Blockchain Uses What is the power of Blockchain Technology? Published 12 months ago on June 6, 2018 By Coinnounce - Coin Announcements Share Tweet An ingenious invention, Blockchain is a continuously growing log of records called blocks. These blocks are securely linked to each other by means of cryptographic methods. Each and every block comprises a cryptographic hash of its precursor, a time stamp and transaction data. The blocks grown constantly in a chronological fashion with more and more completed transactions. This allows all the users over that particular network, to keep track of every single transaction taking place without the need of any central authority to maintain a record book. Blockchain was developed authentically as a system of accounting for Bitcoins. Blockchains use something popularly known as the Distributed Ledger Technology which helps in verifying transactions and recording documents, the authenticity of which is verified by the Blockchain community. One could think of a blockchain as a system of shared documents in the same way that we share documents and files Google Drive. Both parties involved have complete access to the same complete information in the same given block of time. Also, the exact same version of the information is available to both the sides. Block by Block to the power Blockchain Technically, a “block” is the current part of a blockchain. This records a little or almost all of the transactions. Once the transaction is completed, the block is then moved into the “blockchain” thus forming a permanent database which cannot be altered. The genesis block is the first block that is created i.e. the block which records the first transaction. The complete blockchain has all the information about user addresses and their balances starting from this “genesis” block up till the recently generated block. Innumerable such blocks join together in a chronological linear arrangement to form a complete blockchain. Each block that becomes a part of an ever increasing blockchain is in simple terms a financial institution’s bank statement. Cryptography: Power of blockchain This blockchain is immutable i.e. it cannot be altered. The cryptography applied during rendering and addition of blocks ensures that no one else can meddle with it. It can thus provide understanding and information about actualities such as what was the value held by a particular address at some given point of time in the past, what recent developments have taken place, what recent transactions have pulled through and much more. There are quite a few who have raised concerns regarding its storage and synchronization since a blockchain is ever growing by nature. All of the data on this network cannot be copied but distributed. Transactions are broadcast and every node in the network creates an updated version of events. As a result, blockchain completely does away with the need of a trusted third party interference for digital transactions or relationships to be established. A private key cryptography tool gives rise to a powerful ownership system that takes care of several requirements such as establishing authenticity over the network. The sole criteria to establish ownership over something is simply the possession of this particular private key. The added advantage of such a private key is that one need not divulge any more personal information than this, which could be asked for by hackers under the pretext of completing a successful exchange. Peer to Peer Network: The power of Blockchain The next vital step required is authorization which requires a distributed peer-to-peer network. Recordkeeping, security, and reducing the risk of centralised misconduct are a few the distributed network should be committed to. This idea of cryptographic keys and shared logs has everyone from the government to banks to IT firms and huge multinational companies wildly exploring reconfigured blockchain systems to fit their needs. This brand new transaction layer would easily replace the need for any dependable and incorruptible system or records. Blockchain provides for a system which deliver accountability to its highest degree. No transaction can take place without the consent of both parties. Also, there is no scope of human error or machine error or even a scope of missed transactions. The data is transparent;y embedded into the network and made public to everyone on the network. A huge amount of energy would be required to over power the network and alter pre-existing information on the blockchain thus rendering into tamper free. Can Governments use the power of Blockchain? Blockchain technology when incorporated by companies and the government is a powerful tool to get rid of the usual blunder of having to pass documents amongst each other over and over again, losing track of the most recent and updated version of the document concerned, and not being in sync with it. It would save a huge amount of time and effort required in bringing all these versions in sync as everything would be readily provided to each and every part over the distributed network for reference and updations in real time. There is not a single point of failure in the entire blockchain system. The Bitcoin blockchain till date has functioned regularly without rendering any faults or mishaps. Every issue that has arised in regard with this has been due to malicious activities or human error and not due to the existence of any faults in the underlying conceptualization of the technology. This technology also gives users the chance, for the first time ever, to actually own the data that belongs to them. Complete online identity is decentralized. Final Note The power of blockchain technology is highly visible with applications like smart contracting, automated governance, streamlining of clearance and settlements, automating regulatory compliance. However, blockchain still has innumerable practical applications which have still not been explored. Since many of the blockchain reconfigurations are still in either their development stages or beta testing phases, the world is yet to marvel at the usefulness of blockchain technology. With more money being poured into blockchain oriented startups, these services and products would soon become mainstream. Also read 15 myths on Blockchain. Related Topics:AltcoinBitcoinBlockchainblockchain 2018blockchain powerblockscryptographyDecentralizedEthereumpeer to peerpower of blockchainprivate keyRegulationthe power of blockchain Up Next How to get Bitcoins in 2018 Don't Miss How To Create A Wallet On TRON’s (TRX) Explorer For The Super Representative Elections Continue Reading Advertisement You may like Circle Fires 30 Employees due to Regularity and Market Conditions NYAG Case: Bitfinex and Tether Argue for Case Dismissal Craig Wright registers Copyright for Satoshi Whitepaper: BSV Surges 85% The Current Bitcoin Market Scenario: Price Manipulation by Whales ETH to USD, 21 May: Ethereum Price Analysis, What’s Next? 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Required fields are marked *Comment Name * Email * Website #Blockchain Forbes releases top 50 blockchain companies list Published 1 month ago on April 19, 2019 By Joyce Lang Forbes has released a new top 50 blockchain companies using blockchain technology list and these are almost all household names of the world’s largest companies. In fact, they are all billion dollar plus companies such as Amazon, Citi Group, Foxconn, Comcast and a whole host of others and unsurprisingly the bulk majority of these companies are using Ethereum. Although, outside of Ethereum which is, of course, the number 1 blockchain for these companies, we do see others like Hyperledger and Quorum for example, although much rarer on the list in terms of mentions are blockchains such as Stellar Lumens or Cardano. Blockchains such as TRON, EOS, NEM, and others are not mentioned in the list of top 50 companies. Companies choosing Ethereum according to Forbes: Big businesses really like what Ethereum is doing. Ethereum has also worked very hard to make these relationships happen over the last few years and those relationships are now paying dividends big time. All the top 10 companies are located in China or the United States. The Top 10 (Forbes List): 10. Ping An Insurance Company: China 9. Bank of China: China 8. Apple: United States 7. Wells Fargo & Company: United States 6. Bank of America: United States 5. Agricultural Bank of China: China 4. Berkshire Hathaway Inc: United States 3. JPMorgan Chase & Co: United States 2. China Construction Bank Corporation: China 1. Industrial and Commercial Bank of China: China Continue Reading #Explained Analysis: Decentralization is the future Published 2 months ago on March 17, 2019 By Joyce Lang In 2008, when Satoshi Nakamoto wrote down the famous white paper in which he proposed a decentralized financial system, he did so in the context of crumbling banks and governments, which as a centralized institution, caused an economic collapse due to poor decision – making and management. Decentralization is the basis on which the entire Bitcoin blockchain is based, and that is why Bitcoin was created primarily to provide an alternative to the central authorities that operate our current global monetary system. Today, the concept is challenged by the uncontrolled growth of Bitcoin mining – giants such as Bitmain, a Chinese mining company that continues to generate absurd profits and continues to monopolize the Bitcoin network in pursuit of industry dominance. Ethereum Blockchain The cryptocurrency economy has come to a conclusion – at least for the foreseeable future – Ether will continue to feed the ICOs and lay the foundations for distributed applications. Called Ethereum’s Proposals for Improvement ( EIPs ), they allow for massive participation in decisions that could radically change the future of the network. However, the use of EIPs Ethereum tries to embody the principle of the blockchain technology, namely centralization leads to errors and inefficiencies, while the network, with the right technology, can make better decisions and work more effectively. So, when companies such as Amazon and Chile’s Energy Authority support Ethereum, they do so in a project that advocates – and through EIPs – real practice decentralization. The need of Decentralization: Where buildings such as capitalism, money, and democracy need new codes, new software, updated smart contracts, better AI and a more united kingdom, full of corporate social responsibility, equal opportunities, and prosperity shared with all. It is not only software decentralization, but it is also the shift of human values to a new way of thinking about exchanges, energy and the shared future of humanity. The blockchain technology, which offers an alternative to existing trading, governance and finance systems, has the potential to disrupt the industry and create new and exciting opportunities for billions around the world. A development that has threatened to dig up decentralization is the creation of integrated circuits or ASICs for applications. Even more complicated and challenging to decentralize is the rapidly changing world of hardware and the fact that a large technology company now produces most ASICs on the market. While many Bitcoin advocates see the blockchain as nothing more than competition for existing payment methods or gold, others believe that the blockchain technology is the harbinger of things the world has never seen before. Bitcoin’s market share has been declining slowly in recent years, and although many believe that bitcoin will continue to grow, there is a rapid rise in other parts of the blockchain ecosystem. When decentralized blockchain protocols begin to break down the central web services that dominate the current internet, we will begin to see real sovereignty on the internet. The future of Decentralization: Recently, blockchains have become the focus of attention as the first technology to use decentralized device networks. With the promise of full ownership and monetization of their data, blockchains are seemingly convincing alternatives to older third-party data farms. While blockchains use the increasing movement of increasingly powerful personal devices, they have a relatively limited use case and do not fully exploit the potential of paradigm shifts. This is decentralization, which is a decisive factor in cryptocurrency and blockchain technology in general. In addition to the major cases of well – known use, there are examples of massive companies that eliminate a “one – point failure” in their closed systems, for governments that approve university degrees. Secondly, governments have historically been serving exchanges with asset seizures, which have paralyzed merchants who hold large amounts of cryptocurrency in the market. If decentralized exchanges become a real reality, the regulatory war will become even more complex for legislators: their current strategy is to target exchanges that operate under their jurisdiction. Blockchain technology can provide a new way of confirming identity, ways of moving data faster and cheaper, easier transactions such as payments, claims, and data sharing. Continue Reading #Blockchain Use Case: Blockchain in Automobile Industry Published 2 months ago on March 9, 2019 By Nadja Eriksson The growing focus on data manipulation, better quality control and the need for faster business transactions have fuelled the growth of the automobile industry. The development of new products and partnerships by leading companies are likely to stimulate the growth of the blockchain in the untapped markets for the long term. Blockchain in Automobile Industry Blockchain technology has gained momentum in the automobile industry, and in the following sections, we will discuss some of the latest developments in the blockchain for autonomous vehicles. Blockchain technology is a fundamental technology that has opened a world of innovative opportunities for the automotive industry. OEMs could use blockchain technology as a platform to improve their global vehicle cybersecurity, validate material bills, secure micropayments, improve identity management and improve data validation. Blockchain technology offers vital stakeholders in the buying and selling process an efficient payment system. With tailor-made solutions for the automotive industry through blockchain technology, the future looks bright. Blockchain technology can take advantage of the intelligent contract architecture that would improve the payment process. Porsche is credited with being the first company in the industry to test the implementation of the blockchain in their systems. Porsche has tested how the blockchain technology can be used to lock and unlock a car. In addition, every time someone locks or unlocks a car, the data is recorded in the blockchain and no one can modify or modify it, making it easy to track who has used a vehicle at any given time. There are endless possibilities, some of which have already been conceptualized – incentives to drive more environmentally friendly, car insurance and car financing, blockchain – based titles, remote – lock chains and unlock vehicles – the list goes on and on. With the blockchain proving to be the future of security, and with cars becoming essentially IoT devices, merging them together seems only natural. Blockchain developers have experimented with off-network data storage solutions to optimize the number of data transmitted by block chains to improve scalability. By leveraging blockchain technology, drivers can contact remote users of the blockchain ecosystem for updates, nearby suppliers for remote availability, price negotiations. By leveraging Blockchain, users can instantly secure payments for media content and other services they want to have due to their reliability and transparency in transactions. IOT and Blockchain solutions can offer endless possibilities, ranging from safer and environmentally friendly driving behavior, improved and more affordable automobile insurance, to remotely lock and unlock vehicles and much more. Although blockchain remains the backbone of Bitcoin, distributed ledger technology has proven to be useful as a standalone and secure solution for data structures. The use of blockchain technology to solve the challenges of data security connected to automobile is not only an option but also a necessity. For example, one block chain may contain bills for vehicle components, another blockchain may contain quality control records created during the production process, and another may contain information about the WIP for each vehicle assembly from beginning to end. 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