#Quorum blockchain examples

[mysublimedestiny]

Blockchain-as-a-Service (BaaS) Market: Key Drivers Fueling Growth, Trends, Technologies, and Opportunities

Blockchain-as-a-Service (BaaS) Market Drivers

The Blockchain-as-a-Service (BaaS) market is experiencing significant growth, driven by several key factors that are transforming industries worldwide. BaaS platforms offer businesses the opportunity to leverage blockchain technology without the complexities of developing and maintaining their own infrastructure. This article explores the primary drivers propelling the expansion of the BaaS market.

1. Widespread Adoption of Blockchain Technology

Blockchain technology is increasingly being adopted across various sectors, including finance, supply chain, healthcare, and government services. Its ability to provide secure, transparent, and immutable records makes it an attractive solution for industries seeking to enhance data integrity and streamline operations. For instance, in the supply chain industry, blockchain facilitates end-to-end traceability, reducing fraud and improving efficiency .

2. Enhanced Security and Transparency

The demand for improved security and transparency is a significant driver of the BaaS market. Blockchain's decentralized nature ensures that data is immutable and transparent, which is crucial in sectors like finance and healthcare where data integrity is paramount. By providing a secure and transparent ledger, BaaS platforms help organizations mitigate risks associated with data breaches and fraud .

3. Cost-Effectiveness and Accessibility

Developing and maintaining a blockchain infrastructure can be costly and resource-intensive. BaaS platforms offer a cost-effective solution by providing ready-to-use blockchain services, eliminating the need for businesses to invest heavily in hardware and specialized personnel. This accessibility allows small and medium-sized enterprises (SMEs) to adopt blockchain technology without significant capital expenditure .

4. Government Initiatives and Regulatory Support

Governments worldwide are recognizing the potential of blockchain technology and are implementing initiatives to promote its adoption. For example, Thailand's Thai Fintech Association and Hungary's Hungarian Blockchain Association entered into a Memorandum of Understanding to promote the usage of blockchain technology in their financial sectors . Such government support provides a conducive environment for the growth of the BaaS market.

5. Integration with Emerging Technologies

The integration of blockchain with emerging technologies like the Internet of Things (IoT) and Artificial Intelligence (AI) is driving the development of innovative solutions. For instance, combining blockchain with IoT can enhance the security and transparency of data exchanged between connected devices. Similarly, integrating AI with blockchain can automate processes and improve decision-making, further expanding the applicability of BaaS platforms .

6. Strategic Partnerships and Collaborations

Strategic collaborations between technology companies and financial institutions are expanding the reach and capabilities of BaaS platforms. For example, JPMorgan partnered with Microsoft to make its Quorum distributed ledger platform accessible through Azure Blockchain Service. Such partnerships enable the development of scalable and secure blockchain solutions that cater to the needs of various industries .

7. Rising Demand for Smart Contracts

The increasing adoption of smart contracts is propelling the growth of the BaaS market. Smart contracts are self-executing contracts with the terms of the agreement directly written into code. They automate processes and reduce the need for intermediaries, enhancing efficiency and trust in transactions. BaaS platforms support the creation and deployment of smart contracts, making them accessible to businesses seeking to automate their operations .

8. Focus on Interoperability

As the blockchain ecosystem expands, the need for interoperability between different blockchain networks becomes crucial. BaaS providers are focusing on developing solutions that ensure seamless communication between various blockchain platforms. This interoperability allows businesses to integrate blockchain technology into their existing systems without compatibility issues, facilitating broader adoption .

9. Global Expansion and Market Reach

BaaS platforms are expanding their services globally, catering to a diverse range of markets. For instance, Microsoft's Azure Blockchain Service is available in different regions worldwide, demonstrating the high demand for BaaS solutions across various markets . This global reach enables businesses from different geographical locations to leverage blockchain technology, contributing to the overall growth of the BaaS market.

10. Environmental Considerations and Sustainability

With increasing awareness of environmental issues, there is a growing emphasis on developing sustainable blockchain solutions. BaaS providers are focusing on creating energy-efficient blockchain platforms that minimize environmental impact. This focus on sustainability appeals to eco-conscious businesses and aligns with global efforts to promote green technologies .

Conclusion

The Blockchain-as-a-Service market is poised for significant growth, driven by factors such as widespread adoption of blockchain technology, enhanced security and transparency, cost-effectiveness, government initiatives, integration with emerging technologies, strategic partnerships, rising demand for smart contracts, focus on interoperability, global expansion, and environmental considerations. As businesses continue to recognize the benefits of blockchain technology, the BaaS market is expected to expand, offering innovative solutions across various industries.

[techit-rp]

Blockchain and Distributed Ledger Technologies in Investment Banking

In the ever-changing face of finance, blockchain and DLT form the new game in town. From being mere buzzwords, they are greatly revolutionizing the way investment banks work: they are bringing unprecedented levels of security, efficiency, and transparency to the table.

The Basics of Blockchain and DLT

In simple terms, blockchain is a type of distributed ledger technology. It is a decentralized database that records transactions across multiple computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network1. This ensures a high level of security and transparency, making it an ideal solution for the financial sector.

Transformation of Investment Banking

All investments are about managing massive sums of money, complex transactions, and putting in place regulatory compliance. Blockchain and DLT can streamline these procedures in the following ways.

Higher security: The immutable ledger of blockchain ensures that once a transaction is recorded, it cannot be altered. This particular property reduces fraud associated with financial transactions2.

Efficiency: The traditional banking processes involve several intermediaries, which slow down the transactions and increase the costs. Blockchain can automate these processes through smart contracts, reducing the need for intermediaries and speeding up the transactions3.

Transparency and Traceability: Every transaction on a blockchain is recorded and visible to all participants. This transparency can help in regulatory compliance and audit processes, making it easier to track and verify transactions2.

Cost Savings: Through the removal of intermediaries and automating processes, blockchain can drastically reduce the costs of financial transactions3.

Real-World Applications

A number of investment banks are already exploring and implementing blockchain solutions. For example, J.P. Morgan has developed its own blockchain platform called Quorum that allows for safe and efficient transactions2. Others are using blockchain for cross-border payments, trade finance, and securities settlement.

The Future of Investment Banking

As blockchain technology advances, it will only become more impactful for investment banking. To stay at the top in this dynamic industry, professionals would do well to take investment banking and financial analytics courses. These courses would equip them with a comprehensive knowledge of financial analysis, corporate finance, and all the latest technologies shaping the industry.

Conclusion

Blockchain and distributed ledger technology go beyond transforming investment banking; they provide the foundation upon which a safe, efficient, and transparent future financial environment will be built. Committed professionals, in embracing these technologies and staying up-to-date with investment banking and financial analytics courses, can position themselves to be at the leading edge of this financial revolution.

[techwave1]

Blockchain Technology: Reshaping Banking Software Solutions for Security and Transparency

Blockchain technology has emerged as a revolutionary force, disrupting various industries with its promise of enhanced security and transparency. In the realm of banking, where trust and reliability are paramount, blockchain is reshaping software solutions to meet the evolving needs of financial institutions and their customers.

Introduction to Blockchain Technology

Blockchain, at its core, is a decentralized and distributed ledger technology that enables secure and transparent recording of transactions across a network of computers. Initially known for powering cryptocurrencies like Bitcoin, blockchain has since evolved to offer a myriad of applications beyond digital currencies.

Importance of Security in Banking Software Solutions

In today's digital age, the banking sector faces an ever-growing threat from cybercriminals seeking to exploit vulnerabilities in software systems. Traditional security measures, while effective to some extent, are no longer sufficient to thwart sophisticated cyber attacks. Here, blockchain technology emerges as a game-changer, offering robust security features such as encryption, decentralization, and consensus mechanisms.

Transparency Challenges in Traditional Banking Systems

Transparency has long been a challenge for traditional banking systems, with opaque processes and hidden fees breeding distrust among customers. Moreover, stringent regulatory requirements mandate financial institutions to maintain a high level of transparency in their operations. Blockchain addresses these challenges by providing an immutable ledger that records every transaction in a transparent and tamper-proof manner.

How Blockchain Reshapes Banking Software Solutions

Decentralization: The Key to Security

Centralized banking systems are vulnerable to single points of failure, making them susceptible to cyber attacks and system failures. Blockchain, on the other hand, operates on a decentralized network, where data is stored across multiple nodes, eliminating the risk of a single point of failure. This decentralized architecture enhances security by reducing the likelihood of data breaches and unauthorized access.

Immutable Ledger: Ensuring Transparency

The immutable nature of blockchain ensures that once a transaction is recorded, it cannot be altered or deleted. This feature provides a high degree of transparency, as anyone with access to the blockchain can verify the integrity of transactions. For banks, this means greater accountability and trust among customers, as they can track the movement of funds in real-time without relying on intermediaries.

Smart Contracts: Automating Processes

Smart contracts are self-executing contracts with the terms of the agreement directly written into code. These contracts automatically execute and enforce the terms of the agreement when predefined conditions are met. In banking, smart contracts can automate various processes such as loan approvals, asset transfers, and compliance checks, reducing the need for manual intervention and streamlining operations.

Examples of Blockchain Implementation in Banking

Several banks and financial institutions have already begun experimenting with blockchain technology to improve their services and streamline operations. For example, JPMorgan Chase has developed its blockchain-based platform, Quorum, for facilitating cross-border payments and trading activities. Similarly, Barclays has partnered with blockchain startup Wave to streamline trade finance processes using distributed ledger technology.

Challenges and Risks in Adopting Blockchain

Despite its potential benefits, the adoption of blockchain technology in banking is not without challenges. Regulatory hurdles, interoperability issues, and scalability concerns pose significant obstacles to widespread adoption. Moreover, the complexity of implementing blockchain solutions within existing banking infrastructure requires careful planning and investment.

Future Outlook of Blockchain in Banking

Looking ahead, the future of blockchain in banking appears promising, with continued innovation and advancements driving adoption across the industry. As regulatory frameworks evolve to accommodate blockchain technology, we can expect to see a proliferation of blockchain-based solutions that enhance security, transparency, and efficiency in banking operations.

Conclusion

Blockchain technology is revolutionizing banking software solutions by providing unprecedented levels of security, transparency, and automation. By leveraging blockchain, banks can build trust with their customers, streamline operations, and stay ahead in an increasingly digital landscape.

FAQs

How does blockchain enhance security in banking? Blockchain enhances security in banking through its decentralized architecture, encryption mechanisms, and immutable ledger, which make it resistant to tampering and unauthorized access.

What are the key features of blockchain technology? The key features of blockchain technology include decentralization, transparency, immutability, security, and automation through smart contracts.

Is blockchain only applicable to cryptocurrencies? No, blockchain has applications beyond cryptocurrencies, including supply chain management, healthcare, voting systems, and banking, among others.

What are the main challenges banks face in adopting blockchain? The main challenges banks face in adopting blockchain include regulatory hurdles, interoperability issues, scalability concerns, and integration with existing infrastructure.

How can banks overcome regulatory hurdles when implementing blockchain? Banks can overcome regulatory hurdles by actively engaging with regulators, participating in industry consortia, and adhering to compliance standards such as KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations.

[mrdanielwill0]

Daniel Will: Decoding the Varied Landscape of Blockchain Chains

Due to different application scenarios and demands, besides common public chains, private chains and consortium chains have been developed, better suited for enterprise and industry use.

In 2017, the ICO frenzy propelled the market to its peak, drawing public attention to Bitcoin and Ethereum. While Ethereum's smart contract ICOs sparked a trend, slow transaction speeds and fully transparent transaction details raised concerns for businesses and projects entering blockchain development. This led to the consideration of constructing blockchain for different use cases, giving rise to private chains and consortium chains, distinct from public chains.

Today, I'll swiftly clarify the differences and advantages between public chains, private chains, and consortium chains.

Public Chain — FOR EVERYONE

In a public chain, the entire blockchain system is openly transparent, allowing anyone to view its rules, mechanisms, and transaction records. Examples include Bitcoin and Ethereum. Participants can send their cryptocurrencies without restrictions, and anyone can become a node, maintaining the stability of the blockchain.

Advantages: All transactions are transparent; high decentralization. Disadvantages: Relatively slow transaction speed. Representatives: Bitcoin, Ethereum

Private Chain — FOR SPECIFIC INSTITUTION

A private chain is not open to the general public; authorization is required to become a node, making it suitable for confidential value transfers within a single company or organization.

Comparatively centralized, private chains are ideal for companies with sensitive transaction data. Analogously, public chain transactions are like public Facebook posts, while private chains resemble exclusive Facebook groups, ensuring only relevant individuals can access content.

Advantages: Fast transaction speed; maintains internal privacy. Disadvantages: Higher risk of hacking. Representatives: Quorum, LANE

Consortium Chain — For B2B

A consortium blockchain, a B2B architecture, involves companies or institutions acting as nodes, providing a trusted platform for value circulation between businesses.

The decentralization of consortium chains falls between public and private chains. It allows companies to establish common rules and specifications, increasing efficiency and reducing costs for value circulation. Commonly associated with banking, consortium chains enable banks to agree on a universally accepted accounting standard, facilitating secure and efficient value exchange.

Advantages: Fast transaction speed; high scalability. Disadvantages: High setup cost. Representatives: Hyperledger

Summary:

Public Chain: Open to everyone, transparent.

Private Chain: Typically for specific individuals within a private company.

Consortium Chain: Formed by a group of similar companies; members of the consortium can use it.

Their differences lie in the "allowed users and nodes," tailored to different application scenarios and objectives.

[burtonwilde]

Deciphering Blockchain Complexity: Burton Wilde on Public, Private, Consortium Chains

Deciphering Blockchain Complexity: Burton Wilde on Public, Private, Consortium Chains

Due to different requirements in application scenarios, in addition to common public chains, more suitable options for enterprise and industry use have been developed, such as private chains and consortium chains.

In 2017, the ICO frenzy pushed the entire market to its peak, drawing widespread attention to Bitcoin and Ethereum. Although Ethereum's ICO with smart contracts sparked a trend, the slow transaction speed (who can accept waiting 20 minutes for a cup of bubble tea!) and the complete transparency of transaction details (oh, all my business secrets would be exposed!) led many enterprises and projects interested in blockchain development to consider whether they could construct different applications for blockchain with different architectures. Private chains and consortium chains, unlike public chains, also became a focus of discussion.

Today, Lane Club will quickly help you understand the differences between them and their respective advantages.

Public Chain (FOR EVERYONE):

In a public chain, the entire blockchain system is open and transparent, and anyone can view the rules, mechanisms, and transaction records of this chain. Examples of public chains include Bitcoin and Ethereum.

Advantages: All transactions are publicly transparent, high degree of decentralization.

Disadvantages: Relatively slow transaction speed.

Representatives: Bitcoin, Ethereum.

Private Chain (FOR SPECIFIC INSTITUTION):

A private chain is not open to the general public; authorization is required to become a node, making it more exclusive. It is suitable for transmitting confidential values within a single company or organization.

Advantages: Fast transaction speed, maintains internal privacy.

Disadvantages: Higher risk of hacking.

Representatives: Quorum, LANE.

Consortium Blockchain (For B2B):

A consortium blockchain involves companies or institutions acting as nodes, typically seen in the B2B (Business to Business) framework, facilitating trusted platforms for value circulation between businesses.

Advantages: Fast transaction speed, high scalability.

Disadvantages: High setup cost.

Representatives: Hyperledger.

Summary:

Public Chain: Anyone can use and view all transaction information on the chain.

Private Chain: Usually restricted to specific individuals within a private enterprise.

Consortium Blockchain: Formed by a consortium of similar companies, and only members of the consortium can use it.

The key difference lies in the "allowed users and entities to become nodes," as their application scenarios and goals vary.

[bitsnblocks]

Discussing Quorum Blockchain Basics

Discussing Quorum Blockchain Basics

Quorum blockchain is in limelight for past some time and this is how I was prompted to learn quorum blockchain basics and read about quorum blockchain guides on the internet. I am trying to share my quorum blockchain learning experiences here.

This article may be considered as a part of quorum blockchain tutorial but it is not a quorum blockchain ultimate guide.

Recently, there were news that…

[oracle-global]

Excellence, Exquisite Techniques——Explore Oracle's technical system

With the rapid development of blockchain technology, more and more enterprises, institutions and individuals have begun to pay attention to and use this technology.

As one of the world's largest commercial database companies, Oracle's development in the field of blockchain technology has also attracted much attention. Today, we will explore Oracle's technical system together and explore its excellent techniques.

1. Oracle's technical system covers all aspects

As the world's leading enterprise-level database company, Oracle's technical system covers data management, application development, artificial intelligence, blockchain and many other fields, forming a complete set of technical solutions. Among them, Oracle's technology in the blockchain field has also been widely used and recognized by users around the world.

2. Oracle's deep innovation in the field of blockchain technology

Oracle's technological innovation in the field of blockchain technology is mainly reflected in the following aspects:

1. Oracle Blockchain Cloud Service

Oracle Blockchain Cloud Service is a blockchain cloud service launched by Oracle, which can provide a safe and reliable blockchain platform and enable users to quickly build blockchain applications.

This service can provide functions such as deployment, configuration, monitoring and management of the blockchain network, which greatly simplifies the application development and deployment process of the blockchain.

2. Oracle blockchain smart contract

Oracle Blockchain Smart Contract (Smart Contract) is a smart contract tool based on blockchain technology launched by Oracle, which aims to provide an easy-to-use smart contract development and management solution. The smart contract tool uses programming languages such as JavaScript and SQL, has a good development and debugging experience, and supports multi-language development.

3. Oracle blockchain on-chain data service

Oracle Blockchain Data Service (Blockchain Data Service) is a data storage service based on blockchain technology, which can integrate the data on the blockchain with the Oracle database to achieve fast query and analysis of blockchain data . This service provides an efficient and reliable data storage solution that can help users better manage and analyze blockchain data.

In addition, Oracle is also cooperating with many blockchain projects to further expand its technology system. For example, cooperate with the DeFi project Chainlink to provide data oracle services and provide more reliable data sources for DeFi applications; cooperate with the commercial blockchain project VeChain to use VeChain's blockchain technology to achieve trusted storage and verification of IoT data ;Cooperated with the public blockchain project Zilliqa to launch Zilliqa's oracle service to provide reliable external data sources for DApps.

In addition, Oracle is also constantly exploring new technology application areas. For example, recently, Oracle announced a partnership with ConsenSys to integrate Oracle Cloud with ConsenSys Quorum to launch a reliable enterprise-grade blockchain solution. This initiative will provide enterprise-level customers with more reliable blockchain solutions and promote the popularization and promotion of blockchain technology in enterprise applications.

In general, Oracle's technical system not only has strong decentralization features and high reliability, but also can seamlessly connect with various blockchain projects and applications, providing a solid foundation for the application expansion and promotion of blockchain technology.

Foundation. In the process of constantly pursuing technological innovation and application expansion, Oracle will surely become the backbone of the blockchain field, injecting new impetus into the development of blockchain technology.

[theterragreen]

Cryptocurrency for Climate Change

Many of us are aware of the current situation of our beloved planet earth and of that global warming is one of the serious issues since from the start. Science and technology have helped both ways in the degradation of our planet earth as well as in a positive way too.

In this blog we are going to talk about Cryptocurrency and does it result in climate change or not? I

am very sure that most of us are still unaware of the term Cryptocurrency or maybe few of us already know about it. Let’s clear what it actually is and know its pros and cons.

What is Cryptocurrency? In simple words, Cryptocurrency is a virtual or digital currency that takes help of cryptography for security. The whole cryptocurrency process works most importantly on blockchain technology. The most famous cryptocurrency is Bitcoin which was the first blockchain based cryptocurrency introduced. As of now, there are thousands of alternatives of Bitcoins also known as “altcoins” working in the world. Of them, the most familiar are Ethereum, EOS, and Cardano all of these holds the aggregate value of over $120 billion. Bitcoin holds 50% of all.

Cryptocurrency doesn’t have any centralized authority for controlling the transactions. Each cryptocurrency functions through distributed ledger technology, usually a blockchain that serves as a public financial transaction database.

This whole process and as per the future need, it requires a huge amount of electricity, which is why many types of research have been conducted in the past on bitcoin. As per the researches, it was concluded that due to the use of high level of electricity in the bitcoin it has resulted in climate change. As soon as this research was claimed steps were taken by many cryptocurrencies in order to save our planet earth.

What possible steps are taken or can be taken? After this whole scenario, the possible steps that are taken are the use of renewable energy instead of fossil fuel energy. It’s right the cryptocurrencies can use solar energy or windmill energy in order to produce a large amount of electricity. Few have already started and few have also opted for thermal power plant projects in order to save the planet earth from serious issues like global warming.

Do you know blockchain technology can fight climate change? Blockchain technology is one of the important parts of cryptocurrency without which the cryptocurrencies wouldn’t be able to perform at all. Bitcoin was the first to introduce this technology to the world and no doubt it is famous.

Now you might be wondering how blockchain technology is going to help us against climate change? Well, Humans with the help of science and technology have served and helped the world in various ways. Blockchain technology might not be familiar to many of us still but you won’t believe that it has already taken into consideration in many European countries already.

Let’s study in depth more than how this technology which is used as a list of records in the cryptocurrency can help us fighting the climate change.

Blockchain Technology. Blockchain was invented by the founder of bitcoin in 2008 in order to serve as the public transaction ledger of the cryptocurrency bitcoin. Blockchain plays an important role in the formation of digital currency that works without any central server or trusted authority. The primary use of this technology is to record transactions or as a distributed ledger for cryptocurrencies.

There are three types of blockchains.

• Public Blockchains

As per the name, it suggests that it is a blockchain that is open source and the public to all where no one is in charge. There is no rights or access management done for a public blockchain and anyone can be a part of the consensus. The most common examples of public blockchains are bitcoin and Litecoin.

• Private Blockchains

Goes with its phrase private this blockchain is opposite of the public blockchain. It is because every function that is open for all on a public blockchain aren’t open here to all. The best example of this private blockchain is Bank chain.

• Consortium Blockchain

Consortium blockchain differs from their counterparts public blockchains in that they are permission, but not just anyone with an internet connection could get access to a consortium blockchain. Hence, they are also known as semi-decentralized. Cryptocurrencies like Quorum and Corda are best examples of Consortium Blockchain.

After reading the above paragraphs I am sure that you are aware of this blockchain technology is, Now let’s know how does blockchain technology help fight against climate change?

While the UN Climate Change Conference, a lot of attention was put to the blockchain. Mostly for the protection of the data as it is regularly verified by its user and it’s a distributed database. Every information in the blockchain is kept on multiple blocks or servers. It is impossible to make a change in one block without others. Thus, it makes it being used by multiple parties, but with solid protection. All these pros make blockchain very useful in climate change tackling.

Where it can be applied? The most noticeable and important thing about blockchain was its provision of transparency. Which makes it easier for different parties and structure trading data to perform. This information will help to discover waste quotas and find a way to cut them.

With blockchain, we can avoid some energy trading drawbacks. The system can make certification processes easy and make small trades possible. Energy producers will get a chance to set their own value despite big corporations. Experts conclude blockchain can put green power in the hands of consumers. And already we have an interesting example.

The Netherlands, as an example, is operating on a new European Waste Transportation. This whole new operation is using blockchain technology. The supervisor of waste transportation in the EU is going to apply this process. Blockchain system will promise real-time control for all government companies and bodies. Also, it can free up human resources for more disputed tasks.

Conclusion. From all the above words and facts, we can conclude that, although the use of cryptocurrency has proved harmful for our climate, we can also help it in many ways. Blockchain technology which is an important part of cryptocurrency can help in fighting against climate change.

[bitcofun]

Blockchain-based options are changing how organizations and companies from various fields perform their organizations. From September 2021 to June 2022, the blockchain sector has actually gotten over $6 billion from around 40 top-tier business like BlackRock, Alphabet, Morgan Stanley and Goldman Sach. This plainly describes the faith of business and organizations in blockchain innovation and Web3 regardless of the bearishness. According to an August research study from Blockdata, 44 out of the top 100 public business internationally are utilizing blockchain innovation. These are business from Tech, media and telecom, customer and retail, health care, financing and more markets. With a lot space to grow, designers may feel overloaded when selecting a trustworthy blockchain platform for their organization. The next list makes up the leading business blockchain platforms resolving discomfort points in various markets and increasing Web3 adoption. 1. Ethereum Ethereum is a decentralized blockchain environment for negotiating cryptocurrency coins and tokens and producing decentralized applications (DApps) utilizing the platform's clever agreements. Ethereum's open-source facilities has actually enabled different companies, organizations, and business from all sectors to develop enterprise-grade blockchain applications for their services. A few of them utilize Ethereum-based platforms. Ethereum Enterprise Alliance is the company that supports and spreads out using Ethereum as a blockchain service to business. Some examples of Ethereum-based applications for companies are financial investment bank JP Morgan, which utilized Quorum, a personal Ethereum version for business to introduce the JPM Coin; and Microsoft, which utilized the Ethereum blockchain to produce an anti-piracy software application system called Argus. 2. Hyperledger Fabric Hyperledger Fabric is a blockchain structure developed by the Hyperledger Foundation. Enterprises can utilize this structure to develop permissioned (personal) networks with completely adjustable specifications. These applications are integrated in a modular, general-purpose facilities to utilize throughout various fields, such as supply chain, electronic banking, payment systems, and so on Hyperledger Fabric's network is made up of various members, comparable to network nodes. These members are companies like banks, banks, and other companies that carry out various jobs and can interact with each other 3. Alchemy Alchemy is a blockchain advancement platform that provides a diverse item suite that can be utilized throughout several blockchain networks, consisting of layer-1s like Ethereum, Solana, and Flow, and scaling services like Polygon, Arbitrum, and Optimism. Alchemy enables customers from Web2 to Web3 to develop or link their apps, such as crypto wallets, NFT jobs, and DeFi, to these blockchain communities and scale their companies. Alchemy streamlines the advancement procedure with the Alchemy SKD (Software Development Kit). 4. Outstanding Lumens Stellar Lumens is a layer-1 platform mostly created to offer monetary applications to designers, start-ups, and organizations. These apps can be utilized for property issuance, electronic banking, cross-border payments, remittances, CBDCs, and more. The Stellar network is governed by its neighborhood of XLM holders. All deals on the network are paid with XLM, and users can trade it along with other coins or tokens in the platform's decentralized exchange (DEX). Stellar Lumens permits organizations to develop digital representations of fiat currencies, like Argentine pesos or dollars, and negotiate them with their customers or organizations. These properties are exchangeable for conventional cash, as each token is backed by a comparable deposit. It supplies comprehensive documents and SDKs to assist designers develop decentralized applications. Designers can likewise request assistance and discuss their jobs in the Stellar Community Forum.

5. Avalanche Avalanche is a high-performance layer-1s in the DeFi sector. Its blockchain is made up of 3 various subnets that enable it to scale and improve its throughput to countless deals per second. Avalanche enables start-ups, organizations, and companies to develop and construct blockchain applications utilizing advancement tools, completely tailor their DApps or develop personal subnets within the Avalanche environment. Other functions are possession issuance, CBDCs, digital identity, and file tracking. 6. Polygon Polygon is an Ethereum layer-2 option that has actually been working carefully with companies of all kinds, from wearables and style brand names to payment processors and social networks platforms. Polygon acquires Ethereum's security parts, however it's much more scalable, quick, and cost-effective. This is the reason that a number of business are utilizing Polygon to improve their apps or develop brand-new systems on top of its blockchain. Instagram is utilizing Polygon to permit users to display NFTs on its platform. Payment processor and SaaS business Stripe leverages Polygon's blockchain to permit freelancers, material developers, and provider to pay in crypto. Adidas and Prada have actually introduced their NFTs collections utilizing the Layer-2. 7. Fantom Fantom is an Ethereum and Binance Smart Chain (BSC)- suitable blockchain that provides high-speed deals at a low expense and the tools to construct blockchain applications on its platform. Fantom provides business blockchain services around its consensus-as-a-service, permitting customers to develop public or personal blockchains with their own criteria and can be used to various usage cases. 8. Ripple Ripple is an open-source payment settlement platform for cross-border deals, remittances, and releasing CBDCs, developed in 2012 by Jed McCaleb and Chris Larsen. Ripple's core structure is comprised of a Merkle tree. This system secures blockchain information in private branches, permitting anybody to see particular deals without needing to download the whole tree information. Ripple's business options have actually been leveraged by lots of banks worldwide, consisting of Bank of America, SBI Remit, Novatti, and Banco Rendimiento. 9. Cardano-- Enterprise Cardano is a blockchain platform established by Input Output (IOHK) and integrates wise agreement programmability for various usage cases. Cardano Enterprise is Cardano's institutional-grade platform offering blockchain items to personal and public entities throughout various fields, consisting of universities, retail, farming, federal government, financing, and health care. One of its flagship items is Atala PRISM, a self-sovereign identity (SSI) system constructed on Cardano. It uses decentralized identifiers (DIDs) to protect IDs and qualifications on the blockchain and enables people to quickly share their information and accomplishments within their particular companies, whether it be universities, banks, or federal governments For farming, health care, producers, and other essential gamers in the supply chain market, Cardano provides Atala Scan, a supply chain tracking system that can validate the quality, history, and provenance of products utilizing "wise seal," a sort of label including a near-field interaction (NFC) chip, and little sufficient to be integrated in bottle caps.10 Tezos Tezos is a blockchain platform enabling Web2 business to utilize blockchain innovation throughout all fields, consisting of NFTs, DeFi, CBDCs, cross-border payments, and payment systems. Tezos has actually been a crucial gamer in speeding up cryptocurrency and blockchain innovation to the traditional world. Its collaborations and case research studies list consists of McLaren, Manchester United, Red Bull, and Misfits Gaming. In 2020, Societe Generale, a French international banks, utilizes the Tezos blockchain to release a CBDC for interbank settlements. By 2021, Tezos partnered with video game publisher Ubisoft to present NFTs to Tom Clancy's Ghost Recon Breakpoint.

This was the very first time a significant computer game business transitioned into Web3. Final Thoughts: Blockchain for Enterprises These business blockchain platforms are providing ingenious methods to resolve decades-long discomfort points throughout various markets, and have differing network expenses. Other blockchain platforms have a various focus: to bring Web2 platforms like social networks business into Web3, providing huge chances throughout DeFi, NFTs, and more for their companies and applications. However, Web3 is still in its infancy with a lot of experimentation. Whatever it is, the quantity of cash put into these blockchain-based services is testimony to the faith lots of organizations and business have in this innovation. Never Miss Another Opportunity! Get hand chosen news & & details from our Crypto Experts so you can make informed, notified choices that straight impact your crypto revenues. Subscribe to CoinCentral complimentary newsletter now. Read More

[the-proven-guide]

WHAT IS CRYPTOCURRENCY: ULTIMATE BREAKDOWN-ORIGIN AND FUTURE

Cryptocurrency is a digital or virtual currency that uses cryptography for security. A digital or virtual currency which operates independently of a central bank. This means that they are able to transfer money without going through the banking system. A cryptocurrency is difficult to counterfeit because of this security feature. A defining feature of a cryptocurrency, and arguably its most endearing allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation. The most well-known cryptocurrency is Bitcoin, but many others, such as Ethereum, Litecoin, and Tether, are also available.

THE ORIGIN OF CRYPTOCURRENCY

In many ways, passion and vision are the drivers of the cryptocurrency industry for a better future. It is both a technology and a social movement that seeks to revolutionize the world by removing friction from financial transactions. Through their decentralized nature, blockchains are censorship-resistant, secure, and fair, with protocols such as proof-of-work and proof-of-stake to establish real consensus on the blockchain.

Bitcoin

The origins of cryptocurrencies can be traced back to the 2008 financial crisis, which led to the introduction of Bitcoin in 2009. As a result, cryptocurrencies are now considered the second largest market capitalization asset class, ranking right behind stocks with a total value surpassing $135 billion and over $1 trillion in monthly trading volume. Recent talk about bitcoin is all around. The question on everyone’s mind is: how does it work?

The answer to this question lies in understanding Bitcoin’s history. Bitcoin was created by a group or individual known as Satoshi Nakamoto. It uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is described by a white paper called the Bitcoin Whitepaper. In the whitepaper, Satoshi describes the system and its problems.

He also laid out a solution to the issues he was addressing. The answer was a new digital currency, which would be decentralized (each party would need to have their wallet) and efficient (the miners that confirm transactions could use their hardware resources to solve an algorithmic puzzle, allowing them to make money by doing so).

The success of Bitcoin has led to thousands of other cryptocurrencies, with hundreds being created every month across different countries. However, cryptocurrency markets are not without their challenges, such as scalability and regulations. In addition, it is essential to note that cryptocurrency technology is still in its infancy, and many more developments are expected along the way.

Despite its short history, the blockchain’s potential is being harnessed daily. For example, the blockchain can provide an immutable record of transactions that can be verified via public or private key cryptography. This allows for near-instantaneous and transparent trading, creating a trustless environment and providing an audit trail of all activity.

Ethereum

Ethereum is a public blockchain-based distributed computing platform for smart contracts. This is the article about its origin, defining terms related to the project, and its development. Canadian-Russian programmer Vitalik Buterin first proposed Ethereum in 2013.

Since then, it has been adopted by two prominent software companies (the Gnosis prediction market and Quorum) and dozens of start-ups and technology companies, such as Microsoft and OmiseGO. It has also undergone several adaptations that have modified some features, like mining or crowdfunding. Still, it remains open-source software with no central point of control or proprietary rights being conferred upon any organization or individual within the network.

With a few modifications to its underlying protocol, Ethereum utilizes the blockchain technology that was first introduced by the Bitcoin network. It has one type of digital token called ether that is used to execute smart contracts on the platform. It is also the first blockchain to utilize smart contracts, which allows developers and programmers to create applications on top of its blockchain. 

The most significant difference between Ethereum and Bitcoin lies in their respective mining methods. Bitcoin mining (which is used for creating bitcoins) requires a lot of energy due to its proof-of-work mechanism called “Hashcash.” In contrast, Ethereum uses an alternative approach called “mining,” which requires less energy consumption and operates an additional component called “Gas.” 

Ethereum maintains an extensive network of approximately 20,000 developers and programmers. It is currently the second most valuable cryptocurrency in terms of market capitalization and has a current supply of around 80 million ethers. In addition, it has been the most significant cryptocurrency for trading among exchanges for almost all the years between 2014 and 2017.

Even though it is open-source software without any additional formal rights granted to any organization or individual within Ethereum, Vitalik Buterin, the founder of Ethereum, has received several awards for his contributions to the project.

Ethereum estimates its energy usage will decrease by 99.95% once it closes “the final chapter of proof of work on Ethereum.” The Role of Consensus in Crypto Both proofs of stake and proof of work rely on consensus mechanisms to verify transactions. (Forbes)

The Ethereum Foundation, an organization that oversees many aspects of development on the Ethereum platform, was launched in July 2015 as a non-profit organization in Switzerland. Its initial funding came from a pre-sale of ether (ETH) tokens launched by the Ethereum Foundation before launching its first test network and genesis block. Its budget has primarily been based on the value of ETH tokens issued in early crowd sales, making it one of the most funded digital currency projects until now.

THE FUTURE OF CRYPTOCURRENCY

Investor optimism is rising after the most volatile year of Bitcoin’s existence. In Q3 2017, significant cryptocurrencies experienced more than a 50% increase in their value. This has led to people worldwide investing in a new asset class: cryptocurrency. But, what will the future of cryptocurrency look like? One of the biggest questions surrounding blockchain is how it can be used to solve problems outside of the financial industry.

The reality is that there are many advantages to using a system like Ethereum for things other than decentralized contracts. Many non-financial companies have already begun using blockchain to solve real-life problems. Large organizations like Accenture and Microsoft have recognized this potential and worked on solutions allowing businesses to track products and services throughout their lifetimes.

This has also led IBM to start testing blockchain in supply chain management processes with Walmart and other major companies. The blockchain could be used to solve real-world problems in a way that traditional databases have failed to do. The question is, how can we make this happen?

The blockchain offers an important service that is often overlooked. It allows anyone to upload static data onto a public ledger and link it to other data on the network. This means you can create your joins on a public database and gain access to more data than you originally uploaded. For example, if you made a blockchain containing metadata about books, you could have it link up with another blockchain containing price information for those books. This would allow users to search for any text in your database and find where they can get the best deal online.

Cryptocurrency Prices

The price of Bitcoin increased in 2017 by more than 1,800% as it became more widely used. At the beginning of 2018, bitcoin made new all-time highs, and many other currencies did too. Cryptocurrency is becoming a growing phenomenon that is slowly taking over the world. However, cryptocurrency prices are volatile, which makes this investment highly risky. 

While the original cryptocurrency is down by 35% year to date, Bitcoin has seen an appreciation of more than 1,000% over the past five years. (Forbes)

One should not invest more than one can afford to lose. Below, I have put together a list of helpful websites that can help you track the history of cryptocurrency prices and trends to research before investing in cryptocurrency.

CoinMarketCap:

A cryptocurrency price index site that allows you to buy and sell any cryptocurrency anywhere in the world. This site lets you easily track the price of Bitcoin, Ethereum, Ripple, and other major currencies.

CoinGecko:

CoinGecko is a website that was launched in 2014 to offer data about cryptocurrencies. After being a part of the initial project, it has been developed into an application for all iOS and Android users. This information network helps you make smarter investment decisions by providing all the necessary tools for cryptocurrency market analysis. CoinGecko has been translated into 11 languages, with support from countries like Poland, Russia, India, Indonesia, Vietnam, and much more.

TradingView:

an excellent source for analyzing charts and graphs with technical analysis indicators such as Bollinger Bands, MACDs, and RSI to analyze the price of a cryptocurrency. It also has diagrams of stocks, Forex, and other financial markets. They have their news section where you can see all their articles on one page.

Bitmex:

This website allows you to trade cryptocurrencies for other cryptocurrencies, bitcoins, and other commodities like gold and oil without using any intermediary platform or broker. You can deal with margin trading online. If you believe that the value of a particular cryptocurrency will increase, then using this website would allow you to make money while investing in these positions, which means that your profits will increase on a percentage basis. Your investment amount will increase as well.

Regulation

Cryptocurrency’s unregulated nature has been both a blessing and a curse for the industry. It’s helped make crypto more accessible to consumers and investors alike, but it’s also made it more difficult for people to use cryptocurrencies for payment.

To help improve the state of cryptocurrency regulation, experts have been working on regulatory frameworks that aim to create a balance between security and accessibility.

Regulation can help remove ambiguity from the crypto market and give lawmakers insights into how people use their crypto coins. This information could help inform future policies and regulations, making them more effective and less damaging to the industry.

Scalability

The term “cryptocurrency scalability” refers to blockchain-based cryptocurrencies like Bitcoin and Ethereum ability to process more transactions on a given network. Scalability is the capacity of a cryptocurrency to handle a high volume of simultaneous transactions. As cryptocurrencies have become increasingly popular as a means of payment, this problem has become increasingly crucial for the future of these currencies.

Blockchains are limited in the number of transactions they can process per second due to the “block size.” The average block size for Bitcoin is 1 megabyte (MB), which vastly limits its capacity to process transactions. For example, with just 1 MB blocks, Bitcoin could only support seven transactions per second (TPS). Compare this with VISA or MasterCard, which have peak capacities of 45000 TPS and 24000 TPS, respectively.

To address these fundamental issues faced by cryptocurrencies like bitcoin, new blockchain incentivized protocols that use different consensus algorithms and propose new block sizes are being developed. These proposals have pros and cons, but the touted benefits of these new systems include support for a broader ecosystem of services and improved scalability.

CONCLUSION

Cryptocurrencies use various technologies, such as cryptography, blockchain, and distributed ledgers, to regulate the generation of currency units and verify the transfer of funds. As a result, cryptocurrencies represent a lucrative investment opportunity for traders and investors but can be highly volatile because their value is mainly unregulated (although this is changing). As such, many traders are solely interested in obtaining returns without the risks of loss.

Cryptocurrencies are anonymous (unlike physical cash), making them especially attractive for criminal enterprises and confidential transactions such as money laundering or drug dealing. The volatility of cryptocurrency markets has made them popular targets for hackers who target exchanges, causing significant damage to these platforms and resulting in stolen cryptocurrencies or market manipulations. 

[primorcoin]

New Post has been published on https://primorcoin.com/quantum-based-random-number-generator-for-web3-games-and-wallets-launched/

Quantum-based random number generator for Web3 games and wallets launched

Researchers at Australia National University have teamed up with blockchain oracle provider AP13 to launch the first Quantum Random Number Generator (QRNG).

The joint effort will allow Web3 entities to access a completely unpredictable random number generation system that is highly secure and free to use.

Random number generators are not new, but the QRNG system is the first of its kind to generate a random number using quantum mechanics. This provides the first genuinely random number mechanism beyond the pseudo-mathematical systems currently used that may be biased or repeated.

There are several traditional applications for random numbers, such as gambling and lotteries, sports and competitions, and sampling and statistics. As more organizations look to embrace the world of Web3, a tamper-proof and true random number generator not reliant on third parties will be required.

API3’s QRNG measures random quantum fluctuations in phase and amplitude of an electromagnetic field in a vacuum to guarantee unpredictable randomness and generate the numbers. Aaron Tranter from the ANU Research School of Physics explained the process to Cointelegraph:

“Quantum mechanics predicts that a vacuum, generally regarded as the absence of ‘things,’ actually contains particles popping in and out of existence. This is the origin of the term vacuum noise. This noise is fundamentally random and can actually be measured using a laser, optics and some fast electronics. We measure these fluctuations and convert them into random numbers which are then served to the AWS cloud for distribution via an API gateway.”

The system is currently available as an application programming interface (API) for 13 blockchains, including Ethereum, BNB Chain, Arbitrum, Avalanche, Optimism, Polygon, Fantom and Moonbeam. Users do not need to pay for the service, but there will be a minor network fee for calling the API.

Web3 and metaverse gaming could be one of the biggest beneficiaries of these kinds of systems, as games continuously rely on a degree of randomness and unpredictability to keep players engaged.

Blockchain-based gambling applications would also greatly benefit from a tamper-proof random number generator, resulting in greater trust in the betting platforms.

Tranter added that people can use random numbers for whatever application they want, from the generation of unique nonfungible tokens (NFTs) and artwork to automated decision making. He explained:

“For example, if you wanted to draw randomly from a pool of clients for a task then you would want to ensure that you are truly sampling randomly. This could include distribution of resources, assigning of tasks and even decentralized quorums for voting.”

He added they could also be used for crypto wallet generation since the current solution of pseudo-random number generators can often result in repetition or have complex patterns that could be exploited. “A QRNG is guaranteed to be truly random by the laws of quantum mechanics, removing this loophole,” he added.

Related: Quantum computing to run economic models on crypto adoption

Web3 applications that involve public participation such as random token distribution or drawn winners will also benefit from a tamper-proof system.

API3 QRNG is hosted by the Australia National University Quantum Optics Group on Amazon Web Services (AWS), and all data passed between servers is encrypted. Additionally, the random numbers are destroyed after use, so the firm never has access to them.

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#Blockchain #BTC #CryptoNews

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Top 3 use cases of blockchain technology that enterprise software use

 Government OrganizationsMedical services

Enterprise blockchain refers to the use cases of blockchain technology in commercial software products rather than to the technology itself. The corporate blockchain, according to blockchain specialists, is the ideal solution for major businesses to meet all of their requirements. These application cases of blockchain may be better understood with a Blockchain course. In this section, we'll look at three of the most popular blockchain applications for corporate software. What it is, how it works, and how it might be used in various scenarios are all covered.

 What is an enterprise blockchain?

A blockchain is a distributed system that relies on decentralisation for its success. It fosters a sense of trust, openness, and stability. The blockchain may be thought of as a list of linked squares. Connected records and pointers are used to do this.

In addition, a corporate blockchain provides critical features that enable operation on a large scale possible. The blockchain has an entirely distinct set of needs for businesses. Another need is for an effective and efficient blockchain solution. Complex needs may be handled by the business blockchain, according to specialists in the field.

 Enterprise Blockchain Use Cases

In this article, we'll go through the three most common ways that corporate blockchain may be put to use in business applications.

  Banking and Finance

Big business blockchain has been most warmly received by the financial industry. Business blockchains come in many shapes and sizes. When it comes to a blockchain arrangement for money, Quorum is a good example.

The reform is also being supported by a big number of exchange finance groups. As an example, several of the world's largest financial institutions are working on blockchain technology. They're working on a better blockchain so that specialists and other key groups can collaborate.

This might save the banks and financial sector a lot of money. Cross-line settlements, for example, may save them money.

The future of exchange-traded funds is really promising. It will have a significant impact on a wide range of financial markets. The financial trade and the necessity for transparency will be well-understood via blockchain technology training. But in order to come up with a reasonable solution, we need to know what it will influence.

 1. Worldwide Payments

2. Exchange Finance

3. Mechanized Compliance

4. Partnered Loans

5. Protection - P and C Claims Processing

Government Organizations  

States have a razor-sharp focus on blockchain. When everything is said and done, it has the potential to alter the way an administration runs. It is possible for them to improve their frameworks via the use of the blockchain technology.

Governments with more sophisticated capabilities may also mobilise assets such as resources such as land and businesses to form a more decentralised structure. It improves productivity in several ways.

Ultimately, what's in store for the public authority that employs blockchain? Many things, to be sure. As an example, every government may create a GovChain Stack. It also touches on a variety of government functions. Executives will like the clear standards and detailed budgeting that are part of the package as well. The government may one day have its own blockchain platform for citizens to access.

The public authority can use blockchain in more than one way.

1. Instruction and expert capabilities

2. Shrewd urban areas

3. Credits

4. Following Vaccinations

5. Finance Tax Collection

  Medical services

It's no secret that medical institutions are always looking for new methods to cope with their own cyclical nature. The current state of medical care needs a major overhaul. There is no real connection between the several warehouses. There are various issues in the medical profession, including the theft of patient data and the distribution of counterfeit medications.

After this, patients still have to bear the burden of reporting their findings. It's impossible for experts to access the patient's complete medical records in a single location. Drug credibility is another major struggle that has to be won. For patients, this is a major problem, since they are taking counterfeit pharmaceuticals that are causing them much more harm.

 All of the problems listed above can be solved with an enterprise-level blockchain. It removes the united components of information accumulation from the outset. In addition, it gives patients the freedom to retain and retrieve their medical data anywhere they choose. It is possible to monitor the whole supply chain thanks to the use of blockchain technology. It suggests that the problem of phoney medications may be resolved in the end. So, if you want to create a medical app, you'll need to be well-versed in blockchain technology.

However, the future of medical care might drastically alter thanks to blockchain technology. ' It has the potential to impact patient consent, data security, drug detection, and a slew of other things.

 Conclusion

Blockchain's utility and appeal are both increasing at a fast pace. Blockchain technology has now being used by all enterprises. Blockchain is also essential for businesses because it provides security, transparency, and efficiency. Job opportunities in this industry are also increasing.. Students are becoming interested in blockchain education. It's not only businesses that are embracing blockchain technology. The future of one's profession may be bright with the help of blockchain technology. If you want to understand more about blockchain technology, now is the time.

[charteredaccountantjanakpuri]

Blockchain- Beyond Cryptocurrency

Blockchain is a topic that is the most popular among the crowd at the moment. It's a topic that is disruptive, accelerating and that may be your elevator pitch. Let's have a bird-eye view on this.

Imagine yourself as a bird flying high in the sky, and down you observes that the world is divided into blocks, blocks of massive information. But how can this information work for good if there is no common link between them? Here is the point when the word "Chain" comes into the picture.

Blockchain is the most talked-about form of distributed ledger technology. It works on decentralized & distributed ledger technology that stores transactional records in blocks, and it is accessed by the participants globally over the network. Every time a transaction takes place, a block is formed, which further develops a chain. It creates an irrevocable record of transactions that could not be undone. Blockchain organizes a peer-to-peer network that provides participants with a platform to communicate among themselves over the web & increases confidence, security, transparency, and the traceability of data shared over a network and delivers cost savings with new efficiencies.

Blockchain will gain you an edge as it is an open-source ledger; every transaction made is public, which leaves no room for fraud. The integrity is monitored by minors who have their eyes on all the transactions; hence it is more secure. It is responsible for keeping a record of all the transactions that cannot be revoked or manipulated. The user public can view transactions data at any point. This makes online transactions even more secure. Blockchain solutions can offer a speed of 100 to 10,000 transactions per second, hence saving your time.

But to implement this technology, you need to take care of a few critical things, such as the application must be updated on both ends of the P2P network. If any end doesn't accept the amendments, technology will fail. If you plan to have business applications, then they must have some business logic behind them. This logic specifies how applications will perform within the sphere of business needs. By nature, blockchain uses more stringent logic that won't allow you to redesign without leading to the need for logical business changes to be acceptable to the blockchain solution. Now, blockchain is a complex set of protocols that require a big brain to solve Hyperledger, multichain, Corda, quorum theorems which one can't manage at the sole level; hence enrising the need to involve some third party help to add new features and expand the application without redeployment of the network.

Types of Blockchains: Deciding which one is better for your business.

The most basic function of this technology is to carry out transactions or exchange of information through a secure network. But the way people use blockchain varies from case to case. For instance, if we talk about Stock Market/Crypto, the reason blockchain got hyped into the scenario. Shares are digital holding certificates that get traded through blockchain technology. It is a type of blockchain in the nature of a public network giving the right to people from all over the world to become a node, verify other nodes and trade shares.

On the other hand, let us take an example of a bank using a private blockchain network. It is a restricted network where only concerned persons/employees of the bank can access confidential information. Thus, anyone out of this closed network can not gain access to the bank database. A private network is more bound to have only authorized nodes that a network admin must initially monitor. The information transmission through a private blockchain remains within the network. Any new node that wishes to become a part of a private network needs permission from the network admin. The bank decides the scale of their private blockchain for all their branches in a country.

Another famous type of blockchain that exists is Hybrid Blockchain. Some information can be circulated in a private blockchain network, and some parts can be mutually agreed to flow in a public blockchain network. The hybrid blockchain is so flexible that users can quickly join a private blockchain with multiple public blockchains. A transaction in a private part of a hybrid blockchain is usually authenticated within that network. But users can also shoot it in the public blockchain to get verified. The public blockchains increase the hashing and involve more nodes for verification, which enhances the security and transparency of the blockchain network.

Worry not with Blockchain Technology

Each block holds a unique hash number and a key link that connects it to the previous & next block in a blockchain. The blocks cannot be altered. If there is any replacement, the hash sum would be altered, and the block would longer be valid, which further will lead to invalidation of the whole chain as each block is interconnected with the previous & the next one.

Your all transactions are secured by cryptography. Each block contains a unique and private key that can be verified with a public key. If there is any change in transaction data, the block's unique key becomes invalid. As a result, the block is dismantled from the chain, again remembering each block of the chain is interconnected.

The security of blockchain also depends on its decentralized and distributed nature. Failure is never at any single point as every block is interlinked, making it much harder to corrupt, thus making it invulnerable. Hacking into any one part of the system cannot affect other parts. However, in the case of a private blockchain, this advantage is partially lost as they have a single point of control and a limited number of nodes. This restricts users from making changes to the ledger. Organizations operate these kinds of blockchains for their internal use, allowing the company to control its processes.

There is no principal body to authenticate and verify the transactions, yet every transaction in the blockchain is presumed to be completely secured and verified. It is because of the presence of the consensus protocol on which blockchain works.

A consensus algorithm is a process through which all the peers in the blockchain reach a mutually predecided agreement about the present state of the distributed ledger. In this way, consensus achieves reliability in the Blockchain network and establish trust between peers in a distributed network. Most importantly, the consensus protocol verifies whether the new block that is added to the blockchain is the sole version of the truth agreed upon by all the nodes in the blockchain.

To sum up, the blockchain is a peer-to-peer framework that offers the potential to transform current business processes by disintermediating central processes, thus improving efficiencies and creating an immutable trail of transactions. This provides the opportunity to reduce costs, interaction times and improve transparency for all the users. This transformational framework could change the way financial institutions conduct business as many transactions are peer to peer in nature.

While the benefits are in front, there are many risks that may be imposed by this nascent technology. Understanding of blockchain technology and its associated risks may evolve as this technology endures to mature. It’s therefore imperative for all organizations to continuously monitor for the scope of development in this technology and its application to various cases.

Blockchain technology contains the potential to reengineer business models from a human-oriented model to an algorithm oriented model, which might expose businesses to risks that they have not encountered before. In order to react to such risks, businesses should consider establishing a robust risk management strategy, governance, and controls framework.

Future Of Blockchain

 Blockchain is already picking up the pace, here are examples of successful blockchain projects:

Helium is a decentralized wireless infrastructure. The network allows everyone worldwide to connect to the infrastructure wirelessly without having any expensive data plan. By using their plug-and-play hotspots, anyone from anywhere can join the Helium network.

 Forward Protocol is a decentralized knowledge protocol that emancipates education by rewarding the users with the “earn well, learn well” model. It incentives students for completing a course and provide royalties to teachers when their students finish a project. The protocol aims to link job seekers with the vacancies such as Monster, Upwork, and Fiverr.

 Theta TV is a decentralized video streaming network that allows us to watch content, earn virtual currency and give total administration to the content maker. Many YouTubers are also publishing videos on Theta since they can get 100% of the profit generated.

 Future of Blockchain in Accounting

 In the long run, Blockchain proves to be a disruptive technology for accounting like digital photography disrupted the conventional film photography, pagers & land-line phones were utterly disrupted by mobile phones. 

 Blockchain is a multi-faced technology that also plays the role of accounting technology, which helps with the transfer of ownership of assets and maintaining a ledger with accurate financial figures. Implementation of blockchain assists in increasing the potential of the accounting profession by reducing the cost of maintaining and reconciling ledgers. This strength may be a threat to accountants as automation in reconciliations cut the work of accountants. But, Blockchain empowers the accountants that assets exist with proven authenticity.

 We have always come across double-entry bookkeeping when talking about accounting, but Blockchain works on triple entry bookkeeping. Now it will be, with Blockchain, each transaction will be recorded by the third party/all blocks, and the third party/block verifies each transaction (Cryptographically), and a receipt will be issued. What will be the outcome of the same? Every transaction will be simultaneously recorded in the books of a third party to be verified by the Blockchain. As the transactions are entered in three places, and hence called as Triple entry system.

 How will it change the attitude of Accountants towards the work? Well, Blockchain proves to be disruptive, but when coming to betterment, it has its gain over in the following manner:

 Accountants are experts in recording, bookkeeping,application of taxation and related rules, with theBlockchain Technology; they get opportunities to becomeBlockchain advisors and can join the blockchain network.

 Accountants can spend less time on identifying errorsand mistakes and reconciliation work; instead, they canconcentrate on areas like technical knowhow, advisory and related activities.

 To conclude, while the landscape for Blockchain technology is still in its infancy, its potential is transformational. Blockchain protocol offers the greatest opportunities for change in various accounting mechanisms and creates a new platform to reshapethe world of business and transform the accounting and auditing profession. Its potential disruption in theaccounting industry cannot be overlooked. Various past developments, such as the emergence of computers, ERPsystems, and cloud computing, have just changed theauditors’ work instead of making them irrelevant. Auditorswill need to develop a more data-centric approach anduse it with a forward rather than historical perspective.In this way, the auditors will be able to provide a veryhigher-valued service. Firms adopting new technologies pretty earlythat account for these potential disruptions will be better off in the long run. 

 Authored by Himanshu Sharma & assisted by Simar DS

For any queries or suggestions, reach at info@manishanilgupta.com

Source: https://www.manishanilgupta.com/blog-details/blockchain-beyond-cryptocurrency

[truthblockchain]

Ant Group, Baidu and More Blockchain Stars

Ant Group

Hangzhou, China

Alibaba spin-off Ant has more than 50 blockchain applications in development on its own blockchain platform, AntChain. One notable example is OpenChain, which launched in 2020 to enable small and medium-sized enterprises to tap its blockchain technologies and smart contracts as a way to lower costs. So far more than 6,000 users have written 100,000 smart contracts, facilitating 400 million transactions.

Blockchain platforms: AntChain, Hyperledger Fabric, Quorum

Key leader: Geoff Jiang, VP of Ant Group, president of intelligent technology business group

Baidu

Beijing, China

China’s search giant and its fintech venture Du Xiaoman Financial have introduced morea than 20 blockchain solutions. One of them, Libra Chain, is serving as the infrastructure for China’s three internet courts handling copyright and e-commerce disputes through virtual litigation. To date, more than 35 million pieces of electronic evidence have been filed at the Beijing Internet Court.

Blockchain platforms: Baidu Xuperchain, Hyperledger Fabric

Key leader: Wei Xiao, general manager of the blockchain systems department.

https://www.forbes.com/sites/michaeldelcastillo/2021/02/02/blockchain-50/?sh=31fef541231c

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FTX buying Blockfolio continues consolidation trend in crypto industry

FTX buying Blockfolio continues consolidation trend in crypto industry

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The past few months have seen a number of major crypto companies facilitate some serious big-money acquisitions. For example, on Aug. 25, blockchain software firm ConsenSys bought out JP Morgan’s enterprise-variant of the Ethereum blockchain Quorum. Similarly, earlier this year, global cryptocurrency exchange Binanceannounced that it was acquiring CoinMarketCap, one of the most referenced…

[goforcrypto]

FTX buying Blockfolio continues consolidation trend in crypto industry

FTX buying Blockfolio continues consolidation trend in crypto industry

Major crypto exchanges are consolidating smaller, niche services to expand their overall market reach.

The past few months have seen a number of major crypto companies facilitate some serious big-money acquisitions. For example, on Aug. 25, blockchain software firm ConsenSys bought out JP Morgan’s enterprise-variant of the Ethereum blockchain Quorum. Similarly, earlier this year, global…