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Explained: Blockchain v/s Traditional Database

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Blockchain Technology is basically nothing but a distributed database, operating and stored on different nodes of the network throughout the world.

The primary factors differentiating the Blockchain Technology with that of the traditional databases

 

Opening remarks

Bitcoin was the first cryptocurrency which used the Distributed Ledger Technology. The Blockchain Technology is like a hot selling cake due to its transparent and secure features. This widespread adoption is due to the fact that more and more organizations are in a need for a full proof transparent database. Blockchain Technology is basically nothing but a distributed database, operating and stored on different nodes of the network throughout the world. Let us examine the factors which differentiate between the Blockchain and the Centralized database systems.

 

Traditional databases

The traditional database which is primarily employed by the World Wide Web, it can be clearly understood that it uses a client-server model where all the database is stored in the centralized server and the clients throughout the world request for that data. The data stored on a centralized server cannot be manipulated by the client and is under the control of a single authority of the owner only, hence updations or improvisations suggested from the client side is not reflected on the database. The centralized nature of the traditional databases shoves full responsibility on its owners for its tampering, losses, or misuse. Any updation that is done in the centralized server is reflected on its clients over the world.

 

Blockchain database

The Blockchain Technology or the Distributed Ledger Technology is observed to be applied readily by the cryptocurrency domain but it is not limited to it. The Blockchain Technology finds its application in many other domains too. Contrary to the Centralised database systems, in the Blockchain Technology, the data is stored in a distributed fashion among the participants of the network. It is this distributed nature of the database which makes the technology so powerful. As the data is distributed among all the nodes of the network, there is no room for data tampering, also the intuitive application of cryptography in the network adds on to the security. In this case, the client itself has the complete authority to make all the updations in the database which results in higher accuracy. The only drawback of the decentralized database system is that one can find no help desk, to turn to, in case of data forfeits or losses, as the authority is shared among everyone equally.

Also, the immutable nature of the Blockchain Technology adds on to a number of characteristics of the resulting database. As the data is immutable, once any data is stored on a blockchain it remains there forever. Any particular transaction on the Blockchain can be traced by using this attribute. The prime part to be noted here is that there is absolutely no centralized judiciary or any third party mediator for the creation and administration of the database.

 

Access time issues

Safely securing all the database on a blockchain network is achieved only through its distributed nature and Cryptography. In recent days it has been observed that the access time of the data in a centralized database is way faster than the access time of a data in a blockchain based database, which means that for a secured database, some speed needs to be sacrificed, according to the law of conservation of energy. Blockchain Technology has absolutely no advantage over the Centralized database management systems if there is no scope for secrecy and transparency.

 

Signing off

When deeply thought in simple lights, one must be very clear about their specific requirements and their willingness to sacrifice an attribute for another. If one needs no privacy for the data and cannot compromise on the speed of the data access then centralized data management systems are the preferred one. On the other side of the coin if confidentiality is the key obligation then the blockchain-based solutions are best suited for such business models.

In a nutshell, the respective type of database systems, carry with themselves their own suite of pros and cons, and its applications purely depend on the requirements of the time. Making objective decisions by not getting swayed by the hype or by not getting defeaned by the noise is invariably challenging due to peer pressures.

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2 Comments

  1. Pingback: Explained: Blockchain v/s Traditional Database – The Coinage Times

  2. renecorbitt7777

    July 5, 2018 at 2:39 am

    What’s up to all, the contents present at this site are in fact remarkable for people knowledge, well, keep up the nice work fellows.

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#Blockchain

Guide: How to start a blockchain company?

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The blockchain is one of the powerful buzzwords in the recent scenario and there are several tangible reasons to use this technology.

Whenever mankind has found something new, creative minds have had the urge to explore more. With one relatable chain, all you get is a unified and unique product. And, what we do with that product? Let’s find out!

Blockchain Technology

Creativity is the mother of all innovation is a line we have heard since we were kids. However, in today’s date simply innovation does not help. You need something full proof and that’s what went in the mind of the developers of the blockchain technology.

The multi-faceted technology has not only created ripples but also came as a blessing for numerous organizations. It has stimulated sums of businesspeople throughout the world to commence their individual firms.

 

Considerations before commencing a Blockchain Business

Vast aggregates of companies have recently started to develop blockchain-powered businesses. However, there are floating delusions around what the method actually looks like.  As a businessman, you must know what is unique and what kinds of mindsets are expected.

It is further essential to have a clear idea because mistaken expectations have the power to doom your business before it surfaces.  Considering developing an innovative trade with blockchain? Pick on these few points.

The conditions of the cryptomarket will profoundly affect your fundraising endeavors:

It means that the market value of the cryptocurrency is a determining factor behind fundraising agendas for projects. Hot markets attract investors and vice-versa.  

Business with blockchain is fast than any other technology:

Some of the companies assume that starting a business with blockchain is something unconventional. However, the only exception to blockchain and other technologies is the speed. The principle values remain the same as to concentrate the efforts on developing a marketable product, accumulating a skilled crew, and creating engaging contents.

Founding team must have high technical prowess:

Your proposed entrepreneurial process demands pressing attention to the synchronicity of the originating unit. If one side is yielding to face the customers, the other side has to hold skilled technical knowledge. Your business must be able to collaborate with cross-functional specialties.

 

Why your company should practice Blockchain?

The quick and naive objective is to get extra funding. The blockchain is one of the powerful buzzwords in the recent scenario and there are several tangible reasons to use this technology.

The blockchain is kind of a public ledger that helps to store and maintain all kinds of businesses selling and buying. These transactions are secure inside “blocks” that are linked with each other individually and time-stamped  Tampering with any data in a block would affect the entire chain, making it impossible to meddle with and more secure.

Facebook’s current travails are evidence that any business, no matter how big it is, is susceptive to decaying public support if it is unable to maintain user data and protect it. Stabilized businesses similar to Facebook will apparently endure and be fine. Whereas, new companies or Startups staring to get supported might face consequences. Therefore, the use of blockchain is beneficial to a great extent.

 

A glance at the Importance of Brand name

An innovative idea, structure, and marketing all are necessary to build a company, But can a company run without a name? The major role of a company’s success is often attached to its brand name.

A good brand name will not only attract customers but also make way for influential online visibility among the sea of other competitors. The name must not be a tongue twister and customers can easily decipher.

It should be crisp and easy to remember. Brands names that are long is not much solicited by the consumers, they start looking for shorter alternatives. Convenience is the key, be it services or name. Moreover, a brand name must be unique, imagine using blockchain technology but the name deals with Instagram, that will not work right?

The audience must be curious about the name, only hearing once should make them feel to know more about it.  So, that’s the power of a name, In fact, services and background come later.

To decide a name is not an easy task, therefore, it will be better if you take expert advice and look for some references or inspiration. Cryptocurrency and blockchain brand names must be unique and different as it deals with one of the most important aspects of the business. Well, there is a place which will fulfill all your brand name requirements and the platform is obviously Brand Thugs.

Here, you will find all the relevant suggestions for brand names related to business, the blockchain, and cryptocurrency. Here is a list of some awesome blockchain related domain names available on brandthugs.com:

1. BlockXchain.comThe perfect domain name for a cryptocurrency or blockchain business based on the word ‘blockchain’.

blockxhain.com_domain-min_(1)

2. okHODL.com: An on-trend name containing the cryptocurrency slang term ‘HODL’, which means to hold.

okhodl.com_domain-min

3. BitcoinVisits.com: A welcoming name that invites ‘bitcoin’ enthusiasts to ‘visit’ often.

bitcoinvisits.com_domain

4. CoinFarming.com: Grow your crypto wealth with this perfect brand name.

coinfarming.com_domain-min

5. BitcoinAdvertising.comThe best combination of the words “bitcoin” and “advertising”.

bitcoinadvertising-2

 

Blockchain-friendly nations

Several diverse companies started coming up within the ecosystem embracing cryptocurrency, customarily assigned to a money-raising ICO, which made many investors think twice on how to manage this crowd-funded, decentralized form of funds raising. Some of the nations that favor the use of blockchain are the USA, Switzerland,  Bermuda, and Malta. these nations are actively modifying and building legislation to embrace blockchain plans, programs, and projects.

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#Banking

Largest Banks Adopting Blockchain Technology

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The industry that is taking tremendous interest in Blockchain is the finance sector, especially the banks. They saw it as a competition.

The blockchain technology is prevailing for some years now but has entered the mainstream market in the last two years. As a matter of fact, for the last two years, the head of all sorts of cryptocurrencies has a valuation of $75 million, however, a bit of collapse is observed.

One sector of the industry that is taking tremendous interest in Blockchain is the finance sector, especially the banks. when blockchain surfaced, they saw it as a competition fearing they would automate control over the funds, but now they are warming up to the same technology.

 

Blockchain Receives Greenlight Among Banks

Banks and their employees have historically remained suspicious of how reliable blockchain technology for an industry like finance. However, that perspective has stirred dramatically in the last year, and they are making themselves familiar with the technology, also they are heavily enthusiastic concerning its possible uses.

Majority of the business administrators announce that blockchain is highly critical to their firm’s progress, and over the next three years, it is going to surpass over many functioning. The 2018 Consensus conference saw the developer and founder of FedEx’s, Frederick W. Smith said that Blockchain has the potential to ultimately transform business beyond boundaries. and edges.  

Large banks are performing substantial investments in varied initiatives including classified ledger technology.

 

List of some Banks Using Blockchain Technology

Let us have a look at some of the famous and global ranking banks who have bowed down to Blockchain. They are as follows

Santander:

The adoption of Blockchain will lead to a state where global banking sectors will be able to save more than $ 20 billion by the end of 2022. Santander has the same notion too. It was the first bank in U.K to utilize blockchain for developing international payments service. The devised a technology called One Pay FX which will enable customers to easily transfer money in between the Santander bank accounts in the continents of Europe and South America. Santander further conducted blockchain application for stockholder polling with JPMorgan Chase,  Broadridge, and Northern Trust.

 

HSBC:

The Hong-Kong Shanghai Banking Corporation has gone for a test before completely adopting the Blockchain technology. They have utilized a soybean shipment as a test for business sales and transaction. With the help of Dutch Bank ING and partnered with the Cargill, one of the foods and agricultural firm. HSBC has further used Blockchain technology and said the work was completed in 24 hours. It was the blockchain consortium R3 that HSBC laid their hands on.

 

JP Morgan Chase:

It will not be right if we whirled off reports, but JP Morgan Chase has a completely different unit for blockchain called Quorum. They have already tested a new application that can handle financial instruments and phantom-issues an amount of $150, each floating year with enormous deposits on the blockchain technology. Overall, with the help of blockchain, the banks are bestowing infrastructure between the participating factors. The issuers, dealers, investors, administrations, custodians will all be able to notice the golden truth behind the source for a debt instrument. This was the notion of JP Morgan Chase’s welcome to blockchain technology.

 

The Bank of Ayudhya:

It is Thailand’s 5th largest bank which managed a victorious pilot test last year in May to get the real-time foreign payments in conjunction with MUFG Bank (Japan) and Singapore’s Standard Chartered Bank, the multinational monetary services firm. The test supported a comparable force in which the bank accepted blockchain technology for money transfer among an oil firm in Thailand and its marketing ally in Laos.

 

China Construction Bank:

It has set out for promoting cross-border loans issuances for modest companies and everything was taken care of by Blockchain. The platform has till date generated over $251 million value of sales and transactions.

According to experienced investors, Blockchain technology can be an excellent way for international transactions. However, banks will not get enough space for charging tax and fees for transactions on foreign exchange in between a serious competitive pressure.

Due to the introduction of blockchain to the financial sector, it has been able to develop bases where banks can simplify and speed up cross-border debts, increasing speculation accuracy, authenticity, and shorter adjustment processes. Intelligent contracts have curated privileges with transaction processing by eliminating the middle man and will be used to develop reliability and remunerations operations.

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#Bitcoin

5 Steps to How to get Bitcoins and How to use Bitcoins?

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In this article, we will discuss 5 steps to How to get Bitcoins and How to use them. Many people who want to enter the crypto space ask how to get bitcoin.

Bitcoin has been a revolution in the finance market for the last few years. The market doesn’t experience so much extent of people towards a new kind of market in its initial phase. The bitcoin achieved a miraculous height in 2017. No one has ever imagined a new cryptocurrency to have a value of $19783! However, the market of bitcoin declined miserably in 2018, and today it has a value near $3560.

Many people who want to enter the crypto space often ask how to get bitcoin and how to use them.

 

In this article, we will discuss 5 steps to How to get Bitcoins and How to use them?

 

1. Introduction to Bitcoin:

Whenever you are going to invest in any financial firm, you must be well known to the platform. After going through the research about the investing platform, then only you should decide whether you want to invest or not. Similarly, you must have an introduction to bitcoin before buying and using it. Let us a summarized introduction about the bitcoin:

First, Bitcoin is not a fake currency. You shouldn’t have any confusion regarding the fraud of this currency.

Second, You can use the bitcoin for your daily transactions like stores, etc. However, no of stores accepting bitcoin is less today and will undoubtedly increase in the future.

Third, You don’t need third-party organizations such as a bank to have control over bitcoin. You are the sole controlling person.

Fourth, You must do transactions with care and with trusted people only as there is no kind of refund or reversing of a bitcoin transaction.

Fifth, All the transactions related to a bitcoin account are stored publicly, and anyone can see one’s bitcoin transaction with the bitcoin address.

Sixth, There are a lot of similar cryptocurrencies like Bitcash, Bcash, Bitcoin Cash, etc. You should not be confused over the resembling pronunciation of others with original bitcoin (BTC).

Seventh, Bitcoin values are subject to crypto space. Sometimes, it reaches the sky while sometimes it fell miserably.

 

2. Choose a bitcoin wallet:

Just like you need a wallet for carrying cash with you, you also need a bitcoin wallet for storing and using bitcoin. There is a lot of such bitcoin wallet in the industry. They may be a mobile wallet or a desktop wallet or a combo of both. Here we are listing some popular bitcoin wallet:

Blockchain Wallet: It is one of the most popular bitcoin wallets. Using this wallet is straightforward. The organization, stores the details of your wallet on their dedicated servers, hence involving a risk of the third party. Although it is very convenient to use, it maintains a high level of security for privacy and safety of your bitcoin wallet.

Circle Invest App: This is available on Android and iOS platform. Also, you can use this app only if you are a US resident. It is a well-designed app to serve as your bitcoin wallet efficiently. It has the features of secure transfer of money and link to your bank account. It is secure internally as well as externally too where you can have a fingerprint of Face-id lock on the app.

Coinbase Wallet: It is one of the largest Bitcoin wallets. It has a high level of security for your transactions. It provides an exchange for the software of merchant payment. People widely use it.

Trezor: It is a hardware bitcoin wallet that operates on the desktop, is as well as the Android platform. It has one of the easy to use wallet. The anonymity in this wallet is very high. It supports seven other cryptocurrencies apart from bitcoin. The security provided by this wallet is of very high quality. It costs nearly 180 Euro.

Trust Wallet: It works on iOS and Android platform. It also supports a total of 14 cryptocurrencies. The security provided by Trust wallet is similar to its name and is very trustable. Binance acquired it in mid-2018.

 

3. How to Buy Bitcoin:

After you have a bitcoin wallet, the next step is to buy bitcoins. There are a lot of sources where you can buy bitcoins. Here we list top 4 exchanges from where you can buy bitcoins.

Poloneix: It is a cryptocurrency to cryptocurrency exchange. It is based in the US. There is high-level security in this exchange. The fee for trading is 0.2% whereas, for deposit and withdrawal, it depends on the blockchain

Kraken: It is a crypto exchange where you can link your bank account and can add money for bitcoin by deducting from the bank account. Also, you can do the transaction of bitcoin from one account to other using this exchange.

Coinbase: It is one of the largest exchange for the crypto market. People can buy bitcoins via linking their bank account. Also, the transaction is secured by some high-level security. It is used in the US, Canada, and some European countries too.

Binance: It is the largest exchange for cryptocurrency in perspective of trading volume in the world. It provides an exchange of more than 100 digital currencies. It also has some of the acquired wallets such as trust wallet. It is secure and easy to use.

Alternatively, you can also earn bitcoin. Suppose, you are seller then you can ask your customer to pay using bitcoin. You will need some merchant bitcoin account to link with you.

You can use these options for earning bitcoins:

BTC clicks: An easy to use merchant for earning bitcoin.

Bitpay: A widely used merchant to get invoice and transaction details of bitcoin received from customers.

Coinbase merchant tools: A trustful merchant which is a subsidiary of Coinbase exchange.

CoinPayments: A payment gateway to receive bitcoin from your customers.

 

4. How to use Bitcoin:

Once you have a wallet as well as bitcoins, you will think to use it. Well, you can use bitcoins in several instances such as paying rents, paying at stores, buying vehicles, etc. There are a lot of firms which accepts bitcoin such as:

Purse.io: It is an online bitcoin marketplace. You can buy Amazon gift cards also through your bitcoins using this marketplace. It allows customers to purchase items from a merchant exchanging bitcoin rather than standard cash.

BTC Trip: You can use bitcoin to plan a journey using this firm. It allows you to book a trip exchanging bitcoins.

Crypto Asylum: This company is dedicated to selling hardware wallets by accepting bitcoins.

Dish Network: This huge cable company also accepts bitcoin now for cable rent.

Famsa: It is a large furniture company based in Mexico that accepts Bitcoin from users.

Apart from the above, there are numerous firms that accept bitcoin.

 

5. Update to recent news of bitcoins:

Bitcoin is still under several developments. A lot of improvements and new features are yet to come. Also, the policies of governments of different companies vary from one to another. Market conditions always tend to change. All the above factors still affect the bitcoin. So, you must get in touch with the recent updates in this field. Also, you should keep an eye on the price value of bitcoin.

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