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Why The Fuss About Blockchain Technology?

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The fuss about blockchain and its importance

One of the constant thing in life generally is change, and the ability to change have always been the top most priority of our evolution as humans. There are almost infinite factors that contribute to these changes in our civilized world. Whether we like to admit it or not, blockchain technology is of importance towards achieving this change.

Innovations like the AI and IOT are on people’s lips nowadays. Not just that, there’s a tendency that everyone has a device that uses one, if not both of these technologies in their vicinity.

For couple of years now, Cryptocurrency and the Blockchain technology has really captured part of the spotlight. There is argument by some people that cryptocurrency – Bitcoin to be specific is the most important invention of the century. However, if cryptocurrencies were to vanish into thin air tomorrow (hypothetically speaking), there is still something to fall back on and that is the Blockchain technology.

The Blockchain technology is such an awesome technology filled with intricacies and has been disrupting our traditional business models and there are still some unaware aspect to many of us. In simple words, Blockchain is a virtual, public ledger of information collected through a network that sits on the internet. It is how this information is recorded that gives the Blockchain its groundbreaking potential which enables cryptocurrencies decentralized.

A Dive into the Importance of Blockchain 

One of the most important benefits Blockchain offers is that it facilitates consensus within a trustless community through a smart incentive system, a number of people with no reason to trust each other can reach an agreement over something that can be said to be true before it is added to the chain. Once the data is recorded in a block it cannot be altered without having to change every block that came after it, making it difficult to do so without it being seen by the other participants on the network.

The ledger is copied across the network of validators using cryptography tech. This means that even if a hack would be possible in theory, in practice, it’s almost impossible.

Blockchain technology improves existing database technology and it’s quite cost effective and more secure. It has the potential to usher in a new, fairer world, spanning finance, governance, supply chain management and much more.

Blockchain greatly improves over our existing database technology as it’s more efficient, more cost-effective, and more secure. Of course, it has to be said that traditional databases have clear advantages over the Blockchain in terms of performance. However, their biggest setback is the fact that they are centralized, with the management of data placed in the hands of just a few entities.

Till date, there are four types of Blockchain which are permissioned Blockchains, permissionless Blockchains, public permissioned Blockchains, and private permissioned Blockchains. Both Bitcoin and Ethereum are permissionless Blockchain; that is anyone can start mining and operate as full node. But it is not so in the case of permissioned Blockchain, there is need for authorization and only a number of limited users are authorized to join.

Public permissioned Blockchains are simply permissioned Blockchains, however the data is available for public view. Contrast to private permissioned Blockchains, data is restricted from public view in this case.

Smart contract – Smart contracts are agreement written in code and embedded onto a particular Blockchain. The code contains set of rules, conditions, expiry dates and other relevant information needed which self-execute if the conditions are met. One part of Blockchain technology which not only increases a number of Blockchain use cases, but also the ability to disrupting a variety of industries and non-profit causes is the invention of smart contracts.

Practical benefit of Blockchain and how it works

Blockchain provides business with transparency, improved trace-ability, enhanced security, increased speed and efficiency and it is cost effective.

Since the Blockchain is a distributed ledger, all participant on the network share the same view and data. Each block contains the data it is recording, for example a transaction like 1 kurecoin being sent from Benjamin to Israel, as well as timestamps of when that information was recorded, also it will include a digital signature linked to the account that made the recording and a unique identifying link, in the form of a hash (one can think of it as digital fingerprint), to the previous block in the chain.

Furthermore, data on the Blockchain is accurate and transparent, after a transaction is approved, it is encrypted and linked to the previous transaction, it is this link that makes it impossible for any of the information to be altered or for a block to be inserted between two existing blocks. The data shared can be updated through a consensus which means that it must be agreed and accepted by everyone on it. This is what makes the Blockchain perfect for industries such as financial sector, health sectors, and even government data management.

Industries being disrupted by the Blockchain

The Blockchain is popularly known to have been designed to enhance and disrupt the financial sector which is in the aspect of cryptocurrency, however it is important to remember that this payment method is only the tip of the iceberg in current Blockchain use cases. Below are some listed ones;

Decentralized Government

As said before, one of the most fascinating aspects of Blockchain is how they allow consensus to be reached which makes it difficult for any information to be altered without the participant on the network not seeing it. When it comes to voting, it all comes down to trust. In the future, we might very well see Blockchain technology powering national or local elections. Blockchain has the potential to significantly diminish electoral fraud, manipulations, violence as seen in some part of the world.

Blockchain In Banking

Banking is one industry that is very prone to human error. With the help of Blockchains, recording transactions would virtually eliminate this problem. Also, Blockchains guarantee a high accuracy for records and provides a highly traceable audit trail. Accepting Blockchain technology in banking and the broader financial system could improve the industry by paving the way for a much more responsive and flexible infrastructure.

Blockchain In Supply Chain Management

Blockchain technology offers trace-ability and cost-effectiveness, thanks to its unique features, Blockchains can easily track the movement of goods from their origin to the middle and finally to the final consumer for a supply chain management.

Blockchain In Health Care

Transitioning to a Blockchain healthcare system would cut costs and improve security of health data. When it comes to Blockchain the future of healthcare will be all about efficient data processing and sharing, enhance opportunity for analyzing medical trends and assessing high quality of care.

The Blockchain healthcare use case increases even more if a smart contracts is considered. For instance, an individual patient could interact with a specific Blockchain healthcare platform in order to easily view all of their claims, transactions, as well as medical history. Alternatively, the Blockchain can be used in order to apply for transfers or schedule appointments with their immediate medical staff, which are activated by smart contracts as soon as payment is processed and doctor confirms availability.

In conclusion, the Blockchain technology has a lot of use cases, a lot more than it can be covered in this article. There are still a lot of development and research to be done. The technology is still in its infant stage until it reaches its maturity, it will change the way we live our lives.

 

What is your take on the Blockchain Technology? Do you think it will really change the way we live our lives? Share your thoughts with us in the comment section.

 

Picture Credit: Synergyaustralia.com

 

Disclaimer:

The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

 

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Blockchain News

Binance To Launch Open Blockchain Project Venus To Develop Stablecoins Pegged to Local Currencies

Binance announces plans to initiate an open blockchain project. The project named ‘Venus’ is a initiative to develop stablecoins pegged to fiat currencies of nations.

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Opening the new week, Binance announces plans to initiate an open blockchain project. The project named ‘Venus’ is a initiative to develop stablecoins pegged to fiat currencies of nations. This was announced in a blog post made by the exchange. The initiate will see to the creation of hundreds of stablecoins pegged to the local currencies.

In order to successfully execute the vision of project Venus, the firm stated that they will need new alliances and partnerships with governments, corporations, technology companies and other cryptocurrency companies and projects developing ground breaking solutions for the blockchain and cryptocurrency industry.

According to the Binance, Project Venus will utilize the public chain of Binance – BinanceChain for secure operations of the stablecoins that will be created. The Binance Chain was released early this year and has currently in itself several blockchain projects including two stablecoins which are the BTC pegged stablecoin BTCB and the Binance BGBP Stablecoin.

Binance had earlier in recent weeks completed the audit of its British Pound backed Stablecoin BGBP. The audit was carried out by an audit firm CertiK. At current the BGBP is listed on Binance against a couple of trading pairs.

Promoting the accelerated development and actualization of the initiative, Binance has revealed it will provide full technical support, compliance risk control system and multi-dimensional cooperation network that are needed to build Venus while leveraging existing infrastructure and regulatory establishments.

Calling for partners, Binance encourages like-minded people and organizations to contact it and discuss the “infinite possibilities of the digital world together”.

Launched over two years ago, Binance continues to be innovative, resilient and despite various challenges such as hacks, leaks etc, the top cryptocurrency exchange continues to forge on with greater intensity.

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Altcoin News

Cardano to Release Version 1.6 of Its Software Product In A Few Days – Charles Hoskinson

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Image: themerkle.com

 

We are shipping the version 1.6 update over the next few days tweeted CEO of Cardano Charles Hoskinson. In the tweet, Charles also requested for some “screenshots” of the new Daedalus and users’ comments on the product whether they like it or not.

Praising the team Cardano team, the Charles Hoskinson said lot of work went into this release and he is extremely proud of the team.

Daedalus is an extensive open source cryptocurrency and highly secure wallet for the Ada cryptocurrency.
It is built with web technologies and features unlimited accounting with advanced security.

Charles formerly was worked in Ethereum as a Co-founder is moved to Cardano where he is building ground breaking innovations using blockchain technology.

Cardano according to the IOHK website is a blockchian platform with more advanced features that any protocol yet developed, and the first to evolve out of a scientific philosophy.

Launched in 2017, Cardano is a product of IOHK created using the Haskell code, a technology firm committed to using peer-to-peer innovations to provide financial services to billions of unbanked individuals all over the world.

It prides itself as a decentralized company that loves innovative teams forming and executing ideas that cause “cascading disruption“.

 

Cardano’s protocol is designed towards protecting privacy rights of users, while also taking into account the needs of regulators. It is the a blockchain platform with more advanced features than any protocol yet developed by a large team of experts engineers and researchers from various field.

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Bitcoin News

Did the Binance Breach Really Occur, And Who is to Blame if it Did?

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On August 7, Binance is the world largest cryptocurrency exchange as at today (based on its 24hrs trade volume), was reported to have been hacked. This was said to have occurred when an unscrupulous person had gained access to a massive chunk of the Exchangers Know Your Customer (KYC) data. The hacker was reported to have demanded 300 Bitcoins (which is worth approximately $3.5 million as at the time of this report) after gaining access to about 10,000 personal photos from the Exchanger’s website, threatening to release all the data at his disposal.

It is noteworthy to state that the perpetrator of this hack had set up a couple of dedicated telegram groups where he was said to have allegedly released these sensitive materials. Although the group has since shut down permanently, the Exchanger had taken drastic measures to nail any further moves by other miscreants. However, seeing that there were no digital watermarks, there are no doubts regarding the authenticity of this material. The Binance security team had a follow up with an official statement:

“At the present time, no evidence has been supplied that indicates any KYC images have been obtained from Binance, as these images do not contain the digital watermark imprinted by our system.”

The CEO of Binance sent out a tweet:

The cryptocurrency Exchanger had claimed that all the images that have been released so far could be dated back to February and that this stunt was simply old news with a new spin, a time when the Exchanger was still making use of third party service to be able to provide KYC services. The Exchange had also tried to get the supposed perpetrator to disclose how he gained access to pull off the breach or give any irrefutable evidence to his claims, instead, he simply continued to demand 300BTC which further leads us to believe that this might have just been a bluff

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Adoption News

Surveyors Make a Move For the Integration of Blockchain Technology in Real Estates

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Professionals in the real estate sector, have begun to make moves to implement the application of the blockchain technology to advance transparency and speed of transaction between clients and practitioners in the field.

 

According to them, the implementation of this technology would go a long way in enhancing transparency, low level of liquidity in the sector, amongst other benefits.  

The blockchain technology also referred to as the decentralised ledger technology (DLT), is characterized by a time-stamped series of an immutable record of data that is managed by so many computers around the world not owned by any single entity. Cryptographic principles are being used to enable the security of each block and data in the system.

 

Speaking at its Royal Institution of Chartered Surveyors (RICS) Nigeria Group, in their second continuous professional development series titled, ‘Blockchain: The brick & mortar of its growth in today’s world’, the Managing Partner, Blockchain Asset Management, Deji Soetan clearly stated that the blockchain technology being a disruptive technology gradually gaining ground in today’s world presents the real estate sector with limitless possibilities in the real estate sector.

 

According to a news report by The Guardian, he also made reference to other aspects of the technology, such as smart contracts which could eliminate the cases of frauding of property owners. He said that the technology has created the possibility of linking digital ownership of documents, properties and contracts to the blockchain, laying emphasis on the fact that when all of these have been linked to the blockchain there is no chance of any form of alteration.

Soetan also made mention of the fact that this technology would soon gain notoriety even in the least expected industries. He further explained that transactions on the system are verifiable as every who including those who are part of the network and those who are not can have access to the open ledger and that every transaction can be traced right back to its origin.

 

“Within the context of payments, introduction of smart contracts into blockchain real estate ledgers and transactions have clear potential in streamlining various real estates processes, such as releasing apartment ownership, or rental documents upon completion of a crypto-currency transfer. One important area where it would be used is in the speed of transaction because nowadays, the process is still slow, making it be so archaic and needs to be modernised”, he said.

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