Wednesday, June 29, 2022

What Are Blockchains Used For

Blockchain Use In Asia

What the Hash? – How Bitcoin and Blockchains use Hash Functions

East and South East Asia therefore seem to be hot spots for the blockchain. Gaurang Torvekar, CEO and co-founder of Indorse, picks out the majority of SEA blockchain startups as being located in Singapore, where he is sometimes based, followed by Indonesia and Malaysia.

The Singapore regulator, MAS, has been at the forefront of innovation, having finished five phases of Project Ubin, which used blockchain technology for inter-bank settlements, amongst other things, says Torvekar.

itself has been heavily promoting and supporting the development of technical talent, incentivising deep-tech startups, universities, polytechnic schools and other ecosystem partners to train and upskill their citizens.

The government also has sensible regulations which dont stifle innovation, while at the same time safeguard its citizens.

This is a different picture from what Torvekar sees in his other base of the UK, which he says is not as favoured amongst nascent blockchain startups because of the relatively cautious attitude by banks towards these companies.

Historically, it has been difficult to even open a bank account for a startup that has got to do anything with cryptocurrencies.

Capitalising on this is somewhere famous for being a regulatory haven like Singapore, and perhaps a little less known for digital innovation and smart urban living.

Isle of Man

The Truth About Blockchain

Contracts, transactions, and records of them provide critical structure in our economic system, but they havent kept up with the worlds digital transformation. Theyre like rush-hour gridlock trapping a Formula 1 race car.

Blockchain promises to solve this problem. The technology behind bitcoin, blockchain is an open, distributed ledger that records transactions safely, permanently, and very efficiently. For instance, while the transfer of a share of stock can now take up to a week, with blockchain it could happen in seconds. Blockchain could slash the cost of transactions and eliminate intermediaries like lawyers and bankers, and that could transform the economy. But, like the adoption of more internet technologies, blockchains adoption will require broad coordination and will take years. In this article the authors describe the path that blockchain is likely to follow and explain how firms should think about investments in it.

In Brief

The Hype

Weve all heard that blockchain will revolutionize business, but its going to take a lot longer than many people claim.

The Reason

Like TCP/IP , blockchain is a foundational technology that will require broad coordination. The level of complexitytechnological, regulatory, and socialwill be unprecedented.

The Truth

The adoption of TCP/IP suggests blockchain will follow a fairly predictable path. While the journey will take years, its not too early for businesses to start planning.

How Blockchain Works

The Basics Of Bitcoins And Blockchains By Antony Lewis

Amazon

Antony Lewis, formerly of early cryptocurrency exchange itBit, has been an expert in the cryptocurrency and blockchain spaces for nearly a decade. In this book, Lewis clearly and concisely breaks down technical aspects of blockchain technology in a way that is digestible and understandable for those within and outside of the space. While this book also covers the fundamentals of cryptocurrencies as well, it is also a useful guide for those particularly interested in blockchain technology and its many applications.

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Is It The Same As Cryptocurrency

One big myth is that it is inherently tied to cryptocurrencies this could not be further from the truth. Part of the confusion around the differences originated from terminology that was used during the early evolution of the technology, where its most attention-grabbing application, cryptocurrency, was at the forefront of the press. Often, the terms were used synonymously, leading to some confusion for those trying to understand this new technology and the benefits it could provide.

Blockchain itself is the backbone of all cryptocurrencies and enables their creation and exchange through secure, decentralized and anonymous transactions. Cryptocurrency is essentially a digital form of money or medium of exchange an alternative to traditional fiat moneyor government-issued currency such as the U.S. dollar or Euro.

Cryptocurrency functions as P2P money without the input of banks as an official issuing intermediary. Similar to cash and banking transactions, cryptocurrency needs to maintain a digitized, decentralized, public ledger of all transactions, which is stored in the blockchain.

Research & Clinical Trials

Using a quantum blockchain to protect blockchains of the ...

Beyond better data sharing, blockchain offers an opportunity to improve healthcare before the treatment phase: in research and clinical trials.

Effective research and clinical trials require the coordination of multiple sites and stakeholders, as well as careful management of massive amounts of sensitive data coming from different sources.

One important function blockchain could fulfill is connecting disparate data within a study, which frequently takes place across different research facilities and is administered by different researchers. This would prevent the need to reconcile separate databases together to create a traceable record of what a participant did.

Once a study is finished, there would be an easily accessible audit trail that could be submitted to regulatory parties, auditors, or other researchers .

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What It Is And Why It Matters

A blockchain is a type of data store that stores anything of digital value. Each new transaction is stored in a block that gets added to a chain of existing records. A typical blockchain duplicates data across an open network so all parties in the blockchain see updates simultaneously, and all updates are validated through a public verification process that ensures accuracy without the need for a central authority, like a bank.

Can It Handle The Current Needs Of Data Exchange

This depends on the specific needs of data exchange. Blockchain is a technology for record locating and other lightweight transactions that can facilitate access to shared data through metadata, pointers and hashes. The technology co-exists with other health IT infrastructure.

For example, metadata and pointers are used to search and discover data records of interest, locate off-chain records, and verify the integrity of these records using hashes stored on-chain. Systems using the technology can leverage existing standards to facilitate interoperable exchange between systems. Smart contracts also provide solutions to facilitate data exchange since they provide the executable logic for validation and processing of data records as required to support data exchange. Zero-knowledge proofs can also be leveraged together with blockchains to exchange information in a manner that preserves privacy.

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How Can Blockchain Technology Be Applied In Real Life

2 July 2021

Theres no doubt that blockchain technology is an exciting development, with the potential to revolutionise many industries. But, with so much hype around blockchain, it can be tricky to unearth its practical, everyday uses or, in other words, blockchain sounds great, but what does it mean for us in real life?

In this article, I strip away the hype, and look at some of the practical uses of blockchain, using real-life examples.

What is blockchain technology?

But before we get on to how blockchain can be applied, lets start with the one-minute rundown on blockchain what is it and how does it work?

A blockchain is an open, distributed database essentially, a computer file for storing information . The name comes from its structure: the file is made up of blocks of data, and each block is linked to the previous block, forming a chain. Each block contains data , plus a record of when that block was edited or created.

How are organisations already using blockchains?

The first use of blockchain was as part of the cryptocurrency Bitcoin, which is based on blockchain technology. However, the practical applications of blockchain extend far beyond cryptocurrencies, and the technology is likely, in time, to impact many industries.

Lets look at some real-world examples of blockchain technology in action:

Cutting out the middle man

Improving healthcare

Better banking and transactions

Smarter supply chains

Efficiencies in the world of insurance

Where to go from here

Blockchain Definition Permissioned And Permission Less Blockchains

Blockchains: real use cases | School of Block

There exist two philosophies in the world of blockchainspermissioned blockchains and permission-less blockchains. Heres what they are and the underlying difference between them.

Permissioned Blockchains
LegalIllegal

Permissioned Blockchains: These blockchains maintain an access control layer to restrict and in some cases allow certain actions to be performed only by select and identifiable participants or individuals. The intrinsic configuration of these blockchains put a check on the transactional activities of participants. Owing to their security aspect, these blockchains are popular among industry-level enterprises and businesses. For instance, a manufacturer may implement a permissioned blockchain for managing supply chains. In this case, third parties including logistic partners and banks may be involved in the whole transaction process. These third parties may be part of the whole process, ought not to know the actual transaction values. This is where permissioned blockchains pitch in. They restrict transactional control to the manufacturer only.

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Blockchain Use Is About More Than Nfts And Dogecoin Its About You

Blockchain use can save lives, build smart cities and boost data privacy. But before it can do any of that, it has to step out the shadow of dodgy cryptocurrencies and multi-million digital art deals.

Blockchains keep confounding tech-watchers. In a way, blockchain use is bigger than ever before. At the same time, it is as underrated and misunderstood as it was in 2008 when the mysterious Satoshi Nakamoto published their groundbreaking paper on bitcoin, kicking off the cryptocurrency revolution. The use of non-fungible tokens, or NFTs, has only intensified matters this new decade.

A digital certificate of authenticity that can be verified on a blockchain, NFT tech has been used to transform GIFs and viral videos into a one-of-a-kind item belonging to an exclusive party. One GlobalData report on blockchain goes as far as to say the hype around NFTs is out of proportion, reminding that NFT copyright and patent infringement remain in their infancy, and the implications are unclear.

Stopping any kind of sober, nuanced assessment on the use of blockchain include an almost cultish devotion to cryptocurrencies, meme-worthy coins and simple tweets which can make or break a currency, usually by Tesla founder Elon Musk. However, blockchain use is about more than that.

Examples Of Public Blockchain

Its important to check out the best public blockchain examples for your business solution. If you want to use this type of blockchain technology, you need to understand when to use a public blockchain and when you should not.

Almost all the big names in the crypto world are based upon the public blockchain like Bitcoin, Ethereum, and Litecoin etc.

Ethereum is actually the most popular public blockchain at the moment. In reality, Ethereum took the concept of a public blockchain to a whole new level. At present, there are so many applications based on this blockchain.

Curious about Ethereum? Want to know how this platform works? Check out our ultimate Ethereum guide right now!

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What Is Proof Of Work

Proof of Work is a blockchain consensus protocol in which nodes on a blockchain’s network validate transactions and prevent double-spending. It’s distinct from other consensus mechanisms, like Proof of Stake or Delegated Proof of Stake, which serve the same purpose but take different approaches. For a Proof of Work blockchain, the process of coming to consensus involves cryptocurrency mining, whereas Proof of Stake blockchains do not have mining. Instead, they have staking.

More generally, Proof of Work is a phrase used to describe any system that requires computers to exert computational effort in order to complete a process or task. This extra computational effort results in a solution, which is then presented and verified before the desired process or task is executed. Proof of Work systems were initially designed to prevent spam attacks and Distributed Denial of Service attacks, among other things. Now, Proof of Work is most commonly associated with blockchain technology.

This post will walk you through the history of Proof of Work, the benefits and disadvantages of Proof of Work systems, and a summary of how Proof of Work blockchains function.

What Is Blockchains Impact On Climate Change

Blockchains

Im still worrying about it.

That may be because youve seen stories about how some cryptocurrencies use more energy than Switzerland or Libya, or youve heard that Bill Gates is worried about them. There are so many facets to the discussion about cryptos energy use that would take several articles to cover , but it is safe to say that blockchains have a reputation for being environmentally unfriendly.

Part of the reason for that is a system called proof of work, which many blockchains employ for security and trust purposes. If a blockchain uses proof of work to validate blocks, then it requires a lot of computing power to complete transactions. Since computers need energy to run, transactions end up using a lot of energy.

It is worth noting that it doesnt have to be this way: blockchains themselves dont inherently use a ton of energy, and there are alternatives to proof of work. Well get into why that is a bit later. But, at the moment anyway, most of the applications of blockchain technology that people are familiar with, like Bitcoin and Ethereum, use proof of work.

To understand why the proof of work model needs computers to work so hard, we first have to understand how the other parts of blockchain technology operate.

Okay, so what does the blockchain look like? Is it a website? An app? An interactive VR experience?

What are the nodes saying?

Nodes will also check to make sure the transaction is valid .

That seems pretty easy to mess with?

Hahahah, blaze it.

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What Can Blockchain Be Used For

  • Energy – Person-to-person energy swapping. Potentially between borders.
  • Supply Chains – Track all sorts shipments with complete transparency. Connecting records as items pass across many different handlers.
  • Open Data Marketplaces – Large open-source platforms to exchange big-data anonymously. Data is often described as the lifeblood of internet businesses.
  • Governments – Blockchain technology could be used to increase speed and visibility in the public sector.
  • Auditing & Regulating – Although not typically implemented, blockchain tech could be set up to be a looking glass into public transactions making regulatory roles significantly faster and easier.
  • Insurance – Make insurance more transparent, with set conditions for payouts.
  • The Internet Of Things – Connecting smart devices to the Internet of Things and the sharing economy.

See more about IoT and blockchain with our article exploring IOTA.

What Are The Implications Of Blockchain Technology

Blockchain technology has made a great impact on society, including:

  • What is the T& C of the exchange?
  • Are all the terms clear?
  • When does the exchange start?
  • When will it finish?
  • When is it unfair to halt the exchange?
  • Fortunately, since Blockchain technology employs a shared ledger, distributed ledger, or any other decentralized network, the parties can quickly gain answers to these exchange relation queries.

    Also, transactions or information on a Blockchain platform can be tracked from departure to the destination point by all of the users in the supply chain.

    All of the above examples are proof that this technology is here to stay and will be a vital source in the future. So, now that you have gained the theoretical knowledge, its time for you to master the technique and utilize tools like Ganache, Truffle, Meta Mask, and Geth to build Blockchain applications, learn how to set up a private blockchain network using Hyperledger Composer, and deploy smart contracts on Ethereum through the Blockchain Certification training course.

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    What’s Next For Blockchain

    First proposed as a research project in 1991, blockchain is comfortably settling into its late twenties. Like most millennials its age, blockchain has seen its fair share of public scrutiny over the last two decades, with businesses around the world speculating about what the technology is capable of and where its headed in the years to come.

    With many practical applications for the technology already being implemented and explored, blockchain is finally making a name for itself at age twenty-seven, in no small part because of bitcoin and cryptocurrency. As a buzzword on the tongue of every investor in the nation, blockchain stands to make business and government operations more accurate, efficient, secure, and cheap with fewer middlemen.

    As we prepare to head into the third decade of blockchain, its no longer a question of “if” legacy companies will catch on to the technologyit’s a question of “when.”

    Blockchain A Buzzword Nothing More

    Real-Life Application of Blockchains in Business

    First blockchain is a real technology available today. Currently, blockchain is being tested with proof on concepts in many different industries and regions around the world. Also keep in mind this is still early days for this technology. Several blockchain providers, like IBM and R3, released version 1 of their solutions in 2017. So, this is all very new and emerging right in front of us.

    Indeed, blockchain has become arguably an overused term and covered daily in multiple media and press outlets. This does not mean that it is just a buzzword as the investment numbers speak for themselves.

    In 2016, over $280 million was spent on blockchain technology by capital markets firms1 with 90% of North American and European banks exploring blockchain solutions2 During the same year, over $1.4 billion was invested globally in blockchain start-up companies.3 Already today, approximately 50% of leading banks are working with a technology company to augment their blockchain capabilities.4

    The investments in the technology and emerging companies are aligned with the potential efficiency gains for financial institutions. Accenture expects that more than $8 billion can be achieved in annual savings for the largest eight banks. By implementing blockchain technology theres potential for 70% in cost savings on business operations and 30-50% potential cost savings on compliance.

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