Connect with us

#Blockchain

Explained: Blockchain without mining

Published

on

If your definition of blockchain is "not a blockchain if there is no cryptocurrency attached," but it is not what the blockchain is.

When Bitcoin was invented as an open source code, the blockchain was wrapped in the same solution. Bitcoin miners are engaged in complex and intensive computational equations to verify the legitimacy of the transaction. Many features separate the Bitcoin blockchain from a business – designed blockchain.

Private Blockchain

Bitcoin and other cryptocurrencies are now protecting their blockchain, requiring new entries to include proof of work. In contrast to public blockchain networks, In private blockchain, the network owner will examine the validators on private blockchain network.

People have even offered a blockchain to keep track of important documents or a blockchain to validate drugs and rule out counterfeit documents. The bank does not have to adopt cryptocurrencies, only its technology, which they thought the technology was the best in transactions and as a portfolio to date. If your definition of blockchain is “not a blockchain if there is no cryptocurrency attached,” but it is not what the blockchain is. You do not need bitcoin to generate transaction blocks and have internal nodes to accept and reject.

When Satoshi Nakamoto initially divided the premise of Bitcoin, mining seemed to be an easy way to contribute to the world of the blockchain, while earning a small income. While Bitcoin mining was easy enough for hobbyists in the early days of the blockchain, the landscape is very different today. In most blockchain networks, the operation of a complete node without mining does not earn the operator any compensation.

However, Blockchain technology may exist without the extraction of digital currencies, but few people know about it at the moment. The mining blockchain will not be able to create a system that could record more than billions of transactions on a given day. There are already many projects that offer new approaches to blockchain technology without the concept of mining.

 

Blockchain Proof of?

Instead of using proof of work, the “miners” in the scheme agree on a valid blockchain. In the case of public block chains with an indigenous cryptocurrency, you can use a proof of interest. Because your concept requires trust in the original issuer, there is no reason for a blockchain. Using a blockchain and removing the non-reliable factor can work easily, but it is slower and completely exaggerated for work. Miners do this by solving a computer problem that allows them to connect transaction blocks.

Since POS does not need specific equipment or energy consumption, it is one of the cheapest conventions of the blockchain. In return, the node receives a reward in the coins on site for the blockchain that supports it. Not at all like POW and POS, a PBFT consensus mechanism does not require hashing energy to approve the exchange in a blockchain, which means that there is no need for high energy consumption and the risk of centralization is lower than in both blockchains. Pbft is currently used by the Hyperledger company, which allows developers to create their digital resources in a distributed book.

Blockchain consensus protocols allow a decentralized network to reach an agreement on the state of the blockchain.
And, of course, getting rid of intermediaries and decentralizing is at the heart of the blockchain. Unless everyone who participates in the blockchain is sincere and pure of heart, the consensus is essential.

The blockchain will be the hidden technology such as large Data, so citizens or consumers would not realize that it is revolutionizing something. Here, the blockchain serves as a source of media attention, public safety, and advanced technology.

As a result, many companies began to look at the principle of blockchain technology and adapt it to what would work for their business. Ethereum does something similar, allowing people to build “decentralized applications” on its platform, using its blockchain and potentially using digital coin ether to power their product.
The Ripple system, called the xcurrent, helps to cut out part of the intermediary by reducing the transaction to a few seconds.

Since time is in absolute terms non – negotiable and naturally constrained by the end of life, it can ensure that the blockchain is protected by attackers, regardless of their wealth.

In most blockchain designs, the difficulty is automatically adjusted by the protocol to ensure that the block time remains constant on average. In the case of a blockchain, the engagement can be carried out by a particular transaction that records the result of the hash chain in the last block. Unlike PoS ‘block chains, which use transparent forging, our algorithm is based on hashtags and therefore imposes the unpredictability of who will become the next coin.

Since minting does not require significant computing effort, a rational user can use a modified customer who deviates from the protocol rules ( such as LCR ) and mint on multiple forks to increase the likelihood of creating the next block.

#Blockchain

Adoption: Courts in France adopt blockchain technology

Published

on

The NCC or National Council of Clerks of France have finally tested a blockchain technology-based solution for the courts of the country.

The NCC or National Council of Clerks of France recently made an announcement that they have finally tested a blockchain technology-based solution for the courts and are now prepared to launch it throughout France. The National Council of Clerks is a representation of the clerks of the corporate and commercial registry in around a hundred thirty-hour workplaces in France. The workplaces depend upon one another for sharing important data.

 

The goal of NCC France

The NCC is determined to streamline and position the latest information technology that capitulates something that is known as ‘the single version of the truth’. The data tracks an organization’s growth, dissolution, change of location etc. The sharing of data amongst each other was earlier a big challenge for the NCC.

 

The project based on blockchain technology had an aim of rapid cycle times and precision of information. In the pilot phase of the project, the National Council of Clerks in France was able to lessen the timing of registry operation involving a lot of days to just one day.

 

According to the president of France National Council of Clerks, Sophie Jonval, the project based on blockchain technology is an outcome of the partnership with IBM. IBM who is already an expert in blockchain technology and cryptography has been serving as a technological partner.

 

According to the NCC, the project shall be rolled out in the 1st half of 2019 and the project shall ensure a transparent and improved dynamics of the interactions between the clerks.

Continue Reading

#Blockchain

HSBC Bank Looking to Expand Blockchain Platform Voltron in South Korea

Published

on

HSBC, the largest bank in Europe is searching for banks in South Korea for launching Voltron, it's blockchain platform as reported by the Korean Times.

HSBC, the largest bank in Europe is searching for banks in South Korea for launching Voltron, it’s blockchain platform as reported by the Korean Times.

 

HSBC Voltron:

The Voltron platform delivers a more quick method to process and settle invoices using by using permissioned blockchain technology. The permissioned blockchain stops the transactional data from being shared with everyone but instead, the data is shared with only consented users. The platform decreases the time that is usually required for the total process.

 

According to Joshua Kroeker, the innovation director of HSBC, the platform would mostly impact the process timing. Thus the transparency which comes with blockchain, as well as the rapid flow, would help the banks in managing their working capital as well as their cash flows. Kroeker reached out to the banks in South Korea to partner with their blockchain platform i.e. Voltron for the letters of credit.

 

HSBC’s blockchain platform was initiated in 2018 and is currently partnered with seven banks namely Standard Chartered, Bangkok Bank, BNP Paribas, ING, CTBC Holding, SEB, and NatWest. The platform is still in its pilot stage however, it shall soon be launched commercially.

Continue Reading

#Blockchain

World’s biggest Blockchain ETF on London Stock Exchange

Published

on

The world's biggest blockchain ETF is scheduled to be launched by Invesco on the London Stock Exchange by Invesco, a large investment management company.

Cryptocurrency enthusiasts around the world have been curiously waiting for a bitcoin ETF to be approved by the SEC or any other potential government in the world. However, before a bitcoin ETF, the world’s biggest blockchain ETF is scheduled to be launched by Invesco on the London Stock Exchange. Invesco is a large investment management company that has more than $800 billion in assets under management.

 

World’s biggest Blockchain ETF

At the launch, the Blockchain ETF will invest in a portfolio of forty-eight companies including the CME Group, a US exchange which had earlier launched bitcoin futures on the exchange and Taiwan Semiconductor Manufacturing, a company that supplies crypto mining machines. Other companies are those that have an exposer to the blockchain technology.

 

The Blockchain ETF will be based on a proprietary scoring system made by Elwwod Asset Management LLP. According to Bin Ren, the chief executive officer at Elwood, the blockchain goes past cryptocurrencies. He mentioned that although blockchain technology is mostly being used by financial companies, it will be implemented in a vast range of industries soon.

Continue Reading

Keep up with Bitcoin & Blockchain Technology Trends

Simply enter your email address in the box below and sign up for emails from Coinnounce regarding trending cryptocurrency, bitcoin & blockchain topics and offers.

This information will never be shared with third parties.