Be it news channels, social media or newspapers, currently all sources to reach masses are filled with news of how Nirav Modi duped the Punjab National Bank and Indian Economy. It is all about how the country’s second largest public-sector bank or lender was tricked into issuing loans worth ₹11,400 Crore to #57 ranked Forbes Indian billionaire diamantaire.
Blockchain is a revolutionary technology that can be leveraged in many sectors to inculcate the trust and transparency, and increase efficiency in the processes. It is a decentralized ledger that helps form a trustless network among the different participants, thereby bringing failure-resistant capability. It is currently the most widely discussed technology among different industries, all trying to harness its potential.
Cryptocurrencies, just like the fiat currency, are needed to be stored and secured. And just like the physical wallets, the cryptocurrencies also are kept in the wallets and generally, referred as Crypto wallets. In Crypto wallets, it is not the real coins that are stored inside, rather digital codes or two types of keys i.e. Private and Public key. Public key is visible to everyone and is used by others to send money. On the contrary, private key is used only by the owner of the wallet to perform send transactions. Losing the Private Key can result in loss of the currencies, since you lose whole control over your wallet and this is the reason it is recommended that at least two different techniques should be used for saving and storing of the private keys.
The world is finally moving to the next level of revolution in IT & Internet. The Blockchain is tout to be ‘the internet 3.0.’ It is based on the distributed ledger technology, though the real potential of this technology was realized only when the Blockchain came into existence. And when, still many people are in the process of understanding use cases of the Blockchain Technology beyond Bitcoin, a new technology is making news, hyped as the ‘future of distributed ledger,’ the Hashgraph. Continue Reading “Hashgraph & Blockchain: Similarities & Differences”
Smart Contract, also called as self-executing contract, blockchain contract or digital contract, is a set of instructions that automatically performs the obligations under the agreement, which parties have committed to. By being immutable and cryptographically secure, Smart Contract gives us the security of Blockchain Technology, that is, it provides distributed trustworthy calculations.
Continue Reading “Smart Contracts : The Next Generation Blockchain Platform”
Where ever there is a mention of Blockchain on the internet, you will always find reference to Smart Contracts too. The word Smart Contract originated in 1997, when Nick Szabo, used it to describe physical objects that change their behavior based on data. Today, in Blockchain, we used this word in a different sense. It is used to describe a computation that happens on the Blockchain which is influenced/triggered by external events/information such as the weather.
The Blockchain technology was launched through the paper titled Bitcoin, by, Satoshi Nakamoto, in 2008, as an amalgamation of public key cryptography, cryptographic hash functions, and proof-of-work consensus protocol. Technically, Blockchain is a digital ledger of records that are gathered in clumps of data called blocks and these blocks are connected with other blocks, eventually forming a chain - a Blockchain. Continue Reading “How to build an Effective Blockchain Solution?”
What is a Carbon Credit?
Carbon credit is a certificate that allows the holder or any energy company to emit one ton of carbon dioxide. It levies a cost on carbon emissions by creating the value of the credit for every 1 ton of hydrocarbon fuel. And the organizations or the groups that act to reduce the carbon emissions, get the credit granted.
Today’s connected world has created new challenges for Healthcare Industry. It is under immense pressure to provide ‘on-demand services.’ Why would a customer visit a hospitals/diagnostic center for getting reports when he can receive it online through website or email? The concern here is not that the hospitals and diagnostic centers don’t have enough money to provide these facilities to the customer, but the storage and sharing of Electronic Health Records.
Blockchain, the technology which made the secure exchange of Bitcoins possible is disrupting many industries. It aims to digitalize processes and create a digital identity of physical objects on the Blockchain, so these can be tracked as well as traced back to the source of their origin.