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Blockchain — Basics to TechnoWizardry

We are starting a series of Blockchain Technology. We believe you can get as much info related to this topic but having “To the point info is a mere blessing”. Let’s get started!

Blockchain Technology

Blockchain is a system of recording information in such a manner that makes it complex or impossible to change, cheat, or hack the system. Each block in the chain consists of a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger.

Unraveling The Threads of Blockchain:

As the name states, a blockchain is a string of ‘blocks’ containing the linked data. This series of blocks generates a shared digital ledger (collection of data), also known as digital ledger technology (DLT) that records the activity and information performed within the chain.

Each blockchain ledger is preserved universally across chiliad of different servers. This signifies that anyone on the network can watch and verify everyone else’s entries.

How does the blockchain function?

Each block in the chain has a couple of set elements, a specific amount of data, a cryptographic hash, and the hash of the block before it. The hash is basically the fingerprint for that block, a peculiar identifier that relates to the block and its contents.

Now, if the data within a block replaces, the cryptographic hash also changes.

Also, we are aware that each block also contains the hash of the block before it. This indicates that if someone were to interfere with one block, each subsequent one would be invalid/irrational, making a level of stability and security. This mesmerizing use of unique identifiers is designed to make blockchains more shielded and trustworthy platforms.

Astounding facts about blockchain:

1. Blockchains can be public or private just like the internet and intranet.

2. In terms of evolution, blockchain stands where the internet was 20 years earlier.

3. $20 billion is presumed to be the worth of this universal blockchain retail by 2024.

4. 90% of major European and North American banks are investing in blockchain solutions.

5. There will be jobs that will become old-fashioned. But, we will be having new occupations that we still have not even imagined yet. Also, all of this will be formed as an outcome of the blockchain variation.

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Blockchain Entrepreneurship — Use Cases that will transform Industry 4.0

As we are well aware of the trending blockchain technology and its basis, today we will talk about its revolutionary and unprecedented applications. Blockchain tactics may seem uneasy and complicated to understand, the basic idea however is as effortless as a child’s play: decentralizing the storage of data so a central actor cannot own, authorize or corrupt the particular data.

BLOCKCHAIN APPLICATIONS

Blockchain is way too enormous than one could ever imagine. It has far more applications and uses beyond just cryptocurrency or bitcoin. Some of the uses of blockchain, we are going to discuss are the following.

Blockchain-Based Voting System

Paper-based voting systems have been replaced by electronic voting systems still, folks have doubts in their hearts regarding the capability of the voting system. Translucent and nationally confirmable elections in the country can be promised by the blockchain-based system. Mobile software is linked to a blockchain that can make voting easy and secure.

Peer To Peer Ridesharing

Mostly an agency or a middle man serves the radio cab services nowadays. Imagine a cab company like Uber closing business in the area? By moving ride sharing to the blockchain without a negotiator, drivers and riders both can get in touch directly. This can build a digital platform that will provide safe, trustworthy transportation.

International Payments

A secure and efficient way has been provided to create a foolproof log of delicate activity through blockchain. By making it perfect for the transfer of funds and international payments.

Exact Shipment Location Data

Logistics companies today; only offer location descriptions of major locations like stock centers, systemizing facilities, and city cores. Well, none of them tells the exact live location details. Implementing blockchain technology here could collect and deliver exact location details to customers.

A Fake Product Recognition System

Each brand has its fake copies nowadays, which are identical to the real ones that even a company expert couldn’t distinguish between real and fake ones. It can be used by embedding a 2D barcode on the product that is tied to a blockchain system and then scanning the barcode using your smartphone and it will tell whether the product is fake or real.

Transparent Charity Systems

Many fake charity platforms act as real and trustworthy organizations and steal money from people with the label of charity. Implementing blockchain here can create a trustable way for online charity programs.

Tracking Food to its Source

Everyone wants to have organic food but the real deal is whether the food you are consuming is organic or not? An outbreak of bird flu in many poultry farms is common these days. But, do you know the chicken breast you just grilled came from a farm where it had the virus outspread? Blockchain technology advantages the food industry here as it fabricates a direct, more open traceability on food items. One which cannot be changed. So it’s possible for you to trace back food — no sweat.

Finding lost objects

The implementation can be widened to several more areas e.g. airlines to detect lost baggage, car rentals to track rented cars, and so on.

Blockchain- Established Product Identification

The era that we are living in now demands the safety of humanity and animals too. Animal lovers can not tolerate a brand that tests its products on animals or uses any of its owners in manufacturing. Blockchain technology here can ensure that the product is cruelty-free by setting up a scanning bar code on the product, which allows you to scan and know through your smartphone. It can also tell whether the product was halal or not.

These are only some of the uses of blockchain in different industries, but there are far more applications in each field and are coming with every passing day. Blockchain has phenomenally changed the very face of the technology industry forever. It’s for sure.

Don’t forget to share your ideas and thoughts with us on our Twitter channel.

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What does F.U.T.U.R.E hold for Blockchain?

As we all are well familiar with the fact that blockchain technology seems to be ruling the technology world but it is still unpredictable what future does it hold. There are certain prophecies, both negative and positive regarding their potential.

At least one unorthodox business formed on blockchain technology by 2022 will count worth $10 billion. By 2026, it will be worth $360 billion and $3.1 trillion or more by 2030.

Let’s have a look at some of the benefits blockchain technology can provide industries with so we can take a look at how amazing blockchain goes in the future.

Improving cybersecurity.

Blockchain revolves around technology that keeps your data safe and protected without letting any third party interfere in any of your matters. So it’s a super personal and private form of technology that makes cybersecurity its most promising platform of growth. As we are aware that all kinds of businesses are going to get data hacking threats. Blockchain technology can be used to make it all stop while providing all kinds of transparency to active participants.

Governmental Applications.

One of the most dominating roles blockchain can be seen playing in the future is getting involved in government affairs.

Governmental authorities of Columbia have promised to be a backbone for cryptocurrencies and blockchain-based payment methods.

China is all set to issue an entirely indirect cryptocurrency. Moreover, South Korea brought more than one million driver’s licenses on a blockchain-based system.

Vietnam and Thailand are also seen to be adopting methods to introduce, aka chain in Vietnam, and a new juridical document keeping system that is also based on blockchain in Thailand.

The finance minister of Japan mentioned blockchain as a major fighter for the global pandemic.

Gaming industry is to be seen as a major Use Case.

The gaming world will be in charge of blockchain adoption more than ever before. Such companies have been using nonstandard digital currencies for decades now. Games resources, payment formation, and multiplayer systems could all be taking benefits of the blockchain abilities in the future.

Epic Games is onto finding new ways to emerge blockchain in the gaming society.

Sony is planning to release a blockchain-based video game for the PlayStation 4 later this year.

Blockchain aiding retail.

Blockchain definitely is a major component of the retail market. Walmart uses blockchain for tracking their payment and shipping with seventy shipping companies and several retailers. AmazonFordNestle Volvo also use blockchain services for controlling the supplies. Around $600 million is invested in blockchain projects earlier this year.

Projects demanding production.

It is said that about 30% of the projects based on blockchain will come to the production stage finally. Projects will speed up due to the faster time requirement in the market because of the pandemic.

Linkage of traditional banking and other finance groups.

Banking organizations and financial administrations will be seen shaking hands with the blockchain as blockchain technology seems to have more trust in people than any regular bank. Henceforth, banks are also highly getting in touch with blockchain to gain their customer’s trust.

Conveyancing.

Blockchain can be used to transfer property from sellers to buyers by storing every detail in the block that is accessible to all parties.

Other areas using blockchain in the future.

– Blockchain facilitating healthcare (personal data records, medical insurance, etc)

– Blockchain sheltering the internet of things.

– Law amalgamation into smart contracts.

– Major refinement into global standards of living.

– Cryptocurrencies rely on the blockchain.

Blockchain is a revolutionizing feature that will light up the future but it will require effort and most importantly time. Though few startups will see failure people will get more educated on how to use this technology. It will bring people innovative skills making traditional businesses reconsider their work.

The promise of blockchain is real!

Blocks — Blockchain representation
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Blockchain maneuvering ‘Finance’ and ‘Fintech’.

To start simpler, let’s say marriage between finance and technology is called ‘Fintech’.

Blockchain technology benefits so many areas including so many fields beyond our expectations and in the segment today we will talk about blockchain and its advantages in the finance industry. Let’s begin with its services.

WHAT TECHNOLOGY WILL BRING TO FINANCIAL INSTRUMENTS.

– Authenticity

– Economic benefits

– Labor and time-saving processes

– Computable capabilities.

Implementation of blockchain in finance could get to the following extents.

TRUST AND INTEGRITY.

A major element of the business is “trading” and trading activities depend on trust and reliability. Gaining the trust of the customer can take you to places, hence some financial strategies, and here you have successfully gained the trust that you need in the business. Blockchain can ensure that your client gets all the privacy they need. It also allows the bank to trust clients in cases such as taking a loan. Bank can determine the user based on their credit status, their borrow and repayment history, and other such details.

SECURITY AND CONFIDENTIALITY.

Making sure that providing next-level security is a big deal. Biometric authentication, a synthesis of passwords, personal identifier removal, and particularized access command, are the aspects that make blockchain a trustworthy and securer platform to work on.

INSTANT SETTLEMENTS.

Blockchain can make settlements user optimized giving both parties a noteworthy amount of time and money. Usually, through traditional banking, settlements take almost a week or more but with blockchain, it can be in a blink of an eye.

MORE TRANSPARENCY.

Financial organizations can be more transparent than before making clients easy and comfortable. By necessary encryption and control mechanisms, blockchain creates transparency for users.

LESSER ERROR HANDLING.

Hence blockchain is a very tamper-proof and immutable platform for any data recorded, so it can be traced whenever you want to without any difficulty. This way it puts an end to reconciliation.

‘SMART CONTRACT’ COMES IN HANDY.

Blockchain enables the use of smart contracts within banks, and these smart contracts allow companies to uncomplicate the process of identity verification. It can make data visible on a decentralized network. For example, claiming, verifying, and processing insurance has always been a labor-intensive task that irritates your customers.

HIGH PERFORMANCE.

Giving all finance authorities to the blockchain can digitize the entire trade finance situation with doubled security and efficiency. It can turn on more transparent governance, lower capital requirements, lesser processing times, and reduced risks of fraud and human error.

COUNTERPARTY RISKS.

Counterparty risks happen when there are delayed settlements but it will no longer be a problem when transactions are made instantly.

We, my friend, are blessed to live in the era of ‘Blockchain Technology’. Let us know, how much you’re getting from this series. Follow us on LinkedIn and Twitter.

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Metaverse 101- Newbie guide to a Digital World

Metaverse … a jargon, a new idea, a new revolutionary concept, or a virtual digital land… what is the mystery behind this word?

Metaverse … a jargon, a new idea, a new revolutionary concept, or a virtual digital land… what is the mystery behind this word? The term “Metaverse” was coined by an author “Neal Stephenson” in 1992 in the science fiction novel “Snow Crash”. In his novel, Neal Stephenson visualized the natural lifelike avatars (in computing, an avatar is a graphical representation of a user or the user’s character or persona ) interacting with a 3D (three-dimensional) world.

Recently, the word Metaverse got spotlight due to the fact that “Facebook Inc.” rebranded itself to “Meta Platforms, Inc”. As per Meta (formerly Facebook Inc), “Today at Connect 2021, CEO Mark Zuckerberg introduced Meta, which brings together our apps and technologies under one new company brand”. Read the announcement from Meta.

Glancing in history, we find that the advent of the Internet and most especially the World Wide Web (aka WWW) has significantly impacted human societies. Nowadays, our lives have transformed to the extent where we cannot envision our lives without being connected to any network or platform provided by the internet. However, even with the advancement in Internet (also WWW) technologies, until most recently, we were not able to communicate or connect and imagine ourselves interacting with each other virtually in the 3D realm.

So, what do this means for the internet and social media communities is an important question? Metaverse provides us the option to interact with each other (obviously, virtually) but to be more in the lifelike arrangement. Simply, this means that even though we are sitting oceans away from each other, using Metaverse technologies, we will feel and imagine ourselves sitting in one room or even flying a plane, climbing Mount Everest, or diving deep under the sea even though while sitting in a comfortable chair in a room.

Another important question is how in the future Metaverse will impact our lives. The answer to this question is very simple… it will impact significantly, and to some extent beyond our expectations. This is apparent by the fact that companies, such as Microsoft, Meta (formerly Facebook Inc), and others have been heavily investing in this technology. Therefore, it is safe to assume that in the coming future we will see substantial changes to the way we live, interact and work… shifting our daily lives to a more digital and virtual one.

Let us know, how much you’re getting from this series. Follow us on LinkedIn and Twitter.