Block360

Blockchain Development & Consultancy

0.00/5 (0 Reviews)
We started our company in 2017 to develop blockchain and exchange infrastructure for Global Currency Union. Since then we are constantly developing state of the art solutions for financial services and machine economy.
< $25/hr
10 - 49
2017
Germany
Block360
Blockchain Development & Consultancy
0.00/5 (0 Reviews)
The blockchain technology that was envisioned to disrupt the current business enterprises at a staggering rate has been witnessing some resistance from the business owners. It is because there are few bottlenecks that prevent blockchain from becoming the digital backbone of the organizations.  By overcoming these challenges developers can re-kindle their hopes on this technology once again. Let shed some light on those challenges.  Biggest barriers to blockchain adoption  ( Image: fao.org)  1) Scalability  Rising numbers of blockchain user, investors, tokens, and startups the blockchain is facing serious issues with scalability. Bitcoin blocks were originally hard-capped at 1MB or around 2,020 transactions, but in reality, the market demand is for infinite numbers. Besides, that bitcoin can handle only 3 or 4 transactions per second. For full-scale blockchain operations ( between consumer and business), it should be able to process hundreds or thousands of transactions per second. Even ethereum can only handle 15 transactions per second. One way to deal with this issue is to increase the block in the chain, but there is one more obstacle. It could become an expensive affair for blockchain users with more blocks and less transaction speed; the whole idea of decentralization would become meaningless.  2) Legal and compliance issue  Blockchain resides on a computer or nodes located anywhere in the world. It does not fall under any jurisdiction boundary; if there is any fraud, there is no one you can blame. Take bank example, if your cheque bounces, the bank is liable to answer you. It can even take action against the defaulter. Here there is no governing law and jurisdiction to determine the rights and obligations of the user.  3) Network speed and transaction cost  Network nodes store the UTXO database in RAM, and naturally, RAM is a limited resource. As the database grows, it becomes more expensive to maintain. Bitcoin can handle approximately 60 transactions per second, which is very less when compared to Visas 47000 transactions per second. In order to match Visa speed or any fiat currency, the transaction speed needs to be improved. To handle more users and more transactions, more nodes are required to process them. And maintaining and running those nodes are not cheaper. On top of that, transaction fees levied by miners could escalate with more users.  4) Immutable data  A blockchain is immutable. It means that we cannot correct the mistake if there is any. It can only be fixed by adding another block to the chain with the agreement of all the participants. It can be a time-consuming and expensive process. One cannot wholly deny human error while updating blockchain data, and the risk of wrong interpretation of data stays with Blockchain.  5) Lack of professionals  In the midst of the controversy about blockchain viability, a survey-report released by LinkedIn suggests that the blockchain is one of the top 10 most in-demand hard skills in 2020. But it is also true that blockchain positions remain unfilled as there is a shortage of qualified IT workers.  6) ICO (Initial Coin Offerings) investment  Though ICO is envisaged as a future investment, there is a lot of risks associated with it. Currently, it is unregulated. Investing in an ICO is risky whether you choose an Ethereum ICO or a Bitcoin ICO. Also, if some fraud or scam takes place, there is no authenticated regulatory body to conduct the investigations. Also, the existing regulations don’t cover blockchain smart contracts. It could inhibit investment in blockchain, which eventually prevents the rolling of blockchain technology in the real world at his full capacity.  7) Illegal Trading  If blockchain ensures secure transactions without relying on the third party, it also opens the gate for illegal trading. “Silk Route” is the best example of it. The website enables users to browse the site without being tracked and make illegal purchases in bitcoins. There are no defined rules in the system to prevent or monitor such unlawful trading.  8) Protecting IP ( Intellectual Property)  One area that shows the clear application of Blockchain is towards IP property ( Copyright) Currently, you can find owner names, registration dates, and titles in the Copyright Office online records. But not about what is actually registered without going to the Copyright Office. This could be solved by blockchain. Some countries’ jurisdictional courts are positive about the blockchain significance in protecting IP. However, it will take a long time for its full-fledged adoption in law. Also, due to slow ticking transaction processes in Blockchain, IP experts will still be required for legal matters and examinations. One of the major concerns with blockchain is copyright information that was entered incorrectly.  9) Smart contract limitations  In some scenarios defining smart-contract would be difficult. For example, to define rules to pay insurance to the farmers on the failure of crops owing to excess rain or drought. The smart contract would collect weather data and plant growth information, and based on that, they will pay out the insurance amount. The data in the smart contract are immutable, so the question is whether the data gathered would be accurate. Also, for highly populated countries, would it be feasible to pay a large number of farmers through blockchain.  10) Blockchain Interoperability  One might not charge Apple phone with a Samsung charger or vice versa because their chargers are designed for specific devices. Similarly, each blockchain provider has a specific language and rule that could work only for that particular platform or blockchain. Like Bitcoin cannot work in Ethereum or Ethereum cannot work in Ripple and so on. For consumers, the blockchain could add meaning if these blockchain starts talking with each other. The businesses that are residing on the different platforms can share all their documents or info easily without worrying about the platform’s building blocks.  11) Blockchain audit  Traditional audit methods use readily-available, historic data ledger, or audit trails. Blockchain environments are real-time and do not supply historic ledgers that allow for audit.
The blockchain technology that was envisioned to disrupt the current business enterprises at a staggering rate has been witnessing some resistance from the business owners. It is because there are few bottlenecks that prevent blockchain from becoming the digital backbone of the organizations.  By overcoming these challenges developers can re-kindle their hopes on this technology once again. Let shed some light on those challenges.  Biggest barriers to blockchain adoption  ( Image: fao.org)  1) Scalability  Rising numbers of blockchain user, investors, tokens, and startups the blockchain is facing serious issues with scalability. Bitcoin blocks were originally hard-capped at 1MB or around 2,020 transactions, but in reality, the market demand is for infinite numbers. Besides, that bitcoin can handle only 3 or 4 transactions per second. For full-scale blockchain operations ( between consumer and business), it should be able to process hundreds or thousands of transactions per second. Even ethereum can only handle 15 transactions per second. One way to deal with this issue is to increase the block in the chain, but there is one more obstacle. It could become an expensive affair for blockchain users with more blocks and less transaction speed; the whole idea of decentralization would become meaningless.  2) Legal and compliance issue  Blockchain resides on a computer or nodes located anywhere in the world. It does not fall under any jurisdiction boundary; if there is any fraud, there is no one you can blame. Take bank example, if your cheque bounces, the bank is liable to answer you. It can even take action against the defaulter. Here there is no governing law and jurisdiction to determine the rights and obligations of the user.  3) Network speed and transaction cost  Network nodes store the UTXO database in RAM, and naturally, RAM is a limited resource. As the database grows, it becomes more expensive to maintain. Bitcoin can handle approximately 60 transactions per second, which is very less when compared to Visas 47000 transactions per second. In order to match Visa speed or any fiat currency, the transaction speed needs to be improved. To handle more users and more transactions, more nodes are required to process them. And maintaining and running those nodes are not cheaper. On top of that, transaction fees levied by miners could escalate with more users.  4) Immutable data  A blockchain is immutable. It means that we cannot correct the mistake if there is any. It can only be fixed by adding another block to the chain with the agreement of all the participants. It can be a time-consuming and expensive process. One cannot wholly deny human error while updating blockchain data, and the risk of wrong interpretation of data stays with Blockchain.  5) Lack of professionals  In the midst of the controversy about blockchain viability, a survey-report released by LinkedIn suggests that the blockchain is one of the top 10 most in-demand hard skills in 2020. But it is also true that blockchain positions remain unfilled as there is a shortage of qualified IT workers.  6) ICO (Initial Coin Offerings) investment  Though ICO is envisaged as a future investment, there is a lot of risks associated with it. Currently, it is unregulated. Investing in an ICO is risky whether you choose an Ethereum ICO or a Bitcoin ICO. Also, if some fraud or scam takes place, there is no authenticated regulatory body to conduct the investigations. Also, the existing regulations don’t cover blockchain smart contracts. It could inhibit investment in blockchain, which eventually prevents the rolling of blockchain technology in the real world at his full capacity.  7) Illegal Trading  If blockchain ensures secure transactions without relying on the third party, it also opens the gate for illegal trading. “Silk Route” is the best example of it. The website enables users to browse the site without being tracked and make illegal purchases in bitcoins. There are no defined rules in the system to prevent or monitor such unlawful trading.  8) Protecting IP ( Intellectual Property)  One area that shows the clear application of Blockchain is towards IP property ( Copyright) Currently, you can find owner names, registration dates, and titles in the Copyright Office online records. But not about what is actually registered without going to the Copyright Office. This could be solved by blockchain. Some countries’ jurisdictional courts are positive about the blockchain significance in protecting IP. However, it will take a long time for its full-fledged adoption in law. Also, due to slow ticking transaction processes in Blockchain, IP experts will still be required for legal matters and examinations. One of the major concerns with blockchain is copyright information that was entered incorrectly.  9) Smart contract limitations  In some scenarios defining smart-contract would be difficult. For example, to define rules to pay insurance to the farmers on the failure of crops owing to excess rain or drought. The smart contract would collect weather data and plant growth information, and based on that, they will pay out the insurance amount. The data in the smart contract are immutable, so the question is whether the data gathered would be accurate. Also, for highly populated countries, would it be feasible to pay a large number of farmers through blockchain.  10) Blockchain Interoperability  One might not charge Apple phone with a Samsung charger or vice versa because their chargers are designed for specific devices. Similarly, each blockchain provider has a specific language and rule that could work only for that particular platform or blockchain. Like Bitcoin cannot work in Ethereum or Ethereum cannot work in Ripple and so on. For consumers, the blockchain could add meaning if these blockchain starts talking with each other. The businesses that are residing on the different platforms can share all their documents or info easily without worrying about the platform’s building blocks.  11) Blockchain audit  Traditional audit methods use readily-available, historic data ledger, or audit trails. Blockchain environments are real-time and do not supply historic ledgers that allow for audit.

The blockchain technology that was envisioned to disrupt the current business enterprises at a staggering rate has been witnessing some resistance from the business owners. It is because there are few bottlenecks that prevent blockchain from becoming the digital backbone of the organizations. 

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By overcoming these challenges developers can re-kindle their hopes on this technology once again. Let shed some light on those challenges. 

Biggest barriers to blockchain adoption 

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( Image: fao.org) 

1) Scalability 

Rising numbers of blockchain user, investors, tokens, and startups the blockchain is facing serious issues with scalability. Bitcoin blocks were originally hard-capped at 1MB or around 2,020 transactions, but in reality, the market demand is for infinite numbers. Besides, that bitcoin can handle only 3 or 4 transactions per second. For full-scale blockchain operations ( between consumer and business), it should be able to process hundreds or thousands of transactions per second. Even ethereum can only handle 15 transactions per second. One way to deal with this issue is to increase the block in the chain, but there is one more obstacle. It could become an expensive affair for blockchain users with more blocks and less transaction speed; the whole idea of decentralization would become meaningless. 

2) Legal and compliance issue 

Blockchain resides on a computer or nodes located anywhere in the world. It does not fall under any jurisdiction boundary; if there is any fraud, there is no one you can blame. Take bank example, if your cheque bounces, the bank is liable to answer you. It can even take action against the defaulter. Here there is no governing law and jurisdiction to determine the rights and obligations of the user. 

3) Network speed and transaction cost 

Network nodes store the UTXO database in RAM, and naturally, RAM is a limited resource. As the database grows, it becomes more expensive to maintain. Bitcoin can handle approximately 60 transactions per second, which is very less when compared to Visas 47000 transactions per second. In order to match Visa speed or any fiat currency, the transaction speed needs to be improved. To handle more users and more transactions, more nodes are required to process them. And maintaining and running those nodes are not cheaper. On top of that, transaction fees levied by miners could escalate with more users. 

4) Immutable data 

A blockchain is immutable. It means that we cannot correct the mistake if there is any. It can only be fixed by adding another block to the chain with the agreement of all the participants. It can be a time-consuming and expensive process. One cannot wholly deny human error while updating blockchain data, and the risk of wrong interpretation of data stays with Blockchain. 

5) Lack of professionals 

In the midst of the controversy about blockchain viability, a survey-report released by LinkedIn suggests that the blockchain is one of the top 10 most in-demand hard skills in 2020. But it is also true that blockchain positions remain unfilled as there is a shortage of qualified IT workers. 

6) ICO (Initial Coin Offerings) investment 

Though ICO is envisaged as a future investment, there is a lot of risks associated with it. Currently, it is unregulated. Investing in an ICO is risky whether you choose an Ethereum ICO or a Bitcoin ICO. Also, if some fraud or scam takes place, there is no authenticated regulatory body to conduct the investigations. Also, the existing regulations don’t cover blockchain smart contracts. It could inhibit investment in blockchain, which eventually prevents the rolling of blockchain technology in the real world at his full capacity. 

7) Illegal Trading 

If blockchain ensures secure transactions without relying on the third party, it also opens the gate for illegal trading. “Silk Route” is the best example of it. The website enables users to browse the site without being tracked and make illegal purchases in bitcoins. There are no defined rules in the system to prevent or monitor such unlawful trading. 

8) Protecting IP ( Intellectual Property) 

One area that shows the clear application of Blockchain is towards IP property ( Copyright) Currently, you can find owner names, registration dates, and titles in the Copyright Office online records. But not about what is actually registered without going to the Copyright Office. This could be solved by blockchain. Some countries’ jurisdictional courts are positive about the blockchain significance in protecting IP. However, it will take a long time for its full-fledged adoption in law. Also, due to slow ticking transaction processes in Blockchain, IP experts will still be required for legal matters and examinations. One of the major concerns with blockchain is copyright information that was entered incorrectly. 

9) Smart contract limitations 

In some scenarios defining smart-contract would be difficult. For example, to define rules to pay insurance to the farmers on the failure of crops owing to excess rain or drought. The smart contract would collect weather data and plant growth information, and based on that, they will pay out the insurance amount. The data in the smart contract are immutable, so the question is whether the data gathered would be accurate. Also, for highly populated countries, would it be feasible to pay a large number of farmers through blockchain. 

10) Blockchain Interoperability 

One might not charge Apple phone with a Samsung charger or vice versa because their chargers are designed for specific devices. Similarly, each blockchain provider has a specific language and rule that could work only for that particular platform or blockchain. Like Bitcoin cannot work in Ethereum or Ethereum cannot work in Ripple and so on. For consumers, the blockchain could add meaning if these blockchain starts talking with each other. The businesses that are residing on the different platforms can share all their documents or info easily without worrying about the platform’s building blocks. 

11) Blockchain audit 

Traditional audit methods use readily-available, historic data ledger, or audit trails. Blockchain environments are real-time and do not supply historic ledgers that allow for audit.

Blockchain is a revolutionary technology. We live in an era where cybersecurity has become a crucial challenge for personal, corporate, and national security. Two of the most vital qualities of blockchain technology are: The applications that use blockchain technology eliminate the mediators thereby providing cheaper and more efficient processes. For instance, consider the digital payments and banking apps, where the operations take place directly between the sender and receiver. Blockchain technology is a very safe and secure technology in itself. The decentralized format of this technology and the cryptographic algorithms make it immune to attack. This ensures that Blockchain technology cannot be hacked easily. Why can Blockchain Technology not be hacked? There are various reasons which make blockchain technology immune to hackers. Let’s have a look at some of them below: Blockchain technology is an integrated network of different techniques combined to deliver applications and results. It is an open code technology that can be customized in distinct formats. The core of blockchain technology is a decentralized digital ledger of transactions, however its details keep on varying. These transactions are further verified in the best possible way for a particular blockchain application. “Hashing” technique is used at regular intervals. In this technique a multiple of verified transactions are cryptographically sealed together in a data ‘block.’ The hashing technique converts the data into a string of symbols of a defined length, which cannot be reversed back into the original data. This process makes the transactions immutable. New transactions are verified to find out the current holder of an asset. They are identified by the ‘stamp’ of each data block, which is required to verify the current holder of an asset in the prior history of the Blockchain. Assets are forwarded by authenticating the transaction history leading up to the present ownership. Transaction History: If the user wants to change the transaction history, they need to apply the reverse mechanism of the sealed block. In the blockchain ledger, once a block is released, you would be lead to a different hash output. This new hash would later be out of sync with the ‘stamps’ running through the remaining chain, warning the system, which would decline the resealed block. Verification Process: Blockchain transaction ledgers are also distributed on several ‘nodes,’ which are basically computers participating in a particular Blockchain application. There can be millions of nodes in the case of public Blockchains such as cryptocurrencies. If you want to make changes to a blockchain, at least 51% of the nodes that are participating should verify that change. This means that 51% of the new transactions should meet the verification criteria. After the verification is successful, it identifies the actual owners and enables them to edit it. Bitcoin: For Bitcoin, the sender must provide: Private Key: Signifies their ownership Public Key: Signifies the ‘address’ of the digital wallet the Bitcoin is held in. Conclusion: Is Blockchain Safe? Making changes to a blockchain is next to impossible once a transaction has been sealed into a block and added to the Blockchain. You would need to reverse engineer the hashed block and modify the transaction data over at least 51% of the copies of the ledger held on various nodes. This makes it practically impossible to ‘hack’ a Blockchain.
Blockchain is a revolutionary technology. We live in an era where cybersecurity has become a crucial challenge for personal, corporate, and national security. Two of the most vital qualities of blockchain technology are: The applications that use blockchain technology eliminate the mediators thereby providing cheaper and more efficient processes. For instance, consider the digital payments and banking apps, where the operations take place directly between the sender and receiver. Blockchain technology is a very safe and secure technology in itself. The decentralized format of this technology and the cryptographic algorithms make it immune to attack. This ensures that Blockchain technology cannot be hacked easily. Why can Blockchain Technology not be hacked? There are various reasons which make blockchain technology immune to hackers. Let’s have a look at some of them below: Blockchain technology is an integrated network of different techniques combined to deliver applications and results. It is an open code technology that can be customized in distinct formats. The core of blockchain technology is a decentralized digital ledger of transactions, however its details keep on varying. These transactions are further verified in the best possible way for a particular blockchain application. “Hashing” technique is used at regular intervals. In this technique a multiple of verified transactions are cryptographically sealed together in a data ‘block.’ The hashing technique converts the data into a string of symbols of a defined length, which cannot be reversed back into the original data. This process makes the transactions immutable. New transactions are verified to find out the current holder of an asset. They are identified by the ‘stamp’ of each data block, which is required to verify the current holder of an asset in the prior history of the Blockchain. Assets are forwarded by authenticating the transaction history leading up to the present ownership. Transaction History: If the user wants to change the transaction history, they need to apply the reverse mechanism of the sealed block. In the blockchain ledger, once a block is released, you would be lead to a different hash output. This new hash would later be out of sync with the ‘stamps’ running through the remaining chain, warning the system, which would decline the resealed block. Verification Process: Blockchain transaction ledgers are also distributed on several ‘nodes,’ which are basically computers participating in a particular Blockchain application. There can be millions of nodes in the case of public Blockchains such as cryptocurrencies. If you want to make changes to a blockchain, at least 51% of the nodes that are participating should verify that change. This means that 51% of the new transactions should meet the verification criteria. After the verification is successful, it identifies the actual owners and enables them to edit it. Bitcoin: For Bitcoin, the sender must provide: Private Key: Signifies their ownership Public Key: Signifies the ‘address’ of the digital wallet the Bitcoin is held in. Conclusion: Is Blockchain Safe? Making changes to a blockchain is next to impossible once a transaction has been sealed into a block and added to the Blockchain. You would need to reverse engineer the hashed block and modify the transaction data over at least 51% of the copies of the ledger held on various nodes. This makes it practically impossible to ‘hack’ a Blockchain.

Blockchain is a revolutionary technology. We live in an era where cybersecurity has become a crucial challenge for personal, corporate, and national security.

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Two of the most vital qualities of blockchain technology are:

  1. The applications that use blockchain technology eliminate the mediators thereby providing cheaper and more efficient processes. For instance, consider the digital payments and banking apps, where the operations take place directly between the sender and receiver.
  2. Blockchain technology is a very safe and secure technology in itself. The decentralized format of this technology and the cryptographic algorithms make it immune to attack. This ensures that Blockchain technology cannot be hacked easily.

Why can Blockchain Technology not be hacked?

There are various reasons which make blockchain technology immune to hackers. Let’s have a look at some of them below:

Blockchain technology is an integrated network of different techniques combined to deliver applications and results. It is an open code technology that can be customized in distinct formats. The core of blockchain technology is a decentralized digital ledger of transactions, however its details keep on varying. These transactions are further verified in the best possible way for a particular blockchain application.

  • “Hashing” technique is used at regular intervals. In this technique a multiple of verified transactions are cryptographically sealed together in a data ‘block.’
  • The hashing technique converts the data into a string of symbols of a defined length, which cannot be reversed back into the original data. This process makes the transactions immutable.
  • New transactions are verified to find out the current holder of an asset. They are identified by the ‘stamp’ of each data block, which is required to verify the current holder of an asset in the prior history of the Blockchain.
  • Assets are forwarded by authenticating the transaction history leading up to the present ownership.
  • Transaction History: If the user wants to change the transaction history, they need to apply the reverse mechanism of the sealed block. In the blockchain ledger, once a block is released, you would be lead to a different hash output. This new hash would later be out of sync with the ‘stamps’ running through the remaining chain, warning the system, which would decline the resealed block.
  • Verification Process: Blockchain transaction ledgers are also distributed on several ‘nodes,’ which are basically computers participating in a particular Blockchain application. There can be millions of nodes in the case of public Blockchains such as cryptocurrencies. If you want to make changes to a blockchain, at least 51% of the nodes that are participating should verify that change. This means that 51% of the new transactions should meet the verification criteria. After the verification is successful, it identifies the actual owners and enables them to edit it.
  • Bitcoin: For Bitcoin, the sender must provide:
  1. Private Key: Signifies their ownership
  2. Public Key: Signifies the ‘address’ of the digital wallet the Bitcoin is held in.

Conclusion: Is Blockchain Safe?

Making changes to a blockchain is next to impossible once a transaction has been sealed into a block and added to the Blockchain.

You would need to reverse engineer the hashed block and modify the transaction data over at least 51% of the copies of the ledger held on various nodes. This makes it practically impossible to ‘hack’ a Blockchain.

Blockchain Technology is assumed to cover a lot of industries in the future, and Digital Marketing is one of them. We already know that the most significant aspect of blockchain is that it enables decentralized communication between various parties. Moreover, and every aspect of this technology is documented and verified. Both of these facts could help blockchain accelerate the digital marketing domain. Let’s have a look at some of the collective points about how blockchain technology could help in digital marketing. Blockchain removes the Intermediator in the Digital Marketing In digital marketing, there is a “Middleman” involved, who monitors the territory between the advertisers and users. However, by leveraging blockchain technology, the need for this ‘Middleman’ can be eliminated. This process would save not only your time but also the capital, and would also increase your efficiency to focus towards other goals. For instance, let’s consider the process of SEM, where websites might choose to display Google ads. Google also controls the processing of transactions so that the website owner is paid relatively for clicks generated on the advertiser’s ad. Google serves as the middleman between the advertiser and the website owner here and takes a cut of the profits. In the same situation utilizing blockchain technology websites would directly be validated and verified without involving Google. The advertisers would know the exact amount they are paying for genuine clicks, and site owners can also ensure that they are getting paid fairly. All these processes would result in a reduction in extra costs and an increase in the profit margin of your marketing campaign. Blockchain Builds Trust With Clarity One of the major problems faced by enterprises today is trust in consumers. The consumers are becoming more skeptical in deciding what to choose from a variety of options available to them. Hence, the most challenging part for companies today is to gain trust through transparency and clarity. By implementing blockchain technology to their businesses, enterprises can provide central transparency to their clients and consumers. Another advantage of blockchain is that everything is extensively verified and documented. The consumers can get a detailed outlook of all the processes taking place during production. This clarity helps the consumers to trust the brand for their future requirements. Blockchain Impels Public Liability CSR (Corporate Social Responsibility) is another critical term. The clarity and documentation of blockchain can be utilized to produce digitized contracts. These digital contracts could be kept open for the public to view and address the company accountable in case of deception. Blockchain Authorizes the Consumer to Control Their Information The future of digital marketing could get the best by balancing advertising with identity concerns. We can identify many such services already in the market that allows users to manage their identity and transaction history, like uPort, MetaMask, and Keybase. Implementation of blockchain technology to the digital marketing campaigns enables the consumers to charge for their contact information and attention. Conclusion: There are infinite possibilities for a digital marketer that is innovative and efficient to look for different alternatives for advertisements. Blockchain technology can be very beneficial to digital marketers as it helps acquire more customers at a lower cost. Apart from digital marketing, blockchain technology will agitate multiple industries in the coming years. By implementing this technology, the concept of middleman can be thoroughly removed by allowing different players to collaborate through smart contracts. Several organizations have already started leveraging blockchain technology to increase transparency and reduce friction.
Blockchain Technology is assumed to cover a lot of industries in the future, and Digital Marketing is one of them. We already know that the most significant aspect of blockchain is that it enables decentralized communication between various parties. Moreover, and every aspect of this technology is documented and verified. Both of these facts could help blockchain accelerate the digital marketing domain. Let’s have a look at some of the collective points about how blockchain technology could help in digital marketing. Blockchain removes the Intermediator in the Digital Marketing In digital marketing, there is a “Middleman” involved, who monitors the territory between the advertisers and users. However, by leveraging blockchain technology, the need for this ‘Middleman’ can be eliminated. This process would save not only your time but also the capital, and would also increase your efficiency to focus towards other goals. For instance, let’s consider the process of SEM, where websites might choose to display Google ads. Google also controls the processing of transactions so that the website owner is paid relatively for clicks generated on the advertiser’s ad. Google serves as the middleman between the advertiser and the website owner here and takes a cut of the profits. In the same situation utilizing blockchain technology websites would directly be validated and verified without involving Google. The advertisers would know the exact amount they are paying for genuine clicks, and site owners can also ensure that they are getting paid fairly. All these processes would result in a reduction in extra costs and an increase in the profit margin of your marketing campaign. Blockchain Builds Trust With Clarity One of the major problems faced by enterprises today is trust in consumers. The consumers are becoming more skeptical in deciding what to choose from a variety of options available to them. Hence, the most challenging part for companies today is to gain trust through transparency and clarity. By implementing blockchain technology to their businesses, enterprises can provide central transparency to their clients and consumers. Another advantage of blockchain is that everything is extensively verified and documented. The consumers can get a detailed outlook of all the processes taking place during production. This clarity helps the consumers to trust the brand for their future requirements. Blockchain Impels Public Liability CSR (Corporate Social Responsibility) is another critical term. The clarity and documentation of blockchain can be utilized to produce digitized contracts. These digital contracts could be kept open for the public to view and address the company accountable in case of deception. Blockchain Authorizes the Consumer to Control Their Information The future of digital marketing could get the best by balancing advertising with identity concerns. We can identify many such services already in the market that allows users to manage their identity and transaction history, like uPort, MetaMask, and Keybase. Implementation of blockchain technology to the digital marketing campaigns enables the consumers to charge for their contact information and attention. Conclusion: There are infinite possibilities for a digital marketer that is innovative and efficient to look for different alternatives for advertisements. Blockchain technology can be very beneficial to digital marketers as it helps acquire more customers at a lower cost. Apart from digital marketing, blockchain technology will agitate multiple industries in the coming years. By implementing this technology, the concept of middleman can be thoroughly removed by allowing different players to collaborate through smart contracts. Several organizations have already started leveraging blockchain technology to increase transparency and reduce friction.

Blockchain Technology is assumed to cover a lot of industries in the future, and Digital Marketing is one of them. We already know that the most significant aspect of blockchain is that it enables decentralized communication between various parties. Moreover, and every aspect of this technology is documented and verified. Both of these facts could help blockchain accelerate the digital marketing domain.

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Let’s have a look at some of the collective points about how blockchain technology could help in digital marketing.

  • Blockchain removes the Intermediator in the Digital Marketing

In digital marketing, there is a “Middleman” involved, who monitors the territory between the advertisers and users. However, by leveraging blockchain technology, the need for this ‘Middleman’ can be eliminated. This process would save not only your time but also the capital, and would also increase your efficiency to focus towards other goals.

For instance, let’s consider the process of SEM, where websites might choose to display Google ads. Google also controls the processing of transactions so that the website owner is paid relatively for clicks generated on the advertiser’s ad. Google serves as the middleman between the advertiser and the website owner here and takes a cut of the profits.

In the same situation utilizing blockchain technology websites would directly be validated and verified without involving Google. The advertisers would know the exact amount they are paying for genuine clicks, and site owners can also ensure that they are getting paid fairly.

All these processes would result in a reduction in extra costs and an increase in the profit margin of your marketing campaign.

  • Blockchain Builds Trust With Clarity

One of the major problems faced by enterprises today is trust in consumers.

The consumers are becoming more skeptical in deciding what to choose from a variety of options available to them. Hence, the most challenging part for companies today is to gain trust through transparency and clarity. By implementing blockchain technology to their businesses, enterprises can provide central transparency to their clients and consumers. Another advantage of blockchain is that everything is extensively verified and documented.

The consumers can get a detailed outlook of all the processes taking place during production. This clarity helps the consumers to trust the brand for their future requirements.

  • Blockchain Impels Public Liability

CSR (Corporate Social Responsibility) is another critical term. The clarity and documentation of blockchain can be utilized to produce digitized contracts. These digital contracts could be kept open for the public to view and address the company accountable in case of deception.

  • Blockchain Authorizes the Consumer to Control Their Information

The future of digital marketing could get the best by balancing advertising with identity concerns. We can identify many such services already in the market that allows users to manage their identity and transaction history, like uPort, MetaMask, and Keybase. Implementation of blockchain technology to the digital marketing campaigns enables the consumers to charge for their contact information and attention.

Conclusion: There are infinite possibilities for a digital marketer that is innovative and efficient to look for different alternatives for advertisements. Blockchain technology can be very beneficial to digital marketers as it helps acquire more customers at a lower cost. Apart from digital marketing, blockchain technology will agitate multiple industries in the coming years. By implementing this technology, the concept of middleman can be thoroughly removed by allowing different players to collaborate through smart contracts.

Several organizations have already started leveraging blockchain technology to increase transparency and reduce friction.

Application of Blockchain Technology has a wider scope and is way beyond digital currencies like Bitcoin. It is majorly used in the FinTech industry where you need the extra security of the transactions which Blockchain provides using a distributed ledge concept. Besides the above, blockchain technology has several non-financial applications too but it depends on the business case and feasibility of Blockchain technology into it.
Application of Blockchain Technology has a wider scope and is way beyond digital currencies like Bitcoin. It is majorly used in the FinTech industry where you need the extra security of the transactions which Blockchain provides using a distributed ledge concept. Besides the above, blockchain technology has several non-financial applications too but it depends on the business case and feasibility of Blockchain technology into it.

Application of Blockchain Technology has a wider scope and is way beyond digital currencies like Bitcoin. It is majorly used in the FinTech industry where you need the extra security of the transactions which Blockchain provides using a distributed ledge concept. Besides the above, blockchain technology has several non-financial applications too but it depends on the business case and feasibility of Blockchain technology into it.

On the cusp of technology evolution, the industries are experiencing a paradigm shift in their infrastructure and process handling. One technology that is persistently playing a prominent role in this transformation is “Blockchain Technology.” Despite critics defaming it as one of the most overhyped technology and labeling it as “the new tech-bubble” it has emerged as the dark horse, and in the year 2020, it seems industries will be looking forward to adopting blockchain in their processes. Blockchain is one type of distributed ledger. In other words, it is a type of database that is shared, replicated, and synchronized among the members of a decentralized network. Initially, blockchain technology was envisaged as the public transaction ledger for cryptocurrencies. But beside cryptocurrency, the profound attributes of it make Blockchain a strong contender to replace the traditional methods of how business processes or operations are conducted. Blockchain could fundamentally change the financial sector, manufacturing, government, and energy and a few others to add in the list. Industries on Blockchain's Radar Insurance Sector Claim processing is a lengthy and complicated process. It requires the participation of several stakeholders and intermediaries before considering the claim request final and proceeding with the payment. This complicated process could bring to an end with Blockchain. By integrating all the stakeholders around a distributed ledger infrastructure and implementing the smart contracts for all necessary checks and verifications, the claim process can speed up including, calculation and validation of the amount to be paid. Supply Chain The mobile phone or oven you use in house detours an entire supply chain cycle before it reaches you. A supply chain involves transporting the raw materials from a supplier to a manufacturer and eventually ends by dropping the final product to the customer. However, a traditional supply chain has certain drawbacks like a single shipment of goods involving around 20-30 people or organizations in the process. It may lead to unnecessary delays and complications. Blockchain can help avert unnecessary delays and disputes by preventing goods from getting stuck in the supply chain. The chances of misplacements become less as each product can be tracked in real-time. It also provides transparency in documenting the paperwork as everyone will be on the same page, and any discrepancies could be easily identified. Besides contributing to tracking orders, receipts, and payments, it helps to track digital assets such as warranties and licenses in a unified way. Banking and Financial Sector The modern banking system has embraced technology with their open hands. However, their key concern for cyber attacks cannot be overruled. In 2016, $81 million was stolen from the Bangladesh Central Bank through cyber-attack. After failing with all other security measures, it seems blockchain could be the answer to this. It can act as an armor against cyber attacks. The financial institutes can share security infrastructure to each other over blockchain, so all have robust and uniform security measures against cyber-attacks. All in the network can participate in enhancing security. Besides security, blockchain can also validate customer information like KYC in the most secure way and handle customers’ data on behalf of the entire financial ecosystem. The tampering of data in the blockchain is almost impossible, and 100% transparency in the transaction can be achieved. In fact, the speculations are made that Blockchain has the ability to replace the entire banking system someday. Manufacturing ( image source: pwc.com) Did you know that a commercial aircraft is made up of 300,000 parts? If any of these parts are not in shape, it could lead to a life and death situation for travelers. With current technology, it is not possible to track each and every component. But blockchain can track the provenance of individual components and see the condition of these parts in real-time. The manufacturers can identify the deformities in the parts early-on and thus reduce the risk of mishaps. Note that they can even improve the product in their production plant to last longer. It will also help to reduce the cost of after-sale services. This is not just for aircrafts manufacturers; it could be applicable to any manufacturing industry, maybe its automotive, electronics, chemicals, textiles, and so on. However, there lies one challenge for manufacturers. They might have to overhaul their existing infrastructure, which may be a lengthy process. Energy Sector As per one of the reports, the energy firms are observing the higher energy cost and increased revenues. To deal with this energy sector, it needs smart management and decentralized control. It even includes advanced communication and data exchanges between different parts of the power network. They have seen these possibilities within the blockchain technology. The early blockchain developers are establishing transactional digital platforms that can be completely decentralized and can enable P2P energy trading. It means consumers can interchange surplus energy to each other, pretty much like you share food with your neighbors. It can also generate automated billing for consumers and stand as a pay-as-you-go solution. Apart from this, with the help of artificial intelligence (AI), blockchain technology can identify consumer energy patterns and propose a value-added energy product provision. Energy grid laced with IoT and Blockchain could further help to reduce energy consumption, for instance, smart meters, advanced sensors, network monitoring equipment, etc. Government ( Image source: researchgate.net) Blockchain has wide use cases in the Government sector. It can be used for building smart cities, central banking, payroll tax collection, validation of education and professional qualifications, tracking vaccinations, tracking loans and student grants, holding elections, etc. The Election Commission of India joined hands with the Indian Institute of Technology to create a blockchain system for voting. The new system enables Indians to vote even when they are away from their hometowns. It helps the government sector to eliminate tax fraud, bureaucracy, and confusing regulations. Healthcare Lack of innovation has least done to improve the overall health of the patient. The healthcare industry works more or less the same way as it used to work two decades ago. One of the grey areas of health care is unmanaged clinical data. Today, the patient data is found scattered all over the places such as labs, doctor’s clinics, pharmacies, and hospitals. There is no common record or place to find all detail with pin-point accuracy. During an emergency, the doctors have to turnover a stack of files to check the patient’s history and medication to proceed with the treatment. Any lapse in patient information could risk patient life. Also, patient’s detail all over the place could compromise their confidentiality. To manage healthcare data at one place securely and improve the life-span of patient Blockchain-based ecosystem is envisioned as the door to hope. One such example is UK based MEDICALCHAIN, which has developed a blockchain through which doctors, hospitals, and laboratories can all request patient information that has a record of the origin and protects the patient's identity from outside sources. One more example, more recently, amid the Coronavirus outbreak, the Chinese government has used blockchain technology to archive medical data, track the supply of virus prevention materials, and consult the public. IoT In the past, we have seen technologies complementing each other to enhance the end-user experience. It seems IoT and Blockchain have the same camaraderie. IoT’s ability to connect all your devices and to command them with a couple of sensors is incredible. However, the risk of data theft always remains with IoT. To this, Blockchain could be the solution. Pavo, the IoT & blockchain solution for the agricultural sector, believes that farmers can achieve optimal agricultural efficiency with it. The data gathered from Pavo’s IoT hardware device installed on farms gets stored on the blockchain in a secure environment. It allows farmers to optimize farming techniques by looking at the captured information, while retailers, distributors, and consumers can make informed decisions about buying a specific crop or food item. Also, the Pavo marketplace enables farmers to pre-sell crops through blockchain smart contracts, which means farmers don’t have to wait for payment after harvest. Just as blockchain, the IoT has a broad spectrum of industry for its usage. Together, they can impact logistics & supply chain, health care, pharmaceuticals, and so on. Besides the above industries, Blockchain has shown a strong affinity towards other sectors like real-estate, international trade and commodities, law, media and entertainment, sports & esports.
On the cusp of technology evolution, the industries are experiencing a paradigm shift in their infrastructure and process handling. One technology that is persistently playing a prominent role in this transformation is “Blockchain Technology.” Despite critics defaming it as one of the most overhyped technology and labeling it as “the new tech-bubble” it has emerged as the dark horse, and in the year 2020, it seems industries will be looking forward to adopting blockchain in their processes. Blockchain is one type of distributed ledger. In other words, it is a type of database that is shared, replicated, and synchronized among the members of a decentralized network. Initially, blockchain technology was envisaged as the public transaction ledger for cryptocurrencies. But beside cryptocurrency, the profound attributes of it make Blockchain a strong contender to replace the traditional methods of how business processes or operations are conducted. Blockchain could fundamentally change the financial sector, manufacturing, government, and energy and a few others to add in the list. Industries on Blockchain's Radar Insurance Sector Claim processing is a lengthy and complicated process. It requires the participation of several stakeholders and intermediaries before considering the claim request final and proceeding with the payment. This complicated process could bring to an end with Blockchain. By integrating all the stakeholders around a distributed ledger infrastructure and implementing the smart contracts for all necessary checks and verifications, the claim process can speed up including, calculation and validation of the amount to be paid. Supply Chain The mobile phone or oven you use in house detours an entire supply chain cycle before it reaches you. A supply chain involves transporting the raw materials from a supplier to a manufacturer and eventually ends by dropping the final product to the customer. However, a traditional supply chain has certain drawbacks like a single shipment of goods involving around 20-30 people or organizations in the process. It may lead to unnecessary delays and complications. Blockchain can help avert unnecessary delays and disputes by preventing goods from getting stuck in the supply chain. The chances of misplacements become less as each product can be tracked in real-time. It also provides transparency in documenting the paperwork as everyone will be on the same page, and any discrepancies could be easily identified. Besides contributing to tracking orders, receipts, and payments, it helps to track digital assets such as warranties and licenses in a unified way. Banking and Financial Sector The modern banking system has embraced technology with their open hands. However, their key concern for cyber attacks cannot be overruled. In 2016, $81 million was stolen from the Bangladesh Central Bank through cyber-attack. After failing with all other security measures, it seems blockchain could be the answer to this. It can act as an armor against cyber attacks. The financial institutes can share security infrastructure to each other over blockchain, so all have robust and uniform security measures against cyber-attacks. All in the network can participate in enhancing security. Besides security, blockchain can also validate customer information like KYC in the most secure way and handle customers’ data on behalf of the entire financial ecosystem. The tampering of data in the blockchain is almost impossible, and 100% transparency in the transaction can be achieved. In fact, the speculations are made that Blockchain has the ability to replace the entire banking system someday. Manufacturing ( image source: pwc.com) Did you know that a commercial aircraft is made up of 300,000 parts? If any of these parts are not in shape, it could lead to a life and death situation for travelers. With current technology, it is not possible to track each and every component. But blockchain can track the provenance of individual components and see the condition of these parts in real-time. The manufacturers can identify the deformities in the parts early-on and thus reduce the risk of mishaps. Note that they can even improve the product in their production plant to last longer. It will also help to reduce the cost of after-sale services. This is not just for aircrafts manufacturers; it could be applicable to any manufacturing industry, maybe its automotive, electronics, chemicals, textiles, and so on. However, there lies one challenge for manufacturers. They might have to overhaul their existing infrastructure, which may be a lengthy process. Energy Sector As per one of the reports, the energy firms are observing the higher energy cost and increased revenues. To deal with this energy sector, it needs smart management and decentralized control. It even includes advanced communication and data exchanges between different parts of the power network. They have seen these possibilities within the blockchain technology. The early blockchain developers are establishing transactional digital platforms that can be completely decentralized and can enable P2P energy trading. It means consumers can interchange surplus energy to each other, pretty much like you share food with your neighbors. It can also generate automated billing for consumers and stand as a pay-as-you-go solution. Apart from this, with the help of artificial intelligence (AI), blockchain technology can identify consumer energy patterns and propose a value-added energy product provision. Energy grid laced with IoT and Blockchain could further help to reduce energy consumption, for instance, smart meters, advanced sensors, network monitoring equipment, etc. Government ( Image source: researchgate.net) Blockchain has wide use cases in the Government sector. It can be used for building smart cities, central banking, payroll tax collection, validation of education and professional qualifications, tracking vaccinations, tracking loans and student grants, holding elections, etc. The Election Commission of India joined hands with the Indian Institute of Technology to create a blockchain system for voting. The new system enables Indians to vote even when they are away from their hometowns. It helps the government sector to eliminate tax fraud, bureaucracy, and confusing regulations. Healthcare Lack of innovation has least done to improve the overall health of the patient. The healthcare industry works more or less the same way as it used to work two decades ago. One of the grey areas of health care is unmanaged clinical data. Today, the patient data is found scattered all over the places such as labs, doctor’s clinics, pharmacies, and hospitals. There is no common record or place to find all detail with pin-point accuracy. During an emergency, the doctors have to turnover a stack of files to check the patient’s history and medication to proceed with the treatment. Any lapse in patient information could risk patient life. Also, patient’s detail all over the place could compromise their confidentiality. To manage healthcare data at one place securely and improve the life-span of patient Blockchain-based ecosystem is envisioned as the door to hope. One such example is UK based MEDICALCHAIN, which has developed a blockchain through which doctors, hospitals, and laboratories can all request patient information that has a record of the origin and protects the patient's identity from outside sources. One more example, more recently, amid the Coronavirus outbreak, the Chinese government has used blockchain technology to archive medical data, track the supply of virus prevention materials, and consult the public. IoT In the past, we have seen technologies complementing each other to enhance the end-user experience. It seems IoT and Blockchain have the same camaraderie. IoT’s ability to connect all your devices and to command them with a couple of sensors is incredible. However, the risk of data theft always remains with IoT. To this, Blockchain could be the solution. Pavo, the IoT & blockchain solution for the agricultural sector, believes that farmers can achieve optimal agricultural efficiency with it. The data gathered from Pavo’s IoT hardware device installed on farms gets stored on the blockchain in a secure environment. It allows farmers to optimize farming techniques by looking at the captured information, while retailers, distributors, and consumers can make informed decisions about buying a specific crop or food item. Also, the Pavo marketplace enables farmers to pre-sell crops through blockchain smart contracts, which means farmers don’t have to wait for payment after harvest. Just as blockchain, the IoT has a broad spectrum of industry for its usage. Together, they can impact logistics & supply chain, health care, pharmaceuticals, and so on. Besides the above industries, Blockchain has shown a strong affinity towards other sectors like real-estate, international trade and commodities, law, media and entertainment, sports & esports.

On the cusp of technology evolution, the industries are experiencing a paradigm shift in their infrastructure and process handling. One technology that is persistently playing a prominent role in this transformation is “Blockchain Technology.”

Despite critics defaming it as one of the most overhyped technology and labeling it as “the new tech-bubble” it has emerged as the dark horse, and in the year 2020, it seems industries will be looking forward to adopting blockchain in their processes.

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Blockchain is one type of distributed ledger. In other words, it is a type of database that is shared, replicated, and synchronized among the members of a decentralized network. Initially, blockchain technology was envisaged as the public transaction ledger for cryptocurrencies. But beside cryptocurrency, the profound attributes of it make Blockchain a strong contender to replace the traditional methods of how business processes or operations are conducted. Blockchain could fundamentally change the financial sector, manufacturing, government, and energy and a few others to add in the list.

Industries on Blockchain's Radar

Insurance Sector

Claim processing is a lengthy and complicated process. It requires the participation of several stakeholders and intermediaries before considering the claim request final and proceeding with the payment. This complicated process could bring to an end with Blockchain. By integrating all the stakeholders around a distributed ledger infrastructure and implementing the smart contracts for all necessary checks and verifications, the claim process can speed up including, calculation and validation of the amount to be paid.

Supply Chain

The mobile phone or oven you use in house detours an entire supply chain cycle before it reaches you. A supply chain involves transporting the raw materials from a supplier to a manufacturer and eventually ends by dropping the final product to the customer. However, a traditional supply chain has certain drawbacks like a single shipment of goods involving around 20-30 people or organizations in the process. It may lead to unnecessary delays and complications. Blockchain can help avert unnecessary delays and disputes by preventing goods from getting stuck in the supply chain. The chances of misplacements become less as each product can be tracked in real-time. It also provides transparency in documenting the paperwork as everyone will be on the same page, and any discrepancies could be easily identified. Besides contributing to tracking orders, receipts, and payments, it helps to track digital assets such as warranties and licenses in a unified way.

Banking and Financial Sector

The modern banking system has embraced technology with their open hands. However, their key concern for cyber attacks cannot be overruled. In 2016, $81 million was stolen from the Bangladesh Central Bank through cyber-attack. After failing with all other security measures, it seems blockchain could be the answer to this. It can act as an armor against cyber attacks. The financial institutes can share security infrastructure to each other over blockchain, so all have robust and uniform security measures against cyber-attacks. All in the network can participate in enhancing security. Besides security, blockchain can also validate customer information like KYC in the most secure way and handle customers’ data on behalf of the entire financial ecosystem. The tampering of data in the blockchain is almost impossible, and 100% transparency in the transaction can be achieved. In fact, the speculations are made that Blockchain has the ability to replace the entire banking system someday.

Manufacturing

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( image source: pwc.com)

Did you know that a commercial aircraft is made up of 300,000 parts? If any of these parts are not in shape, it could lead to a life and death situation for travelers. With current technology, it is not possible to track each and every component. But blockchain can track the provenance of individual components and see the condition of these parts in real-time. The manufacturers can identify the deformities in the parts early-on and thus reduce the risk of mishaps. Note that they can even improve the product in their production plant to last longer. It will also help to reduce the cost of after-sale services. This is not just for aircrafts manufacturers; it could be applicable to any manufacturing industry, maybe its automotive, electronics, chemicals, textiles, and so on. However, there lies one challenge for manufacturers. They might have to overhaul their existing infrastructure, which may be a lengthy process.

Energy Sector

As per one of the reports, the energy firms are observing the higher energy cost and increased revenues. To deal with this energy sector, it needs smart management and decentralized control. It even includes advanced communication and data exchanges between different parts of the power network. They have seen these possibilities within the blockchain technology. The early blockchain developers are establishing transactional digital platforms that can be completely decentralized and can enable P2P energy trading. It means consumers can interchange surplus energy to each other, pretty much like you share food with your neighbors. It can also generate automated billing for consumers and stand as a pay-as-you-go solution. Apart from this, with the help of artificial intelligence (AI), blockchain technology can identify consumer energy patterns and propose a value-added energy product provision. Energy grid laced with IoT and Blockchain could further help to reduce energy consumption, for instance, smart meters, advanced sensors, network monitoring equipment, etc.

Government

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( Image source: researchgate.net)

Blockchain has wide use cases in the Government sector. It can be used for building smart cities, central banking, payroll tax collection, validation of education and professional qualifications, tracking vaccinations, tracking loans and student grants, holding elections, etc. The Election Commission of India joined hands with the Indian Institute of Technology to create a blockchain system for voting. The new system enables Indians to vote even when they are away from their hometowns. It helps the government sector to eliminate tax fraud, bureaucracy, and confusing regulations.

Healthcare

Lack of innovation has least done to improve the overall health of the patient. The healthcare industry works more or less the same way as it used to work two decades ago. One of the grey areas of health care is unmanaged clinical data. Today, the patient data is found scattered all over the places such as labs, doctor’s clinics, pharmacies, and hospitals. There is no common record or place to find all detail with pin-point accuracy. During an emergency, the doctors have to turnover a stack of files to check the patient’s history and medication to proceed with the treatment. Any lapse in patient information could risk patient life. Also, patient’s detail all over the place could compromise their confidentiality. To manage healthcare data at one place securely and improve the life-span of patient Blockchain-based ecosystem is envisioned as the door to hope. One such example is UK based MEDICALCHAIN, which has developed a blockchain through which doctors, hospitals, and laboratories can all request patient information that has a record of the origin and protects the patient's identity from outside sources. One more example, more recently, amid the Coronavirus outbreak, the Chinese government has used blockchain technology to archive medical data, track the supply of virus prevention materials, and consult the public.

IoT

In the past, we have seen technologies complementing each other to enhance the end-user experience. It seems IoT and Blockchain have the same camaraderie. IoT’s ability to connect all your devices and to command them with a couple of sensors is incredible. However, the risk of data theft always remains with IoT. To this, Blockchain could be the solution. Pavo, the IoT & blockchain solution for the agricultural sector, believes that farmers can achieve optimal agricultural efficiency with it. The data gathered from Pavo’s IoT hardware device installed on farms gets stored on the blockchain in a secure environment. It allows farmers to optimize farming techniques by looking at the captured information, while retailers, distributors, and consumers can make informed decisions about buying a specific crop or food item. Also, the Pavo marketplace enables farmers to pre-sell crops through blockchain smart contracts, which means farmers don’t have to wait for payment after harvest. Just as blockchain, the IoT has a broad spectrum of industry for its usage. Together, they can impact logistics & supply chain, health care, pharmaceuticals, and so on.

Besides the above industries, Blockchain has shown a strong affinity towards other sectors like real-estate, international trade and commodities, law, media and entertainment, sports & esports.

Blockchain technology caught public attention around the same time when corresponding technologies like Big data, Payment gateway, and Cloud computing, were enjoying its dominance. Like any other new technology, even this technology was surrounded by loads of speculations and opinions. Some even wonder whether the Blockchain technology is just out there to prove some developer’s ingenious work or it has real value to end-users. Even survey reports have a different take over the Blockchain. As per one of the surveys, where companies from various sectors have used Blockchain for their projects, it was mentioned that on average, they were expecting a 24% return on investment on their early Blockchain projects but realized only a 10% return. ( Image source: quora.com) The Blockchain is indeed disruptive, and it even forced experts to split opinions, whether it is a Myth or a Maestro of tech innovation. Let’s see what experts have to say who have been around technology and innovations for quite a long time. ( Image source: techrepublic.com) ( Image source: techrepublic.com) The technology has unique features like recording transactions via a peer-to-peer network, an immutable ledger, smart contracts, then why it could not get through user’s expectations in all respect. 1) Centralized vs. Dencentralized The majority of software that performs well and is used throughout the world is centralized - Android, Facebook, Quickbooks, Windows, etc. The users are very fond of these platforms for a long time. It was not that these technologies didn’t have any errors or were hidden behind their prominence but were prompt enough to solve the user’s issues rapidly. It gave a sense of reliability to users who operate their daily work on these platforms. It might not be in the case of Blockchain technology. But does it make Blockchain out of the context? Take the example of the dApps (Decentralized Apps) that use Blockchain technology for app development. The app backend code is distributed between the nodes of a P2P network, which reduces the mobile app development cost that companies pay for cloud service or on-premise server support expenses. No doubt Dapps are very slow, but it still has the merits. A combination of centralized and decentralized can be more productive than overruling one over the other. 2) Blockchain Performance The amount of data you store on Blockchain has to be stored by every full node on this planet. It means anyone who downloads the Blockchain is also downloading your piece of data and everybody else who is there on the Blockchain. It could increase the cost of storing data on Blockchain and speed of the storage. Limited storage and slow transaction speeds present a big barrier to Blockchain adoption. 3) Smart Contracts ( source: blockgeeks.com) It is the smart contract that drove most people’s attention towards Blockchain technology. A smart contract can take away all the paperwork out of your organization or business processes. The set of rules (a piece of code) automatically gets executed when predetermined terms and conditions are met. A smart contract could be used in multiple ways like tracking rented vehicles, transfer ownership of a house or apartment, to record music copyrights, and so on. It eliminates third party dependency, reduction of bureaucracy, reduction of costs by removing the need for lawyers. However, there are certain limitations that question smart contract’s feasibility in the actual world. The information on Blockchain is immutable; it means if there is an error, it can’t be changed. Also, it is a cumbersome task to download the entire Blockchain and re-enter data even for small changes. Another issue is legal prosecution. For example, a smart lock cannot prosecute the person who damages your property. A law enforcement body like the court is needed. Non-reversible transactions limit smart contracts to a very narrow niche of use cases or industry The loss or theft of laptops, hardware private keys and flash drives would lock people out of their contracts and fortunes forever 4) Gold vs. Bitcoin Gold is a stable commodity, and it can be exchanged with foreign banks in return for funds. As of now, one cannot borrow money from Banks for Bitcoins. But the World Economic Forum survey suggested that 10 percent of global GDP will be stored on Blockchain by 2027. Though everything seems glittery for bitcoin, the value of physical Gold cannot be underestimated. Gold has an intrinsic value that can never drop to zero – the same cannot be said for bitcoin. This is one of the main reasons why some envisage Blockchain as overhyped technology. On the other hand, Blockchain is no fallacy for virtual currency users, who think Gold is too primitive to handle the tech-driven world. It is interesting to watch Blockchain and Gold in neck-and-neck competition to build their supremacy in the world economy. 5) Blockchain Scalability Blockchain scalability is one of the prime reasons many are reluctant to adopt this technology for their business processes. ( Image source: zdnet.com) VISA does transaction around 1667 per second, while Ethereum and Bitcoin are limited to 7 and 20, respectively. Blockchain is bottlenecked around its scalability. The two main issues around the Blockchain scalability are Time consumed to put a transaction in the block The time taken to reach a consensus Every recordable transaction requires peer-to-peer verification along with it associates the transaction fees. If you want your payment to be verified more quickly, you have to pay a higher fee for it. As transactions continue and records grow, block sizes increase eventually, which may result in higher verifying fees. Bitcoin is currently verifying, or creating, one block every ten minutes, in the future, it may increase with the number of blocks involved. Blockchain technology will not be judged only over their performance metrics but also on their value proposition to the existing technology. In 2020 the battle will not settle on its viability alone but rather selecting them as your business preference- private Blockchain, public Blockchain, or both. It is expected that 80% of Blockchain deployments will be hybrid, multi-cloud, or both. The expert below quotes when one should adopt Blockchain technology. ( Image source: searchcio.techtarget.com) Final Thoughts: Whether Blockchain is Overhyped or Underhyped is a big question as of now, considering the fact it is still in the growing phase. Their limitations are big blockages for technology and place them in the same bracket where 3D printing, Wearables, NFC (Near Field Communication), Autonomous Cars are resting. But with improvisation in Blockchain technology, it is expected to reverse the perception of those who feel insecure about it. Blockchain technology has taken the routes lesser-known, and even though if it does not rise to people’s expectations, it has lit the light in the dark, which was not explored so far.
Blockchain technology caught public attention around the same time when corresponding technologies like Big data, Payment gateway, and Cloud computing, were enjoying its dominance. Like any other new technology, even this technology was surrounded by loads of speculations and opinions. Some even wonder whether the Blockchain technology is just out there to prove some developer’s ingenious work or it has real value to end-users. Even survey reports have a different take over the Blockchain. As per one of the surveys, where companies from various sectors have used Blockchain for their projects, it was mentioned that on average, they were expecting a 24% return on investment on their early Blockchain projects but realized only a 10% return. ( Image source: quora.com) The Blockchain is indeed disruptive, and it even forced experts to split opinions, whether it is a Myth or a Maestro of tech innovation. Let’s see what experts have to say who have been around technology and innovations for quite a long time. ( Image source: techrepublic.com) ( Image source: techrepublic.com) The technology has unique features like recording transactions via a peer-to-peer network, an immutable ledger, smart contracts, then why it could not get through user’s expectations in all respect. 1) Centralized vs. Dencentralized The majority of software that performs well and is used throughout the world is centralized - Android, Facebook, Quickbooks, Windows, etc. The users are very fond of these platforms for a long time. It was not that these technologies didn’t have any errors or were hidden behind their prominence but were prompt enough to solve the user’s issues rapidly. It gave a sense of reliability to users who operate their daily work on these platforms. It might not be in the case of Blockchain technology. But does it make Blockchain out of the context? Take the example of the dApps (Decentralized Apps) that use Blockchain technology for app development. The app backend code is distributed between the nodes of a P2P network, which reduces the mobile app development cost that companies pay for cloud service or on-premise server support expenses. No doubt Dapps are very slow, but it still has the merits. A combination of centralized and decentralized can be more productive than overruling one over the other. 2) Blockchain Performance The amount of data you store on Blockchain has to be stored by every full node on this planet. It means anyone who downloads the Blockchain is also downloading your piece of data and everybody else who is there on the Blockchain. It could increase the cost of storing data on Blockchain and speed of the storage. Limited storage and slow transaction speeds present a big barrier to Blockchain adoption. 3) Smart Contracts ( source: blockgeeks.com) It is the smart contract that drove most people’s attention towards Blockchain technology. A smart contract can take away all the paperwork out of your organization or business processes. The set of rules (a piece of code) automatically gets executed when predetermined terms and conditions are met. A smart contract could be used in multiple ways like tracking rented vehicles, transfer ownership of a house or apartment, to record music copyrights, and so on. It eliminates third party dependency, reduction of bureaucracy, reduction of costs by removing the need for lawyers. However, there are certain limitations that question smart contract’s feasibility in the actual world. The information on Blockchain is immutable; it means if there is an error, it can’t be changed. Also, it is a cumbersome task to download the entire Blockchain and re-enter data even for small changes. Another issue is legal prosecution. For example, a smart lock cannot prosecute the person who damages your property. A law enforcement body like the court is needed. Non-reversible transactions limit smart contracts to a very narrow niche of use cases or industry The loss or theft of laptops, hardware private keys and flash drives would lock people out of their contracts and fortunes forever 4) Gold vs. Bitcoin Gold is a stable commodity, and it can be exchanged with foreign banks in return for funds. As of now, one cannot borrow money from Banks for Bitcoins. But the World Economic Forum survey suggested that 10 percent of global GDP will be stored on Blockchain by 2027. Though everything seems glittery for bitcoin, the value of physical Gold cannot be underestimated. Gold has an intrinsic value that can never drop to zero – the same cannot be said for bitcoin. This is one of the main reasons why some envisage Blockchain as overhyped technology. On the other hand, Blockchain is no fallacy for virtual currency users, who think Gold is too primitive to handle the tech-driven world. It is interesting to watch Blockchain and Gold in neck-and-neck competition to build their supremacy in the world economy. 5) Blockchain Scalability Blockchain scalability is one of the prime reasons many are reluctant to adopt this technology for their business processes. ( Image source: zdnet.com) VISA does transaction around 1667 per second, while Ethereum and Bitcoin are limited to 7 and 20, respectively. Blockchain is bottlenecked around its scalability. The two main issues around the Blockchain scalability are Time consumed to put a transaction in the block The time taken to reach a consensus Every recordable transaction requires peer-to-peer verification along with it associates the transaction fees. If you want your payment to be verified more quickly, you have to pay a higher fee for it. As transactions continue and records grow, block sizes increase eventually, which may result in higher verifying fees. Bitcoin is currently verifying, or creating, one block every ten minutes, in the future, it may increase with the number of blocks involved. Blockchain technology will not be judged only over their performance metrics but also on their value proposition to the existing technology. In 2020 the battle will not settle on its viability alone but rather selecting them as your business preference- private Blockchain, public Blockchain, or both. It is expected that 80% of Blockchain deployments will be hybrid, multi-cloud, or both. The expert below quotes when one should adopt Blockchain technology. ( Image source: searchcio.techtarget.com) Final Thoughts: Whether Blockchain is Overhyped or Underhyped is a big question as of now, considering the fact it is still in the growing phase. Their limitations are big blockages for technology and place them in the same bracket where 3D printing, Wearables, NFC (Near Field Communication), Autonomous Cars are resting. But with improvisation in Blockchain technology, it is expected to reverse the perception of those who feel insecure about it. Blockchain technology has taken the routes lesser-known, and even though if it does not rise to people’s expectations, it has lit the light in the dark, which was not explored so far.

Blockchain technology caught public attention around the same time when corresponding technologies like Big data, Payment gateway, and Cloud computing, were enjoying its dominance. Like any other new technology, even this technology was surrounded by loads of speculations and opinions. Some even wonder whether the Blockchain technology is just out there to prove some developer’s ingenious work or it has real value to end-users. Even survey reports have a different take over the Blockchain.

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As per one of the surveys, where companies from various sectors have used Blockchain for their projects, it was mentioned that on average, they were expecting a 24% return on investment on their early Blockchain projects but realized only a 10% return.

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( Image source: quora.com)

The Blockchain is indeed disruptive, and it even forced experts to split opinions, whether it is a Myth or a Maestro of tech innovation. Let’s see what experts have to say who have been around technology and innovations for quite a long time.

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( Image source: techrepublic.com)

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( Image source: techrepublic.com)

The technology has unique features like recording transactions via a peer-to-peer network, an immutable ledger, smart contracts, then why it could not get through user’s expectations in all respect.

1) Centralized vs. Dencentralized

The majority of software that performs well and is used throughout the world is centralized - Android, Facebook, Quickbooks, Windows, etc. The users are very fond of these platforms for a long time. It was not that these technologies didn’t have any errors or were hidden behind their prominence but were prompt enough to solve the user’s issues rapidly. It gave a sense of reliability to users who operate their daily work on these platforms. It might not be in the case of Blockchain technology. But does it make Blockchain out of the context?

Take the example of the dApps (Decentralized Apps) that use Blockchain technology for app development. The app backend code is distributed between the nodes of a P2P network, which reduces the mobile app development cost that companies pay for cloud service or on-premise server support expenses. No doubt Dapps are very slow, but it still has the merits. A combination of centralized and decentralized can be more productive than overruling one over the other.

2) Blockchain Performance

The amount of data you store on Blockchain has to be stored by every full node on this planet. It means anyone who downloads the Blockchain is also downloading your piece of data and everybody else who is there on the Blockchain. It could increase the cost of storing data on Blockchain and speed of the storage. Limited storage and slow transaction speeds present a big barrier to Blockchain adoption.

3) Smart Contracts

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( source: blockgeeks.com)

It is the smart contract that drove most people’s attention towards Blockchain technology. A smart contract can take away all the paperwork out of your organization or business processes. The set of rules (a piece of code) automatically gets executed when predetermined terms and conditions are met. A smart contract could be used in multiple ways like tracking rented vehicles, transfer ownership of a house or apartment, to record music copyrights, and so on.

It eliminates third party dependency, reduction of bureaucracy, reduction of costs by removing the need for lawyers. However, there are certain limitations that question smart contract’s feasibility in the actual world.

  • The information on Blockchain is immutable; it means if there is an error, it can’t be changed. Also, it is a cumbersome task to download the entire Blockchain and re-enter data even for small changes.
  • Another issue is legal prosecution. For example, a smart lock cannot prosecute the person who damages your property. A law enforcement body like the court is needed.
  • Non-reversible transactions limit smart contracts to a very narrow niche of use cases or industry
  • The loss or theft of laptops, hardware private keys and flash drives would lock people out of their contracts and fortunes forever

4) Gold vs. Bitcoin

Gold is a stable commodity, and it can be exchanged with foreign banks in return for funds. As of now, one cannot borrow money from Banks for Bitcoins. But the World Economic Forum survey suggested that 10 percent of global GDP will be stored on Blockchain by 2027. Though everything seems glittery for bitcoin, the value of physical Gold cannot be underestimated. Gold has an intrinsic value that can never drop to zero – the same cannot be said for bitcoin. This is one of the main reasons why some envisage Blockchain as overhyped technology. On the other hand, Blockchain is no fallacy for virtual currency users, who think Gold is too primitive to handle the tech-driven world. It is interesting to watch Blockchain and Gold in neck-and-neck competition to build their supremacy in the world economy.

5) Blockchain Scalability

Blockchain scalability is one of the prime reasons many are reluctant to adopt this technology for their business processes.

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( Image source: zdnet.com)

VISA does transaction around 1667 per second, while Ethereum and Bitcoin are limited to 7 and 20, respectively. Blockchain is bottlenecked around its scalability. The two main issues around the Blockchain scalability are

  • Time consumed to put a transaction in the block
  • The time taken to reach a consensus

Every recordable transaction requires peer-to-peer verification along with it associates the transaction fees. If you want your payment to be verified more quickly, you have to pay a higher fee for it. As transactions continue and records grow, block sizes increase eventually, which may result in higher verifying fees.

Bitcoin is currently verifying, or creating, one block every ten minutes, in the future, it may increase with the number of blocks involved.

Blockchain technology will not be judged only over their performance metrics but also on their value proposition to the existing technology.

In 2020 the battle will not settle on its viability alone but rather selecting them as your business preference- private Blockchain, public Blockchain, or both. It is expected that 80% of Blockchain deployments will be hybrid, multi-cloud, or both. The expert below quotes when one should adopt Blockchain technology.

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( Image source: searchcio.techtarget.com)

Final Thoughts:

Whether Blockchain is Overhyped or Underhyped is a big question as of now, considering the fact it is still in the growing phase.

Their limitations are big blockages for technology and place them in the same bracket where 3D printing, Wearables, NFC (Near Field Communication), Autonomous Cars are resting.

But with improvisation in Blockchain technology, it is expected to reverse the perception of those who feel insecure about it.

Blockchain technology has taken the routes lesser-known, and even though if it does not rise to people’s expectations, it has lit the light in the dark, which was not explored so far.

Does blockchain represent the future? Well, I cannot say about that but, what I am sure about is that it will majorly influence the digital transformation in 2020. In the near future, it is expected that the applications with blockchain technology will have a better potential to improve the secure sharing of information amongst the familiar entities. Not just this, it will also improve the process of tracking and tracing digital and physical goods. We have covered an entire post on how blockchain will influence the digital transformation in 2020. I assume you would be keen to learn about that.
Does blockchain represent the future? Well, I cannot say about that but, what I am sure about is that it will majorly influence the digital transformation in 2020. In the near future, it is expected that the applications with blockchain technology will have a better potential to improve the secure sharing of information amongst the familiar entities. Not just this, it will also improve the process of tracking and tracing digital and physical goods. We have covered an entire post on how blockchain will influence the digital transformation in 2020. I assume you would be keen to learn about that.

Does blockchain represent the future? Well, I cannot say about that but, what I am sure about is that it will majorly influence the digital transformation in 2020.

In the near future, it is expected that the applications with blockchain technology will have a better potential to improve the secure sharing of information amongst the familiar entities. Not just this, it will also improve the process of tracking and tracing digital and physical goods.

We have covered an entire post on how blockchain will influence the digital transformation in 2020. I assume you would be keen to learn about that.

The spotlight in the tech industry is again being shifted towards the world-of-internet infusing curiosity, controversies, and contemplation as some experts vouch for blockchain as the new internet.  The internet didn’t come into existence as a separate entity to connect the entire world in a single place. Rather, it was developed as the decentralized network for internal communication by a military venture called ARPA. But over time, this network proliferated and became the worldwide web, or we know it as an “Internet”.  ( image under construction)  Internet is somewhat like the highway roads, which are interconnected with the network of small roads and boulevards through which the vehicle passes to and fro to transport goods to the destined place. On the internet, these roads are compared to the routers that take user queries (in the form of data packets) to the relevant server to fetch the answer and delivers back to the user.  Why so much noise over Blockchain-Internet  The internet is already a decentralized network; as such there is no ownership then why Blockchain is claiming it to make it decentralized all over again. Here is the twist, a small group of large companies like Facebook, Apple, Amazon, Netflix, and Google, along with other companies like Twitter and Microsoft rule this virtual terrain. They are known as the FAANGs.   Most of our personal data are stored and controlled by FAANGs and very few by others. Eventually, these platforms have an enormous influence on what sources of information we consume or access daily. So indirectly they control us through the internet.  ( image source: forbes.com)  Intermittently, it changes the internet status from decentralized to centralized, and that’s where blockchain evangelist thinks that its time for the internet revolution in real sense. A decentralized internet would not use centralized servers. Instead, it would use a network of nodes (computers) and widely distributed data.  Can Blockchain replace the internet  Nothing is permanent, and changes are inevident.   Google is a top-notch search engine with 3.5 billion queries running through Google’s search algorithm every day. Although there is nothing wrong with that, for a few people, the privacy issue is a matter of concern. A blockchain-based search engine (BBSE) is a good option. BBSE makes search data safe as it is encrypted and stored on a blockchain. So, whenever someone searches for a keyword on a blockchain-based search engine, the search engine scan through the distributed ledger to show results. Nebulas, Presearch, and Desearch are some popular name of BBSE provider  With BBSE, no more personal data would be used by intermediaries to make money. Every search that we as consumers generate remains under our control stored in the blocks, secured via cryptography and timestamped, and traceable.  A decentralized internet is recently introduced by Skycoin. The developer version of decentralized Internet “Skywire”, is a mesh network of interconnected devices with more than 10,000 nodes or computers. The system or network will act as a data exchange network just like the internet and allows unrestricted flow of information. Skywire has the following features.   ( image source: coinspeaker.com)   To access the internet we solely depend on ISP’s or Internet Service Provider. Besides, their poor service and slow internet speed, we still stick to them as there are no alternatives. Blockchain can change this. Just imagine the users own all the wireless hardware necessary to form a vast internet network from where anyone can go online. Just like “Skywire” one more such network is Andrena, it uses blockchain technology to form and organize the online community, without a central authority (like ISPs). Through Andrena, users can own wireless hardware to deliver the Internet to each other  Today consumer uses the internet to buy products online for which they pay transaction fees to payment services. This can be changed. The blockchain can transfer and store money as well as replace all processes which rely on charging a small fee for a transaction.  How worst any country can hit with financial losses if the internet is shut down completely. Can they still continue their trading business? The answer is yes if blockchain is allowed to transfer data without the internet. In the year 2019, a bitcoin was transferred through radio-waves, the incident opened new hope for blockchain replacing internet. It is too early to predict, but it can’t be denied that offline communication of any type is possible through blockchain.   Though blockchain is regarded to be next internet, its full-fledged deployment is challenged by few of its limitations like scalability, slow transaction speed, and interoperability. For example, if you are using blockchain-based internet to search, it will generate a new transaction. With millions of users worldwide, one can expect an infinite number of transactions generating on its blockchain.  If the blockchain is not scaled to handle large data, improved transaction speed, and ability to communicate with their counterparts, the dream of fully decentralized internet soon be found buried inside a casket. But if blockchain internet succeeds, the modern-day cyberspace would be leverage no less than the legacy internet that unwrapped unlimited possibilities since its induction.
The spotlight in the tech industry is again being shifted towards the world-of-internet infusing curiosity, controversies, and contemplation as some experts vouch for blockchain as the new internet.  The internet didn’t come into existence as a separate entity to connect the entire world in a single place. Rather, it was developed as the decentralized network for internal communication by a military venture called ARPA. But over time, this network proliferated and became the worldwide web, or we know it as an “Internet”.  ( image under construction)  Internet is somewhat like the highway roads, which are interconnected with the network of small roads and boulevards through which the vehicle passes to and fro to transport goods to the destined place. On the internet, these roads are compared to the routers that take user queries (in the form of data packets) to the relevant server to fetch the answer and delivers back to the user.  Why so much noise over Blockchain-Internet  The internet is already a decentralized network; as such there is no ownership then why Blockchain is claiming it to make it decentralized all over again. Here is the twist, a small group of large companies like Facebook, Apple, Amazon, Netflix, and Google, along with other companies like Twitter and Microsoft rule this virtual terrain. They are known as the FAANGs.   Most of our personal data are stored and controlled by FAANGs and very few by others. Eventually, these platforms have an enormous influence on what sources of information we consume or access daily. So indirectly they control us through the internet.  ( image source: forbes.com)  Intermittently, it changes the internet status from decentralized to centralized, and that’s where blockchain evangelist thinks that its time for the internet revolution in real sense. A decentralized internet would not use centralized servers. Instead, it would use a network of nodes (computers) and widely distributed data.  Can Blockchain replace the internet  Nothing is permanent, and changes are inevident.   Google is a top-notch search engine with 3.5 billion queries running through Google’s search algorithm every day. Although there is nothing wrong with that, for a few people, the privacy issue is a matter of concern. A blockchain-based search engine (BBSE) is a good option. BBSE makes search data safe as it is encrypted and stored on a blockchain. So, whenever someone searches for a keyword on a blockchain-based search engine, the search engine scan through the distributed ledger to show results. Nebulas, Presearch, and Desearch are some popular name of BBSE provider  With BBSE, no more personal data would be used by intermediaries to make money. Every search that we as consumers generate remains under our control stored in the blocks, secured via cryptography and timestamped, and traceable.  A decentralized internet is recently introduced by Skycoin. The developer version of decentralized Internet “Skywire”, is a mesh network of interconnected devices with more than 10,000 nodes or computers. The system or network will act as a data exchange network just like the internet and allows unrestricted flow of information. Skywire has the following features.   ( image source: coinspeaker.com)   To access the internet we solely depend on ISP’s or Internet Service Provider. Besides, their poor service and slow internet speed, we still stick to them as there are no alternatives. Blockchain can change this. Just imagine the users own all the wireless hardware necessary to form a vast internet network from where anyone can go online. Just like “Skywire” one more such network is Andrena, it uses blockchain technology to form and organize the online community, without a central authority (like ISPs). Through Andrena, users can own wireless hardware to deliver the Internet to each other  Today consumer uses the internet to buy products online for which they pay transaction fees to payment services. This can be changed. The blockchain can transfer and store money as well as replace all processes which rely on charging a small fee for a transaction.  How worst any country can hit with financial losses if the internet is shut down completely. Can they still continue their trading business? The answer is yes if blockchain is allowed to transfer data without the internet. In the year 2019, a bitcoin was transferred through radio-waves, the incident opened new hope for blockchain replacing internet. It is too early to predict, but it can’t be denied that offline communication of any type is possible through blockchain.   Though blockchain is regarded to be next internet, its full-fledged deployment is challenged by few of its limitations like scalability, slow transaction speed, and interoperability. For example, if you are using blockchain-based internet to search, it will generate a new transaction. With millions of users worldwide, one can expect an infinite number of transactions generating on its blockchain.  If the blockchain is not scaled to handle large data, improved transaction speed, and ability to communicate with their counterparts, the dream of fully decentralized internet soon be found buried inside a casket. But if blockchain internet succeeds, the modern-day cyberspace would be leverage no less than the legacy internet that unwrapped unlimited possibilities since its induction.

The spotlight in the tech industry is again being shifted towards the world-of-internet infusing curiosity, controversies, and contemplation as some experts vouch for blockchain as the new internet

The internet didn’t come into existence as a separate entity to connect the entire world in a single place. Rather, it was developed as the decentralized network for internal communication by a military venture called ARPA. But over time, this network proliferated and became the worldwide web, or we know it as an “Internet”. 

undefined

( image under construction) 

Internet is somewhat like the highway roads, which are interconnected with the network of small roads and boulevards through which the vehicle passes to and fro to transport goods to the destined place. On the internet, these roads are compared to the routers that take user queries (in the form of data packets) to the relevant server to fetch the answer and delivers back to the user. 

Why so much noise over Blockchain-Internet 

The internet is already a decentralized network; as such there is no ownership then why Blockchain is claiming it to make it decentralized all over again. Here is the twist, a small group of large companies like Facebook, Apple, Amazon, Netflix, and Google, along with other companies like Twitter and Microsoft rule this virtual terrain. They are known as the FAANGs.  

Most of our personal data are stored and controlled by FAANGs and very few by others. Eventually, these platforms have an enormous influence on what sources of information we consume or access daily. So indirectly they control us through the internet. 

undefined

( image source: forbes.com) 

Intermittently, it changes the internet status from decentralized to centralized, and that’s where blockchain evangelist thinks that its time for the internet revolution in real sense. A decentralized internet would not use centralized servers. Instead, it would use a network of nodes (computers) and widely distributed data. 

Can Blockchain replace the internet 

Nothing is permanent, and changes are inevident.  

  • Google is a top-notch search engine with 3.5 billion queries running through Google’s search algorithm every day. Although there is nothing wrong with that, for a few people, the privacy issue is a matter of concern. A blockchain-based search engine (BBSE) is a good option. BBSE makes search data safe as it is encrypted and stored on a blockchain. So, whenever someone searches for a keyword on a blockchain-based search engine, the search engine scan through the distributed ledger to show results. Nebulas, Presearch, and Desearch are some popular name of BBSE provider 
  • With BBSE, no more personal data would be used by intermediaries to make money. Every search that we as consumers generate remains under our control stored in the blocks, secured via cryptography and timestamped, and traceable. 
  • A decentralized internet is recently introduced by Skycoin. The developer version of decentralized Internet “Skywire”, is a mesh network of interconnected devices with more than 10,000 nodes or computers. The system or network will act as a data exchange network just like the internet and allows unrestricted flow of information. Skywire has the following features.  
undefined

( image source: coinspeaker.com)  

  • To access the internet we solely depend on ISP’s or Internet Service Provider. Besides, their poor service and slow internet speed, we still stick to them as there are no alternatives. Blockchain can change this. Just imagine the users own all the wireless hardware necessary to form a vast internet network from where anyone can go online. Just like “Skywire” one more such network is Andrena, it uses blockchain technology to form and organize the online community, without a central authority (like ISPs). Through Andrena, users can own wireless hardware to deliver the Internet to each other 
  • Today consumer uses the internet to buy products online for which they pay transaction fees to payment services. This can be changed. The blockchain can transfer and store money as well as replace all processes which rely on charging a small fee for a transaction. 
  • How worst any country can hit with financial losses if the internet is shut down completely. Can they still continue their trading business? The answer is yes if blockchain is allowed to transfer data without the internet. In the year 2019, a bitcoin was transferred through radio-waves, the incident opened new hope for blockchain replacing internet. It is too early to predict, but it can’t be denied that offline communication of any type is possible through blockchain.  

Though blockchain is regarded to be next internet, its full-fledged deployment is challenged by few of its limitations like scalability, slow transaction speed, and interoperability. For example, if you are using blockchain-based internet to search, it will generate a new transaction. With millions of users worldwide, one can expect an infinite number of transactions generating on its blockchain. 

If the blockchain is not scaled to handle large data, improved transaction speed, and ability to communicate with their counterparts, the dream of fully decentralized internet soon be found buried inside a casket. But if blockchain internet succeeds, the modern-day cyberspace would be leverage no less than the legacy internet that unwrapped unlimited possibilities since its induction.

Blockchain technology is the best-in-class technology to address the common pain-points of a start-up. Maybe that is one of the reasons startup entrepreneurs are so passionate about the blockchain technology. They have explored the technology capabilities in various sectors, including banking, capital markets, governance, healthcare, and pharmaceuticals, among others. Blockchain is a peer-to-peer series of locked digital data repositories (the blocks). These blocks are linked together (the chain) and continuously checks each other for error. It is essentially a shared database filled with entries that must be confirmed and encrypted. It is designed to record transactions or digital interactions. It makes technology the most secure way to store sensitive information. Also, there are added advantages of blockchain that propel the momentum of the existing business operations. Decentralized Data protected against malicious attacks and technical failures Great transparency No middle man commission - reduced cost Why startup uses blockchain technology, Funding is a critical aspect of any startup. Blockchain opens the door for Foreign Direct Investment (FDI) which is usually restricted due to government policies and other regulations All the accounting and financial data can be made secure and accessible to all the authorized stakeholders of the company Business owners can have data from all the previous customer queries. By acting on these queries, customer support can become fast and efficient Startups can maintain a record of products that they use during their operation. It helps to trace the product during the entire operation and check whether they have any faulty or duplicate product in operation. Most people see blockchain technology as a cryptocurrency, but very few know that blockchain technology has far more applications than mere cryptocurrency. Blockchain technology is centralized around a token-based system, and based on it; new avenues are explored for its implementation. Here are the courageous few who have implemented blockchain technology for their start-ups. 1) StaTwig Technologies This India based company is focusing on transforming extended supply chain management in the food and life sciences sectors. They are the two sensitive areas were tracking the expiry of the product as well as fake products are essential. StaTwig’s blockchain cloud platform allows customers to monitor products in the extended supply chain. They can continuously track the product's health information in a tamper-proof data registry, provide permissioned access to the information on-demand, and prevent third-party interference to data or contracts. 2) Hedera Hashgraph Hedera Hashgraph is a public ledger- it means a secure, shared database that everyone can read from and write to. The public ledger is stored on the main nodes initially run by the Hedera Governing Council. “Acoer” developer of blockchain-enabled applications recently used Hedera Hashgraph technology to release updates on the Coronavirus outbreak with its HashLog data visualization engine. It helps healthcare and life sciences clients to easily track the progress and condition of the deadly virus or any crucial information related to epidemics. 3) Colendi High-interest rate of credit cards is a significant concern for all the users. Besides that, the customers having a good track record can only posses the credit card. To solve this issue, Colendi has a new micro-financing idea. It is a Fintech company that introduced a blockchain-based democratized credit scoring evaluation method. It offers instant credit with optimized rates and lets you enjoy financial freedom anywhere in the world. Colendi’s credit score provides a novel alternative for the current financial technology landscape. 4) ODEM ODEM is probably making the Blockchain worth. It is the world's first decentralized on-demand education marketplace. It enables professors and students to interact directly and participate in the exchange of education and learning, without the involvement of intermediaries or high-end institute. It means education becoming cheaper. 5) Authenteq Authenteq allows customers to verify their identity through any channel without compromising their privacy. A blockchain-based, self-owned & controlled digital ID. It is fully automated, and it works seamlessly throughout your mobile and desktop channels. 6) Photo Chain It is a decentralized stock photography platform built on the blockchain. The technology enables photographers to claim up to 95 percent of their potential earnings. The company's Digital Copyright Chain (DCC) solution ensures all copyrights and protections are in place. It helps to eliminate the copyright issues currently observed in the stock photography market. 7) Ship Chain This start-up wants to take logistics to a new level. They have integrated blockchain to track the entire freight process from start to finish. It allows for an efficient logistics process across the whole supply chain. Every shipment is federated & validated in transparent blockchain contracts. The business owners have complete control over who & how their data is queried. 8) Buzz Show Buzz shows incorporate blockchain technology to the music industry. It is a decentralized social video ecosystem with a full economic cycle and rewards for viewing, sharing, creating and curating videos. The most exciting thing about this platform is that it rewards viewers each time they watch something on Buzz show or invite friends. The blockchain technology is not just influencing the business regimes but also leaving their footprints to government affairs. Recently, leading South Korean politician Ahn Chul-soo announced that their new party would use a blockchain-powered platform for voting, accounting, and budgetary matters – in an effort to boost transparency.
Blockchain technology is the best-in-class technology to address the common pain-points of a start-up. Maybe that is one of the reasons startup entrepreneurs are so passionate about the blockchain technology. They have explored the technology capabilities in various sectors, including banking, capital markets, governance, healthcare, and pharmaceuticals, among others. Blockchain is a peer-to-peer series of locked digital data repositories (the blocks). These blocks are linked together (the chain) and continuously checks each other for error. It is essentially a shared database filled with entries that must be confirmed and encrypted. It is designed to record transactions or digital interactions. It makes technology the most secure way to store sensitive information. Also, there are added advantages of blockchain that propel the momentum of the existing business operations. Decentralized Data protected against malicious attacks and technical failures Great transparency No middle man commission - reduced cost Why startup uses blockchain technology, Funding is a critical aspect of any startup. Blockchain opens the door for Foreign Direct Investment (FDI) which is usually restricted due to government policies and other regulations All the accounting and financial data can be made secure and accessible to all the authorized stakeholders of the company Business owners can have data from all the previous customer queries. By acting on these queries, customer support can become fast and efficient Startups can maintain a record of products that they use during their operation. It helps to trace the product during the entire operation and check whether they have any faulty or duplicate product in operation. Most people see blockchain technology as a cryptocurrency, but very few know that blockchain technology has far more applications than mere cryptocurrency. Blockchain technology is centralized around a token-based system, and based on it; new avenues are explored for its implementation. Here are the courageous few who have implemented blockchain technology for their start-ups. 1) StaTwig Technologies This India based company is focusing on transforming extended supply chain management in the food and life sciences sectors. They are the two sensitive areas were tracking the expiry of the product as well as fake products are essential. StaTwig’s blockchain cloud platform allows customers to monitor products in the extended supply chain. They can continuously track the product's health information in a tamper-proof data registry, provide permissioned access to the information on-demand, and prevent third-party interference to data or contracts. 2) Hedera Hashgraph Hedera Hashgraph is a public ledger- it means a secure, shared database that everyone can read from and write to. The public ledger is stored on the main nodes initially run by the Hedera Governing Council. “Acoer” developer of blockchain-enabled applications recently used Hedera Hashgraph technology to release updates on the Coronavirus outbreak with its HashLog data visualization engine. It helps healthcare and life sciences clients to easily track the progress and condition of the deadly virus or any crucial information related to epidemics. 3) Colendi High-interest rate of credit cards is a significant concern for all the users. Besides that, the customers having a good track record can only posses the credit card. To solve this issue, Colendi has a new micro-financing idea. It is a Fintech company that introduced a blockchain-based democratized credit scoring evaluation method. It offers instant credit with optimized rates and lets you enjoy financial freedom anywhere in the world. Colendi’s credit score provides a novel alternative for the current financial technology landscape. 4) ODEM ODEM is probably making the Blockchain worth. It is the world's first decentralized on-demand education marketplace. It enables professors and students to interact directly and participate in the exchange of education and learning, without the involvement of intermediaries or high-end institute. It means education becoming cheaper. 5) Authenteq Authenteq allows customers to verify their identity through any channel without compromising their privacy. A blockchain-based, self-owned & controlled digital ID. It is fully automated, and it works seamlessly throughout your mobile and desktop channels. 6) Photo Chain It is a decentralized stock photography platform built on the blockchain. The technology enables photographers to claim up to 95 percent of their potential earnings. The company's Digital Copyright Chain (DCC) solution ensures all copyrights and protections are in place. It helps to eliminate the copyright issues currently observed in the stock photography market. 7) Ship Chain This start-up wants to take logistics to a new level. They have integrated blockchain to track the entire freight process from start to finish. It allows for an efficient logistics process across the whole supply chain. Every shipment is federated & validated in transparent blockchain contracts. The business owners have complete control over who & how their data is queried. 8) Buzz Show Buzz shows incorporate blockchain technology to the music industry. It is a decentralized social video ecosystem with a full economic cycle and rewards for viewing, sharing, creating and curating videos. The most exciting thing about this platform is that it rewards viewers each time they watch something on Buzz show or invite friends. The blockchain technology is not just influencing the business regimes but also leaving their footprints to government affairs. Recently, leading South Korean politician Ahn Chul-soo announced that their new party would use a blockchain-powered platform for voting, accounting, and budgetary matters – in an effort to boost transparency.

Blockchain technology is the best-in-class technology to address the common pain-points of a start-up. Maybe that is one of the reasons startup entrepreneurs are so passionate about the blockchain technology.

They have explored the technology capabilities in various sectors, including banking, capital markets, governance, healthcare, and pharmaceuticals, among others.

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Blockchain is a peer-to-peer series of locked digital data repositories (the blocks). These blocks are linked together (the chain) and continuously checks each other for error. It is essentially a shared database filled with entries that must be confirmed and encrypted. It is designed to record transactions or digital interactions. It makes technology the most secure way to store sensitive information.

Also, there are added advantages of blockchain that propel the momentum of the existing business operations.

  • Decentralized
  • Data protected against malicious attacks and technical failures
  • Great transparency
  • No middle man commission - reduced cost

Why startup uses blockchain technology,

  • Funding is a critical aspect of any startup. Blockchain opens the door for Foreign Direct Investment (FDI) which is usually restricted due to government policies and other regulations
  • All the accounting and financial data can be made secure and accessible to all the authorized stakeholders of the company
  • Business owners can have data from all the previous customer queries. By acting on these queries, customer support can become fast and efficient
  • Startups can maintain a record of products that they use during their operation. It helps to trace the product during the entire operation and check whether they have any faulty or duplicate product in operation.

Most people see blockchain technology as a cryptocurrency, but very few know that blockchain technology has far more applications than mere cryptocurrency. Blockchain technology is centralized around a token-based system, and based on it; new avenues are explored for its implementation.

Here are the courageous few who have implemented blockchain technology for their start-ups.

1) StaTwig Technologies

This India based company is focusing on transforming extended supply chain management in the food and life sciences sectors. They are the two sensitive areas were tracking the expiry of the product as well as fake products are essential. StaTwig’s blockchain cloud platform allows customers to monitor products in the extended supply chain. They can continuously track the product's health information in a tamper-proof data registry, provide permissioned access to the information on-demand, and prevent third-party interference to data or contracts.

2) Hedera Hashgraph

Hedera Hashgraph is a public ledger- it means a secure, shared database that everyone can read from and write to. The public ledger is stored on the main nodes initially run by the Hedera Governing Council. “Acoer” developer of blockchain-enabled applications recently used Hedera Hashgraph technology to release updates on the Coronavirus outbreak with its HashLog data visualization engine. It helps healthcare and life sciences clients to easily track the progress and condition of the deadly virus or any crucial information related to epidemics.

3) Colendi

High-interest rate of credit cards is a significant concern for all the users. Besides that, the customers having a good track record can only posses the credit card. To solve this issue, Colendi has a new micro-financing idea. It is a Fintech company that introduced a blockchain-based democratized credit scoring evaluation method. It offers instant credit with optimized rates and lets you enjoy financial freedom anywhere in the world. Colendi’s credit score provides a novel alternative for the current financial technology landscape.

4) ODEM

ODEM is probably making the Blockchain worth. It is the world's first decentralized on-demand education marketplace. It enables professors and students to interact directly and participate in the exchange of education and learning, without the involvement of intermediaries or high-end institute. It means education becoming cheaper.

5) Authenteq

Authenteq allows customers to verify their identity through any channel without compromising their privacy. A blockchain-based, self-owned & controlled digital ID. It is fully automated, and it works seamlessly throughout your mobile and desktop channels.

6) Photo Chain

It is a decentralized stock photography platform built on the blockchain. The technology enables photographers to claim up to 95 percent of their potential earnings. The company's Digital Copyright Chain (DCC) solution ensures all copyrights and protections are in place. It helps to eliminate the copyright issues currently observed in the stock photography market.

7) Ship Chain

This start-up wants to take logistics to a new level. They have integrated blockchain to track the entire freight process from start to finish. It allows for an efficient logistics process across the whole supply chain. Every shipment is federated & validated in transparent blockchain contracts. The business owners have complete control over who & how their data is queried.

8) Buzz Show

Buzz shows incorporate blockchain technology to the music industry. It is a decentralized social video ecosystem with a full economic cycle and rewards for viewing, sharing, creating and curating videos. The most exciting thing about this platform is that it rewards viewers each time they watch something on Buzz show or invite friends.

The blockchain technology is not just influencing the business regimes but also leaving their footprints to government affairs. Recently, leading South Korean politician Ahn Chul-soo announced that their new party would use a blockchain-powered platform for voting, accounting, and budgetary matters – in an effort to boost transparency.

There is a lot of confusion among the blockchain enthusiasts relating to Bitcoin and Ethereum. This may be because they may have come across a few tech-news headlines saying “Ethereum, the cryptocurrency has long been the clear No. 2 to Bitcoin”.  Though both Bitcoin and Ethereum are regarded as cryptocurrencies, they differ in purpose. But before we discover the difference between these two, it is essential to know the difference between Bitcoin and Blockchain.   Blockchain: The blockchain is a type of a ledger that records all the transactions for any business process. It also acts as bitcoin’s ledger and takes care of all the transactions of bitcoin. Blockchain can smoothly transfer anything from currencies to property rights of stocks.  Bitcoin: Bitcoin is a digital currency built with the help of blockchain technology. It was introduced to simplify the transactional process and unify payment services using a single type of currency. It means you can say bitcoin is a blockchain, but the blockchain is not a bitcoin. Bitcoin is limited to trading as a currency.   Bitcoin Vs. Ethereum  Blockchain has grown over the period, and now it is catering to even small transactions across various industries. While bitcoin is the most widely used and well-known use case of blockchain, Ethereum may be the killer app that facilitates the blockchain to discover its full potential. Digging a little bit into the technical aspect, Ethereum uses a Turing Complete programming language and a Turing Complete internal code. It means it is capable of calculating anything and everything with sufficient computing power and a particular time period.  Some more details on how both use the blockchain.  Bitcoin (UTXO) vs Ethereum (Account/balance model)  One of the significant differences between bitcoin and ethereum is how a transaction is processed.  Bitcoin uses UTXO ( Unspent Transaction Outputs)  Ethereum works on the transaction-based state machine or account/balance model.   Bitcoin (UTXO)  UTXO (Unspent Transaction Output) works well with bitcoin as digital wallets facilitate most of the tasks associated with transactions. Basically, UTXO is the amount of leftover cryptocurrency change that you receive from each transaction.  Note that to buy any goods through bitcoin (UTXO) you need to transfer the entire bitcoin value and the remaining balance will be sent back to you. It is the same as when you go to the grocery store to buy goods worth $37, and you give a $50 note to the store owner, and he returns the balance of $13. In bitcoin there is no $20, $5, or $10, they can only use $50 block.  They might not have currency options, but the blockchain transcribes $50 somewhat similar to our currency notes. It uses the combination that could be anything ($25+$1+$24), or ($35+$15) or ($22+$3+$25), from this block they can pick any combination, to sum up, $37. For instance, from the combination ($35+$15)=> it can take $32 from ($35 block) and rest $5 from ($15 block).  If the paying amount is more than $50, let say $87 they have to send two $50 notes with more combinations. The blockchain will deduct $87 from two blocks of $50 ( again using the combination) and return the remaining balance.  Now comes the second part, after buying goods worth $37 in bitcoin, the balance left is $13. In bitcoin, this $13 balance is known as unspent transaction output. Based on this remaining balance or output, the future transactions are done (see image below). The only difference to cash transaction and bitcoin is the amount in bitcoin you received at the end had also deducted their transaction fees.  ( image source: blockonomi.com)  Like Ethereum, bitcoin does not store account balances but it is derived by using blockchain transactions ever recorded. With bitcoin, a user simply holds the private keys to one or more UTXO at any given point in time.  Ethereum (Account/balance model)  Ethereum is basically an open software platform built on blockchain technology. It empowers developers to build and deploy decentralized applications besides cryptocurrency.  In the current blockchain world, there are two ways to record and save state.   UTXO model (Unspent Transaction Output) — Bitcoin  Account model — Ethereum, CITA  In the account model on which the ethereum is based, the world state is stored on nodes locally, not transferred with blocks. ( See image below for “STATES”)  ( image source: vas3k.com)  A full Ethereum node is composed of three essential parts.   Blockchain component  Peer-to-peer network  The virtual machine   It will take a separate session to explain node components in detail, which is not feasible here. So let’s go straight to the basics. Ethereum is designed around three concepts- Accounts, smart contracts, and transactions.  Accounts  Accounts are basic units of Ethereum protocol. In order to interact with the ethereum network (blockchain), you need an account, just like bitcoin that uses a “bitcoin address” to store and send bitcoins.  Ethereum has allocated 2 types of accounts or addresses for this. Both types of accounts can either be used for digital payment or perform operations using Smart Contracts.  Two types of Ethereum Accounts  Private key-controlled user accounts/ EOA( Externally Owned Account)  You can make an ETH transfer or payment by signing transactions with a private key in this account. The main purpose of these accounts is to serve as a medium for users to interact with the Ethereum Blockchain. Through this account, users can send ether(cryptocurrency) and messages from it.   Contract-code controlled accounts (smart contracts)  Smart contracts can only be activated by sending ETH into it. After the smart contract has been coded and uploaded, it will sit in this account and wait to be activated.  Smart Contracts  Ethereum enables the development and deployment of custom code(smart contracts) into the blockchain. A smart-contract becomes like a self-operating computer program that automatically executes when specific conditions are met.  Every contract that populates on the ethereum blockchain is stored in a specific format called EVM (Ethereum Virtual Machine) bytecode which is an ethereum specific binary format. The Ethereum virtual machine is the engine in which the transaction code gets executed and activates the contract.  So basically, Ethereum blockchain stores your data, stores the code and also runs the code in the EVM (Ethereum Virtual Machine). Besides cryptocurrency, developers can code “Smart Contracts” for any business applications.  ( Image source: edureka.co)  Transactions  Every transaction in the Ethereum only needs to make one reference and signature that produces one output, contrary to UTXO design. Ethereum transactions are signed data packages, containing a host of information. The ethereum block includes the following information and processes the transaction when all the requirements are full-filled.   Address of the recipient  Signature of the sender’s  Transaction amount  The gas price value – it tells how much the sender pays per computational step  The Start gas value – it controls how many computational steps the transaction is allowed to execute  An optional data field   The Ethereum blockchain verifies to see if the transaction contains all the data listed above, and has a valid signature. If the nonce ( number of transactions sent by the account) also matches, the transaction moves on to the second step. When you interact with the Ethereum blockchain, you are executing transactions and updating its state. ( Below is the image showing the change in the state)  ( image source: oreilly.com)  There are more technical details on Ethereum, that is not possible to explain here like passing message calls, transaction trie, DAO, Ethereum exchange rate, etc.   I hope the above information was useful to get an overview of how both ( Bitcoin & Ethereum) have explored blockchain technology in their own way.  Keeping it short - what Bitcoin does for money, Ethereum does for contracts. Bitcoin is used to buy goods on popular websites like Namecheap,Overstock.com, or Tesla. Meanwhile, the Ethereum is mainly being used by developers building applications (dApps) on top of it.   Ethereum was not as popular as bitcoin, but gradually, it is gaining momentum in the Blockchain world. It is expected that as more and more apps will be developed on the blockchain, the value of Ethereum will rise.
There is a lot of confusion among the blockchain enthusiasts relating to Bitcoin and Ethereum. This may be because they may have come across a few tech-news headlines saying “Ethereum, the cryptocurrency has long been the clear No. 2 to Bitcoin”.  Though both Bitcoin and Ethereum are regarded as cryptocurrencies, they differ in purpose. But before we discover the difference between these two, it is essential to know the difference between Bitcoin and Blockchain.   Blockchain: The blockchain is a type of a ledger that records all the transactions for any business process. It also acts as bitcoin’s ledger and takes care of all the transactions of bitcoin. Blockchain can smoothly transfer anything from currencies to property rights of stocks.  Bitcoin: Bitcoin is a digital currency built with the help of blockchain technology. It was introduced to simplify the transactional process and unify payment services using a single type of currency. It means you can say bitcoin is a blockchain, but the blockchain is not a bitcoin. Bitcoin is limited to trading as a currency.   Bitcoin Vs. Ethereum  Blockchain has grown over the period, and now it is catering to even small transactions across various industries. While bitcoin is the most widely used and well-known use case of blockchain, Ethereum may be the killer app that facilitates the blockchain to discover its full potential. Digging a little bit into the technical aspect, Ethereum uses a Turing Complete programming language and a Turing Complete internal code. It means it is capable of calculating anything and everything with sufficient computing power and a particular time period.  Some more details on how both use the blockchain.  Bitcoin (UTXO) vs Ethereum (Account/balance model)  One of the significant differences between bitcoin and ethereum is how a transaction is processed.  Bitcoin uses UTXO ( Unspent Transaction Outputs)  Ethereum works on the transaction-based state machine or account/balance model.   Bitcoin (UTXO)  UTXO (Unspent Transaction Output) works well with bitcoin as digital wallets facilitate most of the tasks associated with transactions. Basically, UTXO is the amount of leftover cryptocurrency change that you receive from each transaction.  Note that to buy any goods through bitcoin (UTXO) you need to transfer the entire bitcoin value and the remaining balance will be sent back to you. It is the same as when you go to the grocery store to buy goods worth $37, and you give a $50 note to the store owner, and he returns the balance of $13. In bitcoin there is no $20, $5, or $10, they can only use $50 block.  They might not have currency options, but the blockchain transcribes $50 somewhat similar to our currency notes. It uses the combination that could be anything ($25+$1+$24), or ($35+$15) or ($22+$3+$25), from this block they can pick any combination, to sum up, $37. For instance, from the combination ($35+$15)=> it can take $32 from ($35 block) and rest $5 from ($15 block).  If the paying amount is more than $50, let say $87 they have to send two $50 notes with more combinations. The blockchain will deduct $87 from two blocks of $50 ( again using the combination) and return the remaining balance.  Now comes the second part, after buying goods worth $37 in bitcoin, the balance left is $13. In bitcoin, this $13 balance is known as unspent transaction output. Based on this remaining balance or output, the future transactions are done (see image below). The only difference to cash transaction and bitcoin is the amount in bitcoin you received at the end had also deducted their transaction fees.  ( image source: blockonomi.com)  Like Ethereum, bitcoin does not store account balances but it is derived by using blockchain transactions ever recorded. With bitcoin, a user simply holds the private keys to one or more UTXO at any given point in time.  Ethereum (Account/balance model)  Ethereum is basically an open software platform built on blockchain technology. It empowers developers to build and deploy decentralized applications besides cryptocurrency.  In the current blockchain world, there are two ways to record and save state.   UTXO model (Unspent Transaction Output) — Bitcoin  Account model — Ethereum, CITA  In the account model on which the ethereum is based, the world state is stored on nodes locally, not transferred with blocks. ( See image below for “STATES”)  ( image source: vas3k.com)  A full Ethereum node is composed of three essential parts.   Blockchain component  Peer-to-peer network  The virtual machine   It will take a separate session to explain node components in detail, which is not feasible here. So let’s go straight to the basics. Ethereum is designed around three concepts- Accounts, smart contracts, and transactions.  Accounts  Accounts are basic units of Ethereum protocol. In order to interact with the ethereum network (blockchain), you need an account, just like bitcoin that uses a “bitcoin address” to store and send bitcoins.  Ethereum has allocated 2 types of accounts or addresses for this. Both types of accounts can either be used for digital payment or perform operations using Smart Contracts.  Two types of Ethereum Accounts  Private key-controlled user accounts/ EOA( Externally Owned Account)  You can make an ETH transfer or payment by signing transactions with a private key in this account. The main purpose of these accounts is to serve as a medium for users to interact with the Ethereum Blockchain. Through this account, users can send ether(cryptocurrency) and messages from it.   Contract-code controlled accounts (smart contracts)  Smart contracts can only be activated by sending ETH into it. After the smart contract has been coded and uploaded, it will sit in this account and wait to be activated.  Smart Contracts  Ethereum enables the development and deployment of custom code(smart contracts) into the blockchain. A smart-contract becomes like a self-operating computer program that automatically executes when specific conditions are met.  Every contract that populates on the ethereum blockchain is stored in a specific format called EVM (Ethereum Virtual Machine) bytecode which is an ethereum specific binary format. The Ethereum virtual machine is the engine in which the transaction code gets executed and activates the contract.  So basically, Ethereum blockchain stores your data, stores the code and also runs the code in the EVM (Ethereum Virtual Machine). Besides cryptocurrency, developers can code “Smart Contracts” for any business applications.  ( Image source: edureka.co)  Transactions  Every transaction in the Ethereum only needs to make one reference and signature that produces one output, contrary to UTXO design. Ethereum transactions are signed data packages, containing a host of information. The ethereum block includes the following information and processes the transaction when all the requirements are full-filled.   Address of the recipient  Signature of the sender’s  Transaction amount  The gas price value – it tells how much the sender pays per computational step  The Start gas value – it controls how many computational steps the transaction is allowed to execute  An optional data field   The Ethereum blockchain verifies to see if the transaction contains all the data listed above, and has a valid signature. If the nonce ( number of transactions sent by the account) also matches, the transaction moves on to the second step. When you interact with the Ethereum blockchain, you are executing transactions and updating its state. ( Below is the image showing the change in the state)  ( image source: oreilly.com)  There are more technical details on Ethereum, that is not possible to explain here like passing message calls, transaction trie, DAO, Ethereum exchange rate, etc.   I hope the above information was useful to get an overview of how both ( Bitcoin & Ethereum) have explored blockchain technology in their own way.  Keeping it short - what Bitcoin does for money, Ethereum does for contracts. Bitcoin is used to buy goods on popular websites like Namecheap,Overstock.com, or Tesla. Meanwhile, the Ethereum is mainly being used by developers building applications (dApps) on top of it.   Ethereum was not as popular as bitcoin, but gradually, it is gaining momentum in the Blockchain world. It is expected that as more and more apps will be developed on the blockchain, the value of Ethereum will rise.

There is a lot of confusion among the blockchain enthusiasts relating to Bitcoin and Ethereum. This may be because they may have come across a few tech-news headlines saying “Ethereum, the cryptocurrency has long been the clear No. 2 to Bitcoin”

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Though both Bitcoin and Ethereum are regarded as cryptocurrencies, they differ in purpose. But before we discover the difference between these two, it is essential to know the difference between Bitcoin and Blockchain.  

  • Blockchain: The blockchain is a type of a ledger that records all the transactions for any business process. It also acts as bitcoin’s ledger and takes care of all the transactions of bitcoin. Blockchain can smoothly transfer anything from currencies to property rights of stocks
  • Bitcoin: Bitcoin is a digital currency built with the help of blockchain technology. It was introduced to simplify the transactional process and unify payment services using a single type of currency. It means you can say bitcoin is a blockchain, but the blockchain is not a bitcoin. Bitcoin is limited to trading as a currency.  

Bitcoin Vs. Ethereum 

Blockchain has grown over the period, and now it is catering to even small transactions across various industries. While bitcoin is the most widely used and well-known use case of blockchain, Ethereum may be the killer app that facilitates the blockchain to discover its full potential. Digging a little bit into the technical aspect, Ethereum uses a Turing Complete programming language and a Turing Complete internal code. It means it is capable of calculating anything and everything with sufficient computing power and a particular time period. 

Some more details on how both use the blockchain. 

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Bitcoin (UTXO) vs Ethereum (Account/balance model) 

One of the significant differences between bitcoin and ethereum is how a transaction is processed. 

  • Bitcoin uses UTXO ( Unspent Transaction Outputs) 
  • Ethereum works on the transaction-based state machine or account/balance model.  

Bitcoin (UTXO) 

UTXO (Unspent Transaction Output) works well with bitcoin as digital wallets facilitate most of the tasks associated with transactions. Basically, UTXO is the amount of leftover cryptocurrency change that you receive from each transaction. 

Note that to buy any goods through bitcoin (UTXO) you need to transfer the entire bitcoin value and the remaining balance will be sent back to you. It is the same as when you go to the grocery store to buy goods worth $37, and you give a $50 note to the store owner, and he returns the balance of $13. In bitcoin there is no $20, $5, or $10, they can only use $50 block. 

They might not have currency options, but the blockchain transcribes $50 somewhat similar to our currency notes. It uses the combination that could be anything ($25+$1+$24), or ($35+$15) or ($22+$3+$25), from this block they can pick any combination, to sum up, $37. For instance, from the combination ($35+$15)=> it can take $32 from ($35 block) and rest $5 from ($15 block). 

If the paying amount is more than $50, let say $87 they have to send two $50 notes with more combinations. The blockchain will deduct $87 from two blocks of $50 ( again using the combination) and return the remaining balance. 

Now comes the second part, after buying goods worth $37 in bitcoin, the balance left is $13. In bitcoin, this $13 balance is known as unspent transaction output. Based on this remaining balance or output, the future transactions are done (see image below). The only difference to cash transaction and bitcoin is the amount in bitcoin you received at the end had also deducted their transaction fees. 

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( image source: blockonomi.com) 

Like Ethereum, bitcoin does not store account balances but it is derived by using blockchain transactions ever recorded. With bitcoin, a user simply holds the private keys to one or more UTXO at any given point in time. 

Ethereum (Account/balance model) 

Ethereum is basically an open software platform built on blockchain technology. It empowers developers to build and deploy decentralized applications besides cryptocurrency. 

In the current blockchain world, there are two ways to record and save state.  

  • UTXO model (Unspent Transaction Output) — Bitcoin 
  • Account model — Ethereum, CITA 

In the account model on which the ethereum is based, the world state is stored on nodes locally, not transferred with blocks. ( See image below for “STATES”) 

undefined

( image source: vas3k.com) 

A full Ethereum node is composed of three essential parts.  

  • Blockchain component 
  • Peer-to-peer network 
  • The virtual machine  

It will take a separate session to explain node components in detail, which is not feasible here. So let’s go straight to the basics. Ethereum is designed around three concepts- Accounts, smart contracts, and transactions. 

Accounts 

Accounts are basic units of Ethereum protocol. In order to interact with the ethereum network (blockchain), you need an account, just like bitcoin that uses a “bitcoin address” to store and send bitcoins. 

Ethereum has allocated 2 types of accounts or addresses for this. Both types of accounts can either be used for digital payment or perform operations using Smart Contracts. 

Two types of Ethereum Accounts 

  • Private key-controlled user accounts/ EOA( Externally Owned Account) 

You can make an ETH transfer or payment by signing transactions with a private key in this account. The main purpose of these accounts is to serve as a medium for users to interact with the Ethereum Blockchain. Through this account, users can send ether(cryptocurrency) and messages from it.  

  • Contract-code controlled accounts (smart contracts) 

Smart contracts can only be activated by sending ETH into it. After the smart contract has been coded and uploaded, it will sit in this account and wait to be activated. 

Smart Contracts 

Ethereum enables the development and deployment of custom code(smart contracts) into the blockchain. A smart-contract becomes like a self-operating computer program that automatically executes when specific conditions are met. 

Every contract that populates on the ethereum blockchain is stored in a specific format called EVM (Ethereum Virtual Machine) bytecode which is an ethereum specific binary format. The Ethereum virtual machine is the engine in which the transaction code gets executed and activates the contract. 

So basically, Ethereum blockchain stores your data, stores the code and also runs the code in the EVM (Ethereum Virtual Machine). Besides cryptocurrency, developers can code “Smart Contracts” for any business applications. 

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( Image source: edureka.co) 

Transactions 

Every transaction in the Ethereum only needs to make one reference and signature that produces one output, contrary to UTXO design. Ethereum transactions are signed data packages, containing a host of information. The ethereum block includes the following information and processes the transaction when all the requirements are full-filled.  

  • Address of the recipient 
  • Signature of the sender’s 
  • Transaction amount 
  • The gas price value – it tells how much the sender pays per computational step 
  • The Start gas value – it controls how many computational steps the transaction is allowed to execute 
  • An optional data field  

The Ethereum blockchain verifies to see if the transaction contains all the data listed above, and has a valid signature. If the nonce ( number of transactions sent by the account) also matches, the transaction moves on to the second step. When you interact with the Ethereum blockchain, you are executing transactions and updating its state. ( Below is the image showing the change in the state) 

undefined

( image source: oreilly.com) 

There are more technical details on Ethereum, that is not possible to explain here like passing message calls, transaction trie, DAO, Ethereum exchange rate, etc.  

I hope the above information was useful to get an overview of how both ( Bitcoin & Ethereum) have explored blockchain technology in their own way. 

Keeping it short - what Bitcoin does for money, Ethereum does for contracts. Bitcoin is used to buy goods on popular websites like Namecheap,Overstock.com, or Tesla. Meanwhile, the Ethereum is mainly being used by developers building applications (dApps) on top of it.  

Ethereum was not as popular as bitcoin, but gradually, it is gaining momentum in the Blockchain world. It is expected that as more and more apps will be developed on the blockchain, the value of Ethereum will rise.

The future of Blockchain developers is on high-spurt due to their increasing demand in the technological world. Blockchain technology tends to increase the security and speeds up the exchange of information in a certain way that is cost-effective and more transparent. Blockchain also confers with third parties whose main role is to provide a trust and certification element in transactions, for example, banks and notaries. As a result, the demand for these Blockchain developers is increasing across the globe without a pause. The financial hike the developers will receive will be skyrocketing with time due to the increase in their demand. They will experience high technological growth that will completely transform their career which will pave their way for numerous job portals with the acquisition of high-quality talent. So all in all the Blockchain developers will have quite a technologically progressive future.
The future of Blockchain developers is on high-spurt due to their increasing demand in the technological world. Blockchain technology tends to increase the security and speeds up the exchange of information in a certain way that is cost-effective and more transparent. Blockchain also confers with third parties whose main role is to provide a trust and certification element in transactions, for example, banks and notaries. As a result, the demand for these Blockchain developers is increasing across the globe without a pause. The financial hike the developers will receive will be skyrocketing with time due to the increase in their demand. They will experience high technological growth that will completely transform their career which will pave their way for numerous job portals with the acquisition of high-quality talent. So all in all the Blockchain developers will have quite a technologically progressive future.

The future of Blockchain developers is on high-spurt due to their increasing demand in the technological world. Blockchain technology tends to increase the security and speeds up the exchange of information in a certain way that is cost-effective and more transparent. Blockchain also confers with third parties whose main role is to provide a trust and certification element in transactions, for example, banks and notaries.

As a result, the demand for these Blockchain developers is increasing across the globe without a pause. The financial hike the developers will receive will be skyrocketing with time due to the increase in their demand. They will experience high technological growth that will completely transform their career which will pave their way for numerous job portals with the acquisition of high-quality talent. So all in all the Blockchain developers will have quite a technologically progressive future.

A blockchain developer is someone who takes upon the responsibility of developing and optimizing blockchain procedures. The developer should also be highly equipped with tools and technologies to design the architecture of blockchain systems, create smart contracts, and web apps. To become an efficient blockchain developer, one must possess a combination of a few skills, such as: Blockchain Architecture If you wish to become a blockchain developer, you should have in-depth knowledge and understanding of its functionalities and its architecture. You need to get your hands on concepts like cryptographic hash functions, consensus, and distributed ledger technology. It would be great if you also were well versed with bitcoin blockchain whitepaper. You can even sign up for various courses available online. Taking the complete course may be a bit time consuming but it has a lot to offer at the end. Data Structures Secondly, core understanding and applicative sense of data structures is prerequisite if you want to become a blockchain developer. Ideally, a blockchain developer is continuously playing around and realigning the existing data structures such as Merkle trees, Patricia trees, and others to fulfill their network requirements. Blockchain utilizes a surplus amount of data structures in combination with advanced cryptography to design a secure and stable system. Cryptography Cryptography is equally crucial for a blockchain developer as we know that it is a combination of data structures and algorithms to secure communications across devices. Different cryptographic functions such as hash functions, for instance, SHA256, and KECCAK256 are used in blockchain. Asynchronous cryptography for generating digital signatures is also used for becoming a blockchain developer. Smart Contract Development Since the smart contracts concept is launched, it is a success, and in every blockchain project, this functionality needs to be implemented so that business logic can be effectively applied to the blockchain. It is vital for blockchain developers who are putting efforts to get in this field to gain knowledge of smart contract development. For this one should be prepared to learn network-specific languages such as Solidity, Viper, Chaincode, and others. Web-Development To become a blockchain developer, it is also necessary to possess complete knowledge of web development. The basics of both the front-end and back-end web development are required if you want to begin your career as a blockchain developer. This knowledge covers all the aspects such as designing interactive graphical user interfaces for Dapps, API handling, request handling, and more. Conclusion: Gaining an edge on the above-mentioned skills, you can easily become a blockchain developer.
A blockchain developer is someone who takes upon the responsibility of developing and optimizing blockchain procedures. The developer should also be highly equipped with tools and technologies to design the architecture of blockchain systems, create smart contracts, and web apps. To become an efficient blockchain developer, one must possess a combination of a few skills, such as: Blockchain Architecture If you wish to become a blockchain developer, you should have in-depth knowledge and understanding of its functionalities and its architecture. You need to get your hands on concepts like cryptographic hash functions, consensus, and distributed ledger technology. It would be great if you also were well versed with bitcoin blockchain whitepaper. You can even sign up for various courses available online. Taking the complete course may be a bit time consuming but it has a lot to offer at the end. Data Structures Secondly, core understanding and applicative sense of data structures is prerequisite if you want to become a blockchain developer. Ideally, a blockchain developer is continuously playing around and realigning the existing data structures such as Merkle trees, Patricia trees, and others to fulfill their network requirements. Blockchain utilizes a surplus amount of data structures in combination with advanced cryptography to design a secure and stable system. Cryptography Cryptography is equally crucial for a blockchain developer as we know that it is a combination of data structures and algorithms to secure communications across devices. Different cryptographic functions such as hash functions, for instance, SHA256, and KECCAK256 are used in blockchain. Asynchronous cryptography for generating digital signatures is also used for becoming a blockchain developer. Smart Contract Development Since the smart contracts concept is launched, it is a success, and in every blockchain project, this functionality needs to be implemented so that business logic can be effectively applied to the blockchain. It is vital for blockchain developers who are putting efforts to get in this field to gain knowledge of smart contract development. For this one should be prepared to learn network-specific languages such as Solidity, Viper, Chaincode, and others. Web-Development To become a blockchain developer, it is also necessary to possess complete knowledge of web development. The basics of both the front-end and back-end web development are required if you want to begin your career as a blockchain developer. This knowledge covers all the aspects such as designing interactive graphical user interfaces for Dapps, API handling, request handling, and more. Conclusion: Gaining an edge on the above-mentioned skills, you can easily become a blockchain developer.
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A blockchain developer is someone who takes upon the responsibility of developing and optimizing blockchain procedures. The developer should also be highly equipped with tools and technologies to design the architecture of blockchain systems, create smart contracts, and web apps.

To become an efficient blockchain developer, one must possess a combination of a few skills, such as:

  • Blockchain Architecture

If you wish to become a blockchain developer, you should have in-depth knowledge and understanding of its functionalities and its architecture. You need to get your hands on concepts like cryptographic hash functions, consensus, and distributed ledger technology. It would be great if you also were well versed with bitcoin blockchain whitepaper. You can even sign up for various courses available online. Taking the complete course may be a bit time consuming but it has a lot to offer at the end.

  • Data Structures

Secondly, core understanding and applicative sense of data structures is prerequisite if you want to become a blockchain developer. Ideally, a blockchain developer is continuously playing around and realigning the existing data structures such as Merkle trees, Patricia trees, and others to fulfill their network requirements. Blockchain utilizes a surplus amount of data structures in combination with advanced cryptography to design a secure and stable system.

  • Cryptography

Cryptography is equally crucial for a blockchain developer as we know that it is a combination of data structures and algorithms to secure communications across devices. Different cryptographic functions such as hash functions, for instance, SHA256, and KECCAK256 are used in blockchain. Asynchronous cryptography for generating digital signatures is also used for becoming a blockchain developer.

  • Smart Contract Development

Since the smart contracts concept is launched, it is a success, and in every blockchain project, this functionality needs to be implemented so that business logic can be effectively applied to the blockchain. It is vital for blockchain developers who are putting efforts to get in this field to gain knowledge of smart contract development. For this one should be prepared to learn network-specific languages such as Solidity, Viper, Chaincode, and others.

  • Web-Development

To become a blockchain developer, it is also necessary to possess complete knowledge of web development. The basics of both the front-end and back-end web development are required if you want to begin your career as a blockchain developer. This knowledge covers all the aspects such as designing interactive graphical user interfaces for Dapps, API handling, request handling, and more.

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Conclusion: Gaining an edge on the above-mentioned skills, you can easily become a blockchain developer.

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