News, Blog - The Latest in Blockchain Technology at Sofocle.com
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How Can Blockchain Put An End To Fraud In Financial Transaction?

Experts suggest if Blockchain technology was used to manage transactions and accounts, frauds like Vijay Mallya and Nirav Modi could have been prevented or detected at an early stage and the money recovered partially, if not entirely. In the recent years, many exponential financial frauds surfaced in public and private sectors banks. As reported by the Reserve Bank of India, answering an RTI, state-run banks have said as many as 8,670 "loan fraud" cases totalling Rs 61,260 crore over the last five financial years up to March 31, 2017. Continue Reading

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A Complete Guide To Directed Acyclic Graph (DAG)

Although Bitcoin got introduced in the market in the year 2011, it was 2015 when it reached the popularity and identification. It was the same year when the underlying technology- Blockchain caught the attention of the experts and the revolution of exploiting its potential started. Before this, Blockchain got recognised as just another data structure supporting an emerging trend, but in reality, it encapsulated great technology and promises of a tech-driven future. Continue Reading

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Decoding Blockchain Cryptography

Till now most of the people across different verticals know what blockchain is and how it is one of the most innovative technologies that has the potential to disrupt various industries. Blockchains are immutable, and forge-proof making them the best platform for data related transactions. Blockchain also happens to be a platform that prevents a diverse range of frauds including identity theft, financial forgery, data thefts and more. While collecting all the necessary information about Blockchain and its functions, most of us misunderstand the mechanism behind such a tamper-proof nature of this incredible technology. The secret of Blockchain security and tamper proof nature is ‘Cryptography’. Continue Reading

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Blockchain and Smart Contracts to tackle Nirav Modi like Charades

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. Continue Reading

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Implications of Blockchain in Telecom Industry

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. Continue Reading

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Crypto Wallets – Best Way to protect your Cryptocurrencies

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. Continue Reading

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Hashgraph & Blockchain: Similarities & Differences

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

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Smart Contracts : The Next Generation Blockchain Platform

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

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Blockchain Smart Contracts- Logical or not-so-logical

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. Continue Reading

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How to build an Effective Blockchain Solution?

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

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