• June 13, 2018
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blockchain

Recent trends in Blockchain

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Category : Blog

Blockchain has penetrated the market business models. It has the potential to transform industry operation models. In a study made by IBM, 15% banks said that they have plans to put blockchain into commercial production by 2017. The world economic forum estimated that 80% of banks are actively working on blockchain projects. The Blockchain is not only indulging in finance fields but in numerous other sectors as well.

$1.4 billion has been invested globally in blockchain start-ups across various sectors and the technology is growing rapidly.


Room for Growth in Asia

Blockchain technology has grabbed the focus of most virtual currency investor’s in North America, where public financial institutions have invested in projects or start-ups related to the blockchain. There is a significant scope of growth in Asia. Virtual currency investors are putting a lot of money into blockchain technology companies and start-ups in Asia. Some new small start-up companies are already into their second or third round of funding. Small companies already starting to lead to larger investments.

More use cases arise outside Finance

Companies like Uber and Airbnb are using blockchain in their business model. These companies are disrupted industries across the board by connecting consumers with things they wanted, they are still a middleman and cut their benefits. Blockchain is capable of removing such middle men entirely. It means whoever has what someone needs to take their full dues. E.g. a new ride-sharing app that links driver with customers peer to peer using the Ethereum Blockchain. “The Achilles” heel of Uber and Lyft is their centralized management of pricing.

By decentralising the decision into the hands of driver and rider, Arcade let the driver to feel like an entrepreneur and gave power to the rider with control over the entire experience.

Arcade City ranked top in the blockchain start-up category in Berlin Awards.

Governments get on the party

In the phase of low trust amongst government and department, information must be held in a transparent place where anyone can verify the ledger and any copies of the data stored even on non-govt. computers. Countries in the world are looking at how they could mint their own digital currencies and put money on the blockchain and they are expanding exploration into other areas of government. The Government wants to save money at every turn, it is really ready to get behind the technology. Estonia has used blockchain to develop a residency programme with the help of which any person in the world can apply to become e-resident of Estonia.

Education and collaboration will get a hike

The Blockchain is a new invention, a new technology, advancement of technical science but education to the students is still the biggest challenge. There are issues around security, as we saw this year Ether was hacked. Companies cannot get to an end just by a little bump in the road. Instead, they need to learn from other companies how do they protect their data and secure them with the watch of hackers.Early adopters are going to be the one who gets the most benefit out of the technology. Organizations need to understand how they can use blockchain if they are to realize its massive potential.

 

  • June 7, 2018
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Blockchain

What is Blockchain in Simple Terms?

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Category : Blog

Blockchain is a technology, a way for an internet user to repatriate an ultimate piece of digital property to another internet user. But, the repatriation is purely safe and secure; everyone is known about the fact that transfer has taken place, still, nobody can challenge the validity of transfer took place.

Well, with the help of Blockchain, many people can write the entries into a record of information, and the group of users can access and control how the record of information is changed as well as updated.

Blockchain technology is launched in 1991, but it was not used properly and then in 2009 SATOSHI NAKAMOTO made cryptocurrency by using Blockchain technology. The Blockchain is a Distributed Database which comprises data of thousand and lacs of computers interlinked. The Whole database of blockchain is encrypted which means each data present in blockchain is fully confidential.

Blockchain posses a technology known as fault tolerant which means when some computers fail to function then too blockchain keeps their data confidential and secure. The Blockchain is a public ledger and it is not used for the sole purpose of currency transaction but it can be used anywhere where there is a need of mediator for trust, faith and guarantee.

Miners which helps in validating new transactions, connecting in existing Blockchain, broadcasting of updates.

Bitcoin block consists of three elements which are Data, HOPB, HASH

Data consists of the amount sent by a person to another person, the HASH value is a unique identity. By using HASHES we can detect changes in blocks and HOPB is previous block’s HASH value, which is why Blockchain is considered to be the safest means of transactions record.

Proof of working in BLOCKCHAIN, how it works. Suppose there is new transaction took place like Ram has to pay 50 INR to Shyam. Now both the parties wanted to record this transaction into Blockchain then it can be recorded by miners using private keys and public keys. These keys are string of numbers which are of 256 bytes. Miners also have their financial motives behind updating of this transaction into Blockchain.

To make fake block valid hacker needs to calculate every block’s poof of work which is impossible.

Blockchain is Decentralised network, block chain is used under peer to peer network

In nutshell suppose if someone made a new block, then the new block will be broadcasted in blockchain then each node verify whether block updated is valid or fake. If a new block is valid then it will be added to blockchain and if fake then it will be removed from the blockchain.

Suppose you want to register your new plot with the registrar. Now registrar is providing you with a certificate that you are the exclusive owner of this property. In future blockchain will reduce this paperwork. The concept which is launched is that you can directly update your transaction with the help of miner on blockchain and if every node accepts and approve it then it will be updated on blockchain and become a public document. But it will always be safe in blockchain, no one can hack it. So this way transaction took place and recorded in blockchain and a chain is created of new transactions or blocks.