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.
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.
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’.
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.
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.
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.
Blockchain is a closed network utilized for secure transfer of value. There are public chains which allow anyone to become a part of the network and there are private chains which allow only certain authorized individuals or institutions to become a member. However, there will always be a world outside this network which might need to be contacted. Hence the question, “How Blockchains communicate with outside world?”
The Ethereum Naming Service (ENS) is a new network that resembles Domain Name Service (DNS) in the allocation of naming rights. But it differs in a lot of ways.