I think additive manufacturing is sharing the same vision for transforming manufacturing by using the technologies that build 3D objects by adding layer-upon-layer of material, whether the material is plastic, metal, concrete or one day…..human tissue. AM application is limitless. Early use of AM inRead more
I think additive manufacturing is sharing the same vision for transforming manufacturing by using the technologies that build 3D objects by adding layer-upon-layer of material, whether the material is plastic, metal, concrete or one day…..human tissue.
AM application is limitless. Early use of AM in the form of Rapid Prototyping focused on preproduction visualization models. More recently, AM is being used to fabricate end-use products in aircraft, dental restorations, medical implants, automobiles, and even fashion products.
The Internet of Things (IoT) enables disruptive transformation across multiple market segments, from consumer, enterprise, agriculture, healthcare, manufacturing, and utilities to government and cities. Industrial IoT (IIoT), a subset of the larger IoT, focuses on the specialized requirements of indRead more
The Internet of Things (IoT) enables disruptive transformation across multiple market segments, from consumer, enterprise, agriculture, healthcare, manufacturing, and utilities to government and cities. Industrial IoT (IIoT), a subset of the larger IoT, focuses on the specialized requirements of industrial applications, such as manufacturing, oil and gas, and utilities.
Although IoT and IIoT share common technologies (sensors, cloud platforms, connectivity, and analytics), the similarities end there. This article highlights key differences that product managers and buyers must know when planning industrial IoT solutions.
Digital transformation is the integration of digital technology into all areas of a business, fundamentally changing how you operate and deliver value to customers. ... Digital transformation is imperative for all businesses, from the small to the enterprise. You should think below objectives What iRead more
Digital transformation is the integration of digital technology into all areas of a business, fundamentally changing how you operate and deliver value to customers. … Digital transformation is imperative for all businesses, from the small to the enterprise.
You should think below objectives
What is a digital transformation means to your company?
Why does digital transformation matter and needed?
What does a digital transformation framework look like for your company?
What role does culture play in digital transformation?
I had a chance to meet with someone who is working on Fin Tech. blockchain wallet is akin to the importance of having an account with a bank. It’s almost, if not the same thing. One of its importance is that it allows you to manage two cryptocurrencies. That is, you can manage your balances of yourRead more
I had a chance to meet with someone who is working on Fin Tech.
blockchain wallet is akin to the importance of having an account with a bank. It’s almost, if not the same thing. One of its importance is that it allows you to manage two cryptocurrencies. That is, you can manage your balances of your bitcoin and ethereum cryptocurrencies together smoothly.
Another importance of blockchain wallet is that it gives you the ability to buy or sell cryptocurrencies swiftly and without much stress. All you need to do is to create an account with blockchain wallet and begin to explore its amazing benefits.
Since the rise of cryptocurrency and its amazing growth, blockchain wallet has been an important and reliable wallet for the storing of cryptocurrencies for transactions amongst other crypto-members.
For example, in 2020 Olympics coming in Japan, the Olympic committee decides that they will be using Blockchain virtual wallet for game tickets, food transactions
1.Records of medical transactions 2.Identity management 3.Transaction processing 4.Events related to organizations, 5.Management activities 6.Auditing 7. Securing applications 8.Database security
It's already started to impact digital marketing... 1. Advertisers buy ads using BAT. These are usually private tabs in the Brave browser, but they can also be push notifications and landing pages. 2. Users who opt into viewing ads are compensated with BAT. You get to decide which kinds of ads you sRead more
It’s already started to impact digital marketing…
1. Advertisers buy ads using BAT. These are usually private tabs in the Brave browser, but they can also be push notifications and landing pages.
2. Users who opt into viewing ads are compensated with BAT. You get to decide which kinds of ads you see. Not only does this provide more accurate consumer information to advertisers (anonymously), it helps users learn about the products and brands they actually want to hear from. Anyone who volunteers to get ads is paid a portion of the advertiser’s spend in BAT, for the value of their attention.
3. Publishers are compensated by both consumers and advertisers. Under BAT’s revenue sharing program, publishers receive a larger portion of ad spend than consumers. They can also charge BAT for access to premium content and subscriptions.
4. Ownership and Security of Digital Assets
5. Blockchain could be the next step in the evolution of the creative digital economy. Projects like Po.et, Tao, and Steam were designed with this intent. Imagine if musical artists, filmmakers, and photographers could offer their work to a massive audience without paying an intermediary like YouTube, Bandcamp, iTunes, or Shutterstock for exposure and security.
This blockchain-based entertainment economy could allow artists to market themselves directly to their audiences without ceding control of their work or a share of their revenue to a platform like Facebook or SoundCloud. It would allow artists and groups to get recognized based on the value of their work, not because they paid extra money to have their songs listed first on a music platform. This model would shift entertainment marketing even more towards P2P communities since fans could conduct transactions themselves and earn special privileges for being holders of artist tokens.
Evercrypt is described as a “library of software” that involve simple arithmetic, including geometry and prime numbers. Many companies have claimed to enhance security, but Everycrypt claims to be “provably secure” in the same way that a mathematical answer is provable and cannot be contested. In esRead more
Evercrypt is described as a “library of software” that involve simple arithmetic, including geometry and prime numbers.
Many companies have claimed to enhance security, but Everycrypt claims to be “provably secure” in the same way that a mathematical answer is provable and cannot be contested. In essence, it is “mathematically proven” to be more secure than the competition.
Currently, there are three types of blockchain networks — public blockchains, private blockchains and consortium blockchains. But it could be 4 types now that I heard.
Currently, there are three types of blockchain networks — public blockchains, private blockchains and consortium blockchains. But it could be 4 types now that I heard.
Blockchain’ is a term that evokes a strong response, comment or opinion — valid or not. In the most basic terms, blockchain is a distributed ledger, which records transactions or digital interactions in a way that is designed to be transparent, efficient, and ultimately secure. It is as novel as itRead more
Blockchain’ is a term that evokes a strong response, comment or opinion — valid or not. In the most basic terms, blockchain is a distributed ledger, which records transactions or digital interactions in a way that is designed to be transparent, efficient, and ultimately secure. It is as novel as it is complex: those working on blockchain solutions and development are, in many ways, creating a future with completely new rules of trade, and unprecedented organisational and operating models. Hence, the ascription of ‘disruptive’ to the technology.
1. There is only one blockchain
This is categorically false. Blockchain is commonly compared to the internet and, in terms of disruptiveness and technological significance, this is fair. However, unlike the internet, there are numerous blockchains — each designed to serve different purposes. The prevalence of this misconception has greatly waned with the rise and increasing popularity of other blockchain networks beyond bitcoin. Blockchains such as Zcash offer infrastructure and services that bitcoin does not, namely the ability to process private and anonymous transactions. Other blockchain networks have been developed for specific use cases, such as Intel’s Sawtooth Lake and the Microsoft Coco framework.
2. It is a hub of criminality
The association of blockchain with criminality, especially Bitcoin, has its roots in the Silk Road, the dark web and the mistaken belief the blockchains offer complete anonymity. In actuality, most public blockchains are incredibly traceable — it is possible to track what is being sent as well as from and to where it is being sent As UCL researcher, Patrick McCorry, notes contrary to media misreporting over the last few years, “Bitcoin is one of the most traceable currencies on the planet”. Companies which specialise in blockchain analytics can very simply employ transaction analysis tools and blockchain explorers to track illicit transactions to their sources. If anything, most blockchains offer pseudonymity, not anonymity.
3. Blockchain is Bitcoin; Bitcoin is blockchain
This is probably the most common fallacy that continues to evade something. As mentioned previously, while bitcoin is the first and, undeniably, most well-known implementation of blockchain technology, there many, many other blockchain networks. Blockchain is just one of the technologies that underlie the bitcoin protocol upon which the Bitcoin cryptocurrency is built. The bitcoin network itself consists of various solutions and cryptographic technologies. Within this, blockchain technology records peer-to-peer transactions in real-time.
4. All blockchains are public
While it is true that bitcoin, along with many of the most well-known blockchains, are in fact public, not all blockchains are. There are also private and semi-private blockchains which have varying degrees of accessibility and transparency. On a public blockchain, everyone can see all transactions and anyone can participate at all levels of the consensus process. This is limited on a private blockchain as only parties with the necessary keys can view private transactions. In technical terms, public blockchains utilise proof of work consensus methodologies whereas private blockchains use proof of stake.
It is also important to note, that is is possible to stack a private blockchain on top of a public blockchain. Some blockchain use cases require a private ledger which offers limited access to transactions; building on top of a public blockchain allows for crowd-based auditing and authentication without exposing private information.
5. Immutability
Many believe that blockchain records can never be hacked or altered. The reality is, no system is ever completely secure. For example, any person or group within the bitcoin network is capable of gathering enough mining resources to take control of the blockchain. Although extremely unlikely, as they would require a mining capacity larger than the rest of the network, it is theoretically possible. This is called a ’51 per cent attack’. It is generally understood that the larger and more distributed a network is, the less likely that this is to happen and, ultimately, the more secure it is. In truth, the only real promise a blockchain makes is to catch any unauthorised changes made to the records of applications that choose to build on top of it.
6. Blockchain for all
It seems like the list of companies and industries attempting to integrate blockchain technology is constantly getting longer. While it is true that blockchain has the potential to disrupt and transform how most industries operate, there are still very few cases where it is more efficient than a traditional ledger. On this issue, Patrick McCorry explained “ people see blockchain as this global truth or global cloud, that can do anything. And, as I like to show, blockchain is the most inefficient database in the world”. He added, “we can’t actually do that much with it, and a lot of the things that people want to do today just aren’t feasible”. This isn’t to suggest that we should give up on developing viable blockchain solution, but instead make makes a case for a more realistic and research-driven approach.
If blockchain is to be implemented commercially there are many issues that need to be addressed — a key one being scaling. Mika Lammi Head of IoT Business Development and Project Manager at Kouvola Innovation Oy, makes the important point that “the scaling problem is actually a multifaceted one — we are currently dealing with questions regarding the complexity of logical relationships within the data mass, as well as transaction volumes and the sheer mass of data we are projecting to handle in the near future”.
7. File storage
The misconception that blockchains work like the cloud is most likely due to their intangibility. A blockchain cannot store physical information such as a word or pdf file but instead provides a proof-of-existence. In essence, the blockchain holds code that certifies the existence of a particular document. Like a traditional ledger, it is a record of transactions.
8. Finance sector only
As touched upon, the potential of blockchain technology extends far beyond its financial and cryptocurrency beginnings. As a blockchain is just a list of records, it can be used to record any type of data and can thus be applied in a variety of industries, including real estate, healthcare and even government services. For example, the proof-of-existence model can be used for medical records, digital identification, proof of ownership, voting systems and general authentication.
9. New global economy: the end of fiat
As no nation or corporation owns or controls the blockchain, it is often lauded as the revolutionary technology that will do away with financial intermediaries and bring into being a new global economy. And, in many respects, this is true. However, it is extremely unlikely that blockchain technology will render traditional currency useless. Not anytime soon, anyway.
10. Smart contract = legal contract
Despite the word ‘contract’ in the name, smart contracts are not in fact contracts. A smart contract is a software code written into a program which follows instruction written within an agreement between parties. They are basically a list of if/then statements that operate automatically when a certain condition is met, ie. if x happens, then y must be enacted. They are not legally binding and can only exist within the blockchain. In this respect, they can be considered a tool rather than a contract.
While, in many respects ‘blockchain’ has come to signify everything but what it actually is, this still doesn’t negate from its vast and exciting potential. These misconceptions are only a few of many, however debunking and refuting them may provide developers and researcher with the impetus to produce viable, scalable and more efficient solutions. Blockchain technology is very much still in its developmental stages — or experimental, as some would argue — and mass commercialisation is definitely a long way off. Nevertheless, blockchain technology remains the most disruptive technology since the internet with the potential to transform society at all levels.
There mainly three types of Blockchains that have emerged after Bitcoin introduced Blockchain to the world. 1. Public Blockchain 2. Private Blockchain 3. Consortium or Federated Blockchain 1. Public Blockchain A public blockchain as its name suggests is the blockchain of the public, meaning a kind oRead more
There mainly three types of Blockchains that have emerged after Bitcoin introduced Blockchain to the world.
1. Public Blockchain
2. Private Blockchain
3. Consortium or Federated Blockchain
1. Public Blockchain
A public blockchain as its name suggests is the blockchain of the public, meaning a kind of blockchain which is-‘ for the people, by the people and of the people’
Here no one is in charge and anyone can participate in reading/writing/auditing the blockchain. Another thing is that these types of blockchain are open and transparent hence anyone can review anything at a given point of time on a public blockchain.
2. Private Blockchain
Private blockchain as its name suggests is a private property of an individual or an organization.
Unlike public blockchain here there is an in charge who looks after of important things such as read/write or whom to selectively give access to read or vice versa.
Here the consensus is achieved on the whims of the central in-charge who can give mining rights to anyone or not give at all.
3. Consortium or Federated Blockchain
This type of blockchain tries to remove the sole autonomy which gets vested in just one entity by using private blockchains.
So here instead of one in charge, you have more than one in charge. Basically, you have a group of companies or representative individuals coming together and making decisions for the best benefit of the whole network. Such groups are also called consortiums or a federation that’s why the name consortium or federated blockchain.
For example, let suppose you have a consortium of world’s top 20 financial institutes out which you have decided in the code that if a transaction or a block or decision is voted/verified by more than 15 institutes then only it should get added to the blockchain.
So it is a way of achieving thing much faster and you also have more than one single point of failures which in a way protects the whole ecosystem against a single point of failure.
What is Additive Manufacturing?
Emi Hanado
I think additive manufacturing is sharing the same vision for transforming manufacturing by using the technologies that build 3D objects by adding layer-upon-layer of material, whether the material is plastic, metal, concrete or one day…..human tissue. AM application is limitless. Early use of AM inRead more
I think additive manufacturing is sharing the same vision for transforming manufacturing by using the technologies that build 3D objects by adding layer-upon-layer of material, whether the material is plastic, metal, concrete or one day…..human tissue.
AM application is limitless. Early use of AM in the form of Rapid Prototyping focused on preproduction visualization models. More recently, AM is being used to fabricate end-use products in aircraft, dental restorations, medical implants, automobiles, and even fashion products.
See lessWhat is the main difference between IoT & IIoT?
Emi Hanado
The Internet of Things (IoT) enables disruptive transformation across multiple market segments, from consumer, enterprise, agriculture, healthcare, manufacturing, and utilities to government and cities. Industrial IoT (IIoT), a subset of the larger IoT, focuses on the specialized requirements of indRead more
The Internet of Things (IoT) enables disruptive transformation across multiple market segments, from consumer, enterprise, agriculture, healthcare, manufacturing, and utilities to government and cities. Industrial IoT (IIoT), a subset of the larger IoT, focuses on the specialized requirements of industrial applications, such as manufacturing, oil and gas, and utilities.
Although IoT and IIoT share common technologies (sensors, cloud platforms, connectivity, and analytics), the similarities end there. This article highlights key differences that product managers and buyers must know when planning industrial IoT solutions.
See lessWhat is enterprise digital transformation?
Emi Hanado
Digital transformation is the integration of digital technology into all areas of a business, fundamentally changing how you operate and deliver value to customers. ... Digital transformation is imperative for all businesses, from the small to the enterprise. You should think below objectives What iRead more
Digital transformation is the integration of digital technology into all areas of a business, fundamentally changing how you operate and deliver value to customers. … Digital transformation is imperative for all businesses, from the small to the enterprise.
You should think below objectives
What is a digital transformation means to your company?
Why does digital transformation matter and needed?
What does a digital transformation framework look like for your company?
What role does culture play in digital transformation?
What drives digital transformation?
See lessHow can the Blockchain help in creating technology for virtual wallet?
Emi Hanado
I had a chance to meet with someone who is working on Fin Tech. blockchain wallet is akin to the importance of having an account with a bank. It’s almost, if not the same thing. One of its importance is that it allows you to manage two cryptocurrencies. That is, you can manage your balances of yourRead more
I had a chance to meet with someone who is working on Fin Tech.
blockchain wallet is akin to the importance of having an account with a bank. It’s almost, if not the same thing. One of its importance is that it allows you to manage two cryptocurrencies. That is, you can manage your balances of your bitcoin and ethereum cryptocurrencies together smoothly.
Another importance of blockchain wallet is that it gives you the ability to buy or sell cryptocurrencies swiftly and without much stress. All you need to do is to create an account with blockchain wallet and begin to explore its amazing benefits.
Since the rise of cryptocurrency and its amazing growth, blockchain wallet has been an important and reliable wallet for the storing of cryptocurrencies for transactions amongst other crypto-members.
For example, in 2020 Olympics coming in Japan, the Olympic committee decides that they will be using Blockchain virtual wallet for game tickets, food transactions
See lessWhat type of records can be kept in a Blockchain?
Emi Hanado
1.Records of medical transactions 2.Identity management 3.Transaction processing 4.Events related to organizations, 5.Management activities 6.Auditing 7. Securing applications 8.Database security
1.Records of medical transactions
2.Identity management
3.Transaction processing
4.Events related to organizations,
5.Management activities
6.Auditing
7. Securing applications
8.Database security
See lessHow Much Will Blockchain Really Affect Digital Marketing?
Emi Hanado
It's already started to impact digital marketing... 1. Advertisers buy ads using BAT. These are usually private tabs in the Brave browser, but they can also be push notifications and landing pages. 2. Users who opt into viewing ads are compensated with BAT. You get to decide which kinds of ads you sRead more
It’s already started to impact digital marketing…
1. Advertisers buy ads using BAT. These are usually private tabs in the Brave browser, but they can also be push notifications and landing pages.
2. Users who opt into viewing ads are compensated with BAT. You get to decide which kinds of ads you see. Not only does this provide more accurate consumer information to advertisers (anonymously), it helps users learn about the products and brands they actually want to hear from. Anyone who volunteers to get ads is paid a portion of the advertiser’s spend in BAT, for the value of their attention.
3. Publishers are compensated by both consumers and advertisers. Under BAT’s revenue sharing program, publishers receive a larger portion of ad spend than consumers. They can also charge BAT for access to premium content and subscriptions.
4. Ownership and Security of Digital Assets
5. Blockchain could be the next step in the evolution of the creative digital economy. Projects like Po.et, Tao, and Steam were designed with this intent. Imagine if musical artists, filmmakers, and photographers could offer their work to a massive audience without paying an intermediary like YouTube, Bandcamp, iTunes, or Shutterstock for exposure and security.
This blockchain-based entertainment economy could allow artists to market themselves directly to their audiences without ceding control of their work or a share of their revenue to a platform like Facebook or SoundCloud. It would allow artists and groups to get recognized based on the value of their work, not because they paid extra money to have their songs listed first on a music platform. This model would shift entertainment marketing even more towards P2P communities since fans could conduct transactions themselves and earn special privileges for being holders of artist tokens.
See lessEvercrypt (The world’s first hacker proof cryptographic code) was released. Any thought?
Emi Hanado
Evercrypt is described as a “library of software” that involve simple arithmetic, including geometry and prime numbers. Many companies have claimed to enhance security, but Everycrypt claims to be “provably secure” in the same way that a mathematical answer is provable and cannot be contested. In esRead more
Evercrypt is described as a “library of software” that involve simple arithmetic, including geometry and prime numbers.
Many companies have claimed to enhance security, but Everycrypt claims to be “provably secure” in the same way that a mathematical answer is provable and cannot be contested. In essence, it is “mathematically proven” to be more secure than the competition.
See lessWhat are the different types of network in Blockchain?
Emi Hanado
Currently, there are three types of blockchain networks — public blockchains, private blockchains and consortium blockchains. But it could be 4 types now that I heard.
Currently, there are three types of blockchain networks — public blockchains, private blockchains and consortium blockchains. But it could be 4 types now that I heard.
See lessWhat the basic misconception about Blockchain technology?
Emi Hanado
Blockchain’ is a term that evokes a strong response, comment or opinion — valid or not. In the most basic terms, blockchain is a distributed ledger, which records transactions or digital interactions in a way that is designed to be transparent, efficient, and ultimately secure. It is as novel as itRead more
Blockchain’ is a term that evokes a strong response, comment or opinion — valid or not. In the most basic terms, blockchain is a distributed ledger, which records transactions or digital interactions in a way that is designed to be transparent, efficient, and ultimately secure. It is as novel as it is complex: those working on blockchain solutions and development are, in many ways, creating a future with completely new rules of trade, and unprecedented organisational and operating models. Hence, the ascription of ‘disruptive’ to the technology.
1. There is only one blockchain
This is categorically false. Blockchain is commonly compared to the internet and, in terms of disruptiveness and technological significance, this is fair. However, unlike the internet, there are numerous blockchains — each designed to serve different purposes. The prevalence of this misconception has greatly waned with the rise and increasing popularity of other blockchain networks beyond bitcoin. Blockchains such as Zcash offer infrastructure and services that bitcoin does not, namely the ability to process private and anonymous transactions. Other blockchain networks have been developed for specific use cases, such as Intel’s Sawtooth Lake and the Microsoft Coco framework.
2. It is a hub of criminality
The association of blockchain with criminality, especially Bitcoin, has its roots in the Silk Road, the dark web and the mistaken belief the blockchains offer complete anonymity. In actuality, most public blockchains are incredibly traceable — it is possible to track what is being sent as well as from and to where it is being sent As UCL researcher, Patrick McCorry, notes contrary to media misreporting over the last few years, “Bitcoin is one of the most traceable currencies on the planet”. Companies which specialise in blockchain analytics can very simply employ transaction analysis tools and blockchain explorers to track illicit transactions to their sources. If anything, most blockchains offer pseudonymity, not anonymity.
3. Blockchain is Bitcoin; Bitcoin is blockchain
This is probably the most common fallacy that continues to evade something. As mentioned previously, while bitcoin is the first and, undeniably, most well-known implementation of blockchain technology, there many, many other blockchain networks. Blockchain is just one of the technologies that underlie the bitcoin protocol upon which the Bitcoin cryptocurrency is built. The bitcoin network itself consists of various solutions and cryptographic technologies. Within this, blockchain technology records peer-to-peer transactions in real-time.
4. All blockchains are public
While it is true that bitcoin, along with many of the most well-known blockchains, are in fact public, not all blockchains are. There are also private and semi-private blockchains which have varying degrees of accessibility and transparency. On a public blockchain, everyone can see all transactions and anyone can participate at all levels of the consensus process. This is limited on a private blockchain as only parties with the necessary keys can view private transactions. In technical terms, public blockchains utilise proof of work consensus methodologies whereas private blockchains use proof of stake.
It is also important to note, that is is possible to stack a private blockchain on top of a public blockchain. Some blockchain use cases require a private ledger which offers limited access to transactions; building on top of a public blockchain allows for crowd-based auditing and authentication without exposing private information.
5. Immutability
Many believe that blockchain records can never be hacked or altered. The reality is, no system is ever completely secure. For example, any person or group within the bitcoin network is capable of gathering enough mining resources to take control of the blockchain. Although extremely unlikely, as they would require a mining capacity larger than the rest of the network, it is theoretically possible. This is called a ’51 per cent attack’. It is generally understood that the larger and more distributed a network is, the less likely that this is to happen and, ultimately, the more secure it is. In truth, the only real promise a blockchain makes is to catch any unauthorised changes made to the records of applications that choose to build on top of it.
6. Blockchain for all
It seems like the list of companies and industries attempting to integrate blockchain technology is constantly getting longer. While it is true that blockchain has the potential to disrupt and transform how most industries operate, there are still very few cases where it is more efficient than a traditional ledger. On this issue, Patrick McCorry explained “ people see blockchain as this global truth or global cloud, that can do anything. And, as I like to show, blockchain is the most inefficient database in the world”. He added, “we can’t actually do that much with it, and a lot of the things that people want to do today just aren’t feasible”. This isn’t to suggest that we should give up on developing viable blockchain solution, but instead make makes a case for a more realistic and research-driven approach.
If blockchain is to be implemented commercially there are many issues that need to be addressed — a key one being scaling. Mika Lammi Head of IoT Business Development and Project Manager at Kouvola Innovation Oy, makes the important point that “the scaling problem is actually a multifaceted one — we are currently dealing with questions regarding the complexity of logical relationships within the data mass, as well as transaction volumes and the sheer mass of data we are projecting to handle in the near future”.
7. File storage
The misconception that blockchains work like the cloud is most likely due to their intangibility. A blockchain cannot store physical information such as a word or pdf file but instead provides a proof-of-existence. In essence, the blockchain holds code that certifies the existence of a particular document. Like a traditional ledger, it is a record of transactions.
8. Finance sector only
As touched upon, the potential of blockchain technology extends far beyond its financial and cryptocurrency beginnings. As a blockchain is just a list of records, it can be used to record any type of data and can thus be applied in a variety of industries, including real estate, healthcare and even government services. For example, the proof-of-existence model can be used for medical records, digital identification, proof of ownership, voting systems and general authentication.
9. New global economy: the end of fiat
As no nation or corporation owns or controls the blockchain, it is often lauded as the revolutionary technology that will do away with financial intermediaries and bring into being a new global economy. And, in many respects, this is true. However, it is extremely unlikely that blockchain technology will render traditional currency useless. Not anytime soon, anyway.
10. Smart contract = legal contract
Despite the word ‘contract’ in the name, smart contracts are not in fact contracts. A smart contract is a software code written into a program which follows instruction written within an agreement between parties. They are basically a list of if/then statements that operate automatically when a certain condition is met, ie. if x happens, then y must be enacted. They are not legally binding and can only exist within the blockchain. In this respect, they can be considered a tool rather than a contract.
While, in many respects ‘blockchain’ has come to signify everything but what it actually is, this still doesn’t negate from its vast and exciting potential. These misconceptions are only a few of many, however debunking and refuting them may provide developers and researcher with the impetus to produce viable, scalable and more efficient solutions. Blockchain technology is very much still in its developmental stages — or experimental, as some would argue — and mass commercialisation is definitely a long way off. Nevertheless, blockchain technology remains the most disruptive technology since the internet with the potential to transform society at all levels.
See lessWhat are the different types of Blockchains?
Emi Hanado
There mainly three types of Blockchains that have emerged after Bitcoin introduced Blockchain to the world. 1. Public Blockchain 2. Private Blockchain 3. Consortium or Federated Blockchain 1. Public Blockchain A public blockchain as its name suggests is the blockchain of the public, meaning a kind oRead more
There mainly three types of Blockchains that have emerged after Bitcoin introduced Blockchain to the world.
1. Public Blockchain
2. Private Blockchain
3. Consortium or Federated Blockchain
1. Public Blockchain
A public blockchain as its name suggests is the blockchain of the public, meaning a kind of blockchain which is-‘ for the people, by the people and of the people’
Here no one is in charge and anyone can participate in reading/writing/auditing the blockchain. Another thing is that these types of blockchain are open and transparent hence anyone can review anything at a given point of time on a public blockchain.
2. Private Blockchain
Private blockchain as its name suggests is a private property of an individual or an organization.
Unlike public blockchain here there is an in charge who looks after of important things such as read/write or whom to selectively give access to read or vice versa.
Here the consensus is achieved on the whims of the central in-charge who can give mining rights to anyone or not give at all.
3. Consortium or Federated Blockchain
This type of blockchain tries to remove the sole autonomy which gets vested in just one entity by using private blockchains.
So here instead of one in charge, you have more than one in charge. Basically, you have a group of companies or representative individuals coming together and making decisions for the best benefit of the whole network. Such groups are also called consortiums or a federation that’s why the name consortium or federated blockchain.
For example, let suppose you have a consortium of world’s top 20 financial institutes out which you have decided in the code that if a transaction or a block or decision is voted/verified by more than 15 institutes then only it should get added to the blockchain.
So it is a way of achieving thing much faster and you also have more than one single point of failures which in a way protects the whole ecosystem against a single point of failure.
See less