Let’s get started with why the world needs decentralized applications!
Hence, the technologists came with the idea of decentralizing applications with intense technology.
In this blog post, let’s learn about blockchain DApps and their types!
In the open-source application, every network peer must participate in its governance and other processes.
Dapps inherit the features of blockchain technology such as transparency, immutability, traceability, tamper-proof, and privacy of participants.
The basic pre-requisite for building a DApp is it must operate autonomously and as an open-source platform.
The cryptocurrency market has seen exponential growth throughout this year.In the case of Ethereum, purchase prices soared and went from having a value of USD $ 40 to reaching USD $ 320.The cryptocurrency market has seen exponential growth throughout this year.For its part, Bitcoin has reached new limits within its own history, and there are at least 8 cryptocurrencies climbing positions.While the value of cryptocurrencies and associated projects continues to grow, the technology behind these assets, Blockchain has begun to be implemented in the world of financial services, distribution chains, logistics, health, music and much more.Blockchain technology represents a potential for what is the disjunction of any conceivable industry, in fact it is already being used by some federal entities, and some international entities such as the United Nations, and at least eight states in the United States have started to consider including Blockchain among its legislations.As more organizations begin to investigate more about cryptocurrencies and the Blockchain, many more solutions related to this technology also begin to be created.Many are being designed to make everyday life easier for users who buy, store and sell cryptocurrencies.Now, when it comes to other industries, Blockchain development company is creating more than all applications that are used within financial services, payment methods.However, there are many companies that are exploring what other uses they can give the technology, such as IBM, Microsoft Goldman Sachs and Maersk.Also, more than 80 businesses are already accepting Bitcoins as a form of payment and the list continues to grow.Among the best known names are XBox , and the Windows Store , some travel platforms such as Expedia, and online vendors such as Newegg.
Smart Contracts Blockchain We understand that Smart contracts are lines of code that are professionally stored on a blockchain and automatically execute when predetermined terms and conditions are mutually met.At basic level, they are programs that run as they have been set up to run by the people who developed them.It is also noted that a smart contract is a systematic protocol that is intended to digitally verify, facilitate or enforce the performance of a contract.Smart contracts permit the exchange of credible transactions without the need for a third party member.Moreover block chain exists as a perfect example of a Smart contract owing to its decentralization between all allowed parties which allows transaction without the need to pay any intermediaries.More importantly the smart contracts permit you to exchange monetary funds, shares or property without any conflict by avoiding the services of an intermediary.A good example to Smart contracts is a Vending machine.Generally you would go to a notary or a lawyer to get your documents in place.
For organizations operating with each other, Blockchain app solutions development is essential.With distributed ledger applications, allowed users will access the same data at the same time to increase performance, create morale, and minimize friction.If we develop a blockchain application for a business system, it helps to expand and grow exponentially.Additionally, certain implementations can be adapted across sectors to execute several tasks.These advantages are delivered by Blockchain for Enterprise based on four technology-specific attributes: Blockchain Technology AttributesConsensus for TransparencyMutual ledgers are updated only after all relevant participants involved have checked the transaction.No Data ReplicationIf a block is accepted, the record of an incident is immediately generated for all participants in that channel through the ledgers.A single “trusted reality” of the transactions is seen and shared by every network partner.Information ImmutabilityEntities can add blocks of information, but not remove or change them.
The future of BlockchainThe use of Blockchain is increasingly robust in the financial and telecommunications industry.A technology that invites us to think about the future.During the last couple of years, various media and publications ( including this blog ) have reported the growing progress that Blockchain development company has had within the Internet.But it is not possible to talk about this technology without asking an established question within the medium: What now?The current panoramaOne of the main applications of Blockchain , and for which it has received the greatest focus in recent years, is undoubtedly Bitcoin, or cryptocurrency in general (Cryptocurrency).The latter being an area where the cryptocurrency business has managed to change the paradigm in terms of work practices and models .Hey, what about bitcoin?Somewhere on this timeline - before Blockchain, after blockchain-; the currency, as we know it today, lost much of its initial popularity in finance.Those that have had the greatest relevance are:In the financial services sector, the Blockchain development application has managed to be adopted within the authorized risk assessment.As well as the guided management of commercial portfolios.
We have told you before what it is about, but it is always worth remembering: it is electronically distributed records or a list of entries that are maintained by various participants.Blockchain technology uses cryptography to process and verify record transactions.Blockchain technology can help all of this.The transparency that blockchain offers gives visibility to all the transactions of all users approved to handle it, which allows having fewer auditors of the information.This frees up time to focus on maintaining controls and investigating any anomalies.For example, one of the lotteries will use blockchain to record and distribute the winnings, using the infrastructure and the Ethereum currency for this.Advertising and marketingJuniper Research anticipates that advertisers will lose an estimated $ 19 billion due to fraudulent activity in 2018.This equates to $ 51 million per day.These figures, which reflect spending on online and mobile advertising, would reach $ 44 billion by 2022 .But blockchain can dramatically reduce click fraud , making sure advertising and marketing executives get their target markets.Using this technology it is possible to monitor how the budget is used , tracking the investment from its initial transfer to the media budget to the final publication of creative communications, thus reducing the risk of overspending and underperforming.Human ResourcesProfessionals in this area plan, direct and coordinate the recruitment, evaluation and hiring of new personnel.Likewise, they consult with senior executives in their strategic planning and often manage employee relations, as well as work related to compensation, benefits and training.A lot of technology is used for all this .And blockchain could be a new way to modernize the entire human resource management process.With this new technology HR professionals could quickly verify the credentials of job candidates as well as existing employees.This technology allows you to easily handle back-end work to simplify and standardize payments in multiple currencies.In fact, there are even investors who are helping employees invest in cryptocurrencies such as Bitcoin, Litecoin, Ethereum, Ripple, and others to improve their retirement plans.Cybersecurity and information technologyThe different security breaches we have seen in recent years, including Uber , Yahoo, Target, Equifax, among many others, cause millions of data to be in the hands of malicious hackers.With blockchain there is great potential to revolutionize this area .
Blockchain technology continues to gain popularity day after day.Only the massive phenomenon that the internet brought about in the 1990s is comparable to the social impact that this technology is having.In the year 1998 there were a million users on the Internet.Even so, in many sectors the important advantages it offers are already being exploited.Thus, information on the status of a patient can be collected through this system and a historical record of all patients can be kept.FeedingImportant companies in the sector such as Walmart are developing food safety applications, through which consumers can learn about the process a food has gone through until it reaches their hands.The American company Corporation Cargill has been one of the pioneers in using the Blockchain system in food.The enormous complexity that usually accompanies these systems makes the entry of this technology even more favorable, thanks to the automation of processes, the reduction of administrative and customs procedures and the reduction of fraudulent activities.It is true that in this area it is proving costly and slow, but the introduction of this technology is already being noticed and promises to revolutionize the concept of transport and logistics in the next decade.The Bosch-led consortium has been running for more than a year and has already incorporated blockchains into logistics supply.
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What’s Yearn.finance?Yearn Finance is an open-source network that automatically moves user funds between DeFi lending protocolsThe platform will switch your holdings between reputable yield farming platforms such as Compound, Aave, and Dydx to maximize APY.This simplistic protocol continuously monitors the market leaders to ensure that your funds remain in the highest paying pools.Yearn.finance FeaturesYtrade.financeThis feature allows users to long or short stablecoins with 1000x leverage.Shorting cryptocurrencies has long been a dream for traders and Yearn makes this dream a reality using this protocol.Yliquidate.financeThe yliquidate.finance feature introduces flash loans in Aave.The purpose of these loans is to liquidate funds in an expedited and efficient manner when needed.Yswap.exchangeThe yswap.exchange feature is another critical component of the Yearn Finance ecosystem.Users can manually deposit funds to and between various DeFi protocols.Iborrow.financeThis feature tokenizes debt in other protocols with the assistance of Aave.This debt can be used in additional DeFi protocols, opening up new liquidity streams for the industry.YFI TokenThe YFI token is the main governance token of the Yearn Finance network.It is used to govern the protocols within the ecosystem.There is a max supply of only 30,000 YFI tokens.The only way aside from trading on exchanges to get YFI is by providing liquidity to one of Yearn Finance’s platforms.Why the Hype?Yearn.finance’s YFI token has been surprisingly strong throughout the past few days.Its price is holding well-within the mid-$20,000 region despite the selloff currently taking place across the aggregated crypto market.There was narrative built throughout the past few months regarding shorting YFI being a higher return way to hedge against BTC.This may be one of the main factors behind its strength, as a short squeeze might have caused its latest rebound.Should you trade YFI?Experienced traders have noted that YFI could be well-positioned to see even more gains in the days and weeks ahead.It is estimated that a move past $30,000 could occur as bulls begin gaining greater control over its trend.The selling pressure that pushed it to this key support level happened due to the declines seen by both Bitcoin and Ethereum.The merger and acquisition spree that the Yearn.finance protocol has been on also contributed to it’s technical strength.The combination of these factors indicate that it could rally higher in the days and weeks ahead.Yearn.finance’s continuation of respective uptrends will certainly bolster YFI’s strength.Visit BlockchainX.tech to learn more about blockchain and crypto.Yearn.finance’s YFI coin has seen a surge in it’s prices recently, even surpassing the humble old Bitcoin.Their technical strength has proven to be superior and traders are estimating that the YFI Coin will likely cross a whopping $30,000 in the not so distant future.Vist Blockchain.tech to learn more about blockchain & crypto.BlockchainX, The Blockchain Company
Blockchain Technology has the potential to revolutionize several sectors and industries.Many mainstream companies have adopted the technology after recognizing it’s possibilities.So, let’s look at why and how Blockchain technology benefits enterprises allover the world.Public vs Private BlockchainsPublic BlockchainGood examples for Public Blockchains are Bitcoin and Ethereum.These Blockchains provide many of the functions needed for enterprises, except privacy.A public blockchain is visible to everyone, and while the data is secure, it is not private.Private BlockchainThe Linux Foundation’s Hyperledger blockchains are a good example for Private Blockchain.They provide all the features of Public blockchain with the added advantage of being “permissioned.”This makes them perfect for organizations and enterprises because data can be made available to select participants.Resilience through Decentralization- Decentralization is perhaps the most useful feature of blockchain technology for enterprises.- In a centralized network, all computers are connected to a central server.- This server has to be functional at all times because all data flows through it.- In blockchain, all computers (peers) are interconnected and distributed, making this a peer-to-peer network.- Even if one peer is dysfunctional, the entire network is not affected.- Moreover, if someone attempts to make any changes to the data, all peers are notified, making the data secure.Data Immutability- The Data stored on a blockchain ledger can never be lost.- When we add new data, it is stored on a new block.- This new block has the cryptographic hash of the previous block.- If someone were to make any changes, it will be clearly visible and notified to all peers, eliminating fraud and data tampering.Privacy & Transparency.- For an enterprise, the balance between privacy and transparency is crucial.- Some data might need to be protected (eg.Confidential records), and some might need to be public (eg.Transactions).- By employing private and public ledgers, a blockchain system would be able to deliver exactly that.- Protecting the privacy of the participants, while maintaining accountability.Automation- One prime feature of blockchain technology is a Smart Contract.- Smart Contracts are self-executing contracts that automate tasks based on some criteria.- Tasks such as payroll, scheduled payments, etc., can be faster and more efficient with smart contracts.- Once a Smart Contract is deployed, it cannot be changed, meaning that no “third-party” can tamper with it.- This eliminates the need for “trust” in transactions.In a NutshellBlockchain technology opens up a whole world of opportunities for enterprises and organizations.It combines privacy, confidentiality, resilience, automation, and durability, into a single package.Using blockchain-based systems, enterprises and businesses can completely transform the way they do business, forever.
Blockchain is an unquestionably revolutionary innovation.However, businesses are eyeing on recent developments on the other future applications of blockchain solutions.A blockchain food delivery app like UberEats is one of these sectors where this innovation can provide unprecedented results.Those include traceability, audibility, security, with end-to-end transparency of processes.Challenges with Current Food Delivery App ModelsNo Means to Ensure Food QualityUntil you buy food online and indeed experience it by eating, there is no means to validate the standard and quality of that restaurant.The food assigned for such orders is not deliverable to other users.
Enhanced Efficiency-Supply chains contain complex networks of suppliers, manufacturers, distributors, retailers, auditors, and consumers.-A blockchain’s shared IT infrastructure would streamline workflows for all parties, no matter the size of the business network.-A shared infrastructure would provide auditors with greater visibility into participants’ activities along the value chain.Cost-SavingBlockchain can drive cost-saving efficiencies and enhance the consumer experience through traceability, transparency, and tradability.Traceability-Improves operational efficiency by mapping and visualizing enterprise supply chains.-A growing number of consumers demand sourcing information about the products they buy.-Blockchain helps organizations understand their supply chain and engage consumers with real, verifiable, and immutable data.Transparency-Builds trust by capturing key data points, such as certifications and claims, and then provides open access to this data publicly.-Once registered on the Ethereum blockchain, it’s authenticity can be verified by third-party attestors.-The information can be updated and validated in real-time.Tradability-Using blockchain, one may “tokenize” an asset by splitting an object into shares that digitally represent ownership.-This fractional ownership allows tokens to represent the value of a shareholder’s stake of a given object.-These tokens are tradeable, and users can transfer ownership without the physical asset changing hands.Reducing Counterfeits-Counterfeit consumer goods account for nearly 188 billion dollars of lost revenue regarding prescription drugs alone.-Blockchain enables an individual to verify that a product was sourced accurately and ethically.-Documentation counterfeiting and fraud are also common among diplomas, certifications, and official identification.-Blockchain records can transparently verify certifications and official legal documents effectively.-It can also coordinate record-keeping immutably, which prevents counterfeiting or fraud.Thank You For Reading
As cybersecurity continues to be a growing concern for most businesses online, it calls for an efficient, and risk-free means of payment transactions across platforms.While Regulatory Bodies are doing their bit by establishing frameworks for secure online transactions, adopting effective technologies to tackle the issues of cybersecurity is equally essential.Having said that, today’s industry has witnessed a great development in technology for addressing the risk of online payment transactions.There is a significant development in PCI compliance with businesses now moving towards using the latest Blockchain Technology.
What is BaaS?Baas is based on the Software as a Service (SaaS) model and works in a similar fashion.BaaS refers to third-party cloud-based infrastructure and management for companies building and operating blockchain apps.It functions like a sort of web host, running the back-end operation for a block-chain based app or platform.Why BaaS?-Consumers and businesses are increasingly willing to adapt to blockchain technology.-However, the technical complexities and operational overhead involved often act as a barrier.-These include creating, configuring, and operating a blockchain and maintaining its infrastructureHow does BaaS do it?-BaaS offers an external service provider to set up all the necessary blockchain technology and infrastructure for a fee.-Once created, the provider continues to handle the complex back-end operations for the client.-These include activities like bandwidth management, allocation of resources, hosting requirements, and data security features.-The BaaS operator frees the client to focus on the core job, the functionality of the blockchain.-A BaaS provider’s role is similar to that of a web hosting provider.-The website creators create and run all the website content on their own personal computers.-They may hire support staff or sign up with an external hosting provider like Amazon Web Services or HostGator.-Similarly, these third-party companies take care of the infrastructure and maintenance issues.The Future-BaaS may be the catalyst that leads to a wider and deeper penetration of blockchain technology across various industries and businesses.-Businesses don’t have to create and run their own blockchains.-Instead they can now simply outsource the technically complex work and focus on its core activities.Thank You For Reading
Blockchain technology offers a whole world of possibilities for Government systems.Not only can it make tasks faster, it can also be an aid in fighting corruption.How can it do tall that you ask?Let’s find out ..Trustless TransactionsThe word “trustless” doesn’t mean that it’s untrustworthy, rather the opposite.With Blockchain, tasks such as money transactions (eg.Pension) can be automated using smart contracts.Once a smart contract is implemented, no “middle men” can tamper with it.This allows for a completely hands-free and seamless operation, eliminating the need for “trust.”Transparency with Privacy-The information once stored on the blockchain database can never be tampered with, and it will be available whenever needed.-You can store the public information on a public blockchain ledger that everyone can access (such as criminal records, employment records).-Sensitive information (such as medical records) can be stored on a private distributed ledger, making it available to specified persons only.-This way, the government can access and keep the information they need for providing services to the citizens, while ensuring their privacy.Enhanced Security-Blockchain for government and public services add extra layers of security that keep hackers away from the data.-When you use a distributed ledger for storing your data, on a protected network, it becomes extremely difficult for hackers to get into the system.-Blockchain is made up of multiple blocks, each block is connected to all the other blocks, and each block has the cryptographic hash of the block before it.-For a hacker to access the system, they would need to change the data on a block as well as the data on every other block, to avoid detection.-Each entity that makes a transaction in the block gets a private key assigned to the transactions they make.-When a hacker tries to make any changes to the data on a block, this key becomes invalid and the peer connection is notified instantly.-There is no single point of weakness, the data itself is stored on multiple databases and not on a single server, making hacking practically impossibleFighting Corruption-Blockchain technology protects your data, not only from hackers but from everyone, making falsifying of data practically impossible.-You can use authentication to choose who gets the data, while maintaining transparency by making relevant data available to the public.-The immutable storage keeps data intact, and citizens can easily view and verify data using a Blockchainbased explorer.-What you see is literally what you get.Elections-In the era of ballots, security was a major concern and Ballot boxes were guarded with high levels of security to ensure that the votes were not forged.-Now, this process is done with the help of electronic devices, but the problem here is that electronic devices can be easily tampered with.-There have been several reports of voters clicking on one candidate’s button and the vote being cast for the other candidate.-Blockchain can eliminate this completely by ensuring that each vote cast is authentic, and the immutable storage makes sure that the data is not lost.In A NutshellIf Implemented, Blockchain technology has the potential to change the way our system operates, forever.A change that maximizes efficiency while safe guarding privacy and countering corruption.
The Hyperledger umbrella project by the Linux Foundation includes several blockchain frameworks and tools.These frameworks can be used to build enterprise blockchain applications, providing high flexibility and security.Let’s dig a little deep into these frameworks..Hyperledger Besu-Hyperledger Besu is an Ethereum client designed to be enterprise-friendly for both public and private permissioned network use cases.-It can be run on the Ethereum public network or on private permissioned networks, as well as test networks.-Hyperledger Besu includes several consensus algorithms including PoW, and PoA (IBFT, IBFT 2.0, Etherhash, and Clique).-Its comprehensive permissioning schemes are designed specifically for use in a consortium environment.Hyperledger Burrow-Hyperledger Burrow is a complete single-binary blockchain distribution focused on simplicity, speed, and developer ergonomics.-It supports both EVM and WASM-based smart contracts and uses BFT consensus via the Tendermint algorithm.-Governance and permissioning is built-in and can be amended by on-chain proposal transactions.-It is optimised for public permissioned proof-of-stake use cases but can also be used for private/consortium networks.Hyperledger Fabric-Hyperledger Fabric is intended as a foundation for developing applications or solutions with a modular architecture.-Hyperledger Fabric allows components, such as consensus and membership services, to be plug-and-play.-It offers a unique approach to consensus that enables performance at scale while preserving privacy.-Its modular and versatile design satisfies a broad range of industry use cases.Hyperledger Indy-Hyperledger Indy is a distributed ledger purpose-built for decentralized identity.-It allows the creation and usage of independent digital identities rooted on blockchains or other distributed ledgers by enabling interoperability across administrative domains and applications.-The benefit of using DLT in this framework is that it puts people, not organizations, in charge of the decisions about their privacy and disclosure.-This results in the secure handling of digital identities while having human values at its core.Hyperledger Iroha-Hyperledger Iroha is designed to be simple and easy to incorporate into infrastructural or IoT projects requiring distributed ledger technology.-The framework is largely inspired by Hyperledger Fabric.-Hyperledger Iroha features a simple construction, modularity, and domain-driven C++ design.-With emphasis on client application development and a new, crash-fault tolerant consensus algorithm called YAC.Hyperledger Sawtooth-Sawtooth supports permissioned & permissionless deployments.-It is highly versatile as it allows scalability for a network of validator nodes.-Hyperledger Sawtooth utilizes the modular platform for building, deploying, and running the distributed ledgers-It uses the Hyperledger Proof of Elapsed Time (PoET) consensus algorithm, which helps in achieving scalability of Bitcoin Blockchain, with minimal energy consumption.What is all this fuss about?Why is Hyperledger becoming so popular among organizations and developers all over the world?The Hyperledger umbrella project is a great opportunity for enterprises looking to make innovative blockchain-based software solutions.So for in this series, we have gone over several things related to the project.It encompasses several frameworks useful for enterprise businesses.So,Let’s take a look at what these frameworks are and how they are useful.
Today’s traditional identity systems are fragmented, insecure, and exclusive.With blockchain Identity solutions, we can enhance the digital identity management sector by enabling secure and efficient management of identities as well as their storage with a unified, interoperable, and tamper-proof infrastructure.Powered by blockchain-like Hyperledger Indy identity solutions can enable key benefits that can strengthen the digital identity management space for enterprises, users, and IoT management systems.Consequently, it gives rise to new business risks with the expansion of user privacy-centric regulations like GDPR and industries focus shifting to corporate IT responsibility.When these datasets go to centralized data vaults, driving product improvements and attaining true customer understanding become obsolete.Having a proper way to identify ourselves and our possessions enable us to create thriving societies and global markets.
This post assesses how Hyperledger blockchain application development with Indy can solve the identity management problem worldwide.First, let’s explore how current centralized identity management functions, and why there’s a revolutionary shift required.Centralized Identity ManagementUsually, a centralized governing body has control of everything related to our identities.A centralized model enables authorities to accumulate personal data of users that might be vulnerable to various risks.Storing sensitive information in centralized models and their monitoring by governing officials expose potential data breaches.No transparencyIdentity theft risksDisparate identitiesCost-drainingWhile the current identity management systems fail to resolve these problems, self-sovereign identity gives all power to identity owners.Self-Sovereign IdentityThe concept of self-sovereign digital identity provides ownership over personal information to owners, instead of third parties or organizations.It proposes the idea that an identity system should be a decentralized network to make an identity self-sovereign.Hyperledger Indy is one of the distributed ledger systems to achieve a decentralized identity.Before stepping into the Hyperledger Indy ecosystem for digital self-sovereign identity management, let’s understand identity management in detail.Decentralized Self-sovereign Identity ManagementAssume someone is moving to a new country.
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The effect of blockchain and its applications like smart contract solutions are becoming more widespread as manufacturing factories across the world become more connected.A retailer must perform a systematic review to figure out the best location for blockchain, which starts by defining the existing market challenges and potential needs of the organization.Subsequently, it will then analyze how it uses the technologies to mitigate the pressure points of the plant and satisfy its needs.In all phases of the manufacturing supply chain, Blockchain will scale transparency and confidence, from purchasing raw materials to shipping the finished product.It could help to fix pressure points, including:Monitoring of the supply chain with better accountabilityThe provenance of materials and identification of counterfeitsTech architecture for high-complexity long-term goodsManagement of identityTracking propertiesAssurance of consistencyCompliance with regulationBlockchain TechnologyEssentially, as the name implies, Blockchain is a sequence of blocks.There are digital records (the block) in a shared archive instead of a physical chain, though.As a block stores new information generated by participants, blockchain makes it immutable.Blockchains can improve accountability across supply chains, monitor key staff identification and credentials, and facilitate more streamlined functionality of audit and enforcement.