate counterfeit and fraudulent practices altogether.
However, what the studies and reports exclaim may appear pessimistic. Gartner in its 2018 CIO Survey, gives a dim view of blockchain adoption in the enterprise and cross-examines its hype. Only 1 percent of the CIOs actually plans for blockchain deployment in the enterprise. Whereas 8 percent are considering deploying blockchain or experiment with the new technology.
Even though the prospects as mentioned among the reports appear to pinpoint the limitations of blockchain, the technology behind is still revolutionary. It puts forth a new way to transact within an open, transparent yet highly secure environment. The pros of blockchain adoption among enterprises simply outweigh its cons, making it a viable technology to invest in right away.
Companies like American Express, JP Morgan Chase & Co, Apple Inc, Toyota, Tencent Holdings etc. have already begun experimenting with adopting blockchain technology to push forward their business practices. Each of these companies leverages blockchain in a different way.
For instance, BHP Billiton Limited, a mining conglomerate is experimenting with blockchain to refine its supply chain processes. Whereas IBM, the technology behemoth is going forward with multiple blockchain projects using the Hyperledger Fabric.
How Blockchain Aids your Enterprise
Blockchain technology with its transparent and robust digital ledger system will soon transform how enterprises execute their projects and transactions. Experiments are being conducted by companies globally to direct blockchain into use cases that dynamically improve their internal operations.
A disruption is being expected in future and its implications sound positive enough for companies to delve right in without a second thought.
Although the studies of blockchain adoption bring out dim prospects, it is relieving to hear that this incredible technology has backing from several Fortune 500 companies. For businesses that operate across several industries such as finance, retail, automotive, logistics etc, blockchain is all about security and speed that aids in the betterment of their operations.
The capabilities of blockchain are what appeals to most of the businesses operating in both vertical and horizontal markets. This include:
- A considerable reduction in the time taken from transactions
- Stringent security measures across all transaction protocols
- Detection and elimination of fraud, counterfeiting, and phishing
- Better transparency across all processes
- Promotion of customer loyalty
However, since our focus is on the overall advantages of blockchains in the enterprise, we shall cover things from that perspective. This helps to better understand and implement blockchain technology into your enterprise for driving innovation and growth.
Enterprise and Blockchain - A Mutual Coalition
With businesses across the world searching for new ways to shift their practices, blockchain represents an entirely different method to do so. The universal digital ledger with greater accessibility allows a shared consensus that will elevate every bit of an enterprise. Blockchain exists as a secure and reliable trading platform for carrying out transactions in a whole new manner.
And by implementing blockchain, it could really open up new possibilities to do business in ways that you probably never imagined. That is the potential of blockchain, which is set to disrupt not only the financial technology industry but the entire area of business on a global scale.
For some, the hype surrounding blockchain proves too much and have made a setback when it comes to actual implementation.
However, businesses should steer clear of being pessimistic about new entrants in technology and instead ponder over the possibilities that lie in their adoption. The transparency, efficiency, and security that blockchain proposes do, in fact, adhere closely to the crucial requirements of most enterprises.
Alongside that, leveraging a technology like blockchain enable a business to become increasingly competitive in this ever-changing and lucrative market.
Collaboration on a New Level
Inculcating blockchain technology step up how enterprises collaborate their practices and processes daily. Currently, there are collaboration tools specifically designed for the enterprise to coordinate work across its different levels and departments. Even though these office tools enjoy widespread usage and gaining adoption, they still face several limitations, which prevents companies from utilizing their full potential.
Enterprise collaboration tools and software still rely on a centralized administration system, which puts them at a disadvantage. The various intermediaries existing in between the system play a role in validating and coordinating the flow of processes. Such an approach slows down the process and prevents a smooth and linear course that puts numerous constraints.
Blockchain systems get rid of all these central intermediaries and put forth a model where information transfer and storage exist in a highly secure yet transparent manner. Information about employees and company projects could be stored and exchanged seamlessly leading to greater efficiency and speed in the projects.
Reinventing Contract Management
Apart from financial technology and cryptocurrencies, the applications of blockchain extend to numerous other areas. Every industry that depends on and utilizes contracts will tremendously benefit from integrating a blockchain system. The distributed ledger technology used in blockchain systems provides a highly secure and dependable platform, which enables the seamless autonomous, execution and management of contracts on a larger scale.
Digital businesses utilizing smart contracts will find the architecture of a blockchain system more convenient. The absence of a centralized authority or middlemen enables companies to easily facilitate the interchange of terms and other related information within the lifecycle of a contract.
Besides, the way this information is distributed within the ledger ensures that the contracts remain shielded against any attempts at tampering or modification.
Refined Efficiency, Auditability, and Speed
A blockchain system allows carrying out transactions at an accelerated pace. There are no intermediary third party or platforms and the transactions get executed directly. Instead of relying on conventional processes that involve paperwork and even specialized software, a blockchain based system could ratchet up the efficiency by which transactions get done.
Blockchain does this by streamlining and refining these operations from its core so that it would take even lesser time to successfully complete transactions. The use of a single distributed ledger does away with clutter as each information gets simultaneously shared with all the users. This eliminates the need for keeping multiple ledgers, which contributes to less clutter and a dramatic improvement in the efficiency.
Another area where blockchain aids enterprises are in maximizing the auditability. Each of the transaction data when procuring assets could be traced down from its origin thus ensuring a viable way to validate its authenticity. Several companies have already experimented with this technology to come up with accurate auditability.
In the diamond mining industry, blockchain technology is proving as a major disruption. Mining companies like De Beers, Fura Gems, and Everledger are using blockchain to directly track the origins of their diamond imports thus avoiding conflict diamonds and helping in stopping its circulation across the globe.
Into Blockchain Adoption
Reading through this, you may have got a faint or a complete picture of this exciting new technology. The blockchain is all about transparency and its use of shared digital ledgers essentially creating the future for all kinds of transactions whether in cryptocurrencies, finance or the enterprise. This could radically transform the way companies conduct transactions by making the overall process more efficient, swift and transparent.
Whatever the use case may be, blockchain helps in simplifying transactions, managing smart contracts or improving collaboration. This could assist in moving your operations forward in a more streamlined manner, which will help switch your business model into one based on transparency. But to put things into action, you need to audit your computing infrastructure and implement an appropriate blockchain system right away.
Blockchain is not a severely hyped technology as stated by different studies. In fact, the prospects that it puts forward simply brings out a new approach to conduct transactions and businesses in a better way. Moreover, it acts as a viable alternative over conventional processes by leveraging the most advanced technology to ensure that your business remains competitive enough in this rapidly changing world.Author Bio:
Tony believes in building technology around processes, rather than building processes around technology. At Fingent, he specializes in custom software development, especially in analyzing processes, refining it and then building technology around it. He works with clients on a daily basis to understand and analyze their operational structure, discover (and not invent) key improvement areas and come up with technology solutions to deliver an efficient process.You can reach him at email@example.com, Skype: tony_fingentFacebook: https://www.facebook.com/tony.joseph.148553Linked In: https://www.linkedin.com/in/tony-joseph-technology-partner/
Bitcoin is the best version of digital currency available today. It is secured by cryptography and is exchanged like currencies. Bitcoin is the first established cryptocurrency that was created in 2009 by an anonymous individual named Satoshi Nakamoto. The goal was to start a new electronic cash system with was decentralize and hence free from the control of a central authority or server.
Bitcoin uses blockchain technology and encrypted keys to facilitate buying and selling among the users of the bitcoin community. The two advantageous aspects of bitcoin are:
- It is decentralised as no government, financial institutions or central authority controls it
- The owners enjoy clear privacy as none of their identifying features are disclosed anywhere.
Bitcoin developers have created 21 million bitcoin of which currently some 16 millions are being released into the bitcoin system. Bitcoin comes to the system by a process called minning.
The mining process powerful energy intensive computers solve an extremely challenging mathematical problem that progressively gets harder over time. Every time a problem is solved, one block of the Bitcoin is processed and the miner is rewarded with a new Bitcoin.
There are other ways to procure Bitcoins. This needs the user to have a Bitcoin wallet which stores, spends and keeps track of their digital money. They are mostly free and are available through many provider. Coinbase is a big player in this field. Bitcoins can also be earned through trading of your regular currency for Bitcoins at ‘Bitcoin exchanges’.Infographic: https://bitcoinfy.net/bitcoin-and-blockchain-technology/
Bitcoin is set to change the world's financial landscape and it's all thanks to blockchain technology.
What if we didn't rely on central servers, but instead on our own computers? What if all internet transactions were transparent and fixed?
Ecommerce businesses, especially, will enjoy the rise of blockchain. The technology will keep you ahead of the competition while endearing consumers to your brand.Infographic created by https://mofluid.com
In earlier days, voting was simple but also easily manipulatable. The secret ballot votes/polling votes were bought, influenced or forced to tip the results in favour. Often, the count and accuracy of the votes were lost. However, with the advancement of technology electronic voting machines (EVMs) were introduced to outnumber misleading and unethical voting tactics.
Sooner, there were attempts in finding loopholes to destroy the e-voting systems. Since the efforts to tamper with e-voting systems went in vain, the governments of several countries are in relief. But, the question arises up-till when?
How long will it take the statutory bodies to identify that malicious practices like vote tampering through EVMs are not inevitable? And, to that, we need to implement ways to overcome this problem!
Fortunately, let's just say, the situation can still be under control. And, fair voting can be implemented with an introduction of blockchain technology in the elections.
Surprised by the idea? Well, read more to know how this crypto-related technology can be implemented in the election.How Can Blockchain Technology Help in Democratic Voting?
Blockchain Technology was introduced with the release of the world's first crypto currency, Bitcoin. It sooner became a platform for safe and secure economic transactions without any scope for fraudulent activity.
Owing to its decentralized feature, blockchain technology is considered to be a perfect fit for conducting fair elections. Its combination of decentralized and cryptography feature would enable secure, transparent, and permanent storage of data.
In addition to this, the votes recorded using this technology will become irreversible and immutable. As a result, preventing any illegitimate voting and promoting unprecedented levels of trust. Simply put, the votes would become impossible to corrupt and elections un-fixable.Why is Blockchain Technology Necessary for Democratic Voting?
Though the awareness for voting rights is on its prime, there are still some countries in which people are still unable to vote be it because of their colour or community. Certainly, the law is strict to abolish such nonsense practices, yet people suffer the harm.
One such incident includes bombing attack at a voter registration centre in Kabul, Afghanistan. This incident killed 13 people and wounded around 33 citizens who came for the registration. The bomb attack was a terrible reminder hinting that exercising the right to vote could be incredibly risky for the people.
Surely, in democratically stable countries, these types of incidents do not take place. However, it is a serious matter in many developing nations. Therefore, using blockchain technology for elections would not only help in conducting corruption-free voting but also could improve efficiency ten-fold with just the use of digital wallet.Russia: The First Country to Adopt Blockchain Technology for Voting
To avoid any corruption and tampering in the presidential elections 2018, the All-Russian Center for the Study of Public Opinion (VCIOM) adopted blockchain technology for voting. In a press release, the officials stated it would be one of the best ways to conduct elections and march towards forming a democratic nation.
The officials also added, "post completion of the polling, they would have to shut down the whole site to prevent any distortion or tampering with the votes." However, now with the use of blockchain technology, those DDOS and other hack-able attacks could be put to bed. Thus, it will lead to an increment in the security and transparency of the process.
It is needless to say, the future of blockchain technology in conducting democratic elections is bright. And, more importantly, very necessary. Countries like Estonia and Ireland are already on the go to implement this system for elections. It is expected that sooner other countries would also make use of this pioneering technology.
The blog is presented by Sharda University. Sharda University is one of the largest universities in Delhi National Capital Region (NCR) offering 216 varied programmes.FacebookTwitter
We are not even done with utilizing the mobile app, IoT technology to its fullest that the buzzing started around Blockchain. Have you heard about what is this so-called Blockchain technology? Well, even I don’t know much about this technology. So, what you say? Should we wrap up our heads about this technology?
It is believed that blockchain will change the IT landscape in the same way as did open-source software a decade ago. And just the way Linux took almost a ten-year period to become the foundation of the advanced application development, blockchain will also take its time to come out as a low cost, competent and safe as houses way for sharing information.
What is the Blockchain technology?
The Blockchain technology was initially related to the finance and banking sector but that’s not true, this technology is gaining reputation even in other industries. The blockchain is a distributed ledger on which information is stored on blocks or nodes, in the form of a chain, hence the name ‘blockchain’. The data of this technology is not stored on one server (system) but is rather distributed across thousands of servers (systems).
These data blocks are connected through cryptography. Each data block has a secure (cryptographic) hash function of the preceding block. By design, once data is written on the block, there’s no way it can be altered or modified. Technically, blockchain is defined as “a public distributed ledger that can register transactions between two parties effectively and in a certifiable and enduring way”. To be used as a distributed ledger, it is typically managed in a peer-to-peer network following the inter-node communication protocol. The blockchain is as of now split into two types:
- Public Blockchain
- Private Blockchain
The people who have access to the blockchain-based application can only access the ledger’s data thus keeping hackers away. Further, the node(s) can’t be deleted hence experts are still debating on the challenge of managing this huge amount of data that will keep on adding.The Structure of Blockchain:
The blocks hold bunches of legitimate transactions that are hashed and scrambled (encoded) into a Merkle tree. As mentioned above, each block has the cryptographic hash of the preceding block, thus linking the blocks together and forming the chain. This repetitive process guarantees the integrity of the preceding block, all the way to the original birth block.
By storing data on a peer-to-peer network, the Blockchain development technology eradicated the number of risks associated with storing data on a central location. It uses the best security methods like public-key cryptography. A public key i.e. a long random looking array of numbers is an address on the blockchain, the value tokens relayed across the network are logged as fitting to that address. Each block has the replica of the blockchain with it.
The openness of the blockchain is quite befitting compared to some traditional ledgers, which, even after being publicly accessible, still need physical access. Earlier, blockchain was illegitimate but now debates are going on to make it a private system which will be authorized by a central authority.
This was the basic structure of the blockchain technology. It is said that this technology will completely change and reform the way we do financial transactions. The reason being that due to its decentralized and unchangeable (data) nature, it will remove the involvement of the third-parties like banks.
So, let’s look at why is the blockchain technology so relevant for the financial domain and what is its impact on this domain?
Cross-border trading is still in the olden days and needs to be revolutionized. For transactions, Western Union is the name that pops up in our heads when we want to do an international transaction. Or we have to rely on our banks for the transfer.
This process is first of all, very time consuming because the banks do identity check, follow their procedures and validate if the transaction is legitimate or not, this doesn’t happen in a day’s time. Secondly, the banks charge a fee for the transfer; depending on the country and its currency, this charge is calculated and varies as well.
With blockchain, the need for intermediaries can be removed because it allows creating direct links between the involved parties. The involved parties will be authenticated beforehand and the transfer can be done in no time. Ripple is once such granted blockchain application.
Financial Backing and Investment:
Today’s financial backing and investment models depend on intermediaries to do the transaction at every stage of a process. Lawyers, investment entrepreneurs etc. are not affordable. But the peer-to-peer lending and equity seed capital schemes have dampened this costly market for years now. It facilitates the capitalist to meet the investors directly without the expensive third-party.
Blockchain-based smart contracts can strengthen this further and improve the majority of functions. It can automate almost all functions and make sure that the transactions of investment are recorded in a transparent, safe and smooth manner.
Digitized property as a class:
With the invention of Bitcoin, a unique class of ‘Digital Property’ was created. Before Bitcoin, anything digital could be copied, be it a music album or an important file. But with Bitcoin, came the new type i.e. uncopiable digital asset. Till today, the value of Bitcoin is based on its underlying blockchain technology which helps in preventing double spending and the creation of bogus coins.
After getting consent from SEC, Overstock declared that they will offer public shares on their blockchain platform. ICOs ‘Initial Coin Offerings’ and Cryptocurrencies are other such initiations of the blockchain.
Bookkeeping and auditing:
Most of the activities of bookkeeping and auditing are centered around allocating financial resources. For accountants, getting the clearness of proprietorship of assets, the presence of obligations, updation of old records are some of the major challenges.
With blockchain-based solutions, they will be able to carry out these auditing and accounting activities more efficiently and in much less time.
The blockchain is capable of performing all the financial functions on itself without the involvement of any third-party or levying any kind of additional costs. Yes, it is true that blockchain is not perfect at this time but going down the lane its advantages will be difficult to be neglected. It has security problems but even today there’s no other technology that has the potential comparable to the blockchain.
- Harsh Arora
This infographic showcase some appealing facts about Blockchain technologies. The technology is not just about Bitcoins and Cryptocurrency. It actually represents the new way technology-recording information and processing technology. Blockchain actually solves the trust issue problem when two-party exchange the monies.
Infographic by provided to us by ARKA Softwares & Outsourcing Pvt. Ltd.
Blockchain, Cryptocurrency and Bitcoin are the terms that have created quite a buzz. They are grossly misinterpreted and seen as some kind of a fad. This is not without a reason though, especially after the Bitcoin value reached the $20,000 mark, triggering anticipation, uncertainty and conjecture. However, experts feel the worth of bitcoin is the least interesting part in the whole game. It is the underlying technology-the blockchain that has more worth and is going to disrupt industries and make them more efficient.
Although blockchain technology has been around for a few years, 2017 was the year that it really took off. This blockchain revolution promises to touch every industry, while a broad range of financial services has already adopted it, blockchain is also finding applications in non-financial industries such as retail, healthcare, real estate, law enforcement, luxury goods, education, Government and other industries. Due to this many business enterprises are now looking to implement it to power up their business and Blockchain Australia can help.
In this article, I will touch on blockchain uses in your business and uncover the benefits blockchain has to offer for different industries. Before moving on to that, let’s take a look on what blockchain technology is.What is Blockchain Technology?
The blockchain is the digital and decentralised ledger that tracks, records and verifies any transaction or contract between two parties. The ledger is public, distributed and encrypted in order to protect it from cybercriminals and highlights the possibility of eliminating the middleman. It is implemented by three technologies, private key cryptography, distributed peer-to-peer network and protocols for performing transactions and ensuring security & record keeping.
The blockchain is all about decentralisation of the data removing reliance on a single storage unit and replacing it with a network of nodes. Not all blockchain projects are the same, some emphasise more on security but lack transparency while others focus on efficiency. Blockchain offers the following benefits and it is up to organisations how they decide to implement them. Take help of One Stop Media here, as they can better advice you on the implementation process.
Transparency – Blockchain is open to scrutiny and anyone using it can track the history of transactions.
Integrity – Possible only when network consensus is achieved a transaction can take place. There is no way for users to operate independently.
Efficiency – The blockchain is immutable and eliminates the need for manual verification or third-party inputs.
Security – Each link in the blockchain is hashed meaning that the technology is free from error as the computing power and effort needed to unencrypt each link outweighs the benefits.Role of Blockchain Technology in Your Business
The blockchain technology plays many roles in your business and can boost its growth. Various companies like IBM have already adapted bitcoin technology investing millions in cryptocurrency market. Here are a few roles of blockchain technology in your business.Contract Management and Smart Contracts
Contractual transactions are time-consuming and can restrict the growth of a business especially the ones that process a lot of communications constantly. As a public ledger, blockchain validates and records all transactions, making it both reliable and secure. This paves the way for smart contracts for almost any industry such as health, insurance, entertainment that hold some sort of digital asset or security such as account information.Supply Chain Management
In supply chain management, blockchain technology allows for immediate status updates and increase the security, cost-effectiveness, traceability and visibility of the supply chain. Simply put, blockchain can track the movement of goods, their origin and quantity. This brings about a new level of transparency simplifying the processes such as production process assurance, ownership transfer and payments.Payment Processing and Currency
As blockchain does not require a third party or central authority for peer-to-peer transactions, it enables fast, secure and cheap funds transfer across the globe. While there are already various services that process international payments but require sizeable fees per transaction. Other P2P payment services have specific limitations such as location restrictions and minimum transaction amount. That is why more businesses are beginning to prefer cryptocurrency for international transfers and getting online cryptocurrency wallet development for their needs. Cryptocurrency wallets are not only more secure, but users are granted freedom for the movement of their funds.Blockchain Use Cases in BusinessFINANCIAL SERVICES
This industry was the first one to implement blockchain technology, let’s take a look at some use cases.
Banking – Banking stands to be disrupted by blockchain technology more than any other industry and the benefits offered include reduced costs, easier auditing, better security, improved data quality and shorter settlement times.
Insurance – One of the key opportunities that blockchain technology offers to the insurance industry is data transparency. The benefits blockchain offers here include transparency and relevant record keeping, reduced cost and time of processing insurance claims, reduction in insurance frauds and improved customer engagement.NON FINANCIAL SERVICES
Healthcare – For medical and healthcare providers, blockchain technology offers outstanding opportunities in storing an enormous amount of records which are tamper proof, performing pre-authorisation payments, processing complex transactions, storage of complete medical histories of patients for use by physicians and reduced time and increased efficiency in providing quotes.
Law Enforcement – As with insurance and banking, law enforcement is generally organised but entails some centralisation of power. The invention of blockchain has spurred a new organisational model leading to reduced transaction cost, better protection of individuals and organisations, automation of contract performance and smart contracts, intellectual property rights and recording and maintaining property ownership and public records.
Real Estate – Vulnerabilities related to real estate include time-consuming paperwork, errors in public records, possibility of illegal deeds and lack of transparency which can lead to issues. Blockchain technology offers a mechanism to mitigate these challenges with increased transparency in all records, prevention of fraud, no third party involvement which reduces costs and automated payments in property investment.
Education – Academic credentials are those pieces of data that need to be universally recognisable and verifiable. Blockchain technology takes the place of paper documentation and case-by-case checking and the benefits are improved verification procedures, reduction of fraudulent claims, transparent data storage and objective and universally recognised credentials and records.
This is how blockchain technology can power up your business and if you are considering implementing blockchain to your business and need advice then blockchain technology consulting experts can help you in successfully implement blockchain.
The Blockchain is the centralised ledger of all transactions across a peer to peer network. Let's delve into some of the statistics that will help in adumbrating the importance of Blockchain Technology. This infographic portrays the vital role of Blockchain Technology with respect to businesses and its essence in the monetary world today.
Infographic by provided to us by Fullestop, Web Design & Development Company from India: https://www.fullestop.com