Blocktech

Explore the applications of blockchain technology

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About Blocktech
At Blockchain Technologies Corporation we develop and accelerate companies within the blockchain technology space. We research and develop blockchain solutions in-house and expand our national and international operations from our headquarter in the heart of Manhattan
< $25/hr
10 - 49
2014
United States
Blocktech
Explore the applications of blockchain technology
0.00/5 (0 Reviews)
30 Questions
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.

 With the increase of data theft and the number of hikers ascending, the once hailed as inaccessible & un-hackable block-chains too are now getting hacked!In this age of digitalization, several organizations are relying on the use of block-chains for the purpose of safety and security of financial transactions. The encrypted and secured block-chain technology allows the users to get all the transactions recorded and well-documented over a distributed network of computers. Security of the server is closely monitored and that makes the verification of transactions sound & secured. Block-chain strictly adheres to the protocol of verification, safety and security that undeniable reduces the chances of data theft. Besides all these the blockchain also maintains a history record of all transactions the transactions made and the stored transaction record can neither be modified nor be monitored by any user.Despite the use of every possible safety measure, the chances of blockchains getting hacked are increasing. The scenario is occurring because technology is never really neutral; it comes with its array of merits and loop-holes. Once getting the block-chains hacked were a night-mare for the hackers by but the recent “51% attack against Ethereum Classic just brought to light the latest example of recent attacks on block-chains that have increased the stakes for the nascent industry.” Since 2017, public data has depicted that the heinous hackers have stolen approximately around $2 billion in block-chain crypto currency which is alarmingly threatening. During the creation of block-chains, sometimes a few security glitches and errors occur. The chances of the small loop-holes increase as the size of the block-chain increases becoming more intricate. The hackers keep eyeing to identify the vulnerabilities to increase the success rate of the attack attempts. Susceptibility to the 51% attacks is inherent to most crypto-currencies. This process that is also known as mining is more commonly seen in smaller scale block-chains; this is so because it is comparatively more difficult for the data miners to gain control over larger and more complex block-chains.Taking a look at the figures and facts, you should not be surprised; you should not start losing your faith on block-chains too! Because even if the block-chains are vulnerable think of the situations of what can happen in their absence!Moreover with threats increasing, the block-chain creators too are working to make their work more foolproof. In-order to defeat the hackers’ artificial intelligence has been brought in use. AI closely monitors the transactions and detects every activity that seems to appear even a little suspicious. AI can efficiently scan the smart-contract code for known vulnerabilities. Auditing services are also getting developed that function on the computer science technique called formal verification; its goal is to prove mathematically that a contract’s code will do what its creators has actually intended to do. Researches are continuously going on in-order to make the shield called block-chain more upright & reliable in the realm of cyber-war.
 With the increase of data theft and the number of hikers ascending, the once hailed as inaccessible & un-hackable block-chains too are now getting hacked!In this age of digitalization, several organizations are relying on the use of block-chains for the purpose of safety and security of financial transactions. The encrypted and secured block-chain technology allows the users to get all the transactions recorded and well-documented over a distributed network of computers. Security of the server is closely monitored and that makes the verification of transactions sound & secured. Block-chain strictly adheres to the protocol of verification, safety and security that undeniable reduces the chances of data theft. Besides all these the blockchain also maintains a history record of all transactions the transactions made and the stored transaction record can neither be modified nor be monitored by any user.Despite the use of every possible safety measure, the chances of blockchains getting hacked are increasing. The scenario is occurring because technology is never really neutral; it comes with its array of merits and loop-holes. Once getting the block-chains hacked were a night-mare for the hackers by but the recent “51% attack against Ethereum Classic just brought to light the latest example of recent attacks on block-chains that have increased the stakes for the nascent industry.” Since 2017, public data has depicted that the heinous hackers have stolen approximately around $2 billion in block-chain crypto currency which is alarmingly threatening. During the creation of block-chains, sometimes a few security glitches and errors occur. The chances of the small loop-holes increase as the size of the block-chain increases becoming more intricate. The hackers keep eyeing to identify the vulnerabilities to increase the success rate of the attack attempts. Susceptibility to the 51% attacks is inherent to most crypto-currencies. This process that is also known as mining is more commonly seen in smaller scale block-chains; this is so because it is comparatively more difficult for the data miners to gain control over larger and more complex block-chains.Taking a look at the figures and facts, you should not be surprised; you should not start losing your faith on block-chains too! Because even if the block-chains are vulnerable think of the situations of what can happen in their absence!Moreover with threats increasing, the block-chain creators too are working to make their work more foolproof. In-order to defeat the hackers’ artificial intelligence has been brought in use. AI closely monitors the transactions and detects every activity that seems to appear even a little suspicious. AI can efficiently scan the smart-contract code for known vulnerabilities. Auditing services are also getting developed that function on the computer science technique called formal verification; its goal is to prove mathematically that a contract’s code will do what its creators has actually intended to do. Researches are continuously going on in-order to make the shield called block-chain more upright & reliable in the realm of cyber-war.

 

With the increase of data theft and the number of hikers ascending, the once hailed as inaccessible & un-hackable block-chains too are now getting hacked!

In this age of digitalization, several organizations are relying on the use of block-chains for the purpose of safety and security of financial transactions. The encrypted and secured block-chain technology allows the users to get all the transactions recorded and well-documented over a distributed network of computers. Security of the server is closely monitored and that makes the verification of transactions sound & secured. Block-chain strictly adheres to the protocol of verification, safety and security that undeniable reduces the chances of data theft. Besides all these the blockchain also maintains a history record of all transactions the transactions made and the stored transaction record can neither be modified nor be monitored by any user.

Despite the use of every possible safety measure, the chances of blockchains getting hacked are increasing. The scenario is occurring because technology is never really neutral; it comes with its array of merits and loop-holes. 

Once getting the block-chains hacked were a night-mare for the hackers by but the recent “51% attack against Ethereum Classic just brought to light the latest example of recent attacks on block-chains that have increased the stakes for the nascent industry.” Since 2017, public data has depicted that the heinous hackers have stolen approximately around $2 billion in block-chain crypto currency which is alarmingly threatening. 

During the creation of block-chains, sometimes a few security glitches and errors occur. The chances of the small loop-holes increase as the size of the block-chain increases becoming more intricate. The hackers keep eyeing to identify the vulnerabilities to increase the success rate of the attack attempts. Susceptibility to the 51% attacks is inherent to most crypto-currencies. This process that is also known as mining is more commonly seen in smaller scale block-chains; this is so because it is comparatively more difficult for the data miners to gain control over larger and more complex block-chains.

Taking a look at the figures and facts, you should not be surprised; you should not start losing your faith on block-chains too! Because even if the block-chains are vulnerable think of the situations of what can happen in their absence!

Moreover with threats increasing, the block-chain creators too are working to make their work more foolproof. In-order to defeat the hackers’ artificial intelligence has been brought in use. AI closely monitors the transactions and detects every activity that seems to appear even a little suspicious. AI can efficiently scan the smart-contract code for known vulnerabilities. Auditing services are also getting developed that function on the computer science technique called formal verification; its goal is to prove mathematically that a contract’s code will do what its creators has actually intended to do. 

Researches are continuously going on in-order to make the shield called block-chain more upright & reliable in the realm of cyber-war.

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.

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.

Blockchain technology is growing at pace, and its revolutionary decentralized model is being appreciated by organizations far and wide. A fraction of this technology's popularity is derived from cryptocurrency. The evolution of initial coin offerings (ICOs) is a part of thousands of different cryptocurrencies with ICO-generated coins commonly referred to as 'tokens.' It is believed that 2021 will reflect the arrival of one particular kind of token, known as a Security Token Blockchain.Benefits of Security TokensOne of the essential benefits of a security token is denominating fractional ownership of a real asset in security tokens. This idea would be most welcomed by investors who expect their ownership stake to be preserved on the blockchain ledger.Security tokens naturally combine traditional finance sectors & blockchain and provide equal benefits to both of them.Many blockchain projects now have platforms that directly support the old ICO model by tokenizing equity rights for pre-IPO organizations.A lack of regulation for utility tokens signifies that the organizations raising capital can avoid institutional finance and its involved costs and accountability.Many projects have been monetized immediately to remain solvent as a security blockchain.The above scenario defines that ICO participants are “investors” in young organizations that give rise to new ideas and solutions.Hence, the information above clearly mentions a security blockchain and its significance.
Blockchain technology is growing at pace, and its revolutionary decentralized model is being appreciated by organizations far and wide. A fraction of this technology's popularity is derived from cryptocurrency. The evolution of initial coin offerings (ICOs) is a part of thousands of different cryptocurrencies with ICO-generated coins commonly referred to as 'tokens.' It is believed that 2021 will reflect the arrival of one particular kind of token, known as a Security Token Blockchain.Benefits of Security TokensOne of the essential benefits of a security token is denominating fractional ownership of a real asset in security tokens. This idea would be most welcomed by investors who expect their ownership stake to be preserved on the blockchain ledger.Security tokens naturally combine traditional finance sectors & blockchain and provide equal benefits to both of them.Many blockchain projects now have platforms that directly support the old ICO model by tokenizing equity rights for pre-IPO organizations.A lack of regulation for utility tokens signifies that the organizations raising capital can avoid institutional finance and its involved costs and accountability.Many projects have been monetized immediately to remain solvent as a security blockchain.The above scenario defines that ICO participants are “investors” in young organizations that give rise to new ideas and solutions.Hence, the information above clearly mentions a security blockchain and its significance.

Blockchain technology is growing at pace, and its revolutionary decentralized model is being appreciated by organizations far and wide. A fraction of this technology's popularity is derived from cryptocurrency. The evolution of initial coin offerings (ICOs) is a part of thousands of different cryptocurrencies with ICO-generated coins commonly referred to as 'tokens.' It is believed that 2021 will reflect the arrival of one particular kind of token, known as a Security Token Blockchain.

Benefits of Security Tokens

  • One of the essential benefits of a security token is denominating fractional ownership of a real asset in security tokens. This idea would be most welcomed by investors who expect their ownership stake to be preserved on the blockchain ledger.
  • Security tokens naturally combine traditional finance sectors & blockchain and provide equal benefits to both of them.
  • Many blockchain projects now have platforms that directly support the old ICO model by tokenizing equity rights for pre-IPO organizations.
  • A lack of regulation for utility tokens signifies that the organizations raising capital can avoid institutional finance and its involved costs and accountability.
  • Many projects have been monetized immediately to remain solvent as a security blockchain.
  • The above scenario defines that ICO participants are “investors” in young organizations that give rise to new ideas and solutions.

Hence, the information above clearly mentions a security blockchain and its significance.

Security tokens function as investment contracts wherein the purchaser anticipates future profits from dividends, revenue share, or market appreciation. Security tokens differ from utility coins in a couple of ways. The main difference between these tokens is that security coins follow strict guidelines regarding who can purchase these coins and their transference.
Security tokens function as investment contracts wherein the purchaser anticipates future profits from dividends, revenue share, or market appreciation. Security tokens differ from utility coins in a couple of ways. The main difference between these tokens is that security coins follow strict guidelines regarding who can purchase these coins and their transference.

Security tokens function as investment contracts wherein the purchaser anticipates future profits from dividends, revenue share, or market appreciation. Security tokens differ from utility coins in a couple of ways. The main difference between these tokens is that security coins follow strict guidelines regarding who can purchase these coins and their transference.

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.  
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( 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.

By definition, Blockchain is an untraditional and distributed ledger. It is the software technology that enables the networked exchange of digital information in the form of digital signatures or cryptographic signatures called a hash, which has been pre-determined by both parties. The concept is basically the same as the internet but it does not require a central database for storing transactions and keeping track of who owns and controls what. This feature is why many experts are calling it the future of commerce.It is a way of recording information such that it becomes impossible to manipulate or hack the system. Blockchain is a vast concept and understanding requires time. However, I will attempt to summarize all the areas of the same.The process of transactions:To start with, blockchain is a type of diary or a spreadsheet pertaining to all the information on N number of transactions.For each transaction made, a hash is generated which is nothing but a series of numbers or letters. These are also based on previous transactions.Transactions get recorded in the spreadsheet in the order that they occur.Manipulation in any transaction results in a completely new hash which in turn is monitored by various nodes.  When a transaction initiates different nodes check if the protocols are met and if it is not a malicious activity, they approve it. The approved transaction gets recorded in the spreadsheet with every node.Note: nodes here are computers maintaining records/blocks.Each spreadsheet is referred to as a block. Several blocks together make a blockchain. After certain a number of transactions are recorded, a new block is formed. The entire blockchain is updated every 10 minutes hence forge is out of scope.What is required for a transaction?To transact digitally you need digital money for which a digital wallet is required. A digital wallet is basically an address in the blockchain. So each participant has a wallet with a public key. A person initiating a transaction sends a message and a private key that is verified by miners/nodes. To verify, nodes perform voting. If major votes are in favor of approval, the transaction gets recorded in the block at every node.Miners are rewarded with bitcoins (Digital currency) and transaction fees paid by eWallet holders for each transaction they verify. With a high number of transactions, their rates are pretty high.In the final words:As mentioned above, blockchain is vast and it requires time for understanding details. However, for enthusiasts here is a good link to refer to by Cointelegraph. 
By definition, Blockchain is an untraditional and distributed ledger. It is the software technology that enables the networked exchange of digital information in the form of digital signatures or cryptographic signatures called a hash, which has been pre-determined by both parties. The concept is basically the same as the internet but it does not require a central database for storing transactions and keeping track of who owns and controls what. This feature is why many experts are calling it the future of commerce.It is a way of recording information such that it becomes impossible to manipulate or hack the system. Blockchain is a vast concept and understanding requires time. However, I will attempt to summarize all the areas of the same.The process of transactions:To start with, blockchain is a type of diary or a spreadsheet pertaining to all the information on N number of transactions.For each transaction made, a hash is generated which is nothing but a series of numbers or letters. These are also based on previous transactions.Transactions get recorded in the spreadsheet in the order that they occur.Manipulation in any transaction results in a completely new hash which in turn is monitored by various nodes.  When a transaction initiates different nodes check if the protocols are met and if it is not a malicious activity, they approve it. The approved transaction gets recorded in the spreadsheet with every node.Note: nodes here are computers maintaining records/blocks.Each spreadsheet is referred to as a block. Several blocks together make a blockchain. After certain a number of transactions are recorded, a new block is formed. The entire blockchain is updated every 10 minutes hence forge is out of scope.What is required for a transaction?To transact digitally you need digital money for which a digital wallet is required. A digital wallet is basically an address in the blockchain. So each participant has a wallet with a public key. A person initiating a transaction sends a message and a private key that is verified by miners/nodes. To verify, nodes perform voting. If major votes are in favor of approval, the transaction gets recorded in the block at every node.Miners are rewarded with bitcoins (Digital currency) and transaction fees paid by eWallet holders for each transaction they verify. With a high number of transactions, their rates are pretty high.In the final words:As mentioned above, blockchain is vast and it requires time for understanding details. However, for enthusiasts here is a good link to refer to by Cointelegraph. 

By definition, Blockchain is an untraditional and distributed ledger. It is the software technology that enables the networked exchange of digital information in the form of digital signatures or cryptographic signatures called a hash, which has been pre-determined by both parties. 

The concept is basically the same as the internet but it does not require a central database for storing transactions and keeping track of who owns and controls what. This feature is why many experts are calling it the future of commerce.

It is a way of recording information such that it becomes impossible to manipulate or hack the system. 

Blockchain is a vast concept and understanding requires time. However, I will attempt to summarize all the areas of the same.

The process of transactions:

To start with, blockchain is a type of diary or a spreadsheet pertaining to all the information on N number of transactions.

For each transaction made, a hash is generated which is nothing but a series of numbers or letters. These are also based on previous transactions.

Transactions get recorded in the spreadsheet in the order that they occur.

Manipulation in any transaction results in a completely new hash which in turn is monitored by various nodes.  When a transaction initiates different nodes check if the protocols are met and if it is not a malicious activity, they approve it. The approved transaction gets recorded in the spreadsheet with every node.

Note: nodes here are computers maintaining records/blocks.

Each spreadsheet is referred to as a block. Several blocks together make a blockchain. After certain a number of transactions are recorded, a new block is formed. 

The entire blockchain is updated every 10 minutes hence forge is out of scope.

What is required for a transaction?

To transact digitally you need digital money for which a digital wallet is required. A digital wallet is basically an address in the blockchain. So each participant has a wallet with a public key. 

A person initiating a transaction sends a message and a private key that is verified by miners/nodes. To verify, nodes perform voting. If major votes are in favor of approval, the transaction gets recorded in the block at every node.

Miners are rewarded with bitcoins (Digital currency) and transaction fees paid by eWallet holders for each transaction they verify. With a high number of transactions, their rates are pretty high.

In the final words:

As mentioned above, blockchain is vast and it requires time for understanding details. However, for enthusiasts here is a good link to refer to by Cointelegraph. 

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 innate ability of software developers to craft their imagination into a ground-breaking product is impressive. It has influenced the lives of many on this planet. It would be interesting to know what’s next on their radar that could change the world progressively.  The blockchain is the latest thing to happen after Big data, cloud computing, autonomous vehicle, and IoT cemented their position in the IT realm.  Time and again, all these discoveries have been put through the litmus test and have come out successfully. The same is expected for blockchain, but this time the creator itself is the challenger asking, “What is the future of blockchain technology for a developer?”  The “decentralize” property of blockchain has kept it going strong so far, and software developers are optimistic that their future will have far brighter strokes on the Blockchain canvas.  Let’s see what aspects of blockchain make their belief so strong.  1) Protects against data theft  During software development, many of the data provided by the client are confidential. A breach in their data could leave them vulnerable. With blockchain technology, the client’s data can be securely stored, and the risk of data theft is reduced remarkably. It also reduces a lot of work for software developers that follow strict guidelines and processes to ensure everything is performed in a secure environment.  2) Integration of Devops Tools  DevOps is a set of software development practices that combine the development (dev) and operations (ops) parts of the software lifecycle. Devops concept came into existence for quicker development of software products. By integrating devops tools to the blockchain, the devops tools can further increase the speed of the software development, while blockchain can add more transparency to the development process. The blockchain network can be even used to buy devops tools through tokens.  3) Inbuilt software testing tools  Software testing tools are one of the expensive assets for the software industry. The software industry sees a great advantage of using blockchain, not just for software development but also for testing. Blockchain platform like Corda provides built-in testing tools to help the software testers. It does not only save cost and removes the dependency from third-party tools but also enhances the quick release of the software product.  4) No single point of failure  To make your website go live, you need to choose a hosting service. With blockchain, there will be no intermediary between your website and consumers. Everything is managed through blockchain, and issues related to hosting are resolved by itself. Unlike traditional web-app, your backend is supported by many servers; it means whenever there is a failure of a single node, it will be quickly replaced by others in the network. With blockchain, there will be no interruption while hosting the website.  5) Mobile app approval by Appstore  Currently, there are two Appstore which approves mobile apps for sale on their stores - Google’s play store and Apple store. The approval system is considered quite arbitrary and not convincing to the app developer. By using the blockchain model, the app approval process would become fair and better, as it would be performed through a transparent developer reputation system.  6) Secure your code  Writing, editing, and securing the software code is a cumbersome job. But if you have distributed databases like Blockchain, you can easily manage your code. In case you want to share the software code with someone else, then you can make it private and share it with whoever you want to edit it from or make changes.  7) Easy detection of bugs or loopholes  Since the software development project on the blockchain can be made open-source, the global developer community has their back. The bug or loopholes in the code is identified and fixed quickly.  Final Thoughts,  Industries like real estate, banking, education, security, healthcare, supply chain have started applying blockchain technology into their business. It means the developer’s scope in dapp development has widened.  Since the technology is replacing each other as quickly as the rippled waves, it is quite obvious the app developers have to keep a tap on its development skills and some of the technologies shaping the blockchain like Geth, Solidity, Solium, Solc, Truffle Framework, and Remix IDE.  However, being at the forefront of blockchain technology, the expert believes there is still room for improvement in the technology before the software programmers completely switch to the blockchain development environment.
The innate ability of software developers to craft their imagination into a ground-breaking product is impressive. It has influenced the lives of many on this planet. It would be interesting to know what’s next on their radar that could change the world progressively.  The blockchain is the latest thing to happen after Big data, cloud computing, autonomous vehicle, and IoT cemented their position in the IT realm.  Time and again, all these discoveries have been put through the litmus test and have come out successfully. The same is expected for blockchain, but this time the creator itself is the challenger asking, “What is the future of blockchain technology for a developer?”  The “decentralize” property of blockchain has kept it going strong so far, and software developers are optimistic that their future will have far brighter strokes on the Blockchain canvas.  Let’s see what aspects of blockchain make their belief so strong.  1) Protects against data theft  During software development, many of the data provided by the client are confidential. A breach in their data could leave them vulnerable. With blockchain technology, the client’s data can be securely stored, and the risk of data theft is reduced remarkably. It also reduces a lot of work for software developers that follow strict guidelines and processes to ensure everything is performed in a secure environment.  2) Integration of Devops Tools  DevOps is a set of software development practices that combine the development (dev) and operations (ops) parts of the software lifecycle. Devops concept came into existence for quicker development of software products. By integrating devops tools to the blockchain, the devops tools can further increase the speed of the software development, while blockchain can add more transparency to the development process. The blockchain network can be even used to buy devops tools through tokens.  3) Inbuilt software testing tools  Software testing tools are one of the expensive assets for the software industry. The software industry sees a great advantage of using blockchain, not just for software development but also for testing. Blockchain platform like Corda provides built-in testing tools to help the software testers. It does not only save cost and removes the dependency from third-party tools but also enhances the quick release of the software product.  4) No single point of failure  To make your website go live, you need to choose a hosting service. With blockchain, there will be no intermediary between your website and consumers. Everything is managed through blockchain, and issues related to hosting are resolved by itself. Unlike traditional web-app, your backend is supported by many servers; it means whenever there is a failure of a single node, it will be quickly replaced by others in the network. With blockchain, there will be no interruption while hosting the website.  5) Mobile app approval by Appstore  Currently, there are two Appstore which approves mobile apps for sale on their stores - Google’s play store and Apple store. The approval system is considered quite arbitrary and not convincing to the app developer. By using the blockchain model, the app approval process would become fair and better, as it would be performed through a transparent developer reputation system.  6) Secure your code  Writing, editing, and securing the software code is a cumbersome job. But if you have distributed databases like Blockchain, you can easily manage your code. In case you want to share the software code with someone else, then you can make it private and share it with whoever you want to edit it from or make changes.  7) Easy detection of bugs or loopholes  Since the software development project on the blockchain can be made open-source, the global developer community has their back. The bug or loopholes in the code is identified and fixed quickly.  Final Thoughts,  Industries like real estate, banking, education, security, healthcare, supply chain have started applying blockchain technology into their business. It means the developer’s scope in dapp development has widened.  Since the technology is replacing each other as quickly as the rippled waves, it is quite obvious the app developers have to keep a tap on its development skills and some of the technologies shaping the blockchain like Geth, Solidity, Solium, Solc, Truffle Framework, and Remix IDE.  However, being at the forefront of blockchain technology, the expert believes there is still room for improvement in the technology before the software programmers completely switch to the blockchain development environment.

The innate ability of software developers to craft their imagination into a ground-breaking product is impressive. It has influenced the lives of many on this planet. It would be interesting to know what’s next on their radar that could change the world progressively. 

The blockchain is the latest thing to happen after Big data, cloud computing, autonomous vehicle, and IoT cemented their position in the IT realm. 

undefined

Time and again, all these discoveries have been put through the litmus test and have come out successfully. The same is expected for blockchain, but this time the creator itself is the challenger asking, “What is the future of blockchain technology for a developer?” 

The “decentralize” property of blockchain has kept it going strong so far, and software developers are optimistic that their future will have far brighter strokes on the Blockchain canvas. 

Let’s see what aspects of blockchain make their belief so strong. 

1) Protects against data theft 

During software development, many of the data provided by the client are confidential. A breach in their data could leave them vulnerable. With blockchain technology, the client’s data can be securely stored, and the risk of data theft is reduced remarkably. It also reduces a lot of work for software developers that follow strict guidelines and processes to ensure everything is performed in a secure environment. 

2) Integration of Devops Tools 

DevOps is a set of software development practices that combine the development (dev) and operations (ops) parts of the software lifecycle. Devops concept came into existence for quicker development of software products. By integrating devops tools to the blockchain, the devops tools can further increase the speed of the software development, while blockchain can add more transparency to the development process. The blockchain network can be even used to buy devops tools through tokens. 

3) Inbuilt software testing tools 

Software testing tools are one of the expensive assets for the software industry. The software industry sees a great advantage of using blockchain, not just for software development but also for testing. Blockchain platform like Corda provides built-in testing tools to help the software testers. It does not only save cost and removes the dependency from third-party tools but also enhances the quick release of the software product. 

4) No single point of failure 

To make your website go live, you need to choose a hosting service. With blockchain, there will be no intermediary between your website and consumers. Everything is managed through blockchain, and issues related to hosting are resolved by itself. Unlike traditional web-app, your backend is supported by many servers; it means whenever there is a failure of a single node, it will be quickly replaced by others in the network. With blockchain, there will be no interruption while hosting the website. 

5) Mobile app approval by Appstore 

Currently, there are two Appstore which approves mobile apps for sale on their stores - Google’s play store and Apple store. The approval system is considered quite arbitrary and not convincing to the app developer. By using the blockchain model, the app approval process would become fair and better, as it would be performed through a transparent developer reputation system. 

6) Secure your code 

Writing, editing, and securing the software code is a cumbersome job. But if you have distributed databases like Blockchain, you can easily manage your code. In case you want to share the software code with someone else, then you can make it private and share it with whoever you want to edit it from or make changes. 

7) Easy detection of bugs or loopholes 

Since the software development project on the blockchain can be made open-source, the global developer community has their back. The bug or loopholes in the code is identified and fixed quickly. 

Final Thoughts

Industries like real estate, banking, education, security, healthcare, supply chain have started applying blockchain technology into their business. It means the developer’s scope in dapp development has widened. 

Since the technology is replacing each other as quickly as the rippled waves, it is quite obvious the app developers have to keep a tap on its development skills and some of the technologies shaping the blockchain like Geth, Solidity, Solium, Solc, Truffle Framework, and Remix IDE

However, being at the forefront of blockchain technology, the expert believes there is still room for improvement in the technology before the software programmers completely switch to the blockchain development environment.

 The block-chains are indeed bodacious & bountiful!In this digitalized world, block-chains have already started occupying a prominent place. As its name suggests, block-chain comprises multiple blocks that are strung together. It is a kind of Distributed Ledger Technology (DLT) in which the transactions get recorded making use of the ‘immutable cryptographic signature called hash.’ The technologically programmed ‘hash’ functions in a way that converts the texts into a series of numbers and set of letters.The block-chains get the important information recorded with privacy and accuracy preventing the stored data from the chances of duplicity, hacking and theft. Block-chain can be termed as a technologically advanced virtual diary that is impossible to be forged.The entire family of blocks is termed as block-chain while one particular spreadsheet of the thread is addressed as a block. Each and every node comprises a copy of the Block-chain and after a block achieves a certain number of approved transactions a new block gets formed and formulated.The Block-chain automatically keeps updating every ten minutes. It gets done automatically without being authorized by the central instruction of any computer.  Once a spreadsheet or ledger gets updated, it can no longer get altered or changed. One can only make new entries and it is technically not possible to forge the chain. Another asset is that, at the very same time the registry gets updated on all the computers on the network.Summarizing the basic way of block-chain functioning for you:It is the virtual diary or the soft-ware spreadsheet that maintains information about transactions.Each transaction made creates and generates a hash.Hash is a string of numbers and letters that converts the variables.Hash does not only depend on the present transaction but also depends on the previous transaction's hash.Even the smallest change done creates a totally distinct hash.Order is very important and hence transactions get entered in the order in which they occur.The nodes ensure that no transactions get done without getting the hash inspected.Only after a transaction gets approved by majority of the nodes it gets converted into a block and each block refers to the previous one generating the block-chain.The Block-chain is effective because it gets spread among an array of computers on network and each creates a copy.The computers connected are technically termed as nodes.Block-chain automatically gets updated in every 10 minutes.Block-chains are getting typed across the world but the technology is worth the hype. With the purpose of taking safety notches higher, they make use of the safe and sound digital signatures. Its reliability is making it popular among various sectors and industries.
 The block-chains are indeed bodacious & bountiful!In this digitalized world, block-chains have already started occupying a prominent place. As its name suggests, block-chain comprises multiple blocks that are strung together. It is a kind of Distributed Ledger Technology (DLT) in which the transactions get recorded making use of the ‘immutable cryptographic signature called hash.’ The technologically programmed ‘hash’ functions in a way that converts the texts into a series of numbers and set of letters.The block-chains get the important information recorded with privacy and accuracy preventing the stored data from the chances of duplicity, hacking and theft. Block-chain can be termed as a technologically advanced virtual diary that is impossible to be forged.The entire family of blocks is termed as block-chain while one particular spreadsheet of the thread is addressed as a block. Each and every node comprises a copy of the Block-chain and after a block achieves a certain number of approved transactions a new block gets formed and formulated.The Block-chain automatically keeps updating every ten minutes. It gets done automatically without being authorized by the central instruction of any computer.  Once a spreadsheet or ledger gets updated, it can no longer get altered or changed. One can only make new entries and it is technically not possible to forge the chain. Another asset is that, at the very same time the registry gets updated on all the computers on the network.Summarizing the basic way of block-chain functioning for you:It is the virtual diary or the soft-ware spreadsheet that maintains information about transactions.Each transaction made creates and generates a hash.Hash is a string of numbers and letters that converts the variables.Hash does not only depend on the present transaction but also depends on the previous transaction's hash.Even the smallest change done creates a totally distinct hash.Order is very important and hence transactions get entered in the order in which they occur.The nodes ensure that no transactions get done without getting the hash inspected.Only after a transaction gets approved by majority of the nodes it gets converted into a block and each block refers to the previous one generating the block-chain.The Block-chain is effective because it gets spread among an array of computers on network and each creates a copy.The computers connected are technically termed as nodes.Block-chain automatically gets updated in every 10 minutes.Block-chains are getting typed across the world but the technology is worth the hype. With the purpose of taking safety notches higher, they make use of the safe and sound digital signatures. Its reliability is making it popular among various sectors and industries.

 

The block-chains are indeed bodacious & bountiful!

In this digitalized world, block-chains have already started occupying a prominent place. As its name suggests, block-chain comprises multiple blocks that are strung together. It is a kind of Distributed Ledger Technology (DLT) in which the transactions get recorded making use of the ‘immutable cryptographic signature called hash.’ The technologically programmed ‘hash’ functions in a way that converts the texts into a series of numbers and set of letters.

The block-chains get the important information recorded with privacy and accuracy preventing the stored data from the chances of duplicity, hacking and theft. Block-chain can be termed as a technologically advanced virtual diary that is impossible to be forged.

The entire family of blocks is termed as block-chain while one particular spreadsheet of the thread is addressed as a block. Each and every node comprises a copy of the Block-chain and after a block achieves a certain number of approved transactions a new block gets formed and formulated.

The Block-chain automatically keeps updating every ten minutes. It gets done automatically without being authorized by the central instruction of any computer.  Once a spreadsheet or ledger gets updated, it can no longer get altered or changed. One can only make new entries and it is technically not possible to forge the chain. Another asset is that, at the very same time the registry gets updated on all the computers on the network.

Summarizing the basic way of block-chain functioning for you:

It is the virtual diary or the soft-ware spreadsheet that maintains information about transactions.

Each transaction made creates and generates a hash.

Hash is a string of numbers and letters that converts the variables.

Hash does not only depend on the present transaction but also depends on the previous transaction's hash.

Even the smallest change done creates a totally distinct hash.

Order is very important and hence transactions get entered in the order in which they occur.

The nodes ensure that no transactions get done without getting the hash inspected.

Only after a transaction gets approved by majority of the nodes it gets converted into a block and each block refers to the previous one generating the block-chain.

The Block-chain is effective because it gets spread among an array of computers on network and each creates a copy.

The computers connected are technically termed as nodes.

Block-chain automatically gets updated in every 10 minutes.

Block-chains are getting typed across the world but the technology is worth the hype. With the purpose of taking safety notches higher, they make use of the safe and sound digital signatures. Its reliability is making it popular among various sectors and industries.

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.

What is the blockchain effect?You can use blockchain as a transaction method to encapsulate your transaction information. It acts as a ledger of transactions shared within the parties. In particular, it digitally documents each piece of valid information about a product in real-time and maintains transparency.Do you have a networking environment? Does this environment demand share records to be transferred in a convenient yet secure way? Then, blockchain helps you to bridge communication and acts as an intermediary between various interacting units. It provides space for the creation of a data ledger that is authentic and is non-duplicated records.Specifically, the digital data chain forms a block sealed in a way that cannot be altered and remains concealed. How does blockchain come to your rescue?Optimised business activitiesCreating authentic and efficient business modelsReduced riskHow does blockchain affect accountingWith online transactions gaining momentum, Blockchain works as the key to creating a networking web between accounting personnel. So, if you are an accounting professional intending to upgrade your accounting work, Blockchain works flawlessly!Get rid of hiring extra accounting professionals, interference, and expenditure incurred on redundant factors! Blockchain takes into account multiple roles in the financial platform, as played by banks, courts, tax authorities and auditors.It also fulfils your auditing of transactions in a full-proof and automated form. This serves to display notarized transactions for settling deals between financial companies. What’s more? It functions based on ‘double-entry bookkeeping’ to ‘triple entry accounting’ principle. It follows an encrypted and interlocking system of the transaction process. How your company will benefit?These functionalities enable Blockchain to conceal, maintain records and data of financial statements in the most coded and authentic way. Also, Add-ons that will cut-short on accounting focuses on a decentralized control on accounting activities with operations like ‘hashing’ and ‘time stamping’.Accounting for cryptocurrencyWith virtual accounting glueing the cracks that traditional accounting proved to fall back upon, ‘cryptocurrency’ is making rounds in accounting platforms. Why is cryptocurrency fascinating for accounting? Well, nothing can tamper digital currency with the intervention of cryptography.However, transactions, recorded through blockchains, need digital currency exchange. So how does it benefit and work in the present day accounting scenario? These digitized transactions take place in the technologically equipped accounting systems. The carriers are cryptocurrencies with varied names such as bitcoin, ethereum, XRP, EOS, Litecoin and the list continues….While business transactions come into play using cryptography, the exchange in terms of payment and receipt in crypto matches that of a stock. Yes, you have heard it right, accounting for the cryptocurrency reflects stock shares.
What is the blockchain effect?You can use blockchain as a transaction method to encapsulate your transaction information. It acts as a ledger of transactions shared within the parties. In particular, it digitally documents each piece of valid information about a product in real-time and maintains transparency.Do you have a networking environment? Does this environment demand share records to be transferred in a convenient yet secure way? Then, blockchain helps you to bridge communication and acts as an intermediary between various interacting units. It provides space for the creation of a data ledger that is authentic and is non-duplicated records.Specifically, the digital data chain forms a block sealed in a way that cannot be altered and remains concealed. How does blockchain come to your rescue?Optimised business activitiesCreating authentic and efficient business modelsReduced riskHow does blockchain affect accountingWith online transactions gaining momentum, Blockchain works as the key to creating a networking web between accounting personnel. So, if you are an accounting professional intending to upgrade your accounting work, Blockchain works flawlessly!Get rid of hiring extra accounting professionals, interference, and expenditure incurred on redundant factors! Blockchain takes into account multiple roles in the financial platform, as played by banks, courts, tax authorities and auditors.It also fulfils your auditing of transactions in a full-proof and automated form. This serves to display notarized transactions for settling deals between financial companies. What’s more? It functions based on ‘double-entry bookkeeping’ to ‘triple entry accounting’ principle. It follows an encrypted and interlocking system of the transaction process. How your company will benefit?These functionalities enable Blockchain to conceal, maintain records and data of financial statements in the most coded and authentic way. Also, Add-ons that will cut-short on accounting focuses on a decentralized control on accounting activities with operations like ‘hashing’ and ‘time stamping’.Accounting for cryptocurrencyWith virtual accounting glueing the cracks that traditional accounting proved to fall back upon, ‘cryptocurrency’ is making rounds in accounting platforms. Why is cryptocurrency fascinating for accounting? Well, nothing can tamper digital currency with the intervention of cryptography.However, transactions, recorded through blockchains, need digital currency exchange. So how does it benefit and work in the present day accounting scenario? These digitized transactions take place in the technologically equipped accounting systems. The carriers are cryptocurrencies with varied names such as bitcoin, ethereum, XRP, EOS, Litecoin and the list continues….While business transactions come into play using cryptography, the exchange in terms of payment and receipt in crypto matches that of a stock. Yes, you have heard it right, accounting for the cryptocurrency reflects stock shares.

What is the blockchain effect?

You can use blockchain as a transaction method to encapsulate your transaction information. It acts as a ledger of transactions shared within the parties. In particular, it digitally documents each piece of valid information about a product in real-time and maintains transparency.
Do you have a networking environment? Does this environment demand share records to be transferred in a convenient yet secure way? Then, blockchain helps you to bridge communication and acts as an intermediary between various interacting units. It provides space for the creation of a data ledger that is authentic and is non-duplicated records.

Specifically, the digital data chain forms a block sealed in a way that cannot be altered and remains concealed. How does blockchain come to your rescue?

  • Optimised business activities
  • Creating authentic and efficient business models
  • Reduced risk

How does blockchain affect accounting

With online transactions gaining momentum, Blockchain works as the key to creating a networking web between accounting personnel. So, if you are an accounting professional intending to upgrade your accounting work, Blockchain works flawlessly!

Get rid of hiring extra accounting professionals, interference, and expenditure incurred on redundant factors! Blockchain takes into account multiple roles in the financial platform, as played by banks, courts, tax authorities and auditors.

It also fulfils your auditing of transactions in a full-proof and automated form. This serves to display notarized transactions for settling deals between financial companies. What’s more? It functions based on ‘double-entry bookkeeping’ to ‘triple entry accounting’ principle. It follows an encrypted and interlocking system of the transaction process. How your company will benefit?

These functionalities enable Blockchain to conceal, maintain records and data of financial statements in the most coded and authentic way. Also, Add-ons that will cut-short on accounting focuses on a decentralized control on accounting activities with operations like ‘hashing’ and ‘time stamping’.

Accounting for cryptocurrency

With virtual accounting glueing the cracks that traditional accounting proved to fall back upon, ‘cryptocurrency’ is making rounds in accounting platforms. Why is cryptocurrency fascinating for accounting? Well, nothing can tamper digital currency with the intervention of cryptography.

However, transactions, recorded through blockchains, need digital currency exchange. So how does it benefit and work in the present day accounting scenario? These digitized transactions take place in the technologically equipped accounting systems. The carriers are cryptocurrencies with varied names such as bitcoin, ethereum, XRP, EOS, Litecoin and the list continues….

While business transactions come into play using cryptography, the exchange in terms of payment and receipt in crypto matches that of a stock. Yes, you have heard it right, accounting for the cryptocurrency reflects stock shares.

Wine counterfeiting, adulteration, and usage of excessive preservatives and hazardous chemicals have created a considerable problem for wine collectors and buyers. Fake wine causes loss to the global economy and society too. The low-quality counterfeit product causes the death of many people across the globe.Blockchain can resolve the wine industry issues and can immensely help producers, consumers, and society as a whole. You will find the blockchain technology highly sophisticated, but its usage is simple. In the wine industry, the issue of wine counterfeiting can be overcome by employing the system of supply chain traceability.There is the possibility that the stored information regarding the supply chain traceability system can tamper. The issue of data tampering can be resolved with the help of blockchain technology. By employing blockchain technology, the reliability of the wine supply chain traceability system can be ensured.The blockchain technology enables buyers and collectors to efficiently gain all necessary information related to wine, including grapes, vineyard, winery, cellar, grape producer, wholesalers, packer, and distributor with the retail store. Let’s know in detail how blockchain is a game-changer for the wine industry:1 Ensure credibility and transparency – Blockchain development ensures the credibility and clarity of the wine supply chain traceability system in the following way:In the chain, every entity is recorded as a block. These entities are associated with the production to the selling of the wine. The relevant participants can see the records.All the interconnected members can know the tamper if any entity in the chain tries to tamper the chain.Each entity of the blockchain is synchronized with the universal ledger system. Every entity verifies the data in the block.The system becomes credible due to transparency in the validation of the block data.   If the highest number of participating entities validates the transaction, only the ledger's change is approved.2 Role of barcodes- The secret barcode is given to batch of grapes produced in a particular vineyard. It is then uploaded to the Blockchain’s Universal Ledger. In the block, the further process on the grapes is recorded and stored.3 The function of entities- Different types of entities like a grape grower, wine producer, bulk producer, transit cellars, filler/packers, finished goods distributor, importer/ wholesaler, and retailer perform their task:Grape grower- The idea of the grape's source is provided when the grape is tagged with a barcode.Wine producer- The wine producer receives the information regarding the source of the grape. As a new block in the chain, the data is added to the ledger. This process helps in authenticating wine producers and grape used for preparing the wine.Bulk producer- The wine producer sends the grapes to the bulk producer to produce the wine.Transit Cellars- The bulk wine is produced and sent to the transit cellars for further processing.Fillers/Packers- Wine is sent from the transit cellars to the packaging center for packaging.Wine distributor- After packaging wine, the task of distributing the wine is given to the retailers, wholesalers, or importers by the wine distributor.In the chain, all the actions performed are stored in the block of information.Finally, the whole story from the production to its packaging, and the retailer is known when the buyer buys a fresh bottle of vintage. The buyer has to scan the barcode of the bottle.All the processes, as mentioned above, help in transforming the wine industry. The blockchain technology helps in preventing wine counterfeiting.
Wine counterfeiting, adulteration, and usage of excessive preservatives and hazardous chemicals have created a considerable problem for wine collectors and buyers. Fake wine causes loss to the global economy and society too. The low-quality counterfeit product causes the death of many people across the globe.Blockchain can resolve the wine industry issues and can immensely help producers, consumers, and society as a whole. You will find the blockchain technology highly sophisticated, but its usage is simple. In the wine industry, the issue of wine counterfeiting can be overcome by employing the system of supply chain traceability.There is the possibility that the stored information regarding the supply chain traceability system can tamper. The issue of data tampering can be resolved with the help of blockchain technology. By employing blockchain technology, the reliability of the wine supply chain traceability system can be ensured.The blockchain technology enables buyers and collectors to efficiently gain all necessary information related to wine, including grapes, vineyard, winery, cellar, grape producer, wholesalers, packer, and distributor with the retail store. Let’s know in detail how blockchain is a game-changer for the wine industry:1 Ensure credibility and transparency – Blockchain development ensures the credibility and clarity of the wine supply chain traceability system in the following way:In the chain, every entity is recorded as a block. These entities are associated with the production to the selling of the wine. The relevant participants can see the records.All the interconnected members can know the tamper if any entity in the chain tries to tamper the chain.Each entity of the blockchain is synchronized with the universal ledger system. Every entity verifies the data in the block.The system becomes credible due to transparency in the validation of the block data.   If the highest number of participating entities validates the transaction, only the ledger's change is approved.2 Role of barcodes- The secret barcode is given to batch of grapes produced in a particular vineyard. It is then uploaded to the Blockchain’s Universal Ledger. In the block, the further process on the grapes is recorded and stored.3 The function of entities- Different types of entities like a grape grower, wine producer, bulk producer, transit cellars, filler/packers, finished goods distributor, importer/ wholesaler, and retailer perform their task:Grape grower- The idea of the grape's source is provided when the grape is tagged with a barcode.Wine producer- The wine producer receives the information regarding the source of the grape. As a new block in the chain, the data is added to the ledger. This process helps in authenticating wine producers and grape used for preparing the wine.Bulk producer- The wine producer sends the grapes to the bulk producer to produce the wine.Transit Cellars- The bulk wine is produced and sent to the transit cellars for further processing.Fillers/Packers- Wine is sent from the transit cellars to the packaging center for packaging.Wine distributor- After packaging wine, the task of distributing the wine is given to the retailers, wholesalers, or importers by the wine distributor.In the chain, all the actions performed are stored in the block of information.Finally, the whole story from the production to its packaging, and the retailer is known when the buyer buys a fresh bottle of vintage. The buyer has to scan the barcode of the bottle.All the processes, as mentioned above, help in transforming the wine industry. The blockchain technology helps in preventing wine counterfeiting.

Wine counterfeiting, adulteration, and usage of excessive preservatives and hazardous chemicals have created a considerable problem for wine collectors and buyers. Fake wine causes loss to the global economy and society too. The low-quality counterfeit product causes the death of many people across the globe.

Blockchain can resolve the wine industry issues and can immensely help producers, consumers, and society as a whole. You will find the blockchain technology highly sophisticated, but its usage is simple. In the wine industry, the issue of wine counterfeiting can be overcome by employing the system of supply chain traceability.

There is the possibility that the stored information regarding the supply chain traceability system can tamper. The issue of data tampering can be resolved with the help of blockchain technology. By employing blockchain technology, the reliability of the wine supply chain traceability system can be ensured.

The blockchain technology enables buyers and collectors to efficiently gain all necessary information related to wine, including grapes, vineyard, winery, cellar, grape producer, wholesalers, packer, and distributor with the retail store. Let’s know in detail how blockchain is a game-changer for the wine industry:

1 Ensure credibility and transparency – Blockchain development ensures the credibility and clarity of the wine supply chain traceability system in the following way:

  • In the chain, every entity is recorded as a block. These entities are associated with the production to the selling of the wine. The relevant participants can see the records.
  • All the interconnected members can know the tamper if any entity in the chain tries to tamper the chain.
  • Each entity of the blockchain is synchronized with the universal ledger system. Every entity verifies the data in the block.
  • The system becomes credible due to transparency in the validation of the block data.   
  • If the highest number of participating entities validates the transaction, only the ledger's change is approved.

2 Role of barcodesThe secret barcode is given to batch of grapes produced in a particular vineyard. It is then uploaded to the Blockchain’s Universal Ledger. In the block, the further process on the grapes is recorded and stored.

3 The function of entities- Different types of entities like a grape grower, wine producer, bulk producer, transit cellars, filler/packers, finished goods distributor, importer/ wholesaler, and retailer perform their task:

  • Grape grower- The idea of the grape's source is provided when the grape is tagged with a barcode.
  • Wine producer- The wine producer receives the information regarding the source of the grape. As a new block in the chain, the data is added to the ledger. This process helps in authenticating wine producers and grape used for preparing the wine.
  • Bulk producer- The wine producer sends the grapes to the bulk producer to produce the wine.
  • Transit Cellars- The bulk wine is produced and sent to the transit cellars for further processing.
  • Fillers/Packers- Wine is sent from the transit cellars to the packaging center for packaging.
  • Wine distributor- After packaging wine, the task of distributing the wine is given to the retailers, wholesalers, or importers by the wine distributor.

In the chain, all the actions performed are stored in the block of information.

Finally, the whole story from the production to its packaging, and the retailer is known when the buyer buys a fresh bottle of vintage. The buyer has to scan the barcode of the bottle.

All the processes, as mentioned above, help in transforming the wine industry. The blockchain technology helps in preventing wine counterfeiting.

The foundation of future tech innovation can be traced back to the ’90s with the “dot.com” revolution. It was around the same time the desktop PCs were becoming the norm in offices, and floppies were getting comfy in the file racks. The transformations were remarkable enough to mark their future possibilities. It was clear, tech-geeks were up for something bigger.    However, no one had thought that the password used for unlocking the personal e-mails will someday unlock the payment gateway for online trading. All the credit goes to the internet, who broke the barriers for free trade and served the role of trade facilitator across the countries. With that, the digital world dished out some amazing online services like Amazon, E-bay, Etsy, and so on.    But that was not the end; Satoshi Nakamoto had added one more feather to the digital revolution by re-defining the “Blockchain” technology. The technology can keep the traditional online payment methods at bay, as it is completely decentralized.     However, beyond the secure payment, the Blockchain enthusiast wants to board the technology for a myriad of other business processes. Mentioning a few of them below, they believe the true potential of Blockchain is yet to be discovered.    Here are some future predictions for Blockchain Technology   Replace gold reserves in Bank  A new report by Germany’s largest lender, Deutsche Bank, suggests that Blockchain-powered digital currencies could replace cash payments within the next decade. It means Blockchain is truly going to practice the postulate of “paperless money.”   That drives the whole conversation towards the Bank’s gold reserves. For any bank, the Gold reserve is their strength, based on which they decide the criteria to lend the loan. It also has great value from the perspective of the nation’s economy.    When any Nation hits with the economic crisis, they sell out Gold to International Monetary Fund (IMF) to bring more cash or sell them to pay the debt to other countries. The problem starts when their bank gold reserves held in foreign banks can’t be moved during the financial crisis. The result of which there could be no cash to circulate into the public. Bank customers envisage this as a breach of trust and seek a better alternative to get full control of their money.    Cryptocurrency like Bitcoin can give them full control over their money, and in the future, it can replace the bank’s gold reserve. The digital asset management firm “Blocktown Capital” has suggested the total amount of BTC that countries have to accumulate if Bitcoin were to replace the current gold reserves.       India: 66,481 BTC    USA: 913,388 BTC    Germani: 378,416 BTC    Russia: 232,033 BTC    China: 206,923 BTC    Japan: 85,931 BTC    UK: 34,846 BTC       ( Image source: bitcoininsider.org)    Secure IoT devices   IoT devices include wireless sensors, actuators, software, and computer devices. For example, IoT systems in your home identify the gas leakage and send you an alert message on the phone.    The data in an IoT get saved in the cloud storage, and the Internet connects all the devices. It means your IoT device is vulnerable to hackers. With Blockchain, this is not possible as hackers cannot alter the data.    Replace dollar for International trade   The global trade around the world is done through U.S Dollars. Two-thirds of all emerging market external debt, global equities, and government foreign exchange reserves are denominated in dollars. Any fluctuation in dollar values has an immense effect on the global stock exchange. It made other countries dependent on dollar value.     Whenever these countries smell financial crises or inflation they hoard more dollars to escape from it. Keeping stock of dollars can hurt the overall global economy. To eliminate the dollar dependency factor, some see cryptocurrencies (like Blockchain) as a good alternative. Some trade-analyst believes the dollar’s death will be on the Blockchain.    Self-sovereign identify platform   As per one of the reports, in the developing world, around 1.5 billion people lack proof of identity, including more than 65 million refugees. Either it is due to improper storage, or they lost their data. Blockchain-based identity systems can solve these problems. These systems will serve a single source of verification for individuals’ identities and assets. It reduces the risk of security breaches and records manipulation.    Supply Chain   One of the key areas where Blockchain has more value is “ Supply Chain.” In the supply-chain industry, there is no organized working system they regularly battle with inefficiencies, errors, and fraud.       Blockchain allows a significant reduction of bureaucracy and paperwork in supply chains    It enables easy record-keeping and tracking of the product information    There is more transparency and eliminates frauds in the supply chain    Blockchain can speed up administrative processes and reduce the overall cost    Reduces human error       Asset Ownership   There are numerous cases where landowners have to knock the court’s door to claim their proprietorship either due to illegal encroachment or tampering of land registry. With Blockchain, this could be reduced. In the future, all assets, including land, will be recorded on a transparent, tamper-free distributed ledger open for the public to see. It means no one can falsely claim the occupancy.    Elections on Blockchain   A Blockchain-based voting application can eliminate all voting-related discrepancies. The belief that voting cannot be done online in a secure way is now challenged. In fact, it would be the most secure way of voting, because once the vote is recorded, it would be there permanently on the Blockchain. No tampering or dummy voters can exist. Startup companies like “BitCongress” and “FollowMyVote” are already engaged in developing a Voting System.    The Blockchain technology was questioned for its viability in the mainstream. But besides its initial disapproval, the technology was able to string many business models into its Blockchain strand. The Blockchain admirers say what you see its just a dot in the universe; there is more to explore.   
The foundation of future tech innovation can be traced back to the ’90s with the “dot.com” revolution. It was around the same time the desktop PCs were becoming the norm in offices, and floppies were getting comfy in the file racks. The transformations were remarkable enough to mark their future possibilities. It was clear, tech-geeks were up for something bigger.    However, no one had thought that the password used for unlocking the personal e-mails will someday unlock the payment gateway for online trading. All the credit goes to the internet, who broke the barriers for free trade and served the role of trade facilitator across the countries. With that, the digital world dished out some amazing online services like Amazon, E-bay, Etsy, and so on.    But that was not the end; Satoshi Nakamoto had added one more feather to the digital revolution by re-defining the “Blockchain” technology. The technology can keep the traditional online payment methods at bay, as it is completely decentralized.     However, beyond the secure payment, the Blockchain enthusiast wants to board the technology for a myriad of other business processes. Mentioning a few of them below, they believe the true potential of Blockchain is yet to be discovered.    Here are some future predictions for Blockchain Technology   Replace gold reserves in Bank  A new report by Germany’s largest lender, Deutsche Bank, suggests that Blockchain-powered digital currencies could replace cash payments within the next decade. It means Blockchain is truly going to practice the postulate of “paperless money.”   That drives the whole conversation towards the Bank’s gold reserves. For any bank, the Gold reserve is their strength, based on which they decide the criteria to lend the loan. It also has great value from the perspective of the nation’s economy.    When any Nation hits with the economic crisis, they sell out Gold to International Monetary Fund (IMF) to bring more cash or sell them to pay the debt to other countries. The problem starts when their bank gold reserves held in foreign banks can’t be moved during the financial crisis. The result of which there could be no cash to circulate into the public. Bank customers envisage this as a breach of trust and seek a better alternative to get full control of their money.    Cryptocurrency like Bitcoin can give them full control over their money, and in the future, it can replace the bank’s gold reserve. The digital asset management firm “Blocktown Capital” has suggested the total amount of BTC that countries have to accumulate if Bitcoin were to replace the current gold reserves.       India: 66,481 BTC    USA: 913,388 BTC    Germani: 378,416 BTC    Russia: 232,033 BTC    China: 206,923 BTC    Japan: 85,931 BTC    UK: 34,846 BTC       ( Image source: bitcoininsider.org)    Secure IoT devices   IoT devices include wireless sensors, actuators, software, and computer devices. For example, IoT systems in your home identify the gas leakage and send you an alert message on the phone.    The data in an IoT get saved in the cloud storage, and the Internet connects all the devices. It means your IoT device is vulnerable to hackers. With Blockchain, this is not possible as hackers cannot alter the data.    Replace dollar for International trade   The global trade around the world is done through U.S Dollars. Two-thirds of all emerging market external debt, global equities, and government foreign exchange reserves are denominated in dollars. Any fluctuation in dollar values has an immense effect on the global stock exchange. It made other countries dependent on dollar value.     Whenever these countries smell financial crises or inflation they hoard more dollars to escape from it. Keeping stock of dollars can hurt the overall global economy. To eliminate the dollar dependency factor, some see cryptocurrencies (like Blockchain) as a good alternative. Some trade-analyst believes the dollar’s death will be on the Blockchain.    Self-sovereign identify platform   As per one of the reports, in the developing world, around 1.5 billion people lack proof of identity, including more than 65 million refugees. Either it is due to improper storage, or they lost their data. Blockchain-based identity systems can solve these problems. These systems will serve a single source of verification for individuals’ identities and assets. It reduces the risk of security breaches and records manipulation.    Supply Chain   One of the key areas where Blockchain has more value is “ Supply Chain.” In the supply-chain industry, there is no organized working system they regularly battle with inefficiencies, errors, and fraud.       Blockchain allows a significant reduction of bureaucracy and paperwork in supply chains    It enables easy record-keeping and tracking of the product information    There is more transparency and eliminates frauds in the supply chain    Blockchain can speed up administrative processes and reduce the overall cost    Reduces human error       Asset Ownership   There are numerous cases where landowners have to knock the court’s door to claim their proprietorship either due to illegal encroachment or tampering of land registry. With Blockchain, this could be reduced. In the future, all assets, including land, will be recorded on a transparent, tamper-free distributed ledger open for the public to see. It means no one can falsely claim the occupancy.    Elections on Blockchain   A Blockchain-based voting application can eliminate all voting-related discrepancies. The belief that voting cannot be done online in a secure way is now challenged. In fact, it would be the most secure way of voting, because once the vote is recorded, it would be there permanently on the Blockchain. No tampering or dummy voters can exist. Startup companies like “BitCongress” and “FollowMyVote” are already engaged in developing a Voting System.    The Blockchain technology was questioned for its viability in the mainstream. But besides its initial disapproval, the technology was able to string many business models into its Blockchain strand. The Blockchain admirers say what you see its just a dot in the universe; there is more to explore.   

The foundation of future tech innovation can be traced back to the ’90s with the “dot.com” revolution. It was around the same time the desktop PCs were becoming the norm in offices, and floppies were getting comfy in the file racks. The transformations were remarkable enough to mark their future possibilities. It was clear, tech-geeks were up for something bigger.   

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However, no one had thought that the password used for unlocking the personal e-mails will someday unlock the payment gateway for online trading. All the credit goes to the internet, who broke the barriers for free trade and served the role of trade facilitator across the countries. With that, the digital world dished out some amazing online services like Amazon, E-bay, Etsy, and so on.   

But that was not the end; Satoshi Nakamoto had added one more feather to the digital revolution by re-defining the “Blockchain” technology. The technology can keep the traditional online payment methods at bay, as it is completely decentralized.    

However, beyond the secure payment, the Blockchain enthusiast wants to board the technology for a myriad of other business processes. Mentioning a few of them below, they believe the true potential of Blockchain is yet to be discovered.   

Here are some future predictions for Blockchain Technology  

Replace gold reserves in Bank 

A new report by Germany’s largest lender, Deutsche Bank, suggests that Blockchain-powered digital currencies could replace cash payments within the next decade. It means Blockchain is truly going to practice the postulate of “paperless money.”  

That drives the whole conversation towards the Bank’s gold reserves. For any bank, the Gold reserve is their strength, based on which they decide the criteria to lend the loan. It also has great value from the perspective of the nation’s economy.   

When any Nation hits with the economic crisis, they sell out Gold to International Monetary Fund (IMF) to bring more cash or sell them to pay the debt to other countries. The problem starts when their bank gold reserves held in foreign banks can’t be moved during the financial crisis. The result of which there could be no cash to circulate into the public. Bank customers envisage this as a breach of trust and seek a better alternative to get full control of their money.   

Cryptocurrency like Bitcoin can give them full control over their money, and in the future, it can replace the bank’s gold reserve. The digital asset management firm “Blocktown Capital” has suggested the total amount of BTC that countries have to accumulate if Bitcoin were to replace the current gold reserves.      

  • India: 66,481 BTC   
  • USA: 913,388 BTC   
  • Germani: 378,416 BTC   
  • Russia: 232,033 BTC   
  • China: 206,923 BTC   
  • Japan: 85,931 BTC   
  • UK: 34,846 BTC      
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( Image source: bitcoininsider.org)   

Secure IoT devices  

IoT devices include wireless sensors, actuators, software, and computer devices. For example, IoT systems in your home identify the gas leakage and send you an alert message on the phone.   

The data in an IoT get saved in the cloud storage, and the Internet connects all the devices. It means your IoT device is vulnerable to hackers. With Blockchain, this is not possible as hackers cannot alter the data.   

Replace dollar for International trade  

The global trade around the world is done through U.S Dollars. Two-thirds of all emerging market external debt, global equities, and government foreign exchange reserves are denominated in dollars. Any fluctuation in dollar values has an immense effect on the global stock exchange. It made other countries dependent on dollar value.    

Whenever these countries smell financial crises or inflation they hoard more dollars to escape from it. Keeping stock of dollars can hurt the overall global economy. To eliminate the dollar dependency factor, some see cryptocurrencies (like Blockchain) as a good alternative. Some trade-analyst believes the dollar’s death will be on the Blockchain.   

Self-sovereign identify platform  

As per one of the reports, in the developing world, around 1.5 billion people lack proof of identity, including more than 65 million refugees. Either it is due to improper storage, or they lost their data. Blockchain-based identity systems can solve these problems. These systems will serve a single source of verification for individuals’ identities and assets. It reduces the risk of security breaches and records manipulation.   

Supply Chain  

One of the key areas where Blockchain has more value is “ Supply Chain.” In the supply-chain industry, there is no organized working system they regularly battle with inefficiencies, errors, and fraud.      

  • Blockchain allows a significant reduction of bureaucracy and paperwork in supply chains   
  • It enables easy record-keeping and tracking of the product information   
  • There is more transparency and eliminates frauds in the supply chain   
  • Blockchain can speed up administrative processes and reduce the overall cost   
  • Reduces human error      

Asset Ownership  

There are numerous cases where landowners have to knock the court’s door to claim their proprietorship either due to illegal encroachment or tampering of land registry. With Blockchain, this could be reduced. In the future, all assets, including land, will be recorded on a transparent, tamper-free distributed ledger open for the public to see. It means no one can falsely claim the occupancy.   

Elections on Blockchain  

A Blockchain-based voting application can eliminate all voting-related discrepancies. The belief that voting cannot be done online in a secure way is now challenged. In fact, it would be the most secure way of voting, because once the vote is recorded, it would be there permanently on the Blockchain. No tampering or dummy voters can exist. Startup companies like “BitCongress” and “FollowMyVote” are already engaged in developing a Voting System.   

The Blockchain technology was questioned for its viability in the mainstream. But besides its initial disapproval, the technology was able to string many business models into its Blockchain strand. The Blockchain admirers say what you see its just a dot in the universe; there is more to explore.   

 The advent of cryptocurrencies such as Bitcoin and Ethereum brought blockchain into existence, it’s a decentralized technology which is built by the people and for the people. Earlier people considered it as a passing fad but after it stirred up the payments, supply and distribution and the revenue cycle – blockchain became a thread to the government, organisations and accounting industry. A potential power that could shake the decades of their entrenched control.There are multiple signs that the financial accounting profession is already entering a new era of technological advancement with the potential impact of blockchain technology. It acts as a catalyst that automates the tracking of each transaction that takes place and compliance. It has reinforced the accounting by making the auditing transparent, by enhancing the business opportunities with global reach and by making the system more secure. Several factors contribute to the recent surge in interest among businesses and organizations in adopting this technology. The most important is the fact that businesses can significantly increase their profit margins by automating most of their accounts. It also reduces overhead costs, as most transactions and activities related to the business can now be handled by the automation. Besides, this automation also eliminates the need for additional employees and therefore, costs associated with human error. These are not to mention the fact that business owners can cut back on operating expenses and the overall amount of resources required to run the business.Not just these benefits, blockchain can even cultivate a new-age foreign exchange which will eliminate the costs incurred by cross-border business transactions.Opportunities in the field of accounting are apparent as the entire framework of borderless network architecture is witnessing widespread adoption and implementation. Moreover, an investor should not overlook the potential for future gains by investing in this particular technology. All things consideredIt can certainly be seen that the future of accounting is definitely not bleak at all. There are a lot of capabilities to be found in the future of accounting. You just need to make sure that you have an accurate idea of what it will entail before you start investing in blockchain technology.
 The advent of cryptocurrencies such as Bitcoin and Ethereum brought blockchain into existence, it’s a decentralized technology which is built by the people and for the people. Earlier people considered it as a passing fad but after it stirred up the payments, supply and distribution and the revenue cycle – blockchain became a thread to the government, organisations and accounting industry. A potential power that could shake the decades of their entrenched control.There are multiple signs that the financial accounting profession is already entering a new era of technological advancement with the potential impact of blockchain technology. It acts as a catalyst that automates the tracking of each transaction that takes place and compliance. It has reinforced the accounting by making the auditing transparent, by enhancing the business opportunities with global reach and by making the system more secure. Several factors contribute to the recent surge in interest among businesses and organizations in adopting this technology. The most important is the fact that businesses can significantly increase their profit margins by automating most of their accounts. It also reduces overhead costs, as most transactions and activities related to the business can now be handled by the automation. Besides, this automation also eliminates the need for additional employees and therefore, costs associated with human error. These are not to mention the fact that business owners can cut back on operating expenses and the overall amount of resources required to run the business.Not just these benefits, blockchain can even cultivate a new-age foreign exchange which will eliminate the costs incurred by cross-border business transactions.Opportunities in the field of accounting are apparent as the entire framework of borderless network architecture is witnessing widespread adoption and implementation. Moreover, an investor should not overlook the potential for future gains by investing in this particular technology. All things consideredIt can certainly be seen that the future of accounting is definitely not bleak at all. There are a lot of capabilities to be found in the future of accounting. You just need to make sure that you have an accurate idea of what it will entail before you start investing in blockchain technology.

 

The advent of cryptocurrencies such as Bitcoin and Ethereum brought blockchain into existence, it’s a decentralized technology which is built by the people and for the people. Earlier people considered it as a passing fad but after it stirred up the payments, supply and distribution and the revenue cycle – blockchain became a thread to the government, organisations and accounting industry. A potential power that could shake the decades of their entrenched control.

There are multiple signs that the financial accounting profession is already entering a new era of technological advancement with the potential impact of blockchain technology. It acts as a catalyst that automates the tracking of each transaction that takes place and compliance. It has reinforced the accounting by making the auditing transparent, by enhancing the business opportunities with global reach and by making the system more secure

Several factors contribute to the recent surge in interest among businesses and organizations in adopting this technology. The most important is the fact that businesses can significantly increase their profit margins by automating most of their accounts. It also reduces overhead costs, as most transactions and activities related to the business can now be handled by the automation. 

Besides, this automation also eliminates the need for additional employees and therefore, costs associated with human error. These are not to mention the fact that business owners can cut back on operating expenses and the overall amount of resources required to run the business.

Not just these benefits, blockchain can even cultivate a new-age foreign exchange which will eliminate the costs incurred by cross-border business transactions.

Opportunities in the field of accounting are apparent as the entire framework of borderless network architecture is witnessing widespread adoption and implementation. Moreover, an investor should not overlook the potential for future gains by investing in this particular technology. 

All things considered

It can certainly be seen that the future of accounting is definitely not bleak at all. There are a lot of capabilities to be found in the future of accounting. You just need to make sure that you have an accurate idea of what it will entail before you start investing in blockchain technology.

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