Smart Oracles – How Blockchains Communicate With Outside World

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

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Why it is Necessary to have a Proof of Concept (POC)

Proof of concept (POC) of a Blockchain Application or any other application is a working prototype that helps to establish evidence that the potential product can be successful. Developing a proof of concept can help a product owner to identify potential gaps that might interfere with the success. It also provides the opportunity to solicit internal feedback about a promising product and reducing unnecessary risk. It provides the opportunity to stakeholders to assess design choices before full-scale implementation.

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Blockchain Promises to Solve Healthcare Woes

Blockchain is a decentralized ledger that constitutes the underlying technology of cryptocurrencies like Bitcoin. While Blockchain is best known for powering bitcoin, it has been identified as disruptive technology platform relevant for various industries and businesses to keep data secure in a distributed, encrypted ledger and control access to that ledger.

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Different Types of Blockchains

Public Blockchain:

Anyone in the world can download the data and read the data. Anyone can participate in the consensus process to write the data or block into the public Blockchain. There are numerous public blockchains. Bitcoin which is a peer to peer currency exchange was the first public Blockchain followed by Ethereum which allows anyone to build smart contracts and decentralized apps on it. Some other examples are Dash and Lisk.

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What is Blockchain?

A blockchain is a chain of transaction records in a database like a financial ledger. The transactions are recorded in the database using digital encryption to augment the security.

In addition, the database itself is managed by a network of computers where the ownership of storing and writing in the database resides with no one in particular. This makes the ownership decentralized leading to high integrity and authenticity.

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