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Power of Social Media – Infographics

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The Next wave - Digital workforce, Software 2.0 and Infra 3.0 – Part 1

The Next wave – Digital workforce, Software 2.0 and Infra 3.0 – Part 1

The Next wave is coming – “You either embrace it or get uprooted” Digital transformation is now not talked about in the strategy meeting or inside the closed board rooms of the companies it has in fact become a necessity for firms to survive in this era of disruptive business models and rapidly changing markets. Undoubtedly, Service Delivery Automation (#SDA) solutions such as Robotic Process…

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UX Research Cheat Sheet

UX Research Cheat Sheet

UX Research Cheat Sheet One of the questions we get the most is, “When should I do user research on my project?” There are three different answers: Do user research at whatever stage you’re in right now. The earlier the research, the more impact the findings will have on your product, and by definition, the earliest you can do something on your current project (absent a time machine) is today.…

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Principles behind the Agile Manifesto 12 Principals of agile Welcome changing requirements, even late in  development. Agile processes harness change for…

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How to get the end dates in an #Agile project – Practical approach to story point estimation!

How to get the end dates in an #Agile project – Practical approach to story point estimation!

Traditionally the estimates are given in days, months or person-hours with a probable end date to the project and these estimates don’t include time in meetings, email, and other non-project related activities all of this considered to be as a “PROJECT BUFFER-TIME.” Traditionally how it happens Estimates for our project One month for design and architecture Four months for development One month…

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Global Regulatory and Tax Accounting- Point Solution

Global Regulatory and Tax Accounting- Point Solution

A point solution which has limited adoption time and that can be integrated with the downstream and upstream application in the business. Instead of created a platform or a product for all the global regulatory changes made by various Global regulators like the IRS, FINRA, SEC, FCA, BASEL, etc. creating a point solution which can be then customized based on the customer technology, business…

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Artificial Intelligence and Risk Management

Artificial Intelligence and Risk Management

How Can Artificial Intelligence help Investment Banking Risk Management? Beyond Just Calculations…. The risk management algorithm has always been more about complex calculations. There are various models such as the binomial model, VaR (Value at Risk), Black-Sholes Morten model. These models are put into different simulation modeling algorithms such as Monte Carlo simulation, GARCH (1, 1) also…

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Reference data Systems – Legacy Modernization and Transformation

Reference data Systems – Legacy Modernization and Transformation

What is Reference data, in the financial industry? The Industry Definition of reference data is that foundational data that provides the basis to generate, structure, categorize, or describe business transactions. The Reference data is the basis to view, monitor, analyze and report on transactions.  The below diagram shows that there are five main elements of a financial transaction some of the  …

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Alternative medicine and Anti- Cancer Diet

Alternative medicine and Anti- Cancer Diet

View story at Medium.com I was researching for my father who suffers from Multiple Myeloma ( Blood Cancer) III (a) he has been undergoing Chemotherapy some of the below treatments have really helped him to withstand the side effects of chemo and steroids Some of the Anti-Cancer Diets which was helpful Budwig diet is rich in vegetables, fibre and fruits. You also need to avoid meat, sugar and fats…

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Business Analysis roadmap

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The Business Analyst Career Roadmap

The Business Analyst Career Roadmap

BA career is a journey, with many entry and exit points. The current position of BA has many role families; BA can expertise more than one role .For example, a functional analyst can also have process analysis experience. Therefore your options for career growth have multiple entry and exit points. Role Families  1. Business Focused Role Families  Business Requirements Analyst: The business…

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Blockchain revolution is broken down into three categories: Blockchain 1.0, 2.0, and 3.0.

Blockchain 1.0 is currency, the deployment of cryptocurrencies in applications related to cash, such as money transfer, remittance, and digital payment systems.

Blockchain 2.0 Contracted, the entire slate of economic, market, and financial applications using the blockchain that are more extensive than simple cash transactions: stocks, bonds, futures, loans, mortgages, titles, smart property, and smart contracts.

Blockchain 3.0 is blockchain applications beyond currency, finance, and markets—particularly in the areas of government, health, science, literacy, culture, and art.

Bitcoin

Bitcoin is digital cash. It is a digital currency and online payment system in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.

Bitcoin is pseudonymous (not anonymous) in the sense that public key addresses (27–32 alphanumeric character strings; similar in function to an email address) are used to send and receive Bitcoins and record transactions, as opposed to personally identifying information.

Bitcoins are created as a reward for computational processing work, known as mining, in which users offer their computing power to verify and record payments into the public ledger. Individuals or companies engage in mining in exchange for transaction fees and newly created Bitcoins. Besides mining, Bitcoins can, like any currency, be obtained in exchange for fiat money, products, and services. Users can send and receive Bitcoins electronically for an optional transaction fee using wallet software on a personal computer, mobile device, or web application

Bitcoin: A Peer-to-Peer Electronic Cash System

Bitcoin Landscape –

How Bitcoin Works

Suppose Alice wants to buy a coffee in Bob’s café, and her friend Bob wants to send money to bob’s café who accepts money into Bitcoin

The payment requests QR code

encodes the following URL, defined in BIP0021:

bitcoin:1GdK9UzpHBzqzX2A9JFP3Di4weBwqgmoQA?

amount=0.015&

label=Bob%27s%20Cafe&

message=Purchase%20at%20Bob%27s%20Cafe

The bitcoin network can transact in fractional values, e.g., from millibitcoins (1/1000th of a bitcoin) down to 1/100,000,000th of a bitcoin, which is known as a Satoshi,

In simple terms, a transaction tells the network that the owner of some bitcoins has authorized the transfer of some of those bitcoins to another owner. The new owner can now spend these bitcoins by creating another transaction that allows to transfer to another owner, and so on, in a chain of ownership.

Bitcoin Transactions

Transactions move value from transaction inputs to transaction outputs.An input is where the coin value is coming from, usually a previous transaction’s output. A transaction output assigns a new owner to the value by associating it with a key. The  destination key is called an encumbrance.

Constructing a Bitcoin Transaction 

Step 1 – Alice’s wallet application contains all the logic for selecting appropriate inputs and outputs to build a transaction to Alice’s specification, Alice only needs to specify a destination and an amount and the rest happens in the wallet application without her seeing the details

Step 2 –If the wallet application does not maintain a copy of unspent transaction outputs, it can query the bitcoin network to retrieve this information, using a variety of APIs available by different providers or by asking a full-index node using the bitcoin JSON RPC API 

Getting the Bitcoin Wallet balance in sync with the network.

Step 3 – With this information, Alice’s wallet application can construct a transaction to transfer that value to new owner addresses.

  Creating the output

Step 4 – In simpler terms, Alice’s transaction output will contain a script that says something like, “This output is payable to whoever can present a signature from the key corresponding to Bob’s public address.”

  Getting the balances back in Alice wallet

Step 5 – This transaction will also include a second output, because Alice’s funds are in the form of a 0.10 BTC output, too much money for the 0.015 BTC cup of coffee. Alice will need 0.085 BTC in change. Alice’s change payment is created by Alice’s wallet in the very same transaction as the payment to Bob

  Adding the transaction fees

Step 6 for the transaction to be processed by the network in a timely fashion, Alice’s wallet application will add a small fee. Alice creates only 0.0845 as the second output, there will be 0.0005 BTC left over. The resulting difference is the transaction fee that is collected by the miner as a fee for including the transaction in a block and putting it on the blockchain ledger

Adding the Transaction to the Ledger

The transaction created by Alice’s wallet application is 258 bytes long and contains everything necessary to confirm ownership of the funds and assign new owners. Now, the transaction must be transmitted to the bitcoin network where it will become part of the distributed ledger (the blockchain).

If Bob’s bitcoin wallet application is directly connected to Alice’s wallet application, Bob’s wallet application might be the first node to receive the transaction. However, even if Alice’s wallet sends the transaction through other nodes, it will reach Bob’s wallet within a few seconds. Bob’s wallet will immediately identify Alice’s transaction as an incoming payment because it contains outputs redeemable by Bob’s keys. Bob’s wallet application can also independently verify that the transaction is well formed, uses previously unspent inputs, and contains sufficient transaction fees to be included in the next block.

Reference – Minimum Viable Blockchain

Thanks

Abhinav Gupta

Next Topic – Bitcoin Mining for Dummies

  Blockchain 1.0 – How Bitcoin works Blockchain revolution is broken down into three categories: Blockchain 1.0, 2.0, and 3.0. Blockchain 1.0 is currency, the deployment of cryptocurrencies in applications related to cash, such as money transfer, remittance, and digital payment systems.

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Product management mind map # 2

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Product manager mind map -Part 1

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Minimum Viable Business Analyst

Minimum Viable Business Analyst

That intersection is what is called the Minimum Viable Business Analyst (MVBA), and it defines a set of skills or knowledge that are useful to be an effective generalist business analyst, one who can work on almost any project The above diagram is simple; the intersection of these skills is what makes a business analyst the most successful business analysts in today’s organization. When I started…

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Future of Wealth management Platforms

Future of Wealth management Platforms

The Customers don’t care about the platforms; all they care about is the services, experience and the reliability of the platform.  Wealth management firms can no more compete on price, they are moving towards the value of outcome Based on the key drivers of the wealth management business, below is the proposed business architecture for the wealth management firms in order to maintain the…

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Deepdive - Wealth Management Ecosytem

Deepdive – Wealth Management Ecosytem

There are various business models that operate in retail wealth management, some firms offer a specific business model whereas other firms operate on multiple business models giving the customers the flexibility to choose the business model that suits best to their needs. No model is likely to dominate the global wealth management because they are designed around different target customers…