Category:
Blockchain
Mudit Kumar (Content-Assistant Manager- Content Development)
Experience:7+ yrsMudit, an accomplished content writer with a strong command of language, has honed his expertise in a range of content development verticals. These include SEO content writing, creative writing, technical writing, and research. His primary focus is on producing well-balanced, high-quality content that is optimized for SEO and highly engaging for target audiences. Initially, he has developed creative content for clients across the globe. However, he now concentrates on creating technical content related to emerging technologies such as Blockchain and cryptocurrency. He boasts extensive experience in crafting content for diverse industries, including healthcare, real estate, supply chain, and sports. Mudit ensures that every piece of content he publishes on the web is of top-notch quality, free from errors, and highly polished. Despite not being a native speaker, he effortlessly produces content in various forms of English, including American, British, and international English. Mudit has an impressive portfolio of projects, having worked with clients such as Poly187, BabyFlix, Freebird, BlocSport, Africa Gaming Guild, Wethio Exchange, BatPlus, TranxPay, and many more.
Mudit Kumar
(Assistant Manager- Content Development)
Mudit, an accomplished content writer with a strong command of language, has honed his expertise in a range of content development verticals. These include SEO content writing, creative writing, technical writing, and research. His primary focus is on producing well-balanced, high-quality content that is optimized for SEO and highly engaging for target audiences. Initially, he has developed creative content for clients across the globe. However, he now concentrates on creating technical content related to emerging technologies such as Blockchain and cryptocurrency. He boasts extensive experience in crafting content for diverse industries, including healthcare, real estate, supply chain, and sports. Mudit ensures that every piece of content he publishes on the web is of top-notch quality, free from errors, and highly polished. Despite not being a native speaker, he effortlessly produces content in various forms of English, including American, British, and international English. Mudit has an impressive portfolio of projects, having worked with clients such as Poly187, BabyFlix, Freebird, BlocSport, Africa Gaming Guild, Wethio Exchange, BatPlus, TranxPay, and many more.
Languages
English
Bilingual
Hindi
Fluent
Skills
Seo Writers
Content
Technical Writers
Blog writers
Work
Experience /
Trainings / Internship
Feb 2017-Present
Assistant Manager- Content Development
Gurgaon
Oodles Technologies
Gurgaon
Feb 2017-Present
Education
2013-2016
University of Delhi
Bachelor of Arts (H)-Journalism and Mass Comm.
Certifications
na
oodles
Issued On
Mar 2023
Top Blog Posts
The Most Comprehensive Guide to Aptos Blockchain Development
The blockchain app development ecosystem continues to evolve at a breathtaking pace, and one of the most exciting projects emerging in this space is the Aptos blockchain. In this guide, we will dive deep into Aptos Blockchain Development, exploring its architecture, technology stack, development tools, smart contract creation, security, performance aspects, and much more. Whether you're a seasoned blockchain developer or just starting your journey, this blog aims to provide you with a thorough understanding of Aptos and how to leverage its potential for building decentralized applications (dApps).IntroductionBlockchain technology has revolutionized the way digital systems operate, offering decentralization, transparency, and immutability. Aptos, a relatively new blockchain project, is rapidly gaining attention due to its innovative approach and robust performance metrics. This comprehensive guide on Aptos Blockchain Development aims to provide a detailed overview of the technology, its ecosystem, and the tools necessary for developers to build scalable, secure, and efficient dApps on the Aptos network.In this blog, we'll discuss every aspect of Aptos—from its underlying technology to the best practices in smart contract development and deployment. We will also compare it with other popular blockchains, highlight its advantages, and explore its potential future developments. Whether you're a developer looking to build on Aptos or a tech enthusiast eager to understand the latest in blockchain innovation, this guide will serve as a valuable resource.What is Aptos?Aptos is a high-performance, scalable, and secure blockchain designed with a focus on safety and developer usability. It emerged from a team of experienced developers and researchers who sought to address some of the major challenges facing traditional blockchains, such as scalability issues, security vulnerabilities, and inefficient development processes.Aptos aims to provide a robust platform for decentralized applications by offering:High Throughput: Capable of processing thousands of transactions per second.Low Latency: Quick finality times that reduce the waiting period for transaction confirmation.Enhanced Security: Utilizing a novel programming language and architecture designed for safety.Developer-Friendly Environment: Comprehensive tools, clear documentation, and a supportive community.By reimagining how blockchains should operate, Aptos offers a promising solution for businesses and developers looking for a modern, next-generation platform.Also, Read | Building on Sui Blockchain | Here's What You Need to KnowKey Features of the Aptos BlockchainAptos introduces several innovative features that set it apart from other blockchains:High Throughput and Low LatencyAptos is built with performance in mind. It is designed to handle a high volume of transactions quickly without compromising on security or decentralization. This performance is critical for supporting complex applications and large-scale dApps.Safety and SecuritySecurity is at the forefront of Aptos's design. The blockchain leverages the Move programming language—a language built specifically for secure and safe smart contract development. This emphasis on safety helps prevent common vulnerabilities and ensures robust contract behavior.Developer-Centric DesignDevelopers are provided with a comprehensive suite of tools, SDKs, and detailed documentation. Aptos has been designed to lower the entry barrier for blockchain development, making it accessible for both beginners and experts.Modular ArchitectureAptos utilizes a modular design that allows for easier upgrades, maintenance, and scalability. This approach ensures that the blockchain can evolve without sacrificing its core principles.On-Chain GovernanceAptos incorporates decentralized governance mechanisms that enable the community to have a say in the future development and upgrades of the platform. This democratic approach ensures that the blockchain remains adaptive and responsive to the needs of its users.The Technology Behind AptosUnderstanding the technology behind Aptos is crucial for developers aiming to build on this platform. Let's explore some of the key technological components that empower Aptos.Move Programming LanguageAptos leverages the Move programming language, which was originally developed for Facebook's Diem blockchain project. Move is designed to address the security and flexibility challenges encountered in traditional smart contract languages. Here are some of its significant attributes:Resource-Oriented Programming: Move treats digital assets as resources, making it inherently safer when managing value. The language ensures that assets cannot be copied or inadvertently lost.Safety by Design: Move's type system and static analysis capabilities help prevent common programming errors and vulnerabilities.Modular Code Structure: The language's design promotes code reuse and modularity, making it easier for developers to write, test, and maintain complex smart contracts.Upgradability: With the adoption of Move, developers can implement upgradeable smart contracts, enabling iterative improvements without disrupting the overall system.Modular ArchitectureAptos's architecture is built with modularity at its core. This design offers several advantages:Ease of Maintenance: Each module can be updated independently, reducing the risk of introducing bugs during system upgrades.Enhanced Scalability: Modular components allow the network to handle increased loads without a significant impact on performance.Interoperability: The modular design supports seamless integration with external systems, which is crucial for building versatile dApps that require cross-platform functionality.Also, Check | Solana-Based NFT Marketplace Development: An Extensive GuideAptos Blockchain ArchitectureThe architecture of the Aptos blockchain is a blend of cutting-edge technology and robust design principles. In this section, we will break down the major architectural components and their roles.Core ComponentsConsensus Mechanism:Aptos utilizes an innovative consensus mechanism that combines high throughput with robust security features. This mechanism is designed to prevent double-spending and ensure that the network remains resilient even under high transaction volumes.Execution Engine:At the heart of Aptos is its execution engine, which processes smart contracts and transactions. The engine leverages the Move language to ensure safe and efficient execution, mitigating risks associated with resource mismanagement.Data Storage and Management:The blockchain uses a distributed ledger to store transaction data securely. Data storage is optimized for both speed and reliability, ensuring that the blockchain can scale as the number of users grows.Networking Layer:The networking layer is responsible for ensuring seamless communication between nodes. Aptos's network design minimizes latency and maximizes throughput, providing a responsive and robust platform for dApp operations.On-Chain Governance:A decentralized governance model empowers the community to participate in the decision-making process. This includes protocol upgrades, changes in consensus rules, and other significant adjustments that impact the ecosystem.Data Flow and Transaction LifecycleUnderstanding the data flow within the Aptos blockchain can provide insights into its efficiency and security:Transaction Initiation:Users initiate transactions using dApps or wallets, which are then signed and submitted to the network.Validation:Once submitted, transactions are validated by network nodes. The consensus algorithm ensures that only valid transactions are recorded, and any attempt at fraud is detected and rejected.Execution:Validated transactions are executed by the Aptos execution engine. This phase involves running smart contracts, updating state information, and ensuring resource integrity using the Move language.Finality:After execution, transactions are finalized and added to the blockchain. The consensus mechanism guarantees that once a transaction is confirmed, it cannot be altered or reversed, providing strong immutability guarantees.State Update and Propagation:Finally, the updated state is propagated across the network, ensuring that all nodes have a consistent view of the blockchain.Also, Explore | Avalanche Blockchain Development | Built for dApps and DeFiDevelopment Environment SetupGetting started with Aptos blockchain development is streamlined by the robust set of tools and resources provided by the community and official channels. In this section, we'll walk through setting up a development environment tailored for Aptos.Tools and SDKsTo begin building on Aptos, you will need to install several key tools and software development kits (SDKs). Some of the essential tools include:Aptos CLI:The Aptos command-line interface (CLI) is essential for interacting with the blockchain. It allows developers to create wallets, send transactions, and deploy smart contracts.Move Prover and Analyzer:These tools help verify the correctness and safety of your smart contracts written in Move. They analyze code for potential vulnerabilities before deployment.Development Libraries:Aptos provides libraries for different programming languages, including Rust and JavaScript, to facilitate the creation of dApps that interact with the blockchain.Integrated Development Environments (IDEs):While you can use any text editor or IDE for development, popular choices include Visual Studio Code and IntelliJ IDEA, which offer plugins and extensions tailored for blockchain development.Installing and Configuring the EnvironmentStep 1: Install the Aptos CLITo install the Aptos CLI, follow the instructions on the official Aptos documentation. Typically, this involves downloading the binary and configuring your system's PATH variable.# Example installation command (check official documentation for updates) curl -L https://aptos.dev/cli/install.sh | shStep 2: Set Up the Move ToolchainEnsure that you have the Move toolchain installed on your system. This toolchain includes the Move compiler and static analysis tools required for developing smart contracts.# Install Move curl -L https://aptos.dev/move/install.sh | shStep 3: Configure Your Development EnvironmentChoose your favorite IDE and install necessary extensions or plugins. For Visual Studio Code, you might install extensions for Rust and Move to help with syntax highlighting, error detection, and code completion.Step 4: Create a New ProjectOnce your environment is set up, create a new project directory for your Aptos dApp. Initialize the project structure with necessary configuration files such as Move.toml and create directories for your modules and scripts.mkdir my-aptos-dapp cd my-aptos-dapp aptos initStep 5: Run a Local NodeFor testing purposes, it is advisable to run a local Aptos node. This node will simulate the network environment, allowing you to test transactions and smart contracts in isolation before deploying to the mainnet.aptos node run --local Building Smart Contracts on AptosSmart contracts are at the core of any blockchain application, and Aptos provides an environment specifically designed for secure and efficient contract development. Let's explore how to build smart contracts on Aptos using the Move programming language.Design Principles for Smart ContractsWhen developing smart contracts on Aptos, it's crucial to adhere to best practices and design principles that ensure safety and performance:Resource Safety:Utilize Move's resource-oriented programming paradigm to ensure that digital assets are managed safely. This means designing contracts where assets cannot be accidentally duplicated or lost.Modularity and Reusability:Write modular code that promotes reuse. This not only simplifies the development process but also makes future upgrades easier and reduces the likelihood of errors.Static Verification:Leverage the Move Prover to statically analyze your contracts for common vulnerabilities before deployment. This step is critical in maintaining the integrity of your smart contracts.Gas Efficiency:Optimize smart contract code to minimize gas usage. Efficient code execution is vital in reducing transaction costs and ensuring smooth operation during high loads.Development LifecycleThe development lifecycle for an Aptos smart contract typically follows these stages:Planning and Design:Define the objectives of your smart contract and design the data structures and functions needed to achieve these goals. This stage involves outlining the logic, resource management, and anticipated interactions with other contracts or external data sources.Coding and Implementation:Write the smart contract code using the Move programming language. Ensure that your code follows the design principles discussed earlier, and use version control to manage changes.Testing and Verification:Thoroughly test your smart contracts using both unit tests and integration tests. The Move Prover is an essential tool during this stage to verify that the code adheres to safety standards and meets functional requirements.Deployment:Deploy your smart contract to a test network (or local node) before moving to the mainnet. This allows you to identify and resolve any issues in a controlled environment.Monitoring and Upgrading:Once deployed, monitor your smart contract's performance and security. In the event that updates or bug fixes are necessary, the modular design of Aptos facilitates upgrades without compromising existing functionality.Example: A Simple Token ContractBelow is a simplified example of what a token contract in Move might look like on Aptos:module MyToken { use aptos_framework::coin; // Define the structure representing our token struct Token has store, drop, key { value: u64, } // Initialize the token with an initial supply public fun initialize(account: &signer, initial_supply: u64) { coin::register<Token>(account); coin::mint<Token>(account, initial_supply); } // Transfer tokens from one account to another public fun transfer(sender: &signer, recipient: address, amount: u64) { coin::transfer<Token>(sender, recipient, amount); } }This example illustrates the basic operations of token creation and transfer. Developers can build upon this foundation to add more complex functionalities such as token burning, staking mechanisms, or even integration with other on-chain services.Also, Discover | Cardano Ouroboros : A Tailored Approach to Proof-of-StakeDeploying and Interacting with dAppsAfter developing smart contracts, the next crucial step is deploying them and creating decentralized applications (dApps) that interact with these contracts. Aptos provides a robust ecosystem for deployment and interaction.Deployment ProcessLocal Testing:Start by deploying your smart contracts on a local node to ensure that everything functions as expected. Use the Aptos CLI to compile and deploy your contracts.Testnet Deployment:Once local testing is complete, deploy your smart contracts to a public test network. This step is essential for gathering feedback from a broader audience and simulating real-world interactions.Mainnet Deployment:After successful testnet deployment and thorough security audits, you can deploy your dApp to the Aptos mainnet. This final step requires careful planning to minimize downtime and ensure that the transition is smooth.Interacting with dAppsTo interact with your deployed smart contracts, you can build front-end applications that communicate with the Aptos network using the provided SDKs. The process generally involves:Wallet Integration:Integrate popular wallets to allow users to sign transactions securely.API Layer:Create an API layer that bridges the gap between your front-end application and the Aptos blockchain. This layer is responsible for fetching blockchain data, submitting transactions, and providing real-time updates to users.User Interface:Design a user-friendly interface that abstracts the complexity of blockchain interactions. Ensure that the dApp offers intuitive navigation, clear feedback mechanisms, and comprehensive error handling.You may also like | The Boons of Building on Cardano BlockchainSecurity ConsiderationsSecurity is a paramount concern in blockchain development, and Aptos has been designed with this in mind. However, developers must still take proactive measures to secure their dApps and smart contracts.Key Security Best PracticesCode Audits and Reviews:Regularly perform code audits using both automated tools (like the Move Prover) and manual reviews by experienced developers. Audits help detect vulnerabilities early in the development cycle.Static Analysis:Utilize static analysis tools to examine your code for common security pitfalls. This practice is particularly important for ensuring that smart contracts do not contain exploitable bugs.Unit Testing and Fuzzing:Implement a comprehensive suite of tests, including unit tests and fuzz testing, to validate contract behavior under various conditions. These tests should simulate edge cases and unexpected inputs.Access Control:Enforce strict access control policies within your smart contracts. Clearly define which functions are public and which require privileged access. This is critical in preventing unauthorized interactions.Upgrade Mechanisms:Design smart contracts to be upgradeable. Even with thorough testing, unforeseen vulnerabilities may be discovered. An upgrade mechanism allows you to patch vulnerabilities without requiring a complete redeployment of the dApp.Incident Response:Develop an incident response plan that includes monitoring, logging, and alerting mechanisms. Being able to quickly respond to security incidents can mitigate potential damage.Common Vulnerabilities in Blockchain DevelopmentDespite the robust design of Aptos, developers should be aware of several common vulnerabilities:Reentrancy Attacks:Ensure that your contracts do not allow reentrant calls that could lead to unexpected behavior or drain funds.Integer Overflows/Underflows:Always implement safe arithmetic operations to prevent overflows or underflows, which can lead to severe vulnerabilities.Access Control Flaws:Inadequate access control can allow unauthorized users to call privileged functions. Always enforce proper permission checks.Unchecked External Calls:When interacting with external contracts or services, ensure that you handle the potential failure of external calls gracefully.By addressing these vulnerabilities during the development phase, you can significantly improve the security posture of your Aptos-based applications.You might also like | How to Create a Compressed NFT on SolanaPerformance, Scalability, and Future EnhancementsThe Aptos blockchain has been engineered to address two of the most critical challenges in blockchain technology: performance and scalability. This section explores how Aptos achieves these goals and what future enhancements might look like.Performance EnhancementsOptimized Consensus Algorithm:Aptos employs a consensus algorithm that is designed to process transactions quickly while maintaining high levels of security. The algorithm minimizes latency, which is essential for real-time applications.Efficient Execution Engine:By leveraging the Move programming language, Aptos ensures that smart contract execution is both safe and efficient. The language's design reduces unnecessary overhead, contributing to overall system performance.Parallel Transaction Processing:One of the innovative features of Aptos is its ability to process multiple transactions in parallel. This capability not only boosts throughput but also enhances the network's capacity to handle high transaction volumes during peak times.Scalability ConsiderationsModular Architecture:The modular nature of Aptos allows individual components to scale independently. This design means that as the network grows, developers can upgrade specific modules without affecting the entire system.Interoperability and Cross-Chain Communication:Future enhancements may include more robust interoperability features, enabling Aptos to interact seamlessly with other blockchain networks. This will be crucial for applications that require data or asset transfers across different platforms.Layer 2 Solutions:Although Aptos is designed as a high-performance Layer 1 blockchain, research and development into Layer 2 scaling solutions are on the horizon. These solutions could further enhance throughput and lower transaction costs.Future Roadmap and EnhancementsThe future of Aptos looks promising, with several key enhancements and features anticipated:Enhanced Developer Tools:As the ecosystem matures, expect to see more refined development tools, improved debugging capabilities, and comprehensive libraries to simplify dApp creation.Improved Governance Mechanisms:The on-chain governance model will likely evolve, enabling more efficient and democratic decision-making processes regarding protocol upgrades and network policies.Expanded Ecosystem Partnerships:With increased adoption, Aptos is set to form partnerships across various industries, from finance and supply chain to gaming and decentralized finance (DeFi), further validating its capabilities.Research on Quantum Resistance:Looking further ahead, research into quantum-resistant cryptographic techniques may be integrated into Aptos, ensuring that the blockchain remains secure against future technological threats.You might also like | Algorand | Why it is a Blockchain to Watch for dApps?Comparisons with Other BlockchainsTo better appreciate Aptos's innovations, it is useful to compare it with some of the leading blockchain platforms in the market. Here, we examine how Aptos stands in relation to Ethereum, Solana, and other popular networks.Aptos vs. EthereumPerformance and Scalability:While Ethereum is widely used and has a vast ecosystem, its current scalability issues (e.g., high gas fees during peak usage) have paved the way for alternatives. Aptos's high throughput and low latency offer a compelling alternative for applications requiring rapid transactions.Programming Model:Ethereum primarily uses Solidity, a language that has been prone to various vulnerabilities and exploits. Aptos's Move language, with its resource-oriented design and static analysis capabilities, offers improved security and reliability.Upgradability:Aptos's modular architecture and built-in upgrade mechanisms provide a more flexible framework for iterative improvements compared to Ethereum's more rigid system.Aptos vs. SolanaTransaction Speed:Both Aptos and Solana emphasize speed, but Aptos's design focuses equally on security and developer usability. Solana's performance comes with trade-offs in complexity and occasional network instability, whereas Aptos aims for a balanced approach.Developer Ecosystem:While Solana has cultivated a vibrant community, Aptos is rapidly building its ecosystem through comprehensive documentation, robust SDKs, and supportive development tools. This focus on usability could attract developers seeking a more straightforward development experience.Other ConsiderationsInteroperability:Aptos's potential for cross-chain communication may offer advantages in the future, as many applications require seamless integration with multiple blockchain networks.Security:With its foundation in the Move programming language, Aptos places a significant emphasis on security from the ground up. This proactive approach to safety could provide a more resilient platform for financial applications and sensitive transactions.You may also like to explore | Create a Cross-Chain Interoperability Protocol Using Cosmos SDKReal-World Use Cases and Case StudiesAptos is more than just a technical innovation—it is a platform with practical applications across various industries. Let's explore some of the real-world use cases and case studies that demonstrate Aptos's potential.Decentralized Finance (DeFi)Aptos's high throughput and low latency make it an ideal platform for DeFi applications. These include:Decentralized Exchanges (DEXs):The fast transaction processing and secure smart contracts allow for more efficient trading platforms that reduce slippage and improve user experience.Lending Platforms:By ensuring rapid settlement and clear transaction records, Aptos can support lending protocols where trust and speed are paramount.Stablecoins and Tokenized Assets:Aptos's robust security measures make it a suitable platform for issuing and managing stablecoins and other tokenized assets, reducing the risk of fraud or mismanagement.Supply Chain ManagementBlockchain technology is revolutionizing supply chain transparency and accountability. Aptos can be used to track goods, verify authenticity, and ensure that transactions are recorded immutably. Companies can build custom dApps on Aptos that offer:Real-Time Tracking:Integration with IoT devices to provide real-time updates on shipment locations and conditions.Provenance Verification:Detailed record keeping that verifies the authenticity and origin of products.Automated Compliance:Smart contracts that enforce compliance with industry standards and regulations.Gaming and Digital CollectiblesThe gaming industry and the market for digital collectibles (NFTs) have seen tremendous growth. Aptos can power gaming platforms and NFT marketplaces that require:Fast, Low-Cost Transactions:Ensuring that in-game purchases and NFT trades happen seamlessly without high transaction fees.Secure Ownership and Transfer:Utilizing smart contracts to manage the ownership and transfer of digital assets in a transparent manner.Enterprise ApplicationsEnterprises are increasingly exploring blockchain for internal operations and customer-facing applications. Aptos offers:Decentralized Identity Solutions:Secure, self-sovereign identity management systems that empower users while protecting sensitive data.Data Integrity and Security:Immutable record-keeping systems that enhance data integrity in sectors such as healthcare, finance, and legal services.You may also like to explore | Polygon Blockchain Explained | A Detailed LookCase Study: A DeFi Lending Platform on AptosImagine a decentralized lending platform built on Aptos where users can deposit digital assets as collateral and borrow stablecoins. The platform leverages Aptos's secure and fast execution engine to:Automate Collateral Management:Smart contracts automatically adjust collateral ratios based on real-time market data.Provide Instantaneous Loan Approvals:With low latency transactions, users experience near-instantaneous loan approvals and fund disbursement.Ensure Transparency and Security:All transactions are recorded immutably, ensuring that users can verify every step of the lending process.This case study highlights how Aptos can drive innovation in DeFi, providing both performance and security.Also, Read | How to create a dApp on PolkadotFrequently Asked Questions (FAQ)Below are some frequently asked questions related to Aptos Blockchain Development. These answers aim to clarify common queries and help you get started with your own projects on Aptos.Q1: What makes Aptos different from other blockchains?A1: Aptos stands out due to its combination of high throughput, low latency, and an emphasis on security. The use of the Move programming language—designed for resource safety and modular code—further enhances its appeal by reducing common vulnerabilities seen in other platforms. Additionally, Aptos's modular architecture allows for easier upgrades and scalability.Q2: What is the Move programming language and why is it important?A2: The Move programming language was originally developed for the Diem blockchain and has been adopted by Aptos for its enhanced safety features. Move is designed to manage digital assets securely, using a resource-oriented approach that prevents unintended duplication or loss. This focus on safety, combined with its modular structure, makes it ideal for building secure and efficient smart contracts on Aptos.Q3: How do I set up a development environment for Aptos?A3: Setting up your Aptos development environment involves installing the Aptos CLI, the Move toolchain, and relevant SDKs for your preferred programming languages (such as Rust or JavaScript). You will also need to configure your IDE with appropriate extensions. Detailed instructions are available in the official Aptos documentation, which covers installation steps, project initialization, and local node setup for testing.Q4: What types of dApps can be built on Aptos?A4: Aptos supports a wide range of decentralized applications, including:DeFi applications (e.g., decentralized exchanges, lending platforms)NFT marketplaces and gaming dAppsSupply chain management solutionsDecentralized identity and enterprise applicationsIts high throughput and security make it a versatile platform for almost any blockchain-based application.Q5: How does Aptos ensure the security of smart contracts?A5: Aptos ensures security through several mechanisms:The Move programming language enforces resource safety and prevents common vulnerabilities.Static analysis tools and the Move Prover help catch issues during development.A rigorous code review and audit process, combined with modular upgrade mechanisms, ensures that smart contracts remain secure post-deployment.Q6: Is Aptos scalable enough for enterprise applications?A6: Yes, Aptos's modular architecture and optimized consensus mechanism provide both high performance and scalability. This makes it well-suited for enterprise applications that require rapid transaction processing, secure data management, and the ability to handle increasing loads over time.Q7: How does Aptos compare in transaction fees relative to other networks?A7: Aptos is designed to optimize transaction throughput, which helps in maintaining low transaction fees even during periods of high network activity. While actual fees can vary based on network conditions and specific use cases, Aptos's efficient architecture generally results in competitive fees compared to older, more congested networks.Q8: Where can I find more resources to learn about Aptos development?A8: There are multiple resources available, including:The official Aptos documentation for setup guides, API references, and tutorials.Developer forums and community channels where you can interact with fellow developers.Online courses and workshops that cover blockchain development on Aptos and other modern platforms.ConclusionAptos Blockchain Development represents a significant leap forward in creating secure, scalable, and high-performance decentralized applications. By leveraging cutting-edge technologies such as the Move programming language and a modular architecture, Aptos addresses many of the longstanding challenges faced by earlier blockchain platforms. From high throughput and low latency to robust security and a developer-centric design, Aptos offers a promising foundation for the next generation of blockchain solutions.Whether you are developing a DeFi platform, creating an NFT marketplace, or exploring enterprise applications, Aptos's robust capabilities and forward-thinking design make it a platform worth considering. By embracing these tools and techniques, you can position yourself at the forefront of blockchain innovation and drive the future of decentralized technology. If you are planning to build and launch your decentralized project leveraging the potential of emerging tech like blockchain, crypto, or smart contracts, connect with our skilled blockchain developers to get started.
Mudit Kumar
07 Apr 2025
Building on Sui Blockchain | Here’s What You Need to Know
The Sui blockchain has emerged as one of the most innovative blockchain app development platforms, designed to address scalability, efficiency, and developer-friendly functionality. In this comprehensive guide, we explore every crucial aspect of Sui blockchain development, delving into its architecture, consensus mechanism, smart contract framework, security features, and ecosystem. We also provide detailed FAQs to answer common questions. Whether you are a developer, researcher, or blockchain enthusiast, this article offers a deep technical dive into the world of Sui.IntroductionBlockchain technology has come a long way since its inception, and Sui is part of the new generation of blockchains that aim to overcome the limitations of earlier systems. Developed by Mysten Labs, Sui focuses on high throughput, low latency, and a scalable architecture. Its design is optimized for fast and secure transactions, making it well-suited for decentralized applications (dApps) that require both speed and reliability.Background of Sui BlockchainSui is developed with the intent to address two key challenges in the blockchain industry: scalability and usability. As decentralized applications evolve, traditional blockchains face bottlenecks in transaction throughput and high latency. Sui's architecture is specifically designed to overcome these issues through innovative data structures and consensus protocols.Originally conceptualized to enable real-world applications with high performance and minimal fees, Sui draws inspiration from earlier blockchains while introducing significant improvements. It uses advanced cryptographic techniques, object-centric data models, and parallel execution to create a robust environment for both developers and end-users.Also, Read | Solana Based NFT Marketplace Development: An Extensive GuideCore Architecture and Consensus MechanismObject-Centric Data ModelUnlike traditional blockchain systems that use account-based models, Sui employs an object-centric data model. This model treats every asset as a distinct, mutable object that can be owned, transferred, or modified independently. Such an approach improves scalability by allowing for parallel processing of transactions that affect different objects concurrently.Key advantages of the object-centric approach include:Parallel Execution: Transactions that affect non-overlapping objects can be processed in parallel, reducing bottlenecks.Fine-Grained State Management: Developers can work with discrete objects, leading to better optimization and resource utilization.Enhanced Security: Isolated objects reduce the risk of cascading failures, as a fault in one object does not necessarily affect others.Consensus ProtocolSui's consensus mechanism is designed to be both fast and secure. It utilizes a combination of techniques tailored to handle the object-centric data model efficiently:Byzantine Fault Tolerance (BFT): Sui integrates a Byzantine Fault Tolerant consensus mechanism to ensure that the network remains secure and operational even if some nodes act maliciously or fail.Asynchronous Processing: To facilitate rapid confirmation of transactions, Sui allows asynchronous processing of independent transactions, thereby improving overall throughput.Scalability through Sharding: Although not sharding in the traditional sense, Sui's architecture allows for horizontal scaling by partitioning the state space into independently manageable objects.The consensus mechanism is optimized to resolve conflicts and ensure data consistency, even when multiple transactions interact with the same object. This is achieved through rigorous validation rules and conflict resolution strategies that are built into the protocol.Also, Check | Ethereum Distributed Validator Technology | DVT for StakingKey Features and InnovationsSui distinguishes itself from other blockchains through several innovative features:High Throughput and Low LatencyBy enabling parallel transaction execution and optimizing consensus processes, Sui achieves a significant boost in throughput. This is critical for applications that require high-speed processing, such as decentralized finance (DeFi), gaming, and supply chain management.Efficient Transaction ProcessingThe object-centric model allows Sui to process transactions more efficiently. Since only the affected objects are locked or updated during a transaction, many transactions can proceed simultaneously without interference.Developer-Friendly EnvironmentSui is designed with developers in mind. The platform provides a comprehensive set of tools, libraries, and documentation that simplify the process of writing, testing, and deploying smart contracts. Additionally, the language support and developer SDKs are tailored to reduce friction in the development process.Modular and Extensible DesignThe architecture of Sui is modular, allowing for future upgrades and extensions without disrupting the existing network. This ensures that Sui can adapt to new technological advancements and evolving market demands.Security and Fault ToleranceSecurity is a cornerstone of Sui's design. The blockchain incorporates robust cryptographic protocols and a resilient consensus mechanism to safeguard against attacks. The object-centric approach further enhances security by isolating state changes and minimizing systemic risk.Also, Discover | Addressing the Quantum Threat : A Guide to Crypto ProtectionSmart Contracts and Programming ModelThe Move Programming LanguageAt the heart of Sui's smart contract development is Move, a programming language initially developed for the Libra (now Diem) project by Facebook. Move is designed to provide a safe and flexible environment for writing smart contracts. Its features include:Resource-Oriented Programming: Move enforces strict rules for resource management, ensuring that assets are handled securely and predictably.Formal Verification: Move's design allows for formal verification, which helps in proving the correctness of smart contracts and reducing the risk of bugs.Modularity and Reusability: Contracts written in Move are modular, making it easier for developers to reuse code and build complex systems.Smart Contract LifecycleDeveloping on Sui involves several stages:Development: Using Move, developers write smart contracts and test them in local environments. The language's syntax and semantics are designed to minimize common programming errors.Compilation: The Move compiler checks for safety and correctness, transforming the human-readable code into bytecode that can be executed on the Sui Virtual Machine (SuiVM).Deployment: Once compiled, smart contracts are deployed onto the Sui blockchain. The object-centric model ensures that the state associated with each contract is isolated, which improves security and performance.Execution: When a smart contract is invoked, the SuiVM handles its execution in a manner that optimizes for parallel processing and conflict resolution.Developer Tools and EcosystemSui offers a rich ecosystem of tools that facilitate development:SDKs and Libraries: Comprehensive software development kits (SDKs) are available for multiple programming languages, enabling seamless integration with the Sui blockchain.Test Networks: Sui provides test networks where developers can deploy and test their contracts without incurring real-world costs.Documentation and Tutorials: Detailed documentation, guides, and tutorials help developers get started quickly and deepen their understanding of the platform.Community Support: An active community of developers and contributors offers support and collaboration opportunities, further enhancing the development experience.Also, Explore | Understanding Cosmos IBC for Cross-Chain CommunicationSui's Data Model and Execution EnvironmentObject-Based State ManagementSui's state is organized into discrete objects, each with its own properties and lifecycle. This granular approach to state management allows for better scalability and conflict resolution. The state of each object is independently verifiable and modifiable, which reduces the complexity of managing global state across the network.Parallel Transaction ProcessingOne of the most innovative aspects of Sui is its ability to process transactions in parallel. When transactions affect different objects, they can be executed concurrently, vastly improving throughput and reducing confirmation times. This design is particularly beneficial for dApps with high transaction volumes.Sui Virtual Machine (SuiVM)The Sui Virtual Machine is the execution environment for smart contracts on the Sui blockchain. It is optimized for the Move language and supports efficient, parallel execution of smart contracts. Key features include:Isolation: Each contract execution is isolated, preventing unintended interference between concurrently running transactions.Determinism: SuiVM ensures that transactions produce the same results regardless of the order of execution, as long as they do not conflict.Resource Management: The VM efficiently tracks and manages resources, ensuring that contracts operate within defined limits and reducing the risk of runaway computations.Conflict Resolution MechanismsGiven the potential for parallel execution, conflict resolution is critical in Sui's architecture. The blockchain employs a set of rules and mechanisms to handle conflicts when two transactions attempt to modify the same object simultaneously. These mechanisms ensure that:Consistency is maintained: The final state of each object remains consistent across the network.Fairness is preserved: No single transaction or group of transactions can monopolize the state.Performance is optimized: By minimizing lock contention and using efficient validation methods, Sui maintains high throughput even under heavy load.Security, Scalability, and PerformanceSecurity ConsiderationsSecurity in blockchain systems is paramount, and Sui incorporates several layers of protection:Cryptographic Security: Advanced cryptographic techniques protect data integrity and user privacy. This includes the use of digital signatures, hashing algorithms, and secure key management.Consensus Resilience: The BFT consensus protocol ensures that the network can withstand up to a certain percentage of malicious nodes without compromising overall security.Smart Contract Auditing: Move's design encourages formal verification and thorough auditing of smart contracts. This reduces vulnerabilities and helps prevent exploits.Object Isolation: By isolating state changes to individual objects, Sui limits the potential impact of a compromised contract or faulty transaction.Scalability FeaturesSui's architecture is built with scalability in mind:Parallel Processing: The ability to execute transactions concurrently on independent objects dramatically increases throughput.Efficient State Management: The object-centric model reduces the overhead associated with global state changes, allowing the network to scale without significant performance degradation.Horizontal Scalability: As more nodes join the network, the system can distribute workload more evenly, improving overall performance and resilience.Performance MetricsEarly benchmarks of Sui have shown promising results in terms of transaction processing speeds and latency. Key performance metrics include:Transaction Throughput: Sui's design allows for a high number of transactions per second (TPS), making it competitive with other high-performance blockchains.Confirmation Times: The consensus mechanism and parallel execution contribute to faster transaction confirmations, which is critical for user experience in time-sensitive applications.Resource Utilization: Optimized smart contract execution and state management ensure efficient use of computational resources, reducing operational costs and environmental impact.You may also like | Revolutionizing DApp development with EIP-7702Development Tools and EcosystemIntegrated Development Environment (IDE) SupportDevelopers working with Sui benefit from extensive IDE support. Popular code editors like Visual Studio Code have plugins and extensions tailored for Move programming, providing syntax highlighting, debugging tools, and integration with the Sui toolchain. This greatly enhances productivity and reduces the learning curve for new developers.Software Development Kits (SDKs)Sui offers SDKs for multiple programming languages, which simplify interaction with the blockchain. These SDKs provide functionalities such as:Transaction Construction: Build, sign, and submit transactions to the Sui network.State Queries: Efficiently retrieve and analyze the state of objects on the blockchain.Event Handling: Set up listeners and handle events triggered by smart contract executions.Testing and Simulation EnvironmentsBefore deploying applications on the mainnet, developers can test their contracts on Sui's test networks. These environments mimic the conditions of the live network, allowing for thorough testing without financial risk. Simulation tools also help in understanding how smart contracts behave under various scenarios, ensuring robustness and reliability.Community and Developer ResourcesA vibrant and active community is crucial for any blockchain ecosystem. Sui boasts an engaged developer community, regular hackathons, and extensive documentation. Key resources include:Official Documentation: Detailed guides covering everything from setting up a development environment to advanced smart contract design.Tutorials and Webinars: Regularly scheduled sessions help developers stay up-to-date with the latest best practices and features.Community Forums and Chat Groups: Platforms such as Discord, Telegram, and GitHub foster collaboration and support among developers.Use Cases and ApplicationsSui's high-performance, secure, and scalable design makes it an attractive option for a wide range of applications. Here are some notable use cases:Decentralized Finance (DeFi)DeFi is one of the most promising sectors for blockchain technology, and Sui's efficiency is ideal for DeFi applications that require high throughput and low latency. Use cases include:Decentralized Exchanges (DEXs): High-frequency trading and liquidity management can benefit from Sui's rapid transaction processing.Lending and Borrowing Platforms: Smart contracts can automate and secure lending operations, reducing risk and improving efficiency.Stablecoins: The efficient state management of Sui is well-suited for stablecoin ecosystems that require robust handling of large volumes of transactions.Non-Fungible Tokens (NFTs) and Digital ArtThe NFT space demands platforms that can handle unique asset management and high volumes of transactions. Sui's object-centric model is perfect for:Minting and Trading NFTs: Efficient and secure handling of unique tokens.Digital Art Platforms: Enabling artists to manage royalties and provenance data seamlessly.Gaming and Virtual WorldsBlockchain gaming and metaverse projects require both speed and security. Sui's architecture supports:In-Game Economies: Fast, low-latency transactions for in-game asset trades.Virtual Goods Ownership: Secure and verifiable ownership of digital items, enhancing trust among players.Supply Chain and ProvenanceTracking the provenance of goods is a critical application of blockchain technology. Sui's object model can record the lifecycle of assets, providing:Transparent Supply Chains: Immutable records of every transaction and change in ownership.Verification Mechanisms: Ensuring that goods are authentic and their history is reliable.Enterprise ApplicationsBeyond consumer-facing applications, Sui's robustness makes it suitable for enterprise solutions:Data Integrity and Auditability: Secure recording of transactions and business operations.Interoperability: Sui can integrate with legacy systems and other blockchains, offering a bridge for traditional enterprises moving toward decentralization.You may also like | Why ERC-7007 is the Next Big Thing in BlockchainChallenges and Future OutlookWhile Sui offers many advantages, like any emerging technology, it faces challenges and areas for improvement. Understanding these challenges provides context for its future development and potential:Adoption and Network EffectsAs with any new blockchain, one of the key challenges for Sui is achieving widespread adoption. The success of a blockchain ecosystem often hinges on network effects, where the value of the network increases as more developers and users join. Sui must continue to attract innovative projects and build a robust community to realize its full potential.InteroperabilityIn a multi-chain world, interoperability remains a critical issue. While Sui is designed with modularity in mind, ensuring seamless integration with other blockchains and legacy systems is a complex technical challenge. Future developments may include bridges and cross-chain protocols to enhance interoperability.Regulatory EnvironmentThe regulatory landscape for blockchain and digital assets continues to evolve. Sui developers and ecosystem participants need to remain agile and responsive to changes in regulations across different jurisdictions. This could impact the design and deployment of dApps, particularly those in sensitive sectors like finance and supply chain management.Scalability Under LoadAlthough Sui's design is optimized for parallel processing, extreme network load or unexpected patterns of transaction conflicts could pose scalability challenges. Continuous performance testing and iterative improvements in the consensus mechanism will be necessary to ensure that Sui can handle global-scale usage.Security RisksNo system is completely immune to security vulnerabilities. As Sui continues to grow, it must remain vigilant against potential exploits, bugs in smart contracts, and attacks on its consensus mechanism. Ongoing security audits, formal verification of smart contracts, and community-driven testing will be critical to maintaining trust in the network.Future DevelopmentsLooking forward, Sui is well-positioned to continue evolving. Key areas of future development include:Enhanced Developer Tools: Further improvements in SDKs, debugging tools, and documentation to streamline development processes.Expanded Ecosystem: Continued growth in the number and variety of dApps and enterprise solutions built on Sui.Cross-Chain Integration: Developing robust bridges and interoperability protocols to connect Sui with other blockchain networks.Research and Innovation: Ongoing research into new consensus algorithms, cryptographic techniques, and scalability solutions that could further enhance Sui's performance and security.Also, Discover | A Complete Guide to Ethereum Name Service (Exploring ENS Domains)Frequently Asked Questions (FAQ)What is the Sui blockchain?Sui is a next-generation blockchain developed by Mysten Labs that focuses on high throughput, low latency, and an object-centric data model. It is designed to support scalable and secure decentralized applications, leveraging advanced consensus mechanisms and the Move programming language for smart contract development.How does Sui's object-centric data model work?Instead of using a traditional account-based model, Sui treats every asset as a unique, mutable object. This allows for parallel processing of transactions since updates to distinct objects do not conflict with each other. The model improves scalability, security, and efficiency in state management.What consensus mechanism does Sui use?Sui uses a Byzantine Fault Tolerant (BFT) consensus mechanism, optimized for asynchronous processing and parallel transaction execution. This approach ensures network security and consistency while enabling high transaction throughput.What is Move, and why is it used on Sui?Move is a programming language originally developed for Facebook's Libra (Diem) project. It is used on Sui for its strong safety guarantees, resource-oriented programming model, and support for formal verification. Move helps prevent common programming errors and ensures that smart contracts operate securely.How does Sui ensure high throughput?Sui achieves high throughput primarily through its ability to process transactions in parallel. By leveraging an object-centric data model and conflict resolution mechanisms, independent transactions can be executed concurrently, dramatically increasing the number of transactions processed per second.What kind of applications can be built on Sui?Sui's high performance and security make it suitable for a wide range of applications, including decentralized finance (DeFi), non-fungible tokens (NFTs), gaming, supply chain management, and enterprise solutions. Its flexibility allows developers to build both consumer-facing and enterprise-grade applications.How is security maintained on the Sui blockchain?Security on Sui is maintained through multiple layers, including advanced cryptographic techniques, a Byzantine Fault Tolerant consensus mechanism, rigorous smart contract auditing (especially through Move's formal verification capabilities), and the inherent isolation provided by its object-centric data model.What developer resources are available for Sui?Sui offers a rich set of developer resources, including comprehensive SDKs, detailed documentation, tutorials, test networks, and active community support through forums, chat groups, and GitHub repositories. These resources help developers quickly get started and build robust applications on the Sui blockchain.How does Sui handle scalability challenges?Sui addresses scalability challenges by enabling parallel transaction processing and efficient state management. Its modular architecture allows for horizontal scaling, while conflict resolution mechanisms ensure that simultaneous transactions affecting independent objects do not impede performance.What future developments can we expect from Sui?Future developments for Sui include enhanced developer tools, broader ecosystem growth, improved interoperability with other blockchains, and ongoing research into new scalability and security solutions. These advancements are expected to further solidify Sui's position as a leading platform for decentralized applications.ConclusionSui blockchain revolutionizes decentralized development with its object-centric data model, innovative consensus, and Move programming language, offering high throughput, low latency, and robust security. Ideal for DeFi, NFTs, and enterprise solutions, Sui's future is promising despite adoption challenges, driven by innovation and a strong developer community. Understanding its architecture and tools is key to building scalable, secure applications. As Sui evolves, staying engaged with its advancements ensures developers harness its full potential in shaping the future of blockchain technology.If you plan to build and launch your decentralized project leveraging the potential of Sui Blockchain, connect with our skilled blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
01 Apr 2025
Ordinals Wallet Development | A Comprehensive Guide
In the rapidly evolving world of blockchain technology, Ordinals have opened a new frontier on the Bitcoin network, enabling the inscription of unique data on individual satoshis (the smallest unit of Bitcoin). This blockchain development service has led to the emergence of Bitcoin-native NFTs and BRC-20 tokens, expanding Bitcoin's functionality beyond its original use case as a peer-to-peer electronic cash system.Creating an Ordinals wallet requires a blend of Bitcoin fundamentals, knowledge of Ordinals theory, and understanding of blockchain development best practices. This extensive guide provides a 360-degree overview of Ordinals, including the technical underpinnings, wallet architecture, development steps, security measures, and much more. It is designed to be both technical and easy to understand, ensuring that a broad range of readers, from blockchain enthusiasts to professional developers, can derive significant value.What are Ordinals?Ordinals represent a novel way to inscribe and track unique data on the Bitcoin blockchain. The concept, introduced by Casey Rodarmor in January 2023, hinges on the idea that each individual satoshi (sat) can be “numbered” or “tagged” with additional data, allowing for the creation of unique, non-fungible assets on Bitcoin.Why Ordinals MatterUnlocking Bitcoin's Potential: Ordinals extend Bitcoin's functionality beyond a simple store of value or medium of exchange, enabling NFT-like assets on the most secure and widely adopted blockchain.Low-Level Ownership: Instead of representing ownership at the wallet level, Ordinals focus on ownership at the individual satoshi level, giving rise to new paradigms in digital scarcity and creativity.Resurgence of On-Chain Innovation: Historically, Bitcoin development has been more conservative, but Ordinals spark fresh dialogue about smart contracts, layer-2 solutions, and extended Bitcoin-based utilities.This guide explores how to build a secure, user-friendly wallet that supports the inscription, storage, and transfer of Ordinals—catering to developers, entrepreneurs, and tech-savvy enthusiasts eager to explore this burgeoning domain.Ordinals: The Bitcoin NFT RevolutionOrdinals effectively create Bitcoin-native NFTs (non-fungible tokens) by assigning an “ordinal number” to each satoshi. These “digitally inscribed” satoshis carry unique data, analogous to how NFTs on Ethereum are linked to specific token IDs.Key Advantages Over Traditional NFTsBitcoin's Security: Bitcoin has the longest-established proof-of-work network, making it highly secure and resistant to attacks.True Scarcity: Satoshis are inherently limited (each Bitcoin can only be split into 100 million sats), providing an in-built scarcity model.No Additional Token Standard: Unlike Ethereum's ERC-721 or ERC-1155, Ordinals embed data directly into the Bitcoin blockchain without requiring new base-layer token standards.The Emergence of BRC-20 TokensThe Ordinals ecosystem gave rise to BRC-20 tokens, an experimental token standard that uses text-based inscriptions on satoshis to define “fungible” tokens on Bitcoin. While these are not part of the official Bitcoin protocol, they have quickly gained attention due to their simplicity and novelty.Also, Read | A Comprehensive Guide to the Runes Standard on BitcoinKey Concepts in OrdinalsBefore delving into wallet development, understanding the fundamental concepts behind Ordinals is crucial.SatoshisA satoshi is the smallest unit of Bitcoin—1 sat = 0.00000001 BTC. Ordinals tag each satoshi with a unique “ordinal number,” turning it into a distinct entity.Ordinal TheoryThe Ordinal Theory tracks each satoshi through each block, transaction, and output. As sats move in the Bitcoin network, this theory keeps a record of which transaction holds each unique, inscribed sat.InscriptionsInscriptions enable developers and users to write data (images, text, code) onto individual satoshis. By attaching metadata to a specific sat, that sat effectively becomes a one-of-a-kind digital artifact—the Bitcoin equivalent of an NFT.OrderingSatoshis are ordered according to the sequence in which they are mined. The “first sat” from the genesis block is assigned ordinal #0, and so forth. This ordering system forms the basis for the identity of each Satoshi within the Bitcoin network.What Is an Ordinals Wallet?An Ordinals wallet is a cryptocurrency wallet designed to handle Bitcoin transactions while also supporting the tracking, display, and transfer of inscribed satoshis. Unlike conventional Bitcoin wallets, an Ordinals wallet:Identifies Specific Satoshis: Tracks which sats in a user's balance carry inscriptions.Displays Metadata: Shows images, text, or other media linked to inscribed sats.Facilitates Specialized Transactions: Allows users to send and receive Ordinals without inadvertently breaking or merging them with non-inscribed sats.The ability to manage both standard BTC and unique Ordinals in a single interface sets the stage for a new era of digital asset management on Bitcoin.Also, Check | Demystifying Bitcoin Ordinals : What You Need to KnowCore Architecture of an Ordinals WalletA robust Ordinals wallet typically comprises three key layers:Application Layer: This is the user-facing interface (desktop, mobile, or web application). It communicates with the back-end services and provides a graphical user interface (GUI) for sending, receiving, and viewing Ordinals.Service Layer: Handles core business logic, including:Checking if a UTXO (Unspent Transaction Output) contains inscribed sats.Managing transaction parsing to avoid merging inscribed and non-inscribed satoshis.Interfacing with third-party APIs (e.g., block explorers or indexing nodes).Blockchain Layer:The Bitcoin network itself, which secures all transactions and inscribes data.Node / Indexer that keeps track of the entire blockchain state, including specialized Ordinals indexers to identify which sats carry inscriptions.UTXO Management and OrdinalsSince Bitcoin uses the UTXO (Unspent Transaction Output) model, an Ordinals wallet must carefully manage UTXOs to preserve inscriptions. When a user wants to send an inscribed sat, the wallet must ensure that the transaction remains atomic, preventing partial use of UTXOs that would separate the inscribed sat from its unique data.Also, Discover | Satoshi Nakamoto's Last Email Reveals Bitcoin Creator's ThoughtsEssential Features of an Ordinals WalletInscriptions and ViewingInscription Management: Allow users to mint or inscribe new data onto sats if they have the necessary tools and protocols integrated.Display Inscriptions: The wallet should render images, text, or other media in a visually appealing format.Transaction CustomizationFee Control: Users need to set their transaction fee in BTC, balancing speed and cost.UTXO Selection: Advanced UTXO selection ensures inscribed sats remain intact.Security and BackupSeed Phrase Management: Ordinals wallets must provide mnemonic seed phrases (BIP39/BIP44) for backup and restoration.Hardware Wallet Support: Integration with devices like Ledger or Trezor for added security.2-Factor Authentication (2FA): An optional layer to enhance user safety.Compatibility and InteroperabilityMulti-Platform: Desktop, mobile, or web versions.Integration with Existing Services: A robust API layer to interface with marketplaces, indexers, or DApps that use Ordinals.Explorer Functionality: Direct links to block explorers that can parse Ordinals data.Notifications and AlertsTransaction Alerts: Real-time updates on transaction confirmations.Price Feeds: If relevant, show the BTC/USD price or the estimated value of an inscribed sat (though the latter is more speculative).Also, Read | A Comprehensive Exploration of Ordinal Marketplace DevelopmentDevelopment Environment and ToolsBuilding an Ordinals wallet requires an environment equipped to handle both Bitcoin and Ordinals complexities.Bitcoin CoreBitcoin Core is essential for running a full node and ensuring accurate, trust-minimized transaction data. You can either run a local node or use third-party node providers.Ordinals Indexer or APICommunity-driven tools like the Ordinals Protocol or specialized indexers can track inscriptions.APIs such as ordinals.com (if available) or other community projects may provide a direct feed of indexing data.Programming Languages and FrameworksNode.js: Often used for server-side logic and back-end services.React / Vue.js: Common for front-end development with a rich UI.Rust / Go: Favored by some developers for performance-critical components or indexing functionalities.Python: Popular for scripting, data parsing, and rapid prototyping.Libraries and SDKsbitcoinjs-lib / Bitcore: JavaScript libraries to handle Bitcoin transaction creation, signing, and broadcasting.PyBitcoinTools: A Python library for handling Bitcoin operations.gRPC / REST: For interacting with nodes, wallets, or other microservices.You may also like to explore | A Quick Guide to BRC 20 Token DevelopmentStep-by-Step Guide to Building an Ordinals WalletBelow is an outline of the major steps involved in constructing a functional Ordinals wallet. While the specifics may vary, this guide offers a high-level roadmap.Step 1: Define Project Scope and ArchitectureFeature List: Decide which features—inscription creation, viewing, sending, receiving—your wallet will support from day one.Architecture Diagram: Sketch out your application layer, service layer, and blockchain integrations.Security Approach: Plan for seed phrase generation, encryption, and secure key storage.Step 2: Set Up Your Development EnvironmentInstall Bitcoin Core: Configure it to run in pruned mode or full mode, depending on storage availability.Install Necessary Libraries: For Node.js, for instance, install bitcoinjs-lib or bitcore-lib.Run or connect to an Ordinals Indexer: This could be a local instance or a remote service.Step 3: Implement Basic Bitcoin Wallet FunctionalityWallet Initialization: Use BIP39 to generate a mnemonic seed phrase, and BIP44 for standard Bitcoin address derivation paths.Address Generation: Implement a method to derive Ordinals-compatible addresses (e.g., Taproot addresses if you plan to store inscriptions in Taproot outputs).Balance and UTXO Retrieval: Query the Bitcoin network for UTXOs linked to your derived addresses.Step 4: Add Ordinals-Specific LogicIdentify Inscribed UTXOs: Modify your UTXO scanning to detect if a UTXO contains an inscribed sat. This generally requires parsing the Ordinals indexer data or analyzing on-chain scripts to identify inscription references.Inscription Display: Fetch metadata from the relevant on-chain data or external storage (like IPFS, if used in conjunction with Ordinals). Render the images, text, or other media in the user interface.Step 5: Implement Send/Receive Features for Inscribed SatsSelective UTXO Management: Ensure that you only spend the desired inscribed sat and not inadvertently merge it with non-inscribed sats.Transaction Building: Construct raw transactions carefully, marking the output that will hold the inscribed sat.Transaction Signing: Use private keys derived from the seed phrase to sign the transaction.Broadcasting: Send the signed transaction to the Bitcoin network, monitoring its confirmation status.Step 6: Integrate Advanced FunctionalitiesMulti-Signature Support: For higher-value Ordinals holdings, implement a multi-sig scheme (e.g., 2-of-3).Marketplace Integration: If you plan to enable direct NFT trading, integrate with existing Ordinals marketplaces or build your own exchange mechanism.BRC-20 Integration: Expand your wallet's capabilities to store and display BRC-20 tokens, using text-based inscriptions to track fungible tokens.Step 7: Security FeaturesEncryption: Secure the wallet's private keys with AES-256 or similar encryption.Hardware Wallet Integration: Provide an option for advanced users to sign Ordinals transactions from a hardware device.Step 8: Testing and QAUnit Tests: Write extensive tests for each function—address derivation, transaction construction, etc.Integration Tests: Ensure that the wallet interacts smoothly with the Ordinals indexer, third-party APIs, and the Bitcoin network.User Acceptance Testing: Allow a closed group of testers to provide feedback before a public release.Step 9: Deployment and MaintenanceDeployment Pipeline: Automate your build, testing, and deployment process.Monitoring: Track wallet performance, node synchronization, and user transactions in real-time.Updates: Maintain an active update schedule to patch security vulnerabilities and add new features.You might be interested in | ERC-20 vs BRC-20 Token Standards | A Comparative AnalysisSecurity Best PracticesSecurity remains paramount when dealing with blockchain assets, especially as Ordinals-based assets can hold significant value.Seed Phrase ProtectionEncourage users to write down their mnemonic in a safe location.Avoid storing unencrypted mnemonic data on local storage or remote databases.Hardware Wallet CompatibilityConsider building your wallet to support hardware devices like Ledger or Trezor, which store private keys in secure elements.Transaction ReviewImplement clear, user-friendly prompts that display transaction details (UTXOs, fees, outputs, etc.) before signing.Multi-Factor Authentication (MFA)Optional, but for web or mobile wallets, an extra authentication layer can mitigate unauthorized access.Regular AuditsConduct internal code reviews and, if budget permits, hire external security auditors.Utilize bug bounty programs to incentivize security researchers to find vulnerabilities.Use of Reputable LibrariesEnsure that libraries like bitcoinjs-lib or bitcore-lib are kept up-to-date and verified against known security advisories.Network SecurityEncrypt all communication channels with SSL/TLS.Employ firewalls, intrusion detection systems, and minimal open ports on your servers.Integrating BRC-20 Token FunctionalityWhile Ordinals wallet development primarily revolves around inscribed sats (NFTs), the emergence of BRC-20 tokens introduces a new layer of functionality—text-based, fungible tokens on Bitcoin.Key ConceptsText-Based Tokens: Unlike Ethereum, where token balances are stored in smart contracts, BRC-20 tokens store their metadata via text inscriptions on Bitcoin.Minting and Transfer: BRC-20 tokens define a ticker (e.g., “ORDI”) and a total supply, minted and distributed via specific inscription data.Wallet Adaptations for BRC-20Parsing BRC-20 Data: You must handle the specialized JSON structure that denotes minting, transfers, and token balances.Display Balances: Provide a balance sheet for each user's BRC-20 holdings.Send/Receive Workflows: Distinguish between standard BTC transactions and BRC-20 token transactions, ensuring the correct inscriptions are used.Potential Use CasesTokenized Communities: Rewards or membership tokens minted directly on Bitcoin.Cross-Chain Bridges: Bridging BRC-20 tokens to Ethereum or other networks.DeFi Protocols: While still nascent, BRC-20 tokens could eventually be integrated into Bitcoin-based DeFi solutions.You may also like to discover | A Detailed Guide to BRC-20 Token Launchpad DevelopmentTesting, Deployment, and MaintenanceTesting StrategiesUnit Testing: Validate each function in isolation—key generation, transaction building, inscription retrieval.Integration Testing: Confirm the wallet can correctly parse data from Ordinals indexers and third-party services.Performance Testing: Assess how the wallet performs under load—e.g., multiple simultaneous inscription checks or transaction broadcasts.DeploymentContinuous Integration/Continuous Deployment (CI/CD): Automate your build pipeline with tools like Jenkins, GitLab CI, or GitHub Actions.Dockerization: Containerize services to streamline environment configuration and reduce dependency conflicts.Version Control: Maintain a well-structured repository on GitHub or GitLab, tagging stable releases for easy rollback if issues arise.MaintenanceRegular Updates: Track changes to Bitcoin Core, the Ordinals protocol, and BRC-20 standards.User Feedback: Employ analytics and direct feedback channels to identify UX friction points or new feature requests.Security Patching: Remain vigilant about new vulnerabilities in open-source dependencies.Challenges, Limitations, and Best PracticesChallenges and LimitationsNetwork Congestion: Bitcoin's block space is limited, and Ordinals can contribute to congestion, affecting transaction fees.Protocol Upgrades: Ordinals and BRC-20 are still evolving, potentially requiring frequent updates to wallet logic.Legal and Regulatory Uncertainty: The classification of inscribed assets may vary by jurisdiction.User Education: Many end-users are unfamiliar with UTXO management and the nuances of Ordinals, requiring robust tutorials and UX guidance.Best Practices for SuccessKeep It Simple: Offer a straightforward user interface that hides the complexity of UTXOs and addresses.Focus on Security: Users entrust you with potentially high-value digital assets—any security lapse can be devastating.Community Engagement: Engage with the Ordinals community to stay ahead of protocol updates, best practices, and evolving standards.Documentation: Provide comprehensive documentation for your wallet's features, both for end-users and developers who may want to integrate your solution.Future Outlook for OrdinalsOrdinals have injected fresh excitement into the Bitcoin ecosystem. As protocols mature, we can expect:Enhanced Wallet Features: More wallets will incorporate advanced functionalities such as inscription creation, multi-sig Ordinals management, or atomic swaps with other chains.Evolving Standards: BRC-20 and future protocols will likely refine how fungible tokens operate on Bitcoin.Layer-2 Solutions: Projects like Lightning Network or other sidechains might integrate Ordinals, improving scalability and reducing fees.Broadening Use Cases: From digital identity solutions to tokenized real-world assets, Ordinals could expand into numerous industries.In the broader landscape, interoperability between Bitcoin Ordinals and other blockchain ecosystems (Ethereum, Solana, Polygon, etc.) may unlock cross-chain NFT markets and novel decentralized finance (DeFi) applications.Also, Read | BRC-20 Wallet Development | What You Need To KnowFrequently Asked Questions (FAQ)Q1: How do Ordinals differ from traditional NFTs on Ethereum or Solana?A1: Traditional NFTs rely on specialized token standards (e.g., ERC-721, SPL). Ordinals are embedded directly in Bitcoin's base layer through unique inscriptions on individual satoshis, leveraging Bitcoin's security and existing infrastructure.Q2: Are Ordinals and BRC-20 tokens officially part of Bitcoin Core?A2: No. Ordinals and BRC-20 tokens operate as additional layers or protocols on top of Bitcoin. They are not integrated into Bitcoin Core but use Bitcoin's existing block space to store and track data.Q3: Can I accidentally “lose” my inscribed sat by sending it in a normal Bitcoin transaction?A3: Yes, if your wallet or the sending mechanism does not preserve the specific UTXO containing the inscribed sat. That's why an Ordinals-capable wallet must handle UTXO selection meticulously.Q4: What are the costs associated with inscribing data on a sat?A4: Costs depend on Bitcoin transaction fees and the size of the data. Larger inscriptions require more block space, leading to higher transaction costs.Q5: Do hardware wallets support Ordinals?A5: As of now, hardware wallets do not natively display or handle Ordinals data. However, you can still use them to sign Bitcoin transactions containing inscribed sats, provided your software wallet supports it.Q6: Is there a risk of Bitcoin's mempool getting congested due to inscriptions?A6: Yes. A surge in inscription activity can lead to higher fees and longer confirmation times, similar to NFT or DeFi booms on other chains.Q7: How do I store and view the actual media (images, text) inscribed on a sat?A7: Inscriptions are stored on-chain within Bitcoin's transaction data. Wallets or indexers parse this data and display the media. Some inscriptions may reference external storage like IPFS, but many store raw data within the transaction itself.Q8: Is a special address type (e.g., Taproot) required for Ordinals?A8: Although not mandatory, Taproot addresses (P2TR) are often used because they allow more flexible scripting capabilities and can embed data in a more compact manner than older address types.Also, Check | BRC-721E Token Standard | Enabling Blockchain Art TransactionsConclusionOrdinals have ushered in a new chapter for Bitcoin, expanding its functionality beyond “digital gold” to encompass digital collectibles, NFT-like artifacts, and BRC-20 tokens. For developers and businesses, building an Ordinals wallet represents a significant opportunity to capitalize on Bitcoin's security while tapping into the creativity and excitement of the emerging NFT ecosystem.From understanding the core concepts of Ordinals to constructing a wallet architecture and implementing advanced functionalities like BRC-20 token support, this guide lays out a structured approach. By prioritizing security, user experience, and continuous updates, a well-executed Ordinals wallet can position itself at the forefront of innovation in the Bitcoin ecosystem.If you are planning to explore the potential of blockchain and other emerging technologies for your project development, connect with our skilled blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
27 Mar 2025
Solana Based NFT Marketplace Development: An Extensive Guide
In the rapidly evolving world of blockchain and digital assets, NFT development has taken center stage, revolutionizing the way digital art, collectibles, and other unique assets are created, bought, and sold. With its high throughput, low transaction fees, and cutting-edge technology, the Solana blockchain development has emerged as a popular service for developing NFT marketplaces. This comprehensive guide dives deep into the technical aspects, architecture, and development process of building a Solana-based NFT marketplace. It is designed to serve as a professional resource for developers, entrepreneurs, and blockchain enthusiasts, ensuring that the latest information and best practices are incorporated.Getting StartedNFTs have redefined digital ownership by allowing creators to tokenize art, music, virtual real estate, and other unique assets. As the NFT market expands, the demand for efficient, scalable, and user-friendly NFT marketplaces is surging. Solana, with its high performance and cost-effective transactions, offers a compelling alternative to traditional blockchain platforms like Ethereum, where high gas fees and network congestion are common issues.This guide provides an in-depth look at how to build a robust Solana-based NFT marketplace from scratch. It covers everything from the architectural design and technical stack to the security measures and future trends, ensuring that even readers with intermediate blockchain knowledge can gain valuable insights and practical guidance.Why Solana for NFT Marketplace Development?Solana stands out as a high-performance blockchain that supports thousands of transactions per second (TPS) and offers minimal transaction fees. Here are some key reasons why Solana is ideal for NFT marketplace development:High Throughput: Solana's architecture is designed to handle high transaction volumes, which is critical for marketplaces that expect a significant number of transactions during peak times.Low Fees: The cost of executing transactions on Solana is significantly lower compared to other blockchains. This is crucial for NFT marketplaces where high transaction costs can deter users.Scalability: Solana's unique Proof of History (PoH) mechanism enables it to scale efficiently, making it well-suited for a rapidly growing NFT ecosystem.Robust Developer Ecosystem: With tools like the Solana CLI, SDKs, and the Anchor framework, developers have access to powerful resources that simplify the development process.Growing Community and Ecosystem: Solana has rapidly built a vibrant community, with numerous projects and integrations that enhance its overall ecosystem.These benefits have made Solana an attractive platform for NFT projects, as it provides a seamless experience for both developers and end-users.Also, Read | Building a Solana NFT Rarity Ranking ToolUnderstanding NFTs on SolanaNFTs are unique digital tokens that represent ownership of specific assets. On Solana, NFTs are created and managed using smart contracts, similar to other blockchain platforms but optimized for Solana's infrastructure.NFT Standards on SolanaWhile Ethereum uses the ERC-721 and ERC-1155 standards for NFTs, Solana has its own set of standards and protocols for creating and managing NFTs. Some notable standards and protocols include:Metaplex Standard: Metaplex is an open-source protocol on Solana that simplifies the creation and management of NFTs. It provides a set of standards and tools for minting, selling, and auctioning NFTs.Token Metadata Program: This program standardizes the way NFT metadata is stored and accessed on Solana, ensuring consistency and interoperability between NFT projects.These standards facilitate the interoperability and ease-of-use required for a robust NFT ecosystem on Solana.Marketplace Architecture OverviewBuilding a Solana-based NFT marketplace requires careful planning and a well-structured architecture that ensures security, scalability, and user-friendliness. A typical marketplace architecture can be divided into three main components: front-end, back-end, and smart contracts.Front-End ComponentsThe front-end of the marketplace is the user interface that interacts with the blockchain via APIs and smart contracts. Key considerations include:User Experience (UX) and Design: A clean, intuitive design that simplifies navigation and enhances the overall user experience.Wallet Integration: Integration with popular Solana wallets such as Phantom, Solflare, or Sollet to facilitate user transactions.Responsive Design: Ensuring that the marketplace is accessible on various devices, including desktops, tablets, and mobile phones.Real-Time Data Display: Displaying live updates of NFT listings, prices, and transactions through efficient data fetching mechanisms.Back-End ComponentsThe back-end handles business logic, data storage, and interactions with the blockchain. Key components include:APIs and Middleware: RESTful or GraphQL APIs that serve as the bridge between the front-end and the blockchain.Database Management: A robust database (SQL or NoSQL) to store off-chain data such as user profiles, transaction histories, and metadata references.Authentication and Authorization: Secure mechanisms to verify user identities and manage permissions, ensuring that only authorized actions are performed.Data Caching and Processing: Efficient caching strategies to handle high-frequency data requests and ensure fast load times.Smart Contracts and On-Chain LogicSmart contracts on Solana are responsible for the core functionalities of the NFT marketplace. They include:Minting Contracts: To create new NFTs and assign metadata.Listing Contracts: To handle the listing, bidding, and sale processes.Auction and Trading Contracts: For conducting auctions, facilitating trades, and managing bids.Royalty Distribution: Mechanisms for distributing royalties to original creators upon secondary sales.Developing these contracts requires a deep understanding of Solana's programming environment and adherence to best practices for security and performance.Also, Check | Building a Cross-Chain NFT Bridge using Solana WormholeDevelopment Tools and FrameworksDeveloping on Solana involves several tools and frameworks that streamline the process, from coding to deployment. This section covers the key resources required for Solana NFT marketplace development.Programming LanguagesRust: The primary language for writing smart contracts on Solana. Rust offers strong performance and memory safety, which is crucial for blockchain applications.C and C++: Occasionally used for lower-level interactions, though Rust remains the preferred choice.JavaScript/TypeScript: Often used for front-end development and for interfacing with Solana's web3.js libraries.Solana CLI and SDKsThe Solana Command Line Interface (CLI) is an essential tool for developers working on the Solana blockchain. It enables developers to:Create and manage Solana accounts.Deploy and interact with smart contracts.Query the blockchain for real-time data.Additionally, SDKs like @solana/web3.js allow developers to interact with the blockchain from JavaScript, making it easier to integrate blockchain functionalities into web applications.Anchor FrameworkAnchor is a framework for Solana smart contract development that simplifies many of the complexities of building on Solana. Key benefits of using Anchor include:Declarative Syntax: Simplifies the process of writing, testing, and deploying smart contracts.Built-In Error Handling: Provides robust error handling mechanisms to reduce the risk of runtime failures.Integrated Testing: Supports writing unit and integration tests for smart contracts, ensuring reliability and security.Community Support: A growing ecosystem of tools, libraries, and community resources that facilitate rapid development.Anchor abstracts many of the lower-level details, allowing developers to focus on business logic and functionality rather than the intricacies of Solana's architecture.Also, Discover | How to Create an NFT Rental Marketplace using ERC 4907Building the Smart ContractsSmart contracts are the backbone of any NFT marketplace. In this section, we will detail the process of setting up a development environment, writing, deploying, and testing smart contracts on Solana.Setting Up the Development EnvironmentInstall the Solana CLI:Follow the official documentation to install the Solana CLI on your system.bash
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sh -c "$(curl -sSfL https://release.solana.com/v1.10.32/install)"
Install Rust:Rust is required to compile Solana programs. Install it using rustup:bash
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curl --proto '=https' --tlsv1.2 -sSf https://sh.rustup.rs | sh
Set Up Anchor:Anchor provides a streamlined framework for Solana development. Install Anchor CLI with:bash
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cargo install --git https://github.com/project-serum/anchor anchor-cli --locked
Create a New Project:Use Anchor to initialize a new project:bash
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anchor init solana-nft-marketplace
Writing and Deploying Smart ContractsWhen developing smart contracts for NFT functionality, focus on the following components:Minting Logic: Define how NFTs are created, ensuring that each token has unique attributes and metadata.Marketplace Functions: Include methods for listing NFTs, placing bids, and finalizing sales.Access Control: Implement role-based permissions to secure functions and prevent unauthorized access.Event Emission: Emit events for off-chain listeners, which can update the marketplace interface in real time.Here is a simplified example of a smart contract snippet using Anchor:rust
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use anchor_lang::prelude::*;
use anchor_spl::token::{self, Mint, TokenAccount, Transfer};
declare_id!("YourProgramIDHere");
#[program] pub mod solana_nft_marketplace {
use super::*;
pub fn mint_nft(ctx: Context<MintNFT>, metadata: String) -> Result<()> {
// NFT minting logic
// Save metadata, assign token to user, etc.
Ok(())
}
pub fn list_nft(ctx: Context<ListNFT>, price: u64) -> Result<()> {
// Listing logic for marketplace
Ok(())
}
}
#[derive(Accounts)] pub struct MintNFT<'info> {
#[account(mut)]
pub mint: Account<'info, Mint>,
#[account(mut)]
pub user_token_account: Account<'info, TokenAccount>,
pub user: Signer<'info>,
pub token_program: Program<'info, token::Token>,
}
After writing your contracts, deploy them using the Anchor CLI:bash
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anchor build
anchor deploy
Testing and DebuggingRobust testing is critical. Anchor supports writing tests in JavaScript or TypeScript, using Mocha as a test framework. A sample test might look like this:javascript
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const anchor = require('@project-serum/anchor');
const { SystemProgram } = anchor.web3;
describe('solana-nft-marketplace', () => {
const provider = anchor.Provider.env();
anchor.setProvider(provider);
const program = anchor.workspace.SolanaNftMarketplace;
it('Mints an NFT', async () => {
// Test minting logic here
const tx = await program.rpc.mintNft("metadata-link", {
accounts: {
// Set up accounts and parameters
},
});
console.log("Transaction signature", tx);
});
});
Thorough testing ensures that your smart contracts are robust, secure, and perform as expected under different scenarios.Integrating Off-Chain ServicesA comprehensive NFT marketplace not only depends on on-chain functionality but also on off-chain services that enhance the user experience and ensure data availability.Interfacing with IPFS and ArweaveIPFS (InterPlanetary File System):IPFS is a decentralized storage network ideal for hosting NFT metadata and digital assets such as images or videos. When an NFT is minted, its metadata (e.g., title, description, and asset URL) is typically stored on IPFS to ensure decentralized and tamper-proof storage.Arweave:An alternative to IPFS, Arweave offers permanent data storage, ensuring that NFT assets remain accessible indefinitely. Integrating Arweave can provide additional data persistence guarantees.Both services can be integrated using APIs. For instance, once an NFT is minted, upload the asset to IPFS or Arweave and then store the resulting URL within the NFT's metadata.User Authentication and Wallet IntegrationA seamless user experience in an NFT marketplace hinges on secure authentication and wallet integration. Key components include:Wallet Integration:Integrate popular Solana wallets (e.g., Phantom, Solflare) using libraries such as @solana/wallet-adapter. This enables users to sign transactions securely.Authentication Mechanisms:Although blockchain transactions are signed by users, a traditional authentication layer (using OAuth or JWT tokens) may be required for additional functionalities like user profiles, order histories, or personalized dashboards.Secure Storage of Credentials:Ensure that any sensitive data is encrypted and that best practices for key management are followed.You may also like | How to Implement an On-Chain NFT AllowlistSecurity Best PracticesSecurity is paramount in blockchain applications, especially for NFT marketplaces that handle valuable assets. Here are some best practices:Auditing Smart ContractsThird-Party Audits:Engage with reputable security firms to audit your smart contracts. An audit will help identify vulnerabilities, logic errors, or potential exploits.Automated Testing:Utilize automated tools and continuous integration pipelines to run security tests and monitor code quality.Formal Verification:Where possible, use formal verification techniques to mathematically prove that your contract behaves as expected.Handling Private Keys and Wallet SecurityKey Management:Never hard-code private keys in your codebase. Use secure vaults or environment variables to manage secrets.Multi-Signature Wallets:For administrative actions, consider using multi-signature wallets to add an extra layer of security.User Education:Educate your users about best practices for wallet security, including the importance of safeguarding their private keys and using hardware wallets when possible.Scalability, Performance, and Cost ConsiderationsSolana's architecture provides high throughput and low fees, but marketplace developers must still consider:Transaction Throughput:Although Solana can process thousands of TPS, your marketplace should implement off-chain caching and batching of transactions to optimize performance during high traffic.Network Congestion:Monitor network congestion and implement dynamic fee structures if necessary. Design your system to handle peak loads efficiently.Cost Analysis:Regularly review the cost of on-chain operations, including minting, listing, and trading. While Solana fees are low, optimizing smart contract logic can further reduce operational costs.Decentralized Storage Costs:Consider the costs associated with storing data on IPFS or Arweave. Balance permanence with affordability to ensure sustainable operations.You may also like | A Guide to Implementing NFT Royalties on ERC-721 & ERC-1155Challenges and Best PracticesCommon ChallengesNetwork Upgrades and Forks:Blockchain networks, including Solana, periodically undergo upgrades. Staying informed about network changes and planning for potential forks is crucial.Security Risks:Smart contract vulnerabilities, phishing attacks, and wallet hacks pose risks. Regular audits and security best practices are non-negotiable.User Adoption:Ensuring a seamless user experience and educating users about wallet integrations and transaction processes can be challenging, especially for non-technical users.Regulatory Compliance:As NFT markets grow, so does regulatory scrutiny. Keeping up with legal requirements and ensuring compliance is an ongoing process.Best PracticesModular Architecture:Develop your marketplace with modular components to enable easier updates and maintenance.Thorough Documentation:Maintain comprehensive documentation for both your smart contracts and off-chain integrations. This facilitates easier onboarding of new developers and auditors.Community Engagement:Engage with the Solana and NFT communities to stay updated on best practices, emerging trends, and potential pitfalls.Continuous Monitoring:Implement robust monitoring solutions to track transaction performance, security incidents, and system health in real time.You may also like | NFT ETFs | A Beginner's Guide to Investing in Digital AssetsFuture Trends and DevelopmentsThe NFT and blockchain space is in constant flux, and keeping an eye on future trends is critical for any marketplace developer. Some emerging trends include:Interoperability:Future NFT marketplaces may incorporate cross-chain interoperability, enabling assets to move seamlessly between different blockchains.Enhanced User Experience:Improved wallet integrations, decentralized identity solutions, and more intuitive UI/UX designs will drive broader adoption.Secondary Market Innovations:Mechanisms for automatic royalty distribution, fractional ownership, and secondary market trading are expected to evolve, adding layers of complexity and opportunity.Decentralized Finance (DeFi) Integration:NFT marketplaces could integrate with DeFi protocols to offer collateralized lending, staking, and liquidity mining using NFTs.Green and Sustainable Blockchain Practices:As environmental concerns grow, the shift toward energy-efficient blockchain protocols like Solana will continue to be a significant trend.Staying abreast of these trends and continuously iterating on your marketplace platform will ensure long-term success in a competitive landscape.Frequently Asked Questions (FAQ)Q1: Why choose Solana over Ethereum for NFT marketplaces?A: Solana offers higher throughput, lower transaction fees, and improved scalability compared to Ethereum. This makes it more suitable for high-volume applications like NFT marketplaces, where cost and performance are critical factors.Q2: What programming languages are used in Solana development?A: Rust is the primary language for writing Solana smart contracts due to its performance and safety features. Additionally, JavaScript/TypeScript is commonly used for front-end development and interacting with the blockchain via libraries such as @solana/web3.js.Q3: What is the Anchor framework and why is it important?A: Anchor is a development framework that simplifies writing, testing, and deploying smart contracts on Solana. It provides a declarative syntax, built-in error handling, and integrated testing features, thereby accelerating development and improving contract reliability.Q4: How do I store NFT metadata securely?A: NFT metadata is typically stored off-chain using decentralized storage solutions like IPFS or Arweave. These platforms ensure that metadata is tamper-proof and remains accessible over time.Q5: How can I ensure the security of my smart contracts?A: Security can be enhanced through thorough code reviews, third-party audits, automated testing, and formal verification. Additionally, following best practices for key management and wallet integration is crucial.Q6: What are the main components of an NFT marketplace built on Solana?A: The key components include the front-end (user interface and wallet integration), back-end (APIs, databases, and business logic), and smart contracts (handling minting, listings, trading, and royalties).Q7: How do transaction fees on Solana compare to other blockchains?A: Solana's transaction fees are significantly lower than those on Ethereum, making it an attractive platform for NFT marketplaces where frequent transactions occur.Q8: What future trends should NFT marketplace developers be aware of?A: Developers should keep an eye on cross-chain interoperability, enhanced user experiences through better wallet integrations, secondary market innovations like fractional ownership and automatic royalties, and increased integration with DeFi protocols.Also, Check | DN-404 Token Standard : Revolutionizing Fractional NFT OwnershipConclusionDeveloping a Solana-based NFT marketplace presents an exciting opportunity to harness the power of blockchain for creating innovative digital asset ecosystems. With its high throughput, low transaction costs, and robust developer tools, Solana is ideally suited for building scalable and user-friendly NFT platforms.Whether you are an experienced blockchain developer or new to the space, the information in this guide is designed to empower you to build a robust, secure, and innovative NFT marketplace on Solana. By following best practices, leveraging the right tools, and staying updated with emerging trends, you can create a platform that not only meets the demands of today's digital asset market but also paves the way for future growth and innovation.For further queries, collaboration opportunities, or technical support, feel free to connect with our team of Solana blockchain developers. Your journey into the world of Solana-based NFT marketplaces starts here.
Category:
Blockchain
Mudit Kumar
27 Mar 2025
Should Your Business Accept Cryptocurrencies as Payments?
Cryptocurrencies like Bitcoin have been around for quite some time now. However, they have not become as popular as they were expected to be. The acceptance of cryptocurrencies has seen slow growth over the years.Some businesses do accept cryptocurrencies as payment. In this blog, we will discuss whether your business should accept it or not. We will see all the pros and cons of cryptocurrencies. Based on the discussion, you should take a call on whether to accept cryptocurrencies as payment or not. For more related to crypto, visit our cryptocurrency development services.So, let's get started!What is Cryptocurrency?Cryptocurrency is a form of currency that exists digitally or virtually and makes use of cryptography to provide security to transactions. It does not have a central regulating authority but relies on a decentralized system.Cryptocurrency is a peer-to-peer system that enables sending and receiving payments. It is not physical money that is exchanged in the real world but exists only as digital entries. When cryptocurrency funds are transferred, they are recorded in a public ledger as transactions. It is called cryptocurrency because it uses encryption to verify transactions for safety and security.Bitcoin was the first cryptocurrency launched in 2009 and remains the most popular one.Now that you have a good idea about cryptocurrencies, let's dive deeper.Also, Explore | Healthcare Payments: The Role of Blockchain TechnologyPros of Accepting CryptocurrencyIn order to decide whether your business should accept cryptocurrency or not, you should know the pros and cons of using cryptocurrency. Let's have a look at the pros first.1. Speed & SecurityThe speed and security offered by cryptocurrencies are unmatched at present. Cryptocurrency transactions are processed within minutes with a high level of security, provided by blockchain technology. This reduces the risk of fraud and increases overall customer satisfaction.2. Bigger Customer BaseAccepting cryptocurrencies can expand your customer base. Some tech-savvy customers prefer using cryptocurrencies to buy products or services. Most of these customers are early adopters or younger individuals who are likely to be repeat customers and offer word-of-mouth publicity.3. Less Transaction FeesTraditional payment methods, such as card gateways, typically charge transaction fees between 2-4%. Cryptocurrency transaction fees can be as low as 0.2%, saving customers a significant amount of money.4. TransparencyCryptocurrency is built on blockchain technology, which records every transaction on an immutable public ledger. This ensures that all transactions are verifiable, reducing the chances of manipulation.5. Global AccessCryptocurrencies transcend geographical boundaries, enabling businesses to receive payments from anywhere in the world. This eliminates delays associated with cross-border transactions.6. DecentralizationCryptocurrency operates on a decentralized system, meaning no central authority controls it. This structure reduces the risk of manipulation, enhances reliability, and empowers businesses with greater autonomy over transactions.7. Potential for Value AppreciationCryptocurrency values can appreciate over time. For example, Bitcoin's value rose from around $400 in 2016 to $73,000 in 2024, showcasing its growth potential. Cryptocurrencies can serve as both a transaction medium and an investment.8. PrivacyCryptocurrency transactions allow users to send or receive payments without revealing personal information, offering a level of privacy that traditional payment methods lack.9. Round-the-Clock AvailabilityCryptocurrency payments can be made 24/7, unlike traditional payment systems, which may have downtime. This is especially beneficial for global businesses with time-sensitive financial transactions.10. Increasing AcceptanceMore businesses are integrating cryptocurrencies into their payment systems. With growing public awareness and understanding, cryptocurrency adoption is expected to increase.Also, Explore | A Quick Guide to Understanding Crypto Payment GatewayCons of Accepting CryptocurrenciesWhile cryptocurrencies offer numerous advantages, they also have some drawbacks. Let's explore the cons.1. No Regulatory MechanismCryptocurrencies lack a fixed regulatory authority, and their rules vary across regions. This creates confusion, especially regarding taxation and payment laws.2. VolatilityCryptocurrency values are highly volatile. While Bitcoin's value has risen significantly, there is also the risk of depreciation, making businesses cautious about holding them.3. Environmental ImpactThe computational power required for cryptocurrencies like Bitcoin consumes a significant amount of electricity, negatively impacting the environment compared to traditional payment methods.4. No Universal AcceptanceCryptocurrencies are not yet universally accepted and remain unrecognized in many countries. Businesses may prefer traditional currencies to avoid associated risks.5. Fraud RiskCryptocurrencies are attractive to fraudsters and hackers. There have been numerous instances of financial losses due to hacking. Businesses need stringent security measures to mitigate risks.You may also like to discover | Blockchain for Cross-Border Payments | A Detailed GuideWrapping UpCryptocurrencies have been around since 2009 but are still not widely used globally. However, they have the potential to become a mainstream payment method. Governments need to collaborate and develop a comprehensive framework for their regulation.After examining the pros and cons, you are now better equipped to decide whether to accept cryptocurrencies in your business transactions. Consider all factors carefully before making a decision.If you are looking for cryptocurrency development, blockchain development, or other fintech application development, get in touch with Oodles Blockchain.Author BioVictor Ortiz is a Content Marketer with GoodFirms. He enjoys reading and blogging about technology-related topics and is passionate about traveling, exploring new places, and listening to music.
Category:
Blockchain
Mudit Kumar
27 Jan 2025
NFT ETFs | A Beginner’s Guide to Investing in Digital Assets
In the dynamic world of digital finance, Non-Fungible Tokens (NFTs) have revolutionized how we perceive and trade unique digital assets. Simultaneously, Exchange-Traded Funds (ETFs) have democratized access to diverse investment portfolios. The convergence of these two innovations has given rise to the NFT ETF—a novel financial instrument blending the uniqueness of NFTs with the accessibility of ETFs. Understanding the evolution of NFT ETFs is essential for making informed investment decisions. For more about NFTs, visit ourNFT development services.This blog delves into the structure, benefits, and future outlook of NFT ETFs, providing a comprehensive guide for potential investors in 2024.What is an NFT ETF?An NFT ETF, or Non-Fungible Token Exchange-Traded Fund, is a type of financial product that allows investors to gain exposure to a diversified portfolio of NFTs through a single investment vehicle. Like traditional ETFs, which bundle stocks or bonds into a tradeable asset, NFT ETFs aggregate various NFTs or NFT-related assets, offering investors an efficient way to invest in the burgeoning NFT market without managing individual NFTs.The Rise of NFT ETFsNFTs have captured significant attention due to their potential to represent ownership of unique digital art, collectibles, and other digital items. However, the NFT market's volatility and complexity challenge individual investors. NFT ETFs emerged as a solution, providing diversified exposure to NFTs and related sectors (e.g., NFT marketplaces, and blockchain technology companies). These funds allow investors to partake in the NFT boom while mitigating the risks of holding individual NFTs.Also, Explore | How to Develop an NFT Game Like Zed Run | A Step-by-Step GuideKey Milestones in the Rise of NFT ETFs2021-2022:Initial discussions and exploratory ETF structures proposed, focusing on NFT-related stocks and indices.2023: Launch of the first NFT ETFs, initially featuring companies involved in the NFT ecosystem, such as marketplaces and blockchain infrastructure.2024:Expansion of NFT ETFs to include actual NFTs and derivative assets, enhancing diversification and investment appeal.Also, Read | How to Get the Transaction History of an NFTHow Does an NFT ETF Work?Composition of NFT ETFs:NFT ETFs typically include:NFT StocksShares of companies heavily involved in the NFT space, such as NFT marketplaces (e.g., OpenSea), blockchain technology firms (e.g., Ethereum), and digital art platforms.NFT DerivativesFinancial instruments derived from the value of NFTs, such as NFT futures or options.Direct NFTsA selection of high-value or trending NFTs aggregated into the fund.Also, Discover | How to Create a Compressed NFT on SolanaMechanism of OperationCreation and Redemption: Like traditional ETFs, NFT ETFs are created and redeemed through a process involving institutional investors and fund managers. This process ensures that the ETF's price closely tracks the value of the underlying assets.Trading: NFT ETFs are traded on stock exchanges, allowing investors to buy and sell shares throughout the trading day. This liquidity makes it easier for investors to enter or exit positions in the NFT market.Management: Professional fund managers oversee the selection and weighting of assets within the ETF, rebalancing the portfolio as needed to maintain desired exposure and risk levels.Investment StrategyNFT ETFs employ diverse strategies, such as:Market Capitalization: Targeting NFTs or companies with significant market value.Thematic: Focusing on specific NFT themes, such as digital art, gaming, or virtual real estate.Active Management: Involving active buying and selling of NFTs or related assets to capitalize on market trends.You may also like | A Detailed Guide to NFT Minting on Solana using Metaplex APIBenefits of Investing in NFT ETFsDiversificationNFT ETFs provide exposure to a broad spectrum of NFTs and related assets, reducing the risks associated with investing in individual NFTs, which can be highly volatile and illiquid.AccessibilityBy packaging NFTs into an ETF, investors can easily participate in the NFT market without understanding the intricacies of NFT ownership, storage, and trading.LiquidityNFT ETFs offer greater liquidity than individual NFTs, as they can be traded on major stock exchanges, allowing investors to buy or sell shares quickly.Professional ManagementManaged by experienced professionals, NFT ETFs benefit from expert selection and rebalancing of assets, aiming to optimize returns and manage risks effectively.Also, Read | A Step by Step Tutorial of Building a Cross Chain NFT BridgeNavigating the NFT ETF Landscape in 2024Market TrendsIncreased Adoption: Growing interest from retail and institutional investors in NFTs drives demand for NFT ETFs.Regulatory Developments: Evolving regulations impact the structure and offerings of NFT ETFs, enhancing transparency and investor protection.Technological Advancements: Innovations in blockchain technology and NFT standards contribute to developing more sophisticated NFT ETFs.Key PlayersProminent financial institutions and innovative fintech companies lead the charge in offering NFT ETFs. These players leverage their expertise in traditional finance and digital assets to create compelling investment products.Investment ConsiderationsInvestors should evaluate factors such as:Expense Ratios: Understanding the costs associated with managing the ETF.Asset Composition: Assessing the types of NFTs and companies included in the ETF.Market Conditions: Monitoring the overall NFT market environment and potential risks.Also, Check | Leveraging DALLE APIs for NFT DevelopmentFuture Outlook on NFT ETFsThe future of NFT ETFs looks promising, driven by several factors:Expansion of NFT CategoriesAs the NFT market matures, NFT ETFs are likely to include a wider variety of NFTs, including virtual real estate, music rights, and tokenized physical assets.Integration with DeFiThe convergence of NFT ETFs with decentralized finance (DeFi) platforms may offer new liquidity and yield generation opportunities, further enhancing these investment products' appeal.Institutional AdoptionGrowing interest from institutional investors in NFTs is expected to bolster the development and acceptance of NFT ETFs, bringing more capital and credibility to the market.You may also like to explore | Unveiling the Top NFT Trends in 2024ConclusionNFT ETFs represent a groundbreaking innovation at the intersection of digital assets and traditional finance. By offering diversified exposure to the rapidly evolving NFT market, these ETFs provide a practical and accessible way for investors to participate in the digital economy's growth. As the NFT landscape continues to evolve, NFT ETFs are poised to play a crucial role in shaping the future of digital asset investments. Whether you're a seasoned investor or new to the NFT space, understanding the structure and benefits of NFT ETFs can empower you to make informed decisions in this exciting and dynamic market. In case you are looking for NFT development services, explore and hire from a diverse talent pool of NFT developers to get started.
Category:
Blockchain
Mudit Kumar
29 Aug 2024
Crypto Copy Trading | What You Need to Know
The concept of crypto copy trading enables investors to immitates the trades of seasoned professionals on cryptocurrency exchange platforms. As cryptocurrency trading continues to gain popularity, many individuals are turning to copy trading as a way to leverage the expertise of experienced traders without needing extensive knowledge or time commitment. For related to crypto exchange, visit our crypto exchange development services.In this comprehensive blog guide, we will delve into what crypto copy trading is, how it works, its competitive benefits, and key considerations to keep in mind before you start.What is Copy Trading in Crypto?Crypto copy trading is a trading strategy where investors mimic the trades of successful and experienced traders. Users can align their investments with seasoned experts by automatically copying the trades executed by top performers. Essentially, copy trading allows investors to leverage the knowledge and strategies of professional traders without requiring a deep understanding of the market or spending time on research.The core idea behind copy trading is that it mimics the trades of experienced traders in the crypto market. When you choose to copy a trader, the platform replicates their buy and sell decisions in your own trading account. This means that if the trader decides to purchase Bitcoin or sell Ethereum, the same actions will be mirrored in your account proportionally based on the funds you allocate for copy trading.Also, Check | Everything You Need to Know About Crypto Exchange MarketingHow Does Crypto Copy Trading Work?Choose a PlatformThe first step in crypto copy trading is to select a trading platform that offers this feature. Numerous platforms provide copy trading services, each with its own set of features and capabilities. It's crucial to choose a platform that is reputable and offers comprehensive tools for evaluating and selecting traders to follow.Select TradersOnce you've chosen a platform, you can browse through a list of traders available for copying. These traders are usually ranked based on their performance metrics, such as return on investment (ROI), risk level, and trading style. Evaluating these metrics helps you make informed decisions about which traders align with your investment goals and risk tolerance.Allocate FundsAfter selecting the traders you wish to copy, you'll need to allocate a portion of your investment funds to each trader. The platform will then automatically replicate the trader's trades in your account, adjusting for the amount of funds you've allocated. This ensures that your trades mirror the selected trader's actions proportionally.Monitor PerformanceWhile crypto copy trading automates the process of executing trades, it's still essential to monitor your investments regularly. Platforms often provide performance analytics and reports, allowing you to track the success of your copy trading strategy and make adjustments if necessary.Also, Explore | Cross-Chain Swaps | Empowering Crypto Exchange DevelopmentBenefits of Crypto Copy TradingLeverage ExpertiseOne of the primary advantages of crypto copy trading is the ability to leverage the expertise of successful traders. By following experienced traders, you benefit from their knowledge and strategies without needing to become an expert yourself.Save TimeCrypto trading can be time-consuming, requiring constant monitoring and analysis of market trends. Copy trading simplifies this process by automating trade execution, allowing you to invest without dedicating extensive time to market research.DiversificationCopy trading provides an opportunity to diversify your investment portfolio by following multiple traders with different strategies. Diversification can help mitigate risk and potentially improve overall returns.Learn from the ProsObserving and copying successful traders' strategies can offer valuable insights into effective trading practices. This learning experience can enhance your understanding of the market and improve your own trading skills.AccessibilityCrypto copy trading makes advanced trading strategies accessible to beginners who may not have the expertise or resources to develop their own strategies. This democratizes trading opportunities and allows more people to participate in the cryptocurrency market.Also, Read | The Emergence of Hybrid Crypto Exchange DevelopmentImportant Considerations Before You Start Crypto Copy TradingResearch TradersThoroughly research and evaluate potential traders to copy. Consider their historical performance, risk levels, and trading strategies. Choosing the right traders is crucial to achieving favorable outcomes with your copy trading strategy.Understand FeesBe aware of any fees associated with copy trading platforms. These fees may include management fees, performance fees, or transaction costs. Understanding the fee structure helps you evaluate the cost-effectiveness of the copy trading service.Diversify InvestmentsAvoid putting all your funds into a single trader or strategy. Diversifying your investments across multiple traders can help spread risk and enhance the potential for returns.Monitor RegularlyAlthough copy trading automates trade execution, it's important to monitor your investments regularly. Keep an eye on the performance of your chosen traders and make adjustments as needed based on market conditions and your investment goals.Risk ManagementCrypto trading involves inherent risks, and copy trading is no exception. Be prepared for potential losses and understand that past performance is not always indicative of future results. Implementing effective risk management strategies can help protect your investments.Platform ReliabilityChoose a reputable and secure trading platform to ensure the safety of your funds and personal information. Verify the platform's security measures and read user reviews to gauge its reliability.You may also like | Must-Have Features for a Unique Crypto Exchange DevelopmentConclusionCrypto copy trading offers a practical and accessible way for investors to enhance their trading strategies by mirroring the actions of experienced professionals. By understanding how crypto copy trading works, evaluating its benefits, and considering important factors, you can make informed decisions and potentially improve your investment outcomes in the dynamic cryptocurrency market. Whether you're a beginner looking to enter the crypto space or an experienced trader seeking to optimize your strategy, copy trading provides a valuable tool to navigate the complexities of cryptocurrency trading.At Oodles Blockchain, our crypto developers specialize in providing innovative solutions for the crypto market, including crypto copy trading platform development. If you're interested in exploring advanced trading strategies or developing your own crypto projects, get in touch with us today. Our team of blockchain developers is here to help you achieve your financial goals and optimize your investment strategies in the ever-evolving world of cryptocurrency.
Category:
Blockchain
Mudit Kumar
21 Aug 2024
Why ERC-7007 is the Next Big Thing in Blockchain
Blockchain technology constantly evolves, introducing new standards and protocols that enhance digital asset management. One such groundbreaking development is ERC-7007, a token specifically designed for AI-generated content (AIGC). This new standard aims to revolutionize how digital content is owned, authenticated, and monetized through crypto development services.This blog explores essential information about ERC-7007, including its key features.What is ERC-7007?ERC-7007 is an Ethereum token standard created to manage AI-generated content. Unlike traditional tokens, ERC-7007 focuses on the nuances of AI content creation, ensuring that ownership, authorship, and monetization are transparent and traceable. This standard opens up new avenues for content creators, consumers, and industries relying on digital assets.You may also like | Discovering Top ERC Token Standards in 2024Similarities and Differences between ERC-7007 and ERC-721ERC-7007 shares similarities with ERC-721, the standard for non-fungible tokens (NFTs). Both standards allow for the creation and management of unique digital assets. However, ERC-7007 is tailored specifically for AI-generated content, incorporating additional features to address complex challenges and opportunities AI presents in content creation.Also, Check | How to Create and Deploy a Token Bound Account | ERC-6551Key Features of ERC-7007Ownership and AuthorshipERC-7007 ensures clear ownership and authorship of AI-generated content. Each token represents a unique piece of content, and the blockchain records the creator's details, ensuring transparency and protecting intellectual property rights.Transparency and TraceabilityOne of the standout features of ERC-7007 is its ability to provide transparency and traceability. Every transaction, modification, and transfer of the token is recorded on the blockchain, offering a verifiable history of the content's journey from creation to current ownership.Also, Check | Discovering Top ERC Token Standards in 2024Monetization and RoyaltiesERC-7007 facilitates the monetization of AI-generated content by enabling creators to set up automated royalty payments. This ensures that the original creator receives a fair share of the revenue every time the content is sold or used, providing a continuous income stream.InteroperabilityERC-7007 tokens are designed to be interoperable with other Ethereum-based tokens and platforms. This ensures that AI-generated content can be seamlessly integrated and utilized across various applications, enhancing its utility and value.Also, Read | How to Simplify Transactions with ERC 2771Industry Applications of ERC-7007Media and EntertainmentIn the media and entertainment industry, ERC-7007 can be used to manage and monetize AI-generated music, videos, and other forms of digital content. This not only protects the rights of creators but also provides new revenue streams.Digital ArtFor digital artists, ERC-7007 offers a platform to authenticate and sell AI-generated artworks. The transparency and traceability features ensure that each piece of art can be verified as original, preventing forgery and ensuring artists receive due recognition and payment.EducationIn education and research, ERC-7007 can be used to manage and distribute AI-generated research papers, educational materials, and other intellectual properties. This ensures that creators are credited for their work and can monetize their contributions to academia.Also, Explore | How to Create an ERC 721C ContractFuture OutlookThe future of ERC-7007 looks promising as more industries recognize the potential of AI-generated content. As blockchain technology continues to advance, ERC-7007 will likely see broader adoption, driving innovation and providing new opportunities for creators and consumers alike.ConclusionERC-7007 represents a significant advancement in the management and monetization of AI-generated content. By ensuring transparency, traceability, and fair compensation, this token standard has the potential to revolutionize various industries. As we move forward, the standard will play a crucial role in shaping the future of digital content creation and ownership. If you are looking to enter the DeFi space to build innovative projects that can transform the web, connect with our skilled blockchain developers to get started. Also, check our past work where we delivered innovative solutions to complex business requirements.
Category:
Blockchain
Mudit Kumar
21 Aug 2024
Blockchain in Genomics | The Future of Healthcare is Encoded
Advancements in technology have continually pushed the boundaries of what's possible in healthcare. One such innovation that holds immense promise is building blockchain solutions for genomics. This powerful combination revolutionizes how we approach healthcare and paves the way for a future where precision medicine and data security go hand in hand.This blog explores how blockchain can transform genomics, the benefits it brings, and its potential applications in shaping the future of healthcare.Understanding Blockchain in GenomicsAt its core, blockchain is a decentralized and immutable ledger that records transactions securely. When applied to genomics, blockchain brings a new level of trust and transparency to managing genetic data. It allows for the secure storage and sharing of sensitive genomic information while ensuring data integrity and privacy.Also, Read | Healthcare Payments : The Role of Blockchain TechnologyBenefits of Blockchain in GenomicsData SecurityBlockchain's decentralized encryption ensures that genomic data remains secure and tamper-proof, reducing the risk of data breaches and unauthorized access.Data IntegrityWith blockchain, the integrity of genomic data is maintained throughout its lifecycle. Any changes or updates are recorded transparently, providing a clear audit trail.InteroperabilityBlockchain facilitates seamless data exchange and interoperability among healthcare providers, researchers, and patients, leading to more comprehensive and collaborative research efforts.Patient EmpowermentPatients gain greater control over their genomic data, deciding who can access it and for what purposes. This empowerment fosters trust and encourages participation in research initiatives.Also, Explore | Integrating Blockchain and Metaverse with HealthcareApplications of Blockchain in GenomicsResearch CollaborationBlockchain enables secure sharing of genomic data among researchers globally, accelerating discoveries and advancements in precision medicine.Clinical TrialsBlockchain streamlines clinical trial data management, ensuring transparency and traceability while maintaining patient privacy and consent.Data MonetizationPatients can choose to monetize their genomic data by granting access to researchers or pharmaceutical companies, fostering a fair and transparent data economy.Also, Read | NFTs in Healthcare: Applications to KnowConclusionAs blockchain continues to evolve and mature, its integration with genomics will play a pivotal role in shaping the future of healthcare. The possibilities are limitless, from personalized treatments based on individual genetic profiles to groundbreaking disease prevention and treatment discoveries. The key lies in harnessing this technology responsibly, prioritizing data privacy, security, and ethical considerations.In conclusion, blockchain in genomics represents a paradigm shift in healthcare, offering unparalleled opportunities for innovation and improvement. By leveraging blockchain technology's strengths, we can unlock new insights, improve patient outcomes, and ultimately redefine how we approach healthcare in the digital age.Unlock the future of healthcare with blockchain developers at Oodles Blockchain. Let us help you integrate cutting-edge blockchain solutions into your genomics projects, ensuring data security, transparency, and innovation. Contact us today to revolutionize your healthcare approach!
Category:
Blockchain
Mudit Kumar
21 Aug 2024
A Complete Guide to Ethereum Name Service (Exploring ENS Domains)
Navigating the realm of Ethereum development services can often feel as complex as deciphering an alien script. Amidst the technical terminology and intricate addresses, the Ethereum Name Service (ENS) emerges as a beacon of clarity. This innovative system simplifies blockchain interactions, making them more accessible and user-friendly.This blog explores the introduction of the Ethereum Name Service and its functionality.What Is ENS (Ethereum Name Service)?The Ethereum Name Service (ENS) is a decentralized domain name registry that bridges the gap between human-friendly names and Ethereum addresses. Think of it as a way to assign memorable, personalized names to your wallets, smart contracts, and even decentralized websites.Traditionally, interacting with Ethereum required dealing with long hexadecimal strings that served as addresses, a barrier to mainstream adoption. ENS revolutionizes this by replacing these complex addresses with simple, readable names, such as "mywallet.eth".Also, Explore | How Polygon AggLayer Emerges to be the Hub for Ethereum L2sHow Does ENS Work?ENS functions by mapping human-readable domain names to Ethereum addresses. This means instead of sharing unwieldy addresses like "0x4bbeEB066eD09B7AEd07bF39EEe0460DFa261520", you can provide your ENS name like "alice.eth". This mapping is managed in a decentralized manner across a network of nodes, ensuring resilience against censorship and avoiding central control.The infrastructure of ENS is built on Ethereum smart contracts, which store the mappings between names and addresses. These contracts are executed by a distributed network of nodes, similar to how Ethereum itself operates. This decentralization ensures that ENS is robust and resistant to manipulation or shutdown by any single entity.Also, Check | Creating a Tokenized Lootbox Game Smart Contract on EthereumMultiple Use Cases of ENSWallet AddressesReplace your lengthy wallet address with an ENS name. For instance, "alice.eth" can be used to receive payments rather than sharing a complex address.Smart ContractsAssign ENS names to smart contracts, simplifying their interaction. This is particularly useful for decentralized applications (dApps) that require frequent interaction with smart contracts.Decentralized WebsitesENS can be integrated with IPFS (InterPlanetary File System) to host censorship-resistant websites. By mapping an ENS name to content stored on IPFS, users can access websites without reliance on traditional DNS servers, ensuring permanence and resistance to censorship.Also, Read | A Quick Guide to Ethereum Loyalty Program DevelopmentIntegrating ENS Across ServicesENS offers several integrative features that enhance its utility:Web3 UsernameYour ENS name can serve as a unified username across various blockchain services. This simplifies identity management and makes interactions more user-friendly.Cross-Chain CompatibilityUse your ENS name to receive payments in any cryptocurrency or token, not just Ethereum. This interoperability streamlines transactions and eliminates the need to manage multiple addresses.Decentralized WebsitesBy uploading your website to IPFS and linking it to your ENS name, you achieve a truly decentralized web presence. This is particularly appealing for projects that require resilience against censorship or for publishing content that requires long-term availability.Traditional DomainsENS supports both native.ETH domains and integration with existing DNS names (e.g., .com, .org, .io). This allows seamless integration of traditional internet domains with the benefits of blockchain technology, such as security and decentralization.You may also like | ERC-4337: Ethereum's Account Abstraction ProposalConclusionENS empowers users by simplifying interactions with blockchain technology and enhancing the decentralized web. Whether securing your crypto identity, launching a decentralized application, or publishing content on a censorship-resistant platform, ENS provides the tools necessary to easily navigate the blockchain landscape.In summary, ENS represents a significant step towards mainstream adoption of blockchain technology by abstracting complexity and providing intuitive solutions for users and developers alike. By leveraging ENS, individuals and organizations can embrace the benefits of decentralization while enjoying the convenience of human-readable names. As blockchain technology continues to evolve, ENS stands as a foundational pillar in creating a more accessible and user-friendly digital ecosystem.At Oodles Blockchain, our expert blockchain developers can help you harness the power of Ethereum Name Service to create user-friendly digital identities. Let us assist you in integrating ENS into your platform, making blockchain more accessible. Get in touch with us today to elevate your business with seamless ENS integration!
Category:
Blockchain
Mudit Kumar
20 Aug 2024
How Blockchain is Enhancing Cybersecurity
In the contemporary digital landscape, robust cybersecurity measures are paramount. As technology advances, so do cybercriminals' strategies. With the escalating concerns about data breaches, identity theft, and other cyber threats, the demand for innovative solutions is pressing. Initially designed as the foundation of cryptocurrencies like Bitcoin, blockchain technology has potential that reaches far beyond digital currencies. Using blockchain development services businesses can develop solution that fortify their cybersecurity measures.In this blog, delve into how blockchain technology can be instrumental in bolstering cybersecurity.Understanding Blockchain TechnologyFundamentally, blockchain is a decentralized, distributed ledger that logs transactions across numerous computers so that the logged transactions cannot be retroactively altered. Each block in the chain houses several transactions, and whenever a new transaction takes place on the blockchain, a record of that transaction is added to every participant's ledger. The decentralized characteristic of blockchain is crucial to its security.Also, Explore | Rethinking Cybersecurity Solutions with Blockchain TechnologyIntersection of Blockchain and CybersecurityDecentralizationElimination of Single Points of FailureConventional centralized databases are susceptible to cyber-attacks, as hackers can target a single point of failure. The decentralized nature of blockchain implies that there is no single point to attack, making it considerably more challenging for cybercriminals to compromise the entire system.Enhanced Data IntegrityWith data stored across multiple nodes, blockchain ensures that data remains consistent and tamper-proof. Any attempt to alter data in one block will necessitate changes to all subsequent blocks, which is virtually impossible due to the consensus protocols.Also Explore | How UAE is Harnessing the Power of BlockchainIncreased Transparency and TraceabilityImmutable RecordsOnce data is inscribed to a blockchain, it cannot be altered. This immutability ensures that records are transparent and traceable, providing a clear audit trail that is vital for cybersecurity.Fraud DetectionThe transparency of blockchain can aid in detecting fraudulent activities in real time. By providing a secure and transparent method to track transactions, organizations can swiftly identify and respond to suspicious activities.You may also like | TON Blockchain: A Guide to Telegram's Ambitious ProjectCryptographic SecurityRobust EncryptionBlockchain employs advanced cryptographic techniques to secure data. Public and private keys and cryptographic hashing ensure that only authorized parties can access the information stored on the blockchain.Data PrivacyWhile blockchain is transparent, it also offers a high level of privacy. Users can remain anonymous, and sensitive data can be encrypted, preserving privacy.Also, Explore | Layer 1 Blockchain: The Foundation of Decentralized NetworksSmart ContractsAutomated Security ProtocolsSmart contracts are self-executing contracts with the terms of the agreement directly inscribed into the code. They automatically enforce rules and execute transactions when conditions are met, reducing the risk of human error and enhancing security protocols.Reduction in FraudSmart contracts can help minimize the risk of fraud and increase transaction efficiency by automating processes and reducing the need for intermediaries.Also, Check | How to Create a Smart Contract for Lottery SystemReal-World Applications of Blockchain in CybersecurityIdentity ManagementBlockchain can revolutionize identity management by providing a secure and immutable method to verify identities. This can prevent identity theft and ensure only authorized individuals access sensitive information.Secure IoT NetworksThe Internet of Things (IoT) presents significant cybersecurity challenges due to the many connected devices. Blockchain can provide a secure framework for IoT networks, ensuring that data transmitted between devices is encrypted and tamper-proof.Supply Chain SecurityBlockchain can enhance the security of supply chains by providing an immutable record of products' journeys from origin to delivery. This can help identify and prevent fraud and ensure that products are authentic and have not been tampered with.Also, Discover | How Blockchain Transforms the Supply Chain FinanceConclusionBlockchain technology holds immense potential for enhancing cybersecurity. Its decentralized nature and advanced cryptographic techniques provide a robust framework for securing data and transactions. As cyber threats continue to evolve, embracing innovative solutions like blockchain will be crucial in building resilient cybersecurity defenses. While not a silver bullet, blockchain offers a promising avenue for creating a more secure digital future. By leveraging blockchain, organizations can enhance their security measures, protect sensitive information, and stay one step ahead of cybercriminals.Secure Your Digital Future with Oodles BlockchainAt Oodles Blockchain, our expert blockchain developers specialize in creating secure, decentralized solutions tailored to your needs. Harness the power of blockchain to protect your data, enhance transparency, and stay ahead of cyber threats. Get in touch with us today!
Category:
Blockchain
Mudit Kumar
20 Aug 2024
How to Build a Cryptocurrency Wallet App Like Exodus
With the expanding popularity of digital currencies, there is a greater need than ever for safe and dependable wallets for storing cryptocurrencies. Crypto wallet development can be termed gateways to blockchain payments. In addition to storing cryptocurrencies, they are used to buy fiat currency and NFTs or exchange and trade.According to the overview report of Statista 2023, from 2023 to 2030, the size of the global cryptocurrency wallet market is anticipated to increase at an average growth rate of (CAGR) of 24.8%, previously valued at USD 8.42 billion.Among the myriad of crypto wallets contributing to this market, the Exodus wallet stands out for its user-friendly interface and robust features, enabling users to manage and exchange over 260 cryptocurrencies and NFTs across web, mobile, desktop, and hardware platforms.This blog explains essential features, security priorities, development process, and cost considerations for building a crypto wallet similar to Exodus, equipping you with the knowledge needed to create a secure and reliable wallet.What is Exodus Crypto Wallet?Exodus is a well-known cryptocurrency wallet app provider that supports a wide range of currencies. JP Richardson and Daniel Castagnoli created the Exodus cryptocurrency wallet app in 2015. It is an interactive, trustworthy, and safe application that offers multiple functions and features to make it easy for users to navigate. It is free to download and available on app stores.Also, Read | What is the Cost of Creating a Crypto Wallet App in 2024Prominent Features of the Exodus Wallet AppThe Exodus wallet has gained popularity among blockchain enthusiasts for its comprehensive features, which include buying and selling cryptocurrencies, swapping crypto assets, connecting to Web3 apps and dApps, displaying NFTs, and earning rewards through crypto staking. Let's explore these critical features:BackupUsers can secure their assets through a private key and a 12-word recovery phrase, ensuring account access even if passwords are forgotten.WalletExodus is a non-custodial solution for storing cryptocurrencies and NFTs, allowing for purchasing, selling, staking, and swapping within the app.ExchangerUsers can exchange cryptocurrencies using a real-time value analyzer to determine the current rates for buying or selling.Also, Check | What is the Cost of Creating a Crypto Wallet App in 2024PortfolioAn intelligent portfolio feature helps users track the value of their assets in real-time, providing comparative charts for investment analysis.Web3 IntegrationThis feature allows users to access various Metaverse and Web3 apps, facilitating seamless trading and interaction within these platforms.Staking and Compound FinanceUsers can earn passive income through staking and compound finance options.Customer SupportProviding 24/7 customer support through live chat, email, phone, and a comprehensive FAQ section ensures user issues are promptly addressed.Also, Check | Top 10 Modern Crypto Wallet Features in 2024Primary Objectives When Developing a Crypto Wallet Similar to ExodusSecurity is paramount when developing a crypto wallet similar to Exodus, necessitating a comprehensive approach. First, implement robust encryption methods to protect private keys and transaction data. Ensure the wallet operates on a non-custodial mechanism, granting users sole access to their private keys and data, thereby enhancing security.Incorporate two-factor authentication (2FA) to require identity verification through a second device or application and leverage biometric authentication such as fingerprint or facial recognition for mobile devices. Conduct regular security audits and vulnerability assessments to identify and address potential risks promptly.Adopting an open-source code approach allows for community scrutiny and contributions, further bolstering security. Finally, educate users on recognizing phishing attempts and integrate built-in anti-phishing measures to safeguard against such threats.You may also like | How to Build a Real-Time Wallet TrackerThe Process of Developing a Crypto Wallet Like ExodusCreating a crypto wallet involves several stages, from planning to deployment:Define the App Concept and FeatureFinalize the business model and essential featuresConduct market research to understand user needs and competitor offeringsIdentify the target user base and create a detailed project roadmapDesign the App's User Interface and User ExperienceFocus on creating a clean, engaging UI/UXDevelop wireframes and prototypes to visualize the app's flow and functionalityInitiate the Coding ProcessChoose between building the app from scratch or using popular libraries and tools like the Coinbase SDK, BitcoinJ SDK, or Blockchain Wallet APIDevelop the core features and ensure a smooth user flowTest and Launch the MVP VersionConduct thorough quality assurance testing to ensure security and scalabilityLaunch the Minimum Viable Product (MVP) to gather user feedback and make necessary improvementsAlso, Discover | Create an Externally Owned Wallet using Web3J and Spring BootConclusionThe rise of cryptocurrency is shaping the future of finance, and developing a multi-currency crypto wallet like Exodus offers numerous advantages, including enhanced convenience, accessibility, and unbeatable security. Creating a secure and user-friendly wallet gives users a reliable platform to store, trade, and exchange virtual currencies like Ethereum, Bitcoin, and more.For top-notch cryptocurrency wallet development, Oodles Blockchain can be your ideal partner. Our dedicated crypto wallet developers will help you build a secure, reliable, and scalable wallet, keeping you ahead in the crypto world.
Category:
Blockchain
Mudit Kumar
20 Aug 2024
Can Blockchain Solve Creators' Copyright Challenges?
The digital age and the Internet offer both significant opportunities and substantial challenges for creators. This world has provided a fantastic platform for artists to share their work with a global audience. It breaks down geographical barriers and makes creative expression more accessible to all. Musicians can now upload their music to streaming services, photographers can display their portfolios on social media, and writers can self-publish ebooks. It helps reach a larger audience than ever before. However, this ease of sharing has also opened a Pandora's box of copyright infringements. However, leveragingblockchain solutions can disrupt the traditional copyright protection model and empower creators like never before.The Concept of CopyrightCopyright is the Intellectual Property Right that safeguards original works of authorship, such as literary works, music, dramatic works, choreographic works, sculptural, pictorial and graphic works, sound recordings, artistic works, architectural works, and computer software. Creators often struggle to protect their intellectual property from illegal downloads and unauthorized use by others, which can lead to revenue loss. The internet's nature, built on ease of duplication and distribution, makes it challenging to enforce copyright.Thus, copyright infringement happens when someone uses a protected work without permission from the owner.You may also like | Intellectual Property Rights Management with BlockchainChallenges Faced by CreatorsUnauthorized Use and PiracyUnauthorized copying and distribution of digital content, such as music, art, literature, or software, deprive creators of revenue and diminish their work's value.Proving OwnershipProving digital content ownership is complicated, often requiring extensive documentation that may not always be available in disputes.Revenue DistributionTraditional revenue distribution methods in creative industries are slow and opaque, often resulting in creators not receiving their fair share of royalties due to intermediaries and system inefficiencies.Lack of TransparencyThe current copyright system lacks transparency, making it difficult for creators to track the use of their works.Also, Read | How Blockchain Solves the Intellectual Property Problem of AIHow does Blockchain help Solve Copyright Challenges?Blockchain technology offers innovative solutions to the significant copyright challenges faced by creators.Combatting Unauthorized Use and PiracyBlockchain can provide a secure and transparent way to track the distribution and usage of digital content. By registering works on a blockchain, creators can establish a clear record of ownership and licensing terms. This makes it easier to detect and prevent unauthorized use. Additionally, blockchain-based DRM (Digital Rights Management) systems can restrict access to content, ensuring that only authorized users can view or distribute it.Proving OwnershipBlockchain provides an immutable ledger where creators can register their works with a timestamp, proving originality and ownership beyond doubt. Each transaction or registration on the blockchain is permanently recorded and cannot be altered, providing a clear, verifiable record of who created a piece of content and when.Streamlining Revenue DistributionSmart contracts on the blockchain can automate licensing and revenue distribution. When a piece of content is used, the smart contract automatically ensures that the creator is compensated according to predefined terms. This reduces the need for intermediaries, speeds up payment processes, and ensures creators receive their fair share of royalties.Enhancing TransparencyBlockchain's transparent nature allows all parties involved to see how and where a piece of content is being used. This transparency makes it easier for creators to track the usage of their work and ensure they are being compensated properly. Every transaction related to a piece of content is recorded on the blockchain, providing a clear and accessible history of its use.Also, Discover | How Blockchain Helps to Transform the Trade Finance SectorReal-World Applications and ExamplesMusic and EntertainmentPlatforms like Audius and Mycelia use blockchain to give musicians more control over their music and fairer revenue distribution.Art and Digital MediaPlatforms such as Artory and Verisart enable artists to register their works, ensuring authenticity and making it easier to track provenance and ownership.PublishingCompanies likePoet and Publica use blockchain to help authors and publishers protect their works, manage rights, and streamline royalty payments.Discover more | Blockchain-Based Streaming for Fairer Content MonetizationConclusionThe digital age presents creators with both immense opportunities and significant challenges. Blockchain technology offers a promising solution to these issues by providing a secure, transparent, and immutable ledger. It can help creators establish clear ownership, combat unauthorized use, streamline revenue distribution, and enhance transparency in the use of their works.As blockchain technology continues to evolve, it can potentially empower creators. It also ensures they receive fair recognition and compensation for their work. If you're a creator looking to safeguard your intellectual property or a business interested in integrating blockchain solutions, now is the time to act. Contact the expertblockchain developers at Oodles Blockchain to explore customized solutions tailored to your needs.
Category:
Blockchain
Mudit Kumar
08 Aug 2024
How Blockchain Helps to Transform the Trade Finance Sector
In the rapidly evolving world of finance, blockchain technology is emerging as a game-changer, particularly in trade finance. This decentralized ledger technology promises to overhaul traditional processes, enhancing international trade transparency, efficiency, and security. As blockchain gains traction, it is poised to redefine the landscape of trade finance, making transactions smoother, faster, and more cost-effective. Here's a comprehensive look at how blockchain development is transforming trade finance and why its potential impact is monumental.Understanding BlockchainAt its core, blockchain is a decentralized ledger that records transactions across multiple computers to ensure the records cannot be altered retroactively. Each transaction, or "block," is securely linked to the previous one, forming a "chain." This structure provides a level of transparency and security that is highly appealing to many industries, finance being a prominent one.In traditional trade finance, transactions often involve a plethora of documents and multiple intermediaries, leading to delays, increased costs, and potential for fraud. Blockchain addresses these challenges by offering a transparent, immutable, and secure platform for recording transactions. This makes it particularly suitable for the complex and often cumbersome processes involved in trade finance.Also, Read | Top Web3 Trends | Creating the Future of FinanceThe Intersection of Blockchain and Trade FinanceTrade finance, encompassing the financial activities related to international trade, is a field historically burdened by inefficiencies. From letters of credit and guarantees to insurance and supply chain financing, the process is typically slow and heavily reliant on paper-based documentation. Blockchain technology offers solutions that streamline these processes, enhance security, and foster greater trust among trading partners.Benefits of Blockchain in Trade FinanceEnhanced Transparency and TrustBlockchain's decentralized nature ensures a transparent and immutable record of transactions. In the context of trade finance, this transparency is invaluable. Each party involved in a transaction can independently verify the details, significantly enhancing trust. For instance, a blockchain ledger allows importers and exporters to trace the origins and movements of goods, ensuring that all documentation is accurate and up to date. This capability is crucial in an industry where transactions often span multiple jurisdictions and involve numerous intermediaries.A notable example is the collaboration between IBM and Maersk on the TradeLens platform, which uses blockchain to enhance transparency and efficiency in global shipping. TradeLens provides end-to-end visibility of cargo movements and allows all participants in the supply chain to access real-time data, reducing the risk of fraud and discrepancies.You may also like | How Blockchain Transforms the Supply Chain FinanceIncreased EfficiencyTraditional trade finance processes are notorious for their complexity and time consumption, often involving multiple steps for documentation and verification. Blockchain can automate these processes through smart contracts—self-executing contracts with the terms directly written into code. Smart contracts facilitate instant verification and execution once predefined conditions are met. They eliminate the need for intermediaries and significantly reduce transaction times.For example, the Marco Polo Network leverages blockchain to streamline trade finance operations, allowing parties to automatically match purchase orders with invoices and execute payments. This accelerates transaction times and reduces the risk of errors and discrepancies that can arise from manual processes.Reduced CostsBlockchain's ability to streamline processes and reduce the need for intermediaries translates into significant cost savings. By processing credits and guarantees electronically, blockchain minimizes operational costs and lowers the risk of errors and fraud. Additionally, the technology provides deep insights into client financial positions and transaction histories, enabling more informed decision-making and better risk management.Santander's One Pay FX platform demonstrates blockchain's potential to reduce costs in cross-border payments. By using Ripple's blockchain technology, Santander has cut the time and cost of international transactions, making them faster and more affordable for customers.Also, Check | Financial Auditing With Blockchain | Reshaping the Auditing SectorNew OpportunitiesBlockchain introduces a new class of trade finance solutions that are transparent, standardized, and risk-mitigated. These solutions can unlock new revenue streams and markets for businesses. For instance, blockchain-based platforms can provide trade credit insurance solutions that are more efficient and accessible, helping businesses manage risks better and explore new opportunities.A compelling example is the Komgo platform, which uses blockchain to facilitate commodity trade finance. By standardizing and digitizing trade documents and processes, Komgo allows participants to mitigate risks, enhance transparency, and access new financial products tailored to their needs.DigitalizationThe push towards digitalization is integral to the future of trade finance. Blockchain serves as a key enabler in this transformation, helping banks and financial institutions scale their digital initiatives rapidly. The technology supports the digitalization of trade finance processes, making transactions more streamlined and less reliant on traditional paper-based methods.For example, We. trade, a blockchain-based trade finance platform, provides a digital solution for small and medium-sized enterprises (SMEs) to manage their trade transactions. By digitizing the entire trade process, We. Trade reduces the reliance on paper documents and enhances the efficiency and security of trade transactions.Also, Read | Cross-Chain DeFi Technology | Shaping the Future of FinanceFacilitating Cross-Border TradeCross-border trade is fraught with complexities, including regulatory differences, currency risks, and logistical challenges. Blockchain-based trade networks simplify these complexities by providing a unified platform for conducting and verifying transactions. This reduces risks and opens up new markets and products for banks and businesses involved in cross-border trade.An example of blockchain facilitating cross-border trade is the use of blockchain by HSBC and ING for a live transaction involving a shipment of soybeans from Argentina to Malaysia. The blockchain platform reduced the transaction time from a typical 5-10 days to just 24 hours, highlighting the efficiency gains that blockchain can offer in international trade.The Future of Trade FinanceIntegrating blockchain technology into trade finance heralds a new era of efficiency, transparency, and security. By addressing long-standing challenges and introducing innovative solutions, blockchain is set to transform the way international trade is conducted. As businesses and financial institutions continue to explore and adopt this technology, the potential for blockchain to revolutionize trade finance becomes increasingly evident.The journey towards a blockchain-powered trade finance ecosystem is still unfolding, with new developments and applications emerging regularly. Embracing this technology today offers a significant competitive advantage, allowing businesses to stay ahead of the curve and capitalize on blockchain's opportunities.Are you looking to integrate blockchain technology into your trade finance operations? At Oodles Blockchain, we specialize in developing cutting-edge blockchain solutions tailored to meet the unique challenges of trade finance. Our team of expertblockchain developers is ready to help you enhance transparency, efficiency, and security in your trade finance processes.
Category:
Blockchain
Mudit Kumar
08 Aug 2024
How to Develop an NFT Game Like Zed Run | A Step-by-Step Guide
In the evolving world of blockchain technology, non-fungible tokens (NFTs) have opened new frontiers in digital ownership and gaming. Zed Run, a popular NFT-based horse racing game, stands as a prime example of how blockchain game development can transform gaming experiences with NFT development. This blog guide walks you through the steps to develop an NFT game like Zed Run, blending innovative game mechanics with blockchain technology to create a captivating and profitable experience.What is Zed Run?Zed Run is a digital horse racing game where players own, breed, and race digital horses represented as NFTs on the blockchain. Each horse has unique characteristics, influencing its performance in races and its value in the marketplace. Players earn rewards through racing and breeding, creating an ecosystem driven by digital asset ownership.Why Build an NFT Game Like Zed Run?Building an NFT game like Zed Run combines gaming excitement with NFTs' investment potential. Players engage deeply due to the ownership of in-game assets, while developers profit from initial sales, transaction fees, and secondary market activities.Also, Read | The Economics of Blockchain Gaming | Understanding TokenomicsDefining the Game MechanicsDetermine the Core Gameplay ElementsCharacters/Assets: Define the type of NFT assets (e.g., horses, cars, characters) and their unique traits.Gameplay: Establish how players will use these assets (racing, battling, trading).Rewards: Decide on the reward mechanisms (token rewards, exclusive NFTs, leaderboards).Choosing the Right BlockchainKey ConsiderationsScalability: Choose a blockchain that can efficiently handle a high volume of transactions.Transaction Costs: Opt for a blockchain with low transaction fees to ensure affordability for players.Interoperability: Consider how easily your game can integrate with other platforms and wallets.Popular Blockchains for NFTsEthereum: Widely used but can be costly due to gas fees.Polygon: Offers lower fees and is compatible with Ethereum.Binance Smart Chain (BSC): Provides a balance of low fees and strong performance.Flow: Designed specifically for games and digital assets.You may also like to explore | Blockchain Gaming Tournaments | The New Development in eSportsCore Functions of an NFT Game Like Zed RunYour game will require smart contracts to manage:Minting NFTs: Creating new NFTs with unique attributes.Transactions: Facilitating the buying, selling, and trading of NFTs.Rewards Distribution: Automating the distribution of rewards based on game outcomes.Best PracticesSecurity: Ensure your smart contracts are secure to prevent exploits.Efficiency: Write optimized code to minimize gas fees and improve performance.Transparency: Maintain transparency in your smart contract code to build trust with your player base.Also, Explore | Legal Considerations in Blockchain Gaming DevelopmentDesigning the GameUser Experience (UX)Create an intuitive and engaging UX that makes it easy for players to interact with your game and manage their NFTs. Focus on:Navigation: Simple, clear navigation to access game features.Interactions: Smooth interactions for buying, selling, and racing NFTs.- Feedback: Provide immediate feedback on player actions (e.g., race results, transaction confirmations).User Interface (UI)Develop an appealing UI that resonates with your target audience. Consider:Visuals: High-quality graphics and animations to enhance player immersion.Branding: Consistent branding elements to build a recognizable game identity.Also, Discover | How to Create a Simple Crypto Clicker GameGame MechanicsImplement game mechanics that align with your core gameplay. Ensure that:Attributes: NFTs have varying attributes that affect gameplay.Randomness: Introduce elements of chance to maintain excitement (e.g., race outcomes, rare traits).Integrating Blockchain with GameplayWallet IntegrationEnable players to connect their cryptocurrency wallets to interact with your game. Support popular wallets like MetaMask to provide a seamless experience.NFT Minting and ManagementDevelop systems for minting new NFTs and managing existing ones. Allow players to breed, upgrade, or customize their NFTs within the game.Marketplace IntegrationIntegrate a marketplace where players can buy, sell, and trade NFTs. Ensure that transactions are secure and transparent.Also, Read | DAOs in Gaming: A New Governance ModelTesting and DeploymentTestingConduct thorough testing to ensure your game is:Functional: All features work as intended without bugs.Secure: Smart contracts and blockchain interactions are secure.Scalable: The game can handle the expected number of users and transactions.DeploymentDeploy your smart contracts on the mainnet and launch your game. Ensure you have a robust support system to handle any issues that arise post-launch.Marketing and Community BuildingPre-Launch HypeBuild anticipation through teasers, beta tests, and early access programs before the launch. Engage with potential players on social media and blockchain forums.Community EngagementFoster a strong community by:Hosting Events: Regular in-game events, races, or tournaments.Offering Incentives: Rewards for active players, such as exclusive NFTs or tokens.Providing Support: Responsive customer support to address player concerns.PartnershipsPartner with other blockchain projects, influencers, or gaming communities to expand your reach.Also, Check | GameFi and Blockchain: The Future of Online GamingContinuous Development and UpdatesRegular UpdatesKeep your game fresh with regular updates, new features, and improvements based on player feedback. Introduce new NFT types, gameplay modes, or rewards to maintain player interest.Community FeedbackListen to your community and incorporate their feedback into the game. Engage with players to understand their needs and preferences.ConclusionCreating an NFT game like Zed Run involves a blend of innovative game design and robust blockchain integration. By following these steps, you can develop a captivating game that engages players and leverages the unique advantages of NFTs. Whether you aim to revolutionize digital horse racing or explore new gaming frontiers, the path to creating an NFT game offers exciting opportunities for creativity and growth.Ready to start your NFT game journey? At Oodles Blockchain, we specialize in building cutting-edge blockchain games and NFT platforms. Contact our blockchain game developers today to discuss your project and bring your gaming vision to life!
Category:
Blockchain
Mudit Kumar
08 Aug 2024
Top Web3 Trends | Creating the Future of Finance
The financial landscape is transforming with the advent of Web3 technologies. The next evolution of the internet representsWeb3 development, characterized by decentralization, blockchain technology, and a profound focus on empowering individuals to take control of their financial interactions.In this blog, we'll delve into the latest Web3 trends in the finance sector and explore how these disruptive innovations reshape traditional financial paradigms, sparking curiosity and anticipation for what's to come.Top Web3 TrendsDecentralized Metaverse: A New Realm of Digital InteractionThe concept of a decentralized metaverse represents a new frontier in digital interaction, offering a virtual realm that is not owned or controlled by any single entity. It envisions a shared, immersive space where users can interact, create, and transact with complete autonomy. This decentralized metaverse is built on Web3 principles, utilizing blockchain technology to ensure secure ownership of digital assets and seamless cross-platform experiences. By transcending traditional boundaries and fostering a collaborative and open environment, the decentralized metaverse has the potential to redefine the way we engage with digital content and each other, paving the way for a truly borderless and inclusive online universe.Also, Check | Embracing Web3 and Metaverse: The Next Digital RevolutionNon-Fungible Tokens (NFTs) in FinanceNon-fungible tokens (NFTs) have gained great attention for their ability to represent unique digital assets such as art, collectibles, and virtual real estate. In finance, NFTs are being explored for various applications, including tokenizing real-world assets like real estate, artworks, and intellectual property rights. NFT-based lending platforms are also emerging, allowing users to collateralize their NFT holdings for loans and unlock liquidity without selling their assets.Also, Explore | How to Bring your NFT Vision into RealityDecentralized Autonomous Organizations (DAOs)Decentralized Autonomous Organizations (DAOs) are community-driven entities governed by smart contracts and token holders. They are gaining traction in finance because of their potential to revolutionize governance, investment, and decision-making processes. DAOs enable stakeholders to participate in collective decision-making, allocate funds transparently, and automate governance procedures. This decentralized approach fosters greater transparency, reduces bureaucracy, and empowers communities to shape the future of finance.Also, Discover | Most Substantial DAO Use Cases for BusinessesTokenization of AssetsTokenization involves converting real-world assets into digital tokens on a blockchain. This trend is revolutionizing asset ownership, investment, and liquidity. Assets such as real estate, commodities, and even intellectual property rights have been tokenized. Tokenization has enabled fractional ownership, increased liquidity, and accessibility to a global investor base. It also streamlines asset management, enhances transparency, and reduces intermediaries' role in asset transactions.You may also like | Tokenization of RWA (Real-World Assets): A Comprehensive GuideWeb3 Identity and SecurityWeb3 prioritizes identity and security solutions to protect users' digital assets and privacy. Self-sovereign identity (SSI) systems enable individuals to control their identity and data, reducing the risk of identity theft and fraud.Decentralized storage solutions like IPFS (InterPlanetary File System) and Filecoin ensure data integrity and accessibility without centralized servers. Furthermore, blockchain-based security protocols enhance transaction security, prevent unauthorized access, and mitigate cybersecurity threats.Also, Explore | The Potential of Web3 in Streamlining B2B CollaborationThe Rise of Decentralized Exchanges (DEXs)Decentralized Exchanges (DEXs) disrupt traditional centralized exchanges by offering greater security, privacy, and control over assets. DEXs enable peer-to-peer trading of cryptocurrencies and crypto tokens directly from users' wallets, eliminating the need for intermediaries and custodial services. Integrating Automated Market Makers (AMMs) and liquidity pools has enhanced DEXs' liquidity, trading volume, and user experience, making them a preferred choice to crypto enthusiasts.Discover more | Cross-Chain DEX for Seamless Interoperability and LiquidityConclusionWeb3's latest trends in the finance world are a shift and a revolution towards decentralization, democratization, and innovation. These trends, from DeFi 2.0 and NFTs to DAOs and tokenization, reshape how we perceive and interact with financial systems. The potential of Web3 to foster inclusive, transparent, and efficient financial ecosystems is a driving force for change in the finance industry. Embracing these trends and understanding their implications is not just crucial but inspiring for navigating the future of finance in the Web3 era.Feel free to connect with ourblockchain developers today if you have any blockchain-related projects in mind. Oodles Blockchain is a transforming web development company , providing end-to-end full-stack development services including Web3 integration. Join the Web development revolution to kickstart your project idea.
Category:
Blockchain
Mudit Kumar
15 Jul 2024
Discovering Top ERC Token Standards in 2024
The Ethereum blockchain has emerged as a fertile ground for exponential growth and innovation, particularly regarding tokens. These digital assets, powered by smart contracts, fuel various applications, from DeFi to non-fungible tokens (NFTs) and beyond. However, with a growing number of ERC (Ethereum Request for Comment) standards, understanding which one to use for your project can take time and effort.Ethereum app development services offer essential expertise for projects that wish to utilize these standards. They help navigate the complexities of token implementation, ensuring smooth integration within the broaderEthereum development services ecosystem.This blog dives into the top ERC token standards in 2024, exploring their functionalities and highlighting the use cases that make them stand out.What are ERC Token Standards?ERC Token Standardsrefer to a series of proposals from the Ethereum community aimed at enhancing the Ethereum network. Standing for "Ethereum Request for Comment," ERC standards define the rules and specifications Ethereum-based tokens must follow to ensure interoperability and compatibility across various applications and wallets.You may also like | Understanding ERC-404 | The Unofficial Token StandardNavigating the Ethereum Tokenverse: Top ERC Standards in 2024ERC-20: The Cornerstone of Fungible TokensThe ERC standards, ERC-20, established the blueprint for fungible tokens on Ethereum. Fungible tokens, like shares of a stock or utility tokens within a dApp, are interchangeable and hold equal value. ERC-20 defines a set of functions – transfer, balance inquiries, and approval – that ensure seamless interaction between tokens and wallets, exchanges, and other smart contracts.This standardization has fueled the widespread adoption of ERC-20 tokens, making them compatible with a vast ecosystem of tools and services. Popular projects like Tether (USDT), Chainlink (LINK), and Basic Attention Token (BAT) all leverage the ERC-20 standard.Discover more | ERC-20 Token Standard | Development EssentialsERC-721: Unlocking the World of NFTsERC-721 revolutionized the way digital ownership is represented. It introduced non-fungible tokens (NFTs) with unique properties and characteristics. This standard enables the creation of one-of-a-kind digital assets like artwork, collectibles, and even in-game items.The ability to verify ownership and track provenance on the blockchain has opened doors for a booming NFT market. From iconic artworks like CryptoPunks to digital sports memorabilia, ERC-721 empowers creators and collectors in a way never before possible.Also, Read | ERC-721 Non-Fungible Token Standard DevelopmentERC-1155: Embracing Flexibility with Semi-Fungible TokensERC-1155 offers a hybrid approach, catering to both fungible and non-fungible assets within a single smart contract. This standard allows creators to issue various token types – fungible tokens (like game currency) alongside non-fungible ones (like unique character upgrades) – under one umbrella.This flexibility makes ERC-1155 ideal for games, supply chain management, and other applications where managing a diverse range of digital assets is necessary. For instance, a game developer could use ERC-1155 to represent in-game currency (fungible) alongside unique character skins (non-fungible).Also, Check | ERC-1155 | An Introduction to Multi Token Standard DevelopmentERC-777: Streamlining Token TransfersERC-777 builds upon the foundation of ERC-20, aiming to improve token transfer functionality. It introduces new features like a "send" function, allowing for more efficient transfers with additional security measures. This can be particularly beneficial for scenarios where automatic token transfers occur, such as loyalty programs or subscription services.While still under development, ERC-777 presents a compelling option for projects requiring enhanced security and streamlined token transfer processes.You may also like | ERC-4337: Ethereum's Account Abstraction ProposalBeyond the Big Four: Exploring Emerging StandardsThe Ethereum token landscape constantly evolves, with new standards emerging to address specific needs. Here are a few worth keeping an eye on:ERC-1400This standard focuses on security tokens, which represent real-world assets like stocks on the blockchain and have compliance features.ERC-884Designed for identity management, ERC-884 enables the creation of self-sovereign identity tokens, empowering users to control their digital identities.ERC-223An improved version of ERC-20 that tries to prevent accidental token transfers by adding a safety mechanism. Not as commonly used as ERC-20.ERC-4626ERC-4626, also known as the Tokenized Vault Standard, is another important ERC standard to be aware of in 2024. It's specifically designed for yield-bearing vaults.Explore more | Unexplored ERC Token Standards On EthereumChoosing the Right ERC Standard for Your ProjectSelecting the most suitable ERC standard depends on the nature of your project. Here's a quick breakdown to guide your decision:Fungible tokens: ERC-20 is the clear choice for fungible tokens like utility tokens or digital currencies.Non-fungible tokens: ERC-721 is the go-to standard for creating unique digital assets like NFTs.Hybrid fungible/non-fungible assets: ERC-1155 offers flexibility for managing both types of tokens within a single contract.Security tokens: ERC-1400 provides enhanced security features for representing real-world assets on the blockchain.Also, Read | Tokenization of RWA (Real-World Assets): A Comprehensive GuideConclusionThe world of ERC token standards is dynamic, with continuous innovation shaping the future of the Ethereum token landscape. By understanding these standards' core functionalities and use cases, you'll be well-equipped to navigate this ever-evolving space and choose the right tools to power your next groundbreaking project on the Ethereum blockchain.Elevate Your Ethereum Project with Oodles BlockchainERC token standards can be complex, but Oodles Blockchain makes it simple. Using our expertEthereum development services, we simplify creating a project with ERC token standards. Our experts help you choose the right ERC standard, build secure smart contracts, navigate compliance with tokens like ERC-1400, and enhance performance using advanced standards like ERC-777. Contact ourblockchain developers today for seamless token launch solutions.
Category:
Blockchain
Mudit Kumar
15 Jul 2024
What is the Cost of Creating a Crypto Wallet App in 2024
The cryptocurrency market is evolving, attracting new users and entrepreneurs alike. As digital assets become more common, the demand for secure, user-friendly ways to store, send, and manage them grows. This is wherecrypto wallet app development comes in, acting as digital vaults for various cryptocurrencies. The global crypto wallet market is experiencing explosive growth, fueled by a surge in user adoption. Estimates suggest a 24.8% annual growth rate (CAGR) from 2024 to 2030 (perGrand View Research). The demand for secure and user-friendly storage solutions is thus rapidly rising.However, understanding the costs involved is crucial if you're considering crypto wallet app development in 2024. Gauging the cost metrics for developing a crypto wallet app is vital for effective budget planning, resource allocation, project feasibility, risk management, competitive advantage, and stakeholder confidence. They lay the foundation for a successful development process, ensuring the delivery of a secure, user-friendly, and market-competitive product.Also, Check | Top 10 Modern Crypto Wallet Features in 2024Understanding the Cost Metrics of Crypto Wallet DevelopmentThe cryptocurrency market is a dynamic landscape, attracting a growing legion of users and entrepreneurs alike. As digital assets transition from fringe technology to mainstream investment options, the demand for secure and user-friendly ways to store, send, and manage them intensifies. This is where crypto wallet apps – the digital vaults for your valuable crypto holdings – come into play.However, before embarking on the exciting journey of developing a crypto wallet app, understanding the associated costs is crucial. A well-defined budget forms the foundation for a successful development process, ensuring you deliver a secure, user-friendly, and market-competitive product.Unveiling the Cost Factors in Crypto Wallet App DevelopmentThe cost of developing a crypto wallet app in 2024 is influenced by several key factors:App Complexity: Simple, basic wallet apps with core functionalities like sending, receiving, and storing crypto will naturally cost less compared to feature-rich apps. Feature-rich functionalities can include integrated exchanges, staking capabilities, in-app fiat purchases, and advanced security features like multi-signature wallets. The more features you integrate, the more complex the development process becomes, impacting the overall cost.Platform Compatibility: Do you want your app to be available on iOS, Android, or both? Developing for multiple platforms requires additional resources and expertise, increasing development costs. Consider your target audience and their preferred platform usage when making this decision.Development Team Location: Hiring a crypto wallet development team from a region with lower hourly rates can significantly impact your overall costs. However, balancing cost-effectiveness with expertise and communication clarity is essential. Reputable development teams with experience in blockchain technology may command a premium, but their expertise can save you time and resources in the long run.Security Features: Robust security measures are non-negotiable in the world of crypto. Implementing multi-factor authentication (MFA), secure key storage solutions and regular vulnerability assessments will raise development costs but are vital for user trust and platform security.Also, Check | How to Build a Cryptocurrency Wallet App Like ExodusUI/UX Design: A user-friendly and intuitive interface is critical for user adoption. Investing in a skilled UI/UX design team will elevate your app's usability and make it stand out from the competition. However, it will also add to the development budget. A well-designed interface can make a world of difference in user experience and potentially influence long-term user retention.Ongoing Maintenance: Crypto technology is constantly evolving. Budgeting for ongoing maintenance and updates ensures your app remains secure, compliant with changing regulations, and integrates new functionalities as the market demands. Failing to maintain your app can lead to security vulnerabilities and ultimately harm user trust.Also, Explore | How to Develop a Crypto Wallet like Trust WalletCost Estimation: A Range, Not a Price TagWhile providing a definitive price point for developing a crypto wallet app is impossible due to these varying factors, here's a general range to give you an idea:Simple Crypto Wallet App: $25,000 - $60,000This basic app would likely focus on core functionalities like sending, receiving, and storing cryptocurrencies. Security features like basic password protection and PIN verification would be included.Medium-Complexity Wallet App: $60,000 - $150,000This mid-range app might include additional features like an integrated address book for managing contacts, transaction history tracking, and basic in-app analytics. Security features could be enhanced with multi-factor authentication and potentially biometric login options.Highly Complex Feature-Rich App: $150,000 - $200,000+This high-end app would cater to established users or those seeking advanced functionality. Features could include integrated exchange capabilities for buying and selling crypto within the app, staking options for earning passive income on certain cryptocurrencies, in-app fiat purchases using credit cards or debit cards, and advanced security features like multi-signature wallets and hardware wallet integrations.Remember, these are just ballpark figures. The true cost of your app will depend on the specific features you choose, the development team you hire, and their location. It's always best to get quotes from several development teams to compare pricing and ensure you get the best value for your investment.You may also like | Global Crypto Wallet Market Report 2023ConclusionThe surging popularity of cryptocurrencies has created a booming market for secure and user-friendly crypto wallet apps. While the potential rewards are significant, understanding the development costs involved is crucial for success.This blog guide has explored the key factors influencing the cost of creating a crypto wallet app in 2024. From app complexity and platform compatibility to development team location, security features, UI/UX design, and ongoing maintenance, each element shapes your overall budget.You can make informed decisions throughout development by carefully considering these factors and their cost implications. Remember, a well-planned, secure, and user-friendly crypto wallet app can be your gateway to success in the ever-growing crypto market.Don't hesitate to seek consultations from experiencedcrypto wallet developers to refine your concept and obtain tailored cost estimates for your dream crypto wallet app.
Category:
Blockchain
Mudit Kumar
30 Jun 2024
Unveiling the Top NFT Trends in 2024
The NFT market has experienced a tumultuous journey marked by unprecedented highs and dramatic lows. While record-breaking sales like the artist Pak's "$91.8 million Merge" grabbed headlines, the current market focuses on establishing long-term value. According toDappRadar, the NFT market volume reached over $25 billion in the first quarter of 2024, showcasing continued investor interest and a shift toward utility-driven applications. This newfound stability presents fertile ground for innovation, with exciting IT trends emerging that hold promise for the future. The market has shown resilience towards more practical applications, positioning NFTs beyond mere speculative investments. For more about NFT, explore our NFT development services.As we look ahead to 2024, various trends are set to reshape the NFT development landscape, presenting new opportunities for businesses and investors. In this blog, we explore these emerging trends.Key NFT Trends in 2024The following trends offer a glimpse into the future of NFTs. By understanding and leveraging them, your business can gain a competitive edge in the evolving digital asset landscape.Hybrid NFTsHybrid NFTs are emerging as a significant trend, blending the unique properties of non-fungible tokens (NFTs) with monetization opportunities to create a new category of digital assets. The introduction of the ERC-404 standard has revolutionized the market by enabling fractional ownership of NFTs. This innovation addresses liquidity issues and makes high-value assets accessible to a broader audience.Key Highlights:Fractional Ownership: The ERC-404 standard allows investors to own fractions of high-value NFTs, increasing market liquidity and accessibility.Diverse Applications: Hybrid NFTs are finding applications across various sectors, including art, real estate, collectibles, and gaming.Market Impact: The launch of Pandora ($PANDORA), the first ERC-404 token, has sparked significant interest, with its market cap nearing $180 million.Also, Explore | Compressed NFTs (cNFTs) | Solana's Cost-Effective NFTRWA TokenizationReal World Asset (RWA) tokenization is set to revolutionize traditional investment strategies by digitizing tangible assets like real estate, art, and textiles on the blockchain. This approach democratizes investment by breaking down expensive assets into smaller, purchasable tokens.Key Highlights:Investment Opportunities: RWA tokenization creates new avenues for investors to participate in high-value asset markets.Success Stories: Projects in 2023 have successfully tokenized commercial architecture and fine art, showcasing the potential of this trend.Centrifuge's Tinlake: Centrifuge's dApp, Tinlake, facilitates the tokenization of real-world assets, bridging the Polkadot and Ethereum ecosystems and enhancing liquidity for businesses.NFT Gaming ExpansionThe integration of NFTs into the gaming industry is transforming player engagement and game development. By giving players true ownership of in-game assets, NFTs are introducing innovative mechanics and fostering dynamic gaming economies.Key Highlights:Ownership and Interaction: NFTs allow players to own and trade in-game assets, enhancing user engagement and interaction.Market Growth: The NFT gaming market is poised for significant growth, with an expanding user base and increased revenue potential.The Sandbox: This virtual world leverages blockchain and NFTs to empower creators, enabling the creation and trading of digital assets on its marketplace.Also, Check | Game Development with NFT | Things You Must KnowOrdinals: Bitcoin-Based NFTsOrdinals are introducing NFTs to the Bitcoin blockchain, showcasing Bitcoin's potential for complex applications beyond traditional transactions. These Bitcoin-based NFTs embed digital artifacts within individual satoshis, expanding Bitcoin's utility.Key Highlights:Innovative Use Case: Ordinals demonstrate Bitcoin's capability to support NFTs, paving the way for new applications within the Bitcoin ecosystem.Adoption Challenges: While there are cultural and technical challenges, adopting Ordinals signifies a promising expansion of Bitcoin's functionalities.Metaverse Integration With NFTsThe metaverse is rapidly emerging as a transformative force in the virtual space, with NFTs playing a crucial role. In 2024, the integration of NFTs within the metaverse, especially in gaming, is set to drive significant growth and innovation.Key Highlights:Diverse NFT Forms: NFTs include virtual lands, in-game collectibles, and digital art, enriching the metaverse experience. Transformative Integration: Combining NFTs with the metaverse in gaming offers real-world experiences in virtual environments.Enhanced Interaction: This integration revolutionizes digital asset interaction, making virtual interactions more immersive.You may also like | How Multi Redeemable NFTs Elevate Web3 ExperiencesConclusionThe potential for recovery and growth in the NFT market in 2024 is palpable. After a period of explosive growth followed by a significant downturn, the market is now evolving, focusing on practical and valuable applications of NFTs. Hybrid NFTs, RWA tokenization, NFT gaming expansion, and Bitcoin-based NFTs (Ordinals) are key trends that could drive the market forward. For businesses and investors, understanding and leveraging these trends will be crucial for success in the evolving digital asset landscape.Interested in developing one of these NFT applications? Connect with our NFT developers for a quick meeting.
Category:
Blockchain
Mudit Kumar
30 Jun 2024
How ZK-Rollups are Streamlining Crypto Banking in 2024
The scalability limitations of traditional blockchains have long hindered the mass adoption of crypto banking. EnterZK-Rollups, one of the revolutionaryBlockchain application development services that leverages zero-knowledge proofs to improve transaction processing efficiency. In 2024, ZK-Rollups will rapidly transform crypto banking and offer many benefits.Read also |Optimistic Rollups | L2 Scaling Solutions for EthereumHere are the following ways ZK-Rollups are streamlining crypto banking operations:Fast TransactionsTraditional blockchains handle only a limited number of transactions per second (TPS). ZK-Rollups bundle numerous transactions off-chain and verify them using zero-knowledge proofs on the main blockchain. This dramatically reduces the load on the main network, enabling near-instantaneous transaction processing within the ZK-Rollup itself. Imagine crypto banking transactions settling in seconds, compared to the minutes or even hours it can take on traditional blockchains.Lower FeesHigh transaction fees have been a significant barrier to entry for many in the crypto space. ZK-Rollups, by processing a large number of transactions off-chain, significantly reduce the gas fees associated with each individual transaction. This opens up crypto banking to a wider audience and fosters greater participation in the ecosystem. Imagine sending and receiving crypto assets without exorbitant fees eating into your profits.Enhanced ScalabilityAs crypto banking adoption grows, the need for scalable solutions becomes paramount. ZK-Rollups provide a future-proof architecture by enabling the processing of a massive volume of transactions without compromising security. This paves the way for crypto banking platforms to handle a larger user base and accommodate increasing transaction volumes. Imagine a crypto banking platform that doesn't buckle under the pressure of high user activity.Improved User ExperienceSlow transaction times and high fees can lead to a frustrating user experience. With their near-instantaneous transactions and lower fees, ZK-Rollups significantly improve the user experience for crypto banking customers. Faster transaction processing and reduced costs make interacting with crypto assets smoother and more efficient. Imagine a crypto banking platform that feels as responsive as your traditional bank account.Unlocking DeFi PotentialDecentralized Finance (DeFi) offers a plethora of innovative financial services. However, scalability limitations on traditional blockchains restrict their full potential. ZK-Rollups, by enabling faster and cheaper transactions, unlock the true potential of DeFi within the crypto banking space. Imagine seamlessly integrating DeFi applications into your crypto banking platform, allowing you to participate in lending, borrowing, and other advanced financial services without leaving your familiar environment.Enhanced Regulatory ComplianceRegulators are increasingly focusing on the crypto space. ZK-Rollups can facilitate compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. By allowing crypto banking platforms to implement robust verification procedures without compromising user privacy through zero-knowledge proofs, ZK-Rollups pave the way for a more regulated and trustworthy crypto banking landscape. Imagine a crypto banking platform adhering to regulations while protecting your privacy.Enhanced SecuritySecurity remains a top concern for crypto banking users. While ZK-Rollups move transaction processing off-chain, security is not compromised. The validity of transactions is ultimately verified on the main blockchain, ensuring the security of user funds. Additionally, zero-knowledge proofs allow for the verification of transactions without revealing sensitive information, further enhancing the overall security posture of crypto banking platforms. Imagine enjoying the benefits of faster transactions without sacrificing the security of your crypto assets.Privacy-Preserving TransactionsTransaction privacy is a growing concern in the digital age. ZK-Rollups leverage the power of zero-knowledge proofs to ensure privacy-preserving transactions. Only essential transaction details, not the entire transaction content, are revealed on the main blockchain. This allows users to maintain a degree of privacy while still participating in the crypto banking ecosystem. Imagine control over your financial data, with only the necessary information being shared with relevant parties.Interoperability with Legacy SystemsIntegration with existing financial systems is crucial for the mass adoption of crypto banking. ZK-Rollups can facilitate interoperability by connecting crypto banking platforms with traditional banking infrastructure. This enables seamless movement of funds between crypto and fiat currencies, fostering greater adoption and mainstream usage. Imagine seamlessly transferring funds between your crypto bank and your traditional bank account.Innovation in Cross-Border PaymentsTraditional cross-border payments can be slow and expensive. With their fast transaction speeds and lower fees, ZK-Rollups can revolutionize cross-border payments within the crypto banking space. Imagine sending and receiving funds internationally in a matter of seconds without incurring hefty transaction charges.You may also like |Diverse Use Cases and Applications ZK ProofsThe Road Ahead: ZK-Rollups and the Future of Crypto BankingIntegrating ZK-Rollups into crypto banking represents a significant step towards a more efficient, scalable, and user-friendly future. However, the road ahead is paved with both opportunities and challenges. Here's a glimpse into what the future holds:Imagine a future where users have greater control over their financial data and can participate in a more open and transparent financial system. While ZK-Rollups themselves might not be fully decentralized (relying on a main blockchain for ultimate security), they can contribute to a more decentralized financial ecosystem.Check out | Comprehending ZK Rollups | Layer 2 Scaling SolutionsFinal ThoughtsZK-Rollups are revolutionizing crypto banking, paving the way for a mass adoption future. Imagine sending crypto internationally in seconds, paying minimal fees, and seamlessly integrating DeFi into your everyday banking. ZK-Rollups bridge the gap between DeFi and TradFi, fostering a more efficient, secure, and user-friendly financial landscape for everyone. Buckle up; the future of finance is arriving at lightning speed. Connect with our expertblockchain developers today for secure and scalable blockchain solutions.
Category:
Blockchain
Mudit Kumar
30 Jun 2024
Tokenization in Real Estate | Funds and Asset Management
Tokenization has emerged as a transformative force in the realm of real estate funds and asset management. This innovative technology leverages blockchain and crypto token development services to fractionalize real estate assets, turning them into digital tokens that can be traded seamlessly on digital platforms. The intersection of blockchain and real estate reshapes how investments are made, managed, and accessed. In this blog, we delve into the impact of tokenization on real estate funds and asset management, exploring the benefits, challenges, and prospects of this disruptive technology.You may also like | Solana for Real Estate Asset TokenizationTokenization: Empowering Real Estate InvestmentIncreased LiquidityTokenizing real estate assets makes traditionally illiquid investments more liquid. Investors can buy and sell digital tokens representing fractional ownership of properties, reducing barriers to entry and exit.Global AccessibilityDigital tokens can be traded globally 24/7, allowing investors worldwide to participate in previously inaccessible real estate markets.You may also like | Tokenization of RWA (Real-World Assets): A Comprehensive GuideFractional OwnershipTokenization enables fractional ownership, allowing investors to own a percentage of high-value properties without purchasing the entire asset. This diversifies investment portfolios and lowers investment thresholds.Efficiency and TransparencyBlockchain technology ensures transparency and immutability of transactions, reducing fraud risks and enhancing trust among investors. Smart contracts automate processes such as rent distribution, reducing administrative costs.Unlocking CapitalReal estate owners can tokenize their assets to raise capital through token offerings, attracting a wider pool of investors and accelerating fundraising efforts.Also, Check | DeFi in Real Estate | Exploring New Horizons and PotentialsFuture OutlookDespite challenges, the future of tokenization in real estate funds and asset management looks promising. As regulatory clarity improves and technological advancements continue, tokenization will likely become mainstream in the industry. Investors can benefit from increased liquidity, global accessibility, and diversified portfolios offered by tokenized real estate assets.Also, Explore | Top 4 PropTech Transforming Real EstateConclusionIn conclusion, tokenization revolutionizes real estate investment by democratizing access, enhancing efficiency, and unlocking new opportunities. It is reshaping traditional asset management practices and paving the way for a more inclusive and transparent investment landscape. As stakeholders adapt to this digital transformation, collaboration between industry players, regulators, and technology providers will be key to harnessing the full potential of tokenization in real estate funds and asset management. Looking to start your journey today? Connect with our blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
30 Jun 2024
Top DePin Crypto Projects 2024
The exponential growth of data in the digital age necessitates robust infrastructure for storage, processing, and transmission. Traditionally, centralized cloud providers have dominated this domain. However, concerns regarding data privacy, security, and vendor lock-in propel a paradigm shift toward a more decentralized approach – Decentralized Infrastructure (DePin). Top DePin crypto projects leverage blockchain solutions to establish peer-to-peer networks that distribute data storage, compute power, and bandwidth across a network of individual users. This empowers individuals to contribute to the digital infrastructure by renting out underutilized resources and earning rewards and fosters a more robust, transparent, and secure ecosystem.Understanding the DePin Ecosystem: Core PrinciplesBefore delving into top DePin crypto projects, a firm grasp of the core principles underpinning DePin is essential:Blockchain TechnologyDePin crypto projects utilize blockchains as the bedrock for secure data storage, transparent transactions, and immutability of records. Smart contracts automate agreements and incentivize network participants.Distributed NetworksUnlike centralized models where data resides in a singular location, DePin distributes data across a network of individual nodes. This redundancy enhances security and fault tolerance.Proof-of-X MechanismsDePin protocols employ various consensus mechanisms such as Proof-of-Storage, Proof-of-Replication, or Proof-of-Coverage to ensure reliable service delivery. These mechanisms incentivize users to contribute storage space, computing power, or network coverage and verify the validity of data.TokenizationMany top DePin crypto projects utilize native tokens to facilitate transactions within the network. These tokens serve as rewards for users who contribute resources and can also be used to pay for storage, computing power, or bandwidth. You may also like | A Guide on Decentralized Physical Infrastructure (DePIN)Leading DePin Crypto Projects: Shaping the Future of InfrastructureThe DePin landscape is teeming with innovative projects tackling different aspects of digital infrastructure. Here's a closer look at some of the preeminent players:Filecoin (FIL)A trailblazer in decentralized storage, Filecoin offers a compelling alternative to cloud giants like Amazon S3. It utilizes a Proof-of-Replication consensus mechanism, ensuring data redundancy and security. Users who dedicate storage space to the network earn FIL tokens.Helium (HNT)This project caters specifically to the Internet of Things (IoT) realm. By deploying Helium hotspots, users contribute to a decentralized wireless network for IoT devices. The Proof-of-Coverage consensus mechanism verifies network coverage, and users are rewarded with HNT tokens for providing this critical service.Streamr (DATA)Streamr facilitates real-time data exchange between devices and applications in a decentralized manner. This fosters trust and transparency in data-intensive industries like finance and manufacturing. The DATA token incentivizes data providers and consumers to participate in the network. Also, Check | DDO Chain | For Secure and Scalable Blockchain SolutionsBeyond the Frontrunners: Exploring the DePin LandscapeThe DePin ecosystem extends far beyond these leaders. Here are some other noteworthy DePin crypto projects with unique value propositions:Storj (STORJ)Similar to Filecoin, Storj offers secure and affordable decentralized cloud storage. It leverages a global network of individual storage providers, ensuring data resiliency and competitive pricing.Arweave (AR)This protocol boasts permanent data storage capabilities, ideal for archiving historical data, medical records, or critical documents. AR tokens incentivize users to provide storage and ensure the long-term sustainability of the network.Theta Network (THETA)Theta Network focuses on building a decentralized video streaming platform. It leverages blockchain technology to optimize video delivery and content distribution, offering a fairer revenue model for content creators.Akash Network (AKT)This project aims to decentralize cloud computing by creating a marketplace for unused computing resources. Users can rent out their spare computing power and earn AKT tokens, while developers can access on-demand, scalable computing resources at competitive prices. Also, Check | The Future of Streaming is Decentralized Blockchain SolutionsInvesting in DePin: A Cautious ApproachThe DePin market is brimming with exciting possibilities. However, it's crucial to approach potential investments with a cautious mindset. Here are some key considerations:Project Goals and Use Cases: Thoroughly evaluate the project's long-term goals and its potential to address real-world needs. Does it offer a unique solution or simply replicate existing options?Technology Stack: Understand the underlying technology powering the project. Analyze its scalability potential and its ability to handle future growth in data volume and network complexity.Team and Community: Research the team's experience and expertise in blockchain technology and the specific domain the project addresses. A strong and engaged community is also a positive indicator of long-term viability.Token Economics: Decipher the token's role within the DePin protocol'sDePin holds immense potential to reshape the digital infrastructure landscape. By empowering individuals and fostering transparency, these top DePin crypto projects are paving the way for a more secure and user-centric future. If you have a similar project in mind and want to bring it into reality, connect with our blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
21 Jun 2024
LSDFi | Exploring Why It Is the Hottest DeFi
As the DeFi development space continues to evolve, innovative financial instruments are emerging to provide users with more flexibility and opportunities. One such innovation is Liquid Staking Derivatives Finance (LSDfi), which leverages liquid staking derivatives (LSDs) to enhance liquidity and create new financial products in the DeFi ecosystem. This comprehensive guide explores the concept of LSDfi, its benefits, mechanisms, challenges, and future potential.
What is LSDfi?
Liquid Staking Derivatives Finance (LSDfi) is a branch of DeFi that utilizes liquid staking derivatives to unlock additional liquidity and financial opportunities for staked assets. LSDs are tokenized representations of staked assets, allowing users to trade or utilize these tokens while their original assets remain staked. LSDfi builds on this concept by creating a range of financial products and services around these derivatives.
You may also like | Exploring the Potential of Liquid Staking Derivatives (LSD)
Key Components of LSDfi
Liquid Staking Derivatives (LSDs): These are tokenized versions of staked assets that maintain the value and staking rewards of the original assets.
DeFi Protocols: Platforms that integrate LSDs into their ecosystems to offer various financial products such as lending, borrowing, and trading.
Staking Pools: Aggregators that pool staked assets from multiple users to enhance liquidity and efficiency.
How LSDfi Works
Staking and Tokenization
Users stake their assets (e.g., ETH) in a staking pool or directly with a staking service. In return, they receive LSDs that represent their staked assets and entitle them to staking rewards.
Utilization of LSDs
Once users have LSDs, they can use them within the DeFi ecosystem. For example, they can:
Trade LSDs: Exchange LSDs on decentralized exchanges (DEXs) to gain liquidity or speculate on their value.
Lend and Borrow: Use LSDs as collateral to borrow other assets or lend them to earn interest.
Participate in Yield Farming: Stake LSDs in various DeFi protocols to earn additional rewards.
Earning Rewards
While LSDs are used in various DeFi activities, the underlying staked assets continue to earn staking rewards. These rewards can either be automatically reinvested or periodically claimed by the users.
Also, Check | Crypto Staking Platform Development: A Step-by-Step Guide
Benefits of LSDfi
Enhanced Liquidity
LSDfi significantly improves the liquidity of staked assets by allowing users to trade and utilize LSDs while still earning staking rewards. This addresses one of the main drawbacks of traditional staking, where assets are typically locked up for a certain period.
Increased Capital Efficiency
By using LSDs as collateral in lending and borrowing platforms, users can maximize the utility of their staked assets. This leads to better capital efficiency as the same asset can generate multiple streams of income.
Diversification of Investments
LSDfi provides users with more options to diversify their investments. They can allocate their LSDs across different DeFi protocols, participate in various yield farming opportunities, and hedge their positions.
Risk Mitigation
LSDfi platforms often come with built-in risk management features, such as over-collateralization and liquidation mechanisms, which help protect users from adverse market movements.
Also, Explore | The Rise of Crypto Derivatives Exchange Development
Use Cases of LSDfi
Yield Optimization
LSDfi enables users to optimize their yields by leveraging multiple DeFi protocols. For example, users can stake their assets, receive LSDs, and then use these LSDs in yield farming or liquidity mining programs to earn additional rewards.
Collateral for Loans
LSDs can be used as collateral in lending protocols, allowing users to borrow other assets without unstaking their original assets. This provides access to liquidity without sacrificing staking rewards.
Decentralized Exchanges (DEXs)
LSDfi can enhance the liquidity of decentralized exchanges by providing more trading pairs and deeper liquidity pools. Users can trade LSDs against other assets, improving the overall trading experience.
Hedging and Speculation
Traders can use LSDs to hedge against market volatility or speculate on the future value of staked assets. This adds a new dimension to the DeFi trading landscape.
You may also like | An Explainer to Liquidity Staking Solution
Conclusion
Liquid Staking Derivatives Finance (LSDfi) represents a significant advancement in the DeFi space, offering enhanced liquidity, increased capital efficiency, and a multitude of investment opportunities for staked assets. By leveraging the power of liquid staking derivatives, LSDfi enables users to maximize the utility of their assets while continuing to earn staking rewards.
As the DeFi landscape continues to evolve, LSDfi holds the potential to play a transformative role in the future of finance, bridging the gap between traditional financial systems and decentralized, blockchain-based solutions. Connect with our crypto developers to embrace this innovation to unlock new avenues for growth, efficiency, and financial inclusion in the global financial ecosystem.
Category:
Blockchain
Mudit Kumar
18 Jun 2024
DAOs in Gaming : A New Governance Model
The gaming industry is on the verge of a revolutionary period driven by rapid technological advancements. Among the most promising blockchain solutions is the emergence of Decentralized Autonomous Organizations (DAOs). These blockchain-based entities are poised to revolutionize games' development, management, and gameplay by introducing a new, decentralized governance model. By harnessing the power of blockchain and smart contracts, DAOs empower players, promote transparency, and foster a more democratic and inclusive gaming ecosystem.
What are DAOs?
DAOs, or Decentralized Autonomous Organizations, are a novel type of organization that operates without centralized control. Governed by smart contracts on a blockchain, DAOs enable participants to make decisions collectively. DAOs are different from traditional hierarchical organizations. They spread authority across their members. They often use a token-based voting system. This decentralized structure ensures that decisions are transparent, democratic, and resistant to censorship or manipulation.
In essence, DAOs function through predefined rules encoded in smart contracts. These contracts automate decision-making processes, enforce rules, and execute agreed-upon actions. Members of a DAO typically hold tokens that grant them voting rights, allowing them to propose, vote on, and implement changes. This model fosters a high degree of community involvement and ensures that the organization operates aligned with its members' collective will.
Also, Read | GameFi and Blockchain: The Future of Online Gaming
The Need For Decentralized Game Governance with DAOs
Traditional game governance is predominantly centralized, with a small group of developers or executives holding the reins. While this model has worked for decades, it has drawbacks. Centralized governance can lead to a need for more transparency. It slows down responses to player feedback and can lead to decisions that may not align with the broader player community's interests. This centralized approach can stifle innovation and create disconnects between developers and their player bases.
Enter DAOs. By decentralizing governance, DAOs address these issues head-on. They enable a more democratic and responsive approach to game development and management. In a DAO-governed game, players have a direct say in how the game evolves. It increases transparency and accountability and ensures the game develops in ways that resonate with its most dedicated players.
You may also like | Saudi Arabia is Ready to Embrace Web3 and Gaming
What do DAOs offer in Gaming?
DAOs bring several key benefits to the gaming world, fundamentally changing how game developers, managers, and players experience and develop games.
Player Empowerment
DAOs provide players with a direct voice in the development process. Players can propose changes, vote on game updates, and influence key decisions. This empowerment ensures that the game evolves according to the community's preferences and needs.
Transparency
One of the core principles of DAOs is transparency. The blockchain records all decisions, transactions, and actions, creating an immutable and transparent history. This transparency builds trust among players and ensures that governance processes are fair and open.
Incentive Alignment
DAOs align the incentives of players and developers. Players can get tokens as a reward for contributing to the game's ecosystem. They can contribute through gameplay, development, or community engagement. These tokens often grant voting rights and a share in the game's success, encouraging players to invest time and effort into the game's development.
Community Building
DAOs foster strong communities by bringing together players who share a common interest in the game's success. Player involvement in governance and decision-making strengthens the bond between players. It also creates a more dedicated and engaged player base.
Decentralized Ownership
In many DAO-governed games, players can own a stake through tokens. This decentralized ownership model democratizes access to the game's financial success and encourages long-term commitment from players.
Also, Read | Redefining The Gaming Industry with Play-to-Own Model
How do Gaming DAOs work?
Gaming DAOs typically have several vital steps. Blockchain and smart contracts make these steps possible.
Token Distribution or Tokenomics
Players acquire tokens through various means, such as gameplay, purchases, or contributions to the community. These tokens represent voting power within the DAO and can also have other utility functions within the game.
Proposal Creation
Any member of the DAO can create proposals for changes or new features. Community members submit proposals for consideration and discussion. They make sure that they evaluate ideas together.
Voting
Token holders vote on proposals. Voting power is usually proportional to the number of tokens held, allowing players with a greater stake in the game to have a more significant influence. This process ensures that decisions reflect the collective will of the community.
Implementation
Once the development team or automated smart contracts approve a proposal, they implement it. This step ensures that the game aligns with the community's preferences and makes changes transparently and efficiently.
Rewards and Incentives
Players who actively participate in governance or contribute to the game's development can earn additional tokens. These rewards incentivize continuous engagement and contribution, creating a positive feedback loop that benefits the entire game ecosystem.
Discover | Gaming NFT Marketplace: A Comprehensive Analysis
Final Thoughts: DAOs Changing the Gaming World
Integrating DAOs into gaming signifies a paradigm shift in governing and developing games. This new governance model aligns the interests of developers and players. It fosters stronger communities and encourages continuous innovation and engagement.
We can expect to see a more dynamic and player-driven development landscape. DAOs will lead the exciting transformation towards decentralized gaming governance in the future.
Are you intrigued by the disruptive potential of Decentralized Autonomous Organizations (DAOs)? We can help you leverage this innovative structure to revolutionize your business operations. Our seasoned blockchain developers have the expertise to engineer a custom DAO solution that aligns with your needs. Contact us today!
Category:
Blockchain
Mudit Kumar
18 Jun 2024
How to Develop a Crypto Swap Aggregator Platform
The crypto exchange development space is in constant flux, driven by continuous innovations that enhance trading efficiency and the overall user experience. One such innovation is the crypto swap aggregator platform, which consolidates liquidity from various decentralized exchanges (DEXs) to offer users the best possible trading rates. This guide explores the concept of crypto swap aggregators, their advantages, challenges, and the detailed steps involved in developing such a platform.
Understanding Crypto Swap Aggregators
A crypto swap aggregator is a platform designed to aggregate liquidity from multiple DEXs, ensuring users get the most favorable exchange rates for their crypto trades. By tapping into liquidity pools across various exchanges, these platforms can offer more competitive rates, reduce slippage, and enhance the overall trading experience.
Crypto Swap Developed at Oodles | Spider Swap
How Crypto Swap Aggregators Operate
Liquidity Aggregation: The platform connects to multiple DEXs, combining their liquidity to provide better rates.
Rate Comparison: Real-time comparisons of exchange rates across different DEXs.
Optimal Route Execution: The platform identifies the best route for trades, considering factors like gas fees, liquidity, and slippage.
Order Splitting: To minimize slippage and secure the best rate, the platform can split orders across several DEXs.
Execution: The trade is executed via the selected routes, and the tokens are swapped accordingly.
Also, Explore | Customization Options in White-Label Crypto Exchanges
Advantages of Crypto Swap Aggregators
For Users
Enhanced Rates: Aggregators secure the best possible exchange rates by comparing multiple DEXs.
Minimized Slippage: Access to multiple liquidity pools helps reduce slippage.
Convenience: Users can interact with multiple DEXs through a single interface.
Increased Liquidity: Aggregating liquidity from various sources ensures higher liquidity for trades.
For Developers
Wider User Base: Attract users seeking optimal rates and superior trading experiences.
Higher Revenue: Increased trading volume translates to higher fees and revenue.
Advanced Features: Incorporate features like order splitting and gas optimization for an edge over competitors.
Also, Check | Layer 2 Solutions for Crypto Exchange Development
Steps to Develop a Crypto Swap Aggregator Platform
Creating a crypto swap aggregator involves several critical stages, each requiring meticulous planning and execution. Below is a comprehensive breakdown of the development process:
Market Research and Planning
Conduct extensive market research to understand the current landscape, user needs, and market gaps. Identify key features that will set your platform apart from competitors.
Defining Platform Features
Determine the essential features of your platform. Key features include:
Multi-DEX Integration: Connect to various DEXs to aggregate liquidity
Real-Time Rate Comparison: Provide real-time exchange rate comparisons
Order Splitting: Optimize trades by splitting orders across multiple DEXs.
User-Friendly Interface: Ensure an intuitive and accessible platform for users of all experience levels.
Security Protocols: Implement robust security measures to protect user funds and data.
Gas Fee Optimization: Optimize transaction routes to minimize gas fees.
Choosing the Technology Stack
Select the appropriate technology stack for your platform. Common choices include:
Blockchain Platforms: Ethereum, Binance Smart Chain, Polkadot, etc.
Programming Languages: Solidity for smart contracts, JavaScript, TypeScript for front-end development
Frameworks and Libraries: React, Angular for front-end; Node.js for back-end development
API Integration: Integrate APIs of various DEXs for liquidity aggregation
Blockchain Integration
Integrate your platform with multiple blockchain networks and DEXs. Ensure seamless connectivity to access liquidity pools and execute trades efficiently.
Smart Contract Development
Opt for smart contract development to handle core functionalities like liquidity aggregation, order routing, and trade execution. Conduct security audits to ensure the integrity and security of the smart contracts.
Platform Development
Develop the front-end and back-end of your platform. Ensure the user interface is intuitive and the back-end can handle high transaction volumes efficiently.
Security Measures
Implement robust security protocols, including:
Smart Contract Audits: Regularly audit smart contracts to identify and fix vulnerabilities
Encryption: Use strong encryption methods to protect user data
Multi-Factor Authentication (MFA): Implement MFA to enhance account security
Regular Security Audits: Conduct regular security audits to ensure the platform's security posture
Testing
Conduct thorough testing to ensure the platform operates smoothly and securely. This includes:
Functional Testing: Verify that all features work as intended
Performance Testing: Ensure the platform can handle high transaction volumes.
Security Testing: Identify and fix security vulnerabilities.
Beta Launch
Release a beta version of your platform to gather feedback from early users. Use this feedback to make necessary improvements and fix any issues before the official launch.
Marketing and Community Building
Develop a marketing strategy to promote your platform and attract users. Engage with the crypto community through social media, forums, and events to build a strong user base.
Official Launch
After thorough testing and marketing, officially launch your crypto swap aggregator platform. Ensure continuous support and updates to keep the platform secure and user-friendly.
You may also like | Cross-Chain Swaps | Empowering Crypto Exchange Development
Conclusion
Crypto swap aggregator platforms are essential in the evolving cryptocurrency ecosystem, offering users the best trading rates and experiences by aggregating liquidity from multiple DEXs. Developing a successful aggregator platform involves thorough planning, robust security measures, continuous engagement with the community, and proficiency of a crypto swap platform development company. Despite the challenges, the future of crypto swap aggregators is bright, with significant potential for growth and innovation. By embracing this technology, blockchain developers can create platforms that enhance trading efficiency, liquidity, and user satisfaction in the crypto market.
Category:
Blockchain
Mudit Kumar
10 Jun 2024
A Comprehensive Guide to the Runes Standard on Bitcoin
The Bitcoin ecosystem is continually evolving, and one of the recent innovations that have garnered significant attention is the Runes standard. This standard aims to enhance the functionality and utility of the Bitcoin network by enabling more complex and versatile transactions. In this comprehensive guide, we will delve into what the Runes standard is, its significance, how it works, and its potential impact on the crypto development ecosystem.
What is the Runes Standard?
The Runes standard is a proposed protocol for the Bitcoin network that introduces the concept of programmable tokens. It aims to enhance Bitcoin's capabilities by allowing users to create, issue, and manage tokens directly on the Bitcoin blockchain. These tokens can represent anything from digital assets and currencies to real-world assets and more.
Also, Check |The Bitcoin Endgame | What Happens When All BTC Are Mined?
Key Features of the Runes Standard
Programmability: Allows for the creation of complex smart contracts on the Bitcoin network.
Tokenization: Enables the issuance of tokens that can represent a wide range of assets.
Interoperability: Facilitates interaction between different blockchain platforms and tokens.
Security: Leverages Bitcoin's robust security model to ensure the integrity and safety of transactions.
Also, Check | Demystifying Bitcoin Ordinals: What You Need to Know
The Significance of the Runes Standard
Enhanced Functionality
The introduction of the Runes standard significantly enhances the functionality of the Bitcoin network. It allows for more complex and versatile transactions, paving the way for a broader range of applications and use cases.
Broader Adoption
By enabling tokenization and smart contracts on Bitcoin, the Runes standard can attract a wider audience, including businesses and developers who may have previously relied on other blockchain platforms like Ethereum.
Increased Utility
The ability to create and manage tokens directly on the Bitcoin blockchain increases its utility, making it a more attractive option for various financial and non-financial applications.
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How the Runes Standard Works
Token Creation
One of the core features of the Runes standard is the ability to create tokens. This process involves defining the properties and rules of the token, such as its supply, divisibility, and any other relevant attributes.
Smart Contracts
Runes leverages Bitcoin's scripting capabilities to enable the creation and execution of smart contracts. These contracts can automate various processes, such as the transfer of tokens, issuance of dividends, and more.
Transaction Types
The Runes standard introduces new transaction types that are specifically designed to handle the complexities of token transfers and smart contracts. These transaction types ensure that tokens can be transferred securely and efficiently on the Bitcoin network.
Security and Compliance
Runes adheres to Bitcoin's security model, ensuring that all transactions are secure and immutable. Additionally, it can incorporate compliance features to meet regulatory requirements, making it suitable for a wide range of applications.
Also, Read | Building a Crypto Launchpad: From Concept to Launch
Potential Impact of the Runes Standard
Financial Services
The financial services industry stands to benefit significantly from the Runes standard. It enables the creation of digital assets, simplifies the issuance and management of securities, and facilitates complex financial transactions.
Decentralized Applications (DApps)
With the Runes standard, developers can build decentralized applications (DApps) on the Bitcoin network. This opens up new possibilities for applications in areas such as decentralized finance (DeFi), supply chain management, and more.
Real-World Asset Tokenization
The ability to tokenize real-world assets, such as real estate, art, and commodities, is another significant impact of the Runes standard. This can increase liquidity and accessibility for these assets, making them more attractive to investors.
Cross-Chain Interoperability
The Runes standard facilitates interoperability between different blockchain platforms, allowing tokens and smart contracts to interact seamlessly across multiple networks. This can enhance the overall efficiency and functionality of the blockchain ecosystem.
Discover | Powering a Sustainable Future for DeFi: PoS vs. PoW
Conclusion
The Runes standard represents a significant step forward for the Bitcoin network, introducing enhanced functionality and new possibilities through programmable tokens and smart contracts. By leveraging Bitcoin's robust security model and expanding its capabilities, Runes has the potential to transform various industries and applications.
As we look to the future, the Runes standard holds the promise of making Bitcoin a more versatile and powerful platform, capable of supporting a wide range of innovative applications and use cases. Embracing this standard can unlock new avenues for growth, efficiency, and utility in the ever-evolving world of blockchain technology.
Connect with our crypto developers to get started with crypto token development using Runes standard.
Category:
Blockchain
Mudit Kumar
09 Jun 2024
Crypto Staking Platform Development: A Step-by-Step Guide
The growth of decentralized finance (DeFi) has led to the proliferation of various financial products and services in the cryptocurrency space. One such service that has gained significant traction in the crypto exchange development space is crypto staking. Staking platforms allow users to earn rewards by participating in the proof-of-stake (PoS) consensus mechanism of a blockchain network. This comprehensive guide explores the concept of crypto staking, its benefits, and the detailed process of developing a crypto staking platform.
What is Crypto Staking?
Crypto staking involves holding and locking up a specific amount of cryptocurrency in a wallet to support the operations of a blockchain network. In return for staking their coins, participants receive staking rewards, typically in the form of additional tokens. Staking is integral to the PoS consensus mechanism, where it helps secure the network and validate transactions.
Proof of Stake (PoS) Explained
Proof of Stake (PoS) is a consensus mechanism that selects validators based on the number of coins they hold and are willing to "stake" as collateral. Unlike Proof of Work (PoW), which requires significant computational power to solve cryptographic puzzles, PoS relies on the economic value participants commit to the network. This method is more energy-efficient and scalable compared to PoW.
Also, Explore | Crypto Staking Platform Developed at Oodles
Benefits of Crypto Staking
For Users
Earning Rewards: Stakers earn rewards in the form of additional cryptocurrency, providing a passive income stream.
Network Participation: Staking allows users to participate in the governance and decision-making processes of the blockchain network.
Enhanced Security: By staking their tokens, users contribute to the security and stability of the network.
For Networks
Security: Staking enhances the network's security by making it economically expensive for malicious actors to attack the network.
Decentralization:Encourages more participants to get involved in the network, promoting decentralization.
Efficiency: PoS networks are generally more energy-efficient and scalable than PoW networks.
Also, Read | DeFi Trends for 2024 and Beyond | Insights and Projections
Development Process of a Crypto Staking Platform
Developing a crypto staking platform involves several steps, each requiring careful consideration and expertise. Here's a detailed breakdown of the development process:
Market Research and Planning
Conduct comprehensive market research to understand the existing staking platforms, their features, and user needs. Identify gaps in the market and plan features that will differentiate your platform.
Defining Platform Features
Determine the key features your staking platform will offer. Essential features include:
User-friendly Interface: Ensure the platform is easy to navigate for users of all experience levels.
Multi-Currency Support: Support staking for multiple cryptocurrencies to attract a broader user base.
Security Measures: Implement robust security protocols to protect users' funds and data.
Rewards Calculator: Provide a tool for users to estimate their potential earnings from staking.
Staking Pools: Allow users to pool their resources to participate in staking with smaller amounts of cryptocurrency.
Governance Features: Enable users to participate in network governance and voting processes.
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Blockchain Integration
Choose the blockchain networks your platform will support. Popular choices include Ethereum 2.0, Cardano, and Polkadot. Ensure seamless integration with these networks to facilitate smooth staking processes.
Smart Contract Development
Develop and audit smart contracts that will manage the staking process. Smart contract development should handle staking, rewards distribution, and penalties for misbehavior.
Platform Development
Develop the front-end and back-end of your staking platform. The front-end should be intuitive and responsive, while the back-end should be robust and capable of handling high volumes of transactions.
Beta Testing
Launch a beta version of your platform to gather feedback from early users. Use this feedback to make necessary improvements and fix any issues before the official launch.
Official Launch
After thorough testing and marketing, officially launch your crypto staking platform. Ensure continuous support and updates to keep the platform secure and user-friendly.
Also, Check | A Definitive Guide to Smart Contract Development Tools
Challenges in Crypto Staking Platform Development
Regulatory Compliance
Navigating the intricate and evolving regulatory landscape can be challenging. Ensure your platform complies with all pertinent regulations to avoid legal complications.
Competition
The market for crypto staking platforms is becoming increasingly competitive. Differentiate your platform by offering unique features and superior user experience.
Technical Complexity
Developing a secure, scalable, and efficient staking platform requires significant technical expertise. Bring together a team of skilled blockchain developers to tackle technical challenges.
Discover | Cross-Chain DeFi Technology | Shaping the Future of Finance
The Future of Crypto Staking
The future of crypto staking looks promising as the demand for PoS networks and staking services continues to grow. Here are some trends to watch:
Increased Adoption
As more blockchain networks adopt PoS consensus mechanisms, the adoption of staking platforms will likely increase.
Integration with DeFi
Staking platforms will likely integrate more with decentralized finance (DeFi) protocols, offering additional services like lending, borrowing, and yield farming.
Enhanced Security Measures
As security threats evolve, staking platforms will continue to enhance their security protocols to protect user funds and data.
User-Friendly Innovations
Future staking platforms will focus on improving user experience by offering more intuitive interfaces and better educational resources for newcomers.
Explore More | NFT Lending and Borrowing | When NFT Meets DeFi
Conclusion
Crypto staking platforms play a vital role in the blockchain ecosystem, enabling users to earn rewards while enhancing network security and stability. Building a successful staking platform requires meticulous planning, strong security protocols, ongoing community engagement, and the services of a crypto staking platform development company. Despite the inherent challenges, the future of crypto staking is promising, offering substantial opportunities for growth and innovation. Embracing this technology paves the way for a more inclusive, efficient, and secure financial system.
Category:
Blockchain
Mudit Kumar
08 Jun 2024
Building a Crypto Launchpad : From Concept to Launch
New projects and innovations are continuously emerging in the ever-evolving world of cryptocurrencies and blockchain technology. One emerging element in the crypto development space is the crypto launchpad. Crypto launchpads are vital in helping new blockchain and crypto projects gain traction and secure funding. This comprehensive guide explores the concept of crypto launchpads, their benefits, development process, challenges, and the future of this exciting sector.
What is a Crypto Launchpad?
A crypto launchpad, also known as an Initial DEX Offering (IDO) platform, is a decentralized platform that facilitates the launch and funding of new cryptocurrency projects. These platforms allow projects to raise capital by issuing their tokens to early investors in exchange for established cryptocurrencies like Bitcoin, Ethereum, or stablecoins.
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Key Functions of Crypto Launchpads
Fundraising: Providing a platform for new projects to raise funds through token sales
Token Distribution: Ensuring a fair and transparent distribution of tokens to investors.
Market Exposure: Offering new projects exposure to a broader audience within the crypto community.
Community Building: Helping projects build and engage with their community of supporters and investors.
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Benefits of Crypto Launchpads
For Projects
Access to Funding
Crypto launchpads provide a streamlined and efficient way for projects to secure the necessary capital.
Community Support: Projects can leverage the launchpad's community to build a robust support base.
Transparency: The decentralized nature of launchpads ensures transparency in the fundraising process.
For Investors
Early Access: Investors can access promising new projects and tokens at potentially lower prices.
Security:Reputable launchpads vet projects, reducing the risk of scams and fraudulent activities.
Diverse Opportunities: Launchpads offer a variety of projects across different sectors, providing diversified investment opportunities.
Also, Read | A Definitive NFT Launchpad Development Guide
Development Process of a Crypto Launchpad
Developing a crypto launchpad involves several critical steps, each requiring careful planning and execution. Here is a detailed breakdown of the development process:
Market Research and Planning
Conduct thorough market research to understand the needs and demands of the crypto community. Identify the features and functionalities that will make your launchpad stand out.
Defining the Platform's Features
Determine the key features your launchpad will offer. Some essential features include:
User-friendly Interface: Ensure the platform is easy to navigate for both project teams and investors.
KYC/AML Compliance: Implement Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to ensure regulatory compliance.
Multi-Chain Support: Enable support for multiple blockchain networks to attract a wider range of projects and investors.
Staking Mechanism: Incorporate a staking system where users can stake tokens to participate in IDOs.
Security Measures: Implement robust security protocols to protect user funds and data.
Also, Check | Initial Game Offering (IGO) Launchpad Development
Blockchain Integration
Choose the blockchain networks your launchpad will support. Ethereum and Binance Smart Chain are popular choices due to their large user base and robust ecosystems. Ensure seamless integration with these networks to facilitate smooth transactions and token launches.
Smart Contract Development
Develop and audit smart contracts that will manage token sales, staking, and other platform functionalities. Smart contract development ensures automation, transparency, and security in the fundraising process.
Platform Development
Develop the front-end and back-end of your launchpad platform. Ensure the user interface is intuitive and responsive. The back-end should be scalable and capable of handling high volumes of transactions.
Security Audits
Conduct thorough security audits to identify and mitigate potential vulnerabilities. Partner with reputable cybersecurity firms to ensure your platform meets industry standards.
Beta Testing
Launch a beta version of your platform to gather feedback from early users. Use this feedback to make necessary improvements and fix any issues before the official launch.
Marketing and Community Building
Develop a marketing strategy to promote your launchpad and attract projects and investors. Engage with the crypto community through social media, forums, and events to build a strong user base.
Official Launch
After thorough testing and marketing, officially launch your crypto launchpad. Ensure continuous support and updates to keep the platform secure and user-friendly.
Also, Read | Initial Liquidity Offering | A New Model for Raising Capital
Challenges in Crypto Launchpad Development
Regulatory Compliance
Navigating the complex and evolving regulatory landscape can be challenging. Ensure your platform complies with all relevant regulations to avoid legal issues.
Security Risks
Crypto platforms are prime targets for hackers. Implement robust security measures and conduct regular audits to protect against breaches.
Competition
The market for crypto launchpads is becoming increasingly competitive. Differentiate your platform by offering unique features and superior user experience.
Technical Complexity
Developing a secure, scalable, and efficient launchpad requires the significant technical expertise of a cryptocurrency development company. Assemble a skilled team of blockchain developers to overcome technical challenges.
The Future of Crypto Launchpads
The future of crypto launchpads looks promising as the demand for decentralized fundraising solutions continues to grow. Here are some trends to watch:
Increased Regulation
As the industry matures, expect more regulatory oversight. Compliance with regulations will become increasingly important for launchpads and projects alike.
Expansion of DeFi Integration
Launchpads will likely integrate more with decentralized finance (DeFi) platforms, offering additional services like lending, borrowing, and yield farming to enhance their ecosystems.
Cross-Chain Compatibility
Future launchpads will support multiple blockchain networks, allowing projects and investors to choose their preferred chains for fundraising and participation.
Enhanced Security Measures
As security threats evolve, launchpads will continue to enhance their security protocols to protect user funds and data.
Conclusion
Crypto launchpads are pivotal in the blockchain ecosystem, providing essential support for new projects and investment opportunities for the crypto community. Developing a successful launchpad involves thorough planning, robust security measures, continuous engagement with the community, and the expertise of a crypto launchpad development company. Despite the challenges, the future of crypto launchpads is bright, with significant potential for growth and innovation.
Category:
Blockchain
Mudit Kumar
07 Jun 2024
Embracing Web3 and Metaverse : The Next Digital Revolution
The internet has evolved significantly, giving rise to disruptive technologies like Web3 and the metaverse. These innovations are set to reshape the digital landscape, offering businesses unparalleled opportunities for growth and transformation. By exploring the potential of Web3 application development and the metaverse, we can uncover how they can empower businesses to succeed in the digital economy, enhance customer experiences, unlock new revenue streams, and maintain a competitive edge.
Web3: Revolutionizing the Internet
Web3 represents the next evolution of the internet, characterized by decentralization, openness, and enhanced user utility. Unlike its predecessors, Web3 is not controlled by centralized entities but operates on distributed networks powered by blockchain technology. This decentralization ensures greater security, transparency, and autonomy for users.
One of Web3's key features is the ability to interact with decentralized applications (DApps) and smart contracts without intermediaries. This opens up new possibilities for secure and efficient transactions and novel ways of organizing and managing digital assets.
Businesses can tap into Web3's potential by integrating blockchain-based solutions into their operations. For instance, they can implement smart contracts for automated and trustless agreements, utilize decentralized finance (DeFi) for financial services, and leverage non-fungible tokens (NFTs) for unique digital assets. These are just a few examples of how Web3 can revolutionize business operations and drive growth.
Also, Read | The Intersection of Healthcare, Metaverse, and Blockchain
The Metaverse: Redefining Virtual Reality
The metaverse is a universe of interconnected virtual worlds accessible through the internet. It offers a three-dimensional, immersive environment where users can interact, create, and transact in virtual spaces.
Unlike traditional virtual reality experiences, the metaverse is persistent and shared, allowing continuous engagement and collaboration. It blurs the lines between physical and digital realities, paving the way for innovative applications across industries.
For businesses, the metaverse presents opportunities to create immersive experiences for customers, establish virtual storefronts, and host virtual events. It enables novel social interaction, entertainment, and commerce forms, driving engagement and brand loyalty.
Discover | Multi-Redeemable NFTs | Elevating Web3 Experiences
Intersection Between Web3 and the Metaverse
The Metaverse can potentially drive the adoption of Web3 by allowing users to utilize blockchain-based assets and services seamlessly integrated into virtual experiences. With blockchain technology, virtual assets can be verified, traded, and traced with unparalleled security and efficiency. It promotes trust and enables new economic models within digital environments. Integrating blockchain-based assets and services in the Metaverse can foster trust and enable new economic models in digital environments.
Web3 and Financial Inclusion
Web3 principles emphasize decentralization, user empowerment, and interoperability, creating a more inclusive financial landscape in the Metaverse. Through Web3 technologies, individuals can participate in economic activities, access financial services, and engage in peer-to-peer transactions without traditional intermediaries, democratizing wealth creation and distribution.
Crypto Assets as Digital Wealth
Cryptocurrencies serve as the primary medium of exchange within the Metaverse, offering a borderless and programmable form of digital wealth. Using cryptocurrencies, users can transact seamlessly across virtual platforms, invest in digital assets, and diversify their financial portfolios in a global, decentralized economy.
NFTs: Redefining Ownership
Non-fungible tokens (NFTs) revolutionize the concept of ownership in the Metaverse by representing unique, indivisible digital assets. From virtual real estate to digital art, NFTs enable creators and collectors to establish verifiable ownership rights, create scarcity, and monetize digital content, unlocking new avenues for wealth accumulation and expression.
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Strategies for Business Leaders: How Can Businesses Prepare for a Future in Web 3 and The Metaverse?
Technology investment is essential as businesses prepare for a future in Web3 and the metaverse. For success, firms must secure the correct apparatus and structures to exploit fresh openings. To guarantee success, businesses must have the right technology, such as AR and VR headsets and other tools to use new possibilities. Businesses require software enabling them to capitalize on the digital realm, including cloud-based systems, blockchain networks, AI, and machine learning tools.
Developing strategies to leverage the new digital economy is also critical for success. Companies should consider using emerging technologies like AR/VR or AI-driven automation to create unique customer experiences or optimize operations internally. They should also explore ways to capitalize on user-generated data within their metaverse environment—for example, by using analytics solutions or monetizing user content through advertising campaigns.
Also, Check | Game On! Mastering Web3 Game Development
Business leaders must adopt a strategic approach to capitalize on the opportunities presented by Web3 and the metaverse. This involves:
Understanding the Technology
Educate yourself and your team about Web3, blockchain, and the metaverse to grasp their potential impact on your industry.
Identifying Use Cases
Identify areas within your business where Web3 and the metaverse can add value, such as digital asset management, customer engagement, or supply chain transparency.
Collaborating with Experts
Partner with experienced developers, designers, and blockchain specialists to develop and implement Web3 and metaverse solutions tailored to your business needs.
Experimenting and Iterating
Embrace experimentation and iteration to refine your digital strategies and offerings in response to user feedback and market dynamics.
Discover more | How to use Blockchain in the Metaverse
The Future of Blockchain in the Metaverse
As the Metaverse continues to evolve and expand, blockchain technology will play an increasingly integral role in shaping its future. Innovations in blockchain scalability, interoperability, and governance will further enhance the functionality and accessibility of digital economies within virtual worlds. Moreover, advancements in smart contracts, decentralized finance (DeFi), and blockchain-based gaming will create diverse opportunities for users to engage, transact, and collaborate within the Metaverse.
Also, Explore | Exploring the Combination of DAO and the Metaverse
Conclusion
Web3 and the metaverse represent the future of the internet and digital economy, offering boundless possibilities for innovation and growth. The key lies in proactive adoption, strategic partnerships, and a forward-thinking approach to digital transformation.
Developing a long-term roadmap for integrating Web3 and metaverse technologies into your business operations is crucial.
If you want to develop metaverse projects rooted in Web3's impact and other blockchain technologies, our team of Web3 developers can help. Feel free to contact us today to discuss your requirements and explore how we can assist you in achieving your goals.
Category:
Blockchain
Mudit Kumar
30 May 2024
Blockchain-Based Streaming for Fairer Content Monetization
The world of streaming reigns supreme in entertainment. From music and movies to live broadcasts and educational lectures, blockchain streaming development offers unparalleled convenience and accessibility for content consumption. However, the current system feels unbalanced for the creators who fuel this multi-billion dollar industry. While undeniably convenient, centralized platforms often leave creators feeling undervalued and underpaid. Opaque algorithms and unfair revenue-sharing models make it difficult for many to earn a sustainable living from their work. Blockchain-based streaming emerges as a potential game-changer, disrupting the status quo and reshaping the future of content creation. In this blog post, discover how this blockchain leverages decentralization to offer a fairer and more equitable content streaming ecosystem. Also, Read | Decentralized Live Streaming Solutions with BlockchainHow Blockchain Empowers Creators?Here's how blockchain empowers creators:Decentralized Power: Shifting Control to CreatorsTraditionally, streaming platforms act as gatekeepers, controlling everything from content distribution to monetization. Blockchain disrupts this centralized model by creating a decentralized network. In this new paradigm, a distributed network of computers, rather than a single entity, verifies and stores transactions. This shift gives creators more control and insight into consumption.Also, Explore | Building OTT Platforms using the Power of BlockchainSmart Contracts: Automating FairnessSmart contracts and self-executing agreements within the blockchain ecosystem eliminate the need for intermediaries. When a viewer engages with content, a smart contract can be programmed to distribute royalties to the creator based on pre-defined terms automatically. It eliminates potential disputes and ensures creators receive their fair share promptly and transparently.Transparency: Shining a Light on Content UsageBlockchain technology operates on a public ledger, meaning every interaction within the network is permanently recorded and readily accessible. It translates to complete transparency in the context of streaming. Creators and viewers alike can track content usage and royalty payments in real time. This level of openness cultivates trust and provides creators with valuable insights into the consumption of their work. You may also like | The Future of Streaming is Decentralized Blockchain SolutionsNew Revenue Streams: Unlocking Creativity and ValueBlockchain significantly expands the possibilities for content monetization. Beyond traditional subscription models, creators can explore innovative revenue streams:Micropayments and Fair Revenue DistributionViewers can pay a small fee directly to access specific content, allowing creators to capture value from individual pieces of work. Thanks to reduced intermediaries and automated, transparent royalty payments, content creators receive a more significant share of the revenue generated by their content.Fan Engagement ModelsThese models reward viewers for actively supporting creators, creating a more symbiotic relationship.Tokenized OwnershipPerhaps the most intriguing concept is that creators can tokenize their content, granting fans a fractional stake in their success. It opens doors to community building and shared value creation. Check Out | Streaming on Blockchain | A Comprehensive GuideConclusionBlockchain streaming is still in its early stages, but the potential for a more equitable future is undeniable. By empowering creators, fostering transparency, and unlocking new revenue models, blockchain technology has the power to revolutionize content creation. As technology advances, the system will reward content creators for their work, and users will gain greater control over their viewing experience. This shift towards a fairer and more transparent future holds exciting possibilities for creators and audiences alike. Dreaming of a revolutionary streaming platform that empowers creators and captivates audiences? Look no further than Oodles Blockchain! We combine cutting-edge blockchain technology with our skilled blockchain developers to craft dynamic and user-friendly streaming applications.
Category:
Blockchain
Mudit Kumar
29 May 2024
Stellar Launches Smart Contracts: Soroban Now Live on Mainnet
The Stellar Development Foundation (SDF) announced the successful activation of Protocol 20, a significant upgrade for the Stellar (XLM) blockchain network. This upgrade marks the official launch of Soroban smart contracts on the Stellar mainnet. It significantly impacts Stellar blockchain development services.
In a blog post, the SDF declared that the vote by Stellar network validators to upgrade the mainnet to Protocol 20 ushered in a new era for Soroban.
They described Soroban as a secure "battery-included" developer experience designed for scalability and real-world applications.
This launch is a major milestone for Stellar, a payments network aiming to expand its capabilities as cryptocurrency adoption surges globally. The Protocol 20 upgrade was initially scheduled for January 30th, but a discovered bug prompted validators to postpone activation, as reported by Invezz. The SDF subsequently announced a phased activation beginning on February 20th.
Stellar had previously hinted at Protocol 20's imminent arrival in September. It highlights its role in enabling Soroban smart contracts on the network. The SDF further explained that the phased approach would allow validators and other network participants to monitor the impact of smart contract functionality on the network, ensuring optimal performance, security, and stability throughout the process.
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What are Smart Contracts, and Why are they Important for Stellar?
Smart contracts are self-executing agreements stored on a blockchain network. They eliminate the need for intermediaries, streamline processes, and minimize the risk of errors or manipulation. With the introduction of Soroban smart contracts, Stellar gains a significant advantage, allowing developers to build a wider range of decentralized applications (dApps) on the network. These dApps could encompass anything from decentralized finance (DeFi) protocols to prediction markets and tokenized assets.
Soroban's Impact on Creators and Users
The arrival of Soroban empowers both creators and users within the Stellar ecosystem. Creators can leverage smart contracts for automated royalty distribution, guaranteeing they receive fair compensation for their work. Thanks to smart contracts automating tedious tasks within dApps, users can expect a more streamlined experience.
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Focus on Usability, Security, and Scalability
Soroban prioritizes usability and scalability, making it a valuable addition to the Stellar ecosystem. Here are some key features that distinguish Soroban:
WebAssembly (WASM) Compatibility
Soroban utilizes WASM, a widely adopted code format. This allows developers to build on Stellar by leveraging their existing skillsets and tools.
Security First
Security remains paramount for Stellar. Soroban is built with robust security measures to guarantee the safety of user funds and applications.
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Looking Ahead: A Thriving Ecosystem for dApps
The launch of Soroban on the mainnet represents only the beginning of a new chapter. The SDF's dedication to fostering a vibrant, smart contract ecosystem is evident in its $100 million Soroban adoption fund. This fund actively supports developers building innovative dApps on Stellar, sending a strong signal of their commitment to growth.
Conclusion
The evolution of the Stellar ecosystem with Soroban signifies the potential for a wider range of dApps and potentially new ways to interact with the network. This is exciting news for developers, creators, and anyone interested in exploring the possibilities of blockchain technology. The arrival of smart contracts on Stellar marks a new chapter in decentralized innovation.
Don't miss out on the opportunities presented by Soroban smart contracts on the Stellar network. Collaborate with Oodles Blockchain to unlock new possibilities, streamline processes, and harness the full potential of blockchain technology. Reach out to our blockchain developers today and embark on a journey of decentralized innovation.
Category:
Blockchain
Mudit Kumar
23 May 2024
GameFi and Blockchain: The Future of Online Gaming
The gaming industry is undergoing a seismic shift with the emergence of GameFi, a revolutionary concept that merges the worlds of gaming and decentralized finance (DeFi). By leveraging blockchain development services, GameFi empowers players to enjoy their favorite games and earn real-world value through their in-game activities. This blog post delves into GameFi's core principles, explores its impact on the entertainment landscape, and explains its potential to reshape the future of gaming.What is GameFi?GameFi, short for Game Finance, is a groundbreaking concept that integrates decentralized finance (DeFi) principles into gaming ecosystems. It introduces financial incentives, ownership mechanics, and innovative gameplay features that empower players to monetize their gaming experiences. Unlike traditional gaming models, where time spent is purely recreational, GameFi introduces the concept of "play-to-earn" (P2E), allowing players to earn real-world value through in-game activities. In this, gamers earn cryptocurrencies or other digital assets by participating in gameplay, completing tasks, or achieving in-game milestones. This novel approach empowers players to extract tangible value from gaming, transforming leisure activities into potentially lucrative ventures. Furthermore, GameFi encompasses various elements such as non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), and decentralized exchanges (DEXs), all of which contribute to the creation of vibrant, player-driven economies within gaming ecosystems. These elements facilitate asset ownership, trading, and governance, fostering a sense of ownership and empowerment among participants. Discover | Game On! Mastering Web3 Game DevelopmentThe Role of Blockchain TechnologyAt the core of GameFi lies blockchain technology, a decentralized and transparent ledger system that underpins cryptocurrencies and digital assets. Blockchain ensures secure and immutable transactions, asset ownership, and reward distribution within gaming ecosystems. Smart contracts, a key feature of blockchain, automate gameplay rules, enforce transparency, and facilitate seamless interactions between players and platforms.Key Elements of GameFi and Blockchain IntegrationNFTs and Digital OwnershipNon-fungible tokens (NFTs) enable players to own unique digital assets such as in-game items, characters, and virtual real estate. This ownership is verifiable and transferable and can be traded on NFT marketplaces, creating a dynamic digital economy within games.Decentralized Finance (DeFi) FeaturesGameFi platforms integrate DeFi functionalities such as staking, yield farming, and liquidity provision. Using blockchain-based financial services, players can earn passive income, participate in governance, and optimize their gaming investments.Community-Driven GovernanceDecentralized autonomous organizations (DAOs) empower players to participate in platform governance, vote on decisions, and shape the direction of the gaming experience. This democratic approach fosters community engagement and ownership. Also, Explore | Saudi Arabia is Ready to Embrace Web3 and GamingThe Benefits of GameFi and Blockchain IntegrationEmpowering PlayersGameFi enables players to monetize their skills, time, and assets, transforming gaming from a recreational activity to a potential source of income.Ownership and Value CreationNFTs and blockchain-based assets offer verifiable ownership and value-creation opportunities within gaming ecosystems, enhancing player engagement and investment.Transparency and SecurityBlockchain ensures transparent and secure transactions, asset tracking, and rewards distribution, mitigating fraud and enhancing trust between players and platforms.Innovative GameplayGameFi introduces innovative gameplay mechanics, economic incentives, and community-driven features that enrich the gaming experience and foster long-term engagement. You may also like | Redefining The Gaming Industry with Play-to-Own ModelThe Future of Online Gaming with GameFi and BlockchainAs GameFi and blockchain technology continue to evolve, their impact on the future of online gaming is poised to be revolutionary. We can expect to see:Diverse Gaming ExperiencesGameFi platforms will offer a wide range of gaming experiences, from traditional genres to blockchain-integrated games with P2E mechanics.Cross-Platform InteroperabilityBlockchain-based assets and NFTs will enable cross-platform interoperability, allowing players to use their digital assets across multiple games and platforms.Economic EmpowermentGameFi democratizes access to gaming and financial opportunities, empowering players globally to participate, earn, and invest in digital entertainment. Also, Read | Gaming NFT Marketplace: A Comprehensive AnalysisConclusionIn conclusion, GameFi and blockchain technology are revolutionizing the future of online gaming by introducing financial incentives, ownership models, and decentralized governance mechanisms. The synergy between GameFi and blockchain promises to create a more inclusive, transparent, and rewarding gaming ecosystem for players worldwide. To explore further insights into the development of GameFi, collaborate with our proficient blockchain developers at Oodles Blockchain.
Category:
Blockchain
Mudit Kumar
23 May 2024
Building OTT Platforms using the Power of Blockchain
Over-the-top (OTT) platforms, also known as streaming services, have become dominant in the entertainment industry. The OTT medium has grown exponentially, reshaping entertainment consumption patterns. However, significant challenges accompany the growth of content creation, including ensuring that creators are fairly compensated, preventing content piracy, and protecting user data privacy. With decentralization as its core principle, Blockchain technology presents a compelling solution for these concerns, potentially revolutionizing the OTT landscape. This blog post explores the transformative potential of blockchain streaming and decentralization for revolutionizing Over-the-Top (OTT) platforms.
Impact of Blockchain Technology on the OTT Space
With the following pointers, discover the potential impact of Blockchain on OTT platforms.
Transparency and Efficiency in Content Distribution and Monetization
Blockchain technology eliminates intermediaries and streamlines content distribution and monetization on OTT platforms. By leveraging smart contracts and decentralized storage, blockchain reduces transaction costs and ensures fair revenue distribution among content creators, producers, and distributors.
Immutable Intellectual Property Protection
Intellectual property rights and content piracy are significant concerns for OTT platforms. Blockchain's decentralized nature and cryptographic security provide a robust solution for protecting intellectual property. Storing content ownership and distribution rights on a distributed ledger ensures immutable records, making tampering with or duplicating content extremely difficult.
Discover | The Future of Streaming is Decentralized Blockchain Solutions
Enhanced Data Privacy and Security
Data privacy and security are paramount for OTT platforms. Blockchain's decentralized architecture and cryptographic algorithms strengthen data privacy by providing end-to-end encryption and secure user authentication.
Improved Content Curation and Recommendation
OTT platforms rely on algorithms to curate and recommend personalized content to users. Blockchain's decentralized nature enables the creation of a user-centric content recommendation system. By leveraging user data stored on the blockchain, platforms can offer more accurate content recommendations while maintaining user privacy. Case studies demonstrate that blockchain-powered recommendation engines on OTT platforms have improved content relevancy by 20%, resulting in higher user engagement and satisfaction.
Also, Read | Streaming on Blockchain | A Comprehensive Guide
Monetizing User Engagement and Microtransactions
Blockchain technology facilitates microtransactions and token economies within the OTT ecosystem. Content creators and viewers can both earn rewards for engagement on the platform. It creates new revenue streams and promotes community participation.
Streamlining Licensing and Permissions
OTT platforms require licensing agreements and permissions for the content they stream, which can be complex and time-consuming. Blockchain technology can simplify this process by enabling the codification of licensing agreements and permissions into smart contracts. Using blockchain to store and execute these smart contracts, OTT platforms can streamline content acquisition, reduce negotiation times and costs, and provide greater transparency and accountability in the licensing process. It can minimize disputes and ensure fair compensation for content owners, benefiting both OTT platforms and content owners by simplifying the process and increasing efficiency.
Also, Explore | Why Develop Live Streaming Solutions with Blockchain
Global Accessibility and Inclusion
OTT platforms can leverage blockchain to achieve global content access while adhering to regional regulations and licensing agreements.
Blockchain technology is poised to transform the OTT space, offering a revolutionary approach to global content access. Maintaining compliance with regional regulations and licensing agreements, fostering inclusivity, and expanding market reach present compelling cases for its adoption.
You may also like | Developing a Blockchain-Powered Media Streaming Platform
Conclusion
In conclusion, blockchain technology is transforming the OTT platforms industry by offering solutions to challenges such as content distribution, intellectual property protection, data privacy, and monetization. The highlighted data points demonstrate blockchain's tangible benefits to the OTT ecosystem, ensuring a fair, secure, and user-centric streaming experience for content creators and viewers. Embracing blockchain technology unlocks new opportunities and paves the way for a more decentralized and transparent future in the OTT platforms landscape.
Contact Oodles Blockchain today for a consultation with our expert blockchain developers to craft a secure, transparent, and future-proof streaming experience for your OTT platform.
Category:
Blockchain
Mudit Kumar
23 May 2024
2024 Blockchain Insurance Market: Explosive Growth And Gains
In the ever-evolving landscape of finance and technology, the insurance sector has seen remarkable growth and transformation thanks to blockchain technology. 2024 marks a significant milestone in adopting blockchain in insurance, with explosive growth, increased transparency, and substantial gains observed across the board.
Market Size, Trends, and Growth Trajectory of Insurance via Blockchain
The blockchain insurance market has witnessed exponential growth in recent years, with a projected market size of billions of dollars by 2024. This growth trajectory is attributed to several key trends driving the adoption of blockchain in insurance.
Enhanced Security
Blockchain technology offers a decentralized and immutable ledger, significantly reducing the risk of fraud and enhancing security for insurers and policyholders alike. Using cryptographic algorithms and consensus mechanisms, Ouroboros is designed to be energy-efficient, unlike proof-of-work (PoW) protocols like Bitcoin, which consume significant computational resources. This sustainability aspect is crucial in today's environmentally conscious landscape. Blockchain ensures that data remains tamper-proof and secure throughout its lifecycle. This heightened security is a significant driver for insurance companies looking to safeguard sensitive customer information and prevent fraudulent activities.
Improved Efficiency
Smart contracts, a key feature of blockchain technology, automate and streamline insurance processes, reducing administrative costs and improving overall operational efficiency. These self-executing contracts automatically enforce terms and conditions, trigger actions based on predefined criteria, and facilitate seamless interactions between parties.
It means faster policy issuance, claims processing, and settlements for insurers, enhancing productivity and cost savings.
Enhanced Transparency
One of the most significant benefits of blockchain in insurance is its ability to provide a transparent and auditable record of transactions. Unlike traditional centralized systems, where data is siloed and controlled by intermediaries, blockchain offers a distributed ledger accessible to all parties. This transparency fosters trust between insurers, reinsurers, policyholders, and regulators, as they can independently verify and validate transactions in real-time. Moreover, blockchain's immutability ensures that data cannot be altered or deleted once it is recorded, further enhancing transparency and accountability.
Claims Management
Blockchain streamlines claim processing by digitizing and automating manual workflows. Insurers can automate claims validation, verification, and settlement through smart contracts, reducing paperwork, delays, and errors. Policyholders can track the status of their claims in real-time, receive prompt notifications, and experience faster and more accurate claims settlements. This efficient claims management process improves customer satisfaction, reduces operational costs, and minimizes fraud risks.
Customer Experience
Blockchain-enabled platforms offer policyholders a seamless and user-friendly experience, enhancing customer satisfaction and loyalty. These platforms provide secure access to policy information, digital documentation, and self-service options, empowering customers to manage their insurance needs conveniently. Additionally, blockchain facilitates personalized and transparent communication between insurers and policyholders, improving engagement and trust.
Blockchain in Insurance Market Segmentation Analysis and Growth Factors
The blockchain insurance market in 2024 can be segmented based on the type of blockchain solutions offered and the regions experiencing significant growth. Key factors driving growth in this market include:
1. Permissioned Blockchain
This type of blockchain offers controlled access to participants, making it ideal for consortiums, industry collaborations, and private networks. Permissioned blockchains ensure data privacy, regulatory compliance, and governance, making them suitable for enterprise applications in insurance.
2. Public Blockchain
Public blockchains like Ethereum and Bitcoin provide transparency, openness, and decentralization. While they are not typically used for sensitive insurance data, they are suitable for decentralized applications (DApps), peer-to-peer transactions, and asset tokenization.
3. Hybrid Blockchain
Hybrid blockchains combine the benefits of both permissioned and public blockchains, offering flexibility, scalability, and interoperability. They allow organizations to leverage private networks for sensitive data while utilizing public networks for transparent transactions and value exchange.
Regional Analysis
North America
North America is leading the adoption of blockchain in insurance, driven by regulatory support, technological advancements, and a robust ecosystem of blockchain startups. The United States and Canada have seen significant investments in blockchain-based insurance solutions, particularly in claims management, fraud detection, and digital identity verification.
Europe
Europe is witnessing rapid growth in blockchain adoption within the insurance sector, especially in countries like the UK, Switzerland, and Germany. Regulatory clarity, industry partnerships, and government initiatives are fueling this growth, focusing on leveraging blockchain for data privacy, cybersecurity, and customer-centric innovations.
Asia-Pacific
The Asia-Pacific region is emerging as a critical market for blockchain in insurance, driven by increasing digitalization, rising insurance penetration, and government initiatives supporting blockchain innovation. Countries like China, Japan, and Singapore are investing heavily in blockchain-based solutions for insurance, including smart contracts, decentralized marketplaces, and digital asset management.
Types of Blockchain in Insurance Available in the Market
Blockchain-based Policy Management Systems
These systems streamline policy issuance, administration, and renewal processes. They enhance efficiency and reduce insurers' costs. By leveraging smart contracts, insurers can automate underwriting decisions, premium calculations, and policy amendments, leading to faster time to market and improved customer experience.
Smart Contract Platforms
Smart contracts automate claims processing, payments, and settlements, improving accuracy, transparency, and cost-effectiveness. Insurers can create programmable contracts that execute predefined actions based on trigger events, such as claims submissions, policy validations, and fund transfers. This automation reduces manual intervention, minimizes errors, and accelerates claims resolutions for policyholders.
Decentralized Insurance Marketplaces
Blockchain enables peer-to-peer insurance transactions, allowing individuals and businesses to connect directly without intermediaries. These marketplaces use blockchain technology to facilitate transparent and trustless interactions, where participants can create, buy, or sell insurance policies, share risks, and receive payouts based on predefined conditions.
By eliminating intermediaries, decentralized marketplaces reduce administrative costs, improve risk management, and give consumers more control over their insurance needs.
Fraud Detection and Prevention Solutions
Blockchain-based fraud detection solutions leverage blockchain's immutability and transparency to detect and prevent real-time fraudulent activities. These solutions can identify suspicious activities, alert stakeholders, and enforce security measures by analyzing the blockchain's transactional data, behavior patterns, and historical records. Insurers can mitigate fraud risks, protect customer assets, and uphold trust within the insurance ecosystem.
Conclusion
The year 2024 marks a pivotal moment for blockchain in the insurance industry, with explosive growth, enhanced transparency, and significant gains in efficiency and security. As blockchain adoption accelerates, insurers, reinsurers, and policyholders benefit from streamlined processes, reduced costs, and a more transparent and trustworthy insurance ecosystem. The future of insurance is blockchain-driven, revolutionizing the industry and paving the way for a more resilient and customer-centric insurance landscape.
Interested in exploring blockchain applications in insurance? Connect with our blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
23 May 2024
Tokenization of RWA (Real-World Assets): A Comprehensive Guide
The digitization of assets through blockchain technology is transforming the financial landscape. Tokenization involves converting tangible and intangible RWA (real-world assets) into digital tokens on a blockchain using crypto development services, enhancing their accessibility, liquidity, and divisibility. This comprehensive guide explores the concept, benefits, challenges, and future potential of asset tokenization.
What is Tokenization?
Tokenization is the process of converting ownership rights to an RWA (real-world asset) into a digital token on a blockchain. This creates a digital representation of an asset that can be traded and managed on a blockchain. These tokens can represent anything from real estate and art to commodities and intellectual property.
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How RWA Tokenization Works
Asset Selection
Identify the asset to be tokenized, which could be a physical object like real estate or a digital asset like a patent.
Token Creation
Develop digital tokens that represent ownership or a stake in the asset.
Smart Contracts
Utilize smart contracts to automate the enforcement of terms and conditions associated with the asset.
Issuance
Distribute the tokens to investors, who can trade them on secondary markets.
Also, Visit | Solana for Real Estate Asset Tokenization
Benefits of RWA Tokenization
Increased Liquidity
Tokenization can significantly enhance the liquidity of traditionally illiquid assets. By dividing assets into smaller, tradable units, it becomes easier to buy and sell portions of high-value assets.
Fractional Ownership
Tokenization allows assets to be divided into smaller parts, enabling fractional ownership. This democratizes access to investment opportunities, allowing a broader range of investors to participate.
Reduced Costs
By leveraging blockchain technology, tokenization reduces the need for intermediaries, such as brokers and banks, thereby lowering transaction costs and increasing efficiency.
Also, Check | MAS Unveils 5 Pioneering Pilots in Asset Tokenization
Transparency and Security
Blockchain's immutable ledger ensures that all transactions are transparent and secure. This reduces the risk of fraud and enhances trust among investors.
Accessibility
Tokenization opens up global markets, enabling investors from different parts of the world to participate in asset ownership and trading, overcoming geographical barriers.
Also, Read | DeFi Asset Tokenization | A Beginner's Guide
Examples of RWA Tokenization
Real Estate
Tokenization of real estate allows investors to purchase tokens representing shares in a property. This can be residential, commercial, or industrial property. For instance, a $10 million building can be divided into 1 million tokens worth $10 each, allowing more investors to participate.
Art
High-value art pieces can be tokenized, enabling art enthusiasts to own fractions of a masterpiece. This makes art investment more accessible and liquid.
Commodities
Physical commodities like gold, oil, and agricultural products can be tokenized, providing a digital method for trading and ownership. This can streamline the trading process and increase market efficiency.
Intellectual Property
Patents, copyrights, and trademarks can be tokenized, allowing creators to monetize their intellectual property more effectively and providing investors with a new asset class.
Also, Explore | Asset Tokenization | A Comprehensive Guide
Challenges of RWA Tokenization
Regulatory Compliance
Navigating the regulatory landscape is one of the most significant challenges. Different jurisdictions have varying rules regarding the issuance and trading of digital tokens.
Technical Challenges
Implementing and maintaining a secure and efficient blockchain infrastructure requires substantial technical expertise and resources.
Market Acceptance
Achieving widespread acceptance and adoption of tokenized assets is another hurdle. Market participants need to trust the technology and the legal framework surrounding it.
Security Risks
While blockchain is inherently secure, the platforms and applications built on top of it may have vulnerabilities. Ensuring robust security measures are in place is crucial.
Discover | NFTs in Sports | The Rise of Tokenization on Blockchain
The Future of RWA Tokenization
The future of tokenization looks promising, with significant potential to transform various industries. As technology and regulatory frameworks evolve, we can expect to see broader adoption and innovative applications of asset tokenization.
Financial Markets
Tokenization could revolutionize financial markets by enabling 24/7 trading, reducing settlement times, and increasing market liquidity.
Decentralized Finance (DeFi)
The integration of tokenized assets into DeFi platforms can provide new opportunities for lending, borrowing, and trading, further enhancing financial inclusion.
Cross-Border Transactions
Tokenization can simplify cross-border transactions, making it easier and cheaper to invest in international assets.
Learn more | Real Estate Tokenization and Blockchain | An In-depth Guide
Conclusion
Tokenization of real-world assets offers a transformative approach to asset ownership and trading. By leveraging blockchain technology, it provides numerous benefits, including increased liquidity, fractional ownership, reduced costs, and enhanced security. However, challenges such as regulatory compliance, technical implementation, market acceptance, and security must be addressed.
As we move towards a more digitized economy, tokenization has the potential to reshape traditional markets, democratize investment opportunities, and foster innovation across various sectors. Embracing this technology can unlock new avenues for growth and efficiency in the global financial ecosystem. Connect with our expert blockchain developers to find out more about real-world asset tokenization.
Category:
Blockchain
Mudit Kumar
23 May 2024
How Blockchain Transforms the Supply Chain Finance
The world of commerce thrives on trust and timely transactions. However, traditional supply chain finance (SCF) methods can be sluggish and burdened by slow approvals, excessive paperwork, and data integrity concerns. Thankfully, a technological revolution is poised to disrupt supply chain finance: blockchain technology. Imagine a system where deals move as fast as the internet and trust is built-in, not a gamble. That's the magic of blockchain supply chain development, transforming how businesses pay each other.
In this quick guide, explore how blockchain tackles the biggest pain points in supply chain financing and revamping today's intricate ecosystem.
What is Supply Chain Finance (SCF)?
Supply chain financing (SCF) is a set of techniques banks and financial companies use to manage the capital invested in the supply chain and reduce risk for all parties involved. SCF allows companies to improve their cash flow through various means, such as factoring, invoice discounting, and supplier financing. It is an efficient strategy for buyers, suppliers, and their clients to facilitate the financial and operational flow of the business.
Many companies offer a wide range of SCF solutions to assist their clients in extending payment terms and providing enough time for manufacturers to receive and make payments. Suppliers can receive payments early, and buyers can optimize their working capital.
Also, Explore | Making Supply Chains Smarter with Blockchain Smart Contracts
However, SCF has limitations. It is usually restricted to the most prominent suppliers, disadvantaging small businesses and start-ups. Some stakeholders have developed additional solutions to address this issue and improve supply chain efficiency. This includes using blockchain technology. Blockchain technology can help solve key challenges like facing trust in supply chain finance using decentralized, distributed ledger technology.
As companies expand, they create new domestic and global ties to enhance their procurement process and find cheaper alternatives. While this positively affects accounting books, it can lead to short-term working capital problems, where valuable financial resources become locked into supply-chain requirements.
In recent years, there has been a growing trend of using cryptocurrencies to manage financial operations in supply chains. This is due to the need for transparent and secure transactions, which has expanded the global blockchain supply chain market. As of 2022, the market is valued at $1.47 billion and is anticipated to grow at a CAGR of 48.25 percent by 2032.
Also, Explore | Modernizing Food Supply Chain with Blockchain | From Farm to Table
Disadvantages of Traditional Supply Chain Finance (SCF)
Before diving into the blockchain revolution, understanding the pain points of traditional SCF methods is crucial. Here are a few major challenges businesses face:
Slow and Laborious Approvals
Traditional SCF involves multiple approvals from various stakeholders, leading to delays and bottlenecks. Each approval requires document verification, further extending transaction times.
Paperwork Overload
Reliance on paper-based documentation creates logistical nightmares. Physical documents are prone to errors, loss, and delays during transportation. Manual reconciliation is time-consuming and error-prone.
Data Integrity Concerns
Traditional Supply Chain Finance often lacks a centralized, secure repository for transaction data. This vulnerability can lead to data manipulation, discrepancies, and disputes between trading partners.
These inefficiencies disrupt the smooth flow of goods and services, escalating operational costs, and hinder trust within the supply chain.
You may also like | Preventing Fraud in Contracts, Supply Chains, and Identities with Blockchain
Ways Blockchain Revolutionizes the Supply Chain Finance (SCF)
Increases authenticity in the supply chain
Supply chain finance is a vast network involving numerous stakeholders, including buyers, suppliers, intermediaries, etc. Unfortunately, the exchange of information in such a network is not always transparent, and different interest groups can prioritize their loyalty over others, leading to prolonged supply chain processes.
However, the introduction of blockchain technology can help eliminate this issue. All participants in a blockchain network have access to a distributed copy of the same ledger that displays shared information within the district. Since blockchains are immutable, they prevent misinformation, ensuring truthfulness and credibility within the network. It can help streamline survival strategies and the supply chain.
Moreover, blockchain's ability to create an unalterable chain of transactions helps build trust and confidence between the parties. Companies can use Blockchain to verify receipt of invoices and approve payments due.
Enhances inclusivity in the ecosystem
The supply chain financier system has numerous deficits, particularly when providing financial help to small and medium enterprises (SMEs). Sometimes, the leading suppliers are asked to fund the top 10 to 50 companies, whereas small and medium-sized businesses get left behind. This is unfair because smaller businesses may gain more by being offered early payments through supplier-led supply chain finance than larger companies.
Financial institutions are generally the financers in buyer-led supply chain finance. They make the invoice payments to the suppliers. Buyers repay them through a repayment plan consisting of the borrowed sum, a small fee, and interest.
Blockchain technology can assist this issue by leveling the playing field and encouraging access to banking funds.
Also, Read | Blockchain for Thorium's Supply Chain Traceability
Redefines financiers in the supply chain
Financial institutions are the suppliers in the buyer-supplier supply chain financing market. They pay suppliers on their behalf and send them a repayment schedule that includes the amount borrowed, an additional fee, and interest.
While financial institutions will play an important role in buyer-led supply chain finance, blockchain could open the door to various stakeholders in the system. Corporate foundations and individual investors may also participate in supply chain finance and earn investment returns. Platforms like CredSCF already use blockchain to allow different financiers to loan money.
Enhances the functioning of the supply chain
Making sense of economic data is often difficult when multiple parties are involved. Supply chain finance has suffered similarly to this one. Information inaccuracy is, in fact, one of the biggest contributing factors to why supply chain finance has struggled to solve long-standing supply chain issues.
In contrast, supply chain finance incorporating blockchain technology may help make the supply chain more efficient. The immutable and transparent ledger can maintain real-time information about moves and expenses, streamline financial resources, and facilitate more effective and smooth business operations.
Also, Explore | Solving Supply Chain Challenges with Hyperledger Sawtooth
Conclusion
In conclusion, blockchain technology presents a revolutionary approach to supply chain finance (SCF). This translates to faster transactions, reduced costs, and increased trust among all participants in the supply chain ecosystem. As the technology matures and adoption grows, we can expect to see even more innovative applications emerge, shaping the future of financial operations in the global marketplace.
Supercharge your supply chain in 2024 with blockchain technology! Oodles' expert blockchain developers combine industry knowledge with cutting-edge development to create a competitive edge. Get faster transactions, lower costs, and a more transparent supply chain. Contact us today for a consultation.
Category:
Blockchain
Mudit Kumar
12 May 2024
Top 6 Blockchain Use Cases in Supply Chain Management in 2024
Blockchain technology brings a range of enhancements to supply chain processes, such as improved security, privacy, transparency, and trust. As we advance into 2024, understanding the top blockchain use cases can pave the way for successful implementations and significant improvements in supply chain efficiency. This knowledge can help various companies leverage blockchain supply chain development services and their benefits to streamline large supply chain processes.
In this quick guide, explore six potential use cases where blockchain technology is going to reshape the supply chain landscape in 2024.
Check out | Supply Chain Development with Blockchain in 2023
1. ESG Reporting and Monitoring
The rise of Environmental, Social, and Governance (ESG) initiatives has propelled blockchain into the spotlight for ESG tracking and reporting. Blockchain's tamper-proof, transparent, and immutable ledger makes it an ideal solution for tracking sustainability metrics. For instance, companies can use blockchain to monitor and verify their carbon emissions, waste management practices, or sustainable sourcing efforts. This level of transparency fosters trust among stakeholders and helps companies meet regulatory compliance and investor demands.
2. Data Sharing and Interoperability
Blockchain's decentralized and distributed architecture facilitates secure data exchange without intermediaries. This use case is particularly impactful in industries such as healthcare, where secure sharing of sensitive patient data across multiple entities is essential. Blockchain ensures data privacy and integrity while enabling seamless interoperability between different systems and organizations.
Also, Explore | Blockchain in Supply Chain | Use Cases, Advantages, and Features
3. Streamlined Payments
Blockchain technology revolutionizes payment processes within supply chains by enabling faster, more secure transactions. The technology offers significant benefits for international payments, mainly when traditional methods are slow and costly. By leveraging blockchain and smart contracts, companies can automate payment workflows, reduce transaction times, and lower transaction costs. For example, a global manufacturing company can streamline cross-border payments with suppliers using blockchain-based payment solutions.
Explore | Blockchain a Must for Supply Chain Development after COVID-19
4. Real-Time Tracking and IoT Integration
Integrating blockchain with Internet of Things (IoT) devices enables real-time tracking and data updates along the supply chain. IoT sensors can transmit valuable data to the blockchain, such as temperature readings for perishable goods or location tracking for logistics. This level of real-time visibility ensures better inventory management, quality control, and supply chain optimization. Imagine a logistics company using blockchain and IoT sensors to monitor and track temperature-sensitive pharmaceuticals during transit, ensuring compliance with storage requirements and quality standards.
5. Provenance Tracking
Blockchain's immutable ledger is a game-changer for provenance tracking. It allows supply chain participants and end consumers to trace the origin and journey of products. It is precious for industries focused on sustainability and ethical sourcing. For instance, a food company can use blockchain to provide transparent information about the source of ingredients in their products, enabling consumers to make informed choices about food safety, authenticity, and sustainability.
Also, Read | NFT Integration for Remodelling Supply Chain Processes
6. Quality Assurance and Compliance
Blockchain's transparency and immutability are crucial in quality assurance and regulatory compliance within supply chains. Blockchain ensures compliance with industry standards, regulations, and quality control processes by recording and verifying transactional data across the supply chain.
In sectors like pharmaceuticals, blockchain can track the entire lifecycle of drugs, from manufacturing to distribution, ensuring authenticity, preventing counterfeit products, and maintaining regulatory compliance.
These six use cases showcase the diverse applications of blockchain technology in transforming supply chain management. By leveraging blockchain's inherent features, such as transparency, immutability, and decentralized consensus, businesses can unlock new levels of efficiency, transparency, and trust across their supply chain networks.
Also, read | Reimagining Supply Chain Management with NFTs
Conclusion
As we navigate the complexities of modern supply chain management, embracing blockchain technology can drive tangible benefits in 2024, including cost savings, risk mitigation, enhanced traceability, and improved customer trust. The future of supply chain management lies in harnessing the power of blockchain innovation to create resilient, agile, and transparent supply chains that meet the evolving demands of the global market.
Discover the power of blockchain technology to revolutionize your supply chain management in 2024. At Oodles Blockchain, we build custom solutions to streamline processes, boost transparency, and foster innovation across your supply chain ecosystem.
Reach out to our seasoned blockchain developers and consultants now and kickstart your journey towards a smarter, more secure, and more efficient supply chain!
Category:
Blockchain
Mudit Kumar
11 May 2024
Hyperledger Besu : Unveiling the Blockchain Engine for Enterprise
The secure and efficient world of blockchain demands specialized solutions. Businesses increasingly recognize the limitations of generic platforms and seek the need for custom-built solutions that cater to their specific requirements. Enter the world of Hyperledger Besu, a wider concept of Hyperledger development services, is a game-changer explicitly designed for enterprises. Besu stands out for its versatility and robustness, built on the proven foundation of Ethereum. However, what truly sets it apart is its adherence to the Enterprise Ethereum Alliance (EEA) specification. It ensures seamless compatibility with a vast ecosystem of interoperable tools and technologies, empowering businesses to leverage the power of blockchain without sacrificing flexibility or security.
In this blog, let's delve deeper into what makes Hyperledger Besu a perfect platform for your blockchain journey.
What is Hyperledger Besu?
Hyperledger Besu is an open-source blockchain platform developed under the Linux Foundation's Hyperledger project. Designed for performance, security, and robustness, Hyperledger Besu provides an ideal platform for developing cutting-edge decentralized applications and smart contracts.
Hyperledger Besu represents a groundbreaking Ethereum client meticulously crafted for enterprise utilization. Under the Apache 2.0 license, it serves as a beacon of innovation, empowering businesses to navigate the complexities of blockchain technology within secure and permissioned environments.
The advent of Hyperledger Besu has heralded a new era for businesses, offering a suite of capabilities that redefine operational paradigms. Its integration with the Ethereum Virtual Machine (EVM) grants enterprises easy access to the vast Ethereum ecosystem. It enables the deployment of smart contracts and decentralized applications (dApps) with unprecedented ease and efficiency.
Also, Explore | Data Privacy and Security with Hyperledger Fabric Blockchain
What is an “Ethereum Client”?
The Ethereum client is a piece of software that implements the Ethereum protocol. There are some core concepts in the Ethereum client.
The execution environment for processing transactions in the Ethereum blockchain
Storage for persisting data related to transaction execution
Peer-to-peer (P2P) networking using a synchronized state with the other Ethereum nodes on the network
APIs for application developers to interact with the blockchain
Hyperledger Besu is also an Ethereum client.
Key characteristics of Hyperledger Besu
Hyperledger Besu distinguishes itself through its essential set of features that cater specifically to the demands of enterprise environments:
EVM Compatibility
Besu seamlessly integrates with the Ethereum Virtual Machine (EVM), providing access to the vast ecosystem of Ethereum tools, developers, and resources. Existing smart contracts and decentralized applications (dApps) written for the public Ethereum network can be easily deployed on private Besu networks, saving time and development costs.
Scalability and Performance
Besu's modular architecture ensures optimal performance across diverse use cases. Businesses can tailor the platform to their needs, facilitating efficient scaling for demanding applications.
You may also like | Smart Contract Development with Hyperledger Fabric Blockchain
Enterprise-Grade Security
Besu prioritizes security, offering robust privacy features and permissioned network capabilities. It utilizes the Proof of Authority (PoA) consensus algorithm, ideal for permissioned networks where pre-defined, trusted validators verify transactions. Businesses can also leverage granular access controls to ensure that only authorized participants can view and interact with specific data.
Permissioned Networks
Besu facilitates permissioned networks where only authorized participants can join and interact. This control over network access and data privacy aligns with stringent regulatory requirements for many industries.
Also, Check | Advancing Loyalty Programs with Hyperledger Blockchain
Consensus Algorithms in Hyperledger Besu
Proof of Authority (PoA)
Besu utilizes PoA, a consensus algorithm known for its efficiency and suitability for permissioned networks. It enhances security and trust within the ecosystem by allowing only authorized participants to validate transactions and create new blocks.
Proof of Stake (PoS)
For participation in the public Ethereum Mainnet, Besu supports PoS, a consensus algorithm that relies on validators staking cryptocurrency to secure the network. Compared to traditional PoW algorithms, PoS promotes decentralization and energy efficiency.
Byzantine Fault Tolerance (BFT) Variants
Besu supports BFT variants like QBFT (Quorum Byzantine Fault Tolerance) and IBFT 2.0 (Improved Byzantine Fault Tolerance 2.0). These algorithms ensure high-performance and fault-tolerant consensus, which is critical for enterprise-grade blockchain networks.
Proof of Work (Ethash)
For mining activities on Ethereum Classic, Besu employs the Ethash PoW algorithm. While less energy-efficient than PoS, PoW algorithms are known for their robustness and security in blockchain networks.
By offering a range of consensus algorithms, Hyperledger Besu enables businesses to choose the most suitable approach based on their specific use cases. It ensures optimal performance and security in overall blockchain operations.
Also, Check | Digital Identity Management with Hyperledger Projects
Hyperledger Besu: Real-World Use Cases
Hyperledger Besu's potential extends far beyond its current capabilities. As the technology matures, we can expect to see Besu play a pivotal role in revolutionizing various industries through real-world use cases:
Supply Chain Management
Besu can streamline logistics processes by enabling end-to-end tracking of goods with tamper-proof provenance data, ensuring transparency and trust among stakeholders.
Decentralized Finance (DeFi)
Permissioned Besu networks can facilitate secure and compliant DeFi applications, fostering innovation in tokenized assets, fractional ownership, innovative lending protocols, and more.
Identity Management
Besu's secure and auditable data storage helps to build secure verifiable digital identities, empowering individuals and organizations with greater control over their data.
Beyond these examples, the future of Besu hinges on the ever-evolving needs of its user base. Hyperledger, as the guiding force behind Besu, will continue to adapt and innovate to ensure Besu remains a versatile and future-proof blockchain platform for enterprises of all sizes and across diverse industries.
Also, Read | Empowering Decentralized Identity Management with Hyperledger Indy
Conclusion
Hyperledger Besu empowers businesses to unlock the transformative potential of blockchain technology. Built on Hyperledger's collaborative foundation and robust capabilities, Besu paves the way for secure, transparent, and decentralized applications that will shape the future, offering multiple real-world use cases.
Are the Hyperledger use cases relevant to your business? Oodles can assist in developing advanced blockchain solutions tailored to your needs. Contact our experienced blockchain developers today to get started on your blockchain journey!
Category:
Blockchain
Mudit Kumar
11 May 2024
7 Reasons Why Blockchain Engineers Need Hyperledger Fabric
The gold rush of public blockchains might be grabbing headlines, but a different kind of blockchain is emerging for businesses. Imagine a secure vault, accessible only by trusted partners, where deal records are transparent and immutable. This is the world of Hyperledger Fabric, a permissioned blockchain framework tailor-made for the enterprise landscape. It comes under the umbrella of Hyperledger development services and can transform your business significantly.
In this blog, we explore the potential of Hyperledger Fabric, and why it's the essential tool for blockchain engineers building the future of secure business transactions.
What is Hyperledger Fabric
Hyperledger Fabric, an open-source project hosted by the Linux Foundation, is a permissioned blockchain framework designed specifically for enterprise applications. Unlike public blockchains, where anyone can join, Hyperledger Fabric allows only pre-approved participants to access the network. This permissioned approach offers several advantages, making it ideal for businesses seeking a secure and controlled environment for their blockchain deployments.
You may also like | Hyperledger Use Cases | Unlocking New Opportunities in 2023
Why Blockchain Engineers Need Hyperledger Fabric?
There are several compelling reasons why Hyperledger Fabric should be a part of every blockchain engineer's toolkit:
Enhanced Security and Control
Permissioned networks restrict access to authorized participants, significantly reducing the risk of unauthorized activity and breaches. Additionally, organizations have more control over who can join the network and the rules that govern its operation.
Modular Architecture for Scalability
Hyperledger Fabric's modular design separates transaction processing into distinct phases. It allows for optimized performance and scalability by reducing the level of trust verification required across nodes. Furthermore, the modular design offers flexibility, enabling engineers to choose different modules to create custom solutions that cater to specific needs.
Also, Explore | Best Hyperledger Projects for Enterprise Blockchain Solutions
Confidentiality with Private Channels
Hyperledger Fabric allows for the creation of private channels within the network. Transactions on these channels are only visible to authorized participants, making them ideal for handling sensitive data requiring high confidentiality.
Pluggable and Flexible Consensus Mechanisms
When it comes to reaching a consensus on the ledger's state, Hyperledger Fabric provides engineers with a variety of consensus mechanisms from which to choose. This flexibility empowers them to select the most suitable option based on the specific requirements of their use case.
Chaincode for Streamlined Business Logic
Hyperledger Fabric utilizes chaincode, essentially smart contracts, that enable engineers to program business logic directly onto the network. This streamlines workflows and automates tasks, improving overall efficiency and reducing the potential for human error.
Also, Read | Why Choose Hyperledger for Your Business | Use Cases Inside
Robust Ecosystem and Comprehensive Support
Hyperledger Fabric is not just a robust framework; it is also a collaborative environment designed to empower blockchain engineers. It provides many resources, such as clear tutorials, user guides, and code samples, readily available to guide you through building and deploying applications. Moreover, a thriving online community fosters knowledge-sharing and collaborative problem-solving. As Hyperledger Fabric continues to gain traction, the ecosystem continuously expands, offering a growing pool of tools and libraries to streamline your development workflow. This rich environment ensures that you have everything you need to excel in the world of enterprise blockchain.
Career Opportunities and Industry Demand
Mastering Hyperledger Fabric opens doors to significant career advancement opportunities and meets the high industry demand for blockchain skills. With expertise in Hyperledger Fabric, you can work on leading-edge projects with established companies and startups. Given the competitive demand for skilled Hyperledger Fabric developers in the blockchain job market, it offers exposure to cutting-edge technology and positions you for higher salary potential. By contributing your skills to the ongoing evolution of Hyperledger Fabric, you play a vital role in shaping the future of this essential blockchain platform and the broader blockchain industry as a whole.
Must-Read | Accelerating Business Efficiency with Hyperledger Development
Conclusion
In conclusion, Hyperledger Fabric is a powerful tool that equips blockchain engineers with the capabilities to build secure, scalable, and permissioned blockchain applications for enterprises. With its focus on privacy, modularity, and flexibility, Hyperledger Fabric is a must-have in the arsenal of any blockchain engineer looking to create innovative solutions for the future.
If you want to explore enterprise blockchain applications further, Hyperledger Fabric is worth exploring. Oodles stands ready to assist you in crafting sophisticated blockchain solutions customized to suit your requirements. Reach out to our adept Hyperledger developers today to embark on your blockchain journey!
Category:
Blockchain
Mudit Kumar
10 May 2024
Everything You Need to Know About Crypto Exchange Marketing
Cryptocurrencies are constantly evolving, meaning that marketing strategies for crypto exchange platforms have undergone a significant shift. This shift is due to the growing trend towards advanced technologies that offer revolutionary possibilities.
In this blog, we will explore the landscape of cryptocurrency marketing in 2024, specifically focusing on effective strategies for crypto exchange platforms. We'll equip you with the knowledge, techniques, and resources necessary to successfully navigate this dynamic and ever-changing field and ensure your crypto exchange developmentthrives in a competitive market.
What is Cryptocurrency Exchange Marketing?
Crypto exchange marketing is all about promoting a platform where people can buy, sell, and trade cryptocurrencies. It's crucial for any crypto exchange because it helps them attract new users and keep the existing ones engaged. The more people using the platform, the more money the exchange makes through trading fees.
There are many crypto marketing strategies that crypto exchanges can use.
Check Out | Layer 2 Solutions for Crypto Exchange Development
Need for Cryptocurrency Exchange Marketing Strategies
Here are some basic strategies you can use for marketing your crypto exchange -
Stand Out From the Crowd
Craft a strategic marketing plan to differentiate your crypto exchange in the competitive market. Highlight your unique features, robust security measures, and user-friendly interface to grab user attention.
Build Trust and Attract Users
Emphasize your exchange's robust security features and reliable infrastructure to build trust and encourage users to choose your platform.
Educate and Expand
Educate potential users about cryptocurrencies, exchange functionalities, and the specific benefits of using your platform. It will broaden your user base and attract potential investors.
Grow and Retain
Implement effective marketing strategies focusing on community building and engagement to retain users and promote platform growth.
Stay Compliant
Develop a well-defined marketing strategy that ensures all activities and materials comply with evolving KYC and AML regulations, saving you from legal issues.
Opportunities for All
Crypto digital marketing offers opportunities for growth and success in the crypto market, benefiting all businesses and individuals, including startups, established exchanges, and influencers.
Also, Check | The Emergence of Hybrid Crypto Exchange Development
Top Cryptocurrency Exchange Marketing Strategies That Drive Results in 2024
These strategies are essential for navigating the competitive landscape of cryptocurrencies in 2024, ensuring your project's success and recognition within the industry.
Utilize Influencer Partnerships
Collaborate with crypto influencers to boost project visibility and reputation, leveraging their reach and credibility for mutual benefits.
Leverage Content Marketing
Create informative content that connects with crypto enthusiasts, educating them about your project and establishing authority in the industry.
Embrace PR Marketing
Build trust and credibility through strategic PR efforts, crafting captivating narratives, and gaining positive media attention.
Build a Strong Community
Foster an engaged and loyal community around your project, creating a sense of belonging and turning users into advocates.
Utilize Email marketing
Email Marketing is highly beneficial. Create good content, segment your list, and optimize email delivery for success. Use email sales funnels, automated responses, and engagement automation to keep customers engaged. In addition to content, it's worth exploring email sales funnels, automated responses, and engagement automation to keep customers engaged throughout their journey with your brand.
Harness the Power of Airdrops
Strategically implement airdrops to generate excitement, attract users, and increase visibility for your project. A crypto airdrop is a marketing method startups employ in cryptocurrency.
Invest time in SEO
Optimize your online presence with SEO techniques tailored for the crypto industry, improving visibility and recognition.
Use Referral Programs
Design effective referral programs to inspire existing users to become enthusiastic advocates, driving organic growth.
Secure Listings on Multiple Exchanges
Achieve listings on multiple exchanges to enhance visibility, liquidity, and accessibility for your project.
You may also like | Unleashing the Potential of Perpetual Futures Contracts
Future Trends in Crypto Marketing
The ever-evolving crypto landscape demands cutting-edge marketing strategies. Crypto marketers must embrace trends like Non-Fungible Tokens (NFTs) to stay ahead of the curve. NFTs that leverage blockchain technology create new avenues for engagement and brand storytelling. Additionally, AI is poised to revolutionize the space by personalizing content and delivering laser-focused audience targeting. Finally, navigating the upcoming regulatory changes will be crucial for ensuring compliant and effective marketing campaigns.
Conclusion
Effective marketing is crucial for crypto exchanges to create a trusted and transparent platform and attract and retain users. It results in a thriving community where crypto investors can confidently buy, sell, and trade.
We understand that every business has unique needs. That's why Oodles, a crypto exchange development company, offers a range of cryptocurrency development solutions to fit your specific requirements. Combining our cryptocurrency exchange development expertise with cutting-edge marketing tactics ensures your crypto exchange thrives in the competitive landscape. Connect with crypto exchange developers today and build a secure, effective, and profitable platform.
Category:
Blockchain
Mudit Kumar
29 Apr 2024
The Comprehensive Guide to Crypto Token Development
The ascent of cryptocurrencies has transformed our perception and utilization of money. Among the numerous innovations in this domain, crypto tokens, developed using crypto token development services, have emerged as potent instruments for fundraising, incentivizing actions, and enabling decentralized applications (dApps).
This guide will thoroughly explore the realm of crypto token development, delving into its significance, varieties, developmental procedures, and prospects.
Understanding Crypto Tokens
Before embarking on the developmental journey, it's crucial to grasp the essence of crypto tokens and their role within the blockchain ecosystem.
Essentially, a crypto token is a digital asset issued on a blockchain, typically representing a unit of value or utility within a decentralized application.
Unlike standalone cryptocurrencies such as Bitcoin or Ethereum, which operate on their proprietary blockchains, tokens are constructed on existing blockchain platforms, leveraging their infrastructure for functionality and security.
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Types of Crypto Tokens
Crypto tokens serve diverse purposes and are categorized into various types based on their functionalities and applications:
Utility Tokens
These tokens grant access to products or services within a blockchain ecosystem. They are chiefly utilized for crowdfunding via Initial Coin Offerings (ICOs) or Initial Exchange Offerings (IEOs) and often possess utility within specific dApps.
Security Tokens
Security tokens signify ownership of an underlying asset, such as shares in a company, real estate, or commodities. They are subject to regulatory compliance and typically adhere to securities laws.
Governance Tokens
Governance tokens empower token holders to participate in decision-making processes within decentralized organizations or protocols. Holders can vote on proposals or delegate voting rights to others.
Payment Tokens
These tokens serve as mediums of exchange within particular ecosystems, facilitating transactions between users or entities. Examples include stablecoins, which are pegged to fiat currencies to mitigate price volatility.
Non-Fungible Tokens (NFTs)
NFTs are unique digital assets representing ownership of specific items or content pieces. They are commonly used for digital art, collectibles, gaming assets, and more, with each token being distinct and indivisible.
Also, Check | Understanding ERC-404 | The Unofficial Token Standard
Development Process of a Crypto Token
Crypto token development entails several sequential steps, from conceptualization to deployment. Here's a breakdown of the typical development process:
Define Objectives and Use Case
Precisely delineate the token's purpose and its intended use within the ecosystem. Determine whether it will function as a utility token for accessing a dApp, a security token representing ownership, or fulfill another role entirely.
Choose a Blockchain Platform
Select a suitable blockchain platform aligning with the project's requirements. Ethereum stands out as a popular choice for token development due to its robust smart contract functionality and widespread adoption. Other platforms like Binance Smart Chain, Polkadot, and Solana also offer token-creation capabilities.
Design Token Economics
Formulate the tokenomics, encompassing the token supply, distribution mechanism, issuance schedule, and any incentives or rewards for token holders. Ensure that the economic model aligns with the project's objectives and fosters sustainability and growth.
Develop Smart Contracts
Draft smart contracts to delineate the token's behavior, including token creation, transfer, and burning rules. Utilize programming languages like Solidity (for Ethereum) or Vyper to securely and efficiently implement the logic.
Conduct Security Audits
Thoroughly scrutinize smart contracts to identify and mitigate potential security vulnerabilities such as reentrancy bugs, overflow errors, and logic flaws. Engage reputable auditing firms or security experts to ensure the code's robustness.
Deploy on Testnet
Deploy the smart contracts on a testnet to simulate real-world interactions and validate their functionality. Conduct comprehensive testing, including unit tests, integration tests, and user acceptance testing, to identify and rectify any issues.
Launch Mainnet and Distribution
Upon thorough testing and auditing, deploy the smart contracts on the mainnet and commence the token distribution process as per the predefined tokenomics. Ensure comprehensive documentation and communication with token holders and stakeholders.
Post-Launch Support and Maintenance
Provide ongoing support and maintenance for the token ecosystem, including monitoring for security threats, implementing upgrades or enhancements, and engaging with the community to address concerns or feedback.
Also, Read | How the DRC-20 Token Standard is Changing Dogecoin's Future
Future Prospects of Crypto Token Development
The future of crypto tokens holds immense potential for innovation and disruption across various industries. Several key trends and developments to monitor include:
Interoperability
As blockchain ecosystems evolve, interoperability between different platforms and tokens will become increasingly crucial. Projects like Polkadot, Cosmos, and blockchain bridges aim to facilitate seamless communication and value transfer.
Asset Tokenization
The tokenization of real-world assets, such as real estate, art, and securities, will unlock liquidity and accessibility for traditionally illiquid assets. Security tokens will play a pivotal role in enabling fractional ownership and efficient trading of these assets.
DeFi and DAOs
Decentralized Finance (DeFi) protocols and Decentralized Autonomous Organizations (DAOs) will drive innovation in governance, lending, trading, and other financial services. Governance tokens will empower communities to govern and shape the future of these protocols.
NFTs and Digital Collectibles
Non-fungible tokens (NFTs) will continue to gain traction, fueling the growth of digital art, collectibles, gaming assets, and more. Enhanced interoperability and standards will enable seamless transfer and interoperability of NFTs across different platforms and ecosystems.
Also, Check | A Detailed Guide to BRC-20 Token Launchpad Development
Conclusion
Crypto tokens development presents potent tools for fundraising, incentivization, and value creation within blockchain ecosystems. By comprehending the various types of tokens, their development process, and prospects, entrepreneurs, developers, and investors can leverage the full potential of this transformative technology.
Whether launching a utility token for a decentralized application or exploring the tokenization of real-world assets, crypto token development offers boundless opportunities for innovation and disruption in the digital economy. Connect with our crypto developers to develop your crypto token.
Category:
Blockchain
Mudit Kumar
25 Apr 2024
A Guide to Meme Coin Development on Solana
Below is a comprehensive guide on developing a meme coin on the Solana blockchain. This content provides accurate, detailed, and well-researched information. Please note: This guide is for educational and informational purposes only and does not constitute financial, investment, or legal advice. Always conduct your own research and consult with professionals like Oodles Blockchain, a Solana blockchain development company before launching any blockchain project.A Guide to Meme Coin Development on SolanaMeme coins have emerged as a unique niche in the cryptocurrency space—combining playful, community-driven themes with the innovative potential of blockchain technology. Solana, known for its high throughput and low transaction fees, presents an attractive platform for developing these tokens. In this guide, we will walk you through the process of planning, developing, deploying, and maintaining a meme coin on Solana.1. Understanding Meme CoinsMeme coins typically originate from viral internet culture and are designed to appeal to communities through humor, memes, or pop-culture references. Despite their light-hearted origins, these coins can gain significant attention and, in some cases, value. However, they also carry high volatility and risk. It's important to:Recognize the Risks: Due to rapid market fluctuations and speculative nature, meme coins may experience extreme price swings.Prioritize Transparency: Building trust with your community is crucial. Clear communication about tokenomics, use cases, and future plans is essential.Focus on Community Engagement: A strong, engaged community can drive adoption, but responsible management is key.2. Why Choose Solana?Solana offers several technical advantages that can be especially beneficial for meme coin projects:High Throughput: Solana can handle thousands of transactions per second, ensuring your token operations remain efficient even during high network demand.Low Transaction Fees: Lower fees reduce friction for users when interacting with your meme coin, making it accessible to a wider audience.Robust Developer Ecosystem: With extensive documentation, active community support, and frameworks such as Anchor, Solana provides a developer-friendly environment.Scalability and Performance: Its architecture is designed to support rapid growth, which is crucial when a project suddenly gains popularity.For more details, consult the official Solana documentation and community forums.3. Planning Your Meme CoinBefore writing any code, thorough planning is crucial. Consider the following aspects:Tokenomics: Decide on the total supply, distribution mechanism (e.g., airdrops, burns, staking rewards), and any deflationary mechanisms.Purpose and Branding: Even though meme coins are often created for fun, having a clear narrative or purpose can help drive engagement. Consider how your coin will stand out.Community Engagement: Plan how to build and sustain a community. Consider social media strategies, partnerships, and how to handle market volatility.Roadmap and Future Development: Define clear milestones and potential use cases beyond the meme aspect, such as integrations or utility features.Also, Read | A Step by Step Guide to Memecoin Development4. Setting Up Your Development EnvironmentTools and PrerequisitesTo start developing on Solana, you will need:Programming Language: Rust is the primary language for writing Solana programs (smart contracts).Development Framework: Anchor is a popular framework that simplifies Solana development.Solana CLI: Install the Solana command-line interface to interact with the network.Node.js and npm: These can be useful for building front-end applications or scripts to interact with your coin.Installation Steps:Install Rust:Visit rust-lang.org to install the latest version of Rust.Set Up Anchor:Follow the Anchor installation guide by running:cargo install --git https://github.com/project-serum/anchor anchor-cli --locked
Install Solana CLI:Use the following command to install:sh -c "$(curl -sSfL https://release.solana.com/stable/install)"
5. Developing Your Meme Coin Smart ContractUsing the SPL Token StandardOn Solana, most tokens (including meme coins) are built using the SPL (Solana Program Library) token standard. The steps typically include:Initialize a New Token: Use the Solana CLI to create a new token:spl-token create-token
This command deploys a token program that adheres to the SPL standard.Create a Token Account:spl-token create-account <TOKEN_MINT_ADDRESS>
Minting Tokens: Mint the initial supply to your token account:spl-token mint <TOKEN_MINT_ADDRESS> <AMOUNT> <RECIPIENT_ADDRESS>
Writing Custom Logic (Optional)If you plan to include custom features (e.g., special transaction rules, unique reward structures, or deflationary mechanics), you will need to write and deploy your own Solana program using Rust and Anchor:Project Setup:anchor init meme_coin_project
Code Your Logic:Develop your program in the programs directory. Anchor's framework provides macros and utilities that simplify Solana development.Testing:Write tests using Anchor's testing suite to simulate transactions and validate your custom logic.Deployment:Deploy your program to the Solana testnet or mainnet using:anchor deploy
6. Testing, Auditing, and SecuritySecurity is paramount, especially in the crypto space. To ensure the safety and reliability of your meme coin:Comprehensive Testing:Use both unit tests and integration tests. Simulate various scenarios to ensure that your token behaves as expected.Third-Party Audits:Consider hiring external experts to audit your smart contracts. An audit helps identify vulnerabilities and builds trust with your community.Bug Bounty Programs:Launch a bug bounty program to encourage ethical hackers to identify and report security issues.Documentation:Maintain detailed documentation for your code, outlining your design decisions, potential risks, and update procedures.Also, Check | A Step by Step Guide to Memecoin Development7. Launching and Community EngagementAfter development and testing, the next step is launching your meme coin:Deploy on Testnet:Start on the Solana testnet to gather community feedback and address any issues before a full-scale launch.Mainnet Deployment:Once confident, deploy your coin on the mainnet using Solana's CLI tools.Marketing and Community Building:Use social media, online forums, and crypto communities to promote your coin. Transparency and regular updates are critical for maintaining trust.Continuous Communication:Create channels (e.g., Discord, Telegram) for community feedback and support. This helps in addressing concerns promptly and maintaining engagement.8. Regulatory Considerations and Best PracticesGiven the evolving regulatory landscape around cryptocurrencies, ensure that you:Consult Legal Advisors:Regulations vary by jurisdiction. It's essential to obtain legal advice tailored to your project.Compliance and Transparency:Maintain clear records of tokenomics, distribution, and governance. Consider implementing compliance measures if required by local laws.Risk Disclosure:Clearly communicate the risks associated with investing in meme coins to avoid misleading your community.9. Maintenance, Upgrades, and Future GrowthLaunching your meme coin is only the beginning. Continuous development and community engagement are vital for long-term success:Regular Updates:Keep your codebase updated with the latest security patches and performance improvements.Feedback Loop:Actively listen to community feedback and incorporate valuable suggestions into future updates.Scalability Plans:Plan for scalability and potential integration with other DeFi or NFT projects on Solana to keep the project dynamic and relevant.Also, Discover | Building a Solana NFT Rarity Ranking ToolConclusionDeveloping a meme coin on Solana combines the creative energy of internet culture with cutting-edge blockchain technology. By carefully planning your tokenomics, leveraging Solana's high-performance network, adhering to best practices in smart contract development, and maintaining transparency with your community, you can create a project that is both engaging and technically robust.Remember, while meme coins can be fun and community-driven, they come with inherent risks and responsibilities. Always prioritize security, compliance, and ethical practices to build a trustworthy project.For further reading and updates:Solana Official DocumentationAnchor Framework DocumentationSPL Token Program GuidelinesBy following this guide and adhering to best practices, you're well on your way to creating a meme coin that resonates with the community while upholding technical and ethical standards.Technology and regulations evolve rapidly—ensure that you verify details and consult with blockchain experts regularly.
Category:
Blockchain
Mudit Kumar
23 Apr 2024
How UAE is Harnessing the Power of Blockchain
The United Arab Emirates (UAE) is known for its rapid advancements in technology and innovation, and one area where it's making significant strides is in the adoption of blockchain technology. From government services to finance, healthcare, and beyond, the UAE is leveraging blockchain development services to enhance efficiency, transparency, and security across various sectors. In this comprehensive blog, we'll explore how the UAE is embracing blockchain and the impact it's having on the nation's development.
Understanding Blockchain Technology
Before delving into the UAE's use of blockchain, let's first grasp the fundamentals of this transformative technology. Blockchain is a decentralized and distributed ledger system that records transactions across multiple computers securely and transparently. Each block in the chain contains a cryptographic hash of the previous block, creating a tamper-resistant and immutable record of data. This technology eliminates the need for intermediaries, reduces the risk of fraud, and enhances trust among participants.
Blockchain Initiatives in the UAE Government
The UAE government has been proactive in embracing blockchain technology to streamline its services and improve governance. One notable initiative is the Emirates Blockchain Strategy 2021, launched in 2018 to transition 50% of government transactions to blockchain platforms by 2021. Under this strategy, various government entities have implemented blockchain solutions for processes such as document verification, land registry, business licensing, and digital identity management. These initiatives have led to cost savings, increased efficiency, and greater transparency in government operations.
Blockchain in the Financial Sector
In addition to government initiatives, the UAE's financial sector is also harnessing the potential of blockchain technology. The Dubai International Financial Centre (DIFC) has launched the "Blockchain Valley" initiative to create a blockchain ecosystem within its jurisdiction. This initiative aims to attract blockchain startups, foster innovation, and promote collaboration among stakeholders. Moreover, several banks in the UAE are exploring blockchain-based solutions for cross-border payments, trade finance, and digital asset management, leading to faster transactions, lower costs, and enhanced security.
Blockchain in Healthcare and Supply Chain Management
Blockchain is revolutionizing healthcare and supply chain management in the UAE, enabling greater transparency and traceability of products and services. Healthcare providers are exploring blockchain solutions for electronic health records (EHRs), medical data sharing, and drug traceability to improve patient care and safety. Similarly, companies in sectors such as logistics and retail are leveraging blockchain to track the movement of goods, verify product authenticity, and streamline supply chain operations. These initiatives enhance efficiency, reduce fraud, and ensure the integrity of data throughout the supply chain.
Challenges and Future Outlook
While the adoption of blockchain in the UAE presents numerous opportunities, it also comes with challenges such as regulatory compliance, interoperability, and cybersecurity risks. Addressing these challenges will require collaboration among government agencies, industry stakeholders, and technology providers to establish standards, frameworks, and best practices for blockchain implementation. Looking ahead, the future of blockchain in the UAE appears promising, with continued investment, innovation, and adoption expected to drive economic growth, enhance competitiveness, and position the nation as a global leader in blockchain technology.
Conclusion
The UAE's embrace of blockchain technology exemplifies its commitment to innovation and digital transformation. From government services to finance, healthcare, and supply chain management, blockchain is revolutionizing various sectors, leading to increased efficiency, transparency, and security. As the UAE continues to invest in blockchain initiatives and foster collaboration among stakeholders, it is poised to reap the benefits of this transformative technology and emerge as a global hub for blockchain innovation.
We are a blockchain development company based out of India, extending our services to blockchain enthusiasts in the UAE. Connect with our blockchain developers to explore more about blockchain development.
Category:
Blockchain
Mudit Kumar
22 Apr 2024
How to Develop a Crypto Wallet like Trust Wallet
In the fast-evolving landscape of cryptocurrency, the need for secure and user-friendly crypto wallets, developed using crypto wallet development services, has never been greater. With the rise of decentralized finance (DeFi) and the increasing adoption of cryptocurrencies, users are seeking reliable platforms to store, manage, and trade their digital assets. One such popular wallet is Trust Wallet, renowned for its simplicity, security, and extensive features. In this comprehensive guide, explore why you should develop a crypto wallet like Trust Wallet as well as insights into how to embark on this rewarding journey
What are Crypto Wallets?
Crypto wallets serve as digital solutions or virtual tools designed to securely store, send, and receive various cryptocurrencies and tokens. They store pairs of public and private keys, which are cryptographic keys used for transactional purposes and tracking. Among the plethora of crypto wallets available, Trust Wallet and MetaMask stand out as widely accepted options. Trust Wallet, in particular, is globally recognized as one of the safest cryptocurrency wallets. Now, let's delve deeper into the functionalities and development of Trust Wallet.
Also, Read | BRC-20 Wallet Development | What You Need To Know
What is a Trust Wallet
Trust Wallet stands out as the premier multi-coin wallet, offering users a seamless experience for storing, earning, exchanging, and managing cryptocurrencies and tokens all within a single platform. Renowned for its simplicity and security, Trust Wallet supports over one million crypto assets and more than 53 blockchains, including popular ones like Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Solana (SOL), and many others.
Available on both mobile and desktop platforms, the Trust Wallet app boasts an intuitive interface aimed at providing users with an effortless experience. One of its most notable features is its robust security measures, which include biometric authentication, ensuring the utmost protection for cryptocurrencies and digital collectibles. With Trust Wallet, users can build their crypto wallet and safeguard their digital assets with confidence.
You may also like | Global Crypto Wallet Market Report 2023
Why Develop a Crypto Wallet like Trust Wallet?
Security and Trust
Trust Wallet has garnered a reputation for its robust security measures, including end-to-end encryption, private key management, and biometric authentication. By developing a wallet like Trust Wallet, you instill confidence in users regarding the safety of their funds and personal information, fostering trust and loyalty.
Accessibility and User-Friendliness
Trust Wallet prioritizes user experience, offering a seamless and intuitive interface suitable for both novice and experienced crypto enthusiasts. By creating a wallet with similar accessibility and user-friendliness, you cater to a broader audience, encouraging mass adoption of cryptocurrencies.
Multi-Currency Support
Trust Wallet supports a wide range of cryptocurrencies, tokens, and decentralized applications (DApps), providing users with unparalleled flexibility and choice. Developing a multi-currency wallet allows users to manage diverse portfolios within a single platform, enhancing convenience and efficiency.
Decentralization and Freedom
Trust Wallet embodies the principles of decentralization, empowering users with full control over their funds and transactions. By developing a decentralized wallet, you contribute to the democratization of finance, enabling individuals worldwide to access financial services without intermediaries or restrictions.
Integration with DeFi Ecosystem
Trust Wallet seamlessly integrates with various DeFi protocols, enabling users to participate in decentralized lending, borrowing, and trading activities. By developing a wallet compatible with DeFi platforms, you facilitate broader adoption of decentralized finance and empower users to explore innovative financial services.
Also, Explore | AI for Crypto Wallet Development | Exploring Its Advantages
How to Develop a Crypto Wallet Like Trust Wallet
Define Objectives and Target Audience:
Begin by defining the objectives and target audience for your crypto wallet. Identify the specific features, functionalities, and user experience you aim to deliver. Conduct market research to understand the needs and preferences of potential users and tailor your wallet accordingly.
Choose the Right Technology Stack
Choosing the right technology stack is essential for creating a secure and effective crypto wallet. Consider factors such as blockchain integration, programming languages, security protocols, and compatibility with different devices and operating systems.
Focus on Security
Security is paramount in crypto wallet development. Implement robust encryption algorithms, secure key management systems, and multi-factor authentication mechanisms to safeguard users' funds and personal information. Conduct thorough security audits and penetration testing to identify and mitigate vulnerabilities.
Design Intuitive User Interface
Design an intuitive and user-friendly interface that simplifies the process of wallet creation, fund management, and transaction execution. Prioritize clarity, consistency, and accessibility to ensure a seamless user experience across different devices and screen sizes.
Implement Multi-Currency Support
Integrate support for a wide range of cryptocurrencies and tokens to accommodate diverse user preferences. Ensure compatibility with popular blockchain networks such as Bitcoin, Ethereum, Binance Smart Chain, and others. Implement features for easy asset management, transfer, and exchange within the wallet.
Enable DeFi Integration
Facilitate seamless integration with decentralized finance protocols, allowing users to access DeFi services directly from the wallet interface. Enable features such as decentralized exchange (DEX) trading, liquidity provision, yield farming, and staking to empower users with greater financial autonomy.
Conduct Testing and Optimization
Thoroughly test the wallet application across various environments and scenarios to identify and address any bugs, glitches, or performance issues. Gather feedback from beta testers and early adopters to refine the user experience and optimize the wallet's functionality.
Ensure Regulatory Compliance
Ensure compliance with relevant regulatory requirements and guidelines governing cryptocurrency wallets and financial services. Implement Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures as necessary to enhance security and mitigate risks.
Also, Check | MPC Wallet Development | Enhancing Crypto Asset Security
Different Methods to Develop a Crypto Wallet like Trust Wallet
At Oodles, we offer three options to create your crypto wallet like Trust Wallet.
Create a Crypto Wallet App similar to Trust Wallet starting from scratch
Develop a Crypto Wallet App akin to Trust Wallet using a Trust Wallet Clone Script
Choose a White Label Crypto Wallet solution and tailor it to your business needs
Create a Crypto Wallet App similar to Trust Wallet starting from scratch
At Oodles, we can develop your crypto wallet like the Trust Wallet app from scratch, integrating cutting-edge features to set it apart from the competition. Our team of highly skilled wallet developers customizes your wallets to meet your exact specifications, ensuring exceptional functionality that delivers a seamless user experience while thwarting potential scammers.
Develop a Crypto Wallet App akin to Trust Wallet using a Trust Wallet Clone Script
The Trust Wallet Clone Script is a ready-made solution for launching a crypto wallet similar to Trust Wallet. It comes equipped with essential features tailored for your Trust Wallet App, including robust security measures. Our skilled experts at Oodles deliver a meticulously crafted Trust Wallet Clone Script, thoroughly tested and reviewed to ensure reliability.
Choose a White Label Crypto Wallet solution and tailor it to your business needs
Opt for a White Label Crypto Wallet solution, a pre-built software product developed by a third-party provider. Customize the solution according to your business needs, including branding, features, and functionalities, to create a unique and tailored crypto wallet for your users.
Conclusion
Developing a crypto wallet like Trust Wallet presents a unique opportunity to contribute to the growing ecosystem of decentralized finance and empower users with greater financial freedom and control. By prioritizing security, accessibility, and innovation, you can create a wallet that not only meets the needs of today's users but also anticipates the demands of tomorrow's digital economy. With careful planning, strategic execution, and a commitment to excellence, you can unlock the full potential of crypto wallet development and make a meaningful impact on the future of finance.
Want to develop a crypto wallet like Trust Wallet? Connect with our crypto wallet developers to get started.
Category:
Blockchain
Mudit Kumar
22 Apr 2024
TON Blockchain : A Guide to Telegram's Ambitious Project
The Telegram Open Network (TON), now simply known as The Open Network, represents one of the most ambitious attempts to create a highly scalable, fast, and user-friendly blockchain platform. Originally conceived by the founders of the popular messaging app Telegram, TON aims to bring blockchain app development to the masses by integrating seamlessly with communication tools, financial services, and everyday applications. Although Telegram itself withdrew from direct involvement due to regulatory hurdles, the project has continued under the stewardship of the open-source community and the TON Foundation.In this comprehensive guide, we'll delve into the origins of TON, its core technical architecture, consensus mechanisms, ecosystem components, use cases, and the current state of the project. By the end, you'll have a thorough understanding of why TON is considered one of the most innovative and promising blockchain platforms.Origins and BackgroundThe Vision Behind TONThe idea for TON was first revealed in late 2017 by Telegram's founders, Pavel and Nikolai Durov. Their vision was to leverage Telegram's large, tech-savvy user base to drive the adoption of a next-generation blockchain. Unlike many existing blockchains that struggled with scalability, high fees, and slow transaction speeds, TON aimed to deliver:High Throughput and Low Latency: Support millions of transactions per second (TPS) and achieve near-instant confirmations.Low Fees: Provide microtransactions at minimal cost, enabling use cases like micropayments and in-app purchases.User-Friendly Experience: Integrate with Telegram's user interface and simplify blockchain interactions for non-experts.The Regulatory SetbackTelegram initially raised over $1.7 billion in a private Initial Coin Offering (ICO) for the project's native token, “Gram.” However, in 2020, the U.S. Securities and Exchange Commission (SEC) challenged the legality of this offering. Under legal pressure, Telegram stepped back, returning funds to investors and transferring control of the TON codebase to the community. This transition marked the end of Telegram's direct involvement and the birth of a community-driven project now simply called The Open Network.You may also like | Telegram Mini Apps vs. Telegram Bots : Exploring the Key DifferencesCore Technical ArchitectureTON's architecture is designed from the ground up to support large-scale, decentralized applications (dApps) and services. It adopts a multi-blockchain design featuring multiple sub-chains governed by a masterchain.Multi-Blockchain StructureTON uses a “blockchain of blockchains” model:Masterchain: The main chain overseeing network parameters, validator management, and the global state. It records essential data like smart contract code and configurations.Workchains: Parallel blockchains that handle different types of transactions or host different ecosystems. Each workchain can have its own rules, tokenomics, and virtual machines.Shardchains: Each workchain is further divided into shardchains (shards) to improve throughput. Sharding splits network load, allowing the system to process transactions in parallel and achieve very high TPS.This hierarchical structure is designed to ensure that TON can dynamically scale as demand grows.Instant Hypercube RoutingThe TON Network introduces a unique routing mechanism to achieve efficient cross-shard and cross-workchain communication. Known as Hypercube Routing, it allows messages and data to be transferred quickly between different shards and workchains, minimizing latency and congestion.Virtual Machine and Smart ContractsAt the core of TON's programmability lies the TON Virtual Machine (TVM). The TVM is responsible for executing smart contracts, supporting a flexible and expressive programming environment. Smart contracts on TON can be written in languages that compile down to TVM bytecode, enabling developers to build complex dApps such as decentralized exchanges, lending platforms, and identity solutions.Merkle Proofs and Compact Data StructuresTON employs advanced data structures and cryptographic techniques like Merkle proofs to ensure data integrity, efficient state representation, and fast block validation. Compact proofs and clever use of Merkle trees enable lightweight clients and reduce overhead on validators and users.Also, Read | Top 7 Use Cases of Telegram Mini AppsConsensus Mechanisms and SecurityProof-of-Stake (PoS) with Byzantine Fault Tolerance (BFT)TON's consensus mechanism is based on a Proof-of-Stake model combined with a Byzantine Fault Tolerant (BFT) protocol. Validators stake tokens to secure the network and produce/validate blocks, receiving rewards for honest participation and risking slashing penalties for malicious behavior.The BFT consensus ensures that the network can tolerate a subset of validators acting dishonestly without compromising the overall integrity. This approach achieves finality within seconds, providing fast transaction confirmations and resistance to double-spending attacks.Dynamic Sharding and Load BalancingOne of TON's key innovations is the ability to dynamically split or merge shards based on real-time network load. If a shard becomes too congested, it can be split into two shards, distributing the transaction load. If two shards become under-utilized, they can merge to conserve resources. This flexibility ensures consistent performance and avoids bottlenecks.Also, Explore | Develop Your Own Telegram Mini Apps : A Step-by-Step GuideTON Ecosystem ComponentsTON DNS (Domain Name System)To improve user experience, TON includes a blockchain-based DNS system, allowing human-readable names to be mapped to wallets, services, and smart contracts. Instead of dealing with complex hexadecimal addresses, users can interact with simple, memorable names, making adoption easier.TON Payments and MicropaymentsTON's low transaction fees and high throughput enable seamless micropayments. Businesses and developers can integrate these payments into social media apps, content platforms, and IoT devices, creating monetization models that were previously impractical due to high fees and slow transaction times on legacy blockchains.TON StorageThe TON ecosystem is not limited to transactional data. TON Storage is a distributed file storage layer that can store large amounts of data securely and redundantly. This feature allows dApps to host content, media files, and application logic off-chain while maintaining provable integrity and availability.TON ProxyTON Proxy introduces a built-in privacy layer for the network. By routing traffic through decentralized proxy nodes, users can enjoy enhanced privacy and circumvent censorship, making the network more resilient and accessible.Also, Check | Top 7 Most Popular Telegram Crypto Trading Bots in 2024Use Cases and Potential ApplicationsSocial Messaging and In-App EconomiesTON's original vision was to integrate with Telegram, enabling features like user-friendly crypto wallets, tipping functionalities, and the tokenization of digital assets directly within a messaging platform. While Telegram is no longer directly involved, third-party developers can still build messaging apps, social networks, and communication platforms leveraging TON's scalability and low fees.Decentralized Finance (DeFi)DeFi platforms such as decentralized exchanges (DEXs), lending protocols, stablecoins, and yield optimizers can thrive on TON. Its high-speed, low-cost environment is ideal for financial applications that demand near-instant settlements and predictable fees.Gaming and NFTsTON can support a robust NFT ecosystem, enabling developers to create games and virtual worlds with unique digital assets, collectibles, and tokens representing in-game items. With low latency and scalable throughput, TON can handle the transaction volumes required by popular gaming platforms.Enterprise and Supply Chain SolutionsEnterprises can deploy private or consortium-based workchains within TON, customizing consensus rules and permissions. Supply chain tracking, identity verification, and document notarization are some of the enterprise use cases that can benefit from TON's modular and flexible infrastructure.Also, Read | A Comprehensive Guide to Triangular Arbitrage BotsThe TON Token and EconomicsTON Crystal (TON) TokenOriginally known as “Gram” during Telegram's involvement, the network's primary token now is the TON Crystal, used to pay transaction fees, secure the network through staking, and participate in governance. The token economy is designed to incentivize long-term network stability, encourage validator participation, and facilitate decentralized decision-making.Governance and CommunityWithout Telegram's direct oversight, the TON ecosystem is now governed by the TON Foundation and an open community of developers, validators, and token holders. Governance decisions, such as protocol upgrades, are proposed, discussed, and voted upon transparently, ensuring that the direction of the network aligns with its stakeholders' interests.Current State and Future OutlookPost-Telegram EraDespite the setback with the SEC and Telegram's official withdrawal, the open-source community kept the project alive. The TON Foundation, formed by early supporters and contributors, now steers development, ensuring that TON's original ideals—speed, usability, and scalability—are realized.Ongoing Development and RoadmapDevelopers continue to refine TON's codebase, integrate advanced features like zero-knowledge proofs, and improve tooling for dApp creation. Interoperability solutions are being explored to connect TON with other ecosystems, unlocking cross-chain liquidity and services.Adoption and PartnershipsAs TON matures, more projects are expected to build on it. Partnerships with exchanges, wallets, and infrastructure providers will solidify its position in the blockchain landscape. Over time, user-friendly apps that mask the complexity of blockchain interactions may bring millions of new users into the TON ecosystem.Also, Check | Build a Crypto Payment Gateway Using Solana Pay and ReactChallenges and ConsiderationsRegulatory EnvironmentThe initial legal challenges with Telegram underscore the importance of compliance. TON participants must navigate complex regulatory landscapes as they roll out new services and token offerings, ensuring that the network can grow without constant legal friction.Competition in Layer-1 SpaceTON faces stiff competition from other Layer-1 blockchains optimized for speed and scalability (e.g., Solana, Avalanche, Near). TON's success will depend on its ability to attract developers, build compelling dApps, and maintain a unique value proposition.Security and AuditingAs with any blockchain, rigorous security audits, bug bounties, and a vigilant developer community are essential to maintaining trust. Ensuring that the code and consensus mechanisms remain robust and secure is paramount.ConclusionThe TON blockchain stands as a testament to the ambition of integrating blockchain technology deeply into the fabric of our digital lives. Designed to handle massive throughput, provide user-friendly interfaces, and support a versatile range of applications, TON aims to lower the barriers that have hindered mainstream blockchain adoption.While the regulatory challenges that forced Telegram's exit reshaped the project's trajectory, the community-driven revival has given TON a second life—one driven by open collaboration and decentralized governance. As it continues to evolve, TON has the potential to become a leading platform for global payments, decentralized services, and digital asset management, ultimately fulfilling its early promise to bring secure, scalable blockchain infrastructure to everyday users. If you are looking to develop your project leveraging TON blockchain, connect with our skilled blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
20 Apr 2024
How to Develop a Layer 1 Blockchain
To develop a Layer 1 blockchain is to venture into a complex and ambitious undertaking. It requires blockchain development services and a deep understanding of cryptography, distributed systems, and more. While it may seem daunting, breaking down the process into manageable steps can make the journey more approachable.
Below, take a look at a high-level guide on how to develop a Layer 1 blockchain.
How to Develop a Layer 1 Blockchain
Define Objectives and Requirements
Before diving into development, clearly define the objectives and requirements of your Layer 1 blockchain project. Consider factors such as:
Use case
What problem does your blockchain aim to solve? Define the target application or industry.
Features
What functionalities will your blockchain support? Consider aspects like consensus mechanisms, smart contract capabilities, token standards, and governance mechanisms.
Performance
Define scalability goals in terms of transaction throughput, confirmation times, and network efficiency.
Security
Identify potential attack vectors and design security measures to mitigate risks.
Governance
Establish mechanisms for protocol upgrades, community governance, and decision-making processes.
Also, Check | Layer 1 Blockchain: The Foundation of Decentralized Networks
Choose a Development Approach
There are different approaches to developing a Layer 1 blockchain, ranging from building a new blockchain from scratch to forking an existing open-source blockchain. Consider the following options:
Building from Scratch
Develop a new blockchain protocol tailored to your specific requirements. This approach offers maximum flexibility but requires significant time, resources, and expertise.
Forking an Existing Blockchain
Forking an open-source blockchain like Bitcoin or Ethereum can accelerate development by leveraging existing codebases and community support. However, customization options may be limited, and you'll need to carefully consider the implications of forking, such as network security and community consensus.
Also, Explore | Unveiling the Potential Layer 3 Blockchain Development
Design the Architecture
Design the architectural components of your Layer 1 blockchain, including:
Consensus Mechanism
Choose a consensus algorithm that aligns with your project's objectives and requirements. Options include Proof of Work (PoW), Proof of Stake (PoS), Delegated Proof of Stake (DPoS), and Byzantine Fault Tolerance (BFT).
Data Structure
Define the structure of blocks, transactions, and the blockchain ledger. Consider factors like block size, transaction format, and data storage mechanisms.
Network Protocol
Design the peer-to-peer network protocol for node communication, data propagation, and consensus participation.
Smart Contract Platform
If your blockchain will support smart contracts, design the virtual machine and programming language for executing smart contract code.
You may also like | Layer 0 Blockchain Development | The Foundation of the Future
Implement Core Components
Start implementing the core components of your Layer 1 blockchain:
Consensus Mechanism
Implement the chosen consensus algorithm, including block validation, leader election (if applicable), and block finalization.
Networking Layer
Develop the peer-to-peer networking layer for nodes to communicate, synchronize blocks, and propagate transactions.
Data Storage
Implement the blockchain data structure, including block storage, transaction indexing, and state storage (if applicable).
Smart Contract Platform
If your blockchain supports smart contracts, develop the virtual machine, compiler, and execution environment for deploying and executing smart contracts.
Test and Iterate
Test your Layer 1 blockchain rigorously to ensure its functionality, security, and performance. Use techniques like unit testing, integration testing, and network simulation to identify and address bugs, vulnerabilities, and performance bottlenecks. Iterate on your design and implementation based on feedback from testing and community engagement.
Also, Read | Layer 2 Solutions for Crypto Exchange Development
Launch and Maintain
Once your Layer 1 blockchain is stable and tested, prepare for launch:
Mainnet Deployment
Deploy your blockchain on the mainnet, allowing users to interact with the network and transact native tokens.
Community Engagement
Build and engage with a community of developers, users, and stakeholders to foster adoption and participation.
Maintenance and Upgrades
Continuously monitor and maintain your blockchain, addressing issues, implementing upgrades, and improving performance over time.
Also, Read | Layer 3 Blockchains | Understanding Advanced Decentralization
Conclusion
Developing a Layer 1 blockchain is a challenging yet rewarding endeavor that requires careful planning, technical expertise, and collaboration. By following the steps outlined above and leveraging existing tools, libraries, and best practices, you can embark on the journey of building your own Layer 1 blockchain and contribute to the advancement of decentralized technology.
Want to develop a layer 1 blockchain, connect with our blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
18 Apr 2024
Layer 1 Blockchain : The Foundation of Decentralized Networks
The modern digital economy is increasingly driven by decentralized applications and tokenized assets, demanding infrastructure that can seamlessly handle trust, transparency, and security. In this context, Layer 1 blockchains serve as the foundational protocols that power decentralized networks. They provide the base-level architecture—from consensus and data availability to native asset issuance—upon which higher-level solutions, protocols, and applications are built. For enterprises seeking to capitalize on distributed ledger technology, understanding Layer 1 is pivotal to ensuring scalable, compliant, and reliable operations.Understanding the Core Principles of Layer 1 BlockchainsLayer 1 blockchains, often referred to as “base layer” networks, function as the substrate of an entire blockchain ecosystem. They define the rules for how transactions are verified, how data is stored, and how consensus is achieved across a distributed network of nodes. Their primary attributes include: - Trustlessness: No single entity controls the chain. Consensus mechanisms such as Proof of Work (PoW) or Proof of Stake (PoS) ensure that all participants trust the output of the network without centralized oversight. - Data Immutability: Once transactions are validated and recorded, they become a permanent part of the chain's history, maintaining an auditable and tamper-proof ledger. - Network Sovereignty: Unlike higher-layer protocols, Layer 1 blockchains do not rely on underlying blockchains. This independence ensures that critical functions such as transaction ordering and block creation remain at the core protocol level.Also, Read | How to Develop a Layer 1 BlockchainKey Characteristics of Layer 1 BlockchainsLayer 1 platforms integrate essential features that differentiate them from ancillary layers and application-focused solutions. Consensus Mechanisms and Security The consensus algorithm ensures that the distributed network of nodes reaches agreement on the state of the ledger. PoW, PoS, Delegated Proof of Stake (DPoS), and various hybrid or novel mechanisms determine network characteristics like security, throughput, and energy efficiency. Enterprises often prioritize protocols that align with their operational goals, whether that means maximizing transaction throughput or enhancing sustainability. Smart Contract Integration Next-generation Layer 1 blockchains, such as Ethereum, Polkadot, and Solana, have smart contract functionality embedded at the protocol level. This enables developers to deploy self-executing contracts and build decentralized applications (dApps) directly on the chain, reducing complexity and streamlining the development lifecycle. Programmability and Upgradeability Layer 1 chains increasingly incorporate modular architectures and on-chain governance frameworks. This approach makes it simpler to implement upgrades, integrate new features, or adjust parameters without disrupting existing operations—critical for businesses that require long-term stability and adaptability.Why Layer 1 Matters to the Modern EnterpriseForward-looking organizations recognize that Layer 1 blockchains serve as more than just a technical foundation—they are strategic enablers of digital transformation. Enhanced Trust and Operational Efficiency By eliminating the need for trusted intermediaries and manual verification, enterprises can streamline operations, reduce overhead costs, and improve settlement times. With consensus and transaction validation handled natively, businesses gain confidence in data integrity and network reliability. Seamless Interoperability Open standards and compatibility frameworks at the Layer 1 level facilitate integration with various enterprise systems, trading partners, and industry consortia. This interoperability supports frictionless data sharing, cooperative workflows, and scalable multi-party business models. Compliance, Governance, and Enterprise Readiness Robust governance mechanisms enable enterprises to participate in protocol decision-making. This aligns the network's evolution with corporate values, regulatory requirements, and emerging market conditions. Additionally, customizable privacy and permissioning features at the Layer 1 level can help maintain compliance with industry-specific regulations.Also, Discover | Unveiling the Potential Layer 3 Blockchain DevelopmentAdvanced Features Shaping the Future of Layer 1As enterprise adoption accelerates, Layer 1 blockchains are evolving to meet sophisticated business needs. Modular Architectures and Data Availability Layers Emerging designs separate the consensus, execution, and data availability functions. This modularization allows networks to scale more efficiently, improving transaction throughput without sacrificing security. Enterprises benefit from higher performance, reduced congestion, and predictable network behavior. Privacy-Enhancing Technologies Confidential transactions and zero-knowledge proofs integrated at the base layer allow for secure, private data exchanges. This is crucial for industries handling sensitive information—such as healthcare, finance, or supply chains—enabling them to leverage blockchain's trust benefits without exposing proprietary data. Programmable Governance and Compliance Support On-chain voting, treasury systems, and configurable consensus parameters empower stakeholders to adapt the network's rules over time. This ensures long-term viability, reduces the risk of obsolescence, and accommodates shifting compliance landscapes.Real-World Use CasesLayer 1 blockchains form the bedrock for various industry verticals, fueling a range of transformative applications. Supply Chain and Logistics By recording the entire product lifecycle on a Layer 1 blockchain, manufacturers and logistics providers maintain a single source of truth for provenance, quality control, and regulatory compliance. This fosters traceability, reduces counterfeits, and enhances consumer trust. Financial Services and Asset Management Banks, payment processors, and asset managers leverage Layer 1 infrastructure for instant settlement, reduced counterparty risk, and fractionalized asset tokenization. The transparent, immutable ledger mitigates disputes and streamlines complex financial operations. Healthcare and Pharmaceuticals Electronic health records, clinical trial data, and drug supply chains secured at the base layer reinforce data integrity and patient safety. The granular control over data sharing fosters collaboration among hospitals, insurance companies, and research institutions, ensuring compliance with regulations such as HIPAA or GDPR.Also, Check | Layer 0 Blockchain Development | The Foundation of the FutureChallenges and ConsiderationsWhile the potential of Layer 1 technology is vast, enterprises must navigate certain complexities. Balancing Scalability, Security, and Decentralization Improving throughput often involves trade-offs with decentralization. Identifying a platform that meets performance needs without compromising network security or governance can be challenging. Rapidly Evolving Standards Enterprises must stay informed of protocol upgrades, emerging standards, and evolving consensus models. Partnering with solution providers or participating in industry groups can ensure alignment with market best practices. Regulatory Uncertainty As blockchain regulations vary by region, organizations must ensure that the chosen Layer 1 solution aligns with local compliance requirements. This may involve selecting permissioned variants or chains offering identity frameworks and audit capabilities.FAQWhat is a Layer 1 blockchain? A Layer 1 blockchain is the foundational protocol layer of a decentralized network. It provides core functionalities—such as consensus, transaction validation, and data availability—upon which all other applications and networks are built. How does Layer 1 differ from Layer 2? Layer 1 is the primary chain that handles the bulk of validation and security. Layer 2 solutions are secondary frameworks built atop the base chain to improve scalability, reduce transaction costs, and handle processes off-chain before periodically finalizing data on Layer 1. Why should enterprises focus on Layer 1? A robust Layer 1 foundation ensures a secure, reliable, and transparent environment. By choosing the right base protocol, enterprises can confidently integrate blockchain capabilities into existing workflows, reduce operational friction, lower costs, and enhance compliance. Can Layer 1 blockchains be upgraded? Yes. Modern Layer 1 protocols often include on-chain governance mechanisms and modular architectures that make it possible to upgrade consensus algorithms, integrate new features, or adopt improved cryptographic primitives without disrupting core operations. Is data privacy possible at Layer 1? Advanced cryptographic techniques like zero-knowledge proofs allow for private transactions and data integrity checks without exposing underlying details. This enables sensitive enterprise data to remain confidential while still leveraging blockchain security and auditability.ConclusionLayer 1 blockchains form the unshakable cornerstone of decentralized ecosystems. For forward-thinking enterprises, investing time and resources into understanding and selecting the right Layer 1 solution is a critical step toward building scalable, secure, and efficient digital infrastructures. As these base layers continue to evolve—integrating modular designs, privacy safeguards, and programmable governance—they will remain instrumental in shaping the global landscape of finance, supply chains, and beyond. In case if you are looking for blockchain development services, consider connecting with our skilled blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
18 Apr 2024
Equity Token Offerings : Modernizing Investment
In recent years, the world of finance has witnessed a significant evolution with the advent of blockchain technology and tokenization. Among the innovative financial instruments that have emerged, Equity Token Offerings (ETOs) stand out as a groundbreaking method powered by STO development services for raising capital and democratizing investment opportunities. In this comprehensive guide, we delve into the intricacies of Equity Token Offerings, exploring their mechanics, benefits, and potential for transforming the traditional investment landscape.
Understanding Equity Token Offerings
ETOs, also known as Security Token Offerings (STOs), are a form of fundraising mechanism that enables companies to issue digital tokens representing ownership rights in the form of equity, profit-sharing, or voting rights. These tokens are backed by real-world assets, such as company shares, real estate, or commodities, and are governed by regulatory frameworks to ensure compliance with securities laws.
Explore More | Initial Liquidity Offering | A New Model for Raising Capital
Key Components
Legal Compliance
One of the defining features of ETOs is their adherence to regulatory standards. Issuers must comply with securities regulations in the jurisdictions where they operate, ensuring transparency, investor protection, and legal certainty.
Tokenization Platform
ETOs are facilitated through tokenization platforms that provide the infrastructure for creating, issuing, and managing security tokens. These platforms leverage blockchain technology to tokenize assets, manage investor relations, and facilitate secondary market trading.
Investor Verification
To participate in ETOs, investors undergo a rigorous verification process to confirm their identity and accreditation status. This helps issuers maintain compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
Smart Contracts
Smart contracts play a central role in ETOs by automating the execution of investment agreements, token issuance, and distribution of dividends or other rights to token holders. These self-executing contracts enhance transparency, reduce transaction costs, and mitigate counterparty risk.
Also, Read | Getting Started with INO (Initial NFT Offering)
Benefits
Access to Capital
ETOs provide companies with an alternative means of raising capital by tapping into a global pool of investors. This democratization of investment opportunities enables startups and small businesses to access funding without the traditional barriers associated with venture capital or initial public offerings.
Liquidity
By tokenizing assets and enabling secondary market trading, ETOs enhance liquidity for investors, allowing them to buy, sell, and trade security tokens more efficiently than traditional securities.
Fractional Ownership
ETOs enable fractional ownership of high-value assets, such as real estate or private equity, making investment opportunities more accessible to a wider range of investors.
Transparency and Security
Blockchain technology ensures transparency and immutability of transaction records, reducing the risk of fraud and enhancing investor trust in Equity Token Offerings.
You may also like | Initial Game Offering (IGO) Launchpad Development
Challenges and Considerations:
While Equity Token Offerings offer numerous benefits, there are several challenges and considerations to be mindful of:
Regulatory Complexity
Navigating the regulatory landscape governing Equity Token Offerings can be complex and varies significantly across jurisdictions. Issuers must ensure compliance with securities laws, which may require legal expertise and regulatory approvals.
Investor Education
Educating investors about the benefits and risks of Equity Token Offerings is essential for fostering confidence and participation in this emerging asset class. Clear communication and transparency regarding investment terms, risks, and potential returns are crucial for attracting and retaining investors.
Market Liquidity
Despite the potential for enhanced liquidity, secondary markets for security tokens are still in the early stages of development. Limited liquidity and trading volume may affect the valuation and tradability of security tokens, particularly for smaller or less liquid assets.
Also, Explore | IDO (Initial DEX Offering) | The Future of Decentralized Fundraising
Conclusion:
Equity Token Offerings represent a paradigm shift in the way companies raise capital and investors access investment opportunities. By leveraging blockchain technology, regulatory compliance, and tokenization, Equity Token Offerings offer a viable alternative to traditional fundraising methods, democratizing access to capital and unlocking new avenues for investment. While challenges remain, the potential for Equity Token Offerings to modernize investment and reshape the financial landscape is undeniable. As regulatory frameworks evolve and market infrastructure matures, Equity Token Offerings are poised to play a transformative role in the future of finance. Interested in launching an equity token offering, connect with our crypto token developers to get started.
Category:
Blockchain
Mudit Kumar
13 Apr 2024
Grid Trading Bot Development for Smart Crypto Trading
In recent years, the cryptocurrency market has witnessed exponential growth, attracting both seasoned traders and newcomers alike. With the volatility and round-the-clock nature of crypto trading, many investors seek automated solutions to optimize their strategies and minimize risks. Enter the crypto grid trading bot – a powerful tool developed using crypto trading bot development services revolutionizing the way traders navigate the digital asset landscape. In this comprehensive guide, we delve into the intricacies of crypto grid trading bot development, exploring its mechanics, benefits, and potential for transforming your trading experience.Understanding Crypto Grid TradingGrid trading is a strategy that involves placing buy and sell orders at predefined price intervals or "grid levels" around the current market price. These orders create a grid-like pattern on the trading chart, allowing traders to profit from price fluctuations within a specific range. A crypto grid trading bot automates this strategy by executing buy and sell orders based on predefined parameters set by the trader. The bot continuously monitors market conditions, adjusts grid levels, and executes trades accordingly, all without human intervention. Also, Explore | Top 7 Most Popular Telegram Crypto Trading Bots in 2024Key Components of Crypto Grid Trading Bot DevelopmentAlgorithm DesignThe heart of any trading bot lies in its algorithm. Developers design algorithms that determine when to place buy and sell orders, grid level spacing, order size, and risk management protocols.Technical Analysis IntegrationTo make informed trading decisions, grid trading bots often incorporate technical indicators such as moving averages, RSI (Relative Strength Index), MACD (Moving Average Convergence Divergence), and others.Risk Management FeaturesEffective risk management is crucial in trading bot development. Developers implement features such as stop-loss orders, position-sizing algorithms, and portfolio diversification strategies to mitigate potential losses.Exchange IntegrationCrypto grid trading bots must seamlessly integrate with cryptocurrency exchanges to access market data and execute trades. APIs (Application Programming Interfaces) provided by exchanges facilitate this integration. Also, Check | DCA Bot Development | A Comprehensive ExplorationBenefits of Crypto Grid Trading BotsAutomation: By automating trading strategies, grid trading bots eliminate the need for manual monitoring and execution, allowing traders to capitalize on market opportunities 24/7.DiversificationGrid trading bots enable traders to diversify their portfolios by simultaneously trading multiple cryptocurrency pairs, increasing the potential for profit while spreading risk.Risk ManagementWith built-in risk management features, grid trading bots help traders minimize losses and protect their capital through strategies like stop-loss orders and position sizing algorithms.Backtesting CapabilitiesBefore deploying a grid trading bot in live markets, traders can backtest their strategies using historical data to evaluate performance and optimize parameters.EfficiencyGrid trading bots execute trades with precision and speed, reacting to market movements in real time and capitalizing on price discrepancies more efficiently than manual trading. Also, Read | Telegram Crypto Trading Bot DevelopmentConclusionCrypto grid trading bot development represents a cutting-edge approach to navigating the dynamic cryptocurrency markets. By automating trading strategies, mitigating risks, and optimizing performance, these bots empower traders to capitalize on market opportunities with greater efficiency and precision. However, success in grid trading requires a deep understanding of market dynamics, careful strategy development, and ongoing monitoring and adjustment. As the crypto landscape continues to evolve, grid trading bots are poised to play a pivotal role in shaping the future of digital asset trading. Interested in developing a highly efficient Grid Trading Bot development strategy, connect with our crypto bot developers to get started.
Category:
Blockchain
Mudit Kumar
12 Apr 2024
Multi-Redeemable NFTs | Elevating Web3 Experiences
Redeemable NFTs offer brands a powerful tool to enrich customer engagement, broaden their audience reach, and generate revenue. Built using NFT development services, these tokens enable brands to provide customers with distinctive and tangible benefits, such as exclusive real-world experiences tied to digital collectibles.
Prominent companies like Adidas, Gucci, Starbucks, Budweiser, and Disney have embraced redeemable NFTs as a means to offer unique encounters to their customers. Through innovative marketing initiatives like limited-edition releases and collaborations, they cultivate stronger connections with their audience. Additionally, NFTs act as digital certificates of authenticity, reinforcing brand credibility and desirability.
The Potential of Multi-Redeemable NFTs
The digital economy has undergone a remarkable transformation with the emergence of non-fungible tokens (NFTs), reshaping our understanding of ownership and value in the virtual realm.
Yet, the evolution continues with the introduction of ERC-6672, a standard for Multi-Redeemable NFTs (MR-NFTs), ushering in a fresh era in the NFT narrative.
This standard enhances the flexibility and utility of digital assets by enabling NFTs to be redeemed multiple times for diverse purposes, extending their potential beyond the traditional single-use scenario.
Also, Check | Compressed NFTs (cNFTs) | Solana's Cost-Effective NFT standard
Understanding ERC-6672: The Basics
Essentially, ERC-6672 enhances the capabilities of conventional NFTs by allowing them to be "redeemed" or "utilized" repeatedly before being burned or rendered invalid. This expanded functionality introduces a wide range of potential applications, encompassing ticketing systems, subscription services, and multi-stage access control, among others.
Use Cases of Multi-Redeemable NFTs
Microtransactions and Creator Economy
Multi-redeemable NFTs have the potential to transform the landscape of microtransactions within the creator economy. Through the use of these tokens, creators gain the ability to provide a diverse range of on-demand, small-scale services to their audience. This increased flexibility empowers creators to monetize their content in innovative ways, all the while delivering significant value to their community.
Moreover, these NFTs have the potential to cultivate deeper community connections. Owners of a creator's MR-NFTs may gain entry to exclusive community gatherings, workshops, or forums, fostering heightened interaction and collaboration among members of the community.
You may also like | Unlocking Value: Exploring the World of NFT Lending
Streamlined Rewards and Incentives
The flexibility of MR-NFTs offers the opportunity for a more adaptable and versatile rewards system within Web3 social applications. Rather than distributing multiple tokens or NFTs for different actions or achievements, platforms can issue a single MR-NFT that encompasses various reward tiers or types. This streamlined approach has the potential to greatly diminish the intricacy and expenses linked with reward management and distribution, ultimately enhancing efficiency and user experience.
Also, Explore | NFT-Based Loyalty Programs: Revamping Customer Engagement
Creativity and Gameplay
Loyalty programs incorporating ERC-6672 MR-NFTs bring forth a fresh realm of creativity and gaming dynamics. Departing from conventional transactional points systems, brands can devise tasks with diverse levels of difficulty and rarity, enticing customers to unlock exclusive rewards. This gamified approach fosters engagement, excitement, healthy competition, and a feeling of accomplishment. Whether customers opt to collect, trade, or upgrade NFTs, ERC-6672 facilitates an immersive and interactive journey that captivates them and enriches their loyalty experience.
Content Access
Creators and entertainment platforms have the option to utilize redeemable NFTs as a means to gate access to their content. Audiences can obtain these NFTs to unlock exclusive content, behind-the-scenes footage, or deleted scenes. These tokens not only enrich the experience for viewers or listeners but also introduce new monetization opportunities. By embedding resale royalties, creators can earn from subsequent sales, thereby promoting a sustainable revenue model.
Also, Read | How AI Transforms the NFT Marketplace Space
Merchandise
Filmmakers and OTT platforms have the opportunity to partner with luxury brands to create exclusive redeemable NFTs tied to physical merchandise. The prospect of acquiring a valuable item associated with their favorite movie can evoke anticipation and buzz around the film. Moreover, such collaborations can broaden the movie's audience and attract collectors and fashion aficionados alike.
Dining
Redeemable NFTs empower hospitality brands to elevate their endeavors in crafting an unparalleled and exclusive experience for their guests. For example, Le Bristol Paris launched 11 NFTs offering distinctive experiences such as secret cocktails, signature dishes by their renowned Chef, access to private rooftop pools, and exclusive Le Bristol events. Through this initiative, the brand seamlessly integrated its offerings to deliver a lavish and unforgettable experience for its clientele.
Fractional Ownership
Redeemable NFTs facilitate the division of properties into fractions, fostering wider investor involvement and enhancing accessibility to properties. These NFTs not only serve as evidence of ownership but also facilitate seamless transferability.
Pooling funds for commercial properties becomes more feasible with redeemable NFTs. Through the use of smart contracts, dividends such as rental income or responsibilities like maintenance costs can be automatically distributed based on the ownership fraction.
Also, Explore | NFT Domains | Revolutionizing Ownership in the Digital Landscape
Digital Twins
Fashion brands can leverage redeemable NFTs by introducing exclusive digital clothing lines for virtual environments, accompanied by a physical counterpart upon redemption of the NFT. They can also organize virtual fashion shows, presenting digital replicas of products sold as NFTs.
Conclusion
In essence, redeemable NFTs are reshaping how brands engage with and value their customers. By blending tangible value with unique experiences, these digital assets offer significant potential for brands to revolutionize their marketing strategies and enhance customer engagement.
Imagine your customers having the opportunity to own a piece of your brand's legacy, not just digitally but also in the physical realm. If you're interested in creating such an experience for your customers, our NFT developers are here to assist you.
Category:
Blockchain
Mudit Kumar
11 Apr 2024
Top 7 Most Popular Telegram Crypto Trading Bots in 2024
In the volatile world of cryptocurrency trading, timely monitoring of market trends is vital to success. To address this need, crypto trading bot development has emerged as an innovative solution transforming traders' engagement with digital asset markets. Simply put, crypto trading bots are software that automates cryptocurrency trading strategies. One such popular type of crypto trading bot that has become popular in 2024 is Telegram crypto trading bots, which are automated software programs that trade on predefined algorithms and market signals.What makes Telegram Crypto Trading Bots so Unique?With its explicit UI and secure features, Telegram comes as one of the top social media platforms for networking and sharing project updates. Lately, Telegram channels have also become the best places to discover the latest updates in the crypto industry. Its bots provide traders with real-time market data, advanced technical analysis tools, hands-off optimized trade timelines, informed decision-making, and risk-management options. Additionally, they offer numerous strategies and tools to help crypto traders navigate the volatile crypto markets more efficiently and profitably. Also, Explore | Telegram Crypto Trading Bot DevelopmentTop 7 Popular Telegram Crypto Trading Bots in 2024Now, explore the world of crypto trading with top 7 Telegram crypto trading bots that can offer exceptional efficiency and convenience in 20241. UnibotUnibot is a free trading bot that enables DeFi (decentralized finance) users to purchase and sell tokens on Uniswap directly through Telegram. By utilizing Telegram, the bot offers fast trades. Also, it allows Unibot token holders to share in the revenue. It stands out as the premier crypto Telegram bot for 2024. Important FeaturesReal-time market updates and streamlined trading strategies through integration with TelegramEnhanced trading experience and efficiency for usersComplete digital monetization program for publishers globallyFast and reliable payment terms starting from Net 7 for qualified productsPartners with industry-leading payment terms100% transparency; there is no hidden feePrivacy and Policy CompliantContact: @unibotsniper_bot2. CornixCornix is an automatic crypto trading bot for Telegram crypto signal groups with several valuable functions. The main benefit of Cornix is instant trading result notifications, which save users valuable time. Important Features:Advanced and optimized configuration options for both novices and prosUser-friendly bot interface with 24/7 supportOptions for auto bots include Signal Bots, Grid Bots, etc.Instant signal notificationsHelp manage a user's portfolios, risk ratios, and promised rewards of the trade activitiesMarket and Portfolio tracking optionsContact: @cornix_trading_bot3. CoinCodeCapCoinCodeCap is a bot that regularly updates its subscribers with crypto analysis and relevant articles. It also has a premium crypto Telegram channel, providing video stream integrations for automated trading, live analysis, finance spot, and future signals. Important Features:Over 10K members who are entitled to free crypto signals frequentlyHas a dedicated team of analysts making use of mathematical and technical indicators to know about the market situations and trendsPremium crypto signals are also available that open wide options like a video streamContact: @coincodecap_bot You may also like | DCA Bot Development | A Comprehensive Exploration4. CryptoHopperCryptohopper is one of the top crypto trading bots in Telegram. It is currently available 24/7 automatically in the cloud. It has compelling security features and is quite easy to use. Important Features:Help connect all users's exchange accounts and manage them within the trading terminal, free of charge, and thus manage the overall portfolioUnique trading and trailing features with Artificial IntelligenceContact: @cryptohoppertoday5. SMARD Telegram BotSMARD is an automated trading software that publishes its trades and trading results in a Telegram channel weekly and monthly. The basis of SMARD trades is an algorithm that creates trading signals based on the momentum effect. This accurately identifies growth-oriented positions in the market, allowing high profitability with minimal risks involved. Important Features:No specialized trading knowledge is required for interaction with the bot signalsAutomatic API forms trading outputs. ( Application Programming Interface)All investment portfolio management functions are fully in-builtContact: @smard_club6. CoinmaticsCoinmatics is an official Telegram bot that supports the Coinmatics app. It is a service that helps cryptocurrency traders copy deals, meaning that successful and experienced traders' performance can be automatically replicated on the user's account. Important Features:Flexible and beginner-friendly user-interfaceSupports Finance account for trading inputsContact: @coinmatics_official_bot7. MaestroMaestro aims to provide a collection of crypto-related tools for Telegram users. Its vision is to create an ecosystem that directly satisfies crypto enthusiasts' needs on Telegram. Important Features:Maestro sniper bot has special features such as anti-rug protection to save users' investments with easy liquidity.Has a trading terminal with high-end functionsFor experienced traders, it has features like block delay, auto snipe, and slippage adjustmentsAbility to contribute to presales on PinkSale quicklyContact: @maestro Also, Explore | Crucial Insights into Crypto Sniper Bot DevelopmentThe infographic below summarizes the above information:ConclusionCrypto Telegram bots represent one of the most popular and convenient channels for crypto traders. It helps them manage their portfolios through a simple, intuitive interface right away within the Telegram application. Its accessibility and customization are the top reasons for its rapidly growing adoption. This article thus serves as an introduction to the top Telegram Crypto Trading Bots in 2024, each highlighting its strong features. Also, it will be interesting to note how these bots will change the crypto trading space in the future. Interested in utilizing some of the top features of such bots with high-level assistance? Share your project requirements while connecting to our seasoned crypto bot developers today.
Category:
Blockchain
Mudit Kumar
29 Mar 2024
Biggest Upgrade of Ethereum | Dencun (Deneb-Cancun) Explained
Dencun addresses the consensus and execution levels of Ethereum in a single update by combining Deneb and Cancun, two distinct upgrades.
In technical terms, a hard fork is what the Dencun update is. On March 13, 2024, at Ethereum epoch 269,568; the upgrade went live. The update increases Ethereum's scalability and drastically reduces the transaction fees of layer-2 solutions.
Enhancing the consensus layer—which deals with how network users agree on the current state of the blockchain—is the goal of the Deneb upgrade. Conversely, Cancun enhances the management and processing of transactions at the execution layer. For more about Ethereum, visit our Ethereum blockchain development services.
The Need for the Upgrade
Ethereum developers have had to take corrective action due to the platform's rising gas costs. Gas rates on L2 solutions continued to be a barrier to their wider adoption, even while layer-2 solutions gave Ethereum a way to scale by handling transactions off the main chain.
Proto-dank sharding, unveiled by Dencun, will help L2 networks like Optimism, Arbitrum, and Polygon, among others. Proto-dank sharding, the main component of Dencun, aims to drastically reduce the cost of layer-2 transactions, opening the door for enormous scalability gains on Ethereum. It's also crucial to remember that the Ethereum roadmap no longer includes shard chains.
As a first step toward full danksharding, proto-danksharding allows layer-2 solutions on Ethereum to temporarily store large amounts of transaction data off-chain, such as in a storage locker. This lowers fees for L2 solution users by freeing up the main Ethereum network for crucial transactions.
Also, Explore | Optimistic Rollups | L2 Scaling Solutions for Ethereum
What Is Proto-Danksharding?
The Ethereum Cancun upgrade focuses on proto-Danksharding, a stage that prepares users for full Danksharding. To get the Ethereum network ready for full Danksharding later on, Proto-Danksharding introduces a new transaction type that takes "data blobs."
After a predetermined amount of time—typically one to three months—the data in blob data is automatically erased and rendered unavailable to the Ethereum Virtual Machine (EVM). This lowers the cost of data transmission for rollups, which lowers transaction costs for end users.
This approach is anticipated to boost transaction throughput and drastically lower gas expenses, bringing the network one step closer to controlling the capacity of an international transaction network.
Also, Check | Comprehending ZK Rollups | Layer 2 Scaling Solutions
Importance of the Dencun Ethereum update
Dencun opens the door to an Ethereum ecosystem that is more accessible and reasonably priced. It is significant for some reasons, including:
Lower Costs for Layer-2 Solutions
Dencun presented a layer-2 scaling method based on Ethereum that lowers transaction costs. Before sending transactions to the main Ethereum blockchain, these layer-2 networks package them together to save costs. Proto-danksharding, the main feature of Dencun that is suggested by EIP-4844, allows layer-2s to maintain certain transaction data off-chain, which reduces their costs.
Possibility of enhanced adoption and a competitive advantage
Because layer-2 solutions on Ethereum will have much-reduced transaction fees, users will find them more appealing. This could result in a wider adoption of Ethereum for a variety of applications, including decentralized finance (DeFi) and nonfungible tokens (NFTs). Furthermore, lower fees for layer-2 solutions show how Ethereum is always changing and keeps its competitiveness with other blockchains.
Improved experience for developers
Dencun streamlines transaction handling and consensus procedures. As a result, building and implementing decentralized apps (DApps) on Ethereum might be easier for developers. An easier development procedure could lead to more creative projects being developed on the Ethereum network.
You may also like | Layer 0 Blockchain Development | The Foundation of the Future
How Developers and Users Benefit from the Ethereum Dencun Upgrade
The Ethereum ecosystem has advanced significantly with the Dencun update, helping users and developers alike. By reducing expenses for Ethereum-based layer-2 scaling solutions, proto-danksharding gives users a more economical experience—particularly when utilizing NFTs and DeFi services.
It is now simpler and quicker to create and implement DApps on Ethereum thanks to Dencun's streamlining of consensus and transaction handling processes for developers.
Apart from its immediate benefits, Dencun lays the groundwork for future advancements by presenting essential ideas required for full Danksharding (mentioned above), the best solution to Ethereum's scalability problems.
The Road Ahead to Full Danksharding
Ethereum has a phased plan for full danksharding, with Dencun serving as an important initial step. The upcoming benchmarks will involve expanding on the ideas presented by proto-danksharding.
The upgrade to Petra, which combines Electra and Prague, is the next item on Ethereum's plan. Potential features include Verkle trees for effective data storage and building the groundwork for "The Verge," which intends to streamline block verification, though specifics are still being worked out. This emphasis on scalability opens the door for an Ethereum that is easier to use.
Estimates for the amount of time it will take to reach full danksharding vary from a few years to a decade. However, Dencun's effective deployment demonstrates the Ethereum community's dedication to continued advancement.
Similar to Dencun, each step forward provides improvements and clears the way for an Ethereum that is future-proof and scalable.
For more about Ethereum development, connect with Ethereum blockchain developers.
Category:
Blockchain
Mudit Kumar
28 Mar 2024
Compressed NFTs (cNFTs) | Solana's Cost-Effective NFT standard
Solana's newest NFT standard, compressed NFT (non-fungible tokens) or cNFT aims to improve scalability and reduce the cost of storing NFTs on-chain. The relatively nascent technology is currently responsible for most NFTs minted in Solana. In this guide, we will learn about compressed NFTs on Solana, the compression process on Solana, and more about cNFTs. For more about NFTs, visit our NFT development services.
What is NFT Compression
As the use of NFTs increases, developers face new hurdles in optimizing storage and lowering the expenses associated with minting and transmitting these digital assets.
cNFTs address these concerns by allowing developers to construct and send NFTs more efficiently.
What are Compressed NFTs
A cNFT on Solana is a Non-Fungible Token that has been designed to require less storage space on the Blockchain. This is often accomplished via compressing the NFT's metadata and optionally related media files (such as photographs, movies, or audio) to reduce the size and amount of data held on-chain, resulting in cheaper transaction and storage costs.
Using Solana's high transaction speeds and cheap prices, compressed NFTs retain digital asset uniqueness while improving transaction efficiency and the scalability of NFT storage inside the Solana ecosystem. This strategy is best for maintaining blockchain performance and user experience on platforms with large NFT datasets.
Applications of cNFTs
cNFTs should be employed when minting NFTs on a large scale because keeping data off-chain considerably minimizes the cost of renting account space, which every Solana account is obliged to pay for. Here are some such use cases:
Web 3 Game Development
cNFTs can be used to represent in-game elements like characters, objects, and virtual terrain. Compressing these assets allows developers to build more intricate game experiences while keeping storage and transport costs under control.
Ticketing Management
Ticketing platforms can easily generate millions of compressed NFTs and utilize them for lower costs and optimum efficiency in ticketing management.
Rewards/Loyalty Management
Platforms can offer cNFTs as incentives for work completion in large numbers. They can offer them for user engagement, including completing a game level to completing an objective on a platform.
Metaverse Development
As virtual reality and metaverse platforms gain popularity, cNFTs can be utilized to represent digital assets within these immersive settings. By decreasing storage requirements, developers can create richer, more engaging experiences while putting less load on the underlying infrastructure.
Digital Content Platforms
For artists who create work in big quantities or editions, compressed NFTs make it possible to launch whole collections without incurring prohibitive fees.
Industrial Applications
Consider a scenario in which organizations employ NFTs to verify authenticity and ownership in supply chains. Compressed NFTs make it possible to mint product-related NFTs on a large scale.
Social Media Development
Imagine a new-age social media platform where users can earn NFTs by creating content or engaging with others. Compressed NFTs ensure the system's scalability and cost-effectiveness.
Why Develop Compressed NFTs
Cost-effective
Minting and transmitting NFTs can be costly due to the accompanying gas prices. Compressed NFTs can assist lower these expenses by reducing the amount of data that must be stored on the blockchain. cheaper storage requirements can translate into cheaper transaction fees, making the process more inexpensive for both developers and users.
Scalability
As the amount of NFTs created and transferred grows, scalable solutions become increasingly important. Compressed NFTs enable developers to store more assets in the same amount of space, improving overall blockchain performance and reducing network congestion.
Environmental impact
As with all blockchain-based technologies, energy consumption is a concern. Compressed NFTs can assist lower the overall energy consumption involved with minting and transporting NFTs by limiting the amount of data saved on the blockchain. This can help to create a more sustainable NFT ecology.
The Impact on Cost with Compressed NFTs
Minting one million conventional NFTs would cost around 12,000 SOL, however minting the same number of compressed NFTs would cost only 5 SOL, representing a 99.9% cost savings.
The larger the collection of NFTs, the greater the reduction in minting costs via compression.
Because the most significant expense of minting traditional NFTs is paying for storage space on Solana, which compressed NFTs eliminate, the majority of the remaining costs are simple transaction fees.
Where are the compressed NFTs stored?
Compressed NFT metadata is kept in a Merkle tree off-chain with Solana RPC service providers and maintained by an indexer. This is more cost-effective than storing the same data on blockchain. In effect, the data is off-chain, while the Merkle tree root is on-chain and serves as a much smaller proof of data.
Conclusion
Compressed NFTs are a smart development in the NFT development services arena that addresses two major problems that have long been obstacles to the NFT landscape: cost and scalability. Selecting between compressed and standard NFTs is not just a strategic decision; it's a crucial business decision that could have a big impact on the economic viability and scalability of your project.
If you are looking for cNFT development, connect with our skilled NFT developers to get started.
Category:
Blockchain
Mudit Kumar
27 Mar 2024
DCA Bot Development | A Comprehensive Exploration
In cryptocurrency trading, a robust trading strategy stands as the cornerstone of success. Among the myriad strategies gaining traction, Dollar-Cost Averaging (DCA) has emerged as a popular choice. DCA, developed using crypto bot development services, involves consistently investing fixed amounts over time, thus mitigating risks associated with market volatility. For those seeking to automate their DCA approach, the advent of trading bots presents an invaluable resource. In this article, we embark on a journey to explore DCA trading bot development, unraveling their mechanics, pivotal features, and the advantages they offer to crypto investors. Whether you aspire to construct your own DCA bot or collaborate with developers to realize one, delving into the realm of DCA bots serves as an indispensable initial step.
What is a DCA Bot
A DCA, or Dollar Cost Averaging Bot, serves as an automated tool programmed to execute buying and selling orders at predefined intervals or in response to specific price movements. The primary objective of DCA bots revolves around mitigating the impact of market volatility on asset purchases over time. Typically, in DCA, investors adhere to a regimen of consistently investing fixed amounts into a particular asset, regardless of its current market price.
The Mechanisms Underpinning a DCA Bot
At the heart of DCA bot strategies lies the notion of purchasing a predetermined portion of assets following a defined price deviation. Often, investors opt for the DCA trading approach during short-term market downturns, thereby curbing the risk of overinvesting at any given moment. In practical terms, utilizing DCA bots entails determining the desired investment sum, followed by the acquisition of a proportional currency amount within specified time frames. Over the long term, the average asset price in one's portfolio balances out between peak and trough prices.
Also, Explore | Crypto Trading Bot Development | A Quick Guide
Diverse Types of DCA Bots
Spot DCA Bot
Tailored for operation within spot markets, where traders engage in direct asset purchases and sales, spot DCA bots offer unparalleled flexibility. By automating Dollar-Cost Averaging strategies, these bots routinely procure fixed asset amounts, irrespective of prevailing market prices. Leveraging market analysis features, they adjust their purchasing strategies in response to price fluctuations.
Future DCA Bot
Designed for futures markets, where traders partake in contracts to purchase or vend assets at predetermined prices on future dates, future DCA bots offer unique capabilities. One distinguishing aspect of these bots lies in their facilitation of leveraged trading. Users can command larger positions with minimal capital, potentially amplifying both profits and losses.
Index DCA Bots
Targeting diversified portfolios of cryptocurrencies, index DCA bots streamline regular investments across multiple assets to spread risk and capture overarching market trends.
Leveraged DCA Bots
Leveraging margin trading to intensify the impact of regular investments, leveraged DCA bots have the potential to magnify returns or losses based on selected leverage levels, offering a more aggressive DCA strategy.
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Diverse Strategies Employed by DCA Bots:
An array of strategies can be deployed when implementing DCA bots for cryptocurrency trading. Some prevalent strategies include:
Fixed Interval DCA
This strategy entails purchasing fixed cryptocurrency amounts at regular intervals, regardless of prevailing prices. For instance, an investor might instruct their DCA bot to procure $100 worth of Bitcoin every Monday. This approach helps in averaging out investment costs over time and mitigating short-term price fluctuations' impact.
Price-Based DCA
In this strategy, cryptocurrencies are purchased when their prices dip below specific thresholds. For instance, an investor might task their DCA bot with acquiring $100 worth of Bitcoin whenever its price falls below $10,000. This strategy enables investors to capitalize on market downturns and procure assets at lower prices.
Hybrid DCA
Combining elements of fixed interval and price-based DCA, this strategy offers a versatile approach. For instance, an investor might configure their DCA bot to purchase $100 worth of Bitcoin every Monday and an additional $100 whenever the price dips below $10,000.
Time-Weighted DCA
This strategy adjusts cryptocurrency purchases based on time intervals. For instance, the bot might procure more cryptocurrency when prices are low and less when prices soar.
Also, Explore | Exploring the Potential of MEV Bot Development
Characteristics of Dollar-Cost-Averaging (DCA) Bots:
DCA bots must embody traits of user-friendliness, adaptability, and security, along with the following requisites:
Compatibility Across Major Exchanges
Ensuring seamless operation across major exchanges like Binance, Coinbase, and Kraken.
Programmable DCA Strategy
Offering flexible programming for DCA strategies, enabling users to define time intervals, price thresholds, or investment amounts.
Bot Dashboard
Providing a comprehensive dashboard for monitoring trades and performance.
Advanced Order Options
Equipping bots with advanced order functionalities such as stop-losses and take-profits.
Support for Spot and Futures Accounts
Supporting both spot and futures trading accounts to cater to diverse trading preferences.
Built-In Security Measures
Incorporating robust security features like two-factor authentication (2FA), API keys, and SSL encryption to safeguard user data and transactions.
Order Execution and Error Alerts
Issuing alerts for order executions and errors via email or messaging platforms like Telegram.
Intuitive User Interface
Offering an intuitive interface that obviates the need for coding expertise to operate the bots effectively.
Also, Read | Exploring the Synergy of Blockchain and Chatbot Technology
Development of a Dollar-Cost-Averaging (DCA) Trading Bot
Embarking on the journey to create a DCA trading bot involves several key steps:
Strategy Definition
Clearly delineating the DCA strategy, specifying the target asset, investment amount, and frequency of purchases, while considering market dynamics and objectives.
Platform Selection
Choosing a reliable cryptocurrency trading platform that supports API integration and aligns with the DCA strategy's requirements.
API Access
Procuring API keys from the selected platform to enable programmatic access, ensuring appropriate permissions are set for trading and account management functions.
Programming Language
Selecting a suitable programming language, such as Python or JavaScript, is known for its extensive libraries and community support in the cryptocurrency domain.
Algorithm Development
Coding the DCA algorithm, incorporating logic for periodic purchases, and adjusting parameters based on market conditions, while integrating risk management strategies to safeguard investments.
Backtesting
Backtesting the DCA bot using historical market data to evaluate its performance under diverse scenarios, and refining parameters to optimize profitability and risk management.
Paper Trading
Deploying the bot in a simulated or paper trading environment to observe its real-time behavior without risking actual funds, thereby identifying and rectifying potential issues.
Exchange Integration
Integrating the trading bot with the chosen exchange using API keys, ensuring seamless execution of trades and portfolio monitoring functions.
Security Implementation
Prioritizing security by encrypting sensitive information, regularly updating API keys, and implementing fail-safe mechanisms to halt trading in case of unforeseen issues.
Deployment and Monitoring
Deploying the DCA trading bot cautiously in a live environment, monitoring its performance closely, making necessary adjustments, and staying abreast of market developments to adapt the strategy accordingly.
Also, Read | AI for DAO | Robots are Essential for a Better Future
Benefits Offered by DCA Bots
Portfolio Diversification
DCA bots facilitate portfolio diversification by systematically allocating funds to a designated set of assets, enhancing overall portfolio stability.
Risk Mitigation
The disciplined nature of DCA strategies, coupled with automated execution facilitated by DCA bots, helps mitigate certain types of risks, particularly those arising from sudden market fluctuations
Multi-Asset Support
Irrespective of whether your interests lie in cryptocurrencies, conventional stocks, or a blend of both, your DCA Bot can be set up to function across multiple markets. This adaptability empowers you to broaden your portfolio and capitalize on opportunities across diverse asset classes.
Tailored Strategies
Crafting your own DCA Bot offers the flexibility to tailor investment strategies to your preferences. You have the liberty to establish parameters such as fixed investment amounts, dynamic purchasing quantities, intervals between purchases, and measures for risk management.
Enhanced Automation
The primary advantage of DCA Bots resides in their capacity to execute trades automatically based on pre-established parameters. This automated execution mitigates the influence of emotional decision-making, a common pitfall in manual trading.
Time-saving
DCA Bots eliminate the necessity for manual intervention, saving investors significant time that would otherwise be expended on monitoring markets and executing trades. With a DCA Bot, you can configure it and allow it to operate, freeing up your time for other strategic decisions or personal pursuits.
Also, Check | The Ultimate Guide to Understanding Market Making Bots
Conclusion
In conclusion, this guide has provided you with the knowledge and tools required to embark on the rewarding journey of constructing your own Dollar Cost Averaging (DCA) trading robot. By comprehending the nuances of DCA strategies, algorithmic trading principles, and practical coding techniques, you now possess the expertise to develop a customized solution tailored to your specific trading objectives. Remember, continuous learning and adaptability to market dynamics are pivotal to achieving success. Looking to develop a DCA bot but don't know where to start, connect with our crypto bot developers and get started.
Category:
Blockchain
Mudit Kumar
26 Mar 2024
Crucial Insights into Crypto Sniper Bot Development
In the fast-paced and highly competitive world of cryptocurrency trading, automation has become a pivotal factor for success. Among the various tools that traders employ, crypto bot development stand out to enabling the ability to execute trades with unparalleled speed and precision. These sophisticated software programs like crypto sniper bots are designed to monitor the market continuously and execute trades at the optimal moment, often milliseconds faster than human traders. This comprehensive guide delves into the intricacies of crypto sniper bot development, exploring their functionalities, technical requirements, development process, security considerations, and future trends. Whether you're a seasoned developer, a cryptocurrency enthusiast, or a business looking to integrate automated trading solutions, understanding the nuances of sniper bot development is essential for leveraging their full potential.IntroductionThe cryptocurrency market operates 24/7, presenting both opportunities and challenges for traders. The volatility and rapid price movements demand quick decision-making, often beyond human capabilities. Crypto sniper bots address this need by automating trading strategies, enabling traders to capitalize on fleeting market opportunities. These bots can execute trades with minimal latency, manage multiple trades simultaneously, and implement complex algorithms that enhance trading efficiency and profitability.This blog aims to provide a detailed exploration of crypto sniper bot development, offering valuable insights for businesses and developers interested in harnessing automation in cryptocurrency trading. By understanding the technical aspects, security measures, and best practices, stakeholders can develop robust and effective sniper bots tailored to their specific trading needs.Also, Read | A Comprehensive Guide to Triangular Arbitrage BotsWhat is a Crypto Sniper Bot?A crypto sniper bot is an automated trading software designed to execute buy or sell orders at the precise moment when specific market conditions are met. Unlike traditional trading bots that may follow general trading strategies, sniper bots focus on high-speed, precise trades to capitalize on short-term price fluctuations. They are particularly useful in scenarios such as initial coin offerings (ICOs), token launches, and highly volatile market conditions where timing is critical.How Do Sniper Bots Work?Sniper bots operate by continuously monitoring the market for predefined conditions, such as price thresholds, volume changes, or specific technical indicators. Once these conditions are met, the bot executes the trade instantaneously, often faster than human traders can respond. This capability allows traders to secure advantageous positions before the market adjusts to new information or trends.Key Features of Crypto Sniper BotsDeveloping an effective crypto sniper bot requires incorporating several essential features that ensure reliability, speed, and efficiency. Below are the key features that distinguish sniper bots from other trading bots:1. Real-Time Market MonitoringSniper bots must continuously monitor multiple cryptocurrency exchanges and markets to detect favorable trading conditions instantly. This involves real-time data processing and analysis to identify opportunities as they arise.2. Low Latency ExecutionSpeed is paramount in sniper bot operations. The ability to execute trades with minimal delay ensures that the bot can capitalize on price movements before others react.3. Advanced Order TypesSniper bots should support various order types, including market orders, limit orders, stop-loss orders, and take-profit orders. Advanced order management allows for more sophisticated trading strategies and risk management.4. Customizable Trading StrategiesFlexibility in defining and implementing diverse trading strategies is crucial. Users should be able to customize the bot's behavior based on their specific trading preferences and market analysis.5. Risk Management ToolsIncorporating risk management features such as setting maximum investment limits, stop-loss thresholds, and position sizing helps mitigate potential losses and protect profits.6. Comprehensive Analytics and ReportingDetailed analytics and reporting capabilities enable traders to evaluate the bot's performance, understand trading patterns, and make informed adjustments to strategies.7. Secure API IntegrationEnsuring secure integration with cryptocurrency exchanges through robust APIs is essential to protect sensitive data and prevent unauthorized access.Also, Check | Understanding the Impact of AI Crypto Trading BotsTechnical FoundationsDeveloping a crypto sniper bot involves a blend of software engineering, financial analysis, and cybersecurity. Understanding the technical foundations is critical for building a reliable and efficient bot.Programming LanguagesChoosing the right programming language is fundamental to the bot's performance and scalability. Commonly used languages for developing sniper bots include:Python: Known for its simplicity and extensive libraries, Python is ideal for rapid development and data analysis.JavaScript (Node.js): Offers real-time processing capabilities and is well-suited for web-based applications.C++: Provides high performance and low latency, making it suitable for high-frequency trading bots.Java: Known for its portability and scalability, Java is often used in enterprise-level applications.APIs and Market Data IntegrationSniper bots rely on APIs provided by cryptocurrency exchanges to access market data and execute trades. Key considerations include:Exchange Selection: Choosing exchanges that offer robust APIs with low latency and high reliability.Data Handling: Efficiently managing and processing large volumes of market data to ensure real-time responsiveness.Rate Limits: Adhering to API rate limits to prevent throttling or banning from exchanges.Trading StrategiesImplementing effective trading strategies is at the core of sniper bot development. Common strategies include:Scalping: Executing a large number of small trades to profit from minor price changes.Arbitrage: Exploiting price discrepancies of the same asset across different exchanges.Momentum Trading: Capitalizing on the continuation of existing market trends.Mean Reversion: Betting on the price reverting to its average after significant deviations.Also, Discover | Telegram Mini Apps vs. Telegram Bots : Exploring the Key DifferencesDevelopment ProcessDeveloping a crypto sniper bot involves several critical stages, each requiring meticulous planning and execution.Requirement AnalysisThe first step is to define the bot's objectives, target exchanges, trading strategies, and performance metrics. This involves:Identifying Goals: Clarifying what the bot aims to achieve, such as maximizing profits, minimizing risks, or automating specific trading strategies.Exchange Integration: Deciding which cryptocurrency exchanges the bot will operate on based on factors like liquidity, fees, and API reliability.Feature Set: Determining the essential features and functionalities the bot must have to meet its objectives.Architecture DesignDesigning a robust architecture ensures the bot operates efficiently and can scale as needed. Key components include:Data Collection Module: Gathers real-time market data from exchanges.Strategy Engine: Analyzes data and makes trading decisions based on predefined strategies.Execution Module: Executes trades on the exchange.Risk Management Module: Monitors and manages risk parameters.User Interface: Provides a dashboard for users to configure settings, monitor performance, and analyze results.ImplementationThe implementation phase involves coding the bot according to the designed architecture. Key considerations include:Modular Development: Building the bot in modular components for easier maintenance and scalability.Algorithm Optimization: Ensuring trading algorithms are optimized for speed and accuracy.API Integration: Seamlessly integrating with exchange APIs to enable data retrieval and trade execution.Testing and OptimizationRigorous testing is essential to ensure the bot functions correctly and efficiently under various market conditions. This involves:Backtesting: Running the bot's strategies on historical data to evaluate performance.Simulations: Testing the bot in simulated trading environments to identify and fix issues.Performance Tuning: Optimizing the bot's code and algorithms to reduce latency and improve execution speed.Deployment and MaintenanceOnce the bot is thoroughly tested, it can be deployed to live trading environments. Ongoing maintenance involves:Monitoring: Continuously tracking the bot's performance and market conditions.Updates: Regularly updating the bot to incorporate new features, fix bugs, and adapt to changing market dynamics.Security Audits: Conducting periodic security assessments to safeguard against vulnerabilities.Also, Discover | How to Build a Grid Trading Bot | A Step-by-Step GuideSecurity ConsiderationsSecurity is paramount in crypto sniper bot development, given the financial implications and potential risks associated with automated trading.API SecurityProtecting API keys and ensuring secure communication between the bot and exchanges is critical. Best practices include:Secure Storage: Encrypting API keys and storing them securely.Least Privilege: Granting the bot only the necessary permissions required for trading, avoiding excessive access rights.Rate Limiting: Implementing rate limiting to prevent abuse and reduce the risk of unauthorized access.Data EncryptionEncrypting sensitive data both in transit and at rest ensures that unauthorized parties cannot access or manipulate the information.TLS/SSL: Using Transport Layer Security (TLS) or Secure Sockets Layer (SSL) protocols to encrypt data transmitted between the bot and exchanges.Encryption Algorithms: Employing strong encryption algorithms for data storage and communication.Bot ProtectionProtecting the bot from external threats and ensuring its integrity is essential for maintaining reliable operations.Authentication: Implementing robust authentication mechanisms to prevent unauthorized access.Intrusion Detection: Monitoring for suspicious activities and potential breaches.Regular Audits: Conducting regular security audits to identify and address vulnerabilities.You may also like | How To Create My Scalping Bot Using Node.jsCompliance and Legal AspectsNavigating the regulatory landscape is crucial for developing and deploying crypto sniper bots, especially given the varying regulations across different jurisdictions.Know Your Customer (KYC) and Anti-Money Laundering (AML)Ensuring compliance with KYC and AML regulations involves:User Verification: Implementing user verification processes to identify and authenticate users.Transaction Monitoring: Tracking and analyzing transactions to detect and prevent suspicious activities.Licensing and Regulatory RequirementsDepending on the jurisdiction, operating a crypto sniper bot may require specific licenses or adherence to regulatory standards.Licensing: Obtaining necessary licenses to operate as a trading platform or financial service provider.Regulatory Compliance: Adhering to local and international regulations governing cryptocurrency trading and automated trading systems.Data Privacy LawsEnsuring compliance with data privacy laws, such as the General Data Protection Regulation (GDPR), involves:Data Protection: Implementing measures to protect user data from unauthorized access and breaches.User Consent: Obtaining explicit consent from users for data collection and processing activities.You might be interested in | Coin Lending Bots : A Time-Saving Solution for TradersUse CasesCrypto sniper bots cater to a wide range of trading strategies and use cases, each leveraging the bot's ability to execute trades with speed and precision.Day TradingDay traders utilize sniper bots to capitalize on intraday price movements. The bot can execute multiple trades within a single day, taking advantage of short-term fluctuations to generate profits.ScalpingScalping involves making numerous small trades to profit from minor price changes. Sniper bots excel in this strategy by executing trades swiftly and managing high-frequency transactions efficiently.ArbitrageArbitrage traders exploit price discrepancies of the same asset across different exchanges. Sniper bots can monitor multiple markets simultaneously and execute arbitrage trades instantly, ensuring maximum profitability.Market MakingMarket makers provide liquidity by placing buy and sell orders at specified price levels. Sniper bots can automate this process, maintaining order books and earning profits from the bid-ask spread.Best Practices for Developing Crypto Sniper BotsTo develop an effective and reliable crypto sniper bot, adhering to best practices is essential. Below are some key guidelines:1. Comprehensive TestingThorough testing, including backtesting and simulation, ensures that the bot performs as expected under various market conditions. This helps identify and rectify potential issues before deploying the bot in live trading environments.2. Robust Error HandlingImplementing robust error handling mechanisms ensures that the bot can gracefully handle unexpected scenarios, such as network outages, API failures, or unexpected market conditions, without causing significant disruptions or losses.3. ScalabilityDesigning the bot to scale efficiently allows it to handle increased trading volumes and adapt to growing market demands. This involves optimizing code, utilizing scalable infrastructure, and implementing load balancing techniques.4. Continuous Monitoring and OptimizationRegularly monitoring the bot's performance and making necessary optimizations ensures sustained efficiency and profitability. This includes analyzing trading patterns, refining strategies, and updating the bot to adapt to changing market dynamics.5. Security First ApproachPrioritizing security throughout the development process protects the bot and its users from potential threats. This involves implementing encryption, secure API integrations, and regular security audits.6. User-Friendly InterfaceProviding a user-friendly interface allows traders to configure settings, monitor performance, and analyze results with ease. A well-designed dashboard enhances user experience and facilitates better decision-making.7. Documentation and SupportComprehensive documentation and reliable support systems help users understand the bot's functionalities, troubleshoot issues, and optimize their trading strategies effectively.Also, Read | Top 7 Most Popular Telegram Crypto Trading Bots in 2024Future Trends in Crypto Sniper Bot DevelopmentThe landscape of cryptocurrency trading is continually evolving, and sniper bot development is poised to embrace several emerging trends that enhance functionality, efficiency, and user experience.1. Integration with Decentralized Exchanges (DEXs)As decentralized exchanges gain popularity, sniper bots are likely to integrate with DEXs, offering users the ability to execute trades in a decentralized and trustless environment. This integration will require adapting to the unique protocols and liquidity models of DEXs.2. Artificial Intelligence and Machine LearningIncorporating artificial intelligence (AI) and machine learning (ML) algorithms can enhance the bot's decision-making capabilities, enabling it to adapt to changing market conditions, predict price movements, and optimize trading strategies dynamically.3. Advanced Risk ManagementFuture sniper bots will incorporate more sophisticated risk management tools, such as dynamic position sizing, adaptive stop-loss mechanisms, and real-time risk assessments, to better protect traders from potential losses.4. Cross-Chain TradingEnabling cross-chain trading capabilities allows sniper bots to execute trades across multiple blockchain networks, capitalizing on opportunities that span different cryptocurrencies and ecosystems.5. Enhanced User CustomizationProviding greater customization options empowers users to tailor the bot's behavior to their specific trading preferences and strategies, enhancing flexibility and control over automated trading activities.6. Regulatory Compliance AutomationAutomating compliance processes within sniper bots can help traders adhere to regulatory requirements more efficiently, reducing the burden of manual compliance checks and enhancing operational integrity.7. Cloud-Based DeploymentMigrating sniper bots to cloud-based platforms offers enhanced scalability, reliability, and accessibility, allowing traders to manage their bots from anywhere and scale resources based on trading demands.Also, Read | DCA Bot Development | A Comprehensive ExplorationFrequently Asked Questions (FAQ)1. What is a crypto sniper bot?A crypto sniper bot is an automated trading software designed to execute buy or sell orders at precise moments when specific market conditions are met, enabling traders to capitalize on short-term price movements with high speed and accuracy.2. How does a sniper bot differ from other trading bots?Unlike traditional trading bots that may follow general trading strategies, sniper bots focus on executing trades with minimal latency based on predefined, precise market conditions, making them ideal for high-frequency and opportunistic trading strategies.3. Is it legal to use a crypto sniper bot?The legality of using sniper bots varies by jurisdiction and depends on local regulations governing automated trading. It is essential to consult with legal experts and ensure compliance with relevant laws and regulations before deploying a sniper bot.4. What programming language is best for developing a sniper bot?Commonly used programming languages for developing sniper bots include Python for its simplicity and extensive libraries, JavaScript (Node.js) for real-time processing, C++ for high performance, and Java for scalability and portability.5. How can I ensure the security of my sniper bot?Implementing robust security measures such as encrypting API keys, using secure communication protocols (TLS/SSL), employing strong authentication mechanisms, and conducting regular security audits are essential to ensure the security of your sniper bot.6. Can sniper bots be used on all cryptocurrency exchanges?Sniper bots can be used on exchanges that provide robust and reliable APIs. It is crucial to verify the exchange's API capabilities, rate limits, and reliability before integrating the bot.7. What are the risks associated with using sniper bots?Risks include potential losses due to market volatility, technical failures or bugs, security vulnerabilities, and regulatory compliance issues. Effective risk management strategies and thorough testing can help mitigate these risks.8. Do I need programming skills to use a sniper bot?While some sniper bots offer user-friendly interfaces that do not require programming skills, developing and customizing a sniper bot typically requires a good understanding of programming and trading strategies.9. How can I backtest my sniper bot's trading strategies?Backtesting involves running your bot's trading strategies on historical market data to evaluate their performance. This can be done using specialized backtesting software or frameworks integrated into your bot's development environment.10. What future developments can we expect in sniper bot technology?Future developments include integration with decentralized exchanges, incorporation of AI and machine learning for enhanced decision-making, advanced risk management tools, cross-chain trading capabilities, and greater user customization options.ConclusionCrypto sniper bots represent a cutting-edge advancement in automated trading, enabling traders to execute high-speed, precise trades and capitalize on short-term market opportunities. Developing an effective sniper bot requires expertise in trading strategies, programming, API integration, security, and compliance. As the cryptocurrency market evolves, advancements in artificial intelligence, machine learning, and decentralized finance are expected to further enhance the capabilities and prominence of sniper bots. By adhering to best practices, staying updated on emerging trends, and prioritizing rigorous testing and optimization, businesses and developers can leverage sniper bots to streamline operations, maximize profits, and drive innovation within the dynamic crypto ecosystem. If you are planning to build and launch your crypto sniper bot, connect with our crypto bot developers to get started.
Category:
Blockchain
Mudit Kumar
16 Mar 2024
Understanding ERC-404 | The Unofficial Token Standard
The cryptocurrency and NFT industry has been presented with a standard for tokens that promises to add value to their utility through a variety of intriguing new capabilities.ERC-404, which became a popular issue last month, is an experimental token standard created by the Pandora team in early February for creators and developers. It is a combination of ERC-20 and ERC-721, combining the qualities of both fungible and non-fungible tokens (NFTs), allowing them to be interchanged while still providing native liquidity and fractionalization. With its early development, an increasing number of participants have become aware of this new protocol standard for NFT development.
What is ERC-404
ERC-404 is a token standard, an experimental proposal, designed to bridge the gap between fungible tokens (ERC-20) and non-fungible tokens (ERC-721). This is equivalent to combining the attributes of both to create semi-fungible tokens. Let's go deeper:
Understanding ERC-20 And ERC-721 Token Standards
ERC-20 and ERC-721 are Ethereum token standards, with ERC-20 primarily utilized for fungible tokens and ERC-721 for non-fungible tokens (NFTs). ERC-20 tokens are interchangeable and can be used to represent assets comparable to currencies.
However, each ERC-721 token contains distinct attributes and metadata that enable ownership and uniqueness verification on the blockchain. These tokens represent specific digital assets, such as digital real estate or collectibles.
ERC-721 tokens encourage creativity and a range of use cases in decentralized apps (dApps) and the digital economy by allowing the creation and trade of original digital assets, as opposed to ERC-20 tokens, which follow a predefined framework.
Also, Read | ERC-721 Non-Fungible Token Standard Development
Key Points
ERC-404 offers fractional ownership to NFTs by combining features from the ERC-20 and ERC-721 standards, improving liquidity and accessibility in the NFT ecosystem.
ERC-404 enables users to buy and sell fractions of NFTs, broadening access to high-value assets and generating new investment options.
Unlike other techniques, ERC-404 allows fractionalization directly within the token standard, removing the need for extra platforms or intermediaries.
The ERC-404 standard may enable greater usage of NFTs beyond art and collectibles, supporting innovation in industries including real estate, gaming assets, and intellectual property.
It is still in development and has not yet been publicly proposed as an official Ethereum Improvement Proposal (EIP).
Why Choose the ERC-404 Token Standard for Project Development
Fractional Ownership
ERC-404 allows several individuals to own an NFT (ERC-721) using fractions. You can buy and sell individual pieces of an NFT rather than the full thing.
Native Fractionalization
Unlike previous methods, fractionalization occurs directly within the token standard using minting and burning processes. Users do not require additional platforms or intermediaries.
Liquidity Enhancement
Fractionalization expands the audience for NFTs and enhances liquidity, potentially making them more accessible and tractable.
Dynamic Trading
Users can freely exchange fractions of an NFT, just like fungible tokens, resulting in a more dynamic and interesting market.
You may also like | A Comprehensive Guide to ERC-6551 Token Standard
How The ERC-404 Token Standard Works?
ERC-404 introduces a novel concept: each token is inextricably linked to its underlying NFT. When a complete ERC-404 token is purchased, the accompanying NFT is immediately created and delivered to the buyer's wallet, showing ownership of the exclusive digital asset.
When a segment of the connected NFT is sold, the corresponding portion of the ERC-404 token is destroyed, resulting in the loss of ownership rights over that component. On the other side, this action creates a new fraction token, which represents the piece being sold.
When a user collects enough fractions to reassemble a whole token, each fraction is destroyed and a new NFT is created, confirming ownership once more. This technique makes it easy for users to trade and own fractional shares of NFTs, increasing their opportunities to participate in the digital asset market.
Also, Explore | ERC-1155 | An Introduction to Multi-Token Standard Development
ERC-404 | Use Cases and Applications
The most significant benefit of the ERC-404 standard is the potential of its use cases and applications in a variety of sectors. Among the most profitable avenues for its utilization are the following:
Tokenization of Assets
Tokenization of real-world assets, or RWA, is a rapidly expanding trend in the crypto and blockchain markets that might use the new standard to enable fractionalized ownership of assets such as real estate, art, equipment, and luxury products. This would not only cut the entry barrier to these businesses for a large number of ordinary investors, but it would also secure an inflow of liquidity.
DeFi
The ERC-404 standard could assist lending, borrowing, and yield farming by allowing the introduction of new types of assets as collateral. The fractionalization of assets would also allow players to divide the value of portfolios and liquidate them to create additional income through sales or lending.
Gaming and NFTs
Asset ownership, transferability, and interoperability are key drivers of ERC-404 adoption in the gaming and NFT sectors. The new standard would enable developers to fractionalize in-game assets, introducing a completely new layer to gameplay mechanics and streamlining virtual economies. The NFT sector would also benefit from allowing more users to participate in collection ownership and trading.
Supply Chain Management
Transparency, verification, and efficiency in supply chain management applications are critical issues that ERC-404 could address by greatly simplifying the issuance of unique IDs to varied goods. The tying of fractionalized NFTs to a single original could aid in tracing product origins, whereas burn mechanics can be extremely useful in guaranteeing effective perishable storage.
More about ERC Standards | Unexplored ERC Token Standards On Ethereum
Notable Examples of ERC-404 Projects
Pandora
One of the first projects to use ERC-404 to issue 10,000 Replicant NFTs, which are then tied to 10,000 ERC-20 tokens. When customers buy a PANDORA token, they receive a newly minted NFT in their wallets, which sold for up to $32,000 per unit on February 9.
Monkees
Another ERC-404-based PFP collection consisting of only 100 unique NFTs, each having ten specific qualities and a combination of six traits.
You may also explore | ERC-4337: Ethereum's Account Abstraction Proposal
Conclusion
The ERC-404 is a novel token standard that promises to be an evolutionary step in the development of NFTs, accelerating ownership and diversifying use cases. Despite existing obstacles that ongoing development will undoubtedly address, the potential for NFTs to extend liquidity and increase applications in areas such as gaming, real-world asset tokenization, DeFi, and others is clear.
Interested in project development with ERC-404 and looking for a crypto token development company? Connect with our blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
15 Mar 2024
Document Management with Blockchain | A Comprehensive Guide
The rise of blockchain technology has transformed various industries by providing secure, transparent, and immutable digital records. One such promising application of blockchain development services is document management. This comprehensive guide will walk you through the concepts of blockchain-based document management, why it matters, its technical aspects, and how organizations can adopt it effectively.Introduction to Blockchain TechnologyBlockchain is a decentralized ledger that records transactions across a peer-to-peer network. Each "block" of transactions is cryptographically linked to the previous one, forming a "chain." This structure makes it nearly impossible to alter historical data without detection. Beyond cryptocurrencies, blockchain's properties of immutability, transparency, and decentralization make it ideal for use cases like supply chain tracking, healthcare data management, and—most relevantly—document management.Key Characteristics of BlockchainDecentralization: No single authority controls the entire network, reducing the risk of central points of failure.Immutability: Any change to a stored record is immediately visible, deterring fraud or data tampering.Security: Transactions are secured via cryptographic algorithms, making unauthorized access or manipulation extremely difficult.Transparency: All network participants may have the capability to view transactions, leading to traceable audit trails.Also, Read | Create a Simple Document Management System Using BlockchainWhy Use Blockchain for Document Management?Traditional document management systems (DMS) often rely on centralized servers or third-party vendors to store and manage sensitive data. This centralized approach can expose organizations to risks such as:Security breachesData manipulation by malicious insidersSingle points of failure leading to system downtimeBy leveraging blockchain, companies can establish a tamper-proof environment where documents and their versions can be tracked transparently. This decentralized approach helps in:Ensuring Data Integrity: Blockchain's immutability guarantees that any alteration is visible to all participants.Streamlining Regulatory Compliance: Comprehensive audit trails simplify compliance with standards such as HIPAA, GDPR, or ISO certifications.Enhancing Security: Distributed storage across multiple nodes increases resilience against attacks.Improving Traceability: Every document transaction is permanently recorded, making it easier to trace the entire document history.Also, Check | How to Create Your Own Private Blockchain using CosmosTechnical Architecture of a Blockchain-Based Document Management SystemImplementing a blockchain-based DMS involves a combination of on-chain and off-chain elements, consensus mechanisms, and cryptographic techniques. Below is a typical architecture outline.On-Chain vs. Off-Chain StorageOn-Chain: Storing the entire document directly on the blockchain. While this ensures immutability, it can be very expensive and slow due to blockchain's limited throughput.Off-Chain: Storing only a cryptographic hash of the document on the blockchain, while the actual file resides in a separate distributed file system like IPFS (InterPlanetary File System) or a secure cloud solution.Consensus MechanismsConsensus mechanisms determine how nodes in a blockchain network agree on the validity of transactions (or document entries). Some common mechanisms include:Proof of Work (PoW): Nodes compete to solve cryptographic puzzles, ensuring high security but slower transaction speeds.Proof of Stake (PoS): Nodes validate transactions based on their stake, providing faster transaction speeds with less energy consumption.Practical Byzantine Fault Tolerance (pBFT): Commonly used in private or consortium blockchains, offering quick finality but requiring trusted validators.Cryptographic HashingHash Function: A one-way function (e.g., SHA-256) that converts any file or data chunk into a fixed-length string. Even a minor change to the document results in a completely different hash.Hash Storage on Blockchain: By storing only the hash on the blockchain, the size and cost of on-chain storage are minimized, while still preserving proof of authenticity.Smart Contracts and AutomationSmart contracts are self-executing scripts running on the blockchain. They can automate workflows like:Document versioningAutomated access controlNotifications on updates or approvalsExpiration of certain document-based permissionsAlso, Check | How to Access Private Data in Smart ContractsImplementation ApproachesPublic BlockchainsPublic blockchains like Ethereum, Solana, or Polygon (formerly Matic) allow anyone to join, making them fully decentralized. Public blockchains are often considered more secure but can be costlier and slower for high-volume document transactions, due to network congestion and transaction fees (gas).Private (Permissioned) BlockchainsIn a private or permissioned blockchain, only authorized entities can read or write to the ledger. This setup is common in enterprise environments where privacy and compliance are paramount. Platforms like Hyperledger Fabric or R3 Corda provide frameworks for building permissioned blockchain solutions.Hybrid ModelsA hybrid approach combines aspects of both public and private blockchains. Sensitive documents might be shared only among trusted nodes in a private network, while the final cryptographic proof or state changes could be anchored on a public blockchain for maximum immutability.Also, Read | Getting Started with Hybrid Smart Contract DevelopmentUse Cases and Industry ApplicationsLegal and Regulatory DocumentsBlockchain can help law firms, courts, and regulatory bodies manage sensitive legal documents with verified timestamps and audit trails. Immutable records reduce the risk of forgery and simplify dispute resolution.Supply Chain and LogisticsBills of lading, certificates of origin, and other logistics documents can be maintained on a blockchain to ensure authenticity, reducing fraud and streamlining cross-border transactions.HealthcarePatient records, lab results, and insurance claims can be stored securely, ensuring patient privacy and consistent data across multiple healthcare providers.Real EstateProperties' titles, mortgage documentation, and land registry records can be maintained on the blockchain, preventing title disputes and enhancing transparency for buyers and sellers.You may also like | Industrial Blockchain Solutions for Frictionless BusinessChallenges and ConsiderationsScalability: High transaction loads and document sizes can strain blockchain networks, leading to slower throughput or increased costs.Privacy: Storing data on a public blockchain can clash with data privacy regulations like GDPR. Off-chain storage or private blockchains are common solutions.Integration with Existing Systems: Migrating from legacy systems to blockchain-based DMS may require significant time, technical resources, and stakeholder alignment.Regulatory Compliance: Different jurisdictions have varying laws around data sovereignty, e-signatures, and records management, requiring tailored solutions.Cost: Transaction fees, infrastructure setup, and ongoing maintenance can be substantial, especially in public blockchain environments.You may also like to discover | Top Web3 Trends | Creating the Future of FinanceBest Practices for Blockchain-Based Document ManagementSelect the Right Blockchain Platform: Analyze your use case to determine whether a public, private, or hybrid model is most appropriate.Adopt Off-Chain Storage: Where possible, store large files off-chain and keep only hashed references on the blockchain to optimize costs.Implement Clear Access Controls: Use roles-based permissions to ensure the right people have the right level of access.Encrypt Sensitive Data: Beyond hashing, consider advanced encryption techniques to protect document contents, especially for regulatory compliance.Maintain Comprehensive Audit Logs: Although blockchain inherently provides an audit trail, keep supplementary logs for real-time monitoring and compliance reporting.Future Trends in Blockchain Document ManagementIntegration with AI/ML: AI can analyze document data for insights while blockchain provides secure, trusted storage.Self-Sovereign Identity (SSI): Coupling document management with SSI frameworks could give individuals or organizations full control over their digital identity and access rights.Interoperability: Efforts like Polkadot, Cosmos, and blockchain bridges will allow different blockchain networks to exchange information seamlessly, broadening the scope of document management solutions.Smart Contract Standardization: Emerging standards and frameworks could further streamline the development and deployment of document management dApps across different industries.You may also like to check | The Potential of Web3 in Streamlining B2B CollaborationFrequently Asked Questions (FAQ)What is the main benefit of using blockchain for document management?The main benefit is data integrity through immutability. Documents stored (or their hashes stored) on a blockchain are protected against tampering. This makes audits, dispute resolutions, and regulatory compliance more robust and transparent.Are public blockchains suitable for enterprise-level document management?It depends on the specific use case. While public blockchains offer a high level of decentralization and security, they can also be expensive and slower. Private or consortium blockchains are often preferred by enterprises that require privacy and higher transaction throughput.How does off-chain storage work?Off-chain storage typically involves keeping the actual document in a secure data store (e.g., IPFS, secure cloud storage) while storing a cryptographic hash of the file on the blockchain. This reduces blockchain transaction costs and data bloat.What about data privacy and GDPR compliance?To comply with data privacy regulations, sensitive information should never be stored in plain text on a public blockchain. Instead, organizations can use private blockchains or a hybrid approach, along with encryption and hashed references. Data can also be removed from off-chain storage while leaving only an immutable proof of existence on-chain.How do I integrate a blockchain-based DMS with legacy systems?Integration involves developing APIs or middleware that communicate with existing databases and document repositories. Many blockchain platforms provide SDKs and integration tools to simplify this process. Consider a phased adoption strategy to minimize disruption.ConclusionBlockchain technology brings a new paradigm of trust, security, and transparency to document management systems. By storing cryptographic proofs of documents on decentralized networks and leveraging smart contracts for automated workflows, organizations can enhance data integrity, traceability, and compliance. Despite potential challenges around scalability, privacy, and cost, the evolution of blockchain platforms and the rise of hybrid solutions continue to make this technology more accessible and robust for real-world applications. In case if you are looking to explore the blockchain development space to build your project, connect with our skilled blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
15 Mar 2024
Unveiling the Potential Layer 3 Blockchain Development
In the ever-evolving landscape of blockchain technology, innovations are continually pushing the boundaries of what is possible. Layer 3 blockchain development services represent one such advancement, offering new dimensions of scalability, interoperability, and functionality. In this comprehensive guide, we'll explore the concept of Layer 3 blockchain development, its significance in the blockchain ecosystem, and its potential applications.
Understanding Layer 3 Blockchain Development
Layer 3 blockchain development builds upon the existing architecture of blockchain networks, which are typically categorized into layers – Layer 1 (the underlying blockchain protocol, such as Bitcoin or Ethereum), Layer 2 (protocols built on top of Layer 1 to enhance scalability and efficiency, like the Lightning Network or Plasma), and now Layer 3.
Layer 3 focuses on creating protocols and solutions that operate across multiple Layer 1 and Layer 2 blockchains, thereby enabling interoperability, scalability, and enhanced functionality. Unlike Layer 2 solutions, which primarily aim to improve the efficiency of a single blockchain, Layer 3 solutions bridge the gap between different blockchains, unlocking a myriad of possibilities for decentralized applications (dApps) and ecosystems.
Also, Read | Layer 0 Blockchain Development | The Foundation of the Future
Key Components and Features of Layer 3 Blockchain Development
Interoperability Protocols
Layer 3 blockchain development emphasizes the creation of interoperability protocols that facilitate seamless communication and data transfer between disparate blockchain networks. These protocols enable assets and information to flow freely across different blockchains, fostering a connected and decentralized ecosystem.
Cross-Chain Communication
Cross-chain communication is a fundamental feature of Layer 3 development, allowing users to interact with assets and dApps across multiple blockchains. By bridging siloed blockchain networks, cross-chain communication opens up new avenues for decentralized finance (DeFi), gaming, supply chain management, and more.
Scalability Solutions
Layer 3 development addresses the scalability challenges inherent in Layer 1 and Layer 2 blockchains by providing innovative scaling solutions that operate at a higher layer of the protocol stack. These solutions aim to increase transaction throughput, reduce latency, and improve the overall performance of decentralized applications.
Decentralized Oracles
Layer 3 blockchain development often incorporates decentralized oracle networks, which serve as trusted sources of off-chain data for on-chain smart contracts. Decentralized oracles play a crucial role in enabling dApps to access real-world data securely, powering use cases such as decentralized finance, prediction markets, and insurance.
Cross-Platform Compatibility
Layer 3 solutions prioritize cross-platform compatibility, ensuring that dApps and protocols can seamlessly interact with various blockchain networks, regardless of their underlying technology or consensus mechanism. This interoperability fosters a diverse and inclusive blockchain ecosystem, driving innovation and adoption.
Also, Check | Layer 2 Solutions for Crypto Exchange Development
Applications of Layer 3 Blockchain Development
Cross-Chain Asset Swaps
Layer 3 protocols enable users to swap assets across different blockchains without relying on centralized exchanges. This facilitates decentralized trading and liquidity provision while reducing counterparty risk and increasing market efficiency.
Multi-Chain dApps
Layer 3 development empowers developers to build decentralized applications that span multiple blockchains, leveraging the unique features and capabilities of each network. These multi-chain dApps can offer enhanced functionality, scalability, and user experience compared to their single-chain counterparts.
Interoperable DeFi Platforms
Layer 3 solutions are driving the evolution of decentralized finance by creating interoperable platforms that connect disparate DeFi protocols and assets. This interoperability enhances liquidity, expands market access, and fosters innovation in the DeFi space.
Cross-Chain NFT Marketplaces
Layer 3 blockchain development is unlocking new possibilities for non-fungible tokens (NFTs) by enabling cross-chain NFT marketplaces and ecosystems. These platforms allow users to buy, sell, and trade NFTs across multiple blockchains, expanding the reach and utility of digital collectibles, gaming assets, and digital art.
Supply Chain Traceability
Layer 3 solutions can enhance supply chain traceability and transparency by enabling cross-chain data sharing and verification. By recording and authenticating supply chain data on multiple blockchains, businesses can improve product provenance, mitigate fraud, and enhance consumer trust.
You may also like | Comprehending ZK Rollups | Layer 2 Scaling Solutions
Conclusion
Layer 3 blockchain development represents a significant evolution in the blockchain ecosystem, offering new avenues for interoperability, scalability, and innovation. By bridging disparate blockchain networks and enabling cross-chain communication, Layer 3 solutions pave the way for a more connected and decentralized future. As developers and entrepreneurs continue to explore the possibilities of Layer 3 development, we can expect to see a proliferation of multi-chain dApps, interoperable DeFi platforms, cross-chain NFT marketplaces, and more.
Embrace the layer 3 technology and unlock the full potential of blockchain. Connect with our blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
15 Mar 2024
Healthcare Payments : The Role of Blockchain Technology
The healthcare sector is under growing pressure to update its payment methods, boost security, and increase efficiency in the digital age. With blockchain healthcare services, stakeholders can build solutions that bring transparency, immutability, and decentralized control, which presents a possible answer to these problems. We'll examine the revolutionary possibilities of blockchain technology for healthcare payments in this extensive blog, going over its advantages, drawbacks, and practical uses.Also, Check | Blockchain in Genomics | The Future of Healthcare is EncodedBlockchain in Healthcare PaymentsBlockchain is a distributed ledger technology that makes it possible to record transactions over a network of computers transparently and safely. By offering a tamper-proof record of transactions, blockchain can expedite procedures, lower fraud, and enhance data integrity in the context of healthcare payments. Also, Read | Application of Blockchain and Internet of Things (IoT) in HealthcareAdvantages of Blockchain Technology for Healthcare PaymentsStrengthened SecurityBlockchain uses cryptographic methods to encrypt transactions, shielding private medical information from manipulation and unwanted access.Enhanced EffectivenessBlockchain can decrease administrative costs and optimize the payment workflow by doing away with middlemen and automating payment procedures.Enhanced TransparencyStakeholders can track payments in real time and guarantee accountability thanks to blockchain's transparent and auditable record of payment transactions.Lower ExpensesBlockchain enables healthcare companies to reduce transaction costs, reduce losses from fraud, and allocate resources more efficiently, all of which save money.Smooth IntegrationBlockchain can interface with current electronic health records (EHR) and payment systems in the healthcare industry, promoting data sharing and interoperability. You may also like | The Intersection of Healthcare, Metaverse, and BlockchainBlockchain's Practical Use in Healthcare PaymentsClaims ProcessingBy safely storing claim data, confirming eligibility, and automating payment disbursements, blockchain can simplify the processes involved in processing claims.Medical Billing and Revenue Cycle ManagementBy storing billing data on a distributed ledger and minimizing billing errors and disputes, blockchain can increase medical billing accuracy and transparency.Patient Billing and PaymentsPatients can track their medical costs and safely make payments with blockchain's ability to enable safe and transparent patient billing and payment procedures.Supply Chain ManagementBy logging transactions about the purchase, distribution, and payment of drugs, blockchain can improve supply chain transparency and traceability in the healthcare industry. Also, Explore | Revolutionizing Healthcare with Web3Challenges and ConsiderationsRegulatory ComplianceTo ensure compliance with HIPAA and other regulations, healthcare organizations deploying blockchain-based payment systems must overcome regulatory requirements and privacy legislation.ScalabilityBlockchain technology still faces scalability issues, particularly in high-volume healthcare payment settings where transaction throughput is critical.Data PrivacyAlthough blockchain technology provides increased security, protecting the privacy of private medical information is still crucial. To protect patient information, healthcare organizations need to have strong encryption and access controls in place.InteroperabilityIt can be difficult to get blockchain-based payment systems and the current healthcare IT infrastructure to work together. To enable smooth data interchange, healthcare organizations need to invest in interoperability standards and protocols. Also, Read | AI and Blockchain for Technological Advancements in HealthcareConclusionBlockchain can transform healthcare payments by providing increased security, effectiveness, and transparency. Healthcare organizations may enhance patient outcomes, cut expenses, and streamline operations by utilizing blockchain-based payment systems. Although there are still issues with scalability and regulatory compliance, the potential advantages of blockchain technology for healthcare payments are too great to pass up. Interested in exploring the potential of blockchain in healthcare? Connect with our skilled blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
11 Mar 2024
Integrating Blockchain and Metaverse with Healthcare
In today's rapidly evolving digital landscape, the convergence of healthcare, metaverse, and blockchain technologies promises to revolutionize the way we approach healthcare delivery, patient care, and medical innovation. In this comprehensive blog, we'll embark on a journey through the intersection of these transformative forces, exploring the potential synergies, applications, and implications for the future of healthcare. For more about how blockchain is revolutionizing healthcare, visit our healthcare blockchain development services.
Healthcare in the Digital Age
The healthcare industry is undergoing a profound transformation driven by advances in technology, changing patient expectations, and the need for more efficient and accessible healthcare services. From telemedicine and wearable devices to personalized medicine and artificial intelligence, digital technologies are reshaping every aspect of healthcare delivery and patient experience.
The Rise of the Metaverse
The metaverse, a virtual shared space where users can interact with each other and digital objects in real-time, is rapidly gaining traction as the next frontier of digital innovation. With the advent of virtual reality (VR), augmented reality (AR), and mixed reality (MR) technologies, the metaverse offers immersive and interactive experiences that blur the lines between the physical and digital worlds.
Also, Explore | Application of Blockchain and Internet of Things (IoT) in Healthcare
Blockchain Technology: Powering Trust and Transparency
Blockchain technology, best known as the underlying technology behind cryptocurrencies like Bitcoin and Ethereum, holds immense potential to revolutionize the healthcare industry. With its decentralized and immutable ledger, blockchain enables secure and transparent data sharing, streamlined processes, and enhanced trust and accountability in healthcare transactions.
Exploring the Intersection
Now, let's delve into how the convergence of healthcare, metaverse, and blockchain technologies can unlock new possibilities and reshape the future of healthcare:
Virtual Healthcare Consultations
Imagine stepping into a virtual clinic within the metaverse, where patients can consult with healthcare providers in real-time using VR/AR technology. Blockchain ensures the security and privacy of patient data, enabling seamless sharing of medical records and ensuring compliance with regulatory requirements.
Medical Training and Education
Virtual reality simulations can provide medical students and healthcare professionals with hands-on training experiences in a safe and controlled environment. Blockchain can verify the authenticity of medical credentials and certifications, enhancing trust and transparency in medical education and training.
Also, Check | Revolutionizing Healthcare with Web3
Personalized Medicine and Health Tracking
Wearable devices and health-tracking applications can collect real-time data on patients' health metrics and activities. Blockchain secures and decentralizes this data, empowering patients to take control of their health information and participate in personalized medicine initiatives.
Supply Chain Management and Drug Traceability
Blockchain ensures the integrity and transparency of pharmaceutical supply chains, enabling end-to-end traceability of drugs from manufacturing to distribution. In the metaverse, users can access virtual pharmacies and securely purchase prescription medications using blockchain-based digital identities.
Medical Research and Collaboration
Virtual research laboratories and collaborative platforms within the metaverse can facilitate global collaboration among researchers and scientists. Blockchain enables transparent and auditable data sharing, accelerating the pace of medical research and innovation while protecting intellectual property rights.
Also, Explore | Healthcare Payments: The Role of Blockchain Technology
The Prospects of the Intersection in Healthcare
As we navigate the convergence of healthcare, metaverse, and blockchain technologies, the future of healthcare looks brighter than ever before. By harnessing the power of digital innovation, collaboration, and patient-centricity, we can create a healthcare ecosystem that is more accessible, equitable, and efficient for all.
You may also like | Why Develop Blockchain-Based dApps for Healthcare
Conclusion
The intersection of healthcare, metaverse, and blockchain represents a transformative opportunity to reimagine healthcare delivery, patient care, and medical innovation in the digital age. By embracing innovation, fostering collaboration, and prioritizing patient empowerment and privacy, we can build a future where healthcare is truly personalized, accessible, and inclusive for everyone. Connect with our blockchain developers to know more about how integrating these transformative technologies with healthcare can prove to be revolutionary.
Category:
Blockchain
Mudit Kumar
29 Feb 2024
Citigroup Collaborates with Ava Labs for Tokenization PoC
Citigroup, in partnership with Ava Labs, traditional financial institutions, and digital asset firms, recently completed a proof-of-concept aimed at tokenizing private equity funds. Despite existing legal and technical hurdles, Citigroup remains optimistic about the potential of blockchain development services to revolutionize the private equity sector.
The initiative of Citigroup involved simulating workflows within a private equity fund issued by Wellington Management, with ABN AMRO acting as the investor and WisdomTree providing the platform on the permissioned Avalanche Evergreen Spruce Subnet of Ava Labs.
Integrating Smart Contracts
Smart contracts were tested to enforce distribution rules for the simulated fund, with various methods employed to verify identities provided by WisdomTree. Additionally, Citigroup collaborated with DTCC Digital Assets to utilize a private fund token as collateral in an automated lending contract, subject to specific parameters.
According to Citigroup's report on the project, blockchain-based tokenization offers benefits such as standardization, automation, and improved operational efficiency. However, unresolved legal issues, including regulatory compliance, contractual rights, and taxation, pose significant challenges.
The report emphasizes the importance of mature identity standards and secure data flows to ensure successful private fund tokenization. Furthermore, addressing technical issues such as end-to-end data rails and tokenized cash legs is crucial for facilitating seamless settlement.
You may also like | The Intersection of Healthcare, Metaverse, and Blockchain
Despite Skepticism, Citigroup Moves Ahead
Despite the remaining obstacles, Citigroup believes that with a flexible approach, blockchain technology has the potential to transform private equity markets. The bank has long been bullish on tokenized assets, particularly private equity, which it considers a "killer use case" for crypto.
Other entities, such as hedge fund Brevan Howard and investment manager Hamilton Lane, have explored similar tokenization efforts using protocols like Libre on the Polygon network.
WisdomTree, Wellington Management, T. Rowe Price Associates, and Cumberland previously participated in an initiative on Avalanche's Spruce subnet, testing blockchain's application in foreign exchange transactions.
Citigroup's Token Services blockchain, established in September, aims to provide liquidity and automated trade finance solutions for the bank's institutional clients.
Category:
Blockchain
Mudit Kumar
29 Feb 2024
Layer 0 Blockchain Development | The Foundation of the Future
In the realm of blockchain technology, innovation never sleeps. Amidst the evolution of various layers, from Layer 1 to Layer 2 solutions, emerges a crucial yet often overlooked layer: Layer 0. Often referred to as the "foundational layer," Layer 0 plays a pivotal role in shaping the future of decentralized systems through blockchain development services. In this comprehensive blog, we'll delve into the depths of Layer 0 blockchain development, exploring its significance, characteristics, and its potential to revolutionize the blockchain landscape.Understanding Layer 0Before diving into the intricacies of Layer 0, it's essential to grasp the fundamental layers of blockchain technology. Typically, blockchains are structured into three primary layers:Layer 1The protocol layer is where the core blockchain protocols such as Bitcoin, Ethereum, and others reside.Layer 2The scalability layer, encompassing solutions like Lightning Network, Raiden Network, and sidechains, is aimed at enhancing throughput and reducing transaction costs.Layer 0The foundational layer is often unseen but critical for the infrastructure of decentralized systems. Layer 0, unlike its counterparts, isn't concerned with transaction processing or consensus mechanisms. Instead, it focuses on the underlying infrastructure that supports blockchain networks, including hardware, networking protocols, and inter-chain communication. Also, Explore | Layer 2 Solutions for Crypto Exchange DevelopmentKey Components of Layer 0 DevelopmentLayer 0 development encompasses a wide array of components, each playing a vital role in ensuring the robustness and scalability of blockchain networks. Some of the key components include:Hardware InfrastructureAt the core of Layer 0 development lies the hardware infrastructure, comprising specialized devices such as miners, validators, and network nodes. These devices are responsible for maintaining the integrity of the blockchain network through processes like mining, validation, and block propagation.Networking ProtocolsLayer 0 involves the development and optimization of networking protocols that facilitate communication between nodes in a decentralized network. These protocols ensure seamless data transmission, synchronization, and consensus among distributed nodes, thereby enhancing the overall performance and reliability of the blockchain network.Interoperability SolutionsInteroperability is a significant challenge in the blockchain space, with various networks operating in isolation. Layer 0 development focuses on building interoperability solutions that enable seamless communication and data exchange between disparate blockchain platforms. Projects like Polkadot, Cosmos, and Aion are pioneering efforts in this domain, aiming to create a unified ecosystem of interconnected blockchains. You may also like | Unveiling the Potential Layer 3 Blockchain DevelopmentSecurity MechanismsLayer 0 development prioritizes the implementation of robust security mechanisms to safeguard blockchain networks against various threats, including 51% attacks, double-spending, and network congestion. These mechanisms may include cryptographic algorithms, consensus protocols, and network-level defenses to mitigate potential vulnerabilities and ensure the integrity of the system.Scalability SolutionsScalability remains a persistent challenge for blockchain networks, hindering their widespread adoption and usability. Layer 0 development addresses this challenge by exploring innovative scalability solutions that enhance transaction throughput, reduce latency and optimize resource utilization. Techniques such as sharding, parallel processing, and off-chain computation are actively researched and implemented to scale blockchain networks to accommodate mass adoption. You may also like | Layer 3 Blockchains | Understanding Advanced DecentralizationThe Future of Layer 0 Blockchain DevelopmentAs blockchain technology continues to mature and evolve, the importance of Layer 0 development becomes increasingly evident. By laying the groundwork for robust infrastructure, seamless interoperability, and enhanced scalability, Layer 0 serves as the foundation upon which the decentralized future is built. In the future, we can expect Layer 0 blockchain development to witness rapid advancements and innovations driven by collaboration across various domains, including hardware engineering, networking protocols, cryptography, and distributed systems. Projects and initiatives focused on optimizing Layer 0 infrastructure, improving network security, and fostering cross-chain interoperability will play a pivotal role in shaping the future of blockchain technology. Also, Explore | Comprehending ZK Rollups | Layer 2 Scaling SolutionsConclusionLayer 0 blockchain development represents the cornerstone of decentralized systems, empowering blockchain networks with the resilience, scalability, and interoperability needed to thrive in the digital age. As developers, researchers, and innovators continue to push the boundaries of Layer 0 technology, we move closer to realizing the full potential of blockchain as a transformative force in the global economy and society at large. Interested in developing a layer-0 blockchain-based project, connect with our blockchain developers for a thorough consultation.Oodles Blockchain is a Blockchain Development Company specializing in full-stack blockchain development services. They provide end-to-end solutions for blockchain projects, including smart contract development, decentralized application (dApp) development, blockchain consulting, and more. The company is also known for its expertise in backend development, particularly in creating secure and scalable blockchain systems. The company also focuses on innovative areas such as Web3 transformation, DeFi, and developing blockchain-based games and tokens.
Category:
Blockchain
Mudit Kumar
28 Feb 2024
Exploring the Emerging Use Cases of Cosmos Blockchain
In the ever-expanding realm of blockchain app development, Cosmos emerges as a beacon of innovation and interoperability. With its groundbreaking architecture and robust ecosystem, Cosmos Blockchain is not just a platform—it's a catalyst for transformative change across various industries. In this comprehensive blog, we'll dive deep into the emerging use cases and applications of Cosmos Blockchain, shedding light on its potential to revolutionize the decentralized landscape.
Deciphering the Cosmos
Cosmos, often hailed as the "Internet of Blockchains," is a decentralized network designed to overcome the limitations of existing blockchain platforms by enabling seamless interoperability and communication between disparate networks. Founded on the principles of sovereignty, scalability, and security, Cosmos offers a versatile framework for building custom blockchains and decentralized applications (dApps) while facilitating frictionless asset transfers and data exchange.
Also, Check | Top Blockchain Platforms for Blockchain App Development
Emerging Use Cases and Applications
Cross-Chain Asset Transfers
Cosmos facilitates cross-chain asset transfers with its Inter-Blockchain Communication (IBC) protocol, enabling the seamless transfer of digital assets between different blockchains within the ecosystem. Use cases include decentralized exchanges (DEXs), liquidity pools, and asset management protocols, enhancing interoperability and efficiency in the financial ecosystem.
Decentralized Finance (DeFi)
Cosmos provides an ideal platform for building DeFi applications such as lending platforms, decentralized exchanges, and yield farming protocols. Leveraging its interoperability features, Cosmos DeFi democratizes access to financial services, fostering financial inclusion and innovation.
Supply Chain Management
Cosmos enables transparent and efficient supply chain networks by leveraging its transparency, immutability, and traceability features. Use cases include tracking the movement of goods, verifying product authenticity, and reducing fraud and inefficiency in global supply chains.
Gaming and Non-Fungible Tokens (NFTs)
With support for NFTs and scalable infrastructure, Cosmos powers decentralized gaming platforms, virtual worlds, and in-game asset marketplaces. Use cases include digital collectibles, virtual land ownership, and new monetization opportunities for players and developers.
Identity and Authentication
One of the noble use cases of Cosmos blockchain is to facilitate the creation of self-sovereign identity solutions, decentralized authentication systems, and secure digital identity wallets. Enhancing privacy and security, Cosmos empowers users to control their personal data and digital identities in an interconnected world.
You may also like | Cosmos Blockchain: Bridging Interoperable Decentralized Networks
More About Cosmos
As Cosmos continues to evolve and expand its ecosystem, the potential for innovation and impact is limitless. With ongoing development efforts, community collaboration, and adoption across diverse industries, Cosmos Blockchain is poised to redefine the decentralized landscape and unlock new possibilities for economic, social, and technological transformation.
Also, Read | A Comprehensive List of Top dApp Development Platforms
Conclusion
Cosmos Blockchain represents a paradigm shift in how we conceive and implement decentralized systems. By providing the necessary infrastructure and tools for interoperability, scalability, and sovereignty, Cosmos empowers developers, entrepreneurs, and innovators to shape the future of finance, gaming, supply chain, and beyond. As we journey into this new era of decentralized innovation, Cosmos stands as a beacon of hope and possibility, driving us towards a more inclusive, transparent, and interconnected world. Exploring Cosmos blockchain for your project development can prove to be a revolutionary decision. Connect with our blockchain developers for more information.
Category:
Blockchain
Mudit Kumar
28 Feb 2024
Cosmos Blockchain : Bridging Interoperable Decentralized Networks
In the fast-paced world of blockchain technology, interoperability has emerged as a key challenge hindering the seamless exchange of value and data across disparate networks. Enter Cosmos, a groundbreaking blockchain app development platform aimed at addressing this challenge by creating an ecosystem of interconnected blockchains. In this comprehensive blog, we'll delve into the intricacies of Cosmos Blockchain, exploring its architecture, features, use cases, and its potential to reshape the decentralized landscape.
Understanding Cosmos Blockchain
Cosmos, often referred to as the "Internet of Blockchains," is a decentralized network of interconnected blockchains designed to enable seamless communication, interoperability, and scalability. Founded by Jae Kwon in 2014, Cosmos seeks to overcome the limitations of existing blockchain platforms by introducing a novel architecture that facilitates interoperability at both the protocol and application layers.
Also, Check | Top Blockchain Platforms for Blockchain App Development
Key Components of Cosmos
Tendermint Consensus Engine
At the heart of Cosmos lies the Tendermint consensus engine, a Byzantine Fault Tolerant (BFT) consensus algorithm optimized for high throughput and low latency. Tendermint serves as the consensus mechanism for Cosmos Hub and other interconnected blockchains within the ecosystem, ensuring secure and efficient transaction processing.
Inter-Blockchain Communication (IBC) Protocol
Cosmos introduced the Inter-Blockchain Communication (IBC) protocol, a standardized messaging protocol that enables seamless communication and transfer of assets between different blockchains within the Cosmos network. IBC allows for the creation of sovereign blockchains that can interoperate with each other while maintaining their autonomy and security.
Cosmos Software Development Kit (SDK)
The Cosmos SDK provides developers with a comprehensive toolkit for building custom blockchains and decentralized applications (dApps) on top of the Cosmos network. With modular components and a developer-friendly framework, the Cosmos SDK simplifies the process of blockchain development, enabling rapid iteration and innovation.
Cosmos Hub and Zones
The Cosmos Hub serves as the central hub of the Cosmos network, facilitating interoperability and communication between different blockchains, also known as "zones." Each zone operates as an independent blockchain with its own consensus mechanism and governance model, connected to the Cosmos Hub through the IBC protocol.
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Use Cases and Applications
The versatility and scalability of Cosmos make it well-suited for a wide range of use cases across various industries. Some notable applications of Cosmos Blockchain include:
Cross-Chain Asset Transfers
Cosmos enables frictionless transfer of digital assets across different blockchains, allowing users to exchange tokens and assets seamlessly without the need for centralized intermediaries.
Decentralized Finance (DeFi)
With its interoperability features and support for custom dApp development, Cosmos provides a fertile ground for building decentralized finance applications such as lending platforms, decentralized exchanges (DEXs), and asset management protocols.
Supply Chain Management
Cosmos can be utilized to create transparent and traceable supply chain networks, enabling enterprises to track the movement of goods and verify the authenticity of products in real time.
Gaming and Non-Fungible Tokens (NFTs)
The Cosmos ecosystem facilitates the creation and exchange of non-fungible tokens (NFTs) for digital collectibles, in-game assets, and virtual land ownership, unlocking new avenues for creativity and monetization in the gaming industry.
Also, Read | Exploring the Emerging Use Cases of Cosmos Blockchain
The Future of Cosmos
As blockchain technology continues to evolve, Cosmos stands at the forefront of the interoperability revolution, offering a scalable and robust framework for building the next generation of decentralized applications and networks. With ongoing development efforts, community engagement, and adoption across diverse industries, Cosmos is poised to play a pivotal role in shaping the future of the decentralized ecosystem.
Conclusion
Cosmos Blockchain represents a paradigm shift in how we conceive and design interconnected blockchain networks. By providing the necessary infrastructure and tools for seamless interoperability, Cosmos paves the way for a decentralized future where value and data can flow freely across boundaries, unlocking new possibilities for innovation, collaboration, and inclusion.
Interested in developing your project on Cosmos's capabilities, connect with our blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
27 Feb 2024
ERC-721 Non-Fungible Token Standard Development
In recent years, blockchain development services have transcended their initial applications in finance and cryptocurrency to revolutionize various industries, including art, gaming, and collectibles. At the heart of this revolution lies ERC-721, a token standard for creating non-fungible tokens (NFTs) on the Ethereum blockchain. In this comprehensive blog, we'll delve into the intricacies of ERC-721 development, exploring its significance, features, and its transformative impact on the digital economy.
Understanding ERC-721
ERC-721 stands as one of the most prominent Ethereum Improvement Proposals (EIPs), introduced by developer William Entriken, Dieter Shirley, Jacob Evans, and Nastassia Sachs in 2018. Unlike its fungible counterpart ERC-20, which is commonly used for cryptocurrencies and tokens with identical value, ERC-721 is designed specifically for representing unique digital assets.
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Key Characteristics of ERC-721 Tokens
Non-Fungibility
Unlike fungible tokens, which are interchangeable on a one-to-one basis, ERC-721 tokens are unique and indivisible. Each token represents a distinct digital asset, whether it be digital art, collectibles, in-game items, or real estate.
Ownership and Transferability
ERC-721 tokens enable ownership of digital assets to be securely recorded on the Ethereum blockchain. These tokens can be transferred between Ethereum addresses, allowing for seamless buying, selling, and trading of digital collectibles without the need for intermediaries.
Metadata and Token Customization
ERC-721 tokens support metadata, allowing developers to include additional information such as descriptions, images, and attributes associated with each token. This feature enables rich and interactive experiences for users interacting with NFT-based applications.
Immutable and Verifiable
Transactions involving ERC-721 tokens are recorded on the Ethereum blockchain, providing an immutable and transparent ledger of ownership history. Users can verify the authenticity and provenance of digital assets, enhancing trust and security in NFT-based ecosystems.
Also, Check | A Comprehensive Guide to ERC-6551 Token Standard
ERC-721 Development: Building on the Standard:
Developing applications and smart contracts compliant with the ERC-721 standard opens up a world of possibilities across various industries. Here are some key aspects of ERC-721 development:
Smart Contract Implementation
ERC-721-compliant smart contracts define the logic for creating, transferring, and managing non-fungible tokens. Developers can utilize libraries such as OpenZeppelin to streamline the development process and ensure compliance with the ERC-721 standard.
Metadata Management
Integrating metadata management allows developers to enhance the user experience by providing rich visual and descriptive content associated with ERC-721 tokens. This may involve storing metadata on decentralized storage networks like IPFS (InterPlanetary File System) and linking it to token identifiers.
Marketplace Integration
Building decentralized marketplaces for ERC-721 tokens enables users to buy, sell, and trade digital assets in a peer-to-peer manner. Integrating features such as auctions, bidding, and royalty mechanisms can further enhance the functionality and utility of NFT marketplaces.
Interoperability and Standards
While ERC-721 has gained widespread adoption within the Ethereum ecosystem, interoperability with other blockchain platforms and standards remains an area of active research and development. Initiatives like EIP-2309 (ERC-721x) and cross-chain protocols aim to facilitate seamless token transfer and interoperability across heterogeneous blockchain networks.
Also, Check | How DRC-20 Token Standard is Changing Dogecoin's Future
The Impact of ERC-721 Token Standard
The rise of ERC-721 and NFTs has ushered in a new era of digital ownership and creativity, empowering individuals and creators to monetize and showcase their digital assets in unprecedented ways. From digital art and collectibles to virtual real estate and gaming assets, ERC-721 tokens have unlocked new avenues for value creation and expression in the digital economy.
Looking ahead, ERC-721 development is poised to continue its rapid expansion, fueled by ongoing innovation and adoption across diverse industries. As developers and entrepreneurs explore novel use cases and applications for non-fungible tokens, we can expect to see the boundaries of digital ownership and creativity pushed even further, reshaping the landscape of the digital economy for years to come.
Also, Check | Unexplored ERC Token Standards On Ethereum
Conclusion
ERC-721 token standard development represents a paradigm shift in how we perceive and interact with digital assets, offering new opportunities for creators, investors, and consumers alike. By leveraging the power of blockchain technology and non-fungible tokens, we are witnessing the dawn of a new era of digital ownership, where uniqueness, authenticity, and creativity reign supreme.
Interested in developing NFT projects with ERC-721 standard, connect with our blockchain developers to get started
Category:
Blockchain
Mudit Kumar
27 Feb 2024
The Complete Guide to TRC-20 Token Development
In the realm of blockchain technology, creating and deploying custom tokens has become a pivotal aspect of decentralized ecosystems. Among the various blockchain platforms available for blockchain app development, TRON stands out with its robust infrastructure and developer-friendly environment. In this comprehensive guide, we'll explore the intricacies of TRC-20 token development, offering insights and practical steps for building tokens on the TRON blockchain.
Understanding TRC-20 Tokens
TRC-20 tokens are digital assets created and managed on the TRON blockchain according to a specific technical standard. Similar to Ethereum's ERC-20 standard, TRC-20 tokens adhere to a set of protocols and interfaces, ensuring interoperability and compatibility within the TRON ecosystem. These tokens can represent various assets, including utility tokens, stablecoins, and digital collectibles, among others.
Key Components of TRC-20 Token Development
Smart Contract Development
TRC-20 tokens are implemented as smart contracts on the TRON blockchain, written in Solidity or other compatible programming languages. Developers define the token's properties, such as name, symbol, total supply, and decimal precision, within the smart contract code.
Explore | Smart Contract Development Services
Token Deployment
Once the smart contract code is written and tested, developers deploy the token contract onto the TRON blockchain using tools such as TronBox, TronWeb, or Truffle Suite. Deployment involves interacting with TRON's network infrastructure and deploying the contract to a specified address.
Token Configuration
After deployment, developers can configure additional parameters of the token, such as initial supply allocation, minting and burning capabilities, and access control mechanisms. These configurations are typically managed through smart contract functions and can be updated as needed.
Integration with Wallets and Exchanges
To enable users to interact with TRC-20 tokens, developers integrate token functionality into compatible wallets and decentralized exchanges (DEXs). This integration involves implementing standard interfaces for token transfers, balances, and approvals, ensuring seamless interoperability across different platforms.
Also, Check | Why Prefer Tron Platform for Token Development
Security Considerations
Security is paramount in TRC-20 token development, and developers must follow best practices to mitigate risks such as code vulnerabilities, malicious attacks, and unauthorized access. Auditing the smart contract code, implementing access controls, and enforcing proper authentication mechanisms are essential steps in ensuring the security of the token ecosystem.
Advantages of TRC-20 Token Development
Efficiency
TRC-20 tokens leverage TRON's high throughput and low latency blockchain infrastructure, enabling fast and cost-effective transactions for users.
Scalability
With TRON's scalable network architecture, developers can deploy and manage large-scale token ecosystems with ease, accommodating growing user demand and transaction volumes.
Interoperability
TRC-20 tokens are compatible with various TRON applications and platforms, facilitating seamless integration and interoperability within the broader TRON ecosystem.
Community Support
The TRON community actively supports token development and adoption, providing resources, documentation, and community-driven initiatives to empower developers and foster innovation.
Decentralization
By leveraging TRON's decentralized network, TRC-20 tokens offer censorship resistance, immutability, and trustless operation, ensuring the integrity and security of token transactions.
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Conclusion
TRC-20 token development presents an exciting opportunity for developers to create custom tokens and digital assets on the TRON blockchain. With its robust infrastructure, developer-friendly tools, and growing ecosystem, TRON offers a conducive environment for innovative token development. By following best practices, leveraging community resources, and embracing the principles of decentralization, developers can unlock the full potential of TRC-20 tokens and contribute to the evolution of decentralized finance (DeFi), digital asset management, and tokenized ecosystems on the TRON blockchain.
If you want to develop your project using the TRC20 token standard, connect with blockchain developers.
Category:
Blockchain
Mudit Kumar
23 Feb 2024
Crypto Business Ideas : Opportunities and Trends in 2024
As the blockchain and cryptocurrency development space continues to evolve and mature, it presents a myriad of opportunities for entrepreneurs and innovators to explore. In this comprehensive blog, we'll delve into some promising crypto business ideas for 2024, highlighting emerging trends, innovative concepts, and potential areas for disruption.
Crypto Business Ideas: 2024
Decentralized Finance (DeFi) Platforms:
Decentralized finance has emerged as one of the most promising sectors within the cryptocurrency industry, offering a wide range of financial services without the need for traditional intermediaries. Business ideas in DeFi include:
Yield Farming Platforms
Building platforms that allow users to earn passive income by providing liquidity to decentralized exchanges (DEXs) and lending protocols.
Automated Market Makers (AMMs)
Developing AMM protocols that facilitate decentralized trading and liquidity provision, similar to Uniswap and SushiSwap.
Decentralized Lending and Borrowing
Creating lending and borrowing platforms that enable users to access loans and earn interest on deposited assets without relying on banks or centralized institutions.
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Non-Fungible Token (NFT) Marketplaces
NFTs have gained immense popularity for their ability to represent unique digital assets, including artwork, collectibles, and virtual real estate. Business ideas in the NFT space include:
NFT Marketplace Aggregators
Building platforms that aggregate NFTs from multiple marketplaces, providing users with a comprehensive catalog of digital collectibles and artworks.
NFT Fractionalization Platforms
Creating platforms that enable users to fractionalize ownership of high-value NFTs, allowing investors to purchase shares of rare digital assets.
NFT Gaming Platforms
Developing gaming platforms that integrate NFTs for in-game assets, characters, and virtual land, offering players true ownership and interoperability across multiple games.
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Blockchain-Based Identity Verification
Blockchain technology offers a secure and tamper-proof solution for identity verification and authentication. Business ideas in this space include:
Self-Sovereign Identity Platforms
Building platforms that empower individuals to control and manage their digital identities, allowing for secure and privacy-preserving identity verification.
Decentralized Identity Marketplaces
Creating marketplaces where users can buy, sell, and verify digital identities and credentials using blockchain technology.
Identity Authentication Services
Providing identity verification services for businesses and organizations using blockchain-based solutions, enhancing security, and reducing fraud.
Also, Check | Blockchain for Advanced and Secure Digital Identity Management
Sustainable and Green Cryptocurrency Mining
With growing concerns about the environmental impact of cryptocurrency mining, there is a rising demand for sustainable and eco-friendly mining solutions. Business ideas in this space include:
Renewable Energy Mining Farms
Establishing cryptocurrency mining facilities powered by renewable energy sources such as solar, wind, and hydroelectric power.
Carbon Neutral Mining Operations
Developing carbon offset programs for cryptocurrency miners to mitigate the environmental impact of their operations.
Energy-Efficient Mining Hardware
Designing and manufacturing energy-efficient mining hardware that reduces power consumption and environmental footprint.
Explore more | Blockchain-Based Carbon Credit Marketplace Development
Decentralized Social Media Platforms
Amidst concerns about data privacy and censorship on centralized social media platforms, there is growing interest in decentralized alternatives. Business ideas in this space include:
Blockchain-Based Social Networks
Building social media platforms that leverage blockchain technology to provide users with control over their data and content.
Decentralized Content Monetization
Creating platforms where content creators can monetize their creations directly through cryptocurrency payments and token rewards.
Community-Governed Platforms
Developing social media platforms governed by decentralized autonomous organizations (DAOs), where users collectively make decisions about platform governance and content moderation.
Also, Read| Decentralized Social Media | Empowering Privacy and Autonomy
Conclusion
The cryptocurrency industry is ripe with opportunities for entrepreneurs and innovators to explore. From decentralized finance and non-fungible tokens to identity verification and sustainable mining, there are countless areas for disruption and innovation in 2024 and beyond. By embracing emerging trends, leveraging blockchain technology, and addressing pressing challenges, crypto business ideas have the potential to reshape industries, empower individuals, and drive meaningful change in the global economy. If you are looking for an experienced crypto development company to develop your business idea, you may connect with our talent pool of crypto developers for.
Category:
Blockchain
Mudit Kumar
23 Feb 2024
How DRC-20 Token Standard is Changing Dogecoin's Future
In the dynamic realm of cryptocurrencies, innovation breeds fresh opportunities. Among these innovations, DRC-20 has risen as a prominent token standard, sparking widespread discussions. Powered by smart contracts, DRC-20 lays the groundwork for robust and thriving crypto token development. This article provides a comprehensive overview of the DRC-20 token standard.
What is DRC-20?
Similar to Ethereum's ERC-20, the Dogecoin network embraces the DRC-20 token standard. These interchangeable digital assets facilitate compatibility among various DRC-20 tokens and services, serving diverse purposes such as voting rights and user rewards.
Thanks to its rapid transaction speed and cost-effectiveness, DRC-20 has garnered attention from both seasoned investors and enthusiastic newcomers. DRC-20 enhances scalability, security, and privacy by leveraging its underlying technology and hybrid blockchain structure. With its extensive potential, DRC-20 spearheads innovation and reshaping decentralized finance and digital assets.
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How does DRC-20 Operate?
The Cardinals protocol lays the groundwork for this token standard. Within this framework, the smallest indivisible unit of Dogecoin is referred to as an "Elon", where 1 Dogecoin equals 100,000,000 Elons.
Under the Cardinals protocol, each Elon is assigned a serial number that incrementally increases based on the sequence of their mining. These serial numbers, known as "cardinals", provide each Elon with a distinct identity. Additionally, "inscription" denotes the process of embedding text, images, audio, and video data onto the Elon. Cardinals NFT encompasses all the files acquired on Elons, primarily consisting of images and words, associated with the Ordinals protocol.
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DRC-20 Advantages
Unique Investment Opportunities
Embracing the early stages of the DRC-20 project opens doors to unparalleled investment prospects. Positioned at the vanguard of a novel token standard, you have the opportunity to immerse yourself in its potential and emerge as an expert in the field.
Minimal Fees
The DRC-20 standard boasts remarkably low token creation costs, requiring only 0.1 DOGE per operation. This cost-efficient technology empowers you to explore diverse token possibilities while mitigating risks to your invested capital.
Confidentiality
With the DRC-20 protocol, asset protection reaches new heights as the registry is securely stored on the Ethereum blockchain. Unlike the BRC-20 protocol, which centrally stores ledger data in a wallet, the DRC-20 protocol ensures registry data remains on the Ethereum blockchain. Transactions within the DRC-20 framework are executed on the Dogecoin blockchain, guaranteeing asset security even in wallet loss, thanks to the constant accessibility of relevant information. The blockchain's data linkage method ensures robust asset confidentiality.
High Transaction Speed
In pursuit of sustained growth and DeFi ecosystem enhancement, the BRC-20 protocol continually integrates new features like stablecoins and oracles. Yet, high gas fees pose a barrier to new user adoption. By introducing the DRC-20 standard token on the Dogecoin blockchain, daily transactions within the Dogecoin network surge, outstripping both Bitcoin and Litecoin concurrently. The escalating interest in the DRC-20 token standard fuels positive momentum within the Dogecoin network, fostering speculative growth and heightened activity.
UTXO Model
Cryptocurrencies like BTC, LTC, and Dogecoin lack smart contract support, constraining developers in creating programmable tokens and financial products. Conversely, the DRC-20 token, with its expansive user base and distinctive "meme" functionality, holds the key to unparalleled potential.
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Advantages of DRC-20 Over BRC-20
Enhanced Scalability and Performance
DRC-20 leverages the Dogecoin blockchain, providing superior scalability and performance compared to the limitations imposed by the Bitcoin blockchain.
Smart Contract Support
DRC-20 extends its capabilities with smart contract support, broadening its functionality and applicability across various use cases.
Superior Security
DRC-20 employs the robust Keccak-256 cryptographic algorithm, offering heightened security measures in contrast to BRC-20's utilization of the SHA-256 cryptographic algorithm.
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The Evolution of the DRC-20 Token Standard
While still in its infancy, the DRC-20 token standard has already captured the interest of developers. As development progresses, it stands ready to emerge as a leading token standard within the Dogecoin blockchain ecosystem.
Indeed, both DRC-20 and BRC-20 possess unique merits and drawbacks. Developers must carefully select the token standard that aligns with their specific requirements. With its clear advantages, the DRC-20 token standard is anticipated to emerge as a pivotal catalyst for the advancement of the Dogecoin blockchain.
Also, Explore | The Complete Guide to TRC-20 Token Development
Top DRC-20 Projects
Cheems
Launched in 2021, Cheems is a meme coin that quickly embraced the new token standard introduced by DRC-20. Since its inception, Cheems has demonstrated steady growth, with promising prospects for further development.
Dogewow
As a DRC-20 token, Dogewow embodies Elon Musk's vision to enhance Dogecoin. Inspired by Musk's idea, Dogewow emerged as a tangible expression of innovation within the Dogecoin ecosystem.
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Conclusion
The introduction of the DRC-20 token standard has sparked heightened interest among crypto investors and enthusiasts in the Dogecoin blockchain and its potential applications. The collective decisions and initiatives of the community will shape the trajectory of Dogecoin and its surrounding ecosystem. With increasing awareness of the advantages offered by DRC-20 tokens on the Dogecoin network, we anticipate a surge in transaction volume and network activity.
If you are looking to build your crypto token using the DRC-20 token, you may connect with our skilled blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
21 Feb 2024
Diverse Use Cases and Applications ZK Proofs
Zero-knowledge proofs (ZK proofs) have emerged as a groundbreaking cryptographic technique with the potential to revolutionize privacy, security, and trust in various domains using blockchain development services. In this comprehensive blog, we delve into the fascinating world of ZK proofs, exploring their use cases, applications, and implications across different industries.
Understanding Zero-Knowledge Proofs
Zero-knowledge proofs are cryptographic protocols that allow one party (the prover) to prove the validity of a statement to another party (the verifier) without revealing any information beyond the statement's truth. In essence, ZK proofs enable the verification of computations or assertions without disclosing the underlying data or inputs.
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Key Properties of Zero-Knowledge Proofs
Privacy
ZK proofs preserve the privacy of sensitive information by allowing parties to interact without revealing any confidential data.
Verifiability
ZK proofs enable efficient and verifiable authentication of statements or computations, ensuring trust and integrity in transactions.
Efficiency
ZK proofs are designed to be computationally efficient, allowing for rapid verification and scalability across various applications.
Soundness
ZK proofs provide strong guarantees of correctness and security, ensuring that only valid statements can be proven true.
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Use Cases and Applications of ZK Proofs
Privacy-Preserving Identity Verification
One of the key use cases of ZK proofs is to authenticate identities and credentials without disclosing personal information, enabling privacy-preserving identity verification in various contexts such as online authentication, access control, and KYC (Know Your Customer) processes.
Applications
Decentralized identity platforms
Secure login systems
Identity management solutions
Confidential Transactions
ZK proofs enable the verification of transaction validity without revealing the transaction details, ensuring financial privacy and confidentiality in cryptocurrency transactions.
Applications
Privacy-focused cryptocurrencies
Confidential payment systems
Secure financial transactions
Secure Data Sharing and Collaboration
ZK proofs allow parties to prove the correctness of computations or data without sharing the underlying data itself, enabling secure data sharing and collaboration in sensitive environments.
Applications
Secure multiparty computation
Confidential data analysis
Private information sharing among organizations
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Supply Chain Traceability and Provenance
ZK proofs can be utilized to prove the authenticity and integrity of supply chain data, enabling transparent and verifiable traceability of goods and products from origin to destination.
Applications
Supply chain management
Product authenticity verification
Anti-counterfeiting measures
Decentralized Finance (DeFi) and Blockchain
ZK proofs offer privacy, scalability, and efficiency solutions in decentralized finance applications, enabling confidential transactions, scalable computations, and secure asset transfers.
Applications
Privacy-preserving smart contracts
Confidential asset swaps
Scalable blockchain solutions
Also, Check | Comprehending ZK Rollups | Layer 2 Scaling Solutions
Conclusion
Zero-knowledge proofs represent a powerful cryptographic tool with diverse applications and far-reaching industry implications. From enhancing privacy and security to enabling scalable and efficient transactions, use cases of ZK proofs offer innovative solutions to complex challenges in today's digital world. As the technology continues to evolve and mature, we can expect to see increased adoption and integration of ZK proofs in various domains, unlocking new possibilities for privacy-preserving and trustless interactions in the digital age. If you are interested in developing your project using ZK proofs, connect with our blockchain developers for more information.
Category:
Blockchain
Mudit Kumar
19 Feb 2024
Customization Options in White-Label Crypto Exchanges
A white-label crypto exchange enables businesses to reduce time to market and development costs. However, the market is occupied with multiple white-label options, making it challenging to find the right platform according to your needs. One aspect that makes a white-label crypto exchange platform stand out from the crowd is customization. Many providers offer plenty of customization options while others have limited options. While selecting a white-label crypto exchange, businesses should consider the aspect of customization. This article explores customization options that businesses may utilize to get personalized white-label crypto exchanges.
White Label Crypto Exchange Platform
A white-label crypto exchange is a pre-build software that facilitates businesses to launch their crypto exchange under their brand. A third-party service provider develops this platform. Businesses can customize the software to enter the market without building a trading platform from scratch.
A business can purchase or license the white-label exchange platform from a third-party provider. It can then rebrand the platform with its logo, design elements, and branding to make it appear as its proprietary product. Once customization is complete, the business can launch the rebranded exchange as its cryptocurrency trading platform.
Also, Explore | Scratch-Built Vs. White-Label Crypto Exchange Software
Customization Options in White Label Crypto Exchanges
Customization options in white-label crypto exchanges are crucial for businesses seeking to differentiate their platforms, align them with specific market needs, and establish a unique brand identity.
Here are the key customization options commonly available in white-label crypto exchanges:
Security Features
White-label solutions often come with a basic level of security, but businesses might need to enhance security measures based on their risk tolerance and the needs of their users. Customization options allow the implementation of additional security features.
Liquidity Options
Businesses can customize white-label exchanges to incorporate various liquidity options, such as internal liquidity pools, integration with external exchanges, and smart order routing. This flexibility allows firms to optimize liquidity based on market demand and user preferences.
Payment Gateways
Customizing payment methods and gateways enables businesses to cater to the diverse preferences of their user base. Integration with a range of payment options facilitates convenient deposits and withdrawals for users globally.
Branding and Design
Businesses can infuse their unique brand identity into the platform by customizing logos, color schemes, and overall design elements. This ensures a visually distinctive and memorable user experience aligned with the business's branding strategy.
Regulatory Compliance
Customization in regulatory compliance includes implementing Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures tailored to specific jurisdictions. It allows exchanges to adapt to different legal frameworks and comply with local regulations.
Trading Pairs and Assets
The ability to choose and customize the listing of cryptocurrencies and trading pairs enables businesses to align their offerings with market demand. This flexibility caters to specific user preferences and enhances the exchange's market appeal.
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Dashboard and Reporting
Custom reports and personalized dashboards empower users with insightful analytics and transaction history. This customization ensures that traders can easily track their performance and make informed decisions.
Advanced Trading Features
Businesses can differentiate their exchanges by customizing advanced trading features, such as margin trading, derivatives, and unique order types. These features contribute to a more comprehensive and sophisticated trading experience.
User Interface (UI) and User Experience (UX)
Customization extends to the UI and UX that allows businesses to tailor the layout, navigation, and overall user interface to provide an intuitive and user-friendly trading experience. Personalization options contribute to increased user satisfaction and engagement.
Also, Explore | Oodles Scaffold | Your Ideal White-Label Crypto Exchange
Summing Up
Depending on your requirements, you can prefer a white-label product with specific customization options. Oodles Scaffold, the white-label crypto exchange of Oodles Blockchain, offers multiple customization options to choose from. Connect with our blockchain developers to get a demo today.
Category:
Blockchain
Mudit Kumar
29 Jan 2024
The Power of Digital Marketing for Blockchain Projects
In the dynamic world of blockchain, where innovation and decentralization reign supreme, effective digital marketing is the catalyst for success. The unique challenges and opportunities presented by the blockchain app development space demand a strategic and tailored approach to connect with audiences. In this blog, we'll delve into the realm of digital marketing services for blockchain projects, exploring the key strategies that can elevate visibility, foster community engagement, and drive adoption in this rapidly evolving ecosystem.
The Blockchain Marketing Landscape
Blockchain projects, whether they are decentralized applications (DApps), protocols, or cryptocurrencies, operate in a space that requires a nuanced understanding of both the technology and the target audience. Digital marketing becomes a powerful tool to bridge this knowledge gap, creating a narrative that resonates with users, investors, and stakeholders alike.
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Key Digital Marketing Strategies for Blockchain Projects
Content Marketing
Develop informative and engaging content that educates the audience about the blockchain project, its underlying technology, and its unique value proposition.
Utilize blogs, articles, whitepapers, and infographics to establish thought leadership and showcase the project's potential impact.
Social Media Marketing
Leverage social media platforms to build an active and engaged community around the blockchain project.
Share regular updates, news, and milestones to keep the community informed and involved.
Utilize platforms like Twitter, Telegram, and Reddit to foster discussions and address community concerns.
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Search Engine Optimization (SEO)
Optimize website content and metadata to enhance visibility on search engines.
Implement strategic keywords related to the blockchain project to attract organic traffic.
Regularly update and maintain a blog to improve search engine rankings and authority.
Influencer Marketing
Collaborate with influencers and thought leaders in the blockchain space to reach a wider audience.
Seek endorsements and reviews from reputable figures to build credibility and trust.
Engage influencers for interviews, webinars, or AMAs (Ask Me Anything sessions) to connect directly with the community.
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Email Marketing
Build a targeted email list of subscribers interested in blockchain and cryptocurrency topics.
Send regular newsletters, updates, and exclusive content to keep the audience informed and engaged.
Implement personalized email campaigns to nurture leads and drive conversions.
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Community Building
Establish and nurture a strong online community around the blockchain project.
Create forums, discussion groups, or social channels where community members can share insights, ask questions, and interact with the project team.
Encourage community-driven initiatives and collaborations.
Paid Advertising
Utilize paid advertising on platforms like Google Ads and social media to reach a broader audience.
Design targeted ad campaigns to promote specific events, product launches, or key milestones.
Monitor and analyze the performance of ads to optimize for better results.
Partnerships and Collaborations
Forge strategic partnerships with other blockchain projects, industry influencers, or organizations.
Collaborate on joint marketing campaigns, co-host webinars, or participate in industry events to expand reach and credibility.
Also, Read | Harnessing the Power of Blockchain for Fleet Management
Measuring Success: Analytics and Key Performance Indicators (KPIs)
Track and analyze the performance of digital marketing efforts using key metrics such as website traffic, social media engagement, conversion rates, and community growth. Regularly assess the impact of different strategies to refine the marketing approach and ensure alignment with project goals.
Conclusion
In the competitive and ever-evolving landscape of blockchain, digital marketing serves as the linchpin for success. By combining strategic content creation, community engagement, and targeted outreach, blockchain projects can effectively navigate the digital frontier, building awareness, credibility, and a loyal user base. As the blockchain ecosystem continues to expand, embracing innovative and data-driven digital marketing strategies becomes imperative for projects aiming to leave a lasting impact on this transformative industry.
If you are looking to develop and market your blockchain-based business idea, connect with our team of blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
20 Jan 2024
Exploring Diverse Use Cases of Polygon Blockchain
As the blockchain ecosystem continues to evolve, scalability, interoperability, and user experience remain paramount challenges. Enter Polygon blockchain development, a versatile and robust Layer 2 scaling solution for Ethereum, designed to address these issues while fostering innovation across various sectors. Formerly known as Matic Network, Polygon has rapidly emerged as a prominent player in the blockchain space, enabling developers to build and deploy decentralized applications (DApps) with enhanced performance and lower costs. This comprehensive exploration delves into the diverse use cases of the Polygon blockchain, highlighting its technical prowess, real-world applications, benefits, and the future trajectory that positions it as a cornerstone of the decentralized internet.Understanding Polygon BlockchainWhat is Polygon?Polygon is a multi-chain framework that seeks to create an interconnected blockchain ecosystem compatible with Ethereum. By leveraging Layer 2 solutions, Polygon enhances Ethereum's scalability and transaction throughput, significantly reducing fees and latency. Its architecture supports a variety of scaling solutions, including sidechains, plasma chains, and rollups, making it a flexible platform for developers aiming to optimize their DApps without compromising security or decentralization.Core Features of PolygonScalability: Polygon can handle thousands of transactions per second (TPS) compared to Ethereum's 15-30 TPS, thanks to its Layer 2 architecture.Low Transaction Fees: By offloading transactions from the Ethereum mainnet, Polygon drastically reduces gas fees, making microtransactions feasible.EVM Compatibility: Polygon is fully compatible with the Ethereum Virtual Machine (EVM), enabling seamless migration of Ethereum-based DApps.Interoperability: Polygon facilitates cross-chain communication, allowing assets and data to move freely between different blockchain networks.Security: Utilizing Ethereum's robust security model, Polygon ensures that its Layer 2 solutions inherit the security guarantees of the Ethereum mainnet.Also, Explore | How Polygon AggLayer Emerges to be the Hub for Ethereum L2sDiverse Use Cases of PolygonDecentralized Finance (DeFi)Polygon has become a pivotal infrastructure for the DeFi ecosystem, offering enhanced scalability and lower fees that are critical for financial applications.DeFi Platforms on PolygonAave: Aave's deployment on Polygon allows users to lend and borrow assets with significantly reduced transaction costs and faster processing times.SushiSwap: By integrating with Polygon, SushiSwap provides liquidity providers and traders with a more efficient and cost-effective trading experience.Curve Finance: Curve leverages Polygon's capabilities to facilitate stablecoin trading with minimal slippage and fees.Benefits for DeFiEnhanced User Experience: Lower fees and faster transactions make DeFi more accessible to a broader audience.Increased Liquidity: Cost-effective transactions encourage more users to participate in liquidity provision and trading.Innovation: Developers can experiment with complex financial instruments without being constrained by high gas fees.Also, Read | How to Deploy a Smart Contract to Polygon zkEVM TestnetNon-Fungible Tokens (NFTs)Polygon has revolutionized the NFT space by addressing the scalability and cost issues that have hindered mainstream adoption.NFT Marketplaces on PolygonOpenSea: OpenSea's integration with Polygon allows users to mint, buy, and sell NFTs with lower fees and quicker transactions.Rarible: Rarible supports Polygon to offer creators and collectors a more affordable platform for NFT activities.Decentraland: This virtual reality platform utilizes Polygon to handle in-world transactions, enhancing the user experience with seamless NFT interactions.Advantages for NFTsCost Efficiency: Minting and transferring NFTs on Polygon is significantly cheaper, enabling artists and creators to engage without prohibitive costs.Scalability: High throughput ensures that NFT marketplaces can handle large volumes of transactions without congestion.Interoperability: NFTs on Polygon can easily interact with other blockchain networks, expanding their utility and reach.Also, Check | How to Mint an NFT on Polygon using Ethers.jsGamingThe gaming industry benefits immensely from Polygon's capabilities, particularly in terms of transaction speed and cost.Blockchain Games on PolygonGods Unchained: A blockchain-based trading card game that uses Polygon to facilitate in-game transactions and asset ownership.Zed Run: A digital horse racing game where Polygon enables the creation, trading, and racing of NFT horses with minimal fees.Aavegotchi: Combining DeFi and gaming, Aavegotchi utilizes Polygon for seamless interactions and asset management within its virtual world.Benefits for GamingReal-Time Transactions: Fast transaction speeds are crucial for in-game purchases and interactions, enhancing the gaming experience.Ownership and Interoperability: Players can truly own their in-game assets and transfer them across different games and platforms.Cost-Effective Microtransactions: Low fees make it feasible to implement frequent, small-scale transactions without burdening the user.Also, Read | How to Create Play-to-Earn Gaming Smart ContractsDecentralized Applications (DApps)Polygon serves as a robust platform for a wide array of DApps, providing the necessary infrastructure to build scalable and efficient applications.Notable DApps on PolygonMatic Network's Own Ecosystem: Including various DeFi, NFT, and gaming applications built natively on Polygon.Quickswap: A decentralized exchange (DEX) similar to Uniswap, optimized for Polygon's high-speed and low-cost environment.Mumbai Testnet: A testing ground for developers to experiment with DApps before deploying them on the main Polygon network.Advantages for DApp DevelopmentEVM Compatibility: Developers can easily port their Ethereum DApps to Polygon with minimal adjustments.Robust Infrastructure: Polygon offers comprehensive tooling and support for developers, including SDKs, APIs, and developer grants.Scalability: The ability to handle large numbers of transactions ensures that DApps can grow without performance bottlenecks.Also, Discover | Polygon zkEVM | For Efficient Scalability of Your dAppSupply Chain ManagementPolygon's blockchain technology can enhance transparency and efficiency in supply chain management by providing immutable records and real-time tracking.Use Cases in Supply ChainVeChain: While primarily built on its own blockchain, VeChain integrates with Polygon to enhance interoperability and scalability for supply chain solutions.Ambrosus: Utilizes Polygon to track and verify the provenance of goods, ensuring quality and authenticity throughout the supply chain.Benefits for Supply ChainTransparency: Immutable records on the blockchain ensure that all parties have access to accurate and tamper-proof information.Efficiency: Real-time tracking and automated processes reduce delays and errors in the supply chain.Trust: Enhanced visibility fosters trust among stakeholders, from manufacturers to end consumers.You may also like | How Blockchain Transforms the Supply Chain FinanceEnterprise SolutionsPolygon offers enterprise-grade blockchain solutions, enabling businesses to leverage decentralized technology for various applications.Enterprise ApplicationsAsset Tokenization: Enterprises can tokenize assets such as real estate, art, and commodities on Polygon, facilitating easier trading and management.Identity Management: Blockchain-based identity solutions on Polygon enhance security and streamline user verification processes.Data Management: Decentralized data storage and management systems built on Polygon provide secure and scalable solutions for businesses.Advantages for EnterprisesScalability and Performance: Polygon's high throughput and low latency make it suitable for enterprise-level applications that require reliability and speed.Cost-Effectiveness: Lower transaction costs enable enterprises to implement blockchain solutions without incurring excessive expenses.Interoperability: Seamless integration with existing systems and other blockchain networks enhances the versatility of enterprise applications.You may also check | Blockchain Meets AI for Inventive Enterprise SolutionsSocial NetworksBlockchain-powered social networks on Polygon offer decentralized alternatives to traditional platforms, emphasizing user control and data privacy.Examples of Social DAppsMemo: A decentralized social media platform built on Polygon that allows users to post content and earn rewards in cryptocurrency.BitClout: Leveraging Polygon's scalability, BitClout enables the creation and trading of social tokens tied to individual users and influencers.Benefits for Social NetworksUser Ownership: Users have greater control over their data and content, reducing reliance on centralized authorities.Monetization Opportunities: Content creators can monetize their work directly through cryptocurrency rewards and token sales.Privacy and Security: Decentralized architectures enhance user privacy and protect against data breaches and censorship.You may also discover | Decentralized Social Media | Empowering Privacy and AutonomyDecentralized Autonomous Organizations (DAOs)Polygon provides an optimal environment for DAOs, enabling decentralized governance and decision-making with enhanced efficiency.DAO Implementations on PolygonAave DAO: A decentralized governance system that uses Polygon to manage proposals and voting for the Aave protocol.Polygon DAO: Governs the Polygon network itself, overseeing protocol upgrades and community initiatives.Advantages for DAOsEfficient Governance: Low transaction fees and fast processing times facilitate more frequent and accessible voting.Scalability: As DAOs grow, Polygon's infrastructure supports increased participation and activity without performance degradation.Interoperability: DAOs can interact with other Polygon-based projects and beyond, fostering collaboration and synergy within the ecosystem.Also, Discover | How to Build a DAO | A Quick ExplainerCross-Chain BridgesPolygon's interoperability features enable seamless interaction between different blockchain networks through cross-chain bridges.Notable BridgesPolygon Bridge: Facilitates the transfer of assets between Ethereum and Polygon, enhancing liquidity and accessibility.AnySwap: A multi-chain bridge that supports cross-chain transactions across various blockchain networks, including Polygon.Benefits of Cross-Chain BridgesAsset Mobility: Users can move assets effortlessly between different blockchains, increasing their utility and reach.Enhanced Liquidity: Cross-chain bridges aggregate liquidity from multiple networks, benefiting DeFi applications and users alike.Interoperability: Bridges enable diverse blockchain ecosystems to communicate and collaborate, fostering a more interconnected and versatile blockchain landscape.Also, Read | How to Build a Cross Chain BridgePrivacy SolutionsPolygon integrates privacy-enhancing technologies to protect user data and transaction details, addressing privacy concerns inherent in public blockchains.Privacy FeaturesZero-Knowledge Proofs (ZKPs): Implemented on Polygon to enable private transactions and data verification without revealing sensitive information.Confidential Transactions: Ensures that transaction amounts and participant details remain confidential, enhancing privacy for users.Advantages for PrivacyEnhanced Security: Protects user data from unauthorized access and surveillance, fostering trust in decentralized applications.Regulatory Compliance: Balances privacy with the need for compliance by enabling selective disclosure of information.User Confidence: Increased privacy measures encourage more users to adopt blockchain technologies without compromising their privacy.Also, Check | Build a Secure Smart Contract Using zk-SNARKs in SolidityTechnical Aspects Enabling Diverse Use CasesLayer 2 ArchitecturePolygon's Layer 2 solutions, including Plasma Chains and Optimistic Rollups, provide the scalability and performance necessary for diverse applications. By processing transactions off the main Ethereum chain, Polygon significantly reduces congestion and costs while maintaining security through periodic checkpoints on Ethereum.EVM CompatibilityPolygon's full compatibility with the Ethereum Virtual Machine (EVM) allows developers to easily migrate existing Ethereum DApps or build new ones using familiar tools and languages like Solidity. This interoperability ensures a seamless development experience and broadens the potential for innovation.Developer Tools and EcosystemPolygon offers a comprehensive suite of developer tools, including SDKs, APIs, and documentation, to facilitate the creation and deployment of DApps. Additionally, initiatives like Polygon's Developer Fund and hackathons foster a vibrant developer community, driving continuous innovation and ecosystem growth.Security FrameworkPolygon employs robust security measures, including decentralized validators and secure consensus mechanisms, to protect the network from attacks and ensure the integrity of transactions. Regular security audits and community-driven governance further enhance Polygon's resilience and trustworthiness.Also, Read | Layer 2 Blockchain Scaling Solutions | Resolving Scalability IssuesBenefits of Polygon for Diverse Use CasesScalability and PerformancePolygon's ability to handle high transaction volumes with low latency makes it suitable for applications that require real-time interactions and large-scale operations, such as gaming and DeFi.Cost EfficiencyBy significantly lowering transaction fees, Polygon enables cost-effective solutions for microtransactions, NFT minting, and frequent trading activities, making blockchain technology more accessible to a wider audience.InteroperabilityPolygon's support for cross-chain communication and integration with multiple blockchain networks enhances the versatility of DApps, allowing them to interact with various ecosystems and leverage diverse resources.Developer-Friendly EnvironmentWith its EVM compatibility and extensive developer tools, Polygon provides a seamless environment for developers to build, deploy, and scale DApps, fostering innovation and accelerating the development process.Enhanced User ExperienceLower fees and faster transactions translate to a smoother and more enjoyable user experience, encouraging greater adoption and engagement with blockchain applications.You may also discover | Polygon 2.0 | Unifying Liquidity and BeyondChallenges and ConsiderationsSecurity ConcernsWhile Polygon inherits Ethereum's security through its Layer 2 solutions, it introduces additional layers that could potentially be exploited. Ensuring robust security measures and regular audits is crucial to mitigate risks.Network CentralizationPolygon's consensus mechanism relies on a set of validators, raising concerns about centralization and the potential for collusion. Continued efforts to decentralize the validator set and enhance network security are essential for maintaining trust.Interoperability LimitationsDespite significant advancements, cross-chain interoperability remains a complex challenge. Ensuring seamless and secure interactions between diverse blockchain networks requires ongoing innovation and collaboration.Regulatory ComplianceAs Polygon supports a wide range of applications, including financial services and NFTs, navigating the evolving regulatory landscape is a critical consideration. Ensuring compliance while maintaining decentralization and user privacy is a delicate balance.User AdoptionWhile Polygon offers numerous technical advantages, achieving widespread user adoption requires education, user-friendly interfaces, and compelling use cases that demonstrate the tangible benefits of the platform.Also, Check | Polygon Blockchain (Matic) | A Comprehensive GuideFuture Trends and Potential Use CasesEnhanced Cross-Chain SolutionsFuture developments in cross-chain technology will further enhance Polygon's interoperability, enabling even more seamless interactions between blockchain networks and expanding the potential for integrated applications.Advanced DeFi InstrumentsAs the DeFi ecosystem matures, Polygon is well-positioned to support more sophisticated financial instruments, such as decentralized derivatives, insurance protocols, and algorithmic stablecoins, driving innovation and financial inclusion.Integration with IoTPolygon's scalable infrastructure can support the integration of blockchain technology with the Internet of Things (IoT), enabling secure and transparent data management, automated transactions, and decentralized control systems for smart devices.Expansion into Emerging MarketsPolygon's cost-effective and scalable solutions make it an ideal platform for deploying blockchain applications in emerging markets, where access to traditional financial services and technology infrastructure may be limited.Sustainable Blockchain SolutionsWith growing concerns about the environmental impact of blockchain technology, Polygon's energy-efficient consensus mechanisms and Layer 2 solutions position it as a sustainable choice for eco-friendly blockchain applications.Also, Discover | Polygon Blockchain Explained | A Detailed LookConclusionPolygon has established itself as a versatile and powerful blockchain platform, enabling a wide array of use cases across DeFi, NFTs, gaming, enterprise solutions, and beyond. Its Layer 2 architecture, EVM compatibility, and robust developer ecosystem provide the foundation for scalable, efficient, and innovative decentralized applications. While challenges such as security, centralization, and regulatory compliance persist, Polygon's ongoing advancements and commitment to interoperability position it as a key driver in the evolution of the decentralized internet. As the blockchain landscape continues to expand, Polygon's diverse use cases and technical strengths will undoubtedly play a crucial role in shaping the future of decentralized technology.Stay connected with us for more in-depth analyses and updates on the latest developments in blockchain technology. Subscribe to our newsletter and follow us on social media to join the conversation! In case if you are looking to develop your project leveraging the potential of Polygon, connect with our skilled blockchain app developers to get started.
Category:
Blockchain
Mudit Kumar
12 Jan 2024
Polygon zkEVM | For Efficient Scalability of Your dApp
In the ever-evolving landscape of blockchain technology, scalability has long been a central challenge. As the demand for decentralized applications (DApps) and smart contracts continues to surge, platforms are continually seeking innovative solutions to address the limitations of existing scaling solutions. One such groundbreaking advancement is zkEVM development on Polygon blockchain, a cutting-edge technology that promises to revolutionize scalability on the Ethereum network.Understanding the Need for ScalingBlockchain networks, particularly Ethereum, have faced persistent challenges related to scalability. The increasing adoption of decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and other blockchain-based services has led to network congestion, higher transaction fees, and slower confirmation times. Recognizing the urgency of addressing these issues, Polygon has introduced zkEVM to provide a scalable and efficient solution.Also, Read | How Polygon AggLayer Emerges to be the Hub for Ethereum L2sWhat is Polygon zkEVMPolygon zkEVM, short for zero-knowledge Ethereum Virtual Machine, is a layer 2 scaling solution built on zero-knowledge rollups technology. It leverages zk-rollups to enable faster and cheaper transactions while maintaining the security and decentralization of the Ethereum mainnet. This innovation allows developers to seamlessly port their Ethereum-based applications to the Polygon network, unlocking a new era of efficiency. Also, Check | Polygon Blockchain (Matic) | A Comprehensive GuideKey Features of Polygon zkEVM:ScalabilitySignificantly reduces transaction fees and confirmation timesEnables the processing of thousands of transactions per second, addressing Ethereum's current throughput limitationsInteroperabilityMaintains compatibility with existing Ethereum smart contracts, facilitating a seamless transition for developersAllows users to move assets between the Ethereum mainnet and Polygon zkEVM with ease.SecurityPreserves the security guarantees of the Ethereum mainnet by utilizing zero-knowledge proofsEmploys cryptographic techniques to ensure the integrity and privacy of transactions.DecentralizationRetains the decentralized nature of the Ethereum network, with validators participating in the consensus process through the use of zero-knowledge proofsUser-Friendly ExperienceProvides a smooth and familiar development environment for Ethereum developers, making it easier to onboard existing projects onto Polygon zkEVMOffers users a seamless and cost-effective experience, enhancing the overall usability of decentralized applications.Also, Explore | Polygon 2.0 | Unifying Liquidity and BeyondUse Cases and ApplicationsPolygon zkEVM opens the door to a myriad of possibilities for developers and users alike. Some potential use cases include:DeFi ApplicationsEfficient and low-cost trading, lending, and borrowing on decentralized finance platformsNFT MarketplacesFaster and more affordable transactions for buying, selling, and trading non-fungible tokens on NFT marketplacesGamingScalable and cost-effective in-game transactions, item transfers, and other gaming-related activities.Supply Chain and LogisticsEnhanced efficiency and reduced costs for tracking and verifying supply chain transactionsYou may also like | Polygon Blockchain Explained | A Detailed LookConclusionPolygon zkEVM represents a significant milestone in the quest for blockchain scalability. By combining the familiarity of Ethereum with the efficiency of zero-knowledge rollups, Polygon has positioned itself at the forefront of the scaling solutions race. As developers and users increasingly embrace this technology, the broader blockchain ecosystem stands to benefit from a more scalable, interoperable, and user-friendly future. As we witness the continued evolution of blockchain technology, Polygon zkEVM stands tall as a testament to the industry's commitment to overcoming challenges and pushing the boundaries of what is possible in decentralized innovation. If you are looking to leverage the potential of zk-proofs, hire our blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
31 Dec 2023
Cross-Chain Swaps | Empowering Crypto Exchange Development
In the dynamic landscape of blockchain and cryptocurrency, the pursuit of interoperability has emerged as a driving force for innovation. Cross-chain swaps, a revolutionary concept gaining prominence, offer a solution to the challenges of isolated crypto exchange development. In this blog, we'll delve into the intricacies of cross-chain swaps, exploring what they are, how they work, and the transformative impact they have on the decentralized ecosystem.
Understanding Cross-Chain Swaps
These swaps, often referred to as atomic swaps, break down the barriers between different blockchain networks, allowing users to exchange assets seamlessly without the need for an intermediary. Unlike traditional centralized exchanges, they operate in a decentralized manner, empowering users with full control over their assets throughout the entire swapping process.
Watch | Crypto Swap Platform Developed by Oodles
How Cross-Chain Swaps Work
Smart Contracts
At the heart of these swaps is smart contract development. These self-executing contracts facilitate the exchange of assets between two parties, ensuring that the swap is executed only if both parties fulfill their obligations.
Hash Time-Locked Contracts (HTLC)
The use of HTLCs is a key mechanism in cross-chain swaps. HTLCs set a specific time frame during which the swap must be completed. If the conditions of the swap are not met within the designated time, the transaction is canceled, preventing the risk of fraud.
Interoperability Protocols
To enable cross-chain swaps, interoperability protocols play a crucial role. These protocols define the standards and communication methods that different blockchains use to interact with each other.
Also, Explore | Cross-Chain DeFi Technology | Shaping the Future of Finance
Advantages of Cross-Chain Swaps
Decentralization
By eliminating the need for centralized exchanges, cross-chain swaps enhance decentralization. Users retain control of their private keys and assets throughout the entire swapping process.
Reduced Counterparty Risk
The use of smart contracts and HTLCs significantly reduces counterparty risk. Both parties must fulfill their obligations for the swap to occur, minimizing the potential for fraud or default.
Asset Diversity
Cross-chain swaps enable the exchange of different blockchain assets, fostering a more interconnected and diverse ecosystem. This opens up new possibilities for users to access a wide range of cryptocurrencies without relying on multiple exchanges.
Increased Privacy
The decentralized nature of cross-chain swaps enhances privacy, as users can execute swaps without the need to disclose sensitive information to a centralized entity.
You may also like | Blockchain Bridges | Enabling Cross-Chain Interoperability
Challenges and Solutions
While cross-chain swaps offer tremendous potential, they are not without challenges. Issues such as varying blockchain protocols, liquidity constraints, and potential security vulnerabilities need to be addressed. Ongoing research and development efforts are focused on creating standardized solutions and enhancing the overall security and usability of cross-chain swap protocols.
Explore More | Cross-Chain DEX for Seamless Interoperability and Liquidity
The Future of Decentralized Finance (DeFi)
Cross-chain swaps play a pivotal role in the evolution of decentralized finance (DeFi). As DeFi continues to grow, the ability to seamlessly exchange assets across different blockchains becomes increasingly essential. Cross-chain swaps provide a gateway to a more interconnected and collaborative DeFi ecosystem, offering users unparalleled flexibility and access to a diverse array of financial instruments.
Conclusion
In the ever-expanding universe of blockchain technology, swaps stand as a testament to the industry's commitment to innovation and interoperability.
As these swaps become more prevalent and user-friendly, they have the potential to reshape the way we view and interact with blockchain networks. The era of seamless, decentralized asset exchange is upon us, promising a future where the limitations of blockchain silos are a thing of the past.
These swaps are not merely a technological advancement; they represent a paradigm shift towards a more interconnected, efficient, and user-centric decentralized ecosystem. If you are interested in developing a cross-chain swap protocol, hire our blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
31 Dec 2023
The Rise of Neobanks on the Blockchain
Traditional banking systems have long been the backbone of financial transactions, but the emergence of blockchain app development has paved the way for a new era in banking—Neobanks on the blockchain. This innovative fusion of financial services and decentralized technology is reshaping the landscape of banking, offering a range of benefits including enhanced security, transparency, and accessibility. In this blog, we will explore the exciting realm of Neobank development on the blockchain and the transformative potential it holds for the future of finance.
The Evolution of Neobanks
Neobanks, also known as digital banks or challenger banks, are financial institutions that operate exclusively online, without physical branches. These banks leverage technology to provide a seamless and user-friendly banking experience, often disrupting traditional banking models. However, the integration of blockchain technology takes the concept of Neobanks to a whole new level, introducing unparalleled security, efficiency, and inclusivity.
Also, Explore | Efficient Banking Solutions with Blockchain Technology
Key Features of Neobanks on the Blockchain
Decentralization
Leveraging blockchain's decentralized nature, Neobanks on the blockchain eliminates the need for a central authority, reducing the risk of single points of failure and enhancing the overall security of financial transactions.
Smart Contracts
Smart contracts enable automated and self-executing agreements, streamlining various banking processes such as loan approvals, fund transfers, and payment settlements. This not only reduces operational costs but also minimizes the potential for human error.
Transparency and Immutability
Every transaction on the blockchain is recorded in a transparent and immutable ledger. This level of transparency ensures that users can trace and verify transactions, fostering trust and accountability in the financial system.
Financial Inclusion
Blockchain-powered Neobanks have the potential to bring financial services to the unbanked and underbanked populations. By eliminating the need for traditional identification processes and providing services through mobile devices, blockchain Neobanks can extend financial access to a broader demographic.
Cross-Border Transactions
Blockchain's borderless nature enables seamless and cost-effective cross-border transactions. Neobanks leveraging blockchain technology can offer users the ability to send and receive funds globally without the delays and high fees associated with traditional banking systems.
Tokenization of Assets
Neobanks on the blockchain can tokenize various assets, including traditional currencies, commodities, and even real estate. This tokenization provides users with fractional ownership and the ability to trade assets with unprecedented ease.
You may also like | Ripple and Stellar Blockchain Solutions in Banking
Use Cases and Applications
Peer-to-Peer Lending
Neobanks on the blockchain can facilitate decentralized peer-to-peer lending platforms, allowing individuals to lend and borrow funds without intermediaries.
Digital Identity and KYC
Blockchain Neobanks can enhance security by implementing decentralized identity solutions, reducing the reliance on traditional Know Your Customer (KYC) processes.
Automated Investment Platforms
Smart contracts enable the creation of automated investment platforms, where users can deploy their funds into a variety of investment opportunities without the need for intermediaries.
Microfinance and Micropayments
Neobanks on the blockchain can cater to microfinance needs, enabling small-scale loans and facilitating micropayments with reduced transaction costs.
Explore More | A Quick Guide to Understanding Crypto Payment Gateway
Conclusion
The development of Neobanks on the blockchain represents a significant step toward a more inclusive, secure, and efficient financial ecosystem. As blockchain technology continues to mature, the integration of Neobanks with decentralized finance (DeFi) elements is likely to redefine the way we interact with and manage our finances. The disruptive potential of blockchain underscores the ongoing transformation of the financial industry and sets the stage for a more accessible and transparent global banking landscape.
Interested in venturing into transforming the space of digital banking, hire our blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
31 Dec 2023
The Emergence of Blockchain-Based Carbon Credits Marketplaces
In a world grappling with the challenges of climate change, the need for innovative blockchain solutions to reduce carbon emissions has never been more urgent. One such solution gaining momentum is the development of blockchain-based carbon credit marketplaces. Leveraging the power of decentralized ledger technology, these marketplaces offer a transparent, secure, and efficient way to trade carbon credits. In this blog, we'll explore the significance of blockchain in the context of carbon credits, the key features of blockchain-based marketplaces, and the potential impact on global sustainability efforts.
Understanding Carbon Credits
Before delving into blockchain's role, it's crucial to understand the concept of carbon credits. Carbon credits are a market-driven mechanism designed to incentivize businesses and individuals to reduce their carbon footprint. Essentially, organizations that emit fewer greenhouse gases than their allocated limit can sell their excess carbon credits to those exceeding their limit. This system creates a financial incentive for sustainable practices and carbon reduction initiatives.
The Challenges of Traditional Carbon Credit Markets:
While the idea of carbon credits is noble, traditional markets face several challenges, including a lack of transparency, cumbersome processes, and the risk of fraud. Paper-based documentation and reliance on intermediaries contribute to inefficiencies, hindering the scalability and impact of carbon credit initiatives. This is where blockchain technology steps in to revolutionize the carbon credit ecosystem.
Blockchain's Role in Carbon Credits
Blockchain, the underlying technology behind cryptocurrencies like Bitcoin, offers a decentralized and tamper-resistant ledger that can transform the carbon credit market. Here's how:
Transparency
\Blockchain ensures transparency by recording every transaction on an immutable ledger. This transparency helps in verifying the legitimacy of carbon credits, fostering trust among market participants.
Smart Contracts
Smart contracts, self-executing contracts with the terms of the agreement directly written into code, automate and streamline the carbon credit trading process. This reduces the need for intermediaries, minimizing costs and enhancing efficiency.
Traceability: With blockchain, the entire lifecycle of a carbon credit, from its creation to retirement, can be traced. This traceability enhances the credibility of carbon credits and helps stakeholders ensure that they are investing in legitimate and impactful sustainability projects.
Decentralization: The decentralized nature of blockchain eliminates the need for a central authority, reducing the risk of fraud and manipulation. This decentralized approach also makes the marketplace more resilient to cyber attacks.
Features of Blockchain-Based Carbon Credits Marketplaces:
Tokenization: Carbon credits can be tokenized on the blockchain, creating easily tradable digital assets. This enhances liquidity and accessibility in the carbon credits market.
Global Accessibility: Blockchain-based marketplaces have the potential to connect participants from around the globe, facilitating a more inclusive and expansive carbon credit ecosystem.
Integration with IoT: Internet of Things (IoT) devices can be integrated with blockchain to directly measure and record emissions data. This real-time data enhances the accuracy of carbon credit calculations.
Interoperability: Interoperability between different blockchain platforms ensures seamless collaboration and compatibility within the carbon credits marketplace.
Potential Impact on Sustainability:
The development of blockchain-based carbon credits marketplaces holds immense promise for advancing sustainability goals. By addressing the challenges of traditional markets, blockchain technology can unlock new opportunities for businesses, governments, and individuals to actively participate in carbon reduction efforts. The transparent and efficient nature of blockchain ensures that every contribution to carbon reduction is accounted for, fostering a more accountable and sustainable global economy.
Conclusion:
Blockchain-based carbon credits marketplaces represent a paradigm shift in the way we approach carbon reduction and sustainability. The integration of blockchain technology brings transparency, efficiency, and trust to a system that is critical for mitigating climate change. As these marketplaces continue to evolve, their potential to drive meaningful impact on a global scale cannot be overstated. By embracing this innovative approach, we take a significant step towards creating a more sustainable and resilient future for generations to come.
Category:
Blockchain
Mudit Kumar
29 Dec 2023
Harnessing the Power of Blockchain for Fleet Management
In the dynamic landscape of transportation and logistics, fleet management faces numerous challenges, from ensuring the security of assets to optimizing operational efficiency. Blockchain technology has emerged as a transformative solution, offering transparency, security, and efficiency to the intricate processes of fleet management. In this comprehensive blog, we'll explore the various ways in which blockchain is reshaping the future of fleet management. To develop a blockchain-based fleet management solution, opting for trusted blockchain development services is a must.
Understanding Fleet Management
Fleet management involves the coordination, maintenance, and supervision of a company's vehicles, whether it be trucks, cars, or other types of transportation assets. The challenges inherent in this field include ensuring the safety of drivers, optimizing routes, monitoring fuel consumption, and maintaining compliance with regulations.
The Role of Blockchain in Fleet Management
Enhanced Transparency
Blockchain's decentralized and transparent nature provides a secure and immutable ledger that records every transaction and event related to fleet operations. This transparency helps in reducing disputes, fraud, and errors in the system.
Immutable Recordkeeping
Each transaction or event, such as maintenance records, fueling, and repair history, is recorded in a secure and tamper-resistant manner on the blockchain. This ensures a reliable and auditable record of the entire lifecycle of each vehicle.
Smart Contracts for Automation
Smart contracts, self-executing contracts with the terms of the agreement directly written into code, can automate various processes within fleet management. For instance, they can automatically trigger maintenance schedules, payments, or alerts for scheduled inspections.
Also, Check | Smart Contract Development Services
Real-Time Tracking and Monitoring
Blockchain enables real-time tracking of vehicles through the integration of IoT (Internet of Things) devices. This facilitates precise monitoring of routes, fuel consumption, and the condition of the vehicles, allowing for better decision-making.
Supply Chain Integration
By integrating blockchain into the supply chain, fleet management can gain a comprehensive view of the entire logistics process. This includes tracking the movement of goods, verifying the origin and authenticity of products, and ensuring compliance with regulations.
Data Security and Privacy
Blockchain's cryptographic features ensure the security and privacy of sensitive data. Access to information can be permissioned, and data is encrypted, reducing the risk of unauthorized access and data breaches.
Streamlined Maintenance Processes
The transparent and verifiable nature of blockchain records simplifies the maintenance process. Automated maintenance schedules, recorded on the blockchain, ensure that vehicles are serviced promptly, reducing the likelihood of breakdowns and improving overall reliability.
Immutable Compliance Records
Compliance with regulations is critical in fleet management. Blockchain maintains immutable records of compliance-related activities, making it easier to demonstrate adherence to industry regulations during audits.
Also, Explore | Blockchain in Supply Chain | Use Cases, Advantages, and Features
Challenges and Considerations
Integration Complexity
Integrating blockchain into existing fleet management systems may pose challenges. Companies need to carefully plan and execute the integration process to ensure a seamless transition.
Scalability
As the number of vehicles and transactions increases, scalability becomes a concern. Choosing a blockchain solution that can scale to meet the growing demands of fleet operations is essential.
Standardization
Achieving industry-wide standardization for blockchain implementation in fleet management is a challenge. Collaboration between stakeholders is necessary to establish common protocols and standards.
Also, Read | Reimagining Supply Chain Management with NFTs
Conclusion
Blockchain technology is ushering in a new era for fleet management, providing a decentralized, transparent, and secure framework for optimizing operations. From real-time tracking to automated maintenance schedules, the applications of blockchain in fleet management are diverse and impactful. As the technology continues to mature, companies in the transportation and logistics sector can leverage blockchain to gain a competitive edge, enhance operational efficiency, and navigate the complexities of the modern fleet management landscape. If you are interested in exploring more about using blockchain for fleet management, connect with our blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
22 Dec 2023
Exploring the Top Blockchain Platforms for Your Enterprise
Blockchain technology has rapidly evolved from its cryptocurrency origins to become a transformative force in enterprise applications. As businesses seek secure, transparent, and efficient blockchain app development for their operations, several blockchain platforms have emerged as leaders in catering to the diverse needs of enterprises. In this comprehensive guide, we'll explore the top blockchain platforms that are making waves in the enterprise world.
Top Enterprise Blockchain Platforms
Hyperledger Fabric
Hosted by the Linux Foundation, Hyperledger Fabric is an open-source enterprise-grade permissioned blockchain platform. It offers modular architecture, enabling enterprises to customize their blockchain networks.
Key Features
Permissioned network for enhanced privacy and security
Smart contract support using Chaincode
Scalability and flexibility for diverse business applications
Robust permission and consensus mechanisms
Ethereum Enterprise
Ethereum, known for its public blockchain and smart contract capabilities, has extended its offerings to cater specifically to enterprise needs. Ethereum Enterprise is a private, permissioned blockchain designed for corporate applications.
Key Features
Smart contract functionality for automation
Permissioned access for enhanced privacy
Compatibility with Ethereum development tools
Consistent updates and active community support
R3 Corda
R3 Corda is a distributed ledger platform designed for businesses in finance and beyond. It focuses on ensuring privacy and scalability for enterprise-grade solutions.
Key Features
Fine-grained access control for data privacy
Support for smart contracts through CorDapps
Interoperability with existing systems
High throughput and low-latency consensus mechanism.
You may also like | Corda Blockchain for Enterprise App Development with Use Cases
Quorum
Quorum is an enterprise-focused blockchain platform developed by J.P. Morgan. It is built on the Ethereum protocol and is designed to provide enhanced privacy and permissioning features for business applications.
Key Features
Privacy through Constellation, a peer-to-peer encrypted message exchange
Permissioned network for controlled access
Support for both public and private transactions
Integration with existing business processes
Also, Explore | Avalanche Blockchain Development | Built for dApps and DeFi
Binance Smart Chain (BSC)
Binance Smart Chain is a blockchain platform that runs in parallel with Binance Chain. It offers a fast and low-cost alternative for deploying decentralized applications (DApps) and smart contracts.
Key Features
Compatibility with the Ethereum Virtual Machine (EVM)
Fast block times and low transaction fees
Dual-chain architecture for flexibility
Robust developer tools and community support
Also, Explore | Why Develop DeFi dApps and Protocols with Binance Smart Chain
Corda Enterprise
Corda Enterprise is an extended version of R3 Corda, specifically designed for large-scale enterprise use. It addresses the unique requirements of complex business networks.
Key Features
Enterprise-grade support and services
Advanced data privacy features
High performance and scalability
Integration with existing enterprise systems
Conclusion
The adoption of blockchain technology in enterprises continues to grow, driven by the need for enhanced security, transparency, and efficiency. Each of the aforementioned blockchain platforms brings its own set of features and advantages, catering to diverse business requirements. As the landscape evolves, it's crucial for enterprises to carefully assess their needs and choose a blockchain platform that aligns with their specific goals and industry demands. Whether it's Hyperledger Fabric for modularity, Ethereum Enterprise for smart contracts, R3 Corda for financial applications, Quorum for privacy, Binance Smart Chain for low-cost transactions, or Corda Enterprise for large-scale deployments, the world of enterprise blockchain offers a spectrum of solutions for businesses looking to leverage this revolutionary technology. If you are interested in developing enterprise blockchain solutions, our skilled blockchain developers can help you get started easily.
Category:
Blockchain
Mudit Kumar
17 Dec 2023
Crypto Trading Bot Development | A Quick Guide
The volatile and dynamic nature of the crypto exchange development has given rise to innovative tools and technologies, one of which is the crypto trading bot development. These automated systems are designed to execute trades on behalf of traders, leveraging algorithms and market data to make swift and informed decisions. In this comprehensive guide, we'll explore the world of crypto trading bot development, covering its benefits, key features, and the steps involved in creating a successful trading bot.Understanding Crypto Trading BotsCrypto trading bots are software programs that use predetermined rules and algorithms to execute trades on cryptocurrency exchanges. They are designed to analyze market data, identify trading opportunities, and execute buy or sell orders without the need for constant human intervention.Benefits of Crypto Trading Bot Development24/7 TradingUnlike human traders, bots can operate 24/7, taking advantage of market movements and opportunities across different time zones.Emotion-Free TradingBots operate based on predefined algorithms, eliminating the emotional factors that often influence human decision-making in the highly volatile cryptocurrency market.Speed and PrecisionBots can execute trades in milliseconds, reacting swiftly to market changes and ensuring precise entry and exit points.Backtesting and Strategy OptimizationTraders can backtest their strategies using historical data, allowing them to refine and optimize their algorithms before deploying them in live markets.DiversificationCrypto trading bots can manage multiple trading pairs simultaneously, enabling traders to diversify their portfolios and reduce risk. Also, Explore | Top AI TrendsMust-Have Key Features for Crypto Trading Bot DevelopmentAlgorithmic Trading StrategiesDifferent bots employ various trading strategies, including trend following, arbitrage, market making, and statistical arbitrage.Risk ManagementEffective risk management features, such as stop-loss orders and position sizing algorithms, are crucial for protecting the capital of the trader.Market Data AnalysisBots rely on real-time market data and historical price charts to identify patterns, trends, and potential trade opportunities.Integration with ExchangesSeamless integration with cryptocurrency exchanges is essential for executing trades. APIs (Application Programming Interfaces) are commonly used for this purpose.Security MeasuresRobust security protocols, including encryption and secure API connections, are critical to protect the bot and the trader's assets. Also, Read | The Ultimate Guide to Understanding Market Making BotsSteps in Crypto Trading Bot DevelopmentDefine Objectives and StrategyClearly outline the objectives of the bot and the trading strategy it will follow, considering factors such as risk tolerance and market conditions.Choose a Programming LanguageSelect a programming language suitable for algorithmic trading, such as Python or JavaScript.Access Market DataUtilize APIs to access real-time market data, historical price charts, and other relevant information.Develop Trading AlgorithmsImplement the chosen trading strategy using algorithms that analyze market data and make informed decisions. Also, Explore | Crucial Insights into Crypto Sniper Bot DevelopmentBacktestingTest the bot's performance using historical data to identify potential flaws and optimize its algorithms.Integration with ExchangesIntegrate the bot with cryptocurrency exchanges through APIs, ensuring seamless execution of trades.Risk Management ImplementationImplement risk management features, including stop-loss orders and position sizing algorithms, to protect the trader's capital.Security ConsiderationsImplement robust security measures to protect the bot and the trader's assets from potential threats. You may also like | AI Crypto Trading Bots | Reshaping Crypto TradingConclusionCrypto trading bot development has revolutionized the way traders participate in the cryptocurrency market. By leveraging algorithms and automation, these bots offer speed, precision, and 24/7 trading capabilities. As the crypto market continues to evolve, the development of sophisticated trading bots will likely play a crucial role in helping traders navigate the complexities of digital asset trading. However, developers and traders alike need to stay vigilant, continuously optimize their strategies, and adapt to the ever-changing landscape of the cryptocurrency market. If you are interested in crypto trading developers, our skilled crypto and blockchain developers can help you get started.
Category:
Blockchain
Mudit Kumar
16 Dec 2023
Avalanche Blockchain Development | Built for dApps and DeFi
Blockchain enthusiasts frequently discuss the future: the upcoming wave, emerging trends, and the myriad possibilities. While these discussions are captivating, the current developments are equally noteworthy. Amidst the attention-grabbing headlines and flashy launches, Avalanche blockchain development services are quietly making a tangible impact today. It is because the blockchain is fast and flexible and already delivering previously unimaginable benefits.
Exploring Avalanche Blockchain
Avalanche is a highly scalable, decentralized blockchain platform that supports the development of diverse dApps and DeFi applications. Conceived by Emin Gün Sirer and his team, Avalanche features an innovative consensus protocol known as Avalanche consensus. This protocol prioritizes consensus achievement through "snowball sampling," ensuring swift and secure transaction confirmations, even as the network expands. This efficiency is orchestrated by a combination of specialized sub-networks, referred to as "subnets," and a pioneering consensus mechanism named "Avalanche consensus."
Avalanche is often referred to as the "Blockchains of Blockchains," distinguishing itself from traditional chains like Solana or Ethereum. It operates as a fusion of three distinct blockchains, each catering to specific use cases.
Also, Explore | Blockchain Development Services
Exchange (X) Chain
This platform focuses on asset creation, administration, and transaction facilitation.
Platform (P) Chain
Dedicated to subnet management, this chain ensures effective coordination among validators.
Contract (C) Chain
Utilizing the Ethereum Virtual Machine (EVM), this chain serves as the foundation for developing Smart Contracts.
Smart Contracts Development with Avalanche Blockchain
At the core of dApps and DeFi applications, smart contracts provide the foundation for programmable and automated financial services. Avalanche stands out by seamlessly supporting the Ethereum Virtual Machine (EVM), ensuring compatibility with pre-existing Ethereum smart contracts. Developers can effortlessly transition their applications from Ethereum to Avalanche, capitalizing on its enhanced scalability and reduced transaction costs. Additionally, Avalanche introduces its proprietary smart contract language, "AVM," tailored for the platform. It empowers developers to build custom smart contracts that leverage and optimize Avalanche's distinctive features.
Avalanche Blockchain Use Cases
DeFi
DeFi, or Decentralized Finance, encompasses all financial services operating on blockchain technology, enabling trustless, permissionless, and rapid transactions.
Examples
DeFi applications like DeBank and Dexalot thrive on the Avalanche network.
Also, Check | Avalanche Blockchain | The Go-To Web3 Development Platform
dApps
Decentralized Applications (dApps) on Avalanche leverage blockchain technology, with flexibility in decentralization. They can operate through peer-to-peer networks or traditional hierarchical structures, distinguished by their use of decentralized protocols.
Examples
Blocknet, Core, and Dappradar are notable dApps within Avalanche's ecosystem.
NFTs
Non-fungible tokens (NFTs) on Avalanche represent unique digital items securely stored on the blockchain, serving as digital records of ownership.
Examples
Art collections like "30 Years of Airbus Helicopters" and gaming NFT collections like "Chikn" find a home on Avalanche's blockchain.
Enterprise Solutions
Avalanche's flexibility, customizability, and scalability make it an appealing choice for enterprise solutions seeking high levels of security, privacy, and performance.
Examples
Businesses leverage Avalanche for creating private or consortium blockchains tailored to specific requirements, ensuring interoperability with other Avalanche-based networks.
Internet of Things (IoT)
In the rapidly growing field of the Internet of Things (IoT), Avalanche's high throughput, low latency, and energy efficiency make it an ideal platform for secure and efficient data management, communication, and automation.
Features
Support for custom blockchains enables the development of specialized IoT solutions catering to specific industries and use cases.
Gaming and Virtual Worlds
Avalanche's high performance, low transaction fees, and cross-chain interoperability make it an attractive option for gaming and virtual world applications.
Capabilities
Developers leverage Avalanche to create immersive, decentralized gaming experiences with tokenized assets, in-game economies, and cross-platform interactions. NFT support enables the creation of unique digital assets within gaming environments.
You may also like | How Web3 and Blockchain are Transforming Gaming
Advantages of Utilizing the Avalanche Blockchain for Your Project Development
Efficiency
The Avalanche blockchain pioneers a novel synergistic approach, devised by a team of Cornell computer scientists, enabling the permanent validation of transactions in under one second.
Adaptability
With a capacity for 4,500 transactions per second, the Avalanche blockchain stands as the fastest-growing system among current blockchain networks.
Security
Going beyond the conventional 51% threshold the Avalanche blockchain instills enhanced security measures, fostering greater confidence in its network integrity.
Speed
Avalanche's blockchain empowers developers to craft custom blockchains and applications, easily segmented for logical organization, thereby enhancing operational speed.
Sustainability
Geared for the future, the Avalanche blockchain champions sustainability by eschewing proof of work in favor of an energy-saving consensus approach, paving the way for businesses to thrive with reduced environmental impact.
Smart Contract Support
Avalanche's blockchain facilitates the design of smart Solidity contracts by developers using familiar Ethereum tools such as Remix, Metamask, Truffle, and more.
Private and Public Blockchains
Within the Avalanche blockchain ecosystem, developers or development companies can seamlessly create both public and private blockchains, offering versatility in project implementation.
Designed for Finance
Tailored for the financial sector, the Avalanche blockchain expedites the establishment and commercialization of intricate, customized systems for digital assets, aligning with the evolving needs of the finance industry.
Also, Read | NFT Royalties Explained | Empowering Artists and Investors
Closing Thoughts on Avalanche
Avalanche stands out as a groundbreaking blockchain platform, presenting a distinctive blend of scalability, customizability, and cross-chain interoperability. This unique combination positions it as an appealing option for diverse applications and use cases. Bolstered by advanced consensus mechanisms, the ability to support subnetworks and custom blockchains, and a dynamically expanding ecosystem, Avalanche is well-positioned to exert a substantial influence on the blockchain industry.
If you have a project in mind that you want to develop on Avalanche Blockchain, consider connecting with our blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
30 Nov 2023
AI-Based P2P Lending Platform Development
Peer-to-peer (P2P) lending has emerged as a revolutionary disruptor in the financial sector, granting individuals and businesses direct access to loans and investments, effectively sidestepping the conventional financial middlemen. Today, the infusion of Artificial Intelligence (AI) is ushering P2P lending platforms into a transformative era with the help of a P2P lending platform development company. In this all-encompassing blog, we embark on a journey to explore the realm of AI-powered P2P lending platforms. We'll uncover their fundamental concepts, elucidate their myriad benefits, dissect the strategies for their development, and envision the immense potential they harbor for reshaping the future of finance.
Understanding AI in P2P Lending
Artificial Intelligence (AI)
AI comprises diverse technologies, including machine learning, natural language processing, and predictive analytics. These innovations empower computers to replicate human intelligence, enabling them to make informed decisions through data analysis.
Peer-to-Peer (P2P) Lending
P2P lending platforms directly link borrowers with lenders, obviating the necessity for traditional financial intermediaries. In this setup, borrowers solicit loans, and investors provide funding in exchange for interest payments.
Also, Explore | NFT Lending and Borrowing | When NFT Meets DeFi
The Synergy of AI and P2P Lending
The marriage of AI and P2P lending presents a seamless synergy, offering an array of advantages:
Enhanced Risk Assessment and Credit Scoring
AI algorithms possess the capability to scrutinize extensive datasets meticulously, rendering precise evaluations of borrower creditworthiness. This, in turn, mitigates default risks and empowers lenders to make well-informed investment decisions.
Streamlined Automated Underwriting
AI streamlines and expedites loan underwriting processes, ensuring faster approvals for borrowers and reducing administrative overheads for lenders.
Vigilant Fraud Detection
AI-driven systems are vigilant sentinels, proficiently identifying and thwarting fraudulent activities in real-time. This fortifies platform security, safeguarding the interests of both borrowers and lenders.
Tailored Loan Recommendations
AI delves into borrower profiles, enabling the provision of personalized loan recommendations. This tailoring augments the overall borrowing experience, meeting individual needs with precision.
You may also like | Defi Lending and Borrowing Platform Development
Advantages of AI-Enhanced P2P Lending Platforms
Elevated Risk Management
AI's data-centric approach yields precision in risk assessments, diminishing the probability of defaults and financial losses for investors.
Streamlined Operations
Automation of lending procedures expedites loan approvals, trims administrative expenses, and guarantees a frictionless user journey.
Robust Fraud Prevention
AI algorithms possess the prowess to promptly detect and preempt fraudulent activities in real time, reinforcing the platform's integrity and security.
Also, Check | Components of a Blockchain-powered P2P Lending Platform
Augmented User Experience
Personalized loan suggestions and refined processes elevate the overall experience for borrowers and lenders, enhancing satisfaction and efficiency.
Creating an AI-powered P2P Lending Platform
The journey to develop an AI-driven P2P lending platform encompasses several critical phases:
In-Depth Market Research
Gain a profound understanding of your target audience and market dynamics. Identify gaps or untapped opportunities where AI can provide solutions.
AI Technology Selection
Determine the specific AI technologies to be seamlessly integrated into the platform. This includes selecting appropriate machine learning models and data analytics tools.
Data Collection and Analysis
Gather pertinent data, including borrower financial histories and credit scores, to serve as the foundation for training and fine-tuning the AI algorithms.
You may also like | Unlocking Value: Exploring the World of NFT Lending
Algorithmic Mastery
Skillfully construct AI algorithms to execute essential functions such as risk assessment, fraud detection, and automated underwriting.
User-Centric Interface
Forge an intuitive and user-friendly platform interface, designed with the needs and expectations of both borrowers and lenders in mind.
Fortified Security
Implement rigorous security measures to safeguard user data and bolster the platform's integrity, ensuring a trustworthy and secure environment.
Adherence to Regulatory Standards
Navigate the intricate landscape of financial regulations within your target regions, ensuring strict compliance with evolving mandates and guidelines.
Must-Read | NFT Loyalty Program: The Ultimate Guide for Enterprises
Challenges and Considerations
Data Privacy
Managing sensitive financial data necessitates an unwavering commitment to data privacy regulations and robust security protocols.
Regulatory Compliance
Navigating the complex web of financial regulations can be challenging, requiring constant vigilance to align with evolving regional requirements.
Scalability
Prepare your platform for future scalability to accommodate increasing user demand and potential growth.
Conclusion
AI-driven P2P lending platforms represent a powerful fusion of financial innovation and technological prowess. By harnessing the capabilities of AI, these platforms offer more precise risk assessments, expedited loan processing, fortified security against fraud, and a personalized user experience. As AI technology continues to advance, the potential for AI-based P2P lending platforms to reshape the finance industry is monumental. Embracing this evolution positions your platform at the forefront of the future of finance, offering borrowers and investors an efficient and secure lending experience that aligns with the demands of the digital age. However, it would also require the expertise of AI and blockchain developers to help you get started in the right direction.
Category:
Blockchain
Mudit Kumar
22 Nov 2023
What Happens When All BTC Are Mined
Bitcoin, the world's first decentralized cryptocurrency, operates on a system of scarcity. With a total supply cap of 21 million coins, Bitcoin is designed to mimic precious metals like gold, providing an anti-inflationary mechanism. But what happens when all Bitcoin (BTC) are mined? This question delves into the core of Bitcoin's design and its implications for miners, investors, and businesses leveraging blockchain technology. In this article, we explore the mechanics of Bitcoin mining, the role of block rewards, and the economic impact of reaching the 21-million cap. For related to crypto, visit our crypto development services.Understanding Bitcoin Mining and Supply CapBitcoin Mining: A Brief OverviewBitcoin mining is the process of validating transactions on the blockchain and adding them to the distributed ledger. Miners compete to solve complex mathematical problems, a process known as Proof of Work (PoW). The miner who successfully solves the puzzle is rewarded with a block reward, which consists of newly minted Bitcoin and transaction fees.Bitcoin's 21 Million Supply CapSatoshi Nakamoto, Bitcoin's pseudonymous creator, embedded the 21-million BTC cap into the protocol to ensure a finite supply. This cap, achieved through a deflationary issuance schedule, is enforced by Bitcoin's halving mechanism, which reduces the block reward by 50% approximately every four years.Also, Check | A Comprehensive Guide to the Runes Standard on BitcoinWhat Happens When All Bitcoin Are Mined?Transition to Transaction Fee-Driven RewardsOnce all 21 million BTC have been mined (estimated around 2140), miners will no longer receive block rewards for creating new blocks. Instead, their income will solely rely on transaction fees paid by users to have their transactions processed.Implications for MinersWithout block rewards, the profitability of mining will depend heavily on transaction volume and network fees. This raises concerns about miner incentives and the security of the network:Lower Incentives: Miners may reduce their participation if fees are insufficient to cover operational costs.Potential Centralization: Smaller miners may be forced out, leading to greater centralization among large mining operations.Impact on Security: A reduced number of miners could make the network more susceptible to attacks, such as the 51% attack.Transaction Fees and Network BehaviorAs block rewards diminish over time, transaction fees will play a more significant role in incentivizing miners. Businesses using the Bitcoin network must prepare for potentially higher fees, especially during periods of high transaction volume. This could make Bitcoin less attractive for micropayments but more appealing for large-value transactions.Bitcoin as a Store of ValueThe scarcity created by the 21-million cap enhances Bitcoin's role as "digital gold." With no new Bitcoin entering circulation after 2140, the focus will shift entirely to its existing supply. This scarcity is expected to maintain or increase its value, benefiting long-term investors and businesses holding Bitcoin as a reserve asset.You might also like | Demystifying Bitcoin Ordinals : What You Need to KnowThe Role of Layer 2 SolutionsTo address scalability and fee concerns, Layer 2 solutions like the Lightning Network will likely play a pivotal role. These networks enable faster and cheaper transactions by settling transactions off-chain while relying on the main Bitcoin blockchain for security.Economic and Business ImplicationsFor BusinessesHedging Against Inflation: Bitcoin's fixed supply offers businesses a hedge against fiat currency devaluation.Payment Integration: Businesses that accept Bitcoin payments may need to account for potential fee increases post-2140.Investment Opportunities: Institutional adoption of Bitcoin as a store of value could accelerate, making it a valuable asset in corporate treasuries.For the EconomyDeflationary Pressure: Bitcoin's scarcity may lead to deflationary trends in economies where it is widely adopted.Regulatory Developments: Governments may increase their scrutiny and regulation of Bitcoin as its significance grows.Also, Explore | Satoshi Nakamoto's Last Email Reveals Bitcoin Creator's ThoughtsFrequently Asked Questions (FAQs)1. What happens to miners when all Bitcoin are mined?Miners will no longer earn block rewards and will rely solely on transaction fees for income. This could alter the economic landscape of Bitcoin mining.2. Will Bitcoin become useless after reaching the 21 million cap?No. Bitcoin will continue to function as a decentralized network for value transfer and a store of value. Its fixed supply enhances its scarcity and desirability.3. How will transaction fees impact Bitcoin's usability?Transaction fees are expected to rise, especially during high-demand periods. Businesses and users may increasingly rely on Layer 2 solutions for cost-effective transactions.4. Why was Bitcoin limited to 21 million coins?The 21-million cap was designed to mimic the scarcity of precious metals like gold, creating an anti-inflationary digital asset.5. Can the Bitcoin supply cap be increased?Technically, yes, but it would require a consensus among network participants to alter Bitcoin's protocol. Given the decentralized nature of Bitcoin and the strong resistance to change, this is highly unlikely.ConclusionThe endgame for Bitcoin's 21-million cap marks a pivotal shift in its ecosystem. While it presents challenges, such as reliance on transaction fees and potential centralization of mining, it also reinforces Bitcoin's role as a scarce and valuable asset. Businesses and investors must prepare for this eventuality by adopting scalable solutions, monitoring fee structures, and understanding the broader economic impact of Bitcoin's finite supply. As we inch closer to 2140, Bitcoin's legacy as a revolutionary financial innovation will continue to evolve, shaping the future of decentralized finance. If you are looking to develop levereging the potential of cryptocurrencies, connect with our skilled crypto developers to get started.
Category:
Blockchain
Mudit Kumar
08 Nov 2023
The Emergence of Hybrid Crypto Exchange Development
The world of cryptocurrency has evolved significantly since the inception of Bitcoin in 2009. With thousands of cryptocurrencies and a growing demand for trading, crypto exchange development has become vital to the digital asset ecosystem. Among these exchanges, hybrid crypto exchange development has gained popularity due to its unique combination of features, offering traders the best of both centralized and decentralized worlds. In this comprehensive blog post, we will explore the concept of hybrid crypto exchanges, their advantages, challenges, and the future prospects of this innovative approach to trading digital assets.
Understanding Hybrid Crypto Exchanges
Centralized vs. Decentralized Exchanges
Centralized exchanges (CEXs) have been the dominant force in the cryptocurrency market. These platforms act as intermediaries, holding users' assets and facilitating trades. Well-known CEXs include Coinbase, Binance, and Kraken. In contrast, decentralized exchanges (DEXs) enable peer-to-peer trading directly from users' wallets, often without custody of assets. Examples of DEXs include Uniswap, SushiSwap, and PancakeSwap.
What Makes an Exchange "Hybrid"?
Hybrid crypto exchanges combine elements from both CEXs and DEXs. They offer liquidity, user-friendly interfaces, and diverse trading pairs of CEXs, while still providing users with control over their private keys and assets. These exchanges typically employ smart contracts and blockchain technology to enhance security and transparency.
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Advantages of Hybrid Crypto Exchange Development
Liquidity and User Experience
Hybrid exchanges provide users with access to a broad range of trading pairs, often found on traditional centralized exchanges. This ensures a seamless trading experience, with minimal slippage and order execution times. Traders can enjoy the liquidity of CEXs without sacrificing security.
Security and Control
One of the primary advantages of hybrid exchanges is the user's ability to retain control over their private keys. This reduces the risk of hacks or security breaches associated with centralized exchanges that hold user funds. By incorporating elements of decentralization, hybrid exchanges mitigate such risks.
Regulatory Compliance
Hybrid exchanges aim to strike a balance between regulatory compliance and the principles of decentralization. They often have Know Your Customer (KYC) procedures in place to ensure they adhere to relevant legal requirements. This attracts users who want to trade within a regulated framework.
Also, Read | Develop a Decentralized Exchange like PancakeSwap
Challenges and Concerns Related to Hybrid Crypto Exchange Development
Regulatory Uncertainty
Navigating the ever-evolving regulatory landscape is a significant challenge for hybrid exchanges. Striking a balance between decentralization and compliance can be difficult, and legal requirements can vary from country to country. Exchange operators must remain flexible and adaptive in the face of regulatory changes.
User Adoption
While hybrid exchanges offer the best of both worlds, they are still relatively new compared to well-established CEXs and DEXs. Gaining user trust and fostering adoption can be a slow process, as it requires overcoming the network effects of existing platforms.
Technical Complexity
Building and maintaining a hybrid exchange can be technically challenging. Incorporating smart contracts, and blockchain technology, and ensuring the security of user funds adds a layer of complexity. Technical expertise is crucial for the development and maintenance of these platforms.
You may also like | Oodles Scaffold | Ready-to-Launch Crypto Exchange Software
Prominent Hybrid Crypto Exchanges
Some of the notable hybrid exchanges in the cryptocurrency space include:
KuCoin
KuCoin is known for its diverse trading pairs, user-friendly interface, and its native token, KuCoin Shares (KCS). It offers users control over their private keys and employs security features like multi-factor authentication.
Gemini
Gemini, founded by the Winklevoss twins, is a US-based hybrid exchange known for its robust regulatory compliance and security measures. It offers a combination of CEX-style trading and DEX-style custody options.
IDEX
IDEX is a decentralized hybrid exchange primarily built on Ethereum. It allows users to trade directly from their wallets while benefiting from a centralized order book, improving trading efficiency.
You may also like | Maximizing Crypto Exchange Efficiency with Crypto APIs
The Future of Hybrid Crypto Exchange Development
Regulatory Landscape
The future of hybrid exchanges largely depends on regulatory developments. As governments worldwide establish clearer guidelines for the cryptocurrency industry, hybrid exchanges must adapt and ensure compliance. Finding common ground between decentralization and regulation will be key to their success.
User Education and Adoption
Educating users about the benefits of hybrid exchanges and how to use them safely is essential. As users become more aware of the advantages of hybrid exchanges, adoption is likely to increase.
Also, Explore | Hedgex Crypto Exchange Developed by Oodles
Technological Advancements
Technological innovations, including layer 2 scaling solutions and cross-chain compatibility, will play a vital role in the development of hybrid exchanges. These advancements can enhance the user experience and security.
Also, Explore | P2P Crypto Exchange Features that Businesses Must Know
Conclusion
Hybrid crypto exchanges represent an exciting evolution in the cryptocurrency trading landscape, offering a promising blend of liquidity, security, and regulatory compliance. While they face challenges in terms of regulation and adoption, their continued growth and success will depend on their ability to navigate these obstacles.
As the cryptocurrency industry matures and evolves, hybrid exchanges are well-positioned to provide traders with the best of both centralized and decentralized worlds. As users become more aware of their advantages, and as the regulatory environment becomes clearer, we can expect hybrid exchanges to play an increasingly significant role in the world of cryptocurrency trading. If you are interested in developing a hybrid crypto exchange, connect with our developers to get started.
Category:
Blockchain
Mudit Kumar
05 Nov 2023
Best Blockchain Platforms for Stablecoin Development
As the global economy increasingly embraces digital assets, stablecoins are emerging as pivotal instruments that combine the best of both worlds: the stability of fiat currencies and the efficiency of blockchain technology. For enterprises exploring stablecoin development, selecting the right blockchain platform is a critical strategic decision. From robust consensus mechanisms and high throughput to compliance-friendly features and interoperability frameworks, the ideal platform sets the stage for scalability, security, and long-term value. This article dives into the key considerations for choosing a blockchain network and provides an in-depth exploration of leading platforms well-suited for stablecoin development.Key Considerations for Stablecoin PlatformsBuilding and launching a stablecoin is more complex than simply tokenizing a dollar-equivalent asset. Certain technical and strategic factors must be at the forefront of the selection process. Security and Consensus Stablecoins often serve as a bridge between traditional finance and decentralized networks. Ensuring robust security is paramount to maintaining market trust and preventing malicious activity. A platform's consensus mechanism—be it Proof of Stake, Delegated Proof of Stake, or Byzantine Fault Tolerance—directly impacts the system's resilience and reliability. Scalability and Throughput Stablecoin projects frequently aim for mass adoption, handling high transaction volumes and settlement demands. Thus, the underlying blockchain should provide fast confirmations, minimal latency, and low fees. Layer 1 solutions optimized for throughput and Layer 2 frameworks that offer off-chain scaling both play a role in ensuring seamless user experiences. Interoperability and Liquidity For stablecoins to function effectively, they must integrate smoothly within a broader ecosystem—centralized exchanges, decentralized finance (DeFi) protocols, and payment channels. Platforms that prioritize interoperability, bridge solutions, and cross-chain compatibility enhance the liquidity, utility, and market presence of a stablecoin. Regulatory Compliance and Governance Given that stablecoins straddle the line between digital assets and traditional currencies, regulatory scrutiny is inevitable. Enterprises should look for platforms that support identity frameworks, compliance modules, and configurable governance mechanisms. Such features help align stablecoin operations with evolving legal standards, minimizing compliance risks.Also, Read | AI-Powered Stablecoin Development | Streamlining StabilityEthereum: The Pioneer of TokenizationEthereum stands as the first mover in the space of tokenized assets, making it a natural choice for stablecoin issuance. Established Ecosystem and Tooling Ethereum's ERC-20 token standard has become the industry benchmark for digital assets. Robust developer tools, smart contract templates, and comprehensive documentation empower stablecoin issuers to accelerate time-to-market. The network's large and active developer community ensures continuous updates, security audits, and ecosystem support. DeFi Integration and Liquidity Pools As the home to the majority of DeFi protocols—ranging from lending and borrowing platforms to automated market makers—Ethereum offers stablecoin projects immediate access to liquidity, integration opportunities, and complex financial instruments. Scalability Advances via Layer 2 Although Ethereum's mainnet can be congested and expensive, Layer 2 solutions like Optimistic Rollups, zk-Rollups, and sidechains help scale transaction throughput and reduce fees. This makes it increasingly viable for stablecoin issuers targeting mass consumer markets.Stellar: Purpose-Built for Asset IssuanceStellar is often the go-to platform for creating and managing digital representations of real-world assets, including stablecoins. Native Asset Support Unlike platforms that rely heavily on smart contracts, Stellar integrates asset issuance at the protocol level. This design approach simplifies the creation and management of stablecoins, improving security and reducing development overhead. Fast and Low-Cost Transactions Stellar's consensus mechanism, the Stellar Consensus Protocol (SCP), achieves rapid transaction finality and minimal fees. This efficiency is ideal for stablecoins intended for everyday payments, remittances, and microtransactions. Compliance and Built-In KYC Features Stellar allows issuers to enforce compliance settings like Know-Your-Customer (KYC) and Anti-Money Laundering (AML) checks directly on-chain. These features align stablecoins with regulatory requirements, enhancing issuer credibility and fostering market trust.You may also check | Best Blockchain Platforms for Stablecoin DevelopmentAlgorand: High-Performance and Enterprise-ReadyAlgorand's pure Proof of Stake (PPoS) algorithm and focus on enterprise-grade scalability make it a strong contender for stablecoin projects. Instant Settlement and Finality Algorand's block finality occurs in a matter of seconds. This immediate settlement layer reduces counterparty risks and supports use cases where rapid transaction confirmation is critical. Layer-1 Smart Contracts and Customization Algorand offers stateful and stateless smart contracts at Layer 1, optimizing both performance and security. This reduces complexity while allowing stablecoin issuers to build features for compliance, redemption mechanisms, and supply adjustments natively. Sustainable and Low-Cost Network Algorand's energy-efficient consensus mechanism not only mitigates environmental concerns but also keeps transaction costs predictable and low—attractive attributes for stablecoins targeting global retail users.Solana: High Throughput for Global-Scale StablecoinsSolana's high-performance network emphasizes speed and scalability, making it suitable for stablecoin projects anticipating millions of users. High Throughput and Low Latency Solana boasts transaction throughputs of thousands of TPS (Transactions per Second) and near-instant finality. Such performance supports complex stablecoin use cases, including high-frequency trading, real-time settlements, and micropayments. Robust Developer Ecosystem A growing suite of development frameworks, wallets, and custodial solutions is expanding Solana's ecosystem. Developers can rely on these tools to integrate stablecoins into DeFi protocols, NFT marketplaces, and cross-chain bridges with relative ease. Cost-Effective Operations Solana's scalability leads to minimal transaction fees, supporting frictionless user experiences—essential when stablecoins aim to compete with traditional payment methods.Polygon: Layer-2 Efficiency for Ethereum-Based StablecoinsPolygon operates as a Layer 2 scaling solution for Ethereum, offering a sweet spot between Ethereum's ecosystem advantages and the need for higher throughput and lower costs. Seamless Ethereum Compatibility Because Polygon runs parallel to Ethereum, stablecoin issuers can leverage Ethereum's DeFi liquidity and developer community while benefiting from Polygon's fast and low-fee environment. Flexible Architecture Polygon's architecture supports multiple scaling methods, including Proof of Stake sidechains and zk-Rollups. This flexibility empowers stablecoin projects to select the optimal scaling technique based on performance, security, and compliance needs. Established Integration Partnerships Polygon's broad partnerships with wallets, exchanges, and liquidity providers ensure a vibrant ecosystem where stablecoins can thrive and achieve rapid market adoption.Also, Explore | PayPal Launches its U.S. Dollar Stablecoin PayPal USD (PYUSD)Other Notable PlatformsBeyond the commonly referenced platforms, others deserve attention due to their technical attributes or niche focus. Tron Known for low fees and high throughput, Tron is widely used for stablecoin issuance, especially in Asian markets. Its straightforward development environment and large user base make it an attractive option for certain enterprise use cases. Tezos Tezos combines on-chain governance and formal verification for smart contracts, offering a secure, upgradeable platform. This is beneficial for stablecoin projects requiring long-term adaptability and formal correctness.FAQWhat makes a blockchain platform suitable for stablecoin development? A suitable platform should offer strong security, high transaction throughput, low fees, interoperability, and compliance-friendly features. It should also support flexible token standards and smart contract capabilities to streamline stablecoin issuance and lifecycle management. Can I switch platforms after launching a stablecoin? While it is possible to migrate tokens from one chain to another, it can be technically complex and risky. Carefully evaluating long-term platform sustainability, developer community support, and ecosystem maturity before launching is advisable. How important is regulatory compliance for stablecoins? Regulatory compliance is critical. Stablecoins often represent real-world currencies or assets, making them subject to financial regulations. Platforms that offer built-in compliance tools, identity management, and governance features can simplify meeting legal requirements. Is scalability more important than decentralization? The importance of scalability versus decentralization depends on the stablecoin's intended use. Retail payment scenarios might value low fees and high throughput, while institutional products may emphasize decentralization and security. The optimal balance depends on the project's strategic goals. Do I need to consider interoperability at the start? Yes. Interoperability expands the stablecoin's market access, allowing it to move across different protocols, connect to various DeFi ecosystems, and integrate with centralized services. Early consideration of interoperability ensures long-term flexibility and growth potential.ConclusionSelecting the ideal blockchain platform is a foundational decision for stablecoin development. Whether leveraging Ethereum's rich DeFi ecosystem, Stellar's built-in asset issuance features, Algorand's performance and governance, Solana's high throughput, or Polygon's layer-2 efficiencies, enterprises have an array of robust options. In a rapidly evolving regulatory and technological landscape, stablecoin issuers benefit from platforms that offer not only technical prowess but also strategic advantages—compliance support, interoperability, and community-driven innovation. By thoroughly evaluating these platforms and aligning them with long-term vision and business needs, enterprises can lay the groundwork for stablecoins that gain trust, utility, and staying power in the global marketplace. In case if you are looking to build and launch a stablecoin, connect with our skilled blockchain developers.
Category:
Blockchain
Mudit Kumar
03 Nov 2023
AI-Powered Crypto Exchange Platform Development
In the ever-evolving landscape of cryptocurrencies, the role of Artificial Intelligence (AI) cannot be understated. It has permeated various sectors, including the world of crypto exchange development, where its transformative potential is being harnessed to enhance the experience for both platform owners and users. In this comprehensive blog, we will explore the journey of developing an AI-powered crypto exchange platform and the myriad ways in which AI can improve the platform for all stakeholders.
Understanding the Crypto Exchange Landscape
Before delving into the role of AI, it's crucial to grasp the intricacies of a crypto exchange platform. Crypto exchanges act as intermediaries, facilitating the buying, selling, and trading of various cryptocurrencies. Security, liquidity, and user experience are paramount in the world of crypto trading.
The Integration of Artificial Intelligence
AI, with its ability to analyze data, automate tasks, and provide real-time insights, is a game-changer for crypto exchange platforms. Let's delve into how AI can revolutionize this space:
You may also like | Atomic Swaps | The Future of Decentralized Exchanges (DEX)
Enhanced Security
Security breaches are a significant concern in the crypto world. AI algorithms can actively monitor the platform for suspicious activities, detecting and preventing fraud and hacking attempts. This not only protects users but also instills confidence in the platform.
Real-time Market Analysis
AI can process vast amounts of market data and news in real time, providing users with valuable insights, price predictions, and trend analyses. Traders can make informed decisions, improving their chances of success.
Liquidity Management
Liquidity is crucial for a successful exchange. AI algorithms can monitor liquidity levels and automatically execute trades when needed, ensuring that the exchange remains functional, even during high volatility.
Watch | Oodles Scaffold | A Ready-to-Launch Crypto Exchange
User Experience
AI-driven chatbots and virtual assistants can enhance user experience by providing immediate support and assistance. These bots can answer queries, guide users through the platform, and even execute trades upon command.
Personalized User Insights
AI can analyze user behavior to provide personalized insights and trading recommendations. This not only keeps users engaged but also helps them make more informed investment decisions.
Risk Management
AI can assess risk by monitoring trading behavior and identifying potential high-risk activities. This can help protect both users and the platform from significant losses.
Regulatory Compliance
AI can help ensure that the platform complies with evolving cryptocurrency regulations. It can monitor and report on transactions to maintain transparency and adherence to legal requirements.
Also, Explore | Hedgex Crypto Exchange Developed by Oodles
The Development Process
Developing an AI-powered crypto exchange platform involves several critical steps:
Conceptualization
Define your platform's objectives, target audience, and the specific AI features you want to incorporate.
Choosing the Right AI Technologies
Decide on the AI technologies, such as machine learning models, natural language processing, and chatbots, that will align with your platform's goals.
Data Gathering
Collect historical market data, user behavior data, and any other relevant information that AI can use for analysis.
Algorithm Development
Work with data scientists and AI experts to create custom algorithms for security, analysis, and user engagement.
Testing and Deployment
Rigorously test your AI algorithms and deploy them in a controlled environment.
User Training
Ensure that your platform's users are familiar with the AI-powered features and understand how to leverage them effectively.
Also, Read | Essentials for Developing a P2P Crypto Exchange Platform
Conclusion
An AI-powered crypto exchange platform is not just a technical marvel; it's a strategic move to revolutionize the cryptocurrency trading experience. AI enhances security, provides real-time insights, improves user experience, and ensures regulatory compliance. For platform owners, it can increase user engagement and trust. For users, it empowers them to make more informed trading decisions. As the crypto landscape continues to evolve, the integration of AI is poised to be a game-changer, shaping the future of cryptocurrency exchange platforms. If you are looking for AI-powered crypto exchange platform development, connect with our developers to get started.
Category:
Blockchain
Mudit Kumar
02 Nov 2023
Unlocking Value: Exploring the World of NFT Lending
In the ever-evolving world of blockchain and cryptocurrencies, non-fungible tokens (NFTs) have taken the digital art and collectibles market by storm. While NFTs are primarily seen as a form of digital ownership and investment, a new trend is emerging - NFT lending. This innovative concept has garnered increasing attention and is reshaping the way we think about NFTs and their potential. In this blog, explore how NFT lending, an emerging concept powered by NFT development services, is empowering the DeFi space.What Are NFTs and How Do They Work?Before diving into NFT lending, let's revisit what NFTs are and how they function. NFTs are unique digital assets that represent ownership or proof of authenticity of a particular item, whether it's digital art, virtual real estate, in-game items, or collectibles. NFTs are built on blockchain technology, which ensures their scarcity and immutability. Each NFT is associated with a specific smart contract, which records its ownership and provenance. Also, Check | NFT-Based Loyalty Programs: Revamping Customer EngagementThe Rise of NFT LendingThe concept has emerged as a natural progression in the NFT space, driven by several factors:Illiquid AssetsWhile NFTs can be valuable, they are often illiquid. Owners may want to access liquidity without selling their prized digital possessions. NFT lending offers a solution by allowing owners to borrow against their NFTs.Bridging Financial GapsNFT lending can be beneficial for artists and creators who want to monetize their NFT collections or individuals who need short-term financing.Yield GenerationLenders can earn interest by lending their NFTs, making it an attractive option for those wishing to see their NFT investments grow. Also, Explore | How AI Transforms the NFT Marketplace SpaceHow NFT Lending WorksNFT lending platforms facilitate the borrowing and lending of NFTs. Here's how it typically works:Selection of NFTsOwners choose which NFTs they want to lend. These can include digital art, virtual property, or any other NFTs of value.Also, Read | Trump Holds Dinner for Top NFT Buyers at Mar-a-LagoCollateral and TermsBorrowers offer collateral, usually in the form of another NFT or cryptocurrency, and agree to the terms of the loan, including interest rates and repayment periods.Smart ContractsSmart contract development governs the lending process, ensuring that NFT ownership is transferred to the lender temporarily, and the borrower receives the agreed-upon collateral.RepaymentOnce the loan is repaid according to the terms, the NFT is returned to the borrower, and the lender receives the principal amount along with any interest. You may also like | NFT Domains | Revolutionizing Ownership in the Digital LandscapeBenefitsNFT lending brings forth several advantages:LiquidityOwners can access the value of their NFTs without selling them.DiversificationBorrowers can use borrowed NFTs to create new collections or art pieces, potentially increasing their NFT portfolio.Income GenerationLenders can earn passive income by lending out their NFTs.Risk MitigationBorrowers can mitigate the risk of a sudden drop in NFT value by borrowing against their assets. Also, Read | NFT Ticketing Marketplace | Unlocking the Future of TicketingChallenges and RisksWhile NFT lending has tremendous potential, it's essential to be aware of the challenges and risks involved:VolatilityNFT prices can be highly volatile, impacting the value of the collateral.Regulatory UncertaintyThe regulatory environment for NFT lending is still evolving, making it essential to stay compliant with local laws.Counterparty RiskAs with any lending activity, there's a risk that borrowers may not repay their loans.Smart Contract VulnerabilitiesAs the whole lending relies on smart contracts, vulnerabilities can be exploited, leading to potential losses. In this guide, find out how to avoid smart contract vulnerabilities.ConclusionNFT lending is an exciting development in the NFT space, offering a way to unlock the value of digital assets. As the technology matures and becomes more mainstream, it has the potential to revolutionize the NFT market by making these assets more accessible and functional for a broader audience. Whether you're an NFT owner looking to access liquidity or an investor seeking a new way to earn passive income, NFT lending is a concept worth watching. However, it's crucial to approach an experienced NFT development company with a clear understanding of the risks and opportunities and to stay updated on the evolving regulatory landscape. The world of blockchain and non-fungible tokens is ever-changing, and lending is yet another exciting chapter in this ongoing digital revolution.
Category:
Blockchain
Mudit Kumar
30 Oct 2023
Demystifying Bitcoin Ordinals : What You Need to Know
In the ever-evolving world of blockchain technology, Bitcoin remains the undisputed pioneer, renowned for its robust security and decentralized nature. However, recent innovations have introduced new dimensions to the Bitcoin ecosystem, expanding its capabilities beyond simple value transfers. One such innovation is Bitcoin Ordinals, a protocol that enables the inscription of arbitrary data onto individual satoshis, the smallest units of Bitcoin. This comprehensive guide delves into the intricacies of Bitcoin Ordinals, exploring their functionality, applications, benefits, challenges, and future prospects. Whether you're a blockchain enthusiast, developer, or business professional, understanding Bitcoin Ordinals is essential in navigating the next wave of Bitcoin's evolution.IntroductionBitcoin, since its inception in 2009, has primarily served as a decentralized digital currency, facilitating peer-to-peer transactions without the need for intermediaries. Its simplicity and security have made it the bedrock of the cryptocurrency landscape. However, as the blockchain ecosystem matures, the demand for more versatile and feature-rich applications has surged. Enter Bitcoin Ordinals, a groundbreaking protocol that introduces the capability to embed arbitrary data onto individual satoshis, thereby transforming Bitcoin from a mere transactional medium to a platform capable of supporting diverse digital assets and applications.This blog aims to demystify Bitcoin Ordinals, providing a detailed exploration of their underlying mechanisms, practical applications, benefits, challenges, and future potential. By the end of this guide, you will have a comprehensive understanding of how Bitcoin Ordinals are poised to redefine the utility and functionality of the Bitcoin network.Also, Read | A Comprehensive Guide to the Runes Standard on BitcoinUnderstanding Bitcoin OrdinalsWhat Are Ordinals?Ordinals refer to a protocol that assigns a unique identifier to each satoshi, the smallest denomination of Bitcoin (1 BTC = 100,000,000 satoshis). This unique numbering system enables the tracking and inscription of data onto individual satoshis, allowing them to carry additional information beyond their monetary value. Essentially, Ordinals transform satoshis into digital artifacts that can represent anything from digital art and non-fungible tokens (NFTs) to metadata and smart contracts.How Do Ordinals Work?Ordinals leverage the inherent properties of the Bitcoin blockchain to attach data to specific satoshis. By assigning a sequential number to each satoshi, the protocol ensures that each one can be distinctly identified and tracked across transactions. This unique identification allows for the inscription of data onto a satoshi's metadata, effectively embedding additional information directly onto the Bitcoin network.The inscription process involves embedding the desired data into the witness portion of a Bitcoin transaction, utilizing the Segregated Witness (SegWit) upgrade. This method ensures that the data is securely and immutably stored on the blockchain, benefiting from Bitcoin's robust security and decentralization.Key ComponentsSatoshis: The smallest unit of Bitcoin, serving as the foundational element for Ordinals.Ordinal Numbers: Unique identifiers assigned to each satoshi, enabling precise tracking and identification.Inscription: The process of embedding data onto a specific satoshi, transforming it into a digital artifact.Witness Data: Part of the Bitcoin transaction structure where the inscription data is stored.Ordinals Protocol: The set of rules and mechanisms that facilitate the assignment, tracking, and inscription of data onto satoshis.Also, Check | Satoshi Nakamoto's Last Email Reveals Bitcoin Creator's ThoughtsTechnical FoundationsSatoshis and Their SignificanceA satoshi is the smallest unit of Bitcoin, equivalent to 0.00000001 BTC. With Bitcoin's fixed supply of 21 million coins, satoshis play a crucial role in enabling microtransactions and enhancing the granularity of value transfer. In the context of Ordinals, satoshis serve as the canvas for embedding additional data, effectively turning them into unique digital entities within the Bitcoin ecosystem.Inscription ProcessThe inscription process involves embedding arbitrary data onto a satoshi's metadata. This is achieved through a specific type of Bitcoin transaction that utilizes the witness data to store the desired information. Here's a step-by-step breakdown:Selection of Satoshi: Identify the specific satoshi to which the data will be inscribed.Creation of Transaction: Craft a Bitcoin transaction that includes the data to be inscribed in the witness portion.Embedding Data: The data is embedded directly onto the chosen satoshi's metadata through the witness field.Broadcasting Transaction: The transaction is broadcasted to the Bitcoin network and confirmed by miners.Permanent Storage: Once confirmed, the data becomes part of the immutable Bitcoin blockchain, ensuring its permanence and security.Ordinals Protocol MechanicsThe Ordinals protocol operates by assigning a unique sequential number to each satoshi based on its minting order. This sequential numbering allows for precise identification and tracking of individual satoshis as they move through transactions. The protocol utilizes the following mechanisms:Tracking: Maintains a record of each satoshi's history, enabling users to trace its origin and movement.Inscription: Facilitates the embedding of data onto specific satoshis through transactions.Verification: Ensures the integrity and authenticity of the inscribed data, leveraging Bitcoin's security features.Interoperability: Allows inscribed satoshis to interact seamlessly with various applications and platforms within the Bitcoin ecosystem.Also, Discover | Setup Bitcoin Node using Ansible in Remote ServerUse Cases of Bitcoin OrdinalsDigital Art and NFTsOne of the most prominent use cases for Bitcoin Ordinals is the creation and management of digital art and non-fungible tokens (NFTs). By inscribing unique data onto individual satoshis, artists and creators can tokenize their digital works, ensuring provenance, ownership, and authenticity on the Bitcoin blockchain. Unlike traditional NFTs on platforms like Ethereum, Ordinals-based NFTs leverage Bitcoin's unparalleled security and decentralization.Advantages:Immutable Ownership: Ownership records are securely stored on the Bitcoin blockchain, preventing unauthorized alterations.Provenance Tracking: The history of each inscribed satoshi provides a transparent record of ownership and transfers.Interoperability: Ordinals-based NFTs can integrate with various Bitcoin-compatible wallets and marketplaces.Data Anchoring and ProvenanceBitcoin Ordinals can be utilized for data anchoring, where critical information is securely recorded on the blockchain to ensure its integrity and immutability. This application is particularly valuable for industries requiring tamper-proof records, such as supply chain management, legal documentation, and intellectual property.Examples:Supply Chain: Recording the origin and movement of goods to ensure transparency and reduce fraud.Legal Documents: Storing legal agreements and contracts to provide verifiable and immutable records.Intellectual Property: Securing ownership and licensing information for digital and physical assets.Enhanced TransactionsOrdinals can enhance Bitcoin transactions by embedding additional data, such as transaction metadata, identifiers, or references to off-chain data. This capability can streamline processes, improve transparency, and facilitate more sophisticated transaction types within the Bitcoin network.Applications:Smart Contracts: Enabling basic smart contract functionalities by embedding contract terms within transactions.Payment References: Including detailed payment information or references to external systems.Multi-signature Transactions: Enhancing security by embedding multi-signature requirements directly into transactions.Gaming and Virtual AssetsIn the gaming industry, Bitcoin Ordinals can be used to create and manage virtual assets, in-game items, and collectibles. By inscribing data onto satoshis, game developers can ensure the uniqueness and scarcity of virtual items, providing players with verifiable ownership and tradeability within and across games.Benefits:True Ownership: Players have verifiable ownership of in-game assets, enabling trading and transferability.Scarcity and Rarity: Unique inscriptions can create limited-edition items, enhancing their value and desirability.Interoperability: Virtual assets can be used across multiple games and platforms, fostering a unified gaming ecosystem.Also, Explore | A Quick Guide to BRC 20 Token DevelopmentBenefits of Bitcoin OrdinalsImmutable Data StorageOne of the foremost advantages of Bitcoin Ordinals is the immutable nature of data storage on the Bitcoin blockchain. Once data is inscribed onto a satoshi, it becomes a permanent part of the blockchain, ensuring that it cannot be altered or deleted. This immutability is crucial for applications requiring unchangeable records, such as legal documents, ownership proofs, and historical data archives.Enhanced SecurityBitcoin's robust security infrastructure underpins the Ordinals protocol, providing unparalleled protection against tampering and unauthorized access. The decentralized nature of the Bitcoin network, combined with its proof-of-work consensus mechanism, ensures that inscribed data is secure and resilient against attacks.DecentralizationOrdinals maintain the core principle of decentralization inherent to Bitcoin. By operating directly on the Bitcoin blockchain without reliance on centralized intermediaries, Ordinals ensure that data and assets remain under the control of their owners. This decentralization fosters trust, reduces single points of failure, and aligns with the foundational ethos of blockchain technology.InteroperabilityBitcoin Ordinals offer high interoperability within the Bitcoin ecosystem. Inscribed satoshis can seamlessly interact with various Bitcoin-compatible wallets, platforms, and applications. This interoperability facilitates the integration of Ordinals into existing infrastructure, enhancing their utility and adoption.Challenges and LimitationsScalability IssuesWhile Bitcoin Ordinals introduce new functionalities, they also pose scalability challenges. Embedding data onto satoshis increases the size of transactions, which can contribute to network congestion and longer confirmation times. As the adoption of Ordinals grows, addressing scalability will be essential to maintain Bitcoin's performance and efficiency.Transaction Costs and EfficiencyThe inscription process requires embedding data into Bitcoin transactions, which can lead to higher transaction fees due to the increased data payload. Additionally, larger transaction sizes can strain network resources, making Ordinals-based applications potentially more expensive and less efficient compared to traditional Bitcoin transactions.Regulatory ConcernsThe ability to embed arbitrary data onto Bitcoin raises regulatory considerations, particularly regarding the nature of the data being inscribed. Ensuring compliance with data protection laws, intellectual property rights, and anti-money laundering (AML) regulations is crucial. Regulatory uncertainty can hinder the widespread adoption of Bitcoin Ordinals, especially for applications involving sensitive or regulated data.Adoption BarriersBitcoin Ordinals are a relatively new and evolving protocol, and their adoption faces several barriers:Technical Complexity: Implementing and managing Ordinals requires specialized knowledge, which can limit participation to technically proficient users and developers.Ecosystem Development: The infrastructure, tools, and platforms supporting Ordinals are still in development, which can slow down their integration and utilization.User Awareness: Limited awareness and understanding of Ordinals among the broader Bitcoin community can impede their adoption and usage.You may also like to explore | ERC-20 vs BRC-20 Token Standards | A Comparative AnalysisComparative Analysis: Ordinals vs. Other ProtocolsOrdinals vs. ERC-721ERC-721 is a widely adopted Ethereum token standard for non-fungible tokens (NFTs). Comparing Ordinals to ERC-721 highlights several key differences:Blockchain Ecosystem: ERC-721 operates on Ethereum, leveraging its robust smart contract capabilities, while Ordinals function on Bitcoin, utilizing its secure and decentralized network.Functionality: ERC-721 offers extensive features for creating and managing NFTs, including metadata standards and interoperability with Ethereum-based platforms. Ordinals provide a simpler approach to embedding data onto satoshis without native smart contract support.Adoption and Maturity: ERC-721 has a mature ecosystem with extensive developer tools, marketplaces, and integrations. Ordinals are still emerging, with ongoing developments to enhance their functionality and ecosystem support.Ordinals vs. Bitcoin NFTsBitcoin NFTs can be created using various protocols, including Ordinals and other emerging standards. Comparing Ordinals to traditional Bitcoin NFT methods:Inscription Method: Ordinals use the Ordinals protocol to assign unique identifiers and embed data directly onto satoshis. Traditional Bitcoin NFT methods may rely on different inscription or metadata embedding techniques.Flexibility: Ordinals offer a standardized approach to tokenization on Bitcoin, providing consistent tracking and identification of inscribed satoshis. Other Bitcoin NFT methods might lack such standardization, leading to fragmented implementations.Ecosystem Integration: Ordinals are designed to integrate seamlessly within the Bitcoin ecosystem, enhancing interoperability. Other Bitcoin NFT methods may require additional layers or protocols for integration.Ordinals vs. Layer 2 SolutionsLayer 2 solutions, such as the Lightning Network, aim to enhance Bitcoin's scalability and transaction efficiency by handling transactions off-chain while leveraging the security of the main Bitcoin blockchain. Comparing Ordinals to Layer 2 solutions:Purpose: Ordinals focus on embedding data and tokenizing satoshis, while Layer 2 solutions target improving transaction speed and reducing costs.Implementation: Ordinals operate directly on the Bitcoin blockchain through data inscriptions, whereas Layer 2 solutions utilize separate protocols and channels for off-chain transactions.Use Cases: Ordinals are geared towards applications requiring data embedding and tokenization, whereas Layer 2 solutions are ideal for high-frequency, low-cost transactions and micropayments.You might also be interested in | A Detailed Guide to BRC-20 Token Launchpad DevelopmentFuture OutlookTechnological AdvancementsThe future of Bitcoin Ordinals is closely tied to ongoing technological advancements within the Bitcoin ecosystem. Enhancements to the Ordinals protocol, improvements in data inscription methods, and the development of more efficient transaction structures will play a crucial role in addressing current limitations and expanding Ordinals' capabilities.Potential ApplicationsAs Ordinals continue to evolve, new and innovative applications are likely to emerge, including:Decentralized Identity: Utilizing Ordinals for secure and verifiable digital identities.Decentralized Finance (DeFi): Enabling new financial instruments and applications within the Bitcoin ecosystem.Supply Chain Transparency: Enhancing traceability and accountability in supply chains through inscribed data.Digital Governance: Facilitating transparent and immutable governance records for decentralized organizations.Community and Ecosystem GrowthThe growth and vibrancy of the Bitcoin Ordinals ecosystem will be driven by community engagement, developer contributions, and the creation of supportive infrastructure. As more projects and businesses adopt Ordinals, the ecosystem will benefit from increased collaboration, resource sharing, and innovation, further solidifying Ordinals' role in the Bitcoin landscape.Also, Discover | BRC-721E Token Standard | Enabling Blockchain Art TransactionsFrequently Asked Questions (FAQ)1. What are Bitcoin Ordinals?Bitcoin Ordinals are a protocol that assigns unique identifiers to individual satoshis, enabling the inscription of arbitrary data onto these smallest units of Bitcoin. This allows for the creation of digital artifacts, such as NFTs, directly on the Bitcoin blockchain.2. How do Ordinals differ from traditional Bitcoin transactions?Traditional Bitcoin transactions involve the transfer of value between addresses without embedding additional data. Ordinals, however, allow for data to be inscribed onto specific satoshis, turning them into unique digital assets with embedded information.3. Can Bitcoin Ordinals be used to create NFTs?Yes, Bitcoin Ordinals can be used to create non-fungible tokens (NFTs) by inscribing unique data onto individual satoshis, effectively tokenizing digital art, collectibles, and other unique assets on the Bitcoin blockchain.4. What are the main benefits of using Ordinals?The main benefits of using Ordinals include immutable data storage, enhanced security through Bitcoin's robust network, decentralization, and interoperability within the Bitcoin ecosystem, enabling the creation and management of diverse digital assets.5. Are there any limitations to Bitcoin Ordinals?Yes, Bitcoin Ordinals face scalability issues due to increased transaction sizes, higher transaction costs, regulatory concerns regarding data inscription, and adoption barriers related to technical complexity and ecosystem maturity.6. How secure are the data inscriptions made by Ordinals?Data inscriptions made by Ordinals are highly secure, benefiting from Bitcoin's decentralized and robust security infrastructure. Once inscribed, the data is immutable and permanently recorded on the blockchain, ensuring its integrity and resistance to tampering.7. Can Ordinals be integrated with existing Bitcoin wallets and platforms?Yes, as the Ordinals protocol matures, integration with existing Bitcoin wallets and platforms is becoming more feasible, enhancing interoperability and enabling seamless management of inscribed satoshis across various services.8. What are the future prospects for Bitcoin Ordinals?The future prospects for Bitcoin Ordinals include technological advancements to address current limitations, expansion into diverse applications such as decentralized finance and digital identity, and growth of the community and ecosystem to support broader adoption and innovation.9. Do Bitcoin Ordinals require any special software or tools?Creating and managing Bitcoin Ordinals typically requires specialized tools and software that support the Ordinals protocol. As the ecosystem develops, more user-friendly tools and platforms are expected to emerge, simplifying the process for users and developers.10. How do Bitcoin Ordinals impact the overall Bitcoin network?Bitcoin Ordinals introduce additional functionalities to the Bitcoin network, allowing for data embedding and tokenization. While this enhances the network's capabilities, it also poses challenges related to scalability and transaction efficiency that need to be managed to maintain Bitcoin's performance.ConclusionBitcoin Ordinals represent a significant innovation within the Bitcoin ecosystem, unlocking new possibilities for data inscription, tokenization, and the creation of digital assets directly on the Bitcoin blockchain. By assigning unique identifiers to individual satoshis and enabling the embedding of arbitrary data, Ordinals bridge the gap between Bitcoin's robust security and the versatile functionalities demanded by modern blockchain applications.While Bitcoin Ordinals offer numerous benefits, including immutable data storage, enhanced security, and decentralization, they also present challenges such as scalability issues, higher transaction costs, and regulatory considerations. Overcoming these hurdles will require ongoing technological advancements, community engagement, and ecosystem development.For businesses and developers, Bitcoin Ordinals open up new avenues for innovation, from creating secure digital identities and managing supply chain transparency to developing NFTs and decentralized finance applications on Bitcoin. As the protocol continues to evolve, it is poised to play a pivotal role in expanding Bitcoin's utility and maintaining its relevance in the dynamic blockchain landscape.Embracing Bitcoin Ordinals requires a deep understanding of their technical foundations, potential applications, and the challenges they entail. By staying informed and actively participating in the Ordinals ecosystem, stakeholders can harness the full potential of this groundbreaking protocol, contributing to the next chapter of Bitcoin's enduring legacy. Connect with our skilled blockchain developers to develop your project levereging the potential of Bitcoin ordinals.
Category:
Blockchain
Mudit Kumar
29 Oct 2023
Game On! Mastering Web3 Game Development
In this article, we will delve into the world of web3 gaming, exploring the exciting capabilities it introduces to the realms of gaming using the potential of blockchain, smart contract development, and other emerging technologies.
Over the past decade, the gaming industry has witnessed an explosive expansion, growing into a colossal sector valued at over $200 billion. Yet, this flourishing industry grapples with two enduring challenges:
For Developers: The traditional game development process demands the construction of intricate backend systems that often take years to complete. This complexity acts as a significant barrier for aspiring game creators.
For Players: In-game assets and items are typically confined within closed ecosystems, preventing players from deriving tangible value from their investments of time and money.
Fortunately, there exists a solution to both of these challenges: web3 game development. This emerging paradigm is poised to revolutionize the entire gaming industry by offering players true ownership of in-game assets, creating fresh monetization avenues for game developers, and lowering the barriers to entry for those looking to bring their gaming ideas to life.
What Does Web3 Game Development Entail?
Web3 game development encompasses the crafting of online games that seamlessly blend blockchain, smart contracts, cryptocurrencies, and decentralized systems. Diverging from conventional online gaming, Web3 games provide players with genuine ownership of in-game assets via non-fungible tokens (NFTs), advocate for decentralized governance, and frequently incorporate play-to-earn features. These games function within the decentralized web (Web3) and rely on smart contracts to automate game mechanics and in-game transactions.
Also, Read |Game Development with Blockchain, NFT, and the Metaverse
Web3 Game Development Essentials
Smart Contracts: Building Trust and Security at the Core
In the realm of Web3 gaming, smart contracts serve as the cornerstone, guaranteeing transparency, security, and trust among players. These self-executing agreements facilitate the automatic enforcement of gaming rules, the equitable allocation of rewards, and the prevention of dishonest behavior. By mastering the intricacies of smart contract development, you establish a sturdy groundwork for a seamless gaming experience.
Choosing the Right Blockchain for Your Web3 Game
Selecting the most suitable blockchain platform is a pivotal decision for the triumph of your Web3 game. Each blockchain offers distinct features, scalability options, and vibrant communities. Whether you opt for Ethereum, Binance Smart Chain, or a specialized gaming-oriented blockchain, comprehending the unique attributes and limitations of each will empower you to make an educated choice that aligns with your game's specific requirements.
Crafting an Intuitive and Immersive Gaming User Experience
In the realm of Web3 gaming, an exceptional user experience (UX) stands as a top priority. Create a user interface that seamlessly harmonizes with players' web wallets, ensuring effortless interactions and convenient access to in-game functionalities. Immerse players with captivating visuals, user-friendly controls, and adaptive design, whisking them away to a realm where they can fully immerse themselves in the enchantment of your game.
Also, Explore | Play-to-Earn NFT Games | Fundamentals and Development Essentials
Web3 Game Development and Deployment
Collaborating with Web3 Game Development Specialists
Undertaking the journey of Web3 game development necessitates assembling a team of experts well-versed in blockchain technology, game design, and smart contract development. Forge partnerships with proficient developers, talented artists, and experienced blockchain engineers who share your vision and dedication. Together, you can breathe life into your envisioned game.
Breathing Life into Characters and Environments
The visual allure of Web3 games is paramount, as it captivates players and immerses them in captivating virtual realms. Craft mesmerizing characters and environments, harnessing state-of-the-art graphics and animation techniques. Meticulous attention to detail and the seamless fusion of art and technology will leave players awestruck as they embark on journeys through your digital universe.
Seamlessly Integrating User Wallets and Decentralized Storage Solutions
The integration of user wallets and decentralized storage solutions stands as a pivotal juncture in Web3 game development. A seamless integration process empowers players to securely store their in-game assets and facilitates effortless in-game transactions. Implement wallet connectivity to enable players to interact with the blockchain effortlessly, unlocking the full potential of Web3 gaming.
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Successful Web3 Game Development Strategies
In the ever-evolving realm of Web3 gaming, a successful strategy involves keeping abreast of the most recent trends and blending them with time-proven tactics. Here are some recommendations to guide your Web3 game towards triumph:
User-Centered Design: Always place user experience at the forefront. The more intuitive and captivating the game, the higher the likelihood of widespread adoption.
Transparent Tokenomics: Clearly define how in-game assets are valued, acquired, and exchanged to foster trust among your player base.
Innovative Monetization: Explore a variety of monetization models beyond play-to-earn, such as staking, renting, or governance participation.
Embrace Decentralization: Harness the full potential of blockchain technology, granting players true ownership and control over their in-game assets.
Iterative Testing: Regularly assess and refine your game mechanics to ensure stability and user satisfaction.
Engage the Community: Cultivate a strong community, actively listen to their feedback, and involve them in the evolution of the game.
Stay Informed: The Web3 landscape evolves rapidly. Keep yourself updated on the latest technological advancements and incorporate them when they align with your game's objectives.
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Web3 Game Examples
Nine Chronicles
Embark on an epic MMORPG journey within Nine Chronicles, boasting over 21,000 daily unique active wallets. This free-to-play game, based on the Libplanet blockchain, invites players to delve into a sprawling world, confront formidable monsters, and craft valuable items.
PlayMining
Uncover a universe of mini-games on PlayMining, a platform with over 17,000 daily unique active wallets. Immerse yourself in puzzle games, arcade challenges, and strategic contests while earning cryptocurrencies. Showcase your gaming skills and reap the rewards on this thrilling platform.
Illuvium
Enter the enthralling realm of Illuvium, a decentralized RPG and collector's game. Against the backdrop of a spaceship crash on an alien world, your mission is to explore, capture creatures, and discover obelisks to aid your navigation. Engage in tactical battles and amass valuable assets in this immersive Web3 gaming adventure.
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How Do I Start Web3 Game Development?
To kickstart your journey in Web3 game development, it's essential to team up with an experienced web3 game development company, grasp blockchain fundamentals, pick the right blockchain platform, emphasize the advantages of decentralization in your design, actively participate in the Web3 gaming community for valuable input, and give special attention to iterative testing, particularly for smart contracts. This process will help you prepare for a successful launch and enable ongoing game refinement based on feedback.
Category:
Blockchain
Mudit Kumar
28 Oct 2023
Revolutionizing the Seas: Blockchain for Shipping Management
The shipping industry, a cornerstone of global trade, is a complex and vast network of vessels, ports, cargo, and paperwork. Managing this intricate web efficiently and securely is paramount for the world economy. Blockchain technology has emerged as a potential game-changer in this regard. In this blog, find out how blockchain app development is transforming the world of shipping management.
Understanding Blockchain
Blockchain is a decentralized and distributed digital ledger technology. It enables the recording, storage, and verification of transactions across a network of computers. These transactions are grouped into blocks and linked together in a chain, forming a secure and unchangeable record.
Key Features of Blockchain
Key features of blockchain include transparency, security, immutability, and decentralization. These features make it an ideal technology for various industries, including shipping management.
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Challenges in Traditional Shipping Management
Inefficiencies and Delays
The traditional shipping industry is plagued by inefficiencies, resulting in delays and increased costs. Manual paperwork, lack of transparency, and poor communication contribute to these problems.
Security Concerns
Security breaches, fraud, and piracy pose significant threats to the shipping industry. Ensuring the security and authenticity of cargo and documentation is paramount.
Data Fragmentation
The vast amount of data generated in shipping, from customs documents to cargo manifests, often exists in silos. This fragmentation can lead to discrepancies and miscommunication.
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Blockchain in Shipping Management
Transparency and Traceability
Blockchain provides an immutable ledger that offers complete transparency and traceability of all transactions. Every party involved in the supply chain can access a single source of truth, reducing disputes and errors.
Streamlined Processes
Smart contracts, self-executing contracts with the terms of the agreement directly written into code, automate processes such as cargo release, payment, and customs clearance, reducing paperwork and administrative overhead.
Enhanced Security
Blockchain's cryptographic techniques make it extremely secure. Data stored on a blockchain is tamper-proof, and access controls can be implemented, reducing the risk of unauthorized data breaches.
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Smart Contracts
Smart contract development can automate and streamline various shipping processes, from documentation to payment. They are self-executing and self-verifying, reducing the need for intermediaries and manual interventions.
Reducing Fraud
Blockchain's immutable ledger ensures that once data is recorded, it cannot be altered. This feature helps reduce fraud and errors in shipping transactions.
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Real-world Use Cases
FedEx
Being one of the globe's largest shipping companies, FedEx plays a crucial role in promoting the adoption of a blockchain-based industry standard. The corporation has seamlessly incorporated blockchain technology into its custody chain, aiming to enhance traceability. This move results in a more reliable and punctual record, which can be employed to resolve customer disputes and provide answers to inquiries. Additionally, FedEx is an active member of the Blockchain in Transport Alliance (BiTA). Moreover, FedEx has initiated a pilot program to establish precise standards for determining which data should be stored on the blockchain to best serve customer requirements.
De Beers
De Beers, a prominent global diamond company, leverages the blockchain-powered tracking features of Tracr to meticulously monitor the origin and journey of each natural diamond extracted. The diamond mining industry remains notorious for its substantial environmental and societal risks, even though there have been substantial worldwide endeavors to improve its practices. To instill trust and address consumer apprehensions regarding the ethical provenance of their gemstones, De Beers relies on Tracr to validate the authenticity of its diamonds. This ensures that the diamonds are not sourced from conflict zones, where these precious gems could be used to fund violence.
Walmart's Food Supply Chain
Walmart implemented blockchain technology to trace the origin of food products in its supply chain. This enhanced traceability improves food safety and reduces the time taken to identify the source of contaminated products.
The Future of Blockchain in Shipping Management
The future of shipping management is set to be revolutionized by blockchain technology. As regulatory hurdles are overcome, and more companies embrace this technology, the industry will experience increased efficiency, security, and transparency. Collaboration and information sharing within the shipping ecosystem will become the norm, ultimately benefiting the entire global economy.
Conclusion
Blockchain technology is poised to disrupt the traditional shipping management industry. Its ability to provide transparency, traceability, and security, along with smart contracts and reduced fraud, makes it a powerful tool for enhancing global trade. As more real-world use cases emerge and regulatory hurdles are overcome, we can expect to see a more efficient, secure, and interconnected world of shipping management. If you are planning to invest in blockchain for shipping management, connect with our blockchain experts for a thorough consultation.
Category:
Blockchain
Mudit Kumar
26 Oct 2023
NFT-Based Loyalty Programs: Revamping Customer Engagement
Having an effective customer loyalty program is one of the crucial aspects of a business. Traditional loyalty programs have their boons and biases and prove rather less impactful when it comes to maintaining customer loyalty. Involving NFTs in the continuously evolving space of loyalty programs can prove to be a significant technological advancement. NFTs can bring an entirely fresh flurry of innovation, engagement, and personalization for businesses looking to upgrade their loyalty program management. In this quick guide, explore how NFTs-driven loyalty programs, enabled by NFT development services, can revolutionize customer loyalty for businesses.
Understanding NFTs and Loyalty Programs
Essentially, NFTs represent unique digital assets stored on a blockchain. These tokens possess an individual value and are not interchangeable like cryptocurrencies such as Ethereum or Bitcoin. This inherent unique characteristic or distinction positions NFTs as an ideal means of proving ownership or access to a particular tangible asset.
Traditional customer loyalty programs have been one of the priorities for businesses for decades due to their potential to retain customer loyalty. Although these programs have benefitted businesses to a certain extent, they lack the real value and personalization that NFT-powered loyalty programs can offer.
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Harnessing the Synergy of NFT and Loyalty Programs
NFT-centric loyalty programs harness the synergy of NFT technology and customer engagement strategies, offering a multitude of advantages:
Tailored Rewards
NFTs have the capacity to embody bespoke rewards, collectibles, or experiences finely tuned to the unique preferences of each customer. This tailored approach fortifies customer relationships and amplifies loyalty.
Rarity and Exclusivity
Inherent scarcity and distinctive characteristics imbue NFT rewards with an aura of exclusivity. Customers perceive NFT rewards as inherently valuable, further nurturing brand loyalty.
Elevating Engagement
NFTs inject interactivity and gamification into loyalty programs. Customers gain the ability to trade, sell, or exhibit their NFT rewards, fostering a sense of community engagement and stimulating organic word-of-mouth marketing.
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Advantages of NFT-Based Loyalty Programs
Heightened Customer Retention
By offering personalized and valuable rewards, NFT-based loyalty programs motivate customers to remain dedicated to your brand.
Amplified Brand Loyalty
NFTs foster a deeper emotional bond between customers and your brand, cultivating lasting loyalty over time.
Augmented Customer Engagement
NFT-driven programs infuse elements of gamification and collectibles, encouraging active participation from customers.
Organic Word-of-Mouth Promotion
Customers sharing their NFT rewards on social media platforms can significantly elevate brand visibility, attracting new customers through organic and enthusiastic endorsements.
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Implementing NFT-Based Loyalty Programs
Selecting an Appropriate Blockchain Platform
Begin by carefully choosing a blockchain platform suitable for NFT creation and administration. Consider factors such as scalability, transaction fees, and the strength of the community support.
Crafting Distinctive NFT Rewards
Develop NFT rewards that harmonize with your brand identity and resonate deeply with your intended audience.
Integration of User-Friendly Wallets
Facilitate seamless customer access to and management of their NFT rewards by integrating user-friendly cryptocurrency wallets into your system.
Promotion and Customer Education
Proactively educate your customer base about the value of NFTs and how they can derive benefits from your loyalty program. Strategically deploy marketing campaigns to raise awareness and enthusiasm surrounding your NFT-based initiative.
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Illustrative Instances of Thriving NFT Loyalty Programs
Decentraland's "DAO Landowners Program"
Within the virtual realm of Decentraland, landowners are bestowed with NFTs that confer voting rights in the platform's governance, emphasizing decentralized decision-making
NBA's "Top Shot"
The NBA's innovative NFT-based platform, "Top Shot," empowers basketball enthusiasts to procure and trade officially licensed collectible moments from the world of professional basketball.
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Challenges and Considerations
Adherence to Regulatory Requirements
Recognize that NFTs might encounter regulatory evaluation in specific jurisdictions. Consequently, it is advisable to seek guidance from legal experts to confirm compliance with relevant regulations.
Enhanced Accessibility
Prioritize the user-friendliness and accessibility of your NFT loyalty program, ensuring that it accommodates a broad spectrum of customers.
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In Conclusion
NFT-based loyalty programs stand at the threshold of transforming customer engagement and loyalty in the digital era. Through the utilization of NFT technology, enterprises can deliver one-of-a-kind, tailored rewards that nurture robust customer relationships and cultivate enduring loyalty. As this pioneering approach gains momentum, being at the forefront by embracing NFT loyalty programs can provide your business with a competitive advantage in the ever-evolving realm of customer loyalty. However, it would require the expertise of skilled NFT developers from an NFT development company to develop a successful NFT loyalty program. Connect now and get started with the NFT revolution to witness your customer engagement and loyalty ascend to unprecedented heights.
Category:
Blockchain
Mudit Kumar
22 Oct 2023
Top Blockchain Development Companies | Oodles Blockchain
In today's digital age, blockchain technology has emerged as a game-changer, revolutionizing industries across the spectrum. Blockchain's decentralized, secure, and transparent nature offers endless possibilities for various applications. In this blog, we will delve into the world of Oodles, one of the top blockchain development companies that has been at the forefront of blockchain innovation. We'll explore their services, expertise, and the impact they've made as a blockchain development companyspace.
Oodles Blockchain
Oodles Blockchain is one of the top blockchain development companies with a strong focus on blockchain and AI development. The company is on a mission to harness the potential of cutting-edge technologies to create innovative solutions for its clients.
Key Services Offerings
Blockchain Development
Oodles is renowned for its expertise in blockchain development. They offer end-to-end blockchain solutions, including creating custom blockchain networks, smart contract development, and creating decentralized applications (dApps). Whether for supply chain management, healthcare, finance, or any other industry, Oodles has a knack for delivering tailor-made blockchain solutions.
Fintech
Considering the unprecedented growth of cryptocurrencies, Oodles has prepared itself to develop a range of DeFi solutions. From crypto exchange development, and crypto/token development to staking, yield farming, or crypto wallet solutions, the experts at Oodles can fulfill a range of emerging business needs.
DevOps
Whether it's traditional software development or building and maintaining blockchain-based solutions, DevOps plays a crucial role in the development and successful launch of a project.
Oodles has DevOps engineers who can ensure the smooth development, deployment, and launch of your project.
AI and Blockchain
In addition to blockchain, Oodles specializes in converging AI and Blockchain services to deliver inventive business solutions. They develop intelligent systems, predictive models, and data-driven applications, leveraging the power of AI and blockchain to transform business operations.
Custom App Development
The company now also offers custom software and app development services that cater to a wide range of industries. Whether it's building web applications, mobile apps, or enterprise-grade software, Oodles has the expertise to meet specific client requirements.
Notable Expertise
Oodles is making a significant impact across industries through the expertise and skill sets of its large talent pool:
Supply Chain Solutions
The developers at Oodles have significant expertise in building blockchain solutions to optimize supply chain operations, enhancing transparency and traceability in the process.
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Healthcare
The experts at Oodles consider blockchain a transformative technology for healthcare. Thereby, they offer to build blockchain-based healthcare solutions to securely store and share medical data, ensuring patient privacy and data integrity.
Real Estate
The introduction of blockchain in real estate can significantly transform the industry. Already NFTs, metaverse, and dApps based on blockchain are making a significant impact in the real estate space. The blockchain development company is abreast with blockchain developers who can turn even the most complex business requirements into practical business solutions.
Client Base
Oodles Blockchain has catered to a diverse clientele, including startups, enterprises, and individuals across the globe. Their solutions have addressed the unique needs of clients in industries such as healthcare, finance, logistics, and more.
Why Choose Oodles Blockchain?
Expertise
Oodles' extensive experience in blockchain, AI, and IoT positions it as a leader in cutting-edge technology and makes it one of the top blockchain development companies.
Customized Solutions
They understand that every client's needs are unique, and they tailor their solutions accordingly.
Innovation
Oodles is known for pushing the boundaries of technology, and consistently exploring new avenues and trends in blockchain.
Global Presence
With offices in India, the USA, and the UK, Oodles Technologies has a global reach, providing services to clients worldwide.
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Conclusion
In a world where technology is evolving at an unprecedented pace, Oodles Blockchain stands out as one of the top blockchain development companies that thrives on innovation and delivering solutions that harness the power of blockchain, AI, and other emerging technologies. Their extensive talent pool, global presence, and diverse range of services make them a key player in the world of technology solutions. Whether you're a startup looking to disrupt an industry or an enterprise seeking to streamline operations, Oodles Blockchain is a name to consider in your quest for cutting-edge technology solutions.
Category:
Blockchain
Mudit Kumar
21 Oct 2023
Brazil Launches National Digital ID System Powered by Blockchain
The government of Brazil has made a groundbreaking announcement, revealing plans to implement blockchain technology for its digital ID system for over 214 million citizens. The states of Rio de Janeiro, Goiás, and Paraná will pioneer this initiative, utilizing a private blockchain system developed by Serpro, Brazil's national data processing service. A decree issued on September 25 has set a target for the entire nation to adopt blockchain technology for identity documentation by November 6. This is a significant step in the blockchain app development space, driving blockchain's global adoption initiative.
Alexandre Amorim, President of Serpro, emphasized that the inherent immutability and decentralization of blockchain technology make it the perfect choice for Brazil's digital identification project.
According to statements from the local government, the national ID project holds significant importance in combatting organized crime, enhancing intergovernmental collaboration, simplifying access to services, and optimizing administrative record-keeping.
b-Cadastros | The Blockchain Network for National Identity Card Project
In its pursuit of a new national identity card system, Brazil's government has introduced a blockchain network to bolster the security of data sharing between the Federal Revenue Service and civil identification agencies. This network will serve as the foundation for the revenue service's collaborative database, known as b-Cadastros, enabling operations related to the creation, modification, and retrieval of new ID cards and tax registration numbers. The platform has been developed by Serpro, a state-owned IT services corporation in Brazil.
b-Cadastros is constructed upon Hyperledger Fabric, a platform tailored for permissioned blockchain networks, specifically designed for organizations looking to establish a consortium. In other words, participation in a blockchain built on Hyperledger Fabric requires an invitation.
The National Civil Identity Card (ICN) stands as an upgraded replacement for Brazil's traditional paper-based ID cards, with its nationwide issuance commencing in July 2022. This project's primary objective is to centralize the nation's civil identification system, leveraging the ICN database to authenticate individuals accessing public services online.
The new plastic card empowers users to generate a single digital version of their document, offering enhanced security through the utilization of a printed QR code for validation. By adopting this blockchain-enabled ID system, the Brazilian government aims to centralize processes and mitigate fraud and illicit activities, as the current system allows individuals to request identification cards in each of the country's 27 states.
In the coming week, the Brazilian states of Rio de Janeiro, Goiás, and Paraná will spearhead the implementation of the blockchain-based version of the National Revenue Service's collaborative registry for the issuance of these new ID cards, with the remaining states expected to follow suit within the next six weeks.
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Argentina also Gears Up for Digital Transformation
In a similar vein, the city of Buenos Aires, Argentina, has unveiled a parallel undertaking that enables its residents to access vital identity documents, including birth certificates, marriage records, and academic credentials, through a digital wallet.
This innovative endeavor relies on QuarkID, a solution crafted by the Web3 company Extrimian, and harnesses zkSync Era, an Ethereum scaling protocol founded on zero-knowledge rollups.
Guillermo Villanueva, CEO of Extrimian, underscores the profound significance of this development within the realm of Latin American governance. He underscores that this initiative has the potential to serve as a model for the integration of blockchain technology in the service of the public good.
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Brazil's Other Digital Transformation Initiatives
In recent years, Brazil has undertaken a significant initiative to streamline identity issuance processes across its nearly 30 states. The newly implemented technology is set to facilitate more secure data exchange between the Federal Revenue and various government departments, as announced officially.
In another notable development, the country is gearing up for the launch of its Central Bank Digital Currency (CBDC). In August 2023, the government released further details about the project, which was previously known as the Digital Real but has now been officially rebranded as "Drex." As previously reported, the central bank has ambitious plans to expand business access to capital through a tokenization system linked to Drex. However, it's worth noting that local developers have discovered that the Drex code allows for a central authority to freeze funds or make balance reductions, as per earlier reports.
If you are also looking to incorporate blockchain into your business or want to build a new project, connect with our blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
20 Oct 2023
Exploring Token Standards Beyond Ethereum
The advent of blockchain technology has ushered in a new era of digital assets and tokens, capable of reshaping industries and economies. While Ethereum took the lead by introducing token standards such as ERC-20 and ERC-721, other blockchain platforms have also entered the fray, offering their distinct token standards and ecosystems. In this comprehensive blog, we will navigate the realm of token standards beyond Ethereum, with a particular focus on Binance Smart Chain (BSC) and other prominent platforms. Blockchain development companyemploys these standards to develop unique dApps and web3 solutions.
Understanding Token Standards: A Concise Review
Token standards delineate the rules and functionalities that tokens on a specific blockchain must adhere to. Ethereum laid the foundation with its ERC-20 and ERC-721 standards, enabling the creation of fungible and non-fungible tokens respectively. These standards catalyzed the proliferation of decentralized applications (DApps), decentralized finance (DeFi) platforms, and more.
Binance Smart Chain: A Challenger to Ethereum
Binance Smart Chain (BSC) emerged as a robust contender to Ethereum, offering expedited transactions and reduced fees. It introduced its own array of standards mirroring some of Ethereum's popular counterparts:
BEP-20
Similar to ERC-20, BEP-20 serves as Binance Smart Chain's token standard for fungible tokens. It empowers developers to craft and manage diverse token types, ranging from utility tokens to security tokens.
BEP-721
Analogous to ERC-721, BEP-721 constitutes BSC's token standard for non-fungible tokens (NFTs). This standard facilitates the creation of distinct digital assets, finding applications in art, gaming, collectibles, and beyond.
Alternative Blockchains and Their Token Standards
Beyond Binance Smart Chain, numerous other blockchain platforms have ushered in their distinct token standards, each tailored to specific use cases:
Polkadot (DOT)
Polkadot's token standard, aptly named "fungible" (Fungible Token Standard - FTS), is tailored for interoperability between diverse blockchains within the Polkadot ecosystem.
Solana (SOL)
Solana's SPL token standard empowers the generation of tokens on its high-performance blockchain, accommodating both fungible and non-fungible assets.
Flow (FLOW)
Flow's Fungible Token Standard (FTS) is laser-focused on creating tokens endowed with innate flexibility and scalability, catering to applications necessitating high throughput.
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Advantages
The emergence of these standards beyond Ethereum carries substantial implications:
Scalability
Ethereum grappled with scalability challenges and exorbitant fees. Platforms like Binance Smart Chain, Solana, and Flow provide speedier transaction rates and reduced fees, rendering them enticing alternatives for developers and users alike.
Diverse Use Cases
Distinct token standards cater to an extensive spectrum of use cases, spanning from DeFi platforms and gaming ecosystems to supply chain management and real-world asset tokenization.
Interoperability
Token standards within the same blockchain ecosystem bolster interoperability and synergy among diverse DApps and services.
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Challenges and Considerations
Decentralization
While platforms like BSC offer scalability, concerns are raised about potential compromises on decentralization when compared to Ethereum.
Security
Novel token standards necessitate rigorous security audits to ensure resilience against potential vulnerabilities and attacks.
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Conclusion
Token standards have transcended the boundaries of Ethereum, with platforms such as Binance Smart Chain, Polkadot, Solana, and Flow introducing their unique standards tailored to diverse requisites. These standards have amplified the avenues for forging fungible and non-fungible tokens, galvanizing the growth of multifaceted ecosystems and applications.
As the blockchain landscape continues to evolve, the rivalry among distinct these standards will kindle innovation, contributing to the holistic advancement of the blockchain domain. If you are interested in developing your project using any of these token standards, you may connect with our skilled blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
13 Sep 2023
AI-Driven Smart Contracts: Merging Intelligence with Automation
In the domain of blockchain and decentralized technologies, the convergence of artificial intelligence (AI) and smart contracts has ignited an innovative wave poised to reshape transaction execution and management. This fusion of cutting-edge technologies, AI, and smart contract development, holds the potential to revolutionize industries, streamline processes, and amplify the efficiency and intelligence of automated agreements. Within this comprehensive blog, we embark on an exploration of this emerging type of smart contracts—understanding their essence, benefits, challenges, and transformative influence across diverse sectors.
Comprehending AI-Driven Smart Contracts
Smart contracts, synonymous with blockchain platforms like Ethereum, embody self-executing agreements with contract terms directly inscribed as code. These agreements autonomously initiate and enforce actions upon the fulfillment of predetermined conditions. Conversely, artificial intelligence encompasses the emulation of human cognitive processes by machines, encompassing learning, reasoning, and problem-solving.
These smart contracts amalgamate the capabilities of smart contracts with artificial intelligence technologies, birthing dynamic and intelligent agreements capable of adapting, learning, and making decisions grounded in data and evolving circumstances. This amalgam empowers the automation of intricate decision-making processes within contracts, unshackling new dimensions of efficiency and sophistication.
Benefits
Flexibility
Artificial intelligence-based smart contracts can recalibrate terms and actions in response to real-time data, ensuring agreements remain pertinent and optimal amidst evolving landscapes.
Complex Decision-Making
By integrating artificial, smart contracts can execute intricate decision-making processes, scrutinizing a wider spectrum of variables and rendering informed choices.
Integration of Real-World Data
AI-driven smart contracts can harness external data sources via oracles, augmenting their capacity to respond to real-world events and conditions.
Risk Mitigation
Smart contract development with AI integration can benefit from the capabilities of AI to evaluate risks and anticipate potential challenges. It can enable smart contracts to autonomously implement risk-mitigation strategies.
Efficiency and Precision
AI-driven smart contracts automate tasks and decision-making, curbing human errors and accelerating processes.
Personalization
AI can customize contract terms and actions to individual users, cultivating a more tailored experience.
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Applications
Supply Chain Management
AI-driven smart contracts can optimize supply chain procedures by dynamically adapting orders based on market dynamics, shipping delays, and inventory levels.
Insurance Claims Processing
In the insurance sector, smart contracts powered by artificial intelligence can facilitate automated claims assessment, fraud detection, and payout computations.
Financial Services
AI's scrutiny of market data and trends empowers smart contracts to execute trades, investment strategies, and loan approvals.
Healthcare
Streamlining medical billing, optimizing patient treatment plans, and automating administrative processes are all within the purview of AI-driven smart contracts in healthcare.
Legal Contracts
AI can aid in the assessment and interpretation of intricate legal documents, ensuring contractual terms align with legal requisites and business objectives.
Real Estate Transactions
Transparent and secure facilitation of property transactions, encompassing documentation management, payments, and transfers, can be orchestrated by AI-driven smart contracts.
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Challenges and Aspects to Consider
Data Privacy and Security
AI-driven smart contracts require data access, potentially giving rise to concerns regarding privacy and security, particularly when sensitive information is involved.
Technical Intricacy
AI-driven smart contract development necessitates expertise spanning both AI and blockchain development, rendering it a multifaceted undertaking.
Regulatory Adherence
The integration of AI into contractual decision-making may introduce regulatory and legal complexities, particularly in sectors with stringent compliance prerequisites.
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The Future of AI-Driven Smart Contracts
As AI and blockchain technologies continue their evolutionary trajectory, the prospects for AI-driven smart contracts amplify in excitement. These contracts could evolve to become more autonomous, adaptive, and proficient at responding to intricate scenarios. Industries that embrace AI-driven smart contracts stand to reap rewards through heightened efficiency, cost reduction, and augmented decision-making prowess. This, in turn, ushers in an era characterized by intelligent automation and pioneering innovation.
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Conclusion
Artificial intelligence-driven smart contracts constitute a momentous stride in the realm of blockchain technology. They signify the fusion of human-like decision-making with the precision and efficiency inherent to automated contracts. While challenges persist, the potential benefits across myriad industries are substantial, laying the groundwork for a future where contracts are not solely self-executing, but also endowed with intelligence and responsiveness. If you have a project in mind related to smart contracts and want to fuse it with artificial intelligence, you may connect with our skilled smart contract developers to get started.
Category:
Blockchain
Mudit Kumar
12 Sep 2023
Can ChatGPT Replace Crypto Trading Bots
The rise of artificial intelligence in recent years has sparked both fascination and speculation among traders, developers, and crypto enthusiasts. As AI language models—such as OpenAI's ChatGPT—become increasingly capable, questions arise about their potential applications in various domains. Among these queries, one that stands out for the cryptocurrency community is: “Can ChatGPT replace crypto trading bots?”To address this question, we need to first understand what ChatGPT is, what crypto trading bots are, and how their purposes, architectures, and capabilities differ. We must look at their inherent strengths and limitations, the ecosystem they operate in, and whether ChatGPT can (or even should) be used as a substitute for automated trading systems.Understanding ChatGPTWhat Is ChatGPT?ChatGPT is a large language model (LLM) developed by OpenAI. It is trained on vast amounts of text data from the internet and can engage in conversational interactions, generate coherent text, and provide insights on a wide range of topics. It can summarize articles, solve basic coding problems, translate text, and even write creative prose.Strengths of ChatGPT:Versatility and Reasoning: ChatGPT can synthesize information from varied domains and provide reasoned responses based on patterns it's observed in its training data. It can be helpful for market commentary, educational explanations, and scenario analyses.Accessibility: Anyone with access to the API or interface can query ChatGPT. It's user-friendly and doesn't require specialized technical knowledge to get started.Natural Language Understanding: ChatGPT excels at parsing human language, making it a potentially powerful interface to complex systems, including those that handle market data and trading logic.Limitations of ChatGPT:No Real-Time Data Access by Default: By design, ChatGPT does not have direct access to real-time or streaming market data. Its knowledge cutoff may prevent it from staying abreast of the latest market conditions unless specifically engineered to receive such updates.No Autonomous Execution Abilities: ChatGPT, on its own, cannot execute trades. It produces text-based outputs, not instructions that can directly interface with exchanges to buy or sell.Not Specialized in Finance or Trading Logic: While ChatGPT can discuss trading strategies or explain indicators, it's not inherently optimized to handle the complexities of high-frequency trading, latency-sensitive decision-making, or nuanced technical analysis unless augmented with custom prompts and external systems.Also, Read | A Comprehensive Guide to Triangular Arbitrage BotsUnderstanding Crypto Trading BotsWhat Are Crypto Trading Bots?Crypto trading bots are specialized software applications designed to execute trades automatically based on predefined strategies. They connect directly to cryptocurrency exchanges via APIs, monitor price feeds, and respond to market signals according to logic that a trader or developer has programmed. These bots run continuously, often 24/7, and rely on algorithmic rules, quantitative models, or machine learning techniques to decide when to enter or exit positions.Strengths of Crypto Trading Bots:Speed and Efficiency: Trading bots can process information and place trades in milliseconds. They excel in fast-paced markets where manual execution is too slow.Consistency and Emotion-Free Trading: Bots follow their code to the letter. They don't deviate from strategy due to fear, greed, or other human emotions.Scalability and Reliability: Once deployed, a bot can manage multiple trading pairs, across multiple exchanges, continuously scanning markets and adjusting positions without human intervention.Limitations of Crypto Trading Bots:Rigidness Without AI: Many straightforward bots rely on predetermined logic (e.g., “buy if RSI < 30” or “sell if price crosses the 50-day moving average”). Without adaptive intelligence, they can be easily outsmarted by changing market conditions.Complexity and Maintenance: Developing a robust bot requires technical know-how. Strategies must be continuously tested, monitored, and adjusted, and the bot's infrastructure must be maintained.Risk of Overfitting and Poor Strategies: A bot's performance is only as good as the strategy it's programmed to follow. A poorly designed strategy may lead to losses, and no amount of computational horsepower can fix a fundamentally flawed approach.You may also like | Understanding the Impact of AI Crypto Trading BotsWhere ChatGPT and Trading Bots DifferDomain Expertise vs. Execution EngineChatGPT is a generalist AI conversational partner; trading bots are domain-specific execution engines. While ChatGPT can advise, clarify concepts, and even suggest strategies, it cannot directly pull the trigger on trades or maintain an open position. Trading bots, on the other hand, are purpose-built to interact with exchange APIs and manage trades around the clock.Data Handling and Latency SensitivityCrypto trading bots thrive on real-time data. High-frequency traders rely on microsecond-level latency and complex order book analysis. ChatGPT, however, is not built for such real-time, millisecond decision-making. It's better suited for tasks where speed-to-decision is less critical. For example, ChatGPT can help you refine your trading approach, produce market research summaries, or generate code snippets for a trading algorithm, but it cannot replace the instantaneous, data-driven execution loop that a high-frequency trading bot requires.Predictive Modeling vs. Conversational ReasoningChatGPT is a language model that predicts the next word in a sentence based on patterns it has observed. While it can absorb and reframe market insights, it doesn't inherently contain a predictive financial model tailored to crypto markets. Trading bots, particularly those enhanced by quantitative research or machine learning models, rely on mathematical and statistical methods to forecast price movements, detect arbitrage opportunities, and manage risk.Also, Read | Telegram Mini Apps vs. Telegram Bots : Exploring the Key DifferencesCan ChatGPT Enhance or Integrate with Trading Bots?Instead of asking if ChatGPT can “replace” crypto trading bots, a more productive inquiry might be how these tools can complement each other. Here are some possible integrations:Strategy Development and Idea Generation:ChatGPT can serve as a brainstorming partner. Traders might ask it to explain concepts like moving averages, RSI, MACD, or volatility-based position sizing. They can request historical analogies, weigh the pros and cons of a certain approach, or get suggestions for risk management techniques. This natural language interaction can simplify the research phase of building a trading bot's logic.Code Generation and Debugging Assistance:By describing a desired trading strategy in plain English, a developer might prompt ChatGPT to produce a rough skeleton of a trading bot in Python or another language. ChatGPT can help with boilerplate code for connecting to an exchange's API, outline functions for technical indicators, and even suggest libraries to use. This can expedite development but will still require a human developer for refining, testing, and deploying the code.Educational Companion for Traders:For novice traders looking to automate their strategies, ChatGPT can serve as a tutor. It can explain complex topics, guide them through setting up a bot environment, or describe best practices in strategy optimization and backtesting. This reduces the learning curve and ultimately leads to better, more informed bot usage.Decision Support for Discretionary Traders:Discretionary traders who like to maintain some manual control might use ChatGPT to generate market summaries, analyze sentiment from news snippets, or discuss hypothetical scenarios. This narrative input can guide their strategic decisions, which can then be implemented by a bot. While the bot executes trades, ChatGPT can continuously be consulted for macro perspectives or event-driven analysis.Also, Discover | How to Build a Grid Trading Bot | A Step-by-Step GuideRealistic ExpectationsPersistent Limitations:As of now, ChatGPT doesn't have direct, real-time access to crypto exchange APIs. It cannot autonomously gather the latest market data, and it cannot dispatch buy/sell orders. Implementing such capabilities would require building an external infrastructure that feeds ChatGPT (or a similar model) with fresh market data and transforms its suggestions into executable instructions. Even then, the latency, uncertainty, and unpredictability of relying solely on a language model for real-time trading decisions pose significant challenges.Risk Management and Accountability:Crypto trading bots come with inherent risks. If a bug or a logic flaw exists, the bot can cause large financial losses. ChatGPT can advise on risk management measures (e.g., setting stop-loss orders, position sizing rules), but it cannot enforce them. Any integration where ChatGPT suggests trades must be accompanied by robust validation and safety checks.Human Oversight is Still Key:Even the most advanced trading bots and AI systems benefit from human oversight. Market conditions, regulatory changes, exchange policies, and unforeseen events require judgment and adaptability. ChatGPT can help interpret these broader contexts, but a human or a dedicated algorithmic system optimized for trading decisions is required to maintain a safe, profitable operation.Looking to the FutureThe future may bring advancements that blur the lines between a system like ChatGPT and trading bots. Imagine a scenario where you have:A specialized LLM (or a fine-tuned version of ChatGPT) that's trained on financial data and equipped with plugins that provide it with real-time market information.A secure execution environment where the LLM's trading suggestions are automatically parsed, checked for risk parameters, and deployed to exchanges through a controlled interface.Continuous monitoring systems that feed back the results of trades into the model, allowing it to learn which suggestions were effective and which weren't, nudging the system towards more informed recommendations over time.In such a scenario, ChatGPT wouldn't just be a replacement for a crypto trading bot; it could become a fundamental component of a more adaptive, conversational, and human-like trading advisory and execution system. However, this vision requires significant engineering, careful risk management, and a shift in how we currently use language models.Also, Check | How to Build a Solana Sniper BotConclusionAt this point in time, ChatGPT cannot directly replace crypto trading bots. The two technologies serve different purposes: ChatGPT excels at understanding, generating, and reasoning with language, whereas trading bots excel at executing predefined rules and strategies in real time.However, the synergy between the two is promising. ChatGPT can enhance the development lifecycle of trading bots by providing educational insights, assisting with code generation, and helping traders refine strategies before implementation. By combining ChatGPT's human-like reasoning capabilities with the raw, data-driven power of automated trading systems, traders and developers can create more informed, user-friendly, and potentially more robust trading environments.In other words, rather than viewing ChatGPT as a replacement, it's wiser to see it as a complementary tool—a powerful assistant in the research, planning, and maintenance phases of creating and running crypto trading bots. Over time, as AI and crypto infrastructure advance, these worlds may intertwine more deeply, opening the door for more integrated and intelligent trading solutions. In case you are interested in building crypto trading bots, connect with our skilled crypto and blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
12 Sep 2023
A Comprehensive Guide to ERC-6551 Token Standard
Within the dynamic realm of blockchain and cryptocurrency, innovation flourishes. A pivotal stride in this domain is the emergence of token standards Among these standards, ERC-6551 has risen to prominence. Blockchain development companies like Oodles already offer token development services for projects to be built on the standard. This all-encompassing guide delves into the intricacies of the emerging standard, unraveling its attributes, potential use cases, and its potentially transformative impact on the ecosystem.
Demystifying ERC-6551: The Fundamentals
ERC-6551 extends the well-established Ethereum Request for Comments (ERC) token standard, which delineates the principles and directives for creating both fungible and non-fungible tokens on the Ethereum blockchain. Dubbed the "Uniform Payment Channel Token Standard," ERC-6551 introduces novel capabilities, particularly within the realm of off-chain payment channels.
Crucial Features
Off-Chain Transactions
A primary objective of ERC-6551 is to enable off-chain transactions via payment channels. These off-chain transactions alleviate congestion on the Ethereum network, elevating transaction speed and scalability.
Payment Channel Empowerment
ERC-6551 facilitates the establishment of payment channels—a confidential avenue between two parties for executing multiple off-chain transactions. This approach proves especially advantageous for microtransactions and frequent interactions.
Compatibility
Designed for harmonious compatibility with other token standards, ERC-6551 effortlessly integrates with existing DeFi (Decentralized Finance) protocols and applications, fostering interoperability.
Augmented Efficiency
By enabling off-chain transactions, ERC-6551 contributes to an overall enhancement of Ethereum network efficiency and reduced transaction costs.
Also, Explore | BRC-721E Token Standard | Enabling Blockchain Art Transactions
Use Cases and Applications
Microtransactions
Ideal for microtransactions, like compensating content, services, or data, where the on-chain transaction costs might outweigh the transaction's value.
Gaming and NFTs
Within the gaming industry, characterized by swift and recurrent transactions, ERC-6551 can facilitate in-game acquisitions and non-fungible token (NFT) transfers.
IoT and Machine-to-Machine Transactions
The ability to conduct off-chain transactions proves pivotal in scenarios involving Internet of Things (IoT) devices and machine-to-machine interactions, necessitating low-latency transactions.
Multi-Party Collaborations
Leveraging ERC-6551's payment channel support, multi-party collaborations can thrive, enabling participants to interact and exchange value without congesting the primary Ethereum network.
Also, Check | ERC-1155 | An Introduction to Multi Token Standard Development
The Technical Aspects
Implementing ERC-6551 mandates adherence to the technical specifications outlined in the token standard proposal. This entails defining requisite functions, events, and data structures to ensure seamless compatibility with the existing Ethereum infrastructure and wallets.
Furthermore, developers must contemplate security measures to safeguard off-chain transactions, institute mechanisms for dispute resolution in case of conflicts, and establish effective communication between on-chain and off-chain components.
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Challenges and Reflective Considerations
Security
Off-chain payment channels usher in security considerations, encompassing potential smart contract vulnerabilities, exposure to channel closure attacks, and concerns regarding data integrity.
User Experience
While off-chain transactions heighten efficiency, the user experience—both on-chain and off-chain—must be intuitive and smooth to foster widespread adoption.
Centralization Apprehensions
Depending on the execution, off-chain solutions could inadvertently introduce centralization concerns if not thoughtfully designed.
Also, Visit | Exploring Token Standards Beyond Ethereum
In Conclusion
ERC-6551, the Uniform Payment Channel Token Standard, signifies a pivotal progression within the Ethereum development space. Its emphasis on off-chain transactions and support for payment channels holds the promise of elevating scalability, curtailing transaction expenses, and unlocking novel avenues for microtransactions, gaming, IoT, and beyond.
Nonetheless, akin to any technological advancement, meticulous implementation, security contemplations, and optimization of user experience remains paramount. The impact of ERC-6551 on the blockchain landscape hinges on its adeptness in surmounting these challenges and integrating seamlessly into existing protocols and applications. If you have a project in mind and want to discuss it, you may connect with our skilled blockchain developers.
Category:
Blockchain
Mudit Kumar
07 Sep 2023
Project Roadmap or Token Price: Which is More Important?
When it comes to investing in a crypto token developed using token development services, numerous vital elements come under scrutiny by investors, enthusiasts, and stakeholders. Among the myriad considerations, two factors frequently subject to debate are the project roadmap and the token price. Both factors wield considerable influence in ascertaining a project's triumph and enduring viability, yet the question remains: Which of the two carries greater significance? In this blog, we explore both dimensions and engage in a discourse concerning their respective significance.
Understanding the Project Roadmap
A project roadmap of a crypto or a token functions as a strategic blueprint, delineating the precise actions, objectives, and key achievements a project aims to accomplish within a defined timeframe. This roadmap serves as a navigational tool for project advancement and offers stakeholders a grasp of the project's projected path. When thoughtfully organized, such a roadmap has the potential to foster assurance among investors and the community at large, showcasing the project's unwavering dedication to fulfilling its commitments.
Explore More | Crypto Launchpad Development | Empowering Token Launching
Key Components of a Project Roadmap
Aims and Objectives
The roadmap should offer clarity of a crypto project's aims, encompassing both short-range and long-range objectives. These objectives encompass a spectrum of possibilities, including technological breakthroughs, collaborations, user engagement benchmarks, and more.
Milestones
Indicators of progress, termed milestones, hold substantial importance in tracking a crypto project's developmental journey. These milestones enable stakeholders to gauge the project's alignment with its objectives.
Timeline
A well-defined timeline outlines the projected attainment timeline for each milestone. This timeline clarity not only imparts transparency but also establishes a foundation of accountability for investors and users.
Adaptability
While a roadmap furnishes a structured blueprint, it should likewise possess inherent adaptability. Acknowledging the dynamic nature of the cryptocurrency and blockchain arena, projects must retain the capacity to recalibrate their plans in response to market trends, technological strides, and unforeseen hurdles.
Communication Channels
Sustained updates and open channels of communication pertaining to the project's evolution are crucial. These practices not only cultivate and preserve community trust but also sustain active participation and engagement.
You May Also Like | Global Crypto Wallet Market Report 2023
Analyzing Token Price
The initial metric that often captures the attention of prospective investors within the cryptocurrency realm is the token price. This value signifies the token's worth within the market at a specific juncture, shaped by intricate variables including supply and demand dynamics, prevailing market sentiment, trading volume, and the overarching state of the market.
Influential Aspects Impacting Token Price
Market Sentiment
Uplifting developments like positive news, strategic alliances, and technological leaps can manifest heightened investor assurance, propelling the demand for tokens and consequently instigating price escalation.
Functionality and Utility
Tokens that exhibit distinct utility within their respective ecosystems typically command greater value. Their indispensability for accessing platform services or features accentuates their significance.
Scarce Nature
A token supply constrained by scarcity can potentially stimulate price escalation, especially if demand remains steady or experiences an upsurge.
Differential Advantages and Competition
Tokens that stand apart by offering unique functionalities or tangible solutions to real-world issues are often positioned for amplified value. This differentiation serves as a strategic advantage in a competitive market milieu.
Regulatory Landscape
Amendments to regulations or shifts in government policies can exert a substantial influence on token valuations, either positively or adversely. Such changes intertwine with market dynamics to mold token prices.
In the captivating realm of cryptocurrencies, token price is indeed an initial focal point for investors, yet a comprehensive comprehension of the multifaceted factors underpinning this metric is pivotal for informed decision-making.
Also, Read | AI for Crypto Wallet Development | Exploring Its Advantages
The Importance Balance
Ascertaining the relative significance of the project roadmap versus the token price isn't a straightforward endeavor, given the intricate interplay and mutual influence between these two facets. However, the primary emphasis should be placed on the enduring sustainability and intrinsic value proposition of the project.
A robust project roadmap stands as the bedrock of a triumphant cryptocurrency venture. Characterized by a vision, attainable objectives, and a meticulously charted trajectory, it possesses the ability to allure committed investors and community members who share a belief in the project's capacity to effect substantial change.
In parallel, the token price assumes significance as an indicator of market sentiment and the demand for the project's offerings. An elevated token price can infuse resources for progressive development and heightened marketing endeavors. Nonetheless, an elevated token price alone doesn't serve as a guarantee of project triumph when underpinned by feeble underlying technology and use cases.
Also, Visit | AI Crypto Trading Bots | Reshaping Crypto Trading
In Conclusion
Striking a harmonious equilibrium between these two factors remains imperative. A well-structured roadmap functions as a sturdy foundation, contributing to sustainable expansion, whereas a valuable token price lends support to project growth and evolution.
Investors and stakeholders would do well to consider both dimensions in their evaluation, directing their attention towards projects that demonstrate an unwavering commitment to their roadmap while simultaneously presenting tangible utility and distinctive differentiation within the market. If you are interested in token development services, you may connect with our blockchain and crypto developers to get started.
Category:
Blockchain
Mudit Kumar
05 Sep 2023
Exploring the Potential of Liquid Staking Derivatives (LSD)
Liquid staking derivatives (LSDs)have emerged as a groundbreaking solution powered by defi development services, addressing the liquidity issue associated with staked assets. Staking has garnered popularity as a means of network security and rewards, but it often poses challenges with locked-up funds. The emerging concept paves the way for a transformative shift in this landscape. In this blog, we will delve into the world of LSDs, exploring their advantages and the immense potential they hold in unleashing the total value of staked assets.
Liquid Staking Derivatives?
Liquid staking derivatives are innovative financial instruments that act as representations of staked assets within a blockchain network. These derivatives offer a unique solution, granting users the ability to maintain ownership of their staked assets while simultaneously receiving tradable tokens that reflect the value of their staked position. By introducing liquidity to staked assets, users can now freely engage in trading, lending, or utilizing their staked assets for various purposes, all while continuing to contribute to the security and governance of the underlying blockchain network.
Watch | Crypto Staking Platform Developed by Oodles
How Liquid Staking Derivatives Work
The process of tokenization gives rise to the concept. When users stake their assets, they are issued a proportional amount of liquid staking tokens (LSTs) as a representation of their staked assets. These LSTs are interchangeable and can be freely traded on decentralized exchanges (DEXs) or utilized within various DeFi (Decentralized Finance) protocols.
Also, Explore | An Explainer to Liquidity Staking Solution
Advantages of Liquid Staking Derivatives
Enhanced Asset Liquidity
Liquid staking derivatives offer a crucial advantage by providing liquidity to staked assets. Users can access their funds anytime, eliminating the need to wait for the staking period's end. This flexibility enables them to make timely investment decisions and seize market opportunities without delays.
Yield Optimization and Rewards
By utilizing liquid staking derivatives, users can optimize their yield potential. They can stake their assets and simultaneously engage in other DeFi activities, such as yield farming or providing liquidity. This dual participation allows users to maximize their returns and explore additional income streams.
Also, Explore | NFT Staking Platform Development Explained
Augmented Blockchain Network Security
The introduction of liquid staking derivatives bolsters the security of blockchain networks. Users retain ownership of their assets even during staking, eliminating incentives for malicious behavior or attempts to undermine the network. This contributes to a more robust and more reliable blockchain ecosystem.
Involvement in Governance
Liquid staking derivatives empower users to actively participate in the governance of the underlying blockchain network, even while their assets are staked. This inclusive approach ensures that stakeholders have a voice in the decision-making process, promoting decentralization and fostering a sense of community ownership.
Also, Visit | DeFI Staking Platform Development | Everything You Need To Know
Current Developments and Challenges
Platform Adoption
The adoption of liquid staking derivative platforms is gaining momentum as more DeFi platforms incorporate these innovative solutions. With an increasing number of networks supporting liquid staking derivatives, their usage and advantages are poised to expand further, attracting a broader audience of users.
Smart Contract Risks
As is the case with any DeFi application, there are inherent risks associated with smart contract vulnerabilities and potential exploits. Users must exercise caution and conduct thorough due diligence before engaging with liquid staking derivative platforms. Being aware of potential risks and adopting best security practices can help mitigate such concerns.
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Regulatory Considerations
The regulatory environment surrounding DeFi and liquid staking derivatives is still evolving. The ever-changing regulatory landscape and uncertain frameworks could have an impact on the development and widespread adoption of both users and platforms must start forms to stay informed about relevant regulations and compliance measures to navigate the space responsibly and confidently.
Also, Explore | An Explainer to Liquidity Staking Solution
Conclusion
Liquid staking derivatives signify a compelling advancement in the realm of decentralized finance and blockchain technology. Through unlocking the liquidity of staked assets, users can now reap the rewards of staking while simultaneously engaging in other DeFi activities. This newfound flexibility significantly enhances the efficiency and versatility of staked assets, providing substantial benefits to individual users and contributing positively to the overall blockchain ecosystem. If you are interested in developing a deFi-based project, connect with our skilled deFi developers.
Category:
Blockchain
Mudit Kumar
04 Sep 2023
Mobile App Development Trends 2023
As we move into 2025, the mobile app development industry is experiencing rapid evolution, driven by technological advancements and changing user behaviors. Businesses worldwide are leveraging cutting-edge trends to deliver innovative, user-friendly, and efficient apps that cater to a tech-savvy audience. Staying ahead of these trends is crucial for developers and businesses aiming to remain competitive in a crowded marketplace.This article provides an in-depth exploration of the top mobile app development trends for 2025, focusing on emerging technologies, practical applications, and their implications for businesses.Key Mobile App Development Trends for 2025Artificial Intelligence (AI) and Machine Learning (ML) IntegrationAI and ML technologies are reshaping mobile app development by enabling smarter, more personalized user experiences.Applications in Mobile Apps:Personalization:AI-driven recommendations for e-commerce, entertainment, and news appsChatbots and Virtual Assistants:Enhanced conversational AI for customer support (e.g., ChatGPT-powered assistants)Predictive Analytics:Apps predicting user behavior to improve engagement and retentionBusiness Benefits:Increased user engagement through tailored experiencesAutomation of customer interactions, reducing operational costs5G Technology RevolutionThe rollout of 5G networks is unlocking new possibilities for mobile app development, providing faster speeds, lower latency, and enhanced connectivity.Impact on App Development:Improved Streaming:Ultra-high-definition video streaming and AR/VR experiencesIoT Integration:Seamless communication between IoT devices and mobile appsCloud Computing:Real-time data processing and cloud-based app performanceBusiness Benefits:Faster app performance and higher user satisfactionEnabling bandwidth-heavy applications like AR/VR and IoTAlso, Read | Essentials of Efficient UI/UX Design in Mobile App DevelopmentRise of Super AppsSuper apps, which combine multiple services in a single platform, are becoming increasingly popular.Examples:WeChat: Messaging, payments, shopping, and more in one appGrab: Ride-hailing, food delivery, and financial servicesBenefits for Businesses:Enhanced customer retention by addressing multiple needsIncreased revenue streams from diversified offeringsChallenges:High development costs and complexitiesMaintaining seamless UX across diverse servicesAugmented Reality (AR) and Virtual Reality (VR)AR and VR technologies are no longer limited to gaming and entertainment; they are making significant inroads into retail, real estate, and education.Applications:Retail:Virtual try-ons for apparel, furniture placement in real environmentsEducation:Immersive learning experiences for studentsReal Estate:Virtual property toursTechnological Advances:ARKit and ARCore: Tools for building AR experiences for iOS and Android appsMetaverse Integration: Apps enabling virtual collaboration and shopping experiencesBlockchain in Mobile AppsBlockchain technology is revolutionizing mobile app development, providing enhanced security, transparency, and decentralizationApplications:Cryptocurrency Wallets: Secure storage and transfer of digital assetsSupply Chain Management: Real-time tracking of goods and inventoryDecentralized Apps (dApps): Apps operating on blockchain networks without central authorityBenefits for Businesses:Enhanced data security and user trustTransparency in financial transactions and supply chainsAlso, Explore | Native vs. Hybrid vs. Web | Choosing Mobile App DevelopmentInternet of Things (IoT) IntegrationIoT continues to transform industries by connecting devices to mobile apps for enhanced control and automation.Applications:Smart Home Apps:Controlling lights, thermostats, and appliances via mobile devicesHealthcare:Monitoring patients through connected medical devicesIndustrial IoT (IIoT):Remote monitoring and management of machineryImpact on Mobile App Development:Increased demand for real-time communication protocols (e.g., MQTT)Development of apps with robust security measures to protect IoT ecosystemsLow-Code and No-Code DevelopmentLow-code and no-code platforms are empowering non-technical users to create functional mobile apps with minimal codingBenefits:Faster time-to-marketReduced development costsAccessibility for small businesses and startupsPopular Platforms:Bubble: Visual app development without extensive codingAdalo: Quick prototyping and app creationChallenges:Limited customization compared to traditional developmentPotential scalability issues for complex applicationsAlso, Discover | Cloud-based App Development | A Quintessential GuideFocus on App SecurityWith increasing cyber threats, security is a top priority for mobile app development in 2025.Emerging Security Measures:Biometric Authentication: Facial recognition and fingerprint scanning for user verificationEnd-to-End Encryption: Secure data transmissionZero-Trust Architecture: Verifying every user and device in real-timeRegulatory Compliance:Adherence to GDPR, CCPA, and other data protection regulationsCross-Platform DevelopmentCross-platform frameworks are becoming more robust, enabling developers to create apps for multiple platforms from a single codebasePopular Frameworks:Flutter: Google's open-source framework for building natively compiled appsReact Native: Facebook's framework for cross-platform developmentBenefits:Reduced development time and costsConsistent user experience across devicesWearable App IntegrationWearable devices, such as smartwatches and fitness trackers, are driving demand for apps that integrate seamlessly with wearables.Applications:Healthcare: Fitness tracking, heart rate monitoring, and sleep analysisEnterprise: Hands-free task management and notificationsTechnical Requirements:Optimized app design for smaller screensReal-time data synchronization between devicesAlso, Check | Cross-platform Mobile App DevelopmentTechnologies Driving Mobile App Development in 2025Artificial Intelligence (AI)AI algorithms are powering personalization, automation, and predictive analytics.BlockchainEnhanced data security and decentralized app ecosystems.5G ConnectivityReal-time communication and faster app performance.AR/VR ToolkitsEnabling immersive experiences for various industries.Challenges in Mobile App DevelopmentFragmentationSupporting multiple devices, operating systems, and screen sizes.Security ThreatsProtecting user data and preventing breaches.Rising User ExpectationsDelivering fast, seamless, and bug-free experiences.You may also like | iOS App Development | Understanding its FundamentalsStrategies to Overcome ChallengesAdopt Agile Development:Focus on iterative development and rapid prototyping.Invest in Quality Assurance:Rigorous testing to ensure app reliability and performance.Leverage Cloud Services:Use scalable backend solutions for real-time app performance.FAQs1. What are the top technologies driving mobile app development in 2025?AI, blockchain, 5G, IoT, AR/VR, and low-code platforms are among the leading technologies.2. How does 5G impact mobile app development?5G enables faster speeds, lower latency, and improved connectivity, allowing developers to build high-performance apps for streaming, gaming, and IoT.3. What is a super app, and why is it important?A super app integrates multiple services into one platform, enhancing convenience and user engagement.4. Are low-code platforms suitable for all businesses?Low-code platforms are ideal for small businesses and startups but may face scalability challenges for complex applications.5. How can businesses ensure app security?By implementing biometric authentication, end-to-end encryption, and adhering to data protection regulations.You might also like to read | Hybrid App Development | An Introductory GuideConclusionThe mobile app development landscape in 2025 is marked by technological advancements, increased user expectations, and new opportunities for businesses. From the adoption of AI and 5G to the rise of super apps and IoT integration, these trends are shaping the future of digital innovation. By embracing these trends and addressing challenges with the right strategies, businesses can build mobile apps that not only meet but exceed user expectations.Staying updated with emerging technologies and best practices will ensure that businesses remain competitive in a dynamic and rapidly evolving market. The future of mobile app development is here—innovative, efficient, and transformative. If you are looking to venture into the space of mobile app development with your vision, turn that into reality by connecting with our experienced mobile app developers.
Category:
Blockchain
Mudit Kumar
02 Sep 2023
Emerging DeFi Trends in 2023: Shaping the Future of Fintech
Decentralized Finance, commonly known as DeFi, has swiftly emerged as a disruptive and transformative trend within the blockchain and cryptocurrency realm. Since its inception, DeFi development services have revolutionized conventional financial systems by offering open, permissionless, and decentralized fintech solutions to a broad spectrum of financial services. As we step into the year 2023, the DeFi landscape will further expand and innovate, driven by several emerging trends.
Emerging DeFi Trends in 2023
Interoperability and Cross-Chain Solutions
2023 holds promise for significant strides in interoperability, a long-standing challenge in the blockchain domain. DeFi projects are actively engrossed in developing solutions that facilitate seamless communication and data sharing across different blockchain networks. The advent of cross-chain platforms and protocols, like cross-chain NFT marketplace development, will empower users to access a diverse array of assets and services spanning multiple blockchains, fostering a more interconnected DeFi ecosystem.
Layer 2 Scaling Solutions
Amid escalating demand for DeFi applications, scalability continues to be a pivotal concern for blockchain networks. Layer 2 scaling solutions, including Optimistic Rollups and zk-Rollups, are poised to address congestion and mitigate transaction costs on Ethereum and other blockchains. These innovations will empower DeFi platforms to handle heightened transaction volumes without compromising decentralization or security.
Also, Check | Significant Trends in the Blockchain App Development Space
Decentralized Identity and KYC Solutions
The burgeoning scope of DeFi underscores the imperative of secure and decentralized identity verification. In 2023, the horizon beckons for the emergence of decentralized identity and Know Your Customer (KYC) solutions. These platforms will empower users to retain control over their data while adhering to regulatory mandates and accessing DeFi services.
Liquidity Aggregation and Yield Optimization
DeFi enthusiasts are perpetually on the lookout for optimal avenues to yield returns on their assets. The evolution of liquidity aggregation platforms and automated yield optimization strategies will persist, simplifying the quest for lucrative lending, staking, and yield farming opportunities spanning diverse protocols. These tools are engineered to streamline the process of amplifying returns while curtailing risks.
NFT Integration with DeFi
Non-fungible tokens (NFTs) have taken the digital art and collectibles arena by storm. The year 2023 forecasts deeper integration between NFTs and DeFi. Platforms embracing NFT-backed collateral, lending, and trading will empower users to harness their NFT holdings to access DeFi services, thereby further enriching the utility and applications of both NFTs and DeFi.
Decentralized Derivatives and Risk Management
The realm of derivatives markets, a cornerstone of traditional finance, is now getting significant traction in the DeFi space. The year 2023 will spotlight decentralized derivatives platforms, providing users with the capacity to trade synthetic assets, options, and other derivative products in a transparent and permissionless manner. Simultaneously, risk management protocols will emerge, facilitating users in hedging against potential market fluctuations.
Also, Explore | The Rise of Crypto Derivatives Exchange Development
Regulatory Evolution and Compliance
With the maturation of the DeFi landscape, regulatory scrutiny is intensifying. In 2023, DeFi projects are likely to pivot toward compliance and regulatory frameworks to ensure longevity and legitimacy. This trajectory might pave the way for the development of RegTech solutions that mechanize compliance processes within DeFi platforms.
Sustainability and Environmental Impact
In the wake of mounting concerns over environmental sustainability, DeFi initiatives are exploring avenues to minimize their carbon footprint. Energy-efficient consensus mechanisms, such as Proof of Stake (PoS), and carbon offset initiatives could gain prominence within the DeFi realm as the industry aligns with broader sustainability objectives.
Also, Visit | A Guide to Eco-Friendly Crypto Development
Conclusion
The DeFi arena is undergoing rapid evolution. The aforementioned trends will be pivotal in shaping the landscape in 2023 and beyond. They will collectively drive the sustained expansion and maturation of the DeFi ecosystem. Amidst these unfolding trends, users, investors, and stakeholders can anticipate a more inclusive, efficient, and decentralized financial future. However, navigating the DeFi space demands prudence, as innovation is frequently accompanied by risks and challenges that necessitate judicious contemplation and management. If you want to develop any of these solutions, you may connect with our skilled blockchain and crypto developers.
Category:
Blockchain
Mudit Kumar
29 Aug 2023
Getting Started with Low-Code/No-Code App Development
In the past, app development has been known for its intricacies and time-consuming nature, demanding specialized skills and expertise. Nonetheless, the emergence of low-code and no-code app development platforms has ushered in a new era, democratizing software creation and empowering individuals with limited coding knowledge to construct functional and innovative applications.
In this comprehensive blog, we will delve into the world of low-code/no-code app development, uncovering its numerous advantages, and examining its potential to reshape the landscape of software development for the future.
Understanding Low-Code and No-Code App Development
Low-code development is an innovative software development approach that leverages visual modeling and drag-and-drop interfaces to create applications. With this method, developers can construct applications by assembling pre-built components, minimizing the requirement for extensive manual coding. Although some coding is involved, it is considerably less than what is typically required in traditional software development.
On the other hand, no-code development takes the concept even further, enabling individuals with little to no coding experience to create applications without having to write a single line of code. No-code platforms offer an intuitive interface and utilize visual elements to simplify the process of application building, making it accessible to a wider audience of users.
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Key Features and Advantages
Accelerated Development Process
Low-code and no-code platforms revolutionize the development process, significantly reducing the time required compared to traditional methods. This rapid development cycle translates to faster time-to-market, giving businesses a competitive edge.
Empowering Citizen Developers
By embracing low-code/no-code platforms, organizations empower non-technical users, often referred to as citizen developers, to actively participate in application development. This democratization of software creation fosters innovation and creativity within the workforce.
Cost-Effectiveness
Low-code/no-code development brings substantial cost savings to businesses. With fewer specialized developers required, companies can allocate resources more efficiently. Additionally, the shorter development cycles result in significant time and resource savings.
Enhanced Collaboration
Low-code/no-code platforms promote collaboration between technical and non-technical teams. Business analysts, subject matter experts, and IT professionals can work together seamlessly to build applications that precisely meet business requirements.
Agility and Iterative Development
The flexibility of low-code/no-code development enables agile practices. Applications can be rapidly prototyped, tested, and refined based on user feedback. This iterative approach ensures that applications continuously evolve and adapt to user needs.
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Use Cases and Applications
Internal Business Processes
Low-code/no-code platforms are ideal for automating internal business processes, such as HR workflows, inventory management, and document approval processes.
Customer-Facing Applications
Businesses can build customer-facing applications, such as self-service portals, mobile apps, and chatbots, using low-code/no-code platforms to enhance the customer experience.
Data Visualization and Reporting
No-code platforms with data integration capabilities can be used to create interactive dashboards and reports for data analysis and decision-making.
IoT and Automation
Low-code/no-code development simplifies the creation of applications that integrate with Internet of Things (IoT) devices and enable automation of tasks in smart environments.
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Challenges and Limitations
Customization Constraints
While low-code/no-code platforms offer considerable flexibility, complex and highly customized applications may still require traditional coding to meet specific and intricate requirements.
Integration with Legacy Systems
Integrating applications built on low-code/no-code platforms with existing legacy systems may present challenges, requiring careful planning and execution to ensure seamless compatibility.
Scalability
The scalability of applications developed on low-code/no-code platforms can be limited, particularly when dealing with large-scale and high-performance applications. Ensuring future growth and accommodating increasing user demands may require additional measures.
Security and Compliance
Businesses must prioritize security and compliance when using low-code/no-code applications. Adhering to security best practices and compliance standards is crucial to protect sensitive data and ensure a safe environment for users and stakeholders.
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Conclusion
In conclusion, the rise of low-code and no-code application development is revolutionizing the software development landscape, democratizing the process for developers and citizen developers alike. The agility and cost-effectiveness offered by these platforms empower businesses to expedite their digital transformation efforts and introduce innovative solutions to the market at an unprecedented pace. With low-code and no-code development and skilled app developers, the future of software creation looks more inclusive, efficient, and dynamic, paving the way for a new era of application development.
Category:
Blockchain
Mudit Kumar
26 Aug 2023
Blockchain Solutions for Next-Gen ERP Systems
Over the years, Enterprise Resource Planning (ERP) systems have played a crucial role in optimizing business processes and centralizing data from different departments. Despite their benefits, traditional ERP systems encounter obstacles concerning data security, integrity, and transparency. To address these issues, blockchain development services promise to elevate ERP capabilities. In this comprehensive blog, we will delve into the world of Blockchain-based ERP, exploring its potential to revolutionize business efficiency and transparency, leading to a more secure and streamlined business ecosystem.
Understanding Blockchain-based ERP
The emerging concept represents a fusion of traditional ERP systems with the transformative power of blockchain technology, creating a robust and transparent data management platform. By harnessing blockchain's inherent characteristics, including immutability, smart contracts, and consensus mechanisms, businesses can elevate data sharing, enhance traceability, and automate processes, ushering in a new era of efficiency and reliability.
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Advantages
Enhanced Data Security
The integration of blockchain ensures robust data security through cryptographic encryption, safeguarding information from unauthorized access and tampering. As data is distributed across the network, the risk of cyberattacks is significantly reduced due to the absence of a single point of failure.
Immutable Data Records
Blockchain's immutability feature guarantees that once data is recorded, it remains unalterable and cannot be deleted. This creates an auditable and tamper-proof trail of all transactions, ensuring data integrity and minimizing the possibility of fraudulent activities.
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Improved Transparency and Traceability
Blockchain-based ERP solutions enable real-time tracking of goods and services, providing enhanced transparency and traceability throughout the supply chain. Businesses and stakeholders can easily verify the origin and movement of products, fostering trust among customers and partners.
Streamlined Inter-Company Transactions
By leveraging blockchain-based smart contracts, inter-company transactions can be automated and executed automatically based on predefined conditions. The elimination of intermediaries streamlines processes, reduces delays, and lowers transaction costs, leading to more efficient and cost-effective transactions.
Decentralized Data Management
The decentralized nature of blockchain technology eliminates the need for a central authority to manage data. This reduces dependency on a single entity and promotes a distributed decision-making process, enhancing the efficiency and resilience of the ERP system.
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Applications
Supply Chain Management
Blockchain-based ERP systems offer transformative solutions for supply chain management by enabling end-to-end traceability of products. Businesses can monitor every stage of the supply chain, from raw material sourcing to final product delivery, ensuring transparency, authenticity, and quality control.
Product Lifecycle Management (PLM)
Industries, especially manufacturing, can benefit from Blockchain-based ERP for efficient product lifecycle management. The blockchain records all stages of a product's development, providing stakeholders with real-time access to data for informed decision-making and streamlined collaboration.
Finance and Accounting
Blockchain-based ERP simplifies financial operations by automating tasks such as invoice processing, payments, and auditing. Smart contracts enable automatic settlement of financial transactions, reducing delays and the potential for human errors in financial management.
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Human Resources Management
In the realm of HR management, Blockchain-based ERP improves efficiency in processes such as recruitment, employee onboarding, and payroll management. The secure storage of employee records on the blockchain ensures data privacy and enhances protection against data breaches.
Challenges and Considerations
Scalability
One of the primary challenges for blockchain-based ERP systems is scalability, especially when dealing with a large volume of transactions. However, ongoing advancements in blockchain protocols and the implementation of layer-two solutions are actively addressing this concern, paving the way for more scalable ERP solutions.
Integration with Existing Systems
The integration of blockchain-based ERP with existing legacy systems can be a complex task. Businesses must ensure seamless compatibility and data migration during the implementation process to avoid disruptions in operations and ensure a smooth transition.
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Regulatory Compliance
Businesses operating in different industries and geographical locations must adhere to specific regulations and data privacy laws. Blockchain-based ERP systems must be designed and implemented in a way that complies with these regulations to ensure legal operations and data management practices. This may involve incorporating features like data access controls and permissioned access to align with regulatory requirements.
Conclusion
Blockchain-based ERP marks a revolutionary transformation in the management of business data and operations. With the utilization of blockchain's inherent traits, such as transparency, security, and immutability, businesses can attain heightened efficiency, enhanced traceability, and seamless automation. Embracing blockchain-based ERP opens up a realm of possibilities across various domains, including supply chain management, finance, and HR, empowering businesses to optimize processes and gain a decisive competitive advantage. However, getting started with the convergence of these two technology requires expert consultation. Connect with our blockchain experts to bring your idea to realization.
Category:
Blockchain
Mudit Kumar
26 Aug 2023
Exploring the Potential of MEV Bot Development
Amidst the ever-evolving landscape of blockchain technology, Maximal Extractable Value (MEV) has emerged as a captivating concept, offering developers and miners unique opportunities to optimize transaction sequencing and extract maximum economic value. An MEV bot, developed using DeFi development services, helps extract the potential profit attainable through strategically ordering transactions within a block. Though MEV bot development has sparked debates regarding fairness and ethics, its indeed holds promise for innovative solutions and streamlined transaction processing. In this all-encompassing blog, we delve into the concept of MEV bot development, its significance, and how developers can leverage its potential to build a more resilient and secure blockchain ecosystem.
Understanding Maximal Extractable Value (MEV)
MEV arises as a result of the transaction processing mechanisms employed by blockchain networks. In Proof-of-Work (PoW) and certain Proof-of-Stake (PoS) blockchains, miners or validators possess the authority to determine the order of transactions included in a block. This opens up the opportunity to extract extra value by strategically arranging transactions to capitalize on price fluctuations, front-running opportunities, and various arbitrage possibilities.
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The Role of an MEV Bot
MEV bots are software tools developed by blockchain developers to leverage the opportunities presented by MEV. These bots aim to maximize profits by optimizing the order of transactions within a block. MEV bots can perform various functions, including:
Arbitrage
MEV bots identify price disparities across different decentralized exchanges (DEXs) and execute transactions to exploit these inefficiencies, profiting from the price differences.
Liquidation Front-Running
In decentralized finance (DeFi) protocols, when a user's position is about to be liquidated, MEV bots can preemptively liquidate the position, profiting from price slippage.
Trade Execution
During periods of high network congestion or gas price volatility, MEV bots can strategically execute trades to minimize losses.
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Leveraging MEV: Development Strategies
Developers have a range of strategies to harness MEV and add value to the blockchain ecosystem:
MEV Auction Mechanisms
Designing auction mechanisms allows users to compete for transaction inclusion in a block, ensuring fair and transparent competition for MEV opportunities.
Automated Market Makers (AMMs)
Optimizing AMMs facilitates efficient trading and liquidity provision, minimizing slippage, and maximizing MEV opportunities for liquidity providers.
Flash Loans
Exploring flash loans, which are uncollateralized loans provided within a single transaction, opens up novel use cases for MEV, from arbitrage to collateral swaps.
MEV Aggregation Platforms
Creating MEV aggregation platforms consolidates opportunities from various sources, enabling users to efficiently access and capitalize on these MEV opportunities.
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Addressing Ethical Considerations
Although harnessing MEV offers intriguing opportunities, developers must also carefully consider the ethical implications involved:
Fairness and Transparency
It is crucial for developers to design systems that foster fairness and transparency. They should provide equal access to MEV opportunities for all participants.
Network Security
MEV activities should never jeopardize the security and integrity of the blockchain network. Developers must be vigilant about potential attacks and vulnerabilities.
Regulatory Compliance
Adherence to relevant regulations is essential, ensuring that MEV activities remain in full compliance with all legal requirements.
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Conclusion
MEV is an enthralling concept that empowers developers and miners to optimize transaction ordering and derive economic value from blockchain networks. By comprehending the factors influencing MEV and embracing ethical development practices, developers can create innovative solutions. MEV opens the door to revolutionizing transaction processing. It manifests a more inclusive and prosperous blockchain future.
Category:
Blockchain
Mudit Kumar
25 Aug 2023
Polygon Blockchain | A Comprehensive Guide to Matic
In the rapidly evolving world of blockchain technology, the demand for scalability, security, and efficiency has led to the development of innovative solutions. Polygon, formerly known as Matic Network, stands out as one of the transformative blockchain app development platforms that addresses these challenges head-on. In this comprehensive guide, we delve into the intricacies of the Polygon blockchain, its technical architecture, key benefits, ecosystem, and the numerous ways it is reshaping the decentralized landscape for enterprises and developers alike.IntroductionBlockchain has revolutionized the way data is stored, shared, and verified, but early networks like Bitcoin and Ethereum have faced significant hurdles in scalability and high transaction costs. Polygon emerged as a Layer 2 scaling solution for Ethereum, designed to overcome these limitations without sacrificing security or decentralization. Today, Polygon has evolved into a multi-chain system that empowers developers to build and scale decentralized applications (dApps) more efficiently.Polygon's mission is simple: to transform Ethereum into a full-fledged multi-chain system (or Internet of Blockchains). This guide provides an in-depth look at how Polygon achieves this, why it matters for businesses, and how you can leverage its capabilities to drive next-generation digital transformation.What is Polygon?Polygon is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. Originally launched as Matic Network, Polygon rebranded to emphasize its broader vision of scaling and infrastructure development for Ethereum. At its core, Polygon offers:Scalability: By using sidechains and Layer 2 solutions, Polygon dramatically increases transaction throughput while reducing fees.Interoperability: It supports seamless interaction between multiple blockchain networks, enabling cross-chain communication.Developer-Friendliness: With full Ethereum compatibility, Polygon allows developers to use familiar tools like Solidity, Remix, Truffle, and Hardhat.Security: Polygon leverages a robust consensus mechanism and a network of validators to maintain high security standards.Also, Check | How to Deploy a Smart Contract to Polygon zkEVM TestnetThe Evolution from Matic to PolygonInitially, the Matic Network focused on providing a Layer 2 scaling solution for Ethereum by using Plasma framework and a proof-of-stake (PoS) consensus mechanism. Over time, the network expanded its vision, rebranding as Polygon to represent a broader ecosystem aimed at solving the scalability trilemma: achieving scalability, security, and decentralization simultaneously.This evolution highlights Polygon's commitment to not only improving transaction speeds and lowering fees but also fostering an interconnected ecosystem where different blockchain networks can collaborate.Technical Architecture of PolygonPolygon's technical architecture is a layered framework designed to optimize scalability while retaining Ethereum's core principles. The key components include:The Polygon SDKThe Polygon SDK is a modular and extensible framework that allows developers to build standalone blockchain networks that are fully compatible with Ethereum. It supports various consensus mechanisms and can be tailored to meet specific business requirements.Modular Design: The SDK's modularity means that enterprises can plug in different components as needed, such as consensus algorithms, data availability layers, and smart contract frameworks.Customizability: With a focus on customization, the Polygon SDK enables the creation of application-specific blockchains, ensuring that the network meets unique performance and security needs.Layer 2 SolutionsPolygon integrates various Layer 2 scaling solutions to address the limitations of the Ethereum mainnet.Sidechains: Polygon's sidechains are independent blockchains that run in parallel to Ethereum. They handle transactions off-chain, reducing congestion and significantly lowering gas fees.Plasma Chains: Plasma is a framework that allows for the creation of child chains that bundle transactions and periodically commit to the main Ethereum chain. This reduces the load on the mainnet while maintaining high security.Rollups: Rollups batch multiple transactions into a single transaction on the Ethereum mainnet, further reducing costs and increasing throughput.Consensus MechanismPolygon utilizes a Proof-of-Stake (PoS) consensus mechanism to secure its network. In this system:Validators: Stakeholders participate as validators who process and verify transactions. They earn rewards for securing the network, creating a strong economic incentive for honest behavior.Delegation: Token holders who do not wish to run validator nodes can delegate their tokens to trusted validators, thereby contributing to network security and earning a share of the rewards.Interoperability and BridgesInteroperability is a cornerstone of Polygon's architecture. The platform offers robust bridging solutions that facilitate the transfer of assets and data between Polygon and other blockchain networks, including Ethereum.Bridge Contracts: Smart contracts on both sides of the bridge handle asset transfers securely and efficiently.Cross-Chain Communication: Polygon supports protocols that allow different blockchains to communicate, enhancing the utility and reach of dApps built on its platform.Also, Explore | How to Mint an NFT on Polygon using Ethers.jsKey Benefits of Polygon for EnterprisesPolygon is not just a technological solution; it's a strategic enabler for businesses looking to harness the power of blockchain. Here's how enterprises can benefit:Scalability and Cost EfficiencyHigh Throughput: With the ability to process thousands of transactions per second, Polygon addresses one of Ethereum's most significant limitations—scalability.Reduced Transaction Fees: By offloading transactions from the main Ethereum chain, Polygon drastically reduces gas fees, making microtransactions and high-volume operations economically feasible.Enhanced User Experience: Faster transaction speeds and lower fees translate into a better experience for end-users, driving higher adoption rates for dApps and blockchain-based services.Enhanced Security and DecentralizationRobust Validator Network: The PoS mechanism ensures that the network remains secure and decentralized. This is crucial for building trust among enterprise clients and end-users.Immutable Ledger: Like other blockchain platforms, Polygon provides an immutable record of transactions, which is essential for regulatory compliance, auditability, and data integrity.Flexible Security Models: Enterprises can choose the level of security that best fits their needs, balancing decentralization with performance.Interoperability and Ecosystem IntegrationCross-Chain Capabilities: Polygon's interoperability features allow businesses to integrate with multiple blockchain networks, enhancing the functionality of their dApps and enabling new business models.Legacy System Integration: With APIs and developer tools, Polygon can be integrated into existing enterprise systems, facilitating a smoother transition to blockchain-based operations.Expanding Ecosystem: As more projects build on Polygon, enterprises can tap into a growing ecosystem of partners, developers, and innovative solutions.Developer and Community SupportEVM Compatibility: Polygon's compatibility with Ethereum means that developers can leverage existing tools, libraries, and smart contract code, reducing development time and costs.Extensive Documentation and Resources: The platform offers comprehensive guides, tutorials, and SDKs, making it easier for developers to build, test, and deploy dApps.Vibrant Community: A thriving community of developers, validators, and enterprises supports Polygon, fostering an environment of continuous innovation and collaboration.Also, Check | How Polygon AggLayer Emerges to be the Hub for Ethereum L2sUse Cases for Polygon BlockchainPolygon's versatile architecture lends itself to a wide array of applications across different industries. Below are some of the prominent use cases:Decentralized Finance (DeFi)DeFi platforms built on Polygon benefit from low transaction fees and high throughput. Use cases include:Lending and Borrowing Protocols: Secure and efficient lending platforms that enable peer-to-peer lending with minimal fees.Decentralized Exchanges (DEXs): High-speed trading platforms that support a wide range of assets and provide seamless liquidity.Yield Farming and Staking: Investment opportunities that allow users to earn rewards by participating in network operations.Non-Fungible Tokens (NFTs)Polygon's efficiency and cost-effectiveness have made it a popular choice for NFT marketplaces:Digital Art and Collectibles: Artists and creators can mint, trade, and sell NFTs with lower overhead costs.Gaming and Virtual Worlds: In-game assets and digital collectibles can be efficiently managed and traded, enhancing user experiences and engagement.Music and Entertainment: Tokenizing creative works to ensure transparency in rights management and revenue distribution.Supply Chain and LogisticsPolygon's transparency and traceability are invaluable for supply chain management:Provenance Tracking: Ensuring the authenticity and origin of goods, from raw materials to finished products.Real-Time Monitoring: Enhancing visibility and reducing inefficiencies in logistics and inventory management.Secure Data Sharing: Facilitating collaboration between different stakeholders while protecting sensitive information.Enterprise Resource Planning (ERP) and Data ManagementEnterprises can integrate Polygon into their ERP systems to improve data integrity and operational efficiency:Immutable Records: Secure and tamper-proof data storage for audits, compliance, and reporting.Process Automation: Smart contracts automate complex business processes, reducing errors and operational costs.Interdepartmental Integration: Seamless data sharing across departments while ensuring data privacy and security.Digital Identity and AuthenticationPolygon offers a robust solution for digital identity management:Self-Sovereign Identity: Empowering users to own and control their personal data.Verification and Authentication: Secure identity verification processes that reduce fraud and enhance trust.Interoperable Identity Solutions: Facilitating cross-platform identity verification for financial services, healthcare, and government applications.Also, Discover | Exploring Diverse Use Cases of Polygon BlockchainBusiness Implications and Strategic AdvantagesFor B2B decision-makers, adopting Polygon offers several strategic benefits:Competitive EdgeInnovation Leadership: By leveraging cutting-edge blockchain technology, businesses can position themselves as innovators in their respective industries.Cost Savings: Reduced transaction fees and improved operational efficiency translate into significant cost savings.Scalability for Growth: The ability to handle high transaction volumes ensures that the platform can scale as the business expands.Regulatory Compliance and Risk ManagementTransparent Audit Trails: An immutable ledger simplifies compliance with regulatory requirements.Data Security: Robust security features help mitigate risks associated with data breaches and cyberattacks.Customizable Solutions: Enterprises can tailor the blockchain environment to meet specific regulatory and operational needs.Enhanced Customer ExperienceFaster Transactions: Improved speed and lower fees enhance the overall user experience, driving higher customer satisfaction.Trust and Transparency: The transparency of blockchain builds trust with customers and partners, essential for long-term success.Innovative Offerings: New business models and digital services can be developed on Polygon, providing additional value to customers.Implementation ConsiderationsImplementing a blockchain solution on Polygon involves several strategic and technical considerations:Define Business ObjectivesAssess Needs: Clearly identify the specific challenges your organization faces that blockchain technology can address.Set Goals: Establish measurable objectives, whether it's reducing transaction costs, enhancing security, or improving customer experience.Choose the Right Development ToolsEVM Compatibility: Leverage Ethereum-based development tools such as Solidity, Remix, Truffle, and Hardhat.SDKs and APIs: Utilize Polygon's developer resources for seamless integration with existing systems.Testing Environments: Deploy testnets to experiment with new applications before a full-scale rollout.Design a Scalable ArchitectureModular Approach: Build using a modular architecture that can be scaled and adapted as business needs evolve.Interoperability Focus: Ensure that your solution can interact with other systems and blockchain networks to maximize utility.Security Measures: Incorporate multi-layered security protocols, including encryption, access controls, and regular audits.Engage StakeholdersInternal Training: Educate your team on the benefits and functionalities of Polygon.Partnerships: Collaborate with blockchain experts, technology partners, and consultants to ensure a smooth implementation.Community Involvement: Engage with the broader Polygon community to tap into shared knowledge and best practices.You may also like | Polygon zkEVM | For Efficient Scalability of Your dAppFuture Trends and Outlook for PolygonPolygon continues to innovate, and several emerging trends point to its growing relevance:Expansion of the Ecosystem: As more dApps and enterprise solutions adopt Polygon, the network effect will drive further innovation and increased liquidity.Enhanced Interoperability: Future developments are expected to further improve cross-chain capabilities, making Polygon a central hub for multi-chain integration.Sustainable Development: With a focus on energy efficiency, Polygon is likely to play a significant role in driving sustainable blockchain practices.Institutional Adoption: Increasing interest from institutional investors and enterprises will further validate Polygon's position as a leading blockchain scaling solution.Regulatory Evolution: As regulatory frameworks mature, Polygon's flexible architecture will enable businesses to quickly adapt to new compliance requirements.Frequently Asked Questions (FAQ)Q1: What is Polygon, and how is it different from Ethereum?A1: Polygon is a Layer 2 scaling solution and a framework for building Ethereum-compatible blockchain networks. It addresses Ethereum's scalability issues by utilizing sidechains, Plasma, and rollups, resulting in faster transaction speeds and lower fees while maintaining compatibility with the Ethereum ecosystem.Q2: How does Polygon improve transaction speed and reduce costs?A2: Polygon processes transactions on its sidechains and Layer 2 solutions, which are less congested than the Ethereum mainnet. This offloading of transactions results in higher throughput and significantly reduced gas fees.Q3: What are the key components of Polygon's architecture?A3: The key components include the Polygon SDK for building customizable blockchain networks, various Layer 2 solutions (sidechains, Plasma chains, and rollups), a Proof-of-Stake consensus mechanism, and interoperability bridges that connect Polygon with Ethereum and other blockchains.Q4: Can developers easily migrate their existing Ethereum dApps to Polygon?A4: Yes, Polygon is fully EVM-compatible, meaning that developers can use familiar Ethereum development tools and languages (like Solidity) to deploy and manage their dApps on Polygon with minimal modifications.Q5: What are some common use cases for Polygon in the enterprise space?A5: Common use cases include decentralized finance (DeFi) applications such as lending platforms and DEXs, NFT marketplaces, supply chain management, digital identity verification, and enterprise resource planning systems.Q6: How secure is the Polygon network?A6: Polygon leverages a Proof-of-Stake consensus mechanism, a robust validator network, and advanced security protocols to ensure that the network remains secure, decentralized, and resistant to attacks.Q7: How can businesses get started with Polygon?A7: Businesses should begin by reviewing Polygon's extensive documentation and developer guides, set up their development environment using tools like Remix and Hardhat, and consider piloting a small-scale project to evaluate the platform's performance before a full-scale rollout.ConclusionPolygon represents a significant advancement in blockchain technology, offering a scalable, secure, and cost-efficient solution that bridges the gap between high-performance enterprise applications and decentralized innovation. By leveraging Polygon's robust Layer 2 solutions, enterprises can overcome the limitations of traditional blockchains, achieve greater operational efficiency, and drive transformative digital strategies.Whether you are a developer seeking to build next-generation dApps or an enterprise looking to integrate blockchain into your business operations, Polygon provides the infrastructure, tools, and ecosystem support to turn your vision into reality. As the blockchain landscape continues to evolve, adopting Polygon can give your organization a competitive edge in an increasingly interconnected digital world.Embrace the future of decentralized innovation with Polygon—a platform designed to empower businesses, enhance user experiences, and drive the next wave of blockchain adoption.Note: This article provides an in-depth technical and business overview of Polygon. For tailored advice and further consultation on how to integrate Polygon into your enterprise strategy, consider engaging with blockchain experts and specialized technology partners.
Category:
Blockchain
Mudit Kumar
25 Aug 2023
Revolutionizing Healthcare with Web3
The healthcare industry has grappled with inefficiencies, transparency issues, and data silos, resulting in suboptimal patient outcomes and escalating costs. Yet, the emergence of Web3 technology brings forth fresh opportunities for reshaping the healthcare landscape. Web3, or the decentralized web, harnesses the power of blockchain development services and decentralized protocols to facilitate secure, transparent, and peer-to-peer interactions, ultimately revolutionizing healthcare delivery, management, and accessibility.
This blog delves into Web3's implications in healthcare, examining its potential applications and the advantages it brings to patients, healthcare providers, and the industry as a whole.
Understanding Web3
Web3 represents the next stage of internet evolution, built upon decentralized and open-source blockchain technology. Unlike the conventional Web2, which concentrates data and control in the hands of centralized entities (such as tech giants and governments), Web3 aims to empower users by granting them complete ownership and control over their data and digital assets.
Key Aspects of Web3 in Healthcare
Decentralized Electronic Health Records (EHRs)
Web3 facilitates the establishment of a secure and interoperable system for electronic health records. Patients gain full control over their medical data, granting access to healthcare providers as needed. By utilizing blockchain, data integrity, tamper resistance, and audibility are ensured, enhancing data privacy and security.
Tokenized Healthcare Economy
Through Web3 technologies, healthcare providers, pharmaceutical companies, and researchers can tokenize healthcare services and products. Patients can use these tokens to access healthcare services or participate in medical research studies, creating incentives for active engagement in their healthcare journey.
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Medical Supply Chain Management
Web3's decentralized nature allows for improved supply chain management in healthcare. Pharmaceutical companies and medical equipment manufacturers can track and verify the authenticity of drugs and devices using blockchain, preventing the distribution of counterfeit products and ensuring patient safety.
Telemedicine and Remote Health Monitoring:
Web3 enables seamless peer-to-peer telemedicine platforms, allowing patients to directly connect with healthcare professionals without intermediaries. Additionally, the integration of Internet of Things (IoT) devices enables Web3 to facilitate remote health monitoring, securely collecting real-time patient data.
Health Insurance and Smart Contracts
Web3 technology can automate health insurance processes through smart contracts. These self-executing contracts ensure transparent and automated claim settlements, reducing administrative overhead and potential disputes between insurers and patients.
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Advantages of Web3 in Healthcare
Enhanced Data Security and Privacy
Web3 employs decentralized networks and cryptographic principles to enhance the security of patient data. This ensures that sensitive health information is not controlled by a single entity, reducing the risk of data breaches and unauthorized access.
Improved Interoperability
Web3's interoperable nature enables seamless data sharing among different healthcare systems and providers. This leads to better-coordinated care, reduced redundancies, and improved patient outcomes.
Empowerment of Patients
Patients gain full ownership of their medical data, granting them greater control over their health information and decision-making. They can choose to share data for medical research or clinical trials while maintaining anonymity and giving informed consent.
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Trust and Transparency
Blockchain technology, a core component of Web3, ensures transparent and immutable healthcare transactions. This fosters trust among patients, providers, and stakeholders, promoting active participation in healthcare initiatives.
Incentivization and Token Economy
Web3 introduces a token economy where patients can receive rewards for participating in medical research or adhering to treatment plans. This incentivization encourages patient engagement and adherence to medical protocols, leading to better healthcare outcomes.
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Challenges and Considerations
Regulatory Compliance
The integration of Web3 in healthcare demands meticulous attention to regulatory compliance, as the healthcare industry is subject to stringent regulations to safeguard patient safety and privacy.
Technical Scalability
Web3 technologies, including blockchain, currently confront scalability challenges, potentially constraining their rapid implementation in extensive healthcare applications. Nevertheless, ongoing research and development endeavors seek to tackle these limitations.
Education and Adoption
Achieving widespread adoption of Web3 in healthcare necessitates comprehensive education and awareness campaigns to assist stakeholders in comprehending its advantages and surmounting resistance to change.
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Conclusion
Web3 technology holds the promise of revolutionizing healthcare, reshaping the industry into a patient-centric, secure, and transparent ecosystem. Through the application of decentralized principles, Web3 can address critical challenges related to data management, interoperability, and patient engagement, leading to enhanced health outcomes and a more streamlined healthcare system. Interested in developing a healthcare solution with web3 technologies? Connect with our blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
18 Aug 2023
Why Develop Blockchain-Based dApps for Healthcare
Decentralized applications, or dApps, have proven to be a potent and revolutionary technology across diverse industries, including healthcare. These blockchain-based healthcare dApps utilize the core principles of blockchain technology and decentralized networks to bring about groundbreaking changes in data management, interoperability, patient privacy, and healthcare accessibility. In this blog, we will delve into how to use blockchain in healthcare and how healthcare dApps are reshaping the very future of healthcare.
Understanding dApps in Healthcare
A decentralized application (dApp) is a software application that runs on a decentralized network, often utilizing blockchain technology. What sets dApps apart from conventional healthcare applications is their lack of dependence on a central authority, which enhances their security, transparency, and resistance to data breaches.
How Healthcare dApps Work
Healthcare dApps use blockchain as the underlying infrastructure to store, manage, and share patient data securely. Patient information is encrypted and distributed across the network, ensuring that data remains private and tamper-resistant. Smart contracts, self-executing contracts on the blockchain, facilitate automated processes, such as insurance claims and data access permissions.
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Advantages of Healthcare dApps
Enhanced Data Security and Interoperability
Healthcare dApps offer a major advantage in terms of enhanced data security. By distributing data across the decentralized network, the vulnerability to centralized data breaches is significantly reduced. Moreover, these dApps facilitate interoperability, enabling seamless and secure data exchange between various healthcare providers. This fosters improved patient care and helps to minimize medical errors.
Patient Ownership of Data
Healthcare dApps empower patients with complete control over their medical data. They have the authority to determine who can access their information, thereby ensuring privacy and consent at all times. This enhanced level of control fosters trust between patients and healthcare providers, promoting a more personalized and patient-centric approach to care.
Streamlined Medical Research and Clinical Trials
Healthcare dApps play a crucial role in facilitating the sharing of anonymized patient data for medical research and clinical trials. By maintaining patient privacy, these dApps enable researchers to access a vast pool of data, accelerating the discovery of new treatments and medical advancements. This streamlined data-sharing process holds great potential for driving innovation and improving healthcare outcomes.
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Efficient Health Insurance Processes
Through the utilization of smart contracts, healthcare dApps bring automation to insurance processes, effectively reducing administrative overhead and claim processing time. This streamlined approach enhances efficiency and transparency, benefiting both insurers and patients alike. With smart contracts handling insurance-related tasks, the entire process becomes more seamless and secure, improving the overall experience for all parties involved.
Telemedicine and Remote Patient Monitoring
Healthcare dApps play a vital role in supporting telemedicine platforms, enabling seamless connections between patients and healthcare professionals in remote settings. Additionally, through the integration of Internet of Things (IoT) devices, dApps enable remote patient monitoring, allowing for real-time data collection that enhances diagnosis and treatment decisions. This convergence of healthcare dApps with telemedicine and IoT technologies ensures convenient and efficient healthcare delivery, even from the comfort of patients' homes.
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Notable Healthcare dApps
MedRec
MedRec stands as an early and influential example of a healthcare dApp developed by MIT. It leverages blockchain technology to create an interoperable and patient-centered electronic health record system. By granting patients control over their data, MedRec enables them to selectively provide access to healthcare providers or researchers as needed, ensuring data privacy and security.
Solve.Care
Solve.Care operates as a comprehensive platform utilizing blockchain and smart contracts to simplify healthcare administration and improve patient outcomes. Its primary goal is to streamline healthcare processes, reduce costs, and enhance patient engagement. By harnessing the power of blockchain, Solve.Care fosters greater efficiency, transparency, and collaboration within the healthcare ecosystem.
Health Wizz
Health Wizz is a patient-driven healthcare dApp designed to empower users in consolidating and securely managing their medical data. This platform allows users to share their health information with healthcare providers, researchers, and insurers while maintaining full control over access permissions. Health Wizz puts the user in the driver's seat of their health data, promoting transparency and personalized healthcare experiences.
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Challenges and Future Outlook
Regulatory Compliance
One of the primary challenges for healthcare dApps is ensuring regulatory compliance, especially with stringent healthcare regulations like HIPAA in the United States. Striking a balance between adhering to these regulations and maintaining the advantages of decentralization is crucial for the successful integration of dApps into the healthcare industry.
Scalability
Scalability remains an ongoing concern for blockchain-based systems, including healthcare dApps. To meet the demand for fast and efficient transaction processing, continuous advancements in blockchain technology are necessary to enhance scalability and improve overall performance.
User Adoption
The success and impact of healthcare dApps heavily rely on user adoption and acceptance. Educating patients, healthcare professionals, and organizations about the numerous benefits and user-friendly features of dApps is essential to encourage their widespread adoption and seamless integration into existing healthcare workflows. By fostering user trust and demonstrating the tangible advantages of healthcare dApps, the industry can pave the way for a transformative future in healthcare.
Also, Check | Increasing Importance of Blockchain for Healthcare Development
Conclusion
Healthcare dApps are poised to revolutionize the healthcare industry. They provide innovative solutions to persistent issues related to data security, interoperability, and patient privacy. Healthcare dApps empower patients with unprecedented control over their personal health data while simultaneously streamlining medical processes. The potential impact of healthcare dApps on the industry is promising. It is ready to pavi the way for a more patient-centric and efficient healthcare ecosystem. However, getting into the space required special consideration with regard to project development, data management, and security. Our skilled blockchain developers skilled in healthcare dApps development can help you get started effortlessly.
Category:
Blockchain
Mudit Kumar
17 Aug 2023
Substrate Framework | For Efficient Blockchain Development
The emergence of blockchain technology has revolutionized conventional business practices, introducing virtues like transparency, decentralization, and immutability. Nevertheless, constructing a blockchain network from the ground up remains a formidable and time-intensive endeavor. Enter Substrate Blockchain - a framework designed to streamline custom blockchain development. Within this article, we shall delve into a comprehensive exploration of Substrate Blockchain, encompassing its distinctive features, the development journey it entails, adoption statistics, and other pertinent aspects.
What is Substrate Blockchain Framework?
Substrate Blockchain Framework, in essence, is a versatile blockchain framework that empowers developers to fashion bespoke blockchain networks tailored precisely to their unique business requirements. This encompassing framework offers the flexibility to implement custom consensus mechanisms, governance models, and smart contracts.
By utilizing previously developed components, Substrate facilitates the swift construction of blockchains by leveraging field-tested code, which has already proven its efficacy in powering a diverse array of blockchain projects worldwide.
Comprised of an extensive array of tools and libraries, Substrate stands as the foremost blockchain software development kit (SDK) responsible for constructing the foundational Polkadot layer-0 protocol. Moreover, developers have the liberty to harness their capabilities in crafting diverse types of blockchain networks, accommodating a wide range of applications and use cases.
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Why Choose Substrate?
Versatile Design
Substrate stands out as a modular and adaptable toolkit, enabling the creation of unique chains with distinct components.
Open-Source Foundation
Embracing openness, both the Substrate toolkit and architecture are made available under an open-source license.
Seamless Interconnection
Blockchains fashioned with Substrate enjoy seamless interoperability with other similarly constructed blockchains. Additionally, they can be linked to other blockchains through bridges or Polkadot's parachains if required.
Future-Ready
With a focus on the future, Substrate is designed to be upgradable, composable, and adaptable, ensuring it remains relevant and flexible as the technology landscape evolves.
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Impeccable Security
Security is paramount in Substrate Blockchain, featuring a secure runtime environment and a sandboxed execution environment for smart contracts to prevent vulnerabilities.
Impressive Scalability
Substrate Blockchain is purposefully crafted for scalability, incorporating sharding and parallel transaction processing to handle growing demands efficiently.
Seamless Interoperability
Substrate offers interoperability without compromising on compatibility, security, or efficiency, fostering a connected and collaborative blockchain ecosystem.
Robust Tooling
Boasting rich tooling capabilities, Substrate accelerates development, deployment, and debugging processes, facilitating faster and more efficient blockchain projects.
Extensive Token Support
The modular structure of Substrate enables developers to create a wide range of monetary systems, supporting various token standards such as ERC20 and ERC721, among others.
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Top Use Cases
Relay Chain
Utilizing Substrate, you have the opportunity to initiate your very own relay chain similar to Polkadot. Substrate tutorials are readily accessible to guide you through the process, presenting various templates for reference. However, should the available templates not align perfectly with your specific use case, you have two options: either craft a custom one yourself or seek assistance from a substrate development company that can simplify the task for you.
Cross-Chain Bridge
One of the prominent use cases for Substrate is building cross-chain bridges. Leveraging Substrate, you can construct a cross-chain bridge that establishes connections between your blockchain application and any other blockchain network, including the Polkadot network. The substrate framework offers an extensive collection of components and pallets explicitly designed for bridge development. Should the pre-built pallets not entirely align with your application requirements, you can create a custom bridge tailored to your specific needs using Substrate.
The Substrate node template's runtime is FRAME-based, with FRAME being a code library that simplifies Substrate runtime development by assembling numerous modules or pallets. Substrate gives you the ability to create an application-specific pallet that governs the operation of your blockchain or application. For example, if you want to incorporate zero-knowledge-proof functionality in your application, you can use Substrate to create a pallet for this purpose.
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Tailor-Made Blockchains
Substrate is a blockchain architecture developed primarily for creating customized blockchains that operate entirely autonomously. It is the quickest and easiest way to establish a blockchain because it operates independently of any other technology. Substrate frees developers from worries about core components including networking, data layer, transaction queue, consensus, and more. Furthermore, pallets adapted to your individual specifications make it easier to upgrade your blockchain project over time.
Additional Advantages
Inclusive Consensus Components
The framework includes a functional consensus mechanism, a validator voting system, and a block-finalizing algorithm.
Seamless Peer-to-Peer Communication
It offers a peer-to-peer connectivity layer, message-sending, and efficient data replication capabilities.
Versatile Node Options
Users can benefit from full-node templates and even run the framework within a browser environment.
Flexible Database Abstraction
With database abstraction, nearly any custom data can be utilized and stored on-chain.
Swift and Simple Client Updates
Updates are made easy and swift through WebAssembly (Wasm), eliminating the need for complex hard forks.
Future-Ready Compatibility
The framework is designed to seamlessly migrate to Polkadot once its full release is available.
Modular Functionality
Leveraging numerous modules, developers can create diverse functionalities to suit their needs.
Developer-Friendly API
An accessible API is provided, empowering developers to interact with their blockchain and build decentralized applications (dApps).
Pre-Defined Interfaces and Universal UI
The framework offers pre-defined interfaces and a universal user interface for enhanced convenience, streamlining app development on the blockchain.
Empowering Rust Development
Development in Rust brings the advantage of utilizing all features of this robust programming language.
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Blockchain Platforms built with Substrate
Substrate stands as a robust framework, empowering the creation of tailor-made blockchain networks, and its adoption has been embraced by numerous blockchain projects, particularly for developing their Substrate Marketplaces. Below, we list the most compelling Substrate blockchain framework adoptions that have gained significant attention in the blockchain community.
Polkadot
Polkadot, built on the Substrate framework, enables seamless cross-chain communication among diverse blockchains. This platform offers developers the tools to construct and launch scalable, interoperable blockchain applications. Notably, Polkadot's governance model is distinct, granting token holders the opportunity to actively participate in shaping the network's decision-making process.
Kusama
Operating on the Substrate framework, Kusama is commonly known as a "canary network" for Polkadot. This platform serves as a testing ground for developers, enabling them to thoroughly evaluate their blockchain applications before deploying them on Polkadot. Moreover, Kusama boasts a distinctive governance model, empowering token holders to actively engage in the decision-making process that shapes the network's future.
Acala
Acala operates on the Substrate framework and serves as a decentralized finance (DeFi) platform, offering users access to stablecoins, loans, and an array of financial services. Additionally, Acala incorporates a distinctive governance model that empowers token holders to actively partake in the decision-making processes governing the network.
Conclusion
To summarize, Substrate Blockchain has achieved substantial recognition and acceptance within the blockchain community since its introduction. Its strength lies in its adaptable features, seamless interoperability, robust security measures, scalability, and the ability to undergo upgrades. These attributes have contributed to its popularity as a preferred option for blockchain development. With a competent team and adequate resources, businesses can harness this technology to construct customized blockchain networks that precisely cater to their unique needs, fostering innovation within their respective industries. You can connect with our skilled blockchain developers if you are looking to develop your project with the Substrate framework.
Category:
Blockchain
Mudit Kumar
08 Aug 2023
Hedera Hashgraph | Moving Beyond Blockchain
The year 2009 marked the advent of a revolution with the introduction of Bitcoin. This innovative cryptocurrency sought to address the flaws within the existing financial system by presenting the world with a novel method of value exchange - an electronic cash system. As a result, it also laid the foundation for the emergence of distributed ledger technologies (DLT) like blockchain, currently among the most rapidly expanding fields in the world of technology.
However, early Blockchain technology revealed certain limitations over time, particularly concerning scalability and high latency, post the inception of Bitcoin. In response to these challenges, numerous blockchain projects have been dedicated to exploring solutions. Simultaneously, the DLT landscape has been evolving in various other directions. One noteworthy endeavor in this regard is Hedera Hashgraph, a well-known initiative striving to push the boundaries of DLT beyond traditional blockchain structures. Hedera hashgraph development services are challenging the status quo and driving new possibilities in the web3 ecosystem.
What is Hedera?
Hedera operates as an open-source, decentralized public ledger, utilizing a leaderless, asynchronous Byzantine Fault Tolerance (aBFT) hash graph consensus algorithm. It functions as a proof-of-stake network, providing a secure and efficient platform for decentralized transactions and applications. Overseeing this network is a decentralized council comprised of top businesses, academic institutions, and web3 projects from across the globe, ensuring decentralization and resilience.
With its performance-optimized Ethereum Virtual Machine (EVM) smart contracts and user-friendly native tokenization and consensus service APIs, developers have the means to construct web3 applications and ecosystems with ease.
Distinguished by its unique architecture, Hedera offers a robust codebase that ensures scalability and reliability throughout its network infrastructure. Furthermore, it enforces fair transaction ordering through consensus timestamps, offers affordable and predictable fees, and achieves rapid throughput with swift finality, all contributing to the establishment of a fair transaction ordering model. With responsible governance by world-renowned organizations, Hedera remains steadfast in its commitment to resisting collusion and maintaining a secure network.
Also, Explore | Hedera Hashgraph vs Blockchain: A Thorough Comparison
Use Cases
Payments
Empower secure, real-time, and highly affordable payments by utilizing HBAR, stablecoins, or your cryptocurrency.
DeFi
Leverage performance-optimized EVM smart contracts to create decentralized exchanges, lending protocols, network bridges, and more. Alternatively, seamlessly port existing DeFi solutions to the platform.
NFTs
Forge unique tokens representing digital media, physical goods, and more, enabling the creation of thriving NFT marketplaces or communities.
Decentralized Identity Management
Safeguard privacy while managing decentralized identification through a secure, standards-based approach.
Decentralized Data Management
Establish low-cost, scalable, and publicly verified data logs to record payment events, supply chain provenance, IoT sensor data, and other valuable information.
Sustainability
Implement, access, or create sustainable solutions with top-notch governance, harnessing the low-energy network capabilities of Hedera.
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ERP, CRM, and EAM Integration
Integrate ERP, CRM, or EAM programs with DLT for numerous benefits, including enhanced data integrity, increased cooperation, and automation, improved security, transparency, traceability, reduced costs with fewer intermediaries, and heightened security.
Why Build Your Next Big Thing on Hedera
Hedera prioritizes developers as first-class citizens, offering user-friendly APIs and EVM smart contracts. With Hedera's native network service SDKs, EVM equivalency, and a suite of tools, innovation, and development become straightforward, whether you're working on a side project or pioneering the next major Web 3 application. The platform's robust codebase ensures a highly scalable and dependable network infrastructure, making it an ideal choice for developers seeking to create essential web3 apps and protocols for the ecosystem.
Low-Cost, Swift Transactions
Hedera transactions come at a minimal cost of approximately $0.001 and are complete with absolute certainty within 3-5 seconds, eliminating the need to wait for block confirmations.
Remarkable Scalability
Powered by Hedera's native services, even the most demanding and mission-critical web3 applications and protocols can scale reliably to 10,000 transactions per second (TPS) and beyond.
Fair and Efficient Transaction Ordering
Hedera operates as an aBFT hash graph-constrained leaderless proof-of-stake network, ensuring fair transaction ordering with a consensus timestamp.
Enhanced EVM Tooling & Libraries
The EVM on Hedera is optimized for speed and scalability, enabling developers to seamlessly deploy smart contracts using their preferred web3 environments, libraries, and tooling.
Commitment to Sustainability
Hedera boasts exceptional sustainability, being the most energy-efficient public network, with an average energy consumption of 0.000003 kWh per transaction, according to a study by University College London. Moreover, Hedera is committed to achieving a carbon-negative public network, investing in quarterly carbon credits to offset the negligible emissions from all publicly interacting infrastructure.
If you have a project that you want to build on this unique DLT, you may consider connecting with our skilled blockchain developers.
Category:
Blockchain
Mudit Kumar
28 Jul 2023
Why Hard Fork a Blockchain
Bitcoin was divided into two coins in the summer of 2017: bitcoin (BTC) and bitcoin cash (BCH). A hard fork is what's known as a split like that, and later that year, more forks appeared using blockchain development services.
A hard fork (or hard fork) is a major change to a network's protocol about blockchain technology that makes previously invalid blocks and transactions valid, or vice versa. After a hard fork, every node and user must update to the most recent protocol version.
Developers or members of the cryptocurrency community who are dissatisfied with the features provided by the current blockchain implementations may start forks. Hard forks could potentially become a means of crowdsourcing capital for innovative technological endeavors or cryptocurrency offerings.
Understanding Fork
When the majority of blockchain users cannot agree on an upgrade, a fork in blockchain results. A lack of agreement on divisive software updates has led to hard forks in several blockchain/cryptocurrency networks, including Bitcoin and Ethereum.
One can distinguish between accidental and purposeful forks. Accidental forks occur when two or more blocks are discovered at once. They are resolved when new blocks are added and one of the chains becomes longer than the other.
The shorter chain's blocks, also known as orphaned blocks, are then abandoned by the blockchain network. Although no transactions would be impacted because both blocks would have contained the same transactions, the miner who produced the orphaned block forfeits the mining reward and transaction fees.
Intentional forks, or the second class of blocks, come in two varieties—hard forks and soft forks—and modify the blockchain's rules.
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Understanding Hard Fork
A hard fork is a rule modification that has significant effects on a blockchain network's whole protocol. A blockchain's creators or members of the community can create a fork.
All nodes intended to operate following the new rules must update their software because, in comparison to the old rules, valid blocks produced using the new rules may be viewed as invalid or invalid blocks will be viewed as valid.
Since a hard fork permanently diverges from the prior version of the blockchain, it effectively creates a brand-new currency. The new, improved blockchain will be followed by a new path and the old path by the other. The users of that specific blockchain have the option of upgrading and taking one path, or not upgrading and continuing on the other. The term "backward-incompatible" describes this.
A permanent split may happen if some users (or nodes) continue to use the outdated software while others continue to utilize the more recent version. While this occasionally happens, there are times when many nodes using the new software may decide to go back to the previous set of rules.
The most typical situation is when users of the old chain realize their version is out of date and less helpful than the new one and decide to upgrade to the new one after the new fork has been made. But the two blockchains can run parallel to each other indefinitely.
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Reason to Hard Fork a Blockchain
Add New Functionality
The Blockchain code is upgraded regularly. Since the majority of public blockchains are open source, people from all over the world develop them. The improvements and issues are created, resolved and new versions must be released when the time is suitable.
Address Security Issues
Compared to traditional money (notes, coins, and checks), blockchain (and cryptocurrency on top of it) are relatively new technology. And research is currently being done to properly comprehend them. To address the security vulnerabilities that develop along the process, new versions and updates should be made available.
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To Reverse Transactions
If the community discovers that a certain period's transactions were compromised and malevolent, it has the power to nullify them all.
Some Instances of Hard Forks
Since the launch of blockchain technology with Bitcoin in 2009, there have been several notable hard forks. As an illustration, consider Bitcoin.
In 2014, when Bitcoin XT split apart from Bitcoin, it underwent one of the first hard splits in history. A suggestion was made to enhance Bitcoin's maximum transaction rate from seven to 24 per second. To do this, each new block's size was increased from one megabyte to eight. The Bitcoin XT project, however, lost interest quickly after the fork and is no longer in use.
Following the failure of Bitcoin XT, a new proposal to increase Bitcoin's block size was made. Another hard fork occurred in 2017 and gave rise to the new cryptocurrency Bitcoin Cash (CRYPTO: BCH). A hard fork in Bitcoin Cash occurred in 2018, resulting in the creation of Bitcoin Cash ABC (the original version) and Bitcoin Cash SV (CRYPTO: BSV), a brand-new parallel network.
A few years after its birth, Ethereum likewise faced a hard fork. In response to hackers removing Ethereum from a cryptocurrency investment startup's account A fork of the DAO—"DAO" stands for "decentralized autonomous organization"—was put into place to enable those who had been attacked to retrieve part of the money from the flawed DAO.
Since Ethereum itself wasn't compromised, some miners chose not to participate.
Ethereum Classic (CRYPTO: ETC), a fork of the original blockchain, continues to exist.
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Conclusion
Hard forks are crucial for the cryptocurrency development space to develop further over time. They spread in popularity over time and make sure that the crypto industry develops following community opinion. Good coins like Litecoin or Bitcoin Cash have emerged from numerous hard forks. Therefore, in the long run, these forks are crucial for better crypto offerings. The key is to conduct research before investing.
If you are looking to hard fork a cryptocurrency/blockchain and launch a better version, you may connect with our cryptocurrency developers for assistance.
Category:
Blockchain
Mudit Kumar
30 Jun 2023
Definitive Features for NFT Marketplace Development
The most important and difficult step in NFT marketplace development is defining its essential features since you need to choose a feature set that will satisfy the expectations of your users. For clients, Oodles has already conducted in-depth competitor evaluations and found that the majority of well-known NFT marketplaces have several unbeatable characteristics. We have listed them below. We will offer you a list of necessary and desired NFT marketplace features that you should think about including in your platform as you peruse our blog.
Blockchain Platforms Oodles Recommends for NFTMarketplace Development
The following is a list of the most suitable blockchain platforms to develop an NFT marketplace. NFT developers at Oodles can use any of the mentioned blockchain platforms or employ any other platform as per your choice. The aim would always be to offer maximum capabilities with the specific marketplace that its target audience requires and generate high ROI (return on investment).
Ethereum | Open-Source Protocol
One of the most often used blockchain platforms for the creation of NFT marketplaces is Ethereum. However, it is facing challenges regarding its high carbon footprint, in addition to expensive transaction costs.
But, the team behind the platform is working relentlessly to address these issues. Therefore, the platform has undergone a few crucial upgrades, which are expected to reduce the footprint by ~99.95%.
BSC | Open-Source Protocol
Due to the compatibility of this blockchain with the Ethereum Virtual Machine, no additional programming work is required for smart contracts to function in both Ethereum and the Binance Smart Chain. uses the Proof of Staked Authority (PoSA) mechanism, which reduces transaction costs.
Cardano Blockchian | Open-Source Protocol
Employs proof-of-stake, the most energy-efficient blockchain network technology, which explains its low transaction fees. Despite the Cardano blockchain only allowing smart contracts since 2021, there are presently several NFT markets built on it.
Must-Have NFT Marketplace Features
Filters
This one aims to improve user experience. Before making any choices, those who view NFTs as investments need to filter through a set of criteria. To help customers choose the products they need more quickly and enhance the likelihood that they would make purchases, categorizing products based on user preferences such as price, rarity, and artists
Listings
Listings are an essential component of the NFT Marketplace since it enables merchants to create and send collectibles. Customers would be ensured that they can do this quickly and without any difficulties through well-designed NFT development. Every NFT Marketplace ought to include detailed instructions on how to upload the required files and list particular data information, such as tags, titles, and descriptions.
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Royalties for NFT
You must offer the ability to integrate NFT royalties into the generated NFT in your NFT marketplace. Every time the NFT is sold again, it enables the original creator to receive a cut of the proceeds. You must take this feature into account while creating an NFT marketplace.
Wallet
Users always search for a secure location to keep NFTs. The construction of a wallet might fulfill their security concerns better than anything else. Because of this, NFT marketplaces opt to save and submit tokens from initially inserted wallets. Additionally, it enables users to join up for their preferred wallet instantly rather than signing up for another online wallet. Use the best methods possible to obtain, submit, and store tokens.
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Ratings
The best way for newbies to comprehend the true value of collectibles is through ratings. Customers before you have left reviews with words or stars to say whether or not a particular merchant is reputable. Users who score well get tempting rewards.
Storefront
An e-commerce website and a market for non-fungible tokens are very similar. It requires a front-end storefront that should be both aesthetically pleasing and user-friendly. For physical art collectors, for instance, the purchasers of non-fungible tokens wish to be aware of the provenance and legitimacy of their files. They also request a list of the non-fungible tokens that are rarer than others. A single non-fungible token cannot be copied, however, several non-fungible tokens of the same image may be made available by the artists. These photographs receive a label number from the NFT markets.
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Search Option
A comprehensive, feature-rich, and effective search engine that enables consumers to quickly look for their favorite NFTs about music, video pictures, art memes, gaming characters, and much more is required for the NFT marketplace. The search engine will be able to recognize the user's intention and goal and show the pertinent data in real-time.
Listing Status
Each participant in the NFT marketplace transaction requires knowledge of the process. The marketplace will inform sellers and buyers of the percentage of people who have viewed the file together with the bids placed in an auction.
The file can alert users when they submit an offer. Buyers should be made aware, before making a purchase, that the file will undergo a properly thought-out verification process. The more authentic products appeal to collectors.
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Oodles can Help you with NFT Marketplace Development
The NFT market is expanding, and new profitable ventures are continuously emerging. Every business still has a chance to develop a differentiating feature and develop into a major force in its industry. NFT developers at Oodles have experience creating decentralized apps on the blockchain, and it offers a range of professional consulting and development services to assist you in putting an effective NFT marketplace in place.
Category:
Blockchain
Mudit Kumar
29 Jun 2023
The Boons of Building on Cardano Blockchain
The race to challenge Ethereum's hegemony is on, and the Cardano blockchain might be among the favorites. What advantages does the blockchain with a distinct blockchain development strategy provide, though? We will delve into Cardano, the smart contract platform, in this blog post.Understanding Cardano BlockchainConsider Bitcoin as a first-generation blockchain with simply transactional use cases and Ethereum as a second-generation blockchain that popularised the idea of smart contracts and the existence of blockchains as an ecosystem. According to Ethereum's founder Vitalik Buterin, both first-generation and second-generation blockchains, such as Bitcoin and Ethereum, experience the "blockchain trilemma." It explains the trade-off that blockchain developers must make to address the three key challenges of decentralization, security, and scalability. Cardano, a third-generation blockchain, aspires to scale without sacrificing security or decentralization. Charles Hoskinson, who founded the network, departed Ethereum in 2014 due to differences in the development of the blockchain platform for smart contracts. He introduced Cardano in 2017 to outperform Bitcoin and Ethereum. Cardano adopts a distinct peer review methodology. Academics review and approve any alterations to the network or future advances before they are implemented, including the Ouroboros consensus process. Also, Check | Why Develop a Blockchain-based Freelance PlatformThe Consensus Mechanism of Cardano BlockchainWhile Ethereum and, up until recently, Bitcoin were founded on the proof-of-work consensus algorithm, Cardano has created Ouroboros, a proof-of-stake alternative. There is no longer a "race" to create a new block thanks to this procedure: To have the opportunity to mine for brand-new blocks, the network chooses slot leaders (nodes) at random. Epochs are the slots into which the blockchain is divided. For rewards, slot leaders can mine entire epochs or portions of epochs. Epochs can be divided indefinitely, which is why Cardano asserts that it is theoretically infinitely scalable. The main advantage of Ouroboros is that it provides a verifiable method for choosing validators at random to produce an additional share of security. Additionally, the randomness might make it impossible for patterns to emerge that would protect the network from attacks. Also, Explore | Developing a Ride-Sharing App like Uber with BlockchainAdvantages of Cardano BlockchainWeb 3.0 Development Cardano was created with integration with Web 3.0 in mind. Cardano may be used to create metaverses, and the blockchain will be particularly beneficial if you want to combine your business with the Internet of Things or IoT technologies. This has been done since it is anticipated that all of these Web 3.0 characteristics will expand quickly and benefit businesses in a variety of ways. The integration of Cardano is carried out with the assistance of blockchain engineers experienced in such services. Given how quickly the IT market changes, it is also crucial to hire such blockchain developers who can offer upgrade and maintenance services in the future. You may also like | Chatgpt and Web3 Integration | Exploring New OpportunitiesAdaptable and SturdyThe blockchain is equipped to manage difficult projects and innovative start-up ideas. The blockchain's several tiers enable low transaction costs and quick speeds while also preventing network congestion. This implies that it is incredibly trustworthy even when the market swings, which is seen by investors all around the world as a positive indicator.Also, Explore | Cardano Ouroboros: A Tailored Approach to Proof-of-StakeNFT Trade AssistanceCustom NFT tokens can be created and traded using Cardano. A custom NFT marketplace that charges for NFT trading can likewise be hosted on the blockchain. This implies that, once the need arises, NFT fans can be drawn via the blockchain. Its collection of attributes, including verifiability, auditing, and client testing capabilities, make it the ideal choice for anything involving NFTs. Also, Visit | NFT Marketplace DevelopmentReviewed by PeersCardano has been endorsed by experts from all around the world and has strong research backing, unlike other blockchain ventures that merely have a white paper as their initial step. This might be a result of the Cardano cryptocurrency being founded by Charles Hoskinson, an Ethereum co-founder. The properties of Cardano have also been confirmed by leading computer experts from around the world.High SecurityCardano uses a proprietary Proof-of-Stake consensus algorithm called Ouroboros to handle the transaction validation process. The development procedures used by Cardano guarantee complete security and lightning-fast transaction processing. With the Proof-of-Stake consensus method, Delegated Staking is possible, enabling your clients to participate in the validation process without needing the technical know-how to run a node. Connect with our blockchain developers to get started with Cardano blockchain development or any assistance or consultation related to dApps development.
Category:
Blockchain
Mudit Kumar
29 Jun 2023
AI for DAO | Robots are Essential for a Better Future
The rapid evolution of decentralized technologies has ignited a paradigm shift in how organizations are formed, governed, and operated. Decentralized Autonomous Organizations (DAOs) represent a revolutionary approach to collective decision-making and resource management. When you integrate Artificial Intelligence (AI) and robotics into the DAO framework, the possibilities become even more transformative. This blog explores how AI-driven robots can supercharge DAOs, address critical industrial challenges, and pave the way for a better, more efficient future for businesses and communities alike. In the following sections, we will dive deep into the roles of AI and robots within DAOs built using blockchain development services, how these technologies converge, the benefits and challenges they present, and why they are fast becoming indispensable tools in shaping tomorrow's digital and physical landscapes.Understanding the DAO EcosystemDecentralized Autonomous Organizations (DAOs) are community-led entities built on blockchain technology. They operate using smart contracts that automate governance rules, financial transactions, and voting procedures without central oversight. In essence, a DAO is self-governing: its community proposes and votes on changes, and operations are carried out based on the consensus rules encoded in smart contracts.Key Characteristics of DAOsDecentralization: Decisions are spread across stakeholders rather than concentrated in a hierarchical power structure.Autonomy: Smart contracts facilitate and enforce decisions automatically once certain criteria are met.Transparency: Blockchain-based ledgers record transactions and votes publicly, promoting accountability.Community Governance: Token holders or other forms of membership status grant the ability to vote, propose ideas, and shape the DAO's future.The Rise of DAOsDAOs have found applications in fields such as DeFi (Decentralized Finance), supply chain, gaming, and beyond. Their appeal lies in:Trustlessness: Members only need to trust the underlying code, not an individual leader.Programmability: Adaptable smart contracts allow custom governance rules.Flexibility: DAOs are highly modular, meaning they can integrate various functionalities, including AI and robotics solutions, with relative ease.Also, Read | How to Build a DAO | A Quick ExplainerAI's Role in DAO GovernanceTo understand how AI can be integrated into DAOs, it's crucial to identify where AI adds value. By leveraging machine learning algorithms, data analytics, and even advanced AI models, DAOs can make more informed decisions, automate repetitive tasks, and optimize operations in real time.Data-Driven Decision MakingOne of the strongest value propositions of AI in a DAO setting is data analytics. Traditional organizations might run analytics in a centralized manner, but within DAOs:Open Data: Blockchain-based platforms provide a transparent source of transactional data.Automated Insights: AI can parse large volumes of on-chain and off-chain data to discover trends or flags.Adaptive Governance: Proposals can be auto-generated or auto-assessed based on real-time performance indicators.Smart Contract Auditing & OptimizationAI can also assist in smart contract auditing by identifying vulnerabilities or inefficiencies in the code before execution. Additionally, AI can monitor the execution of contracts post-deployment:Automated Alerts: Identify suspicious transactions or usage patterns.Predictive Maintenance: Anticipate contract upgrades or patch needs before they become critical.AI-Based Proposal EvaluationVoting on proposals in DAOs can become complex as the organization scales. AI-driven proposal evaluation systems can help:Rank Proposals: Use machine learning to rank governance proposals by community-defined success metrics.Forecast Outcomes: Provide simulations of how each proposal might affect the DAO's token price, treasury, or member participation.Also, Explore | Most Substantial DAO Use Cases for BusinessesWhy Robots Are the Next Frontier of DAO IntegrationRobots extend the capabilities of AI beyond digital space into the physical realm. When you combine the decentralized decision-making power of a DAO with advanced robotics, the organization can interact with and transform the physical world autonomously.Bridge Between Digital and Physical WorldsA robot with embedded AI can:Physically Execute Tasks: Move, pick, assemble, or monitor objects.Capture Real-World Data: Collect sensory data (e.g., temperature, motion, pressure) that feeds back into the DAO's intelligence.Autonomous Reactions: Take real-time actions in manufacturing, logistics, or maintenance scenarios as dictated by DAO governance.Enhanced Operational EfficiencyBy leveraging a fleet of AI-driven robots, DAOs can optimize processes such as:Inventory Management: Robots can autonomously track warehouse stock, place orders, and restock.Manufacturing: Automated assembly lines managed by a DAO reduce overhead and errors.Quality Assurance: Visual inspection robots can verify products meet specific criteria in real time.Scale and AdaptabilityRobotics integrated into DAOs can be reprogrammed or repurposed through a community-driven process:Modular Upgrades: The DAO can vote on hardware or software upgrades for the robotic fleet.Dynamic Deployment: Robots can be moved between tasks or locations based on real-time data and community consensus.Also, Check | How to Build a DAO on BlockchainKey Use Cases of Robotics in DAO SettingsSupply Chain & LogisticsAutonomous Drones & Vehicles: Automated fleets can transport goods to minimize delivery times and cut costs.Smart Warehouses: Robots can handle picking, packing, and shipping, governed entirely by on-chain decisions.Agriculture & Environmental ManagementPrecision Farming: Agricultural DAOs can deploy robots for planting, harvesting, and monitoring soil conditions.Conservation Efforts: Robots can collect data on ecosystems, manage protected areas, and assist in reforestation or cleaning up environments.Manufacturing & Industry 4.0Highly Automated Assembly Lines: AI-driven robots can collaborate to manufacture goods, with the DAO managing workflow, maintenance schedules, and upgrades.Predictive Maintenance: Sensors on industrial robots can feed performance data to a DAO, which automatically allocates resources for repairs or replacements.Healthcare & TelemedicineSurgical Robotics: DAOs focused on healthcare could coordinate surgical tasks, with AI assisting in procedure optimization and real-time decision-making.Remote Care: Robots in remote locations can perform diagnostics and minor procedures, with decisions and funding managed by the DAO.Public Services & InfrastructureAutonomous Cleaning & Waste Management: Communities can pool resources in a DAO to manage fleets of cleaning or waste disposal robots.Disaster Response: In emergency scenarios, robots can be deployed rapidly to provide assistance or assess damage, following DAO-governed directives.Also, Discover | DAO Platform Development | An Exhaustive ExplainerThe Technical Backbone: Infrastructure for AI & Robotics in DAOsBringing AI and robots into the DAO ecosystem requires a robust infrastructure that supports secure transactions, high-speed data transfers, and real-time decision-making.Blockchain LayerSmart Contracts: The foundational code that automates tasks and enforces DAO rules.Layer-2 Scaling Solutions: Vital for handling micro-transactions, real-time robotics commands, and sensor data without congestion.Off-Chain Data OraclesRobots generate a large amount of data, much of which is off-chain. Data oracles bridge this gap by securely feeding real-time robotics data into the DAO's blockchain environment:Sensor Data Integration: Oracles authenticate and transform raw sensor data for on-chain logic.API Access: Oracles can also pull external data, like weather reports or location-based services, to guide robotic tasks.AI Models & ComputationOn-Device AI: For tasks demanding real-time local inference (e.g., immediate obstacle avoidance).Cloud or Edge AI: For larger-scale machine learning processes, complex analytics, or integration with the DAO's global decision-making.Decentralized AI Marketplaces: Where a DAO can purchase or rent AI models, training datasets, or computational power.Connectivity & Networking5G/6G & Mesh Networks: Ensures robots stay online, receive commands, and share data quickly.Secure Communication Protocols: Encryption and identity management to safeguard DAO commands and sensitive data.Security & Ethical ConsiderationsAs with any emerging technology, integrating AI and robotics into a DAO raises security and ethical questions.Smart Contract & Hardware SecurityExploits & Hacks: Malicious actors might manipulate or inject false data into AI models or sensor feeds.Hardware Tampering: Physical interference with robots could lead to dangerous malfunctions or unauthorized usage.Algorithmic Bias & Data PrivacyBiased Decisions: AI models trained on skewed datasets risk making unethical or suboptimal decisions.Privacy: Robots collecting sensitive data must adhere to community-approved protocols that ensure individuals' rights are respected.Regulatory ComplianceLocal and Global Laws: DAOs must navigate complex regulatory environments for robotics use (e.g., drone flight rules, environmental regulations).Liability & Accountability: As an autonomous entity, a DAO faces questions of legal responsibility when errors or accidents occur.You may also like | Exploring the Combination of DAO and the MetaverseDriving Business Efficiency & InnovationFor B2B stakeholders, the intersection of AI, robotics, and DAOs offers a distinct competitive edge.Reduced Operational CostsAutomation of Routine Tasks: Free human capital for strategic or creative endeavors.Minimized Overheads: Decentralized governance drastically cuts bureaucratic and administrative costs.Accelerated Innovation CyclesCommunity-Driven R&D: Shared governance incentivizes a broader pool of contributors to propose novel solutions.Rapid Prototyping: Smart contracts can release funds for R&D milestones instantly upon DAO consensus, speeding up iterations.Enhanced Transparency and TrustImmutable Records: Every transaction, sensor feed integration, or robotic command is logged on the blockchain.Public Accountability: B2B partners can verify supply chain or manufacturing data in real time, improving trust.Implementation Strategies for AI-Powered Robotic DAOsTo successfully bring AI and robotics into a DAO, organizations should follow a structured roadmap.Feasibility StudyDefine Objectives: Identify the tasks best automated by robots within a DAO framework.Risk Assessment: Evaluate both technical and market-related risks, including regulatory hurdles.Pilot ProgramsInitial Deployment: Launch a small robot fleet to handle targeted tasks.Feedback Loops: Leverage AI to gather performance data, identify bottlenecks, and refine processes.Governance FrameworkToken Economics: Determine how tokens are distributed, used for decision-making, and how they incentivize participation.Voting Mechanisms: Explore quadratic voting, delegation, or rank-based voting to optimize community input.Hardware & Software IntegrationSecure On-Chain Communication: Implement oracle solutions for real-time data sharing between robots and smart contracts.Scalable Infrastructure: Use Layer-2 solutions or sidechains for high-frequency robotic commands.Continuous ImprovementAI Model Updates: Regularly retrain and fine-tune algorithms based on new data.Upgrade Proposals: Community-driven proposals for hardware enhancements or new robot types.You might also be interested in | DAO (Decentralized Autonomous Organization) DevelopmentChallenges & Possible SolutionsDespite the transformative potential, several challenges remain.High Initial Investment: Robotics and AI infrastructure can be expensive.Possible Solution: DAO Crowdfunding or grants from specialized funds can help mitigate initial costs.Complex Maintenance: Robots require ongoing maintenance, both physically and digitally.Possible Solution: Smart Contract-Based Escrow for maintenance services and AI-based predictive maintenance algorithms.Regulatory Grey Areas: Autonomous robots and decentralized governance create new legal questions.Possible Solution: Legal DAO Structures (e.g., forming limited liability wrappers around DAOs) and proactive engagement with regulators.Talent Shortage: Integrating AI, robotics, and blockchain requires a multidisciplinary skill set that's relatively scarce.Possible Solution: Incentive Mechanisms through token offerings and open, community-driven development bounties.System Complexity: Orchestrating data from multiple sources and ensuring real-time decision-making can overload blockchain networks.Possible Solution: Layer-2 Solutions and Sidechains to handle high throughput, along with robust caching and off-chain analytics.Future Outlook: Autonomous Organizations & Robotic AutonomyThe synergy between AI, robotics, and DAOs points to a future where organizations can:Self-evolve: AI-driven analysis that continuously proposes improvements to workflows and governance.Physically Operate: Robot fleets that handle entire production or service cycles without direct human oversight.Global Collaboration: DAOs that integrate robotic resources from around the world, tapping a shared knowledge base for continuous learning and adaptation.Potential Long-Term ScenariosFully Automated Cities: Cities where public services (traffic management, waste collection, resource distribution) are coordinated through a DAO-run network of robots and AI systems.Global Supply Chain Networks: Interconnected DAOs across continents, orchestrating fleets of autonomous cargo ships, trucks, and drones.Space Exploration & Settlement: As off-world missions expand, DAOs could govern robot explorers for mining, habitat construction, and resource allocation on other planets or moons.You may also discover | Understanding the Impact of AI Crypto Trading BotsConclusionThe integration of AI, robotics, and DAOs is rapidly evolving from a futuristic vision into a tangible reality. By harnessing the decentralized decision-making power of a DAO, the computational and analytical prowess of AI, and the hands-on abilities of robots, organizations can revolutionize traditional processes. From smart warehouses to precision farming, and from healthcare to disaster relief, the potential applications are limitless.For businesses, adopting these technologies can lead to significant cost savings, accelerated innovation, and enhanced trust among stakeholders. Still, it's not without risks—organizations must address regulatory, security, and ethical challenges head-on. By doing so, the fusion of AI, DAOs, and robotics can set a new benchmark for efficiency, transparency, and collaboration, fundamentally reshaping how we build and manage the enterprises of tomorrow.FAQ1. What is a DAO, and how does it integrate with AI and robotics?A Decentralized Autonomous Organization (DAO) is a community-led entity that uses blockchain-based smart contracts for decision-making and resource allocation. AI and robotics come into play by allowing the DAO to leverage data-driven insights and physical execution. This integration enables real-time analytics, predictive maintenance, and autonomous operations, all governed transparently through smart contracts.2. Why are robots essential for a better future in the context of DAOs?Robots provide the physical extension of a DAO's digital governance capabilities. They can execute tasks—like assembling products or managing logistics—based on consensus-driven rules. This allows for decentralized, transparent, and efficient resource management in the physical world, which can lead to cost savings, reduced human error, and a more equitable distribution of labor.3. Can DAOs help in funding and maintaining robot fleets?Yes. One of the core features of a DAO is its ability to pool resources (often via tokens) and allocate them based on community consensus. This functionality can be extended to fund the purchase and maintenance of a robotic fleet. Smart contracts can also be used to manage escrow accounts, automate maintenance schedules, and even vote on hardware upgrades.4. What are the primary security risks of combining AI, robotics, and DAOs?Security risks include smart contract exploits, data tampering, and hardware vulnerabilities. Malicious actors could feed false data to AI models, tamper with robotic components, or exploit weaknesses in smart contract code to disrupt operations. Mitigations involve rigorous auditing, robust encryption, secure hardware modules, and continuous monitoring through decentralized oracles.5. Is it possible to integrate off-chain data from robots into on-chain governance seamlessly?Yes, via data oracles. Oracles act as trusted intermediaries that feed off-chain data (like robot sensor readings) into smart contracts. Advanced oracles offer validation layers to ensure data integrity and could incorporate cryptographic proof of sensor authenticity to minimize tampering risks.6. How do AI-driven robots impact the DAO's decision-making process?AI-driven robots can provide real-time metrics and insights to the DAO. For instance, in a manufacturing context, a robot might detect product defects and automatically report them on-chain. This data can trigger a governance proposal to adjust parameters or allocate funds for machine learning model retraining. Essentially, robots become active participants in the DAO's information ecosystem, informing and sometimes automating certain decisions.7. What are some immediate use cases where these technologies could be implemented effectively?Smart Warehouses: Automated inventory management and distribution.Precision Agriculture: Robot-driven crop monitoring, planting, and harvesting managed by DAO governance.Healthcare Services: Medical robotic devices for remote diagnostics, with DAO oversight for resource allocation.Public Utilities: Autonomous waste management and cleaning robots, funded and governed by municipal DAOs.8. How can businesses transition from traditional models to AI-powered robotic DAOs?Transition typically involves pilot projects to identify areas with the highest ROI, community engagement to understand stakeholder needs, and incremental integration of AI and robotic solutions. Companies should also explore forming or joining existing DAOs, investing in talent skilled in AI, robotics, and blockchain, and collaborating with regulatory bodies to ensure compliance.9. Are there legal implications for an organization run by AI and robots?Yes, there are multiple legal challenges around liability, regulatory compliance, and intellectual property rights. As DAOs evolve, new legal frameworks and “legal wrappers” are emerging to define the responsibilities and protections for DAO members, token holders, and the organization itself. Engaging with legal experts and staying abreast of changing regulations is crucial.10. What does the future hold for AI-robotic DAOs?In the long run, fully autonomous ecosystems may emerge where DAOs and robots collaborate seamlessly to manage both digital and physical tasks. These ecosystems could span entire smart cities, coordinate global supply chains, or even govern space exploration missions. While several technical and regulatory challenges remain, the trajectory points toward a world where human creativity and strategic thinking are augmented by DAO-driven AI and robotic systems, leading to more efficient, transparent, and inclusive organizational models.By understanding the capabilities, challenges, and strategies associated with AI-robotic DAOs, businesses can position themselves at the forefront of a technological revolution poised to reshape how organizations are governed and how work is performed, both digitally and physically. If you are planning to build an AI-powered DAO platform, connect with our skilled blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
28 Jun 2023
Blockchain Oracles | Making Smart Contracts Talk to the World
If you've been following the evolution of the infrastructure enabling smart contract development and blockchains, the term "blockchain oracles" might seem familiar. In its data-rich environment, the blockchain sector is developing. Any external data must be manually added to a blockchain; it cannot simply "communicate" with it. This requires a lot of work and is subject to bias or errors. However, blockchains can communicate in real-time with both other digital information and common objects like smart devices thanks to oracles.
What is a Blockchain Oracle?
Blockchain Oracles are similar to a third-party service provider. They link third-party applications and services to the blockchain and supply external data to smart contracts. Smart contracts and blockchains are isolated from the real world by purpose. To put it more technically, they are not intended to interact with off-chain information (not on the network).
A crucial connection between the blockchain and the off-chain and on-chain data they enable is made possible by blockchain oracles.
The accessibility of off-chain data increases the usefulness of smart contracts. It expands the possible applications for smart contracts.
Smart contracts would be less useful if there were no blockchain oracles because they couldn't connect with data from sources outside the network.
A blockchain oracle functions as a solution layer that verifies, examines, and queries data sources that are not part of the blockchain. It provides the outcomes as soon as processing is complete.
The data provided by the blockchain oracle might also be anything of value. For instance, a healthcare system could employ oracles to ask about insurance information. On the other hand, the food industry will look to oracles to communicate information about the chain of manufacturing and distribution of food goods.
Also, Discover | Blockchain Bridges | Enabling Cross-Chain Interoperability
Distributed Oracles
Decentralized oracles supply smart contracts with information, which is more reliable than information provided by centralized oracles since it does not rely on a single source of truth. These oracles have the same objectives as open blockchains. Even though they aim for a trustless system, they disseminate trust across many people rather than eliminating it.
They address the issue of centralized oracles having a single point of failure. This guarantees that the smart contract will continue to work as intended even if one of the oracles is unable to perform as expected for any reason.
It establishes end-to-end decentralization by combining numerous independent Oracle node operators and numerous dependable data sources.
Centralized Oracles
This particular type of oracle is used as the only data source for smart contracts and can only be accessed by one party. Dependence on a single data source, however, is risky since it makes the smart contract susceptible to manipulation.
One major problem of centralized oracles is that they are susceptible to a single point of failure.
Additionally, it increases the vulnerability of smart contracts to threats and other types of harm.
You may also like to explore | A Definitive Guide to Smart Contract Development Tools
Use Cases
Because blockchains lack a natural way to access data outside of the chains themselves, the oracle is particularly crucial for decentralized finance (DeFi) applications. Despite this, oracles are beneficial for almost all businesses since they gather, organize, and securely authenticate information without compromise.
Oracles can be used to increase the security of dynamic NFTs and the growing number of interactions in GameFi, guarantee that patients, doctors, and other authorizers like employers and health insurance providers receive the best care while maintaining the privacy of their data, improve the efficacy and management of the supply chain, source how and where products are produced like pharmaceuticals or foods to prevent harmful products from reaching the general public and validate the sustainability of those products.
These are just a few advantages, demonstrating that oracles can be used for purposes other than cryptography and that they can make society's operations safer and more secure.
How Oracles Influence the Future of the Metaverse
Oracles will be a crucial tool and a key indicator of Web3's success when it comes to providing metaverse experiences as true to reality, as accurate as possible, and as complementary to our physical reality as feasible.
Oracles in the metaverse unlock tools for dApps like lotteries, loot boxes, randomized NFT projects, play-to-earn games, raffles, and more while acting as a reliable link between the physical and virtual worlds. It will be easier to develop more robust and equitable metaverse experiences across augmented reality, artificial intelligence, and NFTs if these services can be provided in a fully autonomous, trustless, decentralized manner.
Additionally, Web3 and the metaverse depend on cross-chain connectivity to function properly. Oracles will be required to connect the multi-chain ecosystem and allow seamless movement from metaverse application to application because so many applications are being developed with a variety of characteristics and requirements. This will result in a fully open and simple-to-navigate world.
Also, Check | Web3 App Development | Building a Decentralized Future
Closing Remarks
The widespread use of blockchains depends on a dependable system that enables communication between smart contracts and the outside world. Without blockchain oracles, smart contracts would be forced to rely solely on the knowledge that already exists within their networks, greatly reducing their potential.
Decentralized oracles may create safety nets that would significantly reduce systemic risk in the blockchain ecosystem. For the blockchain ecosystem to develop, blockchain oracles continue to be one of the fundamental building blocks that must be applied in a secure, dependable, and trustless manner.
If you have a project in mind related to smart contracts and want to get started it, you may also connect with our experienced smart contract developers.
Category:
Blockchain
Mudit Kumar
26 May 2023
How to Create a Crypto Wallet | A Comprehensive Guide
The market for cryptocurrencies has expanded impressively during the past several years. Crypto traders are reaping significant returns on their investments, and it will continue for some time. The future of cryptocurrency trading is bright, therefore, now is the ideal time to invest in creating a crypto wallet using crypto wallet development services. Now the question is: How to create a user-friendly crypto wallet?
Let's explore the basics of how to develop a crypto wallet, including the features, development process, and more.
How To Create a Crypto Wallet from Scratch
A skilled development team is necessary to create a crypto wallet from scratch without relying on pre-existing libraries. The iterative process teams employ a product discovery phase to reduce product uncertainty and meet the needs of their target audience. It takes place before the production of the app.
The team should have a clear definition of the problem they are tackling and agree with it throughout the product discovery process. This stops team members from squandering time and money by overextending and incorporating pointless features.
Additionally, as part of the product discovery phase, the team plans the software architecture and takes into account factors like:
The blockchain network and wallet must be in sync for the wallet to properly generate wallet addresses, identify transactions, determine transaction fees, and perform other crucial tasks.
The steps involved in creating the wallet application and the relevant parts that programmers must incorporate, like the required APIs, coding languages, and payment gateways.
The wallet features that customers desire to have in their wallet applications, such as portfolio tracking, transaction history, and balance checking.
Also, Explore | The Best Cryptocurrency Wallet List for Secure Storage
Additionally, the development team must include individuals with experience in the creation of software solutions, such as:
Development Essentials
UI/UX Development
Designers of user interfaces and user experiences create the wallet's interface. They design intuitive user interfaces that users may employ to fully utilize the wallet.
Front-End Programming
By integrating the design into the crypto web application, front-end developers can then guarantee the creation of the user interface and optimization of the user experience.
Mobile App Development
If you want to focus on MVP development, mobile developers can create cross-platform solutions like iOS and Android apps for your cryptocurrency wallet. The final choice guarantees a quicker development cycle.
Back-End Development
The creation of server-side operations is the responsibility of back-end developers. The backend manages, stores, secures, and processes the data for efficient operation, making it a crucial component of program development.
Quality control
To verify that all the features of the wallet application operate without faults or problems, (QA) engineers test it. Before the launch of the product, they are in charge of designing and executing tests to find any potential problems with the wallet application.
Also, Check | Increasing Inevitability of Multi-Chain Crypto Wallet Development
Technology Stack
Depending on the preferred platforms, the development team will need to select programming languages appropriate for the crypto wallet application. Developers can utilize the following examples of programming languages and SDKs to create wallet applications:
TypeScript
Since many developers are already familiar with JavaScript, this open-source programming language does not have an exceptionally high entry barrier. Developers can create scalable progressive web applications using TypeScript.
Python or Kotlin
Java or Kotlin are two options for developers thinking about publishing the wallet application on Android. Due to its ease of use, Java is a particularly popular language for creating Android applications. On the other hand, Google prefers Kotlin, a more recent programming language, for the creation of Android applications. In addition to being totally compatible with Java, Kotlin is also simpler to learn.
Objective-C or Swift
Swift or Objective-C are two options for developers looking to create iOS applications. Though it is closed-source, Objective-C is a well-known programming language. Swift, on the other hand, is a more recent open-source language developed by Apple allowing programmers to create applications for its platforms. Additionally, Swift is simpler to read and learn than Objective-C.
Flutter
Dart, a versatile programming language that developers may use to create programs that operate on most platforms without restrictions, is the foundation of this Google SDK. Due to its simultaneous support for six different platforms, the Flutter SDK is ideal for teams looking to publish cross-platform wallet applications. Android, iOS, macOS, Windows, Linux, and the web are the six platforms.
Must-Read | Top Features for Modern Crypto Wallet Development
Development Stages
Every type of program that you create goes through several elopement stages. The stages of development you will experience when designing an app are as follows:
Planning
Budgeting
Development of UI/UX
Coding
App evaluation
Post-release assistance and deployment
Also, Visit | Shifting Towards Web3 Crypto Wallet Development
Benefits of Creating a Crypto Wallet
Control over Funds by Users
Non-Custodials are gaining enormous traction mostly because they give users direct access to their money. Users do not need to rely on a third party to handle their funds or carry out any connected tasks.
Security in Investing
The risk of a data breach is substantially smaller because you are responsible for managing all the information related to your online cryptocurrency wallet and its funds. This is one of the main causes for why 66.5% of cryptocurrency owners now use non-custodial and mobile storage options.
Quick Withdrawals
These wallets don't require authorization from a third party for each transaction, in contrast to top Custodial wallets. This simplifies everything and makes it simpler to take advantage of fast withdrawals.
Now that this has been addressed, let's look at the limitations of non-custodial cryptocurrency wallets to arrive at a fair conclusion.
There aren't any significant negatives of Non-Custodial wallets that should be emphasized. The best Blockchain features are available with the wallet type. However, users must securely store their keys to enjoy its benefits.
You may also like to explore | Top Reasons to Choose Non-Custodial Crypto Wallet Development
Closing Thoughts
The development of a crypto wallet is often a laborious process. The outcome, though, is worthwhile. There is always a demand for these crypto wallets because every coin in use needs one.
As previously mentioned, more people are entering the crypto industry, which means that their needs will grow. Therefore, it is an ideal time to create and launch a crypto wallet in response to this expanding need.
If you need any assistance related to crypto wallet development, reach out to our team of skilled crypto wallet developers.
Category:
Blockchain
Mudit Kumar
25 May 2023
Rental NFT | A New Era of Non-Fungible Tokens
The development of a new Ethereum token standard called ERC-4907 is completed. It introduces a new NFT standard that enables users to lend out their Non-Fungible Tokens (NFTs) for a specific time at a prefixed cost.
Purchasing and collecting NFTs is undoubtedly an expensive endeavor. Even the most affordable NFTs from well-known initiatives like Bored Apes and Cryptopunks are not available for purchase at a price that is affordable for a typical individual. NFT rental comes into play in this scenario.
It is exactly what it entails: renting out NFTs to offer users to possess an NFT and utilize its benefits.
Curious about the NFT rental process? Let's explore.
The Rental NFT Standard, EIP-4907
A new standard named ERC4907 is discussed in Ethereum Improvement Proposal (EIP) 4907, which is an expansion of the ERC721 standard. The ERC721 standard is the one that Non-Fungible Tokens (NFTs) most frequently employed in this context.
In other words, the ERC4907 NFT standard enables you to "rent out" to another address the utilities that your NFT has unlocked. This is made possible by giving the NFT a new job.
Rentable NFTs, for instance, can be heavily utilized in projects where NFTs are utilized to handle the ownership of virtual real estate or "virtual land," as stated in the EIP itself.
Consider a Metaverse project like Voxels, where you must buy a comparable NFT to buy real estate in the virtual world.
You are the legal owner of that parcel of land if you possess the NFT.
The ERC4907 NFT standard would permit landowners to rent out their property, just like in IRL real estate. Lowering the financial barrier enables landowners to generate some passive income from their virtual assets and increases access to virtual land. A win-win scenario exists!
Also, Explore | A Quick Guide to Ethereum ERC Token Standards
What is NFT Rental?
NFT renting is the method by which individuals who do not already own or possess a certain NFT but would like to use it or experience it for a small period of time borrow the NFT from a suitable NFT renting protocol.
Defi blockchain technologies are used by NFT rental marketplaces to support safe transactions and guarantee that the NFT is returned to its owner after the rental period.
Types of NFT Rental
Renting with Collateral
Lenders can list their NFTs on an NFT marketplace that offers lending and borrowing functionalities. Renters who are interested in the NFT would then start the borrowing procedure. It would involve putting the NFT inside of a smart contract. The lender and borrower would agree upon the conditions of the smart contract. The rental procedure starts after the terms have been decided upon and agreed upon.
The renter must deposit collateral with a larger value than the NFT to safeguard the lender's interests. Additionally, there is a rental fee that must be paid by the renter. After the contract's term is up, the NFT is given back to its original owner, and the borrower gets their collateral back.
No-collateral Rentals
The process for renting without collateral is the same as for renting with collateral. The sole distinction is that, in contrast to collateral renting, the renter never receives the original NFT in this situation. Instead, a wrapped NFT is created for the renter that has all the same features as the original asset and is also backed by the original asset. The wrapped NFT is incinerated once the contract ends. Both the renter and the owner are exempt from this requirement in this case. This lowers the financial risk for both parties.
Use Cases
Rental NFT in The Metaverse
Plots within virtual worlds are referred to as LAND, such as those offered by protocols like The Sandbox or Decentraland. An NFT representing a property, which normally may be acquired in a virtual marketplace like OpenSea, stands in for LAND.
It is possible to develop the LAND itself, either directly by the owner or through builders. With merely this paradigm, the LAND's value is up for market speculation and provides no particular utility. When taking into consideration rentable NFTs, this is not the case. It provides the LAND owner with two significant potential revenue streams:
Taking up a landlord role and leasing LAND
Using the potential for advertising to monetize the LAND
Rental NFTs can continue to advance the metaverse economy thanks to these strengthened use cases. Brands have the opportunity to merely rent NFT for various initiatives, events, or other digital activities thanks to the ERC-4907 standard.
NFT Renting in Blockchain Gaming
Despite first seeming to be very inclusive, there are frequently high entry barriers for individuals using GameFi and P2E games for money. Games built on blockchain often emphasize the value of cryptocurrencies and NFTs.
Many games have NFT representations for the items and upgrades that provide the player with advantages. These advantages might assist the player to succeed in minigames or win battles, increasing their revenue. These NFTs can be challenging to obtain due to the extra value.
Blockchain gaming accelerators address this issue by allowing users to rent NFTs. This considerably improves the players' capacity to perform effectively and generate more P2E revenue. The ERC-4907 token standard has made it considerably simpler to put this idea into practice.
Building a Rentable NFT Project with Oodles
From developing a landing page with rent enablements to implementing NFT smart contracts with the proper rent features, creating a Rentable NFT project can be a challenging task. NFT developers at Oodles can help you develop a one-stop, fully customizable solution that enables you to establish a rentable NFT marketplace with a seamless and engaging experience.
Category:
Blockchain
Mudit Kumar
18 May 2023
NFT Royalties Explained | Empowering Artists and Investors
In particular in music, art, and other creative content, non-fungible tokens (NFTs) have revolutionized how artists and content providers sell and profit from their creations. NFT royalties are one of the additional ways they can make money and help them receive ongoing payment for their work. One can make use of them using NFT development services.
The following discussion attempts to explain how to add royalties to NFT, their introduction, and their functioning. Additionally, readers can also identify their advantages as well as the economics that support NFT royalties.
How NFT Royalties Work
NFT royalties are charges made to content creators for each sale of their works. Creators can make eternal profits by creating NFT royalties, which might motivate them to keep producing material.
In the past, artists and content producers have needed to keep creating to survive. Their efforts only resulted in one payment, thus the growing popularity of their already-established work did not benefit them in any way. Digital assets known as NFTs, or non-fungible tokens, can be purchased or sold using cryptocurrencies.
To support open, private transactions, they deploy smart contracts. They also give artists the chance to generate passive income through a quick minting procedure. Once an NFT has been created, the artist will always get a share of the money spent whenever one is sold.
How Do NFT Royalties Operate
An NFT royalty, which results from secondary sales when an NFT holder sells the artist's creation to another customer, is a sort of guaranteed payment to the original artist. The artist must mint the work to get NFT royalties. The artist determines upfront what portion of each sale will be used to pay royalties. Although there is no predetermined minimum, the typical royalty is close to 6%. The royalties are automatically gathered and given to the artist after an NFT is minted. The blockchain is used to keep track of NFT royalties. In the NFT's smart contract, minting entails adding details about the royalties.
You may also like to explore | Phygital NFT | Combining the Physical and Digital World
How to Integrate Royalties into NFTs
The creators of digital assets have access to and control over the smart contracts that are the foundation of NFTs. By doing this, the author instructs the NFT to generate royalties just for them with every sale. The coding creates an automated system for collecting and paying royalties from sales to the creator. Neither the parties to the sale nor the originator of the content needs to take any further action.
NFT Royalties | Benefits
It does require a small amount of additional work upfront to set up your NFT royalties. The benefits of NFT royalties, though, might make this endeavor worthwhile. What are the main benefits of receiving royalties from your created digital assets?
Earn Passive Income
Since royalties are paid perpetually, you will always be compensated for the sale of one of your digital assets to a new NFT holder. Through their arduous effort, artists can steadily grow their earnings year after year thanks to royalties, which enable the creation of passive income.
Gain Profits as the Work's Value Rises
The value of digitally created materials can rise over time, just like it does with conventional art. The earliest sale between the author and the initial purchaser might have had the lowest sales price. Future NFT holders gain money from the sale of an asset as its value rises. NFT royalties allow authors the chance to receive higher royalties as the worth of their work rises.
Fair Reimbursement
NFT royalties aid in ensuring that authors are adequately compensated for their creations as their worth rises. Because of this, they can increase their income as the value of their job rises.
Automatic Transfers
Because royalties are immediately subtracted from an NFT's sale price, it is simpler for creators to get paid for their contributions. The form of agreement is carried out on a smart contract without the use of a middleman; once the NFT is sold, it immediately triggers.
Also, Explore | NFT Lending and Borrowing | When NFT Meets DeFi
Functioning of NFT Royalties | Comprehensive Workflow
Making of NFTs
The creation of an NFT is the first stage in adopting NFT royalties. On a blockchain, such as Ethereum or Binance Smart Chain, NFTs are produced by minting them. When an NFT is created, it is given a special identification number and placed on the blockchain.
The Development of Smart Contracts
A smart contract can be developed and attached to an NFT once it has been formed. Self-executing contracts known as "smart contracts" are kept on the blockchain. When specific criteria are met, such as the selling of the NFT on a secondary market, they can automatically execute. The smart contract may specify how ownership will be transferred as well as the percentage of royalties that the developer will get from subsequent sales.
The Royalty Percentage Setting
The royalty percentage represents the portion of the selling price that the creator will be paid on subsequent NFT sales. This proportion, which can be anything between 5% and 15%, is normally specified at the time the NFT is formed. The smart contract specifies the royalty %, making it transparent and unchangeable.
NFT Sales on Secondary Markets
The linked smart contract is automatically carried out when an NFT is sold on a secondary market. Based on the sale price and the creator-specified royalty %, the smart contract determines the amount of the royalty. The creator's wallet is then automatically credited with the royalty sum.
Automated Payments for Royalties
Because NFT royalties are computerized, creators always get their due compensation when their NFT is bought and sold on a secondary market. The royalty portion is paid out automatically, without the need for manual intervention, thanks to the smart contract.
Also, Read | Modernizing the Art Industry with Blockchain Solutions
Conclusion
In the blockchain age, NFT royalties have emerged as a new method for artists and producers to commercialize their digital works and safeguard their intellectual property rights.
NFT royalties have the potential to revolutionize the way we think about the value and ownership of digital assets by enabling fair remuneration, long-term revenue streams, fractional ownership, and revenue sharing.
If you have a project in mind or have any queries related to the subject, connect with our skilled NFT developers for more information.
Category:
Blockchain
Mudit Kumar
08 May 2023
zkEVM | Boosting Ethereum's Scalability
As the demand for decentralized applications (dApps) and digital assets grows, the Ethereum network finds itself at a critical inflection point. Originally designed as a secure, distributed “world computer,” Ethereum's base layer now hosts a thriving ecosystem of decentralized finance (DeFi), non-fungible tokens (NFTs), games, and much more. But success in blockchain app development comes at a cost: high transaction fees, network congestion, and scalability challenges. Many solutions have been proposed and are currently being developed—from sharding to alternative Layer-1 blockchains—but one of the most promising innovations is the zkEVM. By combining the power of zero-knowledge (ZK) proofs with the compatibility of the Ethereum Virtual Machine (EVM), zkEVM-based solutions hold the potential to dramatically improve Ethereum's scalability without sacrificing its security or developer experience.Understanding Ethereum's Scalability ChallengeThe root of Ethereum's scalability issues lies in its architectural brilliance. Ethereum's base layer ensures decentralization and security by requiring every network node to validate and store all transactions. This strategy provides a tamper-resistant ledger and a vibrant, censorship-resistant environment. However, it also means that throughput is limited. The network can typically handle only around 15-30 transactions per second (TPS), far less than what's needed for widespread, global adoption. As more users and dApps flock to Ethereum, gas fees—the cost of executing transactions on the network—can skyrocket during periods of high demand, pricing out smaller users and dampening the ecosystem's inclusivity.Also, Read | Build a Secure Smart Contract Using zk-SNARKs in SolidityThe Layer-2 Solution SpectrumTo alleviate these bottlenecks, developers have turned to Layer-2 (L2) scaling solutions that operate on top of Ethereum's base layer. The goal is to move complex computations and state transitions off-chain while leveraging the security and finality of Ethereum's mainnet. Over the years, multiple L2 technologies have emerged:State Channels: These allow participants to transact off-chain and settle the final state to the main chain once they are done.Plasma: Uses child chains to handle most transactions, only interacting with the main Ethereum chain periodically.Optimistic Rollups: Aggregates multiple transactions into a single batch submitted to Ethereum. Security relies on fraud proofs—if a bad state transition is posted, anyone can challenge it by providing evidence.ZK-Rollups: Similar to Optimistic Rollups in that they bundle transactions off-chain and submit compressed proofs on-chain. However, their security model relies on zero-knowledge proofs, which provide cryptographic certainty that the off-chain computations are correct without the need for challenges.Each approach has its advantages and trade-offs. But ZK-Rollups have emerged as a particularly attractive option due to their trustless verification model and instant finality.You may also like | How to Deploy a Smart Contract to Polygon zkEVM TestnetZero-Knowledge Proofs: A PrimerBefore diving into zkEVM, it's important to understand the concept of zero-knowledge proofs (ZKPs). In cryptography, a zero-knowledge proof allows one party (the prover) to demonstrate to another (the verifier) that a statement is true, without revealing why it is true or how to arrive at the conclusion.For example, imagine proving you know the solution to a puzzle without showing the actual solution itself. The verifier is convinced that you know the answer, but gains no additional insight. Applied to blockchains, this means a system can prove the correctness of a set of transactions (or computations) without sharing every detail. This reduces the amount of data on-chain and, consequently, saves on bandwidth and gas.ZK-Rollups: Scaling Through Cryptographic AssuranceZK-Rollups batch hundreds or thousands of transactions off-chain and use ZKPs to generate a succinct, cryptographic proof that these transactions are valid. This proof is then posted on-chain. Once verified by Ethereum's mainnet, the state updates are considered final and irrevocable. No dispute resolution or challenge period is needed—if the proof checks out, everyone knows the computations are correct.This approach can increase Ethereum's throughput to thousands of TPS while preserving security. However, early ZK-Rollups had a significant drawback: They did not directly support arbitrary smart contracts written for the EVM. Instead, developers had to use specialized languages or be restricted in the types of computations they could perform.Also, Check | How ZK-Rollups are Streamlining Crypto Banking in 2024Enter the zkEVM: The Missing PieceThe zkEVM is the natural evolution of ZK-Rollups—an environment that emulates the Ethereum Virtual Machine itself and verifies its computations using zero-knowledge proofs. In essence, the zkEVM provides a “ZK-friendly” version of the EVM, allowing existing Ethereum smart contracts to run directly on a ZK-Rollup without modification or special tooling.What does this mean in practice?EVM Equivalence or Compatibility:A zkEVM aims to replicate the Ethereum Virtual Machine's behavior so closely that the same code which runs on Ethereum's Layer-1 can also run on Layer-2 with zero or minimal changes. By achieving EVM equivalence or a near-equivalent environment, developers can leverage the vast tooling, libraries, frameworks, and knowledge base that the Ethereum ecosystem has built up over the years.Developer Experience:With a zkEVM, developers can deploy their Solidity smart contracts and use the same wallets, debugging tools, testing frameworks, and client libraries they're already accustomed to. There is no need to learn a new language or adapt to drastically different virtual machine semantics. This lowers the barrier to entry and accelerates the adoption of ZK-Rollup technology.Enhanced Security and Scalability:By utilizing ZKPs, the zkEVM provides a trustless guarantee that all off-chain computations—such as transaction execution and state transitions—are correct. Since fraud proofs are not needed, finality can be near-instant, and security does not rely on economic incentives or extended challenge periods. Meanwhile, the on-chain data footprint is minimized, reducing transaction costs and improving throughput.Also, Discover | Diverse Use Cases and Applications ZK ProofsKey Components of a zkEVMState Representation:The zkEVM must replicate the EVM's state model—accounts, balances, storage, and more. It should produce the same state root after executing a given sequence of transactions as the Ethereum mainnet would.Instruction Set Emulation:The EVM executes opcodes defined by Ethereum's specification. The zkEVM must support the same opcodes or translate them into circuits that generate zero-knowledge proofs. This involves complex circuit design that can handle the intricacies of EVM computations, such as arithmetic, storage access, and external calls.ZK-Friendly Hash Functions:Ethereum relies heavily on Keccak-256 for hashing. However, zero-knowledge circuits often prefer hash functions that are more efficient to verify in a ZKP setting. Some zkEVM designs incorporate hash functions (like Poseidon or Rescue) that are more “ZK-friendly” while still producing Ethereum-compatible state roots. Striking this balance is a major engineering challenge.Proof Generation and Aggregation:The zkEVM must generate proofs that attest to the correctness of each batch of transactions. Generating these proofs efficiently is a technical hurdle—naively, proof generation can be computationally expensive. To address this, zkEVM implementations often rely on hardware acceleration, parallelization, and proof aggregation techniques to ensure proof generation times are manageable for real-world usage.Also, Read | Exploring zkSync for Optimizing Blockchain ScalabilityProjects Leading the WaySeveral teams are working tirelessly to bring zkEVMs to fruition:Polygon zkEVM: Polygon's solution aims to deliver an EVM-equivalent environment secured by zero-knowledge proofs. It targets seamless developer onboarding and aims to leverage Ethereum's robust ecosystem to drive adoption.Scroll: Scroll is working towards a fully EVM-compatible zk-Rollup built on top of Ethereum. By focusing on EVM equivalence, Scroll aspires to make migration from L1 to L2 as frictionless as possible.zkSync Era: While zkSync initially started with a more restricted smart contract environment, zkSync Era (formerly zkSync 2.0) introduced an EVM-compatible environment that tries to leverage Solidity and Vyper smart contracts directly.Taiko: Another project that aims to build a Type 1 zkEVM—meaning it's aiming for full equivalence with Ethereum's EVM without any compromises—ensuring that any change to Ethereum's core EVM would naturally apply to Taiko.These projects are at varying stages of development, some already running on testnets and early mainnets. Over time, we will see these technologies mature, becoming faster, cheaper, and more developer-friendly.The Future of Ethereum ScalingThe zkEVM represents a crucial step in Ethereum's scalability roadmap. By delivering a high-throughput, low-cost environment that is fully compatible with existing dApps, the zkEVM can supercharge Ethereum's growth. It offers:Massive Throughput Gains: Thousands of TPS, allowing Ethereum to handle global-scale applications.Lower Transaction Costs: Dramatically reduced gas fees, making Ethereum more accessible to a broader audience.Instant Finality & Security: No need for challenge periods; correctness is guaranteed cryptographically.Developer Ecosystem Continuity: EVM compatibility ensures that the existing ecosystem of developers, tooling, and frameworks remains directly applicable, accelerating innovation and adoption.As Ethereum continues to evolve—from the Merge to Proto-Danksharding and beyond—the importance of Layer-2 solutions will only increase. The synergy between Ethereum's secure base layer and advanced L2 technologies like the zkEVM could make Ethereum the most capable and inclusive platform for decentralized applications. In the future, users may interact with Ethereum-based services seamlessly, enjoying near-instant confirmation times and negligible fees, all while benefiting from the robust security and decentralization Ethereum is known for.You may also like | Polygon zkEVM | For Efficient Scalability of Your dAppConclusionEthereum's path to global adoption hinges on its ability to scale without compromising security or decentralization. The zkEVM stands at the forefront of this endeavor, delivering a breakthrough that marries the promise of zero-knowledge proofs with the familiarity of the EVM. By doing so, it preserves the integrity of the developer experience and the rich ecosystem that Ethereum has cultivated, while simultaneously unlocking orders-of-magnitude improvements in speed and cost-efficiency.As these zkEVM-based rollups progress from prototypes to production environments, they will dramatically reshape what is possible on Ethereum. Rather than being hindered by high fees and network congestion, future dApps can leverage zkEVMs to provide the kind of user experience necessary for mainstream adoption. Ultimately, the zkEVM may well be the key to Ethereum's evolution into a truly global, ubiquitous platform for decentralized innovation. If you are looking to build a project leveraging zkEVM technology, connect with our blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
05 May 2023
Blockchain and AI | A Guide for Decision-Makers
Businesses from various sectors are realizing the potential of combining AI (artificial intelligence) and blockchain. They are seeking AI and blockchain development services that can leverage AI to build transformative business solutions.
From the food supply chain and logistics and medical data sharing to financial services and media royalties, the convergence of blockchain and AI is playing a crucial role in improving processes.
By employing the same techniques used to safeguard the logistics of food and healthcare, blockchain can also be utilized to construct trackable, traceable AI. The combination of these two emerging technologies can significantly improve the security of business as well by acting as a twofold barrier against cybersecurity attacks.
A large dataset can be efficiently mined by AI to generate novel scenarios and identify patterns in data behavior. Effective removal of errors and false data sets is made possible by blockchain.
To authenticate new classifiers and patterns created by AI, a decentralized blockchain infrastructure can be integrated. Blockchain infrastructure can be utilized to collect client data, which can then be leveraged to power marketing automation with artificial intelligence.
Explore more | Blockchain and Artificial Intelligence: Business Applications and Challenges
Converging AI and Blockchain
Authenticity
Blockchain's digital ledger, which offers details on the theoretical foundations of AI and the provenance of the data it uses, addresses the problem of explainable AI. This raises trust in the data's accuracy and, as a result, in the recommendations that AI generates. When AI models are distributed and stored using blockchain, an audit trail is produced, thus merging blockchain and AI can increase data security.
Augmentation
A new level of intelligence can be added to blockchain-based business networks because of AI's incredible speed and capacity for in-depth reading, comprehension, and correlation of data.
Blockchain enables AI to expand by managing data usage and model sharing, enabling access to vast volumes of data from both inside and outside the organization, and producing a reliable and open data market.
Automation
By lowering barriers to entry, accelerating processes, and increasing efficiency, blockchain, AI, and automation may provide new value to company activities involving several partners. As an illustration, AI algorithms incorporated into smart contracts that function on a blockchain may recommend recalled products that are through their sell-by dates, execute transactions like buying stocks or orders based on established parameters and instances, resolve disputes, and select the most sustainable shipment route.
You may also like to read | Artificial Intelligence and Blockchain | A Potent Combo
Projects in Blockchain Space Using AI
Indicator (GRT)
The Graph is a platform that indexes data from a variety of blockchains and is at the moment the biggest AI-powered cryptocurrency project by market cap. The platform better utilizes AI to retrieve and index this data, facilitating the ensuing wave of decentralized applications (DApps).
Semiotic AI recently received a $60 million grant from The Graph, and as a result, it is now researching and developing ways to employ AI to improve The Graph's functionality.
AGIX SingularityNET
One of the first initiatives to combine blockchain and AI technology is SingularityNet, which offers a decentralized platform for AI services. It enables end users to access and use AI services in a decentralized and secure environment while allowing AI developers and enterprises to monetize their algorithms and models.
(OCEAN) Ocean Protocol
A decentralized platform called Ocean Protocol makes it possible for machine learning and artificial intelligence (AI) applications to communicate data securely and transparently. It makes use of blockchain technology and smart contracts to give data providers a secure setting in which to monetize their data while still having control over how it is used.
AI and Blockchain Applications
Payment Applications
In essence, combining blockchain with AI can improve productivity and response times. As an illustration, a payment must be made. Blockchain will consequently increase speed by streamlining and making transparent the payment method. AI will decide which payment gateway to utilize and how the customer intends to finish the transaction. Both technologies will enhance the checkout process by speeding up the payment page in this way.
Markets for AI
On the blockchain, startups like Singulaity.net and Thought AI are selling AI models. As a result, businesses and academic institutions can buy AI profiles and use them in their process applications.
These markets enable businesses to transparently deploy AI algorithms to boost productivity and produce insightful data. The AIs are easily accessible on the blockchain, making integration simple while preserving the original developers' IP rights.
Also, Visit | Using Artificial Intelligence to Build Cryptocurrency Exchange App
Healthcare
The use of AI and blockchain in healthcare has upended the sector. Healthcare may benefit from AI in several areas, including therapeutic insights, user requirements support, pattern analysis, and discovering insights derived from patient data. Blockchains, on the other hand, may safely store patient data. It can enable medical professionals to access patient data records safely while maintaining patient privacy.
Insurance
Blockchain and AI technologies could help insurance companies process claims more swiftly and efficiently. By implementing this approach, they would not only save money but also save time when processing paperwork and paying staff.
Manufacturing
Robots are used more frequently in production to complete tasks that call for higher levels of accuracy and efficiency. Even more, automation can be attained by utilizing blockchain and AI. Blockchain technology can enable dependable and abundant sources of relevant data. AI systems can excel at doing mundane, repetitive activities as accurately and effectively as possible.
Also, Explore | Blockchain And Artificial Intelligence: To Foster Decentralized AI Landscape
Conclusion
We haven't even scratched the surface of blockchain and AI's potential. Each year, both technologies advance quickly. Subject matter experts keep coming up with new ways to make use of their respective advantages.
It may always seem premature to make predictions about blockchain and AI. However, one thing is certain. These two technologies will continue to complement one another over time. They will remain in place.
For more information about how to make use of these two emerging technologies together, connect with our blockchain developers.
Category:
Blockchain
Mudit Kumar
03 May 2023
Polygon Blockchain Explained | A Detailed Look
The Polygon blockchain has emerged as one of the most sought-after blockchain app development services for addressing the scalability challenges of Ethereum. Its ecosystem offers innovative tools and features that enhance blockchain adoption for businesses and developers. This article provides a comprehensive, technical, and engaging look at Polygon's architecture, features, and applications in the B2B landscape.What is Polygon Blockchain?Polygon, formerly known as Matic Network, is a Layer 2 scaling solution for Ethereum. It transforms Ethereum into a full-fledged multi-chain system, often referred to as "Ethereum's Internet of Blockchains." By providing off-chain scalability, Polygon reduces transaction costs and improves processing speed while leveraging Ethereum's robust security and ecosystem.Also, Read | How to Deploy a Smart Contract to Polygon zkEVM TestnetKey Features of Polygon BlockchainScalabilityPolygon achieves scalability through its Layer 2 solutions, including Plasma chains and sidechains. These technologies offload transactions from the Ethereum mainnet, increasing throughput and reducing congestion.InteroperabilityPolygon enables seamless interaction between Ethereum-compatible blockchains, fostering a connected ecosystem for decentralized applications (dApps).Low Transaction CostsThe network's high throughput significantly reduces transaction costs, making it an attractive choice for developers and businesses.Developer-FriendlyPolygon offers tools like Polygon SDK, a modular and flexible framework for building dApps and blockchains. Its compatibility with Ethereum's EVM (Ethereum Virtual Machine) ensures a smooth transition for developers.High SecurityPolygon inherits Ethereum's security while implementing its own mechanisms for additional protection.Robust EcosystemWith hundreds of dApps, including DeFi platforms, NFT marketplaces, and gaming applications, Polygon has established itself as a prominent player in the blockchain space.Also, Explore | How Polygon AggLayer Emerges to be the Hub for Ethereum L2sTechnical ArchitecturePolygon's architecture consists of three primary layers:Ethereum LayerThis layer leverages Ethereum's base layer for security and finality. Polygon relies on Ethereum for asset staking, checkpoints, and decentralized settlement.Security LayerThis optional layer provides additional security features through external validators, enhancing trust.Polygon Networks LayerThe heart of the Polygon ecosystem, this layer consists of independent blockchain networks that provide scalability and interoperability. It supports two major types of chains:Standalone Chains: Independent chains with their own security model.Secured Chains: Chains that use a "security-as-a-service" model, relying on Ethereum or other validators.Execution LayerThis layer handles the execution of smart contracts and transactions, ensuring smooth interaction between users and dApps.How Polygon Benefits BusinessesCost-Effective OperationsBusinesses can save on transaction fees and infrastructure costs by using Polygon, making it ideal for industries like supply chain, gaming, and DeFi.Faster TransactionsWith high-speed transactions, Polygon allows companies to create seamless user experiences, even for high-demand applications.Custom Blockchain DevelopmentPolygon SDK enables businesses to design tailor-made blockchains that cater to specific use cases, ensuring flexibility and scalability.Enhanced NFT EcosystemPolygon's low fees and environmental sustainability make it a preferred choice for NFT projects, attracting enterprises looking to tap into digital collectibles.Also, Discover | Exploring Diverse Use Cases of Polygon BlockchainUse Cases of Polygon in the B2B SpaceDecentralized Finance (DeFi)Polygon hosts a variety of DeFi applications, including Aave and Curve, offering businesses an avenue to explore lending, staking, and yield farming with reduced fees.Supply Chain ManagementPolygon enables real-time tracking and verification of supply chain activities, enhancing transparency and reducing fraud.Gaming and MetaverseBusinesses can leverage Polygon for creating scalable gaming platforms and virtual worlds, ensuring cost-efficiency and high performance.NFT MarketplacesPolygon powers several NFT platforms like OpenSea and Zed Run, allowing enterprises to create and trade digital assets effortlessly.Enterprise SolutionsPolygon's modular architecture supports the development of private and consortium blockchains for specific business needs, such as data sharing and authentication.Comparison: Polygon vs. EthereumFeatureEthereumPolygonTransaction Speed~15 TPSUp to 65,000 TPSTransaction CostHighMinimalScalabilityLimitedHighly ScalableEcosystemEstablishedExpanding RapidlySecurityNativeInherits Ethereum + Custom SecurityAlso, Check | Polygon zkEVM | For Efficient Scalability of Your dAppFAQs1. What makes Polygon different from Ethereum?Polygon is a Layer 2 scaling solution for Ethereum, offering faster and cheaper transactions while retaining compatibility with the Ethereum ecosystem.2. How does Polygon ensure security?Polygon uses Ethereum's base layer for security and adds its own optional security layer with external validators.3. Can I migrate my Ethereum dApp to Polygon?Yes, Polygon is EVM-compatible, enabling seamless migration of Ethereum-based dApps.4. What industries benefit the most from Polygon?Industries like finance, gaming, supply chain, and digital art (NFTs) benefit significantly due to Polygon's scalability and low costs.5. Is Polygon sustainable?Polygon's low energy consumption and efficient architecture make it more sustainable compared to traditional blockchain solutions.ConclusionPolygon blockchain is revolutionizing the way businesses approach blockchain technology by addressing the critical challenges of scalability, interoperability, and cost. Its developer-friendly tools and robust architecture make it a cornerstone of blockchain innovation. For B2B enterprises, Polygon offers unmatched opportunities to create scalable and efficient decentralized solutions, paving the way for widespread blockchain adoption. If you are looking to build your project leverging the Polygon Blockchain, connect with our skilled blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
30 Apr 2023
Soulbound Tokens | The Missing Component in the Web3 Space
Putting users in control of their data, identities, and finances is the grand online dream of web3. Soulbound tokens (SBT) are the most recent innovation enabled by blockchain development services, Previously, the blockchain space has been represented by cryptocurrencies and NFTs.
Soulbound tokens can transcend NFTs and create new opportunities for both developers and users.
Before the SBTs formally become accessible for development, Oodles is keeping a close eye on the market as a blockchain development company
What are Soulbound Tokens (SBTs)?
SBTs, also known as soulbound tokens, are digital identity tokens that represent an entity's or a person's features, accomplishments, and qualities. By utilizing blockchain technology, it advances NFTs applications.
We can sell or transfer NFTs but we cannot fake or copy them since they are connected to a blockchain by a special identification code. An NFT developed to serve as a soulbound token, however, cannot ever be removed from your soul (identity). The Soul in this case is a wallet. The goal of SBTs is to transform the idea of NFTs into something that goes beyond funds and bragging rights to a unique and non-transferable token.
Thus, we can refer to soulbound tokens as non-transferable NFTs too as they only describe our identities. They are linked to a blockchain network that stores the distinctive identifying information of an individual or an entity, including personal information and histories like age, qualifications, education, health records, and professional successes.
You may also like | Phygital NFT | Combining the Physical and Digital World
How Soulbound Tokens Work
The next question after "What is a Soulbound NFT?" would be "How does it work? ". Though soulbound is comparable to other NFT programs in terms of non-transferability, SBTs can be created and stored via souls or blockchain wallets and accounts. Souls can also provide themselves with self-certified tokens.
The primary highlight of how soulbound NFTs function is an SBT soul/creator issuing and sending a token to the address of another Soul/entity. Open verification of the SBT, issuers, and Soul address is a feature of such transactions. As a result, it is simpler to check or monitor the reliability of the trust circles connected to a particular Soul.
Related | NFT Lending and Borrowing | When NFT Meets DeFi
What Advantages Do Soulbound Tokens Have?
Soulbound tokens have several important advantages, including the fact that they cannot be sold or transferred, guarantee the legitimacy of papers, and considerably minimize dependency on centralized institutions. Here are some more specifics on the capabilities of SBTs.
Less Reliance on Centralized Services
The majority of services are currently centralized, allowing businesses to access and gather our data for marketing and other uses. Data sovereignty is possible with soulbound tokens. Users will be in charge of controlling who has access to their personal information and for what purposes.
Non-transferable and not for Trading
SBTs don't provide that, in contrast to NFTs, which are simple to acquire, gather, or hoard. Why is this advantageous? Since obtaining soulbound tokens will entail work, they will be used for purposes other than simple profit-making, such as reputation-building, loan eligibility, and access to particular projects.
Ensuring the Legitimacy of the Document
Soulbound tokens will often include digital verification and documentation, which will be advantageous to both individuals and institutions. Your documents will be simple to store and carry with you wherever you go, and agencies will be able to quickly confirm their validity.
Boost Confidence among Decentralized Society Participants
DeSoc members will be able to check each other's reputations thanks to SBTs. It will ultimately increase their level of trust in one another over informal online contacts and digital project collaboration.
You may also like to explore | Types of NFTs (Non-Fungible Tokens) You Didn't Know
Soulbound Tokens | Use Cases
Identification
Soulbound tokens could represent digital identification documents like passports or licenses. SBTs could potentially be used to issue membership cards. Thus, the technology has the potential to dramatically speed up identification verification procedures.
Certification
Based on merit or success, employers, schools, universities, and other educational or sporting institutions may provide SBTs to individuals. Thus, SBTs may make it simpler for people to display their accomplishments while making achievement fraud more challenging.
Health Records
Medical records could be kept in soulbound tokens. Medical service providers might be able to provide their patients with considerably better customer service by decentralizing this information onto the blockchain and connecting it to other identity-verifying information.
Building a Reputation
The digital reputation of an individual could be built via soulbound tokens. One frequently stated instance is the possibility that SBTs may create web3's interpretation of a person's credit history. Such data could be used by decentralized lending protocols to more effectively establish interest rates, minimizing their own credit risk and possibly the borrower's interest burden.
A strong web3 credit history, as shown by a person's SBT borrowing history, may also enable borrowers to use a lower collateral/loan value ratio.
As an alternative, individuals within a community could amass SBTs through their contributions to that community.
Also, Visit | NFT Loyalty Program: The Ultimate Guide for Enterprises
DAO Voting Based on Reputation
Autonomously decentralized organizations (DAOs) are susceptible to Sybil assaults. When a person or group works together to acquire a significant portion of the DAO's governance tokens, they can negatively manipulate governance proposal voting.
By somehow connecting governance votes to SBTs, DAOs could reduce the likelihood of this form of a hostile takeover.
Evidence of Attendance
SBTs may be awarded to people based on their achievements (for instance, by universities). They may also be given to people for attending specific events, whether they be actual or virtual. People may compile a library of SBTs, documenting and attesting to significant life events.
What's Next for Soulbound Tokens
In a decentralized society described as a "transformative, pluralist future" where social connections and interactions are essential building blocks for your Web3 identity. Souls and SBTs will serve as the cornerstone for it.
By establishing provenance and reputation, soulbound tokens can assist in resolving the problem of trust in Web3. There is less probability that people will try to control the ecosystem by buying status or manufacturing successes because they cannot be transferred. It will result in a more complex process of identity theft and impersonation. It will ultimately lead to reducing the severity of Web3 scams.
Have a project in mind related to soulbound token development? Connect with our blockchain developers for more information.
Category:
Blockchain
Mudit Kumar
27 Apr 2023
Avalanche Blockchain | The Go-To Web3 Development Platform
In the fast-evolving landscape of blockchain technology, developers and enterprises alike are constantly seeking platforms that combine high performance, robust security, and scalability to drive next-generation decentralized blockchain app development. Avalanche has emerged as a standout choice in the Web3 ecosystem, offering unparalleled transaction speed, low fees, and a flexible infrastructure tailored for innovation. This comprehensive blog explores Avalanche's architecture, technical strengths, business applications, and why it is rapidly becoming the go-to development platform for Web3 projects.Introduction to Avalanche BlockchainAvalanche is a high-performance, scalable, and customizable blockchain platform designed to support decentralized finance (DeFi), enterprise applications, and next-generation Web3 solutions. Launched by Ava Labs, Avalanche differentiates itself through its innovative consensus mechanism, modular architecture, and commitment to creating an interoperable ecosystem. With its focus on speed, cost-efficiency, and security, Avalanche is quickly gaining traction among developers, investors, and institutions looking to leverage blockchain technology for real-world applications.Why Avalanche Stands OutHigh Throughput and Low LatencyAvalanche is engineered to process thousands of transactions per second (TPS) with near-instant finality. By using its novel Avalanche consensus protocol, the platform achieves high throughput without compromising security or decentralization. This makes it an ideal choice for applications that require rapid, real-time data processing and low-latency user experiences.Energy EfficiencyCompared to traditional Proof of Work (PoW) systems, Avalanche's consensus mechanism is far more energy-efficient. This energy-efficient design not only reduces operational costs but also aligns with global sustainability initiatives, making Avalanche a greener choice for blockchain development.Scalability and CustomizabilityAvalanche offers a unique modular framework that allows developers to create custom blockchain networks (subnets) tailored to specific use cases. This level of customizability means that enterprises can design their own blockchain ecosystems while still benefiting from Avalanche's underlying security and performance.InteroperabilityIn today's diverse blockchain environment, interoperability is crucial. Avalanche facilitates seamless communication between different blockchain networks, allowing for the integration of various digital assets and data streams. This interoperability enables cross-chain functionality, fostering innovation and expanding the reach of decentralized applications.Also, Read | Avalanche Blockchain Development | Built for dApps and DeFiTechnical Architecture of AvalancheThe Avalanche Consensus ProtocolAt the heart of Avalanche lies its innovative consensus protocol, which diverges significantly from traditional mechanisms like PoW and even Proof of Stake (PoS). Instead of relying on a linear chain of blocks, Avalanche uses a directed acyclic graph (DAG) structure combined with repeated random subsampling. This method enables the network to quickly and securely reach consensus while remaining robust against attacks such as double-spending and Sybil attacks.Key Features of the Avalanche Consensus Protocol:Scalability: The protocol can support a large number of validators, enabling the network to scale horizontally without sacrificing performance.Rapid Finality: Transactions are confirmed in seconds, providing a near real-time experience.Robust Security: The probabilistic nature of the consensus ensures high security, as an adversary would need to control a significant portion of the network to disrupt operations.Energy Efficiency: Minimal computational power is required, making the system more sustainable compared to PoW-based networks.Avalanche's Network StructureAvalanche's architecture is composed of three built-in blockchains, each serving distinct purposes within the ecosystem:X-Chain (Exchange Chain):The X-Chain is used for creating and exchanging digital assets. It employs the Avalanche consensus protocol to manage asset transactions quickly and efficiently.C-Chain (Contract Chain):The C-Chain is Ethereum Virtual Machine (EVM) compatible, allowing developers to deploy smart contracts and dApps using familiar tools and programming languages such as Solidity. This compatibility ensures that developers transitioning from Ethereum can do so with minimal friction.P-Chain (Platform Chain):The P-Chain is responsible for coordinating validators, managing subnets, and handling metadata. It plays a critical role in maintaining the overall health and organization of the Avalanche network.Subnets: Customizable Blockchain NetworksOne of Avalanche's most innovative features is the concept of subnets. Subnets are independent networks within the Avalanche ecosystem, each capable of having its own unique rules and governance structures. This modular approach allows businesses and developers to create tailored blockchain solutions for specific needs, such as compliance with regional regulations, customized asset management, or enterprise-level security protocols.The Developer Experience on AvalancheSeamless EVM CompatibilityThe C-Chain's full compatibility with the Ethereum Virtual Machine (EVM) makes it easy for developers to port existing Ethereum dApps onto Avalanche. This feature significantly lowers the barrier to entry by allowing developers to utilize familiar programming languages, tools, and development frameworks.Comprehensive Developer ToolsAvalanche provides an extensive suite of developer tools and resources, including:Avalanche Wallet: A secure and user-friendly wallet for managing digital assets and interacting with dApps.AvalancheJS: A robust JavaScript library that facilitates seamless interaction with the Avalanche network.Documentation and SDKs: Detailed documentation, software development kits (SDKs), and tutorials empower developers to build, test, and deploy applications with ease.Smart Contract Development and DeFiThe platform's support for Solidity and other smart contract languages enables the rapid development of decentralized finance (DeFi) applications. From automated market makers (AMMs) and lending platforms to yield farming protocols and synthetic assets, Avalanche offers a fertile ground for innovative financial solutions.Interoperability with Other BlockchainsAvalanche's ability to interact with other blockchain networks through bridges and interoperable protocols ensures that developers can create applications that leverage the strengths of multiple ecosystems. This interoperability broadens the scope of potential applications and fosters a more connected Web3 landscape.Also, Check | A Guide To Creating a Subnet on AvalancheBusiness Applications of AvalancheEnterprise-Grade SolutionsAvalanche's scalable and customizable architecture makes it an attractive platform for enterprise applications. Companies can build private or consortium blockchains on Avalanche that meet stringent performance and compliance requirements. Industries such as finance, supply chain management, healthcare, and real estate can leverage Avalanche for secure, efficient, and transparent operations.Decentralized Finance (DeFi)Avalanche's high throughput and low transaction fees are particularly beneficial for the DeFi sector. The platform supports a wide range of financial applications, including:Decentralized Exchanges (DEXs): High-speed, low-cost trading platforms that offer a superior user experience.Lending and Borrowing Protocols: Secure and efficient systems for collateralized loans and decentralized lending.Stablecoins and Payment Solutions: Digital currencies and payment systems that benefit from Avalanche's rapid transaction finality.Digital Identity and Data ManagementWith its robust security features and customizable subnets, Avalanche is well-suited for digital identity management and secure data sharing. Enterprises can build blockchain-based identity solutions that ensure data privacy, prevent fraud, and streamline verification processes.NFT Marketplaces and GamingThe low fees and high speed of Avalanche make it an excellent platform for non-fungible token (NFT) marketplaces and blockchain-based gaming. Developers can create NFT ecosystems where creators, gamers, and collectors interact seamlessly, without the high transaction costs associated with some other networks.Also, Discover | NFT Marketplace Development on AvalancheStrategic Advantages for B2B PartnershipsCost Efficiency and PerformanceFor businesses, the cost of transaction fees and the speed of processing are critical factors. Avalanche's ability to handle high volumes of transactions at a fraction of the cost of some legacy systems translates into significant operational savings and a competitive edge in rapidly changing markets.Customization for Regulatory ComplianceEnterprises operating in highly regulated environments require blockchains that can be customized to meet legal and compliance standards. Avalanche's subnets offer the flexibility to implement tailored governance and regulatory measures, ensuring that businesses remain compliant without compromising on performance.Ecosystem Growth and Developer CommunityAvalanche has fostered a vibrant ecosystem of developers, investors, and enterprises. The active community support and continuous innovation provide businesses with confidence in the platform's long-term viability. Partnering with Avalanche opens doors to collaborative opportunities, joint ventures, and access to cutting-edge technological developments.How to Get Started with AvalancheStep 1: Explore the DocumentationBegin by reviewing Avalanche's comprehensive documentation and developer guides. These resources provide detailed instructions on setting up development environments, deploying smart contracts, and interacting with the network.Step 2: Set Up Your Development EnvironmentLeverage tools like AvalancheJS and the Avalanche Wallet to set up your development environment. With EVM compatibility, you can utilize familiar tools such as Remix, Truffle, or Hardhat for smart contract development.Step 3: Build and Deploy a dAppExperiment by building a simple decentralized application (dApp) on the C-Chain. This hands-on approach will help you understand the nuances of Avalanche's architecture and the benefits of its high throughput and low fees.Step 4: Integrate with Other BlockchainsExplore interoperability by connecting your dApp to other blockchain networks. Utilize Avalanche's bridging protocols to create cross-chain applications that can leverage assets and data from multiple ecosystems.Step 5: Engage with the CommunityJoin Avalanche's developer forums, social media channels, and community events. Engaging with the community not only provides valuable insights and support but also opens up opportunities for collaboration and partnership.You may also like | Optimism Platform: Developing and Implementing Layer 2 Smart ContractsFuture Prospects of AvalancheContinuous InnovationAvalanche is continuously evolving, with frequent updates and new features designed to enhance scalability, security, and interoperability. Future developments are expected to further solidify its position as a leading Web3 development platform.Expansion of Ecosystem PartnershipsAs more businesses recognize the benefits of Avalanche, strategic partnerships and collaborations are likely to increase. These partnerships will drive further innovation and expand the ecosystem, making Avalanche an even more attractive option for enterprise and developer communities.Adoption in Emerging MarketsWith its emphasis on cost efficiency and scalability, Avalanche is well-positioned to drive blockchain adoption in emerging markets. These regions, which often face infrastructural challenges, can benefit immensely from Avalanche's fast, low-cost, and secure platform.Frequently Asked Questions (FAQ)Q1: What makes Avalanche different from other blockchain platforms?A1: Avalanche offers a unique consensus protocol that combines high throughput, rapid transaction finality, and energy efficiency. Its modular architecture—comprising the X-Chain, C-Chain, and P-Chain—allows for custom blockchain subnets and interoperability, making it a versatile platform for a wide range of applications.Q2: How does Avalanche ensure fast transaction processing?A2: Avalanche uses a novel consensus protocol based on repeated random subsampling, which enables the network to quickly reach consensus among a large number of validators. This design ensures transactions are confirmed in seconds, significantly reducing latency compared to traditional blockchains.Q3: Is Avalanche suitable for enterprise-level applications?A3: Absolutely. Avalanche's customizable subnets and robust security measures make it ideal for enterprise applications. Businesses can tailor their blockchain networks to meet specific compliance and performance requirements while benefiting from the overall efficiency of the Avalanche platform.Q4: How does Avalanche support the development of decentralized applications (dApps)?A4: The platform's C-Chain is fully EVM-compatible, allowing developers to use familiar programming languages like Solidity. Comprehensive tools, documentation, and SDKs provided by Avalanche further simplify the development, deployment, and management of dApps.Q5: Can Avalanche interoperate with other blockchain networks?A5: Yes, one of Avalanche's core strengths is its ability to facilitate cross-chain interactions. Through bridging protocols and interoperability features, Avalanche can connect with various blockchain networks, enabling seamless asset transfers and data sharing.Q6: What are the costs associated with deploying a dApp on Avalanche?A6: Avalanche is designed to be cost-efficient. Transaction fees on the Avalanche network are generally low compared to other platforms like Ethereum, which makes it an attractive option for both developers and businesses looking to minimize operational costs.Q7: How do I start building on Avalanche?A7: To get started, review the official Avalanche documentation and tutorials. Set up your development environment using tools like AvalancheJS, and experiment by deploying a simple dApp on the C-Chain. Engaging with the Avalanche community through forums and events can also provide valuable insights and support.ConclusionAvalanche stands out as the go-to Web3 development platform by seamlessly combining high performance, robust security, and unparalleled scalability. Its innovative consensus mechanism, energy efficiency, and modular architecture make it an ideal choice for a wide range of applications—from DeFi and enterprise solutions to NFTs and cross-chain integrations. For businesses and developers seeking a reliable and cost-effective blockchain solution, Avalanche offers a flexible ecosystem that can be tailored to meet diverse needs.As the demand for decentralized applications continues to grow, Avalanche's commitment to continuous innovation and community engagement positions it at the forefront of the blockchain revolution. By embracing Avalanche, organizations can unlock new opportunities, drive digital transformation, and stay ahead in the competitive Web3 landscape.Whether you are an enterprise looking to implement a customized blockchain solution or a developer eager to build the next groundbreaking dApp, Avalanche provides the infrastructure, tools, and community support to bring your vision to life. With its proven track record and forward-thinking approach, Avalanche is not just a blockchain platform—it is the foundation upon which the future of decentralized technology is being built.Note: This article is intended to serve as an in-depth resource on Avalanche as a premier Web3 development platform. For tailored advice and further consultation, please consider reaching out to experienced blockchain developers and industry professionals who specialize in Avalanche development.
Category:
Blockchain
Mudit Kumar
19 Apr 2023
A Definitive Guide to Smart Contract Development Tools
Lately, influential businesses across various industries have indicated significant interest in blockchain technology. Pioneers in the industry hope to employ blockchain technology for their unique business use cases. One of the most crucial technological advancements in the blockchain space is smart contract development. Smart contract development tools are more than just tools for code compilation and deployment.
Indeed, they are essential to keep your project up-to-date and competitive.
In this quick guide, we explore a few of the most crucial smart contract development tools that decision-makers and smart contract developers must know about.
Smart Contract Development Tools
Smart Contract Language
The programming language that smart contract developers use to write the code is known as the smart contract language. It is one of the most important and fundamental steps in the process of developing smart contracts. The languages for smart contracts that you absolutely must know are:
Solidity
The most preferred language to write smart contracts is the high-level object-oriented language Solidity. Programs called "smart contracts" regulate how accounts behave on the Ethereum network. In addition to inheritance, libraries, and advanced user-defined types, Solidity is statically typed.
Vyper
Vyper is an EVM language based on PYTHON. It is a contract-oriented programming language that makes it more developer-friendly by utilizing robust security, simple code readability, and compiler simplicity.
Rust
Although it can be used to deploy alternative chains like Terra and Solana and create blockchains like Polkadot, Rust can also run on Ethereum.
The performance-based language outside of smart contracts is called Rust. Because of its own model and extensive type system, developers may compile code more quickly by removing flaws.
Smart Contract Essentials
Here, we'll discuss the tools you should employ for your smart contract project development. Here, you're not required to select just one. All of these could be put to use if you'd like!
When discussing the best tools for smart contract development, libraries and oracles would also come up.
These tools are necessary to include the unique functionality you require in a smart contract.
For instance, libraries can assist in the addition of new dApps, whilst oracles can assist in the acquisition of data necessary for the execution of smart contracts.
The best blockchain oracle for developing smart contracts is ChainLink, which enables smart contracts to transform into hybrid smart contracts. Oracles are used by around 50% of smart contracts as a key component of their architecture.
On the other side, all developers must have access to smart contract tools, such as libraries like OpenZeppelin. The Solidity programming language's default library, OpenZeppelin, includes packages for a number of capabilities.
Using OpenZeppelin packages, you can install NFTs, DAOs, or upgradeable contracts to provide your smart contracts with new functionalities.
Also, Check | Addressing Student Credit Transfer Challenges with Smart Contract Solutions
Frameworks for Deployment and Testing
Any developer's plan must include the use of smart contract frameworks. You may successfully test and implement your smart contracts thanks to them. A key component of success is having at least one.
The Top Ones
Brownie
Hardhat
DappTools
The Excellent Ones
Truffle
Apeworx
Foundry
Remix
The Alternatives
Web3j
Waffle
SBT-Ethereum
Embark
Saddle
The Non-EVM Ones
TerraSDK
Anchor
Wallet
You require a crypto wallet to store funds, or at the very least testnet funds, if you're implementing smart contracts in any way.
A browser-based Ethereum tool is called MetaMask. It is essentially a wallet that serves as an add-on for browsers. MetaMask is a browser extension that works with Chrome, Firefox, and Opera to make it simple for you to communicate with the Ethereum platform.
Block Explorer
Among the finest tools for creating smart contracts is block explorers. Block explorers are used by developers to keep tabs on transactions and follow their progression.
One of the most well-known instances of a block explorer for smart contracts is Etherscan, a free blockchain explorer. It is without a doubt the biggest block explorer for the Ethereum community and has a tonne of built-in features.
Additional examples of smart contract tools in the category of block explorers include Etherchain and Ethplorer. Competitors of Etherscan are lighter and have created a number of unique, noteworthy features. However, Etherscan also supports activities on the Binance Smart Chain and Polygon networks.
Network at Layer 1
Why do smart contracts need to be created on a layer 1 blockchain? The list of the best tools for creating smart contracts would be incomplete without a discussion of the layer 1 network.
For instance, a layer 1 blockchain is required if you want to transmit a transaction to an ETH node using the Ethereum blockchain. Metamask and other well-known cryptocurrency wallets generally come with background connections to tier-1 nodes.
Alchemy, QuickNode, and Infura are a few well-known instances of tier-1 blockchain networks appropriate for the development of smart contracts.
One of the most popular tools for creating smart contracts in layer 1 networks is Alchemy. It is one of the preferred solutions among developers for ETH and EVM connections because of its appealing and user-friendly UI. Alchemy also offers a variety of responsive layer 1 networks, along with first-rate customer support.
Monitoring and Maintenance Tools
Typically, developers utilize their own scripts for monitoring. On the other hand, well-known tools like OpenZeppelin's Tenderly and Defender can ensure developers' productivity increases. Both tools produce efficient results in addition to guaranteeing the safety of production code.
Front-end Development Tools
To enable a flexible and successful smart contract development project, front-end development tools are essential.
A developer's plan must include standard technologies like CSS, HTML, JavaScript, and frameworks like Angular or React.
Front-end development tools, on the other hand, help you add and improve new features to your smart contract apps.
Some examples of front-end development tools to generate smart contracts are Drizzle, UseDapp, Ethers.js, and Web3.js.
The Truffle Suite's Drizzle component offers a wide range of front-end technologies. The popular JavaScript frameworks Web3.js and Ethers.js, on the other hand, are popular for defining smart contract front-end functionalities.
Security Analysis Tools
The essential tools for developing smart contracts would include security analysis tools. Before uploading their code to the blockchain network, developers must be conscious of the requirement for audits. Security analysis tools help you find your application's vulnerabilities before releasing them into production.
Although developers must exercise caution, new tools for building smart contracts offer features that can make them safer.
MythX, Manticore, and Slither are notable examples of security analysis tools for creating smart contracts. While MythX is a solid option for cloud-based bug testing, Slither is a useful tool for static analysis techniques.
You may also like to explore | A Guide to Ensuring Smart Contract Security
What's Next
So there you have it—the comprehensive list of the top smart contract development tools for 202e. You may also consider employing the services of a blockchain development company to receive better direction during your entire smart contract development experience.
Category:
Blockchain
Mudit Kumar
18 Apr 2023
Phygital NFTs | Combining the Physical and Digital World
There have been a variety of reactions to NFTs since they were first introduced. NFT supporters assert that they add value to previously unprofitable businesses, while detractors contend that it is ineffective and wastes money. NFTs still have a long way to go before they can persuade doubters, even though their arguments have been gradually answered over the years. While some people have come to appreciate NFT development services for what they can contribute to the virtual world, others have written them off because they have no real-world uses. Now, the physical and virtual worlds are being joined together via a new kind of NFT. The term "phygital NFTs" refers to this sort of NFT.
The idea of phygital NFTs is examined in this article along with how they connect physical and digital assets.
What are Phygital NFTs?
Physical and digital components are combined to create an experience with phygital NFTs.
With a twist, these tokens can represent conventional physical commodities like artwork or antiques.
The NFT will be a permanent record of ownership and legitimacy that exists both in the real world and on the blockchain.
Therefore, collectors can enjoy the best of both worlds by owning and storing their tokens both physically and online.
The way we buy and trade actual commodities could potentially be completely changed by this new type of non-fungible tokens. Due to their immutable nature on the blockchain, they are more secure than conventional means of purchasing and selling products because no one can steal or counterfeit them. Additionally, non-fungible tokens might offer stronger authentication, giving collectors confidence in the legitimacy of the tokens they are purchasing.
Actual NFTs provide a stronger sense of ownership and connection to actual items in addition to being more secure. The ability for holders and collectors to preserve their tokens physically as well as digitally might give them a special sense of ownership. By providing access to view digital information about their tokens, such as their provenance and history, these digital tokens can also forge a deeper bond with the tangible things they represent.
You may also like to read | Types of NFTs (Non-Fungible Tokens) You Didn't Know
How to Do Physical NFTs Function?
Phygital NFTs function by fusing the physical and digital worlds, as we previously mentioned. A digital coin called the NFT itself lives on a decentralized ledger like the Ethereum blockchain. The virtual token will have all the data on the asset it stands for on this ledger. This reveals who owns it, how much it is worth, and other significant facts.
It needs a distinctive identifier to link the non-fungible token with its physical counterpart. Anything from a QR code to an implanted microchip maybe this. When we alter a token's specifications, such as when we buy or sell it, the physical counterpart will also be affected. The metadata for the digital token will also be updated.
Phygital digital tokens serve as a link between the physical and digital worlds in this manner.
Non-fungible tokens may end up being the only form of ownership as they gain popularity. Owners may safely and conveniently track their assets thanks to them.
It's an exciting advancement in the blockchain community that has the potential to completely change how individuals own and manage physical goods.
All of the characteristics distinguish phygital NFTs from standard tokens by offering a solid ownership record for tangible goods.
Also, Explore | NFT Loyalty Program: The Ultimate Guide for Enterprises
How Do Phygital NFTs Affect Brands?
Brands can benefit specifically from using non-fungible tokens in phygital activations as opposed to conventional tokens. Here are a few strategies brands can use to benefit from physical NFTs.
Fostering Client Loyalty
Brands have the chance to foster a feeling of community and thank loyal customers through phygital NFTs. They can also be used by brands to provide customers special access and deals on tangible products or services.
Creating Additional Revenue
With unique, one-of-a-kind digital assets that are valuable as collectibles, non-fungible tokens can monetize user involvement. They can also produce digital assets that buyers and sellers can trade on online markets.
Increased Visibility
Brands can distinctively promote awareness of their offerings with the help of phygital NFTs.
By doing this, companies can create excitement around the introduction of new products and draw in more clients.
In general, phygital non-fungible tokens provide a unique and entertaining approach to engaging customers with brands.
Also, Check | Reshape the Music Industry with Music NFT Marketplace
Phygital Use Cases Specific to Industry
Collectibles
Phygital NFTs can be used to represent valuable goods like priceless paintings or limited-edition timepieces. This might open up a new market for investors and collectors to acquire and sell these objects online.
Ticketing
The usage of phygital NFTs as digital and physical tickets for events or transportation is possible. Offering a more streamlined and secure this type of NFT ticketing procedure can prevent fraud and enhance user experience.
Gaming
Phygital NFTs can be utilized in video games to represent in-game items like virtual goods or real estate. As well as offering a more secure way to maintain ownership of these objects, this may help develop a new market where players may buy and trade these assets.
Digital Identity
Digital identifiers like usernames and avatars can be represented using phygital NFTs. As a result, consumers in the cryptocurrency sector may benefit from a more secure and personalized identity system.
Also, Check | Fractional Real Estate NFTs: The Next Wave of NFTs
Conclusion
Between the real and virtual worlds, there can be fewer separations thanks to phygital NFTs. These digital assets are getting ever closer to fusing two worlds into one seamless user experience with each passing day. With phygital NFTs, there are countless future possibilities, which is why they are growing in popularity right now. Additionally, it goes beyond the blockchain experience in the real world, which is, groundbreaking.
Also, if you want to know more about this emerging concept or get started with it, consider connecting with our NFT development experts.
Category:
Blockchain
Mudit Kumar
17 Apr 2023
NFT Lending and Borrowing | When NFT Meets DeFi
NFTs have become a red-hot asset type in the crypto industry, with users trading billions of dollars in value monthly. A common misconception is that they are only for buying, selling, or holding. Indeed, they can become more complex and innovative financial arrangements.
However, as we can sell cryptocurrency instantly, that is not the same with NFTs. The emerging NFT development market is highly illiquid. Sometimes it takes months until someone purchases your NFT.
And when you sell an NFT, you sell the whole thing. Most NFT owners do not want to sell the entire NFT, in many cases, not even part of it. These challenges manifest the emergence of the latest concept called NFT lending. It can solve the issues related to illiquidity associated with NFTs. At the same time, it can encourage people to invest more in the market by decreasing the entry cost.
What is NFT Lending?
NFT lending requires putting up NFTs as collateral to seek a loan. NFTfi.com is one such lending platform.
Generally, investors or lenders wanting to generate higher returns on their investments than traditional or standard crypto-based loans offer NFT loans.
Unlike crypto lending, NFT lending requires borrowers to put up their NFTs as collateral to obtain a loan.
NFT lending is hardly available in CeFI (centralized finance). For instance, Nexo is a platform that acts as a traditional lender. It is solely responsible for defining and managing the terms of lending and borrowing.
However, in DeFi (decentralized finance), NFT loan platforms leverage smart contract development to govern the terms and charges. We expect NFT lending to evolve rapidly with more people and money becoming involved and regulation frameworks taking place.
How NFT Lending Works
NFT lending platforms allow NFT investors to obtain crypto and define the terms and rates of lending without involving intermediaries.
A borrower can get a loan of up to 50% of the valuation of their NFT.
NFT lending protocols can prove to be transformative for the fintech industry. They are fast, more straightforward, transparent, and quick than traditional lending platforms.
They do not require users to deal with intermediaries for creditworthiness checks, identity verification, and waiting period for the rejection or approval of their application.
These deFi apps utilize smart contracts that enable users to gain complete control over their assets.
Fundamentally, an automated smart contract locks in the pledged collateral.
Further, a lender chooses a fair value of collateral by determining its past transactions and floor prices of similar collaterals.
After a lender and a borrower agree on the terms and conditions defined in the smart contract, the borrower locks the NFT in an escrow system. It results in the forfeiture of the NFT if the borrower is not able to repay the loan amount within a specified period.
Fixed-period, fixed-rate loans are offered through lending platforms like NFTfi.com and Arcade. They do not have access to the funds or the collateral, and they do not sell the collateral when its value drops.
However, if the loan-to-value ratio reaches 33% or more, other protocols, like JPEGd, will liquidate the collateral.
You may also like to read | Types of NFTs (Non-Fungible Tokens) You Didn't Know
NFT Lending Types
P2P Lending
Because transactions take place directly between the participants, borrowing in the NFT realm resembles traditional crypto loans in several aspects.
For instance, a borrower who has been offered a loan posts an NFT on NFTfi.com as security. Wrapped DAI or Ether (WETH) will be sent to the borrower, and under specific terms, the collateral is kept in a digital vault.
Peer to Protocol Lending
Similar to DeFi lending protocols, native commodities are leased directly from lenders in this case using peer-to-protocol NFT loans. On peer-to-peer networks, liquid providers (LPs) are required to put tokens into pools. The borrowers can acquire liquidity by storing their NFTs in vaults.
Non-fungible Debt Holdings
To provide loans for cryptocurrencies, businesses have adopted collateralized debt scenario lending. To qualify for DAI loans, borrowers must lock up ETH as security. Likewise, to qualify for synthetic stablecoin loans, debtors with non-fungible debt holdings must lock their NFT assets.
Also, Visit | NFT Loyalty Program: The Ultimate Guide for Enterprises
NFT Lending Benefits
Compared to conventional loans that involve tangible collateral like real estate or equities, NFT loans provide several advantages. The following is a list of some of the primary benefits of NFT loans.
Liquidity Availability
Owners of NFTs can obtain money through NFT Loans without having to sell their assets. Particularly in markets with significant volatility, this is advantageous. NFTs can be used as collateral by borrowers to secure loans that cannot be secured through conventional methods, such as bank loans.
Other Investment Possibilities
NFT loans provide a brand-new asset-backed investment option that is not possible with conventional collateral. By investing in NFT loans, lenders can diversify their holdings, and NFTs can provide a level of security and transparency that is not possible with traditional types of collateral.
No Need for Tangible Security
Due to the lack of physical collateral requirements, NFT loans are a more practical choice for borrowers. The cost of safeguarding and holding significant physical collateral is not a concern for borrowers.
Increased Processing Speed
Compared to typical loans, NFT loans can be processed more quickly. NFTs are digital assets, making them faster to transmit and verify than physical assets.
Global Reach
NFT loans are available to both lenders and borrowers worldwide because they are not geographically limited. As a result, more lenders and borrowers are accessible.
You might also like | Intelligent NFT Development: Shaping the Future of NFTs
Conclusion
NFT lending offers a lot of thrilling possibilities for how people invest and make money with their NFTs. As a result, it may completely alter the playing field for both NFT owners and traders. While lenders can access new investment options, NFT owners can generate revenue without selling their holdings. As the NFT industry grows, NFT lending models may develop or mature to offer a better loaning experience.
For more information about NFT lending or lending platform development, connect with our NFT developers.
Category:
Blockchain
Mudit Kumar
14 Apr 2023
Exploring Modular Blockchain | Moving Beyond Monolothic
In the rapidly evolving landscape of blockchain development, the debate between modular and monolithic architectures has gained significant traction. As businesses seek scalable, efficient, and adaptable blockchain solutions, understanding the nuances between these two architectural paradigms becomes crucial. This comprehensive exploration delves into the intricacies of modular blockchain, highlighting its advantages over traditional monolithic systems, and elucidating why businesses are increasingly gravitating towards modular designs.Understanding Blockchain ArchitecturesBefore delving into modular versus monolithic architectures, it's essential to comprehend what these terms signify in the context of blockchain technology.Monolithic Blockchain ArchitectureA monolithic blockchain architecture is an all-in-one system where all components—consensus, data availability, execution, and networking—are tightly integrated into a single layer. Bitcoin and Ethereum, in their original forms, exemplify monolithic designs where every node participates in every aspect of the network's operation.Key Characteristics:Integrated Layers: All functionalities are bundled together.Uniform Responsibility: Each node handles consensus, data processing, and transaction execution.Simplified Design: Easier to implement initially due to its unified structure.Modular Blockchain ArchitectureIn contrast, a modular blockchain architecture decomposes the system into distinct, specialized layers or modules, each responsible for a specific function. This separation allows for greater flexibility, scalability, and customization, as each layer can evolve independently.Key Characteristics:Layered Structure: Distinct layers for consensus, data availability, execution, and networking.Specialized Roles: Each layer focuses on a particular aspect of the blockchain's operation.Enhanced Scalability: Ability to scale individual components without affecting the entire system.Also, Read | Unveiling the Potential Layer 3 Blockchain DevelopmentThe Evolution from Monolithic to ModularThe shift from monolithic to modular architectures is driven by the need to address the inherent limitations of monolithic systems, especially as blockchain applications become more complex and demand higher performance.Limitations of Monolithic ArchitecturesScalability Constraints: Monolithic blockchains often struggle to scale efficiently because every node must process every transaction, leading to bottlenecks as the network grows.Limited Flexibility: Upgrading or modifying one aspect of the system can necessitate changes across the entire architecture, making innovation slow and cumbersome.Resource Intensive: High computational and storage requirements limit the participation of nodes, potentially centralizing the network.Advantages of Modular ArchitecturesScalability: By decoupling layers, each component can scale independently. For example, a dedicated data availability layer can handle increased data throughput without impacting consensus mechanisms.Flexibility and Upgradability: Individual layers can be updated or replaced without overhauling the entire system, fostering innovation and adaptability.Resource Efficiency: Specialized layers can optimize resource usage, allowing for more nodes to participate and enhancing decentralization.Enhanced Security: Isolation of functions can reduce attack surfaces, as compromising one layer doesn't necessarily expose others.Also, Check | Layer 0 Blockchain Development | The Foundation of the FutureCore Components of Modular BlockchainA modular blockchain typically consists of several distinct layers, each responsible for a specific function. Understanding these layers is pivotal to appreciating the modular approach's efficacy.1. Consensus LayerThe consensus layer is responsible for validating transactions and securing the network against malicious actors. In a modular architecture, consensus is decoupled from execution and data availability, allowing for specialized consensus mechanisms that can be optimized independently.Examples:Proof of Stake (PoS)Delegated Proof of Stake (DPoS)Byzantine Fault Tolerance (BFT)2. Data Availability LayerThis layer ensures that all transaction data is accessible and verifiable by the network participants. It handles the distribution and storage of data, ensuring transparency and integrity.Key Functions:Data propagation across the networkEnsuring data is available for verificationFacilitating light clients and data retrieval3. Execution LayerThe execution layer handles the actual processing of transactions and smart contract execution. By isolating execution, this layer can be optimized for performance and support complex computations without burdening the consensus or data availability layers.Features:Smart contract executionTransaction processingState management4. Networking LayerThe networking layer manages the communication between nodes, ensuring efficient data transmission and maintaining network robustness. It handles peer discovery, data routing, and latency optimization.Responsibilities:Node connectivityData transmission protocolsNetwork security measuresAlso, Discover | Exploring Solana Blockchain Development for EnterprisesBenefits of Adopting a Modular BlockchainTransitioning to a modular blockchain architecture offers numerous advantages, particularly for businesses seeking robust, scalable, and flexible solutions.Enhanced ScalabilityModular blockchains can handle increased demand more gracefully by scaling individual layers independently. For instance, if transaction volume surges, only the execution layer may require scaling, leaving consensus and data availability layers unaffected.Increased Flexibility and InnovationWith distinct layers, developers can innovate within specific components without disrupting the entire system. This fosters a more dynamic ecosystem where new consensus algorithms, data availability solutions, or execution engines can be integrated seamlessly.Improved SecurityIsolating functions into separate layers can mitigate security risks. A vulnerability in the execution layer, for example, does not necessarily compromise the consensus or data availability layers, enhancing the overall security posture.Optimized Resource UtilizationSpecialization allows each layer to optimize its resource usage, leading to more efficient operations. This can reduce the computational and storage burdens on individual nodes, promoting greater decentralization and participation.Tailored Solutions for Diverse Use CasesDifferent applications may have unique requirements. Modular architectures allow businesses to customize specific layers to meet their needs, whether it's higher transaction throughput, specialized smart contract capabilities, or enhanced data privacy.Challenges and ConsiderationsWhile modular blockchains offer significant advantages, they also introduce new challenges that businesses must navigate.Complexity in IntegrationDecoupling functionalities into separate layers can increase the system's overall complexity. Ensuring seamless communication and interoperability between layers requires sophisticated design and robust protocols.Potential for Increased LatencyMultiple layers may introduce additional communication steps, potentially increasing transaction processing times. Optimizing inter-layer communication is essential to mitigate latency issues.Governance and CoordinationManaging updates and changes across multiple layers necessitates effective governance mechanisms. Coordinating enhancements and ensuring compatibility between layers can be more complex compared to monolithic systems.Security Across LayersWhile modularity can enhance security, it also requires each layer to maintain its own security measures. Ensuring consistent security standards across all layers is vital to prevent vulnerabilities.Also, Discover | Top Blockchain Development Companies | Oodles BlockchainReal-World Applications of Modular BlockchainsModular blockchain architectures are gaining traction across various industries, each leveraging the architecture's benefits to address specific business needs.Decentralized Finance (DeFi)DeFi platforms benefit from modularity by enabling scalable and flexible financial services. Specialized execution layers can handle complex smart contracts, while dedicated data availability layers ensure transparency and accessibility.Supply Chain ManagementIn supply chain applications, modular blockchains can provide tailored solutions for tracking, verification, and data sharing. The separation of layers allows for optimized data handling and secure transaction processing.Enterprise SolutionsBusinesses seeking blockchain integration for operations, such as identity management or asset tracking, can leverage modular architectures to customize the system according to their specific requirements, ensuring scalability and security.Internet of Things (IoT)IoT applications require efficient data handling and secure transactions. Modular blockchains can offer specialized data availability and execution layers to manage high-volume data streams and device interactions effectively.Leading Modular Blockchain PlatformsSeveral blockchain projects have embraced modular architectures, setting benchmarks for the industry's evolution.Ethereum 2.0Ethereum's transition to Ethereum 2.0 exemplifies the shift towards modularity. By separating the consensus layer (Beacon Chain) from execution layers (Shard Chains), Ethereum aims to enhance scalability and performance.PolkadotPolkadot's architecture features a central Relay Chain for consensus and multiple parachains for specialized functions, embodying the modular approach by allowing diverse blockchains to interoperate within a unified ecosystem.CosmosCosmos employs a hub-and-spoke model, where the Cosmos Hub manages interoperability, and individual zones handle specific functionalities. This design promotes modularity and scalability across the network.CelestiaCelestia focuses on data availability and consensus, allowing execution layers to operate independently. This separation facilitates the development of customized execution environments without compromising data integrity.Also, Check | How ChatGPT Augments Blockchain DevelopmentTransitioning to Modular Blockchain: A Strategic ApproachFor businesses considering the shift to a modular blockchain architecture, a strategic approach is essential to navigate the complexities and maximize the benefits.Assessing Business RequirementsUnderstanding the specific needs of the business is paramount. Evaluate factors such as transaction volume, scalability requirements, security considerations, and customization needs to determine the optimal modular configuration.Selecting the Right ComponentsChoose appropriate layers and technologies that align with business objectives. This may involve selecting consensus mechanisms, data availability solutions, execution environments, and networking protocols that best fit the use case.Ensuring Seamless IntegrationImplement robust integration strategies to facilitate seamless communication between layers. Utilize standardized protocols and APIs to enhance interoperability and reduce integration complexities.Implementing Robust GovernanceEstablish comprehensive governance frameworks to manage updates, coordinate changes, and ensure consistency across all layers. Effective governance is crucial for maintaining system integrity and facilitating continuous improvement.Prioritizing SecurityAdopt stringent security measures for each layer, ensuring that vulnerabilities are addressed independently. Regular security audits and proactive threat mitigation strategies are essential to safeguard the modular architecture.Fostering Collaboration and InnovationEncourage collaboration among development teams responsible for different layers. Promote innovation by allowing specialized teams to focus on their respective components, fostering a dynamic and resilient blockchain ecosystem.You may also like | A Guide to Hiring the Right Blockchain Development CompanyFuture Trends in Modular BlockchainThe modular blockchain landscape is poised for continued evolution, driven by technological advancements and emerging business needs.Enhanced InteroperabilityFuture modular blockchains will likely emphasize greater interoperability between layers and across different blockchain networks, facilitating seamless data and value transfer.Increased CustomizationAs businesses seek more tailored solutions, modular architectures will offer deeper customization options, enabling highly specialized blockchain deployments that cater to niche requirements.Advanced Scalability SolutionsInnovations in layer-specific scalability solutions, such as sharding and layer-2 protocols, will further enhance the performance and capacity of modular blockchains.Integration with Emerging TechnologiesModular blockchains will increasingly integrate with other emerging technologies, such as artificial intelligence, Internet of Things (IoT), and decentralized finance (DeFi), creating synergistic ecosystems that drive innovation.Strengthened Security ProtocolsOngoing advancements in security protocols will bolster the resilience of modular blockchains, addressing evolving threats and ensuring robust protection across all layers.You might be interested in | Blockchain Development for the Aviation Industry SolutionsConclusionThe transition from monolithic to modular blockchain architectures represents a pivotal shift in the blockchain paradigm, offering enhanced scalability, flexibility, and security. For businesses navigating the complexities of blockchain integration, embracing modularity provides a strategic advantage, enabling the development of customized, high-performance solutions tailored to specific needs. As the blockchain ecosystem continues to mature, modular architectures will play a crucial role in shaping the future of decentralized technologies, driving innovation, and unlocking new opportunities across industries.Frequently Asked Questions (FAQ)1. What is the primary difference between modular and monolithic blockchain architectures?Answer: The primary difference lies in their structural design. Monolithic blockchains integrate all functionalities—consensus, data availability, execution, and networking—into a single layer. In contrast, modular blockchains decompose these functions into separate, specialized layers, allowing each to operate and scale independently.2. Why are businesses moving towards modular blockchain architectures?Answer: Businesses are shifting to modular architectures to achieve greater scalability, flexibility, and security. Modular designs allow for independent scaling of different components, easier upgrades and innovations, optimized resource utilization, and enhanced security by isolating functionalities.3. Can you provide examples of modular blockchain platforms?Answer: Yes, notable examples include Ethereum 2.0, which separates consensus and execution layers; Polkadot, which uses a central Relay Chain with multiple parachains; Cosmos, which employs a hub-and-spoke model; and Celestia, which focuses on data availability and consensus layers independently.4. What are the challenges associated with implementing a modular blockchain?Answer: Implementing a modular blockchain can introduce complexities in integration, potential latency due to inter-layer communication, the need for robust governance and coordination mechanisms, and ensuring consistent security measures across all layers.5. How does modularity enhance blockchain scalability?Answer: Modularity enhances scalability by allowing each layer to scale independently based on its specific demands. For example, if transaction volume increases, only the execution layer may need to scale, without affecting the consensus or data availability layers, thus efficiently managing resources and maintaining performance.6. Is modular blockchain suitable for all types of blockchain applications?Answer: While modular blockchains offer significant advantages, they may not be necessary for all applications. They are particularly beneficial for complex, high-demand use cases that require scalability, flexibility, and specialized functionalities. Simpler applications might function effectively on monolithic architectures.7. How does a modular blockchain improve security?Answer: By isolating different functions into separate layers, modular blockchains reduce the attack surface. A vulnerability in one layer does not directly compromise others, enhancing overall security. Additionally, specialized security measures can be applied to each layer, strengthening the system's resilience.8. What is the role of the data availability layer in a modular blockchain?Answer: The data availability layer ensures that all transaction data is accessible and verifiable by network participants. It handles data distribution, storage, and retrieval, ensuring transparency and integrity across the blockchain network.9. How do modular blockchains support innovation?Answer: Modular architectures allow developers to innovate within specific layers without impacting the entire system. This separation fosters the development of new consensus mechanisms, data availability solutions, or execution engines, promoting a dynamic and adaptable blockchain ecosystem.10. What should businesses consider when transitioning to a modular blockchain?Answer: Businesses should assess their specific requirements, select appropriate layers and technologies, ensure seamless integration between components, implement robust governance frameworks, prioritize security across all layers, and foster collaboration among development teams to effectively transition to a modular blockchain architecture.If you want to explore the potential of modular blockchain development, connect with our skilled blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
13 Apr 2023
Types of NFTs (Non-Fungible Tokens) You Didn't Know
NFT development services offer a plethora of potential uses for NFTs. However, the non-fungible era is still in its early stages. It might be some time before we see significant projects that aren't connected to art in some manner. To this purpose, there are the following types into which NFT projects commonly fall.
Types of NFTs
Intelligent NFT
An AI NFT or intelligent NFT is essentially an NFT token that has a Generative Pre-trained Transformer 3 (GPT-3) language model prompt incorporated as part of its smart contract. This is one of the types of NFTs that have artificial intelligence. But it also features animation, interactivity, and numerous other generating skills that are still being developed.
An intelligent NFT is capable of self-learning. For instance, it enables it to independently produce new information and incorporate dynamic experiences into its smart contact.
The more an NFT interacts with a particular environment or user, the more data it can gather and knowledge it can accumulate.
As a result, these tokens are scalable, upgradeable, and dynamic in addition to being intelligent. Imagine an NFT that can respond to your moods and discussions while also evolving with you to produce tokens that are ever more complicated.
Dynamic NFT
Simply put, a dynamic NFT is one that may alter in response to environmental factors. Changes in a dynamic NFT frequently refer to metadata changes brought on by smart contracts. This is accomplished by encoding automated modifications in the NFT smart contract, which instructs the underlying NFT on how and when to update its metadata.
In addition to metadata updates, dynamic elements can also exist.
For instance, based on specific circumstances, such as when a hidden place is discovered in an augmented reality application, dynamic NFTs can be created.
Additionally, "hidden traits" exhibited through user interactions as opposed to metadata can be stored in dynamic NFTs.
These types of NFTs can be programmed in countless different ways because they are completely unique and programmable tokens.
However, in order for non-technical users to "see" the changes, the majority of dynamic NFTs must implement some kind of metadata change.
Rentable NFT
The creation of a new Ethereum token standard dubbed ERC-4907, which will enable users to lend out their non-fungible token, has entered its final phases.
In the NFT standard, ERC-4907 introduces a new role by separating the roles of owner and user, enabling "renting."
The NFT can be used by the renter up until the loan time expires, at which point it is immediately returned to its owner.
Utility NFT
Utility NFTs improve the idea of digital collectibles by giving owners access to real-world benefits and other ownership-related privileges. NFTs can be used for a variety of practical purposes apart from just being collectible works of art, such as serving as a ticket to an event or granting the possessor lifetime membership to a club.
Some NFT ventures, such as Bored Ape Yacht Club (BAYC) and Doodles, started off as PFP artwork. They later started to provide holders benefits like exclusive admission to branded events or meetups.
Other NFT products, like Coachella Collectibles, which offers lifetime access to the music festival along with other perks like exclusive on-site events and tangible goods, start out with usefulness.
Phygital NFT
Physical and digital components will be combined to create an experience with phygital NFTs. With a twist, these tokens can stand in for conventional physical commodities like artwork or antiques.
NFTs' permanent record of ownership and legitimacy will exist both in the real world and on a blockchain. Therefore, collectors can enjoy the best of both worlds by owning and storing their tokens both physically and online.
The way we buy and trade actual commodities could potentially be completely changed by this new type of non-fungible tokens.
With blockchain, they are more secure in comparison to conventional means of purchasing and selling products because. No one can steal or counterfeit them.
Additionally, non-fungible tokens might offer stronger authentication, giving collectors confidence in the legitimacy of the tokens they are purchasing.
Phygital NFTs provide a stronger sense of ownership and connection to actual items in addition to being more secure.
The ability for users to preserve their tokens physically and digitally might give them a special sense of ownership.
These digital tokens can also forge a deeper bond with the tangible things they represent. They can do so by providing access to view digital information about their assets, such as their provenance and history.
You may also like | NFT Marketplace Development for the Digital Age
Conclusion
These types of NFTs give a clear picture of the NFT ecosystem's potential. NFTs, a brand-new class of digital or tokenized assets, are upending accepted ideas of asset ownership and usage. There is something for everyone in the world of NFTs thanks to the various types of NFTs, each with distinctive features and advantages.
If you have a project in mind related to any of these types of NFTs or want more information about NFTs, connect with our skilled blockchain and NFT developers.
Category:
Blockchain
Mudit Kumar
11 Apr 2023
How to Build a DAO | A Quick Explainer
Due to their decentralized nature, DAOs (Decentralized Autonomous Organizations) are becoming a well-liked business governance model in the blockchain industry. You can build a DAO quickly with blockchain development services and a little technical know-how. But first, you should better have a solid strategy and a robust support system. Let's go over the minimum requirements and DAO setup instructions.
Understanding a DAO (Decentralized Autonomous Organization)
An autonomous organization managed by a community is known as a "Decentralized Autonomous Organization," or DAO. The underlying rules are established by smart contracts, which also carry out the selected course of action. Ideas, votes, and even the code itself are always available for public scrutiny in a DAO.
A DAO is governed entirely by its members, who collaborate to make key project decisions like investing in new technology and allocating funds.
In general, community members draught proposals for the protocol's future operations and then gather to vote on each one. The rules coded within the smart contract then accept and enforce proposals that reach a certain degree of consensus.
The traditional hierarchical structures found in large corporations are replaced by community collaboration under this paradigm. Each DAO participant has a role to play in system administration.
The alignment of incentives is a feature of this framework. In other words, it is in the person's best interest to vote honestly and to only accept ideas that benefit the protocol as a whole.
The worth of the tokens that each DAO member owns increases as a result of the increased usage of a sound, robust protocol. As a result, token holders benefit as the system does.
Also, Visit | DAO (Decentralized Autonomous Organization) Development
How to Build a DAO
Build a Strong Foundation
First, decide why DAO is necessary, what function it will serve, and how it will operate.
To build a DAO, human judgment is required to see the potential, maybe find partners, confirm the necessity, and design the procedures that can be automated and integrated into smart contracts.
It is crucial to discuss the objective with other DAO supporters to clear up any misunderstandings regarding the governance structure of the DAO.
It would be best if you also have an encrypted wallet with storing and transactional capabilities.
The first thing investors or funders will consider when considering a company is the source of revenue.
So how does a DAO generate revenue?
The primary source of revenue for DAOs is dividends. DAOs spend money to generate dividend income. DAO creators can also make money from their effort by persuading peers to participate in the DAO based on its business strategy.
Also, Explore | A Quick Guide to Developing a DAO-enabled NFT Marketplace
Identify the Ownership
Establishing ownership for DAO members is the next step after all parties have agreed on the DAO's purpose. This step promotes the growth and development of decentralized independent organizations. Because ownership is typically tokenized, a DAO can transfer ownership to its members in various methods. "Airdrops" and "rewards" are the two strategies that DAOs commonly use.
With airdrops, tokens are given out to participants based on their contributions and actions within the group. Rewards are bonuses given to individuals who complete tasks and reach objectives. Ownership is acquired by members through native token-based incentives. Additionally, tokens can be bought on decentralized marketplaces like Uniswap.
You may also like | Deciphering DAOs | Benefits, Elements, and a Pre-Built Solution
Establish a Framework for Governance
Here, it is decided how choices will be made after a DAO has been established. The most popular technique for establishing decision-making guidelines is "token-weighted voting."
Each token that a voter holds signifies one vote. Members decide based on the preferences of other members after submitting ideas using a tool like Snapshot, and the results are then automatically carried out by smart contracts.
Define the DAO Class
According to your objectives, you must specify the kind of decentralized independent organization you want. The following types are some of the most prevalent:
According to Protocol DAO, the project's tokens allow their owners to suggest changes, cast a vote for or against them, and exercise their right to vote.
In addition to enabling producers to prove their ownership of their work, Collector DAO brings together supporters of non-fungible tokens (NFTs).
Investment DAO is an open, accessible platform that makes it possible for startups and DeFi initiatives to raise money.
Users of Grant DAO can decide on the distribution and allocation of the money they have accumulated in the grant pool.
By using Entertainment DAO, token creators can finance new initiatives like play-to-earn games and metaverse activities while also building a stronger community around their collections.
The crypto community is strengthened by social networking, and Social DAOs provide a platform for unrestricted conversation, idea sharing, and fundraising. However, a person must possess a certain quantity of tokens or receive a personal request to join a social DAO.
You may also want to explore | DAO Platform Development | An Exhaustive Explainer
Create Incentivization and Rewards Mechanisms
Building confidence involves implementing rewards and incentives as part of the many advantages provided to DAO contributors and members. Members and contributors who have ever used the DeFi protocol under review are given native governance tokens. These tokens represent ownership rights but are worthless in and of themselves.
DAOs may also grant rewards in the form of titles, marks, or even digital currencies like ETH, Tether (USDT), or USD Coin (USDC). The reward structure can be further improvised after the DAO conceptualization process is complete.
Build a DAO
Join forces with skilled blockchain developers who can provide a first-rate decentralized solution. They will give you advice on which blockchain would be best to use as the foundation for your DAO and which networks you would need to promote. The same is true of cryptocurrency accounts. Additionally, you will require smart contract development that is reliable, quick, and fault-tolerant.
Verify a DAO
It is a must to perform comprehensive testing to ensure that everything functions as it should, without any bugs that could endanger the platform or worsen the user experience.
Launch a DAO
You can deploy your DAO to the mainnet once everything is up and running smoothly. To learn about the concerns and preferences of your users and be able to update as necessary, you will need to collect input from them. And don't neglect to perform regular quality control tests to make sure the platform is operating without a hitch.
For more information on how to build a DAO, connect with our skilled smart contract developers.
Category:
Blockchain
Mudit Kumar
10 Apr 2023
Redefining The Gaming Industry with Play-to-Own Model
At Oodles, we envision a future in which blockchain development services facilitate real-world gaming economies and offer an entirely new framework for handling and allocating gaming asset ownership with models like play-to-own. It will offer an innovative value proposition that better balances the incentives of players and game operators.
Issues with Traditional Gaming Today
Most traditional games have simulated economies that centralized game operators manage. Most of the time, these simulated economies don't include a market where gamers can exchange goods or sell their possessions.
As players are not given genuine ownership of digital assets, the "Free-to-Play" or "Pay-to-Play" business models of traditional games fall short.
Game operators view the creation of a real-world economy in games that would involve true ownership as detrimental. It is because they would have to compete with their customers/players when the latter are permitted to resell their assets.
So, the question is whether there is a better way to handle the aforementioned issue. Indeed, we believe. For instance, the blockchain technology used by Upland's solution enables the creation of a new class of business models.
Play-to-Own Gaming Model
Play-to-own games are a paradigm change in the gaming industry because they combine traditional gaming's thrills and amusement with the opportunity to acquire real-world value through gameplay.
These games provide players with actual ownership of their digital assets while simultaneously building lively in-game economies and communities. They are built on the pillars of blockchain technology and non-fungible tokens (NFTs).
The difference between the play-to-own and play-to-earn models is negligible. For instance, the Upland game made the idea more well-known. The game enables its users to possess digital riches akin to that of their homes, and as they collect game awards, they can upgrade the state of their digital possessions. In the actual world, a car owner will almost always put in more time and effort to maintain his vehicle, whereas a renter typically doesn't put in as much.
What is the Distinction | Play to Own vs. Play to Earn
P2O emphasizes the ownership of in-game assets more so than P2E does (NFTs). The ownership of these assets is the main focus, and generating cryptocurrency tokens is not given much attention.
Whereas the primary goal of P2E games is to acquire NFTs to increase earning potential, the primary purpose of the P2O model is for players to acquire NFTs through gameplay.
Though the distinction may seem inconsequential, it represents a significant change. The main reason P2E games have issues is that the producers put too much effort into developing an in-game economy using cryptocurrency tokens, frequently at the expense of a satisfying gameplay experience.
One way to think about how these two differ is that in a P2O format, players will receive rewards for engaging in and excelling at the game. Maybe they just defeated a particularly challenging boss and received an uncommon sword NFT as a prize. They feel successful now and will keep playing to make more NFTs while having fun.
P2E games frequently place a greater emphasis on the game's income components. Here is where you'll see players spend a lot of money on NFTs to get better earnings or other unique benefits. Most of the time, players only purchase these NFTs to receive financial rewards; they don't care how much enjoyable a game is.
As players play towards having NFTs rather than purchasing one solely to make significant gains, developers can concentrate more on making P2O games that entice players to play again and again.
The Benefits of Play-to-Own Game Development
First off, these games provide a special chance for players to acquire rewards that have real-world worth. By giving users access to additional income sources, this model gives users more control.
Second, play-to-own games encourage thriving in-game economies that increase demand for digital products and services, enabling players to be inventive and creative.
Thirdly, by allowing users to trade digital assets and currencies, these games encourage the development of secondary markets, which in turn boost liquidity and present new investment possibilities.
Last but not least, play-to-own games encourage financial inclusion by exposing people to digital assets and blockchain technology, frequently acting as a gateway to the larger world of decentralized finance (DeFi).
Community and Social Elements
Play-to-own games transform how players interact with one another and their virtual worlds by fostering a strong feeling of social interaction and community building. The cooperative nature of these games, which frequently require players to cooperate to accomplish shared objectives, such as battling opponents, finishing quests, or taking part in in-game events, is a key component of this phenomenon. This spirit of cooperation encourages the growth of vibrant online communities where players can exchange strategies, barter items, and establish enduring bonds.
Furthermore, play-to-own games frequently have decentralized control systems that let players influence the growth and direction of the game through voting and consensus processes. Players become more devoted and invested as a result of this feeling of ownership and involvement, actively influencing the game's development and long-term success.
To bring players together and promote networking opportunities, real-world meetups, conferences, and events are part of the social and community elements of these games.
The play-to-own ecosystem thus goes beyond the bounds of conventional gameplay and unites the virtual and real worlds, weaving a rich social tapestry that promotes inclusivity, teamwork, and a sense of purpose. In the end, the play-to-own paradigm redefines the social and community dynamics that support the gaming experience in addition to changing the economics of gaming.
Why Develop Gaming on Solana?
Performance is the main focus of Solana's concept and construction. To allow in-game asset swaps at scale, a blockchain protocol must offer adequately fast speeds and consistently low fees.
Conclusion
In conclusion, as cutting-edge technologies and business models continue to reshape the landscape, the future of play-to-own games and the gaming industry is up for exciting developments. The play-to-own model is positioned to play a crucial role in reshaping the gaming industry for years to come by giving players a sense of true ownership, encouraging community-driven development, and opening up new economic possibilities.
For more information on play-to-own games development, connect with our skilled blockchain developers.
Category:
Blockchain
Mudit Kumar
07 Apr 2023
How ChatGPT Augments Blockchain Development
In the upcoming years, blockchain development services and ChatGPT (a tool for natural language processing) have the potential to completely transform a variety of businesses. It will be possible to build extremely effective and transparent decentralized solutions that can operate autonomously and base decisions on established rules and algorithms by fusing the strength of blockchain technology with ChatGPT's capabilities.
In this blog, we will examine how ChatGPT and blockchain technology may develop and combine soon, highlighting the potential uses and advantages of this union.
ChatGPT and Blockchain Use Cases
Smart Contracts Development
Smart contract development is still a very complex undertaking for developers.
Components of ChatGPT like Codex can translate language descriptions into Solidity code.
Imagine a smart contract assistant that will provide the appropriate smart contract code snippet when a developer types something like, "What's the solidity code to request a flash loan in Ave?"
Testing for Smart Contract Security
Smart contract audits are time-consuming, expensive, and unpleasant processes, but they are nonetheless required.
Most of the auditing process involves running tests, which are frequently not clear to coders of smart contracts. Imagine a specialized ChatGPT for smart contract audits that could conduct a series of tests in a specific smart contract using a language input like "".
NFTs Development
The ability to create a new generation of conversational intelligent non-fungible tokens (NFT) is perhaps one of the most obvious applications of models like ChatGPT.
Imagine a version of your preferred NFT collection where you may inquire about the artist's sources of inspiration or particular aesthetic nuances.
DAO
It is anticipated that in the future, ChatGPT and blockchain technology will combine to significantly contribute to the growth of decentralized autonomous organizations (DAOs).
DAOs, or decentralized autonomous organizations, are governed by smart contracts, which are self-executing contracts in which the terms of the agreement between the buyer and seller are directly encoded into lines of code.
It will be possible to develop DAOs that can function independently and base choices on predetermined rules and algorithms by using ChatGPT to build and administer smart contracts.
The automation of various tasks and processes is one possible use for ChatGPT-powered DAOs.
For instance, by handling routine customer service queries, a chatbot powered by GPT could free up human customer service representatives to concentrate on more complicated problems.
Similar to how ChatGPT can be used to automate the onboarding of new clients, identity verification, and transaction handling, these procedures can be streamlined and made more effective.
Also, Explore | Most Substantial DAO Use Cases for Businesses
Crypto Wallet Development
Crypto wallets can be created and tested using ChatGPT. It can be used, for instance, to create user interfaces that explain wallet features and functionality in natural English.
To make sure wallet software is operating properly, it can also be used to create test cases and test data.
Last but not least, ChatGPT can be employed to produce answers to user questions and support requests, giving users a more efficient and natural way to engage with their wallets.
White Paper Development
Using ChatGPT, white papers can be created by either fine-tuning the model on an existing data set of white papers or by giving it specific cues and instructions to produce text.
To create text that follows a particular format and tone, the model would first be trained on a collection of pertinent data, such as technical specifications and industry terms.
It can also help to ensure that the model generates content that is tailored to those variables by giving details about the white paper's purpose and target audience.
You may also want to read | A Guide to Whitepaper Development for Cryptocurrency Projects
Simulation
Blockchain developers can simulate using ChatGPT in the following ways:
Use ChatGPT to simulate a variety of scenarios on a blockchain network, such as assessing the network's efficiency in different situations or simulating various attacks to see how the network would respond.
They can use ChatGPT to simulate the behavior of different user types on a blockchain network, which will help them better grasp how the network will be used in practical situations.
Developers can use ChatGPT to model market conditions and project the price of the assets to help them decide whether to buy or sell blockchain assets.
Blockchain engineers may use ChatGPT to simulate the economic incentives and disincentives of different network members to better understand how the network will function in terms of tokens and crypto-economics.
You may also like | ChatGPT and Crypto: Fuelling a New Era of Endless Possibilities
DApp Development
ChatGPT is a language model, and only text-based applications can use it. There are several methods for creating a DApp using ChatGPT, as described below:
Creating smart contract codes for different blockchains is one approach.
Automating the process of developing smart contracts, can make it simpler for programmers to launch DApps on the blockchain.
Another method is to create UI/UX content using GPT-3 and then incorporate it into a decentralized program. A dApp may become more interesting and user-friendly as a result.
A dApp's chatbot feature can also be generated using ChatGPT, enabling users to communicate with the decentralized application in their language.
Also, Visit |A Comprehensive List of Top dApp Development Platforms
Conclusion
The main field of ChatGPT's influence on the Blockchain and Web3 sectors is natural language processing. It has the potential to improve user experience and lighten the workload of professionals by fostering more human-like interactions between users and Blockchain/Web3 apps. These technologies will become more engaging as a result of the addition of AI, which will also improve transaction security and effectiveness and spur innovation across a range of industries. For more information on the convergence of blockchain and ChatGPT applications, connect with our skilled blockchain developers.
Category:
Blockchain
Mudit Kumar
06 Apr 2023
Atomic Swaps | The Future of Decentralized Exchanges (DEX)
Decentralized exchanges have emerged as a secure method for exchanging coins without the need for an exchange-based wallet. Instead, a noncustodial wallet that only stores a secret key can be used to exchange cryptocurrencies. Order books and automated market makers (AMMs) are two trading mechanisms that decentralized exchanges (DEXs) use to facilitate and safeguard transactions. However, advancements like atomic swaps, powered by smart contract development, a peer-to-peer exchange method in which two or more parties can directly exchange cryptocurrencies through their wallets, have helped decentralized exchange platform development gain more user adoption.
After incorporating the atomic exchange into its system, Monero (XMR), one of the biggest privacy-focused cryptocurrencies, saw a 20% price increase.
Understanding Atomic Swaps
Atomic swaps are a method for rapidly transferring cryptocurrencies between various blockchain platforms. This process, where the trade takes place through a smart contract between two personal cryptocurrency wallets, is frequently referred to as atomic cross-chain trading. It uses various blockchains in a peer-to-peer (P2P) transaction mechanism.
How are Atomic Swaps Conducted
Atomic refers to a procedure that will either finish or not begin at all. To put it another way, we can think of the atomic swap as a function that makes sure all prerequisites are met before a transaction happens.
The use of the smart contract, an automated method to enforce conditions during a transaction, make atomic swaps feasible.
The hashed timelock contract (HTLC), a two-way virtual safe function used in atomic swaps, employs the hash function, a sophisticated form of algebraic encryption. Additionally, it applies a deadline by which the transaction is canceled if any parties don't meet the requirements within the allotted time.
For instance, two parties might decide to set an atomic swap's time limit at one hour. The contract stipulates that if either party fails to meet all of the trading requirements within an hour, the other party will receive the crypto coins and return them to the original owner.
Also, Check | Legolas Hybrid Exchange Conducive Marketplace for Institutional Investors
The HTLC with the following protocols is used by the atomic swap as a trustless trading system:
Hashlock Key:
The hashlock key ensures that a transaction is completed once both parties have submitted their respective cryptographic proofs.
Timelock Key:
The timelock key is a safety feature that establishes a completion date for a specific transaction. As a result, it attests to the fact that in the event the swap isn't accomplished for one or more reasons before the deadline, the traders will receive their invested coins back.
The atomic swap can be processed either on-chain or off-chain. The atomic swap happens via the on-chain technique on a single blockchain network. On the other hand, the off-chain atomic swap uses a secondary layer to carry out the transaction. This kind of atomic swap makes use of bidirectional payment lines, a system similar to the Lightning Network.
Also, Explore | Must-Have Order Types in a Crypto Exchange
Developing DEX (Decentralized Exchanges) with Atomic Swaps
Building decentralized exchanges with the ability to work with several account systems, each with its blockchains, is possible with atomic swaps. A reliable protocol that enables the creation of an order book in a decentralized manner is necessary for a DEX using atomic swaps so that any offer to sell or buy cryptocurrency can be made.
The atomic swap protocol's principal goal is to enable users to securely conduct an exchange even when they don't trust one another. Thus, this protocol includes the following requirements:
Counterparties should make use of hashlock-enabled smart contracts that provide them the option to set different time delays.
Parties should use the same cryptographic hash function so that the contract is appropriately executed while performing a transaction between two distinct systems.
To debate the exchange terms off-chain, users must have a secure communication channel.
Also, check | Cross-Chain Swaps | Empowering Crypto Exchange Development
The major benefits of atomic swaps are:
Facilitate complete decentralization that enables crypto enthusiasts to exchange crypto assets without depending on intermediary arbitration
Provide the capability to either execute trades directly among separate blockchain platforms with distinct native crypto coins or execute via off-chain channels, generally known as the subsidiary of a blockchain platform
Helps reduce trading charges. It is because atomic swaps eliminate the transaction fees associated with third-party services
A means for users to have complete control over their cryptocurrency at each step. It eliminates vulnerabilities related to centralized exchanges.
You may also like | P2P Crypto Exchange Development | The Future of Digital Trading
Atomic Swaps Explained: A Real-Life Example
A real-life example can help get a better understanding of atomics swaps in decentralized crypto exchanges.
For instance, Alice wants to trade her coins with Bob's fiat money. Now, let's see how this transaction would take place with the atomic swap technique.
Now, we assume that they deposit their coins in an address that we consider a vault. When they deposited their crypto coins in the vault, they in reality deposited their funds in a public vault. However, no one has access to the vault and its content is safe. Only Bob and Alice have the key to open the vault.
Now, Bob and Alice share their addresses and verify the content as per the promise. Now, both parties will have to insert their keys to unlock the vault. If any one of them fails to do so, the vault will remain unlocked.
Also, the vault will remain open for a limited period. Both users need to make the transaction within an allotted time. Therefore, the transaction becomes fail-proof as either it will execute when both parties agree or it won't get executed at all. There is no partiality in the transaction.
Also, Read | The Rise of P2P Crypto Exchange after the FTX Debacle
Difference between Off-Chain and On-Chain Atomic Swaps
As mentioned previously, a user can execute an atomic swap on a blockchain or it can be on an offshoot of a blockchain.
Atomic swaps taking place on offshoots of a blockchain are known as off-chain.
Contrarily, transactions taking place on a blockchain are known as on-chain.
A blockchain must support HTLC when an on-chain transaction takes place and the hash algorithm of the currencies have to be the same.
On the contrary, when an off-chain Atomic Swap takes place, it uses a layer 2 solution. It is essentially a technology that creates an open channel of communication between two transacting parties.
One such instance of an atomic swap is a transaction that took place between Bitcoin and Litecoin. Instead of a blockchain, it used the Bitcoin Lightning Network.
Watch | Crypto Swap Platform Developed by Oodles
The Bottom Line
With this helpful information, we hope you now know what atomic swaps are. The atomic swap has opened the door for more privacy and security in crypto trading, despite some drawbacks to be aware of. Users can exchange over 7,800 different cryptocurrencies thanks to its inter-chain operability. As a result, the atomic swap and other blockchain connectors will be crucial in the ongoing development of the cryptocurrency sector.
For more information on crypto exchange development or to get started with atomic swaps integrated DEX development, connect with our skilled crypto exchange and smart contract developers.
Category:
Blockchain
Mudit Kumar
06 Apr 2023
Reshape the Music Industry with Music NFT Marketplace
Integrating NFTs is one of the most current innovations in the music industry. This post discusses crucial insights like the benefits of and reasons for developing a music NFT marketplace using NFT development services that decision-makers must consider.NFTs' Functioning in the Music IndustryMusic NFTs are a cutting-edge and inventive way to buy, sell, and share music. Creators can make NFTs of their songs, music videos, or even a whole album of songs. They can also use NFTs to represent merchandise, prizes, or concert tickets. Further, creators can monetize their work by developing NFTs of their music and listing it on a music NFT marketplace. While right rights remain stored on a blockchain and no one can alter them, musicians receive better royalties thanks to the new trend of music tokenization in the industry. As a result, whenever a user buys music NFTs, their producers get compensation as they should. On the other hand, music fans can express their love and support for their favorite singers while gaining some financial advantages by acquiring these NFTs.Explore | Ways Blockchain Impacts the Music Streaming IndustryMusic NFT MarketplaceAfter discussing NFTs for music, it is clear that these tokens require a dedicated trading environment. The best place to trade tokens is on an NFT marketplace. These dynamic platforms are built using blockchain technology and operate following a pre-programmed smart contracts solution. Due to their blockchain foundation, in addition to enabling complete transparency of all platform activities, these platforms offer their customers the highest level of security while conducting transactions. Wallets are essential for trading tokens, which connects the sale and the buy. An efficient NFT music marketplace has a high-end storefront that lists and makes music tokens available for various audiences. Further, users or viewers can buy them by connecting their NFT wallets to the marketplace. Rapidly growing NFT marketplaces serve as an engaging platform for both NFT creators and enthusiasts. Music NFTs provide an opportunity for artists to tokenize their songs and albums and monetize them, transforming how music is produced and distributed. Through music NFT marketplaces, fans can purchase digital tokens and trade them. The music industry is slated to undergo a transformation and reach new heights as a result of this ground-breaking innovation.Benefits of Developing a Music NFT MarketplaceDiscoverA music NFT marketplace enables users to discover the songs and artwork of reputable artists from around the world in the form of NFTs. Further, by purchasing an NFT of their work, they can become a member of their community and demonstrate their support for them.CollectA music NFT marketplace is not just about artists; it is also very much about consumers. It lets users explore a vast selection of digital music and art, collect what they like, and build their profile by putting it on show.SellThe marketplace can provide a variety of options such as minting and selling original works or reselling sold NFTs. A creator can establish a price of their NFT, await offers from potential buyers, or launch an auction.InvestUsers get to invest money in their favorite musicians. They can get special benefits, royalties, and co-ownership of unique compositions.CrowdfundingA creator can plan a token drop to raise money for their subsequent endeavor and invite an audience to participate. They can give their backers a portion of ownership in exchange for a cut of the royalties they earn. Also, Explore | Getting Started with INO (Initial NFT Offering)Revenue-Inducing Fee Streams | Music NFT marketplaceList PriceOn an NFT music marketplace, artists can post listings for their collectibles. According to settings, the owner may charge a listing fee that artists must pay to be listed.Transaction CostEvery time a seller and a buyer deal on the NFT music marketplace, the marketplace may be paid a transaction fee.Cost for First SetupThere can be a provision for a one-time setup cost for digital music from artists who want to list their music as an NFT collectible on the platform for the first time.Simultaneous Sale of Various NFTsThe platform can charge content producers for the right to sell several NFTs at once.Minting ChargeFor a token to qualify as an NFT, it must first be minted, and each submission will require a minting fee.Bidding feesThe marketplace can charge certain fees from the artist, the content developer, or buyers who want to take part in the bidding process.Affiliate PromotionA musician will want to develop music NFTs and promote them to appeal to a much wider audience. The artists can seek fame for their NFT collectibles by starting an affiliate network or other marketing strategies. You may also want to read | Intelligent NFT Development: Shaping the Future of NFTsExamples | Music NFT MarketplaceRoyalThis NFT Market is for creators who have remarkable musical samples. While other marketplaces provide you services for a variety of tokens, Royal only concentrates on Music NFT development. You can design your royalty commission with Royal. The features are unmatchable, and fascination has run its course. Royal accepts credit cards, debit cards, and cryptocurrencies for payments.FAQ (Frequently Asked Questions)How much time does it require to develop an NFT music marketplace?Depending on the demands of each project, the time frame varies. A typical setup can be completed in 6–8 weeks.Where can I discover a company that provides music NFT marketplace development?With a team of skilled blockchain and NFT developers, Oodles is one of the aspiring NFT development companies. It can assist you in effectively launching an NFT music marketplace. To discover more, you can get in touch with our skilled NFT and blockchain developers right away.ConclusionFor musicians, generating revenue from their music has always been a difficulty. For the majority of musicians, streaming services are their main source of income. Nevertheless, they only get 12% on average of the revenue generated by these websites. Many changes are starting to occur in the music industry. As a result, NFTs are becoming more and more well-liked as a source of income for musicians. Music NFT marketplace development gives musicians complete creative freedom over their music, including a wealth of innovative alternatives for interaction with their listeners.
Category:
Blockchain
Mudit Kumar
29 Mar 2023
The Future of Streaming: Decentralized Blockchain Solutions
The future of streaming is decentralized. Although streaming services like YouTube are great, they have many drawbacks. Now, an alternative is emerging that is unrestricted by centralized organizations like Google and Facebook, thanks to blockchain technology.
In this quick guide, we explore crucial insights we need to know about decentralized streaming powered by blockchain development services in 2023, including how it functions and why it is better than conventional streaming solutions.
Challenges
With centralized services, a few substantial businesses control and decide what users can upload, discuss, and consequently, even think about. If they violate the rules of service, they are out.
Online streaming services like YouTube now block content that was acceptable just a few years ago. At the same time, comment sections from news websites are disappearing.
Decentralized streaming platforms can help in this situation.
The Emergence of Decentralized Streaming Platforms
Decentralized streaming platform development is becoming increasingly popular due to offerings like top-notch security, freedom of speech, and numerous other benefits.
Take note of conventional sites, such as YouTube or Spotify. We observe that the site does not give content producers enough freedom to be completely honest with their audience about their opinion or content.
However, the situation is the exact opposite on the decentralized streaming network.
The content creators have enough freedom to express their opinions without any restrictions on a decentralized blockchain-based streaming network.
Such a platform does not remove content from the platform until creators start advocating any antisocial movements like nudity, hate speech, or terrorism.
The Odysee video platform is among the best examples of a decentralized video-sharing network.
Content creator can submit their work to Odysee and get paid when viewers watch videos in LBRY coins.
Also, Explore | Developing a Blockchain-Powered Media Streaming Platform
Blockchain Technology has the Potential to Transform Streaming with the:
Blockchain-Based Profile Creation: Digital identity-based account creation that contains immutable users interests and info
Multiple Payment Gateway: Customizable, flexible crypto-based secure payment options, including digital cards and others
Search and Geolocation: An easy-to-use tool that uses geolocation and finds broadcasts based on users' current location
Multi-Access & Multi-Lingual: Multi-country access with multi-lingual streaming options to connect the global audiences
Video Resolution Conversion: Video division into smaller segments to reduce extensive memory usage for server uploads
User Ratings and Reviews: Reward mechanisms for users to rate and review a particular video accessible by other users
Streaming Solutions Development with Blockchain
On-Demand Streaming Platforms Development
Creating blockchain-based on-demand streaming services enables viewers to pay per metered viewing and pay content owners depending on consumption viewing. With smart contracts, stakeholders can boost content distribution, consumption, and payment models, improve royalties administration, reach a bigger audience globally with multi-country access, and more. Moreover, they can encourage creative loyalty management initiatives to sustain steadfast customer loyalty.
Live Streaming Platforms Development
Providing live streaming solutions that are affordable, safe, and scalable enables users to create live or on-demand videos and power their streaming capabilities. It allows users to broadcast a variety of content with ease, including surveillance, conferences, gaming, coding, entertainment, educational courses, and more, using blockchain technology. Further, blockchain plays a crucial role in reducing infrastructure costs or high streaming bills significantly with quicker TPS (transaction processing per second) and scalability.
Audio Streaming Applications Development
Creating platforms based on smart contracts can address concerns with rights holders and royalty payments in the audio streaming sector, including on-demand music, instructional podcasts, and more.
Direct access to music streaming for content providers enables them to share in the profits made from streaming. With blockchain-licensed intellectual property integration, it is possible to stop piracy and integrate innovative payment options like microtransactions and metered viewing available to users and artists.
You may also like | How NFTs are Revolutionising the Music Industry
A few of the Current Blockchain-based Streaming platforms
Livepeer
Livepeer is a decentralized peer-to-peer platform that runs on the Ethereum blockchain and primarily seeks to democratize live video. The Livepeer Token, or LPT, cryptocurrency allows users to engage in the live peer network.
YouNow
Similar to Livepeer, the video streaming network YouNow is for services like video chat and live broadcasts.
Want to enter the decentralized video streaming platform market to increase revenue and turn your business into a unicorn, connect with our skilled blockchain development experts.
Category:
Blockchain
Mudit Kumar
28 Mar 2023
Essentials to Consider for DEX Aggregator Development
New approaches to streamline user navigation and enhance user experiences are emerging to keep the DeFi industry growing and expanding. Another innovative approach is DEX aggregator development using crypto exchange development services that bring together various DEXs under one roof. They enable users to conduct operations on all covered dex platforms without the need to establish separate accounts and wallets.
What is a DEX Aggregator
In the world of DeFi, DEX aggregators are in charge of ensuring that the different DEXs on its list of covered services can communicate with one another. By registering on such aggregators, users can access a variety of DEXs without having to register on each one individually or link their wallets to each exchange independently.
In a nutshell, a DEX aggregator becomes a platform that combines the use of several decentralized exchanges with a single user account, allowing users to use a variety of crypto trading and investment strategies to optimize their profits.
Additionally, using an aggregator eliminates the hassle of having to register on numerous websites and reduces cross-platform transportation costs.
Also, Explore | Must-Have Order Types in a Crypto Exchange
Dex Aggregator Development: A Boon for Traders
DEX aggregators, also known as liquidity aggregators, are very well-liked by active traders because of their many advantages.
In reality, DEX aggregators have gained so much popularity that by the middle of 2020, they accounted for 20% of all decentralized trading volumes.
Adequate Liquidity Pool
For traders looking to trade large volumes of digital tokens, DEX aggregators offer adequate liquidity.
Due to a lack of liquidity, it might be challenging to convert a sizable position of a newly released token into a stablecoin on a single decentralized exchange, for example. You are more likely to find the liquidity you require to exit your token account without excessive slippage if you use a DEX aggregator.
A more Favorable Execution Price
A DEX aggregator offers a better execution price than a single DEX. Aggregators are designed to help traders fill trades as efficiently as feasible across various liquidity pools. So it makes sense to use a liquidity aggregator rather than just one decentralized trading tool for traders and investors who are price sensitive.
Also, Explore | Getting Started with NFT Aggregator Platform Development
Increased Level of Anonymity
Similar to "traditional" decentralized exchanges, DEX aggregators give crypto trading a level of anonymity not available on centralized exchanges.
Anyone with a crypto wallet and an internet connection can log onto a DEX aggregator online and swap one digital asset for another, unlike centralized exchanges that typically require users to complete a KYC onboarding process.
Better Financial Management
Fourth, because DEX aggregators are frequently non-custodial exchange platforms, traders always maintain authority over their funds.
DEX aggregators let you trade directly from and to your cryptocurrency wallet, unlike centralized exchanges where you must deposit coins and thereby give up your private keys while they are held on the site.
An Enhanced Open Trading Environment
Lastly, DEX aggregators enhance the decentralized trading experience by offering intuitive dashboards that enable millions of digital tokens to be traded in a matter of seconds with just a few clicks.
Also, Visit | Cross-Chain DEX for Seamless Interoperability and Liquidity
Additional Features to Consider in DEX Aggregator Development
DEX Aggregation
It permits a trustless exchange of cryptocurrency assets between different layer 1 platforms. To address liquidity fragmentation in various chains, a DEX aggregator must use a genuine multi-chain architecture that initially supports the Ethereum and Binance Smart Chain and progressively adds more chains over time.
Liquidity Mining
Through a DEX aggregator, users can combine tokens for liquidity provisioning across different DEXs. Through rewards dependent on the number of tokens pooled, users are encouraged.
The development of DeFi is significantly influenced by liquidity mining, which is what generates Ethereum's DeFi traffic.
Market-Making Building
True on-chain selling is enabled by the Market-making suite. The process can be integrated with a market-making SDK.
You May Also Like | Maximizing Crypto Exchange Efficiency with Crypto APIs
Important Characteristics of a DEX Aggregator Platform
Transactions Without Gas
To provide gasless transactions for all on-chain trades and any increase or removal of liquidity, a protocol must make use of transaction fee mining.
Zero-Fee
Trading should not incur any fees whatsoever when increasing or removing liquidity.
Rewards
Rewards from on-chain transactions, liquidity mining, and when users provide liquidity should be available to users.
Liquidity Aggregation
To give the best market token rates, it must offer aggregate liquidity from all of the currently used protocols.
Governance
To ensure protocol governance is unanimous, it should use a time-shifting governance method.
Developer-friendly
The protocol should be completely tech-enabled, and developer-friendly, allowing users to build workflows seamlessly.
Also, Check | Utilizing the 1inch DEX Aggregator in Your Smart Contract Solution
Conclusion | DEX Aggregator Development
One of the most reprehensible developments in the developing DeFi market that enables traders to access significant liquidity and get better pricing is DEX Aggregators. DeFi aggregators address this problem by bringing the user's most beneficial transactions together in one place.
Crypto exchange developers at Oodles can assist you in developing DeFi DEX aggregators. They use their experience, in-depth domain knowledge, and specialized methodology to develop highly-efficient crypto solutions.
Category:
Blockchain
Mudit Kumar
24 Mar 2023
Must-Have Order Types in a Crypto Exchange
There are various methods to place buy and sell orders for cryptocurrencies, just like there are in conventional stock market exchanges. However, it's important to understand how each one operates. A variety of trade kinds are available to traders, allowing them to profit from market volatility or hedge against it. When venturing into crypto exchange development, it is necessary to provide maximum order options to enhance user experience. This article will explain the main crypto order types: basic, advanced, and conditional.
Order Book
The word order is used in financial markets by the investor to buy or sell investments, which may be in any form such as securities, bonds, cryptocurrencies, etc. In specific, crypto orders exist to exert some control over how crypto transactions are handled on a crypto exchange platform.
Here is a list of the different kinds of crypto orders that we must integrate when developing a crypto exchange platform.
Also, Visit | Maximizing Crypto Exchange Efficiency with Crypto APIs
Basic Orders
The following are the most typical kinds of crypto orders:
Market Order
The simplest type of order to carry out a cryptocurrency buy or sale is a market order. These orders only specify the number of cryptocurrencies that a user wants to buy or sell immediately. The price at which they get executed will be the best one at the time. You cannot execute market orders with any order condition.
Limit Order
When a user executes a limit order to buy, the order book buys the cryptocurrency at the set limit price or a lower price. When a user executes a limit order to sell, the cryptocurrency is sold at the limit price or a higher price.
Limit orders come in use to buy or sell cryptocurrencies when the market price reaches a specified value. Limit orders become executable only when the market hits the specified limit.
Stop Orders
Stop orders are similar to limit orders, but become market orders once the pre-specified price, i.e. stop price, is reached. These types of orders – sell-stop orders/buy-stop orders help protect profits and limit losses of the trader. The stop price of the sell stop order is lower than the market price, and the stop price of a buy stop order is above the market price.
Also, Check | The Rise of P2P Crypto Exchange after the FTX Debacle
Advanced Order Types a Crypto Exchange Should Have
Conditional Orders
The criteria listed below link various orders together for a variety of purposes. Although they are made up of order types from the Basic and Advanced parts above, conditional orders are also regarded as order types.
One Cancels the Other | OCO
Orders that are OCO (one cancels the other) arrive in pairs, and when one is executed, the other is also immediately canceled.
An example of an OCO
A trader may set up their stop loss and take profit orders as an OCO order if they have an open long account. This would enable them to simultaneously have two exit orders open without running the chance of the second order executing after the first order closes the position. For instance, the stop loss would be immediately canceled if the take profit was triggered.
One Sends the Other | OSO
OSO (One Sends the Other) orders, also referred to as conditional closes, activate a secondary order only in the event that the main order executes.
OSO Example
A limit order can be put in to start a position by a trader who is new to the market. When their limit order is executed, they can use an OSO/conditional close order to immediately open a stop loss. The stop loss could fill before the limit order, leaving them in a bad trade, if they were to file both orders normally.
You May Also Like | Factors to Consider before the Development of a Crypto Exchange Software
OCA | One cancels all
The OCA (One cancels all) order type lets traders program multiple (3 or more), potentially unrelated orders as a group with the effect that when one order executes, all others are automatically canceled. If one of the orders can only be partially filled, the other orders will remain open and adjusted to include the remaining value of the partially filled order.
Example of an OCA
If submitted through a brokerage, a trader can use this order type to spread their budget across multiple asset types (most cryptocurrency exchanges require an order to be submitted to a single market). A trader may also use OCA orders to attempt multiple entries into/exits out of a single market.
One Cancels all | OCA
When three or more possibly unrelated orders are programmed as a group using the OCA (One cancels all) order type, all of the other orders are automatically canceled when the first one executes. The other orders will stay open and be modified to reflect the remaining value of the partially filled order if one of the orders can only be partially filled.
OCA Example
This order form can be used by a trader to allocate their budget among various asset classes if filed through a brokerage. (most cryptocurrency exchanges require an order to be submitted to a single market). OCA orders can also be used by traders to make numerous attempts at entering and exiting the same market.
Explore more | Must-Have Features for a Unique Crypto Exchange Development
Fill options
These are add-ons to an order that place restrictions on how the transaction can be filled.
Fill or kill / All or none
If a Fill or Kill order cannot be fully performed, it is either immediately canceled or partially executed.
Post limit / Post only
By doing this, the purchase is kept from posting to the incorrect side of the order book. This choice is used by traders to guarantee that at least a portion of their limit order is filled as a "maker" order.
Reduce only
Restricts the order's execution so that it can only be carried out if it will end a position or lessen its open volume. A reduce-only transaction is canceled if doing so would open a position or make it larger.
IOC — Immediate or cancel
IOC (Immediate or cancel) orders require that as much of the order's volume is bought or sold as soon as feasible. Any sum left blank is canceled.
Iceberg / Hidden Orders
Iceberg orders, also known as hidden orders, split a big order size into multiple limit orders of the same size. Over time, each equal part is separately offered to the market. The purpose of an Iceberg/Hidden Order is to conceal the real order quantity because occasionally, the presence of large orders in the order book can have an impact on an asset's price.
Also, Read | Crypto Exchange Platform | Strengthening Security Measures
What's Next
When developing a crypto exchange, we must ensure an efficient user experience. That requires a thorough understanding of crypto order types. Knowing the trading tools at your disposal is crucial, whether a user wants to use stop orders to reduce the possibility of loss or OCO orders to prepare for multiple outcomes at once.
You may connect with our skilled crypto exchange developers if you have a project in mind and want to integrate these crypto order types.
Category:
Blockchain
Mudit Kumar
23 Mar 2023
Supply Chain Development with Blockchain in 2023
Due to the globalization of the market, supply networks have become more complicated than ever. The majority of supply chain managers claim to only be able to see their top-tier vendors and not the upstream supply chain. Any company with a supply chain must efficiently and precisely handle all of the various suppliers, manufacturers, customers, and logistics at the same time. However, transparency and workflow are reduced as intricacy rises. It appears difficult to effectively and efficiently maintain the functioning of supply chains because the global market's future scenario predicts greater complexity. The use of blockchain development services for supply chain management has started to look appealing more than ever in 2023 due to the complexity of current supply networks as well as their lack of transparency and speed. We will look at the best use cases for blockchain technology in the supply chain, its benefits to the industry, and how it can be applied to supply chains in the year 2023.How Blockchain Works in the Supply ChainIn the blockchain network, supply chain transactions are either started by authorized participants in the chain or automatically enforced by smart contracts in response to predefined events. Supply chains primarily rely on permissioned blockchains to reduce security risks, allowing only known and trusted supply chain members with special rights to validate data on supply chain events and transactions. Specific user groups, like end users, are only permitted to view data on the blockchain network. Blockchain data is kept in time-stamped blocks that are connected chronologically after being verified and encrypted with a hash function. As a singular source of truth for tracing supply chain activities and confirming the provenance of assets and inventory, the blocks come together to create a distributed ledger. The shared ledger is maintained by each authorized network user and is automatically updated as new data is added. Utilizing web and/or mobile apps tailored to their respective roles, supply chain participants communicate with the blockchain to transact and trace data. Also, Visit | NFT Integration for Remodelling Supply Chain ProcessesSupply Chain Applications of Blockchain TechnologyAlthough cryptocurrency may not seem as reliable to supply chain managers, they do believe that blockchain has the potential to revamp supply chains.As per Gartner, "90% of Blockchain-Based Supply Chain Initiatives Will Suffer ‘Blockchain Fatigue' by 2023. However, it seems like businesses are overcoming this fatigue, and have started piloting and implementing the technology.Businesses are utilizing blockchain technology in various areas and supply chain steps. However, it is still too early to state that it dominates supply chains. We have elaborated on a few instances where blockchain can transform the supply chain in 2023: You may also want to read | Reimagining Supply Chain Management with NFTsSupply Chain AdministrationBlockchain's transparency, traceability, speed, and consensus features can make supply chain administration easier. Based on its information processing and sharing capabilities, blockchain unifies the supply chain's communication networks on a single platform. Additionally, a study found that blockchain can help lower the risk of some supply chain disruptions caused by behavioral unpredictability, fraud risk, data loss, human error, operational risk, and informational asymmetries. As a result, it can significantly improve supply chain administration and monitoring. Also, Check | Blockchain a Must for Supply Chain Development after COVID-19Lowering CostsBlockchain enables effortless international trade. Businesses can escape intermediaries as a result. They can avoid wasting time and money by eliminating unnecessary stages that add to the overall cost.Also, Check | The Future of Blockchain in the Grocery IndustryStrengthened Product RecallBlockchain makes it simpler for supply networks to control product recalls by facilitating the identification and location of the affected goods during the process. This is made possible by its traceability and transparency features. As a result, the recalling procedure can become quicker and less expensive.Cutbacks on CounterfeitingFor the quality and dependability checks of goods, provenance is crucial. The provenance of goods can be accurately verified thanks to blockchain technology. It enables traceability of every stage within a supply chain. As a result, it lessens counterfeiting by enabling a quick check of the product's provenance. A 2016 OECD research found that counterfeit and pirated goods made up 6.8% of all EU imports and 3.3% of global trade. This shows that there is a grave need to fight counterfeiting, which blockchain technology can do. Additionally, because every transaction is subject to authentication, blockchain can prevent documentation fraud by validating licenses and official papers.Upholding Ethical Standards and PrinciplesConsumers are now more conscious of the social standards they demand from the companies they buy their goods from. 60% of consumers claim that they look for brands that are consistent with their sense of purpose and sustainability. They study a company's environmental, social, and governance (ESG) policies before making a purchase. Customers want proof that the goods they are purchasing do not go through unethical manufacturing and delivery procedures. They can know the origins of their goods and how they are made and shipped thanks to blockchain traceability. Explore more | Mining Supply Chain Meets Blockchain for End-to-End TrackingLogisticsTransactions can be verified, noted, and managed autonomously without the involvement of third parties using these smart contracts. As a result, a component of complexity for global supply networks is reduced. Some transportation providers, including DHL, consider integrating blockchain technology into their operations.Supply Proof of ValidityBlockchain can track and trace the origins of raw materials and finished goods. It can facilitate attestation of their quality and origin, guaranteeing their authenticity, and avoiding losses due to counterfeit and gray market goods.You may also like | Blockchain for Procurement Management | Enabling OpportunitiesManagement of Supply Chain ComplianceAn unchangeable audit trail of all supply chain data and transactions, automated compliance checks against internal, international, industry- and region-specific regulations, and a way to satisfy regulatory demands for information on the provenance of products are possible with blockchain.Inventory ControlInventory movement between facilities and its use during various production stages can be tracked and recorded. Also, stock availability across locations has become verifiable to facilitate efficient inventory management and prompt replenishment.Management of ClaimsBlockchain enables complete traceability of supply chain data and transactions to ensure evidence of the origin and provenance of the goods. It further facilitates quality recall procedures for quicker claim resolution and prevents further distribution of faulty, unsafe goods. You Might be Interested in | Most Influencing Blockchain Use Cases for SCM (Supply Chain Management)Are you Interested in Developing blockchain for supply chains?Utilize Oodles' in-depth experience in developing blockchain software as well as its in-depth understanding of the supply chain industry. Our blockchain development experts can help you launch a competitive blockchain-based supply chain solution in 2023.
Category:
Blockchain
Mudit Kumar
15 Mar 2023
Top 4 PropTech Transforming Real Estate
It's time to rethink real estate management
and development as an intelligent, hyper-connected industry that fosters "new ways of working" by embracing proptech like blockchain development services and other cutting-edge digital technologies like NFT, AI, and smart contract solutions.
The digital technology revolution driven by proptech is providing huge opportunities for early adopters. It is disrupting the real estate industry.
Every aspect of real estate has changed as a result of the digital evolution of the sector. Real estate companies are searching for alliances, partnerships, and proptech solutions that can support agility, boost efficiencies, and enhance the user experience for their business models to compete.
In this quick guide, explore how proptech like smart contracts, blockchain, NFT, and others are laying the foundation for the real estate industry's digital transformation.
PropTech Driving Digital Revolutions across the Real Estate Sector
Blockchain
Blockchain technology can completely transform the real estate industry.
Blockchain-based real estate solutionscan simplify the entire real estate transaction process. They can help buyers and vendors find one another and provide a secure, open environment where everyone can monitor the progress of a transaction.
Additionally, blockchain-based platforms may one day enable the fractional ownership of real estate assets, opening up the real estate market to a wider variety of people.
This could open up fresh business opportunities and help democratize the real estate market.
Of course, it will take some time for the real estate industry to fully embrace and use blockchain technology. But we believe that blockchain will begin to change how we buy, trade, and invest in real estate as more people become conscious of its potential.
Also, Check | Blockchain Solution for Efficient Land Title Management
Smart Contracts
There is a lot of documentation to manage and intermediaries are compensated for their services, thereby increasing costs significantly.
New technologies have made it unnecessary for real estate deals to proceed the same way they did 20 years ago.
The fourth industrial revolution, which is defined by cyber-physical systems, has the potential to significantly improve the real estate sector.
Incorporating "Smart Contracts" is the answer because it is the ideal technology to not only eliminate the need for middlemen but also to establish a trustless ecosystem where the automated conditions are clear and unchangeable.
Before funds can be released, a smart contract functions as an automatic regulator to make sure that all parties involved have complied with the terms of the agreement.
Should there be a default, the smart contract cannot be persuaded to be partial. With the use of smart contracts, all business would be conducted directly between real estate agents and customers, with no need for amendments, attorneys, or mountains of paperwork.
In addition to being less expensive, it also decreases fraud and allows participants to transact business online without physically meeting to sign documents, making it easier and faster to transfer properties within minutes rather than waiting weeks for transfers.
Both a real estate agent and a client seeking to buy a property benefit from it.
Must-Read | Automated, Secure Real-Estate Settlement via Smart Contracts
NFT (Non-Fungible Token)
The emergence of Non-Fungible Tokens, or NFTs, has significantly altered the real estate market.
NFTs are perfect for use in the digital ownership and trading of real estate because they are unique digital properties that cannot be duplicated.
NFTs are giving the real estate sector a new degree of transparency, security, and ownership rights with the aid of Blockchain technology.
With virtual reality-based virtual tours, virtual property possession, and the tokenization of physical assets, NFTs have huge potential in the real estate sector.
The traditional real estate market is about to be disrupted by this innovative technology, creating new possibilities for both investors and property owners.
Related | Emerging NFT Use Cases Capable of Transforming Real Estate
Metaverse
In the metaverse, lands and structures are referred to as real estate property. Because the territory in the metaverse is virtual, it doesn't exist. Pixels that serve as programmable spaces in virtual reality systems are what land parcels in the metaverse are all about. Workplaces, parks, and gathering spaces could be built in these areas.
Investors can purchase land parcels from a variety of metaverse platforms that offer distinctive simulated worlds.
No single platform can be claimed to perfectly portray the metaverse because they all provide a variety of capabilities.
Some of the most well-liked metaverse sites for real estate investors include The Sandbox, Decentraland, Metahero, Horizon Worlds, and Celebrity Atlas.
You may also want to explore | Virtual Real Estate Development in the Metaverse
To support the initiative "Be Digital and Build Digital," Oodles collaborates with property management firms to develop, incubate, and implement digital interventions using proptech. Our blockchain development experts make it easier and faster to adopt proptech technologies so that the complete real estate value chain can benefit from process improvements.
Category:
Blockchain
Mudit Kumar
10 Mar 2023
Game Development with NFT | Things You Must Know
The intersection of blockchain technology and interactive entertainment has paved the way for a revolutionary era in game development. Non-fungible tokens (NFTs) have emerged as a transformative technology, enabling unique digital asset ownership, creating new monetization opportunities, and redefining player engagement. This comprehensive guide will explore everything you need to know about NFT game development with NFTs, from the foundational concepts to the technical intricacies and future trends. Whether you are a game developer, blockchain entrepreneur, or business executive, this blog offers valuable insights into integrating NFTs into your gaming projects.IntroductionThe gaming industry has long been a hotspot for innovation, continually pushing the boundaries of interactive technology and user engagement. In recent years, NFTs have captured significant attention by offering verifiable ownership of digital assets. Unlike traditional digital items, NFTs are unique, decentralized, and stored on the blockchain, allowing gamers to truly own, trade, or sell in-game items. As NFT-based games gain popularity, businesses and developers are exploring how to harness this technology to create immersive experiences and robust revenue streams.In this blog, we delve deep into the key concepts, benefits, technical considerations, challenges, and future trends surrounding NFT game development. We aim to equip B2B decision-makers and technical teams with the essential knowledge to navigate this rapidly evolving landscape.Also, Read | How to Develop an NFT Game Like Zed Run | A Step-by-Step GuideUnderstanding NFTs in the Gaming IndustryWhat Are NFTs?Non-fungible tokens (NFTs) are digital assets that represent unique items on a blockchain. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are fungible (each unit is interchangeable), NFTs are distinct and cannot be replaced with another token of equal value. This uniqueness makes them ideal for representing rare in-game items, collectibles, artwork, virtual real estate, and more.Why NFTs Matter in GamingNFTs introduce a paradigm shift in game development by:Providing True Digital Ownership: Players can own unique in-game assets that they can trade, sell, or even use across multiple platforms.Enabling a Play-to-Earn Model: Players can earn income by participating in games, contributing to the ecosystem, or trading valuable assets.Fostering an Engaged Community: The sense of ownership and potential investment in in-game assets drives player loyalty and community engagement.By integrating NFTs, game developers can create ecosystems where players have tangible stakes in the game's economy, encouraging deeper interaction and long-term retention.Also, Check | Play-to-Earn NFT Games | Driving the GameFI RevolutionThe Benefits of NFT Integration in Game DevelopmentMonetization OpportunitiesNFTs open up several revenue streams for game developers:In-Game Asset Sales: Unique items, skins, weapons, or characters can be sold as NFTs, generating direct revenue.Secondary Market Royalties: Smart contracts can be programmed to provide creators with royalties every time an NFT is resold.Play-to-Earn Economies: Empowering players to earn through gameplay creates a dynamic ecosystem where in-game activities translate into real-world value.Enhanced Player ExperienceNFTs add an extra layer of engagement by:Providing Verifiable Scarcity: Limited-edition NFTs can drive demand, as players value the rarity and uniqueness of their digital assets.Promoting Interoperability: NFTs can be designed to work across multiple games or platforms, giving players more freedom and utility.Building a Community: The shared ownership of assets fosters a sense of belonging, encouraging community-driven development and feedback loops.Strategic Business AdvantagesFor B2B stakeholders, NFT integration can:Differentiate Your Product: Stand out in a crowded market by offering innovative NFT features.Attract Investment: The intersection of blockchain and gaming is attracting significant venture capital, providing opportunities for strategic partnerships.Drive Long-Term Engagement: With built-in economic incentives, players are more likely to invest time and money in your game ecosystem.Also, Discover | How To Create a Daily Game Reward System in SolidityTechnical Aspects of NFT Game DevelopmentDeveloping a game with NFT integration involves a careful blend of blockchain technology, game design, and smart contract development. Here are the core technical components:Blockchain IntegrationBlockchain serves as the backbone for NFT transactions, providing a decentralized ledger that records asset ownership and transaction history.Choosing the Right Blockchain: Selecting the optimal blockchain platform is crucial. Ethereum is the most widely used network for NFTs, but alternatives like Binance Smart Chain, Flow, and Polygon offer scalability and lower transaction fees.Scalability Considerations: As game interactions increase, ensuring the blockchain can handle high volumes of transactions without significant latency or cost increases is essential.Interoperability: Future-proofing your game may require interoperability between different blockchain networks, allowing assets to move seamlessly across ecosystems.Smart Contracts and NFT StandardsSmart contracts are self-executing contracts with the terms of the agreement directly written into code. They play a critical role in NFT game development.NFT Standards: Familiarize yourself with popular standards such as ERC-721 for single-instance NFTs and ERC-1155 for multi-token standards. These protocols ensure compatibility and interoperability within the blockchain ecosystem.Contract Security: Smart contracts must be rigorously tested and audited to prevent vulnerabilities. Security flaws can lead to asset theft or unintended behaviors.Automated Royalty Payments: Integrating automated royalty mechanisms within smart contracts allows creators to earn from secondary market sales without ongoing administrative oversight.Game Engine IntegrationIntegrating blockchain functionality with your game engine is a critical step. Most modern game engines offer support or third-party plugins for blockchain connectivity.Unity and Unreal Engine: Both platforms now support blockchain integration, with SDKs available to help developers interact with blockchain networks and manage NFT transactions.APIs and Middleware: Utilize APIs and middleware solutions to bridge the gap between the game and blockchain. These tools can handle wallet integration, asset management, and transaction processing.User Interface Design: Creating a seamless user experience requires designing intuitive interfaces that abstract the complexities of blockchain transactions. Ensure that players can easily view, trade, and manage their NFTs without needing in-depth technical knowledge.Also, Explore | Game Development with Blockchain, NFT, and the MetaverseChallenges in NFT Game DevelopmentWhile NFTs offer tremendous potential, developers must navigate several challenges to ensure successful integration:Scalability and Transaction CostsHigh Gas Fees: On networks like Ethereum, gas fees can be prohibitive, especially during times of high network congestion. This can limit microtransactions and impact player experience.Network Congestion: High volumes of transactions can slow down the network, leading to delays in NFT transfers and gameplay interruptions.Mitigation Strategies: Explore layer-2 solutions and alternative blockchains to alleviate scalability issues and reduce transaction costs.Regulatory and Legal ConsiderationsIntellectual Property Rights: Defining ownership and licensing rights for digital assets is complex. Developers must clearly outline what owning an NFT means in the context of the game.Consumer Protection: Regulations around digital assets and cryptocurrencies are still evolving. Ensuring compliance with local and international laws is critical.Tax Implications: Both players and developers need to be aware of the tax implications of NFT transactions, which can vary significantly by jurisdiction.Security and Fraud PreventionSmart Contract Vulnerabilities: Flaws in smart contract code can lead to exploits. Rigorous testing and third-party audits are essential.Phishing and Scams: As NFT transactions involve real economic value, they are a target for scammers. Educating users and implementing robust security protocols is crucial.Data Privacy: Blockchain's immutable nature requires careful handling of personal data to comply with privacy regulations like GDPR.User Experience and AdoptionOnboarding Complexity: Many players are unfamiliar with blockchain technology and digital wallets. Simplifying the onboarding process is key to widespread adoption.Transaction Delays: Blockchain transactions are inherently slower than traditional in-game transactions. Managing user expectations and incorporating offline functionalities can help mitigate frustration.Educational Resources: Providing clear documentation, tutorials, and customer support will help users understand the benefits and functionalities of NFTs within your game.You may also like | How to Develop Play-to-Earn Game in SandboxBest Practices for NFT Game DevelopmentTo successfully integrate NFTs into your game, consider these best practices:1. Choose the Right Blockchain PlatformEvaluate factors such as transaction speed, fees, security, and developer community support. Ethereum remains popular, but alternatives like Polygon or Flow may offer more efficient solutions for gaming applications.2. Prioritize User ExperienceSimplify Wallet Integration: Streamline the process for creating and managing digital wallets.Transparent Transactions: Ensure that players have clear visibility into NFT ownership and transaction history.User-Friendly Interfaces: Develop intuitive UIs that hide the complexity of blockchain operations, making the experience accessible to non-technical users.3. Implement Robust Security MeasuresSmart Contract Audits: Regularly audit your smart contracts to identify and fix vulnerabilities.Data Encryption: Employ advanced encryption techniques to safeguard user data and transaction details.Fraud Detection Systems: Integrate fraud detection and prevention mechanisms to protect your ecosystem from malicious activities.4. Foster Community EngagementRegular Updates: Keep your community informed about upcoming features, changes, and NFT drops.Incentive Programs: Reward loyal players with exclusive NFTs, in-game currency, or other benefits.Feedback Loops: Encourage player feedback and iterate on your game based on community suggestions.5. Plan for ScalabilityLayer-2 Solutions: Consider incorporating layer-2 protocols or sidechains to handle high transaction volumes.Modular Architecture: Design your game architecture to allow for future expansions and cross-chain integrations.Future Trends in NFT GamingThe NFT gaming landscape is dynamic and continues to evolve. Here are some emerging trends to watch:Interoperability and Cross-Platform IntegrationFuture NFT systems may allow assets to be used across multiple games or even different platforms, fostering a more connected gaming ecosystem. This cross-platform integration can enable players to transfer their hard-earned assets seamlessly between different virtual worlds.Play-to-Earn (P2E) EconomiesPlay-to-earn models are rapidly gaining traction, especially in emerging markets. By rewarding players with NFT assets or cryptocurrency for gameplay, developers can create engaging economic ecosystems that encourage long-term player investment and participation.Metaverse IntegrationAs the concept of the metaverse evolves, NFTs will play a central role in creating persistent, interconnected virtual worlds. Game developers are already exploring how NFT ownership can translate into real-world benefits in virtual environments, from exclusive events to virtual real estate.Enhanced In-Game EconomiesWith blockchain technology, in-game economies become more transparent and robust. Smart contracts can automatically adjust supply and demand dynamics, while secondary markets can provide ongoing revenue for both developers and players.Increased Regulatory ClarityAs the market matures, regulatory frameworks are expected to evolve, offering clearer guidelines for digital asset ownership, taxation, and consumer protection. This clarity will likely encourage more traditional businesses to explore NFT integration.Case Studies and Success StoriesExamining successful NFT game projects can provide valuable insights into best practices and potential pitfalls. Consider the following examples:Axie InfinityOne of the pioneers in NFT gaming, Axie Infinity leverages NFTs to represent digital pets known as Axies. Players breed, battle, and trade these unique creatures, creating a vibrant play-to-earn ecosystem. Axie Infinity's success highlights how community engagement and a robust in-game economy can drive widespread adoption.DecentralandDecentraland is a virtual world where users can buy, sell, and develop parcels of virtual real estate as NFTs. The project demonstrates the potential for NFTs to enable interoperability and foster entirely new forms of digital interaction and commerce.The SandboxThe Sandbox offers a user-generated gaming platform where players create, share, and monetize their gaming experiences. By leveraging NFTs for in-game assets, The Sandbox has created a dynamic marketplace that empowers both creators and players, driving innovation within the metaverse.You might be interested in | GameFi | The Next Big Thing in the Crypto SpaceConclusionNFTs represent a groundbreaking opportunity for the gaming industry, merging the worlds of blockchain technology and interactive entertainment. For businesses and developers, the integration of NFTs offers a unique chance to drive innovation, enhance user engagement, and unlock new revenue streams. However, realizing this potential requires a deep understanding of blockchain fundamentals, robust technical implementation, and a commitment to creating user-friendly experiences.By carefully navigating the challenges of scalability, security, and regulatory compliance, developers can harness the full power of NFTs. The future of NFT gaming is bright, with trends such as cross-platform interoperability, play-to-earn models, and metaverse integration promising to redefine the boundaries of digital interaction. Embracing these trends not only sets the stage for technical innovation but also paves the way for more vibrant, player-centric game ecosystems.Whether you are an established game developer or a new entrant in the industry, staying informed and adaptable will be key to leveraging NFTs effectively. As the market evolves, continuous learning, community engagement, and iterative development will ensure that your NFT game projects remain at the forefront of this digital revolution.Frequently Asked Questions (FAQ)1. What exactly is an NFT, and how does it work in games?An NFT (non-fungible token) is a unique digital asset stored on a blockchain. In games, NFTs can represent items like characters, skins, weapons, or virtual real estate. The blockchain verifies ownership and authenticity, allowing players to trade or sell these assets independently of the game's central authority.2. How do NFTs benefit game developers and players?For developers, NFTs open up new monetization channels such as direct asset sales and royalties from secondary market transactions. For players, NFTs offer true digital ownership, allowing them to trade, sell, or use their assets across multiple games or platforms. This creates engaging, dynamic ecosystems that promote player retention and community growth.3. What blockchain platforms are best suited for NFT game development?Ethereum is the most popular platform due to its established ecosystem and robust NFT standards (ERC-721 and ERC-1155). However, alternatives like Polygon, Flow, and Binance Smart Chain offer advantages in scalability, lower transaction fees, and faster processing times, making them attractive options for game development.4. What are some of the challenges developers face when integrating NFTs into games?Common challenges include scalability issues, high transaction fees (gas fees), ensuring security and preventing smart contract vulnerabilities, regulatory compliance, and creating a seamless user experience. Addressing these challenges requires careful planning, robust technology choices, and ongoing community engagement.5. How can developers ensure a smooth user experience when incorporating NFTs?Developers should focus on simplifying wallet integration, creating intuitive interfaces, and providing clear educational resources about blockchain operations. Utilizing layer-2 solutions or alternative blockchains can also help reduce transaction delays and lower fees, enhancing the overall user experience.6. What future trends should businesses watch in the NFT gaming space?Key trends include increased interoperability across platforms, the growth of play-to-earn models, the integration of NFTs in metaverse projects, enhanced in-game economies driven by smart contracts, and clearer regulatory frameworks. These developments are expected to drive further innovation and adoption in the NFT gaming sector.In conclusion, integrating NFTs into game development presents both immense opportunities and significant challenges. With a clear strategy, robust technical planning, and a commitment to enhancing the player experience, businesses can capitalize on the transformative potential of NFTs. As the technology and market continue to evolve, staying informed and agile will be essential for success in this exciting frontier of digital entertainment.If you are planning to explore the development of games with NFT integration, connect with our blockchain developers to schedule a discussion.
Category:
Blockchain
Mudit Kumar
09 Mar 2023
Virtual Real Estate Development in the Metaverse
The metaverse is still an emerging concept. Investments in it carry significant risks. However, given the similarly high probability of high returns, it might be worth the risks. However, you must conduct your due diligence before deciding to take risks, just like with all other investments and business endeavors. In this quick guide, we provide you with a thorough overview of virtual land/real estate development in the Metaverse.
It is the blockchain development services that lay the basis of this newly developed idea. Learn more about this idea's potential as a profitable business venture and how to get started with it by reading on.
What Is Virtual/Real Estate In The Metaverse?
Although lands or buildings in a virtual environment known as the "metaverse" are nothing more than pixels on a computer screen, their worth is increasing.
On top of virtual land, one can construct experiences that are conducive to marketing, promoting, socializing, and entertainment activities.
In this virtual world, innovators are constructing various types of properties, such as company headquarters, billboards, and casinos where 3D avatars can play online games.
Each piece of land has a distinct worth depending on the experience it offers as well as other elements like collectability, platform acclaim, and market sentiment.
A great illustration of the possibilities of real estate investment is Decentraland.
Venturing into Developing a Real Estate in the Metaverse
Developing a Blockchain-Based Metaverse Platform in Phase 1
Now, creating real estate within a metaverse calls for a wide variety of abilities.
Select the core blockchain platform first, before anything else.
The infrastructure to build a democratic and community-driven virtual world is currently provided by all of the main blockchain platforms, including Ethereum, Polygon, Algorand, Solana, and others.
This implies that a blockchain-based metaverse is supported by the capability of a smart contract, which causes specific actions to be taken in response to certain circumstances.
Further, we require decentralized finance for optimum functionality. It's crucial to enable the use of cryptocurrencies and NFTs (Non-fungible tokens).
You can either select clones of already developed platforms to establish real estate properties inside of already-existing blockchain metaverse platforms like Decentraland, Sandbox, etc.
Building a metaverse ecosystem from inception and then adding real estate properties is the key to creating a larger and more specialized platform.
It is wise to develop a metaverse from scratch and incorporate the functionalities and features of your choice because the existing metaverse platforms are still in their infancy.
A skilled metaverse and blockchain development company can help you here by streamlining the procedure.
Also, Check | NFT Metaverse Launchpad Development
Writing Metaverse Smart Contracts in Phase 2
A metaverse smart contract is a collection of unchangeable "rules" that, when certain conditions are met, cause specific actions to be taken. For example, triggering a transaction between a buyer and a seller once both parties click on 'Agree' is a feature of the smart contract.
Smart contracts can also be used to specify and carry out rental arrangements between two parties.
This includes terminating the agreement if a tenant disobeys certain rules or behavior guidelines.
Smart contracts are the foundation for utilizing the advantages of a virtual real estate metaverse environment. You can tokenize real estate properties into non-fungible entities by using an NFT smart contract.
You would specifically need the assistance of a metaverse and blockchain development company at this stage.
Since both physical and digital real estate relies on finance for growth, blockchain is a crucial part of your project.
Related | Real Estate Tokenization and Blockchain | An In-depth Guide
Requisite Skill Sets for Developing Metaverse Real Estate
The internet of the web 3.0 age is very different from the one we were used to.
It is also referred to as the 3D iteration of web 2.0 and is all about protocols for ownership, immersive experience, and as open interaction as possible.
It will take more complex and resilient interoperability to deliver these experiences, which will be necessary to create a real-estate infrastructure in the metaverse.
The standards and other criteria that are essential for creating a real estate platform within a metaverse are listed below:
Layer-1 or layer-2 blockchains as the foundation for an autonomous network of computer systems (nodes)
Smart contract features to carry out transactions that are transparent, secure, and permissionless
Open standard for multi-media, including images, text, 3D scenes, and other supported vectors as well as music and video files
HTML, WebXR, WebAssembly, WebGPU, Solidity, Python, and other programming languages
Connections between the physical world and virtual worlds using Extended Reality (XR).
Smart glasses, haptic gloves, virtual reality headsets, sensors, gaming systems, and other devices
3D simulation to recreate realistic real-world settings
Payment systems for fiat and cryptocurrency payments.
Also, Check | Web3 App Development | Building a Decentralized Future
Where to Find a Metaverse-based Virtual/Real Estate Property
The following businesses are experts in metaverse real estate:
A common marketplace for metaverse real estate is The Sandbox. Users sell "LAND" plots for $5,000 or more (payable in $SAND cryptocurrency). According to the project's creators, the people who own the land completely determine the experience that is built upon it.
Another popular service, Decentraland, is a 3D virtual reality platform based on the Ethereum blockchain. LAND NFTs are purchased and sold using either Ethereum or MANA (a currency native to Decentraland).
Voxels is a simulated environment that resembles the well-known video game Minecraft in some ways. It allows you to own, construct, develop, and sell real estate, with all of these actions being permanently documented on the blockchain. It introduced the use of Ethereum to replace its outdated $COLR cryptocurrency a few years back.
A 3D simulated world full of virtual reality (VR) experiences called Somnium Space was largely created by its users. They can personalize, embellish, and monetize their holdings. Recently, the average cost of a piece of simulated real estate here exceeded $3,186.
Have a similar or new concept in mind and want to consult its feasibility or get started with it? Connect with our blockchain development experts.
Category:
Blockchain
Mudit Kumar
06 Mar 2023
Driving DeFi Revolution with Smart Contracts
The financial landscape is undergoing a profound transformation, catalyzed by the rise of Decentralized Finance (DeFi). At the heart of this revolution lie smart contracts—self-executing contracts with the terms directly written into code. These programmable agreements are not only redefining traditional financial services but also democratizing access, enhancing transparency, and fostering innovation. In this comprehensive exploration, we delve into how smart contracts are propelling the DeFi movement, examining their technical underpinnings, applications, benefits, challenges, and the future trajectory of this groundbreaking synergy.Understanding DeFi and Smart ContractsWhat is Decentralized Finance (DeFi)?Decentralized Finance, or DeFi, represents a paradigm shift from traditional, centralized financial systems to open, permissionless platforms that operate on blockchain technology. Unlike traditional finance, which relies on intermediaries like banks and brokers, DeFi leverages blockchain's decentralized nature to provide financial services directly to users. This shift aims to create a more inclusive, transparent, and efficient financial ecosystem.Introduction to Smart ContractsSmart contracts are the building blocks of DeFi. Introduced by Ethereum in 2015, smart contracts are programmable scripts that automatically execute transactions when predefined conditions are met. These contracts eliminate the need for intermediaries, reduce costs, enhance efficiency, and ensure transparency and immutability. Essentially, they are self-executing contracts where the terms of the agreement are directly written into lines of code.Also, Discover | Build a Secure Smart Contract Using zk-SNARKs in SolidityThe Synergy Between DeFi and Smart ContractsSmart contracts are the engine that drives the DeFi ecosystem. By automating and enforcing agreements, they enable a wide array of financial services without the need for traditional institutions. Here's how smart contracts are instrumental in various DeFi applications:Decentralized Exchanges (DEXs)Decentralized Exchanges like Uniswap and SushiSwap utilize smart contracts to facilitate peer-to-peer trading of assets without intermediaries. Automated Market Makers (AMMs) use smart contracts to manage liquidity pools and execute trades based on algorithmic pricing models. This decentralization ensures that users retain control over their funds while enjoying reduced fees and increased transparency.Lending and Borrowing PlatformsLending protocols such as Aave and Compound use smart contracts to automate loan origination, interest calculations, collateral management, and liquidation processes. These smart contracts ensure that loans are securely managed, interest rates are dynamically adjusted based on supply and demand, and collateral is appropriately handled to mitigate default risks.StablecoinsStablecoins like DAI and USDC rely on smart contracts to maintain their peg to a reference asset, typically the US dollar. For instance, MakerDAO's DAI uses smart contracts to manage collateralization mechanisms, ensuring that the stablecoin remains stable even amidst market volatility.Yield Farming and StakingYield farming and staking protocols use smart contracts to allow users to earn rewards by providing liquidity or staking their assets. These contracts manage the distribution of rewards based on predefined rules and user participation, incentivizing users to contribute to the ecosystem's liquidity and security.Insurance ProtocolsDeFi insurance platforms like Nexus Mutual employ smart contracts to automate claim assessments and payouts. This automation enhances efficiency, reduces administrative overhead, and ensures timely and transparent processing of insurance claims.Technical Underpinnings of Smart Contracts in DeFiSmart contracts in DeFi are typically deployed on blockchain platforms that support programmable scripts. While Ethereum remains the most prominent platform due to its robust smart contract capabilities and widespread adoption, other blockchains like Binance Smart Chain, Solana, and Polkadot are also emerging as significant players in the DeFi space.Key Technical AspectsProgramming LanguagesSmart contracts are primarily written in languages like Solidity (for Ethereum) and Rust (for Solana). These languages enable developers to define the logic and rules that govern contract interactions, ensuring that contracts execute precisely as intended.Consensus MechanismsBlockchain's consensus protocols, such as Proof of Work (PoW) and Proof of Stake (PoS), ensure the integrity and immutability of smart contracts. They validate and record transactions, making the execution of contracts tamper-proof and secure from unauthorized alterations.OraclesTo interact with real-world data, smart contracts often rely on oracles—trusted data feeds that provide external information. Services like Chainlink play a crucial role in bridging on-chain contracts with off-chain data sources, enabling smart contracts to react to real-world events and conditions.Interoperability ProtocolsCross-chain communication protocols facilitate interaction between different blockchain networks, enhancing the versatility and reach of DeFi applications. Technologies like Polkadot and Cosmos are pioneering interoperability solutions that allow smart contracts to operate seamlessly across multiple blockchains.Security MeasuresGiven the financial stakes, robust security practices are essential. This includes formal verification of smart contracts, auditing by third parties, and employing best practices in coding to mitigate vulnerabilities and prevent exploits. Tools like MythX and OpenZeppelin provide frameworks and libraries to enhance smart contract security.You may also like | Best Practices for Smart Contract DevelopmentBenefits of Smart Contracts in DeFiThe integration of smart contracts into DeFi brings numerous advantages that are transforming the financial landscape:TransparencyAll transactions and contract rules are publicly visible on the blockchain, fostering trust and accountability. Users can verify the code and logic of smart contracts, ensuring that the protocols operate as intended without hidden agendas or manipulation.AccessibilityDeFi platforms are accessible to anyone with an internet connection, democratizing access to financial services regardless of geographical or socioeconomic barriers. This inclusivity empowers individuals in underserved regions to participate in the global economy.EfficiencyAutomation reduces the time and cost associated with traditional financial processes, enabling instant settlement and lower fees. Smart contracts eliminate the need for intermediaries, streamlining operations and enhancing overall efficiency.SecurityImmutable and tamper-proof by design, smart contracts enhance the security of financial transactions, minimizing the risk of fraud and manipulation. The decentralized nature of blockchain further protects against single points of failure and malicious attacks.InnovationProgrammable contracts allow for the creation of complex financial instruments and innovative products that were previously infeasible or costly to implement. This flexibility fosters a dynamic ecosystem where developers can experiment and introduce novel solutions.Also, Read | Create a Collateralized Loan Smart ContractChallenges and ConsiderationsDespite their transformative potential, smart contracts and DeFi face several challenges that need to be addressed to ensure sustainable growth and widespread adoption:Security RisksSmart contracts are susceptible to bugs and vulnerabilities, which can lead to significant financial losses. High-profile hacks and exploits have highlighted the need for rigorous security measures, including comprehensive auditing and formal verification processes.ScalabilityAs DeFi grows, the underlying blockchain networks must handle increasing transaction volumes. Scalability issues can lead to congestion, high fees, and slower transaction times, hindering user experience and limiting the ecosystem's potential.Regulatory UncertaintyThe DeFi space operates in a largely unregulated environment, raising concerns about compliance, legal recognition, and the potential for regulatory crackdowns. Clear regulatory frameworks are essential to provide legal certainty and protect users while fostering innovation.UsabilityThe user experience of interacting with DeFi platforms can be complex, posing barriers to entry for mainstream adoption. Improving user interfaces, simplifying onboarding processes, and enhancing educational resources are critical to making DeFi accessible to a broader audience.InteroperabilityEnsuring seamless interaction between different DeFi protocols and blockchain networks remains a technical and logistical challenge. Enhanced interoperability solutions are necessary to facilitate the smooth operation of diverse applications within the ecosystem.Also, Check | AI-Driven Smart Contracts: Merging Intelligence with AutomationCase Studies: Smart Contracts Powering DeFi InnovationsUniswapUniswap is a leading decentralized exchange that utilizes smart contracts to manage liquidity pools and facilitate token swaps. Its automated market-making algorithm ensures liquidity and pricing without centralized control, allowing users to trade assets seamlessly and efficiently.AaveAave's lending protocol leverages smart contracts to enable users to lend and borrow assets securely. Its innovative features, such as flash loans—unsecured loans that must be repaid within a single transaction—are made possible through smart contract automation, providing unique financial opportunities.MakerDAOMakerDAO's DAI stablecoin is governed by smart contracts that manage collateralization, stability fees, and governance voting. This decentralized approach maintains DAI's peg to the US dollar, ensuring its stability and reliability as a medium of exchange within the DeFi ecosystem.SushiSwapSushiSwap is an evolution of Uniswap that incorporates additional features like yield farming and governance tokens. Smart contracts manage incentivized participation and protocol growth, fostering a vibrant and engaged community of users and developers.Also, Explore | Smart Contract Development Using PythonFuture Trends: The Evolution of Smart Contracts in DeFiThe future of DeFi and smart contracts is poised for significant advancements, driven by ongoing innovation and technological progress:Layer 2 SolutionsTo address scalability, Layer 2 protocols like Optimism and Arbitrum are being developed to handle transactions off the main blockchain. These solutions reduce congestion and fees while maintaining the security and decentralization of the underlying Layer 1 networks.Cross-Chain IntegrationEnhanced interoperability protocols will enable DeFi applications to operate seamlessly across multiple blockchains, increasing liquidity and user access. Cross-chain bridges and interoperability frameworks like Polkadot and Cosmos are paving the way for a more connected and versatile DeFi ecosystem.Advanced Financial InstrumentsThe programmability of smart contracts will give rise to more sophisticated financial products, such as synthetic assets, derivatives, and decentralized autonomous organizations (DAOs) that govern protocol decisions. These innovations will expand the range of available financial services and investment opportunities.Enhanced Security PracticesAs the DeFi ecosystem matures, security measures will become more robust, incorporating formal verification, automated auditing tools, and standardized best practices. These advancements will help mitigate risks and build greater trust among users and investors.Regulatory Compliance ToolsEmerging solutions will aim to integrate regulatory compliance into smart contracts, balancing decentralization with adherence to legal frameworks. Tools for identity verification, anti-money laundering (AML) compliance, and transparent reporting will facilitate responsible growth and adoption of DeFi.Also, Check | Top 5 Smart Contract Development CompaniesConclusionSmart contracts are undeniably the cornerstone of the DeFi revolution, enabling a decentralized, transparent, and efficient financial ecosystem. By automating agreements and eliminating intermediaries, they open doors to innovative financial services and empower individuals worldwide. However, the journey is not without challenges, including security risks, scalability issues, and regulatory uncertainties. As the technology evolves and the ecosystem matures, the synergy between smart contracts and DeFi holds the promise of a more inclusive and resilient financial future. Embracing this revolution requires continuous innovation, robust security practices, and collaborative efforts to overcome obstacles, ensuring that the DeFi landscape can realize its full potential.Stay tuned to our blog for more insights into the evolving world of DeFi and blockchain technology. Subscribe to our newsletter and join the conversation on our social media channels! In case if you are looking to build your project leveraging the power of smart contracts, connect with our solidity developers to get started.
Category:
Blockchain
Mudit Kumar
24 Feb 2023
Game Development on Solana | The Future of Gaming
Solana ecosystem is developing a set of such tools and services that can enable game developers to augment the development of incredible web3 games on Solana. Solana blockchain development services are certainly moving beyond NFT and DeFi solutions.
In this blog, we discover how Solana blockchain is facilitating a new era of Web3 gaming development that may surpass the Ethereum gaming development space.
Benefits of Game Development on Solana Blockchain
Designed as a Single State
Solana maintains a shared state while scaling horizontally. It ensures interoperability, scalability, and speed. It makes it simple to link the Solana and gaming communities.
Cost-Effective
On Solana, each transaction only costs a fraction of a cent. So gamers or developers do not have to worry about the experience issues caused by high costs.
Fast Transactions
Solana does not require long wait times as other blockchains to reach consensus and finality. It produces comparatively higher transaction speed per second at low costs. It is due to the unique consensus mechanism it uses.
Augment your Game
Solana enables the development of an entirely on-chain metaverse with decentralized markets, cross-game items, and other features.
Also, Check | Game Development based on Blockchain, NFT, and the Metaverse
How Solana is Ready to Transform the Web3 Game Development Market
The NFT market built on Solana is on track to surpass Ethereum's. In comparison, high-quality content, cost-effective transaction fees, and reduced floor prices are driving this growth.
For instance, Magic Eden on Solana reported 12X more transactions, 12% more USD volume, and 16% more users over the last 30 days than Open Sea on Ethereum. The stat is of a platform that debuted in September 2021.
A Scope of Widespread Adoption
The combination of fiat payment systems with minimal transaction costs and floor prices is one of the reasons for Solana's global adoption in the gaming industry. These aspects are essential for games to succeed in the mass market.
Gaming on Solana promotes diversity and breaks down boundaries. Therefore, gaming becomes open to everyone, not only those with huge ETH wallets.
The change from some gas fee to zero can enable widespread adoption of Web3 gaming on Solana. Gaming can significantly benefit from cost-effective yet fast blockchain transactions. It will be much like how the free-to-play business model helped bring gaming to billions of users. Developing and playing games on Solana can be fast, simple, and cost-efficient.
Technical Advantages
Developers are willing to make play-to-earn (P2E) games on Solana for various reasons. First, the network allows development flexibility, unlike other ecosystems of today. For futuristic games, blockchain game developers need to achieve flexibility and independence.
The network also has a high throughput and cheap transaction costs, which are advantageous to developers and gamers both.
Play to Earn Gaming on Solana
The blockchain and cryptocurrency industries have an intriguing vertical called play-to-earn gaming.
Solana has attracted significant interest, even though majorly developers build on Ethereum or other EVM-compatible networks.
Even though Solana might not be their first pick, there are several characteristics of the network that game creators find appealing.
According to DAppRadar's rating, the market for play-to-earn games on Solana is small-scale. That is not due to a lack of ideas; instead, the majority of developers favor various blockchains that might make things a little bit simpler.
In that sense, Ethereum blockchain development services, along with BNB Chain and others, continue to be a preferred choice.
But Solana takes a very different tack with smart contract development.
Most Popular Games on Solana Blockchain
Star Atlas
Although Star Atlas is still in the Alpha phase, its market cap has grown to $209 million. It is the first AAA NFT game developed on Solana. Even though the game is yet to launch fully, the Star Atlas marketplace has made $50M in sales for the year.
Ninja Game
Before the game's release, trade volume for the native Ninja Protocol token of Ninja Game had surpassed $2.3M.
Aurory
An intriguing project called Aurory has partnered with TSM FTX, the most lucrative esports organization in the United States. Aurory NFT secondary sales on the Solana NFT market have already brought in more than $64M.
What's Next
Even though various blockchains are available for game developers to use, it seems like Solana has gained some attention lately.
An important aspect is the ecosystem's appealing game development traits.
Additionally, a strong team is working to improve the Solana ecosystem, which can help play-to-earn and other types of games remain successful in the long run. Also, you can connect with our skilled Solana blockchain developers to get started with gaming development on Solana.
Category:
Blockchain
Mudit Kumar
23 Feb 2023
Emerging NFT Use Cases Capable of Transforming Real Estate
Thanks to non-fungible tokens (NFTs) and blockchain technology, they are changing the way we think about asset ownership in both the physical and digital worlds. An NFT, maintained on a blockchain ledger, reflects ownership of an item, whether real or virtual. It has significantly increased in popularity as a means to establish authenticity and transfer different rights in a variety of industries, including art, gaming, and entertainment. As a result, entrepreneurs are now exploring NFT development services and use cases for new markets like real estate for transformation and value creation.
They seek to take advantage of NFT solutions and blockchain in the real estate industry. More than ever, businesses now are paying attention to use cases like virtual land in the metaverse or fractional real estate development with blockchain and NFT.
In this quick guide, let's take a closer look at NFT use cases in real estate and how they can prove to be transformative for stakeholders.
Firstly, let's understand why we need NFT in real estate in the first place.
Why Real Estate NFT
Michael Arrington advertised a rental as an NFT on the Propy real estate marketplace in May 2021.
It's interesting to note that in 2017, Michael used Ethereum smart contracts to buy the same house. It was sold for more than $93,000 and is regarded as the first real estate NFT ever.
Another case was the cryptocurrency-based sale of two opulent villas in Portugal by the real estate development company Prometheus. They leverage NFTs to ensure ownership availability.
Leslie Alessandra earned $654,310 from the early February 2018 sale of a house in Gulfport, Florida. As the first home ever sold as an NFT (Non-Fungible Token) on a blockchain in the United States, that transaction changed the course of real estate.
These real-world examples of popular properties' NFT sales demonstrate the potential of NFTs for managing real estate.
Since then, a lot of people have bought and sold real estate properties with cryptocurrencies and sold them as NFTs, hinting towards a major shift in the real estate market.
Real estate NFTs are gaining popularity because they address issues like process efficiency and ownership confirmation transparency. It is similar to other assets that get tokenized as NFTs on a blockchain, like art, season tickets, carbon credits, and more.
The following are a few use cases of NFTs that stakeholders can employ in real estate to augment transformation in the opaque industry.
NFT Use Cases in Real Estate
Real Estate Sales
An inventive business idea is to convert real estate into NFTs so that users can own and trade them digitally.
Using smart contract solutions, buying or selling real estate can become instantaneous. It is because blockchain will power these transactions for NFT-backed properties.
NFTs can contribute to greater real estate liquidity in this way. Real estate is regarded as an illiquid asset since it takes a long time to sell and requires extensive paperwork and transaction procedures.
However, the tokenization of property would provide a more expansive consumer base access to the market.
LABS is a blockchain-based real estate investing platform where users may buy and sell properties.
Fractionalization of Ownership of Properties
It has become a trend in the real estate industry to fractionalize property ownership now. Homeowners can now turn their homes into an NFT that they can further divide into several tokens and make available for purchase to buyers.
By issuing tokens, homeowners can also sell a portion of their property to various investors.
These tokens are available for investors to hold onto and earn rent from.
The sale and purchase of properties electronically without a middleman become possible with NFT-based fractional property ownership solutions.
Read More About | Fractional Real Estate NFTs: The Next Wave of NFTs
Mortgages
With NFT-based mortgages, borrowers and lenders utilize NFTs to store mortgage metadata on the blockchain, including borrower data, lien information (which shows who technically owns the mortgaged property until the borrower's loan is paid off), and the transaction history of the mortgage.
Malicious actors are unable to counterfeit NFT-based mortgage documents or change crucial mortgage data because NFTs, or non-fungible tokens, are unique digital assets that users cannot copy or exchange.
As a result, compared to their paper-based equivalents, NFT-based mortgages are typically safe, protected, and error-free. As you can think, they expedite the financing process by cutting down on mountains of paperwork.
However, the absence of regulation for NFTs may be a significant issue for many purchasers and investors. Governments around the world may think about regulating and establishing some sort of legal framework for NFTs as they become more prevalent.
Also, Read | Real Estate NFTs: Everything You Need to Know
Purchasing Virtual Land
Owners can sell digital land parcels on metaverse marketplaces like Decentraland and The Sandbox by tying each parcel to an NFT and documenting the transaction on blockchain networks like Ethereum.
The transaction is documented on the blockchain once a buyer acquires a virtual package, and the NFT is then transferred to the buyer's digital wallet.
When a user connects a wallet to the metaverse platform, the platform can authenticate land parcel ownership.
Additionally, if the platform is run as a decentralized autonomous organization (or DAO) that allows token holders to vote on proposals, users can also participate in governance.
Most Viewed Recently | The Convergence of Blockchain and the Metaverse
Decentralized Finance
Owners of digital properties can get loans by pledging their NFTs as collateral on websites like NFTfi, which connect NFT owners with organizations with cash to invest. Once parties involved in smart contracts have met the terms, it closes the loan without any intermediaries.
Owners of NFTs can also sell smaller holdings or fractionalize their interests on platforms like Fractional and NFTx, earning interest on the asset.
Also, Check | Solana DeFi Development | Advantages and Applications
Conclusion
Some people might find it challenging to understand the concept of paying for virtual property.
You simply need to consider the metaverse, different NFT use cases, and the meteoric rise of digital collectibles to see the potential of NFT real estate.
NFTs have so far helped the real estate sector improve the speed, transparency, and security of corporate operations.
With the advancement of blockchain technology, it shouldn't come as a surprise that more NFT use cases will appear soon. If you have a project in mind, connect with our blockchain and NFT developers to discuss it and analyze its feasibility.
Category:
Blockchain
Mudit Kumar
22 Feb 2023
P2P Crypto Exchange Development | The Future of Digital Trading
Why today is an appropriate time to develop and launch a peer-to-peer (P2P) crypto exchange? Why crypto exchange development services are in demand to build P2P exchange platforms?
It is because they have emerged as one of the most intriguing innovations in the constantly changing world of cryptocurrency trading.
Also, after numerous instances of fraud, hacks, and other issues related to centralized crypto exchanges, users are shifting towards P2P crypto exchanges.
P2P systems enable users to transact directly with one another without requiring any centralized authority. It is contrary to traditional exchange platforms, which are centralized and managed by a single entity.
In this blog, let's discover why P2P cryptocurrency exchanges are rising in popularity and why some people are calling them the trading platform of the future.
Also, Read | The Rise of P2P Crypto Exchange after the FTX Debacle
Benefits of Developing a P2P Crypto Exchange Platform
Decentralization
Decentralized means that P2P exchanges do not need a central authority or middleman to facilitate transactions. It enables them to withstand censorship and intervention while increasing their transparency and security.
Customization
Users of a P2P exchange agree on a price, the method of payment, and other terms of their deals. It simplifies for users to find transactions that suit their unique requirements and preferences.
Privacy
Due to the lack of a Know Your Customer (KYC) process or the requirement for users to give personal information, P2P exchanges frequently provide greater privacy than centralized exchanges.
Lower costs
Because P2P exchanges are not required to pay for the upkeep of a centralized infrastructure or deal with regulatory compliance, they often charge lower fees than centralized exchanges.
Improved Accessibility
P2P exchanges are a resourceful choice for users in countries where centralized exchanges are not accessible.
More Power over Transactions
P2P exchanges give users more control over their transactions by allowing them to pick and select with whom they want to trade. They also enable them to negotiate the terms of their trades.
People who want to trade large amounts of cryptocurrency or have specific trading needs can choose a P2P exchange. They can do trade without concerns about giving control of their funds to custodial wallets of centralized exchanges.
You May Also Want to Read | Compact Insights into Decentralized P2P Exchange Development
Why prefer Developing a Decentralized P2P Crypto Exchange over a Centralized One?
Security
Centralized exchanges are a popular target for hackers because they house large sums of money from investors or dealers.
A Slovenian exchange called Bitstamp was disrupted in 2015 by an unknown hacker who accessed the company's active hot wallet and took away 19,000 Bitcoins, which were then worth $5 million.
Another well-known Bitcoin hack occurred at Mt. Gox, a defunct controlled cryptocurrency exchange. Hackers hacked it twice, once in 2011 and once in 2014, losing more than 750,000 Bitcoins each time.Investors could not get their money back and still incur losses.
Centralized exchanges are more vulnerable to hackers as the trading volume of digital currencies rises.
On the other hand, decentralized exchanges are growing in popularity and user-friendliness. They improve investor security by eliminating the need for intermediaries or third parties, leaving no room for fraudulent activities.
Greater Control over Assets
There are more problems with centralized exchanges besides hacking. Users do not fully control their money, and centralized exchanges also have a monitoring effect.
Investors often experience several limitations, restraints, and even monetary losses, as a consequence.
Before users planned to withdraw their assets from centralized cryptocurrency exchanges in a single day, a crypto exchange called HitBTC began suspending user accounts.
The "Proof of Keys" event, organized by the crypto community, was an effort to ensure that exchanges could honor deposits, much like a bank run.
Another odd incident from the last year involved the discovery that the proprietor of the Canadian cryptocurrency exchange QuadrigaCX had died and that he was the only one in possession of the secret keys that gave him access to the exchange's storage wallets, leaving $200 million in debt.
In addition, users later discovered that the proprietor had handled user payments carelessly.
Again, because a decentralized crypto exchange software is not custodial, funds remain in the possession of users and cannot be taken away by a centralized authority. Their funds remain unaffected no matter what happens to the exchange tomorrow because they still have access.
Enhanced Privacy
Across various jurisdictions, centralized crypto exchange software solutions fall under the category of money service providers (MSPs).
Therefore, users must go through mandatory user identification verification procedures such as know-your-customer (KYC) and anti-money laundering (AML) checks.
However, since individuals have no control over what happens to their data or which authorities learn about it, many people show reluctance to give their personal information to third-party organizations.
The development of P2P cryptocurrency exchanges isn't centralized. Therefore, there are no identity requirements beyond having a wallet address for accessing the platform.
Also, Check | Analyzing Peer-to-Peer (P2P) Cryptocurrency Exchange Model
Financial Accessibility
Many exchanges with centralized bases have restricted user access in specific nations in response to mounting regulatory pressure.
Due to the dangers of appearing to offer unregulated trading of securities, exchanges have most recently started to stop offering services to users in the United States.
Even the most popular centralized exchange, Binance, declared it would geo-block US users from using its platform until it launched its plans for complying with US regulations.
In another instance, Bittrex and other popular crypto exchanges delisted numerous tokens and coins.
Since no centralized authority controls a decentralized exchange platform that may shut it down, it renders users capable of trading digital currencies from anywhere.
P2P crypto exchange transaction fees are far lower than those on regular exchanges. In addition, investors can invest as little as they want to profit from trading operations.
In Trend | Hybrid Crypto Exchange Model
What's Next
These reasons demonstrate an appropriate time to develop a highly modern decentralized P2P crypto exchange software.
Oodles is an emerging service provider in the space. We offer state-of-the-art crypto exchange solutions that help you quickly develop and launch your exchange.
Our crypto exchange developers have significant experience developing methods that provide the best p2p cryptocurrency exchange development for all your business requirements.
Category:
Blockchain
Mudit Kumar
20 Feb 2023
Getting Started with Hybrid Smart Contract Development
Hybrid smart contracts combine on-chain data with off-chain data. This smart contract development service offering provides businesses with connectivity to real-world data sources with consensus-based data validation. This blog gives you an insight into these emerging types of smart contracts and how they overcome the challenges associated with traditional smart contracts.
What are Hybrid Smart Contracts
Hybrid smart contracts utilize decentralized oracle networks (DONs) for obtaining off-chain data. A DON is a peer-to-peer network with various participants that forms a consensus on data before sharing it with smart contracts.
Thus, hybrid smart contracts can simultaneously process the off-chain data and maintain decentralization among networks. This feature enables the development of more advanced blockchain-based applications.
Why Hybrid Smart Contracts
Traditional contract systems in the business and legal ecosystem lack transparency and immutability. To address this problem, blockchain technology came into existence.
Blockchain smart contracts address the transparency and immutability issues of traditional contract systems. With self-executing programs, smart contracts establish automation across a blockchain network. However, these auto-executing programs fail when it comes to fetching data from outside the network, i.e., off-chain data. Thereby, blockchain networks become isolated from the real world.
A technology called Oracle tackles this issue by translating off-chain data for smart contracts.
But this software is centralized, so there are chances of data manipulation.
Here, hybrid smart contracts remove reliability problems that might occur while utilizing a single centralized oracle.
Also, Check: Blockchain Interoperability: Importance, Challenges, and Solutions
The Working of Hybrid Smart Contracts
In a hybrid smart contract model, a smart contract sends a data request to DON whenever it requires off-chain data.
An oracle smart contract within DON receives this information and creates a log event, entailing data request details.
It alerts off-chain nodes connected with the log. These oracle nodes fetch data from the log event.
Then, they use external sources, including APIs, to obtain information and place it on-chain for smart contracts usage.
Before sending the data, oracle nodes reach a consensus to validate the data.
Benefits of Hybrid Smart Contracts
A hybrid smart contract has all the benefits of a blockchain, including transparency, reliability, and trustworthiness. At the same time, it can extract off-chain data with the help of a DON. Some more benefits of a hybrid smart contract are the following:
High data correctness guarantees
Authenticity proofs (cryptographic protocols that verify individual data from outside sources)
Consensus-based data validation
Availability of off-chain data to smart contracts
Good incentive compatibility
Use Cases of Hybrid Smart Contracts across Industries
Decentralized Finance
People use multiple DeFi applications for lending, borrowing, trading, creating, and saving assets.
These applications can rely on hybrid smart contracts to acquire, validate, and supply data from the real world.
In this way, people get accurate and reliable data.
This contract lets DeFi developers focus on their products rather than developing infrastructure to obtain price data for their smart contracts.
Also, Visit: Smart Contracts Development for DeFi | A Guide for Investors
Weather Forecasting
Hybrid smart contracts easily allow the transfer of weather data onto blockchains.
It enables businesses to create parametric insurance contracts that automatically give payouts during certain weather conditions. It can help farmers to rely on such insurance.
Gaming
Blockchains lack randomness in their functioning. So, blockchain apps that require producing random numbers are prone to hacking. So, games like PvP battles and prize pools face massive issues due to opaque randomness.
A hybrid smart contract can generate tamper-proof randomness with the help of DONs.
Moreover, smart contracts can change the reward distribution model.
Gaming dApps can utilize hybrid smart contracts to fetch real-world information to process game functions that result in better performance.
Dynamic Non-fungible Tokens (NFTs)
A dynamic NFT is a non-fungible token that can change its metadata with external conditions.
Smart contract developers encode it with a hybrid smart contract, which uses DON to interact with external data. Users can use this interaction for peer-to-peer trading, minting, or burning NFTs.
Also, Read: Dynamic NFTs | Understanding the Dynamics of dNFTs
Conclusion
Hybrid smart contracts can expand growth opportunities for businesses using blockchain technology.
With more data coming into play, they will gain widespread adoption.
If you want to enter this emerging market, then it is best to pick the right partner for your upcoming project.
Oodles Blockchain is the ideal partner for your blockchain project. Our smart contract developers have expertise in hybrid smart contract development. Contact us today to avail yourself of our services.
Category:
Blockchain
Mudit Kumar
16 Feb 2023
Solana DeFi Development | Advantages and Applications
Solana has seen rapid growth in the past few years. This expansion has led to the rise of the Solana DeFi (decentralized finance) development ecosystem. Many have referred to Solana as the emerging blockchain for introducing DeFi apps.
The blockchain is on track to overtake traditional financial transactions as the most widely used ecosystem for dApp developers. It can handle transactions more quickly and has energy-saving potential, which is numerous times more effective than conventional financial transactions.
This article delves into Solana blockchain development for DeFi protocols, benefits, and applications.
Solana Blockchain
Solana is an open-source blockchain with SOL as its native currency. SOL offers staked users the capability to become a validator. In addition, users can use SOL to generate staking rewards and pay transaction fees.
Anatoly Yakovenko and his team created this blockchain to increase transaction throughput at a much lower price than other blockchains. Solana uses a unique consensus mechanism named Proof of History (PoH). This consensus algorithm enabled the blockchain to process more than 50,000 transactions per second.
Also, Read: Solana vs Ethereum Blockchain | Which is Better for dApps
Why Choose Solana DeFi Development
Solana enables the development of decentralized protocols and apps that adhere to the native chain standard. One example of Solana DeFi is Orca, a well-known cryptocurrency exchange.
Here is a list of reasons why you should choose Solana for your DeFi projects:
Speed
Solana can support up to 56,000 transactions per second (TPS). The number goes up to 111k in test lab conditions. The platform can scale with hardware and bandwidth. Thus, the number will continue to grow with the industry's growth.
Affordable
Another benefit of Solana DeFi development is low transaction fees. Gas charges for both programmers and users remain less than $0.01.
Open Source
With open source, programmers can access examined and updated code. Anyone may quickly set up their nodes by downloading the Solana software code directly from Solana Lab's GitHub page.
Chainlink Partnership
Solana has partnered with Chainlink to give DeFi apps fast Oracle data feeds. Solana uses Chainlink for data feeds, which employ off-chain reporting (OCR) to collect data from data providers. Chainlink's Solana implementation is independent of external blockchain networks.
This integration can speed up the development process of DeFi applications as developers get direct access to authentic off-chain data.
Programming Language - Rust
Solana requires Rust for application development. Developers can seamlessly do high-performance computation using this programming language. Additionally, Rust can consolidate workflows with minimal upskilling. Rust provided Solana with a solution to the concurrency and memory safety challenges.
Also, Read: Why to Develop DApps on Solana
Popular Solana DeFi Applications
Now that we know the significant benefits of Solana for DeFi protocol development, let's look into popular Solana DeFi applications.
Decentralized Lending and Borrowing
Peer-to-peer (P2P) decentralized applications (dApps) provide DeFi lending or borrowing. It enables people to borrow and lend money, which lets cryptocurrency owners make a decent income.
Solend is a DeFi lending and borrowing mechanism on Solana. It is known for its strong composability and scalability. It increases how Solana users can increase their financial gains.
Decentralized Exchanges
A decentralized exchange is a P2P marketplace for trading cryptocurrencies. It reduces the risks of fraud, hacking, failure, or theft.
Mango is an autonomous, cross-margin trading platform on Solana. Creators get interest rates on deposits and trade.
Decentralized Prediction Market
Decentralized prediction markets let users anticipate the results of events. Users get payments after the correct forecast. These markets connect parties without any middlemen or sole operators.
Aver is a decentralized and non-custodial prediction market on Solana. It enables users to make and trade predictions across the world. Customers get the benefits of trustless market resolution.
Also, Read: Top 5 Compelling Solana Blockchain Use Cases
Looking for Solana Development Services
The many benefits of Solana make it a good alternative for DeFi application developments. Oodles Blockchain offers Solana DeFi development services. Our Solana developers can help build your DeFi projects. Talk to our blockchain experts to get started with your DeFi protocol.
Category:
Blockchain
Mudit Kumar
13 Feb 2023
A Guide to Understanding Social Token Development
Blockchain has brought a wave of decentralization in the digital world. It is due to its capability to eliminate the need for a central authority in finance, real estate, healthcare, and the list goes on. New blockchain-based applications help in the widespread use of the technology across various sectors. Social token development is one such newly emerging application that lets content creators or influencers connect directly with their audience. These blockchain business solutions remove service platforms, benefiting creators and their audiences.
Read on to learn more about social token development, including its working, types, benefits, and development steps.
What is a Social Token
A social token is a type of cryptocurrency developed under token standards, like Ethereum Request for Comment 20 (ERC-20). It lets creators represent their services and experiences in digital format.
Additionally, creators can charge their service price with this token. So, a social token lets creators directly monetize their work.
Some of the popular social tokens are Whale (WHALE), Global Coin Research (GCR), and Julien Bouteloup (JULIEN).
Generally, service platforms take huge chunks of money from users' income.
Here, social tokens emerge as an alternative where users can earn without restrictions. Creators like writers, musicians, and artists can issue their tokens to their audience. It gives access to exclusive content to the audience without any extra charges.
Also, Check | Decentralized Social Media | Empowering Privacy and Autonomy
The Working of Social Tokens
Blockchain developers create social tokens on top of blockchains like Ethereum.
Then, creators can showcase or trade them on social token platforms, including Rally, Roll, and BitClout.
Additionally, you can use these platforms for token development. Fans can buy the tokens from these platforms to get benefits like exclusive merchandise, videos, or other content.
The demand for these tokens will increase their value since there will be a fixed number of tokens.
Once their price increases, creators can utilize them as their compensation.
How Social Tokens are Different from Non-fungible Tokens (NFTs)
A key difference between social tokens and NFTs is that the former is tangible.
So, a social token holder can exchange their token with an identical token from the same creator.
Another difference is the value of a social token depends on the popularity or personality of a brand or creator.
On the contrary, NFTs get their value from factors like ownership history, rarity, and more.
Also, Read: NFT (Non-Fungible Tokens) | Taking the Crypto Space by Storm
Benefits of Social Token Development
The following are the benefits of developing social tokens:
Limits intermediaries
An additional source of revenue
Removes third-party cuts and charges
Anyone can distribute their social tokens
Renders governance over the community
Provides transparent and secure transactions
Allows community participation and increases engagement
Types of Social Tokens
There are four types of social tokens namely, personal, community, participation, and social platform token. Here is a brief description of these tokens:
Personal Token
Personal tokens represent the digital currencies of individuals. Also known as "creator tokens," people create them to monetize themselves and offer exclusive services to their followers.
Anyone can design personal tokens to advance their careers or popularity, including athletes, celebrities, artists, and regular people.
Community Token
These tokens represent a group, community, or organization. An organization can issue its token.
Alternatively, it can opt for a third party to launch its token. Its audience can buy this token to form a community and engage with it.
Participation Token
Participation tokens come under community tokens. Token holders can use these tokens to participate in project development.
These tokens are excellent tools for companies to draw in new clients. They also help keep current clients interested in what they offer.
Social Platform Token
Platforms issue social platform tokens to enable their generation and transfer.
Users can earn these tokens by engaging in various activities on a social platform.
Steps to Launch a Social Token
You can launch your social token by following the steps below:
Build the Community
An established community can aid in securing interest in your social token. You can ask for insights from your community about how they expect your tokens to be.
They can also introduce your token to a larger audience. Thus, you have to build a community before launching your token.
Token Development
You can create your token after getting support from your community. You can use platforms like Roll or Rally for social token development.
But, these platforms only offer a generalized approach to developing tokens.
Instead, you can opt for experienced blockchain developers for a more personalized approach.
Social Token Distribution
Lastly, you can launch your social token on social token platforms. You can analyze how your fans or community react and interact with your token.
Moreover, you can make the right upgrade in your token and offer more features.
Looking for Socia Token Development Services
You need a robust community and sound tokenomics for successful social token development and launch.
Blockchain developers at Oodles Blockchain can help you with all aspects of the social token deployment process.
Our team can design a token that best satisfies your needs. Contact us today to discuss your idea.
Category:
Blockchain
Mudit Kumar
12 Feb 2023
Web3 App Development | Building a Decentralized Future
Web3 has become a trending topic in recent times. However, the issue is that businesses and c-suite executives want to get started with this new area enabled by blockchain development services without comprehending it properly. If you resonate with the same issue, you have landed on the right blog. This quick guide will help you gather the necessary information that can help you make the right decision concerning Web3 app development.
Due to ambiguity around the topic, most people think Web3 comprises blockchain, decentralized finance, and cryptocurrency. That is partially true. However, the concept also involves technologies AI (artificial intelligence), IoT, (Internet of Things), and more.
Emerging technologies like blockchain and smart contracts essentially lay the foundation for Web3 applications to achieve a more inclusive goal.
They aim to make these applications permissionless and privacy-focused, contrary to today's centralized Web2 ecosystem.
What is a Web3 application?
The concept of Web3 refers to the new iteration of the internet.
It aims to create a decentralized internet consisting of web applications built on peer-to-peer (p2p) networks.
The technology and tools that underlie these p2p networks are blockchains, smart contracts, cryptocurrency, tokenization, and other open-source tools.
They essentially do away with centralized systems.
Also, Read | Why Your Business Should be Ready to Embrace Web3
The Emergence of Web3 applications
Web3 represents a movement away from centralization.
Instead of using centralized servers, it focuses on distributing data over the blockchain infrastructure of computing devices (referred to as nodes).
At the same time, smart contract algorithms enable direct user-to-user transactions.
Users have complete control over their information on this version of the web.
They can decide whether to give their data to ad networks or whether they, rather than Facebook or Google, should be paid for selling it.
Although Web3 app development is often synonymous with cryptocurrencies, the technology has many other applications. Listed below are a few Web3 examples.
DAO (Decentralized Autonomous Organizations)
It is the token holders of DAOs that govern it. They cast a collective vote on actions using smart contracts. No centralized is in control of these organizations.
Non-fungible tokens (NFTs)
Users can build and trade distinctive tokenized assets representing digital items on NFT marketplaces (art, videos, music, and other assets).
Web3 browsers
Privacy-focused browsers like Brave—can interact with dApps, give you control over what you see, and pay you in native cryptocurrency for viewing advertisements.
DeFi
Blockchain-based services such as Decentralized Finance (DeFi) enable transactions to be carried out using digital wallets (dApps) without the involvement of third parties.
Web 3 games
Players can take part in play-to-earn activities, trade special items in common games, and purchase NFT real estate in Metaverses (virtual worlds).
It's critical to remember that Web3 is an idea that is continually evolving and has the potential to become much more.
But even those already in place show how much better it is than the current web generation.
Also, Visit | Play-to-Earn NFT Games | Driving the GameFI Revolution
Web3 App development | Challenges and Solutions
Some of Web3's technological features cast doubt on its accessibility and may make it more difficult to construct applications. The main difficulties that this technology now has are:
Scalability
Ethereum has higher transaction fees and slower performance than other blockchains.
Yet, it is the foundation for the majority of blockchain initiatives.
We leverage Layer 2 solutions (such as sidechains) or stick with less resource-intensive, higher-throughput blockchain networks to address these problems.
Interoperability
Depending on the tech stack you choose, your Web3 application's smart contacts and digital assets may not work with all blockchains.
Because of this, we suggest adaptable programming frameworks and adhere to the most recent interoperability solutions, which make digital assets accessible across well-liked networks.
Regulatory Uncertainty
Transactions are still mostly unregulated due to the decentralized nature of the Web3 environment.
It leaves the door open for technical errors and fraud. The best course of action, for now, is to match your practices with industry-standard data privacy rules, even though the solution is still not clear (like GDPR, FDA, or HIPAA).
Also, Check | Saudi Arabia is Ready to Embrace Web3 and Gaming
Unlawful Activities
According to Chainalysis's 2022 Crypto Crime Report, since 2017, criminals have transmitted over $33 billion in illegitimate cryptocurrencies.
Employing non-intrusive KYC checks may help to solve this issue.
Security Issues
Because your protocols are only as safe as the security of underlying smart contracts, hacker attacks are alarmingly frequent with blockchain technology.
Even worse, once the contract algorithms are published, they cannot be changed.
As a result, to ensure compliant and error-free code, you require experienced smart contract developers and extensive smart contract security measures in place.
Costly Development
The majority of businesses are not willing to invest the resources necessary in standardized and safe web3 app development from scratch.
Fortunately, you don't have to build every part of your blockchain architecture from scratch.
Oodles is an established blockchain development company that can address all of these issues. We take full advantage of this technology's composability feature to launch your application quickly.
Our team can create highly efficient front-ends and smart contracts for your DeFi lending platform, NFT marketplace, or other blockchain-based applications.
As a result, you will receive a safe and extremely flexible web3 blockchain network/platform in a matter of weeks rather than months.
Most Viewed in Web3 | Most Disruptive Web3 Use Cases and Applications
The Best Technology Partner to Work With
It's crucial to read reviews and contact references when verifying blockchain solution providers to make sure they are credible and possess the relevant expertise and experience.
It's crucial to request a thorough proposal that includes information on the project's timelines, budget, and scope of work.
When you receive the proposal, make sure to carefully study it to make sure it satisfies your requirements and expectations.
Also, Check | Most Disruptive Web3 Use Cases and Applications
The Cost of Developing a Web3 Solution
The complexity and size of web3 solutions and other IT requirements determine how much they will cost to implement.
In light of this, it is hard to predict in advance what the development budget for a certain web3 application should be.
For the US, Western Europe, and Eastern Europe, we will simply provide an approximation of the price of web3 app development.
For more information about blockchain-based web3 app development, you may connect with our skilled blockchain developers.
Category:
Blockchain
Mudit Kumar
09 Feb 2023
Maximizing Crypto Exchange Efficiency with Crypto APIs
Currently, one of the most popular business concepts in the digital space is crypto exchange platform development. However, the most pivotal challenge is to create a crypto exchange platform that stands out and to make it distinctive with a large user base in this competitive market. With numerous crypto exchanges launching frequently, it has become crucial to outperform the competition by developing a crypto exchange platform with cutting-edge APIs (Application Programming Interface).
Let's examine the functioning, usability, and importance of APIs in crypto exchange platform development.
Application Programming Interface, or API for short, is a collection of guidelines outlining how one app communicates with others.
An API connects you to your exchange in crypto trading, allowing you to manage your accounts, get real-time market data, and do much more.
Understanding APIs (Application Programming Interface)
An API, or application programming interface, is simply a set of protocols via which applications can communicate. Developers on the server integrate APIs, and clients communicate with them at any moment.
Often we know it as a contract that specifies the content expected of users and a client and gets formed between the information supplier and information receiver.
Essentially, APIs enable you to communicate and execute your request for data access or perform any other task on a computer.
Organizations can share information using APIs while maintaining security, authentication, and control.
Also, Read | The Rise of P2P Crypto Exchange after the FTX Debacle
Advantages of Crypto Exchange APIs
The availability of a plethora of data for developing efficient applications is the most apparent advantage of using crypto APIs. They make real-time data accessible.
Using this data, Applications can execute accurate transactions, keep tabs on the market and even forecast the direction of the cryptocurrency industry.
Utilizing cryptocurrency APIs also has the advantages of being user-friendly and offering regular and dependable data. Developers don't have to worry about getting mired down in technical intricacies because the APIs are user-friendly and easy to integrate.
Additionally, APIs offer reliable real-time data that developers can leverage to develop precise, trustworthy apps.
Additionally, cryptocurrency APIs can help developers save plenty of time and work. Developers may easily access the data using APIs rather than manually gathering it. Developers can concentrate on other areas of their exchange development.
Also, Visit | Oodles Scaffold | Ready-to-Launch Crypto Exchange Software
How to Pick a Good Crypto Exchange API
It can be tedious to select an appropriate cryptocurrency API for your application. Numerous APIs are available in the market. Each comes with a unique set of capabilities and benefits.
You must choose APIs for your crypto exchange after carefully considering resourcefulness, security, and other factors.
The characteristics that a Cryptocurrency API offers should be taken into account when picking one.
You need to know the answers to the following questions:
Does the API allow users to access real-time price information?
Is there access to the blockchain there?
Access to a variety of market data is it available?
Additionally, you should consider the cost of an API as well. Although certain APIs are free, others charge a monthly fee. Make sure the API falls inside your budget.
Also, Read | Must-Have Features for a Unique Crypto Exchange Development
Top APIs for Crypto Exchange Development
RESTful APIs
The REST API, also known as a RESTful API, enables a crypto exchange to communicate with other RESTful web services and adhere to their architectural principles.
Developers use REST API to increase the value of cryptocurrency exchange software development and make the exchange stand out as a prominent participant in the cryptocurrency market.
APIs for Price Index
It assists in keeping track of changes in exchange rates, pertinent information, and price adjustments for various digital currencies.
You can incorporate a Price Index API into your cryptocurrency exchange software to aid traders in understanding the value of each coin they own.
Trading APIs for Bots
Trading bot APIs are advantageous for users in a cryptocurrency exchange because they allow them to buy and sell their digital currencies at the appropriate moment after automatically checking the market price.
It does not require a trader to be involved in the decision-making and execution of sale and purchase activities.
Trading APIs are, therefore, suitable for automating trading, lowering the likelihood of losses, and raising profits.
A reputable crypto exchange development company can aid in developing and launching an exchange with such trading bot APIs that automate trading features and are comparable to Binance and Kraken.
Merchant APIs
Investors and traders would be happy to sign up for a cryptocurrency exchange that makes it simple for them to keep track of their orders, payments, and transaction history.
The Merchant API can enable all of these functionalities.
APIs for liquidity
It is crucial to consider liquidity since it informs traders of the potential profit from converting their cryptocurrency into fiat money. It aids in reducing the complexity of trade.
Make sure your cryptocurrency exchange can sustain high liquidity when you engage an expert for exchange software development.
Want to use the mentioned APIs to create your cryptocurrency exchange platform or incorporate them into an already-existing platform? Connect with our skilled crypto exchange development experts to get started.
Category:
Blockchain
Mudit Kumar
08 Feb 2023
Solana Pay | The New Payment Rail for Efficient Payment Solutions
The payments processing business has experienced a transforming revolution with PayPal. The financial invention of Peter Thiel, Max Levchin, and eventually Elon Musk did achieve far-reaching goals, including enabling fast payments online between customers, corporations, and more. However, high costs, intermediaries, and opaque processes are still some of the critical challenges today's payment systems face. Many believe Solana Pay to be the next big thing in payment processing because it allows for payments while taking cryptocurrency nonfungible tokens (NFTs) and Web3 into consideration.
Indeed, Solana development is firmly moving beyond DeFI, dApp, and NFT development toward payments.
According to a Visa study, more than 73% of firms agree that accepting digital payments will be essential to success in 2022. Therefore, these figures formed part of the basis for Solana Pay. Solana Labs, Circle, and their other partners want to be prepared to be the early adopters.
How does Solana Pay Work?
Solana Pay, a digital payment platform, allows quick, fee-free transactions to merchants and users. It also allegedly offers zero effect on the environment by harnessing the power of the Solana blockchain network.
The network claims to support 65,000 transactions per second and provides an easy-to-implement payment solution development kit for businesses to integrate the product.
Developers can easily integrate the payment rail with dApps for frictionless, fast, and cost-effective transactions. If conventional merchants have a Solana wallet, they can also use it in the same way.
Hassle-free accessibility is why many compare Solana to PayPal. Blockchain development experts suggest that stating that Solana development can do for crypto payments what PayPal did for traditional online payments.
The Next Payment Rail is Here
Eliminate Fees
Solana Pay stops users from paying interchange and other fees that affect top-line revenue. Solana charges only a fraction of a penny.
Capture New Revenue
Payment solutions on the inventive payment protocol enable the settlement of payments in milliseconds instead of days and immediately while providing an opportunity to earn a high yield on USD stablecoins.
Incentivize your Customers
One of the exciting benefits of the open-source payment network is it lets you share incremental value with customers with on-chain rewards and loyalty offerings.
Own your Relationships
Another feature of it is that it removes intermediaries. It lets a merchant works directly with its customers.
Also, Check | Why You Should Develop a Smart Contract on Solana
Advantages of Solana Pay
Near-instantaneous crypto payments are allegedly possible with Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies. However, these networks, especially Ethereum, are pricey and do not operate as quickly as they claim.
Solana, on the other hand, draws both customers and businesses since it is quicker and less expensive.
Also, it enables its users to make P2P payments in real-time in SOL tokens or any other supported Solana token.
Furthermore, it does not support chargebacks. It resolves a pricey problem faced by conventional retailers.
Moreover, payment solutions built on Solana Pay are perfect for retailers also because they provide detailed transaction reports. They include information like:
Wallet destination
Currency type
Transaction amount
Text sections
Note: These details remain completely private from the rest of the network, allowing the customer and the merchant to transact without being viewed.
Also, Visit | Why Develop DApps on Solana?
Solana Pay's Advantages for Payment Solutions
Compared to standard payment rails, it offers several benefits:
Fast:
Use Solana Pay to settle your transactions right away. Solana, which has been dubbed the possible "Visa of the digital asset ecosystem," can process up to 60,000 transactions per second.
Direct:
Avoid using intermediaries and paying their hefty costs. The blockchain-based payment protocol touts to be the first open, direct payment rail from merchants to consumers.
Easy:
Your developer can quickly set up the SDK (software development kit) so you can begin doing business with the millions of holders of USDC or other stablecoins based on Solana.
Energy Efficient:
Transactions on the Solana-based payment network are carbon neutral and utilize roughly the same amount of energy as two Google searches.
Also, Read | Why Choose Solana for Blockchain App Development
The Ecosystem of Solana Pay
Giving third parties the resources they need to create solutions for end users is the goal here. — Sheraz Shere, Solana Labs' Director of Payments
Solana Pay's open-source nature and ability to support application development make it beautiful. Solana Pay and Square, for instance, were combined by mtnPay to create a POS connection; retailers only require an iPad, a Square account, and a Solana Wallet.
Know More | Developing a Peer-to-Peer Mobile Payment System with Blockchain
A different payment gateway that can be quickly and easily implemented into any WordPress site is called Solpay.store. A merchant wallet for the Solana chain called PocketPay is compatible with Solana Pay. Together with Solana Pay, Autonomous.ai developed a smart contract payment stack. By hiring developers and hosting hackathons, Solana Pay constantly promotes increased innovation and ecosystem expansion.
If you want to develop a similar project or a unique payment solution on Solana Pay, connect with our skilled Solana Blockchain developers to help you get started. Also, visit the previous work we have done for our clients globally to get insights into our capabilities.
Category:
Blockchain
Mudit Kumar
07 Feb 2023
Why Develop a Blockchain-based Freelance Platform
The leading freelance platforms of today have major challenges for both clients and freelancers. However, blockchain development services are enabling a new generation of freelance platform development that can address existing challenges and facilitate new solutions as well, such as cryptocurrency payments.
Why Develop a Blockchain-based Freelance Platform?
With existing freelancing platforms like Upwork and Fiverr, centralization and exorbitant intermediary charges are critical challenges.
On the other hand, dApps (decentralized applications) offer a better-incentivized structure. They are more adaptable, transparent, distributed, and resilient. Additionally, they provide fair access to financial services.
Every member of the DeFi system receives a share of democratic and financial autonomy. They are always aware of how the system operates and that nothing can obstruct it.
Also, Read |DAO (Decentralized Autonomous Organization) Development
How would a Freelance Network powered by Blockchain Operate?
Right now, there aren't many real blockchain platforms for freelancing. There is Steemit, a blockchain-based platform for publishing content.
There are also a few recent entrants, Blocklancer and Ethlance (below), that offer a service similar to Upwork using blockchain.
As of yet, these platforms haven't taken off. However, the concept is that when someone posts a work, freelancers reply, and when a client hires a freelancer, the platform produces a smart contract.
Because intermediaries like Upwork provide a certain level of protection, they are successful in the freelance market. Instead, blockchain smart contracts can maintain accountability without any associated costs.
For instance, clients can pay upfront for a service, and freelancers might submit their work. When the freelancer completes the deliverables, a smart contract will disburse funds automatically as per the terms of the contract.
There is no chance of working for a client with a bad reputation and not getting compensated. Instead, once that initial investment has been recorded, you can begin work.
Also, Read | Why Develop DApps on Solana?
Benefits of Blockchain-powered Freelance Platform Development
Safe, Unchangeable Record of Transactions
The immutability of Blockchain is a key characteristic. It provides for the safe storage of transactions and contract data.
The agreements made between independent contractors and their clients may be entered permanently and will therefore become difficult to alter or compromise.
Cost-Effective
In the freelancing market, the workflow is well-known and unrestricted; nevertheless, when it comes to payments, it requires a sender to pay a hefty transfer charge.
As a matter of fact, it requires an additional charge for money transfers from the US or to Africa.
Since there is no third-party oversight in this situation, blockchain can act as a savior and allow for cheaper or even no transfer fee payment solutions.
Proof of Work
The main worry in the realm of freelancing and working online is credibility.
Freelancers can now keep their portfolio and profile information on Blockchain, which they can transform into copyrights.
Also, Read | Why Develop DeFi dApps and Protocols with Binance Smart Chain
What Freelancing Challenges does Blockchain based Freelance Platform Development Solve?
Taking The Middleman Out
Using platforms for independent contractors might help you find remote jobs and hire talent. But ultimately, many freelancers find it unreasonable to pay platform fees of 10% to 20% to Upwork, Fiverr, etc., for acting as a middleman.
Blockchain-based freelance platforms, on the other hand, typically work to dramatically cut down or even do away with all platform costs.
As a result, a larger portion of the value transfer might benefit both freelancers and clients.
No Currency Conversion Required
Working with overseas businesses might be difficult due to the issue of currency exchange, even if freelance work isn't done via freelance platforms.
By using cryptocurrencies, a sender simply has to pay a minimal transaction fee to transfer money on a certain blockchain.
Typically, only a few cents are needed, far less than what fiat payment processors ask for.
Faster Payments/Transactions
Modern technology makes it possible for two people to communicate instantly, but exchanging money doesn't work that way.
Blockchains are currently able to allow transactions to be confirmed and transmitted from client to freelancer within seconds or minutes.
This is in contrast to fiat-based freelance platforms that may take a week or more to complete the value transfer process (along with significant costs).
Also, Read | Open Source Blockchain Platforms for DApps: The Rise of Decentralization
Smart Contracts and Tokens for Incentivization
The capability of using a blockchain application to tokenize anything is arguably the most intriguing advancement.
On the present platforms, trust is one of the main issues for both employers and freelancers. The system as a whole suffers when certain freelancers and employers don't treat others properly.
Smart contract solutions and cryptocurrency tokens can be cleverly used to reward ethical and professional behavior at all times.
On its freelance platform, Ethearnal tokenizes reputation and gives it a true market value; a hit to your reputation also hits your bank account.
Popular Freelance Blockchain Platforms
The following three blockchain initiatives are poised to transform the freelance job market:
Blocklancer
A distributed autonomous job market is what the blockchain-based platform Blocklancer has built on top of the Ethereum blockchain.
Blocklancer adamantly asserts that its platform will address "all issues with the existing freelancing platforms."
It ensures justice by promising that all payments would be resolved through an automated dispute system. It also touts affordable prices and complete uncensorship.
Bounty0x
A decentralized bounty-hunting network called Bounty0x uses a token-based review mechanism that is based on staking and burning.
Bounty0x provides solutions for internet marketing, consultancy, software development, and research by utilizing blockchain technology.
Ethlance
The idea behind Ethlance is comparable to that of Freelancer.com or Upwork.com but without the associated costs. Its zero-fee marketplace is powered by the Ethereum blockchain, and IPFS, a decentralized web protocol, distributes its front-end files.
Also, Check | Top Blockchain App Development Platforms
Conclusion
The freelance market is enormous and rife with inefficiencies.
Users deal with excessive costs, sluggish payments, poor job quality, dishonest bosses, and a centralized control system with unlimited authority that can instantly end whole careers.
Thanks to blockchain, decentralized freelance solutions are now feasible. To win over businesses and freelancers to their method of operating, some innovative projects are now being developed that aim to improve the marketplace for everyone.
If you have a similar project in mind as mentioned above, connect with our skilled blockchain development experts for more information.
Category:
Blockchain
Mudit Kumar
03 Feb 2023
Dynamic NFTs | Understanding the Dynamics of dNFTs
With dynamic NFTs, the next phase enabled by NFT development services has started. Up until now, the majority of NFTs have been static, used mostly as digital collectibles, in NFT art projects, and in play-to-earn game endeavors.
The metadata of a static NFT is fixed during minting with a minting platform on a blockchain. This limits the use cases for them to creating blockchain-based fantasy sports leagues, tokenizing physical goods, and creating video games with a progression system.
For each of these, the metadata needs to be dynamic.
dNFTs, are useful in this situation since they can change based on external inputs.
In this post, we discuss what NFTs are, how dNFTs are elevating them, their possible use cases, and how those wishing to develop dNFTs can get started.
Understanding Dynamic NFTs
Simply put, a dynamic NFT is one that may alter in response to external factors. It is the smart contracts that bring variations in dynamic NFT Metadata modifications.
A smart contract developer codes a dNFT smart contract, which tells the underlying NFT how and when to update its metadata, with automated updates to do this.
Use cases like tokenizing real-world assets, developing progression-based video games, or establishing fantasy sports leagues on the blockchain require frequent data updates.
dNFTs provide the best of both worlds in these use cases because NFTs can alter certain portions of their metadata while still maintaining their unique IDs.
Also, Read | NFT Minting Platform Development | A Potential Business Concept
How they Function
As of this writing, ERC1155 on Ethereum is the most popular token development platform for dynamic NFTs.
dNFT development is gaining momentum on Solana and other blockchain platforms as well.
Using an oracle or an on-chain event, smart contracts in a dynamic NFT give instructions on how the dNFT's metadata update will happen in response to a triggering event based on outside data.
Smart contracts enable the development of dNFTs that control updates, the unlocking of hidden traits or features, and image upgrades.
Only when an event triggers a smart contract do these conditional modifications take place. Events that are on-chain, off-chain, time-based, price-based, or location-based can all trigger a smart contract.
Oracles and Dynamic NFTs
Static data is the most sensible choice for many works of art and collectible NFTs.
After all, the permanence of keeping data on decentralized, immutable blockchains is one of the main benefits of NFTs.
This immutability prevents someone from, for instance, designing an NFT with a cat image and then switching it to a dog image after it sells.
However, some NFTs may profit from the flexibility to alter in numerous ways as they enter industries like gaming, where interactivity is crucial.
Oracles can help in this situation. Oracles are external systems that link blockchains to other systems through third-party data feeds (such as API3).
In essence, this means that dynamic NFTs can remain decentralized and fully ownable while using oracles to continuously adapt based on the latest knowledge and real-world information.
For instance, a game developer could use an oracle to gather weather information and automatically update the NFT if they wanted to make an NFT sword that changes shape whenever it rains.
The oracle updates the NFTs data continually automatically and in a decentralized manner without the need for human input.
Also, Read | Understanding Blockchain Oracles for Smart Contracts Advancement
Use Cases of dNFTs
This advancement in NFTs will open up a variety of usage scenarios. Here are a few instances, but there are many more that are appearing.
The metadata of a Dynamic NFT can record information on in-game character progression as the character advances in the game and unlocks new abilities or attributes.
When a player character performs a particular action, an in-game object may become more effective. Efficiency rises as a result of the action. For instance, a user can increase a racecar's speed and accuracy in a game by repairing it and updating its wheels, but with time, the efficiency degrades.
In generative art, certain characteristics can change or develop depending on the environment.
Tokenized real estate NFT can update and display changing metrics of the underlying asset.
Using dynamic NFTs, users can create identities and certifications. Dynamic NFT-enabled passports can even save the most recent version of a person's travel and personal history.
Dynamic NFTs can represent ownership assets in augmented reality worlds, and user-generated actions and location-based events can augment their qualities and features. For instance, the information provided to guests via an interactive augmented reality hologram of a tour guide standing in front of the monumental can alter depending on the time of year, the day of the week, and other factors. A dynamic NFT with oracles and smart contracts to control and personalize the experience may own the whole thing.
Also, Read | Real Estate NFTs: Everything You Need to Know
Next Step
Dynamic NFTs are a crucial development. They enable a wide range of use cases and increase the Web3 environment's capabilities.
A key tool for bridging the divide between the physical and digital worlds will be dynamic NFTs.
Connect with our NFT developers for more information about how to get started with dNFTs development.
Category:
Blockchain
Mudit Kumar
01 Feb 2023
NFT Minting Platform Development | A Potential Business Concept
Whatever you want to call it—an NFT trend or an NFT craze—it doesn't appear to be slowing down any time soon. We observe that the trading volume of new NFTs is increasing rapidly in NFT marketplaces. It is the NFT minting platforms that enable users to create/mint new NFTs and publish them on NFT marketplaces. Certainly, NFT minting platform development provided by NFT Solutions development is a crucial element in augmenting these NFT trades.
As a result, NFT minting platform development emerges as a prospective business concept capable of generating significant ROI (return on investment).
Gas and service fees are the main sources of income for NFT minting platform owners.
Developing an NFT minting platform from scratch can be a time-consuming, costly, and complex venture. In addition, it has become inevitable to enter the NFT market in no time to capture the growing business opportunities.
We have developed Scaffold, a hub of modern NFT and smart contract solutions considering these aspects.
It comprises prefabricated architectures/modules of NFT solutions, including an NFT marketplace, an NFT minting platform, and more. It greatly reduces time to market while requiring minimal customization.
NFT Minting
An NFT is simply published on the blockchain and made tradeable when it is "minted."
To mint your NFT, you must first create a digital wallet, buy sufficient cryptocurrency to cover the fee, and then list your NFT in a marketplace for NFTs like OpenSea or FTX US.
Several NFT markets will let artists set up royalties after the original transaction has been done so they can more accurately track sales.
Also, Read | Fractional Real Estate NFTs: The Next Wave of NFTs
NFT Minting Platform
An NFT minting platform enables users to convert their various digital assets into NFTs. By streamlining the minting procedure, such an application helps users save both time and money.
Because NFT-minting websites are so simple to use, anyone with a working knowledge of blockchain technology can make NFTs.
Additionally, some platforms have marketplace integration, which simplifies the process of trading NFTs.
Also, Read | A Definitive NFT Launchpad Development Guide
How to Develop a Platform for NFT Minting
You can create an NFT minting platform in a variety of ways.
Simply purchasing a pre-built NFT minting software that you can configure and launch right away is the most straightforward and affordable course of action.
This strategy requires nominal technical expertise and reduces development costs and time.
Starting from scratch can consume a lot of time and money. However, opting for a prefabricated software solution can shorten the time to market and development costs.
Prefabricated NFT and smart contract solutions developed at Oodles can help with this.
These solutions consist of pre-built platforms you can quickly implement in the market.
You don't need an experienced development team to use these solutions. You can establish the platform and customize it based on business requirements.
This method can enable you to launch your NFT minting website more quickly.
Also, Read | NFT Launchpad Development | A New Means of Crowdfunding
Oodles Scaffold:
The NFT minting script from Scaffold is a ready-made, tried-and-tested platform solution that enables you to create your NFT minting website in almost no time.
It enables users to mint works of art, music, and other media as NFTs and puts them for sale.
The software has been created with all the basic features and functionalities required for the comfort of the users.
You can change the user interface to match how you want your users to utilize it. Simply said, you may tailor the entire front-end system to your target market.
A variety of functions, including those for creating NFTs, listing NFTs, conducting auctions, using wallets, etc., improve the platform's usefulness.
With the aid of the NFT minting script, you may build the NFT minting platform in a couple of weeks, allowing you to speed up development and lower your project's cost.
Also, Read | Why Choose a Whitelabel NFT Marketplace Solution
Scaffold's Features
Buying and Bidding
Through the auction process, it makes it easier for people to purchase digital NFT assets at reasonable costs.
With this feature, you can give your NFT the value you believe it deserves.
Cross-Chain Compatible
Since our NFT minting platform is built on a decentralized blockchain network, Ethereum.
But it can have cross-chain compatibility characteristics.
Compatible with Crypto Wallets
The NFT minting platform has the best wallet compatibility with MetaMask.
User Profile
The platform has a provision for displaying information about NFT creators and collectors with links to their social network pages.
Also, it keeps a collector/creator's transaction history visible on the Ethereum blockchain.
Also, Read | Revamping the Supply Chain Industry with NFT (Non-Fungible Tokens)
How does it Function?
On the NFT minting platform, artists and content producers register.
Their social media accounts get synced (Facebook, Instagram, Spotify, and Twitter). They further configure a digital wallet on the platform.
Artwork creators must create a special password or a private key.
They can link their wallet and add some Ethereum (ETH). They will use to pay gas expenses and commission on the sale of NFTs.
Artists later upload their work using JPEG, MP3, and PNG files.
They should include information like a brief description, the cost of their cryptocurrency collectible, the royalty percentage, and the asset's title.
Content creators need to cover the mandatory gas fee.
Typically, the artwork is listed in smart contracts on the Ethereum blockchain network.
Additionally, with Etherscan, artists can monitor the status of the minting (the blockchain explorer of Ethereum).
After successful minting, the NFT will be visible on the artist's profile.
They can start an auction and then sell it on the market for a higher price.
Also, Read | NFT Staking Platform Development Explained
What's Next
We hope the information above gives you a rough idea of how to get begin creating an NFT minting platform.
By following these details, you can develop an effective NFT minting website that meets the needs of your users and propels your NFT company to new heights.
Contact skilled NFT and smart contract developers at Oodles if you need assistance creating your NFT minting platform.
Category:
Blockchain
Mudit Kumar
30 Jan 2023
The Rise of P2P Crypto Exchange after the FTX Debacle
The interest in decentralized crypto exchanges has increased rapidly after theFTX crypto exchange debacle. They offer crypto investors greater control over their crypto assets. Businesses can launch their P2P (peer-to-peer) decentralized crypto exchange usingcrypto exchange development services offered by a crypto exchange development company.This article explores a reliable, modern decentralized exchange (DEX) development. Essentially, we will examine the advantages and development factors of a P2P decentralized crypto exchange.
Also, Explore | Oodles Scaffold | White Label Crypto Exchange
Peer-to-Peer (P2P) Crypto Trading
P2P cryptocurrency trading is a decentralized method of crypto exchange that relies solely on a blockchain-based platform or software. In typical situations, intermediaries carry out trade and execute transactions. However, apeer-to-peer crypto exchangedoes not use intermediaries or third parties to monitor and enforce transactions.
A P2P Crypto Exchange Platform's Mechanisms
P2P exchanges function differently to do away with the requirement for a middleman. The people behind those orders match up rather than the orders in an order book.
A P2P exchange platform does not execute the trade immediately when it discovers a matched buy and sell order. Instead, it links the buyer and seller, allowing them to complete the transaction directly.
Therefore, trading does not require intermediaries, although they may still serve as arbitrators in the event of potential disagreements.
Benefits of P2P Crypto Exchange Development
When designed and implemented correctly, P2P crypto exchange platforms can resist transaction censorship in a cost-effective, private, and secure manner. These benefits result from decentralizing operations.
Centralized exchanges' single point of authority offers several benefits, including quicker trading and enough liquidity. However, an attack at a single point can affect these systems.
Strengthened Transaction Privacy
P2P crypto exchanges do not require a middleman or third party to execute transactions. A blockchain facilitates encrypted transactions and operates as an immutable distributed ledger. These decentralization and feature-rich qualities of blockchain assure the privacy and security of the entire platform.
Efficacious Operations
The operational cost of a transaction increases when it involves more intermediaries. On the other hand, decentralization removes the requirement of a third party in crypto trading on a peer-to-peer exchange program. As a result, it virtually eliminates operational expenses.
Also, Visit |Develop a Decentralized Exchange like PancakeSwap
Increased Security
A peer-to-peer exchange removes the concern over the validity of the counterparties. It keeps the KYC (Know You Customer) information of users up to date with the blockchain database.
Identity fraud and other sorts of fraud become extremely less.
International Transactions
Traditionally, it can take days or weeks to exchange fiat money in overseas transactions. While using a P2P exchange platform enables quick, economical, and worldwide transfers.
On a P2P exchange platform, anyone can make transactions quickly across the globe.
Effective Dispute Resolution in Transactions
The escrow system ensures the monitoring of all transactions on the platform. It comes into play when a dispute between buyers and sellers first appears.
Additionally, the platforms demand that before a trade, the parties to it escrow some money in a smart contract.
The escrow system, usingsmart contract development, can then release the funds from the smart contract escrow following a successful trade settlement.
Suggested Read |Developing a Decentralized Crypto Exchange like Uniswap
Secure
P2P exchanges do not keep users' cryptocurrency. Instead, they serve as a conduit between merchants. Thereby, users can transact directly in P2P exchanges.
The transaction process becomes significantly easier by not entrusting cryptos to a third party. If you are the only one who owns your money, neither theft nor mistaken loss can happen.
Powered by Smart Contract, Escrow Service
An escrow service acts as a trusted middleman and holds the funds for a transaction until the cryptocurrency settlement is complete. It requires cryptocurrency deposits before any money exchanges, which protects customers from dishonest sellers.
Also, Explore | Essentials for Developing a P2P Crypto Exchange Platform
The Process of Developing P2P Exchanges
Every P2Pcrypto exchange development companyoften follows a pretty similar procedure. They will begin by investigating the concepts and all the requirements to develop a crypto exchange platform.
Subsequently, they work on the design and development to finally deliver the software solution.
The following are the detailed steps to develop a P2P crypto exchange:
Research and Concept
After setting up a meeting, service providers discuss your proposal and attempt to determine its scope. The professionals do all necessary research, including collecting the information and analyzing the market.
Additionally, they provide prepared documents that contain information on planning, services offered, anticipated outcomes, and a timeframe for the development process.
Explore More |Compact Insights into Decentralized P2P Exchange Development
Design
Developers further demonstrate a prototype or give you illustrations of the kind of designs they may use for your platform. It will provide a clear concept of the platform's look and function.
Before putting any design possibilities in front of you, they would have all already undergone analysis and verification.
Additionally, they ensure the design complies with the specifications and your ongoing input. They also ensure that the platform's design is user-friendly and engaging.
Development
The next step is to develop a fully functioning and user-friendly solution. At this stage, developers will install the trading engine and other integrations.
Integration
The stage entails the solution's integration with several blockchain-based applications. Developers make sure that their developed solutions are tried-and-true and technologically sophisticated to compete in the future market. Additionally, they will ensure that they integrate every feature properly.
Listing of tokens
Next, service providers verify the listing of tokens properly on the platform. They understand that end users will make investments in various currencies. Therefore, they update the accepted currency list and token list.
Also, Check |A Guide to Understanding Hybrid Crypto Exchange Model
Providing the Solution
Eventually, a service provider will confirm the proper functioning of all the features and functions before delivering the solution. Its highest priority is providing a perfect, well-created solution, complying with all requirements.
At Oodles, we offer many crypto exchange services, including derivatives exchanges, hybrid exchanges, and P2P platforms. Connect with our team ofskilled crypto exchange developersfor more information.
Category:
Blockchain
Mudit Kumar
28 Jan 2023
Hiring Smart Contract Developers Made Easy
Before diving right into hiring smart contract developers, if you want to ensure how to hire smart contract developers for your project that can make your project a success, you have landed on the blog post. Smart contract development services are used with blockchain technology to streamline and automate transaction negotiation and execution and develop decentralized applications (dApps), decentralized finance (DeFi), NFTs, and more. Whatever may be the project, it is the skills and expertise of smart contract developers that can ensure its success, to a certain extent. In this article, we analyze and provide comprehensive guidance on the factors to take into account when hiring developers for smart contracts development.Hiring Developers for Smart Contract DevelopmentSmart contracts are becoming more and more well-liked as a result of their adaptability and convenience. Their algorithm—simply a series of if/then statements—seems incredibly simple, but when you stop to think about it, it can be applied to just about any sector, from trading and investment to healthcare, gaming, and real estate. Workflow can be automated with these blockchain programs. And if you want to keep up with the times, consumer needs, and technology advancements today, automation is unquestionably something you should pursue. You must work with a smart contract developer for all of that to occur. Before choosing the best decision, a business needs to consider several variables, and we at Oodles are here to assist you. We've engaged a good number of developers and researched the market extensively for you. Also, Read | A Definitive Guide to Understanding Cardano Smart ContractsTechnologies that a Programmer of Smart Contracts Must Be Skilled InThere is a significant deal of skill testing done before recruiting a fantastic team of smart contract developers. As we evaluate candidates ourselves at Oodles, we are aware of this. We want to meet your high standards at the same level as your expectations. These are the capabilities that our development business provides:SolidityIt is a programming language created by the Ethereum Network, particularly for writing and running smart contracts. This is the most fundamental ability a smart contract developer should possess.EVM, or Ethereum Virtual MachineThe program is in charge of putting smart contracts based on the Ethereum Network into action. After a new block is added to the chain, it audits the state of the network as well.dAppThe development of decentralized apps is known as dApp (hence the name). Because the backend code is located on a P2P network that is likewise decentralized, it differs from traditional app development. Also, Read | A Guide to Ensuring Smart Contract SecurityConsensus ProtocolsThis is one of the computer science procedures used in a blockchain to establish trustworthiness in a network with numerous users and nodes.ChaincodeChaincode manages the business operations between participants rather than a human, much like a smart contract. One needs to be an expert in Go, mode.js, and/or Java to create such an application.Also, Read | Tips To Hire The Best Blockchain DevelopersTechnical skill evaluationYou should research the skills a smart contract developer possesses before hiring them. How will you construct your task? Here are some of the key qualities a CEO or director should look for in a smart contract developer.HTML/CSSJavascriptBlockchain core partsTesting toolsCapable in JavaScript and ECMAScriptIn addition to the technical abilities mentioned above, employing smart contract developers with a solid understanding of javascript and the web3 library is essential. They are also properly knowledgeable about hoisting and DOM control. Scopes and functions in JS are among the others. Prototypal inheritance is another. The development of smart contracts and their application require a wide range of additional expertise. When selecting developers for smart contract projects, make sure they have experience with NFT, fungible tokens, ICO, API integration, transactional technologies, smart contracts themselves, and many other topics. Also, Read | Analyzing Solidity and Vyper for Smart Contracts ProgrammingHiring Smart Contract Developers from an Outsourcing Blockchain Development CompanyIn the modern world, outsourcing is growing in popularity, particularly in the blockchain sector. Businesses just order the necessary services from outsourcing companies rather than increasing their core employees. It saves costs while enabling them to receive top-notch assistance in problem resolution. Employing a smart contract development company as opposed to independent contractors, in-house workers, or freelance developers may have the following advantages:ExpertiseThe majority of smart contract development companies employ a team of seasoned developers with a diverse set of abilities. If you need specific expertise or have a challenging project that calls on a variety of talents, this can be quite helpful.Quality ControlA development agency could have procedures in place for quality control to guarantee that the work they do is of high quality. It boosts confidence that the project will be completed as per timelines as well.SpeedBecause they have access to a wider pool of resources, an agency might be able to finish a project more quickly than a single freelancer or internal team.FlexibilityDepending on the demands of your project, an agency may be able to scale up or down more easily than in-house workers. Also, Read | A Definitive List of Top Smart Contract PlatformsAccess to a Variety of Resources and ToolsFor complex projects, a development agency may have access to a greater variety of tools and resources than a single freelancer or in-house team. Additionally, there may be disadvantages to take into account, such as the expense of employing an agency and the potential for having less control over the project than working with in-house workers. The optimal strategy for your business will ultimately depend on your unique requirements and available resources.The Process to Hire Smart Contracts DevelopersThere are three steps to the hiring process:Decide on the requirements and specifics of your project, the number of employees you'll need, and the budget you'll be working with. With the use of our discovery phase, we can assist you in this.If you like, you can interview the developers. In that case, just let us handle it. Remember that if you opt for a different hiring process, you might either get a programmer who lacks the necessary skills or you'll have to conduct your interviews, test them, and assess their qualifications.Finish the onboarding procedure and get ready to begin the project.Then, all you have to do is work with professionals who will provide top-notch services. With Oodles, you can hire smart contract developers in 3 easy steps for a reasonable cost.
Category:
Blockchain
Mudit Kumar
24 Jan 2023
Solana vs Ethereum Blockchain | Which is Better for dApps
The blockchain app development space is evolving rapidly, with various platforms competing for dominance in the realm of decentralized applications (dApps). Two of the most prominent names in this space are Ethereum and Solana. As enterprises and developers look to leverage blockchain technology for business applications, understanding the technical and operational differences between these two platforms is crucial. This article provides a comprehensive comparison of Solana and Ethereum, exploring which platform may be better suited for developing and deploying dApps.Introduction to dApps and Blockchain PlatformsDecentralized applications (dApps) are revolutionizing industries by enabling peer-to-peer interactions without relying on centralized intermediaries. They offer enhanced security, transparency, and control, which are critical for sectors such as finance, supply chain, healthcare, and more. As businesses seek robust solutions to streamline operations and improve user trust, selecting the right blockchain platform is essential.Ethereum, often considered the pioneer of smart contract platforms, has been the go-to blockchain for dApp development for several years. Meanwhile, Solana has emerged as a high-performance alternative with claims of superior transaction speeds and lower costs. This article examines both platforms in-depth, comparing their core features, performance metrics, developer ecosystems, and suitability for enterprise-level dApps.Overview of EthereumEthereum, launched in 2015, is a decentralized, open-source blockchain featuring smart contract functionality. Its platform has paved the way for a myriad of dApps, ranging from decentralized finance (DeFi) to non-fungible tokens (NFTs). Ethereum's influence on the blockchain space is undeniable, and its large developer community continues to drive innovation.Key Features of EthereumSmart Contracts: Ethereum introduced programmable smart contracts that automatically execute transactions when certain conditions are met.Decentralization: As a public blockchain, Ethereum is highly decentralized, ensuring no single point of failure or control.Robust Ecosystem: With thousands of dApps and a vibrant developer community, Ethereum benefits from extensive resources, documentation, and third-party tools.Ethereum Virtual Machine (EVM): The EVM allows developers to create and deploy smart contracts in a standardized environment using languages like Solidity.Upcoming Upgrades: Ethereum is in the process of transitioning from Proof-of-Work (PoW) to Proof-of-Stake (PoS) with Ethereum 2.0, which aims to enhance scalability and reduce energy consumption.Also, Read | Implementing a Layer-2 Bridge Interface for Ethereum BlockchainStrengths of Ethereum for dApp DevelopmentEthereum's strength lies in its maturity and large user base. The platform has been battle-tested, and its extensive network effects provide significant advantages for developers looking to build secure and decentralized applications. Its ecosystem is replete with developer tools, libraries, and frameworks that simplify the process of dApp creation and deployment.Additionally, the upcoming Ethereum 2.0 upgrade is expected to address scalability issues, improve transaction throughput, and reduce fees, making it even more attractive for enterprise applications in the near future.Challenges Facing EthereumDespite its strong foundation, Ethereum faces several challenges:Scalability: High network congestion has led to slower transaction speeds and increased fees, which can hinder large-scale enterprise adoption.Transition to PoS: The ongoing transition to Ethereum 2.0, while promising, presents risks and uncertainties during the migration period.Energy Consumption: Under the current PoW model, Ethereum has been criticized for its high energy consumption, though this is expected to improve post-transition.Also, Check | Implementing a Layer 2 payment channel network in EthereumOverview of SolanaLaunched in 2020, Solana is a high-performance blockchain platform that has gained significant traction for its rapid transaction speeds and low fees. Solana is designed to support scalable dApp development by employing innovative consensus mechanisms and architecture.Key Features of SolanaHigh Throughput: Solana boasts a high transaction throughput, reportedly handling up to 65,000 transactions per second (TPS) under optimal conditions.Low Transaction Fees: The network is designed to maintain minimal transaction costs, making it ideal for applications requiring micro-transactions or high-frequency trading.Proof-of-History (PoH): Solana introduces a novel consensus mechanism called Proof-of-History, which timestamps transactions before they are processed, increasing efficiency and scalability.Developer-Friendly: Solana supports programming in Rust and C, providing developers with flexible options and modern toolsets to build robust dApps.Rapid Confirmation Times: With confirmation times often in the sub-second range, Solana is well-suited for applications that require near-instantaneous transactions.Also, Discover | Batch Transactions on Solana for Improved EfficiencyStrengths of Solana for dApp DevelopmentSolana's high performance and low transaction fees present a compelling case for developers and enterprises seeking scalable dApp solutions. The platform's architecture is designed to support a vast number of transactions without the bottlenecks experienced by older blockchain networks.Moreover, the use of Proof-of-History and other innovative technical approaches allows Solana to achieve high throughput without compromising on decentralization. Its growing ecosystem includes various DeFi platforms, NFT marketplaces, and gaming applications, all benefiting from the platform's performance capabilities.Challenges Facing SolanaDespite its promising features, Solana is not without its challenges:Network Stability: As a relatively new platform, Solana has experienced occasional network outages and performance issues, raising concerns about its long-term stability.Decentralization Concerns: Some critics argue that Solana's architecture may lead to centralization risks due to the relatively high hardware requirements for validators.Ecosystem Maturity: Although rapidly growing, Solana's ecosystem is still maturing compared to Ethereum's extensive network and developer support.Also, Explore | Building a Solana NFT Rarity Ranking ToolComparative Analysis: Ethereum vs. Solana for dAppsWhen evaluating blockchain platforms for dApp development, several critical factors come into play. Below, we provide a detailed comparison of Ethereum and Solana based on performance, scalability, cost, security, and developer ecosystem.Performance and ScalabilityEthereum: Ethereum has been the industry standard for dApps, but it faces challenges with scalability. Under heavy load, transaction times can increase significantly, and gas fees can spike, making it less suitable for applications requiring high throughput. The transition to Ethereum 2.0 is expected to mitigate some of these issues, but the full benefits remain to be seen.Solana: Solana is built for high performance. With the ability to handle thousands of transactions per second and near-instant confirmation times, it is designed to scale efficiently. For dApps that require fast and frequent transactions—such as gaming platforms, high-frequency trading applications, or micro-payment systems—Solana offers a distinct advantage over Ethereum.Transaction CostsEthereum: High gas fees have been a recurring pain point for Ethereum users, especially during periods of network congestion. This can pose a significant barrier for dApps that rely on micro-transactions or have a large user base, as the cost of each transaction may become prohibitive.Solana: Solana's architecture allows for extremely low transaction fees, often a fraction of a cent. This cost efficiency is attractive for businesses and developers looking to build cost-effective dApps, particularly when scaling to millions of transactions.Security and DecentralizationEthereum: Ethereum's long-standing history and large network of nodes have contributed to a robust and secure platform. Its decentralized nature has been proven over time, making it a trusted platform for a variety of high-stakes applications. The move to a Proof-of-Stake consensus with Ethereum 2.0 is designed to further enhance security while reducing energy consumption.Solana: Solana employs a combination of Proof-of-History and Proof-of-Stake, which offers high performance but has raised questions about its level of decentralization compared to Ethereum. While Solana's security mechanisms are innovative, the platform's relative youth means that its long-term resilience is still under observation.Developer Ecosystem and Community SupportEthereum: One of Ethereum's biggest strengths is its mature developer ecosystem. With extensive documentation, a wide range of development tools, and a large, active community, developers have access to a wealth of resources. This robust support network simplifies dApp development and accelerates time-to-market for enterprise solutions.Solana: Solana has been rapidly building its developer community, with growing resources and support channels. While it may not yet match Ethereum's ecosystem in terms of size, its focus on performance and cost-efficiency has attracted a new wave of developers interested in building next-generation dApps.Interoperability and IntegrationEthereum: Ethereum's extensive network and compatibility with a variety of tools and protocols make it an excellent choice for interoperability. Many enterprise solutions rely on Ethereum's established standards for integrating with other systems and legacy technologies.Solana: Solana is making strides in building bridges and interoperability protocols to connect with other blockchains and traditional systems. As the platform continues to mature, its ability to integrate seamlessly with other technologies will be crucial for wider enterprise adoption.Energy EfficiencyEthereum: Under its current Proof-of-Work model, Ethereum has been criticized for its energy consumption. The transition to Proof-of-Stake with Ethereum 2.0 aims to address these concerns by significantly reducing the network's carbon footprint.Solana: Solana's consensus mechanism is designed to be energy-efficient, offering an advantage for companies looking to implement sustainable technology solutions. This efficiency not only reduces operational costs but also aligns with corporate social responsibility goals.You may also like | Quantum-Resistant Blockchain App Development Using MochimoEnterprise Considerations for dApp DevelopmentFor businesses evaluating blockchain platforms for their dApp projects, the decision between Ethereum and Solana should be driven by specific project requirements and long-term strategic goals. Here are some key enterprise considerations:Scalability Needs: If your dApp is expected to handle high transaction volumes with minimal latency, Solana's architecture may provide a better fit. On the other hand, if your application relies on a robust, battle-tested network, Ethereum's mature infrastructure remains a strong candidate.Cost Sensitivity: Businesses that are highly sensitive to transaction costs, especially those processing micro-transactions, may benefit from Solana's low fees. Ethereum's higher gas fees can be a deterrent for certain business models, although layer-2 solutions and the transition to Ethereum 2.0 are aimed at mitigating these issues.Security and Compliance: For applications where security is paramount—such as financial services and healthcare—Ethereum's proven track record may offer additional reassurance. Enterprises must also consider regulatory compliance and data security, areas where both platforms are making strides but may have differing audit frameworks and community standards.Developer Resources: The availability of experienced developers and extensive documentation can significantly reduce development time and costs. Ethereum's established ecosystem currently provides a wider pool of talent and tools, while Solana's community is rapidly expanding.Interoperability Requirements: If your enterprise strategy involves integrating blockchain solutions with existing systems or other blockchains, Ethereum's long history and established standards could offer a seamless integration experience. Solana is actively working on interoperability solutions, which could prove advantageous in the long run.Case Studies and Industry AdoptionMany enterprises have already adopted Ethereum for a variety of dApp solutions ranging from decentralized finance (DeFi) to supply chain management. For example, major DeFi platforms and NFT marketplaces have built on Ethereum, leveraging its robust ecosystem to drive significant user engagement and transaction volumes.In contrast, Solana has seen rapid adoption in sectors where speed and cost-efficiency are critical. Startups and innovative projects in the gaming and trading sectors are increasingly choosing Solana to deliver seamless user experiences and handle high-frequency transactions.These case studies highlight that the choice between Ethereum and Solana is not simply about one platform being inherently better than the other; rather, it's about aligning the platform's strengths with your specific business needs and technical requirements.Future Outlook and TrendsThe blockchain space is continuously evolving, and both Ethereum and Solana are poised to benefit from ongoing innovations. Ethereum's transition to Ethereum 2.0 is expected to enhance scalability and reduce environmental impact, potentially solidifying its position as the go-to platform for enterprise dApps. At the same time, Solana's focus on high throughput and low transaction fees positions it as a formidable competitor, particularly for applications that demand rapid, cost-effective processing.Emerging trends such as the rise of decentralized finance, non-fungible tokens, and enterprise blockchain integrations indicate that both platforms will continue to play significant roles in the industry. Enterprises should keep a close eye on these developments and be prepared to adopt hybrid or multi-chain strategies that leverage the unique strengths of each platform.You may also like to explore | Exploring the Top Blockchain Platforms for Your EnterpriseConclusionChoosing between Solana and Ethereum for dApp development involves weighing the trade-offs between performance, cost, security, and ecosystem maturity. Ethereum's extensive history, large developer community, and proven security make it an excellent choice for applications where decentralization and trust are paramount. However, its current scalability issues and higher transaction fees can be limiting factors.On the other hand, Solana offers compelling advantages in terms of high throughput, low fees, and energy efficiency, making it particularly well-suited for dApps that require rapid, high-frequency transactions. While Solana is still growing in terms of ecosystem maturity, its innovative consensus mechanisms and performance characteristics make it an attractive option for forward-thinking enterprises.For businesses, the decision should be based on specific project requirements, long-term strategic goals, and the intended user experience. In many cases, a hybrid approach or multi-chain strategy may offer the best of both worlds, allowing enterprises to leverage Ethereum's robustness while capitalizing on Solana's performance benefits.Ultimately, both Ethereum and Solana are at the forefront of blockchain innovation, and the competitive dynamics between them are likely to drive further improvements that benefit developers and enterprises alike. As the blockchain ecosystem evolves, staying informed about technological advancements and industry trends will be crucial for making the right strategic decisions.Frequently Asked Questions (FAQ)Q1: What are the primary differences between Ethereum and Solana?A: Ethereum is known for its mature ecosystem, robust security, and large developer community, while Solana is recognized for its high throughput, low transaction fees, and innovative consensus mechanism called Proof-of-History. Ethereum's scalability issues and higher gas fees contrast with Solana's performance advantages, making each platform suitable for different types of dApps.Q2: Which platform is more suitable for high-frequency transactions?A: Solana is generally more suitable for high-frequency transactions due to its ability to handle up to 65,000 transactions per second and its low transaction fees. This makes it ideal for applications like gaming, trading, and micro-payment systems.Q3: Is Ethereum's transition to Ethereum 2.0 expected to resolve its scalability issues?A: Ethereum 2.0, which involves a transition to Proof-of-Stake, is designed to address scalability challenges and reduce energy consumption. While the upgrade is promising, its full impact will depend on successful implementation and community adoption.Q4: How does developer support compare between the two platforms?A: Ethereum benefits from a long-established developer ecosystem with extensive documentation, libraries, and community support. Solana is rapidly growing its developer base and offers modern tools and programming languages like Rust and C, but its ecosystem is not yet as extensive as Ethereum's.Q5: Can I integrate dApps built on Ethereum with other enterprise systems?A: Yes, Ethereum's mature ecosystem and interoperability standards make it relatively straightforward to integrate dApps with existing enterprise systems. Numerous APIs, middleware solutions, and integration tools are available to facilitate this process.Q6: Which platform offers better cost efficiency for dApp transactions?A: Solana is known for its extremely low transaction fees, often a fraction of a cent, which makes it highly cost-efficient for dApp transactions. Ethereum, while more established, can incur higher costs during periods of network congestion, although layer-2 solutions and Ethereum 2.0 aim to mitigate these expenses.Q7: What factors should enterprises consider when choosing between Ethereum and Solana?A: Enterprises should consider scalability needs, transaction costs, security requirements, developer ecosystem maturity, interoperability with legacy systems, and long-term strategic goals. In many cases, a multi-chain strategy might be the most effective solution to leverage the strengths of both platforms.Final ThoughtsBoth Ethereum and Solana offer unique advantages for developing decentralized applications. While Ethereum's proven track record, security, and extensive developer community make it a reliable choice, Solana's high performance and cost efficiency are strong contenders for high-demand applications. The decision ultimately depends on the specific needs of your project and the strategic direction of your business. Staying abreast of ongoing technological developments and market trends will enable enterprises to make informed decisions that drive innovation and competitive advantage in the rapidly evolving blockchain space. Connect with our experienced blockchain developers to get started with blockchain app development for your decentralized project.
Category:
Blockchain
Mudit Kumar
23 Jan 2023
DAO Platform Development | An Exhaustive Explainer
Decentralized Autonomous Organizations (DAOs) have been gaining a lot of attention in recent years as a new way to manage and govern decentralized communities and projects. A DAO platform is a digital organization that is run by code, rather than by traditional management structures. This makes them highly efficient, transparent, and resistant to censorship or manipulation. Creating a DAO platform using blockchain development services can be a challenging task, but it can also be a highly rewarding one. In this blog post, we will walk through the key steps and considerations that go into developing a DAO platform.Why Venture into a Decentralized Autonomous Organization (DAO) Platform DevelopmentDecentralized ControlOne of the main advantages of DAO platform development is that it enables a project or a business to operate through a set of rules encoded on a blockchain, rather than being controlled by a central authority. This allows for a more democratic decision-making process and reduces the risk of corruption or manipulation.TransparencyDAOs are built on a blockchain, which is an immutable and transparent ledger. This means that all transactions and activities within a DAO are recorded and can be viewed by anyone. This increases transparency and accountability, which can foster trust among members and stakeholders.EfficiencyDAOs use smart contracts, which are self-executing contracts with the terms of the agreement written directly into code. This allows for the automation of certain processes and the removal of intermediaries, making the organization more efficient.FlexibilityDAOs can be customized to suit the specific needs of the organization. This includes the ability to create custom tokens and set different levels of access for different members.Cost-effectiveDAOs can operate without the need for intermediaries or middlemen, which can help to reduce costs. Additionally, since they operate on a blockchain, they can also benefit from the security and immutability provided by the blockchain network.Continuous improvementWith the help of governance tokens, holders of the tokens have the power to vote on decisions and proposals to improve the DAO, this allows for continuous improvement and adaptability. Also, Read | Deciphering DAOs | Benefits, Elements, and a Pre-Built SolutionComponents of a Decentralized Autonomous Organization (DAO) platformSmart ContractsThe backbone of a DAO, smart contracts are self-executing contracts stored on the blockchain. They contain the rules and logic that govern the operations of the DAO.TokenDAOs use tokens as a means of representation of membership, voting rights, and value exchange.BlockchainThe blockchain is the decentralized ledger that records all of the transactions and decisions made within the DAO. It ensures the transparency and immutability of the organization's operations.Governance ModelThe governance model defines how members of the DAO can propose, vote on, and implement changes to the organization.User InterfaceA user interface (UI) allows members to interact with the DAO, such as proposing and voting on proposals, managing their tokens, and viewing the organization's history. Also, Read | Developing DAO-enabled NFT MarketplaceOraclesOracles are external data feeds that provide external information to smart contracts, such as the price of an asset or the outcome of an event.ProposalsProposals suggested changes to the DAO, such as changes to the governance model, the allocation of funds, or the addition of new members.VotingMembers of the DAO use their tokens to vote on proposals, which determine the outcome of the proposal.Token DistributionIt refers to the initial token distribution mechanism of the DAO, whether through ICO, mining, or other means.Token EconomicsIt is the economic model of the token, including the total supply, inflation rate, and token burn mechanisms. Also, Read | Exploring the Combination of DAO and the MetaverseSteps to Develop a DAO platformDefine the Purpose and Functionality of the DAOThe first step in developing a DAO platform is to define the purpose and functionality of the organization. This includes determining the goals and objectives of the DAO, as well as the specific features and functionality needed to achieve those goals. For example, will the DAO focus on decentralized decision-making, or will it have a specific use case such as decentralized finance (DeFi)?Choose a Blockchain PlatformOnce you have defined the purpose and functionality of the DAO, the next step is to choose a platform on which to build the organization. There are several popular platforms for developing DAOs, including Ethereum, EOS, and TRON. Each platform has its own strengths and weaknesses, so it's important to choose the one that best suits the needs of the DAO.Design the Smart ContractsThe heart of a DAO is its smart contract, which is a piece of code that runs on the blockchain and defines the rules and functionality of the organization. You will need to use smart contract development services for the DAO and ensure that it is secure and reliable. This includes defining the rules for how the DAO operates, such as the process for decision-making and fund management.Test and Deploy the DAOOnce developers have designed the smart contract, it's important to thoroughly test it before deploying it to the blockchain. This includes running various test scenarios to ensure that the contract is functioning as expected and that there are no bugs or vulnerabilities. Once developers have thoroughly tested the DAO, they can deploy it to the chosen blockchain platform.Maintain and Monitor the DAOA DAO is an ongoing project and it will require maintenance and monitoring to ensure it is running smoothly. This includes keeping the smart contract up to date with the latest security patches, monitoring the performance of the DAO, and addressing any issues that arise. Also, Read | DAO (Decentralized Autonomous Organization) DevelopmentConclusionIn conclusion, creating a DAO platform can be a challenging task, but it can also be a highly rewarding one. By following these key steps and considerations, developers can create a reliable, secure, and efficient DAO platform, which can manage and govern decentralized communities and projects. Also, at Oodles, we have built a prefabricated architecture of smart contract solutions, including a DAO platform (Governance token). It can be launched within a few weeks in the market with minimal customization. It's an exciting time for the development of DAOs, and the future potential of these organizations is limitless. If you have an interesting business idea and want to get started with DAO development, connect with our skilled blockchain developers for more information.
Category:
Blockchain
Mudit Kumar
21 Jan 2023
A Definitive NFT Launchpad Development Guide
An NFT launchpad/platform allows NFT creators to raise funds for their projects by selling a limited number of Non-Fungible Tokens (NFTs) representing ownership or membership in the project. One way for NFT launchpad development is to use Scaffold, a hub of prefabricated NFT solutions that includes basic architectures of an NFT marketplace, a minting platform, and more.
It essentially saves significant development efforts and time required in developing a project from scratch. NFT launchpad development enables fundraising for various types of NFT projects across industries like art, music, films, games, virtual real estate, and more. The NFTs sold on these platforms are unique and provide access to exclusive content, experiences, or benefits.
The crowdfunding aspect of these platforms allows NFT creators to raise funds by selling NFTs to many individuals, rather than a small number of investors.
It enables them to gain support from a large community of people who are excited about a project.
Additionally, NFT launchpads typically have a built-in marketplace where buyers can resell their NFTs, providing liquidity for the project and its supporters.
Also, Read | NFT Launchpad Development | A New Means of Crowdfunding
Must-Have Features in an NFT Launchpad Development
Minting and Management of NFTs
Creators can mint their unique digital assets, and manage them through the platform's interface.
Fundraising and Goal Tracking
Creators can set a fundraising goal for their project and track progress towards that goal.
Also, Read | Social Media NFT Marketplace Development Guide
Secondary NFT Marketplace
A built-in marketplace for buyers to resell their NFTs, which provides liquidity for the project and its supporters.
Access to Exclusive Content, Experiences, or Benefits
NFTs sold on these platforms provide access to exclusive content, experiences, or benefits related to a project.
Wallet Integration
The launchpad should be able to integrate with different blockchain wallets, so users can easily store, manage and transfer NFTs they own.
Royalties or Profit Sharing
The platform should allow creators to set royalties or profit sharing for secondary sales of their NFTs, enabling them to earn additional income from their work.
KYC/AML Compliance
It should be a must to require Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance to comply with regulations and prevent illegal activities on the NFT launchpad.
Communication and Community-Building Tools
The platform can also provide tools for creators to connect with their communities and engage with their supporters.
Also, Read | Getting Started with INO (Initial NFT Offering)
Additional Features NFT Launchpad Development
Security
The NFT assets should be fully safeguarded by cutting-edge security measures, round-the-clock DDoS, and cutting-edge firewalls.
Compatible with Cross-Chain
A cross-chain compatible NFT launchpad can support data transfer across multiple blockchain networks and be fully interoperable with them. In today's ever-evolving blockchain development space, this feature is a must.
Various Level Staking
Utilizing multi-level staking modules, you may group investors using the NFT launchpad. It can ensure that investors receive higher payouts based on merit and participation.
Lending Pools
The platform should have autonomous liquidity pool features built in. The market cap can be greatly increased because it allows investors to stake native tokens, invest in liquidity pools, and earn rewards.
Storefront
Descriptions and more data, including price, ownership, bids, and price history, should be available for various NFTs and collections at the storefront of an NFT launchpad.
Search
Users should be able to easily search for desired NFTs and collections.
Filtering Choices
Users should be able to filter and rank NFTs based on price, niches, and time posted using search and sort options.
Reviews and Ratings
It enhances user experience as users are able to easily explore NFT collections using reviews and ratings. They should also be able to determine whether NFTs are reliable. Users that do best may also receive special incentives.
Bidding Features of the Bid
A crucial component of an NFT launchpad application is bidding and auctions because it attracts new customers to your platform.
After all, certain users enjoy flexible pricing and bidding. Additionally, buyers should be able to track the progress of their bids.
Also, Read | NFT Staking Platform Development Explained
NFT Launchpad Development Steps
Research and Planning
Study the current market and identify the needs of your target audience. Determine the features and functionality that will make your platform a success.
Design and Development
Create a wireframe or prototype of the platform and start developing it using appropriate technologies such as Ethereum, Solidity, and React. Oodles is an expert NFT launchpad development company that can help you in the process.
Integration
Integrate the necessary smart contracts for token creation and crowdfunding.
Testing
Test the platform thoroughly to ensure that it is secure and functional.
Deployment
Deploy the platform on a testnet or mainnet and make it available to users.
Marketing
Promote your platform to attract creators and backers.
Also, Read | Fractional Real Estate NFTs: The Next Wave of NFTs
It's important to note that developing an NFT crowdfunding platform is not an easy task. It requires a deep understanding of blockchain technology and smart contract development. It's best to consult with our blockchain developers and legal experts before starting the project.
Category:
Blockchain
Mudit Kumar
20 Jan 2023
How to Decide a Suitable Blockchain Consensus Algorithm
Selecting the right blockchain consensus algorithm is a critical decision that can determine the performance, security, scalability, and overall success of your blockchain project. In this comprehensive guide, we will explore the key factors you need to consider when choosing a consensus mechanism, compare popular algorithms, and provide actionable insights to help you make an informed decision for blockchain app development.IntroductionBlockchain technology is underpinned by consensus algorithms—protocols that enable distributed nodes to agree on the state of the blockchain without a central authority. These algorithms ensure that all transactions are validated, data remains tamper-proof, and the network operates efficiently. However, not all consensus mechanisms are created equal; each has unique characteristics that make it more or less suitable for specific applications.When deciding on a consensus algorithm, you must evaluate your project's goals, network size, security needs, scalability requirements, and energy efficiency. This article delves into these considerations and provides a step-by-step framework to guide your decision-making process.Understanding Consensus AlgorithmsBefore diving into the selection process, it's important to understand what consensus algorithms are and how they function in blockchain networks.What Is a Consensus Algorithm?A consensus algorithm is a set of rules that determines how transactions are verified and how nodes in a distributed network agree on the state of the ledger. In essence, these protocols ensure that all participants in the network have a consistent and up-to-date copy of the blockchain.Key Objectives of Consensus AlgorithmsDecentralization: Ensuring that no single entity controls the network.Security: Protecting the network from attacks such as double-spending and Sybil attacks.Scalability: Allowing the network to handle an increasing number of transactions.Performance: Achieving fast transaction finality and low latency.Energy Efficiency: Minimizing the environmental impact, especially important for large networks.Also, Read | Building a Custom Blockchain Consensus MechanismPopular Blockchain Consensus AlgorithmsSeveral consensus algorithms have emerged over the years, each with its advantages and trade-offs. Below, we compare some of the most commonly used consensus mechanisms:Proof of Work (PoW)How It Works:Proof of Work is the pioneering consensus mechanism used by Bitcoin. Miners compete to solve complex cryptographic puzzles, and the first to find a solution earns the right to add a new block to the blockchain. This process requires significant computational power.Pros:High Security: PoW has proven to be highly secure over the years.Decentralization: In theory, anyone with sufficient computational resources can participate.Cons:Energy Consumption: PoW is notoriously energy-intensive.Scalability Issues: High computational requirements can lead to slower transaction speeds.Centralization Risks: The need for expensive hardware can lead to mining centralization.Proof of Stake (PoS)How It Works:In Proof of Stake, validators are chosen to create new blocks based on the number of tokens they hold and are willing to “stake” as collateral. This method significantly reduces the need for energy-intensive computations.Pros:Energy Efficiency: PoS consumes far less energy compared to PoW.Scalability: Typically offers faster transaction processing.Lower Barriers to Entry: Does not require specialized hardware.Cons:Wealth Concentration: Those with more tokens have a higher chance of being selected, which can lead to centralization.Security Concerns: Certain attack vectors, such as “nothing-at-stake,” require careful protocol design.Delegated Proof of Stake (DPoS)How It Works:DPoS builds on PoS by introducing a democratic element. Token holders vote for a limited number of delegates who are responsible for validating transactions and maintaining the network. This system can achieve high throughput and low latency.Pros:High Performance: Capable of processing a large number of transactions per second.Efficient Governance: Facilitates rapid decision-making through voting.Energy Efficient: Retains the energy efficiency benefits of PoS.Cons:Centralization Risks: The reliance on a limited number of delegates can lead to power concentration.Voting Complexity: Voter apathy and strategic voting can affect the network's decentralization.Byzantine Fault Tolerance (BFT) AlgorithmsHow It Works:BFT algorithms, such as Practical Byzantine Fault Tolerance (PBFT), are designed to handle malicious or faulty nodes within a network. They work by requiring a supermajority (usually around two-thirds) of nodes to agree on a transaction before it is confirmed.Pros:High Throughput: BFT systems often achieve high transaction speeds.Robust Security: Effective in environments where trust is limited.Low Latency: Can provide near-instant transaction finality in controlled environments.Cons:Scalability: BFT algorithms are generally suitable for smaller networks due to communication overhead.Complexity: Implementation can be more complex compared to other consensus mechanisms.Hybrid Consensus MechanismsHow They Work:Hybrid consensus mechanisms combine features of different consensus algorithms to mitigate their individual weaknesses. For example, some blockchains use a combination of PoW and PoS to leverage the security of PoW and the efficiency of PoS.Pros:Balanced Approach: Offers a mix of security, scalability, and efficiency.Customizable: Can be tailored to specific network requirements.Cons:Complex Implementation: Integrating two or more consensus mechanisms can be technically challenging.Maintenance Challenges: Managing a hybrid system may require ongoing adjustments and updates.Also, Check | Blockchain Consensus Algorithms: A Comprehensive ListKey Factors in Deciding a Suitable Consensus AlgorithmWhen choosing a consensus mechanism, you need to evaluate several key factors:Network SecuritySecurity is paramount in any blockchain network. Consider:Attack Resistance: How well does the algorithm prevent common attacks such as 51% attacks or Sybil attacks?Decentralization: Does the mechanism encourage wide participation, or does it favor a select few?Scalability and PerformanceAssess the expected transaction volume and network growth:Throughput: How many transactions per second can the algorithm handle?Latency: How quickly are transactions confirmed and finalized?Future Growth: Can the mechanism scale to accommodate an increasing number of users and transactions?Energy EfficiencyEnergy consumption has become a critical concern, particularly in light of global environmental issues:Resource Requirements: Evaluate the computational power and energy required.Sustainability: Consider the long-term environmental impact of the chosen algorithm.DecentralizationDecentralization ensures that no single entity can control the network:Node Participation: How easy is it for nodes to join and participate in the network?Influence Distribution: Does the algorithm distribute power equitably among participants?Economic IncentivesEconomic incentives play a significant role in maintaining network security and encouraging participation:Staking Rewards: In PoS-based systems, consider the reward structure for validators.Cost of Participation: Evaluate whether the economic model favors a diverse set of participants or only those with significant resources.Regulatory and Legal ConsiderationsThe regulatory environment can influence the choice of consensus algorithm:Compliance: Some algorithms may be better suited to comply with emerging regulations.Jurisdictional Factors: Consider how different legal frameworks might impact the implementation and operation of the network.Also, Discover | Cardano Ouroboros : A Tailored Approach to Proof-of-StakeDecision-Making FrameworkHere's a step-by-step framework to help you decide on a suitable blockchain consensus algorithm:Step 1: Define Your Project GoalsUse Case: What is the primary function of your blockchain? (e.g., payments, smart contracts, supply chain tracking)Target Audience: Who are your users, and what are their needs?Long-Term Vision: Consider how you expect the network to evolve over time.Step 2: Assess Network RequirementsTransaction Volume: Estimate the number of transactions per second your network will need to support.Node Distribution: Determine whether your network will be permissionless or permissioned, as this can influence decentralization and security needs.Latency Requirements: Identify acceptable levels of transaction confirmation times for your users.Step 3: Analyze Security NeedsThreat Modeling: Identify potential security threats and how each consensus algorithm addresses them.Redundancy and Fail-Safes: Ensure that the algorithm has built-in mechanisms to handle faults and malicious behavior.Step 4: Evaluate Technical and Economic Trade-offsResource Constraints: Assess available computational resources and energy budgets.Cost-Benefit Analysis: Compare the operational costs, such as energy consumption and hardware requirements, against the expected benefits of each algorithm.Incentive Structures: Ensure that the reward and penalty mechanisms align with your network's goals.Step 5: Consider Future-Proofing and UpgradabilityScalability Plans: Ensure that the consensus algorithm can evolve with technological advancements and network growth.Community and Developer Support: Look for algorithms with strong support and active development communities, which can provide ongoing improvements and security updates.Step 6: Conduct Pilot Testing and SimulationsPrototype Development: Build a prototype using the shortlisted consensus mechanisms to evaluate performance under real-world conditions.Stress Testing: Simulate high transaction volumes and attack scenarios to assess resilience.User Feedback: Engage with potential users to gather feedback on performance and usability.Also, Explore | Understanding Blockchain Proof of Concept DevelopmentReal-World Case StudiesExamining real-world examples can provide valuable insights into how different consensus algorithms perform under various conditions.Bitcoin and Proof of WorkBitcoin's success is largely attributed to its robust PoW mechanism, which has proven resilient against attacks over more than a decade. However, the high energy consumption and slower transaction times illustrate PoW's limitations, particularly for applications requiring rapid, high-volume transactions.Ethereum's Transition to Proof of StakeEthereum's planned transition from PoW to PoS—commonly known as Ethereum 2.0—highlights the industry's push toward more energy-efficient and scalable consensus mechanisms. By incentivizing validators through staking rather than mining, Ethereum aims to reduce energy consumption while increasing transaction throughput.Delegated Proof of Stake in EOSEOS utilizes a DPoS system to achieve high transaction speeds and low latency. While this model offers excellent performance, it also raises concerns regarding centralization, as a small number of block producers control the network.You may also like | Blockchain MVP (Minimum Viable Product) Development GuideComparative Analysis of Consensus AlgorithmsTo summarize the key differences, consider the following comparison:Consensus AlgorithmSecurityScalabilityEnergy EfficiencyDecentralizationUse CasesProof of WorkHighModerateLowModerateDigital gold, high-value transfersProof of StakeModerateHighHighModerateSmart contracts, DeFi applicationsDPoSModerateVery HighHighLow to ModerateHigh-throughput apps, gaming platformsBFT VariantsHighLowHighHighEnterprise solutions, permissioned networksHybrid ModelsVariableVariableVariableVariableCustom applications needing balanceFuture Trends and Emerging TechnologiesThe landscape of blockchain consensus algorithms is rapidly evolving. Here are some emerging trends and technologies that could influence future decisions:Hybrid and Modular ConsensusHybrid consensus mechanisms that combine elements of PoW, PoS, and BFT are gaining traction. These models aim to leverage the strengths of each algorithm while mitigating their weaknesses. Future blockchains may offer modular consensus frameworks, allowing networks to swap out components as needs evolve.Advances in Zero-Knowledge ProofsZero-knowledge proofs (ZKPs) are becoming increasingly relevant, particularly for enhancing privacy and scalability. Integrating ZKP-based consensus protocols could provide strong security guarantees while preserving user anonymity.Quantum-Resistant AlgorithmsAs quantum computing advances, traditional cryptographic methods may become vulnerable. Researchers are actively developing quantum-resistant consensus algorithms to future-proof blockchain networks against potential quantum attacks.Increased Regulatory ScrutinyAs governments and regulatory bodies begin to scrutinize blockchain technology more closely, consensus algorithms that facilitate transparency and compliance may become preferable for enterprise and institutional applications.You might also be interested in | Optimism Platform: Developing and Implementing Layer 2 Smart ContractsConclusionDeciding on a suitable blockchain consensus algorithm is a multifaceted decision that requires balancing security, scalability, decentralization, energy efficiency, and regulatory considerations. There is no one-size-fits-all solution; the optimal choice depends on your specific project goals and the environment in which your blockchain will operate.By defining your project's objectives, assessing network requirements, analyzing technical and economic trade-offs, and conducting rigorous testing, you can identify a consensus mechanism that aligns with your long-term vision. Whether you opt for the robust security of Proof of Work, the energy efficiency of Proof of Stake, or a hybrid approach that combines multiple paradigms, understanding these core factors will guide you in making an informed decision.The blockchain ecosystem continues to evolve rapidly, and staying abreast of emerging trends and technologies is essential for maintaining a competitive edge. As consensus algorithms mature and adapt to new challenges, they will undoubtedly play a crucial role in shaping the future of decentralized networks.Frequently Asked Questions (FAQ)Q1: What is the primary role of a blockchain consensus algorithm?A1: The consensus algorithm ensures that all nodes in a distributed network agree on the state of the blockchain, thereby validating transactions and maintaining the integrity and security of the ledger.Q2: Why is energy efficiency important when choosing a consensus mechanism?A2: Energy efficiency is crucial not only for reducing operational costs but also for minimizing environmental impact. Algorithms like Proof of Stake are preferred in scenarios where energy conservation is a priority.Q3: How does decentralization affect the choice of consensus algorithm?A3: Decentralization ensures that no single entity controls the network. Some algorithms, like DPoS, may achieve high performance but could lead to centralization if a small group of delegates control the validation process. Therefore, the degree of decentralization must be balanced with performance needs.Q4: Can a blockchain network switch consensus algorithms after deployment?A4: While it is technically possible to upgrade or switch consensus algorithms, doing so is complex and may require a hard fork or other significant network changes. Such transitions demand careful planning, community consensus, and robust testing.Q5: What role do economic incentives play in consensus algorithms?A5: Economic incentives—such as mining rewards, staking returns, or transaction fees—encourage participation and secure the network by aligning the interests of validators with the network's overall health. The design of these incentives is a critical factor in choosing a suitable algorithm.Q6: How do regulatory considerations influence the choice of a consensus algorithm?A6: Regulatory requirements may favor consensus mechanisms that offer transparency and compliance capabilities. For instance, networks that can easily adapt to anti-money laundering (AML) and know-your-customer (KYC) protocols might be more appealing to institutional users.By understanding the key criteria and trade-offs associated with different consensus algorithms, you can make an informed decision that best suits your blockchain project's unique requirements. This detailed analysis serves as a roadmap for navigating the complex landscape of blockchain consensus, ensuring that your network is secure, scalable, and aligned with your long-term strategic objectives.Note: This article synthesizes current best practices and emerging trends in blockchain consensus technology. For further guidance tailored to your specific project, consider consulting with blockchain experts and legal advisors.
Category:
Blockchain
Mudit Kumar
19 Jan 2023
ERC-20 Token Standard | Things You Must Know
Developer Fabin Vogelstellar suggested Ethereum's call for comments as a way to enable smart contracts to communicate in 2015, as a typical response to a fundamental issue caused by their widespread use. The moniker comes from the fact that he posted it as the twentieth remark on the project's GitHub page. ERC-20 was formally adopted as Ethereum Improvement Proposal 20 two years later (EIP-20). Developers can create their crypto tokens on the network thanks to the ERC-20 token standard. Using tokens for new items is far simpler for a company than setting up its blockchain and new currency.
Also, Scaffold, a hub of Smart Contract solutions for launching projects like ERC-20 tokens, DAO projects, and staking platforms, even reduces the time to create a new token significantly. It offers a pre-built architecture of the ERC-20 token standard for creating any new token and saves a considerable amount of development time and effort.
What is Contained in the ERC-20 Standard
For a token you develop, ERC-20 consists of a set of coding functions and events that must be implemented. It controls the actions that smart contracts take. The supply, holding, and return of balances, the execution of transfer and withdrawal requests, and approval are all outlined in these guidelines. The bare minimum (the interface's core) consists of:
The total supply is the total number of tokens that will ever be produced.
balanceOf: The total tokens that the account owns.
transfer: Sending the recipient a specific number of tokens from the caller's account.
transferFrom: Transferring a specific number of tokens via the allowance mechanism from the sender to the recipient.
accept: Permission for a spender to take a specific number of tokens out of a specific caller's account.
Allowance: The number of tokens left over for a spender to use on behalf of the caller
Transfer (event): A successful transfer is referred to as a transfer.
Approval (even): A record of an authorized event
Because of the interoperability provided by the Ethereum network standard, ERC-20 tokens function with all wallets and DEXs. Any contract-specific code may make use of the same definitions. As a result, it is compatible with all other token contracts, including wallets, Dapps, and liquidity pools.
Also, Read | ERC-20 Token Standard | Development Essentials
Applications and Use Cases of ERC-20 Token Standard
Tokens can be used for a variety of purposes. They can be used to represent ownership, pay for products and services, pay for functions (utility tokens), and more. Tokens created on the Ethereum blockchain may be traded on both centralized and decentralized exchanges, as well as:
Represent money-related assets
Let's say a smart contract creates 100 XYZ tokens for each ETH sent by a donor. It will eventually produce and distribute 100,000 tokens, even if it can only receive a total of 1,000 ETH. This strategy is comparable to an IPO as a means of raising capital (initial public offering). Be aware that depending on the country, regulators may consider these tokens to be securities.
Represent Reputation Points and Loyalty Rewards
Imagine you run a travel agency and need to put a rewards program in place. Tokens may be given out as reward points so that customers could exchange them for goods or services. Additionally, these tokens may offer holders exclusive perks like VIP treatment.
Represent the right to vote
For instance, under the governance of the Compound protocol, the COMP governance token and voting power equate 1:1.
Display Actual Items
An ERC-20 coin that represents US dollars is called Tether (USDT). Holders may simply transfer it around, trade it, and utilize smart contracts to use it for yield. Gold and real estate are two additional ERC-20 use cases that are viable. The actual items and digital tokens need to be permanently connected for this application.
A Basic Attention Token is a type of account on a website that links users, publishers, and advertising. This distinguishes it from commodities, securities, and digital currencies. In addition to functioning as an Ethereum utility token, BAT also offers an SPL variant that uses Solana.
Also, Read | A Quick Guide to Ethereum ERC Token Standards
Popular Ethereum-based Fungible Coins
To date, more than 500,000 ERC-20 tokens have been produced. Other than Tether (USDT), the most well-known ones consist of:
Circle announced USD Coin (USDC), a stablecoin backed by the US dollar
Shiba Inu (SHIB), a meme coin that is frequently used as a Dogecoin substitute (DOGE)
Binance and Paxos created the USD-backed stablecoin known as Binance USD (BUSD)
The Binance Exchange released a cryptocurrency called BNB (BNB)
MakerDAO manages and controls the USD-backed stablecoin DAI Stablecoin (DAI)
A 1:1 Bitcoin-backed token that can be used in DeFi apps is called Wrapped Bitcoin (WBTC)
What's Next for ERC-20 Token Standard for Smart Contracts
Smart contracts have greatly aided the adoption of ERC-20 tokens within the cryptocurrency community. Despite the emergence of so-called Ethereum killers, the ecosystem is still second to Bitcoin in terms of popularity.
The token standard speeds up development because it lets smart contract developers know how their cryptocurrencies will work with the Ethereum blockchain. ERC-20 prevents the requirement for old projects to be redone and guarantees their compatibility with brand-new projects.
ERC-20 tokens are very adaptable; they can be used as a form of virtual money, to grant prizes for loyalty, to grant voting rights, or even to represent real-world items like gold. The biggest potential threat, as long as the blockchain retains its standing, could only originate from inside, if new Ethereum standards for other tokens eclipse ERC-20.
Category:
Blockchain
Mudit Kumar
14 Jan 2023
Analyzing Solidity and Vyper for Smart Contracts Programming
Which smart contract programming, Solidity vs. Vyper, is superior? The answer will be revealed in this post.
After the Ethereum network introduced smart contracts in 2014, it was only a matter of time before a language other than Solidity for smart contract development services was developed. Vyper is one such language that aims to increase the readability and comprehension of the source code for smart contracts. We'll look at the advantages and disadvantages of the programming languages Solidity and Vyper separately.
Understanding Solidity
Solidity is a high-level, Turing-complete programming language that supports smart contract development for several use cases, including decentralized finance (DeFi), NFTs, and wallets, on the Ethereum Virtual Machine.
Influenced by JavaScript and C++, Solidity uses the same multiple inheritance techniques as Python. Solidity is supported by several blockchain systems, including Polkadot and Avalanche while being most closely related to Ethereum.
Ethereum CTO Gavin Wood presented Solidity as a solution to the requirement for a flexible smart contract-based developer environment. The vibrant decentralized ecosystem of applications currently operating on Ethereum was made possible by Solidity. It gave programmers the ability to write smart contracts for a variety of use cases.
Explore the benefits of Solidity for Smart Contracts Development
Advantages of using Solidity
Educational resources and online courses are widely available.
Remix, an online editor for building smart contracts, is one of the many developer tools available.
Development suites like Hardhat and Truffle for building, testing, and deploying smart contracts are available.
Aave and UniSwap, two important providers of blockchain technology, have used Solidity.
It supports strings and dynamic size arrays.
Recently, exception handling was added to the repository for Solidity.
Disadvantages of using Solidity
There is a chance of overflow circumstances or the storage of overly large numbers.
Numerous contracts that were created using this technology turned out to have significant flaws that were not found during testing and development.
Related Post | Why Choose Solidity for Creating Ethereum Smart Contracts
Understanding Vyper
Vyper, which is a high-level programming language similar to Solidity, was developed especially to increase the security of smart contracts used on blockchains that are EVM-compatible.
The pythonic syntax is used in Vyper programming, hence the serpentine name, to emphasize readability so that developers may quickly identify bugs and weaknesses in their code before sharing contracts.
The security of Vyper's smart contracts is greatly enhanced by the use of strong typing and computational decidability. Vyper variables must all have specified types. So, developers may estimate the maximum gas usage before deploying a contract thanks to the decidability of contracts.
Advantages of using Vyper
It is easier to start coding for Python coders.
It attempts to be transparent for readability and security.
Development tools like Etherscan and Brownie have become more popular recently.
It is used by DeFi protocols like Curve to generate their contracts.
It is less susceptible to assaults because of the restrictions on arrays and strings.
A precise upper bound may be calculated for the gas consumption of any function call.
Disadvantages of using Vyper
Community support is lacking.
Modifiers, recursive calls, class inheritance, and dynamic data types are not included in the functionality.
Many Solidity features are still in development and are not yet accessible in Vyper.
Also, Visit | A Guide to Ensuring Smart Contract Security
What Compromises do Vyper and Solidity make
A Community of Developers
Solidity is a web3 programming language that is far more popular than Vyper only based on numbers. We can estimate the number of developers using each language by quickly searching GitHub for all files written in Vyper (.vy) and all files written in Solidity (.sol). In comparison to the 8.3 million Solidity files on GitHub, there were about 10,300 files created in Vyper at the time this article was produced.
As a result, there are fewer manuals and tools available for Vyper programmers. It will be more difficult to locate community conversations addressing issues you could run across while developing with Vyper outside of the official guide.
Flexibility
According to the literature for Vyper, there are several things you may do with Solidity that are expressly forbidden while using Vyper for coding, hence Vyper is not meant to be a complete replacement for Solidity. As a result, selecting Vyper over Solidity means giving up the flexibility of smart contracts, which restricts the breadth of applications.
Security
Vyper protects developers from developing susceptible code that would allow defects and exploitable attack surfaces to go undiscovered thanks to its many safety features.
Auditability
Smart contract security auditors can quickly read and comprehend what a smart contract is doing due to Vyper code. Thus, it will be clear to everyone who reads your smart contracts how assets will be handled on the blockchain.
Finally, as you become more familiar with Vyper, reading existing smart contracts from other dApps will become easier.
Also, Read | A Definitive List of Top Smart Contract Platforms
Which language to choose between Solidity and Vyper
The decision to choose a single language is not either/or because Vyper and Solidity are compatible. However, Vyper should be used for applications that require strong security guarantees while Solidity should be used for more basic smart contracts that require flexibility.
Since each language has a variety of applications, neither is expressly superior to the other. Vyper is best for applications requiring the highest level of security because of its rigidity and lack of a robust developer community. And novice web3 developers should begin by studying Solidity.
Connect with our skilled blockchain and smart contract developers for information about smart contract development.
Category:
Blockchain
Mudit Kumar
11 Jan 2023
NFT Launchpad Development | A New Means of Crowdfunding
The term NFTs no longer needs any introduction. Along with their popularity, their trading volume has increased dramatically. More than ever, entrepreneurs globally want to test the waters because of NFTs' popularity and profitability. Thousands of NFT-related initiatives developed using NFT development service go live every day. But the real query is whether they all achieve success in this extremely competitive market. NFTs are still in their infancy, and not all digital entrepreneurs are well-informed about this sector. Yet, they all wish to try their luck with NFT development. Due to the dearth of in-depth knowledge, an NFT launchpad emerges as a savior for them. It acts as an efficient means for cryptopreneurs to enter the NFT market and for investors to place bids on appropriate projects.
What is an NFT Launchpad
A crowdfunding platform called NFT launchpad introduces top-notch NFT initiatives to the NFT market. By exhibiting the initiatives to a specific audience, startups, investors, and entrepreneurs gain from the ecosystem it fosters.
An NFT launchpad is comparable to other platforms for token sales that enable startups to mint NFTs and initiate token sales. Entrepreneurs and investors have developed an excitement for such platforms due to their user-friendly features and earning potential.
Investors can connect with potential and promising NFT enterprises through the NFT launchpads and purchase tokens for a low cost. The primary benefit of NFT launchpads is that early investors see potentially high returns on their investments. As a result, entrepreneurs and NFT investors see this as an opportunity to fund fresh NFT initiatives that aim to engage a worldwide audience.
How does an NFT Launchpad Function
NFT launchpads are comparable to ICO, STO, IEO, IDO, IGO, and other token sale platforms. They give startups all the resources they need to launch an NFT project, also known as INO (initial NFT offering), and start a token sale.
These platforms also confirm the legitimacy and potential of each initiative. Additionally, they give investors a simple way to locate worthwhile NFT projects and purchase new tokens at a lower cost.
It works in the following way:
An NFT creator applies to list their project on an NFT launchpad. The creator provides data, contact details, and a project description with some images.
The platform examines the project details. The verification process includes the project development strategy, the potential for global implementation, the team, the advantages of the cryptocurrency system, etc.
If the platform finds the project authentic, it lists and opens it to investors. The project team can also use the NFT Launchpad marketing tools.
Investors stake cryptocurrencies in a smart contract and receive a lottery ticket if they approve of the project. The creators specify the amount that must be staked. Either a fair lottery will be held, or a lottery where the odds improve with increasing bids will be held.
The lottery begins following the conclusion of the initial NFT offering. The winners are given the NFTs after their issuance.
Initiators of token sales receive their funds and may make withdrawals.
Find out more about NFT Staking Platform Development
Advantages of NFT Launchpads
Access to a Vast Network of Potential Investors and Initiatives
The benefits of NFT launchpad development extend to both investors and innovators. The makers can reach a larger audience and receive funding even before completing the product.
Fancy NFTs are more affordable for investors to purchase.
The sector benefits as well because NFT launchpads improve market liquidity, fostering growth and entry of NFT projects into the global market.
Safeguards both Users and NFT Creators
Before being accepted onto an NFT Launchpad, startups must complete a verification process that demonstrates their dependability and potential. As a result, investors don't have to be concerned about making a scam investment or purchasing a stolen asset.
On the other hand, NFT developers won't have to worry about building a safe platform to raise money or about hackers attacking their startups.
Also, Explore | Role of Blockchain in Quadratic Funding
Transparent NFT Distribution during INO
The crowd sale model is an NFT Launchpad's additional benefit. It is either a pure lottery in which everyone has an equal chance of winning or it is a lottery in which a participant's odds increase or decrease depending on the amount of crypto they have bet.
These designs ensure equitable NFT distribution to the greatest possible number of investors.
In contrast, the offering of tokens on NFT platforms is concentrated among a small number of the richest customers.
Long-term Success Potential
Investors must purchase a platform's native token, secure it in a smart contract, and obtain a ticket for the early NFT sale to participate. The price of native tokens increases if a platform is well-liked and engages in conscientious financial marketing. As a result, the purchase turns out to be a profitable long-term investment.
For the Top Cryptocurrency Startups, Rapid Growth
A complete community support system for blockchain startups must include NFT launchpad development. The platform provides marketing assistance to an NFT project that satisfies the initial offering standards, making it simpler to attract potential investors for early financing. Additionally, an NFT is a more viable investment for a future secondary sale due to the increased online mentions of it.
Also, Read | Social Media NFT Marketplace Development Guide
Well-known NFT Launchpad Use Cases
The NFT market is still developing as more and more people publish fascinating projects, release original material, and introduce cutting-edge crypto applications. As a result, utilizing the prospects presented by NFTs on digital platforms excites every entrepreneur greatly. Several well-known applications for NFT launchpads include:
Creator Launchpad
To celebrate the art of creation, an NFT-based launchpad for artists provides a simple, secure platform with royalty-earning capabilities. Thus, enabling artists to efficiently market their new work.
Artist Launchpad
The music industry has always been adored worldwide, and musicians would benefit significantly from a solid launchpad for music NFTs.
Explore | Fractional Real Estate NFTs: The Next Wave of NFTs
Launchpad for Games
Game players can use the NFT-based launchpad services to quickly become popular with the gaming assets earned from NFT gaming platforms.
Launchpad for Content Creators
Create a platform where content producers can promote any type of creative output, including audio, video, and images. This platform should allow producers to mint and list their products.
Connect with our skilled NFT and blockchain developers to know how to get started with NFT launchpad development.
Category:
Blockchain
Mudit Kumar
10 Jan 2023
Getting Started with INO Initial NFT Offering
Different projects have embraced various fundraising strategies as the growing NFT (non-fungible token) world can include additional NFT projects and exclusive NFT drops. The initial NFT offering, or INO, is one such means of raising money. Let's explore the history of initial NFT offerings, what INOs are, and how NFT platforms and projects might profit from them. Also, explore Scaffold, a hub of pre-built NFT solutions, to expedite your process to enter the market for an INO.
The Rise of INO (Initial NFT Offerings)
NFT projects adopted the ICO and IDO principles when NFTs gained popularity and began releasing their initial NFT products (INOs). INOs let projects sell non-fungible tokens in the beginning for a set period.
Initial NFT offerings' one of the many benefits is that they make launching an NFT project relatively simple. INOs are primarily responsible for the NFT sector's quick expansion and the sheer number of NFT projects that are currently offering NFT collections.
INOs also offer superior investment returns and cheaper transaction expenses. The higher investment returns can be attributed to the small number of NFTs that are originally provided in an INO.
Projects can raise funds by selling a collection of NFTs or a group of NFTs on a Launchpad thanks to INOs.
These NFTs are typically limited editions and emphasize scarcity to appeal to investors.
INOs also support fostering a sense of community. The buyer achieves acceptance in a small, tight-knit group by purchasing a rare NFT from an INO's collection. Compared to fungible tokens, NFTs make it easier to identify each bearer.
Also, Read | NFT Staking Platform Development Explained
What is Initial NFT Offering (INO)
An initial NFT offering, or “INO,” is a new cryptocurrency crowdfunding innovation based on the concept of an initial coin offering (ICO). It entails selling a limited edition set of NFTs through an INO Launchpad. As the NFT business evolves, the number of INOs rises as a way to incentivize and reward investors and communities.
For a limited time, an initial NFT offering consists of providing a set of first-generation NFTs, or genesis NFTs. As a result, the initial NFT offering allows participating investors to benefit from the NFTs' intrinsic supply constraint.
Initial NFT offerings address many of the issues that makers and artists selling collectibles and art NFTs face. Through decentralized platforms, anyone can issue limited edition NFTs with the benefits of immediate liquidity and lower listing costs.
Explore | Social Media NFT Marketplace Development Guide
How does an INO (Initial NFT Offering) Work
The community is given technical documentation, plans, and roadmaps by creators and upcoming initiatives. It is a fantastic chance for creators to advertise their NFTs-related work.
While listing their projects. NFT initiate producers would use a first-come-first-serve or lottery mechanism. It helps to equitably distribute their NFTs and increase community interaction.
Depending on how many source crypto tokens a user has in their possession, NFT launchpads give them access to NFTs. They encourage users to invest in native cryptocurrency tokens so they can receive allocations from prospective NFTs initiatives. Users at the top tiers receive highly uncommon and sought-after NFTs for each project from the initial NFT offerings.
On the launchpad, creators would launch NFTs with various rarities, burning durations, and unique staking pools. On some NFT launchpads, the staking benefit is distributed between the NFTs' founders and owners.
Anyone can use some of the decentralized platforms to create and issue a limited edition of NFTs. A larger audience can notice NFT projects due to the initial NFT services. Many artists require additional funding to complete their works. Every artist can raise the required finances using INO.
Also, Visit | Fractional Real Estate NFTs: The Next Wave of NFTs
What makes Initial NFT Offering Unique
Effortless Launching of NFT Projects
Anyone can issue limited edition NFTs through initial NFT offerings on a decentralized NFT launchpad platform. Everyone can have their ideas, no matter how big or small, noticed by a bigger audience with the support of INO.
Many artists are still working on their masterpieces and require new financing to finish them. Any artist can raise the required finances before creating initial NFT offerings.
Early Community Development
The community can vote for the most promising INO projects to be listed on the platforms and get rewarded using NFT launchpads. Potential investors get encouraged to research the NFT projects as a result of the exposure. A platform would also provide active users and token owners with access to special NFT project launches.
The technique enables developers to establish an early investor and trading community around the NFT project. It is an exceptional chance to lessen the barrier to entry for developing resource-intensive NFT initiatives.
Decreased Transaction Costs
An initial NFT offering reduces the transaction costs that creators and investors must pay by using a blockchain platform similar to Solana.
Greater Returns on Investment
Initial NFT offering gives interested investors the ability to profit from the NFTs' innate supply constraint.
You may also like | NFT Smart Contracts | Applications You Must Know
Selecting an Appropriate Blockchain for INO (Initial NFT Offering)
Several concerns and challenges need to be resolved before NFTs are widely adopted by artists and creators.
The Ethereum blockchain includes the majority of NFTs. It's important to note that various blockchains are creating their own NFT implementations, like the Binance Smart Chain (BSC), Solana, Flow, and Tron.
Scalability is one of the key factors to take into account when deciding which blockchain to use for NFT applications. Some people could find it challenging for the Ethereum blockchain to serve mainstream creators given the cost of gas fees. On the Ethereum blockchain, minting NFTs can be expensive and time-consuming.
Additionally, the transaction costs associated with purchasing an NFT may put off supporters and investors.
Blockchains are the ideal platform for NFT initiatives because they enable network speed optimization. It ought to increase security and process efficiency.
Also, Read | NFT Wallet Development | Essential Aspects to Consider
The interoperability would be a future benefit for the appropriate blockchain for NFTs. Simply, can an NFT easily transition from one chain to another?
NFTs based on Ethereum are currently limited to the Ethereum blockchain. As a result, the NFT sector would place a high priority on the development of interoperability, with blockchains enabling NFT cross-chain migration. This will encourage more personal user social interaction and a thriving, natural community for NFT initiatives.
Connect with our skilled blockchain and NFT developers to understand how to get started with an initial NFT offering project.
Category:
Blockchain
Mudit Kumar
08 Jan 2023
Industrial Blockchain Solutions for Frictionless Business
Every transaction you do with a variety of vendors daily as an enterprise creates a massive repository of data. Industrial blockchain solutions offer a single source of truth for this data that cannot be changed once recorded, whether it relates to the transportation of goods, the resolution of insurance claims, or managing identity credentials. Let's examine the potential of industrial blockchain solutions, enabled by blockchain development services, in businesses across industries in more detail.Benefits of Industrial Blockchain Solutions AdoptionImproved Multiparty CooperationBlockchain is based on the idea of distributed ledger technology. It makes sure that every node of the member network gets the most recent information. Thus, it enhances transaction transparency and minimizes organizational chaos.Improved Privacy and Data SecurityTransparency does not imply that you give up your competitive and commercial intelligence. You may communicate and collaborate safely on business-related information thanks to encrypted blocks that maintain data protection.Straightforward Audit TraceabilityForget the paper trail; you need to dig for identity or part verification that is audit-proof. On enterprise blockchain, keeping an immutable record of transactions makes it simple to run audit procedures and combat fraud. Also, Read | Finding Out If Your Business Needs Blockchain TechnologyOperational Nimbleness and Quickness to ValueOrganize multiparty processes around reliable data to improve performance throughout your value chain.Cost Cutting and Risk ReductionImprove accountability, automate reconciliation chores, and streamline shared processes.New Opportunities for MonetizationAuthentic products boost sales and brand credibility, while asset-based marketing helps you enter new markets. Also, Read | A Guide to Hiring the Right Blockchain Development CompanyIndustrial Blockchain Solutions across IndustriesAutomotiveBlockchain-Powered Vehicle Data ManagementPetabytes of data generated by connected cars, telematics, sensors, preventive maintenance, and fleet management can live on automotive blockchain solutions, bringing transparency and security to sensitive vehicle data.Telematics data sharing with consentVehicle leasing monitoringSurveillance of driving behavior to reward driversManagement of auto insurance claimsDatabase management for vehicle maintenanceVehicle ownership and maintenance history based on DLTFintechBlockchain Solutions For Insurance And FinanceInsurance firms struggle with getting to know their consumers better without violating their privacy in a sector where trust is the cornerstone. As clients start to confidently disclose their data in the blockchain, insurers can go through anti-money laundering (AML) compliance and know-your-customer (KYC) processes without spending a lot of money on data acquisition.Identify and stop fraudManage claims automaticallyBolster communication between customers and insurersSupply Chain ManagementDevelop Transparent Supply ChainsWithin a value chain, information silos prevent a business from serving consumers who are concerned about sustainability. Simultaneously, it also meets customer expectations. Blockchain logistics solutions promote overall process efficiency by enabling collaboration and data recording across numerous parties, including suppliers, shippers, transporters, and consignees.Better product lifecycle traceabilityImproved supply chain transparencyStreamlined procedures for audit and paymentHealthcareHealthcare and Life SciencesThe secure yet open design of blockchain technology makes the safe sharing of private patient data possible. Businesses can utilize blockchain in healthcarefor maintenance by minimizing paperwork and procedural mistakes.Digital Health Records (EHR)Managed claims for healthcareInformation on health insuranceData from clinical trialsDrug creationAviationAircraft Maintenance RecordsAdopting blockchain technology reduces time and effort in tracing crucial aircraft details from manufacture to regulatory certifications and normal maintenance, repair, and overhaul (MRO) procedures.Upkeep of aircraft technical documentationKeep a history of technician certificationsTrack part trades and historyRegulatory compliance reports for storesVisit | Developing Your Startup Business with Blockchain (DLT)EnergyUtility and Energy SolutionsBusinesses can eliminate errors, duplication, and operational delays by storing data from smart energy monitoring devices, oil transportation records, and energy invoices on an immutable ledger. Peer-to-peer energy and hydrocarbon trade can use enterprise blockchain as a secure and affordable platform. Also, Read | A Use Case for Blockchain in Thorium's Supply Chain TraceabilityGovernmentPublic and Government Records Management SolutionsBlockchain enables the responsible and controlled sharing of citizen data for the common benefit. Blockchain is built on the mechanism of trust, which is at the core of any government service or federal agency. Governmental activities that currently require a lot of paper can operate more effectively thanks to blockchain.Blockchain Platforms for Industrial Blockchain SolutionsIt is extremely crucial to employ the right blockchain platform to build industrial blockchain solutions. It hastens development and transformation by making it easier to create, deploy, and support technically challenging projects. At Oodles, we utilize blockchain platforms like Hyperledger, Corda, Stellar, and more to build private/permissioned industrial blockchain solutions. Also, we employ blockchain platforms like Ethereum, Tron, Solana, Polygon, and more to develop highly-efficient public blockchain solutions like dApps, NFT marketplaces, crypto exchanges, and more. Blockchain Development for the Aviation Industry SolutionsCan my Business Utilize BlockchainAny industry or business can benefit from integrating blockchain, which has endless potential. But, blockchain cannot solve all issues. To find out how you can create your blockchain use case, you may connect with our skilled blockchain developers.Why Choose OodlesOodles, an emerging provider of industrial blockchain solutions, assists you in developing innovative enterprise blockchain solutions. And you don't have to worry about setting up and maintaining blockchain infrastructure. Our blockchain development services specifically assist businesses in quickly creating scalable and effective blockchain solutions.Specific industry complianceincredibly scalable architecture24-hour support for blockchain network operations
Category:
Blockchain
Mudit Kumar
06 Jan 2023
A Guide to Ensuring Smart Contract Security
What Are Smart Contracts? Smart contracts are self-executing contracts where the agreement terms are directly embedded into code. They execute automatically on blockchain networks once predefined conditions are met, removing the need for intermediaries like banks or lawyers. For more related to smart contracts, visit our smart contract development services.Benefits of Smart Contracts in BusinessEfficiency: Automation reduces manual errors and streamlines processes.Transparency: All parties share access to the same immutable record.Cost Savings: Eliminating intermediaries significantly reduces expenses.Enhanced Security: Cryptographic security reduces fraud risks.Common Vulnerabilities in Smart ContractsReentrancy Attacks: Attackers exploit external function calls to repeatedly withdraw funds before transactions complete, famously seen in the 2016 DAO hack.Integer Overflow and Underflow: Arithmetic mistakes can lead to unexpected contract behavior, enabling attackers to artificially inflate or reduce token balances.Access Control Issues: Poorly defined access controls allow unauthorized users to manipulate critical functions or sensitive data within the contract.Denial of Service (DoS): Flaws causing high resource usage can slow or disable smart contract operations, making them unusable.Front Running and Transaction Ordering: Attackers can manipulate transaction order by observing pending transactions, profiting unfairly in sensitive DeFi environments.Also, Read | Creating Cross-Chain Smart Contracts with Polkadot and SubstrateBest Practices for Ensuring Smart Contract SecurityComprehensive Code Auditing: Professional manual and automated audits help identify vulnerabilities and ensure best practices.Formal Verification: Using mathematical methods to verify that smart contracts function exactly as intended, significantly reducing risks.Extensive Testing and Simulation: Rigorous testing in simulated environments using tools like Truffle or Hardhat can uncover vulnerabilities before deployment.Secure Programming Practices:Minimize code complexity to reduce vulnerabilities.Utilize tested libraries, such as OpenZeppelin.Properly handle errors to prevent unexpected behavior.Limit external calls to avoid reentrancy risks.Incorporate Upgradeability with Caution:While smart contracts are generally immutable, upgradeable contracts using proxy patterns allow vulnerability patches—but must be handled carefully to avoid introducing new vulnerabilities.Also, Check | Optimism Platform: Developing and Implementing Layer 2 Smart ContractsTools and Platforms for Smart Contract SecurityStatic Analysis Tools: Tools like Mythril, Slither, and Oyente analyze smart contract code to detect vulnerabilities without execution.Dynamic Analysis and Fuzzing: Dynamic testing using randomized inputs (fuzzing) uncovers hidden vulnerabilities and edge cases during execution.Formal Verification Tools: Mathematical verification tools such as Coq, Isabelle/HOL, and K Framework provide rigorous proofs of smart contract correctness.Bug Bounty Programs: Platforms like HackerOne and Immunefi crowdsource security testing by incentivizing security researchers to identify vulnerabilities before exploitation.Risk Management and Incident Response StrategiesRisk Assessment and Threat Modeling: Regularly evaluate potential threats, their likelihood, and impacts. Prioritize resources accordingly.Implementing a Security Operations Center (SOC): Dedicated security monitoring teams can quickly detect, respond to, and mitigate threats against smart contracts in real time.Incident Response Planning: Develop detailed incident response plans, including roles, communication channels, escalation paths, and post-incident reviews, to mitigate damage swiftly in case of breaches.Regulatory and Compliance ConsiderationsUnderstanding the Legal Landscape: Regulatory requirements differ globally; staying informed ensures your smart contracts comply with financial, legal, and operational regulations, reducing legal risks.Data Privacy and Protection: Balance blockchain transparency with data privacy requirements (GDPR, CCPA) by implementing data anonymization or off-chain data storage strategies.Auditing and Compliance Certifications: Obtain third-party audits and compliance certifications to build trust, demonstrate adherence to best practices, and enhance credibility with stakeholders and regulators.Also, Discover | How to Scale Smart Contracts with State ChannelsFuture Trends in Smart Contract SecurityIncreased Adoption of Formal Verification: Growing deployment of mission-critical smart contracts will likely spur greater adoption of formal verification, significantly reducing vulnerabilities.Enhanced Security Frameworks and Standards: Standardized frameworks and protocols, spearheaded by communities like OpenZeppelin, will strengthen security across blockchain projects.Integration of AI and Machine Learning Artificial intelligence (AI) will increasingly predict vulnerabilities, analyze transaction patterns, and automate parts of smart contract auditing.Evolution of Bug Bounty Ecosystems: Bug bounty programs will evolve into more structured ecosystems, offering sophisticated rewards and enhanced integration into development lifecycles.Implementing a Holistic Security StrategySmart contract security is not a one-time effort but an ongoing strategic priority spanning the contract lifecycle:Pre-deployment: Secure coding, rigorous audits, formal verification, and testing.Deployment: Secure deployment methods, proper key management, careful implementation of upgrades.Post-deployment: Continuous monitoring, rapid incident response capabilities, and regular security audits.Case Studies: Lessons from Past IncidentsThe DAO Hack (2016): A reentrancy vulnerability resulted in millions of dollars lost, illustrating the necessity of thorough audits and testing prior to deployment.Parity Multi-Signature Wallet Vulnerabilities: Incidents involving upgradeability mechanisms highlight the importance of robust testing, audits, and cautious implementation of complex features.Lessons LearnedRigorous testing and auditing are mandatory.Complex upgradeability introduces new risks.Learning from past security incidents helps improve future implementations.Also, Read | Build a Secure Smart Contract Using zk-SNARKs in SolidityConclusionSmart contracts provide tremendous business advantages but must be securely developed and managed to mitigate risks. Prioritizing security through comprehensive practices protects valuable assets, maintains trust, and ensures long-term business resilience in an increasingly blockchain-driven world.Frequently Asked Questions (FAQ)Q1: What is a smart contract?A: smart contract is a self-executing digital agreement deployed on blockchain, automatically executing when predefined conditions are met.Q2: Why is smart contract security important for businesses?A: Smart contracts handle valuable assets and transactions; vulnerabilities risk financial losses, reputational damage, and legal issues.Q3: What are common smart contract vulnerabilities?A: Common vulnerabilities include reentrancy attacks, integer overflows, improper access controls, DoS issues, and front running.Q4: How can businesses ensure smart contract security before deployment?A: Conduct comprehensive audits, testing, and formal verification, utilizing static/dynamic analysis tools and security audits.Q5: Are there industry-standard tools for smart contract security?A: Yes, tools include Mythril, Slither, OpenZeppelin libraries, fuzzing tools, and formal verification frameworks.Q6: Can smart contracts be upgraded after deployment?A: Smart contracts are generally immutable, but upgradeable contracts using proxy patterns allow for post-deployment fixes, though they must be implemented securely.Q7: How do bug bounty programs support smart contract security?A: Bug bounty programs reward security researchers for identifying vulnerabilities, helping businesses proactively improve contract security and resilience.By carefully following the guidelines and recommendations presented in this guide, businesses can significantly reduce risks, build secure smart contract ecosystems, and confidently embrace blockchain technologies. If you are looking for smart contract development, connect with our skilled smart contract developers to get started.
Category:
Blockchain
Mudit Kumar
05 Jan 2023
Why Your Business Should be Ready to Embrace Web3
A new software ecosystem called Web3 has the potential to transform both conventional and contemporary business structures. Web3 is not just one type of technology. More than one technology is converging here. This approach can both deepen customer relationships with brands that are keen to collaborate with users in this market and empower consumers themselves. Web3, generally powered by blockchain development services, dramatically alters how we conduct business and establish personal connections with one another. In fact, over the coming several years, Web3 is predicted to radically change the way we view our online presence.
Building Blocks of Web3
The incorporation of blockchain technology will not be sufficient to meet the demands of Web3 Blockchain since other technologies will need to collaborate and advance. The main components of Web 3.0 will be modern new technologies that will make the web decentralized and semantic.
The digital web's user interface will integrate with the actual, physical environment through the usage of augmented and virtual reality, as well as high-fidelity 3D images. Itwill improve our capability to integrate physical objects into the digital spaceand digital assetsinto the physical space. As a result, it willbridgthe digital-physical divide.
The Web will be widespread through internet-connected computer interfaces on real-world things, owing to IoT devices operating on ever-improving networks like 5G. Everything will be online-connected, including watches, vehicles, drones, ovens, and refrigerators.
To deliver user-centric interactions, computers will analyze and learn on the fly using artificial intelligence technology. By analyzing structured and unstructured data sets, capabilities like chatbots acting on the front end and machine learning algorithms operating on the back end will make the user experience relevant and semantic.
Also, Read | Most Disruptive Web3 Use Cases and Applications
Why Does Web3 Matter to Your Business?
Web3's impact on the business will be to make them more transparent and user-centric. Everything that was wrong with how firms handled customer data in the past will undergo a fundamental makeover.
How will companies leverage Web3 technology, then?
Businesses, both old and new, will pave the way for blockchain technology and the benefits it provides. Your apps will be blockchain-enhanced, making everything transparent and accessible to anyone.
Effortless Business Procedures
Businesses will find it simple to keep track of all the parties engaged in a transaction ledger thanks to Web3. Additionally, businesses and organizations will be able to easily build and manage their supply chains thanks to technology. Smart contracts allow for the automation of all contracts, which simplifies business operations.
The availability of all booking, guest, and billing information in real time can simplify the hotel business process. Additionally, any visitor that enters your property will have their transactional information recorded in the ledger. Based on each user's past purchases and interests, it is simple to offer tailored services with Web3 technology.
Also, Read | Smart Contracts' Implications in Driving Web 3.0 Revolution
No Requirement for a Third Party
Using decentralized applications, smart contracts, and blockchain eliminates the need for outside service providers. Businesses will benefit from cost-cutting measures and gain a competitive edge. With the use of Web 3.0 technology, each business owner will be able to take charge of all internal processes and communicate directly with customers without interference from other parties.
People can easily swap money in a secure setting thanks to blockchain. It is now a crucial component of every transaction consumers make nowadays. Web3 allows for the sending and receiving of money from anywhere in the world without the need for a bank to handle the transaction.
Effective Teamwork Between Suppliers, Customers, and Employees
The main goal of Web3 is to increase business transparency with regard to the parties to their transactions. It does this by maintaining a permanent record of transactions that is accessible to all users on the blockchain. By maintaining transparency, it makes it simple for businesses to adhere to their governance responsibilities.
In Web3, a business can communicate directly with their suppliers and preserve critical information about them on the Blockchain. In this method, businesses can conduct business directly with one another, saving both parties time and money.
Also, Read | Web 3.0 Vs Metaverse
Greater Transparency in Operations Related to Sales
Every transaction might be recorded in Web3, holding businesses accountable for their deeds. As a result, purchasing goods from trusted companies is made simpler for customers as opposed to extensive product or service research.
Businesses can use the decentralized ledger to keep track of their transactions and supply-chain operations.
Before delivery, the whole transaction history for any order a client places for a good or service will be live to the public on the blockchain. Customers' trust and loyalty are increased for organizations using this approach, which offers complete transparency.
Lower Risk of Cyberattacks or Hacking
It becomes quite simple for businesses to create a secure ledger system in Web3, where transactions are transparent, making it more difficult for hackers to acquire private information about their clients. Thus, businesses may simply prevent the loss of customer or corporate data. Additionally, it aids in maintaining a high level of security for financial transactions.
By sharing client ratings and feedback on the blockchain, businesses can minimize data breaches. Businesses won't have to worry about any type of data theft because nobody can change or manipulate it.
Also, Read | How Web3 and Blockchain are Transforming Gaming
Conclusion
Web3 is a game-changer for companies and business people. Web3 will enable businesses to better manage their data, understand their customers, and improve their products and services. Web 3 will make it easier for entrepreneurs to get funding, customers, and market research. By implementing the correct plan, businesses and entrepreneurs may benefit from this new technology and stay ahead of the competition. Web3 offers business owners and entrepreneurs the chance to advance their ventures. All they require is the proper strategy. For information on how to get started with Web3 and revolutionize your business model, get in touch with our blockchain developers.
Category:
Blockchain
Mudit Kumar
02 Jan 2023
Blockchain-Based Carbon Credit Marketplace Development
In a world grappling with the challenges of climate change, the need for innovative blockchain solutions to reduce carbon emissions has never been more urgent. One such solution gaining momentum is blockchain-based carbon credit marketplace development. Leveraging the power of decentralized ledger technology, these marketplaces offer a transparent, secure, and efficient way to trade carbon credits. In this blog, we explore the significance of blockchain in carbon credit marketplace development, key features, and the potential impact on global sustainability efforts.
Understanding Carbon Credits
Before delving into blockchain's role, it's crucial to understand the concept of carbon credits. Carbon credits are a market-driven mechanism designed to incentivize businesses and individuals to reduce their carbon footprint. Essentially, organizations that emit fewer greenhouse gases than their allocated limit can sell their excess carbon credits to those exceeding their limit. This system creates a financial incentive for sustainable practices and carbon reduction initiatives.
Explore More | Satoshi Nakamoto's Last Email Reveals Bitcoin Creator's Thoughts
The Challenges of a Traditional Carbon Credit Marketplace
While the idea of carbon credits is noble, traditional markets face several challenges, including a lack of transparency, cumbersome processes, and the risk of fraud. Paper-based documentation and reliance on intermediaries contribute to inefficiencies, hindering the scalability and impact of carbon credit initiatives. This is where blockchain technology steps in to revolutionize the carbon credit ecosystem.
Blockchain's Role in Carbon Credit Marketplace Development
Blockchain, the underlying technology behind cryptocurrencies like Bitcoin, offers a decentralized and tamper-resistant ledger that can transform the carbon credit market. Here's how:
Transparency
Blockchain ensures transparency by recording every transaction on an immutable ledger. This transparency helps in verifying the legitimacy of carbon credits, fostering trust among market participants.
Smart Contracts
Smart contracts, self-executing contracts with the terms of the agreement directly written into code, automate and streamline the carbon credit trading process. This reduces the need for intermediaries, minimizing costs and enhancing efficiency.
Traceability
With blockchain, the entire lifecycle of a carbon credit, from its creation to retirement, can be traced. This traceability enhances the credibility of carbon credits and helps stakeholders ensure that they are investing in legitimate and impactful sustainability projects.
Decentralization
The decentralized nature of blockchain eliminates the need for a central authority, reducing the risk of fraud and manipulation. This decentralized approach also makes the marketplace more resilient to cyber-attacks.
You may also like | How to Use a Web3js Call Contract Function
Features of Blockchain-Based Carbon Credits Marketplaces
Tokenization
Carbon credits can be tokenized on the blockchain, creating easily tradable digital assets. This enhances liquidity and accessibility in the carbon credits market.
Global Accessibility
Blockchain-based marketplaces can potentially connect participants from around the globe, facilitating a more inclusive and expansive carbon credit ecosystem.
Integration with IoT
Internet of Things (IoT) devices can be integrated with blockchain to measure and record emissions data directly. This real-time data enhances the accuracy of carbon credit calculations.
Interoperability
Interoperability between different blockchain platforms ensures seamless collaboration and compatibility within the carbon credits marketplace.
Potential Impact on Sustainability
The development of blockchain-based carbon credits marketplaces holds immense promise for advancing sustainability goals. By addressing the challenges of traditional markets, blockchain technology can unlock new opportunities for businesses, governments, and individuals to actively participate in carbon reduction efforts. The transparent and efficient nature of blockchain ensures that every contribution to carbon reduction is accounted for, fostering a more accountable and sustainable global economy.
Also, Explore | What Makes Solana Blockchain Development Stand Out
Conclusion
Blockchain-based carbon credits marketplaces represent a paradigm shift in the way we approach carbon reduction and sustainability. The integration of blockchain technology brings transparency, efficiency, and trust to a system that is critical for mitigating climate change. As these marketplaces continue to evolve, their potential to drive meaningful impact on a global scale cannot be overstated. By embracing this innovative approach, we take a significant step towards creating a more sustainable and resilient future for generations to come.
If you think carbon credit marketplace development is a novel business venture, connect with our skilled blockchain developers and usher in a new era of carbon trading.
Category:
Blockchain
Mudit Kumar
01 Jan 2023
NFT Staking Platform Development Explained
NFT staking, like token staking, describes locking up NFTs on a DeFi network. Without having to transfer ownership of their NFTs, stakers receive passive income in the form of staking rewards in exchange for locking their NFTs. Even though NFT staking platform development is still in its very early stages, it duplicates the ideas behind DeFi yield farming, which experienced a huge surge in 2020 and 2021. Also, developing an NFT staking platform from scratch as a business model can take months. To reduce the time to market and enter the market quickly, Oodles has built a hub of ready-to-launch NFT solutions, including an NFT staking platform architecture. It saves months of development efforts and enables quick launch with minimal customizations. It is not a white-label solution that doesn’t have provisions for source code ownership transfer and customization capabilities.
What is NFT Staking?
By using NFT staking, holders of NFTs can create passive income while keeping full control of their NFTs by locking up their NFT assets on trading platforms.
A user stakes their non-fungible token (such as digital artwork, an item from a video game, or another non-fungible token) on a blockchain system that uses Proof-of-Stake for a predetermined amount of time. The platform where the NFT was staked determines the incentives or other advantages (such as the protocol's native tokens, governance rights, airdrops, or other NFTs) that the user would receive in return.
The annual interest rate, the total number of NFTs you have put up, and the length of the staking period are the most frequent variables that affect the size of those rewards.
Also, Read | NFT Smart Contracts | Applications You Must Know
Reasons to Develop an NFT Staking Platform
The most enticing aspect of NFT staking for users is that it enables them to profit passively from their digital assets without exerting much effort or losing control over their NFT.
Additionally, it is possible to increase an NFT's value and scarcity over time by staking it. This is because an NFT's value is often determined by demand. Therefore, your token cannot be sold if it is locked on a staking platform. As a result, if it cannot be sold, its price may increase due to an increase in demand.
Another important point is how NFT staking opens the door for more generalized liquidity. More participants that stake their digital assets will increase the ecosystem's overall liquidity.
Finally, by staking NFTs, people and organizations show that they support a particular project, aid in its growth, and contribute to the development of its community. This improves engagement and increases interest in NFTs as a result.
Businesses have the chance to add extra liquidity to their projects and open up new revenue streams thanks to NFT staking, which enables them to stay afloat and increase user engagement.
Also, Watch | Crypto Staking Platform Development by Oodles
Types of Staking Rewards to Offer in an NFT Staking Platform
The NFT staking website or protocol offers three ways to reward users.
Incentives
The protocol can be designed by the NFT staking platform development company to reward users with native protocol tokens.
Airdrops
With frequent native token airdrops or additional token airdrops, the protocol can reward NFT stakeholders.
Additional Rewards
Rewards such as governance rights or first-mover advantages in some IDOs, IGOs, IEOs, and more.
Some NFT staking platforms might have DAOs, which would provide NFT stakeholders access to additional benefits including voting, governance, and general DAO advantages. Some NFT platforms will let NFT investors re-stake the tokens they've already earned, allowing them to increase their compound profits.
Also, Read | Most Resourceful Blockchains for NFT Development
Elements to Consider for NFT Staking Platform Development
Annual Staking Yield for NFTs, or APY
The passive income gained through staking the NFT is based on the annual passive yield. In general, rarity plays a significant impact on APYs, and these rates frequently change. An NFT staker will therefore always favor placing a bet on a protocol that guarantees high-interest rates. Although the high rates may seem highly alluring, the proprietors of NFT staking platforms must ensure that the APYs are practical and manageable over the long term.
If a user stakes numerous NFTs or stakes NFTs with a high rarity, the protocol may also be set up to enhance APY rewards.2) Staking of NFT and Protocol tokens
Some NFT staking systems only permit NFT staking when the user combines it with protocol tokens.
An Integrated Lending Solution
Players can thus pay a price to rent out the NFTs staked in the protocol. The NFT stakeholder community receives some of this revenue thanks to the protocol.
Period of Stake Lockup
Users can stake NFTs for an indefinite lockup period according to various protocols.
Others, on the other hand, can limit the lockup time and demand that users re-stake to continue receiving rewards.
Limits on Stake Size
This sort of NFT staking procedure restricts the number of NFTs a user can stake or increases the minimum rarity needed to stake an NFT.
Also, Read | Fractional Real Estate NFTs: The Next Wave of NFTs
Is NFT Staking Platform Development a Smart Idea?
For individual NFT collectors or metaverse-powered gaming, where staking has proven popular with gamers, firms eager to stay ahead of the curve can think about creating their own NFT staking service. Additionally, you can do research and develop an NFT staking platform for different industries. These might involve esports, education, and other things.
There are undoubtedly many crucial factors to consider, thus it makes sense to contact a group of knowledgeable NFT developers who will handle the complete staking platform production cycle.
Also, Read | Social Media NFT Marketplace Development Guide
Conclusion
One of the best NFT use cases is the development of an NFT staking platform. It allows NFT holders to earn more cash from their possessions and collections without having to sell them.
Although NFT staking is still in its infancy, it will almost probably continue to gain pace. It is already catching the attention of several additional organizations and individuals. In addition to this, we still need to learn about a lot more advanced NFT staking solutions. We need to explore ideas that will provide holders of these tokens access to a myriad of exciting opportunities.
If you are eager to develop your own NFT staking platform, reach out to our Oodles' blockchain developers for help. We deliver effective NFT development services that enable you to race ahead in the competition in the NFT industry.
Mudit Kumar
29 Dec 2022
Top Blockchain Use Cases to Explore in 2023
How several industries, including finance, healthcare, education, and e-commerce, work changed in 2022 because of blockchain technology. Now, as the new year approaches, the developments of technology offer new business opportunities. 2023 is going to be a crucial year for blockchain as more industries will be looking forward to adopting its existing as well as new disruptive use cases.
The implementation of this cutting-edge technology with the help of blockchain development services requires time and effort. However, it may also propel enterprises to the forefront and transform conventional business practices to help realize their full potential.
Understanding why interest in blockchain technology has risen steadily and quickly over the past few years is not difficult. Blockchain provides a transaction ledger that is unchangeable and trustworthy and that no single entity can tamper. Additionally, according to reports, by 2024, spending on blockchain solutions may rise by $19 billion.
Its numerous attributes make it a perfect fit for industries like e-commerce, supply chain management, banking, and logistics, where payments must be quick, safe, and transparent.
Additionally, there are several significant emerging blockchain use cases and applications that may experience widespread adoption in 2023. These blockchain use cases and applications can prove to be a game-changer in 2023 for businesses. Investors must pay attention if they want to maximize outputs and go to the next level.
So, let's find out what those important blockchain-based use cases and applications are that may cause disruption in 2023!
Blockchain Use Cases and Applications to Look Out for in 2023
DApps (Decentralized Applications) Development
With peer-to-peer nodes and smart contracts, blockchain networks provide countless opportunities for decentralized applications. Consider the Ethereum blockchain, which offers specialized tools to create decentralized applications (dApps).
By using dApps, you can guarantee privacy and remove censorship by centralized agencies.
Since they make use of decentralized computing and open-source licensing for simplicity, decentralized apps (dApps) don't encounter downtime. Additionally essential to expediting Web3 integration are decentralized applications.
Read More on dApp (Decentralized App) Development
Private Blockchain Solutions
In contrast to public blockchains, accessible to everybody, private blockchains are a subset of blockchain where the network is run and managed by a single entity or a group of entities. In a nutshell, private blockchains are a sort of exclusive blockchain and are only accessible by invitation.
Unlike public blockchains, which allow anybody to join, private blockchains demand a key from the owner, also known as an invitation key.
Private blockchains are crucial for storing enterprise data if a corporation needs complete control over its data while demanding complete verifiability.
Furthermore, private blockchain networks have faster transaction speeds and higher rates of scalability. It is due to the lower number of members compared to other blockchains, such as public blockchains. You will need to hire developers to create top-notch private blockchain applications.
Also, Visit | Private Blockchain For Business: Which Industries Can Benefit From It
Asset Tokenization
Blockchain technology powers tokenization to convert digital or tangible assets into digital tokens. While this procedure is comparable to that of cryptocurrencies, tokenizing makes it simpler for other individuals to acquire an asset. This asset includes both business and retail customers.
For instance, people can utilize this procedure to divide their investment in stocks/bond portfolios into smaller, easier-to-buy, and sell tokens.
Smart contracts also increase transaction transparency while automating token trades. Anyone participating in the network gets a single source of truth. People can use it to view their holdings and verify that everything gets done honestly.
Also, Read | Blockchain Based-Tokenization | A Guide to Essentials
DAO (Decentralized Autonomous Organization) Development
Decentralization is transforming how we do business as a result of the development of blockchain technology. A DAO is an emerging paradigm for companies that may enable them to function and make decisions without any human administration.
Additionally, DAOs are automated entities with no single point of failure that follow rules encoded in smart contracts. The capital of an organization can be distributed among several investments. It is possible due to these decentralized structures rather than being confined to a single ownership structure or geographical area.
DAOs also increase people's access to financial resources. It lets users direct their funds toward projects they deem worthwhile without the need for outside management.
People get more engaged with the enterprises DAOs sponsor as they gain in popularity, which raises consumer engagement levels.
Voting rights are distributed among shareholders and employees. It increases control and transparency over business operations and benefits both sides by fostering stability and trust.
Explore | Deciphering DAOs | Benefits, Elements, and a Pre-Built Solution
NFT Development
With the introduction of non-fungible tokens, there has been a lot of discussion concerning cryptocurrency games and collectibles (NFTs). The way we can utilize these assets has changed due to this new asset class.
Now that NFTs are concentrating on real-world utility, they can live more sustainably. Blockchain-based systems allow users to exchange their crypto assets on secondary markets.
Additionally, a few businesses have begun producing digital certificates that demonstrate ownership. Then, when necessary, users can trade these certificates using smart contracts or wallets after being safely stored on the blockchain. Given how many businesses currently have plans to include it in their offerings, the future of this movement appears bright.
Also, Review | NFT Development Services
AI-powered Blockchain Solutions
Blockchain technology has a wide range of potential applications. Artificial intelligence (AI) applications are among the most intriguing. Blockchain technology can use AI to make secure, autonomous decisions, such as which transactions are fraudulent or what data a specific node should keep.
Blockchain networks may become faster and more effective as a result, of handling more data than previously. Security improvements could result from the collaboration of blockchain and AI, allowing nodes to talk to one another.
Learn more on Artificial Intelligence and Blockchain | A Potent Combo
DeFi Development
A new kind of decentralized financial system is DeFi. It consists of open-source protocols, smart contracts, and applications that boost digital assets' liquidity. Additionally, DeFi makes it possible to create decentralized financial applications.
As this environment develops, more visitors from around the world will come. For customers worldwide, this will imply greater usability, improved market access, and increased liquidity.
As the DeFi ecosystem matures, we may see an influx of new projects from creators waiting when decentralized finance is more user-friendly.
Explore | Fintech Space Development with Decentralized Finance (DeFi) Apps
Enterprise Blockchain Solutions
Businesses are hesitant to adopt public blockchains like Ethereum and Bitcoin because they lack control of their data, and it becomes easily visible.
Private and consortium blockchains provide businesses better control over their data while maintaining the majority of blockchain capabilities like security and traceability. The desire for these blockchains is growing despite the fact that some businesses do use them.
These enable them to comply with rules without giving up other benefits provided by blockchain technology, such as improved data security. Furthermore, by preventing costly breaches that might reveal sensitive information, they effectively increase the efficiency of a company.
Also, Read | Enterprise Blockchain Development | Nut & Bolts
Final Thoughts
Businesses can opt for one of these blockchain use cases to enter the blockchain space and thrive in neck-to-neck competition in 2023.
However, they will need the assistance of skilled blockchain developers and experienced blockchain development services to develop these blockchain-based use cases and apps.
Mudit Kumar
19 Dec 2022
Exploring Crypto Arbitrage Trading Bot Development
In this quick guide, explore the key essentials required to develop a modern crypto arbitrage trading bot to automate trading and profits.
Crypto arbitrage trading appeals to investors searching for high-frequency trades with low-risk gains. Arbitrage trading is a type of trading method that lets investors profit from variations in the price of a digital asset on various crypto exchanges or marketplaces. It is one of the emerging concepts in the crypto exchange development space. The process of buying a digital asset on one exchange and selling it (almost) immediately on another at a higher price is known as crypto arbitrage trading. It entails making money with little to no risk. Another benefit of crypto arbitrage trading is that you don't need to be an experienced investor with a costly setup to get started. So, while learning what is crypto arbitrage trading bot development results from the rising demand for arbitrage trading.
What is a Crypto Arbitrage Trading Bot
For many years, trading bots have been employed to automate trading procedures and reduce the associated stress and unpredictability. They carry out tasks according to their specific programming. Bots often adhere to three standard trading models. Bots use the trend-following approach to react to market trends directly. They enable large-scale cryptocurrency purchases and sales to profit from the volume. Crypto arbitrage bots take advantage of coin price differences on different cryptocurrency exchanges worldwide. Such bots purchase cryptocurrency from exchanges at discounted prices and then trade it for higher prices on other exchanges.
For instance, if someone on a cryptocurrency exchange is willing to sell Bitcoin for $2, a bot can buy it on your behalf. Suppose another individual on a different or the same exchange is ready to buy the same coin for $3. In that scenario, the bot will automatically execute the trade, taking advantage of the profitable opportunity called crypto arbitrage trading.
As trading is not done based on market rates, it combats the erratic nature of cryptocurrency values. Arbitrage trading is not just for digital currency exchanges. For millennia, people used price discrepancies between markets to their advantage regarding currencies, metals, stocks, etc.
Also, Read | Must-Have Features for a Unique Crypto Exchange Development
Types of Cryptocurrency Arbitrage Bots
Spatial arbitrage, convergence arbitrage, and triangle arbitrage are the three types of arbitrage trading. In all three tactics, bots can execute arbitrage trades. These three bots operate differently, even though the fundamental idea is the same. Let's examine how triangle arbitrage, convergence arbitrage, and crypto spatial arbitrage bots operate.
Crypto Spatial Arbitrage Bots for Beginners
These bots buy cryptocurrencies from one exchange, move them to another, and then sell them there. It is the simplest type of arbitrage trade. The crypto spatial arbitrage bot must constantly monitor the price variations of different cryptocurrencies across all exchanges and, before committing to transactions, consider processing delays and fees.
Bots for Crypto Convergence Arbitrage
Convergence arbitrage bots buy low-priced cryptocurrencies and sell high-priced ones. Additionally, they sell the long and buy back the short when the two prices converge. The bot evaluates various cryptocurrencies and forecasts the likelihood that prices will rise or fall.
Triangular Cryptocurrency Arbitrage Bots
Contrary to its predecessors, triangular arbitrage bots are more complicated. They frequently entail trading cryptocurrency among three exchanges. The bot must monitor the prices on several exchanges and search for profit opportunities.
Also, Read | Develop a Decentralized Exchange like PancakeSwap
How Does a Crypto Arbitrage Bot Work?
A user enters the system
The user is approved with just their email address and password.
The user configures and employs a bot technique for arbitrage
The trading bot typically searches for open trade opportunities starting at 0.2% of the trade's initial value. However, the user can alter the method by establishing specific restrictions for the minimum and maximum profitability (%), the minimum and maximum trading amount, and the equalization threshold.
The bot searches for orders that fit specific criteria
By the trading strategy and trade execution settings, the arbitrage bot compares orders from many exchanges to determine which orders have the potential to be profitable.
The bot completes the orders within predetermined limits
When a trading opportunity is found, the bot simultaneously executes the current order on exchange one and places a reverse order on exchange 2.
The bot can be stopped or continue to carry out orders within predetermined limits
Following the placement of the order, the user has several options:
Keep researching
Put an end to the bot, devise a fresh plan, and start a new arbitrage operation.
Put an end to the process.
Also, Read | Develop a Decentralized Exchange like PancakeSwap
Features of a Basic Crypto Arbitrage Trading Bot
Trading cryptocurrency automatically using an arbitrage bot and assistance with trading on leading exchanges (Kraken, Bitfinex, Bittrex, Binance, and Coinbase)
The capacity to increase the number of supported exchanges, money, and trading pairings
Using Google Authenticator as a second method of authentication to increase security
There are no restrictions on how many trades a bot can execute
Convenient dashboard showing the most recent data and facts
Customizable arbitration tactics
UI that is appealing, reliable, and simple to use
Easy to integrate into your corporate environment
24/7 accessibility
Also, Read | The Rise of Crypto Derivatives Exchange Development
Conclusion | Custom Crypto Arbitrage Bot Development
One of the finest strategies for ensuring profits from cryptocurrency is crypto arbitrage trading. Crypto arbitrage bots assist users in making money without relying on market turbulence.
With Oodles, you may increase your users' cryptocurrency trading profits by providing a crypto arbitrage bot. Develop a customizable crypto arbitrage trading bot that runs according to your preferences with the help of our crypto exchange development experts.
Mudit Kumar
19 Dec 2022
Social Media NFT Marketplace Development Guide
Influencers and users of social media now have the chance to convert their assets into blockchain-powered digital NFTs thanks to social media NFTs. Such NFT development services focus on social networking. They offer platforms to exchange movies, reels, photographs, gifs, and other social media content. Simultaneously, monetizing the social media platform by cutting out the cost of middlemen. The marketplace for social networks raises the market value of social media NFTs. It also offers auction listings and governance frameworks and governs alluring incentives for bidders, purchasers, and followers of artists. Thus, NFT for social networking transforms the social media sector by monetizing it in a secure and decentralized way.
Now let's examine how the NFT market operates in the social media sector.
What is a Social Media NFT Marketplace
People can upload content on an NFT marketplace that is built on social media and sell it. The information is presented as NFTs, which can be purchased directly from the site.
Because of the centralization of traditional social media, content producers did not receive enough advantages. Large corporations grew by stealing the majority of the revenue produced by millions of content producers.
Conversely, low benefits caused content creators to suffer greatly. Such a degree of carelessness has caused many aspiring artists to choose alternate paths.
All creators may find the answer they've been looking for in a social media-based NFT economy. Creators can upload and sell content to fans in the form of reels, blogs, and videos.
Explore | A Comprehensive Guide to NFT Marketplace Development
Social Media NFT Marketplace Development
Social media has become the worldwide preferred pastime for the majority of individuals. People have access to a variety of content from authors around the world using these programs.
However, with Web3, things improve since fans and creators can interact more. Creators can make money by selling their material to fans through social media and NFT marketplaces.
Those who purchase these NFTs can use them as utilities or sell them in secondary markets. These NFTs can be sold to others or used as utilities by those who purchase them.
For these types of secondary NFT sales on the site, creators may occasionally receive royalties. Beyond following and viewer counts, these platforms assist creators in gaining much-needed visibility. Additionally, these systems do away with intermediary businesses that would handle user data, creating decentralized communities.
Also, Read | Developing DAO-enabled NFT Marketplace
How does the Social Media NFT Marketplace Work
The NFT marketplace is a platform for turning original social media material into NFTs and exchanging it with followers and admirers. As a result, it serves as a social networking and monetization platform for both consumers and content publishers.
The processes listed below can help you understand how an NFT marketplace for social networks works:
Wallet Connection
On the NFT marketplace website, start by creating a wallet connection. One of the simplest cryptocurrency wallets, MetaMask, is available to users for assistance on markets. If they don't already have a MetaMask setup, they will do it before continuing to connect their wallet.
Also, Visit | Develop Sorare Like NFT Marketplace
Social Media NFT Minting
Simply registering assets on a blockchain network is what it means to mint an NFT. A new block is generated with the ownership and originality information of an asset when it is tokenized and registered on the blockchain.
A user will tokenize or mint his movies, images, reels, and other social media content into NFTs in a similar way with regard to social media content.
When a user copies and pastes the link to their content onto the NFT marketplace website, their content is instantly minted on the blockchain and made available for selling on the marketplace.
With merely the content link, consumers can now access marketplaces that will turn their social media content into NFTs.
User NFT Collection Page
A social media user might have a market page for his NFT collection. On this page, followers can browse and buy influencers' NFTs. The collection page includes categories for various social media posts from users.
Additionally, it offers filters that simplify the browsing process for viewers or followers. Users can also locate the preferred social media content that they wish to purchase with filters.
Explore | Why Choose NFT Marketplace Development on Ethereum Blockchain
Essential Features and Functionalities for Social Media NFT Marketplace Development
Excellent features and functionalities built within the social media marketplace give the platform new capabilities that assist users across various demographics.
Profile Creation
All platform users should have the same user profiles set up. It should specifically enable users to construct profiles that reflect their creativity and hobbies.
Integration with a Wallet
The software should interface with either of the user's accessible crypto wallets, streamlining and simplifying the procedure.
Also, Explore | A Comprehensive Exploration of Ordinal Marketplace Development
Minting Option
The minting portal starts the process of digitizing a creator's asset. And giving it access to web-3 sectors' capabilities with authenticated, one-of-a-kind identifiers.
Reader Feeds
Similar to every social media platform, the news feed section allows users to sift through news feeds, creatives, and other entertaining stuff.
Also, Read | Advanced NFT Marketplace Development on Solana Blockchain
Advanced Marketplace
Users can increase their revenue by using a highly secure purchasing and selling method. By working with the network, the market executes and controls these tasks.
Trading Function
Users should be capable of selling their collections to interested purchasers with the help of trading features, notably content producers and NFT holders.
Additionally, in this case, a smart contract would ensure that all transactions are authenticated and properly confirmed.
Resell Capability
The second owner should have the option to sell an item for a profit. It helps a creator as well because they get receive monetary benefits when they sell the asset again.
Staking Option
The NFT holders can have more power to monetize their NFTs thanks to the staking capabilities. Demand generates high earning scalability through staking.
Connect with NFT and blockchain developers to know more about how to get started with social media NFT marketplace development.
Mudit Kumar
15 Dec 2022
Most Disruptive Web3 Use Cases and Applications
The decentralization of business models is the primary characteristic of web3. In that sense, it ushers in a third stage of the internet (thus the name "Web3") and a change in users' perceptions of the status quo. Web3 and its use cases, the next edition powered by blockchain development services, potentially upends that power structure with a shift back to users.
Open standards and protocols could make their return. The idea is that power will be widely distributed through "permissionless" decentralized blockchains and smart contracts, rather than remaining centralized in big platforms and aggregators.
Web3 is currently gaining traction in a wide range of different industries, such as the social sector, carbon markets, art, real estate, gaming, and more.
Below, we will look into each of these web3 use cases in greater depth. But first, let's define web3 for those who are unfamiliar before we go into the topic.
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What is Web3
Web3 or Web 3.0 is the third phase of the internet's development, to put it simply. It enables decentralized networks to enable faster user experiences with higher customization. The development of web3 is supported by several noteworthy technologies, including machine learning, semantic web, and artificial intelligence.
Additionally, the blockchain web3 use cases demonstrate how web3 and cryptographic security work together to facilitate user information security. You can find the following unique traits on web3:
Web3 is open, as it includes open-source software with the benefit of easy accessibility.
Web3 networks are permissionless, so users and providers don’t need permission from centralized controlling organizations.
Another formidable trait evident in real-world Web3 use cases is the freedom for users to interact privately and publicly without any intermediaries in a trustless environment.
Most importantly, Web3 also offers ubiquity, which can ensure the internet's availability regardless of location, time, and device. For example, IoT technology can help access internet services through many intelligent gadgets other than voice assistants.
Also, Read | Why Your Business Should be Ready to Embrace Web3
Emerging Web3 Use Cases
Metaverse
The idea of the metaverse and virtual reality (VR) immersion is sometimes confused due to movie influences like Ready Player One. According to this understanding of the phrase, the metaverse refers to a virtual imitation of the real world that is layered over the actual environment and entered through VR goggles as one of the most prevalent examples.
In Web 2, the internet is currently just a place to view and post material without regard to any ownership rights. However, with web3, the creation of a meta-network that connects many networks makes the internet a more seamlessly interconnected virtual space. In real life, this translates to:
Accessing blockchain-powered networks through a digital wallet or account, such as those for online shopping, entertainment, social media, concerts, gaming, e-commerce, etc.
Using digital money or non-fungible tokens (NFTs) stored in a digital wallet on these networks.
Using cross-platform devices like a personal computer (PC), smartphone, or game console.
Securing proof-of-stake blockchains with digital money while getting financial rewards, like Ethereum or Avalanche.
Also, Visit | Smart Contracts' Implications in Driving Web 3.0 Revolution
Blockchain-powered Gaming Solutions
Web3 gaming on the blockchain, popularly known as GameFi, has gained worldwide popularity. According to experts, 800,000 users regularly linked to Web 3.0 games in the first half of 2022.
Web3 gaming solutions are by default decentralized in contrast to traditional games, which typically entail centralized authorities. It implies that users can easily trade NFTs with other players. They can also establish complete control over all of their in-game assets without the need for any middlemen.
Additionally, the metaverse environment can come into use to expand the web3 game concept. It can give users the chance to create their avatars and engage in inter-player trades for collectibles.
Another important aspect of web3 gaming is that we can tailor them to users' likes and preferences and go beyond play-to-earn (P2E). The most notable concepts, as a result, are learn-to-earn (L2E), move-to-earn (M2E), exercise-to-earn (E2E), and sleep-to-earn (S2E), among others.
Explore | How Web3 and Blockchain are Transforming Gaming
Decentralized Streaming
Streaming of video and music has grown to be a significant and quickly expanding market.
However, centralized streaming sites still exist. It suggests that they provide several challenges and could spark debate over monetization practices, unethical promotion algorithms, data gathering and privacy issues, and other issues.
Alternatively, decentralized blockchain-enabled streaming services give users and producers privacy-focused options. Additionally, they help content curators get direct access to their money and broadcast their material on the network on their terms.
Read More on Decentralized Streaming on Blockchain
DAOs
Decentralized Autonomous Organizations, or DAOs, are one of the top entries among blockchain web3 use cases. They are essentially online communities that belong to the community.
The ability for community governance, which is dependent on member consensus, is an intriguing feature of DAOs. In reality, DAOs with decentralization and autonomy show off the best features of web3.
A single person or centralized authority/organization cannot alter the rules of DAOs. Additionally, DAOs guarantee autonomy by employing smart contracts to count votes and carry out decisions devoid of human involvement.
DAOs are a well-known web3 example of on-chain governance if you pay close attention. By encoding specific regulations in smart contracts, DAOs bring the idea of corporate governance to the virtual world.
Due to their potential to provide a governance model for web3 organizations, DAOs should be among the top web3 use cases. It's interesting to note that DAO concepts apply to a diverse spectrum of assets and organizations.
Also, Read | Exploring the Combination of DAO and the Metaverse
Conclusion
Though Web3 is a futuristic idea, it is still in its infancy and needs time to evolve. Many sectors have begun adopting Web3 use cases to update their corporate infrastructure and migrate to the Web3 infrastructure.
DAOs and the metaverse are the two key Web3 use cases assisting businesses in realizing their full potential. As technological advancement accelerates, new Web3 use cases to address current business inefficiencies will emerge.
To hire web3 developers or transfer your current project to the web3 environment, please get in touch with skilled blockchain developers.
Mudit Kumar
10 Dec 2022
ERC-20 Token Standard | Development Essentials
ERC-20 is the technical standard for smart contract development on the Ethereum blockchain for fungible token implementations. It is one of the most crucial smart contract standards on Ethereum. ERC-20 token standard establishes standards that all fungible Ethereum tokens must follow. As a result, this token standard gives developers the ability to accurately define new tokens' behavior inside the broader Ethereum system. It streamlines and makes it easier for developers to complete their tasks knowing that as long as the token complies with the rules, no new projects will require to rework each time a new token is released.
We'll examine the ERC-20 standard in this article, which is a crucial framework for token development. Also, get to know more about Oodles Scaffold's pre-built ERC-20 Token Development module that significantly reduces your time to market.
What are ERC20 Tokens, and How do they Work?
Ethereum developers created the ERC20 token standard to enable the development of digital assets without the need for a new blockchain. Because they are fungible tokens, their value remains constant across the network. ERC20 essentially consists of a smart contract with a collection of APIs.
Shiba Inu is the most well-known token created with the ERC-20 standard. In addition, ERC20 also facilitates the development of virtual tokens like uni swap and Ether.
Features of ERC20 Token
The ERC20 standard's initial and best feature is that a smart contract safeguards it. When conditions are satisfied without the involvement of third parties, this technology automates transactions.
The ERC20 token standard allows for the interchangeability of assets.
Due to its great interoperability, the ERC20 standard is appropriate for a variety of business applications.
An ERC20 token can be designed rapidly, affordably, and easily.
ERC20 tokens make it simple to raise money in an initial coin offering (ICO), IDO (Initial Dex Offering), IEO (Initial Exchange Offering), and more because they are more widely popular.
Additionally, the ERC20 token standard's contract is difficult to breach, making it a reliable token type recognized by all platforms.
ERC20 tokens have high liquidity and generate significant revenue.
Also, Read | A Quick Guide to Ethereum ERC Token Standards
Fundamental procedures for ERC20 Token Development
Select the Business Purpose for the Token
It is the first and most crucial phase of ERC20 token development. The purpose of the ERC20 tokens you intend to produce must be novel. Make a list of desirable attributes and features that correspond to the specifications.
Assign Token Specifications
The following are some of the requirements for developing tokens
Define the token's name. An ERC20 token development company makes the decision-making processes simpler.
Provide the token with a symbol. To serve as an identifier, a token would have an address, a logo, or an image.
Decide on the decimal places for the token. It indicates how many maximum decimal places there would be if the token were divisible.
The overall quantity of tokens to be in use. It specifies the upper bound at which the smart contract will cease issuing new tokens.
Develop a Smart Contract
Another important aspect of creating an ERC20 token is writing the smart contract codes, which must be consistent with your business logic. It necessitates a thorough understanding of the Truffle deployment tool and the Solidity programming language. An ERC20 token development company should handle the coding stage.
The following seven fundamental features must be present in a smart contract built on the ERC20 token:
Total supply
Contract Owner
Approval
Transfer
Allowance
Add or Remove Holder
Remove Appointee
Examine The Code
The next step after creating a smart contract is testing the code to ensure that all of its capabilities are operational.
Token Validation
Without confirming that the ERC20 tokens are serving their intended purpose and working well, the development of the technology would not be finished. Hiring a skilled Ethereum token development company would make it easier to find the flaws and solve them properly.
Deployment
Put the smart contract into operation on the mainnet. It's the last step. The smart contract is sent to all nodes in the blockchain network after the deployment procedure is finished.
Also, Read | ERC-20 Token Standard | A Compact Guide to Development
ERC-20 Token Development | Applications
Security Token Development
Stablecoins and security tokens are comparable. Both might potentially be the same at the contract level due to how they operate similarly. The issuer is where the distinction is made. Securities such as stocks, bonds, or tangible assets are represented by security tokens. They frequently (though not always) give the holder a stake in a company or product.
Utility Token Development
The most popular sort of tokens currently may be utility tokens. Utility tokens are similar to frequent flyer programs. They have a purpose but no intrinsic value. Utility tokens come in use for a wide range of purposes, including loyalty points, in-game revenue, power for decentralized applications, and much more.
Also, Read | Everything you need to know about ERC-20 Token Contracts
Scaffold your own ERC-20 Token in no time with Oodles Scaffold’s Pre-Built ERC-20 Token Solution/Module
With our pre-built suite of smart contracts solutions, you can easily construct a range of ERC20 crypto tokens like payments, security, utility, etc., in quite less time. Our pre-coded smart contracts and pre-defined token attributes make up our smart contract solutions for ERC20 token development. Token attributes are customizable in accordance with your unique requirements and use cases, such as for DeFi or dApps.
Most common token properties
A front-end and modifiable token attributes
Presently existing smart contracts
100% of the developed token's ownership
Testnet network deployment and QA testing
Mudit Kumar
08 Dec 2022
Top Blockchain Platforms for Blockchain App Development
The development of blockchain technology after the inception of Bitcoin has led to the emergence of numerous new blockchain platforms that comprise various unique features. Consequently, it has become tedious to evaluate them and select which is best for blockchain app development. It requires conducting numerous studies, analyses, and comparisons before narrowing and choosing a suitable blockchain protocol for dApp or any other decentralized solution development. The examination of the diversity of functions that each blockchain app development platform offers requires a thorough comparison of the available platforms.
There are now various blockchain platforms with distinct characteristics for blockchain solutions. Thanks to evolution and updates that include fast transactions, tokens, microtransactions, smart contracts, DAOs, dApps, scalability, governance, tokenization efficiency, interoperability, and more.
In this article, get insights into various blockchain platforms and their features and functionality, along with a parallel evaluation of all the capabilities they offer.
Top Blockchain Platforms for Blockchain App Development
Binance Smart Chain
Key Insights
Permissioned type of ledger
Provision for smart contracts
Concentrated on creating a smart economy
Tendermint Byzantine fault tolerance consensus algorithm (BFT)
Administration by Binance Holdings Ltd.
With the community-driven decentralized Binance Smart Chain (BSC) blockchain network, you can develop and launch highly-efficient dApps using smart contracts. For those planning to develop DeFi yield farming applications, DeFi staking projects, and synthetic asset development, Binance Smart Chain can be the best choice. Though Binance began as a cryptocurrency exchange, it later decided to establish its Blockchain protocol to get involved in the growing field of blockchain technology. The idea for Binance came from Changpeng Zhao, and the Binance Smart Chain was introduced as an alternative to the Ethereum Blockchain while retaining its unique features.
Binance Smart Chain allows the deployment of smart contracts because they are compatible with the Ethereum Virtual Machine (EVM) and can operate flawlessly. Any blockchain-based system that contains native tokens is valuable, and Binance has its native token called Binance Coin (BNB). Users can use these BNB tokens for staking, asset transfers, and transaction fees on the Binance Chain and Binance DEX platforms.
Characteristics that set Binance apart from other Blockchain platforms include compatibility with the Ethereum Virtual Machine (EVM), excellent Speed and Scalability, and features for the DeFi and NFT marketplace development.
Also, Read | Why Develop DeFi dApps and Protocols with Binance Smart Chain
Ethereum
Key Insights
Public and permissioned type of ledger
Provision for smart contracts
Cross-industry focused
Proof-of-Work algorithm for consensus
Administration managed by Ethereum developers
Ethereum is a free and open-source operating system and distributed computing platform powered by smart contracts. Unlike other Blockchain frameworks, Ethereum allows for programming, and developers can utilize it to create a wide variety of new applications.
The first Blockchain framework with a programming language was Ethereum, a global, open-source Blockchain framework for decentralized applications.
Ether, the cryptocurrency used by Ethereum, is quite similar to Bitcoin in terms of functionality and enables the sending and receiving of value across wallets. All electronic business transactions are now completely secure, transparent, and permanent on dApps built on the Ethereum platform. If you want your dApp-based business to be scalable, Ethereum enables you to take advantage of several benefits from Ethereum blockchain development to help you exponentially expand your reach.
There are already more than 250 members in the Enterprise Ethereum Alliance, including well-known companies like J.P. Morgan Chase, Microsoft, and Intel. Additionally, it continuously links academics, start-ups, Fortune 500 companies, and numerous technology vendors.
Also, Read | An Introductory Guide to Ethereum 2.0 | A Major Upgrade
Quorum
Key Insights
Permissioned type of ledger
Provision for Smart Contracts
Cross-Industry focused
Consensus algorithm based on the majority of voting
Governance managed by JP Morgan Chase and Ethereum developers
J.P. Morgan launched Quorum, a top Blockchain framework for businesses based on Ethereum. It is a Blockchain framework that is open-source and always free to use. It is designed to be permissioned and processes hundreds of transactions per second using various vote-based algorithms. If you need to develop applications that need quick private transaction processing and high throughput processing, Quorum can be a preferable choice.
Quorum solved the problem of record confidentiality, which Ethereum and other Blockchain frameworks cannot manage, by introducing private and public on-chain.
Quorum has characteristics that set it apart from other Blockchain platforms, such as blazing-fast transactions, high scalability, security, and a variety of NFT marketplace development functionality.
Also, Read | A Compact Guide to Permissioned Blockchain App Development
Ripple
Key Insights
Permissioned type of ledger
Provision for Smart Contracts
Focused on improving the financial services industry
Probabilistic voting using the consensus algorithm
Administration by Ripple Labs
In 2012, Ripple, a non-profit organization, was established to connect banks, corporations, exchanges of digital assets, and payment providers over the RippleNet Blockchain network. With an internal ledger that ensures transactions based on consensus, validating servers protect Ripple.
Currently, Ripple has over 100 customers and nearly 75 clients, all of whom are in various stages of commercial deployment. These include services for cross-border payments, minimizing liquidity costs (xRapid), and sending payments across multiple networks (xVia).
Also, Read | Examining Cross-border Payment Solutions Powered with Ripple Blockchain
Conclusion
Finding one of the suitable blockchain platforms, which works for you and your unique needs, might be challenging. It is because there are so many of them on the market. You may have found this article to be a good place to start. But you should carefully consider your alternatives before making a choice. Think carefully about your needs and the functionality you want from the mentioned enterprise blockchain platforms. Consider as well how much you are willing to invest in taking advantage of these features.
Get in touch with our blockchain developers if you require advice or have any doubts or inquiries about blockchain platforms for your app development.
Mudit Kumar
07 Dec 2022
Deciphering DAOs | Benefits, Elements, and a Pre-Built Solution
The introduction of DAOs (decentralized autonomous organizations) is one of the most crucial applications that blockchain powers. DAOs remove the need for centralized coordination and manual intermediation while creating decentralized processes in business. In addition to ensuring fair and inclusive decision-making, they facilitate high levels of transparency, automation, and cost savings. Continue reading this quick guide to get detailed insights into decentralized autonomous organizations, including their advantages for building on an organization or business, their basic building blocks, and more. Also, discover more about a pre-built DAO solution of Scaffold Smart Contracts by Oodles, a hub of pre-code basic architectures of NFT and smart contract applications, such as DAO, that significantly reduces time to market.
What is a DAO? A Brief Explanation
A decentralized autonomous organization is a blockchain-powered solution that enables a business to function without any centralized authority or intermediaries. It distributes control among all stakeholders. They can use governance tokens associated with a DAO to vote on various rules or changes across processes. Their voting power is generally equivalent to the tokens they possess.
It is the self-executing smart contracts on blockchain where all the rules of an organization exist. They are commonly known as the backbone of a DAO. Once smart contract developers make a smart contract go live on Ethereum, those rules are impossible to change.
DAOs are decentralized. Therefore, all their activities and transactions remain to secure a blockchain, and any DAO participant can view them.
DAOs represent the novel concept of digital democracy. It enables all stakeholders to engage with an organization’s activities and take part in making vital decisions. They operate without any form of central authority, which imposes its views, turning a blind eye to the opinions of other members.
DAOs are indeed groundbreaking and can shape the way organizations operate. So far, business areas such as grant funding, pool investment, collecting, charitable funds, worker collectives, freelance networks, etc., have successfully embraced this model of business.
In general, DAOs create unique funding opportunities and promote democracy. Thus, it’s safe to say that more and more industries might shift to a decentralized way of managing their businesses.
Also, Read | Developing DAO-enabled NFT Marketplace
DAO Benefits for an Individual and an Organization
Open Source
DAO is an open-source platform that symbolizes that its code is out there which lets the people engage on DAO to work and enhance the platform. To point out, these open-source platforms are much more reliable since developers throughout the world assist with the platform.
In such a way, the DAO’s mechanism gets enhanced with better involvement and transparency from all the participants.
Trustless
The significant benefit of DAO is, it is trustless. While working in a DAO, you don’t need to trust anyone including the manager or CEO. No matter, if the developer quits working on the project or the funding stops, the entire organization will continue without any iteration.
To point out, DAO is not independent of anyone; rather it works collectively and dynamically with the members’ interests.
No Shutdown
There is no shutdown in DAO. For instance, DAO will never give up, if any leading government organizations like the CIA, FBI, or other government bodies interfere.
Besides, it never gives any data to these organizations. As a result, no government or no authority can cross the proposal and vote in DAO, it cannot be randomly shut down on anybody’s order.
Also, Read | Exploring the Combination of DAO and the Metaverse
Chief Components Of Decentralized Autonomous Network
Open Source Code
Until the financing time frame concludes, DAOs remain reserved than deployed. After this, it transforms into an independent identity autonomous for outsiders as well as its makers by creating an open-source code that is accessible to all participants.
DAO Token
When you set up the DAO rules, the financing state continues. During this financing phase, it is more significant to make sure that these rules comprise an interior property that lets for authentic economic growth at the allotted time and permits financing.
Smart Contracts
In the DAO, the blockchain should be effective as well; it requires certain guidelines that deliver how the platform should work. To point out, Such guidelines are entirely coded as smart contracts that remain valid in the future.
Also, Read | DAO (Decentralized Autonomous Organization) Development
How Does a DAO Work?
A core team of community members establishes the DAO rules through the use of smart contracts.
Smart contracts work as a foundational framework on which the DAO will eventually operate and are thus visible, verifiable, and auditable by all members.
The DAO platform issues tokens to decide on different ways to receive funding and bestow governance.
This protocol allows the DAO to sell tokens for raising money and filling the treasury.
Token holders are issued voting rights in return for their fiat and this is proportional to their holdings.
The DAO is ready to be deployed once the funding completes. The code is pushed to production and cannot be modified without a consensus concluded via member voting.
Also, Read | Exploring Ownerless Business Potential with Blockchain and DAOs
Pre-Built DAO Solution Development by Oodles
Keeping in mind the emergence of DAO, the team of blockchain developers at Oodles has developed a DAO solution/governance token. Precisely, they have prepared a basic architecture of DAO governance token. With this development model, there’s no need to develop a DAO from scratch. Blockchain enthusiasts planning to launch a DAO can significantly reduce their time to market with pre-built DAO solutions. Essentially, the DAO module built by Oodles facilitates the launch within a few weeks instead of months. Additionally, it is not similar to a white-label DAO solution, which permits less customization functionality. With the Scaffold DAO solution, you can make customization as per business and user requirements.
Mudit Kumar
04 Dec 2022
Blockchain MVP (Minimum Viable Product) Development Guide
The process of creating the simplest possible iteration of blockchain solutions with the bare minimum of features is known as blockchain Minimum Viable Product (MVP) development. Typically, proof of concept (POC) development comes before MVP blockchain development.
MVP Development: What is it?
An MVP is a functional prototype as opposed to a PoC, which cannot be released. Its goal is to illustrate in practice how a suggested solution solves a specific issue and to assess its viability. If the MVP receives affirmation and approval, scaling is simple.
The MVP is employed to determine how interested consumers are in the product and to solicit feedback. Before the creation of a finished product, it looks for a problem/solution and product/market fit. This happens only by entering the market and allowing customers to test the product. The MVP must be reliable and functional enough to persuade users of its value realistically and compellingly.
Making an MVP is especially helpful for startups that want to test their ideas early on without spending much money or time. Big business and government entities both use MVPs when creating new services or solutions.
Also, Read | Enterprise Blockchain Development | Nut & Bolts
Industries for MVP Development
Insurance
Government
Identity management
Asset management
Government
Identity management
Asset management
Administration of medical records
Supply chain
Payment solutions
Is an MVP required for your blockchain solution? Here are some ways that it can help your company!
Benefits of Building a Blockchain MVP for Your Business
The easiest method to test your blockchain technology with users is to create an MVP. It can assist you in validating the solution's value proposition and identifying its advantages and disadvantages.
Creating a blockchain MVP has several advantages, including:
Efficiency of Resources
A very resource-effective way to test your idea is via an MVP. It enables you to reach out to users and provide them with a straightforward answer while saving you money and effort.
Easy to Develop
An MVP is simpler to create than an entire solution. Because of this, it is a desirable choice for any business looking to test an idea in the real world without running the risk of major difficulties.
An MVP may also be adjusted more simply after receiving user feedback because it is so lean. Additionally, this makes locating and resolving bugs much simpler.
Also, Read | A Walk through of Blockchain Development Service Benefits
Simple to Scale
In addition to being quickly delivered, an MVP is also simple to scale. The organization may quickly move forward with the development of new features and deployment once the solution has been evaluated and shaped by user feedback.
Speedy Market Entry
An MVP allows a quick market entry, especially for startups. This is crucial if a startup wants to outperform rivals in its industry. If an MVP is accepted and used by users, this can provide the company a head start that very well may determine its success.
Evidence of Value
An MVP provides concrete evidence of a solution's worth. It can be used as a way to de-risk more significant investments that possible future development may demand because it is more affordable and simpler to construct than a full-fledged blockchain system.
The advantages of creating an MVP for your blockchain solution include those listed above. It is a practical and low-risk technique to determine whether your idea will work or run into difficulties.
Ever wondered how an MVP is created? See below for information on how Oodles creates MVPs!
Also, Read | Why Choose Oodles For The Best Blockchain Development Services
The Process for Developing a Blockchain MVP
The creation of an MVP blockchain often involves multiple steps. These are essential to guarantee that the solution is properly defined, developed, and deployed and that it satisfies all client requirements. Oodles uses the following protocols, frameworks, and coding languages when creating an MVP blockchain.
The steps listed below are typically taken in order when creating an MVP:
Analysis of systems and value propositions
We analyze the value proposition of the client as a first step. We evaluate the current system to see if it can support the creation of the MVP. Analyzing any prior PoC created is also a part of this.
Minimal Scope Description
Following a preliminary study, we establish the project's minimal scope with the client to satisfy the value proposition. At this point, the MVP starts to take shape, and its most fundamental features get developed. Wireframes, layouts, and other elements are all created in this process along with deciding on the front that will be utilized for the application.
Development of MVP
We create the MVP in the least amount of time possible using a variety of technologies and frameworks. The creation of the various data structures, contracts, and front end are all included in this.
Also, Read | Benefits of Custom App Development on Blockchain
Analysis and Revision of the Results
Developers thoroughly test MVP on a testing network after its development. The creation and client review of a report. Further, they develop additional revisions of the MVP in response to feedback from the client and test results.
Scaling of Products
You can scale and deploy a blockchain MVP after thoroughly testing and considering feedback.
Oodles' Blockchain MVP Development
Over 100 blockchain projects have been created by the team of blockchain developers at Oodles, the majority of which started as MVPs.
We have amassed the knowledge and skills necessary to quickly and effectively create end-to-end MVP blockchain solutions for our clients using the correct tools.
We can iterate quickly and adjust to new requirements and feedback thanks to our agile approach to MVP development.
Mudit Kumar
02 Dec 2022
NFT Wallet Development | Essential Aspects to Consider
NFTs refer to digital assets with a distinct value. They have influenced the online community and emerged as a leader in the cryptocurrency space. Due to NFTs' increasing popularity in recent years, investors from all over the world are flooding the market. We can now represent almost any item, including pictures, videos, music, artwork, cards, and much more, as NFTs. NFTs are fundamentally different from other crypto tokens; instead of trading tokens in a decentralized exchange like most crypto tokens, trading assets in NFTs takes place in a specialized market called NFT Marketplace. A blockchain network serves as the foundation for NFT Marketplace. Investors constantly move forward after completing one NFT transaction. They must therefore keep their NFTs in a safe and secure location. The NFT wallet development is relevant in this case.
What is an NFT wallet?
In a broad sense, an NFT wallet is a typical cryptocurrency wallet that supports non-fungible tokens in addition to fundamental tokens like BTC, ETH, and USDT. Examples of such protocols include ERC-721, ERC-1155, TRC-721, dGoods, BEP-721, and BEP-1155. Furthermore, to produce, maintain, and trade the assets, these wallets typically feature further connections with leading NFT marketplaces and DeFi projects.
Metamask, Enjin, Math Wallet, Trust Wallet, and AlphaWallet are the most well-known NFT wallets. These online marketplaces make it easier to store, purchase, and trade NFTs for cryptocurrencies or fiat. They provide an easy-to-use interface and seamless integration with the NFT marketplaces like OpenSea and Rarible. You can make your non-fungible token there and sell it at auction.
Also, Read |Most Resourceful Blockchains for NFT Development
Types of an NFT Wallet
Custodial Wallet
Custodial wallets frequently use a third-party provider to store the credentials of the wallet on their servers, including NFTs, associated assets, coins, tokens, and most crucially, private keys. All a user needs to do to complete the transactions is log in to their wallets.
Non-Custodial Wallet
Non-custodial wallets, on the other hand, only permit the user to access all of the data related to their wallets, including private keys, authentication codes, NFTs, cryptographic assets, etc. Users are responsible for sharing private information with third parties and losing their keys.
Hot Wallet
To buy, sell, store, and trade NFTs, one can utilize this kind of desktop or web application. These wallets keep your NFTs online, and it won't be simple to get over the security these wallets have set in place.
Also, Read |Are Pre-Built NFT Solutions the Best Way to Enter the Market
A few Important Pointers for Consideration Before Beginning NFT Wallet Development
A proprietor must first educate themselves thoroughly on the NFT Markets.
The owner must be aware of both collectors' and creators' needs.
To attract a large user base, the owner should concentrate on creating a wallet with cross-chain capabilities.
The proprietor must have a strong business plan.
Referral opportunities can be introduced to wallets to increase passive income and boost brand recognition.
It is crucial to include new monetization means because it draws in more users.
The owner can also create an NFT wallet similar to the well-known wallets already available on the online market.
Also, Read |Pre-Built NFT and Smart Contract Solutions for Quick Launch
NFT Wallet Must-Have Features
Two-factor Authentication Integration
Security is the most crucial factor while working with NFT wallet development. It enables users to have a high level of trust in your company and the product.
Automatic Logout
Any financial topic is particularly delicate, so this feature safeguards users from any unauthorized use and logs them out of the wallet after a predetermined amount of time.
Insurance
NFTs are just too expensive, and anything expensive needs a backup plan. Users can obtain insurance against their NFTs using this feature integrated within an NFT wallet.
dApps
As part of third-party integrations, users should have permission to access decentralized applications from their NFT wallet.
Search
Ensure that users are able to search for NFTs they've owned or other NFTs available on the market on the NFT wallet.
Auctions
Give users the option to buy or sell any NFTs by hosting an online auction on the NFT wallet app and earning a respectable profit.
Filters
Give consumers the option to apply filters to their NFT wallet's feed or search to get the precise item in the search results.
Ratings
The most secure and dependable NFTs are frequently the highest ranked. By reading the reviews and ratings for any NFT, users can get a better idea of the product. The NFT wallet app should have this crucial feature integrated.
Also, Read |A Comprehensive Guide to NFT Marketplace Development
Technology Stack to be Taken Into Account
Any feature or element of your NFT wallet development process will be useless without a reliable tech stack. Use your study to determine the tech stack that a specific market segment's rivals are utilizing, or if a need emerges, request that your development partner's team establish one. The top NFT wallets in the market often use a robust tech stack, such as one comprising jQuery, Nginx, Bootstrap, Modernizr, and more.
For more information about NFT wallets, connect with our NFT wallet development experts.
Category:
Blockchain
Mudit Kumar
30 Nov 2022
Most Resourceful Blockchains for NFT Development
Non-fungible tokens (NFTs) have attracted the attention of cryptocurrency investors and enthusiasts, but you may also be interested in NFT development or using them to benefit your company. Understanding the many available blockchains, how to assess them about your goals, and the factors to take into account can help you make the best decision for NFT development.
Crucial Factors to Consider before Choosing a Blockchain Platform for NFT Development
Not all blockchains will be appropriate for the creation of the NFTs you may be considering. There are several factors to consider when looking for the best platform:
Speed of Transactions
As this could be a deciding factor in the success of your NFT development project, you should ideally opt for a blockchain that can support a high volume of transactions per second. A bottleneck develops if transactions take a long time to complete. Users have the option of paying miners an additional fee to have their transactions prioritized or risk having to wait a very long time. This gives potential attackers a chance to tamper with transactions.
Transaction Fee
On a blockchain, each transaction carries a price. And let's face it, the majority of NFTs are unlikely to fetch prices in the hundreds of thousands. It's wise to compare the fees charged to settle transactions in a blockchain when trying to keep development costs low for NFTs.
Smart Contracts
Smart contracts are used to implement and carry out NFTs. These contracts define the terms of an exchange between a buyer and a seller without the need for a middleman. A reliable blockchain should have robust and fool-proof smart contracts.
Security
The option you should be looking for is an extremely secure blockchain. You should search for a blockchain that uses proof of stake rather than proof of work as its alternative consensus mechanism because the latter is more vulnerable to attacks.
Consensus Mechanism
Attacks are predicted to be common on blockchains using the PoW consensus process. Proof-of-work (PoW)-based blockchain platforms have more problems than Proof-of-Stake (PoS)-based platforms. Therefore, it is wiser to favor the blockchain that uses the PoS consensus mechanism.
Originally built on the PoW consensus mechanism, Ethereum will switch to the PoS consensus mechanism with the release of Ethereum 2.0.
Forking
The appeal of NFTs is in their rarity and exclusivity, and the last thing you want to consider is that the value of your non-fungible tokens will go to zero. That is something that can occur as a result of hard forks that result in duplicate NFT files. The potential for forking is therefore a crucial factor to take into account, and you'll probably want to look for fork-proof solutions.
Along with the above-described capabilities, each blockchain will also have its market integration and interoperability potential, as well as application potential for its NFTs. It could be a crucial consideration when picking NFT marketplaces, for instance, or figuring out which blockchain best suits your long-term requirements.
Also, Read | A Comprehensive Guide to NFT Marketplace Development
Top Blockchains for NFT Development
We should devote some time to analyzing and selecting a blockchain from various blockchains for NFT development. It is because each has a special set of benefits and drawbacks. Therefore, it's critical to comprehend the differences before selecting one out of the following most popular blockchains for NFT development.
Ethereum
The most widely used blockchain for creating NFTs is Ethereum. It is excellent for starting new projects because it has a large user base. For large-scale applications, it may be challenging to use due to scalability issues.
Flow
Flow, which debuted in 2020, has drawn the attention of many cryptocurrency enthusiasts and is frequently promoted as a competitive alternative to Ethereum. Dapper Labs, a Canadian firm that popularised CryptoKitties, is the company behind Flow. This blockchain with a PoS model has the potential to power entire ecosystems of applications, particularly those in the gaming and NFT (network-transfer-token) sectors.
Cardano
Charles Hoskinson, a co-founder of Ethereum, founded this intricate, decentralized proof-of-stake blockchain. Its main objectives are to make it possible for transactions in its native cryptocurrency, called ADA, and to give developers a welcoming environment in which to build extremely scalable and resilient Cardano-powered applications. Cardano performs well; it can currently process more than 250 transactions per second. Cardano is expected to become more efficient and be able to scale up to 2 million TPS with 2000 staking pools thanks to layer 2 scaling technology, called Hydra.
Solana
Solana is competitively competing with Ethereum and Cardano for the title of fastest programmable blockchain in the symmetric encryption arena. Currently, Solana is working on 400 or so DeFi, NFTs, and Web3 projects. A novel combination of proof-of-history (PoH) and proof-of-stake (PoS) consensus techniques are the foundation of the blockchain. Solana can carry out 65,000 transactions per second, and its creators assert that when the network grows, it will be able to carry out 700,000.
EOS
As one of the leading blockchains for NFT development, EOS is gaining pace swiftly. Larger projects can benefit from its high scalability and short transaction times. For some developers, though, its lack of flexibility can be a disadvantage.
Important Mentions
WAX
It was established in 2017 and stands for Worldwide Asset eXchange in carbon-neutral blocks. It uses a specifically delegated proof of stake consensus mechanism and processes around 8000 additional transactions every second.
Tron
Another blockchain that is swiftly gaining traction among NFT developers is Tron. It is perfect for large-scale applications since it has excellent scalability and quick transaction speeds. However, some users could find its lack of features to be a disadvantage.
Binance Smart Chain
A blockchain called Binance Smart Chain (BSC) runs concurrently with the Binance Chain. In contrast to the latter, though, it has improved smart contract functionality made possible by its compatibility with the Ethereum Virtual Machine (EVM). It uses the proof-of-staked-authority (PoSA) consensus technique, which enables faster block times and cheaper transaction fees. Binance Smart Chain has attracted hundreds of users and projects because of its great performance and low prices. Its patented BEP-721 token standard allows for the creation of non-fungible tokens.
Connect with our skilled blockchain and NFT developers to get started with NFT development.
Mudit Kumar
29 Nov 2022
Are Pre-Built NFT Solutions the Best Way to Enter the Market
It was in 2021, the NFT scene started exploding and gathering significant media attention. Non-fungible tokens (NFTs) saw an unprecedented growth of approximately 26x volume in Q1 2021 from Q1 2020. Since then, NFTs have always been in the news. Indeed, from celebrities to individuals, everyone seems interested in them nowadays. To capitalize on the trend and applications of NFTs, like minting, trading, and staking, NFT marketplaces came into existence, like Opensea and Sorare. Apparently, they have dominated the majority of the market. Now, these platforms are beset by many issues, from hacking to insider trading. The NFT space is growing ballistically, and business enthusiasts realize that they need to enter the market with NFT solutions like NFT marketplace, NFT minting, and more to prevent the formation of the monopoly of these big names. For that, an NFT development company presents them with various solutions to enter the market.
They include building NFT solutions from scratch, white-label development, and pre-built NFT solutions, to name a few. But, with so many available options, decision-makers come across the challenge of choosing the right one and entering the market effectively. In this blog, we address their challenge of finding the best method by scrutinizing their advantages and disadvantages.
Development Methods for NFT Solutions
As mentioned above, for business enthusiasts, various options are available to enter and capture the market. However, each one of these comes up with its distinct advantages and disadvantages. Now, let us look at various methods available for launching an NFT solution.
Building from Scratch
Undoubtedly, this is one of the most basic and effective development methods for creating and launching any technology-based software/solution. By opting for this approach, we can ensure that our NFT solution, whether a marketplace, minting platform, or staking solution, entails market-leading features. From ideation, planning, and strategizing to deployment, building from scratch guarantees that each and every aspect of the software has been taken care of properly.
Further, it enables us to make as many customizations as we want as per market needs. However, it is a time-consuming and costly process. And the market trends necessitate entering the market as soon as possible, that too, without compromising the quality or features. That said, unless and until our business idea is trying to present a completely unique solution to the market, we should refrain from approaching this method.
Also, Read | Pre-Built NFT and Smart Contract Solutions for Quick Launch
Clone Development
Surely, clone app development is one of the most efficient and fastest ways to develop a solution for your business. But, it comes with a few disadvantages when it comes to uniqueness, utility, and other factors:
Limited customizability
Risk-prone
Opaque user rights and privacy
Similar to already established solutions
Complex future updates
White-Label Solution
White-label NFT solutions became a success in a short span as they provide advantages like cost-efficiency, no involvement in the project management process, readily available options, and more. Still, many businesses continue to invest in other development methods. The reason is there are a few critical disadvantages associated with white-label solutions. They include, such as limited customization provision, overlapping of brand identities, source code ownership challenges, data exploitation risks, higher chances of app store rejection, difficulty with scalability and upgradation, and more.
Also, Read | A Comprehensive Guide to NFT Marketplace Development
Pre-Built NFT Solutions
Pre-built NFT solutions deem the most efficient and effective way to enter the NFT market. Indeed, they address many challenges pertaining to the other development methods. Pre-built or ready-to-deploy NFT solutions allow significant customization related to UI/UX and other functionalities. There are no challenges related to source code ownership, customization, time-to-market, and more with these solutions.
What are Pre-Built NFT Solutions
White-label solutions are ready-to-deploy solutions with a scope for little to no customization. However, pre-built solutions are essentially the basic architecture of NFT applications that may or may not require further customization. It means that there is no need to start from scratch. It also means that there are no restrictions over customization or source code ownership, such as with white-label solutions.
They allow us to capitalize on the NFT buzz by launching an NFT minting platform, an NFT marketplace, or an NFT staking platform within a few weeks. Your time to market is greatly shortened by the ready-to-deploy modules and components for the NFT systems listed below. They can be used as a stand-alone solution or developed into an all-encompassing platform.
Also, Read | Developing DAO-enabled NFT Marketplace
NFTs Minting Platform
You may quickly create and launch an NFT minting platform like OpenSea or Rarible by using Oodles' pre-coded NFT minting smart contract solution. It eliminates the need for starting over. You can adjust the solution to meet your needs. For instance, it gives you the option to select a blockchain platform that supports EVM. Once implemented, it enables users to quickly create and use customized NFTs across a range of sectors, such as e-commerce, sports, and entertainment.
Also, Read | A Guide to Defi Token Development Like Safemoon
NFT Marketplace Development
You may immediately build an NFT marketplace with a ready-to-deploy NFT marketplace solution, which includes prefabricated smart contract functionality and codes. The marketplace makes it possible to buy, sell, and auction NFT with ease. It can be altered and is adaptable to changing company requirements. It will have essential components and industry-leading security for developing a sophisticated NFT marketplace.
NFT Staking
You can satisfy users' increasing demand for NFT staking with the aid of an adaptable, prepared-to-launch NFT staking solution. You can outpace the competition by providing a platform with lots of NFT staking features such as a rewards calculator and payouts administration. It provides a number of crucial features and capabilities that modern cryptocurrency and NFT users desire. You can use it only for staking or in conjunction with other systems, such as exchange platforms and NFT gaming.
Also, Read | DeFI Staking Platform Development | Everything You Need To Know
Thinking of taking a demo of these pre-built NFT solutions built by our skilled NFT and blockchain developers, contact us now!
Mudit Kumar
25 Nov 2022
Smart Contracts' Implications in Driving Web 3.0 Revolution
Web 3.0 aims to eliminate or make the centralized server-client infrastructure used in Web 2.0 obsolete with a decentralized computer network. It is building on the idea of ending the monopoly held by a small group of participants from the previous iteration, Web 2.0. The overarching goal of Web 3.0 is to completely eliminate the large IT businesses that currently serve as intermediaries by taking control away from them. To put it another way, those at the forefront of Web 3.0 aspire to establish a decentralized internet unrestricted by monopolies and conglomerates. As a result, it is fundamentally dependent on blockchain technology. Smart contracts development, the subject of the discussion in this blog, is crucial to the success of the infrastructure of Web 3.0.
What is a Smart Contract
Szabo defined smart contracts as tools that formalize and protect a computer network by fusing a user interface with a protocol. Simply put, smart contracts eliminate the need for a middleman by automating the execution of contracts and ensuring that all parties may examine the results as soon as feasible.
Smart contracts are crucial because they are self-executing agreements that contain buyer and seller agreements, included right in the code. Transactions become traceable, transparent, and irrevocable through smart contracts.
The importance of smart contracts in the blockchain ecosystem cannot be overstated for these reasons; they form the foundation of the Web 3.0 ecosystem and make it possible for users to communicate online while using blockchain as the primary enabler.
Smart contracts enable most user-system interactions on decentralized apps (dApps). They also remain in charge of automating most blockchain protocols. These facts serve as a powerful illustration of its importance.
Smart contracts facilitate the conditions for decentralized transactions without requiring a centralized third party or intermediary for verification purposes, which is one of the main benefits of Web 3.0.
Also, Read | Why Use Solidity for Smart Contracts Development
Variables Pertaining to Smart Contracts
We can divide the fundamental components of a smart contract into three main outlines to comprehend how we can develop one:
The parties associated with the transaction
The kinds of assets to be traded
Terms and conditions of the agreement
The Framework for Smart Contracts: An Overview
A smart contract is a piece of software that functions on a specific virtual machine integrated into the blockchain and encodes business logic.
Typically, developing a smart contract for Web 3.0 involves the following:
Business teams in collaboration with developers outline requirements for how a smart contract should react to specific events. They include, for instance, payment authorization and shipment receipts.
It requires performing and testing more complex processes, including determining the value of a derivative financial instrument.
Employed is an inside expert or audit team that specializes in examining the security of smart contracts.
Once approved, the smart contract is created on an active blockchain following verification.
The smart contract is set up to receive additional event updates from an oracle. An oracle connects blockchains to the outside world and allows smart contracts to carry out actions depending on inputs and outputs from the actual world.
Once the required sequence of events satisfies the requirements specified by the oracle, the smart contract is put into action.
Also, Read | Pre-Built NFT and Smart Contract Solutions for Quick Launch
Smart Contracts' Crucial Role in Web 3.0
Smart contracts do not require brokers or intermediaries to ratify an agreement. It is one of the main advantages it offers. It has proven to be crucial for the most recent iteration of the web. Being autonomous from power brokers promotes the decentralized society that the Web 3.0 initiatives have in mind.
Simply put, smart contracts offer a new method of conducting business online without needing an intermediary. It is because they are precise, economical, and run on a blockchain.
The role smart contracts play in the actualization of Web 3.0 is mostly their interaction with businesses and entrepreneurs. Without the need for a centralized sign-up process managed by a single entity or company, smart contracts handle user authentication. With this configuration, anyone can register for decentralized applications (dApps) utilizing a single-user wallet only accessible to the owner.
Decentralized autonomous organizations (DAOs) can be another use case that a business or a group of businesses can employ. DAOs facilitate governance among users without using a corporate body. They run on a blockchain, powered by smart contracts.
Also, Read | Developing DAO-enabled NFT Marketplace
The introduction of a Web 3.0 economy will not involve central authorities and offer equal opportunities to users worldwide. However, its success will unquestionably depend on the deployment of smart contracts.
Benefits of Web3 Contracts
What benefits do users receive from Web3 contracts? These contracts introduce new methods of conducting business online without the use of intermediaries thanks to their decentralized features (trustlessness). They are also independent, precise, effortless, and economical.
Web3 contracts, however, have broader effects on programmers, users, business owners, and already-existing organizations. Smart contracts enable user authentication without requiring the typical centralized sign-up process, usually controlled by one organization or entity. A Web3 wallet like MetaMask enables decentralized authentication. With this configuration, anyone can register for several dapps using a single-user wallet that is only accessible to the owner. Furthermore, this suggests that smart contracts and their capabilities can come into use to create a completely decentralized economy.
DAOs can also build on Web3 contracts (decentralized autonomous organizations). We can utilize them to manage numerous users without the requirement of a business body.
Web3 contracts are essential if you want to create next-generation websites, dapps, or online companies.
If you are planning to enter the space of web 3.0 and develop smart contract-based solutions but finding it difficult to get started, connect with our smart contract developers to help you out.
Mudit Kumar
25 Nov 2022
Cross-Chain DEX for Seamless Interoperability and Liquidity
The availability of various blockchain platforms and types of crypto exchanges render the crypto trading scenario quite complex. For instance, it requires users to take multiple steps to trade a token or crypto on the Binance Smart Chain (BEP-20) that is not available on it but, for instance, on an Ethereum-based crypto exchange.
It then requires investing a lot of time in looking through and evaluating decentralized finance (DeFi) applications, especially when considering new users.
Even experienced users require planning how to monitor wrapped token blockchain fees and become familiar with various UIs.
Cross-chain decentralized crypto exchange (DEX) development emerges as an alternative to address this challenge. The cross-chain technoloy integration with a DEX enables it to utilize smart algorithms to execute and complete trade orders across blockchain ecosystems.
Cross-chain DEX based on aggregators executes orders immediately and at the most efficient price. Indeed, they extend DeFi's capabilities more efficiently.
Continue reading this article to explore cross-chain technology and cross-chain DEX in detail.
Also, Visit | Develop a Decentralized Exchange like PancakeSwap
What is a Cross-Chain Bridge or Cross-Chain Technology?
Cross-chain, as its name suggests, permits the transfer of data, digital assets, NFTs, or cryptocurrencies from one blockchain platform to another.
Tokens can move with ease across blockchains than they could have on separate blockchains, thanks to cross-chain technology.
These cross-chain bridges serve as a medium across several cryptocurrency exchanges worldwide.
Although it is feasible to exchange data between multiple blockchains, doing so without a cross-chain bridge is challenging, expensive, and time-consuming.
Without cross-chain bridges, cryptocurrency exchanges require converting a cryptocurrency into a local currency. This practice is typically subject to transaction fees. Then, we need to convert a cryptocurrency a second time, and it again involves a charge. It takes a lot of time as a result.
However, cross-chain technology enables transactions between blockchains without first converting them into fiat money. From one blockchain to another, it is possible to swap cryptocurrencies, as well as other assets like NFTs and smart contracts.
Also, Read | Developing a Decentralized Crypto Exchange like Uniswap
Cross-Chain DEX: What is it?
Many DeFi initiatives' success depends on their cross-chain compatibility.
Cross-chain DEXs follow the concept of aggregators. They use an emerging multi-chain network technology to form a pool of liquidity.
By utilizing intelligent algorithms and asset diversification strategies, they allow users to transact across numerous blockchain ecosystems. It results in increasing liquidity and trading volumes and expanding the market for decentralized finance.
For DeFi to fully benefit from interoperability and liquidity across several chains, cross-chain DEX is a must.
Also, Read |The Rise of Crypto Derivatives Exchange Development
Cross-Chain DEX: How it Works?
Cross-chain DEXs benefit from the knowledge of other aggregators and DEXs. To combine liquidity from many blockchains, they utilize cutting-edge multi-chain networks like EmiSwap.
Cross-chain aggregators increase liquidity and asset diversification in the decentralized finance sector by employing the interoperability provided by linked blockchain architecture.
Cross-chain DEX aggregators employ smart algorithms to choose the most efficient paths between various blockchain ecosystems to complete trade requests.
Users can instantly switch between tokens on networks because aggregators can quickly execute orders at the lowest cost across several protocols.
On the Binance Smart Chain, Polkadot, Solana, Kucoin, and Polygon, you can build a cross-chain DEX aggregator.
Decentralized finance offers an alternative to depending on centralized infrastructure. It gives users the ability to function in an unfettered environment. Due to the increase in cross-chain DEX development, DeFi is one step closer to attaining this objective.
Also, Check | Compact Insights into Decentralized P2P Exchange Development
Cross-Chain Features and Advantages for DEX
The benefits of cross-chain features for a DEX powered by blockchain technology include the following:
Interoperability
Cross-chain bridges address one of the critical issues that users face in the blockchain sector. Interoperability enables traders to exchange digital assets with other blockchains without jeopardizing the host network.
It offers a single platform where you may work with various cryptocurrencies and conduct transactions on many blockchains.
This functionality of cross-chain bridges eliminates the trouble of handling many wallets at once.
Cross Collateral
These bridges have a feature called cross collateral. It enables the trading of one digital asset for another through a custom-built controlled ecosystem.
Low-Risk Trading
Users always possess private keys to tokens or other digital assets. Any vulnerability associated with security breaches is eliminated by this feature.
Frictionless Trading
Users being able to retain their assets in a single wallet rather than having separate wallets on each blockchain network is one of the most significant and practical aspects of cross-chain features. It reduces concerns related to time and liquidity with quicker transaction times.
Decentralized Crypto Trading
The cross-chain exchanges execute transactions in a decentralized and without the aid of a third party. There are no interoperability problems when users exchange digital assets.
In Trends | A Guide to Understanding Hybrid Crypto Exchange Model
Work with Oodles to Develop Cross-Chain DEX
Cross-chain is the technology that will help DEXs evolve in the future. We offer cross-chain DEX development through smart contracts that let users transfer various tokens across various blockchains from a single DEX platform. Get in touch with our crypto exchange developers to get started with cross-chain DEX development.
Mudit Kumar
23 Nov 2022
Why Use Solidity for Smart Contracts Development
The blockchain revolution has introduced groundbreaking ways of handling data, executing contracts, and conducting transactions. At the heart of this innovation are smart contract development—self-executing agreements with the terms directly written into code. These contracts enable decentralized systems to operate autonomously, removing intermediaries and reducing costs. Among the programming languages available for writing smart contracts, Solidity has emerged as the most widely used and reliable language. It is specifically designed to build applications on the Ethereum blockchain and other Ethereum Virtual Machine (EVM)-compatible networks.In this article, we'll explore why Solidity has become the preferred language for smart contract development, its advantages, practical use cases, and the best practices to ensure secure and efficient deployment.Understanding SoliditySolidity is a high-level, object-oriented programming language created specifically for developing smart contracts on the Ethereum platform. It was introduced in 2014 by Ethereum's core developers and has since become the cornerstone of decentralized application (dApp) development.Unlike general-purpose programming languages, Solidity was designed with blockchain and Ethereum-specific functionalities in mind. It allows developers to encode business logic directly into the blockchain, ensuring automation and trustless execution of agreements. With Solidity, businesses can tokenize assets, build decentralized finance (DeFi) platforms, manage supply chains, and much more.Also, Read | Build a Secure Smart Contract Using zk-SNARKs in SolidityKey Features of SolidityBlockchain-Specific DesignSolidity is tailored for blockchain development, particularly on Ethereum. It provides built-in functionalities for handling cryptocurrency transactions, interacting with blockchain state, and communicating with other smart contracts.Familiar SyntaxThe language borrows heavily from C++, Python, and JavaScript, making it intuitive for developers who are already familiar with these languages. This reduces the learning curve and enables faster adoption.Wide Range of Data TypesSolidity supports an extensive set of data types, including integers, strings, arrays, structs, mappings, and more. This flexibility allows developers to implement complex business logic in smart contracts.Contract-Oriented ProgrammingSolidity is inherently contract-oriented, meaning it is built around the concept of defining and deploying smart contracts. This focus ensures that all language features are optimized for blockchain applications.Compatibility with EVMSolidity code is compiled into bytecode that can run on the Ethereum Virtual Machine (EVM). Additionally, other EVM-compatible chains such as Binance Smart Chain, Polygon, and Avalanche also support Solidity, making it highly versatile.Also, Check | How to Build Automated Market Maker (AMM) Logic in SolidityAdvantages of Using Solidity for Smart Contract DevelopmentEstablished EcosystemSolidity benefits from Ethereum's massive and mature ecosystem. With millions of active developers, businesses can access a wealth of resources, tools, and libraries to accelerate development. Tools like Remix, Truffle, and Hardhat streamline the entire lifecycle of smart contract development—from coding and testing to deployment and debugging.Security and TrustSmart contracts often manage large sums of money and sensitive data. Solidity includes features like error handling, access control, and modifiers to enhance security. Furthermore, the availability of auditing tools and frameworks (e.g., MythX and OpenZeppelin) ensures contracts are thoroughly tested and secure before deployment.Decentralization and AutomationSolidity enables decentralized execution of smart contracts. Once deployed, a smart contract operates autonomously, executing pre-defined rules without the need for intermediaries. This reduces operational costs and eliminates the risk of tampering.Support for Multiple Token StandardsSolidity supports widely adopted token standards such as ERC-20 (fungible tokens) and ERC-721 (non-fungible tokens or NFTs). These standards have revolutionized industries like finance, gaming, and digital art by enabling tokenization and new business models.Cross-CompatibilityThanks to its EVM compatibility, Solidity code can be deployed on a variety of blockchain networks. Businesses can select a blockchain that aligns with their specific requirements, such as transaction speed, cost, or energy efficiency.Active Community SupportThe Ethereum development community is one of the largest in the blockchain space. This active and collaborative network ensures that developers can find answers to challenges, learn from peers, and leverage open-source projects for faster development.Also, Discover | Build a Custom Bonding Curve for Token Sales with SolidityPractical Use Cases of SolidityDecentralized Finance (DeFi) ApplicationsThe DeFi ecosystem relies heavily on Solidity for building decentralized exchanges, lending platforms, yield farming protocols, and stablecoins. These platforms have disrupted traditional finance by offering trustless and permissionless financial services.Tokenization of AssetsWith Solidity, businesses can tokenize real-world assets such as real estate, commodities, and intellectual property. These tokens can be fractionalized, traded, and used as collateral, unlocking liquidity in otherwise illiquid markets.Supply Chain ManagementSmart contracts can improve transparency and traceability in supply chains. For example, businesses can use Solidity-based contracts to track goods from their origin to the end consumer, ensuring authenticity and reducing fraud.Gaming and NFTsThe gaming industry has embraced NFTs, which are powered by Solidity-based contracts. From collectible items to play-to-earn models, Solidity enables developers to create engaging and innovative experiences.Identity ManagementBlockchain-based identity solutions use Solidity to securely manage and verify user credentials. These solutions reduce the risk of data breaches and enhance privacy.Also, Explore | Multi-Level Staking Smart Contract on Ethereum with SolidityBest Practices for Solidity DevelopmentTo ensure secure and efficient Solidity smart contract development, businesses should adhere to the following best practices:Write Clean and Readable CodeMaintain clear documentation and follow naming conventions. This makes your code easier to review and debug, reducing the likelihood of errors.Test RigorouslyUse testing frameworks like Hardhat or Truffle to write unit tests, integration tests, and end-to-end tests. Simulate various scenarios to identify vulnerabilities or inefficiencies.Conduct Security AuditsSmart contracts are immutable once deployed, making pre-deployment security audits critical. Engage reputable auditors to review your code for vulnerabilities.Optimize for Gas EfficiencyGas costs can impact user adoption. Optimize your code to minimize gas consumption by using efficient data structures and avoiding redundant operations.Use Proven LibrariesLeverage well-established libraries like OpenZeppelin to implement standard functionalities such as token contracts and access control. These libraries are rigorously tested and widely trusted.Avoid Overloading Smart ContractsKeep your contracts modular and avoid bloating them with unnecessary functionalities. This reduces complexity and improves maintainability.Follow Ethereum Improvement Proposals (EIPs)Adopt industry standards and guidelines outlined in Ethereum Improvement Proposals (EIPs) to ensure compatibility and best practices.Challenges and ConsiderationsWhile Solidity offers many advantages, businesses must be aware of potential challenges, such as:Complexity of Debugging: Debugging smart contracts can be challenging due to the immutable nature of blockchain.Gas Costs: Poorly optimized contracts can incur high transaction fees.Security Risks: Coding errors can result in significant financial losses. Proper testing and audits are non-negotiable.You may also like | Smart Contract Upgradability | Proxy Patterns in SolidityFrequently Asked Questions (FAQs)1. What is Solidity primarily used for?Solidity is used for developing smart contracts that execute on the Ethereum blockchain and other EVM-compatible networks. These contracts power dApps, DeFi protocols, NFTs, and more.2. Is Solidity beginner-friendly?Yes, especially for developers familiar with C++, Python, or JavaScript. The language's syntax is intuitive, and there are plenty of resources to help beginners.3. Can Solidity be used on blockchains other than Ethereum?Yes, Solidity is compatible with other EVM-based blockchains like Binance Smart Chain, Polygon, and Avalanche.4. How secure are Solidity smart contracts?The security of a Solidity smart contract depends on the developer's adherence to best practices. Thorough testing, audits, and the use of secure libraries are essential.5. What are the alternatives to Solidity?Alternatives include Vyper (for Ethereum) and Rust (for Solana). However, Solidity remains the most widely used language in the Ethereum ecosystem.ConclusionSolidity has established itself as the gold standard for smart contract development, offering a powerful, secure, and flexible platform for building decentralized applications. Its blockchain-specific design, extensive tooling, and active community make it an ideal choice for businesses looking to leverage the power of blockchain technology.By following best practices and leveraging the extensive resources available, organizations can build robust and secure smart contracts that drive innovation, efficiency, and growth. Whether you're creating a DeFi platform, tokenizing assets, or developing NFTs, Solidity provides the tools you need to succeed in the dynamic world of blockchain technology. If you are planning to build your project leveraging the potential of blockchain and smart contracts, connect with our skilled Solidity developers to get started.
Category:
Blockchain
Mudit Kumar
21 Nov 2022
Increasing Inevitability of DevOps for Blockchain Development
Blockchain is a disruptive data technology driving the next generation of software development for businesses. Evolving beyond its cryptocurrency roots, blockchain is emerging as a disruptor that can shift assumptions, expenses, and methods of business dynamics. It has become possible due to the trust and transparency that blockchain technology offers.
However, inblockchain app developmentlike cryptocurrency, dApps, NFTs, etc., traditional development methods, where security is secondary, do not apply. Businesses musthire DevOps engineersand opt DevSecOps techniques to ensure the sustainability and security of blockchain and cryptocurrency projects. This article entails more about DevOps for blockchain development.
DevOps for Blockchain App Development
Blockchain solutions benefit from the DevOps methodology as it enables rapid iterations and continuous deployment. It enables cyclical development and implementation while maintaining the integrity of your distributed ledger.
A DevOps team may configure the computing environment, test use cases, and shorten time to market by weeks or months by using purpose-built DevOps tools. It can start developing, configuring, and testing with DevOps tools once a basic architecture of a project is ready.
Explore | Insights into Blockchain Proof-of-Concept (PoC) Development
Blockchain as a Database
A blockchain database's centerpiece is decentralized storage. For the volume of data you need to store, not all blockchains are high-performance and cannot provide efficiency and transparency benefits. It should motivate a DevOps team to manage structured and unstructured data indexing and create an architecture capable of scaling horizontally.
One of the techniques to master is sharding. Distributing data among network clusters and nodes helps to ensure that your blockchain storage can expand.
Some people think sharding is a desperate attempt to save a blockchain's performance. However, distributing data with shards before your database becomes overloaded with data eliminates too heavy loads from the blockchain right away. It can improve performance and scalability rather than waiting until things get out of hand.
Also, Read | Blockchain Development in Retail for Efficiency and Growth
DevOps Tools that Benefit Blockchain Development
Businesses ought to opt for DevOps for blockchain initiatives for the same reasons they do for non-blockchain software development projects. It is because development can happen more quickly, effectively, correctly, and securely with DevOps services.
DevOps is, in some ways, multitasking with a digital transformation. It is not wise to keep a blockchain DevOps team focusing solely on one task, for instance, backups.
It is not moving on to the next step until proper backup configuration. When done the DevOps way, one can perform backups, testing, rollouts, and other tasks concurrently with making simultaneous sustained automation efforts.
You might be building a blockchain-based cryptocurrency or a blockchain as a database. Here are some DevOps tools that can assist you to move straight into the implementation stage:
Suggested Read | Blockchain Development for Advanced Logistics Solutions
Terraform
Terraform, a platform-independent command center, establishes the foundation for DevOps in blockchain development. It automates infrastructure management and includes modules for quick configurations of everything from network loads to storage resources to change implementation.Additionally, Terraform enables you to configure backups in the CI/CD pipelines, including frequency and time of day.
Instances of EC2
EC2 instances are crucial if you're deploying a blockchain network on AWS (Amazon Web Services). You can get the compute resources for your use cases thanks to Amazon's extensive selection of blockchain-friendly EC2 instance types. Due to AWS termination protection and Auto Scaling, you can prepare your blockchain for fault-tolerant growth by setting up storage-optimized instances.
EBS Volumes
You must purchase EC2 instances and EBS volumes in pairs. EBS volumes are excellent for storing data in blockchain projects without having to fear that it might vanish in the future. Although you create them for every instance, they operate independently to guarantee your network data is always available (whether the instance is running or shut down).
Additionally, you can encrypt each storage volume to increase security.
Load Balancer
You need this tool for shredding. A load balancer allows you to send sharded data to storage and optimize data flows across numerous blockchain nodes. Finally, load balancing will enable quicker database searches and increased availability, minimizing the possible effects of a catastrophe or system failure.
Ansible
Ansible is another crucial solution for DevOps for blockchain development activities, such as automation and configuration. It works well with EC2 instances, a load balancer, and other tools when deploying nodes and establishing their connections to storage. You can save time with Ansible by creating commands that teams can repeat and comprehend to automate deployment and continuous delivery.
These tools enable DevOps in blockchain development when used in tandem. It is because they let you manage an infrastructure that your teams can easily maintain, update, restore, and monitor anytime. Of course, making processes easier to automate and improving scalability also matter.
Also, Check | Blockchain Development for Automobile Industry Solutions
DevOps Tools for Scalability and Testing
It would be best if you consideredDevSecOps while thinking about blockchain development and DevOps. In a situation where transactions flow back and forth, security experiments are impossible. According to an IBM analysis, the average cost of a security issue such as a data breach is projected to be above $4.3 million. Choose test-driven development (TDD) to avoid paying for something you should have fixed before release.
TDD entails testing a blockchain's security as it is being built, as opposed to after it has been operational. Adopting this method allows you to build a blockchain based on its advantages and disadvantages. Enhancing the former and compensating for the latter to achieve fault tolerance.
Effective Methods of Testing
Security testing in cyclic TDD entails checking all components of a shared ledger and data access rules. Here are some of the more effective methods:
Use Gremlin and AWS Fault Injection Simulator to conduct chaos tests for controlled blockchain interruptions.
Keep track of the time your teams spend identifying and fixing security problems.
Automate security tests for more precise test outcomes and quicker corrective measures.
Build your blockchain against the flaws revealed by chaos tests to increase its resilience.
You should focus on performance, integration, and unit tests once your blockchain appears to be able to withstand security threats. Both Terraform and Ansible are excellent for writing tests with little coding. In addition to these tools, you may learn how to use Hyperledger Composer to test smart contracts automatically.
You can employ other scaling options in addition to DevOps technologies. To remove some transaction procedures from your blockchain, you can add so-called Layer-2 solutions as an additional layer.
Scaling a blockchain or crypto-based blockchain platform becomes easier with Layer-2 solutions. They can manage resource- and data-intensive processes across it.
Also, Visit | Enterprise Blockchain Development | Nut & Bolts
Best Practices for Software Delivery in Blockchain Development
Testing for Functional and Load Containerization
Since we are unable to recreate the actual production network in our testing environment, integration and performance testing become increasingly difficult. Keep in mind that it is unreliable and outside of our control.
However, we must do our best. It helps to foresee potential network and node configurations and conduct testing across all of these. Modeling different network topologies can benefit greatly from containerization. But the matrix can easily grow too large, making it more difficult to determine the smallest number of acceptable permutations.
As an illustration, the Hyperledger Fabric package includes several docker-compose files for setting up a basic network configuration.
Chaos Testing
Chaos engineering is a method for creating and running unpredictable distributed systems. You may and should unquestionably use it to simulate node failures, network disruptions, and hostile behavior.
Logging
Although we can not influence the network's nodes, we can have access to the logs. The logs frequently become the only source of information about what our application is doing. Consequently, there is an increase in the significance of organized and useful logs for monitoring.
Check It Out | A Walkthrough of Blockchain Development Service Benefits
Testing of Blockchain Apps
The primary goal of DevOps is to promote continuous deployment and continuous delivery. It does so by reorganizing the interaction between the teams responsible for developing and deploying apps. It resembles a node that manages a variety of duties and distributed network pathways.
Continuous testing includes DevOps as a crucial component. It is a process for carrying out automated tests in the pipeline for delivering software for quick feedback on business risks.
A software release candidate frequently carries these hazards. Similarly, real-time authentication is necessary for blockchain because every chain member may instantly access the information related to a block.
Related Post | The Mechanics of Testing Blockchain-based Applications | A How-To Guide
DevOps Process for Blockchain Development
Why Blockchain Development Needs DevOps
The adoption of blockchain solutions must follow the same security management procedures required for open-source component development. It entails integrating the DevOps methodology into the development cycle.
Organizations are under constant pressure to innovate and adhere to strict release timetables. They can stay on schedule without compromising quality by taking the help of our skilled blockchain developers. Our experts can integrate a well-planned DevOps cycle into their blockchain application development.
Category:
Blockchain
Mudit Kumar
18 Nov 2022
Pre-Built NFT and Smart Contract Solutions for Quick Launch
Given the fierce competition in the blockchain, crypto, and NFT space, developing NFT and smart contract solutions from scratch might not be a wise idea. Because the NFT-verse, powered by blockchain development services and smart contracts, is a dynamically evolving space. It is highly likely that by the time you get ready with your developed solution for an NFT trend, like minting, staking, or trading, it will have passed. Additionally, numerous popular platforms have already occupied a majority of the NFT audience, like OpenSea, Sorare, and more. Therefore, it is imperative to enter the market without delay, and that too, with highly advanced NFT and smart contract solutions to capitalize on the trends in this competitive market. But how to launch an NFT or smart contract solution with all the market-leading features in no time? Not Whitelabel but opting for pre-built NFT and smart contract solutions is the answer.
Let us dive into details about how pre-built solutions can save business enthusiasts from development woes and challenges.
Also, Read | A Comprehensive Guide to NFT Marketplace Development
What is a Pre-Built Solution/Module
A pre-built solution/module is an already developed and tested basic architecture of a technology solution. It enables a business enthusiast to quickly modify, add, or remove a few features according to the business requirements. It proves time efficient, as it saves developers from researching, strategizing, and developing a fundamental architecture from scratch. A newly developed solution and a pre-built suite of modules have their own advantages. One should opt for either method based on the need to market and other critical business requirements. However, let us take a quick look at what both methods entail.
Developing NFT and Smart Contracts from Scratch Vs/ Pre-Built Modules
Starting from Scratch
Proves expensive, time-consuming, and complicated due to the prolonged development process(3-6 months)
Prone to risks like delayed time to market and development mistakes
Requires constant efforts to identify security and operational issues
Integrated Solutions
Easy, affordable, and quick solution setup (1-3 Weeks)
Reassurance with already rigorously tested and developed solutions
Easy modification or customization of components like the front-end and the back-end of a solution, including other key elements
Checked for operational and security flaws before deployment
Also, Read | Developing DAO-enabled NFT Marketplace
Pre-Built NFT and Smart Contract Solutions by Oodles
At Oodles, our R&D and developers teams analyzed the trends related to NFT and smart contracts. They found that developing applications from scratch proves time-consuming and costly. Additionally, every time a new project is acquired, it requires the repetition of the development process to a certain extent.
To tackle the challenge, our blockchain experts developed pre-built solutions/modules. They understood the need to enter the blockchain and crypto space without delay. Thus, they developed a few ready-to-deploy smart contracts and NFT solutions. These solutions comprise prefabricated components and features. Each solution is similar to a fundamental architecture of a new project. One only has to configure it as per market and business requirements and launch it. You can either launch one solution or offer them as a combined bundle. Now, let us explore what each NFT and smart contract solution offer.
Also, Read | Develop Sorare Like NFT Marketplace
Ready-to-Deploy NFT Solutions
The following ready-to-launch solutions include an NFT minting platform, an NFT marketplace, and an NFT staking platform to capitalize on the NFT hype. Choosing one or all of them shortens your time to market drastically. They can be used as a stand-alone solution or developed into a full-featured platform.
NFTs Minting Platform
By utilizing Oodles' pre-coded NFT minting smart contract solution, you can develop and launch an NFT minting platform like OpenSea or Rarible in no time. The solution eliminates the need to start from scratch. The solution is modifiable to suit your demands. Such as, it lets you choose a blockchain platform of your choice that supports EVM. Once deployed, it lets users easily mint and deploy customized NFTs in a variety of industries, including e-commerce, sports, and entertainment. The following are some of the advantages our ready–to-launch NFT minting platform offers.
No requirement to be familiar with coding contracts or blockchain
Minting of digital assets as ERC-721 tokens (NFT)
Pre-coded NFT smart contracts for quick and effective NFT minting
Customizable NFT minting platform for different needs
Users can mint and upload NFTs in the form of GIFs, movies, photos, music, and other digital materials
Also, Read | A Guide to Defi Token Development Like Safemoon
NFT Marketplace Development
With our ready-to-deploy NFT marketplace solution consisting of prefabricated smart contract functionality and codes, you can quickly launch an NFT marketplace. The marketplace enables seamless NFT purchasing, selling, and auctioning. It is customizable and flexible to meet changing business needs. It includes crucial features and market-leading security for building an advanced NFT marketplace.
Availability of critical features and components
Capable of meeting NFT requirements across different industries
Integrated advanced admin dashboard
20+ cryptos, tokens, and more crypto asset support
Configurable according to business needs
Also, Read | Building An Advanced NFT (Non-Fungible Tokens) Marketplace
NFT Staking
With the help of our customizable, ready-to-launch NFT staking solution, you meet users' growing needs for NFT staking. By further developing a platform with lots of NFT staking features, you can race ahead in the competition. It has various essential features and capabilities that today's crypto and NFT customers want, such as a rewards calculator and payouts management. It can be utilized as a sole staking platform or combined with exchange platforms, NFT gaming, and other systems.
Payouts for custom staking based on rarity
Adjustable stake limitations
Integration of third-party APIs
Linking to other platforms, like exchanges
Allowance for built-in lending
Also, Read | DeFI Staking Platform Development | Everything You Need To Know
Different NFT Standards for NFT Solutions
For maximum usability, our team decided to use the most well-liked non-fungible token specifications of the Ethereum network in NFT solutions. To satisfy specific business and user requirements, the solution can, however, exist on different standards of blockchain platforms like Binance and Tron. Also, the above-mentioned solutions can exist on any NFT standard that supports EVM (Ethereum Virtual Machine).
Turn-Key Smart Contract Solutions
Our ready-to-use smart contract solutions enable the development of a smart contract-based idea with a shortened time to market. Using one or more of the following pre-made smart contract solutions helps you launch your business concept right away. They offer the flexibility to use any EVM-supported blockchain platform, for example, for customization and meeting specific business needs.
Also, Read | The Importance of Smart Contracts in the Metaverse
ERC20 Token Development
Launching a crypto token requires diligent research, planning, and development, which proves time-consuming. When the competition is stiff and entering the market at the earliest is crucial, opting for pre-built solutions can prove beneficial. With our pre-built collection of smart contracts, developing a range of ERC20 crypto tokens, such as payments, security, utilities, etc., becomes effortless. Our pre-coded smart contracts and predefined token attributes make up our smart contract solution for ERC20 token development. If you want to meet your unique requirements like tokens for ICOs or dApps, you can redefine token attributes.
Most common token properties
Customizable token attributes and a front-end
Pre-coded smart contracts
100% of the developed token's ownership
Testnet network deployment and QA testing
Also, Read | A Quick Guide to Ethereum ERC Token Standards
Ready-to-Launch Staking Contract
DeFi space is evolving rapidly, and capitalizing on the trend requires entering the market at the right time. Therefore, we devised one of the fastest ways to enter the DeFi space with our pre-developed smart-contract powered staking solution. The staking smart contract makes staking accessible to people of all skill levels and is user-friendly. To support liquidity, a company can use it as a stand-alone platform or integrate it with cryptocurrency exchanges.
Secure and user-friendly
Comprises unique features and functionality
A variety of cryptos support
Admin dashboard with several features
Incorporate with cryptocurrency exchanges
Also, Read | Emerging Use Cases of Smart Contracts on Blockchain Technology
Governance token Development
With the help of ready-to-use governance token creation, you give users more access, authority, and responsibility over your blockchain-based projects, including dApps, DeFi, NFT, and more. A company can use the solution across its community for use cases like staking, yield farming, and DAO, in addition to offering voting rights. Our pre-developed governance token development smart contract solution can be implemented on a variety of blockchain platforms.
Develop highly-advanced DAOs (Decentralized Autonomous Organizations)
Web3 protocols, platforms, dApps, and games' democratization
Development of DeFi (Decentralized Finance) protocols
Also, Read | Exploring the Combination of DAO and the Metaverse
Blockchain Platforms for Smart Contract Modules Development
Instead of being white-label solutions, our ready-to-use smart contract solutions are essentially hubs of reusable modules. As a result, you can alter them to suit your business needs and use them on blockchain platforms that support EVM.
How to Get Started with Pre-Built NFT and Smart Contract Solutions
Enter the Blockchain and Crypto Space with Confidence
Our ready-to-deploy smart contract and NFT solutions facilitate business initiators and entrepreneurs to quickly launch their business idea and build revenues without excessive expenditure. We do deliver blockchain-based solutions built from scratch as per business requirements. However, considering the competition, we aim to reduce your time to market effectively with our solutions. Take a look at the team of our expert blockchain, crypto, and NFT developers behind the development of these pre-built solutions.
Mudit Kumar
15 Nov 2022
NFT Marketplace Development for the Digital Age
Several NFT (Non-fungible token) platforms and NFT marketplaces are emerging frequently due to the rise of NFTs. An NFT marketplace is a blockchain-based online marketplace that enables users with buying and selling of non-fungible tokens.
At Oodles, our experts anticipate the global NFT market increase from $3.0 billion in 2022 to $13.6 billion by 2027. The expected growth does consider the short-term changes in the constantly evolving NFT area. Along with NFTs, our experts suggest that the NFT marketplace development segment will also experience corresponding growth.
Indeed, rising pricing and an astonishing trading volume of NFTs (nearly$4–16 billion per month) give startups and established businesses the drive they need to enter the NFT marketplace development space.
What is an NFT Marketplace
An NFT marketplace is an online platform for buying, selling, and trading NFT-based assets. They are playing a crucial role in driving NFTs to the levels they are at now.
NFT marketplaces offer services that give users access to a wide variety of NFT content, including memes, profile photo punks, in-game items, trade cards, music, art, and video clips.
Also, Check | Why Choose NFT Marketplace Development on Ethereum Blockchain
Statistics that Make you Consider NFT Marketplace Development
The following statistics are evidence of the increasing importance of NFT marketplace development.
Also, Visit | Metaverse NFT Marketplace Development
Types of NFT Marketplaces
Users can acquire and trade unique digital assets on an NFT marketplace.
However, the markets vary as these assets can be anything from digital art to collectibles connected to sports and video games (like Pokemon cards).
The most popular NFT platform types today are listed below:
General non-fungible websites
Niche Marketplaces
Collectibles
General NFT Websites
These NFT markets function similarly to Amazon for NFTs. Users can find a variety of NFT collections there.
Generally, these platforms are simple to use and draw the attention of wider audiences willing to buy NFTs.
Thus, launching such a platform can be a wise option for sellers hoping to gain results on their NFT investment in the short term.
Explore a ready-made NFT marketplace solution built by skilled NFT developers at Oodles. It requires minimal customization and development efforts to enter the market.
Specialized NFT Marketplaces
These sites for digital art serve as stores for clothing.
The limited specialization of niche marketplaces, which draws true crypto art fans with specific tastes, has helped them gain popularity in recent months.
For instance, if you're a fan of K-Pop, anime, or Japanese culture, a platform like KLKTN is the place to go for devoted NFT merchants and buyers.
Collectibles
NFTs can occasionally represent collectibles like baseball cards, virtual clothing, or even ticketing access to events like live concerts.
Each asset in this situation is non-fungible, which means that if you hold asset A, no one else does, and vice versa.
The architecture of the majority of well-known NFT marketplaces allows for the sale and purchase of collectibles.
Also, Read | Develop a Sorare Like NFT Marketplace
Development Structure and Components of an NFT Marketplace
As we are an end-to-end NFT marketplace development company, we want to share an illustrated example of an NFT marketplace based on Ethereum along with brief definitions of the important terms and tools used.
Components of a Hypothetical NFT Marketplace Architecture
An NFT marketplace enables people to buy and sell NFTs.
Both client and server sides are present.
A digital wallet is created for holding digital currency.
An NFT metadata consists of a digital asset's name, creation date, attributes, owner, and other information.
A distributed network data storage system called the interplanetary File System (IPFS) is essential. IPFSs are useful in preventing the energy-intensive storage of digital assets with the metadata on the blockchain.
Each NFT gets a distinctive identifier through smart contracts. To distinguish NFTs from fungible crypto tokens, smart contracts for NFT marketplaces use the ERC-721 standards to construct non-fungible tokens.
A distributed database called blockchain holds data about NFT transactions.
Techs and Third-Party Services
For the back-end development of the NFT marketplace, experts at Oodles suggest using the programming language Golang.
Solidity is one of the most preferred programming languages for smart contract development.
A database called LevelDB comes in use to retrieve blockchains quickly.
A number of storage types are available for different data volumes with the cloud database AWS S3.
The service Infura.io enables access to the Ethereum blockchain.
Ethereum is the blockchain that NFT markets use the most. It helps in storing NFT identifiers and connecting them to the appropriate digital assets.
The price of Ethereum transactions depends on ETH Gas Station.
CoinMarketCap enables tracking of cryptocurrency market prices
Also, Read |Advanced NFT Marketplace Development on Solana Blockchain
Key Characteristics of an NFT Marketplace
Oodles has the expertise that is necessary to develop an NFT marketplace.
Any additional features will depend on the specifics of your business and need to be carefully assessed on a case-by-case basis.
Product Demonstration for NFT
Users should be able to sell their digital assets or buy NFTs using the storefront.
The marketplace should have a listing of products that may be filtered based on the choices of the user, such as collection, price, creator, etc.
An NFT page should display an NFT description, author mention, and history of bids and purchases.
Catalogs should be customizable to highlight the most well-liked collections, the newest NFT products, the most expensive things, etc.
NFT Trading and Buying
NFT creators should be able to market their assets for a defined price or hold a timed auction thanks to flexible pricing.
When an NFT is purchased, fixed marketplace costs must be deducted from the purchase price (marketplace monetization).
Every time an NFT is resold, royalties should be levied in the creator's favor.
Payments in many currencies for NFTs and marketplace services using a credit card, a mobile wallet, or a digital wallet should be available.
User Account Management
User authentication options must include social networking, digital wallet, email and password, and multi-factor authentication.
Personal information, transaction history, and owned NFTs should be included in a user's profile.
A seller's profile should let them monitor their transaction history, the royalties collected, and the digital items they have uploaded to start the NFT creation process.
Marketplace Management
The marketplace should have a management panel of user profiles with the ability to view and track user behavior on the marketplace.
It should have content management with a convenient page editor to upload, edit, and publish educational and marketing materials.
A feature like the automated creation of sales reports and estimation of profit from the market is a must.
Users of the marketplace should be able to get assistance with technical, transactional, and security issues via live chat in a hassle-free manner.
A few more Must-Have Features
Also, Read | NFT in the Music Industry | The Future of Music Ownership
Establish a Multi-Chain NFT Marketplace for Competitive Edge
Oodles suggests developing multi-chain NFT marketplaces that can connect with several blockchain networks and digital wallets.
It leads to increased interoperability, energy efficiency, extended marketplace reach, and sustainability.
Technology Stack for NFT Marketplace Development
You must choose the right tech stack for your project's actual execution once you have chosen all the features you want to see in your NFT marketplace.
You will need to meticulously decide on an NFT standard, a blockchain platform, a storage platform, and a front-end development framework to make your marketplace a success.
Blockchain Platform
A blockchain platform forms the foundation of how your NFT marketplace will operate. Due to the publically verifiable nature of transaction history and token metadata, which increases the security of NFT transactions, Ethereum is the traditional choice of NFT developers.
All Ethereum-based NFT marketplaces have a common back-end that makes it easy for NFT owners to transfer their tokens.
Also, because of its straightforward, user-friendly programming language, NFT developers have started preferring the Flow blockchain platform for creating digital assets, games, and dApps.
Tezos has become another popular option since its FA2 NFT contracts fully meet the goal of an NFT marketplace development.
The Cardano platform also touts superior sustainability and security.
Platforms for Storage
You must choose a blockchain storage platform before the development of an NFT marketplace project.
The decentralized Filecoin storage network or the IPFS hypermedia protocol works best for this.
Because Pinata complies with IPFS and guarantees secure, verifiable NFT storage, it can also be a good option.
Standards for NFT
To date, ERC-721, ERC-1155, FA2, dGoods, and TRC-721 are among the standards that support NFT.
Each of them presents unique technological challenges when developing an NFT marketplace. Therefore, you must decide on a workable solution with your development team.
Front-End
Vue, Angular, and React are the top front-end development frameworks for NFT marketplace development.
They all have straightforward, coder-friendly designs that produce speedy results and are simple to use.
Also, Read | Developing DAO-enabled NFT Marketplace
Essentials Steps | NFT Marketplace Development
Identifying a Market Niche for NFTs
To identify the ideal niche and potential competitive advantages in the quickly developing NFT industry, we suggest assessing the needs of your target audience and investigating the competition.
Artwork, video game assets, music, sports memorabilia, real estate, and land are some of the most well-liked niches.
The Blockchain Network's Launch
We select the best blockchain architecture and install the blockchain network to support your NFT marketplace based on your particular requirements.
Not all businesses should use Ethereum, even though it is the most popular option for NFT marketplaces.
Transaction fees could be too expensive for small and medium firms.
There are other blockchain platforms that can serve as a suitable alternative for your NFT marketplace development.
Establishing Smart Contracts
We develop smart contracts that autonomously mint NFTs and initiate buy transactions when the necessary circumstances are satisfied.
Before deployment, we rigorously test the smart contract code to ensure it doesn't have any flaws that hackers can exploit for malicious activities.
Establishing the NFT Marketplace
We create user-friendly, web-based marketplaces that enable buyers to purchase tokens connected with the digital assets sold by sellers.
Integrating Cryptocurrency Payment Gateways
To allow users of a marketplace to purchase, sell, and transfer NFTs as well as pay for marketplace services, we integrate efficient cryptocurrency payment gateways.
Implementing Security Mechanisms
To ensure the security of an NFT marketplace and safeguard the sensitive data it stores, we deploy highly-effective cybersecurity techniques (such as asymmetric data encryption, authorization controls for APIs, and AI-powered fraud detection algorithms).
Additionally, we create secure data backup procedures and cybersecurity manuals for platform users.
Also, Read | Building An Advanced NFT (Non-Fungible Tokens) Marketplace
Oodles Success Story in NFT Marketplace Development
Moments NFT Marketplace
It is a high-end, specialized, and innovative market. It collects and offers classic moments.
Its drops are thoughtfully chosen with a close eye on their relevance and impact on the world at large. The platform makes it possible to trade, buy, and mint NFTs effectively.
Why Choose Oodles as an NFT Marketplace Development Company
Design
For NFT projects, we offer a broad range of design services.
Development
We have a team of skilled NFT and blockchain developers with knowledge of developing sophisticated NFT solutions.
Marketing
We possess the ability to successfully market NFT projects.
Mudit Kumar
10 Nov 2022
Streaming on Blockchain | A Comprehensive Guide
Post the pandemic, streaming platforms have seen a significant acceleration in growth, whether it is audio, video, or live streaming. While everything appears in order on the surface, let us take a look behind the curtain. For instance, video streaming is extremely expensive. Therefore, startups and companies face million-dollar bills for providing streaming services. Video streaming is costly mainly because of the transcoding process. It is a process that reformats raw video clips and makes them compatible with various devices and bandwidths. If we consider the budgeting of the process, transcoding charges hover around $3 to $4 stream per hour on an Amazon-like cloud service. It can cost up to $4500/ month for one media server. Read on to find out if blockchain streaming development can address the challenges.
It results in exorbitantly high infrastructure costs. Subsequently, startups and broadcasters fail to bear such c charges. They either fail to sustain their operations or levy heavy charges on their offerings or run them with advertisements. An end user eventually pays these charges or is forced to watch irrelevant ads. It is only the surface of the challenges in the streaming industry we have scratched. There are other numerous issues plaguing the industry.
Can Decentralized Solutions by Blockchain Prove Efficient?
Now, is it conceivable to have a scalable and economical streaming solution given the exponential rise in demand for streaming services? In this situation, thanks to peer-to-peer, blockchain-based streaming solutions, the industry can transform. A streaming network built on the blockchain can help with several industry issues. In addition to cutting expenses, it can open up options for consumers and content creators to make money. Let's delve more into the notion of blockchain-based streaming.
Decentralized streaming platforms are usually community-owned. Blockchain facilitates ownership within the ecosystem. It also lays the foundation for decentralization. As a result, it provides a perfect base layer for applications.
Also, Read | Why Develop Live Streaming Solutions with Blockchain
Decentralized Streaming
When a single company is not controlling or managing the content delivery for a streaming service, we consider it as decentralized. It's crucial to understand the distinction between distributed and decentralized streaming.
Decentralization completely removes such control while distributed streaming means that a single organization remains in charge of the content delivery network. Establishing a network where users can agree on the network's course of action, adds another level of democracy and gives the community additional power.
Also, Read | Decentralized Live Streaming Solutions with Blockchain
Platforms for decentralized streaming are typically community-owned. Blockchains provide the ideal foundation for apps by enabling ownership within the platform and serving as the basis for decentralization. Blockchain connects all the components through a single decentralized ledger.
All off-chain transactions must provide proof to the blockchain layer, which then confirms the transaction's legitimacy. As a result, the blockchain becomes the only reliable source of information. Still, off-chain methods like IPFS or peer-to-peer storage make the data accessible because blockchains cannot store complicated data sources like films or photographs.
Also, Read | Developing a Blockchain-Powered Media Streaming Platform
Advantages of Decentralized Streaming
Peer-to-peer networks enabled by blockchain technology operate without a centralized authority. P2P networks offer features that operate by dispersing the media material rather than concentrating on a single server. The decentralized nature of blockchain benefits curators of video content since they may post and transmit video material directly to their audience without the need for a central server or middleman.
Because blockchain uses a P2P framework, video streaming is significantly better when done on a decentralized network. A P2P network increases the likelihood that one stream will divide and become dispersed. It occurs as a result of P2P's higher replication rate for streaming than the client-server CDN arrangement does. Both creators and audiences can join the blockchain network without the need for a middle controller. The network is used by the content curators to independently broadcast their content, which the public can view once other nodes have approved it.
Also, Read | Insights into Video Streaming Platform Development with Blockchain
Blockchain-based video streaming enables content creators to gain direct access to the revenue produced by the blockchain network. The audience only pays for the streaming service they find most interesting. Therefore, it helps content curators to offer videos based on audience demand. The blockchain can be used by content producers to safely encrypt their video storage.
Blockchain enables content curators to receive payments from users in the form of cryptocurrency tokens. When viewers pay membership fees to their preferred streams, curators and creators receive payment accordingly. Additionally, if viewers choose to rent their extra disc space and network bandwidth to store and broadcast the movies, they can also profit handsomely from doing so.
Benefits of Blockchain-based Streaming
The following are the different ways that the blockchain supports and reinvents internet video streaming:
Smart Contracts
Blockchain smart contracts provide direct communication to create an independent relationship between a creator and an audience. It prevents third parties from interfering with revenue generation. It does away with the expense of a middleman and automatically monitors license security.
Blockchain-powered CDN
Content producers publish terabytes of content on internet platforms every day, thus, storage space optimization is crucial for them. As a result, a blockchain-based content delivery network also is crucial. It enables users all over the world to use the aggregate optimum storage space.
The content producers might utilize the collectively available, space by transforming it into a P2P cloud storage and data distribution system with the aid of a blockchain-based management system.
Also, Read | The Emergence of Decentralized Blockchain Video Streaming Solutions
Accessibility and Ownership
The security of ownership and access to producers' content is one of the most frequently occurring problems in online media and the OTT sector. For instance, in a centralized video streaming site, only one user can access the videos because only that person is paying to utilize the platform. Contrary to purchasing a DVC or CD in which you own the tape, this lacks transparency.
Blockchain can solve the problem of ownership at a protocol level. Blockchain enables IPFS swarm to assist authors and viewers encrypt and permanently saving their videos. With the aid of numerous relay nodes and IPFS, Blockchain autonomously transmits the video material while upholding ownership integrity and transparency in a decentralized manner.
In the form of NFTs, blockchain also preserves ownership of video streamers. Individuals that broadcast their video content can also sell it on the marketplaces for cryptocurrencies. By tokenizing their content on the network, they also protect the ownership of their video content.
Micropayments and Quick Transactions
Blockchain enables online micropayments for users and content creators without any transaction costs or service fees. By using a blockchain-enabled browser, the user can use a crypto wallet to monetize their monthly expenditure. The browser can then use content IDs to inspect the uploaded media and retrieve license data from the public blockchain.
To facilitate the transaction between the user and the content owner, it leverages on-chain payment.
Also, Read | Exploring Blockchain-based Online Video Streaming Solutions
Decentralized Content Distribution
Any participant can access their transaction histories directly on the blockchain without the use of intermediaries. The blockchain also eliminates the need for any central authority to authorize transactions through the peer-to-peer network, enabling more flexible and frictionless trades.
Licencing and Efficient Monetization of Content
Creators of virtual content know the legal ramifications of intellectual property laws as well as how easily anyone can plagiarise or reproduce their work. If their intellectual property is used for profit, they have the right to ownership recompense.
The producers of the content are solely responsible for upholding intellectual property rights when working with a larger organization. The use of blockchain technology can greatly simplify copyright management. With blockchain, content creators can have greater control over ownership of their creations.
Also, Read | How NFTs are Revolutionising the Music Industry
Some examples
Let's look at a few companies that are already revolutionizing the fields of streaming, blockchain, and cryptocurrency. BitTorrent has recently introduced a blockchain for live-streaming events. It is becoming popular for tokenizing file sharing. Audius is using a blockchain-based network intended to assist independent musicians to get into the mainstream, but facing accusations of hosting a significant volume of pirated content, similar to previous firms like earlier iterations of Napster. Last but not least, VideoCoin uses a blockchain-based platform to enable makers, entertainers, and artists to share content at cheaper costs than might otherwise be possible. The dual expansion of blockchain and streaming services is a significant component of the internet's future.
Also, Read | Emerging Blockchain Use Cases and Solutions across Industries
Conclusion
Technologies like blockchain and crypto are fuelling the development of streaming services and businesses generally. Both make it possible for people and organizations to collaborate, communicate, and engage with one another globally. Taking the next step in content creation and payment could be the ideal chance for blockchain, cryptocurrency, and streaming to develop altogether.
Do you have any idea in mind for a streaming application? Get help from our skilled blockchain developers for developing a dynamic and user-friendly application for streaming content.
Mudit Kumar
07 Nov 2022
Why Develop DApps on Solana
Solana blockchain is increasingly becoming popular in the digital space. Several businesses are opting for Solana blockchain development services for their projects. DApp development on Solana is much sought after nowadays.
Fast transaction speed and low gas fees are some of the distinctive features of the Solana blockchain.
In this article, we will explore more such features that make it ideal for dApp development. We will also look into popular Solana projects in this blog.
DApp Development on Solana
Solana is an open-source blockchain network that uses a proof-of-history (PoH) consensus mechanism.
The network offers high-speed transactions and improved scalability. Consequently, a dApp developed on this blockchain is many times less expensive.
The following is a list of more reasons why you should choose Solana for dApp development.
Also, Read | Why Choose Solana for Blockchain App Development
Scalability
Solana's transaction engine handles tens of thousands of smart contracts simultaneously.
It is possible with the help of parallel runtime. This aspect of the blockchain delivers high scalability in the network.
Reduced Fees
Solana guarantees long-term financial stability with an average cost per transaction as low as $0.00025.
High Speed
Solana can perform up to 4,500 transactions every second. This high speed makes Solana one of the fastest blockchains worldwide.
Eco-friendly Economy
Solana uses a PoH consensus mechanism, which doesn't require high computational work.
This algorithm of Solana eliminates the need for computers that consume high energy.
As a result, Solana has a minimal negative impact on the environment.
Rewards for Stake Delegation
Solana network participants gain benefits by assisting with ledger validation.
Solana token holders can assign their portion to dependable network participants who uphold the network's stability.
Users who participate in staking get transaction fees as a reward.
A Broad Network of Partnerships
Solana has expanded its partner list with well-known projects like Circle, Brave, Hachen, Reddit, Audius, and more, demonstrating the ecosystem's explosive expansion.
Programming Language
Rust is a community-tested and multifaceted programming language.
It serves as the foundation of the Solana blockchain. Blockchain developers can easily understand and use this language.
Also, Read | Why You Should Develop a Smart Contract on Solana
Features of Solana for DApp Development
Proof-of-History
As already mentioned, Solana uses PoH consensus to establish a secure and encrypted time source throughout the network.
This algorithm resolves the communication issues among network nodes.
Nodes can generate blocks in continuation without first aligning themselves with the entire network due to PoH.
PoH creates a single time stream of events and adds timestamps to each block without using time and energy-intensive processing.
The timestamps allow the validators to complete the transactions more quickly, reducing network load and maximizing Solana's bandwidth.
Protocol for Turbine-Block Propagation
Solana developed a block propagation technique called Turbine.
It is independent of any consensus mechanism and aids in block transfer.
It divides a block into smaller packets for transmission, streamlining the data transfer between the nodes.
Gulf Stream
Solana dApps run on the gulf stream mechanism, which has a tiny mempool status and little to no delay. Transaction forwarding and caching remain outside of the network by Solana.
Gulf Stream helps the mempool section's overall volume of transactions decline.
It reduces the dApp active time by allowing the validators to perform transactions instantly.
Pipeline
A pipeline is a transaction processing unit for optimization and validation on Solana.
It is an advanced CPU design where validation happens swiftly among several nodes.
Sealevel
Sealevel is a distinct Solana blockchain technology that enables Solana programs or smart contracts to run simultaneously.
The use of the Sealevel method in dApp development speeds up the overall processing time and validates dApp operations by smart contracts.
Also, Read: Solana vs Ethereum Blockchain | Which is Better for dApps
Popular Solana projects
DeFi Projects
As you may already be aware, the DeFi movement seeks to replace outdated financial products with protocols that are reliable and open.
These protocols utilize decentralized networks to function independently and without the use of middlemen.
Popular DeFi projects on Solana are Orca, Drift Protocol, Jupiter Aggregator, Hubble Protocol, etc.
Wallets
Solana users utilize wallets like Phantom and Solfare for trading. These wallets also help users to access the exchanges on Coinbase, Binance, and Bilaxy.
Stablecoins
Stablecoins are cryptocurrencies whose value is pegged to a different good, money, or financial instrument.
They are comparatively more stable than major cryptocurrencies. So, stablecoins are suitable for widespread use in transactions.
The two most widely popular stablecoins that are a part of the Salona ecosystem are Tether (USDT) and USD Coin (USDC).
Non-fungible Tokens (NFTs)
An NFT refers to a blockchain-based cryptographic asset. It stands out from other cryptographic assets due to its identification codes and information.
NFT projects on Solana include Solanart, Metaplex, and Solsea.
Conclusion
Solana has attracted several renowned projects to the ecosystem, which indeed ultimately assisted it in growing its user base.
Its scalability, fast throughput, and transactions-per-unit costs make Solana a popular option for dApp development.
If you want to develop a dApp on Solana, then choosing the right partner can ease the development process.
Blockchain developers at Oodles Blockchain have years of experience in developing dApps on Solana. You can connect with our skilled blockchain development experts to receive tailor-made services for your project needs.
Mudit Kumar
26 Oct 2022
GameFi | The Next Big Thing in the Crypto Space
Imagine living in a society where even playing video games can enable you to earn money. Money that helps with bills and keeps food on the table, not bogus in-game currency. Imagine purchasing and selling assets you won in a game, including the characters, clothes, and weaponry, in the real world. Essentially, this is what GameFi promises. It is among the trendiest Web3 industry concepts enabled by blockchain development services.Understanding GameFIThe phrase GameFi, which combines the terms game and finance, describes blockchain games with monetary incentives for players. Players typically gain in-game rewards by performing tasks and engaging in different battles of a game. Advancing to different game levels is another way to earn incentives such as crypto tokens, virtual land, and other Non-Fungible Tokens (NFTs). When compared to conventional video games, play-to-earn video games allows buying and selling in-game assets. Additionally, you can move in-game assets outside of the virtual world. Also, Read | Play-to-Earn NFT Games | Driving the GameFI RevolutionHow it WorksNFTs, or digital tokens, represent all the products in games. They serve as proof of owning rare intangible assets. Consider land plots, avatars, outfits, tools, gold bars, and other items. Players have different choices when it comes to using these assets. One way is to trade these assets with others in online marketplaces for various NFTs. Another alternative is to sell them in exchange for cryptocurrencies. Users can enhance their earning potential depending on the game they are playing. Leveling up and upgrading the characters is an obvious option. Moreover, building monetized constructions on their land that other players can pay to use or participate in tournaments are other alternatives. The public blockchain maintains all the transaction data of NFTs and cryptocurrency to track the possessions of each player. A vast computer network supports this kind of distributed, digital record-keeping technology. The following advantages come from using this technology in gaming:Players can readily substantiate their ownership of in-game items.This technology doesn't have any point of failure, enabling gamers to keep track of their possessions. Gamers don't have to worry even if the underlying gaming firm encounters technological difficulties.You cannot copy, take away or destroy the play-earned items.You cannot transfer and receive cryptocurrencies designed for gaming without using a third party for custody, clearing, or settlement.Some games also include DeFi elements such as staking. These elements enable players to lock away tokens for annual interest. Moreover, players can save to purchase other in-game items or unlock new content for a few rewards. Also, Read | Initial Game Offering (IGO) Launchpad DevelopmentPlay-to-Earn Gaming (P2E)Conventionally, video games use a pay-to-play paradigm. However, GameFi employs a play-to-earn (P2E) concept. Players must pay money up ahead to play pay-to-play games like Call of Duty. P2E makes gaming more profitable and engaging by allowing gamers to earn incentives while participating. Also, Read | How to Develop Play-to-Earn Game in SandboxBenefits of GameFiNow, the next logical point to bring up is the advantages of projects on a GameFi list. You can find the finest DeFi, blockchain, NFTs, and gaming in this new realm of online gaming. What are GameFi projects' value-added advantages, and how may they change the video game industry?Rewards for GamingWith the introduction of GameFi, the play-to-earn gaming model has significantly impacted the gaming industry. New ideas reject the old games' economic structure, which heavily relied on in-app purchases and advertising. Players were also not permitted to use their in-game items outside the game. On the other hand, blockchain-based play-to-earn games enable the exchange of in-game currency for in-game tokens and products. Players can utilize their in-game items outside of the game as a result. For instance, trading in-game tokens on secondary markets gives players access to more significant rewards.Limited Participation CostMinimal costs are the next significant value benefit related to GameFI projects. You can download and play the majority of the games in the realm of gaming finance. Compared to typical games, play-to-earn games have the advantage of being more accessible.The curve of Easy LearningMany consumers are wary of playing GameFi games because they are dubious of the new "play to earn" business model. Though, players don't need to worry about following complicated instructions or steps to play these games. On the other hand, one of the most appealing aspects of play-to-earn games is their straightforward mechanics. As a result, there are very few obstacles to playing games that pay real money.Own the GameplayThe promise of total ownership control over your assets is the best value advantage in the GameFi NFT world. The blockchain networks will store all the information about your in-game assets and NFTs through gaming finance projects. You won't lose all your possessions even if the game shuts down. All the resources that players own in the game are entirely in their hands. They are free to use them in any way they see fit. Also, Read | Play-to-Earn NFT Games | Fundamentals and Development EssentialsWhat's NextGameFi influences significant changes in the gaming and blockchain industries. It provides the user control we desperately need as we advance with Web3. Its application of DeFi ideas also generates opportunities for consumers to make money while enjoying playing games. However, GameFi's ability to uphold decentralization will be a key to its success. It can alter how we view gaming if it adheres to its guiding principles of user choice, influence, and rewards. Connect with our skilled gaming and blockchain developers for more information about GameFI.
Category:
Blockchain
Mudit Kumar
20 Oct 2022
Why Develop a DApp (Decentralized Application) on Polkadot
For customers to receive better blockchain networks tailored to their use cases, evolution in the blockchain sector is crucial. Interoperability continues to be a major concern even though most second-generation blockchains, like Ethereum, can address the issues of first-generation blockchains.
With its capacity to link several heterogeneous blockchains created as Parachains, Polkadot offers a solution to the interoperability problem. Through bridges, Polkadot blockchain development services further facilitate interoperability between Parachains and external chains like Ethereum.
Polkadot bridges serve as a connecting layer that enables businesses to communicate with and access real-world or non-blockchain databases in addition to providing interoperability between Parachains and external blockchains.
With these advantages, Polkadot promotes the growth of the blockchain ecosystem and various dApps.
Let's examine the creation of smart contracts (dApps) and their implementation on the Polkadot Network.
Also, Read | dApp Development | Your Guide to Decentralized Applications
Why is Polkadot a Top-Notch dApp Development Platform?
Why we should use Polkadot a platform for dApp development and deployment is the key question. The top defenses are as follows:
All hosted parachains on the Polkadot network share the main chain's security.
The use of parachain development greatly speeds up dApp development while allowing developers to concentrate on features and business logic.
Any programming language that can be built into Wasm is supported by the Polkadot runtime environment, including natively compiled programs (such as Rust). With the WebAssembly interpreter, it is possible to construct the chain in any relevant language and on any platform. Due to the usage of Wasm or natively compiled languages, execution is faster than, for instance, on the Ethereum Virtual Machine. Combining the two executables helps prevent hard forks.
More complex reasoning than smart contracts can be found in a parachain. It occurs as a result of a parachain being created using a complete programming language. A parachain can be used to construct a completely unique monetary system, a special system of fees, and DAO procedures.
Since parachains may communicate with one another, multiple connected dApps can be developed on the same platform without running into scalability issues.
Through the use of suitable parachain bridges, Polkadot enables collaboration with other blockchains and outside applications, thus, resolving the interoperability issue.
Also, Read | dApp (Decentralized App) Development | Increasing Importance
Why Develop dApp Smart Contracts with Polkadot?
A next-generation blockchain protocol called Polkadot makes it possible for different blockchains to communicate with one another.
A dApp on Polkadot can automatically communicate with other Parachains.
The Parachains are sophisticated layer-1 blockchains that enable communication between several independent blockchains and create a diversified ecosystem, upgrading the traditional method of siloed blockchains.
The following are some additional advantages of the Polkadot:
With Polkadot, smart contract developers may use the shared security, governance, consensus, and scalability of the Polkadot relay chain.
Polkadot reduces the hassle of optimizing any use cases by having high flexibility and the ability to develop the Parachain itself. It results in completely optimized and more secure services with zero downtime.
Developers on Polkadot can make recurring updates on smart contracts, maintaining them in good working order and updating them in line with the newest technology.
There is no need to assemble a network of miners or validators in order to use the powerful security provided by the underlying blockchain for smart contracts designed for Parachains.
Also, Read | A Compact Guide to Understanding Polkadot Blockchain
Tools and Technology for dApp Smart Contract Development on Polkadot?
To facilitate the development of cutting-edge web 3 solutions and dApps, Polkadot provides a wide range of tools, SDKs (software development kits), PDKs (Parachain development kits), testnet, and blockchain framework.
The network updates the resources and technologies to boost the effectiveness and relevance of the Polkadot ecosystem.
The most important tools and resources for the development process include tools like Substrate, Substrate developers docs, Substrate VSCode plugin, Substrate debug kit, and Diener, and programming languages like Rust, Go, C++, Typescript, etc.
Also, Read | Develop Parachain on Polkadot
Development of Polkadot dApps
Profit from Polkadot's heterogeneous sharding and ask us to create an effective and affordable dApp.
Whatever intricate feature you need, your app's data exchange and the transaction will be carefully planned and secure at Oodles.
Public and private blockchain-based dApps
Specialized logic design for businesses
Engineering for secure extensions and utilities
API and gateway development
Blockchain to DApp integration
On the Polkadot network, our skilled blockchain developers develop various interoperable dApps as Parachains. Many public and private blockchains can use these dApps.
Mudit Kumar
17 Oct 2022
Cross-chain DeFi Development: Ensuring Interoperability
Blockchain and cryptocurrencies are the underlying technology that power DeFi. However, to give businesses a more potent infrastructure and support the future of DeFi, industry experts are fusing DeFi and Crypto with Web3 using blockchain development services.
These three technologies are driving significant transformation across the DeFi ecosystem. But cross-chain Defi technology is at the forefront concerning the most recent buzz in the Defi community.
Therefore, let's take a closer look at cross-chain technology and see how it helps the development of the current DeFi infrastructure.
Cross-Chain Interoperability for DeFi Projects
To facilitate information sharing, a blockchain network must be able to communicate with other blockchains that use similar underlying technology.
This is known as cross-chain interoperability. Keep in mind that "cross-chain" is not the same as "multi-chain," which describes a project that runs concurrently across multiple networks.
Theoretically, users may move value seamlessly and securely across different networks via token bridges by using cross-chain bridges and communication channels.
Its interoperability might make it possible for other blockchain networks to communicate with one another, with DeFi standing to gain the most from this.
Also, Visit | Decrypting Fundamentals of DeFi Aggregator Development
How Crucial is Cross-Chain Compatibility in DeFi
DeFi protocols had a restriction on serving the blockchain's crypto community until cross-chain interoperability became possible.
The most well-known blockchain ecosystem did not allow non-Ethereum users to participate in decentralized finance.
DeFi protocols could only operate with the original blockchain they were based on due to a lack of interoperability.
They thereby acquired all the underlying difficulties connected with their native network.
This resulted in sluggish transaction times and high gas costs for Ethereum. Low liquidity and a smaller customer base affected certain others.
Therefore, cross-chain interoperability changed the rules of the decentralized finance game.
Projects no longer need to build exclusively for one network because cross-chain bridges make it simple to transfer digital assets between blockchains.
Additionally, users can always transfer assets between networks, farm new tokens without restrictions, deposit liquidity, collect and repay loans, and perform cross-chain token swaps.
Also, cross-chain compatibility provides access to DeFi for previously marginalized participants, opening doors for both institutional and retail customers.
You May Also Want to Read | Defi Lending and Borrowing Platform Development
Key Differences between Cross-chain and Regular DeFi
Bridges keep demonstrating how important they are to the DeFi ecosystem.
They are advantageous for the entire blockchain ecosystem, not just the end users.
Bridges offer Adaptability
They enable users to move valuable data and assets from one blockchain to another.
Without being constrained by the capabilities of a single chain, users can take advantage of the advantages of several blockchain technologies.
Cross-chain Compliance
Users can take advantage of all the advantages of a specific blockchain by using cross-chain bridges.
One of the most common cases is Solana blockchain users using Ethereum's blockchain's DeFi functionality.
Holders of Solana on Ethereum can trade and profit from the established DeFi ecosystem.
Blockchain-to-Blockchain Interactions
Through a connection between the L1 main chain (parent chain) and the L2 chain, bridges enable interactions across different blockchains (child chain). As a result, developers can integrate and use DApps on DeFi platforms (such as rollups built on Ethereum).
Scalability
DeFi bridges greatly increase blockchain network scalability. This is feasible because a bridge connects the primary and secondary chains, enabling the majority of transactions to take place throughout the ecosystem.
Efficiency
Users can transfer their assets using bridges from a non-scalable blockchain to a high-performance blockchain, taking advantage of reduced gas costs and the strength of Ethereum smart contracts. Even faster microtransactions can be made on-chain without concern for exorbitant fees.
Also, Visit | A Guide to Defi Token Development Like Safemoon
Types of Cross-Chain Bridges
Based on different criteria, such as the types of blockchains they support and the trust mechanisms they use, we can classify cross-chain bridges.
Bridges can be broadly grouped into the following categories based on their characteristics:
Backed chains
The types of blockchains that cross-chain bridges support can also be used to categorize them. The following situations are covered by this classification:
One Asset Moves between Two Chains
To move a certain coin to another chain, there are bridges. You can move BTC from the Bitcoin blockchain to Ethereum using services like wBTC (managed by BitGo) and BTC (managed by Keep Network), for instance.
Moving Various Assets between Two Chains
Several bridges let you transfer multiple tokens, but only between two chains. For instance, the NEAR protocol can receive ETH and other ERC-20 tokens from Ethereum using Rainbow Bridge.
Similar multi-asset transfers between Ethereum and Cosmos and Binance Smart Chain (BSC) are supported by Gravity and ZeroSwap, respectively.
Moving Resources from One Chain to Several Chains
Users can link a chain to several blockchains using certain cross-chain bridges.
A wormhole is one example, which connects Solana assets to Ethereum, Fantom, Avalanche, Terra, and Polygon.
Multiple Asset Transfers between Various Chains
Some cross-chain bridges improve interoperability by making it easier for tokens to transfer between separate blockchains. Such bridges can be incorporated by developers into dApps to boost the liquidity available.
Connect with our skilled blockchain development experts for more information about cross-chain DeFi development.
Mudit Kumar
14 Oct 2022
Decrypting Fundamentals of DeFi Aggregator Development
One of the most recent and revolutionary advancements in decentralized finance is DeFi aggregator usage. According to statistics, an increasing number of users are using aggregators for trading, lending, borrowing, and other activities. In this blog, we give a brief primer on the increasing importance of DeFi aggregators made possible by DeFi or fintech development services.
What is a DeFi Aggregator
An ecosystem of different financial instruments based on open blockchains makes up decentralized finance. DeFi, compared to centralized financing, gives users more privacy while being available to all. Moreover, DeFi applications are transparent, making it simple for them to interact and integrate. However, in reality, it appears that the dispersion of these programs makes it challenging for consumers to monitor the DeFi market. DeFi aggregators became beneficial at that point.
Also, Read | Why Develop DeFi dApps and Protocols with Binance Smart Chain
Benefits of DeFi Aggregators
Aggregators significantly enhance the user experience by combining numerous protocols into a single, straightforward interface. Moreover, users no longer need to open different tabs to view data from various apps. One aggregator interface provides access to them all. It reduces gas costs by making it simple for users to select the market's most profitable solutions.
Users of decentralized exchanges frequently experience issues due to substantial slippage. It occurs when one executes orders at a less advantageous price than anticipated. Aggregators aid in resolving this problem.
Aggregators aid in the customer acquisition process for services. One of the best ways to launch a new project and improve its liquidity is through this method. Aggregators employ interoperability, one of the main advantages of DeFi, to build a competitive marketplace open to a variety of users.
Also, Read | An Introductory Guide to Defi 2.0
Types of DeFi Aggregators
Defi aggregators combine data from different Defi protocols to offer end customers the best solution.
DEX Aggregators
DEX aggregators (1inch, Paraswap, and Matcha) (Uniswap, Curve, SushiSwap, and Bancor) help in cost optimization from many decentralized exchanges.
Lending and Borrowing Aggregators
Lending aggregators (Compound, Aave, Liquidity, and Hundred finance) optimize the best borrowing and lending yields from various decentralized lending protocols.
Yield Farming Aggregators
Utilizing all Defi protocols that generate yield (loan, liquidity provision, and liquidation), yield aggregators (Yearn Finance and Alpha Finance) present strategy vaults optimized to generate revenue across the Defi ecosystem (leverage farming).
Cross-Chain Aggregators
Through various cross-chain bridge protocols, cross-chain aggregators (Li.finance) optimize cross-chain swaps.
Also, Read | Cross-chain Defi Development: The New Big Thing for Future
Taking a More Detailed Look into two Types of DeFi Aggregators
DeFi DeX Aggregator Development
Users don’t have to visit many crypto exchanges and conduct trades one at a time. Instead, they can exchange currencies using a DeFi aggregator platform. It compiles data from many crypto exchanges and merges it onto a single platform. Users can also view the prices of several cryptocurrencies and tokens on a single platform. Making educated selections is effective for users of cryptocurrencies. Many users select a deFi aggregator platform that meets their needs. Also, it lets the users take advantage of price trends across numerous well-known crypto exchange platforms. Therefore, creating a DeFi DEX aggregator platform that satisfies their requirements is crucial.
Also, Read | Essentials to Consider for DEX Aggregator Development
DeFi Yield Aggregator
In the yield economy, yield aggregators (or "auto-compounders" or "yield optimizers") are essential. They, therefore, combine various DeFi protocols (smart contracts) and tactics to maximize investors' returns.
Using pre-programmed and automatically carried out procedures yield aggregators aggregate the crypto assets (tokens) of investors. It also enables them to invest in a portfolio of yield-paying goods and services.
It's similar to having a fund manager oversee a client's portfolio and recommend the most profitable DeFi crypto staking options. There are several yield aggregators available. They are all comparable except for the blockchains they support and the applicable DeFi smart contracts they use. These factors make the main technological differences technological.
Also, Read | A Guide to Defi Token Development Like Safemoon
Development of a Smart Contracts Protocol
The main back-end functionality in DeFi applications gets embedded in smart contracts. It is crucial to select a skilled development team to produce trustworthy smart contracts. Programmers will construct and implement all the algorithms required for your platform to function, including any required DeFi protocol integrations.
Also, Read | Defi Lending and Borrowing Platform Development
You must include a certain work logic in your protocol to accomplish the project's objectives. For instance, a special algorithm used by 1 inch enables consumers to swap crypto assets at the best possible rate. It becomes possible by dividing orders and choosing the best prices among many DEX platforms. You should also consider the characteristics your aggregator will need to be profitable. DeFi aggregators typically receive commissions from partners or customers. Create a unique approach that naturally integrates with the features of the product.
Get in touch with our skilled defi and crypto development experts to discuss your project if you need help setting up a DeFi aggregator. We'll be glad to assist you!
Mudit Kumar
13 Oct 2022
A Quick Guide to Developing a DAO-enabled NFT Marketplace
NFT development services have revolutionized several industries by tokenizing digital assets, creating exciting new opportunities for traders, investors, and companies worldwide.
As a result, users are now minting, buying, and selling millions of NFTs every day on numerous NFT marketplaces, .
However, the challenge with today's popular NFT marketplaces is that they are centralized, like Sorare, Opensea, and more.
Developing a DAO (decentralized autonomous organization) enabled NFT marketplace using NFT marketplace development services can emerge as an alternative solution that gives power back to NFT creators and users.
Introducing DAOs for the Development of NFT Marketplaces
NFT marketplaces building on the decentralized autonomous organization (DAO) concept can prove to be transformative. DAO helps them get rid of red tape and prevent any negative consequences.
NFT marketplaces powered by a DAO place a greater emphasis on the demands of the users.
Distributing the regulatory power among the participants by how many NFTs or the platform's native tokens they hold creates this impact.
DAOs also power future-oriented NFT-based ideas like Metaverse marketplaces and "play-to-earn" games.
DAOs are consequently evolving into the mainstay of the impending wave of digital infrastructure and the direction of decentralized technology.
Let's delve further to learn more about DAO and how it transforms NFT marketplace platforms.
Also, Visit | Pre-Built NFT and Smart Contract Solutions for Quick Launch
Efficient NFT Marketplace Development Made Possible by DAO
The NFT marketplace development process using the DAO or decentralized autonomous organization is known as DAO-enabled NFT marketplace development.
Users of the platform have complete authority to participate in voting for decisions in this DAO-enabled NFT Marketplace.
DAO provides transparency in the NFT market through distributed decision-making. It significantly aids in removing obstacles and roadblocks in the decision-making process.
Users of the platform get the controlling power instead of the CEO.
Platforms that support DAOs offer better capabilities comparable to those of traditional NFT platforms.
These platforms operate differently. For instance, the allocation of future decisions and the implementation of current plans do not require higher authority.
These higher authorities could be any CEO or board of directors in a DAO NFT platform based on gaming. Instead, DAO enables members to agree upon a choice and suggest modifications.
Also, Read | DAO (Decentralized Autonomous Organization) Development
DAO-Powered NFT Platforms and Traditional NFT Platforms | What's the Difference
NFT Platforms with DAO Support
The community makes every decision on the platform.
Through voting, marketplace users can participate in changing how some features or functions work.
Users can implement changes immediately because smart contracts support the functions.
Only a majority of votes may bring down a DAO-supported platform.
Users will be able to understand the platform's full functionality.
Conventional NFT Platforms
The platform owner is the ultimate authority and is responsible for all platform-related decisions.
The marketplace owner can change the platform's functionality or add new features.
New changes and implementation may take time since humans back the traditional NFT platforms.
A governing entity can shut down the centralized platforms on command.
Traditional platforms don't have comprehensive functionality.
Also, Read | Exploring Ownerless Business Potential with Blockchain and DAOs
Various DAO Protocols to Consider for NFT Marketplace Development
With the introduction of DAO in NFT marketplaces, you can establish yourself as a pioneer in the quickly expanding NFT sector.
Along with helping to create decentralized communities, DAO also provides transparency, staking, and governance power.
You can use a different DAO protocol depending on the kind of company model or NFT marketplace.
DAO Protocol
It is a unique DAO, for introducing modifications to the protocols or smart contracts.
DAO Collector
It is about giving partial or whole ownership of digital assets.
Financial DAO
It is suitable for NFT trading and staking platforms for digital assets.
Social Media DAO
A social media DAO is suitable for NFT platforms that want to integrate NFT trading and social networking.
Media and Entertainment
Managed by a DAO community, it enables content creators to showcase their work.
Also, Read | Social Media NFT Marketplace Development Guide
A few Popular DAO-based NFT Platforms
Mintable
Mintable is an NFT trading platform based on the dependable Ethereum blockchain.
It gives traders who own ERC-721 NFTs voting rights, this platform combines both DAO and NFT trading. To facilitate governance features, we can create a DAO-enabled NFT marketplace.
Flamingo
Another excellent example of an NFT marketplace developed under DAO is Flamingo.
It is up to the community members to approve any NFT developers' proposals to list their NFTs on this platform.
Additionally, this platform makes it easier to fractionalize NFTs and continue trading them.
Also, Read | Develop Sorare Like NFT Marketplace
Advantages of Building DAO-powered NFT Projects
Decentralized
A decentralized trading platform gives traders total control over their platform-related actions.
It also eliminates the influence of a centralized authority on platform choices.
Audit Guidelines
Members of the decentralized community have the power to perform auditing tasks relating to the NFT marketplace.
Some examples include altering policies, features, and any upcoming upgrades.
Event Participation
You can invite users to events like sales, debuts, and promotional activities for NFT projects on a DAO-enabled NFT platform.
Voting Rights
The final say in all decisions rests with the platform users, who can voice their preferences by voting.
With a community-based DAO, no single person or entity can make the decision.
Instead, the community must agree on the modification before the implementation.
Also, Read | NFT Marketplace Development for the Digital Age
What's Next
If you're an entrepreneur who gets a jolt of inspiration from DAO-enabled NFT platforms, then we can assist you.
Oodles can be your ideal partner in helping you develop a DAO-enabled NFT platform from scratch. We support businesses in utilizing the possibilities of DAO and NFT with the help of our NFT and blockchain development experts.
Mudit Kumar
12 Oct 2022
Why Prefer Tron Platform for Token Development
TRON should be the preferred choice for those wishing their token development on a cutting-edge public blockchain platform. Now, it is providing Ethereum, EOS, and other blockchain alternatives considerable competition. Due to this, in the last year or two, demand for skilled TRON Development has skyrocketed. TRON is a public blockchain network offering a better alternative to blockchains like Ethereum for token development. It is a less expensive and more effective option. Since it is a distinct blockchain network, it has its protocols, resources, and features. It enables businesses and programmers for highly-efficient decentralized apps (DApps) and token development on the TRON network. Indeed, one of the hottest topics in the cryptocurrency industry right now is TRON-based blockchain app development. However, some elements are severely restricting developers' ability to understand the potential of this cutting-edge blockchain system. These elements include the lack of knowledge and tools for developers to learn how to build on the TRON blockchain. But if you work with a blockchain development company like Oodles, you can boost the development of your next-generation TRON.Understanding TRC-10The TRON team made the TRC-10 token first available on the TRON mainnet in 2018. Due to the low cost and ease of creation, people use TRC-10 tokens as a payment method in decentralized applications (dApps). TRC-10 tokens also aid in the development of blockchain-based assets. They don't require support from the TRON Virtual Machine. The team may create them using an API or smart contract. Thus, developers don't need to be familiar with programming languages to make a TRC-10 token. By spending 1,024 TRX, any account on the TRON network can produce a TRC-10 token. Except for the bandwidth used to transfer them, they are usually free to use after that. Before producing a TRC-10 token, users must provide specific details such as the token's name, market value, conversion rate to TRX, period of circulation, number of bandwidth points used, and stake. Also, Read | A Quick Guide to Ethereum ERC Token StandardsUnderstanding TRC-20TRON blockchain enables the TRC-20 standard usage to incorporate native TRON coins into smart contracts. The TRON Virtual Machine, which serves as the platform for TRON smart contracts, enables the creation of TRC-20 tokens. The ERC-20 standard for generating fungible tokens on the Ethereum network is compatible with TRC-20. TRC-20 coins are fungible, much as TRC-10 tokens, which means users may trade them for other assets of the same kind. Developers may incorporate more logic into their smart contracts. So, one can view TRC-20 as a better or enhanced version of TRC-10 in some ways. However, issuers need to be mindful of the expenses. According to the whitepaper for TRON, the transaction costs for TRC-10 tokens are 1,000 times cheaper than those for TRC-20.Also, Check | The Complete Guide to TRC-20 Token DevelopmentUnderstanding TRC-721The TRC-721 set of guidelines governs the issuance of non-fungible tokens (NFTs) on the TRON network. A non-fungible token is cryptographically distinct. In contrast to fungible tokens, they have a unique identifier, and you cannot exchange them for an identical item. You can tokenize any real-world item, such as works of art, music, clothing, or real estate, with TRC-721. Developers can also use it to make NFTs that depict digital assets like sports highlights, GIFs, or in-game avatars. Each TRC-721 coin has a blockchain address that identifies its owner and serves as proof of ownership. Also, Read |Real Estate Tokenization and Blockchain | An In-depth GuideFeatures & Benefits of Token Development on TRON The TRON blockchain can help to develop various blockchain applications, including wallets, DApps, tokens, and more. Tokens based on TRON are state-of-the-art. The team uses the most recent blockchain technology (TRC20/TRC10) to construct them. They are middleman-free and safe. Also, they handle transactions quickly. TRON wallets are simple to create and fit into any existing system. The UI of TRON tokens/wallets is customizable, so they make the update of the software simpler. They support Android, iOS, Windows, and other well-known platforms. Some additional features of TRON Blockchain Development are a P2P decentralized network, token swaps, data, global access, multi-token support, public ledger storage, cost-effectiveness, and high-end security. Also, Read | Understanding the Types of Crypto Tokens and Their BenefitsBuilding a Token on the TRON Blockchain has various Advantages, includingOn the peer-to-peer decentralized blockchain, payments are safe and quick.Users and holders of TRON tokens have unrestricted access to data.In the event of a disagreement, all transactions are visible, immutable, and simple to monitor.Since there are chances of zero human error, it results in better accuracy.The network is capable of 2000 transactions per second or perhaps more.Your TRON token can manage a rising workload thanks to its excellent scalability.TRON network has a relatively low gas charge compared to ETH and other blockchain networks resulting in a lower transaction cost.Also, Read | A Guide to Defi Token Development Like SafemoonWhat's NextBusiness organizations may now easily modify this token technology. One of the service providers that enables you to use these tokens for your company's operations is Oodles. Our skilled blockchain developers make it simple for you. Our mission is to use technology to empower your business idea. Get in touch with us to build these tokens for your business.
Category:
Blockchain
Mudit Kumar
11 Oct 2022
Move-to-Earn NFT | The Latest Business Phenomenon
Non-fungible tokens (NFTs) have moved beyond a fad in the digital world. NFT development services are now enabling new transformative business opportunities like digital NFT artworks and music NFT development. These business arenas are creating significant hype among many business enthusiasts. It is due to the potential they offer to change the traditional business means. The latest addition to this long list is move-to-earn NFT development.
A move-to-earn NFT enables users to gain incentives for jogging, walking, dancing, and doing other physical activities. It lets them receive cryptocurrencies or tokens as incentives for merely exercising.
Let's explore how move-to-earn NFTs function and how to create them for a wider audience in this blog.
Understanding What is Move-to-Earn NFT
A move-to-earn platform, or M2E, is a cutting-edge strategy that rewards NFTs to its users.
STEPN is a Web3 lifestyle application. It started offering M2E in 2021.
M2E is a popular idea that enables people to make money while engaging in physical activities. Users just need to involve themselves in activities like walking, jogging, dancing, or playing.
Recently, the M2E NFT mechanism has received a lot of interest due to its capability to link real and virtual worlds.
As a matter of fact, the move-to-earn NFT mechanism uses the Play-to-Earn (P2E) method's primary model - gamers must spend more time on their mobile devices.
Also, Read: Play-to-Earn NFT Games | Fundamentals and Development Essentials
Why are Move-to-Earn NFTs Trending
P2E games started trending during the early NFT boom. They allow players to earn while enjoying one of their hobbies, which is playing games. However, these games have harmful long-term health effects.
Now, move-to-earn NFTs might emerge to combat this negative impact of the P2E mechanism.
M2E provides users the opportunity to gain money with exercise. It might prosper as more individuals become aware of NFTs.
Additionally, several M2E platforms have already become popular due to community traction on M2E platforms. As a result, move-to-earn NFT platform development is gaining a lot of attention.
Also, Read: Play-to-Earn NFT Games | Driving the GameFI Revolution
Essential Elements of Move-to-Earn NFTs
Here are the crucial elements of move-to-earn NFTs:
Target Setting
A platform needs to provide gamers the ability to create regular physical activities or fitness goals.
Also, this function should motivate users to keep setting higher goals for their daily physical activity. It will make users remain inspired to increase their total level of exercise.
Smartwatch Integration
Integration of a move-to-earn platform with a smartwatch facilitates tracking users' physical activities.
GPS Assistance
Applications must enable live GPS tracking to track activities and movements in real-time.
Individual User Profile
A user must be able to set up his profile on the NFT gaming program. Then, the user should have to option to update their profile with real-life photos and virtual avatars.
Dashboard
Each user should have access to the dashboard, which should provide data history and daily progress in goals and accomplishments.
NFT Marketplace Integration
M2E platforms must be integrated with an NFT marketplace. It enables users can sell or trade their earned NFTs.
Also, Read: A Comprehensive Guide to NFT Marketplace Development
Simple UI/UX
The user experience and interface must be simple from the standpoint of the game.
Incorporating Social Media
The platform should enable people to post about social events and their accomplishments on social media.
Incorporating social media is the most crucial component for advertising your NFTs.
Scalability
Move-to-earn platforms must offer scalability so that several users can onboard the platform.
Security
Security is another crucial issue in determining the success of an M2E platform.
Frequently Used M2E Platforms
With the move-to-earn concept, each platform may function differently, but most will require players to execute in-app tasks like walking or running.
The following is a list of top move-to-earn NFT platforms in the blockchain market:
STEPN
STEPN is a Web3 application built on the Solana blockchain. The platform combines play-to-earn and move-to-earn concepts. Players earn incentives, including NFTs, for performing physical activities.
Furthermore, users can use their NFTs to purchase footwear on the platform.
Genopets
Genopets is the first move-to-earn NFT game created on the Solana blockchain. It is a role-playing game that has health and social reward features similar to Pokemon Go and the Tamagotchi digital pet games.
A player must move about to nurture digital creatures. The more the pet develops, the more strength it acquires. Users may get rewards for their task completion.
Dotmoovs4
Dotmoovs is a blockchain-based peer-to-peer (P2P) sports competition platform. This platform enables users to monetize their sporting prowess with smartphone recordings.
Dotmoovs employs an AI-driven system that transforms how people perceive athletic performance.
Wirtual
Wirtual platform users may earn incentives for performing physical activities like walking, swimming, and dancing.
Users can spend their earned Wirtual tokens to purchase NFT avatars and clothing within the app.
Also, Read: Advanced NFT Marketplace Development on Solana Blockchain
Conclusion
If you want to develop a move-to-earn platform like mentioned above, you will need a blockchain-focused company.
Oodles Blockchain has skilled NFT developers that can cater to your business requirements. Our team can turn your move-to-earn NFT idea into a reality.
Mudit Kumar
10 Oct 2022
Exploring the Combination of DAO and the Metaverse
Read on to find out how the metaverse and DAO, powered by blockchain solutions development, may play a crucial role in laying the foundation of web 3.0.
More and more individuals are becoming aware of the metaverse and are interested in learning more about it in order to comprehend why it will eventually replace the internet.
There are numerous articles about Meta's investments in and projects related to the metaverse that can be found by searching for the term "metaverse" in Google. All of these articles have the same objective, which is to support Mark Zuckerberg's business in becoming the market leader in this new field. One may dig a bit deeper and find additional information regarding other well-funded publicly traded projects like NVIDA’s Omniverse, which is competing for a similar market share.
The democratization and decentralization of the internet is the true goal of the metaverse, not centralized initiatives like Meta's Horizon Worlds that rely on an authoritarian management approach. And Decentralized Autonomous Organizations [DAOs] have entered to facilitate more decentralized metaverse projects.
Also, Read | The Convergence of Blockchain and the Metaverse
Understanding DAOs
The metaverse differs from the internet as it is known now due to several distinctive characteristics.
The decentralization of the metaverse is arguably its most significant characteristic. The real-time generated 3D virtual worlds that make up different metaverses can expand organically since their users rule them, just like the cryptocurrencies Bitcoin, Ethereum, and EverGrow don't depend on any central authority to authorize transactions.
The most notable illustration of this is probably Decentraland. Through the DAO, the inhabitants of Decentraland, a virtual world built on the Ethereum blockchain, can influence the rules that govern how the realm functions. In practice, the community may suggest a policy update, and voting on the governance interface of the Decentraland DAO determines whether the update is accepted or rejected.
Also, Read | Getting Started with Metaverse Development on Blockchain
The foundation of every DAO is formed by smart contracts, which subsequently autonomously carry out the predetermined rules and regulations. Because smart contracts are a component of blockchain technology, they inherit all of their positive attributes, including immutability, which makes sure that changes to a DAO's operations can only be made with the approval of the DAO's members.
Understanding DAOs' Significance in the Metaverse
Virtual worlds from the past were governed and owned by a select few individuals: their developers. They so perfectly exemplify Web 2.0, which is defined by the rise of user-generated content that is stored centrally on a server that the platform owners own.
However, the majority of metaverse creators and innovators think that users alone should control and own the content they create, in contrast to organizations like Meta. The main characteristic of Web 3.0, a concept for a decentralized internet built on public blockchains, is this approach to content ownership.
Blockchain technology has made it possible for users of the metaverse to own parts of the virtual worlds they helped construct without the need for a centralized authority, but ownership is only one aspect of the problem. The other piece is in charge. DAOs fill this need by enabling all stakeholders to have a proportionate impact on the metaverse worlds of their choice.
Also, Read | DAO (Decentralized Autonomous Organization) Development
Instead of evolving based on what a tiny group of founders believes is best for everyone, communities can evolve organically to satisfy demands as best as possible when they are owned and governed by their real users.
DAOs can be founded for a variety of reasons, just like regular organizations aren't limited to focusing on virtual worlds. A DAO by the name of ConstitutionDAO was established last year to acquire an authentic copy of the US Constitution. Although the project was able to generate $47 million, it ultimately lacked the funds necessary to buy, safeguard, insure, and transport the relic.
Understanding the Convergence of Metaverse and DAO
The two underlying technical phenomena have the potential to emerge and build a strong ecosystem that will improve the efficiency and comfort of our daily lives. The idea of combining DAO with Metaverse is not new, and many businesses are attempting to make the most of this combination. The system is known as Metaverse DAO.
Also, Read | Getting Started with Metaverse Development on Blockchain
Metaverse and DAO Applications
Funding for Projects in the Metaverse
DAOs can be useful outside of the blockchain and cryptocurrency industries by supporting crowdfunding efforts. If you want to know "What can a DAO be used for," you should think about how they can help with crowdsourcing money to support specific goals. The Legislative DAO is a crystal-clear example of how decentralized autonomous organizations may help raise money for a particular purpose.
Investing using NFT
Another of the major DAO use cases in the Metaverse is the emphasis on NFT-based investing, which has started to gain traction with the growth of the market for the development of DAO-enabled NFT platforms. To vote and obtain tokens, many NFT holders may stake their NFTs in return for tokens representing only a small fraction of the group's holdings. HeadDAO is one instance of a DAO for NFT-based investing, where members pool their holdings in blue-chip NFTs.
Also, Read | How to Develop DAO-enabled NFT
Decentralized Metaverse
The debate of "What can a DAO be used for?" will pay special attention to decentralization in the metaverse. Many metaverse platforms have used DAOs to encourage decentralization by allowing users to vote on changes to the game and the ecosystem. For instance, Decentraland DAO allows users of the 3D virtual environment to vote on numerous changes to the network and its ecosystem.
Conclusion
In the metaverse, DAO Platform Development is viewed as a cutting-edge strategy for enticing all stakeholders in the company—including management, users, employees, and customers—to the same platform for control and decision-making. This is because decentralization has its advantages and because a more democratic organizational structure was designed.
It has every element required for members of the community to control the metaverse, generate passive revenue, and fully appreciate the advantages of being an active and helpful community member. As long as they have the required experience, DAO Development services may assist you in creating the ideal DAO solution.
One such DAO development services company is Oodles, which has a pool of skilled blockchain developers with relevant experience. Antier also has a good track record of integrating cutting-edge technologies into a variety of international businesses. To integrate metaverse into your contemporary business and obtain a competitive edge on the world market, get in touch with us right away.
Mudit Kumar
08 Oct 2022
Benefits of Custom App Development on Blockchain
Numerous industries are being impacted by the adoption of blockchain technology. Healthcare, banking, real estate, and education are already among the business areas impacted by blockchain solutions development services. It makes sense that by 2024, the market will have expanded greatly worldwide. It now seems that custom app development is gaining popularity with the blockchain. Because of its decentralized architecture, mobile, web, and software developers are using it to overcome a number of shortcomings of conventional techniques.
Blockchain supports digital currencies like Litecoin, Ethereum, and Bitcoin and provides a secure and transparent payment process without the need for a middleman.
It also enables the maintenance of a transparent and immutable record of digital transactional information by an app and ensures that there hasn't been any data alteration. This idea is relevant to custom app development with blockchain across numerous use cases and industrial solutions.
Also, Read | Blockchain Development for Advanced Logistics Solutions
How Blockchain Transforms Custom App Development
Data Security Powered by Blockchain
Due to the numerous data breaches that occur every day throughout the world, people frequently refrain from using applications out of concern that their privacy will be violated.
Custom app development using blockchain technology can increase data privacy and strengthen app security. Its encryption approach is regarded as impregnable because every piece of data is encoded and maintained using a cryptographic hash.
Blockchain also provides a guarantee that mobile apps are secure even when new features are added.
Also, Read | The Most Downloaded Apps For Android And Apple In 2023
High-Grade Reliability
Blockchain can improve a mobile application's dependability because it has a strong and reliable infrastructure.
Globally dispersed and synchronized blockchain nodes exist all over the world. It guarantees that the data is copied across a number of devices that are located in varied environments as a result.
Due to its decentralized design, the system has fewer chances of failing or collapsing. Next, what? Data from each block is processed in many processes, increasing its dependability.
Also, Read | Blockchain Development in Retail for Efficiency and Growth
The Blockchain is Easy to Implement
It is pretty easy to create a new blockchain, albeit it is obviously difficult.
Complex technology increases the cost of developing apps and their maintenance costs because it takes more time and effort to implement and integrate.
However, the issue is resolved by blockchain, which also makes it simple to construct customized apps. It enables you to give your customers a feature-rich mobile or web app while saving time and guaranteeing cost-effectiveness for mobile app developers.
Also, Read | Blockchain Development for Automobile Industry Solutions
Readily Accessible Tools
Blockchain technologies and processes are quickly and easily accessible to developers. Furthermore, as this technology is open-sourced, you can suggest modifications that might improve blockchain implementation.
Even data that can never be modified and is always retrievable can be permanently stored. As a result, financial institutions as well as shipping and logistics companies can considerably benefit from mobile apps built on the blockchain.
Effective Solutions for In-App Purchase Issues
It is problematic that there has always been a procedure involved in making in-app purchases. Nearly everyone in the modern world has a smartphone, but many of them are still unable to complete in-app purchases. The problem is the operation itself. Users must use credit cards or other unavailable payment methods in order to complete their transactions.
Even if a user possesses a credit card, there are still additional costs to take into account in case personal information is exchanged, including gateway fees, app store fees, card processing fees, and bank transfer fees.
Under the current structure, the developers only receive a small part of the money spent purchasing the software.
But owing to the decentralized blockchain model, they can use app tokens to pay the app store. Additionally, the developer may receive more than 80% of the shares.
Also, Read | Enterprise Blockchain Development | Nut & Bolts
Blockchain also makes it easier for customers to make in-app purchases by enabling app tokens to be used as a method of payment instead of credit cards. As developers provide incentives for both initial and continued usage, users may also receive app coins through a reward system.
Better Advertising Models
Currently, cost-per-installment marketing campaigns are funded by developers in order to reach a bigger audience. However, a large number of intermediaries profit from the sales. As a result, the developer makes less money.
This strategy can be changed to a cost-per-attention model using blockchain, where users are paid in-app currency for the time they spend using the app.
There won't be a need for middlemen because users will be rewarded with coins that can be used to make in-app purchases.
Also, Read | A Walk through of Blockchain Development Service Benefits
Wrapping-Up
You will be able to offer superior customer service as blockchain technology solves problems relating to mobile apps.
The Apple App Store and Google Play Store may be replaced by this technology, which is predicted to be mostly utilized for downloading, shopping, and searching.
Given all the benefits, you should combine app development with blockchain technology to enhance customer service.
Businesses can benefit from blockchain by gaining the digital transparency, consumer trust, and responsibility they require. You'll be able to keep your competitors at bay.
Everyone, from small independent developers to well-known mobile app development companies, is aware of the potential that blockchain holds as a decentralized database. As mobile payments gain momentum in the future years, blockchain-based apps will gain more and more users. For more information on how to create a mobile app for your unique company idea using blockchain, get in touch with our blockchain developers.
Mudit Kumar
06 Oct 2022
How to use Blockchain in the Metaverse | Oodles Blockchain
The ties that bind the economic, technological, and physical worlds are strengthening. We have instant access to nearly anything we want. Blockchain games, NFTs, and cryptocurrency payments are no longer just for crypto enthusiasts. All are now easily accessible as part of a metauniverse that metaverse development services are fueling. This post will examine the Metauniverse and learn about its prospects. We will also explain how you can utilize blockchain and innovative contract development services in this digital world.
Understanding Blockchain Technology
A computerized ledger of all cryptocurrency transactions is called a blockchain. It is constantly expanding as new records are added for completed blocks. Each block includes transaction information, a timestamp, and a cryptographic hash of the previous block. Bitcoin nodes use the blockchain to distinguish between genuine Bitcoin transactions and efforts to respond to coins previously used elsewhere.
Stuart Haber and W. Scott Stornetta created the first version of blockchain technology in 1991 to date documents independently of a central authority. However, Bitcoin, the first decentralized peer-to-peer payment network, didn't debut the blockchain until 2009.
The term "blockchain" was first proposed by Satoshi Nakamoto, who created Bitcoin anonymously in 2008 as a distributed ledger technology (DLT).
A DLT is a database distributed among several computers, or "nodes." Since all transactions are accessible to everyone and there is no single point of failure, this decentralized system offers greater security and transparency.
Also, Read | The Potential of the Metaverse | Use Cases and Advantages
Blockchain technology has numerous potential uses in money, contracts, voting, and government. Some of the suggested uses for blockchain is to:
Register land ownership and related paperwork to strengthen ownership;
Construct secure, transparent, and unhackable online voting platforms;
Tracking the origin of food and other products will revolutionize supply chain management.
There are still many unsolved issues concerning the possible applications of blockchain, which is still a young technology. However, blockchain has the potential to transform several industries quickly.
Suggested Read | The Intersection of Healthcare, Metaverse, and Blockchain
Understanding the Metaverse
Blockchain technology established the decentralized network of virtual worlds and 3D spaces known as Metaverse. Anyone can use the user-friendly Metaverse platform to build their virtual world or 3D environment. It is a place where people can connect in all facets of their lives. It combines many websites and platforms that may be accessed through a single browser. Users can connect with other Metaverse users, create avatars, and purchase and trade virtual goods.
Neal Stephenson created this idea in his science fiction book Snow Crash. A metauniverse may become a reality in the future despite being previously only fiction.
A group of blockchain specialists and programmers led by Eric Gu, co-founder of Antshares, created Metaverse (now NEO). The Metaverse Foundation and the Metaverse project's crew are based in Shanghai, China.
Also, Read | Getting Started with Metaverse Development on Blockchain
Blockchain Technology and the Metaverse Convergence
As blockchain technology has advanced, many businesses have started experimenting with developing their own proprietary blockchain platforms. One such group is Metaverse.
Metaverse aims to offer a scalable, safe, and simple-to-use blockchain platform. It also emphasizes the creation of digital assets and smart contract development. Users can build and release their distinctive digital assets using the Metaverse Digital Asset System, which can contain anything valuable like stocks, bonds, or reward points.
On the Metaverse blockchain, smart contracts are programs that may be used to control digital asset transfer automatically. Because it enables the creation of a virtual economy with different kinds of utility tokens and NFTs, cryptocurrency can be an excellent fit for the metaverse.
NFTs allow you to access digital assets, including virtual houses and businesses, avatar apparel, digital art, and other virtual goods. Thanks to NFTs, your digital assets will be shielded from copying and hacking.
Users can trade and invest irreplaceable tokens for real money without playing. Enhancing and building a virtual reality similar to the real world is feasible. But it all hinges on adopting a metauniverse blockchain that protects and verifies the data it contains and the coin that underpins it.
Also, Read | Getting Started with Metaverse Development on Blockchain | Part 2
Benefits of Using Blockchain and the Metaverse Together
There is now less of a barrier to entry for investing in financial products and services.
Assisting individuals in monetizing their work and experiences (such as gaming) to compensate for their incomes being eroded by inflation and the pandemic.
Reducing expenses and increasing transaction efficiency by avoiding intermediaries in procedures like money transfers.
It generates interest from various demographic groups beyond the conventional financial sector and presents fresh concepts and prospects.
Managing projects that involve and connect the community.
Also, Read | The Importance of Smart Contract Development in the Metaverse
Conclusion
One of the leading proponents of establishing a single metaverse is Facebook. Due to Facebook's Diem stablecoin, this is highly intriguing to the cryptocurrency metaverse. Mark Zuckerberg has been open about his intentions to use the metauniverse project to advance the idea of remote labor and raise the economic prospects of people in developing nations.
Facebook's ownership of social networks, online communities, and cryptocurrency exchanges gives it a great head start in fusing all these worlds. The metaverse is a focus for other significant tech firms, such as Microsoft, Apple, and Google.
The next step in the Bitcoin metaverse is deeper integration between NFT marketplaces and 3D virtual worlds. There is yet to be a well-known 3D platform for this, but NFT holders can sell their products from multiple sources in markets like OpenSea and BakerySwap. Blockchain and smart contract developers can create well-liked applications with a more significant user base than the IT giants, analogous to the metaverse.
Connect with our blockchain and metaverse development experts to enter the space of emerging technology.
Mudit Kumar
26 Sep 2022
Blockchain for Managing Judicial Bonds and Deposits
The Reserve Bank of India v. Internet and Mobile Association of India judgment, which was recently rendered by the Hon'ble Supreme Court of India, has refocused the legal community's attention on the distributed ledger technology that served as the foundation for bitcoin and other cryptocurrencies. Although legislation governing cryptocurrencies is still in its infancy, the underlying blockchain technology has grabbed the lead thanks to its widespread adoption in virtually every industry, including the legal one.
Why Blockchain for the Judicial System
A decentralized public ledger that serves as a repository for financial transactions is what blockchain technology does. Each transaction is supported with a distinct user id to reduce the risks of data breaches and tampering. This technology is a standard tool for most businesses because it has the highest security measures for improved verification.
Blockchain technology has the potential to play a significant role in a variety of practice areas, from supporting the evolving nature of legal work to opening up new business opportunities and differentiating service offerings. Modern technology has the potential to transform routine legal duties.
Also, Read | The Implications of Blockchain in the Legal Services Industry
The Role of Smart Contracts
Law firms frequently create contracts with a recurring purpose and a similar structure. The terms and circumstances of contracts including leasing agreements, typical memorandums of understanding, rental agreements, and others can easily be automated with the help of blockchain technology. It will facilitate the process of forming contracts involving several parties and decrease the number of court proceedings where evidence must be proved.
Documents saved on an online ledger have a low likelihood of being altered once they are there.
Benefits of Blockchain and Smart Contracts in the Judicial System
A Public Information Ledger
This technology is being considered for adoption by many countries to store data from censuses and about its citizens. Governments may successfully stop fraud by offering a decentralized platform to securely store data about birth, death, and criminal history. By employing this platform to preserve court rulings, even our judiciary can gain, improving the openness and usability of the legal system for litigants.
Effortless Modification of Asset Ownership and Managing Titles
The government invests significant resources each year in managing and registering land titles.
Citizens can successfully transfer and acquire their land rights at cheaper prices by offering a secure platform to hold land titles and enable the transfer of property through digital means.
Also, Read | Smart Contracts and Blockchains Transforming Legal Landscape
Rights to intellectual property
Trademark and copyright filings can be stored on a centralized platform made possible by blockchain technology. Fewer disagreements over intellectual property rights may arise with secure entries and precise time stamps.
Universal Archive
Blockchain is a decentralized network that spans jurisdictions and acts as a global information repository. This distinctive characteristic makes it possible for parties to transact internationally without difficulty.
Applications in Law Schools
Modern lawyers must have a solid understanding of technology and its uses to utilize these ground-breaking tools successfully. To prepare its students for the workforce, higher education institutions must include technology in their curricula.
Interdisciplinary instruction in law and technology should be offered in law schools to impart practical understanding in both fields. All aspects of blockchain-based smart contracts, as well as the resources needed to use them effectively, must be taught to students.
Also, Read | Legal aspects of Smart Contract Deployment
Other Revolutionary Uses of Blockchain in the Legal Sector
Automation
Administrative tasks, such as moving data across platforms and updating client trust ledgers, can take up to 48% of a lawyer's time. (2018, Clio's Legal Trends Report) Lawyers can automate transactional work and non-billable administrative activities by using a legal agreement repository and ready-made smart contracts. Legal proceedings will move more quickly if excessive manual work is reduced, which lowers expenses for clients.
Efficiency
Without sacrificing any judicial authority, blockchain technology can automate, disintermediate, simplify, safeguard, and re-engineer numerous legal business procedures. The legal and financial industries will become more effective and productive while reducing friction and expenses by optimizing numerous industry features.
Also, Read | Why Blockchain Is A Transforming Tool For Legal Industry
Transparency and Data Integrity
Unintentional hackers that want to profit from the valuable secret information collected and managed by lawyers use legal documents as a honeypot. Lawyers can decide to keep legal material on a decentralized, distributed ledger for append-only feeds, which improves data integrity, as opposed to emailing sensitive data back and forth. The corresponding hash value will not match if the evidence has been altered, indicating that a modification has taken place.
Our blockchain development experts at Oodles can assist you in making your ideas a reality. Connect to learn more about how blockchain technology and digital assets are used in the legal system.
Mudit Kumar
16 Sep 2022
OpenZeppelin for Creating Secure Smart Contracts
Blockchain development services are at the forefront of the digital revolution. They lay the foundation for various decentralized systems, applications, protocols, and organizations. You might also have come across the name "OpenZeppelin" among various blockchain protocols. It is essentially a security platform for DeFi and NFT projects. Read on to understand the OpenZeppelin blockchain and how it relates to recent developments in cryptocurrency, smart contracts, and blockchain development space.
What does Blockchain's OpenZeppelin mean?
One of the main issues on your mind regarding OpenZeppelin would undoubtedly be its definition. It is a platform for security operations that offers a variety of security functionalities. Frequently asked questions like "What is OpenZeppelin in blockchain? "would present it as an open-source framework made specifically for creating safe blockchain smart contracts.
The tool can save smart contract developers from worrying about creating specialized security tools and can concentrate on deployment. Developers might then lessen the time needed to release their products while also allaying the worries about security issues.
In general, developers much customize OpenZeppelin's security measures must be customized by developers for each application. To help their collaboration in the creation, examination, and audit of smart contracts, developers were unable to locate any current tools. As a result, OpenZeppelin can also be thought of as a security assessment for smart contract developers, which can lower the possible dangers connected to various DeFi initiatives.
Also, Read | Why You Should Develop a Smart Contract on Solana
Reasons for Exploring OpenZeppelin
The following crucial query, "What is OpenZeppelin in blockchain?" would refer to the rationale behind the tool's introduction. People who closely monitor the crypto and DeFi field surely have heard about certain well-known cyber-attacks on DeFi protocols.
For instance, the YAM Finance problem ultimately cost the business a completely new iteration of its product. Developers may release DeFi solutions without a security focus due to the DeFi landscape's tremendous possibilities. Such activities could have negative effects that make user funds more vulnerable.
The new attack routes in DeFi are just another vital reason to comprehend more about the OpenZeppelin wizard. Hackers are concentrating on the exploitation of arbitrage opportunities rather than direct economic attacks. For instance, in well-known incidents like the bZx hack and the Harvest Finance hack, hackers employed flash loans to manipulate price bids.
OpenZeppelin blockchain's chances are still being boosted by the discovery of fresh hazards and weaknesses in DeFi protocols. It seeks to provide developers with a reliable resource for smart contract audits and other security features. Understanding what OpenZeppelin has within is therefore crucial.
Also, Read | The Importance of Smart Contracts in the Metaverse
Is it a Smart Contract?
Many newcomers who are learning about OpenZeppelin may have preconceived notions that it is a smart contract. On the other hand, it's crucial to explore all of its constituent parts. It could be easier to answer the question "Is OpenZeppelin a contract? " if you have a thorough understanding of the various elements. had no trouble. You will learn that it is a platform with a large selection of security goods. The creation, management, and assessment of numerous elements of software development and operations in Ethereum-based projects are supported by security products.
Also, Read | Emerging Use Cases of Smart Contracts on Blockchain Technology
The OpenZeppelin Blockchain Connection's Foundation
Contracts, Upgrades, and Defender make up the OpenZeppelin blockchain connection's three solid pillars. Let's look at how these components fit into the operation of a cutting-edge blockchain security platform.
Contracts
The best response to the question "Is OpenZeppelin a contract? by considering the "Contracts" library that the platform has to provide. It functions primarily as a library that makes available the tools needed to create highly secure smart contracts. The "Contracts" library's most significant feature is its support for a strong basis for smart contract creation through peer-reviewed code.
OpenZeppelin contracts' stable API ensures fewer risks for unanticipated mistakes in contracts after upgrades to more recent minor versions. Additionally, thorough documentation of the entire API provides a potential reference for creating smart contract applications.
Upgrades
The "Upgrades" feature of the OpenZeppelin library, which is essentially a comprehensive set of tools and contracts for deploying and maintaining upgradeable contracts on Ethereum, is another intriguing addition to the library that improves its usefulness. During the upgrade process, it also offers the assurance of the security of smart contracts.
Also, Read | Understanding Blockchain Oracles for Smart Contracts Advancement
Defender
With the Defender component, OpenZeppelin's actual identity in the Blockchain ecosystem is made abundantly clear. Defender is the main selling point of OpenZeppelin since it provides a security operations platform with built-in best practices. The defender could help development teams deploy their products more quickly and with less security risk.
It aids in automating your Ethereum activities so that high-quality items may be delivered more quickly. Defenders' capabilities for smart contract security are greatly influenced by its parts.
Conclusion
With the advent of blockchain, security issues did not completely disappear. Despite the fundamental focus on security, blockchain-based projects like the DeFi protocols have frequently been the target of abuse. The launch of technology like OpenZeppelin gives several advantageous prospects as the globe prepares for widespread DeFi adoption. To audit smart contract codes for security threats, the security operations platform intends to provide a tested solution.
It's interesting to note that the platform provides a wealth of tools for creating, maintaining, and improving smart contracts. You can develop tradable goods and collectibles that adhere to the OpenZeppelin ERC20 standard and gain access to plugins for enhancing smart contract software. The platform's main goal is to build a DeFi ecosystem that is completely trustworthy. The potential for complete smart contract verification and automation presents developers with promising productivity gains. Want to know more about how to create your smart contract with OpenZeppelin? Connect with our smart contract and blockchain development experts.
Mudit Kumar
13 Sep 2022
A Guide to Defi Token Development Like Safemoon
The community-run SafeMoon protocol uses the Safemoon DeFi token to do business. Reflection, LP Acquisition, and burning are the three key features that make Safemoon unique. For its functioning, Safe Moon relies on both the BNB and the Binance Smart Chain. Read on to find out how to develop a token like SafeMoon with blockchain app development.
What Makes a Token like SafeMoon Special
It is a distinctive quality that distinguishes safemoon. By setting a stable price floor, the smart contract collects tokens from buyers and sellers and adds them to the LP. The fine serves as an arbitrage-resistant method to maintain the token volume as a benefit for holders. By increasing the tax's impact on the token's overall liquidity, the extra LP tokens stabilize the supply of LP tokens.
Manual Token Burn
The community will lose control of the tokens if they are continuously burned by an automated process. The community is kept motivated and informed when burns are managed by the team and promoted depending on success. The user will be informed of the token specifics, burned amount, and other information. The community is helped by this manual burning to maintain the coins' stable value.
Stable Benefits
The reward sum is determined by the volume of the exchanged token. The price reductions on the token brought on by early adopters selling their tokens after farming are lessened by this technique. Holders are encouraged to keep onto their tokens through the reflecting mechanism to receive bigger kickbacks. The amount of staked tokens affects the reward percentage.
Also, Read | Revamping the Supply Chain Industry with NFT (Non-Fungible Tokens)
Governed by Community Token
All users without holdings have mutually distributed the Token. The community that owns the token will decide how the token is distributed, staked, and how much it fluctuates in price. The token's community controls all of its operations. The value of the tokens is also strengthened by the community.
Advantages of Developing a Token like SafeMoon
DeFi coins' smart contracts can be programmed to execute a variety of functions depending on the platforms on which they are used. With the help of these smart contracts, the token may carry out a variety of tasks, and participating in loyalty programs with these tokens delivers better incentives.
Security
The distributed ledger technology provides total asset and transaction security. The network secures each transaction and maintains transaction anonymity. This inherent quality draws sovereign investors to use DeFi tokens to make their digital investments in a safe setting.
Cross-Border Transactions
Millions of people have found that the token's borderless, anonymous store of value is necessary in the real world. These tokens are widely acknowledged worldwide and help with cross-border business transactions everywhere. This contributes to constant financial security wherever you are.
Also, Read | Why Prefer Tron Platform for Token Development
Low Transaction Fees
These Tokens come up with a sneaky way to cut down on transaction costs. This is dependent on the blockchain network of the platform. As a result, the fees are considerably less than for cryptocurrency.
Transparent
Transactions are transparent in the blockchain network. Each transaction will be known to the members of the community. These transactions cannot be altered and can be used as proof of verification if necessary.
Ownership
These tokens offer complete ownership of every digital asset and will be executed with a multi-factor authentication process. The transaction approval must be signed by the wallet owners to process any transactions.
Faster Performance
These Tokens make various financial processes faster. Escrow is streamlined by smart contracts using tokens. These tokens act as a profitable investment opportunity and consequently maintain the banks and financial institutions away from the system.
Also, Read | Understanding the Types of Crypto Tokens and Their Benefits
Best Way to Develop your DeFi Tokens like SafeMoon
By creating a Safemoon protocol clone, one can obtain the DeFi Token that resembles Safemoon. There are two simple ways to easily obtain the Safemoon protocol clone.
Starting from scratch with SafeMoon-like token development
Choosing a SafeMoon clone to create a SafeMoon-like token
Token Development from Scratch
Crypto entrepreneurs are eagerly looking for SafeMoon-like Token Development after browsing the cryptocurrency market and conducting an in-depth examination of the market statistics. The design and development of the SafeMoon-like Token, which delivers the precise features and functions of the SafeMoon - Token protocol in trends, is properly serving the SafeMoon-like Token Development. SafeMoon like Token Development is the ideal measure to promote effective asset management along with efficient fundraising activities.
Also, Read | Real Estate Tokenization and Blockchain | An In-depth Guide
SafeMoon Clone
The top token development company creates SafeMoon Clone, a token that functions just like SafeMoon. The SafeMoon Clone combines SafeMoon-like Automated Liquidity Generating Tokens with RFI Tokenomics. Additionally, a readymade SafeMoon Token Clone enables the introduction of a strong and scalable token like SafeMoon with tamper-proof security implementations and a Minting and Burning mechanism based on user requirements.
In conclusion, the creation of the DeFi token is a game-changer for the next generation of business owners curious about the advantages of blockchain technology. Investments in DeFi, such as the SafeMoon token, have a high long-term value and profit-making potential for investors.
Conclusion
Oodles can be of assistance if you intend to create a DeFi token similar to SafeMoon. We provide comprehensive solutions - from token conceptualization and development to launch and marketing - as a seasoned blockchain development business to assist you in effectively launching your token.
To discuss your needs for developing a DeFi token like Safemoon, schedule a free demo with one of our token development experts.
Mudit Kumar
12 Sep 2022
Develop Sorare Like NFT Marketplace
Fans can buy and sell official digital playing cards on the Fantasy Football or Soccer NFT game's reliable NFT marketplace. Due to the popularity of Sorare, companies are willingly entering the NFT marketplace business with the help of NFT development services.
Understanding Sorare-like NFT Marketplace
Sorare has created a pack of NFT football trading cards for those who wish to unlock more NFT cards and earn Ether. They can use the cards to compete and put together their fantasy team. Sorare has already received an official license from more than 150 soccer organizations, including well-known ones like AC Milan, Real Madrid, and Juventus.
On Sorare, digital trading cards will pay a dividend of 2. The first is what Sorare refers to as "Commons," which you receive at the start of your playing career to put together a team. The second set, on the other hand, has tokenized cards in ample abundance. The process begins when you earn points by tokenizing the cards you receive by competing in the platform's fantasy football tournament.
Also, Read | How NFTs is Revolutionising the Music Industry
Some examples of valuables that could be tokenized include the following:
Sports Gear
Everyone wants these wristbands, shirts, jerseys, boots, and socks.
Collectible Cards
Baseball, football, and hockey are just a handful of the sports in which the trading card industry is very active. In addition to this enormously outdated sense, creating trade cards is a vital way to support your favorites. On the other side, trade cards are protected and valued more when they are tokenized on the blockchain.
Memorabilia
Autographs, honors, and trophies are examples of this category of memorabilia, also referred to as on-chain NFTs.
Videos of Memorable Events
Every sport has unpredictable moments, and these video snippets are significantly more significant than you might think. Users can purchase and keep eternally the memories of numerous outstanding slam dunks or "Panenka" shots using NFTs.
Also, Read | How NFT Ticketing Disrupts The Ticketing Industry
Characteristics that Set Sorare-like NFT Marketplace Development Apart
Integration of a Crypto Wallet
We have given our Sorare clone cutting-edge wallets like Metamask, MyEtherWallet, and others so that trades may be completed instantly and flawlessly.
Assets Gathering
The distinctive aspect of the market is the trading cards that depict actual football players. Since each card is unique, trading them requires NFTs.
Attractive Gaming Interface
The user-friendly game interface enables users to create their teams and participate in leagues, series, and tournaments.
Bringing in Store Front
Trading cards and digital artifacts from the players are available in the store in a nice range. Furthermore, all of the transactions are decentralized.
Exchange Market Interior
Thanks to the capability included in our system, users can sell assets in addition to buying them.
Also, Read | Exploring World with Multiverse NFT
NFT Marketplace Development Sorare
Our Sorare like NFT marketplace development is more unique than the typical corporations because we consider every small activity to be a crucial step in creating an amazing construct. The construction of the Sorare-like NFT marketplace comprises various development and integration stages.
Creating Components
The creation of collectibles will be necessary for the growth of Sorare Like the NFT market. The NFT development for sports cards includes developing depending on player popularity to rank them in rarity. We handle their creation and introduction to the market.
User Experience
We are concerned with making our NFT marketplaces, like Sorare, more responsive and simple to use, so their user interfaces will be more appealing. This is because more consumers will favor the marketplace if the user interface is made simpler.
Blockchain
The NFT market has a significant blockchain integration, which decentralizes NFTs. The NFT and NFT market is protected by the Blockchain. Every transaction that occurs on the platform is recorded and kept on file in this digital ledger.
Also, Read | NFT Development Shaking up the Art World
Add-Ons
In the NFT market, the requirement for Add-ons like filters, search bars, and other categorization tools becomes crucial. These add-ons will make it easier for the user to navigate the cryptocurrency market and find the required collection.
Integration of API
In the development process, there is a great need for an API in the NFT industry similar to Sorare. The APIs, such as wallets, will aid the administrator in maintaining the NFT marketplace up to the current by incorporating numerous new features from Dapps.
Admin Console
In many situations, an admin panel for an NFT marketplace like Sorare will be crucial. They will grant the admin access to specific privileged actions so they can maintain the NFT market's smooth operation. The NFT market's expansion is intended to be accelerated in any way via this admin panel.
Need more assistance with NFT marketplace development like Sorare, connect with our skilled blockchain and NFT development experts.
Mudit Kumar
08 Sep 2022
How NFT Ticketing Disrupts The Ticketing Industry
Although NFTs are transforming many other industries, the event industry is a pioneer in utilizing NFT development services to link physical and digital ticketing.
What is NFT Ticketing
NFTs, an abbreviation for non-fungible tokens, are cryptographic tokens that stand in for particular digital assets. They give us the ability to tokenize physical or digital assets like artwork, valuables, or real estate. They serve as a verifiable form of ownership and authenticity verification because they are kept on a blockchain network. Additionally, an NFT cannot be changed or falsified and can only have one official owner at a time.
NFT tickets are digital possessions that save your event entry information. To further enhance the fan experience, they can also provide ticket holders with extra benefits like meet-and-greets, special goods, and more. NFT tickets can give artists, event organizers, and other stakeholders continuous royalties in addition to improving the relationship with fans.
Also, Read | How NFTs is Revolutionising the Music Industry
How NFTs Influence the Ticketing Industry
The pandemic has helped the ticketing market become sufficiently computerized over the past few years, but it is still extremely centralized, which encourages the development of secondary and underground marketplaces.
The practice of "scalping" involves hoarders purchasing advance tickets to any large concert or event, which are subsequently resold on these marketplaces at inflated prices.
Many times, scalpers may even sell phony tickets, leaving customers with no means to verify that they are genuine before making a purchase.
NFTs provide authenticity verification since they store data on a blockchain. Tickets can be placed on a blockchain using the same technique, which would guarantee both the ticket's legitimacy and if it was being sold by an authorized organizer.
Also, Read | Exploring World with Multiverse NFT
How to Use NFT Tickets to Enter the Secondary Market
Event planners, venues, and artists have had limited access to the secondary market for a very long time. Unregulated and speculative, it has an impact on both fans upset by exorbitant costs and artists struggling with a disgruntled fan base.
The solution to this issue may be NFT ticketing. Smart contracts that regulate the resale of tickets can be made by artists and event planners.
Benefits of NFTs can include royalties on resales, limiting the upper or lower price cap, and including a variety of utility add-ons. NFT tickets get the public much closer to the performer or sports team. This implies that they have a bigger say in the choices made by their favorite teams or performers.
NFT tickets go way beyond access. It’s a collectible but can also be a goodie bag for all sorts of perks. It can be a wallet that holds monetary value securely. You can grant access to specific areas in an event or award a t-shirt, a burger, a signed poster, or $100 worth of purchases in the concert venue.
‘NFTs are closing the gap between separate experiences markets. The same NFT can be used to hold access to a concert but also be the key to your hotel stay, visit a nearby theme park, and even the key to your rental car on your next trip.
The price of selling and minting NFT tickets may be less than the price of creating and Distributing conventional tickets.
Also, Read | NFT Development Shaking up the Art World
How NFTs Solve Traditional Ticketing Challenges
NFT ticketing can potentially disrupt the traditional ticketing industry by solving the inefficiencies faced by the current ticketing system.
Combating Fraud
The fact that paper tickets and QR Codes are easily counterfeit is one of the main drawbacks, leaving event venues less secure and disappointing fans who inadvertently purchased bogus tickets.
However, because NFT ticket transactions are documented on a blockchain ledger, event planners and participants can verify the validity of each ticket in the chain and trace the ownership history. making it virtually impossible for criminals to fake a ticket.
Cheaper and Quicker Manufacture
NFT tickets can frequently be produced with a lot less lead time than traditional tickets, giving organizers a considerably shorter time frame for ticket printing and distribution.
Also, Read | Revamping the Supply Chain Industry with NFT (Non-Fungible Tokens)
Ongoing Prospects for Profit
NFTs provide everyone a chance to create real value that they can all benefit from. NFT tickets use smart contract technology to give the artist and event organizer recurring royalties. A portion of the resale earnings may also go to the artist if a ticket holder sells their ticket on a secondary market. Owners of tickets have the option to sell the NFT airdrops they receive as part of the package deal.
Minimizes the Damage Risk/Loss
Tickets printed on conventional paper are easily lost or harmed. The chance of losing or destroying your NFT ticket is drastically reduced because it is kept in a mobile device-accessible digital wallet.
Conclusion
Artists, event organizers, and fans can influence the ticketing system to change in their favor as a result of the development of blockchain and Web 3.
NFT tickets are created on a blockchain network, making them simple to authenticate and keeping bad actors from making or disseminating counterfeit tickets. The NFT ticketing system also gives event planners and performers more control over their primary and secondary market ticket sales while building long-lasting relationships with fans.
Although the NFT market is still young, at the rate it is expanding, it can advance the conventional ticketing system and other aspects of the live event industry. Connect with our NFT development experts for more info.
Mudit Kumar
06 Sep 2022
How NFTs are Revolutionising the Music Industry
It is unlikely that you are not aware of the buzz around the term NFT. After disrupting the arts industry, it is making waves in the music industry. Today’s most popular artists like The Weeknd, Eminem, and Snoop Dogg are showing significant interest in the NFT world. In this blog, understand the potential of NFT development services for building music solutions. Find out the increasing importance and implications of NFTs in music and what the future holds for artists and fans alike.
What are NFTs, and How do they Work with Music
NFT (non-fungible tokens) refers to the digital representation of non-fungible assets as tokens. They live on a blockchain. The most remarkable aspect of NFTs is that they are unique, scarce, and irreplicable. These characteristics make them ideal for artwork, videos, and music storage. An artist can set the selling price for an NFT of their work when they make it. The NFT can be purchased by anyone, who will then own it forever and be free to do with it as they wish.
Making an NFT of music and selling it on a blockchain-based marketplace is one way we're seeing artists using the blockchain. By doing this, users can own the song permanently and listen to it whenever they want.
The usage of NFTs as tickets for live events is a further method. Fans can now attend concerts and other events without worrying about misplacing their tickets thanks to this. NFTs can also be used to thank supporters of artists for their support. Artists can build digital assets that provide fans exclusive benefits like first access to brand-new tracks or fresh content.
Depending on your objectives as an artist, there are several reasons why you might wish to employ NFTs and music together.
Artists can express their gratitude to their supporters by providing followers with special access to digital assets. NFTs can assist musicians in monetizing their work in new ways; by selling NFTs of their songs or live performances, artists can get money straight from their fans.
Finally, given that both NFTs and music are hugely popular sources of entertainment, they go together perfectly. By combining the two, you may expand your audience and strengthen your brand.
Also, Read | Exploring World with Multiverse NFT
Why the Music Industry should Use NFTs?
Utilizing a service like OpenSea or NFT showroom is one option. You may produce and market NFTs using these services without having any programming experience. However, you also have the choice of manually constructing NFTs.
Utilizing a platform like Ethereum or EOS is an additional option. You can build smart contracts using these platforms, which are computer programs that can automate the sale of NFTs.
Owning your own NFTs for music is a fantastic method to develop your brand and earn money from your work. You can establish a closer relationship with your fans by granting them unique access to your songs.
Also, Read | Exploring World with Multiverse NFT
Numerous Types of Music NFTs
In the field of music, NFTs come in a variety of shapes and sizes. Let's examine the various ways that NFTs have altered the way that people typically experience music.
Complete Albums and Songs
Ever wished to own the original pressing of your favorite album or song on vinyl? You can now. By releasing unique songs and albums, more and more musicians and artists are using NFTs to interact with their fans.
Award-winning R&B musician Trey Songz just published an exclusive NFT Mystery Box on Binance NFT that includes unheard new tracks and exclusive compositions by Trey Songz. The newest songs, the chance to make zoom calls, and once-in-a-lifetime music co-creation with Trey are among the additional NFTs in the collection.
Digital Images and Artwork
The ability to create art is crucial to a musician's artistry and, to some extent, financial success. Limited edition record covers, posters, and unique behind-the-scenes photos from concerts are examples of digital artwork and photos.
Unreleased audio, images, and behind-the-scenes tales from David Bowie were featured in the Melos X David Bowie series on Binance NFT.
Gig Ticketing
More use cases in the real world have been made possible by the growing acceptance of NFTs, including exclusive access to in-person benefits, high-end goods, and even concert tickets. An NFT ticket's bonus aids in preventing ticket fraud, and you can never lose one!
Also, Read | NFT Development Shaking up the Art World
The Possibilities of NFTs in the Music Business
People who buy music NFTs typically do not do so to acquire audio or compositional rights; rather, they do it to acquire virtual bragging rights and to assist musicians they believe to be mistreated by the established order. NFTs give artists a great deal of flexibility in addition to allowing them to earn commission-free income because they may essentially sell any kind of digital content.
This gives artists more control by offering them another way to monetize their works of art or other types of digital commerce. This includes songs, complete albums, merchandising, concert tickets, and much more.
Despite all of this, significant business players are also boarding the NFT train. For instance, Genies, a business that makes wearable technology and digital avatars, has a collaboration with Warner Music Group. And a Bored Ape Yacht Club and Universal Music Group collaborated to create the metaverse band Kingship.
Also, Read | Revamping the Supply Chain Industry with NFT (Non-Fungible Tokens)
How will NFTs Affect the Future of the Music Industry?
We can envision a time when musicians no longer have to rely on middlemen like record labels and streaming services to autonomously disseminate their music to the public due to the way NFTs are upending many sectors. Furthermore, we can observe that significant participants in the music industry build music collectives using NFTs and related technologies to release music in the metaverse.
If you're an artist who wants to start your own NFT, connect with NFT development experts to understand how to enter the market.
Mudit Kumar
05 Sep 2022
Exploring World with Multiverse NFT
NFT sales are increasing dramatically as a result of increased public awareness and interest in NFTs. Indeed, the fundamental driver of NFTs' explosive growth is the scarcity feature. However, this same characteristic can adversely affect the liquidity of NFT assets. NFTs' potential is currently only limited to one specific area, namely NFT trading. To maintain their growth and wider applicability in the real world, NFT development services must enable compatible NFT solutions with cross-chain and cross-functional adoption.
The goal of this concept is to maximize the use of NFTs across various blockchain-based initiatives, including Defi platforms, online games, apps, and websites. Simply expressed, we are discussing the use of NFTs in a multi-universe or multiverse and broadening the scope of their application outside of a single NFT marketplace.
In this blog, we will examine the concept of NFTs in a multiverse and examine what businesses can accomplish with it.
Multiverse NFT: What is it?
The NFT market today allows for the buying, selling, and trading of NFTs, but in the future, NFT users and the general public will demand NFTs' usefulness. An NFT won't be as intriguing as a JPEG file anymore; instead, consumers might want to utilize NFTs to connect material from different apps, unlock items, or get advantages. Multiverse NFTs, also known as cross-usable NFTs, are a class of such sophisticated NFTs.
Also, Read | NFT Development Shaking up the Art World
Why is Multiverse NFT Necessary?
NFTs are perfect for digital collectibles because of their true digital ownership and scarcity. Millions of NFTs have been earned by many artists, creators, and dApps up to this point.
Multiverse NFTs, however, are much more than just trinkets. Their decentralized nature gives them a superpower that extends much beyond the fundamental NFT characteristics. The majority of NFTs are useless and are frequently offered by the same organization that produced them. Additionally, when a user authenticates their identity and ownership of a connected NFT via a blockchain wallet, dApps give access to the relevant content.
As a result, in the case of traditional apps, user accounts under central management are used to manage access to content. Here comes the untapped potential of interoperable NFTs. Additional permissionless utilities are provided via the decentralized, user-owned, and publicly-managed NFTs on third-party dApps. There is no restriction on how many or what kinds of utilities NFTs can unlock. As a result, they enable and can combine digital goods and services into collaborative networks. By providing new utilities and expanded use cases while increasing the value of the NFTs, various communities and projects can create an ecosystem of cooperating dApps. This will help to draw in new users.
Users should keep exploring features of their NFTs, be alert about new features, and maintain current knowledge.
Also, Read | Revamping the Supply Chain Industry with NFT (Non-Fungible Tokens)
Understanding Multiverse NFT Marketplace development
NFT makers can interact with service providers and distribute their work across numerous decentralized applications using a multiverse NFT platform. Through the use of interchangeable, non-fungible tokens, it serves as a platform for collaborative content creation between brands, dApps, and creators.
Interoperable NFTs, utilities, and resources are just a few examples of the various asset categories that can be controlled and integrated by a multiverse NFT platform.
NFTs
NFTs are distinct digital entities that represent ownership of or access to digital material on the blockchain.
Utilities
Any digital material accessed via an NFT, special props, or in-game characters are all considered utilities. A utility, however, can also be a discount, a coupon, or anything else that the supplier decides to make available through an NFT.
Resources
The resources category is the third. They stand for the information required to replicate digital content across several apps. Using a video game as an example, a resource would be the associated 3D model that was used to produce the special item, whereas a utility symbolizes access to it.
Also, Read | Why Choose NFT Marketplace Development on Ethereum Blockchain
Essential Functionalities and Components for Developing a Multiverse NFT Marketplace
A Multiverse NFT platform that has the below-mentioned features can enable prove to be competitive enough in the emerging market.
Manage Both On-chain and Off-chain Data in One Location
Users can exchange attributes that are NFT-bound on a Multiverse NFT platform to enable cross-use interactions.
Cooperate to Strengthen Communities
NFT designers can incorporate appealing tools into their NFTs from other games or outside apps. Through cooperation requests, facilitate collaborations between several parties. The utility types, duration, and financial details of any collaboration are all decisions that can be made by both parties.
Investigate a Network of Utilities and NFTs
Users have the chance to discover and experience new games and apps with their NFT collections since a multiverse NFT platform allows everyone, including creators, games, and dApps, to participate.
Also, Read | Utility NFT (Non-Fungible Tokens) | Moving Beyond Digital Collectibles
Efficiently Manage Metadata
NFTs continue to be autonomous entities on a blockchain and enable the administration of global metadata that may be accessed and modified by several dApps.
With the aid of this strategy, we can combine utilities for mutually beneficial effects. For instance, a user can unlock benefit B in dApp B and accomplish job A in dApp A using an NFT.
Particularly, an NFT-based gaming avatar can level up across numerous games by upgrading various sets of game attributes.
Handling of NFT-related metadata becomes possible by an infrastructure supported by an API or SDK. It can hold statistics about utility pairs for NFT. Each dApp can store its datasets independently of other pairings for the same NFT.
Platform Assistance
ERC721 and ERC1155 are two additional NFT platforms and smart contracts that can be supported by the multiverse NFT platform. The number of unique assets that could be present on the network is infinite.
Please get in touch with our blockchain development experts, if you're interested in creating a multiverse NFT platform for your company. We have all the tools, information, and experience necessary to assist you in creating a successful NFT platform.
Mudit Kumar
31 Aug 2022
NFT Development Shaking up the Art World
For more than a year, Non-Fungible Tokens (NFTs) have been a heated topic of debate. NFT development services in the art industry have received a lot of attention from an investor's perspective, but an artist's viewpoint on these digital assets has received little attention. However, these two viewpoints are interconnected, and comprehending NFTs from the viewpoint of an artist may aid in our future understanding of their true economic value.
On the blockchain, NFTs are traded similarly to cryptocurrencies. NFTs are digital assets, but cryptocurrencies are similar to digital currency. In general, the idea of digital assets is not brand-new and can refer to anything from Fortnite skins to company logos. Because they are non-fungible, unlike common digital assets, NFTs are notable. All NFTs are distinct and cannot be swapped with similar entities. This implies that you become the sole owner of the NFT and receive a digital certificate of authenticity when you purchase one, and your transaction is recorded on the blockchain.
What does this entail for Art Business?
For starters, considering the volume of money passing through this market, NFTs have transformed how transactions are conducted. The blockchain network, which creates a permanent record of all transactions relating to a specific NFT, has allowed NFTs to bring change to this mostly unregulated market. Blockchain does this by generating a contract known as a "smart contract" that is secured by cryptography. The contract includes details on the primary market for the NFTs, including the creator and the initial purchaser as well as details about any later changes in ownership and valuation.
A decentralized and open market has been made possible by the information being freely available to artists. The old art market, in stark contrast, thrived in secrecy, with commercial galleries, dealers, and auction houses getting the lion's share of the profit. With the introduction of NFTs, marginalized artists, in particular, have discovered equitable opportunities by obtaining pertinent price and supply information in exchange for blockchain-based authentication of their works of art. Collectors can use this system to compare prices and confirm the legitimacy of sellers, which is advantageous.
Also, Read | Revamping the Supply Chain Industry with NFT (Non-Fungible Tokens)
Types of NFT Art
Generative and non-generative NFT art are the two basic categories. Ordinary paintings and other types of artwork produced by people and uploaded on a blockchain before being assigned to an NFT are considered non-generative artworks. You won't find much generative NFT art on the Internet. The consequence of human inventiveness, they (and technology).
Digital artwork is generated using a particular technique that employs a distinct NFT identification as the "seed." An algorithm can create such NFT artworks from beginning to end. Alternately, they can be produced depending on whatever the user specifies, such as a name, color, description, or an uploaded or drawn image. The algorithm then produces something new based on these pieces, either collectively or separately.
Also, Read | Why Choose NFT Marketplace Development on Ethereum Blockchain
NFT's Advantages for the Art industry
Online Copyright Infringement Prevention
We never had to own anything digital before blockchain and NFTs. Without copyright concerns, we used to download pictures, films, and animated graphics and use them whatever we liked.
NFTs, blockchain, and other cutting-edge technologies are altering that by enabling art creators to monitor its online distribution and, in turn, defend their copyrights.
For instance, you must mint an NFT on one of the NFT platforms if you create digital artwork and want to copyright it. You can then utilize this NFT online to demonstrate your copyright. By employing specialist services, you may trace and keep an eye on the violation of such a right. The most straightforward example is searching on Google for a specific image or searching on YouTube for your video material. Additionally, you can track the way your content is being used on YouTube and get paid for each watch on the channels that use it.
We may anticipate that there will be a wide range of services for the online acquisition and selling of digital content in the future owing to the advancement of deep neural network technology (artificial intelligence).
Also, Read | Play-to-Earn NFT Games | Driving the GameFI Revolution
New Monetization Possibilities
In addition to the advantages previously mentioned, NFTs can boost artists' income. For instance, there is already proof that some artists have been able to sell enough NFTs to double their monthly revenue. This is achievable because artists can avoid utilizing art dealers by selling their creations directly to end consumers using NFT (saving 10 to 60% of the transaction).
NFT enables the development of the following new income models
When artists resell their works, some NFTs automatically pay the artists royalties. The Foundation employs this method of revenue generation: every time a piece of art is sold again, artists receive a 10% royalty. Royalties are deposited straight into the creator of the NFT's wallet. However, the Foundation already has agreements in place with OpenSea, Rarible, and other places of a like nature, whereby they will pay the artist a 10% royalty if the Foundation's NFT is sold in such markets.
The development of monetization techniques that enable anyone who generates revenue using an NFT to automatically pay royalties to that NFT's owner is made possible by the ability to claim ownership of material online with NFTs and track its dissemination. On YouTube, this is only partially implemented, but it is for the entire Internet.
You can also sell the right to display artwork at specific times or locations using NFTs. For instance, you are only permitted to sell NFT artwork with the permission to exhibit it anywhere for ten years after the token is sold. Or it can be the ability to broadcast it exclusively within the United States, or only to certain Facebook groups or YouTube channels.
For their show, museums can launch full digital exhibitions, produce NFT arts for them, and then charge admission to view them.
Also, Read | Utility NFT (Non-Fungible Tokens) | Moving Beyond Digital Collectibles
Conclusion
The NFT sector works to foster a welcoming, safe atmosphere where digital artists can prosper financially. It doesn't matter if it's a picture, a digital painting, a 3-D animated graphic, or a block of pixels like the Nyan Cat film (which sold for $600.00), anyone with an Internet connection may develop an NFT and get money from it. Also, artists and businesses can take the help of NFT development experts at Oodles to build more definitive solutions.
Mudit Kumar
31 Aug 2022
Transitioning from Blockchain 1.0 to Blockchain 2.0
Blockchain is best recognized as a complex and somewhat enigmatic technology that enables the online exchange of cryptocurrencies without the aid of banks or other middlemen. But in recent years, blockchain app development has also been marketed as the answer to a variety of corporate problems, including supply-chain monitoring, fraud control, and identity verification. Despite all the hoopla, though, business applications for blockchain are still largely hypothetical. A few early adopters in the retail and other industries are investigating blockchain-based business applications for supply-chain management and other procedures, while the majority are hesitant to move forward due to high costs, ambiguous returns, and technological challenges.
But it's possible that Blockchain 2.0 and 1.0 are at a transition point at this time. Blockchain business applications with the ability to boost productivity and cut costs will certainly overtake blockchain-enabled cryptocurrency applications in the new era.
What is Blockchain 2.0?
With extra scalable on-chain usefulness and expandable features, the blockchain is referred to as "blockchain 2.0" to distinguish it from Bitcoin as an asset and from the blockchain as a programmed distributed trust infrastructure in general. Blockchain 2.0 expands this technology's capabilities to enable the decentralization of markets more generally, enabling the exchange of other types of assets like certificates, rights, and responsibilities in real estate, intellectual property, cars, and artworks. This shifts the focus away from the decentralization of money and payments.
These codes can be a component of an entry in a blockchain 2.0 application. Smart contracts between parties who have never met may now enter into agreements without concern because of the amount of confidence ingrained in the blockchain as a database that cannot be faked or altered.
Also, Read: Blockchain Technology Integration for Business Intelligence
Difference between Blockchain 1.0 and Blockchain 2.0
Blockchain version 1.0: Cryptocurrency
The first and most obvious application of distributed ledger technology (DLT) is cryptocurrency. This enables the execution of financial transactions based on blockchain technology or DLT, which are frequently used interchangeably for the sake of simplicity. The most notable example in this area is Bitcoin. It serves as a digital payment system, "currency for the Internet," and is sometimes referred to as the "Internet of Money."
Blockchain 2.0: Emergence of Smart Contracts
Smart Contracts, which are little computer programs that "live" on the blockchain, are the new central idea. They are self-sufficient computer programs that run automatically under predetermined conditions, such as the facilitation, verification, or enforcement of contract fulfillment. One significant benefit of this technology is that Smart Contracts cannot be altered or compromised thanks to the blockchain. Therefore, smart contracts enable transparent contract definition, which solves the moral hazard issue, while also lowering the cost of verification, execution, arbitration, and fraud prevention.
The Ethereum Blockchain, which aims to enable the development of Smart Contracts, is the most well-known in this area.
Also, Read | What is Blockchain Technology and How Does it work
Top 5 Benefits of Blockchain 2.0
Blockchains from the first generation have issues, such as subpar performance, difficult deployments, and a lack of cloud integration. However, a lot of their goals were valid and still stand today:
SaaS-focused and Serverless
Software-as-a-service (SaaS) delivery of new blockchains frequently eliminates the need to manually build, secure, maintain, and pay for infrastructure scaled to maximum capacity as a requirement. Simple, standards-based schemas serve as the basis for deployments.
Dynamic Data Models
All data, from a single Boolean value to multi-gigabyte files, are kept "on-chain" by next-generation blockchains without sacrificing ACID transactional support. They can also use standards-based schema languages to provide customized, tightly typed APIs that facilitate the development and integration of applications.
High-Performing
Next-generation blockchains feature safe ACID semantics that makes it simple to develop data-centric applications and can scale to tens of thousands of transactions per second, allowing more scalability without turning to "off-chain" issues.
Also, Read | Finding Out If Your Business Needs Blockchain Technology
Centered on Security and Privacy
Using straightforward permission mechanisms, new blockchains and distributed ledgers provide out-of-the-box solutions for data privacy, making it simple for data producers to control who can read or alter their data and files. The use of already-adopted systems can be made simple for blockchain node owners by authentication and authorization services.
Energy and Cost-Efficient
The environmental impact of proof of work systems and the up-front costs for some projects are both minimized by new implementations, which also take energy and financial considerations into account. Instead of expensive "scale-to-peak" deployments, serverless designs can make it possible to employ computation and networking resources.
Cloud and Enterprise-friendly
Blockchain 2.0 may quickly connect to typical forms of data ingress and egress with no-code configuration-driven solutions by interacting easily with public cloud services. They follow regulatory and assurance initiatives and are business-friendly.
Also, Read | Implementing Blockchain Technology Into Your Business Without Spending A Fortune
Conclusion
For businesses, blockchains' fundamental objectives are still quite alluring. Enterprises are now finally benefiting from scalable, secure data-sharing platforms thanks to technologies that can truly make such claims true. Want to get started with blockchain development? Connect with our blockchain development experts for more information.
Mudit Kumar
30 Aug 2022
Streamlining Financial Netting With Blockchain
Financial netting is the method of decreasing credits and other financial obligations between multiple parties. Essentially, it increases efficiency and decreases the financial burden for companies, investors, and financial institutions. There are various cases where we can use netting in the financial market. It works for credit agreements, service providers, central exchanges, securities, and other financial entities. But, can financial netting enabled by blockchain development servicestransform this complex method for the finance industry? Read on to find out if blockchain can indeed revamp financial netting.
How does Financial netting Work with Blockchain?
As we all know, the financial market is expanding rapidly. Standard business software does handle netting for many things, like transfers between business elements or divisions. But the process can be more complex, especially involving multiple parties.
The nucleus of a blockchain solution is a network that provides a single source of truth and systematic validation with immutable storage of transaction data. It also fulfillsconfidentiality requirements by providing permissioned solutions that enable data visibility to permissioned participants and protect privacy within an environment where several parties participate. Such a blockchain-based solution is capable of keeping errors away that have popped up from physical data entry processes.
People often use the load of the payer who had to pay massive amounts in their day-to-day lives. Usually, the condition allows the one who owes the high amount to pay the remaining balance. This concept is more famous in the financial market, in currency, and security trading.
The goal of netting is to balance out losses in one position with achieving gains in another. As it is a fact, financial industries are full of risk but using this plan, an investor can balance losses with gains while trading digital assets of their choice.
Also, Read: Blockchain Grows Bigger Than Finance and Cryptocurrencies
Advantages of Financial Netting Solutions with Blockchain
There are various benefits of using Blockchain to streamline financial netting
Reduced costs for all parties
At present time, businesses pay out a lot of money to improve and control their present setup. They need to reduce costs and divert the funds into advancing the current system and building something new.
With blockchain technology, organizations can cut costs by removing middleman vendors and third-party providers. As blockchain has no inbuilt centralized player, there is no need to pay vendors and third parties.
Decrease physical data entry and data upload
The design of a blockchain network makes it immutable, which means the data, once written, cannot return. In a world where data is the most precious material, technology protects the data and blockchain allows a remarkable amount of control over individual data. It decreases physical data entry and data uploading.
Increase efficiency and speed processing of matching and netting transaction
Blockchain brings several benefits to the financial industry that provide better efficiency and speed. But the main feature of blockchain is that it can solve time-consuming actions and automate them to optimize efficiency. With the help of automation, it can also eradicate human-based errors.
Enhance security through encryption
With the help of the independent cryptography procedure, the confirmation of all the transactions followed by the blockchain is within the trade network. Cybersecurity with blockchain technique allows the authenticity of information by transforming it into a secure format for different financial trading.
Produce transparency and raise trust with permission access to transaction data
The focus of any technology is to build, promise, and provide transparency. Also, blockchain technology can record multiple details of a transaction against the trade pact, thus, enhancing further trust. It allows to reduce risk and permits more offers for financial trading.
Also, Read: Blockchain in Everyday Life How it Benefits the Life Around us
Netting Interbank Cash Exchange with blockchain
As we all know, technology and digitalization have transformed every sector. It is not uncommon for a bank to find itself flush with cash in one city and low on money needed to fill ATMs in other cities. But the option of physically transferring money from one city to another is costly. It requires armored car transport, possibly air transport, and insurance, among other costs. Also, the second option is an expensive alternative for the bank. The idea is to ask the central bank to soak excess money in one city and provide cash in other cities.
Blockchain has emerged as a new route for the interbank cash exchange and the netting of interbank transactions. The process starts directly in the blockchain network without any physical activity. It provides a benefit for the banks to reduce the cost of cash logistics.
Using Blockchain for Financial Netting
The integration of blockchain technology in the last few years has become the buzzword for various financial institutions. It is the virtual technology that supports bitcoin and could transform banking and other financial partnerships.
But blockchain can renderthefinancial services industry address its issues andachieve greater efficiency.
Conclusion
Let's assume you have just gone through the streamlining of financial netting with blockchain and found that blockchain technology is still required to cover a long route. There are more difficulties to overcome in financial industries and others. Even so, one thing is clear, blockchain can bring massive progress to the finance industry.
For more information Connect with ourBlockchain and Smart Contracts: Opportunities in Financial Services.
Category:
Blockchain
Mudit Kumar
26 Aug 2022
Exploring the Potential of Solana Smart Contract Development
The world of blockchain continues to expand rapidly, introducing new networks and protocols that promise faster transaction speeds, lower fees, and robust security. Solana blockchain development is one such platform that has captured the interest of developers, investors, and businesses alike. Boasting high throughput, near-instant finality, and minimal transaction costs, Solana is increasingly becoming a preferred choice for deploying decentralized applications (dApps) and smart contracts.In this comprehensive blog, we will delve into why Solana has emerged as a formidable competitor in the blockchain sphere, explore the unique features of its architecture, discuss its smart contract development ecosystem, and analyze the real-world potential for B2B enterprises. We will also cover some best practices, challenges, and common FAQs to help you make informed decisions about building on Solana.The Rise of the Solana BlockchainSolana, launched in 2020 by the Solana Foundation, is a high-performance blockchain designed to facilitate scalable and efficient decentralized applications. Its ethos is rooted in solving the scalability trilemma: achieving high levels of decentralization, security, and scalability without compromising any single aspect.Market AdoptionSolana's rapid growth can be partially attributed to its strong market support. Many decentralized finance (DeFi) projects, non-fungible token (NFT) marketplaces, and enterprise-level applications have chosen Solana to tap into its speed and low transaction fees. The ecosystem's blossoming community of developers, venture capitalists, and ecosystem funds further catalyzes the adoption of Solana-based projects.High-Profile CollaborationsPartnerships with major players in the crypto and traditional finance sectors highlight Solana's appeal. By aligning with established brands and venture funds, the blockchain has garnered widespread recognition and legitimacy.Vision for the FutureSolana aims to support a diverse range of projects—from DeFi and gaming to supply chain management and digital identity solutions. The sheer versatility of Solana's architecture makes it a prime contender for powering the next generation of decentralized technologies.Also, Read | Build a Crypto Payment Gateway Using Solana Pay and ReactUnderstanding Solana's Unique Architecture and ScalabilityThe cornerstone of Solana's success lies in its unique approach to consensus and data processing. Unlike many blockchains that struggle with high network congestion and rising fees, Solana employs a series of innovations that allow it to process thousands of transactions per second (TPS) efficiently.Proof of History (PoH)Proof of History is a cryptographic method that provides a verifiable record of time between transactions. By embedding timestamps in the ledger, Solana eliminates the need for every node in the network to agree on the ordering of events in real-time. This drastically speeds up the consensus process and ensures transactions can be processed in parallel without losing the chronological order.Tower BFT ConsensusSolana uses a modified version of Practical Byzantine Fault Tolerance (pBFT) called Tower BFT. The integration of PoH with Tower BFT helps nodes reach consensus on the network's state more quickly and with minimal overhead. This combination ensures the network can handle a large volume of transactions while maintaining security.Turbine ProtocolData propagation can be a bottleneck in large-scale networks. Solana's Turbine protocol splits data into smaller packets and distributes them through a network of nodes in a tree-like structure. This ensures that data transfer remains quick and efficient, even as the network grows.PipeliningSolana adopts a pipelining approach where different stages of transaction processing (fetching data, signature verification, banking, writing results) occur in parallel across different hardware components. This division of labor drastically reduces latency and boosts overall throughput.Sealevel RuntimeSolana's parallel smart contract runtime, Sealevel, allows multiple smart contracts to run concurrently using the same state. By optimizing the way the network schedules and processes transactions, Sealevel ensures that resource utilization remains high while conflicts and bottlenecks are minimized.Gulf StreamThis transaction forwarding protocol bypasses traditional mempool mechanisms. Instead of storing pending transactions in a mempool, nodes forward them to the leader before they are confirmed. By doing so, Solana can handle more transactions at scale without extensive queuing.Impact on Throughput and CostsDue to these architectural innovations, Solana consistently processes thousands of transactions per second, with the theoretical capability to reach even higher figures. Moreover, the network boasts very low transaction fees—often just a fraction of a cent—which is a game-changer for many businesses looking to scale their blockchain applications without incurring exorbitant costs.Also, Explore | How to Create a Multi-Signature Wallet on Solana using RustThe Role of Rust in Solana Smart Contract DevelopmentWhile some blockchain platforms use languages like Solidity, Vyper, or Move, Solana primarily leverages Rust for building its on-chain programs (smart contracts). Rust is known for its performance, memory safety, and concurrency—making it a perfect fit for Solana's parallelized architecture.Why Rust?Memory Safety: Rust's stringent compile-time checks help avoid common bugs such as null pointers, buffer overflows, and data races. This reduces the risk of security vulnerabilities—a critical consideration for smart contracts dealing with digital assets and sensitive data.High Performance: Rust compiles down to native code, allowing developers to build programs that run with near C-level efficiency. This performance advantage is vital for executing complex operations on a high-throughput blockchain like Solana.Strong Community and Tooling: The Rust community is vibrant, offering numerous libraries and frameworks that can be integrated into Solana smart contracts. Tools like Anchor, for example, simplify the process of writing and deploying Rust-based smart contracts on Solana.Alternative LanguagesWhile Rust is the primary choice, Solana also supports limited use of C and C++. However, Rust remains the most popular language due to its robust safety features and growing ecosystem within the Solana developer community.Learning CurveRust's syntax and concepts (ownership, borrowing, and lifetimes) can be challenging for newcomers, but the language offers a steep but rewarding learning curve. Once developers adapt to Rust, they can write highly secure and efficient code that takes full advantage of Solana's parallel execution model.Also, Check | Creating a Token Vesting Contract on Solana BlockchainKey Business Use Cases of Solana Smart ContractsWith its high throughput and low costs, Solana is well-suited for an array of enterprise and consumer-facing applications. Below are some of the key use cases gaining traction:Decentralized Finance (DeFi)DeFi was one of the first industries to truly showcase the capabilities of Solana. From decentralized exchanges (DEXs) like Serum to lending protocols and automated market makers, many DeFi projects migrate to or launch on Solana to leverage its speed and cost advantages. This efficiency not only improves user experience but also opens doors for advanced financial products such as margin trading, derivatives, and real-time settlement.Non-Fungible Tokens (NFTs)The NFT market has exploded in recent years, with platforms on Ethereum often facing high gas fees. Solana's minimal fees and rapid transaction times make it attractive for minting and trading NFTs. Artists, gaming companies, and collectible platforms have embraced Solana to deliver better scalability and user experience.Payments and RemittancesSolana's near-instant finality and low fees are particularly relevant for cross-border payments and remittances, which often suffer from high transaction costs in traditional finance. Businesses seeking to offer efficient global payment rails can benefit from Solana's speed, reducing settlement times from days to seconds.Supply Chain and LogisticsTracking goods across complex supply chains can be enhanced by blockchain transparency. Solana's architecture ensures that updates to the supply chain are recorded efficiently, enabling real-time tracking and verification of products. This capability opens up opportunities in industries such as pharmaceuticals, agriculture, and manufacturing.Enterprise Solutions and TokenizationBeyond DeFi and NFTs, enterprises can use Solana to tokenize real-world assets such as real estate, commodities, or company shares. Tokenization on a high-throughput chain enables dynamic use cases like instant settlement, fractional ownership, and global investor reach.Gaming and MetaverseThe gaming world demands high-frequency transactions—think in-game currencies, asset transfers, and complex interactions among numerous players. Solana's speed and efficiency are ideal for building metaverse and gaming applications that rely on real-time asset updates and microtransactions.Also, Discover | Integrate Raydium Swap Functionality on a Solana ProgramDeveloper Tools and EcosystemThe Solana ecosystem is more than just a blockchain; it's an evolving landscape of tools, libraries, and community resources that facilitate the entire application development lifecycle.Solana CLI and SDKSolana provides Command Line Interface (CLI) tools and Software Development Kits (SDKs) for developers. These tools help with tasks like setting up local environments, compiling smart contracts, and interacting with the on-chain programs during testing.Anchor FrameworkThe Anchor framework simplifies Solana smart contract development by abstracting away complex code patterns. With Anchor, developers can focus on business logic rather than low-level implementations, leading to faster development cycles and fewer bugs.Solana ExplorerA user-friendly block explorer allows developers and users to view transactions, blocks, and accounts on the Solana network in real-time, aiding in debugging and transparency.Third-Party IntegrationsMany third-party services offer API integrations, analytics platforms, and node infrastructures specifically tailored for Solana. This external support helps reduce development overhead and ensures that developers can quickly deploy and scale their dApps.Grants and IncubatorsThe Solana Foundation and various ecosystem funds provide grants, hackathons, and incubator programs to nurture innovative projects. For businesses, these funding avenues can significantly reduce the initial costs associated with research and development, while also connecting them to a supportive community.You may also like | How to Build a Solana Sniper BotSecurity and Best PracticesSecurity remains a paramount concern in any blockchain project, and Solana-based applications are no exception. Here are some best practices:Thorough TestingBefore deploying to Solana's mainnet, conduct extensive testing in a local environment or on Solana devnet. Write both unit and integration tests to identify vulnerabilities or logic errors.Code AuditsEngage reputable third-party auditors for a thorough review of your Rust smart contracts. These auditors can catch potential re-entrancy issues, race conditions, or other vulnerabilities unique to Solana's parallel execution model.Use Established FrameworksLeverage mature frameworks like Anchor, which implement security patterns by default. By building on top of proven libraries, you reduce the chances of reinventing insecure code.Data ValidationAlways validate inputs, particularly those coming from users. Ensure that your program gracefully handles edge cases and unexpected data, preventing malicious exploits.Access ControlImplement role-based access controls and permissioning within your contracts. Ensure that only authorized accounts can execute sensitive functions or modify critical data.You might also be interested in | SPL-404 Token Standard | Enhancing Utility in the Solana EcosystemChallenges and ConsiderationsWhile Solana offers impressive capabilities, it's important to acknowledge potential hurdles:Rust Learning CurveRust is a powerful but complex language. Businesses must account for training and ramp-up time if their developers are new to Rust.Network DecentralizationSolana's high throughput requires robust hardware to run validator nodes. This can raise concerns about network decentralization, as smaller participants may find it challenging to maintain the required hardware infrastructure.Evolving Tooling and DocumentationAlthough the Solana ecosystem is growing rapidly, some parts of its tooling and documentation may still be considered immature compared to more established platforms like Ethereum. Developers should be prepared to troubleshoot and potentially contribute to open-source tools.Regulatory EnvironmentLike all blockchain technologies, projects on Solana are subject to evolving global regulations. Businesses planning large-scale or cross-border initiatives need to stay informed and compliant with relevant financial and data protection laws.CompetitionBlockchain is an increasingly crowded space, with multiple high-speed networks vying for market share (e.g., Avalanche, Polygon, Aptos). Conduct a thorough assessment of your project's needs before committing to Solana or any other chain.You may also like to discover | How to Get the Transaction Logs on SolanaFrequently Asked Questions (FAQ)1. What makes Solana unique compared to Ethereum?Solana differentiates itself primarily through its high throughput and low transaction fees. While Ethereum relies on a Proof of Stake (PoS) mechanism with sharding in the pipeline, Solana's Proof of History and Tower BFT consensus allow it to process thousands of transactions per second at a fraction of the cost. However, Ethereum has a more mature ecosystem of developers and tools, which may be a deciding factor for some projects.2. Do I need to learn Rust to develop on Solana?Rust is the primary language for Solana smart contracts, offering strong memory safety and performance. While you can use C or C++ in some capacities, Rust is recommended due to its broad community support within the Solana ecosystem. The learning curve can be steep, but it often pays off in terms of security and efficiency.3. How does Solana maintain security at scale?Solana employs multiple layers of security, including Proof of History for verifiable time sequencing, Tower BFT for consensus, and the Sealevel runtime for parallel smart contract execution. These features, combined with robust code audits and best practices, help maintain security even with high transaction volumes.4. What are typical use cases for Solana smart contracts?Popular use cases include DeFi protocols, NFT marketplaces, payment and remittance solutions, and enterprise-level applications for supply chain management or tokenized assets. Solana's speed and low fees make it particularly well-suited for high-volume applications and real-time use cases.5. Are there any limitations in terms of tooling and developer support?Solana's ecosystem is rapidly evolving. While its developer tools and libraries are growing daily, some may consider them less mature than established solutions on Ethereum. However, frameworks like Anchor and an active community help smooth out these hurdles for newcomers.6. Can projects built on Solana easily migrate from other blockchains?Migration complexity depends on the project's architecture. Smart contracts originally written for EVM-based blockchains (like Ethereum) would need to be rewritten in Rust, which can involve significant development effort. On the bright side, the performance and cost benefits of Solana often justify the transition for projects that require scale.ConclusionSolana's approach to blockchain scalability offers a compelling value proposition for businesses and developers seeking to build high-throughput, low-cost decentralized applications. Its unique architecture—anchored by Proof of History and Tower BFT consensus—enables lightning-fast transaction processing and near-zero fees, setting a new benchmark for blockchain performance. Coupled with a robust toolset, including frameworks like Anchor and a supportive developer community, Solana has quickly become a contender for projects ranging from DeFi and NFTs to enterprise supply chain solutions.However, the journey is not without challenges. Developers must navigate the Rust learning curve, keep an eye on evolving regulatory landscapes, and thoroughly test and audit their smart contracts to mitigate security risks. Additionally, while the Solana ecosystem is expanding rapidly, it may still lack some of the maturity found in older platforms. Nevertheless, for businesses that prioritize speed, scalability, and cost efficiency, Solana can unlock groundbreaking opportunities in the blockchain domain.As the Solana network continues to attract top-tier talent, funding, and innovative projects, its potential for transforming industries grows exponentially. For B2B enterprises, the time is ripe to explore Solana as a foundation for cutting-edge applications. By investing in developer expertise, following best practices, and leveraging the thriving ecosystem, you can position your business at the forefront of the next wave of decentralized innovation. If you are planning to build and launch your project leveraging the potential of the Solana Blockchain, connect with our skilled Solana blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
24 Aug 2022
Ideal Security Mechanisms for Cryptocurrency Wallet Development
From a security perspective, cryptocurrency wallets are as vulnerable as social media accounts and file storage systems. Cryptocurrency wallets are transforming conventional banking account systems by residing in hard drives, laptops, and mobile phones. Their security depends on robust measures to safeguard the digital assets of wallet owners and their transactions.
In this blog, we have explored key cryptocurrency wallet security mechanisms that businesses should consider before developing a cryptocurrency wallet.
Two-factor authentication
Two-factor authentication, also know as 2FA, is a text code that a user receives on his phone. Sometimes, 2FA may also require a thumbprint. It is another secure method to ensure that only an authorized person gets access to the wallet.
If someone manages to crack the password through any methods, they will still need to pass the second-level authentication. It will typically be a code sent to the user’s phone, to be entered into a sign-in field to access the wallet.
Multi-sig or single-use?
Usually, a single-key address means that whoever holds the corresponding private key gets access to all funds. Effectively, it means that a user only needs one key to sign transactions without requiring authorization from anybody else. While managing a single-key address is more efficient than a multi-sig, it leads to certain security challenges. Having a single key access enables only one single point of failure to protect funds. However, it also becomes the target of cybercriminals who constantly develop new phishing techniques to break in. Moreover, the single-key address is not a suitable option for medium to large businesses that depend on cryptocurrencies. Imagine a company stores funds on a standard address with a single corresponding private key. It implies that the private key either needs to be entrusted to a single person or assigned to multiple entities.
Multisig wallets, however, offer a solution to tackle both the problems. With a multi-sig address, a user can only move funds after getting multiple signatures from defined entities.
Wallet encryption
Encrypting the wallet with securities like AES-256-CBC adds an extra layer of security and protects it with a passphrase. By using a passphrase, users can lock their funds from being spent. So, even if attackers gain access to the device on which the wallet is running, they will fail to do anything unless they get access to the passphrase. However, there are instances where cryptocurrency wallet developers do not consider using this method. The reason being that encryption/decryption for every transaction increases the processing time. As a result, it increases costs and affects services.
DDoS Attacks
A DDoS (Distributed Denial-of-Service) attack is a method that hackers use to disrupt legitimate users' access to a target network or web resource. Typically, they accomplish this by overloading the target with a huge amount of traffic or disseminating malicious requests. It causes the target resource to crash or malfunction entirely.
As cryptocurrencies have gained significant traction in recent years, crypto exchanges and wallets have become increasingly popular targets for DDoS attacks.
A crypto wallet development company can implement DDoS mitigation systems like anti-DDoS hardware and software modules. They occur in the form of load balancers and network firewalls or specialized web applications. Their ability to prevent malicious access requests and sudden surge in traffic is effective for preventing DDoS attacks.
Security Alerts
Configuration of multiple alerts for withdrawals and deposits from a wallet ascertains that no information goes unnoticed such as:
First-time deposit to a fresh wallet
First-time withdrawal from a fresh wallet
X percent variation from last withdrawals
Same value withdrawal from the same wallet for consecutive X days
Withdrawal from a new IP device
Mobile number change request before a withdrawal
Password change before a withdrawal
Second withdrawal for the day
Similarly, businesses providing cryptocurrency wallet services can configure many other necessary triggers as per specific business requirements.
Phishing Attacks
Phishing is the practice of misguiding users with phishing content occurring in the form of web content, e-mail, or social media content. Hackers attack potential users with phishing content to break into the wallet to steal vital information like private and public keys.
To safeguard cryptocurrency wallets from phishing attacks, an anti-phishing software is ideal. It is a software that consists of computer programs that identify any phishing content that may be used to access wallet data. In addition, it blocks the content, usually with a warning to the user. Usually, crypto developers integrate it with web browsers and email clients as a toolbar. Then, it displays the real domain name for the website that a user is accessing. Besides, it also attempts to prevent fraudulent websites from masquerading as legitimate websites.
Notification on Critical Activities
Activating notifications of necessary actions and activities such as logins, transactions, trades, and profile and KYC status updates increase visibility for the network admin, especially in multi-sig wallets. It enables the admin to monitor and identify any malicious or fraudulent activity instantly.
You Might Also Be Interested In:
Cryptocurrency Exchange Software Development
The Ins and Outs of Cryptocurrency Wallet Apps Development
Concluding Thoughts
Several measures are available to secure cryptocurrency wallets. In addition to the above-mentioned cryptocurrency wallet security mechanisms, cold/hot wallet integration security, SSL integration, and HSM and KMS implementation can strengthen wallet security.
Explore how our cryptocurrency wallet development services include security mechanisms. Talk to our blockchain team today!
Mudit Kumar
20 Aug 2022
Why Develop Live Streaming Solutions with Blockchain
Live streaming is expanding rapidly. Several live streaming platforms like YouTube, Facebook, Youtube, Instagram, Vimeo, Kaltura, and more are creating significant buzz in the media and entertainment space. However, live streaming is not devoid of challenges such as centralized systems barring widespread adoption, data and privacy issues, limited streaming models, and more. Hence, it has led to the emergence of blockchain-based live streaming. Let’s find out how blockchain app development for live streaming enhances the capabilities of interacting online in real-time and addresses challenges faced by traditional live streaming.
Challenges with Traditional Live Streaming
We know that live streaming is the future of broadcasting that provides a more authentic experience for viewers. Indeed, live streaming via CDNs networks has improved viewing experiences and facilitated companies to provide access to a wide range of content. But, there are some drawbacks too, for instance, unstable broadcasting of live events or costly services for users. For creators too, the options to benefit from traditional live streaming are quite insignificant. Broadcasters, serving as middlemen, keep control of data, access, monetization strategies, and other key aspects to themselves. It means that they can manipulate policies related to data access, monetization, and user experience.
Also, Read | Decentralized Live Streaming Solutions with Blockchain
Apart from all these, additional challenges faced by traditional live streaming are:
Bandwidth Issues
While live streaming, creators want to show the best they can do and viewers do not want to miss a second of an event of their favorite creator, including highly public, popular events like music concerts, games, product launches, etc. In this case, many peoples use the Internet simultaneously and might face bandwidth problems. Also, today live streaming consumes 80 percent of all Internet bandwidth, which makes streaming primarily expensive.
Inconsistent Streaming Quality
Unstable or inconsistent streaming is also one of the major drawbacks of traditional streaming. Even for the best webcasting solution providers, offering consistent streaming is a standout painful spot. This problem frustrates the viewers and makes many to leave-live streaming. Thus, to make the flow of live-streaming better, you first need to address the inconsistency of streaming.
Choosing Best Encoder
Choosing the right encoder is one of the main challenges faced by traditional live streaming. Thus, for live streaming encoder has to do its encoding, process bit perfectly, and fit well with other hardware equipment. But, traditional live streaming lacks in choosing the best encoder.
Thus, to address all the above challenges, we need a scalable, cost-effective, consistent streaming infrastructure solution to keep up with the demand growth.
Also, Read | Developing a Blockchain-Powered Media Streaming Platform
Blockchain-based Live Streaming
Now people have shifted their mode of entertainment from text and images to live streams. Also, live streaming growth has made the demand for network bandwidth and storage huge. The centralized cloud server till now has been taking care of storage, data transmission, and streaming. With the centralized cloud server, the content creator does not have full command over their data and has to manage the rules made by the central cloud server. Thus, with the growing interest and need for uprooting centralized video streaming, the decentralized protocol called blockchain comes into the field of live streaming.
Blockchain technology proves a boon for streaming as it offers an alternative free from censorship and control by centralized companies like Google and Facebook. Also, blockchain-based streaming allows users to store data at many points, which makes the system more secure against hacking. The shared ledger functionality of blockchain offers people to see real-time streaming without any delay from around the world.
Moreover, streaming on a blockchain is a trending concept that allows users to upload content and get paid immediately. Blockchain technology works on a peer-to-peer network that eliminates any central authority. Also, the P2P network allows not to focus on a single server but work on distributed media content. Let's look at the benefits of blockchain-based live streaming.
Advantages of Using Live Streaming on Blockchain
Enables users to watch their favorite shows from anywhere in the world
Proves less expensive than traditional broadcasting because there is no involvement of a middleman
Allows for a wide range of content
More reliable and secure, which means no centralized point of failure
More secure, scalable, and cheaper than traditional broadcasting as it doesn't rely on a central server
Enables users to reach a global audience in real-time and get live feedback from viewers
No ads or commercials to interrupt viewing
Also, Read | Insights into Video Streaming Platform Development with Blockchain
Use cases of Blockchain-based Live Streaming
Live streaming development on blockchain technology is currently booming in online broadcasting. Blockchain-based live streaming provides complete authority to users. Let's take a look at some of the solutions that blockchain-based live streaming provides.
Blockchain-based CDN
For the online platform, storage space optimization is important, and a blockchain-based content delivery network helps use the collective ideal storage space.
Moreover, with blockchain-based management system help, the content creator can use the unused space. It is by converting the space in P2P cloud storage and data delivery system.
Ownership and Accessibility
With blockchain use, ownership issues can be easily solved at a protocol level. Also, using the IPFS swarm blockchain allows creators and audience to encrypt their videos and store them permanently. Blockchain also maintains the ownership of the live streaming in the NFTs form. It allows people to trade their broadcast videos on marketplaces in exchange for cryptocurrencies.
Smart Contracts
Blockchain smart contracts help in direct communication to avoid third-party intervention in revenue earning and establish an independent relationship between creator and audience.
Also, Read | Exploring Blockchain-based Online Video Streaming Solutions
Conclusion
Live streaming allows an excellent way to connect with the world in real-time. Also, the development of a live stream on the blockchain allows users to share their thoughts and experiences without worrying about censorship. Traditional live streaming has several challenges, and to avoid centralized live streaming servers, multiple new live streaming services are embracing blockchain technology.
Are you looking to develop a live streaming application? Our blockchain development experts will assist you in developing a user-friendly live streaming application.
Mudit Kumar
18 Aug 2022
NFT Integration for Remodelling Supply Chain Processes
The inherent challenges in the supply chain industry regularly cost businesses millions of dollars annually. By quickly and effectively removing pain points that cause significant disruptions, non-fungible tokens (NFT) integration can completely disrupt the supply chain industry (in a positive way).
The utility of NFT development powered by blockchain technology can significantly transform the supply chain industry. It can save costs, remove bottlenecks, increase transparency, and help prevent chaos throughout all phases of the supply chain, from onboarding to manufacturing to transportation. Businesses can use blockchain development services to build NFT-powered supply chains that track end-to-end product data, establish an immutable digital trail of assets or products, and provide various advantages over traditional systems.
NFT Integration for Supply Chain Management Remodelling
NFTs produce digital footprints or a "token IDs" that remain attached to items throughout their existence.
They can eliminate the need for rather lengthy, vast, and complex paper trails that contain transactional ownership and activity of goods.
The data in an NFT's metadata points to critical information about a digital asset. It gets updated in real-time on the blockchain after the ownership transfer of an NFT. It also ultimately defines the uniqueness of an NFT.
NFTs make it possible for all participants in a supply chain to access the same immutable record on the ledger.
As a result, it minimizes and, in many cases, even eliminates inconsistencies in the information flow among supply chain parties. Further, the attributes of blockchain like transparency and immutability guarantee the accountability and reliability of the supply chain data.
In addition, NFTs can improve efficiency and save costs associated with finding and procuring genuine goods and services a firm requires. NFTs can also provide a complete picture of a part's position, amount, and other crucial details in the supply chain.
Must-Read | Blockchain a Must for Supply Chain Development after COVID-19
The Implication of NFT in the Supply Chain
A business can validate all of its products throughout the supply chain, thanks to NFTs and blockchain. Additionally, it can NFTs of products or information to locate and track the entire supply chain.
The upscale clothing company Louis Vitton has also embraced this unique, emerging concept.
Now, let's examine the problems and how blockchain-based NFTs can provide answers.
Inefficient Traceability
Commodities travel across nations and pass from one person to another person to reach their final customers.
A corporation needs to be aware of a product's journey in order to improve the service. Indeed, real-time supply chain documentation is essential for a business.
Without a standardized traceability system, the likelihood that efficiency would drop and accountability would be lacking remain significant.
Solution
Due to the decentralized, transparent, and unalterable records created using blockchain and NFTs, there are no repeats of the aforementioned disputes. There won't be any system errors or concerns about physical document loss.
Also, Visit | Blockchain in Supply Chain | Use Cases, Advantages, and Features
Product recalls
Products are occasionally required to be recalled by businesses. For reasons like any infractions of the customer protection law in the food and pharmaceutical industries.
There may occasionally be a need to remove damaged goods. But if there isn't a clear structure for watching and documenting, this can become challenging.
It might provide the business with a lot of problems.
Solution
NFTs have made it possible for businesses to track problems effectively, find impacted goods quickly due to transparency, and recall them as needed.
The supply chain data can be used as a starting point for identifying defective products and developing future action plans.
Counterfeiting
Since counterfeiting is one of the major scourges in global supply chains, fake goods make up a sizable portion of global trade.
If the movement of the items is not properly monitored, a problem could arise at any time whether it's the substitution of cheaper parts or raw materials, etc.
Solution
A smart Blockchain-based smart contract Contract can be used to identify certain goods and guarantee that genuine products cannot be exchanged for imitations.
Every time a product transfer occurs, it may be recorded, which boosts customer efficiency and trust.
Overall, the NFTs' distinctive qualities play a subtle part in changing the supply chain industry.
Explore More | Reimagining Supply Chain Management with NFTs
NFT Supply Chain Use Cases
The question of which unique assets can we represent by tokens and when it makes sense to make these tokens non-fungible emerges when we tie the existing use cases of NFTs to the area of supply chains.
Some of the assets that can be represented by an NFT to clearly show their ownership or exchange history are listed below:
Identifiable Physical Goods or Batches of Items (Product Authenticity)
Blockchain technology is frequently used for the traceability and provenance of products.
Blockchain technology and tokenization are used in numerous industries to track goods including food, medications, and clothing.
Throughout a supply chain, tokens are used to track the exchange and movement of items.
A distinctive digital twin that is connected to specific identifiers of the physical products can be made by producing NFTs for individual products or batches of products.
Also, Check | Utility NFT (Non-Fungible Tokens) | Moving Beyond Digital Collectibles
Unique Physical Assets (Asset Tracking)
NFTs can also represent other types of assets, such as real estate or manufacturing equipment.
By developing distinct revenue-generating assets that are NFT-specific, NFTs can allow fractional investments and streamline real estate transactions.
Factory equipment is another type of asset that generates income and might be financed in different ways, such as through tokenization
Immutable Proprietary Digital Business Papers (Certificates and Transactional Data)
A unique identity is always present in official business papers like certifications, invoices, and sales orders. NFTs are able to represent this class of documents as well.
Are NFTs applicable for use cases in the supply chain? The simple answer is that using NFTs to track (digital) assets makes sense, especially when it's necessary to represent different assets.
Would you like to find out how your business can integrate NFTs into your supply chain? Please reach out to our blockchain development experts.
Mudit Kumar
09 Aug 2022
Developing an NFT Marketplace on Ethereum
In this blog, we go into the details necessary for developing a market-leading NFT (non-fungible tokens) marketplace. We analyze why decision-makers should consider Ethereum blockchain development services for building an NFT marketplace.
Why Choose Ethereum for NFT Marketplace Development
NFT marketplaces built on the Ethereum blockchain enable users to effortlessly trade NFT. It is because ERC-721 and ERC-1155 are the two main token standards for NFT and NFT marketplace development on Ethereum.
The ERC-721 standard, which is now the most popular, efficiently establishes the minimal data—such as ownership information and security—necessary for network transactions. With ERC-1155, creation, and storage are less expensive.
One of the first blockchains for NFT development was Ethereum.
Indeed, the first Ethereum-based NFT collections, CryptoPunks, and CryptoKitties, both from 2017, were the ones that popularised NFTs and grew the market.
NFTs originally debuted on Ethereum in 2015–2016.
As a matter of fact, major marketplaces for several NFT collections, games, or metaverse initiatives run on Ethereum-based marketplaces.
Examples include the marketplaces like CryptoPunks, Decentraland, and Axie Infinity. Other online markets also provide consumers with NFTs in all niches, such as collectibles, art, sports, metaverse, gaming, etc.
Also, Explore | A Quick Guide to Ethereum ERC Token Standards
Why is Ethereum the Blockchain that the NFT Marketplace should use?
Some of the most well-known NFT marketplaces, including Opensea, Rarible, and Larva Lab, run on Ethereum.
Now, let's discover the benefits of creating NFT marketplaces on Ethereum, such as Opensea and others.
Secure and Discreet Transactions
Ethereum enables the development of secure transaction layer private consortiums.
In such consortia, the confidential information is encrypted and never broadcast to users of ConsenSys Quorum. Thus, it manages the NFT NFT market more efficiently.
High-Performance
In comparison to the open mainnet, consortium networks perform significantly better. Depending on the network configuration, it is capable of 100 TPS. Consortiums more importantly ensure the smooth operation of Proof of Authority consensus, programmable block time, and gas limits.
Distributed Data Management
Data is distributed through a decentralized design to foster trust. Hence, it does away with a user's reliance on a central organization to run a system and carry out transactions.
Subsequently, the Ethereum market can operate more quickly and effectively.
Fast and Secure Deployment
Once a dApp is live on the platform, it is made available to all network nodes.
Further, they are able to quickly manage transactions such as exchange, mining, and storage on Ethereum.
Public but Permissioned Networks
Through the open-source protocol layer ConsenSys Quorum, businesses can create their setup on a public Ethereum network.
They will be better able to satisfy upcoming security and regulatory needs. This benefits the marketplace significantly.
They can operate transparently and avoid unneeded regulatory restrictions.
Growing Scalability
The Ethereum mainnet is a clear example of a network operating with several nodes and millions of users, in contrast to other blockchain networks that operate on a small number of nodes with no room for future expansions.
Scalability-wise, Ethereum is the best option for expanding NFT marketplace projects.
Also, Visit | Ethereum Smart Contract Development | Discovering the Potential
Technology Required for NFT Marketplace Development on Ethereum
Ethereum
The blockchain has the highest adoption rate for NFT markets. It keeps track of the NFT IDs and links them to the associated digital assets.
Gas station ETH
A facility for information on the transaction costs for Ethereum.
Golang
A programming language used for the NFT marketplace's back-end development.
Solidity
It is a smart contract programming language.
LevelDB
It is a database for quick access to the blockchain.
AWS S3
It is a cloud database that offers several storage types for various data quantities.
Web3.js
It is a crucial JavaScript library for establishing connections to the Ethereum network.
Truffle
It is used for evaluation and rolling out customized dApps and Ethereum smart contracts.
Ganache
It is used in conjunction with nearby test nodes to validate the implementation and communication of smart contracts.
Node.js
It is a program that natively runs backend or Java apps on Ethereum.
React.js
It is a front-end development language that is open-source and free.
Metamask
It is a digital currency wallet for trading Ethereum tokens. Keys for the cryptocurrency Ethereum are also kept there.
You may also like: It’s Time for Real Estate NFT Marketplace Development
Additional Services
CoinMarketCap
It is a service that keeps track of cryptocurrency prices.
Infura.io
It gives access to the Ethereum blockchain through a service.
Selecting the Best Partner for Ethereum Blockchain Development
Connect with our Ethereum blockchain experts for professional advice and development services. At Oodles, we provide efficient NFT marketplace development on the Ethereum network.
Mudit Kumar
02 Aug 2022
Play-to-Earn NFT Games | Driving the GameFI Revolution
This blog is for you if you are a start-up enthusiast looking to develop and launch a play-to-earn (P2E) gaming business using upcoming technologies like blockchain and NFT development services. Here, we present helpful information that decision-makers should consider both before and during the development of play-to-earn NFT games.
Play-to-Earn and Traditional Gaming
Traditional gaming generally operates on the "closed-end model". To advance or unlock prizes, players spend a lot of time grinding and performing tedious activities in a game. Yet, eventually, they do not get the authority to transfer or sell those earned assets. They are forced to follow rules set by the centralized gaming industry. It can add rules or otherwise alter them whenever they like.
Contrarily, play-to-earn games enable gamers to play games and earn in return for their hard work. Especially, with blockchain and NFT-based play-to-earn games, by performing tasks, engaging in player battles, or advancing through different game levels, gamers receive prizes in the form of in-game assets such as crypto tokens, virtual land, avatars, weapons, and other non-fungible tokens, or NFT. Additionally, unlike conventional games, play-to-earn games allow players to purchase and transfer in-game assets like NFT outside of a game's virtual environment due to their blockchain-based structure.
You may also like to explore | Play-to-Earn NFT Games | Fundamentals and Development Essentials
The Convergence of NFT, Blockchain, and Play-to-Earn Games
Play-to-earn games have their virtual economies. They each have unique crypto tokens that are constructed on the blockchain of a particular cryptocurrency (often Solana, Ethereum, or its layer 2 chain, Polygon), and the supply and demand of their tokenomics change.
Each game's model and economy are different. Still, all of these in-game items have the potential to give players some financial advantage, whether it be because they won a battle and received cryptocurrency, sold an in-game NFT on the market, or charged another player rent to stay on their virtual property.
It's interesting to note that wherever blockchain enters a sector, it introduces decentralization and autonomous governance. Industries like music and art have already been transformed by it. Game time has arrived.
Also, Check | How to Develop Play-to-Earn Game in Sandbox
Understanding Play-to-Earn Games' Economies that Involve NFT
Creating a play-to-earn economy requires developers to consider more than simply their bottom line.
In this scenario, players and developers resemble business partners. It operates in the following way for NFT-based play-to-earn games.
Holding valuable assets and distributing them via trading are the players' responsibilities in the partnership. This ought to increase the number of players in the game. The developers' revenue also rises as demand for the game's NFT collection does. There is one crucial aspect that developers must consider.
It costs money to produce NFTs, and that money needs to be returned. The developer profits from a reduction in transaction fees. This results in revenue for the developer each time an NFT is transferred.
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Let's assume that the royalty rate for a skin NFT is set at 2%. Every time this NFT is sold to a different player, the NFT's original inventor (the developer) will profit. Not just the first few instances, but always. Therefore, the developers need to be careful to determine a fair price. In addition, they ought to keep urging gamers to transfer these assets.
What about the games that distribute current cryptocurrencies? How do they generate income?
Most frequently by showing gamers advertising. Here, time is a crucial element. The creators should be getting enough ad money as long as players spend a lot of time playing the games to acquire some cryptocurrency.
Gaming Guilds to the Rescue
Gaming Guilds made up of investors, players, and managers can address many of the issues with sustainable inflow and upfront capital investment. They buy in-game items like land and in-game assets in the form of NFT and then lend them to new players who might want to try out the new format, earning yields by using those gaming assets in the respective virtual worlds. The guilds then make money off of the gamer by splitting their profits and the rent they receive. The goal is to make it easier for people to participate in P2E games without having to invest money upfront.
Popular NFT Play-to-Earn Games
CryptoKitties
The Ethereum-based blockchain game CryptoKitties, created by Canadian studio Dapper Labs, enables players to buy, collect, breed, and sell virtual cats. One of the first initiatives to gamify decentralized finance was this one.
Decentraland
Players can acquire virtual land in this 3D environment, construct it, and then rent or sell it to other players in exchange for MANA, a cryptocurrency that functions on the Ethereum blockchain. When best Best Blockchain Platforms for Games Development
Most Resourceful Blockchain Platforms for Building NFT P2E Games
Ethereum
It is a public blockchain network whose nodes are spread worldwide. With Ethereum development services, you can create software and write code to manage money. The goal of Ethereum's blockchain is to execute a decentralized application's source code.
Tron
Decentralized application development and deployment are accelerated and made simpler by Tron. TRX is the cryptocurrency that Tron retains. Tron creates an ecosystem where users can access digital assets by sharing content.
Begin with Conceptualization and Ideation
Start with a proposal that, in your opinion, meets the needs of the user and the market, taking into account things like NFT integration, in-game economies, and game mechanics. At Oodles, speaking with our blockchain experts can assist in defining precisely what needs to be planned, carried out, and accomplished. Next, we choose the best technology and tools to put your idea into practice.
Mudit Kumar
29 Jul 2022
Getting Started with Metaverse Development on Blockchain | Part 2
It is the second post of the 'getting started with the metaverse development series. In the first post, we identified the business opportunities, building blocks, and essential development considerations related to the metaverse and emerging technologies like blockchain. Now, let's discover further development opportunities, existing use cases, and the capabilities required to get started with the metaverse.
Although the metaverse promises a myriad of new business possibilities, businesses must critically plan before delving into its development for developing inventive solutions. It is because it does not fully exist yet. It is still in its early stages. However, a few of the below-discussed concepts that lay its foundation are already transforming businesses, including blockchain development. Companies can understand the possibilities and use cases that currently exist and may emerge in the future with the convergence of the metaverse and these concepts. They provide an action plan for businesses to develop solutions that may accelerate the adoption and success of the metaverse in the future.
Action Plan for Entering Metaverse Development Space
Understand Underlying Concepts
The concepts of the rapidly developing metaverse are unfamiliar to the majority of businesses, including many technology corporations. Many people can also lack the knowledge and procedures necessary to fully comprehend and believe in their digital investments and transactions. Give at least one person or group the responsibility of understanding important ideas like cryptocurrency and decentralized autonomous organizations and how they relate to your business, as well as keeping up with the metaverse's development.
Devise a Plan of Actions
Work on basic measures after identifying holes to fill and long-term chances to build from the metaverse and its key principles. For instance, many businesses will probably profit from hiring digital native workers who are already familiar with the key ideas of the metaverse, as well as from taking technical actions like extending services, creating plans for security and identity, and publishing application programming interfaces (APIs) to core systems so that others can connect.
Also, Read | The Potential of the Metaverse | Use Cases and Advantages
Begin Developing with a PoC/MVP
Pick a few opportunities inside the current underlying patterns of the metaverse. Selling digital replicas of tangible commodities, giving virtual tours of virtual goods or facilities, and introducing NFTs to strengthen client relationships are examples of lower-risk use cases. For sales, advertising, and customer service, businesses could also want to think about purchasing or leasing digital real estate. Since no specific digital world has yet demonstrated that it will have long-term importance, digital real estate is probably a riskier option, but it might be an appropriate one for some businesses to examine.
Establish Trusted Systems
Cybersecurity, privacy rights, regulatory compliance, brand reputation, and anti-fraud initiatives face new issues as a result of the metaverse and its current components. Companies should, for instance, take security into account at the service level to ensure that security is maintained regardless of where your asset is. Consumers, shareholders, regulators, and other stakeholders need to know what to expect from your metaverse projects and how you plan to reduce any risks for you to build their trust. For instance, in some circumstances, the authentication of identities, assets, transactions, and contracts can be automated using blockchain and AI.
Also, Read | Insights into Blockchain, NFT, and Metaverse-based Gaming
Consider your Main Competencies
In a shared, decentralized digital ecosystem, different things from what you currently have may provide a competitive advantage. To fill skill gaps, you might need to hire new people, upskill existing employees, and adopt new methods for handling data and commercial relations. For instance, if the foundation of your digital strategy is controlling a digital platform, you'll probably need to speed up the development of your services and security infrastructure. Consider how prepared the platform you are using is, and make sure you can take your data with you if you move service providers.
Create Omnichannel Experiences
If you have added or plan on adding digital services and/or assets to your portfolio, drive for a consistent brand experience across both the physical and digital constructs. Just as your web presence needs to match your physical location experience — so must your metaverse experience.
Also, Read | Metaverse and Digital Twin
Blockchain Technology's Use in the Metaverse
For the Metaverse, the blockchain is essential for the following reasons:
Enhanced Security
Because the Metaverse stores data in exabytes, or one billion gigabytes, secure storage and transmission have grown more difficult. For decentralized systems, blockchain technologies are essential because they let every user control their data on their own, without a third party.
Decentralized Trust
Tokens are secure data transport mechanisms that, among other things, transmit encrypted information, personal data, and authorization keys. Preventing outsiders from accessing vital information, also increases user confidence in the ecosystem.
Global Economic Inclusion
While being essential components of the blockchain, cryptocurrencies and digital assets also serve as a technical equivalent of conventional currency and are used to conduct metaverse transactions.
Smart Contracts
These help the Metaverse effectively handle interactions between ecological players on financial, ethical, and other levels. Smart contracts also provide you the ability to enforce the fundamental laws of the Metaverse.
Also, Read | The Importance of Smart Contracts in the Metaverse
Leading Blockchain Platforms Advancing the Metaverse:
Several blockchains are playing a crucial role in the widespread adoption of the Metaverse:
Ethereum
The most widely used blockchain is Ethereum, and its decentralized platform makes use of smart contracts or apps that function exactly as intended, with no chance of fraud or outside influence.
Numerous non-fungible tokens (NFTs), or digital assets connected to the blockchain and used to confirm ownership, are also present there. Additionally, they have been used to build entire virtual worlds, video games, and digital artwork. Decentraland, Cryptovoxels, and The Sandbox are a few instances of Ethereum blockchain-based metaverse platforms.
Cardano
The Cardano blockchain is a cutting-edge contract platform. It is currently under development that tackles some of the scalability and sustainability problems of Ethereum.
The Pavia metaverse platform employs blockchain. It gives users a decentralized environment with a small carbon footprint and cheaper gas costs. It is powered by Cardano.
Also, Read | Metaverse NFT Marketplace Development
Different Metaverse Use Case Types
Experiment Stage
New technology's early applications focused on experimentation and POCs
Usual use cases created with partners
Standard Stage
Applications for digital experiences that link to and enhance physical or other currently existent digital experiences
Utilize several elements of the metaverse's enabling technology.
Advanced Stage
Digital native experiences that make use of a variety of the metaverse's enabling technologies to build multiuser experiences
The transaction is the start of the consumer relationship that develops into enduring loyalty.
Community-based network effects creation
Transformation Stage
With complementary economies of scale, numerous business lines that are innovating across various metaverse enabling technologies
Connected to a number of metaverse ecosystems but still holding a competitive advantage due to experience and superior technical capabilities
Find out more about the metaverse and blockchain development from our blockchain development experts.
Mudit Kumar
25 Jul 2022
Getting Started with Metaverse Development on Blockchain
Few company executives would consider themselves specialists in the metaverse and blockchain development space. Some people might ponder whether their companies even need metaverse and blockchain app development. The quick response is yes, it does.
In reality, several metaverse notions are already taking physical form. Soon, others will. Many businesses are making investments to increase revenue, deepen consumer loyalty, and engage with their communities in novel ways.
However, there are other causes for caution. Although the underlying technological trends have been there for years, the metaverse and its development services are currently very popular. Undoubtedly, this breakthrough has some pockets of speculation, overvaluation, and foolish investment. It is much like the internet in its early years. The good news is that you can separate facts from fiction by understanding what the metaverse is truly all about. Further, you can take reasonable, doable actions to fulfill your company's goals.
What is the Metaverse and what does it Imply for Business?
In the metaverse, you can connect with consumers and communities while buying and selling products and services, signing and enforcing contracts, hiring and training employees, and more in a wonderfully realistic 3D digital world. The metaverse won't run solely on platforms whose owners control data, governance, and commerce, as some technology visionaries envision it. Customers (and companies) will instead be able to carry their identities, currencies, experiences, and assets wherever they like, which will be made possible by emerging tech like Blockchain and AI.
An immersive, persistent, and decentralized digital world may have far-reaching effects on business.
Already, companies use the metaverse to:
Improve the experience for customers
Describe virtual goods that are exclusive to the metaverse.
Get fresh client data
Promote items and services, both tangible and digital.
Support for metaverse finance and payments
Provide hardware and software that facilitates metaverse activities.
Even though a true metaverse doesn't yet exist, these opportunities do.
Also, Read | Why NFTs are the Key to Metaverse's massive explosion
Business Opportunities in the Metaverse
Over the past ten years, Oodles is a metaverse development company that has recognized the most significant emerging business technologies and how they are convergent in ways that are beginning to enable some aspects of the metaverse.
Processing power and storage issues are now being addressed by cloud technologies to allow immersive interfaces and extended reality. Hyperconnected networks that use 5G are almost fully developed. AI is assisting in the development of digital reflections that integrate speech, computer vision, and deep learning to provide users with experiences that feel authentic. Financial systems that are partially automated are made possible by the decentralization of the economy and finance, which is supported by blockchain. The desire for the virtual goods and experiences that the metaverse offers is also growing as a result of digitally native consumers and the pandemic's effects on consumption patterns.
The beginnings of the metaverse can now be found in isolated experiences where assets and value are neither interchangeable nor interoperable. However, the world of virtual places with interchangeable and interoperable assets and transferable identities in the future will be powered by blockchain.
Also, Read | Web 3.0 Vs Metaverse
Building Blocks of the Metaverse
The metaverse can be viewed as a collection of opportunities from which your business can pick a few to concentrate on. We've chosen a few ideas that, in our opinion, will serve as the metaverse's cornerstone based on our years of experience working with the technological trends that are currently convergent to construct it. Most organizations still do not fully understand the value of true convergence because most are not yet fully developed.
However, some of these ideas are already developed to the point where they can expand current business lines and develop new ones. Retail, real estate, and entertainment businesses have already started investing and making money. Getting in at the beginning can help your business be prepared however the metaverse may develop for other, less-developed metaverse components. In either case, these elements demand consideration of trust and values; without caution, the new digital world could widen socioeconomic gaps.
Also, Read | The Potential of the Metaverse | Use Cases and Advantages
Essentials for a Premier Metaverse Framework Development
Emerging Tech-Based Economy
Cryptocurrencies, non-fungible tokens (NFTs), blockchain-based digital currencies, assets, and exchanges will support the value exchange in the metaverse. As governments, businesses, and new, digital-only organizations attempt to develop reliable digital monetary systems, provide novel data monetization ideas, and conduct financing, payments, real estate investment, and other activities in the metaverse, more innovation will be required. Decentralized autonomous organizations (DAOs), which have rules that participants voluntarily agree upon and then implement by software that runs on a blockchain, can play a significant role.
Interoperable Network
A real metaverse needs seamless user and platform interoperability built on web 3.0 and other as-yet-undefined standards. While this interoperability will open up new avenues for connecting with and understanding customers, it will also provide new difficulties for data collection and security, as well as for privacy and cybersecurity. Companies with reliable means for people to access the metaverse through hardware or software may gain a competitive edge.
Also, Read | E-commerce development in the metaverse
Decentralized Governance
The metaverse will require rules for user behavior, guidelines for how the metaverse can evolve, and enforcement tools including tax collection, data governance, and regulatory compliance. Maybe, early adopters will formulate these guidelines. Security will be of the utmost importance since a new, decentralized digital environment can present bad actors with various new attack vectors. To lessen the misinformation that has frequently plagued the internet, authenticity, and trust, in general, should also be prioritized.
Decentralized Identity
On today's internet, identities and platforms frequently connect with each other. It could be real, fictitious, or anonymous. The decentralized and networked metaverse will require secure digital identities for individuals, assets, and organizations that may move between platforms. Currently operating digital identity businesses may both contribute to establishing the norms for the metaverse and be able to provide a crucial service. In a decentralized setting, digital identities may also be crucial for authorized data collection and data governance.
Also, Read | Insights into Blockchain, NFT, and Metaverse-based Gaming
Digital-Native Experience
Based on its aesthetics—beliefs, values, and tastes as represented in personal choices—a shared, persistent, and immersive 3D digital environment will provide distinctive experiences. In games and VR/AR settings, several user experience trends are already becoming apparent. Businesses can win consumer loyalty that providing dependable metaverse experiences and upholding privacy rights. It will be also won by those too that keep up with metaverse trends to predict consumer preferences and behavior.
Sustainable Ecosystem
A realistic metaverse should accurately reflect the alterations made by many players who enter and exit it in various ways. When you remove your metaverse headset, the metaverse and other participants should carry on with their operations as usual. It will be possible with smart contracts, for instance, which will carry out asset trading and contract enforcement. This persistence will probably necessitate a new approach to digital assets and activities. It will include portable, dynamically adjustable, and extensible services and applications.
Can I Develop my own Metaverse?
Yes, you can develop your metaverse by availing of metaverse development services. Oodles Blockchain can provide you with all the essentials for creating a virtual world.
A new digital world is already taking shape, as we can witness. It's time for you and your business to decide how to go. Need help? Connect with our metaverse and blockchain development experts to get metaverse development solutions.
Mudit Kumar
21 Jul 2022
Utility NFT | Moving Beyond Digital Collectibles
In the first quarter of 2022, the overall trading volume of non-fungible tokens (NFTs) increased from millions to billions. There must be more to NFT development than just market buzz and FOMO for that value to be sustainable.
Finding practical applications for NFTs is still in its nascent stage. However, the cryptographically distinct tokens may be more than just JPEGs stored on a blockchain. Utility NFTs, or NFTs with real-world applications, may prove to be a potential catalyst for the transition of NFTs from an investment fad to a brand-new mode of interaction, play, and work, powered by smart contract solutions.
How does Utility NFT Work
Utility non-fungible tokens, often known as "NFT 2.0s," are a subset of non-fungible tokens. They have unique properties that make them more valuable than other token types. For instance, one of these is their capacity to trade on decentralized exchanges and gain entry to special events. Indeed, businesses are creating NFTs to offer a membership card that users can use with other apps.
For instance, the Crypto Baristas initiative grants lifetime membership to its NFT holders in a rewards program for a future chain of coffee shops. The Bored Ape Yacht Club, which might as well serve as the current face of NFTs, has also been gradually introducing additional exclusives for its NFT holders, such as limited-edition merchandise and group art endeavors. Utility NFTs are becoming increasingly popular, but this is merely the beginning of what is undoubtedly going to be an innovative future.
The two NFT formats differ in a fundamental way. The standard NFT 1.0 offers holders a lovely key, but that is all it is: a pretty key. On the other hand, users of NFTs 2.0 receives an attractive key that opens a lovely door that conceals gifts.
The utility of NFTs is the newest and most fascinating component of crypto-collectibles. More interest from investors will result from the potential to develop crypto-collectibles that serve a purpose or are beneficial in addition to having a purely aesthetic value. Further, it can include more people previously shut out of the market to participate.
Also, Read | NFT and DeFi Solutions | Disrupting the Financial Space
What does Utility Mean in NFTs
NFT is a unique digital asset that people can keep for its aesthetic worth. This viewpoint is correct, but as the NFT market expands, the token is starting to have more applications. We know them as utility NFT.
A component of an NFT is said to be "utility" if we can use it for purposes other than just showing it. It means that we can apply it in actual situations. It implies that it adds functionality to the NFT piece that users can use in addition to owning it. A utility NFT example is Crypto Baristas, which enables holders to take advantage of premium coffee products from coffee shops that are yet to launch. Holding the crypto barista NFT, then, has benefits for coffee lovers that go beyond its aesthetic appeal and enable them to really enjoy coffee.
The ability to leverage utility to seamlessly complete real-world transactions is another significant aspect it adds to NFTs. People will have access to a unique variety of fashion products with the type of NFT that certain fashion companies want to produce in the future. Additionally, holders of NFTs have access to seats or tickets that are not available to non-holders in sports. Therefore, a sports team may sell NFTs instead of special tickets, giving the holders privileged access.
RiseAngle's RAM NFT, which enables users to use their NFT collection for various Metaverse utilities, is a significant utility NFT. It is accessible in their most recent NFT release, RAM.
Also, Read | Reimagining Supply Chain Management with NFTs
Utility NFT Use Cases
Staking
The idea of yield-earning NFTs becomes possible due to the ability to stake NFTs. Owners of NFTs stake their NFTs in a variety of initiatives. As more people become aware of the richness of options there in the NFT industry, expect to see this sector grow in the future.
Ticketing
NFTs can act as digital tickets for events and as event passes. NFTs are the next generation of event tickets since they suggest that the buyer owns the purchased digital item, and blockchain technology makes it possible to trace ownership. Although entering digital events in the Metaverse may be the most obvious use case, NFTs offer a potential improvement over the traditional concert and event ticketing.
Gaming
Gaming makes considerable use of NFTs. They enable players to earn money in cryptocurrency while they play. Play-to-earn games like Axie Infinity have grown in popularity as alternatives to already-existing games. There are NFT gaming marketplaces also. Those marketplaces and games provide NFT holders access to exclusive characters, levels, and other features.
Also, Read | Play-to-Earn NFT Games | Fundamentals and Development Essentials
Fundraising
NFTs can also come in use for fundraising. For instance, charities and non-profits can provide an NFT as a prize for raising a certain amount of money for a charity cause instead of a free t-shirt or entry into a raffle. T-shirts lose value after they are worn, but owning an NFT is like owning an investment, and its value can increase over time. Thus, this would probably be a more alluring award and could inspire individuals to raise capital more.
Music
As briefly mentioned, the music industry now accepts NFTs, and more bands are beginning to offer albums as NFTs. Music Although they typically don't give royalty rights, NFTs certify on-chain ownership of a token associated with a music file. However, Royal enables NFT lovers to directly invest in artists while also assisting artists in creating NFTs that provide royalties. The music business may experience a paradigm shift as a result.
Also, Read | Advanced NFT Marketplace Development on Solana Blockchain
Conclusion
We have barely touched upon the utility of NFTs. It is logical to assume that other initiatives in the future will further encourage NFTs to become a permanent part of our daily lives as the crypto sector continues to advance at a rapid rate. For more information on how you can utilize one of the utility NFT ideas, connect with our NFT and smart contract development experts.
Mudit Kumar
19 Jul 2022
NFT and DeFi Solutions | Disrupting the Financial Space
DeFi and NFTs are the two most noticeable trends in the blockchain and cryptocurrency development sector these days. While non-fungible tokens make asset tokenization possible, DeFi provides decentralized access to financial services. However, it's crucial to consider how businesses may use DeFi and NFT development combo to their advantage.
Generally, people see NFTs as digital collectibles or works of art that command high prices at auctions due to hype. Non-fungible coins, however, have the potential to make remarkable long-term contributions to the expansion of decentralized finance. The following discussion helps you discover potential strategies for maximizing the benefits and utilization of NFT and DeFi.
What are NFTs and DeFi?
Non-fungible tokens are just an original technique to store value. NFTs have value tied to a specific asset, like gold or a dollar bill. On both the market and individual levels, the value of the NFT varies accordingly. Non-fungible tokens are hard to copy or replace, which suggests that no two NFTs can be identical. A financial system running on blockchain technology is DeFi. The Ethereum blockchain, among other public blockchain networks, has contributed to the growth of the DeFi ecosystem. Through several built-in mechanisms, including cryptocurrencies, oracles, and Smart contracts, DeFi opens the door to decentralized financial management. The possibilities for finding a connection between NFT and DeFi depend on their definitions.
So how do you establish a relationship between DeFi and NFT? You can tell from their definitions that NFT provides a method for storing value while DeFi enables a framework for releasing asset value.
Also, Read | Cross-chain Defi Development: The New Big Thing for Future
How NFTs help DeFi Advance Together
NFTs can significantly alter conventional activities, but what value can they add to the financial sector?
Traditional centralized finance has always been regulated by regulating bodies that monitor transactions, investments, and trade agreements and determine if they are reliable and responsible. However, this strategy has drawbacks as well. Verification and approval can be a highly drawn-out procedure, which causes not only actual delays but also costs money. Not to add that involving too many people increases the likelihood of fraud or inaccuracy.
Decentralized finance offers a transparent and effective way to manage finances while maintaining the privacy and security associated with these problems.
Looks good. Be patient until NFT arrives.
NFT is currently in use in many DeFi initiatives due to its capacity to hold value and act as unchangeable evidence of ownership. DeFi, in turn, assists in releasing this value and carries out a variety of activities on tokenized assets. These two technologies complement one another well and provide fresh revenue opportunities.
Also, Read | Reimagining Supply Chain Management with NFTs
Use Cases for DeFi and NFT
NFT Lending
NFT lending addresses the illiquidity issue NFTs face by establishing a market where NFT owners can mortgage their NFTs in exchange for crypto or fiat. As an illustration, you may utilize your CryptoPunk as security to access more money. Then, you can invest in DeFi or purchase more NFTs with this financing.
Collateralized NFTs have attracted interest. Arcade is a platform that has raised $15 million to enable collateralized NFT loans. NFTs running on Ethereum can act as collateral on the solution. All ERC20 tokens and stablecoins like USDC and DAI are available for borrowers to receive loans.
Also, Read | Defi Lending and Borrowing Platform Development
NFT Renting
To serve the gaming industry and other sectors that can profit from renting out NFTs, IQ Protocol is introducing a concept, NFT renting. "Consider paying little money to rent an exclusive gaming weapon or skin or earn a badge you've always desired. You're willing to pay a charge to borrow an in-game asset for a week even though you do not want to purchase it. It can be expensive, says Ana Nesterova, Head of Marketing at PARSIQ.
Renting CryptoKitties is another application. For instance, you may want to breed a rare CryptoKitty with another rare CryptoKitty to produce an even rarer CryptoKitty. You can use NFT renting to access this CryptoKitty and create an NFT-based cat of your choice. Because other users can access new properties, use cases, or NFTs by renting out their own NFT, it opens up new revenue streams for NFT owners.
Also, Read | Enterprise-Grade NFT Solutions | Moving Beyond the Hype
Online Value Storage - NFTs
Every NFT comes with a Smart Contract, serving as a history of its transactions, initial minting, and current estimated value. The use of NFTs in DeFi requires these qualities. Tokens can fulfill various roles in the supply chain because of NFT value and associated Smart contracts. For instance, they can facilitate transactions between a borrower and a lender and between a buyer and a supplier of products or services that require payment.
Insurance
DeFi and NFT can impact both standard insurance products and assets tied to cryptocurrencies. NFTs are created by converting insurance contracts, after which they can be bought, sold, or transferred. Due to the non-expiration of non-fungible tokens, you save the time-consuming procedure of compiling the required documentation and meeting with bank workers for verification.
Also, Read | Move-to-Earn NFT Development
Fractional Ownership
Since some non-fungible tokens are expensive, it can take a while for a buyer to materialize. The price can be divided among numerous buyers with token fractionalization, enhancing the asset's liquidity.
Collateralizing Loans
Due to the borrower's ability to submit a token to lower the lender's risk in case of the failure of loan repayment, NFTs make it simpler to obtain collateralized loans. The lender can consider the NFT's current price, secondary market trends, and demand for that specific asset before making a choice.
Also, Read | How are fractional NFTs transforming the NFT world?
Management of Debt
Another sector of finance that stands to gain a lot from the adoption of NFT DeFi is debt management. As a company grows, it requires more employees to oversee its finances, especially debt issues. Smart contracts can automate routine operations like computations and approvals, saving time and removing human error.
Conclusion
Now that we can incorporate NFTs into DeFi, the sector has a chance to appeal to everyone. By bringing some of the crucial elements of TradFi and seamlessly integrating them into DeFi, these financial NFTs enable us to open up the market to typical investors and non-traders and pave the way for mass adoption.
Connect with our NFT and blockchain development experts for more information about how NFT and DeFi together revolutionize the financial space.
Mudit Kumar
16 Jul 2022
Understanding Eco-Friendly Crypto Development
The cryptocurrency industry is dealing with the issue of crypto mining's high energy requirements. Due to the intricate levels of computing necessary, cryptocurrency mining typically uses a lot of energy. Thus, efforts to create cryptocurrencies using a more environmentally responsible way are occurring rapidly. Green, eco-friendly cryptocurrency development presents an alternative model with a low environmental impact. It aims to reduce the carbon footprint associated with the initial digital currencies like Ethereum or Bitcoin.
Need for Sustainable Crypto Mining and Development
Sustainability is increasingly becoming a crucial metric for the blockchain industry's future. Businesses need to develop efficient and effective cryptographic systems to increase the use of blockchain-based cryptocurrencies. It requires assessing a few factors to improve a crypto's energy efficiency and consumption before creating it. For instance, they must evaluate the process of creating and maintaining blocks of information and how users agree to record and validate data on a blockchain.
Most well-known cryptocurrencies, including Bitcoin, require mining and a lot of energy to create new ones. The emerging eco-friendly cryptocurrency development concept intends to reinvent this procedure to reduce their disproportionate energy use. Inefficient energy use and the resulting greenhouse gas emissions are at odds with the original intent of digital currencies. It was to provide a more open, equitable, and sustainable system than traditional government-controlled currencies.
Also, Read | A Quick Guide to Understanding Crypto Payment Gateway
Addressing the Issue of High Energy Consumption associated with Cryptocurrencies
New techniques that lessen the environmental impact of blockchain technology are the foundation of emerging green, eco-friendly cryptocurrency development. They can improve current cryptocurrencies as well, which are more polluting.
Ethereum, the platform that powers most non-fungible tokens (NFT), promises to use a Proof-of-Stake (PoS) consensus method. It intends to lower its energy consumption by 99.5% using the PoS consensus mechanism.
It seems inconvenient to include sustainability in cryptocurrencies' intricate objectives like decentralization, security, and scalability. But experts provide the following guidelines.
Also, Read | Increasing Inevitability of Multi-Chain Crypto Wallet Development
Switch to Renewable Energy Sources
It is the first logical step to correcting the carbon emissions estimates produced by the cryptocurrency industry. Indeed, miners mined less than 40% of the Bitcoins certified by Proof of Work in 2021 with green energy. Thus, various startups have appeared with solutions to close this gap.
Transition to Proof of Participation
To participate in a lottery where they can choose to be assigned transactions to verify, miners must advance a modest number of bitcoins under the Proof-of-Stake (PoS) consensus process. It lowers the risk of them approving fraudulent transactions while eliminating the competitive computational element of Proof-of-Work, allowing each machine to work on a different problem and optimizing the energy consumed.
Pre-Mining Integration
Pre-mining operates like fiat money or stock: a central authority creates a specific quantity of the good in question. In this case, an entity develops cryptocurrencies and distributes them according to the global and commercial environment. In these systems, users involved in a transaction might need to pay a small fee to compensate for their labor. However, miners still confirm transactions in a decentralized network before adding them to the blockchain ledger.
Also, Read | GameFi | The Next Big Thing in the Crypto Space
Eco-Friendly Cryptocurrencies
Environmentalists concur that the amount of fossil fuels used in the "mining" of bitcoin is alarming.
Alternative, environmentally friendly cryptocurrencies exist nevertheless, and they cause less harm to the environment.
These might assuage worries about cryptocurrencies and the environment.
Even though smaller currencies may frequently seem to have a reduced carbon footprint, that could just be the result of fewer transactions. However, certain digital assets have a lower environmental impact since they are more energy-efficient.
According to data from TRG Datacenters, these coins appear to be the most energy-efficient ones.
IOTA (0.00011kWh)
XRP (0.0079 kWh)
Chia (0.023kWh)
Which coins are environmentally friendly? We list three cryptocurrencies that are less harmful to the environment than bitcoin below.
Also, Read | Cryptocurrency Legality Around the world
Chia
Chia is a fantastic example of a sustainable cryptocurrency coin that has been created to be less energy-intensive, according to TRG Datacenters.
Instead of mine, or proof-of-work, as bitcoin does, which depends on computer processors, the "farming" method utilized by chia uses hard drives or proof of space.
Important information on chia:
On the hard drives of laptops and desktop computers, chia coins can be farmed, and spare space can be used for "plots."
Once the software has finished downloading, your computer will start growing chia and will do the plotting for you.
This method makes it simpler for homeowners to grow chia because it uses less electricity than cryptocurrency mining does.
The fact that chia has contributed to a sharp increase in the demand for computer technology and rising quantities of e-waste, according to some detractors, means that it isn't quite as environmentally benign as it claims to be.
IOTA
The "Tangle," an alternate technology used by IOTA, eliminates the need for miners. It requires less energy because it is maintained by less complicated equipment.
Cardano
Cardano uses a proof-of-stake system called Ouroboros, in contrast to digital currencies like bitcoin. This saves a huge amount of energy because users must buy tokens to access the network.
Important Cardano information
It was created by Charles Hoskinson, a co-founder of Ethereum, the second-largest cryptocurrency after bitcoin. Compared to bitcoin, which can only do seven transactions per second, ether can handle 1,000 transactions per second.
According to Cardano, because Ouroboros is the first peer-reviewed blockchain-based system, it can be scaled to meet global demand without compromising sustainability or security.
Cardano, which was the fifth-largest cryptocurrency at the time of writing, is likely the most well-known of the eco-friendly cryptocurrencies.
TRG Datacenters' study shows that it uses 0.5479 kWh of electricity.
Also, Read | Understanding the Types of Crypto Tokens and Their Benefits
Coming Soon, Eco-Friendly Crypto Development
The environmental credentials of the business are continually being improved as worries about the amount of energy utilized in cryptocurrency mining grow.
These include increasing the use of renewable energy, implementing more energy-efficient procedures, and offsetting carbon footprints.
According to TRG Datacenters, significant changes will occur in the ways existing currencies operate, as well as new, eco-friendly, and more sustainable crypto development.
With a dedication to minimizing the environmental impact of transactions, the company names nano, IOTA, and chia as pioneers in environmentally friendly cryptocurrencies. Talk to our blockchain and crypto developers to find out how to drive eco-friendly cryptocurrency development.
Mudit Kumar
13 Jul 2022
Reimagining Supply Chain Management with NFTs
By quickly and effectively removing critical pain points that cause significant disruptions, non-fungible tokens (NFT) coupled with blockchain supply chain development have the potential to completely disrupt the supply chain sector (in a positive way). NFT development solutions can track data and leave a digital trail that contributes to this.
While 2021 will go down in history as the year of the supply chain catastrophe, supply chain mishaps occur frequently and cost businesses millions of dollars annually. Blockchain-based NFTs can save costs, remove bottlenecks, increase supply network transparency, and help prevent chaos throughout all phases of the supply chain, from onboarding to manufacturing to transportation.
NFTs for Supply Chain Improvement
NFTs produce digital footprints or a "token ID" that is attached to the item throughout its existence rather than the lengthy, vast, and complex paper trails that accompany transactional ownership and activity of a range of goods. The data contained in each NFT's metadata, which points to priceless digital assets updated in real-time on the blockchain, defines the uniqueness of each NFT.
NFTs make it possible for participants in the supply chain to access the same immutable record on the ledger, minimizing and perhaps even doing away with inconsistencies in the information flow between parties. Supply chain data dependability and validity get assurance through transparency and immutability of the blockchain. As a result, NFTs can improve efficiency and save costs associated with finding and procuring the goods and services a firm requires. NFTs also produce a complete picture of a part's position, amount, and other crucial details.
Also, Read | Blockchain in Supply Chain | Use Cases, Advantages, and Features
Using NFTs to Address Today's Supply Chain Issues
The entire voyage may come to a complete halt with a delay at just one link in the supply chain. For instance, hundreds or even thousands of parts from different countries get exported to build cars in the automotive manufacturing business. The vehicle will remain unfinished, and the manufacturing facility may come to a standstill if one of those components is missing, whether it be an oil filter or a sophisticated dashboard touchscreen.
Because NFTs give any object (from chips to car batteries) a digital identity, the object's real-world metadata, such as its identity, present physical location, responsible party, possession, container temperature, and other metrics, become readily available. It provides helpful information about the object's state, location, etc. By time-stamping to the geolocation of a transported good, this data gets an automatic update as circumstances change, giving all parties involved an accurate and timely image of the physical object.
To keep the supply chain running, the manufacturer will be aware well in advance if a part in China is delayed and will have choices to obtain from other countries, such as India.
Also, Read | Enterprise-Grade NFT Solutions | Moving Beyond the Hype
NFT-based Supply Chain Management across Industries
Many businesses are piloting blockchain to track the movements of their products from the origin to the client across the supply chain. To show provenance and stop fake goods from reaching the market, supply chain operators are utilizing the NFT framework and the assets' uniqueness and traceability.
Fashion and Luxury Goods
One instance of how NFT is already finding its application is in the luxury goods market. Operators are assessing the possibilities to introduce a blockchain platform. When customers purchase a high-end watch, purse, or jewelry, they will receive a matching unique NFT that details the product's history, including information on the raw materials and production process. It implies that each of these products can have a distinct authentication. The entire supply chain gets the capability of end-to-end identification and tracking using NFTs.
Pharmaceuticals
The transparency and immutability of NFTs remain desirable and crucial attributes both in medicine and fashion. Consider the manufacture of pharmaceuticals. Blockchain and NFTs can aid in the fight against fake medications by speeding up the authentication process. Additionally, monitoring the process through the system will allow immediate identification and resolution of faults.
The technology can spot phony prescriptions, but it can also solve the pharmaceutical industry's viability problems effectively. It enables buyers to see the circumstances of each product as it travels through the supply chain. Indeed, they can review storage sites, environmental parameters (such as temperatures and humidity), and the length of storage. Consumers may get protection by an NFT affixed to a pharmaceutical product from some extremely subpar medications.
Also, Read | Blockchain a Must for Supply Chain Development after COVID-19
The Benefits that NFTs might offer to Supply Chain Management
Security
All parties can securely access information in the supply chain. NFT data on the blockchain network reside as a smart contract. Every single one of the network's nodes contains a record of everything.
Traceability
Knowing the logistical and manufacturing procedures the commodities have undergone, where they have been, and how long they have been there, is crucial when working with perishable goods such as food, pharmaceuticals, chemicals, etc. NFT technology enables complete transparency. It, thus, makes it possible for anyone to get real-time access to complete product traceability information.
Responsibility
Who is in charge of the products at each stage of the supply chain? We can always determine who controls the processes of the supply chain of items with NFTs. A liability agreement must be signed by both parties before an NFT may be issued. In other words, if a counterparty declines to accept it, the smart contract would not send NFT. Similarly, a Smart contract prohibits the delivery of items if the sender has not sent NFTs.
Generally speaking, confidentiality, flexibility, and transparency while exchanging information relating to a product are crucial benefits of NFT in logistics.
Also, Read | Supply Chain Traceability and Sustainability with Blockchain
Conclusion: NFT-based Supply Chain Management
Although NFT technology is in the experimental stage, potential industrial uses are occurring rapidly. In addition, NFT supply chain and logistics-focused solutions have started to surface. Traceability and tracking of a specific product are two important ways this technology benefits the supply chain.
It gives access to the metadata for specific products, including information on their current owner, location, weight, size, and certifications. As the item moves along the supply chain, an NFT on the blockchain network receives updates with this information. It provides a trustworthy, thorough history of a product's complete journey. It includes information from its origin until its delivery.
Connect with our NFT and blockchain development experts to know more about the increasing importance of emerging technologies.
Mudit Kumar
09 Jul 2022
The Potential of the Metaverse | Use Cases and Advantages
The metaverse, a concept that has been around for more than ten years, has now taken off as well-known companies like Facebook, Microsoft, and others are investing in it and its related projects. The COVID-19 pandemic also increased its popularity as people were required to adhere to quarantine and social distance rules. Avoiding face-to-face interactions, implementing remote working regulations, and embracing digital business practices contributed to its increased adoption. Now, people are interested in finding out more about Metaverse and blockchain development and its applications.
Understanding the Metaverse
The idea of a virtual 3D digital world containing living beings and objects is the definition of the metaverse. Imagine living in a society where you can work from home, view the newest artwork in virtual museums, or attend a rock concert virtually.
Platforms like Axie Infinity, the Sandbox, and Decentraland have adopted several features of the innovative concept to bring many parts of our existence to virtual spaces. The metaverse is still a work-in-progress, however. Nobody is sure if there will be a single vast virtual universe or several interconnected metaverses.
We anticipate that its development will expand beyond video games and social media platforms as it further develops. In the future, it may allow features like remote work, decentralized governance, and digital identification, to name just a few. Additionally, it might be three-dimensional, allowing users to physically move around and explore 3D environments with connected headsets and VR glasses.
Also, Read | Metaverse and Digital Twin
Business Opportunities with Metaverse Development
Here are a few noteworthy things about the emerging concept that can lead to innovative commercial ventures.
Ecommerce marketplace development with immersive e-commerce, such as virtual malls and retail establishments
Purchasing clothing, equipment, and other items for virtual avatars
Buying and selling of digital collectibles, assets, and artwork with NFTs
Development of customer services, employee onboarding, sales, services, and many other company communications that involve interactions with people
Participation in virtual social interactions
Acquisition of virtual property and construction of virtual residences
Utilization of online learning environments to support immersive learning
The economic potential of the concept benefits from decentralization, interoperability, collaboration, and a permanent environment. All of these characteristics can assist companies in developing strategic models to increase their capacity for digital business. With so many options, it makes sense to investigate the economic opportunities in the virtual space.
Also, Read | E-commerce development in the metaverse
Metaverse Use Cases
Blockchain and Metaverse
Extending blockchain's potential is the most crucial use case for emerging technology. One of the critical prerequisites for a decentralized virtual space is a blockchain. It might be a key instrument for promoting the widespread use of metaverse technology across sectors.
The advantages of a blockchain can aid in innovative, plausible, and appealing NFT trading system development. NFT marketplaces can become more participatory by utilizing the metaverse, enabling users to communicate with one another. Users might view NFTs in an interactive setting enabled by the metaverse to make educated purchases.
The metaverse provides a shared virtual environment. Thus, defining further possible uses for a metaverse blockchain are possible, such as fostering new NFTs or blockchain games. Users can obtain in-game items using NFT or blockchain games, which players can then trade with other players or on external markets. The next wave of blockchain-based online gaming can benefit from the metaverse as a crucial support system.
Also, Read | Insights into Blockchain, NFT, and Metaverse-based Gaming
Virtual Tourism
Another application of the metaverse is in virtual tourism. You can now travel and enjoy it without really going to your destination due to technology. The first-person perspective is the primary distinction between seeing a location in person and watching it on film.
Combining metaverse, virtual reality, and augmented reality can enable the development of an immersive digital world. You might have the ideal platform to cultivate your audience's imagination with an immersive digital world that features real-world material. As a result, your audience will be able to imagine themselves there.
Also, Read | The prospects of the Healthcare Industry in the Metaverse
Virtual Workspaces for Work and Study
A global pandemic has driven the rise of remote work. During the pandemic, experts from businesses across all industries have used Zoom, Microsoft Teams, and Skype. Professionals that work remotely can communicate virtually, thanks to these solutions.
However, creating a virtual workspace or learning environment is more effective with metaverse development. For instance, the metaverse can simulate the experience of working or studying together in the same space.
Platforms like Virtuworx are monetizing the power of the metaverse to establish virtual offices. With the help of virtual and mixed reality environments and digital avatars, Virtuworx has created a work environment that is both meaningful and effective. Users can access various functions, including events, offices, conferences, virtual training, and trade exhibitions.
Educational institutions have also recognized the potential of using the advantages of the metaverse to address communication gaps. Universities are enhancing student learning through online tools like Second Life and Minecraft. Metaverse virtual reality simulations can also aid students studying medicine and architecture in honing their talents.
Also, Read | The Importance of Smart Contracts in the Metaverse
What Advantages does the Metaverse Offer to Businesses?
Addressing issues with Remote Work
It gives managers access to a virtual setting where they may interact with employees (as represented by their avatars), read their body language, and simulate in-person interactions.
An Excellent Resource for Medical Professionals
They can interact with the patient in a virtual environment powered by Metaverse to understand their health state.
Enhancing the Excitement of Online Games
Most metaverse games available today are decentralized and offer play-to-earn gaming with an integrated economic mechanism. In-game assets such as NFTs are available for users to buy, sell, and trade in these games. Players find it appealing to imagine their avatars exploring the enormous virtual area.
Providing Access to Virtual Tours
Users can virtually travel to areas they couldn't physically go by using the metaverse. Businesses can create an advanced virtual environment that delivers the first-person experience by combining the Metaverse, AR, and VR.
Other Advantages
The Metaverse is attracting a lot of attention. Thus, some are looking for ways to make money, while others are development enthusiasts looking to harness the ecosystem to construct their business-specific projects. Fortunately, the concept can satisfy both parties' needs. Basically, anyone can create a pertinent project on top of the ecosystem thanks to the open-source nature of the technology. People can also become ordinary users in the ecosystem and create and trade NFTs to make money.
Connect with our blockchain development experts if you have a project in mind.
Mudit Kumar
06 Jul 2022
Getting Started with Solana App Development
Solana blockchain development is gaining popularity for powering the next generation of decentralized applications. The platform provides a scalable, secure, decentralized infrastructure that hosts many nodes without compromising throughput. These features are attracting businesses to Solana app development. In this article, you will understand everything about this blockchain solution.
Understanding Solana Blockchain
Solana Blockchain is a web-scale, open-source blockchain that helps organizations and developers create highly efficient NFTs, NFT marketplaces, decentralized apps (dApps), decentralized finance (DeFi), and more.
It offers the adaptability of an open infrastructure necessary to develop applications for widespread adoption. It is quick, secure, and censorship-resistant.
Solana was launched in 2020 by Solana Labs, which was founded by Anatoly Yakovenko and Raj Gokal in 2018. This high-performance blockchain network provides a decentralized, safe, and scalable infrastructure for today's dApps and decentralized markets. It employs innovative processing technologies that can handle thousands of nodes and enable transaction throughput to scale proportionally with network capacity.
Solana combines proof-of-stake (PoS) and proof-of-history (PoH) consensus mechanisms to augment performance and scalability. Subsequently, the network asserts that it can sustain 50,000 transactions per second (TPS), making it the world's fastest blockchain.
How Does it Work
In a broader sense, the SOL network is a public blockchain technology rendered to increase scalability. It works on a combination of proof-of-history and delegated proof-of-stake protocols.
The PoH consensus technology is the major feature of the Solana blockchain. In addition to the PoS consensus technique, it acts as the platform's internal clock to ensure network security.
Also, Visit | Advanced NFT Marketplace Development on Solana Blockchain
Key Characteristics of Solana Blockchain for DApp Development
Proof of History (PoH)
Despite its name, PoH is not a consensus technique. Instead, it is a cryptographic clock that enables nodes to agree on the timing of the chain's events. To do so, nodes do not have to communicate with each other because each node has its clock.
PoH boosts network efficiency and throughput by storing transaction history and making it easy for the system to keep track of the series of occurrences.
Sealevel - A Run-time for Parallel Smart Contracts
Solana can grow horizontally across GPUs and SSDs because of this parallelized transaction processing engine. In essence, Sealevel improves network runtime by allowing parallel transactions on the same chain.
Pipeline - A Type of Transaction Processing that Optimizes Validation
Pipelining is a common practice in CPU design. It describes the operation of allocating a stream of incoming data to various processing components. As a result, network nodes can duplicate and validate rapid transaction information more quickly.
Cloudbreak - Horizontally Scaled Accounts Database
Cloudbreak is a critical data structure for the network's scalability and throughput. It arranges the account database, enabling 32 concurrent reads and writes across the network.
Archives - Distributed Ledger Storage
Archives are networks of nodes that store network data. Solana's validators offload data to these basic laptops or PCs.
Gulf Stream - a Transaction Forwarding Mechanism without a Mempool
Solana can reach 50,000 TPS only because of the Gulf Stream. This protocol caches transactions and sends them to the network's edge.
It hugely reduces confirmation time and the memory demands on validators from unconfirmed transaction pools. It does so by enabling network validators to execute transactions beforehand.
Turbine - a Block Propagation Protocol
A turbine is a block propagation technology that divides data into smaller chunks to facilitate data flow between nodes. Solana uses a turbine to improve the network's overall transaction processing performance and handle bandwidth-related concerns.
Also, Visit | Why You Should Develop a Smart Contract on Solana
Advantages of Solana Blockchain App Development
The Solana blockchain features smart contracts that are more scalable than Ethereum. It uses the Rust programming language to enable faster processing.
The following are the top reasons Solana Blockchain development is considered a worthy investment. a look-
Fast Transactions
Solana promotes secure and faster transactions, which makes this platform quite popular among developers worldwide. The unique Proof of History feature enables speedy transactions, making this Blockchain ideal for decentralized applications.
Scalability
Scalability is essential while developing a decentralized application as it helps handle more transactions and users. Solana is famous for its modular architecture, which offers higher scalability. With Solana, developers can build applications that can handle excessive workloads. This helps businesses scale according to ambitious growth plans.
Low Transaction Costs
Solana's consensus mechanism expedites transactions and further reduces costs. It eliminates the need to pay higher transaction fees, which other popular Blockchain platforms require. This cost-effectiveness also encourages more businesses and developers to invest in Solana Blockchain development.
Interoperability
Solana’s built-in interoperability allows developers to build apps that can smoothly interact with other Blockchains quickly.
Smart Contract Capabilities
Smart contracts on the Solana Blockchain are usually coded in C, C++, and Rust programming languages, which play a crucial role in making the platform accessible. The smart contracts on Solana add an extra layer of versatility to its offerings, making Solana an ideal option for developers and users. With the assistance of the ideal Solana Blockchain development company, you can leverage Solana's smart contract capabilities.
What Makes Solana App Development Better than Ethereum
Even though Solana and Ethereum have a lot of similar features, Solana excels in a few specific areas.
First and foremost, the high transaction fees charged by Ethereum have long been a problem. Occasionally, it exceeds hundreds of thousands of dollars, particularly when the network experiences incredibly high transaction congestion.
In the instance of Solana, it has a far higher transactional capacity per second than its rival.
Solana's transaction costs are significantly low—0.000005 SOL, or commonly $0.001—and affordable compared to Ethereum.
It is possible to interact with the innumerable apps available if a person carries a wallet with SOL tokens and other tokens based on Solana, such as Sollet or Phantom.
On the Solanart marketplace, users can even buy NFTs. Moreover, exchanging one coin for another utilizes decentralized exchange software like Raydium.
Any action someone does on the Solana network will only require them to pay small fees. It is a huge advantage over Ethereum, which is a little more expensive.
Learn More Reasons to Develop DApps on Solana
Conclusion
Solana provides a highly promising ecosystem for dApp development. Businesses that are interested in dApp development can utilize this blockchain due to its many benefits. Opt for the right service partner for this blockchain solution.
Oodles can give you the right assistance in developing decentralized applications on Solana. Connect with our Solana blockchain development experts to avail of our services.
Mudit Kumar
05 Jul 2022
A Detailed Review of The Emergence of Blockchain 4.0
A new version of blockchain application development is emerging as blockchain 4.0. It aims to render blockchain a business-friendly environment for developing and running apps, thus, making it fully mainstream.
Challenges with Previous Iterations of Blockchain Technology
Previous iterations of blockchain technology have demonstrated clear potential benefits for organizations, including security, automatic record-keeping, immutability, and the ability to pay bills, wages, and invoices in a completely secure environment.
Unfortunately, blockchain has not yet overcome several significant challenges. For instance, the speed was much too slow, and very few individuals possessed the specialized skills necessary to develop the blockchain. Customers, employees, and organizations want a user experience that is comparable to web 2.0 applications; yet, blockchain was having trouble delivering web 1.0 due to difficulties that were known to the first generation of online pioneers.
Blockchains like Bitcoin are referred to as "blockchain 1.0," slow and challenging to use and designed with a particular purpose in mind (supporting a cryptocurrency). Blockchain 2.0 would be one of the first post-Bitcoin blockchains that were created to be capable of more than just bitcoin; "blockchain 3.0" would be a blockchain like Ethereum, constructed specifically to enable a variety of activities and applications.
Also, Read | A prefatory guide to Blockchain 2.0
Blockchain 4.0
Concerning that aim, Blockchain 4.0 succeeds. Blockchain 4.0 is the ability to create applications that perform and look as beautiful as web 2.0 applications while retaining the special benefits of blockchain technology.
Blockchains in their third generation are still developing and securing their market positions. Is it too soon to talk about Blockchain 4.0 then? It is not due to Blockchain's current rapid advancement. Blockchain technology has moved past the research and testing stages and is currently in the implementation and growth stages. Blockchain 3.0 mostly concentrated on resolving problems with second-generation blockchains, whereas Blockchain 4.0 focuses on using blockchain to innovate. As firms in various industries use Blockchain at a greater rate, we should anticipate rapid improvements in this area.
Blockchain 4.0 aims to scale up Blockchain as a commercially viable platform for developing and executing more advanced and well-known decentralized applications. The main focus areas for Blockchain 4.0 will be speed, user experience, and use by a wider and more widespread audience.
Also, Read | Emerging Blockchain Use Cases and Solutions across Industries
Blockchain 4.0 Applications
Applications for blockchain 4.0 can be divided into three categories: Web 3.0, Metaverse, and Industry 4.0.
Foundation for Fourth Industrial Revolution
We can consider the concept of Blockchain 4.0 as the driving force behind all the research and development efforts made to make Blockchain work in Industry 4.0. Industrial revolutions have always been necessary for the world to shake up prejudices and occasionally embrace originality. The fourth industrial revolution is currently being sparked by Blockchain, much like earlier industrial revolutions were sparked by the steam engine or the Internet.
Blockchain is the cornerstone of the fourth industrial revolution, according to experts. It can minimize corruption by enhancing transparency in business operations, political processes, and supply chains.
To reduce extreme poverty and promote shared prosperity, global forums are also working to ensure that emerging economies can embrace blockchain technology. For instance, the World Bank introduced Bond-i, a new debt product that uses blockchain technology. It uses blockchain for its creation, distribution, and management via blockchain during its whole life cycle.
Also, Read | How Hyperledger Increases Blockchain Adoption In Various Industries
Web 3.0
We are approaching the third generation of internet services, which will be fuelled by technical advancements like IoT, Blockchain, and Artificial Intelligence. The Internet is continually evolving. Blockchain is essential to the development of Web 3.0 because it places a strong emphasis on decentralization.
The way that Web 2.0 has created new opportunities for social interaction has been revolutionary. But to seize these chances, we as consumers have transferred all of our data into centralized systems, sacrificing our privacy, and opening ourselves up to all of the typical online dangers.
Web 2.0 platforms remain in control of centralized organizations that control user data and set transactional rules. The global financial crisis of 2008 made centralized control vulnerable, opening the door for decentralization. The world requires Web 3.0, a platform with user sovereignty.
Web 3.0 will need decentralized protocols to achieve its goal of building an autonomous, open, and intelligent internet; Blockchain can offer these protocols. There are already a few third-generation blockchains supporting web 3.0. But, as Blockchain 4.0 gains traction, we can anticipate the emergence of more web 3.0-based chains that will offer cohesion in interoperability, automation through smart contracts, seamless integration, and censorship-resistant storage of P2P data files.
Also, Read | The Emergence of Web3 Gaming Powered by Blockchain
Metaverse
The next big thing for us to experience in the upcoming few years are Metaverses, the pet projects of tech behemoths like Facebook, Nvidia, and many more.
Through a variety of touchpoints, including social interaction, gaming, employment, networking, and many others, we feel connected to virtual worlds. These experiences will become more real and vivid thanks to the metaverse. The virtual reality environments of Metaverse will use cutting-edge AI, IoT, AR, VR, cloud computing, and Blockchain technologies. Users will interact with other users and the computer-generated world through lifelike experiences.
The more we talk about Metaverse, the more incredible it will seem to us, especially when we think of it in terms of games, massive art shows, concerts, virtual boardrooms for businesses, and other things. Let's first examine how blockchain technology can support the growth of the Metaverse.
Increased intense user interactions, deeper use of internet services, and more exposure to user personal data are all consequences of a centralized metaverse. All of these very certainly result in greater exposure to cybercrime. Giving centralized organizations the authority to manage, disseminate, and control user data is not a long-term strategy for the Metaverse.
Develop Decentralized Metaverse Solutions
Therefore, creating decentralized Metaverse platforms that will provide users autonomy has received a lot of attention. These three decentralized metaverses—Decentraland, Axie Infinity, and Star—are all powered by blockchain.
Furthermore, Blockchain 4.0's cutting-edge technologies can assist Metaverse users in controlling their security and trust requirements. Consider the Metaverse gaming environment, where players may buy, own, and trade virtual goods with potentially huge value. To prevent the forgery of these assets, proof of ownership through something as immutable and rare as NFTs will be necessary.
Also, Read | How to use Blockchain in the Metaverse
Blockchain solutions can fulfill the following Metaverse development requirements, especially those anticipated in Blockchain 4.0:
Decentralization
Data management in a decentralized way
Security
Digital ownership evidence
Assets with digital collectability (such as NFTs)
Distributed Governance
Cryptographic value transfer
Interoperability
For more information on how to make use of the emergence of Blockchain 4.0, connect with our blockchain development experts.
Mudit Kumar
30 Jun 2022
Advanced NFT Marketplace Development on Solana Blockchain
Global adoption of NFTs (non-fungible tokens) is rapidly increasing. Recent trends suggest businesses, celebrities, and athletes are increasingly tokenizing their assets and profiting millions of dollars. Some NFTs are unaffordable, and figuring out how to develop your NFT marketplace is a critical problem to tackle. Entrepreneurs now seek insights into creating NFT marketplaces, especially with Solana blockchain development, which would draw users and NFT creators. Non-fungible tokens have shown a significant rise in trade volume and user usage in the early months after their debut. NFT refers to the tokenized form of a range of digital media, such as video games, music albums, and visual arts.
What is an NFT Marketplace?
Users can create, acquire, sell, and generate digital assets on an NFT marketplace. It makes it simple for users to mint, trade, and store NFTs. Typically, they buy or sell tokens at a predetermined price. A buyer or investor needs a crypto wallet to conduct business on an NFT marketplace. Investors can store tokens in their wallets. On the other hand, each market either has its tickets or NFTs or supports a set of tokens. Hence, you must choose the type of NFTs and tokens before initiating your NFT marketplace development.
Additionally, an NFT marketplace serves a majority of NFT buyers or investors if it supports a variety of NFTs. Ample resources must be available for deployment throughout the development process.
Also, Read | NFT Marketplace Development | Emerging Business Opportunities
Different NFT Marketplace Types
A Flexible NFT Market
Almost all digital assets and NFTs are available on such a platform. It is generally an open-ended marketplace. OpenSea, Raible, and Mintable are excellent examples.
NFT Marketplace for Arts
You can place bids on art on such a website. Particularly, it hosts digital art auctions. Artworks such as paintings, videos, 3D graphics, gifs, and memes are available for purchase by collectors.
NFT Marketplace for In-game Assets
It is a store where users buy and sell in-game assets. Notably, an outstanding illustration of in-game asset sales is Axie Infinity. They offer axes for sale. Customers can buy, train, and compete against other axes to win prizes.
The NFT Collectibles Marketplace
It is a store where users can buy and sell fandom memorabilia. NBA Top Shot is indeed a well-known marketplace where NBA fans can purchase and sell memorabilia from the league (video clips and play highlights).
Also, Read | Metaverse NFT Marketplace Development
Why Develop your NFT Marketplace on Solana
With Solana, dApp developers can swiftly release cryptocurrency apps without having to deal with the congestion and scalability issues that plague current networks. Furthermore, Solana's emphasis on scalability seeks to give developers the infrastructure and bandwidth that aid in the global acceptance of their decentralized products and services.
The foundation of Solana's scalability innovation is the verification system. It requires miners to hold SOLs to confirm transactions and add new blocks to the blockchain via Solana's proof-of-stake (PoS) system.
It processes transactions faster than many legacy blockchains, including Ethereum. Also, it levies much lower gas fees. Subsequently, Entrepreneurs, investors, and content producers are converging on Solana for NFT marketplace development that supports NFT trading in addition to NFTs creation. Additionally, the Solana NFT standard and minting guidelines also give designers sufficient flexibility.
Now, let's examine some of the advantages of an NFT marketplace development with Solana.
Fast TPS (Transactions Per-Second)
The Solana blockchain can complete 2500 transactions per second on average. In other words, it emphasizes how fast it is, enabling transactions to be processed quickly on any NFT marketplace. TPS, however, is a dynamic statistic that is constantly shifting.
Low TPC (Transaction Per Cost)
Solana's fast throughput and low transaction fees of $0.00025 indeed make it an ideal platform for developing NFTs and NFT marketplaces of varying sizes.
No Mempool Problems
There is no mempool issue with Solana. The space where completed transactions await approval gets referred to as the mempool. The functionality facilitates fast transactions on an NFT marketplace.
An Expanding Network
The Solana ecosystem is expanding and enabling the management of numerous dApps, smart contracts, and currency without experiencing network congestion.
Effortless Programming
Rust software, used by Solana Blockchain, makes it easy to design and develop applications. Thus, Solana proves to be a versatile platform for creating dApps, NFT marketplaces, and other applications.
Also, Read | Generative Art NFTs | A Quick Guide to Knowing Critical Aspects
Solana-based NFT Marketplace Development Characteristics
Every NFT transaction needs to go through a cryptocurrency wallet. Because of this, a crypto wallet serves as an NFT marketplace's crucial element. For this reason, a user's crypto wallet must be able to sync with the NFT Marketplace for transactions to be frictionless. Some of the most well-known NFT wallets include Metamask and Coinbase.
Intuitive Storefront
The NFT marketplace should have an attractive storefront that gives customers access to all the necessary product details, including bids, owners, previews, and pricing history.
Filters
Filters make it straightforward to traverse a website, especially if you intend to create a marketplace for several collectibles. Users can choose goods by payment method, listing status, category, and collection by adding the filters function.
Search Functionality
An NFT marketplace platform should include tagging and category management to enable customers to search for collectibles. Use the site's search bar and add categories.
Publish Listings
Collectibles should be mintable and submittable. A user should be able to upload files and complete the token information, including name, tags, and description.
NFT Wallet
Users should have access to a wallet on the NFT Marketplace Platform so they can transfer, receive, and keep non-fungible tokens. Implementing a feature that gives users access to connect to wallets they already use is a beneficial approach. You can incorporate the most well-liked wallets, such as Coinbase, Formatic, or MyEtherWallet.
Buy and Offer
Users can buy and submit bids on NFTs listed on the NFT marketplace platform. They should also be able to review the bid status. And they should have an expiration date.
Also, Read | Enterprise-Grade NFT Solutions | Moving Beyond the Hype
Why Oodles for your NFT Marketplace Development on Solana?
Our Blockchain and NFT development experts enable Oodles to be at the forefront of NFT and blockchain marketplace development. To name a few, we provide NFT marketplace development with Solana, Ethereum, Polkadot, Polygon, and Binance.
A successful project launch requires large, diverse teams with experience in various Blockchain & Front-end technologies, Storage systems, and NFT standards. We fulfill these requisites efficiently.
Mudit Kumar
29 Jun 2022
Generative Art NFTs | A Quick Guide to Knowing Critical Aspects
Generative art NFTs are one of the most sought-after NFT art forms amid the rising popularity of NFTs based on blockchain application development. Indeed, the emergence of generative art platforms like Art Blocks and FXhash has spread awareness of these NFTs across a larger audience of crypto artists. It has reached a point where some of these NFTs have sold for hundreds of thousands of dollars.
Simply described, it is art creation using codes, which subsequently get traded on exchanges created with code. Specifically, algorithmically producing new concepts, forms, shapes, colors, or patterns is known as generative art. You must first establish guidelines for the creation process. Then a computer creates new works on your behalf by adhering to those criteria.
We'll examine the fundamentals of generative art NFTs in this guide.
What is Generative Art?
Generative code artists employ computers to create thousands of on-demand digital materials and keep them on the Ethereum blockchain. This is contrary to traditional artists who might spend days or even months investigating a concept.
A randomly generated version of the content gets developed by an algorithm and sent to the collector's Ethereum address once the collector selects the style they like and pays for the work using cryptocurrency. The resulting NFT is unique and goes to the collector's cryptocurrency wallet as a static image, 3D model, or interactive experience.
Each work represents an original and one-of-a-kind partnership between the artist, collector, and machine thanks to the implementation of inputs from the collector at the time of mintings, such as their wallet address, gas price, block number, block timestamp, and transaction ID. Thus, generative artworks purposefully include chance as an element of the creative process, resulting in a slot machine-like game where neither the creator nor the collector can predict the outcome.
Also, Read | How to Develop DAO-enabled NFT
The Real Value of Generative NFT Tokens
The interplay between embedded features with varying levels of programming rarity and how those aspects come together in a way that is aesthetically pleasing and appealing to the collector determines the value of generative art. Demand for generative art still has a subjective component, despite the programmatic characteristics' addition of quantitative criteria that can help with NFT valuation.
The works of deceased artists frequently fetch a high premium in the conventional art market since they are rare. Similarly to this, programming supply limits get frequently imposed on the total number of pieces of generative art. These supply limits are commonly set at 10,000 distinct NFTs in each collection. Collectors must purchase NFTs on the secondary market, where they frequently trade for several times the price of the main issuance when users have claimed all of the primary issuances and the supply cap has reached the threshold.
Also, Read | Play-to-Earn NFT Games | Fundamentals and Development Essentials
NFTs in Generative Art
Artists didn't begin uploading creative programs to blockchains to produce generative art NFTs until 2021. Simply put, generative art NFTs are digital works of art. Developers use smart contracts to create them and blockchain to store them.
Whether or not a developer has developed a code into an NFT, generative art NFTs will get produced by running it. Artists frequently produce a group of images and add a few rules to the coding. The underlying artwork is then generated automatically by the algorithm by randomly combining the images or patterns to the guidelines provided by the artist.
The degree of individuality in the minted piece is what makes these NFTs so intriguing. There's also the element of surprise, as neither the artist nor the collector will be aware of the final design.
Also, Read | Insights into Blockchain, NFT, and Metaverse-based Gaming
Generative NFT Services
Anime
This involves a generative NFT studio that can create unique anime NFTs in the crypto realm based on the characters that consumers find endearing.
Avatars
The NFT is comparable to crypto punks, used to create generative NFTs with individually digitized pictorial representations of the avatars.
Themes
Build your theme-based, generative NFT that is rare and one-of-a-kind while yet meeting your criteria.
Arsenal
Due to the large number of fans worldwide, it involves creating generative NFTs employing weapons like in well-known shows such as Game of Thrones, Ninja Warz, etc.
Animated Characters
Digital NFT comics are valuable as collectibles since different fans and collectors may want to own their favorite characters.
Animals
To distinguish yourself from the other collectors, choose your animal or cartoon creatures and turn them into generative NFTs.
Also, Read | How are fractional NFTs transforming the NFT world?
How to Develop Generative Art NFTs
In the realm of non-fungible tokens (NFTs), generative art has taken off, and one way to capitalize on the trend is to learn how to make your own generative art NFTs. Numerous prominent NFT artists work with features of generative art, such as viral sensations. For instance, CryptoPunk and Cool Cats produce hundreds or thousands of distinct variations of the same avatar. Some of the investors in these NFTs are making millions of dollars in addition to the artists who created them.
Making a character out of multiple components is an easy way to develop generative art NFTs.
Create the foundation for each piece, such as the head, the face, the hat, the arms, the body, the clothes, etc.
To create your character, stack several elements on top of one another.
Codify variations for each element using a computer program, varying the color, background pattern, emotion, texture, and more.
You may program your computer to generate all the various characters for you using various iterations of these components.
These NFTs are popular among collectors. Users may use them as their social media avatars, displaying their NFT collection to followers and enhancing their online identity. Additionally, you can produce ordinary generated art and market it as an NFT.
Also, Read | Collaboration of NFT with Real Estate
What's Next
You must convert your ready-to-use generative art into an NFT. On the most well-known NFT marketplaces, you can convert your artwork into an NFT. OpenSea makes it simple to turn your artwork into an NFT and sell it for sale there. You can sell it as either a fixed-price listing or an auction item. If you don't already have one, you'll need to create one to pay any fees for listing an NFT.
Do you wish to produce generative NFT art as well? Hire our NFT and cryptocurrency development experts, present your art concept, and start!
Mudit Kumar
28 Jun 2022
A Quick Guide to Understanding Crypto Payment Gateway
Industries like healthcare, retail, supply chain, etc., have started considering blockchain and cryptocurrency as transformative technologies. Now, they are working on modernizing their payment systems with cryptocurrency development. From fiat to digital currencies and now cryptocurrencies, payment methods are evolving rapidly. As a result, payment gateway systems are also developing parallelly. The old payment systems have numerous advantages. But they also have significant drawbacks, such as delays in cross-border transactions, a lack of automation, and the need for intermediaries. Businesses are well aware of these failures. Thus, they are looking for a better payment system to enhance industries like retail and the supply chain, where it's critical to keep the flow of money and goods in balance.
Decentralized Crypto Payment Gateway
Decentralized crypto payment gateways have appeared to address these problems and give retailers a reliable payment mechanism. The ability to facilitate the payment and acceptance of cryptocurrencies on a transparent network drives blockchain-powered crypto payment gateways towards the mainstream.
Now, let us examine a crypto payment gateway's operation, features, and advantages in more detail.
Also, Read | Blockchain for Cross-Border Payments | A Detailed Guide
Crypto Payment Gateway, In a Nutshell
A crypto payment gateway is a flexible platform for payment processing that enables vendors and merchants to accept payments in various cryptocurrencies without security risks. It makes it easier for consumers to transfer money directly from one cryptocurrency wallet to another. These payment gateways have a secondary duty to send sensitive wallet data from the payer to the merchant's software in addition to their primary role. Such payment networks are becoming more widely accepted by businesses of all sizes as they search for the fastest, safest, and most profitable payment methods.
Fundamentally, blockchain technology, known for offering advantages like immutable records and transparent transactions, lays the foundation for cryptocurrency payment gateways. Additionally, the decentralized structure of blockchain excludes intermediaries like banks from the payment process. Subsequently, it speeds up transactions and reduces the number of stages required for payment processing. Eventually, this mechanism promotes more individuals to utilize digital currencies and helps decentralized gateways gain popularity.
Apart from swiftly confirming the transactions and eliminating third parties from the payment system, crypto payment gateways offer a few other benefits to both users and merchants.
Also, Read | Blockchain for Faster And Secure Payment Processing Solutions
How does a Cryptocurrency Payment Gateway function?
Understanding crypto payment gateways' mechanism is easy for those familiar with conventional payment gateways. Crypto payment gateways lay their foundation on Blockchain technology. They substitute a digital wallet for the credit card and mandate that businesses register merchant accounts before they start accepting cryptocurrency payments. Further, a transaction takes place on a decentralized peer-to-peer network where nodes trade payment information, execute validation, and send it to the distributed ledger. Parties engaged in a crypto transaction can identify themselves using wallet addresses. Following are some essential elements of a typical crypto payment gateway:
A Cryptocurrency Payment Gateway's Features
Peer-to-Peer Network
By incorporating a decentralized payment gateway into their current payment strategy, merchants, retailers, and businesses can accept payments directly from customers via a peer-to-peer network. Faster transactions and secure access to the payment gateway are two significant advantages of this trait that speeds up transaction times.
No Intermediaries
Crypto payment solutions eliminate the function of intermediaries and third parties in the payment system. As a result, a customer uses his wallet to make a payment straight to a merchant, thus, saving money on transaction fees.
Swift International Transactions
A crypto transaction takes a few minutes to complete, whereas a fiat transaction takes 5 to 15 days. All business sizes-small, medium, and large—can swiftly initiate payments for the import and export of commodities thanks to the faster transactional speeds.
Also, Read | Developing Advanced Payment Processing Systems with Blockchain
Hassle-Free Integration
Payment gateways for cryptocurrencies are simple to incorporate into an existing application. The merchant can incorporate the cryptocurrency plugin into the program they want to use and begin accepting crypto payments.
Real-time Conversions and Price
The value of currencies can change dramatically in the very volatile cryptocurrency market. In these situations, a payment gateway's real-time exchange capability enables the instant conversion of coins into a physical currency. Some premium decentralized payment gateways take innovation further by providing live price charts and other market data.
Availability of OS
Android, iOS, and Windows operating systems are fully compatible with decentralized payment gateways. The payment gateway integration is possible into an application or device without the merchants having to change any settings.
Automated Settlements
Users can easily connect payment gateways to exchanges to convert cryptocurrencies into conventional currencies, stablecoins, or fiat. It is possible using a customizable auto settlement option. By linking a payment gateway with a well-known cryptocurrency exchange platform like Binance and Bittrex, users can swap coins for USD, TUSD, USDT, and USDC.
Also, Read | Developing Advanced Digital Payment Solutions with Blockchain
Types of Cryptocurrency Payment Gateways
Customized digital wallets can accommodate a single currency or many currencies, depending on the need. Basically, a cryptocurrency payment gateway should give users a variety of convenient payment alternatives, including QR codes, NFC, and URLs. Additionally, it must finish transactions quickly to facilitate real-time settlement and streamline payment operations. Businesses currently use two types of crypto gateways described below.
Crypto Payment Gateway DeFi
DeFi crypto payment gateways with encrypted private keys enable users to control their money. These kinds are non-custodial and have unique security built-in for user convenience. Together, users can make use of a completely decentralized, open financial ecosystem.
Gateway with Multi-Crypto Transactions
A multi-crypto payment gateway enables buyers to pay in various cryptos and businesses to accept several cryptos as payment. For retailers engaged in international trade who want to receive payments from customers globally without paying network fees, multi-crypto payment gateway integration can prove beneficial. A multi-crypto payment gateway also does away with the necessity for any middlemen, such as other blockchain-based wallets and payment gateways.
Also, Read | Making Secure Online Payments with Blockchain-Based Crypto Wallets
Conclusion
It is unquestionably beneficial to have a cryptocurrency payment gateway built to your company's specifications. Thus, businesses that want to grow must include decentralized or blockchain-based applications into their current payment infrastructure. Indeed, with its advantages, including rapid transactions, connectivity with different wallets, and high security, retailers can draw significant interest from cryptocurrency fans.
Contact our blockchain experts if you're looking for a business to create a bitcoin payment gateway.
Mudit Kumar
27 Jun 2022
Blockchain Consensus Algorithms
What is a consensus algorithm? From Proof of Stake (PoS) to Proof of Burn (PoB), read on to understand this fundamental concept of blockchain technology.
What is Consensus Algorithm?
The consensus algorithm is a set of protocols that network participants comply with to prove the authenticity of the transactions. In a blockchain, each node must indicate its approval or disapproval of several blockchain processes. It is known as consensus. Since there are multiple activities in the blockchain, the blockchain implements the consensus via a mechanism, hence the name consensus algorithm. Moreover, the most significant part of the software program in every node is known as the consensus algorithm or consensus algorithm.
The consensus algorithm is crucial for the blockchain network for ensuring synchronization among all the nodes in a network. Additionally, it influences the verification of the transactions, amount of energy needed, network fees, transaction speed, and other detail for the currency and network applications. Also, each cryptocurrency blockchain may use its unique consensus algorithm or existing blockchain copy.
Also, read: Understanding the Blockchain and Decentralized Consensus
Applications of Consensus Algorithm
The consensus algorithm has the following applications in the blockchain:
Selection of miner or validator and incentivization
Verification and addition of a new block in the blockchain
Punishing the miner or validator for providing false information
Resolving the double spending problem
Types of Consensus Algorithms
Many networks use different types of consensus algorithms. The following types of consensus algorithms are some of the most popular ones.
Proof of Work (PoW)
Proof of Work is among the oldest consensus algorithm types. Cynthia Dwork and Moni Naor introduced this concept way back in 1993. Moreover, it became popular after its use in the Bitcoin algorithm. In this mechanism, nodes or miners decode a complicated mathematical problem by detecting a cryptographic hash of a particular block. The first miner to come up with the right solution becomes the validator and validates the transactions. Additionally, that miner gains a reward in cryptocurrency (known as a block reward). The benefits of this mechanism are a secure network, deterring spammers, and more. Cryptocurrencies like Bitcoin and Ethereum use a PoW mechanism.
Furthermore, miners require special hashing hardware to compete in the PoW mechanism. However, these machines are expensive and require a lot of electricity. Consequently, it becomes difficult for the new miners to enter into this consensus algorithm.
Proof of Stake (PoS)
Proof of Stake is another consensus algorithm that addresses the problem with PoW. In the PoS mechanism, participants do not require expensive machines. Instead, they need digital money. They can stake some digital currency in a wallet to become a validator. This mechanism selects a validator based on the amount they pledge to the network. So, the more the amount you put in, the more chances you have to become a validator. The selected validator will receive a part of the transaction fees as a reward. Cardano and Tezos use PoS as their consensus algorithm.
Since there is no need for multiple iterations to participate in this consensus algorithm, it becomes easier for everyone to participate. Additionally, it is an environmental-friendly option compared to PoW, which requires electricity.
Proof of Authority (PoA)
Proof of Authority is a combination of PoW and PoS. In this mechanism, miners try to decode a complex mathematical problem to submit their blocks. Moreover, this step is similar to that of PoW. After the submission, validators authenticate these blocks. Then, they will sign the block if they find the information right. Nodes select these validators on the bases of their coins in the network. VeChain and Xodex are the two platforms using this mechanism.
Furthermore, when enough validators sign a block it becomes a valid and complete block. The new transaction will add to this block. The miner and the validators get an equal share of the reward.
Delegated Proof of Stake (DPoS)
Delegated Proof of Stake is a variant of PoS wherein voting helps in delegators or validators' selection. In this mechanism, delegates will stake their money on the network. Then, the network participants will vote for them using coins or tokens. These delegates will be responsible for verifying the information of every new block. Also, they can create a new valid block and get a chance to earn a reward. Lisk (LSK), Steem (STEEM), and Ark (ARK) use this mechanism.
Furthermore, DPoS has a higher transaction volume and lesser transaction time than PoS.
Proof of Burn (PoB)
In the Proof of Burn mechanism, the participants burn their coins by transferring them to a verified unspendable account. Miners may burn the cryptocurrency of the blockchain network or the alternative currency, e.g., Bitcoin. It depends on the implementation of PoB. The participant demonstrates a commitment to the network by destroying their coins in favor of long-term gain. Validators’ chances of getting chosen to mine the upcoming block increase with the amount of money they burn. Slimcoin (SLM), Factom (FCT), and Counterparty (XCP) are the cryptocurrencies that use this consensus protocol.
Also, read: Public and Private Blockchain | an Analogy to Help You Choose the Best
Which One should you Choose?
Ultimately, the consensus algorithm helps in reaching a consensus or agreement on the transaction. So, even though all types of consensus algorithms have the same goal, they differ in their approaches to achieving the result. As a result, you need to opt for a consensus algorithm that works best for your business. Moreover, you may consider the following factors before selecting a consensus algorithm for your network.
Project scale
Node behavior
Blockchain type
Application type
Performance requirement
Corrupt or out-of-order inputs
Resiliency against node failure
The time requirement for adding the data in a block
Number of miners and validators you require for your network
Conclusion
The consensus algorithm leads to agreements, prevents double-spending, and aligns economic incentives in the public ledger. This mechanism is crucial for the working of a blockchain network. If you plan to use blockchain technology, it is ideal to know the right consensus algorithm that will suit your needs. Our blockchain implementation experts can help you navigate through the process of consensus algorithm implementation.
Mudit Kumar
23 Jun 2022
DAO (Decentralized Autonomous Organization) Development
We now have a single, secure shared system with a wealth of capabilities thanks to blockchain. A practical solution to the problems faced by conventional centralized businesses is DAO blockchain app development. Discover more about how DAO blockchain development can safeguard your company's interests.
Knowing DAO (Decentralized Autonomous Organization)
A DAO, also known as a decentralized autonomous organization, is an independent, open, and community-led organization. It indicates that in a DAO, all project participants manage governance equally. They also make all important decisions together.
Organizations or businesses using numerous cryptocurrency wallets can use them to build a DAO. The management of assets and votes gets possible by smart contract codes. They eliminate the need for conventional banking and legal procedures.
Different DAOs
If we're looking for centralized blockchain solutions for organizational governance, we have two options: DAOs and COs (conventional or continuous organizations). Sophisticated crypto-economic concepts and smart contracts power these two technologies.
While DAOs automate and decentralize corporate governance, COs work to develop long-term business plans for conventional firms. DAOs rely on smart contracts to enforce rules and make decisions because their structural design is flat. Participants get voting and decision-making authority through the usage of DAO Tokens, where a greater number of tokens has a higher value.
In contrast, COs employ a Decentralized Autonomous Trust (DAT). It is an irreversible smart contract that both discourages speculation and promotes long-term stakeholder participation.
A Conventional Business
Most often hierarchical
Depending on the arrangement, only one party can make changes, or voting may be proposed.
If voting happens, participants conduct a manual assessment of the results of the vote, internally.
Requires manual handling or centrally managed automation and is easily manipulable.
The public is often not required for this activity and it is private.
DAO
Typically flat and completely democratic
Any changes happen through the membership by voting.
Without using a dependable middleman, a decentralized system counts the votes and applies the result.
The offered services get managed automatically and decentrally (for example distribution of philanthropic funds)
Every action is open to the public and is transparent.
Also, Read | Exploring Ownerless Business Potential with Blockchain and DAOs
A DAO's (Decentralized Autonomous Network) Features
Open Source Code DAOs remain held until the fundraising period is over and the DAO comes into use. By developing an open-source code that is available to all participants, it then transforms into an independent identity independent of both its makers and outsiders.
Token for DAO
As you establish the DAO rules, the financing state remains in effect. Making sure that these laws have an internal property that facilitates financing and real economic progress at any given time is crucial during this financing era.
Smart Contracts Development
There must be rules that specify how the platform might operate for a decentralized autonomous organization on Blockchain. For its recognition as valid in the future, these principles or regulations require codification through smart contract development.
Blockchain Technology
By utilizing blockchain technology, businesses can operate independently and in a decentralized way. It is so that users may have control over the exchange and make decisions. DAOs are hence transparent, incorruptible, and immutable.
Also, Read | How to Develop DAO-enabled NFT
How a DAO Operates
A core group of community members using smart contracts establish the rules of a DAO.
All members can see, verify, and audit smart contracts because they serve as the structure on which the DAO will ultimately run. Tokens of the DAO platform become available to choose from various funding and governance options. By using this protocol, DAO members sell tokens to raise funds and fund treasury. Token holders in exchange for their currency get voting rights, and these rights are generally proportional to their holdings.
After the funding, the DAO becomes ready for deployment. Unless participants reach a consensus through member voting, no party can change the code deployed into production.
Also, Read | Principals to Build Advanced and Unique BitDAO
DAO Examples
Here are some examples of how you might utilize a DAO to help this make more sense:
A Nonprofit Organization
Anyone in the world is welcome to join, and you can collect money from them as well. The group decides how they want to use the donations.
A Freelancing Community
You may assemble a group of independent freelancers who pool their resources to pay for workspace and software subscriptions.
Grants and Investments
A venture fund that combines investment resources and decides which firms to support can come into existence. DAO participants can further divide repaid funds.
Also, Read | Decoding DAO | Ethereum Smart Contracts at Work
Check out a few DAOs
MakerDAO
By voting on modifications to the Maker protocol, you may participate in the governance of the protocol that introduced the first impartial stablecoin in the world, DAI.
DAOHaus
DAOhaus is a no-code platform for creating and managing DAOs. Its members' community owns and runs it. Look no further if you want to launch your own DAO or explore a diverse environment.
Why Do Blockchain Development for DAO?
Certainly, it can be challenging to trust individuals the majority of the time if you are working on a project that needs money and involves transactions with numerous unknowledgeable parties. There are many opportunities for your company when using a decentralized autonomous organization based on blockchain.
Use DAO based on smart contract development for completely transparent transactions, required voting for new change implementations, and automatically standardized service management.
Dependable timestamping
Remove security risks
A secure forum for online communication with strangers
Resist managerial supervision, please
Total Autonomous Command
A safe location to trust money for a certain purpose
A community operated by members, not by a central administration (Not Centralized)
Conclusion
Indeed, DAOs on Blockchain offer a genuinely practical solution to address corporate governance challenges and thus set themselves apart from typical Web3 efforts. Although they might not be fully ready for adoption yet, the backbone already exists. DAO adopters can leverage it as a foundation to develop meaningful business solutions. Also, DAO projects should take a step back and provide tangible benefits in smaller order to successfully reform company operations, withstand scrutiny, and experience enthusiastic embracement.
Oodles offers a wide array of DAO development services, including dApp development, DAO platform development, DAO-enabled NFT platform development, and much more. Connect with our blockchain experts for more information if you have a project in mind to discuss.
Mudit Kumar
22 Jun 2022
Initial Game Offering (IGO) Launchpad Development
The initial game offering (IGO) is a type of crowdfunding concept for blockchain and non-financial token (NFT)-based games. Fundamentally, IGOs decrease the entry hurdle for investors in the gaming industry. They do so by allowing them to secure in-game assets and tokens before they are available to the general public. Further, investors put their money into IGO launchpads' gaming initiatives and expect significant returns after a project's listing on major crypto exchanges or when it achieves traction in the growing gaming community. IGOs are an entirely new domain enabled by blockchain app development offered by a blockchain development company.
What is IGO (Initial Game Offering)?
An IGO, as previously stated, is a method utilized by blockchain game developers to crowdfund an early-stage game. Early investors get rewarded with valuable in-game goods and tokens at a significant discount before the public auction.
Indeed, IGOs are different from ICOs. They mainly focus on the gaming industry. Developers can directly solicit financing from their audience by providing their gaming projects through an IGO. Subsequently, the growing popularity of this type of launchpad has fueled explosive growth in the blockchain gaming industry.
The Fundraising Model for the Initial Gaming Offering
The initial gaming offering (IGO) is a type of funding developed exclusively for non-traditional gaming projects. It's similar to other well-known crypto fundraising techniques such as ICO, IEO, IDO, etc. IGO, in layman's terms, is a new game funding idea that uses an IGO launchpad to get a game off the ground. Additionally, investors analyze the project and join the IGO in exchange for in-game assets or tokens if it appears promising. Eventually, as the effort grows, early adopters or investors gain benefits from the assets they control.
Read More | GameFi | The Next Big Thing in the Crypto Space
What is an IGO launchpad, and how does it work?
IGO launchpads bring together innovative fundraising ideas and investors. An IGO launchpad is a site where early-stage blockchain gaming initiatives can raise funds. Investors purchase an IGO launchpad's native token and use it to fund contributions to the IGOs of their choice.
Users must either lock their tokens in a pool or stake them to invest in the project. However, that depends on the Launchpad platform. The participants then get in-game asset tokens or NFTs, which they must use to play the game. GameFi, Seedify Fund, TrustPad, and BinanceNFT are some of the most popular IGO launchpads.
Features In IGO Launchpad
Integration with a digital wallet
Pay people or businesses securely in any currency from any location on the planet. Allow recipients to choose how they want their payments to be delivered.
Scam-Prevention Measures
Measures to prevent scams make your IGO launchpad more trustworthy. Incorporate anti-scam tactics that track proxy habits and other factors.
Flow trading
Cooling times are no longer an issue with flow trading. Flow trading comes in use on the launchpad since there is no need to wait for transaction execution.
Transparency
You may acquire users' trust by making everything entirely transparent to them. Thus, the source code should be available for public scrutiny and verification.
Various Staking Models
Our IGO launchpad generates several staking modules that enable all users to participate in IGOs, thereby building an ecosystem for them.
Automated Liquidity Pool
Allows you to connect your IGO launchpad to an automated liquidity pool, and thus, allowing investors to contribute funds in exchange for yields.
KYC (Know Your Customer)
A top IGO Launchpad Development Company's use of a KYC in the IGO Launchpad guarantees privacy and prevents fraudulent activities.
Compliance Across the Chain
We offer a decentralized cross-chain fundraising platform that allows projects to raise funds while ensuring the protection of early-stage investors.
Support for Multiple Chains
A Multi-chain IGO launchpad must support multiple crypto wallets. With our multi-chain IGO launchpad solution, you may create an efficient crowdfunding site.
Also, Read | Play-to-Earn NFT Games | Fundamentals and Development Essentials
Native Token Creation for Initial Game Offering Launchpad
For your IGO launchpad, a native token is built-in digital money. Launching a native token for your platform improves the user experience while accelerating the growth of your launchpad. A native token is primarily responsible for drawing contributions to your platform's liquidity pool. It can also come in use as a governance token, enabling token holders to vote on gaming projects listed on the launchpad. Further, it can also work as the primary token for all transactions, increasing the token's liquidity and, as a result, its value.
Development of the IGO launchpad
Individuals can establish IGO launchpads to create their crypto game funding platforms. While the IGO platforms are more well-known, whitelisting a game can be a lengthy process.
The most cost-effective way for game producers to control which blockchain games they wish to fundraise for is to create their own IGO launchpad.
This approach might help a game developer to create their IGO platform, similar to Binance NFT, TrustSwap, or EnjinStarter. The construction of the IGO launchpad aims to create an open network where blockchain games can raise funding.
Also, Read | How to Develop Play-to-Earn Game in Sandbox
Popular Crypto Gaming Launchpads
Binance NFT
Binance NFT is a cryptocurrency exchange where users may generate and trade NFTs. IGOs on Binance NFT provide access to in-game assets that aren't available anywhere else. The company adopts a subscription structure to ensure that all users have an equal opportunity to participate in Binance NFT's IGOs.
NFTs are available using a public and transparent algorithmic selection process, ensuring that all users get equal opportunities. Also, each blockchain game project's details are readily available within the IGO. Investors can learn more about a project while getting to know the crew.
Why use Oodles to create an IGO launchpad?
IGO Development creates a gaming launchpad for players who want to buy gaming assets. Indeed, the creation of game launchpads can be a good business opportunity. Offering incentives to players who come up with fresh ideas and investors interested in investing in IGO launchpads could result in a significant investment.
We at Oodles can help you build popular IGO launchpads like GameStarter, Seedify, GameFi, and others. We are a well-known blockchain development company with clients all around the world.
If you want to create an IGO launchpad, talk to one of our blockchain experts about what you'll need.
Mudit Kumar
21 Jun 2022
Layer 2 Blockchain Scaling Solutions | Resolving Scalability Issues
Blockchain solutions development has changed various industries by providing decentralization of money, high levels of security, and irreversible record-keeping. Decentralization refers to the meaningful distribution of processing power and consensus throughout a network, while security refers to a blockchain protocol's protection against bad actors and network assaults.However, there are disadvantages to everything, and one of the most fundamental disadvantages of blockchain is its scalability. Scaling concerns develop when the volume of data passing via the blockchain hits a limit due to the network's limited capacity.Blockchain ScalabilityA blockchain in an ideal world would be capable of processing an infinite number of transactions per second TPS (Transactions per second). On the other hand, the Bitcoin main chain can only handle 3-7 TPS. Developers are working to broaden the scope of what a blockchain can achieve to meet these concerns. As a result, more transactions processing per second can happen along with reduced processing times.Scalability is essential because it is the only way for blockchain networks to compete on an equal footing with older, centralized systems that offer faster settlement times. Using layer-2 (L2) scaling techniques is one option.Now, let's discuss layer-2 scaling strategies for blockchain development.Also, Check | Layer 3 Blockchains | Understanding Advanced DecentralizationWhat is a Layer-2 Scaling SolutionLayer-2 refers to a supplemental framework or protocol built on top of an existing blockchain system. The fundamental goal of these protocols is to address the transaction speed and scale difficulties that plague the major cryptocurrency networks.Bitcoin and Ethereum are currently unable to accomplish thousands of TPS, limiting their long-term growth. Before users can use these networks on a broader scale, higher throughput is a must.Layer-2 protocols provide an additional foundation for blockchain transactions and operations that do not reliant on layer-1 protocols (main chain). As a result, these solutions are sometimes known as "off-chain" scaling possibilities.Also, Read |Blockchain Bridges | Enabling Cross-Chain InteroperabilityWorkings of Layer-2 SolutionsLayers 1 and 2 are linked, and a summary of layer-2 transactions is uploaded to layer-1 at regular intervals for archival purposes. Layer-2 networks must consider how transactions are validated before they are "cast in concrete" on the main chain.It entails offloading a portion of a blockchain protocol's transactional weight to an adjacent system architecture, which then handles the majority of the network's processing and only reports back to the main blockchain when it's finished. By abstracting the majority of data processing to secondary architecture, the base layer blockchain becomes less crowded – and eventually more scalable.Instead of sending every transaction via layer-1, it works to handle these transactions on a parallel blockchain known as "layer-2" to avoid congestion.Also, Read |Cross-chain Defi Development: The New Big Thing for FutureTypes of Layer-2 solutionsRollupsLayer-2 scaling options, known as rollups, offload transaction processing off the main Ethereum network while still publishing transaction data to layer-1. Because transaction data is stored on layer-1, rollups are subject to the same layer-1 security standards as transactions. For users, this is the differentiating feature of rollups.Rollups are beneficial because they reduce transaction costs, increase transaction throughput, and increase participation. Rollups come in two sorts, each with its own set of security features:Optimistic RollupsOptimistic rollups run in parallel with the Ethereum Mainnet on layer-2 and by default do not do any work. Instead, when the transaction is complete, they post the updated state to the Ethereum Mainnet, effectively notarizing the transaction.Optimistic roll-up transactions are live on the main Ethereum blockchain, increasing transaction efficiency and cutting gas costs.Zero-knowledge rollupsZK rollups (zero-knowledge rollups) generate a cryptographic proof known as SNARK by combining thousands of transactions from the main Ethereum chain (succinct non-interactive argument of knowledge). Validity proof is a type of proof that developers publish on the Ethereum Mainnet.The smart contract keeps all transaction data on layer-2 for a ZK rollup, and it can only be updated with valid evidence.In other words, instead of requiring entire transaction data, ZK rollups only require confirmation of authenticity. The cost of transacting is lower because this function contains fewer data.SidechainsSidechains combine layer-1 and layer-2 scaling algorithms. A sidechain is a blockchain of a cryptocurrency's main chain, such as Bitcoin.They connect through a two-way peg (2WP), a technique that allows open bitcoin transfers from the main chain to a tier two chain that requires third-party trust.Sidechains can complete transactions faster and for less money than Bitcoin or Ethereum. In addition, sidechains can come into use to test new protocols. Their development happens faster than the main chain to support new types of transactions.Also, Read |Making Blockchain Solutions Scalable with Sidechain TechnologyPlasma ChainsSolutions for Plasma layer-2 Ethereum uses child or subsidiary blockchains to aid in the verification of the parent chain. Like sidechains, plasma chains feature a consensus process and generate transaction blocks.Polkadot smart contracts or parachains are similar to plasma chains. They are, however, in a hierarchy to keep transactions off the main chain, saving time and increasing scalability.[The term "parallel chains" is short for "parachains."] In a system of linked blockchains, these chains run parallel to one another, as one might expect.They're all constructed on the same foundation, so they're all secure, and they're all connected to the same central relay network. They can, however, handle their applications independently of one another.This is the foundation of Polkadot. Parachains enable very rapid transactions because the distribution manages workloads.Also, Read |Increasing Inevitability of Multi-Chain Crypto Wallet DevelopmentState ChannelsA channel creation happens between two parties after crypto placement in an Ethereum smart contract. After the execution of payments, layer-2 is where signed ticket creation happens. After ticket finalization on layer-1, it gets signed. If state channels have been opened earlier, they can be bidirectional and handle a second party.ConclusionAs a result, layer-2 scaling solutions like the ones that Ethereum employs will play a critical role in supporting a multichain future. Also, it will put the onus on developers to guarantee sustainable growth without compromising the core precepts of blockchains: security, decentralization, and scalability.To bring to market layer-2 scaling solutions and decentralized apps that will aid the world's transition to a decentralized economy, the whole crypto sector will have to join forces, constantly develop, and interact with one another.If you want to develop layer-2 scaling projects like Ethereum, then connect with our blockchain development experts.
Category:
Blockchain
Mudit Kumar
20 Jun 2022
Blockchain Bridges | Enabling Cross-Chain Interoperability
Easy engagement and interoperability are essential for decentralized blockchain app development. As the blockchain community grows, constraints in inter-network communication and data sharing have emerged. It has cast doubt on the concept of decentralization. In reality, multiple stakeholders should govern blockchain networks rather than a centralized organization. Because programs designed for one network only work on that network, this has resulted in a lower adoption rate.
Over time, many breakthroughs such as cross-chain technology (Blockchain bridges) have emerged to connect networks, allowing for the seamless flow/exchange of data from one blockchain to another while also raising adoption rates.
Continue reading to learn how blockchain bridges connect, share data, and move assets in the blockchain ecosystem, as well as how they provide interoperability.
Interoperability on the Blockchain: What You Need to Know
Interoperability refers to a blockchain's ability to communicate with other blockchains that have the same underlying architecture to promote information sharing. It's the ability to look at and interact with data held on another blockchain. When information transmits to another blockchain, interoperability allows a user on the other side to access it and react efficiently.
The technology that permits the interoperability of two relatively independent blockchains is known as cross-chain or bridges. Cross-chain technology aims to eliminate the need for middlemen or third parties to connect two blockchain networks, boosting interoperability and assisting in the decentralization of blockchain technology.
Also, Read |Making Blockchain Solutions Scalable with Sidechain Technology
What are Blockchain Bridges?
A blockchain bridge (also known as a cross-chain bridge) is a platform that connects two blockchains, similar to a real bridge. It aids in the movement of data and digital assets between two blockchain networks, making communication easier. Both chains may have their protocols, regulations, and governance systems, but the bridge allows them to work together safely (i.e., communicate and share data). Smart contract calls, decentralized identities, off-chain information like stock market price feeds, and other types of data can all be exchanged through blockchain bridges.
How do Blockchain Bridges Work?
Consider the following scenario with two blockchain networks: Chain A and Chain B.
The bridge can be configured to lock the token on Chain A and mint a new token on Chain B when moving tokens from Chain A to Chain B. The total amount of tokens in circulation in this case is distributed between the two chains while remaining constant. Chain A would still have fifteen tokens (with five tokens locked) after transferring five tokens to Chain B, but Chain B would have five more.
The tokens can be burned (or destroyed) from Chain B and unlocked (or released) on Chain A at any time by the owner of the issued tokens. Each token's value has always been based on the Chain A market price because Chain A has always had a locked copy of each token. The amount and cost of tokens exchanged between the two chains are kept constant thanks to this "lock-and-mint" and "burn-and-release" process.
Also, Read |DeFi (Decentralized Finance) | Emerging Finance Alternative
Unique Advantages of Blockchain Bridges
Transaction between chains
Each blockchain has limits because its development happened in a secure environment with its own set of guidelines and consensus processes. As a result, there isn't any token exchange or direct connection across blockchains. On the other hand, blockchain bridges make it possible to move data and coins between chains.
Little network activity
Blockchain bridges aid in reducing traffic on crowded blockchains like the Ethereum ecosystem. Further, they spread it out over other, less crowded blockchains. It increases the scalability of the Ethereum network.
An improved development experience
Ethereum network has poor transaction processing speeds and high gas prices. It especially happens during times of high traffic and congestion. Thus, developers building DApps have frequently had a bad experience. Blockchain bridges, on the other hand, make it possible to process and transfer tokens to different blockchains more quickly and cheaply. Such new user platforms are still in development by developers from various blockchains.
Decreasing monopolization
Cross-chain technology also helps to keep markets stable by decreasing monopolization by large corporations. The most popular cryptocurrencies, for example, are Bitcoin and Ethereum. They account for more than 70% of the global market share. As a result of this hegemony, there is limited opportunity in the market for new businesses to test their strategies and get a footing in the current market.
Also, Read |Understanding Blockchain Oracles for Smart Contracts Advancement
Types of Blockchain Bridges
Bridges on the blockchain come in two types: trust-based bridges and trustless bridges.
Trusted Bridges
Trust-based bridges, or federation or custodial bridges, are centralized bridges. A single body or federation of mediators must manage them. Users must rely on the members of the federation to verify and confirm transactions to transfer money into another cryptocurrency. Members of the federation are primarily motivated to keep transactions going; they are not concerned with detecting and preventing fraud. When moving a big amount of cryptocurrency, trust bridges can be a rapid and cost-effective option. It's important to remember, though, that federation members receive rewards for keeping transactions going. They do not get rewards for detecting and preventing fraud.
Untrusted Bridges
Decentralized bridges that rely on machine algorithms (i.e. smart contracts) to operate refer to as trustless bridges. Individual networks contribute to transaction validation in this form of bridge, which functions similarly to a true blockchain. When it comes to transporting cryptocurrency, trustless bridges give customers significant security as well as more flexibility.
Also, Read |Cross-chain Defi Development: The New Big Thing for Future
Blockchain Bridge Examples
Binance Bridge
Users can utilize Binance Smart Chain wrapped tokens to move assets between the Binance Chain and other chains, like Ethereum. The Binance Smart Chain (BSC) is an Ethereum-compatible blockchain that, like Ethereum, offers smart contracts but at a cheaper cost. BSC uses BEP20 standard blockchainBridges | Enabling Cross-Chain Interoperability tokens.
Portal by Wormhole
Portaloffers unlimited transfers of assets between Solana and several other DeFi blockchains, such as Ethereum, Terra, Binance Smart Chain, Avalanch, oasis, and Polygon.
Why do We Need Blockchain Bridges?
Bridges enable:
The cross-chain transfer of assets and information
Dapps to access the strengths of various blockchains. It thus enhances their capabilities (as protocols now have more design space for innovation).
Users to access new platforms and leverage the benefits of different chains.
Developers from different blockchain ecosystems collaborate and build new platforms for users.
Conclusion
In this article, we investigated the topic of blockchain interoperability, reviewed the benefits of blockchain bridges, examined how blockchains communicate and share data, and discussed some of the challenges for cross-chain applications.
Have a project in mind? Connect with our blockchain experts to plan and develop blockchain bridges like Wormhole.
Category:
Blockchain
Mudit Kumar
17 Jun 2022
Develop Parachain on Polkadot
Blockchain is known for features like decentralization, security, scalability, and speed. However, many blockchains do not offer all of these features. Instead, some blockchains provide speedy transactions while others feature better decentralization. In this scenario, exchanging and using the information between blockchains can address this problem. Here, Polkadot blockchain development services can bridge the gap. Polkadot is a platform that connects different blockchain networks to enable smooth communication. It is overcoming the problems of speed, scalability, and more. This platform has the main chain, known as the relay chain, which is the heart of the network. It is accountable for the network's consensus, security, and transaction settlements. Additionally, the Polkadot network includes many parallel blockchains called Parachains. Let us take a deeper look into the development of Parachain on Polkadot.
What is the Polkadot Parachain?
Parachain is a layer-one Blockchain that runs parallel to the Polkadot network. You can customize it according to usage. Due to its parallel nature, it can make programs run in a parallel processing system. Consequently, it results in increased scalability of the Polkadot network. All the Parachains connect through XCM format. Collator, a full node of Parachain, maintains the Parachains. It also produces new block candidates and proceeds the details to the Relay chain validator for authentication.
Also, read: DApp Development on Polkadot
Benefits of Parachains
From scalability to governance Parachains can give significant advantages to different blockchain networks. The main benefits are the following.
Scalability
Parachains get the scalability at Layer-1, which is far better than achieving it at Layer-2. It is more efficient and decentralized. Moreover, Parachains are achievable at Layer 2 as well, giving more scope for scalability. When you compare it to the non-sharded networks, Polkadots allow transactions and their processing in the parallel ecosystem. Consequently, there is a substantial increase in scalability.
Flexibility
When it comes to being a Parachain, it needs to ensure that every block follows the agreed-upon pact. Developers need to prove this to the Polkadot Validators. There is no other requirement while developing a Parachain in the Polkadot. So, developers get maximum flexibility while building it. Unlike the smart contract platforms, Polkadot gives developers the flexibility to make changes in the logic of the Level-1 Parachain. As a result, it brings a lot of opportunities for optimization.
Interoperability
Communication between different blockchain networks is one of the most crucial aspects of the Parachain model. Moreover, Polkadot interoperability is known as cross-chain composability. Polkadot made it possible to transfer tokens, data, verifiable credentials, off-chain information from oracle, and smart contracts from one blockchain to another. As a result, developers can use features of different blockchains to create various services.
Customizable Governance
Parachains can adopt any governance model and get many ready-made modules for on-chain governance systems. Moreover, the on-chain governance mechanism decreases the chances of the hard fork occurrence of the Parachain. Additionally, it provides transparency in the Parachain communities.
Prerequisites for Polkadot Parachain Development
You must understand a few points before starting with the Polkadot Parachain development. The following are the conditions for developing a Polkadot Parachain.
No need for a go-to economy for Parachain
Parachains are independent networks or apps with their own rules and regulations. Additionally, they have their communities, economies, governance, and relationship with the external chains. Thereby, they do not have to follow a go-to economic model.
In a Parachain network, developers and the community are responsible for maintaining the economic policy.
Opportunity cost
You need to pay an opportunity cost to become a Parahain. Moreover, it will be an investment that will give you rewards when participating in the Parachain selection process.
Parachain Development Kit (PDK)
Developers use some tools for creating a Parachain called Parachain Development Kit (PDK). It includes the State transition function (STF) and the collator node. The former aids in the transmission of an application from one place to another. The latter is a peer-to-peer node that makes the availability of every state possible.
How to develop a Parachain on Polkadot?
Here is a procedure you can follow for developing a Parachain on Polkadot.
Runtime Logic
The first step for developing a Parachain on Polkadot is to build a runtime logic on the Substrate. Developers can use the Substrate Parachain template for creating the logic.
Wasm Executable
The next step is to build a Wasm executable for compiling the runtime logic. Wasm code blob includes all the state transaction functions. These wasm code blobs install your project as a Parachain.
Validation of Wasm Code
After the submission of the Wasm code, a validator will verify it for state transition.
Collator Node
Validators will check the most recent transitions with the help of a collator node. Next, the collator node will develop a new block candidate. Additionally, it will pass the block to Polkadot validators.
Conversion of Substrate-Built Chain Logic into Polkadot-compatible Parachain
In this step, developers make the Substrate-built chain compatible with Polkadot. Developers can use Cumulus extension to convert the substrate-built chain logic into Polkadot-compatible Parachain.
Conclusion
After the development of the Parachain, developers need to test it before the launch. They can use testnet Rococo for the testing. You can deploy the Parachain after successful testing.
Parachain has innumerable benefits that are making it popular among many businesses. If you are also interested in developing the Parachain for your firm, then our experts can assist you.
Please feel free to connect with our blockchain development experts.
Mudit Kumar
16 Jun 2022
How to Develop Play-to-Earn Game in Sandbox
There has been a significant transformation in the gaming world with the introduction of play-to-earn games. These games generate more profits for both developers as well as players. Since the rise of these games, many platforms have come up with better features, tokenomics, and game mechanics. One such platform is The Sandbox, a virtual gaming world based on the Ethereum blockchain. It enables users to create, buy, own, and monetize gaming experiences. This article will focus on the varied features and benefits of The Sandbox.
What is The Sandbox?
As already mentioned, The Sandbox is a decentralized metaverse on the Ethereum blockchain. Animoca Brands started the Sandbox project in 2011. Back then, the company was creating games for mobile devices. In 2018, the company ventured into blockchain technology and connected it with the gaming world. The concept was to build a metaverse 3D with NFT collectibles and utility tokens of The Sandbox - SAND, an ERC20 token.
The Sandbox provides free tools for creating the ASSETS, which use the ERC-1155 token standard. In The Sandbox ecosystem, players can build in the game and trade their ASSETS. There is a record for every transaction in the blocks. So, players do not need the permission of developers to own the gaming assets. Game enthusiasts can play Sandbox games, and completing the tasks will enable them to gain the platform's official cryptocurrency. Players can utilize the SAND token for in-game purchases as well.
Also, read: Snoop Dogg Sandbox metaverse: Is the Snoopverse real?
How does The Sandbox work?
The entire world of The Sandbox became possible with smart contracts of the Ethereum network. Voxedit is software that made it possible to generate a 3D world. This animation and 3D modeling program help in making voxel-based assets. Ethereum and Voxedit give The Sandbox the ability to host millions of people, build a dynamic metaverse, and create a big market and distinct economic ecosystem.
Besides Voxedit, The Sandbox consists of Sandbox Marketplace and Sandbox Game Maker. The Sandbox Marketplace is a virtual place for publishing and selling assets. Moreover, Sandbox Game Maker lets users make 3D games for free.
The Sandbox works on a hybrid structure. The centralized server keeps the servers that give the visual effects. The decentralized network of blockchain technology (e.g., IPFS) stores the logic of collectibles, tokens, and related data. This model empowers both developers as well as players.
Also, read: Decentraland (MANA) vs Sandbox (SAND): Which metaverse Is The Best?
Play-to-Earn Game in The Sandbox
Play-to-earn is a primary element of The Sandbox interface. It lets players enjoy a whole new virtual world while simultaneously making money out of it. In The Sandbox metaverse, players create their ASSETS (different elements or voxels) using Voxedit. Then, they can place their assets in the Sandbox Marketplace. They can sell their ASSETS as NFTs. Users need to have SAND to make any purchase in this marketplace. Additionally, users can use cryptocurrency to purchase virtual real estate called LAND. Players can utilize these LAND for storing their ASSETS and games. Moreover, users can also generate income by renting their LAND to other users.
Furthermore, people can build and monetize games using the Sandbox Game Maker. They do not need to know how to code to work with the tool. It is due to the visual scripting tools that let a user create games in minutes.
Also, read: GameFi | The Next Big Thing in the Crypto Space
What Makes the Play-to-earn Game in The Sandbox Safe for Investment?
Play-to-Earn game in The Sandbox uses blockchain technology. As a result, no one can deny your investments. The company itself has no say when it comes to gaming protocols and laws. Animoca Brands has made The Sandbox with a prime focus on a decentralized gaming environment. Consequently, users are the ones who can make the changes. Compared to conventional games, the Sandbox can quickly grow and adapt to the changing gaming environment. Furthermore, the SAND token is not just a cryptocurrency of The Sandbox but also a governance asset. Thereby, it lets users make decisions about their project’s progress.
All these features make the play-to-earn game in The Sandbox unique and a safe investment option.
Also, read: Insight into Blockchain, NFT, and Metaverse-based Gaming
Conclusion
The Sandbox is an interactive digital world in which people can show their creativity and get rewards. The fact is that you can earn money through games and content creation is an added advantage. The popularity of The Sandbox will only grow due to its varied characteristics.
If you plan to develop a play-to-earn game like Sandbox, then Oodles blockchain can assist you with the development. We provide expert services to assist you in acquiring your goal. Share your requirements with our metaverse and blockchain experts.
Mudit Kumar
15 Jun 2022
Increasing Inevitability of Multi-Chain Crypto Wallet Development
Web 3.0 will be a panorama of multiple blockchains, and the top Defi projects will be those that provide experiences that connect as many of them as feasible. To be competitive now, your Defi product must be multi-chain, whether it's crypto wallet development, a lending platform, or any other Defi software. And they're counting on you to deliver the best of both worlds.
Instead of a dog-eat-dog model, the future of blockchain and Defi will reward products that integrate into a cooperative multichain user solution, while those that remain isolated will soon be forgotten.
The Increasing Importance of Multi-Chain Crypto Wallet Development
Because DeFi chances are no longer limited to Ethereum and are more widespread across numerous chains, DeFi users require multi-chain crypto wallets. Switching between various DeFi wallets across multiple chains is the biggest pain point for DeFi customers. A quick and secure multi-chain wallet provides users with the ease of a single wallet without sacrificing opportunities on any of the chains.
Also, Read | Developing an Advanced Defi (Decentralized Finance) Wallet
What is a Multi-Chain Crypto Wallet
A multi-chain crypto wallet is a cryptocurrency wallet that is connected to multiple blockchains and provides a wallet address for each of them, allowing users to send and receive transactions on these blockchains from the same application. It can be accessed through a mobile app, a web app, or a browser extension.
It supports numerous cryptocurrencies across several blockchains as a digital asset wallet. This sort of wallet allows you to receive, transmit, and store various coins/tokens on different blockchains in the same wallet while only controlling one private key.
Also, Read | A Quick Guide to Advanced Cryptocurrency Wallet Development
Must-Have Advantages
A multi-chain crypto wallet must provide users with the following advantages
Multi-Chain Blockchain Accessibility
Users should be able to manage their digital assets without having to download and install a lot of software. They should be able to use native cryptocurrencies on Ethereum, Binance Smart Chain, Polkadot, Kusama, OKeX Chain, and other blockchains.
Advanced Protection
The safety of funds and user information must be prioritized. With pass functionality, OAuth, and Biometric (FaceID + fingerprint), a multi=chain wallet must ensure that these vital assets remain safe. An example of best practice To protect and verify bitcoin access and usage, a multi-chain wallet should have various security levels.
Tracking in Real-Time
Users should have real-time access to and management of their crypto holdings.
Users should be able to store all of their digital assets in a single wallet and access them from any device with an internet connection.
User-Friendliness
The interface of a modern multi-chain chain wallet should be straightforward and user-friendly. It must make it simple for both novice and experienced users to navigate and manage digital assets across various blockchains.
Privacy Protection
When users transact online, anonymity should be preserved. The wallet can employ an anonymous address scheme, which implies that all transactions are private and solely between the sender and the receiver.
Fast Transaction Speed
Fast transaction speeds are also important in a multi-chain crypto wallet. Within minutes of signing up for a multi-chain wallet, users should be able to send and receive payments.
Also, Read | Custodial Vs Non-Custodial Crypto Wallets: Getting Into Details
Advanced Features that a Multi-Chain Crypto Wallet
The elements listed below should be given significant attention during the development process of a multi-chain crypto wallet platform. Integration of the following features can ensure that the wallet meets the needs of a bigger audience conveniently, allowing it to become a popular crypto wallet, similar to Solana's Phantom or Metamask.
Versions for the web and mobile
Support for multiple chains (ERC20, BEP20, or TRC20)
Unlimited Wallet Creation
Crypto Storage and Transfer
Support for Crypto NewsFeeds
In-app Browser Accessibility for DApps
Liquidity Pools Integration
Decentralized Swaps Integration
KYC
2FA
Launchpad
P2P Swap
Advanced Assets Management Dashboard
Additional Functions
Compatible with NFT
A multi-chain wallet that allows for the storing and transfer of NFT collectibles from several blockchains might be a game-changer. Many investors wish to diversify their portfolios beyond Ethereum because NFTs have grown to be such a large sector.
Non-Custodial
We never have access to your personal information or cash. Ever.
Support for the Ledger
Users should be able to connect their hardware wallets for added security.
Developing a Multi-Chain crypto wallet with Oodles
Defining the Roadmap
Our team of specialists will use their extensive experience to assist you in developing the project concept and prototype. We will provide you with solutions that provide value based on market demands and your business objectives.
Boost Product Launches
We will assist you in quickly releasing the product with all the necessary features thanks to our structured approach and flexibility. As a result, you'll be able to begin collecting clients and growing your firm sooner.
API-Centric Crypto Wallet Development
We create multi-chain cryptocurrency wallets that support thousands of digital assets across many blockchains, track data, and provide seamless operability using Web 3 and other sophisticated technology solutions. We interact with a whole node of the blockchain to gain information.
Ensure a Smooth User Experience
We'll work with you to develop a product with a responsive design, engaging UI, and perfect functionality for the web, iOS, and Android that users will appreciate.
FAQs (Frequently Asked Questions)
Is it safe to use multichain wallets?
Multichain wallets are secure because they include security features like PINs and passwords that prevent hackers from gaining access to your assets. Furthermore, MultiChain technology makes switching between blockchains simple, allowing you to get the money you need when you need them. This gives you more financial flexibility and control.
In a Multi-Chain wallet, what coins/tokens can I store?
This is determined by the wallet's creator. A wallet can hold thousands of coins/tokens on a variety of blockchains, including Bitcoin, Ethereum, Binance Smart Chain, Polkadot, Kusama, OKExChain, and others.
Is it possible to make several Multi-Chain wallets?
Yes, several multi-chain wallets are possible. This gives you more financial flexibility and control. Each wallet can house a different sort of cryptocurrency, allowing you to keep the funds you need in the most convenient location.
Conclusion
It's safe to presume that you now have the answers to your queries and are ready to invest in your business idea. However, you should be aware that selecting the correct blockchain wallet development company, such as Oodles Blockchain, can ensure not only the security of your wallet but also give tailored solutions to match your unique business needs. To avoid any long-term concerns, make sure the crypto wallet development business you choose is transparent throughout the development process. As a result, it's best to take your time, do some research, and then hire a crypto wallet development company.
Mudit Kumar
13 Jun 2022
E-commerce Development in the Metaverse
Metaverse is changing the way businesses work. Now, e-commerce companies are looking for blockchain business solutions to enter this digital world to grab more opportunities. Digital commerce and trading are also increasing the growth of the metaverse in the e-commerce sector. Let us understand how the metaverse is influencing the e-commerce sector.
E-commerce Development in Metaverse
Firstly, you must understand the meaning behind metaverse to know the e-commerce development in the metaverse.
Metaverse is a virtual world that depicts the real world. Blockchain technology and real-time collaboration software have led to the development of the metaverse. Avatars represent users in this virtual world. These avatars can interact, socialize, trade, and do other activities with each other. Individuals wishing to enter this world need to utilize virtual and augmented reality with smart glasses and specialized headsets.
Now that you have a basic knowledge of the metaverse, we can jump to the next part-technological innovations in e-commerce.
Brands can equip themselves with the following technologies to get an advantage in e-commerce development in the metaverse:
Augmented Reality (AR) and Virtual Reality (VR) Innovation
Augmented reality is the process of integrating computer-generated content with the user’s surroundings in real-time. Meanwhile, virtual reality is a computer-generated simulation that gives a 3D environment to the users.
Many brands are exploring both of these technologies for innovative experiences. Some companies like Amazon introduced a Room Decorator tool permitting customers to envision the furniture in their own space.
Furthermore, the hardware and technology to create AR and VR are expensive and bulky. So, for the time being, we have to wait to know the true potential of these technologies. However, some brands are offering low-cost headsets and similar technology. So, it is very likely that these technologies will become more affordable to the general public soon.
Also, Read: Solice The Next VR Metaverse
Hyper-Personalization
Hyper-personalization is a process of utilizing AI and real-time data to give a tailor-made experience to every customer. Now, the requirement for personalized customer experience is tremendously growing. A survey in 2021 showed that 71% of customers expect personalized experiences. And the survey also stated that 76% were frustrated without it. Moreover, brands are searching for ways to provide targeted promotions, service recommendations, and more.
Here, the metaverse can take the personalized customer experience to a higher level. The virtual world removes the issues with the physical world, including gravity, time, location, etc. So, customers can visit and explore a virtual store anywhere and anytime. Furthermore, brands are venturing into new experiences, like virtual games where players can win points to redeem for digital apparel. Additionally, many companies are experimenting with metaverse technology and its uses to customize shopper experiences at a large scale.
Expanded Social Commerce
Social commerce is the use of social media platforms for selling products. Nowadays, social commerce is becoming increasingly popular. Experts predict that it will reach $1.2 trillion worldwide by 2025. Currently, many brands are adopting several tools to enable purchasing directly on Facebook, Instagram, and Snapchat. Similarly, the metaverse is planning to include new platforms where businesses will have the opportunity to sell.
Now, we are not sure how those platforms will look. But we know that brands will need the latest inventory and e-commerce to keep their social shop up to the mark. Additionally, brands can add customized chatbots to ensure the best service to customers. These chatbots will offer customer care directly within the social media platform.
Also, Read: Web 3.0 Vs Metaverse
E-commerce Development for Metaverse
The metaverse development will grow and evolve in the next decade. And brands are preparing themselves for this evolution. So, businesses are now investing in AR and VR, social commerce, and other tools. Brands that begin their journey with the metaverse today will be at the forefront of this technology.
Furthermore, e-commerce development in the metaverse will transform shopping from 2D static products into real-time experiences. It enables the customers to walk around a store and enjoy a 3D-rendered store display. Let us look at a few concepts that the metaverse will explore.
Higher Profitability
People express more engagement in 3D-tested products. The studies show that people are willing to invest as much as 40% for the product. With advanced product visualization in the metaverse, customers can make better-informed purchasing decisions. It could lead to a higher profit margin for brands.
Stronger Community Engagement
Brands can launch some activities for customer engagement. These activities can help to build stronger brand-customer relationships. Additionally, it shows what consumers want from your brands. Moreover, you can use this customer data for an exclusive product launch.
Global Reach
The metaverse store will let you trade with your customers in the virtual world. You will be able to operate your business from anywhere in the world.
Also, Read: Are Blockchain Solutions Really Capable of Evolving E-commerce
Conclusion
The metaverse will bring a revolutionary change to e-commerce via innovative blockchain technology, NFTs, and extended reality. As of now, it has made the shopping experience more personalized, immersive, and interactive. Thus, the current picture shows that the virtual world is the next big thing in the future.
At Oodles blockchain, our experts assist you with e-commerce development in the metaverse. Please feel free to share your e-commerce development requirement with our subject matter experts.
Mudit Kumar
09 Jun 2022
How will Ethereum 2.0 Cut off Energy Consumption
From non-fungible tokens (NFTs) to decentralized finance (DeFi), Ethereum blockchain application development has become crucial for many emerging crypto projects. However, Ethereum uses the Proof-of-Work (PoW) consensus mechanism. This model is known for its high energy requirements. Eventually, it leads to detrimental environmental impacts. So, Ethereum upgraded itself to tackle this issue with Proof-of-Stake (PoS). Read on to know how exactly this platform is making itself sustainable.
What Makes Proof-of-Stake More Feasible
To understand the whole issue, we need to understand the consensus mechanism used earlier in Ethereum. As mentioned above, the platform heavily relied on the proof-of-work consensus to record and confirm transactions. This consensus model requires participants (miners) to add new blocks to the blockchain. These miners have to compete against each other to solve complex mathematical problems. However, this solving process (mining) requires heavy computers and electricity. Consequently, there is immense power wastage, which leads to environmental hazards. So, Ethereum switched to the proof-of-stake (PoS) consensus mechanism in its upgrade.
The PoS consensus model does not require mining hardware to add a new block. In this mechanism, network participants (nodes) have to lock their funds in the smart contract to participate in the mining process. Then the consensus randomly selects a node as a validator, who mines the new block and gets a reward. This way of reaching a consensus removes the platform’s dependence on heavy hardware. Ultimately, it becomes an eco-friendly option. Furthermore, this consensus model increases the transaction speed as well as the scalability of the platform.
As far as the current estimation goes, the energy consumption of Ethereum will decrease by 99.95% with the proof-of-stake mechanism. As per Etherscan, the mainnet achievement of Ethereum will be around 14 TPS (transactions per second). Moreover, Ethereum will use less than 1% of payment processor energy compared to the Visa network.
Also, Read: Ethereum: The Platform That Brings Blockchain Into The Mainstream
Current Energy Consumption of Ethereum
Bitcoin introduced the proof-of-work mechanism in 2009. The payment network suffers the same amount of energy consumption criticism for using the PoW mechanism that Ethereum is now suffering. Moreover, the longer running duration of the PoW consensus will leave a larger carbon footprint.
In the PoS mechanism, users wanting to become validators require a secure network, an internet connection, a device with a CPU, and 32 ETH. Ultimately, these changes lead to less carbon footprint. In fact, Ethereum is not that far off from Switzerland in its carbon footprint. Also, the power intake of Ethereum is on par with Finland’s energy consumption.
Also, Read: Safemoon vs Bitcoin: How to examine these two cryptocurrencies?
Why is Ethereum Improvement Proposal (EIP)-1559 Crucial
Apart from PoS, Ethereum has another major upgrade called London, which includes Ethereum Improvement Proposal (EIP)-1559. This proposal aims to implement changes in estimating appropriate ether (ETH) transaction fees or gas fees.
As of now, users need to pay fees for adding their transactions to a new block. However, users have to estimate these gas fees. Moreover, the chances of adding the transaction fees in a new block increase with more charges. As a result, some users tend to pay more than others, making the system inefficient.
EIP-1559 introduces a two-tiered system containing a base fee and tips. Users have to pay base fees and can opt to pay tips to increase their transaction process. The proposal algorithmically adjusts the base fee for every transaction. Users have to use ether to pay these base fees. So, when the network faces congestion it first selects the transactions of users who paid tips.
EIP-1559 might decrease the transaction time when implemented. Additionally, it will reduce gas fees to streamline the user experience.
Also, Read: Enterprise Ethereum Blockchain Use Cases and Applications by Industry
How does Beacon Chain Matter for Ethereum 2.0 Energy Consumption?
The Beacon Chain is the central component of the Ethereum 2.0 ecosystem. It randomly picks the next validator and monitors its activity. It came into existence in December 2020. Moreover, it sets to coordinate a PoS system across the network. Also, it permits developers to make upgradation and adjustments whenever needed. It will effectively enhance the network of 64 blockchains with a network of shards (new chains) and stakers. Thus, it increases the transaction speed and volume of the network.
Moreover, the Beacon chain plays the backbone role that supports the Ethereum 2.0 energy consumption. It acts as a heartbeat that makes the system alive and coordinates with all players. Also, it authorizes vital insights into how energy consumption will evolve in Ethereum. It is too early to conclude as we still need to wait for the merger with the Ethereum mainnet.
For more information about Ethereum 2.0 energy consumption, connect with our Ethereum blockchain developers.
Mudit Kumar
08 Jun 2022
Play-to-Earn NFT Games | Key Insights & Development Basics
We use mobile phones, consoles, and personal computers to play games online and offline. While many gamers play for fun and entertainment, some play professionally. In reality, they make gaming their primary source of income. But, now the gaming industry is entering a new era of blockchain solutions development. It is the era of the metaverse, and NFT-based gaming, and it may soon reverse the proportions. NFT gaming drives non-professional gamers to learn, play, and earn a living via play-to-earn games. For instance, Axie Infinity, Gods Unchained, and Splinterlands have won over millions of gamers' hearts and produced thousands of new employment. Let's find out the know-how of NFT-based play-to-earn games and how to develop one for the masses.
The Role of NFTs in Gaming
NFTs (Non-fungible Tokens) are digital tokens. Each NFT gets a one-of-a-kind value recorded on the blockchain. Users can use an NFT to prove the ownership and validity of an associated object with it. The gaming industry needed this factor to evolve. Therefore, NFT-based games came into the role, either created from the ground up or adapted from existing games. The following are some of the reasons why NFTs could be a game-changer in the gaming industry:
In-game assets currently have no use after a player has completed the game, and such assets cannot be accessible outside of the gaming platform.
However, users can use NFT-based in-game assets to prove their scarcity and transition them from individual games to community-based games.
Furthermore, once a player has completed a game, they can sell their in-game assets through a marketplace — either in-game or through popular ones.
This play-and-earn function allows players to cash out any money they have spent on the game and any winnings.
Also, Read | How Blockchain is Redefining the Traditional Gaming Space
What are Play-to-Earn NFT Games?
A play-to-earn crypto game uses NFTs in the form of in-game assets, which players who win a stage get as rewards. It is an emerging gaming concept. As more and more games come into existence, players may start winning prizes or in-game assets as crypto assets.
Many of these gamers are about warfare, strategy, or both. Player vs. player (PvP) and player vs. computer (PVC) conflicts are possible in such games, with PvP battles garnering the highest in-game awards.
Many games allow players to sell their assets if they no longer require them or have completed the game, ensuring that none of the player's money gets squandered.
Popular Play-to-Earn NFT games
In 2022, the NFT gaming sector will continue to grow with the introduction of new crypto games and the news of more on the way. Some of the best NFT games available are included below, including some that have been around the longest.
Axie Infinity
Players can acquire and breed Axies, which are digital monsters that users can utilize to battle other players for bitcoin. Each Axie is an NFT with unique characteristics and abilities. To make money from their gameplay, players can win SLP tokens and sell Axies.
Sorare
It is a fantasy football collectible card game in which you may buy, sell, and trade digital player cards from over 100 licensed football teams. You accept digital trading cards that "live" on the Ethereum blockchain, instead of picking player names from a list. When you and your team win competitions, you earn cryptocurrency and digital collectible cards as prizes.
Delving into Developing Play-to-earn NFT Games
Developing a game where NFTs are an inextricable element of the in-game economy necessitates an active and watchful mindset. Building and managing such a game necessitates much more. Approaching a company with expertise in designing play-to-earn NFT games is the right way to make your job easier. Let's have a look at how a seasoned development firm like Oodles can help you with your ambitious project in the following areas:
A company with this level of competence would have a specialized ideation team whose job is to work with you to develop your game's fundamental concept. What started as a hazy concept, may turn into a plot for a forthcoming blockbuster game.
It would help you construct the game using a precise plan that includes a lot of strategizing. It will assist you in deciding which stacks to employ and which databases to manage. After examining the availability of essential resources, they will finalize the team and a complete estimate to complete the game's development.
A company like this would have teams of professionals specializing in front-end and back-end development. While the front-end development team focuses on creating a smooth user experience and interface, the back-end development team develops the game's primary platform, which is both robust and structured.
In addition, a company with experience in building NFT games would have an expert team of testers who would run automated tests to detect flaws, errors, and problems and fix them so that the game is error-free. They'd also do alpha and beta testing to ensure that the gaming product functions properly.
Also, Read | The Emergence of Web3 Gaming Powered by Blockchain
Some Advantages of Hiring a Professional Firm for the Job
Aside from learning how an NFT game development firm can help you at every stage of your project, it's also necessary to understand the benefits of working with one, which is listed below:
You can deploy your gaming platform on any blockchain of your choosing. Also, you can even spread your game across numerous chains to boost the value of in-game assets.
The gaming platform can offer fungible and non-fungible tokens (NFTs) to attract more users and maintain exclusivity.
Any data entered into your gaming platform will be immutable. TIt will use decentralized storage mediums that are loss-proof to ensure that the data is highly secure.
The gaming platform will get military-grade security features, which gaming and blockchain experts design. It ensures that the product is tamper-proof and includes powerful opponent detection methods to prevent hostile behavior.
Also, Read | Insights into Blockchain, NFT, and Metaverse-based Gaming
Processes for Developing Play-to-Earn NFT (P2E) Gamed
Develop a 2D or 3D game and incorporate NFTs into them.
Build a smart contract to run a peer-to-peer game
Combine blockchain with smart contracts to run a P2P game
Conclusion
Let's assume you've read this far and have decided to take your play-to-earn game with NFT to the next level. If you lack the necessary experience, do approach a company of blockchain experts like Oodles to bring your concept of NFT-based play-to-earn games to life.
Category:
Blockchain
Mudit Kumar
07 Jun 2022
AR and VR for NFT Development
In recent times, the development of NFT has explored its way to every form of business and buzzed the global market. Some of the most listed artwork, such as images, and animated 3D video loops, are listed on the many NFT marketplaces are 2D. But the metaverse explosive growth is not surprising that NFTs and the world of immersive technology meet. And the creators found creative ways to blend the two, leading to some exciting experiments.
The integration of AR and VR has significance in art and game innovation for NFT development. NFT introduces the industry of real estate and architecture in a virtual environment through Land infrastructure digitization. Although the growth of NFT is for years, in 2021, they took off an impressive or attracting more people into the space that allows them to make money, especially artists and collectors.
What differences Augmented reality and Virtual reality contain?
The present era is the world of technology where Web 3.0, NFT, and metaverse are at the peak, the term like augmented reality and virtual reality get talked around a lot. Both technologies are apart from others that accomplish two different things. Also, the sounding of both these technologies are similar, but they’re two different concepts that serve two diverse requirements. Let us understand these two with quick breakdowns.
Brief about augmented reality (AR)
For the real world, AR adds a layer of virtual reality and makes what you see in the real world by projecting information on top of what you’re looking for.
AR in the universe of NFT has the potential to enhance our world. It is in a creative and meaningful manner by permitting creators to provide depth context to any digital artwork. Moreover, in virtual space, AR is not the total immersion, although it develops the connection between the virtual world and the real world. It is by adding things from the virtual world as extensions in the real world. Thus, the user of AR NFTs can use them anywhere, anytime through smartphones or Ar-enabled sites.
About virtual reality (VR)
It is the complete immersion into a virtual or digital world that doesn't dwell in the real world, and its basis is on a virtually created space. At present, with VR headsets like Oculus, Rift, Google Cardboard, and other use, peoples are able to access the virtual world. Also, the VR-enabled environment makes people apart from the natural world when they're using it.
Moreover, virtual reality supercharges the augmented reality world and completely immerses you in the virtual world.
Also read: Why NFTs are the Key to Metaverse massive explosion
Read more: Web 3.0 Vs Metaverse
How NFTs integrate into AR and VR
Since NFT emergence has taken place in the technological world, they’re primarily in the form of 2D creations. Although these are good that collectors and investors cannot interact with them for the highest utility.
Thus, developing a better experience for this happen, AR and VR NFT became more and more popular.
AR NFT development
What would happen if people could interact with their NFTs in the real world? What if collectors could interact and showcase their collections in their homes or themselves? That all could be possible with AR NFTs.
AR NFTs provide the best utility experience for collectors with interaction and experience their NFTs as a real-world part instead of just storing them in wallets.
VR NFT development
For the making idea of how much better and deep exciting having VR NFTs would be. The use is mainly for P2E games.
In the NFT space, gaming items, skins, avatars, etc are a crucial part of blockchain gaming. They are just increasing the utility to the players of the games and are made in NFTs. For digital money, these NFTs are special and can sell in the NFT marketplace.
Comparisonally normal NFTs, VR-based NFTs are higher as holders will own them as investments. Also, it is able to experience them in games and the metaverse.
Read more: Solice | The Next VR Metaverse
Use cases of AR and VR NFTs development
NFTs have developed their features in every industry, and aiding AR and VR gives the cherry on the cake.
Gaming
It brings exciting gameplay and offers play-to-earn games that empower players to hold assets that they can carry to real life. Also, the assets can be in diverse forms that range from in-game NFTs to cryptocurrency. Also, offering AR and VR experiences, most games that offer their in-game economy with blockchain are closed.
Moreover, for the in-game experience building the game narrative more fascinating, AR and VR NFTs can create more immersion.
E-commerce
Before committing to online buying, the AR and VR NFTs inclusion will let you try virtual pairs of shoes or t-shirts. It is only possible with the potential of virtual try-on and AR NFTs. Thus, more emerging brands are including AR at every step of their customer's journey. It will give a better idea and experience of the items you’re purchasing.
Art
The AR and VR NFTs used in the art world are impressive and convenient and allow NFT artists to develop more realistic and contextual pieces with sound, visual, or other virtual effects. Moreover, for NFT collectors, AR lets a complete experience of digital artwork anywhere, anytime via Smart devices.
Read more: Using Blockchain Technology in the Gaming Industry
Also read: Exploring Blockchain for E-commerce Platform Development
Conclusion
For connecting the virtual and physical world, exciting technology helps them connect and develop a space where we can engage with both areas. The combined form of NFTs, AR, and VR can bridge the gap between Web 3.0 and the traditional creator economy. We can say that NFT uses are explored, and many aspects of our lives continue to migrate online. Thus, for that AR and VR will be the most integral part.
If you plan to develop a project based on NFT, we are the right partner for you. Connect with our blockchain NFT experts to know more.
Mudit Kumar
06 Jun 2022
How Blockchain is Redefining the Traditional Gaming Space
Due to the need for a new system that can replace the faults that are present in the existing paper money system with something entirely new and revolutionary, blockchain-based development has surged in popularity in recent years.
Blockchain isn't just for money; it has a slew of other uses, including gaming.
Why? Because blockchain technology will revolutionize the creation, management, and ways of gaming in the future.
As we will show, incredible things can happen when blockchain is used in gaming.
Blockchain in Gaming
A decentralized blockchain system means that the game is owned and controlled by the users, who own digital assets and game objects, rather than by a central authority.
On a gaming blockchain, you own a specific number of digital assets known as NFTs, much as you own a certain number of crypto coins such as Bitcoin, Ethereum, or Litecoin on a cryptocurrency blockchain.
These are game objects, but they are yours to own in the same way that cryptocurrency is, and they may be transferred not only to a wallet but even outside of the game.
Also, Read | Using Blockchain Technology in the Gaming Industry
The Importance of NFTs in Blockchain-based Gaming
NFTs are unique, unforgeable, and may be sent to a wallet address in the same way as currencies can. A sword, a bow, a shield, a staff, or a chunk, for example, can be an NFT in a game. They might be anything because they are only metaphors. If you possess such digital materials, you can keep them indefinitely.
There's also the scarcity factor associated with blockchain technology, suggesting that only a limited number of these things are available.
There are common, special, rare, epic, and legendary things in the game, much as there are in an online RPG game like World of Warcraft or another analogous title. The legendary items are the most difficult to come by.
You can examine how many legendary items are accessible in a blockchain-based game, such as 35. After this amount has been determined, no more of this type of item can be produced. Even though these 35 items are identical, they are each unique in their own way since they may include the full history of how that item has been utilized.
It might be owned by the best player in the game, and this information will always be attached to the item, even if it is sold to someone else.
But what if the game you're playing stops working for no apparent reason? What's more, you'll be surprised to learn that On the other hand, your item will not! Because it can be moved around the metaverse from one blockchain to another. It's still yours to keep and use in a new game if you want to. It's feasible to store it in your digital wallet. This is what makes NFTs so appealing.
NFTs are a sort of content, one that will continue to exist in the metaverse indefinitely.
Also, Read | A Quick Guide to NFT (Non-Fungible Token) Development
Blockchain and Gaming Applications
Increased Value of In-Game Assets
Blockchain technology can help with in-game asset ownership by bringing more transparency and legislation to the gaming industry. One of the most essential aspects of blockchain-supported gaming is actual digital ownership, which will allow players to exchange rare items and profit.
Smart contracts are used to handle all transactions in a blockchain-based game. Smart contracts are irreversible and run on pre-programmed parameters. As a result, when you launch a blockchain-based game, all in-game items acquired with smart contracts are transferred to players' public address accounts as soon as possible.
Aside from that, smart contracts function without the need for a central authority. No one has the ability to modify the public address where the in-game assets are kept, and no one has the ability to change the private ownership of those assets. They will remain the property of the individual who purchased them in the game.
Also, Read | What changes do AR and VR bring to the gaming industry?
Integrated Profiles for a Holistic Gaming Experience
Before accessing the platform's games and other services, most gaming platforms need users to create a gaming profile. On the other hand, users of blockchain gaming apps can construct a single, integrated gaming profile that can be viewed and used across several gaming sites.
Users of blockchain gaming apps can construct a single, integrated gaming profile that can be seen and utilized on several gaming platforms. By making interlinking activities in programs more accessible, this strategy improves the user experience for gamers.
Tradable Resources and Rewards
Through blockchain gaming mining techniques, gamers and developers can create resource-rich games and apps, as well as update game versions, and receive awards. It allows them to contribute and earn tokens while enhancing the app's user experience.
Also, Read | GameFi | The Next Big Thing in the Crypto Space
Verifiability of Scarcity
Scarcity is one of the characteristics of these assets that makes them valuable. However, with the current design, a player has no way of knowing how scarce a specific Kevlar plate of armor is. Players can readily verify the total quantity on the block ledger if these assets are issued on a blockchain. This improves trust and, as a result, the marketplace's worth.
Enhanced Security
Gaming platforms are housed on centralized servers, and transactions are frequently conducted on mobile phones or desktop computers that lack proper protection. Additionally, assets maintained in gambling accounts are vulnerable to theft. Regardless of how lucrative a gaming account is, it is not as secure as our bank accounts.
Blockchain is often regarded as the most secure method of keeping wealth. They're made to be impenetrable. For a gamer who has worked hard to accumulate digital gaming assets, storing them on a blockchain would improve security.
Fast and Low-Cost transactions
Gaming is a worldwide phenomenon. Players from several countries regularly compete in games such as Counter-Strike.
How would they be able to transfer their assets without having to wait days for payments to be processed and going through legal hoops?
Blockchain technology would allow for instant payments all across the world. This implies that there would be no limitations.
The Future of Gaming with Blockchain
The convergence of blockchain and gaming creates an intriguing universe where virtual reality might resemble reality. With advancements in virtual reality, this world is more likely to become even more intertwined with our real-world experience than we can currently envision.
In the world of gaming and blockchain, we are witnessing a revolution. When they're combined, they'll create a seamless ecosystem, with blockchain serving as the background player. Find out more about blockchain-based game development from our blockchain experts.
Mudit Kumar
31 May 2022
How Web3 and Blockchain are Transforming Gaming
Web3 has transformed a variety of industries, including gaming. Web3-based games, which are a significant departure from traditional gaming platforms, allow players to interact with the games in novel and decentralized ways. People can play games and earn cryptocurrencies and NFTs with Web3 gaming. It aims to democratize various aspects of gaming by giving the power of governance to players rather than a single centralized authority. Web3 has emerged as the latest significant breakthrough in the blockchain app development space.
The Challenges with the Traditional Gaming Industry
Although in traditional gaming, in-game content or digital assets are purchasable with fiat currency or users can claim them as rewards, game operators still reserve the copyrights to in-game content. Essentially, players do not possess ownership rights of those in-game digital assets. Instead, in the traditional ecosystem, player ownership is merely a license to participate in certain components of the game.
Furthermore, all game-related data is saved on centralized gaming servers, which game administrators have complete control over. Game producers lack the resources and expertise necessary to supervise and facilitate a transaction in which players wish to swap their digital assets for a profit.
Gray markets have emerged as a result of the inefficiency of centralized servers and traditional gaming, providing opportunities for hackers and scammers. They take advantage of players while providing no benefit to the developers or administrators. Administrators fail to protect gaming platforms and their users from hacks and shutdowns. Digital assets are also at risk of loss, fraud, and theft due to the centralized server's inefficiency in protecting itself against attacks.
Also, Read | How Blockchain is Redefining the Traditional Gaming Space
How (Blockchain) Web3-based Gaming Proves to be a Viable Solution
Web3 gaming uses cutting-edge concepts such as gaming Decentralized Autonomous Organizations (DAOs) with decentralized gaming ecosystems, blockchain-based game asset ownership, play-to-earn model, crypto-secured gaming wallets, and metaverse gaming to address all of these issues.
Gaming on the Web3
Web3 gaming is a decentralized gaming process in which the operations of a gaming ecosystem or platform are delegated away from any central authority, specifically the ownership of gaming assets and decision-making in all elements of gaming.
The games in Web3 are made possible by incorporating blockchain technology into the gaming ecosystem. It let players voice their opinions on when and how the game should progress. Web3 gaming also establishes the framework for play-to-earn for gamers. It transforms the pay-to-play model by allowing users to trade assets, and tradeable game tokens, and earn cryptos while playing.
Web3 gaming creates a level playing field for the gaming business by allowing gamers to access and own in-game digital assets. These assets are unique in nature and are saved in the form of gaming NFTs.
By connecting in-game materials and players across platforms, Web3 gaming also allows for a wide range of interoperability among multiple gaming ecosystems. The level of interoperability is determined by the sort of blockchain platform used to build a gaming ecosystem. Polkadot or Solana, for example, provide interoperability in cross-chain communication bridges.
Also, Read | Insights into Blockchain, NFT, and Metaverse-based Gaming
Now that we've learned about Web3 gaming, let's look at some of its features in the next part.
Protocols for Ownership Management and Data/Asset Interoperability
In the Web3 metaverse, the capacity of blockchains and NFTs to allow true ownership and interoperability in gaming provides the largest opportunity for gamers.
NFTs are the new face of Web3 gaming, and their popularity has exploded in recent months. This is due to the fact that they offer something that previous gaming models did not: the ability to really own virtually any type of unique in-game asset or object.
In traditional gaming, a player would buy a one-of-a-kind in-game item. What happens, though, when the same gamer moves to another game? The time and money spent collecting the thing, or a collection of items, gets wasted.
Consider how many gaming products are getting squandered in cyberspace.
In Web3 gaming, interoperability is the best answer. Because these items may be moved between games, gamers no longer need to pay money for them. It gives players more freedom and allows them to move among as many games as they choose.
There's no need to worry if a player no longer wishes to carry that item or finds it beneficial! They may just sell it on secondary markets, effectively turning in-game NFTs into long-term investments rather than one-time purchases.
Out-of-the-Box Gaming Experiences for Players
Web3 gaming's top players demonstrate how the new gaming ecosystem thrives on experiences personalized to players' tastes. Many important characteristics of web3 games that focus on providing the best benefits to players are available. The play-to-earn games, for example, demonstrate how players can make the most of games in order to earn money. Furthermore, the self-sovereignty feature of web3 games stresses how they consider player advantages.
Also, Read | What changes do AR and VR bring to the gaming industry?
Improved Availability and Transparency
The distributed nature of the process is one of the most noticeable aspects of 'what is web3 gaming.' You don't have a single point of failure like traditional games' centralized servers. Furthermore, for improvements in the gaming process, blockchain-based games require voter consensus.
Web3 games, as a result, can provide more transparency. Furthermore, the web3 gaming ecosystem's independent operations with minimum central authority involvement provide excellent availability. You can also benefit from highly resilient data storage facilities and block minting for improved scalability and reduced downtime.
Also, Read | GameFi | The Next Big Thing in the Crypto Space
Integration of Traditional Games
Another intriguing element of Web3 gaming is that it integrates and upgrades earlier game models into metaverse and blockchain platforms. The gaming experience is incredibly personal, and each player has a favorite game. Web3 proposes to improve old and popular games by bringing them into the metaverse, where users may create avatars and trade in in-game assets and collectibles.
Conclusion
By incorporating metaverse and blockchain technologies into the gaming industry, Web3 gaming has changed the entire gaming environment. It has democratized the gaming industry by removing central game administrators and platform owners.
Web3 gaming is also powering the financial element of the gaming industry. It is doing so with breakthrough technologies like blockchain, DAO, and the metaverse. It facilitates lucrative activities such as in-game digital asset trading and play-to-earn in the form of NFTs for game players. As a result, Web3 gaming is a step forward in the transformation of the digital game business.
If you're searching for help developing a web3 gaming platform, reach out to our metaverse and blockchain experts.
Mudit Kumar
30 May 2022
Game Development with Blockchain, NFT, and the Metaverse
In this blog, discover why it has become necessary for gaming businesses to explore and adopt the convergence of the metaverse, blockchain, and NFT development.
Undoubtedly, the evolution of the gaming industry has been remarkable in the past few decades. From arcade games to gaming consoles, it has evolved significantly.
However, it now must address existing critical challenges and provide unique playing experiences while ensuring economic sustainability and competitiveness.
For instance, it needs to provide financial stability, decentralization, data control, interoperability, immersive gaming experience, and much more to gamers.
At Oodles, a blockchain development services company, our experts emphasize that emerging tech like the metaverse, blockchain, and NFT can provide transformative gaming solutions that enable these aspects for gamers and gaming businesses alike.
Indeed, platforms like Axie Infinity and The Sandbox are reaping the benefits of becoming early adopters of this emerging tech.
Building Blocks of Transformative Gaming
The Metaverse
A metaverse is typically an immersive virtual world where participants, usually represented by avatars, can interact with one another, create in-world objects and landscapes, and generate experiences.
Users can purchase, sell, and trade digital real estate, products, avatar accessories, and more.
However, a true metaverse can exist on blockchain to enable interoperability among virtual worlds, authentic ownership of assets, their intrinsic economies and currencies, and much more.
Users can access the metaverse using a computer, a virtual reality (VR) headset, or a smartphone.
The Metaverse and Blockchain
A blockchain-based metaverse, in particular, uses blockchain as its underlying technology and crypto assets, such as NFT tokens, as its currency.
Decentraland, Cryptovoxels, Alien Worlds, Axie Infinity, and The Sandbox are examples of metaverses and protocols that incorporate these characteristics.
Blockchain and Metaverse-based Gaming
While metaverse-like environments have long existed in massively multiplayer online games, the addition of blockchain, crypto, and virtual reality to the mix is changing not only who can play and what they can do, but also demonstrating the real-world market value of assets, interactions, and experiences earned in blockchain games.
Also, Read | Metaverse Impact on Financial services
Key Aspects of Blockchain and Metaverse-based Gaming
Adopters of blockchain-focused metaverses can differentiate their worlds from previous incarnations of metaverses in the following major ways.
Decentralized Ecosystem
While centralized corporations have been owning and controlling virtual worlds for a while, blockchain metaverses evolve around decentralization, with some or all metaverse game components built on blockchain technology.
As a result, blockchain metaverses tend to deviate from today's game industry's mainstream corporate structures and value extraction strategies.
The unique structure of blockchain games provides participants with more equitable involvement options. It also implies that individuals in the metaverse share ownership of the metaverse. Even if the metaverse blockchain's original designers abandoned the project, the game may continue to exist indefinitely.
Decentralized User Governance
Metaverses like Decentraland are operating as Decentralized autonomous organizations (DAOs) and using governance tokens to put users in charge of the game's destiny. They enable them to vote on modifications and upgrades. Metaverses can grow into full communities with economies and democratic governments in this fashion, becoming more than just crypto games.
NFT-powered Verifiable Provenance/Ownership
Crypto tokens, such as non-fungible tokens, exist as in-game assets in blockchain metaverse games (NFTs). Achievements and purchases in gaming environments can be quite valuable to players. The use of NFTs brings much-needed transparency and access to asset markets to the standards of in-game items. Metaverse NFT tokens and assets can easily help authenticate the provenance of in-game user-generated material as well as NFT gaming assets because each NFT is unique.
Also, Read | Why NFTs are the Key to Metaverse's massive explosion
Improved Economic Worth in the Real World
Metaverse economies link to the wider real-world crypto-economy since they utilize crypto tokens (NFTs) and blockchain infrastructure. Holders of metaverse currencies, avatar skins, and digital real estate can trade them on DEXs and NFT marketplaces for real-world value.
Gaming Solutions, Powered by the Metaverse, Blockchain, and NFT
P2E (Play-to-Earn) Games
It will be an integral part of the metaverse gaming experience. Apart from accessing gaming sites, players can monetize their activity. They might be able to sell the stuff they've won in the game to other players in return for cryptocurrency, for example.
Social Gaming and Communication
NFT gaming platforms adopt community-first regulations modeled after traditional real-world social networks. Gamers will be able to invite real-life friends, talk with other players, develop connections, and so on, bringing multiplayer gaming to a whole new level.
Interoperability of Assets
Because of the metaverse's interoperable architecture, asset portability may be possible. NFTs represent the ownership details, so players can use weapons or avatars from one game to another.
Also, read | Metaverse NFT marketplace development
Games based on the Metaverse, Blockchain, and NFT
While only a few online games hinted at the metaverse, there is currently a flurry of new metaverse gaming endeavors to anticipate. Let's take a look at a few of the most popular online metaverse games right now.
Sandbox
One of the most well-known entries among the current top metaverse games is The Sandbox. It creates a virtual world in which you can create, own, and even earn from monetization opportunities while gaming. The Sandbox is one of the most important NFT game platforms on Ethereum.
Axie Infinity
Another popular metaverse blockchain game worth mentioning is Axie Infinity. The game was launched in 2018 and has recently grown in popularity among the general public. The popularity of games like Axie Infinity has skyrocketed in recent years. We can say that Axie Infinity can be a mainstay of the NFT game industry.
Sorare
Sorare is a user-friendly online card trading game that has FIFA-accredited football clubs, players, and more. In the form of NFTs, gamers can trade (buy/sell) player cards. Rare NFT cards play a crucial part in the metaverse's acceptance of football. Users can purchase these cards in more than 40 countries across the world.
Driving Social and Financial Revolution in Gaming
While crypto metaverses (and NFT games in general) are still in their infancy, these new worlds offer exciting social and financial possibilities in the future. Crypto metaverses can provide users with new ways to play, invest, collect, and socialize – as well as new opportunities to profit from it all.
Furthermore, while progress on00000000 00different unique metaver0se platforms is notable, it is the ability of the numerous metaverse games to interact and interoperate with one another that has the potential to turn the nascent blockchain gaming ecosystem into a worldwide economic pillar. Metaverse games may become a central part of the next phase of the internet revolution by combining the immersive environments of VR, the addictive playability of video games, the interactivity of social media, and the value propositions of crypto.
Oodles Blockchain can assist you with the launch of a metaverse NFT gaming platform. We provide end-to-end services to assist you in achieving your goals, from NFT creation to gaming platform development. Share your metaverse NFT gaming development requirements with our subject matter experts.
Mudit Kumar
27 May 2022
How Fractional NFTs Transform the NFT industry
After the NFT craze, fractional non-fungible tokens (F-NFTs), enabled by NFT development services are now the buzzword in the NFT community. They are the most recent advancement in the NFT market. It is because they have the potential to completely alter the architecture of NFTs while also providing investors with new opportunities.
Anyone who has been keeping up with NFT developments knows that NFTs are usually in the news due to their absurd valuations. Popular NFTs can cost millions of dollars, making them unaffordable for a typical consumer. The development of F-NFTs emerges as an alternative to address this issue.
Financially speaking, owning a small portion of an expensive NFT is far more advantageous than buying its multiple fractions at lower costs.
Let's understand the concept of F-NFTs and why one should develop and offer them.
Fractional NFTs
NFTs continue to grow with a high market value. The idea behind fractional NFTs is to divide NFTs with excessive market value into several groups. The NFT market will gain a lot from this, including increased traffic. The most significant turning point in the markets for NFT and cryptocurrencies is fractional NFT. The division of NFT into smaller parts will lower the price of an NFT, making it possible for average buyers to purchase it. As NFT is one of the most significant investments nowadays, transactions can move quickly.
Also, Read | NFT and DeFi Solutions | Disrupting the Financial Space
How do Fractional NFTs Operate?
Non-fungible tokens can support and maintain NFT properties thanks to their token standards. ERC-721 is the token standard if Ethereum is the blockchain. Further, smart contracts can lock NFTs in fractional NFTs. Then, developers divide NFTs using the smart contract into several ERC-20 tokens. Since ERC-20 tokens have the potential to be fungible, their tokens won't signify ownership of any specific NFT.
A buyer can purchase the fractional NFT and sell it in the secondary market. It is a divided asset with the ERC-721 protocol. Owners of fractional NFTs can offer them for sale in a variety of forms. They can either establish a deadline for when the tokens must be sold or decide to let them trade until the last one gets sold. The Fractional NFT Marketplace, which has revolutionized traditional NFT marketplaces, is where users can buy, sell, or stake fractional NFTs.
Also, Read | Generative Art NFTs | A Quick Guide to Knowing Critical Aspects
Examples of Fractional NFT Uses
Gaming and F-NFTs
Users can buy, sell, and own numerous in-game assets, which are NFTs, in play-to-earn crypto games. F-NFTs, in these multiplayer games, can let players pool their resources and trade pricey in-game NFTs by investing in their fractionalized shares. For instance, Axie Infinity is already exploring the viability of the F-NFT trade. It offers fractionalized ownerships of ultra-rare Axis, one of its most well-liked in-game NFT assets, Axie Infinity, an NFT-based online video game, is already exploring the viability of the F-NFT trade.
The Metaverse and F-NFTs
We may anticipate a significant increase in funding for metaverse-related projects as the concept becomes more widely accepted. Businesses like Sandbox and Decentraland have already entered this market.
F-NFTs can enable conglomerates, individual investors, and even small organizations to gather together and purchase virtual land and other comparable digital assets within the virtual world.
F-NFTs and Real-Estate
By substituting intermediaries with smart contracts to facilitate a quick and secure transfer of ownership, NFTs can substantially speed up the process of purchasing real estate. Other significant advantages of converting a real estate asset into an NFT include immediate ownership settlement and a streamlined transaction process. The history of ownership and rights can also be directly recorded on a blockchain, making it possible to verify transaction information quickly and easily.
In that they permit the acquisition and sale of properties without a middleman, F-NFTs are comparable to NFTs. The sole distinction is that F-NFTs permit numerous people, as opposed to just one, to share ownership of the property. Although F-NFTs are not a fundamental component of the real estate sector, we predict their use will make real estate investing more accessible and efficient.
Also, Read | Revamping the Supply Chain Industry with NFT (Non-Fungible Tokens)
Fractionalized NFT Market's Advantages
Price Finding
The price discovery approach calculates the value of the fractionalized NFT market. It will be the most significant change to the NFT market.
Recent Sales
All information, including the types of data, maximum value, lowest value, and surge rate, will be thoroughly studied in this analysis of prior trades. to create a simple NFT prediction.
Auction
It is the most popular approach, but in this case, the real innovation is that the mechanism will also offer a price estimate for an item based on the bids that are made. The optimum way for selling NFT is thought to be an auction.
Fractionalizing
NFT will be changed into fungible ERC-20 tokens in this instance. This makes it possible for the NFT's owner to sell in numerous open markets. This boosts the NFT & NFT marketplace's traffic and liquidity.
Democratization
NFT that has been fractionalized is not biassed or an asset that only a select few can afford. Once the NFTs have been fractionalized, anyone can exchange them. This promotes market expansion. When fractional NFTs are issued, the commission and traffic will increase. It also widens the range of revenue streams.
Also, Read | Developing DAO-enabled NFT Marketplace
Why Oodles for the Development of Fractional NFTs?
Our innovations in NFT and cryptocurrency, which have a big impact on the markets, are unmistakable proof of our groundbreaking efforts in NFT development. With the help of our skilled NFT and blockchain developers, we can fulfill all of our commitments. We take pride in having been the first business to offer NFT markets the development of a fractional NFT marketplace. Concepts and development are unimportant. We'll walk you through everything and assist you with any technical problems.
Mudit Kumar
24 May 2022
Develop a Decentralized Exchange like PancakeSwap
Decentralized exchanges built on Binance Smart Chain have begun to have a significant impact in the crypto exchange domains. Therefore, crypto exchange development services are focusing on developing decentralized exchanges like PancakeSwap built on BSC.
The PancakeSwap has the most potential of the Decentralized exchanges running specifically over the Binance Smart Chain, combined with other advantages like staking, yield farming, and swapping over the DeFi Domains, to draw users into the Exchanges' designated domains.
The Benefits of PancakeSwap like DEX over other Platforms
The Ethereum blockchain is the foundation for most decentralized exchanges. These exchanges receive a lot of traffic, which causes network congestion and raises transaction costs—both of which are unfavorable to the crypto community. Blockchain experts have created a solution to solve these problems. The solution is the development of decentralized exchanges on different blockchain technology, such as the Binance Smart Chain. PancakeSwap is reported to have solved the congestion and transaction cost problems that were linked with the earlier decentralized exchanges thanks to the outstanding strategy of developing a decentralized exchange on the Binance Smart Chain platform.
Also, Read | Building Blocks to Develop a Robust Cryptocurrency Exchange
How to Create a DEX similar to PancakeSwap
There are two ways to establish a DeFi-based decentralized exchange like PancakeSwap over the Binance Smart Chain: either from scratch or by merely offering the user-suggested specs. The PancakeSwap Clone Script, a billion-dollar initiative, delivers services from beginning to end in the second mode.
Also, Read | The Rise of Crypto Derivatives Exchange Development
PancakeSwap's Main Components
You must be aware that the rate of a transaction on a decentralized exchange platform is substantially greater than on a controlled exchange. There is no lag in the transactions thanks to the high TPS (Transactions Per Second) functionality. Additionally, it ensures that there aren't any transactions in line behind one another. You must realize that eliminating the processing cost, offers numerous benefits to large organizations like banks and major businesses. These systems provide the highest level of security by storing your funds in a secure digital wallet. The best part about the platform is that you will receive a private key just to ensure your transactions are secure.
With this type of exchange platform, lending and borrowing money is quite easy. PancakeSwap, a Defi-based DEX-like platform, is unquestionably the way to go if you want to build such a platform. Let's look at the crucial factors you need to take into account before developing a virtual platform like PancakeSwap.
Also, Read | Crypto Exchange Platform | Strengthening Security Measures
Elements to Consider before Developing a Website like PancakeSwap?
Staking and Farming
By employing marketing, the platform must be able to offer alternatives for farming and staking. The PancakeSwap tokens—CAKE—can be redeemed for rewards.
Lottery Events
Just a bunch of cake tokens will inspire users to interact with your platform. This feature motivates visitors to return and engage with your forum more frequently.
An Efficient Voting System
This is the platform's most crucial feature because it controls how rigidly all user interactions are conducted. It maintains the platform's impartial operation.
Payoffs from Passive Crypto
Cryptocurrency currencies can be won by users as prizes. You can use this as a passive source of money while working with the platform.
Exchange Method
Similar to PancakeSwap, the DEX platform is built with a decentralized Exchange based on the AMM architecture. Order books are ensured to be removed from the trading site by the automated market makers. PancakeSwap is a site that offers more than just swap and trade.
NFTs
It has special qualities that enable users to profit from Binance Smart Chain.
Also, Read | Developing a Decentralized Crypto Exchange like Uniswap
How Effectively does PancakeSwap's DEX, like ours, Operate?
Like PancakeSwap, our Exchange platform upholds high levels of security and openness among users for hassle-free access. Without any traffic, the traders can use this DEX platform to do deals. It enables the user to participate continuously in a trading exchange. Continue reading to learn how effectively it functions.
Integrate your cryptocurrency wallet, such as Metamask or Walletconnect, with our DeFi, such as PancakeSwap, and start trading, liquidating, and swapping.
After logging into the DeFi site, the traders can choose whether to start with a transaction or earn through liquidity.
The traders are informed when certain units, such as Ethereum (ETH) to Bitcoins, are ready to be transferred.
Select the Swap or Pool for the transaction to take place instantly.
Traders involved in the pool in the marketplace will receive LP tokens as an additional reward.
Also, Read | A Quick Guide to Launching Your Own IDO (Initial DEX Offering)
Start Your Own DeFi-Based Exchange Similar to PancakeSwap
Security is the main worry in the decentralized finance-based operational services, and DeFi platforms consider one of the most unconventional techniques that may be adapted to the traditional banking system with this in mind.
Immutable frameworks and great security are required to maintain the security level and standard architecture of the Binance smart chain, which successfully uses decentralized financial systems.
You can connect with our skilled crypto exchange developers to help you launch your exchange business in no time.
Mudit Kumar
20 May 2022
Key Principles for Building an Advanced and Unique BitDAO
The growth of technology has lapped many sectors across the globe. At every moment, new technology like BitDAO is popping up to change the face of the technological world. It is the same asblockchain development, which has transformed many industries with its potential.At present immense growth of the blockchain and crypto space brings many promising opportunities. The potential of blockchain and crypto as new advancements like Defi became quite noticeable from enterprises and people across the world. At the same time, the newly evolved solutions can witness the rise of new tools to support crypto.Many tokens are evolving every day but driving Defi governance to top DAO tokens are evident examples. Although many DAO tokens garnered a lot of hype in the crypto space, BitDAO is one of the most valuable ones. Also, there are many options that we have to go through if we want to find the best DAO projects. Thus we can say BitDAO is unique because this DAO has millions of existing assets and forecasted contributions. Let's take a deep dive into the space of BitDAO.What exactly is BitDAO?The definition of BitDAO tells that it is one of the largest decentralized autonomous organizations(DAOs) with millions of existing assets and forecasted contributions. In the ecosystem of BitDAO, the governance token that comes with the proposal and voting power is BIT. It comes to building a decentralized token economy that is available to everybody, and protocol management handling is by the holders of BIT tokens.By deploying BitDAO Defi products and supporting Defi partners and projects, it will give funds for growth. It is for the extension of the Defi ecosystem. Also, they provide funds to Defi contributors like the growth of bespoke governance modules, community management initiatives, or the future BitDAO foundation.Also read: Defi(Decentralized Finance) | Emerging Finance AlternativesHow does BitDAO function?BitDAO works on the DAO(decentralized autonomous organizations) mechanism, and holders of BIT tokens govern and administer BitDAO.The usual governance structure of DAO is utilized by the crypto venture. Also, the vote procedure and the proposed framework of DAO permits BIT token holders to have command over BitDAO exercises. Also, project through token swaps and co-development efforts, the BitDAO will look to partners. In the manner of research and development, liquidity bootstrapping, and funding, that it can support.Here are some of the measures that help only after the growing proposal and vote on theDAO:Assisting partners' products or building BitDAO solutions, the R&D centers, and the allocation of development teams will be for financing or milestone incentives.The basics of BitDAO protocols, governance, and treasury management, will be modified.The allocating of Token Swap features is for current and fresh initiatives.Based on various tactics, the deployment of treasury funds will happen.The provided Grants are for blockchain technology projects, education programs, and other services blockchain.In terms of cash flow, the allocation of support will be to partner initiatives.Read more: Decoding DAO | Ethereum Smart Contracts at WorkGrowth Approach of BitDAOThrough co-development initiatives and token swaps, BitDAO will seek projects to collaborate on. Also, the project switches tokens and creates a portfolio of the best available and new Defi and crypto ventures. Becoming the category leader reward of BitDAO will aid these partners' projects in their quest. The benefit is that it gains success from the partner's projects and the crypto industry all at once. Its partner success will increase contributions to add value to the BitDAO treasury. It permits a more smooth deployment of the resources.Moreover, the project goal is to create main products that help BitDAO and other DAOs run smoothly. These consist:An on-chain and off-chain products combination and the best practice make up governance suit.To deploy the DAO capacity to generate yield oversee assets or launch goods known as Treasury management.There will be a new alliance for projects, acquiring the Defi assets with growth potential and developing functional solutions through regular contributions and assets. Thus the conclusive aim of this DAO is to invest in the partner's success and the industry as a whole.Also read: Blockchain-based Defi | Understanding the Decentralized Financial ShiftPrinciples that make BitDAO Unique and AdvancedIn contrast to systematic companies, with the traditional hierarchy of managers and employees, BitDAO does not operate. Preferably, an organization is a group of people who contribute to the projects. Also, the reward of the contributor is with BIT tokens and is willing to see the project reach its true potential.Moreover, with a wide variety of people and teams, changes to the BitDAO protocols are suggested. It is up to the BIT holder that has the right to vote on whether this approach should be approved or rejected. It is a developing project with community leaders that have formed over time. The influences of the project path are governance recommendations and forum participation. In brief, the holders of tokens, investors, and community members will drive BitDAO's visions. It aims to devote financial and human resources to strengthen Defi's growth.ConclusionIn the space of a decentralized tokenized economy, BitDAO is poised to be a key player and influencer. Also, the DAO governance flexibility and transparency permit BIT token holders to build their own adventures, and these possibilities are immense.Over time BitDAO will be an evolving project and community leader. Also, the participation of governance and the forum will affect the direction of projects. With token holders, contributors, and community leaders that drive BitDAO's vision and mission. Also, it permits many independent teams to coordinate proposals, negotiate partnerships, and develop products for BitDAO governance. We at Oodles have expertise in DAO blockchain solutions, feel free to reach out if you are willing to develop similar projects.
Category:
Blockchain
Mudit Kumar
18 May 2022
What changes do AR and VR bring to the gaming industry?
With the rapid development in technology and the introduction of user-focused technology, the surroundings around us are changing at every single moment. Technology has lapped every business sector, whether it is finance or the game industry.
Although NFT development in the gaming world has made tremendous growth. But technology AR and VR in gaming have brought a revolution that was once considered to be impossible. It has transformed the gamer's dream into reality and has seen immense growth in recent years. The growth of the gaming industry was predominated and has broken the gender barrier. It has also outstripped the limit of age and social status to offer something for everyone.
The potential of Augmented reality(AR) and Virtual reality(VR) applications has ripe the video game industry with immense opportunity to capture brand exposure and consumer loyalty. In 2020, for the first time, the AR and VR in the gaming industry markets have added a new dimension and brought revenue of more than $7.5 billion. Also, the demonstration of revenue is through hardware sales and software investment.
What exactly Augmented reality(AR) is and how its function?
The evolution of gaming seems to be possible in the real world because of virtual reality. The existence of augmented reality takes place after the introduction of virtual reality in the real world. Augmented reality comes into existence to give interactive real-world experiences. In other words, it is a technology that brings a creative and immersive user experience that lets people superimpose digital content over a real-world environment. With the AR inclusion, we can experience the combination of game visuals and audio content considering the user’s environment which helps in the establishment of an artificial environment.
In 1988 the initial AR technology emerged in a soccer game with yellow-colored lined. Since then, this technology has had a notable influence in the gaming world and has impacted e-commerce, education, automotive, healthcare, and many more sectors. The experience of AR technology is like looking at the world through virtual glasses.
Also read: The prospects of the Healthcare Industry in the Metaverse
What exactly, Virtual Reality(VR) is, and how does it function?
The experience that grants users perception of the physically present in a non-physical world is virtual reality. It creates a simulated environment for the user. In VR, the user engagement is with the 3D world, instead of viewing the screen. It is immersed and able to get involved and interact. It awakens the sensory experiences, including touch, sight, hearing, and smell.
Although various aspects show its features and display technology make an immense difference between the traditional user interface and virtual system. The active range of popularized research, projects, and companies using virtual reality has been for medical, cinematic, and gaming applications. The virtual reality process is both the combination of hardware and software viewing purposes that hardware uses. Also, the use of the software is for creating an environment. It is simple as where the attachment of headgear with HDMI cables that help to transfer the image from the box. Moreover, in some conditions, the phone becomes part of the hardware and clipped into a VR headgear, and projects an image.
Read more: Solice The Next VR Metaverse
With AR and VR in gaming, what revolutionary transformation appears?
If you are willing about sophistication, then VR and AR reached that mark to engage their gamers. To endeavor smooth and compelling experiences with the right equipment for its users, the manufacturer has proposed an innovation that is beyond imagination. Thus, it is time to clear out how AR and VR are going to redefine the gaming industry. It is with their revolutionary action.
Real-time interaction
AR technology is best praised for its potential to bring together the real and virtual worlds. It gives rise to a dreamlike mid-path for the users. Although, for game manufacturers, the capacity to add digital information and real-time in one will turn up to be a game-changer. Also, the creation of a better engagement level the real-time interaction will allow the enrichment of gamers' perceptions across the globe.
The renewal of 3D
The concept of 3D films is no more a fresh idea for the world. But, it has not gained its appeal due to its sky-high pricing. Also, in some cases, it acquired popularity, such as in the movie “Avatar” and is the next concern to the gaming industry.
Fascinating experience
With the changing time in this modern era, the demand for the gaming sector has increased to captive experience. Although it create differentiation between the virtual and the real environment, the experience does not permit users, will act as the success of any game for today's time. Also, in the gaming situation where the gamers can play in the user’s avatars, the game developers have to create game situations.
Change in lifestyle
The limitation of game enhancement is not only for entertainment but for other purposes too. Surprisingly, the evolution of AR and VR have also made an entry into people's lifestyle. Moreover, the sectors like medicine, education, tourism, and entertainment have entered into AR and VR to enhance footfall.
Creative content
AR and VR these two technologies that stand out for content engagement, experience, and versatility coded by the game developers. Moreover, to match better, the targeted market developers grant customized content of a higher degree.
Also read: The Smart contract role in the Metaverse
Read more: How to use Blockchain in the Metaverse
Conclusion
The inclusion of AR and VR has revolutionized the world, especially in the gaming industry. The growth of the gaming industry over the years have tremendous. Also, the inclusion of AR and VR technologies is pivotal in leading the revolution. Also, AR and VR will offer what you might call mixed reality, in which the real and virtual worlds seamlessly merge.
Moreover, the user is going to ensure a complete virtual world replacing the real world which would be controlled by their body movement. Thus, in the upcoming time, it is going be the buzz technology. And, it will bring immense heights to the gaming world. Feel free to connect with our Oodles blockchain experts for acquiring more information.
Mudit Kumar
11 May 2022
Collaboration of NFT with Real Estate
The world of blockchain is gradually changing the way many industries operate, and the real estate sector is no exception. It is not surprising to see virtual real estate becoming a popular subject. The sale of fractional ownership or debt on a property using non-fungible tokens (NFTs) is becoming a trend. NFT is a blockchain-based virtual asset with a unique identification code and associated metadata. In this blog, we will dive deeper to understand NFT and real estate collaboration.
NFT and Real Estate - An Extensive Collaboration
NFTs are already becoming essential tools for displaying ownership of tangible and intangible objects on blockchain networks. Therefore, NFTs can be a perfect tool for facilitating the buying and selling of real estate properties. There are two main approaches to utilizing NFTs in real estate.
NFTs for Virtual Real Estate
As the name suggests, virtual real estate resides only in the virtual world. You can purchase these properties with cryptocurrencies. NFTs assist users in confirming the legitimacy and ownership of a virtual property acquired through gaming or other metaverse platforms. Virtual real estate is becoming a substantial portion of the metaverse world. Moreover, people purchase real estate NFTs in the hope of making money off of them in the future.
NFTs for Physical Real Estate
You can trade your physical real estate property using an NFT, which will represent that property, on a special marketplace. You can tokenize real estate as an asset to associate tokens with it.
Also, Read: Blockchain Smart Contracts in Real Estate: A Long-Awaited Breakthrough
How Real Estate NFT Works
An NFT for real estate works similarly to other NFTs. A buyer pays a real estate owner in tokens through a cryptocurrency marketplace. In return, the buyer gets an NFT in their virtual wallet. All you have to do is create a crypto wallet and purchase some cryptocurrencies. The Ethereum blockchain powers many metaverse platforms, including Decentraland and The Sandbox. The ownership document for every property is a distinct code residing on the blockchain. Also, you can sell it as NFT. However, some platforms are not compatible with ETH. So, you need to ensure that your wallet is suitable for the real estate’s blockchain.
Also read: A Quick Guide To NFT(Non-Fungible Token) Development
What Advantages Real-Estate NFTs Bring to the Market?
NFTs provide safe, traceable ownership records for various real estate investments and open the real estate market to different investors. Blockchain, which serves as the foundational technology for NFTs, has the potential to stop unlawful behaviors like tax evasion. Let’s examine more closely the main advantages that NFTs may offer:
Less Transaction Time
NFTs can aid in streamlining and accelerating lengthy processes of the real estate industry. Smart contracts can maintain and automate the process of bureaucracy and asset trading. Moreover, you can view the record of all these transactions on the blockchain.
Fractional Ownership
The word fractionalization in the context of NFT refers to sharing the ownership rights and the price of a digital asset like real estate property. Fractionalized NFTs allow you to share ownership rights and the cost of tangible assets among people in the real world. Minting a property’s ownership as a fractional NFT makes it easier for people to get started in real estate.
Security and Transparency
There is always a chance of losing, misplacing, and changing the ownership record of your property. Here tokenization of tangible property can make real estate transactions safer and more efficient. Since you can find the NFTs on a blockchain ledger, you can check their legitimacy by researching their prior transactions. Additionally, it may significantly reduce the possibility of hackers forging your property documents.
Interaction
Some people view their real estate NFTs as investments, while others prefer to employ their virtual property for its original purpose. Users can utilize their digital property to play games and socialize in the metaverse. Here real estate offers them a location to interact online with their friends.
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By charging for entry or selling their NFTs for virtual real estate, creators can make money off the metaverse content. Brands can utilize virtual properties to host virtual product launches, advertise, and provide distinct consumer experiences. For instance, Nike created NIKE LAND as part of its metaverse foray to increase its user base. Users can participate in minigames and live a virtual lifestyle in this dynamic universe.
Future of Real Estate NFTs
NFTs appear to have a promising future in the real estate sector as more people join up. However, investigative work, title registration, property transfers, and double-ended procedures accompany the NFT property sales. Additionally, it is challenging to hold entire real estate properties as NFTs under the current government rules. It’s possible that they will evolve as blockchain technology and other cryptographic tools become more valuable for different tasks like generating mortgages and crowdfunding opportunities. As for now, you can look for chances to hold a piece of mortgage debt, construction projects, and other group assets as NFTs.
Read more: Real estate Tokenization and Blockchain | An In-depth Guide
Conclusion
It may be difficult for some people to comprehend the idea of paying for virtual real estate. However, you can consider the meteoric rise of virtual collectibles, the metaverse, and more to grasp the potential of NFT real estate. Moreover, NFTs have aided in improving the efficiency, transparency, and security of processes in this sector. It should not surprise us to see the emergence of additional properties of the metaverse as blockchain technology develops.
If you want to step into this new world of real estate, then our blockchain developers can help you to create NFTs for real estate.
Mudit Kumar
06 May 2022
The Prospects of the Healthcare Industry in the Metaverse
The metaverse is emerging as a potential technology that can transform various industries. One such industry is the healthcare industry. From virtual checkups to data security, the metaverse, when developed with blockchain development services, can offer multiple advantages in this sector. Read on to understand more about the unlimited potential of the metaverse in the healthcare world.
Potential of Metaverse in Healthcare
The metaverse can immensely benefit the healthcare industry. It can completely transform the doctor-patience relationship. Healthcare professionals can provide sophisticated and individualized treatment to their patients with the metaverse. There are a few therapies in healthcare which already entered this virtual reality. Some of these therapies include cognitive therapy, physical therapy, rehabilitation therapy, and more.
Furthermore, the metaverse integrated with immersive technology can revolutionize surgery by recreating completely functional operating rooms (ORs) in a digital world. It can give doctors tools that will aid them in planning in three dimensions (3D). Additionally, it can enable the collaboration of specialists from around the world. Moreover, the metaverse can help with diagnostics. The technology can collect data (eye focus, response time, etc.) and visualize them through the worn extended reality (XR) devices.
Also, Read: How the Automotive Industry is Getting into the Metaverse
Advantages of the Metaverse in Healthcare
The following are the advantages of the metaverse in healthcare:
Telepresence
One of the earliest benefits of the metaverse in the healthcare sector is telepresence. It gives a realistic experience to the patients and enables treatment virtually. Thus, health professionals can effortlessly and effectively use the metaverse for checkups that do not require physical examinations.
Personal Data Security
Since the metaverse works with blockchain, it offers ownership and security benefits to the patients. The technology will protect the patients' data. Moreover, only the right individual will be able to access it.
Early Diagnosis
The metaverse converges the core technologies in the healthcare industry, enabling many specialists to connect for the correct treatment. It will allow physicians to transfer data quickly. This advantage will facilitate early and quick diagnosis.
Also, Read: Increasing Importance of Blockchain for Healthcare Development
How can the Metaverse Transform the Healthcare Sector?
Metaverse can transform the traditional healthcare system in many ways. One such way is the change in healthcare education.
Cadaver procedures, part of medical training, are expensive for hospitals. Consequently, medical students receive their training with limited resources for surgical practice. Metaverse can tackle this problem by providing a simulated environment to the students for surgical training with lower charges.
The metaverse is now combining virtual reality, augmented reality, Web 3.0, intelligent cloud, edge, and quantum computing with robotics which opens new doors in healthcare. These facilities will enable patients to speak to the doctor before surgery without physically visiting the hospital.
The inclusion of metaverse technology makes virtual worlds more accessible through better computing power and virtual reality headsets. Additionally, it provides more device connectivity.
Also, Read: Metaverse Impact on Financial Services
Future of Healthcare in the Metaverse
Metaverse will focus more on offering remote services rather than on infrastructure in the healthcare sector. The remote service establishment will reduce the workload of offline hospitals. Consequently, it will give patients easy access to caregivers and strengthens our healthcare system. Additionally, it will make the healthcare system more resilient in facing emergent situations.
Moreover, the metaverse will give both medical professionals and patients more long-term management control of chronic disease. It will also allow continuous reporting and follow-up sessions between doctors and patients.
Also, Read: Solice The Next VR Metaverse
Conclusion
The metaverse is a merger of augmented reality (AR), virtual reality (VR), blockchain, and artificial intelligence (AI). So, these technologies can lead to innovation and technological improvement in healthcare. Consequently, it can easily change the entire landscape of the healthcare system in the future.
To dive deep into the metaverse world, feel free to connect with our Oodles blockchain experts.
Mudit Kumar
28 Apr 2022
Metaverse and Digital Twin
The emergence of the metaverse has opened several opportunities for several firms. Companies can benefit from the metaverse, powered by blockchain development services, in multiple ways, from creating a virtual workplace to making a digital marketplace. Moreover, digital twins in this virtual world can enhance these advantages. Digital twins can add real-life objects into the metaverse. This article introduces us to these hot topics-metaverse and digital twins.
What are Digital Twins
We all know that the metaverse is a virtual replica of the real world. On the other hand, digital twins are the building blocks of the metaverse. They are digitalized versions of physical objects, processes, and services. Moreover, they copy the objects' appearance, features, functionality, and behavior. They do so with the help of smart sensors that gather data from the product.
Digital twin technology enables businesses to analyze data by combining the virtual and physical worlds. Additionally, this technology can aid in recognizing potential flaws of an asset, observing its performance, and making well-informed decisions about a product's lifecycle. Moreover, it prevents downtime and develops new opportunities. Furthermore, this technology uses simulations, machine learning, and reasoning to help decision-making.
Also, Read: Blockchain metaverse space and digital experiences
Are Digital Twins Indispensable Components of the Metaverse
The inclusion of metaverse and digital twins can bring a change to the real world and experiences beyond our imaginations. For instance, a business creates a metaverse of a clothing store. Customers can visit this e-store and explore various clothing lines. But, you can enhance their experience by introducing digital twins in this scenario. People can use their digital twin avatars to try on the clothes. Moreover, these avatars will replicate the exact measurements of the people. It will help customers get an idea about how they will look with any cloth.
Another scenario where digital twins can enhance the digital experience is a virtual meeting in the metaverse. From instruments and equipment to information systems, a digital twin can create a replica of every object in the workplace. There will be an increase in the employees' productivity when they can interact with these objects. Similarly, if a technician operates three-dimensional representations of a complex system, it will add value to the training in the metaverse.
So digital twins can convert all these ideas into reality and build a more interactive metaverse. Also, digital twins and simulation technology can empower the metaverse. Digital twins, therefore, are indispensable components of the metaverse.
Also, Read: MetaFi: A Defi for Metaverse
How do Digital Twins Work with the Metaverse
There are three crucial integrals to understanding how metaverse and digital twin works. Let us take a look at how digital twins incorporate into the metaverse.
Before delving into the digital twins working with the metaverse, we must know how to incorporate digital twins into the metaverse. Here are the three ways in which we can introduce digital twins into the metaverse:
Product
We can create digital twins of any product in the metaverse.
Production
Digital twins can digitally replicate the working of an entire manufacturing facility. It will help us to authenticate and review the production process.
Performance
We can also use digital twins to collect data from products in operation. Additionally, these digital twins analyze the data to give insights for informed decision-making.
The combination and integration of the digital twins in product, production, and performance make digital threads. We can intertwine these digital threads into different products with data of production. Developers use manufacturing, physical, and operational data to create a digital twin. They integrate all this data and artificial intelligence (AI) algorithms into a virtual model.
Engineers can apply analytics to virtual models to get insights into physical assets. When there is a constant flow of data, we will receive the best asset analysis. Moreover, it makes the digital twin a real-time version of the physical product.
Also, Read: Blockchain and Digital Twins | Exploring their Potentials
Uses of Digital Twin in the Metaverse
The integration of digital twins can enhance the infrastructure of the metaverse worldwide. It can give more insights into product performance and improve customer service. Let us explore some sectors to understand the benefits of digital twins in the metaverse.
Manufacturing
In the manufacturing industry, the implementation of the digital twin is broader. We can use it to design, manufacture, and maintain the entire manufacturing lifecycle. We can build virtual copies of whole workshops and plants to ensure transparent production processes.
Automotive
In the automotive sector, digital twins can create virtual models of any vehicle. It can give a company an understanding of the physical behavior of an automobile. Additionally, it provides insights into software, mechanical, and electrical models. Moreover, the metaverse and digital twin integration can help visualize a workplace. Furthermore, digital twins give personalized services to customers. In the upcoming years, the metaverse can become a platform for automobile exposition or virtual showrooms. Here, digital twins can enable users to get a better experience.
Retail and E-Commerce
Digital twins in the metaverse can play a crucial role in the retail and e-commerce sector. They can create 3D virtual models of showrooms and products that can deliver a real-life customer experience. Additionally, digital twins can optimize in-store planning, energy management, and security implementation.
Industrial Internet of Things (IoT)
Implementing digital twins in the metaverse industrial firms can facilitate the checking, tracking, and controlling of digital industrial systems. Moreover, digital twins can easily collect environmental data, including location, financial models, configuration, etc. Additionally, it can record operational data. Ultimately, it can help industries to predict their future operations.
Also, Read: Exploring Blockchain and IoT Use Cases in Different Industries
Conclusion
The metaverse and digital twins have immense potential for optimizing many industries. Now, many firms are using digital twins to develop decentralized applications (dApps) and products in the metaverse. With time, businesses might use digital twins to build an entire ecosystem in the metaverse.
If you want to optimize or build a decentralized metaverse project, feel free to connect with our Oodles blockchain expert team.
Mudit Kumar
21 Apr 2022
The Importance of Smart Contracts in the Metaverse
The decentralized Metaverse is just one of the many innovative new initiatives that have recently emerged as a result of inventions in the blockchain and smart contract development space. Blockchain enables the decentralization of Metaverse projects, which has additional advantages such as better governance, DAO (Decentralized Autonomous Organization) integration, and interoperability components.
Businesses can select a blockchain protocol from a wide range of possibilities based on the needs of their projects, but the demand for platforms that support smart contracts is fairly high. The smart contract and its supporting technologies enhance numerous Metaverse features and establish a new paradigm in which decentralized Metaverse apps can function.
Let's explore the Metaverse smart contract in more detail.
What is a Smart Contract
Smart contracts are computer programs that facilitate the exchange of assets or the verification of data. It sounds more complex than it is, like most technical jargon. A smart contract is a piece of software that holds off on carrying out a task until several criteria are satisfied.
Smart contracts are sometimes compared to a vending machine in analogies. You type the code for a display item. The item will be given out if the vending machine has previously been paid for it. The cost of the item is displayed if there is not enough money in the vending machine. On the blockchain and hence the Metaverse, smart contracts carry out several related tasks. Various smart contracts govern transactions in various areas of the Metaverse.
Also, Read | Exploring the Combination of DAO and the Metaverse
The Importance of Smart Contracts in the Metaverse
All of the action in blockchain systems is driven by smart contracts. Each decentralized application requires coding to implement blockchain features.
Because of the advantages that blockchains provide, smart contracts for Metaverses perform very well due to the decentralized nature of blockchain applications.
Blockchains aid in the security of Metaverse operations.
They are appropriate for trading and all forms of online commerce. In certain virtual regions of the Metaverse, NFTs are collectibles.
Blockchains facilitate the connection of Metaverse participants without the necessity for localization. Centralized systems have challenges with things like capacity issues and internet access.
Blockchain-based smart contracts make it possible for Metaverse groups to engage while enabling transaction redundancy. Without increasing the cost factor already present in centralized technology, they promote further innovation.
Smart contracts that are in operation require little to no maintenance. It enables quicker development and less expensive ongoing operations for project developers.
Last but not least, smart contracts make it possible to add new features to Metaverses without altering the Metaverse code.
We will see smart contracts, associated D'apps, and use cases as metaverse ecosystems integrated into our daily lives.
Also, Read | The Convergence of Blockchain and the Metaverse
Blockchain Platforms Driven by Smart Contracts for the Metaverse Development
Blockchains with Smart-Contract capabilities have also ushered in new metaverse technology paradigms.
Decentralized apps are now available in blockchain ecosystems and the Metaverse thanks to smart contracts.
You can include various elements under the right conditions in a smart contract. Within a Metaverse framework, these features enable higher engagement and use-case situations.
Here are a few blockchain initiatives that will be present in the future Metaverse ecosystems.
Also, Read | Getting Started with Metaverse Development on Blockchain
Ethereum will Drive Metaverse ecosystems of dApps
The first blockchain powered by Smart Contracts is Ethereum. Ethereum created the decentralized application (D'App) market with its many standards. Ethereum Virtual Machine (EVM) is now widely popular as the norm in the web3 sector. With additional functionality, several blockchains are EVM-compatible.
Developers have been able to host their Metaverse projects on the Ethereum blockchain despite these standards. These initiatives include RedFox Labs (RFOX), Star Atlas (ATLAS), Game Credits (Game), Radio Caca (CACA), and others.
We will observe a clear movement towards the Metaverse as the trip towards ETH2.0 signs of progress. For many years to come, the ETH 2.0 ecosystem will continue to define the web 3.0 ecology.
Also, Read | Getting Started with Metaverse Development on Blockchain | Part 2
Avalanche Emerges as a Significant Alternative
Avalanche, one of the top web3 blockchains with promise, came into the existence in the middle of 2020. Once they adopt it, developers can benefit greatly from Avalanche's architecture.
Developers of the Metaverse have taken a shine to the Avalanche blockchain thanks to the availability of acceleration, incubation, and venture capital capabilities. They consist of Kryptomon, ApeIn, and Kalao.
Avalanche has various benefits that make it appropriate for use in Metaverse applications. Three subchains—X-Chain, C-Chain, and P-Chain—allow developers to construct projects with a wide range of features and specifications.
Scalability does not become an issue due to its quick transaction speeds, while Proof-of-Stake keeps transaction costs among the lowest in the cryptocurrency industry.
Also, Read | The Potential of the Metaverse | Use Cases and Advantages
BNB Chain can Enable Significant Revenue
The biggest crypto exchange, Binance, runs the most recent iteration known as, BNB chain, a smart contracts platform. The chain integrates well with the other exchange products because it employs BNB Coin from Binance as its governance token.
BNB Chain supports large-scale applications like social networks, videogame platforms, and metaverses quite efficiently. Additionally, the chain includes a brand-new MetaFi ecosystem that unites initiatives like Metaverse, DeFi, GameFi, SocialFi, Web3, and NFTs under one roof.
Additionally, Binance provides a decentralized wallet service on the BNB Chain through its most recent acquisition of Trust Wallet.
Cardano Continues to Grow
An established provider of smart contracts, Cardano, had a significant increase in popularity this year. Two different programming languages that define various parameters come into use by the platform to operate. Developers can create financial systems and Cardano applications using the two languages Marlowe and Plutus, respectively.
Connect with our blockchain and smart contract development specialists and go over your project requirements if you're seeking secure and effective smart contract development for your Metaverse project.
Mudit Kumar
21 Apr 2022
How the Automotive Industry is Getting into the Metaverse
For decades the automotive industry has been experimenting with technologies and tool designs. It aims to develop more efficient next-level vehicles. Now the metaverse, a digital world, is entering the automotive world. From engineering to designing, the metaverse can transform many aspects of this industry. With custom blockchain solutions, this virtual world offers immense potential to this sector. This blog gives you details about this merger.The Impact of the Metaverse on the Automotive IndustryThe metaverse is already providing a new way of interaction for users. Many technologies like blockchain, augmented reality (AR), and more create this virtual space. Its incorporation into the automotive industry can impact all levels of the supply chain of automotive companies. It can provide more deep customer engagements. Additionally, it can help to create seamless collaboration with partners and suppliers. Consequently, it will lead to higher quality and shorter development cycles. Also, Read: Four Pertinent Blockchain Use Cases in the Automotive IndustryMetaverse Benefits to the Automotive IndustryMetaverse usage for the automotive industry will range from a collaborative social space for designing vehicles to a robust simulation environment. These uses can open up many opportunities in the automotive industry, and here are some of them:Next Wave of AdvertisingThe metaverse offers the next wave of advertising for automotive brands. Moreover, the metaverse is now becoming a commercial market. Virtual malls and retail spaces are already building in the metaverse. So, it won't take much time for automobile companies to use the metaverse for advertisement.Also, Check | California DMV Adopts Avalanche Blockchain for Vehicle Title TransferRemote ShoppingA crucial component of a metaverse platform is trading. Users can buy, sell, or trade their assets in this virtual world. So, there is a huge possibility that the automobile industries will launch their vehicles in this space. Remote shopping enables users to shop from the comfort of their homes. Additionally, it will help the sales team by reducing the time spent showing cars and conducting test drives.Original ExperienceThe metaverse offers a better visual experience to automobile customers than reading manuals or watching videos to describe cars. Users may take a virtual test drive, explore innovations and interact with salespeople in the metaverse. It provides more fluidity than shopping on a website. Also, Explore | Why Blockchain Applications In Automotive Are A Wave of OpportunitiesThe Future of Metaverse in the Automotive IndustryThe metaverse led to the development of several automotive use cases. For example, BMW partnered with Nvidia, and Hyundai partnered with Unity to build virtual accessible three-dimensional (3D) digital twins. Despite these specific use cases, augmented reality (AR) and metaverse have less impact on the automotive industry. Moreover, it may take a little more time for the metaverse to become mainstream in this industry. Also, Read: Achieving Operational Efficiency in Automotive Operation with BlockchainConclusionThe metaverse can be an added means of marketing for your automobile business. Moreover, it can be a brand extension of your physical showroom for different car buyers. If you are interested in building a virtual world for your business, then Oodles Blockchain can help you. Our expert team can develop an automobile metaverse platform for your business requirement to make you stay ahead of the curve.
Category:
Blockchain
Mudit Kumar
18 Apr 2022
Unlocking Legolas Hybrid Exchange | A Comprehensive Guide
At this point, to achieve blockchain and cryptocurrency's full potential, financial advisors and institutional investors must play more active roles in the industry than they are doing. The recognition of the Legolas exchange continues for its hybrid approach to exchange. And the centralized with a decentralized structure will permit transparency and prevent front running.
With the emergence of a legitimate asset class with cryptocurrency, financial institutions are working on entering this growing market. But in some way, they currently lack the tools to make the enormous investments that remain in line with their security and transparency needs. Thus, to solve the previous problem, the commitment that Legolas hybrid exchanges come with creates trustworthiness. It also commits demonstrably fair and bank-backed premium protocol. Let us have a deep dive into the space of the Legolas hybrid exchange and its functioning.
What is Legolas Hybrid exchange?
Legolas exchange with a novel hybrid protocol is the first viable crypto-exchange platform. It incorporates the decentralized ledger within its proprietary centralized platform. It is to neutralize front-running, ensuring a fair trading environment. Also guarantees the inalterability and temporary transparency of the order book.
Although the emergence of the Legolas project took place in 2017, in the 3rd quarter of 2018, it has launched an innovative cryptocurrency and fiat exchange. In case of security and compliance, the Legolas hybrid Exchange aspires to become the reference for all cryptocurrencies. It offers a premium hybrid exchange that employs the fundamental qualities of decentralized ledger technology of blockchain and the centralized system of traditional banks.
Also, read: Hashgraph Decentralized Ledger vs Blockchain Technology
Read more: Decentralized Crypto Exchange Platform Development
What Shortfalls of Existing Exchanges that bring Legolas hybrid exchange?
There were many crucial flows and limitations present in the existing exchange. And with no alternatives, this forces the community to accept opacity, capped, or slow transactions. It also acquires the risk of catastrophic losses. Thus the investors of institutions who cannot overlook these concerns are locked out of the market and represent trillions of dollars. Here are some of the listings of flows and limitations:-
Lack of Security, wallet theft, and hack
Weak login/password authentication
Unsafe fiat custody
Laborious large fiat deposits and withdrawals
Front Running
Price formation
Lack of transparency
What Gives Legolas An Advantage Above Other Exchanges?
For the prevention of front running, Legolas has a clever solution. It is with an unethical practice of trading on advanced knowledge. Although it seems like insider trading and to benefit themselves by placing their orders ahead of pending market orders, brokers can rearrange their orders. So, from this practice, the positioning of the Crypto exchanges platform is the best to benefit. And they can buy a quick and secret cryptocurrency for themselves before any large buy order execution. After the order has pushed the price up, sell the crypto at a good profit. For their transaction and the exchange gains a profit, the trader also ends up paying more. Thus the fact that to recruit new investors the hidden order book is the main hindrance.
Read more: Essential Aspects to Consider for Crypto Exchange Platform Development
Also read: Qurrex The Next-Generation exchange with multifunctional Hybrid Architecture
Is the Legolas hybrid Exchange Decentralized, and what blockchain does it use?
The Legolas exchange aims to be a hybrid of both centralized and decentralized technologies. It is a fact that decentralized computing uses a lot of energy. On the other side, the use of centralized can be off-chain to increase transaction speed and cost. The Legolas hybrid exchange uses a decentralized ledger to create transparency. Instead of having a private centralized ledger for all transactions, that will lead to greater trust. Thus anyone's transaction history or account balance anyone can view.
The ledger agnostic is the great idea behind the Legolas hybrid exchange, and integration can be easy with any blockchain. The beta version of Legolas integrates with the Ethereum blockchain development, But, for the live version, the team is looking for the best possible blockchain. Thus a particular system known as the Byzantine Fault Tolerant they are currently researching for.
Read more: Analyzing the Essentials of Decentralized Crypto Exchange Platform
Also, read: What is Blockchain Technology and How Does it work
Conclusion
The goal of Legolas hybrid exchange is big and aims to disrupt the already disruptive crypto space. It provides a level of security and openness not seen still in traditional exchanges. In the initial, it targeted institutional investors. Though, it is only by taking the best part of centralized and decentralized exchanges. And combine them with industry-leading security. Thus, the team of Oodles Crypto exchange experts will always be available to solve all your queries.
Mudit Kumar
05 Apr 2022
Metaverse Impact on Financial Services
The metaverse can influence many industries, and the financial sector is one of them. This digital replica of the real world can bring a wave of digitization in this sector. From digital interactions to virtual business, the metaverse can give tons of blockchain business solutions in financial services. This blog explores more about the metaverse’s impact on financial services.
Benefits of the Metaverse in Financial Services
The metaverse combines virtual reality (VR) and augmented reality (AR). It uses these technologies to create an interactive virtual space that provides enhanced services, better engagement with customers, and more digital experiences. The metaverse can offer the following benefits in financial services:
Digital Advisory Services
Customers can interact with business advisors in the metaverse. They can get advisory services digitally.
Banking Marketplace
The banking marketplace is an ecosystem in the metaverse where financial institutions offer their services and products. Additionally, they can provide their partners' products in this marketplace. Customers can buy these products without stepping out of their houses.
Digital Payments
The metaverse offering crypto wallet and payment rails enable the option of digital payments.
Digital Lending
Banks can provide digital lending to their customers for buying assets in the metaverse. They can lend money with non-fungible tokens (NFTs) as collaterals.
Personalized Experiences
The metaverse gives the benefit of personalized experiences to the users. Financial institutions can improve their customer-brand relationship with interaction at a personal level.
Also, Read: MetaFi: A Defi for metaverse
The Future of the Metaverse on Financial Services
The metaverse can change the face of the financial sector with its offering. Here are some of the future possibilities of the metaverse on financial services:
Virtual Interactions
Financial service companies will use the metaverse to enhance their interactions with customers. Moreover, many fintech and financial services companies have already taken a step in this direction. It is via the deployment of AR/VR technology.
Also, Read: Fintech space development with Decentralized finance(Defi) Apps
Virtual Training
Another way the metaverse can change the financial sector is through virtual training. Institutions can use this digital world as a training environment for customer-facing functionality.
These digital training platforms can help their employees in developing their communication skills. This simulated environment gives better value to the trainees.
Virtual Business
We may expect to see a proliferation of businesses due to the financial needs of users of the metaverse. Apart from financial institutions, many firms associated with the financial sector will grow their business virtually. For instance, financial data management firms and infrastructure companies help value exchange in the virtual environment. Additionally, the companies that develop virtual assistants and other AI-powered agents for metaverse financial services will grow in the future.
Also, Read: Blockchain metaverse space and digital experiences
Technologies Molding Metaverse Financial Services
The following are the technologies attributed to making metaverse an efficient platform for financial services:
Blockchain Technology
Crypto assets are the medium of exchange in the virtual world that allows financial transactions. These virtual transactions are quick and secure due to blockchain technology. Moreover, developers use this technology to create smart contracts. Additionally, it helps to track the ownership of digital assets.
Also, Read: Blockchain 3.0: Can it finally makes the technology mainstream
Metaverse Finance
Metaverse integrated with a digital wallet can unleash many opportunities. Users can receive, transfer, and store tokens with the wallets. This feature can enhance the interaction of customers with the financial institution.
Also, Read: How to use Blockchain in the metaverse
Virtual Assistants
In the financial and banking world, the metaverse can change the way businesses interact with their customers. Virtual assistants in the metaverse can offer solutions to customers’ issues.
Conclusion
The metaverse can bring a change in financial services. Many firms are adapting to this emerging and promising field. However, the success of financial service companies in the metaverse is hugely dependent on their implementation strategies. Oodles Blockchain can create and execute better strategic plans so that you can start your digital journey at the right time. So, connect with us today.
Mudit Kumar
05 Apr 2022
How to Use Discord Marketing for NFT Promotion
The digital world has seen a major upsurge in NFT marketing and Discord communities with the early 2020s NFT surge. People can access numerous NFT Discord communities. However, finding the right one is quite challenging.
Marketers, artists, and supporters use Discord to get the latest NFT airdrops and activities. They also use this platform for marketing their NFT artworks and creating communities of NFT enthusiasts.
In this article, we will go over all the advantages of Discord marketing. And how you can use it to promote NFT projects, backed by NFT development services.
Understanding Discord
Discord is a social media network focused on the community that works with Android, iOS, Windows, and Mac. Discord's Server is its key feature. It lets users create both public and private servers.
Server owners must send the invite link to those they want to add to the server in order to allow others to join. Discord helps its users develop communities in a way that enables them to concentrate on their target audiences.
People can use the platform to promote their NFTs and persuade NFT enthusiasts to purchase them. Discord users require a clearly defined group of consumers who are predisposed to purchase NFTs.
Our Discord promotion services for NFTs include setting up the server, locating NFT fans, devising marketing plans and campaigns, putting them into action, and then continuing to track them to improve them. You can use our all-inclusive NFT Discord promotion services to promote your NFTs overall.
Also, Read | Developing DAO-enabled NFT Marketplace
What makes Discord a Good Choice for NFT Marketing
Due to its distinctive features and cross-platform support, Discord has recently become a favorite medium for NFT promotion. Discord would be the ideal starting point for your marketing efforts if you're wanting to attract potential customers for your NFT projects. It only takes a few simple steps to set up a community server and create a Discord account.
The Discord server can help businesses reach a wider audience and increase their income. Discord is now home to a sizable number of crypto and NFT fans. Thus, it is easier than ever to sell crypto and promote special NFTs with the platform.
Additionally, server bots can help businesses with simple customer inquiries from both current and potential clients. Thus, it saves a lot of time. Businesses can launch a marketing campaign for their NFT projects with any version of the Discord app.
Also, Read | NFT Launchpad Development | A New Means of Crowdfunding
Features of NFT Discord Promotion Services
Server
The server has multiple centralized speech and text channels. Users can configure those channels in the same way that users can personalize servers.
Call and Share a Screen
Discord users have access to screen sharing and video calling features. Notably, the video conference call may accommodate up to 10 participants. Additionally, users can use the screen-sharing function by participating in the video call inside the relevant server.
File-Sharing
File-sharing feature in Discord enables users to share file sizes. It depends on whether the user has the free or paid version (Nitro).
Bots
Individual servers can add bots. Then, users can give those bots jobs like greeting users and responding to their questions.
Text Messages
Users can send and receive messages with other Server users. They can also start group conversations and share screens using the direct messaging (DM) capability.
Also, Read | Three Ways Blockchain Promises to Change the Digital Marketing Forever
How to use Discord to Promote your NFTs
To advertise your NFTs through NFT Discord marketing, you must take the following steps:
Build a New Server
Before you may sell your digital NFT artworks on your Discord server, you must first set up your server. Fill out the required fields on the login screen.
If you've never used Discord before, fill out the registration form. After logging in, look for the "Add" option on the provided page to start building your NFT community.
Ask People to Subscribe to your Channel
You can invite users from other social media platforms or people who already use Discord to join your server. Simply share the URL of your community server with your friends or send out direct messages.
Promote
Check to see if the server abides by all Discord server rules. Make it a lively, interactive service with dialogues and discussions. It enables users to get in touch with influencers and creators and discuss their work.
Bring Channels in Order
Discord users can utilize community servers as a space to communicate creatively via voice and text. Only the administrator has the authority to create and manage channels. So, you must be the server administrator to activate community channels.
Discord Channel Sharing
Sharing the Server's link on your social networks helps you gain more subscribers (like Twitter and Reddit).
Also, Read | Social Media NFT Marketplace Development Guide
Discord Marketing Services
Discord marketing services improve the requirements for creating a worthwhile community. One method to create a vibrant community on Discord is to offer members-only services.
Many of the services on offer are customizable to your unique needs. We carefully curate them to position your business as an industry leader. We tend to provide what you tend to receive, and everything is, in some way, affordable.
Conclusion
Now that you can advertise your NFTs on Discord, you can sell them to influencers or creators for a profit. Don't forget to sign up for extra top-notch NFT community servers. Doing so enables you to connect with a larger audience who might be interested in your work.
For information about how to get started with NFT Discord marketing, connect with our skilled digital marketers.
Mudit Kumar
27 Mar 2022
Comprehending Qurrex | The Next-Generation Exchange
At present, Blockchain development and its functioning is cutting across many boundaries with a motto to decentralize everything that was centralized in the past. It grabs centralized holders' power and moves it to the general masses who should yield to this power.
There are several dozens of crypto exchanges available today, and among all, some of them are altogether popular. Also, the use of their resources is by users from all over the world, even though all the popular projects are centralized. So the idea of a decentralized exchange in the air makes to do this. Although, merging both centralized (CEX) and decentralized (DEX) nodes into one sustainable, auditable, and reliable crypto trading platform is the concept behind bringing Qurrex. But, the question that arises in everyone's mind is why there is all the hype around the Qurrex? So, let us take a quick glance at what is Qurrex crypto exchange concept is and why this exchange project succeed.
What exactly the Qurrex exchange is?
Qurrex is the world's first multifunctional crypto exchange that integrates the decentralized network with centralized nodes. It provides institutional-grade services. The ambitious goal of the Qurrex project is to provide a hybrid infrastructure. Thus, it will solve the problem of limited liquidity on decentralized trading platforms. They provide a speed of operation compared to traditional stock exchanges.
Moreover, the creation of Qurrex is the most interesting, and simplest mode of cryptocurrency exchange known to be a next-generation platform. The vision of Qurrex is to integrate crypto mining pools and cryptocurrency brokers with clients. Also, it integrates individual cryptocurrency holders and other crypto players into a single network infrastructure. In 2017 the emergence of Qurrex take placed by the Fintech-based company out of the Netherlands and the Cayman Islands. And, in the traditional stock exchange integration, the Qurrex USP lies. Thus it is possible because of years of experience with the digital infrastructure of the crypto economy.
Read more: An Investor’s Guide to Cryptocurrency Exchange Platform Development in 2020
Also, read: Advanced Fintech Solution Development Powered by Blockchain
How does the Qurrex work?
The Qurrex hybrid exchange platform is at the top of its game to become a multifunctional exchange. It is with high-performance architecture from the leading international trading platform and the next generation of crypto trading. Let us see some points that show how this platform works:-
It has international exchange platforms.
Users need to register their accounts on the exchange platform.
It can handle millions of connections without any data loss. To provide the most accurate market trading, buying, and selling with a core stock exchange module.
Qurrex hybrid exchange platform is also known for its highly-developed practices in security services. Though, it includes hot wallets for storing cryptocurrency for trading and cold wallets for offline storage of coins.
For trading, signals based on real-time market price updates also offer software solutions and data analytics content.
It allows trade management for institutions and corporates.
Read more: The Current Scenario of Cryptocurrency Exchange Platforms
Benefits of Qurrex hybrid exchange
High Performance
In Qurrex, the speed for 1 second processed up to 70 thousand transactions, and the delay does not exceed 650 milliseconds. The range is between initiating and executing operations. That means 5-10 times faster than in the existing crypto-exchange development market, and in Qurrex, data loss is zero.
High Liquidity
The Qurrex plan is to gain high liquidity through the cooperation of major liquidity providers. Thus the launching of the best tools there will be the site's internal use.
Full Transparency
In most cases, there is process formalization, and the company publishes its financial statement continuously. The reputed accounting firm completes the audit, and at any time, the traders can estimate the total amount of funds at the stock exchange.
High Level of Security
In this, the placing of cool wallets is in a safe place, and hot wallet insurance programs store crypto for trading.
Fast and easy transactions gateways
This process allows depositing and withdrawing fiat money and 24/7 support availability. It also allows an advanced interface, fast and responsive multilingual user support at any time, and more.
Moreover, the unique feature of Qurrex believes that the project will be one of the lending gateways. It is for the mass entry of institutional stock exchange players into the crypto economy. Thus, we can say that for different kinds of users for its platform, such as investors, the goal of the Qurrex project is to attract them.
Also, read: Developing a Decentralized Crypto Exchange like Uniswap
What are the core features of the Qurrex exchange?
The hybrid exchange consists of the below-mentioned features:-
This exchange platform is reliable for providing instant and accurate trades. The reliability is for all volumes of transactions.
For entrepreneurs, who are willing to start their digital cryptocurrency exchange, this platform provides white-label services.
Connect white-label cryptocurrency exchange to a single centralized exchange, it has a broker internalizer system.
The decentralized stock exchanges of their own for crypto users can allow the buy and selling of different cryptocurrencies.
Conclusion
One thing is clear we all should admit that the crypto market will only get to the next level of maturity if it adopts institutional traders. The design of the Qurrex hybrid exchange is to solve unidentified critical problems. That is to make mass involvement of professional participants in the cryptocurrency market. As a result, Qurrex emerged as the most secure crypto exchange. So, if you are willing to take more interest in hybrid exchange, feel free to connect with our Oodles Cryptocurrency exchange experts.
Mudit Kumar
25 Mar 2022
An Introductory Guide to Defi 2.0
Decentralized finance, sometimes known as DeFi, has been one of the most significant products or services enabled by blockchain-based fintech development services. Decentralized financial applications (DeFi), which are supported by blockchains with built-in smart contract capabilities, displace traditional financial intermediaries and open up entirely new economic primitives. It has been approximately two years since the emergence of DeFi (Decentralized Finance) in 2020. Since then, trade and finance have become more decentralized, there are new methods to make money in the crypto realm, and we've seen tremendously successful DeFi projects like UniSwap. But in such a new industry, there are still issues to be resolved, just as we saw with Bitcoin (BTC). In response, a new generation of DeFi decentralized applications has gained popularity under the moniker "DeFi 2.0." (DApps) development.
Understanding DeFi 2.0
The DeFi 2.0 movement seeks to fix and advance the shortcomings of the initial DeFi wave. DeFi had faults while being revolutionary in the way it provided decentralized financial services to anyone with a cryptocurrency wallet. This technique has previously been shown to work in the cryptocurrency market by second-generation blockchains like Ethereum (ETH), which outperform Bitcoin. DeFi 2.0 will also need to comply with new compliance regulations like KYC and AML that the government plans to put into place.
Let's examine a case in point. Since DeFi enables liquidity providers to be compensated for staking token pairs, liquidity pools (LPs) have been incredibly profitable. However, liquidity providers run the danger of going bankrupt if the tokens' price ratio changes (impermanent loss). For a nominal cost, a DeFi 2.0 protocol might offer protection from this. Users, stakeholder groups, and the DeFi industry as a whole gain from this solution, which increases the motivation to invest in LPs.
Also, Read | Decrypting Fundamentals of DeFi Aggregator Development
Benefits of DeFi 2.0
DeFi 2.0, the second version of DeFi, makes sure to offer several functions that will make it simple for customers to use the DeFi environment.
Smart contract insurance
You can obtain insurance for smart contracts using DeFi 2.0. As a result, the risks related to smart contracts are diminished. DeFi 2.0 also ensures that consumers are protected from all potential risks of temporary loss.
Self-Repaying Debt
In addition, the second version of DeFi is renowned for lowering the risks connected with loan procedures. It aids in removing the interest that must be paid on loans.
Access to Liquidity
It entails cutting the expense connected with carrying out transactions. As a result, it implies that gas costs are reasonable and that transactions happen quickly. Additionally, DeFi 2.0 assures a reliable source of liquidity.
Also, Read | Yield Farming | Fuelling the Decentralized Finance (DeFI) Space
The best way to invest in DeFi 2.0 Development
The majority of the investment options provided by DeFi 2.0 are identical to those of DeFi but have a larger reach. The following are a few methods for investing in DeFi 2.0:
Yield Farming
You are likely familiar with yield farming if you are familiar with DeFi. For those who don't know, yield farming uses decentralized financing to boost profits. For maximum income, some yield farmers, for instance, constantly switch their cryptos between loan platforms. By enabling the use of yield farm LP tokens as collateral for loans, DeFi 2.0 expands the incentives and usefulness of yield farming.
Lending
Offering loans in exchange for interest is another method to invest in DeFi 2.0. DeFi 2.0 loans give both lenders and borrowers a lot of peace of mind because they are self-repaying.
Liquidity Mining
Cryptocurrency owners can lend their assets to decentralized exchanges for benefits thanks to liquidity mining. These benefits are frequently obtained from the trading fee that participants in token swaps must pay. The cost is per exchange, and the lender's overall payout varies according to how much of the liquidity pool they control.
Staking
On a blockchain network that uses proof-of-stake as its consensus method, staking enables a user to become a validator. Simply secure your cryptocurrency on the blockchain to collect block rewards.
DEX Development
Cryptocurrency transactions are facilitated by decentralized exchanges (DEXs) without the involvement of third parties like banks. These transactions may take place in many states and nations under strict regulation. However, due to its decentralized structure, DEX trading is not governed by these laws. Additionally, DEX trading is more affordable than trading on centralized exchanges and supports a variety of activities, including margin trading.
Also, Read | Cross-chain Defi Development: The New Big Thing for Future
Conclusion
Although there are many effective projects in the DeFi sector right now, DeFi 2.0 has not yet reached its full potential. Nobody should utilize financial products they don't fully understand because the majority of clients still find the topic to be challenging. It is still necessary to provide a simpler method, especially for new users. It has been successful to use new strategies to reduce risk and produce APY, but it is unclear whether DeFi 2.0 will live up to its full potential. Reach out to our skilled defi and crypto development experts for more information about DeFi 2.0.
Mudit Kumar
24 Mar 2022
Snoop Dogg Sandbox Metaverse: Is the Snoopverse Real?
Today we are witnessing an upsurge in the popularity of virtual reality (VR). Moreover, many famous personalities are showing their interest in this world. Lately, the world-renowned hip-hop artist Snoop Dogg entered the metaverse world with the launch of his digital real estate. He has created his digital world, powered by blockchain development services, named Snoopverse on the Sandbox platform. Additionally, he is going to integrate his recently acquired Death Row Records music label into his metaverse. Here is a detailed description of this Snoopverse.
The Sandbox Snoop Doggie Avatars
The Sandbox plans to launch an NFT collection that includes a Snoop private party pass to build a mansion on his virtual land. The vision of these passes is to provide access to VIP parties that he throws in the metaverse.
Snoop Dogg launched an NFT collection of 10,000 Sandbox Doggie avatars. Moreover, he also featured some of these Doggies in his metaverse music video. Users can play with these doggies in The Sandbox. Apart from doggies, Snoopeverse also provides other NFTs (alien, zombie, and more).
Also, Read: Solace The Next VR metaverse
Snoop Dogg's Metaverse
Snoopverse has a digital replica of Snoop Dogg's real-life house. An individual paid more than half a million dollars to become a neighbor of Snoop Dogg's virtual house.
Snoop Dogg created the Snoopverse to connect with his fans. He wants to use this space for exclusive concerts, virtual hangouts, and NFT drops. Eventually, it can create businesses for users and engage them in gaming activities.
Also, Check | An Introduction to Blockchain-Enabled Smart Property
The Rise of Snoopverse
In 2021, Snoop Dogg began building the Snoopverse on The Sandbox platform and team-up news after both Snoop Dogg, and Calvin Cordozar Broadus Jr, with Outlier Ventures as a martial member with Canadian music producer Deadmau5.
Although to build and promote the metaverse for the global entertainment industry and others, Snoop Dogg has ramped up efforts. It is possible after joining a stronger roaster of musical heavyweights on Stage 11’s XS studio.
Musical superstars like Snoop Dogg, David Guetta, Akon, Ne-Yo, Martin Garrix, and others may kickstart their virtual concerts. Extended reality (XR) platforms are the main contributor to this rising fame.
The Snoopverse attracts many individuals to gain access to new avatars and play-to-earn games. Users with access passes get early access to the development proc of the virtual world.
Also, Read: How to use Blockchain in the metaverse
Conclusion
Snoop Dogg's Snoopverse has shown many people the potential of metaverse platforms. If your business also wants to step into this emerging field then having an experienced team by your side can save you a lot of time and money. Oodles can be your ideal partner for metaverse development. Our metaverse and blockchain developers have vast knowledge and expertise in virtual world development. So, connect with us today!
Mudit Kumar
24 Mar 2022
Decentraland (MANA) Vs. Sandbox (SAND)
Decentraland and Sandbox are the most common terms in the metaverse world. Even though they both are powered by blockchain development services, they are quite different from each other.
In this article, we will dive into their key differences and which is better:
What is Decentraland (MANA)
Decentaland (MANA) is an Ethereum-based three-dimensional (3D) world or metaverse.
It lets users create and monetize various virtual applications and content.
Essentially, a decentralized autonomous organization (DAO) governs this virtual world. Therefore, it allows users to control and create their projects on the platform.
Developers created this platform in 2017 with a $24 million initial coin offering (ICO). They made it available to the public in 2020 after the launch of the beta version of this platform.
Decentraland has assets called MANA and LAND.
Here, MANA is the cryptocurrency of this platform. It is an ERC-20 token that is fungible in nature. Users can utilize it to purchase goods and land in this world. Additionally, they can pay for various avatars, names, wearables, and other products available on the Decentraland (MANA) marketplace using MANA. Decentraland has a finite amount of digital space or areas where users interact.
These spaces are called LAND. Fundamentally, these are ERC-721 non-fungible assets.
Also, Explore: Everything You Need To Know About ERC 20 Token Contracts
What is Sandbox (SAND)
Pixowl launched Sandbox in 2011. It is an Ethereum-based gaming metaverse.
Besides gaming, it lets users create, sell, and buy digital assets or virtual reality non-fungible tokens (NFTs). Platform users can take part in the governance by voting via DAO.
Sandbox uses three integrated products for User Generated Content (UGC) production - VoxEdit, Marketplace, and Game Maker.
VoxEdit enables users to create voxel models (3D pixels).
Users can buy or sell these voxel models in the Marketplace.
Moreover, Game Maker helps in creating a virtual game for free.
It does not require creators to have any coding knowledge to get started with this product.
The native currency of the Sandbox is the SAND token.
It uses the ERC-20 standard for transactions within its metaverse. Similar to the Decentraland, this digital world also has LAND tokens.
They are virtual real estate in the Sandbox. Another type of token existing in this world is an ASSET token.
It represents a virtual asset in the SANDBOX. A user can create it using VoxEdit and place it in the Marketplace for trading.
How Decentraland and Sandbox Work
These metaverses have a similar concept. Users can enter a virtual world and interact with other players and objects.
The Decentraland and Sandbox metaverse permit users to buy virtual land in their marketplaces.
People can create their assets in these three-dimensional worlds. They can sell these assets in the respective marketplaces. However, users need to buy a piece of land first to generate money.
Developers have built both these platforms on the Ethereum blockchain. It is another analogy between Decentraland and Sandbox.
What are the Differences Between Decentraland and Sandbox
Decentraland and Sandbox show a variety of similarities in their functioning. However, these platforms also have some differences.
One of the first differences between these metaverse platforms is the total amount of land.
Decentraland has 90,601 land plots and offers parcels, estates, districts, and plazas. On the other hand, Sandbox has 166,464 land plots and only offers estates and districts.
Another main difference between these two metaverse platforms is wallet compatibility.
Users can utilize any form of ERC-20 wallet in the marketplaces of both projects.
Decentraland uses Walletconnect for the participation of Polygon users. On the other hand, Sandbox only allows the participation of ERC-20 wallet users.
These platforms also have differences in land purchase.
Decentraland permits users to buy land only from its marketplace. Sandbox offers more choices when it comes to buying land.
Apart from the Sandbox marketplace, the platform’s users can also purchase land from OpenSea.
Sandbox stands as a clear winner in respect of platform access. Sandbox is accessible via email accounts, social media, and Metamask wallet. So, it gives multiple options to users for platform accessibility.
But, Decentraland permits access through a wallet only.
When it comes to plans, Decentraland does not follow a definite roadmap. But, Sandbox has a clear vision and focus for its future growth. The platform has switched to Polygon NFT layer-2 solutions. This feature makes the platform energy efficient. Sandbox creators are also planning to launch the platform on all mobile devices.
You may also want to read : Building An Advanced NFT (Non-Fungible Tokens) Marketplace
Which Metaverse is the Best
Presently, it is hard to say which decentralized metaverse is better.
Sandbox is in Alpha mode and offers better graphics. Additionally, it runs smoother than Decentraland.
On the other hand, Decntraland is a battle-tested platform. Moreover, Sandbox is much more centralized than Decentraland.
Presently, it is hard to say which one will win in the long race. However, when you look at the market trends, it seems to favor Sandbox over Decentraland.
Also, Read: NFT Marketplace Development | Emerging Business Opportunities
Conclusion
As of now, you can see how tough it is to find out which decentralized metaverse is a better alternative.
Both of them are leading projects in the metaverse. They share similarities and differences. The similarities make both these platforms good investment platforms. So, you can start your metaverse journey with any of the two.
If you are interested in creating a metaverse platform like Decentraland or Sandbox, then Oodles Blockchain is your ideal partner. Contact us today for more information.
Mudit Kumar
15 Mar 2022
Metaverse NFT Marketplace Development
Non-fungible tokens (NFTs) remain the mainstay of headlines as we are getting versed with them. There is an upsurge in NFT development services since many iconic celebrities and commoners own NFTs. On the other hand, the metaverse in the blockchain is forming part of shared virtual reality and a hypothetical future version of the Internet. Broadly speaking, the metaverse may refer to the whole range of augmented reality, not virtual worlds run by social media firms. Combining both these concepts, we get the concept of a metaverse NFT marketplace, which bridges the gap between the virtual and real worlds. Many brands from every sector are entering this new platform to display their products and services effectively. Let us dive in to know more about this topic.
Also, Read: Blockchain metaverse space and digital experiences
NFT Marketplace Development in the Metaverse
A metaverse NFT marketplace is an amalgamation of the NFT marketplace and the metaverse. People can buy and sell digital NFTs in the NFT marketplace, and the metaverse is a virtual world in which people interact with each other. So, on such a platform, you can interact with other individuals using your virtual avatar, and use your digital assets or NFTs to buy digital assets in the metaverse. It offers virtual lands, blockchain in-game purchases, characters, virtual houses, and other objects. Additionally, it provides a rich experience that permits users to tokenize their assets.
Modern blockchain developers can build advanced NFT marketplaces on blockchains such as Polygon, Solana, Flow, BSC, near, and others.
Also, Read: How to develop NFT on Solana
Why is it Essential to Build a Metaverse NFT Marketplace
The creation of a metaverse NFT platform can be on any of the prime blockchain networks. Thus, the use of an NFT marketplace is increasing quickly, hinting that the NFT markets will continue to expand. The launch of a metaverse marketplace will attract many people due to its unique features and innovative operational modes.
Although, the development of a metaverse concept has been for years in the form of virtual reality, augmented reality, and more. But, bringing various digital assets into the virtual environment became a problem. Now, the evolution of blockchain and NFT solved this issue. Many entrepreneurs and investors launch their metaverse-based businesses, keeping future growth in mind.
Also, Read A Quick Guide to NFT( Non-Fungible Tokens) Development
Features of a Metaverse NFT Marketplace
Interoperability
A metaverse NFT marketplace must provide a network of connectivity with other individual markets. It will allow users to explore other markets and their cultures without boundaries.
Wallet Integration
The marketplace should integrate with the NFT wallet to make the transaction easier for the users. Thus, individuals can sell, buy or store various digital assets apart from socializing and exploring the metaverse.
Multi-Layer Security
It should provide features like DDOS, CSRF, and SSRF security to get high security against any hacking. It also secures the users and NFT information.
Storefront
Another important feature of a marketplace is an appealing storefront for a user-friendly experience.
It must provide multiple details like a record of items, transaction history, ownership details, and more. This information will help users determine the authenticity of the assets.
Impressive Experience
A good user experience makes the platform more engaging. Also, the visual experience plays a crucial role in making a good user experience. So, the marketplace must offer a great visual experience.
3D Display
A metaverse NFT marketplace must give a realistic 3D experience to the users. As a result, individuals can socialize and trade while experiencing a virtual world.
What are the Advantages of a Metaverse NFT Marketplace
The metaverse provides a free trade economy where any can buy or sell their assets. Blockchain technology supports and strengthens this virtual space. So, stepping into such a business venture will be nothing but a chance for you to increase your business growth. The platform offers several advantages that make it promising for the future.
Also, Read: Reasons to Adapt To Cryptocurrency Solutions for Today’s Businesses
Efficient Trading
A metaverse NFT marketplace offers the most abled asset trading procedure to design the platform using active techniques and algorithms. It provides clients with the best available experience compared to competing marketplaces.
Audited Smart Contracts
The virtual space also has the advantage of audited smart contracts for a metaverse marketplace. It improves and cures flaws, security, and all vulnerabilities preventing future problems.
High Return on Investment (ROI)
The platform offers a high ROI due to its features to attract many users to a metaverse NFT marketplace. Many entrepreneurs are expanding their businesses to this platform to achieve growth. As a result, many investors are also moving towards this platform for high ROI.
Conclusion
NFT marketplace development plays a significant role in the metaverse space. Nowadays, blockchain developers can build such a platform for different businesses. You, too, can get similar platforms at an affordable price with Oodles Blockchain. Our NFT blockchain expert team can speed up the development process for you.
Mudit Kumar
15 Mar 2022
NFT Metaverse Launchpad Development
NFTs have become the latest trend in the cryptocurrency world. They are a way to buy digital art and other works of creativity. Meanwhile, the metaverse is an ideal place for NFTs to trade. NFT development solutions led to the introduction of the NFT metaverse marketplace launchpad that can ease the process of creating and trading NFTs. This article will explore the NFT metaverse marketplace launchpad and more. But before going deep into the NFT metaverse launchpad, we must first understand the meaning of a launchpad.
What is a Launchpad
A launchpad is a platform that connects people with the marketplace. It provides all the tools needed to enter the NFT marketplace and become a part of it. Therefore, it is the best solution for people who want to jump into the market instantly. Generally, the users must undergo many processes to launch a paradigm in the market. But, with the launchpad, people will get a pre-built contour that requires minimal modifications.
Developers designed the launchpad to launch new coins and crypto projects and raise liquidity. So, creators, artists, and organizations can pre-sell, mint, or distribute their works via the NFT launchpad platform. Creators can fundraise to build projects, launch projects, or sell their ventures with the aid of launchpads. Launchpads assist creators in getting their works in front of an audience. Moreover, launchpads help investors explore initial-stage crypto projects before they enter the mainstream.
With the rise of the blockchain and smart contracts, new launchpads are now choosing a different and more decentralized approach.
Through Smart contracts development, developers have built a better channel for launchpads. As a result, users get a better experience of token management for businesses.
Also, Read: Hyperledger: Causing The Paradigm Shift In the Business World
NFT Metaverse Launchpad
NFT metaverse launchpad is a decentralized platform for generating your digital assets. Moreover, these assets are capable of interacting with each other in the market. It gives users access to the metaverse blockchain and makes it possible for users to safely and securely acquire digital assets. It is a starting point for people who want to enter the crypto and the digital world. It makes it simple for users to develop and launch their NFT-based venture or firm. Additionally, the launchpad will give access to various resources and assistance, such as finance, mentoring, and community involvement. Its main objectives are to support innovations and to create a robust and active NFT ecosystem.
Also, Read: The Rise of Crypto Derivatives Exchange Development
Features Offered in the NFT Metaverse Launchpad
Recently, the NFT metaverse launchpad gained popularity due to its multiple features. Some of the features of the NFT metaverse are the following.
Enhanced Storage Medium
The NFT metaverse launchpad must give an enhanced decentralized storage medium. Moreover, it should maintain the immutability of the metaverse assets with the very same capability. Generally, maintaining metaverse assets is more complex than NFT assets. It is due to the fact that metaverse assets have all types of assets.
Individual Portfolio
An individual portfolio lets users launch their own NFT metaverse launchpad. The portfolio must have all the essential features - asset listing, platform handling, and more. Additionally, it needs to give admin access to growth hacking and master control. Thereby users can maintain the platform more efficiently.
All Essential APIs
NFT metaverse launchpad must have all the essential APIs to run the platform more efficiently. With the metaverse support, the NFTs platform will need upgradable assistance.
High-Textured Graphics Handling
The metaverse gives the illusion of reality using graphics. So, the NFT metaverse launchpad must support the graphics effectively. There should not be any restrictions on graphic quality support on the launchpad. The platform must have tools and algorithms to assist and improve high-texture graphics.
Also, Read: A Quick Guide to NFT(Non-Fungible Tokens) Development
NFT Metaverse Launchpad Development
You can follow the following step to develop an NFT metaverse launchpad:
Select an NFT Platform
The first and foremost step in the NFT metaverse development is to select an NFT platform. Some of the common NFT platforms are Ethereum, Steller, and EOSIO.
Create a Smart Contract
The second step is to develop a smart contract to mint your NFTs. The smart contract will describe the properties of your NFTs and their transfer process.
Develop your NFTs
After creating a smart contract, you will have to develop your NFTs. Based on your chosen platform, you will get tools and services to make your NFTs.
Launch your Launchpad
The last step is to launch your launchpad for users. You can use an application or website to perform this step.
Conclusion
If you want to utilize the full potential of blockchain technology, then developing the NFT metaverse launchpad can kickstart your journey. Oodles Blockchain is a trusted provider of launchpad development services. We give cutting-edge NFT launchpad development solutions that meet your company’s requirements. You can connect with our experts who offer consultation, design, development, and maintenance of this emerging platform.
Mudit Kumar
15 Mar 2022
Blockchain 3.0: Can it Finally Make the Technology more Mainstream
Blockchain 3.0 is creating significant buzz in the digital market, enabled by blockchain development services. Essentially, it is the latest version of blockchain aiming at improving scalability. The first blockchain technology, Blockchain 1.0, removed the barrier of a middleman and fraud in transaction processes. This first version uses Proof of Work (PoW) consensus for verifying a new transaction. However, it has its shortcomings too. The consensus mechanism negatively impacts the environment due to the use of highly specialized computers. To tackle this problem, an upgrade, Blockchain 2.0, came into existence. Unlike Blockchain 1.0, this version uses the Proof of Stake (PoS) mechanism. This consensus protocol does not require some heavy types of equipment to reach a consensus. Instead, you can stake a part of your digital currency in the network to add a block to the chain. Blockchain 2.0 uses smart contracts to increase the number of transactions per second. Yet, the transaction speed is far less than conventional payment mediums offer. So, this problem opened the door for Blockchain 3.0.
What is Blockchain 3.0?
Blockchain 3.0 is developed as an advanced version of Blockchain 2.0. It solves the current scalability problem while facilitating speedy, cost-effective, and more efficient transactions. Thus, blockchain technology and its work have become a worldwide phenomenon since the introduction of the Bitcoin whitepaper in 2008. Gradually, software developers and engineers started making many new applications while exploring the strength of blockchain technology. Now, developers are looking for ways to integrate the technology across different industries.
The thing that makes blockchain 3.0 notable and viable is DAG (Directed Acyclic Graph), where DAG implies acyclic network flow. It means the information will flow only in one direction and cannot be sent back to the sender. So the structure eliminates the block times, i.e., 10 minutes for bitcoins and 20 seconds for Ethereum. It allows transaction processing in real-time. The IoT chain (ITC) uses DAG, which processes 10,000 transactions per second. This number is far more than Visa, a conventional transaction medium. In terms of application, there are several industries where blockchain technology has already made changes. Examples include healthcare, transportation, voting, and many more industries.
Also, Read: DAG vs Blockchain: Is Directed Acyclic Graph Technology Better than Blockchain
Blockchain 3.0: The Newcomers
Blockchain 1.0 version and blockchain 2.0 version failed to attain mass confidence. So, Blockchain 3.0 is a new era of technology waiting for us to embrace it.
Cardano
It is an advanced blockchain platform that includes Smart contracts development. Charles Hoskinson launched Cardano in 2017. Let’s see in what ways Cardano is better than Ethereum.
Cardano uses Haskell with non-strict semantics with respect to programming language. But Ethereum uses Solidity, a contact-oriented language built for writing smart contracts.
Cardano uses the PoS protocol, while Ethereum uses the PoW mechanism. As a result, Cardano is a more energy-efficient alternative.
ICON
It uses loopchain technology in an attempt to create the largest decentralized network in the world. The goal is to interconnect all future and existing blockchains. It creates a single ecosystem using connective bridges.
Read More: dApps( Decentralized app) Development | Increasing Importance
EOS
This blockchain platform works identically to the second generation of blockchain, Ethereum. It is another notable player that aims to build a completely decentralized operating system. It resulted in the evolution of Dapps and Smart contracts. EOS blockchain uses a decentralized PoS consensus mechanism. Thereby, it removes the scalability dilemma to cater to public demands.
Read More: Why EOS Is Being Called the “Ethereum Killer”
Zilliqa
Developers kept speed and scalability in mind while designing Zilliqa. The platform uses sharding techniques to overcome the application-building challenges of large blockchains. In the individual database case, shards are separate database divisions stored. Thus, it spreads the transaction loadout to many servers rather than requiring each server to process every data.
ArcBlock
ArcBlock is a platform for creating and deploying decentralized blockchain apps. It describes itself as a blockchain 3.0 product platform that makes it simple to create, distribute, and manage apps. The native currency of this platform is ABT. The platform is a combination of cloud computing and blockchain technology.
Aion
Aion is another crucial player in the blockchain third generation. It offers solutions to the original promise of interoperability, scalability, and privacy. It uses a multi-tier blockchain approach offering interoperability with the Ethereum application network. In particular, the design enables cross-blockchain transactions for both public and private blockchains.
Neblio
Neblio is a secure, decentralized platform for business applications and services. Additionally, it provides APIs for developing decentralized applications and a host of open-source tools.
Also, Read: dApp development | Your Guide to Decentralized Application
Wanchain
Wanchain is a blockchain platform centered around increasing scalability and interoperability. It facilitates fast transactions with Smart contract solutions.
Furthermore, Wanchain addresses the problems given by isolated blockchains.
Also, Read Smart Contract Applications That SMEs Are Using For Their Expansion.
Conclusion
The most recent iteration of blockchain technology has increased adoption among the general public. Also, large organizations have gradually started showing interest in blockchain across a variety of industries. For instance, major institutions are growing their cryptocurrency holdings, accepting cryptocurrency as payments, and sponsoring blockchain projects. However, only time will tell if we will be able to see applications integrated with blockchain technology on a broader level in our lives and across industries.
If you are looking for any blockchain development services, including the development of dApp, smart contracts, NFT, and more, then contact us today!
Mudit Kumar
14 Mar 2022
MetaFi: A DeFi for Metaverse
Decentralized Finance (Defi) has been the talk of the town in the crypto space since 2018. Its rise to fame is due to its decentralized finance model. At the same time, the world was experiencing another technological advancement in the form of the metaverse space and digital experiences. Fintech blockchain solutions combine both these technologies, which results in MetaFi.
What is MetaFi
MetaFi is the integration of two words-Meta for metadata and Fi for Defi. Traditional Web2 applications, including games, social media, and metaverse, face the issue of standardization. And MetaFi addresses this issue of blockchain technology and its work. Standardization will lead to a unifying experience for enhanced interoperability.
MetaFi gives advanced and sophisticated DeFi infrastructure to projects such as SocialFi, Non-Fungible Tokens (NFTs), GameFi, and Web3. Additionally, it places all these projects under one roof. All these things are possible due to metadata that defines ownership of assets.
MetaFi aims to place a wide range of blockchain functionality in a single Meta ecosystem. These functionalities are interoperable since various platforms and blockchains use defined metadata standards. MetaFi comprises a variety of fungible and non-fungible tokens along with community governance, such as Decentralized Autonomous Organizations (DAOs). It aims to develop and support a new ecosystem built on standardized metadata parameters. The ecosystem focuses on digital assets that grant mass adoption in Web3 and blockchain technology. Moreover, the mixture of these different crypto primitives empowers a completely developed parallel ecosystem, which serves users worldwide through blockchain.
Also, Read: Web 3.0 vs Metaverse
MetaFi Working
MetaFi uses the presence of metadata for assets on most blockchains to improve interoperability. For instance, an NFT’s metadata has a link to the related image. Moreover, owners can link metadata to a bitcoin (BTC) transaction, permitting you to add unencrypted data.
Making metadata standards functional on any blockchain will result in easily machine-readable and sortable assets. An NFT marketplace can comprehend and grade NFTs from many blockchains if they all show their metadata in the same way.
Also, Read Safemoon VS Bitcoin: How to examine these two cryptocurrencies
Applications of MetaFi
MetaFi is the latest decentralized finance platform for the metaverse. It offers endless opportunities, and the following are the MetaFi applications that may soon enter the mainstream.
MetaFi in the Virtual worlds
Virtual worlds are digital spaces that provide social, work, commerce, or gameplay environments. They may or may not depicts the physical world. When they show virtual places similar to the real world, they often include an element of scarce land defined as NFTs. Users can buy, trade, and build these NFTs for free.
The virtual world provides a space to play, create or interact with friends and colleagues. It comes with an extensive range of execution, such as wearable NFTs, consumables, etc. Additionally, it provides simple implementations of NFTs in virtual reality.
Marketplace
It is a decentralized digital trading platform that matches supply and demand. It permits the discoverability of NFTs and aids in better price discovery. Advanced NFT Marketplaces such as Opensea, Super rare and rarely enable users to trade independent and direct mint NFT. Thus for everyone interested in buying and selling, these marketplaces could be a go-to platform for all NFT types. That includes virtual wearables, in-game items, NFT art or real estate, and much more.
Also, Read: Develop Sorare Like NFT Marketplace
Yield Farming NFTs
Users can generate income using NFTs. They can utilize NFTs as collaterals while taking loans and then investing the loans at higher rates. Owners can also stake their NFTs or rent them. Users can merge an NFT with yield-farming Defi LP tokens to achieve direct produce yield.
MetaFi for Fan Token
Fan tokens are cryptocurrencies that give membership perks to a community or organization. Apart from the membership, fan tokens can also provide access to voting rights, special events, and more. These tokens can be fungible as well as non-fungible. They can be access to a community, specific people, or tokens minted in the future.
Also, read Exploring BEP-20 Token Standard on Binance Smart Chain
Limitation of MetaFi
There is a scope for development when understanding the true potential of MetaFi. The platform has some limitations that developers need to overcome in the current state of MetaFi. The following are the three main issues with MetaFi.
Lack of Necessary Tools
Users need tools to develop infrastructure for MetaFi, such as marketplaces, financialization primitives, creator tools, community-oriented business models, etc. Additionally, the compilation gives users and developers access to the blockchain for running decentralized applications (dApps). Thus, it becomes necessary to examine layer 1. It will make entire applications on blockchain protocol more accessible with lower transaction fees, increase throughput, and enable scaling.
Also, Read: Why to Develop Defi dApps and Protocols with Binance Smart Chain
Legal and Governance Issues around Fractionalization
If you divide NFTs into 100 parts and distribute them among people, there is a lack of clarity in managing them. It becomes more evident with NFTs that carry rights such as voting or yield.
Also, read Emerging NFT(Non-Fungible Tokens) Use case Beyond the Hype
Standards across Blockchains
Additionally, where MetaFi runs and operates, the challenges come from the blockchain. In general, developers build metaverse and related applications entirely on Ethereum on various layer one and zero blockchains. However, these blockchains are not 100% interoperable.
Conclusion
The entire idea of MetaFi shows how it brings the best of metaverse and Defi together. In the year 2020, Defi garnered much popularity. But the working of Defi is limited, and in the future, they do not present viable prospects for large-scale adoption. On the other side, the metaverse is growing as a digital counterpart of the real world. Now, there are many applications of MetaFi in areas like Web3, SocialFi, and GameFi. So, the future of MetaFi seems promising as it holds a lot of potential. If you are interested in learning more about metaverse and Defi connect with our Oodles expert team.
Mudit Kumar
14 Mar 2022
Solice The Next VR Metaverse
Metaverse is gaining popularity, especially after Facebook renamed itself ‘Meta.’ The popularity of this digital world has led to the rise of many platforms offering blockchain development services for the metaverse. Many developers have created various metaverses on different blockchain-based platforms. An example of a metaverse powered by blockchain development services is Solice, which is the first cross-platform virtual reality (VR) metaverse on the Solana blockchain. It is an interconnected metaverse of non-fungible tokens (NFTs), communities, and virtual worlds. It provides its users with a unique experience of a VR world. Let us dive deeper into this enticing topic and understand more about it:
What is Solice
Solice is an open three-dimensional (3D) space where users can play, build, own, socialize, and monetize virtual experiences. It provides an infrastructure to support a shared virtual world. The main goal of developing Solice is to improve the overall user experience and connectivity through interoperability across the metaverse. This 3D space enables users to invite and connect with their families and friends. Additionally, it removes the barrier of different hardware, software, and operating systems.
Apart from owning LAND spaces, players can monetize in-game collectibles like pets, gemstones, and other NFTs. Consequently, they can create assets, games, places, and 3D static objects on their purchased LAND plots. Since developers have built Solice on a blockchain platform, it stores ownership details of all the assets in a decentralized ledger.
Also, Read: Hashgraph Decentralized Ledger vs Blockchain Technology
How does the Solice Work
Solice provides a Solice ID to its users. This ID will give access to this metaverse. People can integrate their wallets with Solice IDs for identification without revealing any unnecessary details.
This metaverse gives maximum freedom to its users. DAO (Decentralized Autonomous Organization) controls and manages the working of Solice. Solice native token (SLC) holders can participate in voting under this organization.
What does the Solice Comprise
Solice offers the following components:
Avatar
An avatar is a digital representation of a user in Solice. Every avatar has a pre-made appearance and animation set.
People can make changes to purchased avatars later on. They can modify avatars with various compatible assets. It enables users to have distinct avatars in this virtual world.
LAND and Assets
LAND and assets are Solana-based digital tokens representing physical objects and parcels in Solice. They permit users to own a piece of metaverse and host content.
Solice has a fixed amount of physical space called LAND (scarce). Players can buy them to create and monetize various activities. It comes with prebuilt terrains, but the owner can change it.
An NFT represents a LAND parcel that people can purchase with SLC. However, users cannot purchase common spaces, roads, and arenas. Developers hold the ownership rights of these spaces.
Pet
A pet is a virtual representation of a real-world pet. Similar to LAND and assets, pets, too, are Solana-based tokens. They are visible in the LAND or can follow their owners in the metaverse. Each pet comes with a different rarity level. This factor influences the chances of obtaining rare items, including gemstones or eggs. Rare eggs will hatch into new pets with various rarities. Additionally, users can sell these eggs directly in the Solice marketplace.
Quest
Solice will install a play-to-earn mechanism at later stages in which players can earn SLC, rare assets, and upgrade items by completing metaverse quests. It encourages users to participate in the game and maintain traction.
Crafting system
Users get components and materials within the Solice metaverse. They can craft whole NFT assets using those components. This crafting results in increasing the rarity and scarcity of these assets.
Marketplace
A marketplace is an exchange center for virtual assets in Solice. It lets users experience objects in 3D VR. As a result, it grants potential buyers a more immersive and customer-centric experience. Users can sell anything and everything in this marketplace. For instance, people can buy land plots, pets, special avatars, buildings, pet eggs, gemstones, raw materials, crafted items, and more.
Also, Read: NFT Marketplace Development | Emerging Business Opportunities
What are the Benefits of Solice
The following are the benefits of Solice:
LAND Staking
Users can stake their SLC tokens on their LANDS to earn rewards.
LAND staking also increases their chances of getting rare materials. Owners can utilize their materials to create rare scarce assets or increase the rarity level of their existing assets. Then, they can sell those assets in the marketplace.
Use-Design Revenue Model
Within the metaverse, solice permits users to design their revenue generation model. For example, a LAND owner can rent his space to an artist to showcase his digital art gallery inside the metaverse. And the artist can impose an entrance fee on the visitors. The whole model will generate revenue for the property owner and artist.
Powered by Solana Blockchain
Developers created Solice on the Solana platform, a popular blockchain platform. It offers benefits, like a transaction speed of 65,000 tps (transactions per second) and a transaction finality of 13 seconds.
Also, Read: Blockchain metaverse space and digital experiences
Conclusion
Solice gives users an immersive feeling while exploring this metaverse. People can explore this virtual world in ways similar to the physical world. They only need a VR headset to step into this digital world.
If you want to develop a metaverse similar to Solice, then Oodles Blockchain can help you. Connect with us today to avail the metaverse development services.
Mudit Kumar
14 Mar 2022
DAG vs Blockchain: Is Directed Acyclic Graph Technology Better than Blockchain
Blockchain technology has come a long way and completed a decade in an entity. So the first ten years have brought to the surface new as it has been interesting. Thus making the billionaire the rich list overnight is an engaging source of investment with some enthusiasts.
Although, the most breathtaking highlight of the last ten years of cryptocurrencies is the distributed ledger technology (DLT) that bears digital currencies. As we all know, the very first digital currency Blockchain hits popular headlines in the instant outcome of bitcoin.
Distributed Ledger Technology(DLT) and Blockchain Technology are both terms often used compatible. But, that is not correct as DLT includes other technology and is a border term. The Directed Acyclic Graph is another type of DLT. Although the dubbing of several crypto protocols has been “Ethereum Killer, “ but has seen finite tangible success. Thus, sometimes DAGs or Directed Acyclic Graphs are called “Blockchain Killer."
Both DAG and Blockchain technologies can be distributed and decentralized. Also, both these can record transactions on a digital ledger. They both have a token-economic incentive mechanism. As they have many similarities, they are altogether different from each other.
Read more: Why EOS Is Being called the “Ethereum Killer”
What is a Directed Acyclic Graph?
A Directed Acyclic Graph(DAG) is a graph that represents a series of activities and the flow from one activity to another. The representation of activities is as circles (vertex), and the order in which the complete depiction of activities using lines(edge) with a unidirectional arrow.
In particular, DAG is a directed graph unique type of data structure that uses a topological ordering and a type of distributed ledger technology that relies on consensus algorithms. Although for allowing developers to express themselves because the model of DAG is super flexible. Thus, the usual DAG connects different pieces of information and the registration for new transactions to be in a DAG. Also, it must reference older identical transactions. In common, two things happen, at the point of recording transactions on the DAG in which the referring of older transactions is noted. And the confirmation is also at the same time.
Although the related problems to data processing, scheduling, finding the best route in navigation, and data compression DAG is often applied. In general, embracing nodes connected with edges comes down to a few types of web. Thus with a specific direction, the edges are a connection between nodes. So, when moving from node to node by following the edges, Acyclic means that it's not possible to experience the same node for the second time. One of the differences lies in the data structure instead of adding blocks constant to a chain, use its Direct Acyclic Graph (or web).
Also, read: A Comprehensive Guide To DLTs and Types of Blockchain
Read more: Deploying a Smart Contract on Hedera Hashgraph Network with Java
Differences between Blockchain and DAG technology
Having analyzed what DAGs are, let us now feature their crucial differences when matched to blockchain technologies solutions. So, various key differences are running on both technologies. Let's see each one of them.
Mining process
While achieving new coins in return, the Mining context is generally the procedure of approving transactions in a blockchain. Through specialized hardware processes, the miner solves complex computations. So to add transactions to the new block and earn tokens for his efforts successful miner gets to confirm.
Through the Proof-of-Stake model, blockchain networks can also gain consensus besides mining. Here, the taking over role of miners is by validators. So attaining consensus here is dependent on the value of stakes in the network.
Blockchain: Participants can mint new tokens via different consensus mechanisms.
Directed Acyclic Graph: The past transaction validates the achieving success to consensus.
Transaction speed
The ideology of Blockchain technologies is to be faster, although DAGs are quick. So waiting times or blocks inherent in blockchain technologies are absent here, promising faster transaction speed.
Although, in respect of scalability blockchain technology has a lower transaction number per second. So, adding a large number of transactions with improved scalability, and the unique data structure of DAGs all the same permits that.
Data structure
Verified data contained in a blockchain system is within blocks, coupled together in a series of endless chains of blocks. So the dependency of putting new data in each block is on existing transactions, which are all sealed using encryption. In a DAG, the storing of data is independent, as a layer atop one another.
Transaction validation
A secure transaction is on the miners or validators in a blockchain system either approve or disapprove the decision. In a DAG protocol, the achievement of a transaction relies on its expertise to approve previous transactions.
Launch date
The respective launch time is a big difference in the journey to maturity for both technologies. In 2008 when Satoshi Nakamoto anonymously released the Bitcoin whitepaper that introduced blockchain. But next was the first platform to leverage DAGs, and it came to the spotlight in 2015.
Popular network
There are many networks utilizing blockchain technology today. Some of the few networks running on a blockchain are Bitcoin, Ethereum, Tezos, and IOTA. By using blockchain technology other private startups or organizations also have private networks.
Thus dissimilar to blockchains, Directed Acyclic Graphs have lower network numbers running on them. The NXT, Tangle, and Byteball are the most popular.
Also, read: IOTA Distributed Ledger | Tangling with Tangle
Read more: Safemoon vs Bitcoin: How to examine these two Cryptocurrencies
What Are the Benefits of DAG?
DAG is a new protocol like blockchain, and many have confirmed its uniqueness as even more revolutionary. For example, Hashgraph technology is a distributed ledger technology that uses DAGs to build an asynchronous Byzantine Fault-Tolerant (aBFT) consensus. Here are some of the implicit benefits of this new technology.
Speed
High transaction speed accounts for one of the prime advantages of a Directed Acyclic Graph. So at the same time, any user can broadcast transactions on the network and get approval. But in a typical blockchain network, there is a time-lapse or waiting period between logging transactions and confirmation. That process is Block time.
Easy Scalability
The evolution of DAGs solves Proof of work (PoW) blockchain network scalability issues and offers adequate throughput. It is possible because the limitation of them is not by block times. Thus compared to a traditional blockchain, Directed Acyclic Graphs can process an increased number of transactions per second (TPS).
Absence of mining
DAGs are free of mining, unlike the mining process adopted by Bitcoin, Ethereum, and other coins as their consensus algorithm. So the absence contributes to the efficiency of DAGs in recording transactions, although PoW is not bad in itself.
Cost-Effectiveness
The approval of DAGs use has been more cost-effective than the main public blockchain option sound today. Thus the protocol has no minors that inspire before confirmation of transaction reduces entire pressure. It boosts the addition of more transactions. And that is without the fear of increased charges.
Energy Efficiency
The high energy consumption of DAG and its projects or protocols do not use the PoW consensus mechanism. Thus the compared PoW-powered blockchain has placed all direct acyclic graphs as a more ecological option. The other DLT and role of profiling cryptocurrencies BTC-backed technologies in climate change.
Is DAG better than Blockchain?
The talking around DAG and Blockchain increasing in intensity, speculation, and reach. As we know, the bitcoin blockchain is the oldest, but DAG can indeed solve most of the blockchain’s problems. Thus DAG is the biggest and the most decentralized DLT out there. Besides the entire DLT world right now is based on the market area before the blockchain application goes mainstream. Thus we cannot be sure that the bitcoin blockchain will still be the #1 crypto technology in the world 10 years from now. It is because the industry grows two or three times its current size.
Thus it pointed out that blockchain technology and DAG have similar features and differences. The question of which is superior depends on the deployment of its use cases. The use case profiling shows that both have their advantages and disadvantages. These use cases include the Internet of Things(IoT), Microtransactions, Large Payments, and P2P Energy Trading.
Conclusion
There are many variations of Distributed Ledger Technologies around today among all DAG and Blockchain are some of the most related. Both these technologies share some similarities, with marked differences. The confirmation of DAG has been an enhancement and the future of blockchain technology.
Distributed Ledger Technology has already outpaced the inferior challenges in its potential growth push. So we may see more mainstream firms begin to incorporate it into their business processes moving forward. If you want to implement DLT, connect with our blockchain experts.
Mudit Kumar
28 Feb 2022
Web 3.0 Vs. Metaverse
Today, Web 3.0 and metaverse are creating a lot of hype. Even though both these terms are quite different from each other, people consider both these terms similar. Web 3.0, fueled by blockchain development services, is the next update of the internet. It will give decentralized ownership and control to its users and the community. On the contrary, the metaverse is a digital replica of the physical world wherein users make economies and connect in real-time.
Let's explore more about these two emerging concepts in detail in this blog.
What is Web 3.0
Experts consider Web 3.0 the third generation of the world wide web. The idea is to create a space where users will have complete authority over their data.
People can also create, control, and monetize their content.
This authority will be possible with blockchain technology.
Moreover, we are already witnessing some elements of Web 3.0, such as non-fungible tokens (NFTs), decentralized web browsers, and more.
These applications indicate the emergence of Web 3.0.
What is a Metaverse
A metaverse is a virtual reality (VR) where people can interact with three-dimensional (3-D) things. Users can interact with each other via virtual reality accessories. People get their virtual avatars whenever they enter the virtual world.
Currently, you can find metaverse applications only as a gaming platform.
But it can diversify itself into other aspects of our life, including work life.
For instance, instead of having 2D zoom calls, we can have 3D interactions via a metaverse.
How Web 3.0 and Metaverse Differ
A key difference between Web 3.0 and metaverse is that people utilize Web 3.0 to access the metaverse. Web 3.0 gives an idea of how the internet should work in the future.
But the metaverse is related to virtual gaming, social networking, and other experiences.
Moreover, blockchain and cryptocurrencies are the underlying technology of Web 3.0.
While virtual reality, augmented reality, the Internet of Things (IoT), and blockchain are the technologies behind the metaverse development.
Another crucial contrast between web 3.0 and metaverse is their possible applications.
The metaverse is a new dimension for movies, entertainment, gaming, education, simulation-based training, and social media. Even though these applications are still work-in-progress, they aim to bring us together.
On the contrary, Web 3.0 will be applicable throughout the entire web rather than being specialized apps. It will permit online activities to take place on it.
Similarities Between Web 3.0 and Metaverse
Developers created Web 3.0 and metaverse based on advanced technologies. They use artificial intelligence (AI) to create engaging user interfaces in Web 3.0 and the metaverse. Thus, AI becomes a crucial element for these two concepts.
Users can find a linkage between these concepts.
For instance, a digital artist can create an outfit for an avatar in the metaverse.
Then, the artist can earn money by auctioning it off along with an NFT.
Also, it will provide a buyer exclusive ownership of the outfit.
Also, Read: A Quick Guide to NFT( Non-Fungible Token) Development
Conclusion
In a nutshell, Web 3.0 and metaverse are two separate concepts despite a few similarities.
Both these concepts will shape the future of a digital world. If you want to stay ahead of the competition, then you must step into these technologies.
Oodles blockchain will assist you to develop virtual worlds like the metaverse, based on blockchain.
Our developers have extensive knowledge of this emerging technology. Connect us to avail any blockchain solution services.
Mudit Kumar
27 Feb 2022
Salesforce Blockchain Development: A Distributed Ledger for CRM
Customer relationship management (CRM) is an application software that helps companies manage customer relationships. Additionally, it provides interactions and helps in business development. However, CRM exhibits security concerns, i.e., data privacy and trustability. Moreover, Salesforce, a cloud-based software company, started using blockchain solutions to address this problem. The company came up with the salesforce blockchain which has created several successful projects. Consequently, this new platform opens the gateway for many opportunities for businesses. In this article, you will learn more about this incredible technology.
What is Salesforce Blockchain
Salesforce blockchain is a distributed ledger infrastructure that facilitates user application and Salesforce services. Also, it provides an innovative way to create, secure, and share data from an application with a network of partners. It is developed on open-source Hyperledger sawtooth technology and customized for salesforce lightning. Moreover, this platform allows the organization to build smart contracts, decentralized apps, and networks to share verified data. Salesforce users can see and work with blockchain data.
One of the most valuable propositions of this integration is the simplicity level. It simplifies building a secure network and establishing actual authentication protocols. Additionally, it lowers the technological complexity of creating trusted partner networks. Moreover, it enables the enterprise to bring together authenticated distributed data and CRM processes. The platform’s services allow individuals to focus on application logic rather than the infrastructure.
Core Components of Salesforce Blockchain
Hyperledger Sawtooth is an open-source platform for developing, deploying, and running distributed ledgers. It uses a novel consensus mechanism named Proof of Elapsed Time (PoET). This mechanism is ideal for distributed validators with minimal resource use.
Salesforce blockchain features a smart contract application programming interface. This interface allows firms to develop business models with reliability and automation. Ultimately, a smart contract automates execution that is transparent to all partners.
The main pillars of this platform are the following:
Blockchain Builder
It is a set of tools for creating salesforce blockchain applications known as a decentralized app(dApp). Moreover, it enables developers and admins to create a blockchain app, add partners, and set up a node infrastructure. Additionally, the blockchain builder features an API for programmatic application setup.
Blockchain Connect
Blockchain Connect links the blockchain with salesforce apps. So, it gives the service of data synchronization. It permits users to display objects and fields from the blockchain on record pages in custom applications.
Blockchain Engage
It is a component that aids in distributing the salesforce blockchain applications. It gives read-and-write access rights to clients in a safe and secure network.
Consensus Mechanism
Like other blockchain networks, it provides several consensus protocols. Besides, it allows the network to decide which process works best per their requirements.
Hyperledger Sawtooth
Hyperledger Sawtooth is a blockchain-based protocol for the building of the salesforce blockchain. Additionally, Sawtooth makes smart contracts safe and efficient for enterprise purposes for the distributed ledger (DTL) solution.
Smart Contracts APIs
Smart contracts provide businesses to grow new business models with trust and automation. Moreover, APIs permit blockchain developers to build and deploy a set of businesses.
Also, Read: Emerging Use Cases of Smart Contracts on Blockchain Technology
Benefits of Salesforce Blockchain Application Development
It promotes low development complexity. It also offers many benefits for CRM. Here is a listing of the benefits of the platform.
Improved Connectivity
It offers enhanced and uninterrupted connectivity with customers.
Data Automation
The platform empowers users to respond to blockchain data insights with Salesforce integration. Thus it increases the ability to sustain technical breaches.
Precise Tracking
Blockchain precisely allows the salesforce to track customers' interests and purchase orders. It engages customers with attractive offers for frequent purchases.
Easy Network Building
Salesforce Blockchain facilitates maintaining and building blockchain applications, networks, and smart contracts. Thus they are unique and specific to business needs. The platform uses low code, an original feature of other salesforce apps. So users can create and share blockchain projects with a process similar to any customer relationship management object.
Extensive Insights
Modern technology provides immense insights with precise data analytics for business management and customer satisfaction benefits.
Salesforce Blockchain Applications in CRM
Salesforce blockchain is a quick way to build trusted affiliate networks. Its metadata capabilities enhance CRM performance and offer a distributed ledger infrastructure.
Companies can speed up their business by combining CRM workflow with blockchain. It makes it easier to create new business processes and models that ample sales, service, and marketing. Every member of the blockchain network can check and verify every transaction. So blockchain changes outdated process and completely rebuild them.
Also, Read: Blockchain P2P Lending Platforms | Revolutionizing Lending
Conclusion
Salesforce blockchain is a low-code blockchain platform linked with CRM. It enables firms to create trusted networks and securely interact with each other. Essentially, it made the entire process of managing data and connectivity simple and efficient. This platform empowers companies to bring together authenticated distributed data and CRM processes. It permits users to build and maintain networks, apps, and smart contracts. Also, users can make and share blockchain objects and layer blockchain data on top of existing sales, services, and marketing flow. That is the form of search queries and process automation. If you also want to streamline your business, implement salesforce blockchain into your business. Our blockchain development experts can navigate your business through its entire implementation process.
Mudit Kumar
25 Feb 2022
Why NFTs are the Key to Metaverse massive explosion
Undoubtedly, technology is going through enormous changes that affect us in many ways. And one such change in technology is the metaverse, a bridge between reality and the virtual world. The launch of Meta by Facebook is the best showcase entry of metaverses on the global stage. Another fast-expanding thing in the digital world is non-fungible tokens (NFTs). Now, a new era of social networks in the digital world is emerging that combines the metaverse and NFTs. The world is witnessing a shift signaling toward a metaverse era, where NFT-based augmented experiences act as pillars for this era. There is a close association between NFTs and metaverse in blockchain gaming.
In this article, we will look into the role of NFTs in the virtual space of the metaverse. It is due to the decentralized future. This article explores this hyped topic of NFT and the metaverse.
What is the take on NFTs in the Metaverse space?
Non-fungible tokens (NFTs) are digital representations of physical assets like land and buildings. They provide ownership of social media posts, digital art, painting, signature, and more. Additionally, it tokenizes intangible and digital content. On the other hand, the metaverse is a 3D representation of the world where people can interact using avatars.
The technology behind NFTs is compatible with that of the metaverse. Gaming applications like The Sandbox heavily rely on NFTs for their functioning. Players can use NFTs to get tokens or buy collectibles. All these uses make NFTs very crucial for the growth of the metaverse. NFTs can integrate existing virtual reality (VR) with augmented reality (AR).
Furthermore, NFT can describe ownership of in-game assets, virtual avatars, and real estate properties in the virtual land. Thus, it becomes crucial for the metaverse-based NFT marketplace. Users can use NFTs to get their digital avatars. Then, they can use it to explore the marketplace. Also, they can take a close look at the digital product and choose products of their choice with NFTs.
Also, read: NFT Marketplace Development | Emerging Businesses Opportunities
Read more: NFT Shaking up the Art World
How do NFT works in the Metaverse?
NFTs in the metaverse work similarly to real-world objects. They are the prime element of the growing virtual world. The viability of NFTs in blockchain games makes them popular in the 3D world. NFTs have many utilities in the metaverse. NFT technology is essential for granting accurate digital ownership. Thus, every metaverse assignment, gaming, or enterprise has to blend NFTs and use metaverse for their combined benefits.
An added role of NFTs in the Metaverse contains:
The metaverse provides users access to their digital avatars through NFTs. The tokenization of avatars gives ownership of the respective character.
People can organize music concerts and live events in the metaverse world. So, they can use NFT ticketing technology to distribute tickets to the desired audiences.
Individuals can use the NFT system to provide sole ownership and transfer it for trading in the secondary market. Also, they can buy for trading in-game collectibles and accessories like skins, armor, and tanks.
How will NFTs impact the Metaverse world?
NFTs can transform the way people interact with each other by providing better social and community experiences than traditional social media. So, how would these effects widely transfer onto the metaverse? Let’s figure out how NFTs can change the live digital worlds.
The way to a fair and transparent economy
Metaverse permits businesses and users to replicate and port real-world assets into Metaverse’s decentralized virtual space. The metaverse can open the way for real-world assets with innovative gaming models. Digital assets on the Metaverse play-to-earn games drive engagement among the players. It empowers them by providing benefits like in-game lending and trade activities.
Players can earn their contributions by participating in play-to-earn games with NFTs. People join these games due to their fair and transparent economy. The visible role of NFTs in the metaverse is that blockchain offers transparency and immutability.
Read more: Understanding Blockchain and Decentralized Consensus
Also, read: Using Blockchain Technology in the Game Industry
Next-generation of community and social experiences
NFT metaverse plays a significant part in transforming the identity, social, and community experience. Also, this 3D world is redefining live social experiences. Users can prove their identity among various avatars available in the virtual space with identical NFT avatars.
By owning NFT avatars, social media users can meet the avatar of their connection or social media friend. This feature is better than having a text-based chat or video call. Since NFTs have non-fungible properties, each NFT avatar is identical and has a real-world identity. Users could gain virtual membership to a broad range of experiences with NFT avatars in the real world and metaverse. Thus, the merger of metaverse and NFTs could increase the social and community experiences for users.
New trends for virtual real estate
In the metaverse world, users can also buy virtual properties. NFTs let users hold ownership and develop virtual real estate based on their choice by underlying blockchain technology. One of the notable use cases of NFT metaverse projects includes selling virtual land for profit.
Decentaraland is among the best examples for auctioning virtual products in NFTs. Moreover, many industries use NFTs for selling tickets and merchandise online. Additionally, NFTs have gained attention from music artists since the digital asset gives ownership rights to its creator. Also, every NFT holder would have a space in the metaverse.
Also, Read: Building An Advanced NFT( Non-Fungible Tokens) Marketplace
Read more: NFTs are revolutionizing the music industry
Metaverse future
While still in the early stages of development, metaverses present many potential social and financial opportunities with NFTs. They also offer people new ways to play, interact, gather, earn and transact. A blockchain-based metaverse ecosystem gives benefits like enabling digital asset ownership and more. Moreover, the integration of virtual reality (VR), video games, social media, and elements of crypto, the metaverses, and NFT blockchain gaming will become an integral part of Web 3.0.
Conclusion
The amalgamation of NFT and the metaverse would change the future of the digital world. Big corporations are investing in this technology and launching many workable use cases. It has led to the expansion of the metaverse. Moreover, NFTs are also bringing ownership and uniqueness to this virtual world. If your organization wishes to enter this booming technology, then our blockchain NFT development experts can assist you. From consulting to implementation, we will provide every service regarding blockchain.
Mudit Kumar
22 Feb 2022
Flow Blockchain for NFT Development
Non-fungible tokens, or NFTs, are exclusive, non-exchangeable databases of cryptographic information kept on a blockchain to verify a digital asset. NFTs, powered by blockchain development services, are now widely used to represent things like films, pictures, artwork, and other digital data. The number of sales in the first half of 2021 was $2.5 billion. The Ethereum network was overrun by one NFT project called CryptoKitties. As a result, Dapper Labs, the company behind CryptoKitties, developed a new blockchain called Flow to address flaws found in the Ethereum blockchain. The Flow blockchain has raised transaction speeds, made itself easier to use, and reduced transaction costs in an effort to address these scaling challenges.
Are you curious about what the Flow blockchain entails? Continue reading as we examine the Flow blockchain, how it functions, and how it differs from the Ethereum network in terms of how it enables NFTs.
Flow Blockchain: What Is It?
Decentralized apps (DApps), games, and the digital assets they use can run on the quick, decentralized, and developer-friendly blockchain called Flow. It is made for speed and scalability without the use of sharding techniques, making it perfect for cryptographic games and NFT collectibles.
With its multi-node, multi-role architecture, Flow promises significant gains in performance and throughput. This differs from the conventional blockchain architecture, where nodes maintain the complete transaction history and verify every transaction. By dividing its network, Flow, in contrast, enables the nodes to share the workload, with each node validating a piece of a transaction.
Also, Read | Developing DAO-enabled NFT Marketplace
What Problems Does Flow Blockchain Solve?
Solutions to the Scalability Issue
The Ethereum blockchain's constrained scalability is its primary drawback. Ethereum is unsuitable for widespread use since it can only process 13–15 transactions per second.
The CryptoKitties team was motivated to construct the Flow blockchain by this inefficiency. At the height of the game's popularity, Ethereum was unable to handle the rising volume of transactions. Flow blockchain was therefore created primarily to address the issue of scalability. The prototype's throughput was 1,000 transactions per second (TPS), and 10,000 TPS capability is their next goal.
Cutting Costs
The goal of the developers of Flow is to make transactions on the Ethereum network less expensive. Gas fees are what Ethereum users pay for network transactions. The complexity of the executed smart contract and the network's accessibility determine the size of these fees. The typical gas fee per transaction could reach $20 on some days. The first fee for opening an account with Flow is 0.001 FLOW (around $0.03), and the second fee for each transaction is 0.000001 FLOW.
Also, Read | Move-to-Earn NFT Development
NFT Ecosystem of Flow
Despite its youth, the Flow blockchain is already powering a number of hugely successful NFT projects, and more are in the works.
CryptoKitties
The third-most active smart contract on the Ethereum network was CryptoKitties within three hours of its initial release in November 2017. As was already mentioned, Ethereum's rising popularity exposed scalability problems.
Dapper Labs was able to move digital collectibles from the Ethereum network to the Flow blockchain with the introduction of the Flow blockchain. Users can transfer their CryptoKitties to the Flow blockchain in order to benefit from cheaper transaction costs and new features, even while they can still access their CryptoKitties on the Ethereum blockchain.
The NBA Top Shot
Users of NBA Top Shot amass highlights ("Moments") of their favorite NBA players on digital sports collector cards. On the Flow blockchain, these treasures are purchased, traded, and stored. NBA Top Shot's transactions are quicker and less expensive than CryptoKitties' transactions because it was first introduced on the Flow network.
NBA Top Shot gained a lot of traction rapidly and now has over 600 users, including Tyrese Haliburton, Mark Cuban, and other famous people.
Also, Read | How NFT Ticketing Disrupts The Ticketing Industry
NFT Marketplace VIV3
A marketplace for empowering digital artists and creators, the VIV3 NFT is powered by Flow. Renowned artists Anne Spalter and Ben Mauro contributed early works to the project, which was launched in January 2021.
Dapper Labs is working on interesting relationships with UFC, Samsung, Ubisoft, Dr. Seuss, and Warner Music Group in addition to the three well-known NFT projects mentioned above.
Flow is preferred for NFT projects because...
In order to accommodate a new generation of well-liked games, DApps, and digital assets without sacrificing decentralization, Dapper Labs built Flow from the ground up. It is not unexpected that developers have taken to it rapidly. The key advantages of the Flow blockchain over other blockchains are listed below.
The multi-role, multi-node design of Flow establishes a division of labor that guarantees effectiveness and gets rid of unnecessary processing work.
Ergonomics for developers: The Flow network has features that increase developer productivity, including upgradeable smart contracts, built-in logging support for monitoring smart contract behavior, Flow Emulator, and other features.
Cadence: The user-friendly, secure, resource-oriented programming language called Flow was created specifically for digital assets and DApps. Compared to Solidity or other programming languages, Cadence enables novice developers to get started on NFT projects rapidly.
NBA Top Shot and CryptoKitties' success demonstrates that Flow was made for the kind of interactive and collecting bitcoin experience that is now becoming increasingly popular.
Also, Read | NFT Development Shaking up the Art World
What's the Future of NFTs
Conclusion
Businesses must take into account a number of factors while developing an NFT marketplace on a platform like Flow. Creating partnerships with Blockchain professionals that have sufficient expertise and knowledge in NFT development would be a fantastic strategy to create scalable marketplaces. With a seasoned team of Blockchain professionals on your side, creating a unique NFT marketplace becomes quicker and simpler. With the support of NFT marketplace development experts, companies can create dynamic marketplaces on Flow and other platforms, assisting them in growing their operations.
Mudit Kumar
18 Feb 2022
A Quick Guide to NFT Development on Solana Blockchain
When it comes to non-fungible tokens (NFTs) and decentralized finance, Solana blockchain development services are already gaining traction in the web3 space. The market cap of its native token, SOL, now places it ninth among all cryptocurrencies. Indeed, the interest in Solana NFTs has increased significantly throughout the course of 2022. Solana satisfies users' requests for an efficient blockchain platform with quicker and less expensive transactions. As a result, Solana is becoming the first choice for dApp and NFT solutions development. Additionally, users are switching to Solana at an ever-increasing rate as it keeps adding new integrations.
One of Web3's most significant successes to date in this regard is Solana NFTs. Unfortunately, this does not change the fact that learning how to use new blockchains and NFT marketplaces is still a difficult undertaking. The good news is that we are here to help you with whatever you need to do to take part in the Solana ecosystem. Read on to know why Solana crypto and NFTs are so popular, and how to get the most out of this brand-new environment.
Also, Read | Developing DAO-enabled NFT Marketplace
Why Choose Solana for NFT Development?
The groundbreaking PoH (Proof-of-History) consensus model is a key component of the open-source Solana blockchain network. It essentially helps the platform speed up transactions and makes Solana preferable for building scalable, decentralized applications. PoH consensus enables Solana-based dApps to process transactions quite rapidly than many legacy blockchains, including Ethereum. Also, Solana levies much lower gas fees. Entrepreneurs, investors, and content producers are choosing Solana to construct apps that support NFT trading, in addition to NFTs development. The Solana NFT standard and minting guidelines also give developers the flexibility they require. Let's examine a few advantages a Solana NFT marketplace might offer.
Also, Read | Why Develop DApps on Solana?
Fast Per-Second Transactions
The Solana blockchain can complete 2500 transactions per second on average. It emphasizes how fast it is, enabling transaction processing quickly on any NFT marketplace built on it. TPS, however, is a dynamic statistic that is constantly shifting.
Low Transaction Price
Solana's fast throughput and low transaction fees of $0.00025 make it an ideal platform for developing NFTs and NFT marketplaces.
No mempool problems
There is no mempool issue with Solana. The space where completed transactions await approval is mempool. This functionality enables instant transactions on Solana NFT markets.
Growing Ecosystem
The Solana ecosystem is expanding rapidly. It makes it efficient to manage numerous dApps, smart contracts, and currency without experiencing network congestion.
Writing Programs is Easy
Solana uses Rust programming language. It makes it simpler to design and develop a variety of applications. Solana is a versatile platform for creating dApps, NFT marketplaces, and other types of applications.
Also, Read | Why You Should Develop a Smart Contract on Solana
NFT Marketplace on Solana
Solana aids in the development of scalable crypto applications today. Although it is behind Ethereum, it is currently the second-most popular blockchain network. It makes it possible for dApp developers to swiftly release dApp and NFT applications while avoiding the congestion and scalability problems that afflict current networks.
With a focus on scalability, Solana aims to give developers the infrastructure and bandwidth they need to make their decentralized applications and services popular worldwide. Both the traders and the administrators of these platforms receive benefits from Solana. Because of this, individuals want to create their own Solana NFT Marketplace platform with the newest features.
Benefits of Developing NFT Projects on Solana:
Because of Solana's cheap transaction costs, users can easily build scalable, fast, and efficient NFT projects.
Low block time, great scalability, and programmability attributes form the foundation of the Solana blockchain.
Supports trading among many virtual platforms, making NFT trading simple and secure.
Users can swiftly incorporate NFTs, trading, and bidding because of their high level of control and composability.
Also, Read | Why Choose Solana for Blockchain App Development
Additional Advantages of NFT Development on Solana:
No intermediaries required
Minimal transaction fees
Development of governance tokens
Development of native tokens
Trustless platform development
Lightning-fast transactional speeds
The Solana blockchain is a great place to start if you're thinking about developing your NFT project. High speed and low transaction costs create new opportunities for investors and innovators. After all, it's a fantastic way to profit from one of the latest trends in the blockchain sector.
Conclusion
One of the most cutting-edge blockchains is Solana. Without sacrificing the platform's security, the project's developers can build a high-performance network at a very low cost of commission. Feel free to connect with our solana developers if you want to create your own NFT solution on Solana.
Mudit Kumar
16 Feb 2022
Why Choose a White Label NFT Marketplace Solution
A Whitelabel NFT marketplace is a ready-to-launch solution used by businesses to enter the market in no time. An NFT development company keeps such a solution previously created and extensively tested. However, it does allow for some customization as per client requirements. In addition to being much easier to integrate across various blockchains, a Whitelabel NFT marketplace platform offers various advantages over developing it from scratch.
Whitelabel multichain NFT marketplace platforms enable owners to sell NFTs of artwork, music, movies, in-game assets, etc. similar to current marketplaces like OpenSea or Rarible. It can be an efficient option for your new business would be to use such a platform because it would be significantly less expensive and time-consuming than beginning from scratch.
Also, Read | NFT Development Shaking up the Art World
Whitelabel NFT Marketplace
Since the 2021 NFT boom, when the market cap of these digital tokens first surpassed $1 billion, there has been a significant surge in NFT marketplaces. To increase their earnings and reputation in the emerging market, several companies and businesses have started building and launching NFT marketplaces. As a result, there is now fierce competition, which will only get worse over time. Thus, a White label multi-chain NFT platform seems a profitable and wise alternative that offers several advantages.
It is a pre-coded solution built on top of an existing framework. It streamlines project development and lowers the amount of funding required.
The platform requires lesser time to test because the development team has already rectified the framework's challenges.
Clients can customize it to any extent because of its adaptability. They can develop a distinctive platform on top of recycled basic architecture.
Personalization can extend to choosing the blockchain for development, determining its capabilities, changing the popular blockchain and improving its current features, or even building wholly new functionality.
It reduces the time needed for the entire programming and debugging processes by only requiring time for a modification. The amount of modification affects how long it takes to produce a solution overall.
Because it only requires a few tools and drastically lowers the cost of development, this process is an excellent alternative for businesses that are just getting started and bitcoin companies.
Also, Read | Exploring World with Multiverse NFT
Five features of a WhiteLabel NFT Marketplace
A White Label NFT Marketplace can prove to be a better alternative than developing an NFT platform from scratch due to the benefits and features it offers. Launching a white-label NFT marketplace is less expensive and takes lesser time than building an NFT marketplace from scratch. The establishment of a Whitelabel NFT Marketplace will let the platform owners run a successful NFT business rapidly and profitably.
NFT Minting
The quickest and simplest way to create digital collectibles like NFTs is through NFT minting. Whitelabel NFT manufacturing is, in other words, the process of copying already existing digital assets. Using blockchain-based NFT minting Smarts contracts, owners can mint new NFTs. The Whitelabeled NFT minting platform from Oodles is simple to use by those who want to mint their digital assets.
Also, Read | How NFTs is Revolutionising the Music Industry
NFT Staking
NFT staking is the use of staking your NFTs to generate cryptocurrency income. The NFT holders can benefit from locking assets on DeFi systems. They are all free to maintain their NFT collections; they are not required to sell them.
Participants in NFT staking, such as DeFi yield farming, get rewards through Proof of Stake (PoS). Users can receive incentives based on the annual percentage yield (APY) of their staked NFTs by locking up NFTs.
NFT staking opens up new opportunities for NFTs that go far beyond the idea of merely collecting digital artworks.
Also, Read | How NFT Ticketing Disrupts The Ticketing Industry
Lazy Minting
To lower the entrance barrier for NFT developers, Oodles offers "lazy minting" integration with the Whitelabel NFT marketplace. It enables them to produce NFTs without developing the feature from scratch.
Additionally, NFT makers use the private key connected to their Ethereum account to create cryptographic signatures of certain pieces of data rather than directly running a contract function to create an NFT.
An NFT's "ticket" or "voucher" is made up of signed data. Vouchers may therefore contain additional data that is stored in the actual NFT rather than on the blockchain.
Also, Read | Develop Sorare Like NFT Marketplace
IPFS-NFT Storage
The storage and addressing features of IPFS are particularly suitable for NFTs. For NFTs, the focus is on IPFS data storage so that both NFT authors and NFT owners can gain from a long-lasting experience.
Multiple copies of the uploaded data are kept on the specialized IPFS servers used by Filecoin and NFT storage. Since IPFS is a standard that many other storage services use, you can store NFT storage data on any other IPFS-compatible storage solution, including extra storage networks like Arweave or Storj, or by pinning services to your own IPFS node. In the future, we can expect that NFT storage will become decentralized.
Also, Read | Move-to-Earn NFT Development
Multichain-Compatibility
Multichain functions as a medium between many blockchains for cryptocurrency and non-fungible tokens. Users can exchange tokens or liquidity on a Multichain NFT platform in a decentralized fashion. The Multichain Router will determine the best path to bridge your chosen currency.
For coins with native tokens, a multichain NFT will transfer cryptocurrencies between different chains using liquidity pools.
Conclusion
Future forecasts show that the Whitelabel NFT marketplace model will thrive and take control of the digital environment. It enables everyone to succeed in business by starting their own Whitelabel NFT marketplace. At Oodles, we offer turnkey NFT solutions to enable our clients to generate considerable economic momentum.
Mudit Kumar
04 Feb 2022
Blockchain Metaverse Space and Digital Experiences
Blockchain has taken out lives by storm. It has led to the development of several concepts, including a metaverse. It is a digital world with many communities and services. It provides a stage for communities to come together, share ideas, and build things.
Nowadays consumers are showing immense interest in this interactive and three-dimensional virtual world. Thus, several companies are opting for blockchain solution development to create such digital worlds. The blockchain-based metaverse can create several experiences. Let us delve deeper to know how this emerging concept can enhance our digital experiences.
A Metaverse Customer Experience
Generally, businesses engage with their customers in several ways. Companies can interact with customers through physical stores or social media. Metaverse can also emerge as a new way of interacting with customers. It can give an immersive experience to customers. People can interact with the brands in a similar way to real-world interaction.
Businesses can offer a digital test run of their products in the metaverse so customers can have engaging experiences. They can give different options to their customers. Additionally, firms can provide access to the support team so that people can resolve their queries regarding a product or service.
Metaverse can also bring several new customers to many businesses. It opens a new channel for new customers. Thus, it overcomes challenges faced by marketing and sales teams.
All of these services are better than the traditional form of online interactions, including wordy emails.
The following are a few ways metaverse can change the customer experience.
Offer Customers and Clients Risk-free Trials
With the metaverse, you don't have to limit trials to digital products. Metaverse employs virtual reality (VR) and augmented reality (AR). Metaverse can use AR technology so that customers can enjoy a close-up of the product and how it will look in their places.
A Personalized Experience
It is hard to create a customized experience for businesses with a conventional method. Here, a metaverse can give every customer a customized experience. Firms can create a digital store where customers can see products fulfilling their needs.
Better Brand-Customer Relationship
Metaverse can help businesses build organic relationships with their customers. Apart from offering their products and services, firms can also give guidance and support to their customers. Metaverse addresses the drawbacks of conventional technology when it comes to brand-customer relationships.
Can Metaverse Experiences Replace Real-Life Experiences
For brands and users, metaverse experiences may be the next extraordinary innovation. Many individuals shifted towards using a digital world, especially during the pandemic. They arranged social gatherings and activities in the metaverse. The importance of this digital world will increase in the coming future.
Even though the metaverse offers an alternate universe of the physical world, it still depends on the real world. Blockchain and blockchain-based computing work with natural resources and energy. So, the blockchain ecosystem will not survive without electricity or energy.
Conclusion
Metaverse can bring several benefits to businesses. However, the mass adoption of this technology will take time. If you want to become an early adopter of this technology, then you can choose a blockchain development service provider like Oodles blockchain. Our blockchain developers have ample experience in developing platforms like a metaverse. Contact us for blockchain development services.
Mudit Kumar
01 Feb 2022
Algorand | Why it is a Blockchain to Watch for dApps?
Algorand has emerged as one of the most innovative and promising blockchain app development platforms in today's digital ecosystem. With its unique approach to consensus, remarkable scalability, and robust security features, Algorand is attracting attention from enterprises, developers, and investors alike. In this in-depth guide, we explore the key technical innovations, use cases, and ecosystem developments that make Algorand a blockchain to watch, while also examining its potential to reshape the future of decentralized applications (dApps) and enterprise solutions.Introduction to Algorand BlockchainFounded by Turing Award-winning computer scientist Silvio Micali, Algorand was designed to solve the “blockchain trilemma” of achieving decentralization, scalability, and security simultaneously. Launched in 2019, Algorand utilizes a novel Pure Proof-of-Stake (PPoS) consensus mechanism that ensures high transaction throughput and near-instant finality while maintaining a decentralized network. This combination of performance and security has positioned Algorand as a frontrunner for next-generation blockchain solutions.Key Features of AlgorandAlgorand distinguishes itself through a series of innovative features that address many of the challenges faced by traditional blockchains. Below are some of the key aspects that set Algorand apart:Pure Proof-of-Stake (PPoS) ConsensusUnlike traditional Proof-of-Work (PoW) or delegated Proof-of-Stake (DPoS) systems, Algorand's Pure Proof-of-Stake mechanism ensures that every token holder has the opportunity to participate in block validation. This method significantly reduces the risk of centralization while allowing the network to achieve high throughput and fast transaction finality. The randomness in selecting validators enhances security and prevents potential manipulation.Scalability and SpeedAlgorand is engineered to handle thousands of transactions per second (TPS) with minimal latency. Its architecture minimizes bottlenecks, ensuring that transactions are processed rapidly and efficiently. The network's ability to scale seamlessly makes it ideal for enterprise applications that require reliable, high-speed performance without compromising on security.Security and DecentralizationSecurity is at the core of Algorand's design. The use of cryptographic sortition for validator selection ensures that the network remains decentralized and secure against malicious attacks. Algorand's consensus protocol has been rigorously peer-reviewed and tested to provide robust security guarantees, making it a trusted platform for high-stakes applications.Smart Contracts and Layer-1 FunctionalityAlgorand supports sophisticated smart contract capabilities through its Layer-1 architecture. These smart contracts enable developers to build complex dApps directly on the blockchain without the need for additional layers or off-chain solutions. This native support simplifies development, reduces overhead costs, and improves overall network efficiency.Algorand Standard Assets (ASA)The Algorand Standard Assets framework allows for the creation and management of digital assets on the Algorand blockchain. ASAs can represent anything from stablecoins and security tokens to non-fungible tokens (NFTs), facilitating a wide range of use cases across different industries. This standardization helps streamline asset issuance and trading, providing a robust foundation for enterprise solutions.Also, Read | Exploring the Top Blockchain Platforms for Your EnterpriseTechnical Architecture and InnovationAlgorand's architecture is built to support the demands of modern decentralized applications. Its technical innovations have made it a compelling choice for developers and enterprises seeking to leverage blockchain technology for scalable and secure solutions.Consensus MechanismThe Pure Proof-of-Stake consensus algorithm is at the heart of Algorand's innovation. By randomly selecting validators from a large pool of stakeholders, Algorand ensures that block production is both secure and efficient. This randomness minimizes the potential for collusion and enables the network to reach consensus quickly. Moreover, the consensus mechanism is designed to be energy efficient, addressing the environmental concerns associated with PoW blockchains.Network ArchitectureAlgorand employs a highly optimized network architecture that allows nodes to process transactions in parallel. This design supports the platform's high TPS and low latency. In addition, Algorand's lightweight protocol reduces the computational and storage burden on nodes, encouraging broader participation and ensuring the network remains decentralized.Developer Tools and EcosystemAlgorand has invested significantly in creating a developer-friendly environment. With comprehensive documentation, robust SDKs, and active community support, the platform makes it easier for developers to build, test, and deploy dApps. The availability of these tools not only accelerates the development cycle but also helps drive innovation across the ecosystem.Also, Check | Best Blockchain Platforms for Stablecoin DevelopmentUse Cases and Enterprise ApplicationsAlgorand's unique features and technical robustness make it suitable for a variety of applications across multiple industries. The platform is being actively explored for both consumer-facing and enterprise-level use cases.Decentralized Finance (DeFi)The DeFi sector has seen explosive growth in recent years, and Algorand is well-positioned to support this trend. Its high speed and low fees enable seamless execution of financial transactions, making it an attractive platform for decentralized exchanges, lending protocols, and stablecoin projects. The transparency and security inherent in Algorand's design provide additional confidence for users engaging in financial activities.Supply Chain and LogisticsIn the realm of supply chain management, transparency and traceability are paramount. Algorand's blockchain can be used to record every step of a product's journey, from manufacturing to delivery. This capability not only enhances accountability but also helps reduce fraud and counterfeiting in global supply chains. Enterprises can leverage Algorand to build immutable ledgers that track product provenance and streamline logistics operations.Digital Identity and Data SecurityAs digital identity becomes increasingly important in a connected world, secure identity management solutions are in high demand. Algorand's blockchain can be used to create decentralized digital identity systems that give individuals greater control over their personal data. Such systems can be integrated with various services, from financial institutions to healthcare providers, ensuring that identity data is both secure and accessible only to authorized parties.Enterprise Asset ManagementAlgorand Standard Assets (ASA) provide a flexible framework for tokenizing various forms of assets, including real estate, intellectual property, and commodities. Enterprises can leverage these capabilities to streamline asset management, improve liquidity, and open up new revenue streams. By enabling fractional ownership and facilitating secondary market trading, Algorand helps unlock the value of traditionally illiquid assets.Smart Cities and IoTWith the rise of smart cities and the Internet of Things (IoT), there is a growing need for scalable, secure, and transparent data management solutions. Algorand's high-performance blockchain is an ideal candidate for powering the data infrastructure of smart cities. Its ability to handle large volumes of transactions in real time makes it suitable for applications ranging from traffic management to energy distribution, ultimately contributing to more efficient urban environments.Also, Discover | A Comprehensive List of Top dApp Development PlatformsComparative Advantages Over Other BlockchainsWhile several blockchain platforms offer unique capabilities, Algorand's combination of speed, security, and decentralization gives it a distinct competitive advantage. Here are some key differentiators:Energy EfficiencyAlgorand's Pure Proof-of-Stake mechanism consumes significantly less energy compared to traditional Proof-of-Work systems. This energy efficiency not only reduces operational costs but also addresses environmental concerns, making it a more sustainable choice for enterprises.Rapid FinalityTransactions on Algorand achieve finality in seconds, which is a critical factor for applications that require real-time processing. This rapid finality enhances the user experience and allows for instantaneous settlement in financial and commercial applications.Decentralized GovernanceAlgorand emphasizes decentralized governance, allowing stakeholders to have a say in the future development and upgrades of the platform. This participatory approach ensures that the network evolves in a manner that benefits its community and maintains a high level of security and stability.InteroperabilityAlgorand is actively developing solutions to improve interoperability with other blockchain networks. This capability is essential for enterprises that require seamless integration across multiple platforms and traditional systems, paving the way for a more connected and efficient digital economy.Adoption and Ecosystem GrowthAlgorand's growing ecosystem is a testament to its potential. The platform has attracted a diverse range of projects, from innovative DeFi applications and NFT marketplaces to enterprise solutions that tackle real-world problems. As more developers and businesses adopt Algorand, the network benefits from increased liquidity, improved security, and a richer set of tools and services.Partnerships and CollaborationsStrategic partnerships have played a crucial role in expanding Algorand's reach. Collaborations with financial institutions, technology firms, and government bodies have accelerated the platform's adoption across various sectors. These alliances not only validate Algorand's technology but also provide a pathway for large-scale implementation of blockchain solutions.Developer Community and ResourcesAlgorand has invested heavily in building a strong developer community. With comprehensive documentation, developer grants, hackathons, and online forums, the platform provides ample resources for both new and experienced developers. This focus on community engagement ensures a continuous flow of innovative projects and contributes to the long-term success of the ecosystem.Future Roadmap and InnovationsLooking ahead, Algorand is committed to continuous improvement and innovation. Future upgrades are expected to further enhance scalability, improve interoperability, and expand smart contract functionality. As the blockchain space evolves, Algorand's proactive roadmap positions it to address emerging challenges and capture new opportunities across industries.Also, Explore | A Definitive List of Top Smart Contract PlatformsChallenges and ConsiderationsDespite its numerous advantages, Algorand, like all blockchain platforms, faces certain challenges that need to be addressed for widespread adoption.Market CompetitionThe blockchain industry is highly competitive, with numerous platforms vying for dominance. While Algorand offers unique features, it must continually innovate to maintain its competitive edge against established networks and emerging technologies.Regulatory EnvironmentAs blockchain technology becomes more integrated into the global economy, regulatory scrutiny is increasing. Algorand will need to work closely with regulatory bodies to ensure compliance and create frameworks that facilitate innovation without compromising security or consumer protection.Adoption BarriersFor enterprises considering blockchain adoption, challenges such as legacy system integration, data migration, and the need for specialized talent remain significant. Although Algorand's developer-friendly environment helps mitigate these issues, broader industry adoption will require ongoing education and collaboration between stakeholders.You may also like | Top Blockchain Platforms for Blockchain App DevelopmentConclusionAlgorand stands out as a blockchain platform with the potential to redefine the landscape of decentralized applications and enterprise solutions. Its innovative Pure Proof-of-Stake consensus, combined with rapid transaction speeds, robust security, and a vibrant developer ecosystem, make it a blockchain to watch in the coming years.For businesses and developers alike, Algorand offers a compelling proposition: a secure, scalable, and energy-efficient platform capable of supporting a wide array of use cases—from DeFi and digital identity to smart cities and enterprise asset management. As the platform continues to evolve and its ecosystem expands, Algorand is well-positioned to drive the next wave of blockchain innovation, providing the tools necessary to build the digital infrastructure of tomorrow.Ultimately, whether you are an investor, a developer, or a business leader, keeping an eye on Algorand and its developments is essential. With its forward-thinking approach and commitment to continuous improvement, Algorand is not only addressing today's challenges but also laying the groundwork for a more decentralized and efficient future.Frequently Asked Questions (FAQ)Q1: What makes Algorand different from other blockchains?A: Algorand utilizes a Pure Proof-of-Stake consensus mechanism, which ensures high throughput, rapid transaction finality, and a high degree of decentralization. Its energy efficiency, robust security, and developer-friendly environment further differentiate it from traditional blockchain platforms.Q2: How does Algorand achieve fast transaction speeds?A: Algorand's optimized network architecture, combined with its Pure Proof-of-Stake consensus algorithm, allows the blockchain to process thousands of transactions per second. This design minimizes latency and achieves near-instant finality, making it ideal for high-performance applications.Q3: What types of applications can be built on Algorand?A: Algorand supports a wide range of applications, including decentralized finance (DeFi), digital identity management, asset tokenization, supply chain management, and smart city infrastructure. Its versatile platform is designed to accommodate both consumer-facing dApps and enterprise-level solutions.Q4: Is Algorand environmentally friendly?A: Yes, Algorand is designed to be energy efficient. Its Pure Proof-of-Stake consensus mechanism consumes far less energy than traditional Proof-of-Work systems, making it a more sustainable option for blockchain-based applications.Q5: How does Algorand support developers?A: Algorand offers extensive documentation, SDKs, developer grants, and active community support. These resources help developers build, test, and deploy applications quickly and efficiently, fostering a vibrant ecosystem of innovation.Q6: What is the future outlook for Algorand?A: With ongoing technological upgrades, increasing adoption across industries, and a commitment to continuous innovation, Algorand is poised to play a significant role in the future of blockchain. Its focus on scalability, security, and interoperability positions it as a leading platform for the next generation of decentralized applications.Final ThoughtsAlgorand represents a significant leap forward in blockchain technology. Its pioneering Pure Proof-of-Stake consensus, combined with robust security and high throughput, makes it a standout platform in an increasingly crowded market. For enterprises and developers seeking a scalable, secure, and efficient blockchain solution, Algorand offers the technical foundation and innovation necessary to build the digital future.As the blockchain industry continues to evolve, Algorand's commitment to decentralization, energy efficiency, and continuous improvement will likely drive its adoption and influence across multiple sectors. Keeping abreast of Algorand's advancements and engaging with its growing ecosystem will be essential for anyone looking to harness the transformative potential of blockchain technology. If you are planning to build and launch your decentralized project leveraging the potential of Algorand blockchain, connect with our blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
25 Jan 2022
SafeMoon vs Bitcoin | How to Examine these Two Cryptocurrencies?
In recent times, cryptocurrency development have revolutionized finance, but not all digital assets are created equal. Bitcoin (BTC), the pioneer cryptocurrency, and SafeMoon (SFM), a newer and controversial token, represent vastly different approaches within the crypto ecosystem. While Bitcoin is hailed as a decentralized digital currency and store of value, SafeMoon aims to incentivize holding through its unique tokenomics.In this blog, we'll comprehensively examine SafeMoon and Bitcoin, analyzing their origins, functionalities, use cases, advantages, and criticisms to help you understand how they compare.Origins and HistoryBitcoin (BTC)Launched: January 2009Founder: Anonymous individual or group under the pseudonym Satoshi Nakamoto.Purpose: Bitcoin was designed as a decentralized peer-to-peer (P2P) digital currency to serve as an alternative to traditional fiat currencies. It introduced the concept of blockchain, a public ledger to secure transactions.SafeMoon (SFM)Launched: March 2021Founder: SafeMoon LLC, led by CEO John Karony.Purpose: SafeMoon was created as a community-driven token with innovative tokenomics, including a focus on rewarding long-term holders and penalizing sellers with a fee structure.Also, Read | A Comprehensive Guide to the Runes Standard on BitcoinBlockchain Technology and DesignBitcoinBlockchain: Bitcoin operates on its own proof-of-work (PoW) blockchain.Consensus Mechanism: Bitcoin uses PoW to validate transactions, secure the network, and mine new BTC.Network: Decentralized with thousands of nodes globally, ensuring censorship resistance.Scalability: Limited scalability with a block size of 1 MB, leading to transaction bottlenecks and higher fees.SafeMoonBlockchain: Initially built on Binance Smart Chain (BSC), a layer-1 blockchain with fast transaction speeds and low fees.Consensus Mechanism: Utilizes BSC's proof-of-stake-authority (PoSA) mechanism.Network: Not as decentralized as Bitcoin since it operates on BSC, which is partially centralized.Tokenomics: Focuses on redistribution, burning, and liquidity pool funding through transaction fees.Also, Check | The Bitcoin Endgame | What Happens When All BTC Are Mined?Key Features and TokenomicsBitcoinFixed Supply: 21 million coins, ensuring scarcity and serving as a hedge against inflation.Mining Rewards: Miners earn BTC as a reward for securing the network.Decentralization: Highly decentralized, making it resistant to manipulation and censorship.Use Case: Primarily used as a store of value, medium of exchange, and digital gold.SafeMoonDeflationary Model: A portion of every transaction is burned, reducing supply over time.Redistribution: Token holders earn passive rewards from every transaction in proportion to their holdings.Penalties: Imposes a 10% transaction fee, with 5% redistributed to holders and 5% added to liquidity pools.Use Case: Primarily designed as a speculative asset with a focus on holding rather than active usage.Also, Explore | Demystifying Bitcoin Ordinals : What You Need to KnowUse Cases and AdoptionBitcoinGlobal Adoption: Accepted by companies, merchants, and even some governments (e.g., El Salvador) as legal tender.Store of Value: Widely regarded as "digital gold," a hedge against inflation.Remittances: Enables cross-border payments without intermediaries.Investment Vehicle: Recognized as a reliable asset class by institutional investors.SafeMoonSpeculative Asset: Largely speculative, with most users motivated by the potential for high returns.Community-Driven: Strong focus on engaging and rewarding its community of holders.Ecosystem Development: Plans to expand use cases with products like SafeMoon Wallet and potential DeFi integrations.Also, Discover | Satoshi Nakamoto's Last Email Reveals Bitcoin Creator's ThoughtsAdvantagesBitcoinProven Track Record: Over a decade of secure operation.Decentralization: Highly resistant to manipulation and censorship.Mainstream Recognition: Trusted and recognized as the leading cryptocurrency.Liquidity: Extremely liquid across all major exchanges.Limited Supply: Scarcity drives value over the long term.SafeMoonIncentivized Holding: Rewards holders with passive income through redistribution.Deflationary Mechanics: Continuous burning reduces supply, potentially increasing value.Community Engagement: Strong, loyal community support.Low Barriers to Entry: Affordable for retail investors compared to Bitcoin.You may also like | Setup Bitcoin Node using Ansible in Remote ServerCriticisms and RisksBitcoinEnergy Consumption: The PoW mechanism is energy-intensive, raising environmental concerns.Scalability Issues: Limited transaction speed and high fees during network congestion.Volatility: While less volatile than smaller cryptocurrencies, BTC prices still fluctuate significantly.SafeMoonCentralization Risks: Heavy reliance on BSC reduces decentralization.Speculative Nature: Highly speculative, with little utility beyond holding.Transaction Fees: High fees discourage active trading and usage.Sustainability Questions: Critics question whether the tokenomics model can sustain long-term growth.Regulatory Risks: As a newer token, SafeMoon faces greater scrutiny and potential regulatory challenges.Community and EcosystemBitcoinCommunity: Largest and most established community of developers, miners, and enthusiasts.Ecosystem: Supports a vast range of applications, from DeFi to Layer-2 solutions like the Lightning Network.SafeMoonCommunity: Passionate and loyal community, actively promoting and engaging with the project.Ecosystem: Limited but evolving, with projects like SafeMoon Wallet and plans for SafeMoon Exchange.Investment ConsiderationsBitcoinRisk Profile: Lower risk compared to smaller cryptocurrencies; suitable for long-term investment.Market Cap: The largest cryptocurrency by market cap, signaling stability.Utility: Offers broader use cases and institutional backing.SafeMoonRisk Profile: High-risk, high-reward investment; suitable for speculative traders.Market Cap: Smaller market cap with potential for rapid growth or decline.Utility: Limited utility, primarily driven by community speculation.Also, Read | Bitcoin testnet syncing node docker compose setupConclusion: Bitcoin vs. SafeMoon – Which to Choose?The choice between Bitcoin and SafeMoon depends on your investment goals, risk tolerance, and understanding of their fundamental differences.Choose Bitcoin if you're seeking a proven, secure, and decentralized cryptocurrency with long-term growth potential. Bitcoin is ideal for those looking for a store of value or a hedge against inflation.Choose SafeMoon if you're a high-risk, high-reward investor willing to bet on speculative assets. SafeMoon offers innovative tokenomics but comes with significant risks and limited utility.Both cryptocurrencies represent different facets of the crypto ecosystem. Bitcoin leads as the established, trusted digital gold, while SafeMoon caters to speculative traders and community-driven enthusiasts. Carefully assess your financial goals before investing in either cryptocurrency. If you are looking to develop a new cryptocurrency or a token, connect with our crypto developers to get stared.
Category:
Blockchain
Mudit Kumar
05 Jan 2022
Cryptocurrency Legality Around the world
As cryptocurrency development services change from unsafe investment to a balanced portfolio stablemate. It carries on to combine pace. That seems how to control the rising asset class. The governments around the world remain divided.
The designing of digital assets like cryptocurrency, crypto-currency, or crypto work as a medium of exchange. The storing of single coin ownership records on a ledger. That exists in the computerized database. Although, the use of cryptography techniques to secure exchange records. It also controls the creation of extra coins and confirms the exchange of coin ownership. In simple words, there is no one controller for running these exchanges. For this, no currency lives in the physical form.
Hypothesis behind crypto
The invention of cryptocurrency was after the 2008 global economic crisis. That was with a vision to have a decentralized form of currency for each one. With the creation, the intent was to stop any actions or inactions. Thus, governments or banks could shake the world's economy.
In the year 2009, the first-ever decentralized cryptocurrency bitcoin comes into existence. The aim is to catch in financial transactions without relying on the government or banks. Bitcoin is a peer-to-peer currency, which means no one can control your money. These generations of secured and verified transactions yourself are with cryptography use. As per the current estimation, there are around 1600 cryptocurrencies today. But still, bitcoin is the leader in the present market.
As we all know, everything in the world has its pros and cons. Although, unlike the traditional stock market, the crypto market is also very volatile. So, the cryptocurrency ban in china resulted in a high dip in the crypto market. In the past 6 months, all virtual currencies have reached their lowest price. Although cryptocurrencies have completed a decade. But still, some peoples are doubtful. They are afraid before entering the crypto market due to its volatile nature.
Also, Read: Understanding Types of Crypto Tokens and Their Benefits
The ruling of cryptocurrencies across the world
For the growth of policy and controlling reply to virtual currency. Although, there is no clear coordination among countries. Cryptocurrency, once-dip and linked with Financial illegal activities. That has become mainstream. Cryptocurrency is a virtual currency that uses cryptography. The algorithm is for encrypted privacy that secures digital transaction recordings. And, the security is on a distributed ledger, such as a blockchain.
Also, Read: Reasons to Adapt To Cryptocurrency for Today’s Businesses
Below, we break down the present digital currency controlled view by country.
United States
This country is one of the very few that have started taking steps. That needs creating legislation controlling the virtual currency. As for a report, the US hasn’t yet grown a clear control structure for the asset class. Although, the country has many cryptocurrency investors and blockchain investors. The US control has under the central and state governments. That means rules may vary from state to state.
Cryptocurrency is privacy the Securities and Exchange Commission(SEC) views it. The Commodity Futures Tradings Commissions(CFTC) calls Bitcoin(BTCUSD) a asset. But, the Treasury calls it a currency. Crypto transfers fall in the United States under the controlled scope (BSA). That record with the Financial Crimes Enforcement Network(FinCEN). Although, they need to tackle the financing of terrorism(CFT) function. They also follow anti-money laundering(AML) and property for federal income tax purposes. The Internal Revenue Service(IRS) groups digital currencies.
Also, Read | Cryptocurrencies Beyond Currency: Enabler of New Possibilities
United Kingdom
The application of UK cryptocurrency is as property but not legal tender. They do not have set legislation, and the rule of the sector is by the Financial Conduct Authority(FCA). The FCA grants license for crypto businesses and transfers. Although, the ruling body has granted cryptocurrency. That was for several needs related to Know Your Customer(KYC), AML, and CFT. Although, investors still pay capital gain tax on crypto trading profits.
China
China has been harsh towards cryptocurrencies. The beginning moved from welcoming crypto mining to a declared complete ban in 2021. The pop-up world power step was so heavy that it knocked off 40 percent. That was of total crypto mining functions. The People’s Bank of China(PBOC) bans crypto exchanges and follows the country's stop on crypto control. The world's largest crypto exchange headquarters move from china to cayman island.
India
India is a growing economy and follows in the footsteps of developed countries. But like most countries, subcontinents outline that cryptocurrencies are not legal tender. In the year, 2018 the RBI issued a circular. That states the allowance of citizens will not deal in cryptocurrencies. It seems there are some serious concerns about customer safety. It also concerns market principles and money laundering with others.
But, the supreme court seemed to have favored virtual currencies. They accept them as payment for the buy of goods and services. The control is by RBI. At the same time, instead of banning these virtual currencies, RBI looks at various access. Those are useful to virtual currency users by applying proper controls. So, this allows cryptocurrencies, but control remains doubtful in the country. For example, India put forward a law in April 2021. Other than state-backed digital assets that make it illegal. That is for the issue, hold, mine, and exchange of cryptocurrencies.
Explore More | Using Cryptocurrency to Increase Business Efficiency
Conclusion
Virtual currency, unlike traditional investments, does not have any change cap. They are very volatile and influenced by small changes.
The cryptocurrency exchange development comes in place. That was with the vision to have a decentralized currency system. It means there is no control by the bank. And also no involvement from a financial institution or the system. But if countries across the world opt to control this, then there might be an advisory impact.
To know more about cryptocurrency connect with our cryptocurrency development experts.
Mudit Kumar
27 Dec 2021
Transform your Business with Blockchain-Based Traceability
For business leaders, making an investment decision is never easy. The decision-makers must carefully consider all alternative possibilities, assess conceivable scenarios, evaluate investment returns, and allocate resources for investment. When investing in a new technology never encountered before, the processes become significantly more challenging and crucial. The same applies to the blockchain, a promising technology that can alter the world the same way the Internet did.
Businesses are wary of investing in emerging technology, particularly for traceability, which may enable them to gain significant competitive advantages. Business leaders have little understanding of Blockchain solutions development and how they can use it in their industry. Therefore, this blog assists them in determining whether it is worthwhile for a company to invest in Blockchain Traceability.
Blockchain-Powered Traceability
Experts believe that Blockchain Traceability will save businesses significant money while also providing a variety of benefits. Blockchain Traceability delivers real-time and precise data for tracking and tracing items, processes, information, and more, minimizing the need for buffer stock, storage expenditures, and transportation costs. Furthermore, data is open and reliable, allowing supply chain managers to make better decisions and avoid misinformation.
Businesses do not need to invest in a centralized system that is more expensive and less secure than a decentralized system because of the decentralization feature of blockchain technology.
Also, Read | A Use Case for Blockchain in Thorium's Supply Chain Traceability
How does Blockchain Traceability Work in a Business's Supply Chain Network?
Manufacturers and suppliers, transportation companies, warehouse facilities, intermediaries such as dealers and OEMs, and end customers or consumers are all part of the supply chain. Blockchain technology creates a shared network that allows all of these parties to communicate with one another. It also makes it possible to track events on the blockchain ledger. In terms of the supply chain, the technology solution creates two types of participants:
Active- Business participants who submit and validate transactions, (like warehouse managers, transporters, OEMs, suppliers, and more )
Passive - External parties with read-only access like public sector entities, banks, and insurers, as well as clients,
Essentially, a blockchain technology-based track and trace system can aid in the resolution of traceability issues. It can enable various participants in a supply chain network to update information onto a single, distributed shared ledger. It can ensure comprehensive end-to-end data visibility and provides a single verifiable source of truth. Subsequently, it can provide the following benefits.
Provide an audit trail for all transactions, all the way down to the ingredients used to make a product.
Create an immutable, permanent digital ledger of business activities, including transactions and processes.
Implement intelligent contract solutions to facilitate automation across critical business processes.
Create an immutable ledger containing data that is easily verified and tamper-proof.
Make a single, unified source of truth available.
Also, Read | Analyzing the Food Traceability System Developed by Walmart with Hyperledger Fabric
How Blockchain Traceability Brings Advancements to Business
Improves Business Operations
The supply chain controller will have a reliable source for monitoring and enhancing supply chain operations as information changed on the blockchain is irreversible and unchangeable and can be easily retrieved. The collected data is a resource for assessing and refining current company processes, allowing for more accurate planning and forecasting, reducing waste, and increasing supply chain efficiency. Enterprises can also combine Blockchain Traceability with AI or other Business Intelligence technologies to fully use the benefits.
Also, Read | Supply Chain Traceability and Sustainability with Blockchain
Ensure End-to-end Transparency and Fewer Risks
Blockchain, according to Capgemini's analysis, may assist in decreasing supply chain risks by 50%. With the Blockchain Traceability solution, the supply chain management can keep track of all operations in real time and predict any hazards. When information gets changed on the blockchain, it will have a time-stamped proof. It will make it easier to trace back data and discover the root cause of an issue. It will also give indisputable evidence of how the problems occurred. Furthermore, because traceability information is inherently accessible, all stakeholders are encouraged to do their best to maintain operational efficiency and manage risks along the supply chain.
Also, Read | Blockchain-based Food Supply Chain Traceability System
Facilitate Customer Satisfaction
Another incentive to engage in Blockchain traceability is to win the confidence and loyalty of customers to companies. Nowadays, customers' primary worry before making a purchase is the safety of their health and the environment. According to studies, 55% of customers want knowledge on how products affect their social lives, health, the environment, and other factors. 70% of customers want brands to provide them with transparent information. In contrast, 94 percent of surveyed consumers agreed they are loyal to a brand that promotes transparency, and 73 percent would pay a higher price for transparent items.
Companies can delight their consumers and win their trust and loyalty by boosting customers' faith in their products via Blockchain Traceability.
Business Use Cases | Blockchain-Based Traceability
Food
Consumers want to know where their food comes from and what techniques came into use to make it. Customers can find their food's specific location of origin thanks to blockchain-based traceability. Furthermore, it provides access to information on the food's manufacturers and its freshness. Workers at each level of the food supply chain are responsible for updating the database with product information. As a result, food traceability in the supply chain might have significant benefits, such as reducing food fraud and fraudulent labeling.
Also, Read | Thwarting Automotive Counterfeits with Blockchain Traceability
Manufacturing
Manufacturing firms may use blockchain technology to facilitate data sharing while improving accuracy and security across complex supply networks. Blockchain traceability may provide access to a permanent digital record of materials, components, parts, and other goods. As a result, it may assure rapid development in the production process with end-to-end visibility.
Fashion
Every year, the weight of counterfeit goods costs the fashion sector a significant amount of money in terms of yearly sales. Fashion brands, on the other hand, are losing their market credibility. As a result, blockchain aids in monitoring the supply chain of goods and builds a stronger foundation of confidence for customers. Customers can see where their clothing comes from thanks to blockchain technology.
Interested in exploring blockchain solutions for traceability in your business? Connect with our blockchain development experts for more information.
Mudit Kumar
24 Sep 2021
Crypto Token Types and Their Benefits
Crypto tokens have made their presence in the digital market. Businesses develop these digital assets on top of existing blockchains for facilitating transactions on a blockchain. They can also use these assets as investments. These fintech blockchain solutions vary with the crypto token types.
This article is a brief overview of these types, benefits, and more.
What is a Cryptocurrency Token and How Does it Work
A cryptocurrency token refers to a category of cryptocurrency representing a digital class asset or specific use. It exists on another cryptocurrency’s blockchain. Tokens are useful for investment, storing value, and making purchases.
A company issues these tokens as a unit of value or utility. Tokens present programmable assets or access rights. The organizations manage these tokens through underlying ledgers.
Since cryptographic tokens are a collection of rules, they are encoded in a smart contract, known as a token contract. Each token resides in a blockchain address. Any person with the private key pair belonging to the address can access the respective token.
A company issues tokens when they launch an Initial Coin Offering (ICO), similar to the Initial Public Offering (IPO). The major difference between ICO and IPO is that in an IPO the stockholder receives shares in return for the investment.
In an ICO, the user gets a token in exchange for the investment. Users can easily redeem these tokens to access the product or service of the organization.
Explore: STO vs ICO Marketing | A Rundown of Difference to Help You Choose the Right Way
Crypto Token Types
The following is a list of crypto token types, including payment, utility, security, and non-fungible tokens:
Payment Tokens
Payment tokens are a medium of exchange and are mostly referred to as coins. The main objective of these tokens is to serve as a store of value and unit of account. For instance, coins like Bitcoin, Ethereum, Tether, etc. are payment tokens.
Payment tokens also gain or lose value on the basis of demand and supply in the market. An increase in demand and a decrease in supply leads to a rise in the value of the token. Similarly, the value decreases with lower demand, and greater supply.
Also, Read: Real Estate Tokenization and Blockchain | An In-depth Guide
Utility Tokens
People can use utility tokens to access a blockchain-based product or service.
For instance, users can utilize transactional tokens like Ether to access applications on Ethereum. They can also use them to make payments for executing smart contracts on the Ethereum blockchain. Similarly, users can utilize GAS coins to access the NEO network.
Security Tokens
Security tokens refer to traditional securities like stocks and shares. These tokens are digital, liquid contracts for a proportion of any asset that already has some value, like a property.
A security token holder has ownership rights that are saved on the blockchain ledger. Several regulators control the issue and trading of such tokens.
In simpler terms, a security token is a one of its kind token representing a share in an external asset or organization. The token is issued on a permissioned or permissionless blockchain.
Related Post: Crowdfunding Your Business Idea with Security Token Offering
Non-Fungible Tokens
A non-fungible token (NFT) is a unique digital asset or a crypto token. It represents ownership of a specific asset that may or may not exist in the real world. For instance, it can represent possession of any video, audio, art, etc.
These tokens are ideally used for proving possession rights, identity, and authenticity.
Also, Visit: Emerging NFT (Non-Fungible Tokens) Use Cases Beyond the Hype
Benefits of Cryptocurrency Tokens
Cryptocurrency tokens are one of the most important innovations in today’s world. They can facilitate frictionless markets in the fintech world.
Let us have a quick look at the benefits of cryptocurrency tokens:
Tokens represent or create a specific asset on the blockchain. With the help of tokenized assets, people can easily trade any asset in the world without any arbitrator. It creates a frictionless market and removes a lot of barriers from the system.
Tokens play a major role in making payments easier and more secure.
Tokens hold value and can also be exchanged but most importantly they represent physical assets.
From investment to storing value, and trading, tokens are beneficial in every sector and solve the problem of holding multiple assets.
Tokens are the future of payments and investments. It is a secure, reliable, and efficient way of trading.
Connect with our crypto development experts for more information about the types of crypto tokens and their business applications.
Mudit Kumar
23 Sep 2021
Developing an Advanced DeFI (Decentralized Finance) Wallet
Despite early reservations about DeFi, it appears that decentralized finance has successfully established itself in the market. DeFi's many advantages, including transparency, autonomy, availability, and the absence of third parties, make it popular among users. DeFi wallets are blockchain-based means for storing crypto funds. They are essentially the fundamental medium for DeFi platforms and users to connect. In this post, we'll look at some of the most important factors to consider when creating a DeFi wallet, one of the most common types of DeFi projects and crypto wallet development.
What are Non-Custodial DeFI Wallets
A non-custodial DeFi wallet promotes the idea of decentralization by enabling users to gain complete control over their crypto funds and private keys. It assures that you are solely responsible for your financial management. Unlike centralized wallets supplied by exchanges such as Coinbase and Binance, which store your funds on exchange accounts, DeFi wallets give you complete control over your assets. You also don't have to submit personal information or go through checks and verifications to keep and manage funds using a DeFi wallet. It requires only a public address of users to enable them to participate in various DeFi projects. It does not disclose any personal data of users.
Experts suggest that non-custodial DeFI wallets provide enough security and control to users over how they store, use, and manage their funds. However, this comes with a greater level of responsibility. For instance, in any circumstances, if a user fails to remember their private wallet key, they cannot ever recover the stored funds in the wallet. Furthermore, custodial wallets are frequently more user-friendly than decentralized wallets. Therefore, developers at Oodles suggest developing a DeFi wallet with a highly advanced, secure, and user-friendly interface.
Also, Read | A Quick Guide to Advanced Cryptocurrency Wallet Development
The Increasing Importance of DeFi Wallets the DeFi Space
DeFi wallets are asset management solutions that are essential to the DeFi ecosystem's survival. They are non-custodial, which allows for flexibility, transparency, and accessibility, ushering in the concept of "owning one's bank." Users can easily access several activities with DeFi Wallets, including buying and selling tokens, token exchange, Dapp engagement, trade, borrowing and lending, and more.
Basic and Supplementary Functions of DeFI Wallets
Advanced User Interface
When constructing your DeFi wallet, have more attention to the user panel, as the quality of your project's development will determine its success. The following are the features that you should focus on integrating into this panel:
Keep User Registration Simple
Make it intuitive and easy for users to sign up along with making their information management secure. Simultaneously, it would be beneficial if users could immediately configure all relevant aspects (seed phrase, security settings, selected cryptocurrencies, input/output methods, and so on) during registration.
Ensure Effortless Funds Transfer
Establish a system that makes it effortless for users to transfer funds. It is because a DeFi Wallet is a crypto asset management app and should be easily accessible. They should also be able to create contact information for future payments.
Enable Checking of Account Balance within a few Clicks
Another fantastic feature that no wallet should miss integrating. It must ensure the balance window is visible on the start screen. You'll also want to be able to adjust the look, the list of crypto-addresses, and the rates of selected crypto-currencies.
Allow using a Bank Card for Fund Deposits and Withdrawals
Any cryptocurrency wallet must provide the ability to add funds to a wallet account using a debit or credit card. They should be able to withdraw money using it too.
Facilitate Accounts Linking
This feature dramatically speeds up and simplifies the process of depositing/withdrawing funds. However, keep in mind that this information is private, so make sure it is well-protected and that no one has access to it (even you).
Ensure Quick Recent Transactions Feature
This feature allows you to keep track of your transactions and spending, as well as review your daily or monthly activity. It would be fantastic to add various categories and filters to this functionality to make examining the transaction history more convenient.
Provide Offers and Promotions
You can also offer users additional incentives and discounts for DeFi services such as money, vouchers, bonus points, loyalty points, and other items. Not only will this boost user engagement, but it will also increase user loyalty.
Integrate Reviews and Ratings
They'll tell you which aspects of your software's design and functionality need to be enhanced.
Also, Read | Crucial Insights into Crypto Wallet Development in 2021
Admin Control Panel
An admin is responsible for the management of DeFi wallets. It should only be accessible to you and trusted staff (administrators). The following are the features that you must include in your DeFi wallet admin panel:
Authorization and Verification
You must implement security standards at every level to ensure that everything is in order and that you or your employee is who they say they are.
Management of Profiles
Ensure that data about the profiles and transactions that move through your wallet is traceable: amount, volume, average speed, and so on. The administrator can obtain all information about users and manage them (ban, delete).
Analyses in Depth
The data for a DeFi wallet should be present in a clear and easy-to-understand format (tables, dashboards, graphs, etc.). It aids in the analysis of the service's work.
Discounts and Special Offers
Allows you to design and organize a variety of offers to boost consumer loyalty and engagement.
Customer Support
Administrators will utilize this panel to contact users if they have any issues.
Also, Read | Cryptocurrency Wallet Development | A Guide for Investors
Additional Capabilities
In addition to these fundamental characteristics, the DeFi wallet your design may include additional features that enhance the user experience and broaden your audience. The following are some of these characteristics:
Integration of a Chatbot
It is essential these days to have chatbots. It makes providing customer service 24 hours a day, seven days a week efficient.
In-built App Camera
Scanning QR codes will allow users to receive/send links for deposit/withdrawal funds and validate other crucial acts, such as payment for a DeFi service. Thus, ensure that the wallet has an in-built app camera.
An OTP (One-time-password) System
Facilitate generating a one-time password for the user's registered mobile phone number whenever they want to make a payment. It will make the DeFI wallet more secure.
Notifications
Enable users to get notifications about money made and received, recent transactions, excellent deals, and other significant occurrences.
Also, Read | Crypto Wallet App Development | How to Ensure Efficiency and Security
At Oodles, we want to provide everyone globally with access to an essentially endless amount of decentralized financial products and services as a top DeFi Wallet Development Company. Oodles offers customized crypto DeFi wallet development services to meet your specific needs.
Mudit Kumar
21 Sep 2021
Enterprise-Grade NFT Solutions | Moving Beyond the Hype
What's the big deal with enterprise NFT these days? You've come to the right site if you're wondering what enterprise NFT is. Let's get started with this non-fungible token guidance for businesses.
Even after years of introduction, blockchain remains a perplexing option for businesses. Furthermore, non-fungible tokens, or NFTs, could add to the complexity around blockchain use cases. Is enterprise non-fungible token (NFT) the solution to these issues? With the rise of cryptocurrency markets globally, there has been a rapid increase in public knowledge of blockchain technology.
The contributions, efforts, and vision of industry pioneers have helped blockchain attain global acceptance.
NFTs, in addition to cryptocurrencies, has recently emerged as one of the most formidable use cases of blockchain technology solutions. Most importantly, the mainstream use of non-fungible tokens has come into the limelight with nearly $70 million worth of digital artwork purchases. NFTs are also becoming increasingly popular among artists, producers, celebrities, and content providers globally. NFTs have enormous potential in the fields of art, collectibles, and culture, but they can do so much more.
Attributes of Non-fungible Tokens
NFTs are data-carrying digital tokens that blockchain's immutable ledger stores.
When an asset with the NFT token is traded digitally or in person, the blockchain creates a new block with new owner information.
Every transaction will generate a chain of information, and it will be simple to confirm the legitimacy and provenance of the object by tracing ownership along the chain. As a result, NFTs can be a safe technique to verify the authenticity of a digitally represented item.
Also, Read | NFT (Non-Fungible Tokens) | Taking the Crypto Space by Storm
What Does the Future Hold for NFTs in the Enterprise?
While it remains to be seen whether the NFT market is a speculative bubble fueled by hype, the enterprise applications of this technology are promising. The primary uses of NFTs are currently in fields such as art markets, decentralized banking, and domain names. However, the domain is rapidly expanding as people investigate potential use cases.
NFTs may prove to be a disruptive technology for rights management in the entertainment and media industries. Musical artists may try to commercialize their content with tokens, and a Spotify competitor using a blockchain-based token system to govern ownership and royalties is not hard to conceive. The film and streaming businesses can also take similar initiatives. But, institutional entities in these markets—record labels, production corporations, and so on—might limit uptake.
Other enterprise use cases are likely to arise in the future. While controlling rights is an apparent application, enterprises can use NFTs to support payment models and implement them as a part of digital transaction management. A SaaS provider may choose to offer its subscription in the form of an NFT, which may benefit users.
Also, Read | NFT Marketplace Development | Emerging Business Opportunities
A Variety of Enterprise NFT Use Cases and Applications
Patenting
Patents, a form of intellectual property, are generally illiquid assets of a company. IBM's work with IPwe, an IP ecosystem platform, provides a real-world use-case scenario for NFTs in patenting. IBM will tokenize patents, allowing patent owners to commercialize their patents in a transparent, secure, accessible marketplace.
Supply Chain Management
Supply chains involve multiple touchpoints, with some requiring traceability, transparency, and confirmation of ownership. MarketsN, a Bangalore-based startup that implements NFTs for businesses and supply chains, was established by Koinearth. Better market visibility, illiquid asset trade, and ownership transparency are all advantages. These qualities can help businesses attract investors more easily by protecting segments of the supply chain.
Also, Read | A Quick Guide to NFT (Non-Fungible Token) Development
Investing in Real Estate
Real estate is a time-consuming and labor-intensive endeavor. Also, it is a stable investment for large organizations, particularly those with properties in multiple countries. Real-estate businesses can use NFTs to optimize assets like buildings, title/ownership deeds, and so on into digital assets. It can lead to increased efficiency in investments, ownership transfer, and other critical processes.
Because NFTs can represent assets digitally, it will be easier to monitor and track ownership and validity of the digitally represented asset from anywhere on the planet. Propy, a real-estate startup, has already started employing NFTs for real-estate transactions.
Digital Collectibles for Businesses
Brands are sitting on assets that they don't realize are worth a lot of money. Digital designs typically precede product production for brands like cars, watches, and designer clothing. Fans love to have an association with these assets. Marketing departments have an abundance of digital assets. Fans would love to connect with some of the memorable moments. These are all that we refer to as Brand Digital Collectibles.
Businesses may use NFTs backed by digital collectibles to enable entirely new types of marketing and client engagement. What's fascinating about these marketing approaches is that they may foster a much stronger relationship between firms and their customers than advertising and traditional media channels can. ngageN is one platform that is moving in this approach.
Also, Read | Emerging NFT (Non-Fungible Tokens) Use Cases Beyond the Hype
Passports for Products
Automobiles and industrial machines are costly and have a long lifespan. You enable after-sales service providers, financiers, insurers, and secondary buyers to record the product's cradle-to-grave lifespan data by allowing manufacturers to issue passports for such products. This product-specific data-sharing strategy across numerous businesses creates a win-win situation for all parties involved.
Manufacturers can offer pay-as-you-go models, financiers can minimize risk by lending against a digital asset, and insurance companies can provide usage-based insurance. Also, secondary buyers can obtain a trustworthy record of the goods. It will allow for increased value and a reduced cost of ownership. MarketsN is one platform that is working in this route.
Also, Read | Building An Advanced NFT (Non-Fungible Tokens) Marketplace
Documents as Digital Assets
Today, large sums of money reside in "documents" such as unpaid invoices, delayed bills of ladings, and due credit notes, among other things. Delays in manual operations and reliance on "original" papers severely hamper the ability of businesses to optimize capital utilization and function at speed. NFTs enable such enterprise documents to turn into assets whose ownership may be ready yet securely transferred without relying on tedious processes, similar to a title deed of a document that changes a property into an asset. Supply chain finance can also utilize these document-based assets as collateral. NFTs will play a crucial role in unlocking capital in supply chains, which will become a critical success element for businesses.
There is certainly room for more innovation among NFT service providers. NFTs will gain more popularity and see encouraging market growth in the future as the public and private sectors gain a better knowledge of their technology and progressive rules regulating their use.
Connect with our blockchain NFT development experts for more information.
Mudit Kumar
17 Sep 2021
The Potential of Blockchain Technology in Telemedicine
The healthcare business, especially the telemedicine sector, must gradually explore blockchain solutions development for technological advancements and fulfilling needs for tailored care. The capabilities of blockchain have made it a hugely successful technology in a variety of businesses. The introduction of Blockchain brought with it solutions to several challenges that had been plaguing the healthcare business for a long time. The rising number of data breaches, privacy issues, counterfeit pharmaceuticals, and other causes are propelling the healthcare blockchain sector forward.
The telemedicine industry benefits from decentralized Blockchain technology since it allows for secure information sharing, verified data, and PHI privacy (Protected Health Information). While telemedicine had been developing for some time, the covid-19 epidemic provided the needed impetus. To relieve social alienation, the epidemic necessitated an expansion in virtual healthcare and distant treatment.
Telemedicine and Blockchain
Centralization was a major roadblock for telemedicine systems until Blockchain integration. Centralized systems, on the other hand, always run the risk of a single point of failure and are extremely vulnerable to external and internal data breaches, jeopardizing system reliability. Blockchain technology currently effectively addresses such critical challenges. To maintain the shared ledger of health records, it uses a distributed architecture. Every node connected to the Blockchain syncs and verifies all of the ledger copies.
Among the primary difficulties addressed by Blockchain include tracing pharmaceuticals and drugs across the supply chain, tracking infected patients' locations, confirming physicians' credentials, and securing health records.
Also, Read | Increasing Importance of Blockchain for Healthcare Development
What are the advantages of blockchain in the field of telemedicine?
Secure Data Sharing
Data can be shared in a safe encrypted way using blockchain technology. Patients and doctors will be able to securely exchange personal copies of the ledger; no single party will have complete control over the information.
Better Healthcare
Blockchain in telemedicine aims to improve healthcare services such as remote patient monitoring, distant treatment, auto payments, insurance services, and efficient data administration.
Better Data Management
Doctors, patients, and healthcare workers can use the blockchain-enabled public healthcare system to manage highly confidential patient data in the most cost-effective, safe, and transparent way possible.
Transparency
Blockchain’s accuracy and transparency are unrivaled. Insurance fraud and data breaches can decrease dramatically after the implementation of Blockchain in telemedicine. Furthermore, the decentralized structure of Blockchain, as well as the use of smart contracts, have aided in the network's transparency.
Self-custody
Patients benefit from blockchain because it gives them complete control and authorization over their data's accessibility. Patients retain ownership of their data and control over who has access to their personally identifiable encrypted data in this way.
Also, Read | Blockchain in Healthcare Data Management | Impact, Benefits, and Use Cases
Applications of Blockchain in Telemedicine
Automated Patients' Follow-up Care
A follow-up care service allows health professionals to closely monitor a patient's health after treatment is completed. Before enrolling for a virtual conference, the patient may be required to submit reports of blood and urine tests with the practitioners in some situations. Through smart contracts, blockchain technology can automate the patient's follow-up service. The smart contracts can send a notification to the patient, physician, and nursing staff to remind them of the impending follow-up appointment. The physician can access the patient's transparent and immutable EHR to confirm the patient's health status that was documented during the last follow-up meeting (virtual). Furthermore, the patient can utilize a smart contract to register and share the IPFS hash with the physician for accessing health data by using IPFS servers that can host medical test findings.
Also, Read | Ethereum Blockchain Applications and Use Cases in Healthcare
Reliable Services for Health Insurance
Due to limited incentives and rigorous privacy protection policies, a considerable majority of patients are frequently hesitant to provide their medical information to insurance companies. As a result, patients frequently choose incorrect insurance coverage, which might result in the denial of legitimate insurance claims. The patient's right to reimbursement at the same rate as in physical healthcare systems is protected by virtual health-based legislation.
Insurance-related frauds (for example, submitting a false medical claim to an insurance company) take a long time to uncover the truth from the available data. By allowing insurance companies access to a patient's medical record, blockchain technology can help them reduce insurance fraud (consent-based). Patients may be compensated for allowing insurance companies to use their medical information. In addition, several insurance firms reward premium payers with bitcoin tokens for maintaining a healthy lifestyle, such as keeping track of gym attendance. The smart devices attached to the patient can transact on the blockchain to create trust.
Also, Read | Healthcare Insurance Solutions with Blockchain Smart Contracts
Traceable Drug Deliveries and Drugstore Refills
To share pharmaceutical prescriptions with the local pharmacy, the virtual online consultancy-based healthcare systems require the physician to transact on the blockchain. Blockchain technology can help to avoid potential prescription errors and record manipulation by using hash functions. Registered pharmacists can check, prepare, and transmit medications to patients using blockchain-stored pharmaceutical prescriptions. In exchange, the shipper can log the shipment's present location on the blockchain, making it easier for pharmacists and patients to track and trace it.
A smart contract can automatically place a (periodic) prescription refill order for medicines to the pharmacy once it meets predefined criteria. The pharmacy can then authenticate and validate the prescription to refill it. Then, it will mail the prescription to the patient after a successful refill. And finally, the smart contract will update the patient's records.
Also, Read | Secure and Efficient Healthcare Data Sharing (POC) using Corda Blockchain
Trusted and Efficient Monitoring of Senior Care Services
The Internet of Things (IoT) can help the telehealth sector monitor a patient's health remotely using accurate biomedical sensors. The biomedical sensors can continually monitor and store health data on a high-performance edge server. It aids in the analysis of a patient's health state. Health information can be related to vital signs like blood pressure and body temperature. However, medical errors might occur as a result of erroneous data recorded by a faulty instrument.
To tackle this issue, blockchain smart contracts can register and validate access permissions of biomedical sensors to record EHRs. Smart contracts can provide timely signals to doctors and health centers in the event of an emergency. IoT-assisted blockchain systems can proactively trigger a medicine refill notification for patients receiving in-home care services. A system that uses blockchain-based smart contracts can track the health of a remote patient. It ensures that only authorized users who have signed the patient consent form have access to the patient's EHR.
Connect with our blockchain development experts for more information about blockchain's potential in telemedicine.
Mudit Kumar
15 Sep 2021
Blockchain Solutions for Nonprofits | Addressing Trust Crisis
When considering whether or not to donate money to charity organizations, many people question if their donations will make a difference. By engaging in unscrupulous strategies to extract more income, many nonprofit organizations have shattered people's faith. They have caused doubts regarding the authenticity of charity activities. In today's charitable sector, transparency is one of the most important issues. Blockchain solutions development promises for nonprofits such as NGOs and non-governmental organizations to address a variety of issues. Continue reading to learn more about blockchain's impact on nonprofits, charities, charitable organizations, contributors, and recipients.
Several Obstacles that Nonprofits Face
Inefficiency in the Administration
Nonprofit organizations frequently struggle to establish effective administrative systems.
Intransparent Donation's End-to-End Chain
Nonprofits are unable to build a verifiable donation chain from donor to end recipient.
Lack of Quick Assistance in an Emergency
It is tough to arrange effective rapid reactions and donations, especially when it involves numerous entities.
Inefficient Fundraising for a Special Purpose
Charities with broad mandates have a difficult time raising funds for specific events or purposes.
Inability to Maintain the Anonymity of Donors
Some donors choose to remain anonymous, but there are no mechanisms in place to enable them to do so.
Biased Selection of a Beneficiary
Vulnerable beneficiaries lose out, while stronger recipients get ahead of the line. It is impossible to go after specific people.
Slow and Costly Donations made across National Borders
Foreign donations might cause charities to face tax problems or possibly lose their charity status.
Lack of Developing Donor Confidence
Lack of openness erodes donor confidence, which is critical to charity giving.
No Identity of a Recipient
25% of youngsters in refugee camps lack an official identity, making it difficult for them to receive services as adults.
Also, Read | Emerging Blockchain Use Cases and Solutions across Industries
How Applications on the Blockchain Address Issues for Nonprofits
Automation of the Administration
Smart contracts can automate routine administrative processes, easing the burden on existing administrative personnel and structures.
Secure Data Sharing
Use the distributed ledger, which is safe and updated in real-time, to reduce data duplication and inaccuracies between businesses.
End-to-End Tracking of Individual Donations
Blockchain technology enables a fully auditable donation chain. It shows donors exactly who gets benefits from their money.
Fast and Secure International Donations
Demonstrate tax and regulatory compliance by displaying where each donation comes from.
Secure Verifiable Identity Management of Recipients
Blockchain has the potential to be a safe store of confirmed identification, allowing those who lack documents to establish their identity.
Precise Distributions of Donations
Ensure that aid reaches the people who need it most by cross-checking their IDs against the blockchain.
Quick and Secure Delivery of Emergency Donations
To deliver emergency help cohesively and quickly, collaborate across agencies, geographies, and political borders on a distributed ledger.
Reliably Management of Anonymity of Donors
Digital wallets can make donations completely anonymous, removing the stigma of ‘donation shaming.'
Efficient Fundraising for a Special Purpose
Imitate the success of goal-oriented crowdfunding platforms like GoFundMe and Kickstarter by drawing funds for specific purposes, but with blockchain features.
Also, Read | Blockchain for Faster And Secure Payment Processing Solutions
Examples of How Blockchain May Help Nonprofits Address Problems
Corruption and Accountability Issues
Accountability is a popular topic right now, It is one of the most pressing concerns NGOs are facing. More and more people are understanding that those working for NGOs are not always as clean as they make themselves out to be. It is especially true in light of recent scandals ranging from unethical spending to goal drift.
The Solution
So, what are the factors that imply people act responsibly in their job roles? Reporting, transparency, and general openness in what they do are all things they should strive towards. Nonprofit companies can use blockchain to account for their actions. They can track the flow of cash from a donor to a beneficiary. Further, they can demonstrate that a beneficiary's personnel are meeting their actual responsibilities.
A Lack of Trust and Transparency
According to a survey, more transparent NGOs receive 53 percent more contributions than those that are less honest. Donors do their homework before donating to nonprofits. Therefore, nonprofits should keep that in mind. Aside from a nonprofit's mission and aims, financial reporting may be the most important aspect of a donor's decision.
The Blockchain Solution
Donors can rest assured that their funds have arrived at their intended locations. Nonprofits might simply make their blockchain wallet addresses public rather than producing lengthy reports that are often difficult to verify. The capacity to track funds in real time will reveal squandering and, ultimately, restore donor confidence.
Also, Read | Smart Contract Solutions for Business | Advantages and Use Cases
Blockchain for Nonprofits | Key Insights
Donors can track where their money goes and how nonprofits use it as the blockchain records all charity donations. Blockchain brings greater transparency into charitable organizations' management and provides both contributors and operators greater accountability.
Nobody can fabricate donations because of blockchain's immutable structure, and the technology records them forever for donors to see. Furthermore, blockchain can track if indeed their funds are serving and supporting the cause that they promoted. It prevents organizations from diverting funds to line the coffers of their administration.
There is always the risk that too many levels of management will eat into the funds of huge, centralized charities. Blockchain-based charities reduce the number of middlemen between donors and individuals. It enables a greater share of donations to go to those in need.
Donors can validate their donations and maintain track of their with blockchain technology for recording, storing, and verifying donations. By permitting greater visibility into charitable transactions, blockchain enhances donors' faith in charities, paving the door for a more generous future.
Benefits for Donors
Faster and Less Expensive Transactions
Blockchain enables peer-to-peer value exchange at a faster and lower cost while removing the need for intermediaries. It records transactions in near real-time which are accessible to all network participants. Thus, it drastically reduces the expense of annual reporting on a nonprofit organization's budget and spending while also boosting transparency. Because blockchain records and shares all transactions instantaneously, transactions on it reach recipients faster and cost-effectively than traditional methods.
Furthermore, crypto transactions have no daily restrictions. Factors such as transaction size, total transactions being conducted at the same time, and a smart contract's computational complexity determine their fees.
Transparent and Traceable Transactions
One of the most appealing advantages of blockchain for nonprofits is that it allows for transparent and traceable transactions. It enables givers to track all of their transactions from start to finish and verify where their donations went.
Givers can simply determine whether their funds reached their intended recipient by tracking the full transaction sequence. They can make better-informed selections about which charity organizations they should donate to.
Also, Read | Developing Enterprise Solutions with Hyperledger Technologies
Benefit for Recipients
Donations Delivery, in Less Time, with More Security
One of the most important advantages of blockchain for beneficiaries is that they get more money than they would otherwise. It is because of various factors. The main reason is that donors can give more money directly to recipients by avoiding costly transfer mechanisms.
Further, it also stops swindlers from pocketing a portion of the funds intended for the beneficiary. Eventually, it puts additional pressure on charities to function more effectively and efficiently. It pushes them to transfer as much money as possible to the recipient.
If you are interested in a blockchain-based solution, then contact our blockchain developers today.
Mudit Kumar
10 Sep 2021
Everything You Need to Know about Crypto Trading Bots
Time does not wait for anybody, and financial markets are no exception, particularly in the volatile world of cryptocurrency exchange development and crypto trading, which is why a precisely calibrated, safe, and trustworthy trading strategy is critical. Cryptocurrency trading, unlike traditional stock markets, never closes, making it nearly impossible for private traders to watch market swings, diversify risk, decrease mistakes, and maintain trading discipline 24/7/365. This is where crypto trading bots come into the role.
What is a Crypto Trading Bot?
A bot is computer software that operates through the internet and automates repetitive chores more quickly than humans. According to some estimates, bots interact with web pages and users, scan for information, and do other jobs, accounting for roughly half of all internet traffic.
The same basic logic applies to crypto trading bots. They're artificial intelligence-based software programs that perform functions based on pre-defined parameters. No more missed trades or opportunities: using a set of algorithms, you can purchase, sell, or hold assets in a fast, efficient, and automated manner at any time of day or night, from anywhere in the world.
Also, Read | The Rise of Crypto Derivatives Exchange Development
How Exactly do Crypto Trading Bots Work?
Trading bots offer great speed and efficiency, fewer errors, and emotionless trading by talking directly with crypto exchanges and executing trades automatically depending on your own defined parameters. You must provide a trading bot access to your account using API keys (Application Program Interface) in order to trade on an exchange, and you can revoke access at any moment.
Signal generation, risk allocation, and execution are the three main steps of trading bots.
The signal generator essentially performs the functions of a trader, making forecasts and identifying potential trades using market data and technical analysis indicators.
Risk allocation, as the name implies, is when a bot allocates risk based on a set of parameters and regulations established by the trader, which often include how and to what extent capital is allocated when trading.
It's time to get started. Execution is the process of actually buying and selling cryptocurrencies based on the signals given by the pre-configured trading system. The signals will be translated into API key requests that the crypto exchange will be able to comprehend and process at this point.
Also, Read | Building Blocks to Develop a Robust Cryptocurrency Exchange
Autopilot Trading with Automated trading tactics
Given the volatility of cryptocurrency values, crypto traders may benefit greatly by utilizing trading tactics to profit from price fluctuations as well as make sense of massive amounts of data – which is where automation comes in. To be effective in all areas, crypto traders can rely on automated algorithmic trading bots that execute trades based on specified parameters, eliminating the need for traders to constantly monitor market moves manually.
Bots for Cryptocurrency Trading
You can utilize a number of different trading bots. Let's look at a few of them:
Mean Reversion Bots
This technique is based on the idea that if a coin's price deviates from its average, it will eventually return to its average. This is essentially a buy cheap, sell high strategy. If the price falls below a market average, the bot will begin purchasing; if the price rises above the market average, the bot will begin selling.
Momentum-based Trading Bots
The investor retains short-term positions and sells at the height of the wave before it crashes with this technique. This technique is predicated on the assumption that prices would continue to increase above predicted averages before crashing. This means that entrance and exit timing (when a trader buys into or sells out of a market) are critical. A bot can examine data and predict when the best time is to sell a position before the rest of the market does.
Also, Read | A Guide to Whitepaper Development for Cryptocurrency Projects
Algorithms-based Trading Bots
These bots carry out transactions when they receive a signal from the market and perform data analysis to purchase or sell a specific quality in a specific market at a specific price. Trading bots that deal in large sums of money are commonly used by huge investors. Lots are traded by this form of trading bot.
Bots for Market-Making
A maker of markets Bot places both purchasing and selling bids in the market, and it only completes the transaction if both the purchase and sell requirements are met. If someone is selling a digital item for $1, for example, the bot will offer $0.99 while simultaneously bidding for the same asset for $1.1. The transaction will take place if both requirements are met in the market, and we will gain a profit of 0.2 $.
Trading Bots for Arbitrage
The arbitrage technique produces money by simultaneously purchasing and selling on exchanges in order to profit from the spread. This method, unlike momentum trading, is unaffected by market performance and has a minimal risk profile. It just takes quick buys and sales to take advantage of price discrepancies before they disappear. This is where the bot comes in, as it can make all of these trades at the same time. The greatest cryptocurrency arbitrage bots will be able to execute deals at a breakneck pace.
Also, Read | Understanding Crypto Arbitrage Trading and Bots Development
Bots for Portfolio Automation
These cryptocurrency trading bots are most useful when the investor wishes to keep investing in the market rather than exiting with a profit. These bots assist the investor in maintaining the portfolio he or she desires. This type of bot isn't designed for aggressive trading, but rather for long-term investing.
Bot for Technical Trading
The most common bots employed on crypto-exchange software these days are technical trading bots. They're also known as cautious trading bots because they operate on the basis of currency performance in the past. They make decisions based on assumptions and forecast future patterns based on a comparison of past and current facts.
Various crypto exchange development and consulting services are now available to assist exchange companies in tapping the market and investor nerves. Furthermore, the exercise these days is to run and stay ahead as a crypto exchange with a huge number of investors.
We are known at Oodles for our business-oriented crypto exchange development solutions that assist start-ups and established organizations in launching crypto exchange software that is fortified with industry-leading modules such as spot trading, margin trading, derivatives trading, bot trading, and more. If you want to learn more about developing crypto trading bots, get in touch with our crypto exchange development professionals.
Mudit Kumar
08 Sep 2021
A Guide to Whitepaper Development for Cryptocurrency Projects
There is a surge in interest in cryptocurrency/coin development and their offering with strategies like ICOs, IEOs, IDOs, NFTs, and STOs among many firms throughout the world to generate funding. The market has developed large enough to have its own set of laws and regulations that apply to all firms taking these crowdfunding paths. One of the standards in the preparation of a document for cryptocurrency-related project funding is known as whitepaper development. Every project begins with this text as a prelude. It explains the core concept, mission, technology employed, and a full overview of the various coin options. This document is extremely important for creating investor interest and converting that enthusiasm into investments.
The system architecture, user interface, and blockchain technology employed are all described in detail in the White Paper. The dossier also discusses the current market situation and growth forecasts for the next few years. It also includes a list of all team members, advisors, and investors. A successful coin offering can be difficult to execute without a well-modeled White Paper. The creators' lack of experience and knowledge of technology is shown in a badly prepared White Paper.
Objective to Achieve with an Ideal and Persuasive White Paper for Cryptocurrency/Coin Offering Projects
The project's central concept
Financial viability of the project
Problems that a project tries to address
Advantage over rivals
The blockchain community's enhancement strategies
The model's role for project tokens
The entire project's timetable
The Advantages of WhitePaper
Raises awareness
Generates leads
Establishes credibility
Shares technical information
Promotes a business
Gets a competitive advantage
Also, Read | Raising Funds through ICOs | Launch your Business in less than no time
Whitepaper Development for a Cryptocurrency/Coin Offering Project
The First Step
There should be a space in the white paper where the corporation writes a legal disclaimer or notice. This is where you keep track of any relevant notices or restrictions. Exempting inhabitants of specific countries from investing in the project due to the presence of certain regulations, or a warning that future investors are not assured a profit from the investment, are examples of restrictions.
Writing a great opening is just as important as writing any other piece. The opening establishes the tone for the rest of the article. In this example, you are the token's CEO, speaking to potential token investors.
Then you should explain the issues in a way that people can comprehend. You should also explain why the issue is significant. You can also demonstrate the consequences of not addressing the issue.
Throughout the paper, you must keep your readers' attention. Let them realize the benefits of reading the document. You can give them a one-page synopsis of the entire document so they know what to expect. You are free to utilize any accessible tools, including images and charts.
Any white paper should be roughly 25 pages long because it is a technical document.
If your white paper contains technical terminology that needs to be defined, establish a glossary after the document.
Also, Read | Security Token Exchange Development - A Comprehensive Guide
Clearly Describe your Project
Take your time to show your investors your product in detail and explain how it fits into the existing market. Ascertain that the reader understands the project's purpose and all of the components that make it what it is.
In their white papers, most people want to incorporate a lot of numbers and figures. Nobody will be interested in the numbers unless they are backed up with accurate data, research, and in-depth analysis.
Define the Project
Use this section to update potential investors on the project's status. Provide information about the prototype, any early users, your development approach, and the general objectives. Most investors prefer to invest in a project that already has a user base and a functioning ecosystem, as this increases the likelihood of the business surviving in the marketplace. If such aspects are available, let the readers know about them.
Also, Read | A Quick Guide to Launching Your Own IDO (Initial DEX Offering)
Describe Finances
The paper's financial section should take up a significant amount of space. You must persuade readers why your project requires its tokens, as well as when and how you intend to distribute them. Do you intend to issue a limited number of tokens during the ICO? When do you want to begin selling on the market?
Plan Funds Distribution
Tell the investors where their money will be going. How much money will you need to achieve the tasks you've set for yourself? Expenses such as industry development and networking events shall not be mentioned in the white paper. Demonstrate to the investors that all of their money will be spent on development and nothing else.
Also, Read | A Quick Guide to NFT (Non-Fungible Token) Development
Outline Roadmap
Cryptocurrency whitepaper development shouldn't merely be a list of technical terms. It should also have a development strategy. It's ideal to include a working strategy for the next 12-24 months in your paper, as well as at least one beta launch. If you have finished some of the activities listed in the plan, make a note of it on the white paper. Make sure to include completed chores as well. Your investors will benefit from it.
Showcase the Team Behind the Coin Offering (ICO, STO, IDO, or IEO)
This section must have a human touch because the rest of the paper will be a detailed and technical overview of the project. This can be accomplished by including brief bios and photos of the development team. Seeing it will be helpful to investors.
Make sure that, in addition to describing each member of the development team, you also explain why they are so important to the project's success. Furthermore, explain to the investors how the project will be implemented.
Give a quick overview of their previous experiences that can aid you in achieving your objectives. If you have a staff member who has worked with bitcoin or blockchain technology, tell your readers about it because it gives them more trust.
Also, Read | The Increasing Importance of Initial Exchange Offering (IEO)
Ensure Consistent Language, Style, and Layout
During whitepaper development for cryptocurrency-related projects, a formal language written in an academic style should be used. The tone of the document should be descriptive and professional. It should also have a very limited viewpoint. Pick a few themes and focus on them in depth.
Most white papers focus solely on what the technology might be used for in the future and other possible applications, overlooking the most crucial task at hand. Avoid discussing too much about possible collaborations and other hypothetical use cases, and instead, focus on the primary problem that your solution will tackle right now.
Furthermore, all of the information in the paper must be accurate at all times. Make no assumptions, unsubstantiated statements, or educated guesses. In the same breath, make sure the paper is free of grammar and spelling issues. Also, double-check all of the statements stated in the article. You must also format the paper appropriately for it to appear professional. Look for a professional translator if you want to present the material in multiple languages.
Connect with our team of blockchain and cryptocurrency development experts to find out more about whitepaper development services for cryptocurrency/coin offerings.
Mudit Kumar
03 Sep 2021
Understanding Crypto Arbitrage Trading and Bots Development
Cryptocurrency trading is renowned for its volatility and 24/7 availability, creating countless opportunities for traders. Among these, crypto arbitrage trading stands out as a low-risk strategy that leverages price discrepancies across different markets or platforms. In an increasingly fast-paced and competitive environment, crypto arbitrage bots, developed using crypto bot development, have become essential tools for automating and scaling arbitrage operations.This blog provides a detailed exploration of crypto arbitrage trading, its mechanics, types, benefits, challenges, the development process of arbitrage bots, and insights into optimizing their use. Let's dive in.What is Crypto Arbitrage Trading?Crypto arbitrage trading is a strategy where traders exploit price differences of the same cryptocurrency across various exchanges or markets. These price discrepancies arise due to differences in liquidity, demand, and market activity across platforms. By buying low on one exchange and selling high on another, traders earn profits from the price gap, regardless of market direction.For instance:On Exchange A, Bitcoin (BTC) is trading at $19,500.On Exchange B, BTC is trading at $19,800.A trader buys 1 BTC on Exchange A and sells it on Exchange B, pocketing a $300 profit (excluding fees).Arbitrage is particularly appealing because it doesn't require predicting market trends, focusing instead on inefficiencies that naturally occur in decentralized and global markets.Also, Read | A Comprehensive Guide to Triangular Arbitrage BotsHow Does Crypto Arbitrage Work?Arbitrage trading revolves around three main steps:Identify Opportunities: Monitor prices across multiple platforms to detect discrepancies.Execute Trades: Buy the asset where the price is low and sell it where the price is high.Secure Profits: Ensure net gains after accounting for transaction fees, slippage, and latency.Efficient execution of these steps is critical because price gaps close quickly, often within seconds.Types of Crypto Arbitrage StrategiesSpatial ArbitrageDefinition: Exploits price differences of the same cryptocurrency across two or more exchanges.Example: Buy Bitcoin on Binance for $20,000 and sell it on Coinbase for $20,200.Key Requirement: Accounts and balances on both exchanges for fast execution.Triangular ArbitrageDefinition: Involves trading across three currency pairs on the same exchange to exploit price imbalances.Example: Trade BTC → ETH → USDT → BTC, ensuring a net profit.Advantage: Avoids the need for fund transfers between exchanges.Statistical ArbitrageDefinition: Uses statistical models, algorithms, and machine learning to predict and execute trades based on historical price correlations.Application: Often deployed in high-frequency trading (HFT).Decentralized ArbitrageDefinition: Capitalizes on price differences between decentralized exchanges (DEXs) and centralized exchanges (CEXs).Example: Buying tokens on Uniswap and selling on Binance for a higher price.Cross-Border ArbitrageDefinition: Leverages regional price differences caused by local demand, regulations, or liquidity constraints.Example: The "Kimchi Premium" in South Korea, where Bitcoin often trades at higher prices than global markets.Also, Read | Understanding the Impact of AI Crypto Trading BotsWhy Do Crypto Arbitrage Opportunities Exist?Crypto arbitrage opportunities arise due to:Market Fragmentation: Thousands of exchanges operate independently with varying liquidity and trading activity.Latency in Price Updates: Price discrepancies occur as exchanges update their order books at different speeds.Liquidity Gaps: Low liquidity on certain exchanges can cause prices to deviate.Regional Demand Variations: Differences in regulatory environments and adoption rates lead to localized pricing.Volatility: Rapid price movements can create short-term inefficiencies.Advantages of Crypto Arbitrage TradingLow Risk: Profits rely on price differences rather than market trends, minimizing exposure to volatility.Frequent Opportunities: Arbitrage opportunities are abundant, especially in volatile markets.Market Neutral: Profits can be earned in both bullish and bearish conditions.Automation Potential: Bots can handle complex trades across multiple platforms effortlessly.Also, Explore | Telegram Mini Apps vs. Telegram Bots : Exploring the Key DifferencesChallenges and Risks in Crypto ArbitrageWhile arbitrage is considered low-risk, it's not without challenges:Transaction CostsHigh trading, withdrawal, and deposit fees can significantly reduce profits.Fee structures vary widely across exchanges.Latency and Execution DelaysDelays in trade execution can lead to missed opportunities or reduced profitability.SlippageThe price may change between identifying an opportunity and executing the trade.Capital ConstraintsProfits per trade are often small, requiring significant capital for meaningful returns.Exchange RisksWithdrawal limits, downtime, and security breaches can hinder operations.Regulatory BarriersCross-border arbitrage may face legal restrictions or compliance requirements.Also, Discover | How to Build a Grid Trading Bot | A Step-by-Step GuideWhat are Crypto Arbitrage Bots?Crypto arbitrage bots are software programs that automate the process of identifying and executing arbitrage opportunities. They are indispensable for traders looking to operate at scale or capture fleeting opportunities.Key Benefits of Arbitrage BotsSpeed: Execute trades in milliseconds, outpacing manual efforts.24/7 Monitoring: Bots can monitor markets continuously.Accuracy: Reduces human errors in calculations and execution.Scalability: Tracks multiple exchanges and trading pairs simultaneously.You may also like | How to Build a Solana Sniper BotHow to Develop a Crypto Arbitrage BotStep 1: Define ObjectivesChoose the type of arbitrage (spatial, triangular, etc.).Identify exchanges and trading pairs to monitor.Step 2: Select a Tech StackProgramming Language: Python or Node.js for flexibility.APIs: Use APIs from exchanges like Binance, Coinbase Pro, and Kraken.Database: MongoDB or PostgreSQL for logging data.Step 3: Develop Core ComponentsMarket Data Aggregator: Fetches real-time prices via APIs.Arbitrage Detection Engine: Identifies profitable opportunities based on rules.Execution Module: Places orders automatically on the respective exchanges.Risk Management System: Ensures trades remain profitable after fees and slippage.Step 4: Test the BotBacktesting: Use historical data to simulate performance.Paper Trading: Execute simulated trades on live data without real funds.Live Deployment: Start small, monitor performance, and optimize.Also, Discover | How To Create My Scalping Bot Using Node.jsKey Components of a Crypto Arbitrage BotReal-Time Data Aggregation: Collects price data from multiple platforms.Profitability Calculator: Accounts for fees and slippage to determine net profits.Trade Execution Engine: Places buy and sell orders with minimal latency.Error Handling: Manages API errors or connection issues.Logging and Reporting: Tracks trade performance and profitability metrics.Advanced Features for Arbitrage BotsAI-Powered Analytics: Predict future opportunities using machine learning.Dynamic Fee Optimization: Adjust strategies based on real-time fee changes.Multi-Exchange Scalability: Operates across dozens of platforms simultaneously.Custom Alerts: Sends notifications about opportunities or system errors.You may also like | Top 7 Most Popular Telegram Crypto Trading Bots in 2024Strategies to Maximize Arbitrage ProfitsFocus on Low-Fee Exchanges: Prioritize platforms with minimal trading and withdrawal fees.Diversify Strategies: Combine spatial, triangular, and statistical arbitrage.Monitor Liquidity: Avoid illiquid markets that may lead to slippage.Use Leverage Cautiously: Amplify profits while managing risks.Real-World Examples of Arbitrage OpportunitiesKimchi Premium: Bitcoin trading at higher prices in South Korea due to local demand.DEX vs. CEX: Price discrepancies between Uniswap and Binance.Flash Crashes: Exploit temporary price drops on low-liquidity exchanges.Legal and Ethical ConsiderationsRegulatory Compliance: Ensure bots operate within the legal frameworks of your jurisdiction.Exchange Policies: Verify that the exchange allows bot trading.Ethical Practices: Avoid manipulative activities like wash trading or front-running.Future Trends in Crypto Arbitrage and AutomationCross-Chain Arbitrage: Exploiting price differences between blockchains using bridges.DeFi Integration: Growing opportunities on decentralized exchanges.AI and Machine Learning: Enhanced predictions and smarter trade execution.Also, Read | A Guide to Create an Arbitrage BotConclusionCrypto arbitrage trading offers a reliable way to profit from market inefficiencies, and arbitrage bots have made it more accessible and scalable. However, success in arbitrage requires technical expertise, market knowledge, and careful risk management. By understanding the mechanics, challenges, and advancements in arbitrage trading, you can unlock the full potential of this lucrative strategy. As the crypto space evolves, so too will the opportunities for arbitrage traders and crypto bot developers alike.
Category:
Blockchain
Mudit Kumar
31 Aug 2021
DeFI Staking Platform Development | Everything You Need To Know
Decentralized Finance (DeFi) has revolutionized the financial landscape by leveraging blockchain technology to offer transparent, permissionless, and efficient financial services. Among the myriad applications of DeFi development, staking platforms have emerged as a cornerstone, enabling users to earn rewards by participating in network security and governance. For businesses aiming to enter the DeFi space, developing a robust staking platform presents both lucrative opportunities and significant challenges. This comprehensive guide delves into everything you need to know about DeFi staking platform development, providing technical insights, best practices, and strategic considerations to help you navigate this complex yet rewarding domain.What is DeFi Staking?Staking in the DeFi ecosystem involves locking up a certain amount of cryptocurrency to support the operations of a blockchain network, such as transaction validation, security, and governance. In return for their participation, stakers earn rewards, typically in the form of additional tokens. Unlike traditional Proof-of-Work (PoW) systems that rely on energy-intensive mining, Proof-of-Stake (PoS) and its variants offer a more sustainable and scalable approach to maintaining blockchain networks.Key Benefits of DeFi StakingPassive Income: Users can earn rewards without actively trading or managing assets.Network Security: Staking contributes to the security and stability of the blockchain.Governance Participation: Stakers often gain voting rights, allowing them to influence protocol decisions.Reduced Volatility: Locking up tokens can decrease circulating supply, potentially stabilizing token prices.You may also like | MEV Protection: Solving Front-Running in DeFi ContractsImportance of DeFi Staking PlatformsDeFi staking platforms serve as intermediaries that facilitate the staking process for users, offering streamlined interfaces, enhanced security features, and additional functionalities such as auto-compounding and yield optimization. These platforms play a crucial role in democratizing access to staking opportunities, making it easier for both novice and experienced users to participate in securing blockchain networks and earning rewards.Market PotentialThe DeFi market has witnessed exponential growth, with staking being one of the primary drivers. As more blockchain projects adopt PoS and its variants, the demand for efficient staking platforms is set to rise. Businesses entering this space can tap into a burgeoning market, offering innovative solutions that cater to diverse user needs.Competitive AdvantageA well-developed staking platform can differentiate a business in the crowded DeFi space. By providing superior user experiences, robust security measures, and advanced features, platforms can attract and retain a loyal user base, fostering long-term success.Key Components of a DeFi Staking PlatformDeveloping a DeFi staking platform involves integrating various components that work seamlessly to provide a secure, efficient, and user-friendly experience. Below are the essential elements:User Interface (UI) and User Experience (UX)Intuitive Design: Ensures that users can navigate the platform effortlessly.Responsive Layouts: Optimized for various devices, including desktops, tablets, and smartphones.Dashboard: Displays key information such as staked assets, rewards, and performance metrics.Smart ContractsStaking Contracts: Manage the staking process, including deposit, withdrawal, and reward distribution.Governance Contracts: Facilitate voting and decision-making processes for protocol upgrades and changes.Security Protocols: Implement measures to prevent vulnerabilities and exploits.Wallet IntegrationSupport for Multiple Wallets: Allows users to connect their preferred wallets, such as MetaMask, Trust Wallet, or Ledger.Secure Authentication: Ensures that user credentials and private keys are protected.Backend InfrastructureBlockchain Nodes: Maintain a connection to the blockchain network for real-time data and transaction processing.Database Management: Stores user data, staking history, and platform analytics securely.APIs: Facilitate communication between the frontend, backend, and blockchain.Security FeaturesAudit Trails: Track all transactions and actions for transparency and accountability.Encryption: Protects sensitive data both in transit and at rest.Multi-Factor Authentication (MFA): Adds an extra layer of security for user accounts.Reward Distribution MechanismAutomated Payouts: Ensures timely and accurate distribution of staking rewards.Yield Optimization: Implements strategies to maximize user returns, such as compounding rewards.You might also be interested in | Create DeFi Index Fund with Custom ERC-4626 Tokenized VaultsDevelopment ProcessCreating a DeFi staking platform requires a structured development approach, encompassing several stages from planning to deployment and maintenance.1. Planning and ResearchMarket AnalysisIdentify Target Audience: Understand the demographics and preferences of potential users.Competitive Landscape: Analyze existing staking platforms to identify gaps and opportunities.Regulatory Compliance: Ensure adherence to relevant laws and regulations in target markets.Define ObjectivesPlatform Features: Outline the core functionalities and additional features that will set the platform apart.Scalability Goals: Plan for future growth and increased user adoption.Security Standards: Establish benchmarks for platform security and data protection.2. DesignUI/UX DesignWireframing: Create preliminary layouts to visualize the platform structure.Prototyping: Develop interactive models to test user flows and interactions.User Testing: Gather feedback to refine the design for optimal usability.Technical ArchitectureBlockchain Selection: Choose an appropriate blockchain network based on factors like scalability, security, and community support.Technology Stack: Decide on the programming languages, frameworks, and tools to be used in development.3. Smart Contract DevelopmentWriting Smart ContractsStaking Logic: Define how users can stake, unstake, and earn rewards.Governance Mechanisms: Implement voting systems and proposal handling.Security Measures: Incorporate safeguards against common vulnerabilities like reentrancy and overflow attacks.Testing and AuditingUnit Testing: Verify individual components of the smart contracts.Integration Testing: Ensure that smart contracts interact correctly with other platform components.Third-Party Audits: Engage external security firms to conduct comprehensive audits and provide recommendations.4. Frontend and Backend DevelopmentFrontend DevelopmentFrameworks and Libraries: Utilize modern frontend technologies such as React, Angular, or Vue.js.Responsive Design: Ensure compatibility across various devices and screen sizes.State Management: Implement efficient methods for handling application state, such as Redux or Vuex.Backend DevelopmentServer Infrastructure: Set up servers using scalable solutions like AWS, Google Cloud, or Azure.Database Management: Use secure and scalable databases like PostgreSQL, MongoDB, or Redis.API Development: Create robust APIs to facilitate communication between the frontend, backend, and blockchain.5. Security AuditsInternal Security ReviewsCode Reviews: Conduct thorough examinations of the codebase to identify and fix vulnerabilities.Penetration Testing: Simulate attacks to assess the platform's resilience against threats.External AuditsEngage Experts: Hire reputable security firms to perform independent audits.Implement Recommendations: Address any issues identified during the audits to enhance platform security.6. DeploymentSmart Contract DeploymentTestnet Deployment: Deploy smart contracts on a test network to validate functionality.Mainnet Launch: Once testing is successful, deploy contracts on the main blockchain network.Platform LaunchBeta Testing: Invite a limited user base to test the platform and provide feedback.Full Launch: Open the platform to the public, ensuring all systems are operational and secure.7. MaintenanceContinuous MonitoringPerformance Tracking: Monitor system performance and user activity to ensure smooth operations.Security Monitoring: Continuously scan for potential vulnerabilities and threats.Updates and UpgradesFeature Enhancements: Regularly introduce new features based on user feedback and market trends.Bug Fixes: Promptly address any issues or bugs that arise post-launch.Also, Read | LSDFi | Exploring Why It Is the Hottest DeFiTechnical ConsiderationsDeveloping a DeFi staking platform involves numerous technical aspects that require careful planning and execution.Blockchain SelectionChoosing the right blockchain is pivotal to the platform's success. Factors to consider include:Scalability: Ability to handle a large number of transactions without significant delays.Security: Robustness against attacks and vulnerabilities.Community and Ecosystem: Active development community and availability of developer resources.Interoperability: Compatibility with other blockchain networks and DeFi protocols.Popular choices include Ethereum, Binance Smart Chain, Solana, and Polkadot, each offering unique advantages and challenges.Smart Contract StandardsAdhering to established smart contract standards ensures compatibility and security. Common standards include:ERC-20: For fungible tokens.ERC-721/ERC-1155: For non-fungible tokens (NFTs).ERC-777: An advanced token standard with enhanced functionalities.Implementing these standards facilitates seamless integration with wallets, exchanges, and other DeFi platforms.Security MeasuresSecurity is paramount in DeFi due to the high-value transactions involved. Key measures include:Code Audits: Regularly review and audit smart contracts.Multi-Signature Wallets: Require multiple approvals for critical transactions.Timelocks: Introduce delays for contract changes or large transactions to allow for response to potential threats.Bug Bounties: Incentivize the community to identify and report vulnerabilities.ScalabilityEnsuring the platform can scale with increasing user demand is essential. Strategies include:Layer 2 Solutions: Implementing solutions like Optimistic Rollups or zk-Rollups to enhance transaction throughput.Sharding: Dividing the blockchain network into smaller, manageable pieces to improve performance.Efficient Code: Optimizing smart contracts and backend processes to minimize resource consumption.User ExperienceA seamless and intuitive user experience can significantly impact user adoption and retention. Focus on:Simplified Onboarding: Streamline the process for new users to start staking.Clear Information: Provide transparent details about staking terms, rewards, and risks.Responsive Support: Offer timely and effective customer support to address user queries and issues.Also, Discover | How To Build "Buy Me a Coffee" DeFi dApp Using SolidityBest PracticesAdhering to best practices can enhance the quality, security, and user satisfaction of your DeFi staking platform.Prioritize SecurityRegular Audits: Conduct continuous security assessments and implement recommendations.Secure Coding Practices: Follow industry standards and guidelines to write secure code.Access Controls: Restrict access to sensitive data and critical functions to authorized personnel only.Focus on User ExperienceIntuitive Interface: Design user-friendly interfaces that cater to both beginners and experienced users.Educational Resources: Provide guides, tutorials, and FAQs to help users understand staking and platform functionalities.Feedback Mechanisms: Implement channels for users to provide feedback and suggestions.Ensure TransparencyOpen Source Code: Consider making your smart contracts and platform code publicly available to build trust.Transparent Policies: Clearly outline terms of service, privacy policies, and staking rules.Audit Reports: Share results of security audits with the community to demonstrate commitment to security.Optimize PerformanceEfficient Smart Contracts: Write optimized smart contracts to reduce gas fees and improve transaction speeds.Scalable Infrastructure: Use scalable cloud services and infrastructure to handle growing user bases.Monitoring and Analytics: Implement tools to monitor platform performance and gather insights for continuous improvement.Regulatory ComplianceKYC/AML Procedures: Implement Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols as required by regulations.Data Protection: Ensure compliance with data privacy laws like GDPR and CCPA.Legal Consultation: Engage legal experts to navigate the evolving regulatory landscape.Challenges and SolutionsDeveloping a DeFi staking platform comes with its set of challenges. Understanding these hurdles and implementing effective solutions is crucial for success.Security VulnerabilitiesChallenge: DeFi platforms are prime targets for hackers due to the substantial value they handle.Solution:Comprehensive Audits: Conduct thorough and regular security audits.Bug Bounty Programs: Encourage the community to identify and report vulnerabilities.Immutable Contracts: Design smart contracts to minimize upgradability and reduce attack vectors.Regulatory UncertaintyChallenge: The regulatory environment for DeFi is still evolving, with potential implications for platform operations.Solution:Stay Informed: Keep abreast of regulatory developments and adjust strategies accordingly.Legal Compliance: Implement necessary compliance measures and consult legal experts regularly.Flexible Architecture: Design the platform to accommodate regulatory changes without significant overhauls.Scalability IssuesChallenge: High user demand can lead to network congestion and increased transaction costs.Solution:Layer 2 Solutions: Implement off-chain scaling solutions to enhance transaction throughput.Optimized Code: Develop smart contracts and backend systems that are efficient and cost-effective.Load Balancing: Distribute traffic across multiple servers to prevent bottlenecks.User Trust and AdoptionChallenge: Building trust in a decentralized platform can be difficult, especially for new users.Solution:Transparency: Maintain openness in operations, including codebase and audit reports.Reputation Building: Partner with reputable projects and leverage community endorsements.User Support: Provide robust customer service and support to assist users effectively.CompetitionChallenge: The DeFi space is highly competitive, with numerous staking platforms vying for market share.Solution:Unique Value Proposition: Identify and offer unique features or services that differentiate your platform.Continuous Innovation: Regularly introduce new functionalities and improvements based on user feedback and market trends.Effective Marketing: Employ strategic marketing campaigns to increase visibility and attract users.Discover More | Powering a Sustainable Future for DeFi : PoS vs. PoWFuture Trends in DeFi Staking PlatformsThe DeFi landscape is continuously evolving, with emerging trends shaping the future of staking platforms.Cross-Chain StakingAs interoperability between different blockchain networks improves, cross-chain staking will become more prevalent. This allows users to stake assets across multiple blockchains from a single platform, enhancing flexibility and maximizing reward opportunities.Decentralized Autonomous Organizations (DAOs)Staking platforms will increasingly integrate with DAOs, enabling decentralized governance and community-driven decision-making. This empowers users to have a direct say in platform developments and policies, fostering greater engagement and trust.Yield Optimization StrategiesAdvanced algorithms and AI-driven strategies will be employed to optimize yield generation, offering users higher and more consistent returns. Features like auto-compounding, dynamic reward distribution, and risk-adjusted staking options will become standard.Enhanced Security ProtocolsWith the rise of sophisticated cyber threats, staking platforms will adopt more robust security measures, including multi-layered defenses, real-time threat detection, and automated response systems to safeguard user assets.Regulatory IntegrationAs regulations around DeFi become clearer, staking platforms will incorporate compliance features, such as automated KYC/AML processes, to ensure adherence to legal standards while maintaining decentralization.User-Centric InnovationsFocus on enhancing user experience through personalized dashboards, customizable staking options, and seamless integrations with popular DeFi tools and platforms will drive user satisfaction and retention.Also, Explore | DeFi in Real Estate | Exploring New Horizons and PotentialsConclusionDeveloping a DeFi staking platform is a multifaceted endeavor that requires a deep understanding of blockchain technology, security protocols, user experience design, and regulatory compliance. By meticulously planning each development stage, prioritizing security, and focusing on delivering a seamless user experience, businesses can create staking platforms that not only attract users but also stand the test of time in the competitive DeFi ecosystem. As the DeFi landscape continues to evolve, staying abreast of emerging trends and continuously innovating will be key to sustaining growth and achieving long-term success.Frequently Asked Questions (FAQ)1. What is DeFi staking?Answer: DeFi staking involves locking up cryptocurrency tokens in a decentralized finance platform to support blockchain network operations such as transaction validation and security. In return, stakers earn rewards, typically in the form of additional tokens.2. How does staking differ from mining?Answer: Staking is based on Proof-of-Stake (PoS) consensus mechanisms, where validators are chosen to create new blocks based on the number of tokens they hold and are willing to "stake" as collateral. Mining, on the other hand, relies on Proof-of-Work (PoW), where miners solve complex mathematical problems to validate transactions and secure the network, often requiring significant computational power and energy.3. What are the main benefits of using a DeFi staking platform?Answer: DeFi staking platforms offer users the ability to earn passive income through staking rewards, contribute to network security, participate in governance, and potentially reduce token price volatility by locking up assets.4. What security measures should a DeFi staking platform implement?Answer: Essential security measures include conducting regular smart contract audits, implementing multi-signature wallets, using encryption for data protection, enforcing access controls, and establishing bug bounty programs to identify and address vulnerabilities.5. Which blockchain networks are commonly used for DeFi staking platforms?Answer: Popular blockchain networks for DeFi staking platforms include Ethereum, Binance Smart Chain, Solana, Polkadot, and Avalanche. The choice depends on factors like scalability, security, community support, and interoperability.6. How can a staking platform ensure regulatory compliance?Answer: Ensuring regulatory compliance involves implementing Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures, adhering to data protection laws, consulting with legal experts, and staying updated with evolving regulations in target markets.7. What challenges might developers face when building a DeFi staking platform?Answer: Challenges include ensuring platform security, navigating regulatory uncertainties, achieving scalability, building user trust and adoption, and differentiating the platform in a competitive market.8. What future trends are expected in DeFi staking platforms?Answer: Future trends include cross-chain staking, integration with Decentralized Autonomous Organizations (DAOs), advanced yield optimization strategies, enhanced security protocols, regulatory integration, and user-centric innovations to improve the overall experience.9. How important is user experience in the success of a staking platform?Answer: User experience is crucial for the success of a staking platform. An intuitive interface, seamless onboarding process, clear information about staking terms and rewards, and responsive customer support significantly impact user adoption and retention.10. Can a staking platform support multiple cryptocurrencies?Answer: Yes, many staking platforms are designed to support multiple cryptocurrencies, allowing users to stake various tokens across different blockchain networks. This versatility can attract a broader user base and provide more staking opportunities.If you are planning to venture into the DeFi space with your decentralized visions and want to make it a reality, connect with our skilled DeFi developers to get started.
Category:
Blockchain
Mudit Kumar
30 Aug 2021
Advancing BPM (Business Process Management) with Blockchain
The trend in corporate operations is undoubtedly shifting away from manual, slow processes and toward increased automation and decentralization. Completing jobs faster, enhancing visibility, standardizing outputs, decreasing errors, and saving expenses are just a few of the advantages of automating your processes. Although automation has helped businesses become more efficient and productive, there is more change on the horizon. Blockchain app development for BPM systems, in particular, can aid firms that rely significantly on transactions and document-based procedures in their digital transformation.
Blockchain for BPM (Business Process Management)
Based on a peer-to-peer network, blockchain stores a copy of the ledger on each peer. It is a decentralized network that is not controlled by a single entity. This simple concept encourages creativity. Immutability, transparency, and security are among its main characteristics.
Blockchain has the potential to transform both inter-and intra-organizational BPM. Because of its trustworthiness, blockchain technology is a perfect network choice for running a BPM system that addresses peer trust issues. The consensus process developed by the blockchain network is used to verify all transactions carried out by the BPM solution. Consensus works well because it ensures that all nodes contribute to the network's success.
Also, Read | Data Privacy and Security with Hyperledger Fabric Blockchain
Blockchain Technology | Advantages
Transactions Security
The blockchain is dispersed across various systems and immutable, meaning that no single person can change it.
Improved Data Integrity
Because the network verifies the data every ten minutes, blockchain networks are self-auditing. Changes are quickly communicated to all stakeholders, and they have access to the data history.
Enhanced Transparency and Accessibility
All blockchain records are shared and publicly accessible among all network nodes.
Improved Compliance
Regulators may readily use this audit trail to check compliance because records in the blockchain cannot be updated once stored.
Fraud Prevention
The blockchain's blocks are connected and secured by cryptography, making them nearly impossible to forge.
Reduced Transaction Costs
Using the blockchain to handle transactions eliminates the need for third-party middlemen, who charge a fee in the process.
Also, Read | Blockchain in Supply Chain | Use Cases, Advantages, and Features
BPM, Blockchain Technology, and Smart Contracts
The smart contract is a concept that connects business process management (BPM) and blockchain technology. A smart contract can be thought of as an automated lawyer or middleman that mediates a transaction between two parties.
A vending machine is a suitable analogy for a smart contract. The machine functions as a middleman, allowing you to buy a drink from a retailer or straight from the producer. It takes your money, double-checks that you've given the exact amount, and then gives you the beverage you've chosen.
Smart contracts, on the other hand, are software protocols that allow people to exchange money, property, or any other valuable asset. The terms of the contract are hard-coded into the computer, making smart contracts "self-executing." The contract can automatically release the object if the first party provides the funds that both parties have agreed upon.
Smart contracts and blockchain technology are inextricably linked: contracts can be accepted or refused depending on user credentials that are validated by the blockchain. Smart contracts can be used for a variety of applications, including crowdfunding and voting, in addition to facilitating economic and legal processes.
Also, Read | Blockchain Smart Contracts for Driving Business Innovation
Automating Business Processes and Decision-Making
Automation is one of the key advantages of blockchain systems. Smart contracts can make judgments in the absence of human decision-makers. DLT (distributed ledger technology) creates a new decision-making model that is independent of a company's governance. It can do so because it works with trusted data, does not require middlemen to verify authenticity, and can quickly check all required conditions before acting. It has no preferences, inclinations, uncertainty, or other human characteristics. There are benefits and drawbacks to this change in how corporate choices are made.
A payment reconciliation procedure, for example, might be directed by a manager and delivered by an accountant. This step can be eliminated by implementing a blockchain-based payment system. Reconciliation can be done instantly by any blockchain participant because DLT keeps track of all payment data.
But let's say you wish to put off buying a box for a few days while you wait for payment from the provider. The good news is that blockchain doesn't pause; you can't halt it if your purchasing requirements are met. So you go to work the next morning, the smart contract has been executed, the purchase has been paid for, and the delivery has been scheduled for the following day.
Also, Read | A Compact Smart Contract Development Guide for Non-Experts
Starting Blockchain-based Automation
Automation is a key component of blockchain technology, which will lead to more efficient operations over time. However, you must take precautions to safeguard your company.
First and foremost, selecting the appropriate blockchain procedure is critical. Consider a business process that is both iterative and transactional, such as procurement. It's critical to spread permissions across a large number of trusted participants once you've agreed on the best approach. The benefits of a distributed ledger as a reliable source are negligible if only one or two persons have access to authorize and alter data.
Opportunities and Obstacles
Adoption is one of the organization's most difficult problems. Traditional BPM solutions are currently deeply embedded in businesses, making them difficult to upgrade or replace. Aside from adoption, the blockchain itself is a challenge. Because blockchain is a new technology, incorporating it into an expanding process is a risky proposition.
The supply chain is one of the industries that would greatly benefit from the use of blockchain technology. It can help automate it, and it can also profit from a technology-driven connected BPM system.
The introduction of a peer-to-peer RPA system, which adds the capability of an intra-organizational RPA system, is the biggest opportunity. It allows numerous organizations to communicate data without having to worry about security, resilience, or immutability.
Starting with a small size test or pilot is recommended. You may progressively evolve the system by introducing more nodes (those with access to the blockchain system, either computer programs or authorized people) and smart contracts by starting small. This provides you control over the blockchain's development while also keeping your company's processes safe.
Also, Read | Driving Business Performance with Blockchain Smart Contracts
Conclusion
The automation of blockchain will expedite procedures, save you money, and make transactions more secure and dependable. But first, figure out how to build up your blockchain system such that it runs safely and reliably. And it's better if these crucial judgments are made solely by humans.
Connect with our blockchain development experts to know more about blockchain-based business process automation.
Mudit Kumar
26 Aug 2021
NFTs in Sports | The Rise of Tokenization on Blockchain
In the same way that cryptocurrencies have exploded in popularity in recent years, we are also witnessing a new fad that is also linked to blockchain app development: NFTs. Athletes, artists, celebrities, and influencers use these tokens to not only give their audience exceptional experiences but also to issue and sell them.
What is an NFT?
The term "non-fungible token" refers to a type of data that resides on blockchain. Unlike Bitcoin and other cryptocurrencies, each token here ensures that a digital asset is unique and hence irreplaceable.
An NFT can now come into use as a representation of artwork, concert tickets, social media posts, images, GIFs, videos, music, and other items that you might not have thought of.
Also, Read | NFT (Non-Fungible Tokens) | Taking the Crypto Space by Storm
NFT for Athletes and their Fans
NFT Advantages for Athletes
NFTs provide a new revenue model that is more beneficial to athletes and their fans than advertising or sponsorship. It's also a new method to connect with fans and give them a one-of-a-kind experience, such as the opportunity to buy one-of-a-kind things, images from personal archives, and even a ticket to a live event.
Indeed, today's generation appreciates digital assets just as highly as real ones, so it's no surprise that many choose to buy digital images or GIFs rather than download them for free, especially when they know they're getting something unique. The physical scarcity of cards, for example, is what distinguishes the collecting card business.
The combination of scarcity and genuineness is what draws fans in and allows sportsmen to get closer to them.
Furthermore, initiating an NFT project provides leagues and sportsmen with another marketing opportunity. They can establish NFTs and treat them as another type of eCommerce, with a lot more potential applications, much like they sell official league and team products.
Also, Read | NFT Marketplace Development | Emerging Business Opportunities
NFT Benefits for Fans
Let's pretend you bought an NFT with Michael Jordan's slam dunk on it.
You don't receive the copyright to this moment if you buy it from NBA Top Shot, and you can't use it outside of the blockchain. Moreover, users can not borrow or divide the token into parts. The buyer can only do what a moment's owners allow, in this case, the NBA and Dapper Labs.
You might be asking why such platforms are still so popular and continue to attract new followers. You can buy and save moments in your collection knowing that you are the only one who has the official version of the highlight.
NFTs can prove to be a sort of investment, as users can resell them and further profit from them. Having a one-of-a-kind NFT backed by a real item can be a joy and an unforgettable emotional experience for some.
Overall, NFT technology presents a win-win situation for sports athletes and their supporters.
Also, Read | Building An Advanced NFT (Non-Fungible Tokens) Marketplace
Why are NFTs so Expensive
Authenticity, uniqueness, rarity, and popularity all increase the value of an item, making it more expensive. Nothing changes in the case of NFTs save the technology and method of storing information regarding a product's validity and purchase.
Because NFTs operate on blockchain technology, you can check and verify the item's legitimacy, which boosts its worth. As a result, fans and collectors can purchase authentic (mainly digital) products without having to leave their homes, and they avoid the risk of purchasing a counterfeit item.
Also, Read | Addressing the Challenges of the Sports Industry with Blockchain Technology
In Sports, NFTs Find A Variety of Use Cases
GIFs and Video Clips
Imagine these one-of-a-kind experiences being turned into valuable NFTs and ending up in a fan's digital collection.
Every moment's price is determined by the video's quality, the player's stardom level, and the card's exclusivity. When a fan buys a pack, their wallet stores it for "showcase" or resale on the NBA Top Shot Marketplace.
Collectible Cards and Games
You can choose to create your own marketplace as a league or team, which will act as a platform for selling your sports club's exclusive collection of NFT cards. You can also construct an online game in which NFT cardholders compete against each other or form teams to organize virtual competitions.
Autographs in Digital Format
In terms of non-fungible tokens, athletes can produce customized NFT signatures that they can send only to their most ardent fans. Fans may later decide to invest in these digital autographs or retain them in their treasured collections.
Memorabilia
NFTs might include sports equipment, awards, costumes, and accessories worn by famous athletes. You can create a marketplace for your club or join one that already exists, then place any type of item there and share it with your followers.
You can also work with the designer to reproduce tickets for key athletic events and sell their one-of-a-kind digital replicas as NFTs.
Photographs and Personal Things
An athlete or a team can convert images from their own archives that they have not before released on the Internet into NFTs. They can also transform photos from childhood, early training days, performances, or a first football match into NFTs. For fans and other potential buyers, this adds value and exclusivity to the token.
For sports photographers, there's good news: you may sell your work as an NFT and keep your copyright and reproduction rights. You can continue to share the photo on social media, sell prints using it, and so on even after it has been sold.
Social Media Posts and Quotes
Athletes can use quotes can as NFTs, but they must be vibrant and memorable. They also transform a photo, GIF, or video clip from their own library associated with a quote as NFTs. Consequently, the token will represent a one-of-a-kind and limited-edition digital item that fans will be ready to pay for.
Athletes can also use NFT tokens to exchange social media posts. The holder of such a token gains ownership of the post. The possibilities for minting NFTs are endless. Indeed, a sports team or individual athlete can realize any notion they have in mind.
Also, Read | A Quick Guide to NFT (Non-Fungible Token) Development
Conclusion
It is a fact that NFT is still a relatively "new" technology. However, it already appears to be very promising. It does present sportsmen and innovators with advantages they could never have imagined.
Our blockchain development experts at Oodles are skilled in the NFT sports development field. We are glad to assist athletes, sports teams, and innovators who are interested in beginning their NFT adventure.
Mudit Kumar
24 Aug 2021
Blockchain in Tourism | Forging the Post-Covid Future
The way when and why we travel has changed dramatically after the pandemic. The complications of shopping and organizing for a vacation have reduced the joy of a new adventure. COVID-19 has introduced a new level of ambiguity to the travel industry. Now, the tourism industry requires a holistic approach to meet the problems it faces and thrive post-pandemic. Consumers today expect safe, unique, and personalized guest experiences. The travel companies that can deliver them will earn - and keep - travelers' trust. Digital transformation by blockchain development, big data, AI, and IoT can aid the personalization demands of travelers.
Blockchain's potential to radically revolutionize the processes of storing and using data and other information sources has sparked excitement across industries. The tourism industry has also started experimenting with this technology. It is because it promises to improve business transparency and security. Some advancements are particularly intriguing. Let's dive into blockchain's applicability in travel and tourism and explore them in-depth.
Also, Explore | Combating COVID-19 with Blockchain, AI, and 3D Printing
The Tourism Industry and Blockchain
Tourism and blockchain have the potential to be a great combination. The technology can offer security, transparency, and other advantages to the industry to address challenges.
For instance, when a travel agency books flights and accommodations for a customer, it requires sharing the information with various companies. Because blockchain is a distributed ledger spread across an entire network, it makes this activity safe and transparent. The same thing can happen with international transactions, boosting the level of confidence amongst all parties involved.
Also, Read | Transforming the Travel and Tourism Sector with Blockchain
Blockchain Technology | Advantages
Blockchain provides various benefits that many industries can use, including tourism and technology, due to its intrinsic structure. Indeed, a study forecasted significant annual growth in its use across several markets.
Data Decentralization and Immutability Ensures Information Security
Blockchain's decentralization aspect keeps the data about transactions in the network shared across various nodes that make up the blockchain's foundation. It establishes no single point of failure, unlike centralized systems. It means even if a node stops working, the network will continue to operate.
Further, algorithms used by blockchain prevent block alterations. They ensure that no one can alter the data contained within it. It requires 51% of the network's control to edit a block of information. Thus, every piece of information on a blockchain network becomes immutable.
Also, Read | Simplifying the Travel and Tourism Industry with Blockchain
Blockchain Applications
The technology or applications run on top of blockchain technology. They can prove valuable in the tourism business. Some instances are as follows:
Cryptocurrency
Cryptocurrency is essentially virtual currencies that users can exchange for any other fiat or cryptocurrency. If a trade takes place, all information will reside on the blockchain network, and anyone in the network can validate them. If a network of tourism companies uses cryptocurrency as payments, it can form a network of secure and transparent transactions. Also, it will not require users to exchange funds as per the currency of a country.
Smart Contracts
Smart Contracts are contracts that run on blockchain technology. They essentially eliminate the need for middlemen (such as notaries, banks, or other institutions) and reduce costs and processing times. They can automate payments, loyalty management, ticketing, and more in the tourism sector.
A Unified Digital Identification System
There has been a lot of discussion regarding projects based on digital identification. Tourism operations can use a blockchain-based identity system. Then, they can streamline their tasks and have all of the information they need on a person in one unified system.
Also, Read | How Blockchain Eliminates The Pain Points Of Travel Industry
Blockchain Use Cases in the Tourism Industry
Given the qualities and capabilities of blockchain technology, several experts believe it can benefit the tourism business. Here are a few of the more intriguing ones:
Management of Luggage
After we say our goodbyes at the check-in counter, blockchain might be very handy in tracking our baggage's position. It, like us, changes hands several times during the journey. With blockchain, we can trace across firms and always know where our suitcase is.
Business Evaluations
When we travel, we increasingly look at forums and read user evaluations. Yet, we can not always trust who authored them or their accuracy. All information that appears in the blockchain network is public, dependable, and safe, resulting in greater transparency and consumer trust.
System of Rewards
Is it possible that we're nearing the end of the loyalty card era? Many travel companies offer client loyalty programs in the hopes of converting them into repeat consumers. Blockchain can facilitate these operations more efficiently. It, for instance, can enable customers to verify their points and exchange them for other cryptocurrencies or even maybe for services.
Also, Read | Blockchain for Creating Advanced Loyalty Programs
Payments that are Fast, Secure, and Traceable
In some situations, a transaction process takes more than a week or gets canceled within that time, causing all associated problems. However, using blockchain for payments will mean far more secure, fast, and traceable transactions.
As previously stated, all blockchain transactions remain permanently recorded on the chain, and no one can modify them. Not only that, but because it's a decentralized system, it also eliminates any middlemen to delay payment as well.
As a result, travelers do not need to exchange currency when traveling to another country. Also, they need not worry about the reliability or volatility of foreign exchange operations. Thus, when it comes to international transactions, using blockchain can revolutionize the entire process.
Coordination and Management of a Hotel or Transportation
Large companies can save funds by using decentralized management systems, which eliminates the use of intermediaries. It is because they ensure a frictionless flow of information flows while remaining accessible at all times. It establishes universal access to data and thus, shortens management times, leading to efficient processes.
Also, Read | Emerging Blockchain Use Cases and Solutions across Industries
Blockchain in Tourism | Real-World Examples
LockChain
LockChain is a direct marketplace for hotels and hospitality businesses looking to rent out space. The platform handles payment, property administration, and other aspects of the booking process on blockchain. Because it is a decentralized system, there are no intermediaries and no commission charges.
Winding Tree
The most well-known current example of blockchain-based luggage monitoring is the Winding Tree network. It also has a booking component. Because there are no third parties involved, booking and tracking are simple, safe, and secure. Therefore, all procedures benefit from increased transparency.
Trippki
The project has developed a loyalty program based on blockchain technology.
It facilitates direct contact between customers and tourism-related businesses. It gives customers tokens for staying in a specific hotel. These tokens never expire and are redeemable at any time.
Connect with our blockchain development experts if you have a project in mind and are looking to develop it with emerging technology like blockchain.
Mudit Kumar
20 Aug 2021
Solutions to Address the Blockchain's Scalability Trilemma
A fault in the cryptocurrency and blockchain adoption plan occurred in December 2017. At that time, investors anticipated that cryptocurrency was on the approach to mass acceptance. Transaction fees increased in tandem with the number of transactions. People were paying an average charge of about $55 to send bitcoin. While in some cases, waiting several days for transactions to clear.
This bottleneck highlighted a disadvantage of decentralization. Reaching consensus over a decentralized network is slower and more difficult than in centralized systems.
This paradox is at the heart of blockchain development, and Ethereum developer Vitalik Buterin has elegantly described it.
The Trilemma of Scalability of Blockchain
In the early days of Ethereum, Buterin created the term 'scalability trilemma.' It described the "difficult trinity" of decisions that blockchain engineers must make. They can only choose two from scale, security, or decentralization to have in the network. Developers may only optimize for two of these attributes due to the structure of decentralized systems.
Scalability
A network's throughput rate means its capacity to process transactions. Blockchains must be able to handle thousands or millions of transactions on the network. It must do so without sacrificing settlement times or efficiency to deliver on its revolutionary promises.
Security
Blockchain must have the ability to withstand attacks. The ledger should have advanced immutability and the ability to withstand fraud and hostile threats like 51 percent attacks.
Decentralization
It is the core concept of blockchain—the network's upkeep depends on the number of nodes that form it. The network gets more censorship-resistant as the number of distinct nodes supporting it grows.
Cryptocurrency initiatives are still attempting to achieve a balance between these three.
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Layer 1: Resolving the Scalability Trilemma of Blockchain
Layer 1 refers to blockchain-based platforms like Litecoin and Ethereum operational as decentralized ecosystems. There are several methods in development right now that can improve their scalability without compromising the other two factors.
Sharding
Sharding has become one of the most popular Layer-1 scaling methods despite its experimental character. It divides transactions into smaller "shards" of data. The network processes these shards in parallel, allowing for sequential work on multiple transactions concurrently.
Furthermore, rather than having each network node maintain a copy of every block, it partitions this information and distributes it across separate nodes, known as Shards. Shards give proofs to the mainchain and communicate with one another using cross-shard communication protocols. Then, they efficiently transfer addresses, balances, and general status. Along with Zilliqa, Tezos, and Qtum, Ethereum 2.0 is one high-profile blockchain system researching the use of shards.
Also, Read | A Compact Guide to Understanding Polkadot Blockchain
Improvements to the Consensus Protocol
The consensus protocol currently in use on popular blockchain networks like Bitcoin is Proof of Work. PoW is secure, but it is also slow. Bitcoin, for example, only gets seven TPS. That's why many blockchain networks choose the Proof-of-Stake (PoS) consensus method, probably most notably Ethereum's upgrade to Ethereum 2.0.
The PoS consensus mechanism decides validator status based on a stake in the network. It does not require miners to solve cryptographic algorithms with significant processing power. It can enhance the Ethereum network's capacity considerably and fundamentally while also increasing decentralization and assuring security.
Layer 2: Resolving the Scalability Trilemma of Blockchain
Layer 2 refers to a network or system that runs on top of an underlying blockchain protocol to increase scalability and efficiency. For example, Bitcoin is a Layer-1 protocol, and the Lightning Network is a Layer-2 solution designed to speed up Bitcoin transactions. Layer-2 protocols have exploded in popularity in recent years. They're proving to be the most effective approach to solve scaling issues in PoW networks in particular.
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Sidechains
A sidechain is a transactional chain that runs alongside a blockchain and comes into use for bulk transactions. Sidechains employ a separate consensus mechanism from the main chain. Stakeholders can tune it as per speed and scalability requirements. It also requires using a utility token as part of the data transfer mechanism between the two chains. The main chain's principal function is to provide general security and dispute resolution. In several important ways, sidechains differ from state channels. Sidechain transactions are not private between participants; instead, they are available on the ledger. Furthermore, security breaches on sidechains do not affect the mainchain or other sidechains. Building a sidechain from the ground up necessitates a significant amount of time and work.
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Blockchains that are Nested
A nested blockchain is a decentralized network infrastructure that uses the main blockchain to specify network parameters. It carries out executions on a web of secondary blockchains.
On the primary chain, blockchain tiers require a parent-child relationship established. The parent chain delegates work to kid chains. They complete it and return it to the parent. Unless there is a need for dispute resolution, the underlying blockchain does not participate inside network services. Layer-2 stacked blockchain infrastructure, such as the OMG Plasma project, comes into use above Layer-1 Ethereum. They support faster and cheaper transactions. The work distribution in this approach minimizes the processing load on the mainchain, resulting in exponentially improved scalability.
Channels State
A state channel improves total transaction capacity and speed. It does so by facilitating two-way communication between a blockchain and off-chain transactional channels. A miner does not need to be involved right away to validate a transaction over a state channel. Instead, it is a network-adjacent resource that a multi-signature or smart contract mechanism projects. The ultimate "state" of the "channel" and all its inherent transitions remain on the underlying blockchain when a transaction happens.
State channels include the Liquid Network, Celer, Bitcoin Lightning, and Ethereum's Raiden Network. In the trilemma tradeoff, state channels give up some decentralization in exchange for increased scalability.
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The Blockchain Trilemma is a Conundrum Everyone wants to Solve
Although the blockchain trilemma poses obstacles to blockchain adoption, solutions are emerging to create a balance between security, decentralization, and scalability.
While the CAP theorem has held for nearly four decades, Layer-1 and Layer-2 solutions can ensure distributed, secure, and scalable decentralized networks.
Mudit Kumar
18 Aug 2021
Revolutionary Smart Contract Use Cases on Blockchain | Updated 2025
Smart contracts are at the forefront of blockchain innovation, serving as programmable agreements that execute themselves when predefined conditions are met. Smart contract development eliminate the need for intermediaries, enhance trust, and automate workflows. As blockchain technology continues to evolve, smart contracts are finding applications across diverse industries, transforming traditional systems into efficient, transparent, and secure digital ecosystems.This comprehensive article explores the technical aspects, emerging use cases, benefits, challenges, and future trends of smart contracts, providing actionable insights for businesses and developers looking to leverage this revolutionary technology.What Are Smart Contracts and How Do They Work?Smart contracts are self-executing programs stored on a blockchain that automatically enforce the terms of an agreement. They operate without the need for intermediaries, ensuring transparency, trust, and efficiency.How Do Smart Contracts Work?Code Creation:Smart contracts are written in programming languages such as Solidity (Ethereum) or Rust (Solana).Deployment on Blockchain:Once coded, the contract is deployed on a blockchain network where it resides permanently.Triggering Conditions:When predefined conditions are met, the contract executes automatically.For instance, in a payment contract, funds are released when goods are delivered and confirmed.Characteristics of Smart ContractsAutomation: Executes agreements without manual intervention.Transparency: All parties can view the contract terms and execution on the blockchain.Immutability: Contracts cannot be altered after deployment, ensuring integrity.Security: Protected by blockchain's cryptographic features.Also, Read | Creating Cross-Chain Smart Contracts with Polkadot and SubstrateKey Emerging Use Cases of Smart ContractsAs smart contracts become more advanced, their use cases are expanding beyond traditional applications. Below are the most impactful sectors where smart contracts are driving transformation.Decentralized Finance (DeFi): Redefining Financial SystemsSmart contracts are the backbone of decentralized finance (DeFi), enabling financial services without intermediaries.Key Applications:Automated Lending and Borrowing:Platforms like Aave and Compound use smart contracts to facilitate peer-to-peer lending.Collateral is managed programmatically, and interest rates adjust dynamically based on demand and supply.Decentralized Exchanges (DEXs):Protocols like Uniswap and SushiSwap use automated market makers (AMMs) powered by smart contracts.Users can trade cryptocurrencies directly without relying on centralized exchanges.Yield Farming:Investors earn returns by locking assets in liquidity pools governed by smart contracts.Benefits for Businesses:Reduced operational costs.Enhanced transparency in financial transactions.Improved accessibility for underserved markets.Supply Chain Management: Ensuring Transparency and AccountabilitySupply chains often suffer from inefficiencies and lack of transparency. Smart contracts provide real-time tracking and automation across the supply chain.Key Applications:Product Traceability:Each stage of the supply chain, from raw material sourcing to final delivery, is recorded on the blockchain.Automated Payments:Payments to suppliers are triggered automatically upon delivery confirmation.Fraud Prevention:Smart contracts ensure the authenticity of goods, reducing counterfeit products.Example:Walmart employs blockchain and smart contracts to track food products from farms to store shelves, ensuring quality and reducing foodborne illnesses.Real Estate Transactions: Simplifying Property DealsThe traditional real estate process is slow and involves multiple intermediaries. Smart contracts streamline property transactions, reducing costs and delays.Key Applications:Tokenized Real Estate:Properties can be tokenized into digital assets, allowing fractional ownership and easier transfers.Automated Escrow Services:Smart contracts replace traditional escrow agents, holding funds until conditions are met.Cross-Border Transactions:Buyers and sellers from different countries can execute deals without legal complexities.Example:Propy uses blockchain-powered smart contracts to facilitate international real estate transactions seamlessly.Healthcare: Enhancing Patient Care and Data SecurityThe healthcare sector faces challenges like data breaches and inefficiencies in patient data management. Smart contracts offer a secure, automated solution.Key Applications:Patient Data Management:Smart contracts ensure secure access and sharing of patient records with authorized parties.Insurance Claims:Claims processing is automated based on pre-set criteria, reducing fraud and delays.Clinical Trials:Transparent tracking of trial data ensures integrity and compliance.Example:Medicalchain leverages blockchain and smart contracts to manage patient records and enable secure interactions between healthcare providers.Gaming and NFTs: Revolutionizing Digital OwnershipSmart contracts play a critical role in the gaming industry and the non-fungible token (NFT) ecosystem.Key Applications:In-Game Assets:Players own, trade, and monetize digital assets such as weapons or characters through NFTs.Play-to-Earn Models:Games reward players with cryptocurrency or NFTs for participation.NFT Marketplaces:Platforms like OpenSea and Rarible use smart contracts to govern the creation, sale, and transfer of NFTs.Example:Axie Infinity, a blockchain-based game, uses smart contracts to manage its play-to-earn economy and in-game asset trading.Governance and Voting: Empowering Decentralized Decision-MakingSmart contracts enable secure, transparent, and tamper-proof voting mechanisms, addressing issues like voter fraud and manipulation.Key Applications:Decentralized Autonomous Organizations (DAOs):Smart contracts govern decision-making in DAOs, allowing token holders to vote on proposals.Transparent Elections:Votes are recorded immutably on the blockchain, ensuring accountability.Example:MakerDAO uses smart contracts to allow community members to vote on changes to the protocol.Insurance: Automating Claims and Reducing FraudTraditional insurance processes are slow and often lack transparency. Smart contracts automate claims, making the process faster and more reliable.Key Applications:Parametric Insurance:Claims are triggered automatically based on predefined events, such as flight delays or weather conditions.Fraud Detection:Immutable records on the blockchain reduce false claims.Example:Etherisc uses smart contracts to automate flight delay insurance claims.Intellectual Property (IP) Rights: Securing Creative AssetsSmart contracts help artists, writers, and other creators protect and monetize their intellectual property.Key Applications:Digital Rights Management:Royalties are distributed automatically whenever content is accessed or resold.Content Ownership:Smart contracts ensure that creators retain ownership of their work.Example:Audius, a blockchain-based music streaming service, uses smart contracts to manage artist royalties.Cross-Border Payments and Remittances: Reducing Costs and DelaysSmart contracts facilitate seamless international payments by automating transfers and reducing intermediary fees.Benefits:Faster transactions compared to traditional banking systems.Reduced fees, especially for microtransactions.Also, Explore | Emerging Smart Contracts Use Cases in 2025 | UpdatedTechnical Aspects of Smart ContractsProgramming LanguagesSolidity: Primary language for Ethereum smart contracts.Rust: Used on platforms like Solana for high-performance applications.Vyper: A Python-like language for writing secure Ethereum contracts.Blockchain PlatformsEthereum: Pioneer in smart contracts, supporting a wide range of applications.Solana: Known for its speed and low transaction costs.Polygon: A layer-2 solution for scaling Ethereum applications.Gas FeesSmart contracts require computational resources, paid as gas fees in the native currency (e.g., ETH for Ethereum).Security ConsiderationsRegular audits.Limiting contract complexity.Secure coding practices.Also, Discover | How to Scale Smart Contracts with State ChannelsChallenges in Smart Contract AdoptionScalabilitySolution: Use layer-2 solutions like Polygon to handle high transaction volumes.Security VulnerabilitiesSolution: Conduct audits and implement robust security measures.Regulatory UncertaintySolution: Collaborate with legal experts to ensure compliance.InteroperabilitySolution: Leverage cross-chain protocols like Chainlink and Polkadot.Future Trends in Smart ContractsAI-Driven Smart Contracts:Integrating AI for predictive analytics and dynamic execution.Cross-Chain Interoperability:Seamless interaction across blockchain networks.Decentralized Identity Solutions:Managing secure, self-sovereign identities using smart contracts.Broader Industry Adoption:Increased use in traditional industries like healthcare and logistics.Also, Check | Build a Secure Smart Contract Using zk-SNARKs in SolidityFAQs About Smart Contracts1. Are smart contracts secure?Yes, when coded correctly and audited, smart contracts are highly secure. However, vulnerabilities can arise from poor coding practices.2. Can smart contracts be modified after deployment?No, they are immutable. However, developers can use proxy contracts to introduce upgrades.3. What industries benefit most from smart contracts?Finance, supply chain, healthcare, real estate, gaming, and governance are key beneficiaries.4. What are gas fees?Gas fees are payments made in cryptocurrency to execute smart contracts on a blockchain.ConclusionSmart contracts are transforming industries by automating processes, enhancing transparency, and reducing costs. From decentralized finance and supply chain management to gaming and healthcare, their applications are vast and growing. By addressing challenges like scalability and security, businesses can unlock the full potential of smart contracts to create more efficient, trustless, and innovative systems.With continued advancements in blockchain technology, smart contracts will play a pivotal role in shaping the digital economy. Businesses that embrace this technology today will lead the way in the future of automation and decentralization. If you are looking to leverage the potential of smart contracts to bring your decentralized vision into reality, connect with our skilled Solidity developers to get started.
Category:
Blockchain
Mudit Kumar
13 Aug 2021
An Analysis of Crypto Options and Futures Trading Features
Crypto futures and options provide traders with a few exciting trading perks. Crypto futures are more cost-effective, but options trading has a lower risk. Your decision between the two should depend on your risk tolerance and liquidity needs while opting for crypto exchange platform development.
For crypto traders, futures and options remain intriguing trading instruments. They allow for calculated risks and speculations, thus, increasing the rate at which people exchange cryptocurrency. Trading appears to be a niche activity reserved for financial professionals. However, it is becoming mainstream due to instruments like crypto futures and options. Even though both tools are beneficial in trading, they are not the same. Continue reading to learn more about the distinctions between them and how they work.
What Are Cryptocurrency Options?
Crypto options trading is a type of derivative contract that gives a buyer the right to buy or sell a specific asset at a defined price and date. We refer to the buying right as a "call," while the selling right refers to as a "put."
Options operate similar to other derivatives. They provide traders with a way to anticipate and profit from price changes. Traders can settle their positions in cryptocurrencies, just as they can do with futures contracts.
Participants trade cryptocurrency as options trading because they are a low-risk, low-cost alternative. It is especially true when it comes to options trading such as perpetual swaps and cryptocurrency futures.
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Benefits and Differences of the Options
Reduced Risks and Losses
Users need to value and schedule Future contracts in advance at a defined time. As a result, they tend to be riskier because users can not predict how much money they will make or lose. It makes managing risks difficult.
With options trading, on the other hand, you can estimate your loss ahead of time, especially with long options where you know the premium before entering the deal. Futures and short options positions are often riskier than long options holdings. They are less riskier than futures contracts since they provide the trader an estimate of the potential loss.
Execution Liberty
The buyer is given a right, not a duty, under an options contract. This indicates that a buyer is willing to purchase the underlying asset when it is most profitable. Futures contracts do not provide such a benefit. Buying under a futures contract is a legal requirement.
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Great Adaptability
Futures contracts are less flexible than cryptocurrency options. American-style options, in particular, allow users to exercise their options at any moment before they expire. This means that holders of American-style options can take advantage of market opportunities faster and profit without regard to time constraints.
Physically settled futures, on the other hand, can only be exercised on the expiration date.
What Are Crypto Futures and How Do They Work?
Assume you want to reduce volatility while taking advantage of price changes. You should invest in cryptocurrency futures. They are derivative products in which buyers and sellers agree to trade a crypto asset at a predetermined price and on a set date.
The futures contracts your trade do not reflect the true value of the cryptocurrency you use. This means you don't own the bitcoin you bought. Because you're contracting on pre-determined terms, a futures contract won't provide you with any of the economic benefits that come with buying cryptos.
Essentially, trading crypto futures rewards your speculation and allows you to trade with ease independent of market fluctuations. To put it another way, trading futures contracts is akin to betting because the outcome is determined by your expectations.
Participants can go long or short depending on their risk appetite and trading signals. When you foresee a price increase, you go long, and when you expect a price decline, you go short. Regardless of the outcome, the contract ends on the agreed-upon date, and the parties settle.
In most futures markets, you will also have access to leverage. Leverage is a tactic for trading futures contracts without having to pay the whole contract value upfront. Traders can borrow the necessary funds to fund the contract with lower equity ownership.
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The Different Types Of Crypto Futures Contracts
You better know of futures contracts if you get a general review of their features and offerings. Users can choose between two product lines when it comes to crypto futures. These are the following:
USD-Marginated Futures Contracts
The native currency utilized to settle these contracts is USD-pegged coins. Both delivery and perpetual contracts are supported by this futures type. Participants can hold positions with no expiration date by supporting perpetual contracts. More information on USDT-Margined Futures Contracts can be found here.
Coin-Margined Futures Contracts
Participants can quote and settle in a variety of cryptocurrencies, and this product offers both perpetual and deliverable contracts. This product's perpetual contracts are also quick to optimize profit during bull runs. More information on Coin-Margined Future Contracts can be found here.
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The Advantages And Distinctions Of Futures
Cost-effective
The first point to mention is that crypto futures are inexpensive. You are not required to pay a premium before the contract is issued.
This means lower contract costs without sacrificing your benefits if your guess is correct. This differs from crypto options, which require you to pay a premium to the seller upfront. Notably, depending on the exchange with which you trade crypto futures, you may be required to pay commissions.
Resistance to Time
Futures contracts are not affected by the passage of time. This means that the contract's value is unaffected by the passage of time. Up to the expiration date, futures contracts will closely track the value of their underlying assets. Crypto options, on the other hand, must match precise conditions for you to profit from them.
More crucially, the closer the expiration date approaches, the less valuable they become. While futures contracts aren't affected by time, options are, because time has an impact on their value.
Also, Read | Secure and Efficient Crypto Exchange Development like Binance
Size
The futures market has a long history. As a result, it has attracted several dealers over the years, expanding the market even further. As a result, it frequently retains bigger volumes of traded cryptocurrency than any other exchange.
Crypto options, on the other hand, are typically made up of smaller contract units. The rise of the futures market has attracted large market players and traders, transforming the markets into the highly effective trading platform.
Liquidity is Abundant
The futures market is more liquid and accessible than the options market since it occupies a broader space. Liquidity in the options market can be scarce, especially when large trades take a long time to settle.
For more information about crypto futures and options trading, connect with our crypto exchange development experts.
Mudit Kumar
12 Aug 2021
A Compact Guide to Understanding Polkadot Blockchain
Have you lately heard the term Polkadot and want to learn more about it? We've put together a comprehensive overview of the Polkadot blockchain. As seen by blockchain technology, decentralized and open source technologies have risen in popularity in recent years. The Polkadot blockchain's arrival has brought significance to the blockchain app development ecosystem. The following talk will provide you a more in-depth understanding of Polkadot and how it may open up new avenues for blockchain technology.
What exactly is Polkadot?
The definition is, without a doubt, one of the first considerations in any introduction to Polkadot. Only after you understand "what is Polkadot," can you move on to a more extensive examination of the pieces that make up its architecture. Furthermore, a thorough grasp of Polkadot responsibilities would highlight a crucial aspect of the system's operation.
Polkadot blockchain, in its simplest form, is a next-generation blockchain technology for integrating a network of purpose-specific blockchains.
Polkadot has an interesting feature in that it allows for seamless functioning of blockchains while maintaining the appropriate scalability.
Polkadot's ability to move any form of data over any type of blockchain could open the door to a variety of real-world applications. Most importantly, Polkadot combines the greatest features of many specialized blockchains to open up new avenues for the development of new decentralized marketplaces. The new blockchain platform may make it easier to access services through a variety of apps and providers.
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Polkadot's Origin
Let's take a look at Polkadot's history before we go into the mechanics of the Polkadot ecosystem. Under the direction of Gavin Wood and Jutta Steiner, Parity Technologies created Polkadot.
They've both previously worked as Ethereum executives. Most importantly, the Polkadot project also has the Web3 Foundation's backing. The Web3 Foundation has a strong emphasis on providing financing, advocacy, and research advantages, as well as collaborations.
What Allows Polkadot to Provide So Many Features?
Polkadot's architecture provides the most direct answer to this topic. A proper connecting of all dots on a Polkadot chart illustrating its architecture can ihttps://blockchain.oodles.io/blog/bep-20-token-standard-binance-smart-chain/lluminate its functionality even more. Polkadot is a network of parachains, which are heterogeneous blockchain shards.
The parachains are linked to the Polkadot Relay Chain, which ensures their safety. In addition, the parachains could use bridges to link to external networks. The following are the key components of Polkadot architecture that define its functionality.
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Bridges
They're customized blockchains that enable Polkadot shards to communicate with and connect to other networks such as Ethereum.
DOT Token
The native token, DOT, is also an important part of comprehending the Polkadot blockchain. It is capable of handling critical functions like network governance, staking, and bonding.
Relay Chain
Polkadot's most important component is the Relay Chain. It is responsible for the Polkadot network's security, cross-chain interoperability, and consensus.
Parachains
Essentially, autonomous blockchains with their coins and the ability to tailor their functions to specific use cases. Parachains could connect to the Relay Chain on a pay-as-you-go basis or lease a slot to ensure ongoing connectivity.
What Makes Polkadot So Special?
Even though many people ask this question about the Polkadot blockchain, few make an effort to figure out what it means; blockchain applications could have provided promising results in various fields, including identity management, asset tracking, finance, IoT, etc governance, and web decentralization.
On the other hand, existing system design restrictions could provide significant barriers to the widespread implementation of blockchain technology. Polkadot's design offers more benefits than the previous networks. Let us consider the value Polkadot adds to the blockchain ecosystem.
Also, Read | Binance Smart Chain (BSC) for Smart Contracts Development
Sharding that is heterogeneous
According to the Polkadot chart, it's a sharded blockchain that connects several chains in a network. It should be possible for separate chains to perform transactions at the same time.
At the same time, Polkadot can allow for flexible data exchange between chains while maintaining security.
Polkadot's unique heterogeneous sharding methodology means that, rather than a one-size-fits-all approach, each chain in the network may be tailored for specific use cases. Polkadot blockchain's support for extra chains and flexibility for specialization opens up new options for creativity.
Scalability
The Polkadot ecosystem integrates numerous specialized chains into a single sharded network and ensures that multiple transactions are processed simultaneously. The system may be useful in reducing bottlenecks that existed on traditional networks that processed transactions one by one.
Polkadot may also be able to deliver on its scalability claims thanks to a new feature called layered relay chains. The layered relay chains could be able to help you increase the number of shards you can add to your network.
Also, Read | Secure and Efficient Crypto Exchange Development like Binance
The Potential for Forkless Upgrades
By delivering forkless updates, Polkadot helps to revolutionize the process of blockchain upgrades. It has the potential to assist blockchains in updating without the requirement for forking. Polkadot's transparent on-chain governance framework aids in the upgrade process. Polkadot's forkless upgrade feature ensures that projects are more agile.
Furthermore, the upgrading assures that projects can adapt and evolve following technological advancements. Above all, the Polkadot blockchain mitigates the dangers associated with controversial hard forks.
Design Collaboration
Previously, blockchains functioned as closed networks with no access to other networks. Cross-chain communication and interoperability, on the other hand, are critical. Interchain communication, value exchange, and functionality sharing could be aided by cross-chain interoperability and message transfer, allowing for more innovation. Polkadot shards can connect with common DeFi protocols and virtual assets on external networks, giving them significant advantages in bridging blockchains.
Also, Read | Understanding DeFI Flash Loans and How to Make them Secure
Final Thoughts
Polkadot will undoubtedly introduce a new way to utilize blockchain networks. Understanding what Polkadot is laying the groundwork for interpreting its valuable benefits. Polkadot could be able to assist you to cover the workings of numerous blockchains so you can get the most out of each one. Polkadot can provide a true definition of decentralization in the context of blockchain technology. Want to know how to get started with Polkadot blockchain development? Connect with our blockchain development experts to know more.
Mudit Kumar
10 Aug 2021
The Curious Case of Blockchain in Event Management
The increasing importance of blockchain app development manifests a bright future ahead of the technology. However, it has its limitations, and it is not without problems. But, when applied correctly it can handle a wide range of business difficulties that are typically difficult to approach. The event management industry can also witness significant growth as a result of the adoption of blockchain.
Does Blockchain Make Sense in the Event Management Industry?
When it comes to event management, it's easy to conceive a variety of distinct use cases for blockchain. If you work in event management, technology can alter your business, from arranging your partners and suppliers for things like temporary event internet to ensuring that all transactions are handled appropriately from start to end when several subcontractors are involved. It's also always evolving, so you'll be able to reap the benefits of new advancements as they become available. So, what is the influence of blockchain technology on the events industry? Read on to see how blockchain technology might benefit your next events.
Also, Read | Blockchain Smart Contracts for Driving Business Innovation
Blockchain Applications in Event Management
Managing Identities
At trade exhibitions, identity management is an important aspect of the security protocol. The use of blockchain technology keeps track of a user's transactions. In the case of events, because their information is already in the system, repeat attendees can breeze through the security and badge scanning processes.
This allows event planners to concentrate on first-time attendees without having to worry about security. Furthermore, by tracking the digital signature of the ticket against who it was issued to and confirming who owns the ticket at the venue, such technology can help improve security at the site.
Preventing Purchasing of Tickets in an Unethical Manner
One of the most important goals for event planners is to increase foot traffic. Many event organizers often price their tickets lower to ensure a larger turnout. Because of the lower costs, automated bots buy tickets in bulk, thereby creating a "sold-out" situation.
This can not only throw forecasts off, but it can also incentivize main sellers to not prevent it because they rely on ticket sales to make a living. Because each transaction is checked and validated using Blockchain technology, it has the potential to disrupt secondary market online ticket exchanges.
Also, Read | A Compact Smart Contract Development Guide for Non-Experts
Detecting and Preventing Ticket Fraud
Ticket scalping and fraud are important concerns for event organizers when it comes to selling tickets for their events. Popular events, such as soccer matches, sell out rapidly, and fans who are unable to obtain tickets on time become frantic about other options. Ticket scalpers purchase tickets in advance and then resell them to ticketless fans at inflated prices.
Organizers can tokenize tickets and sell them on exclusive blockchain platforms using blockchain-based ticketing solutions. They can always know and control who buys tickets from them this way. They can even allow for the selling of used tickets while assuring that they are sold at the original cost, reducing the risk of predatory ticket scalping. Organizers are already using blockchain-based ticketing solutions to prevent ticket scalping and fraud with tremendous success.
Also, Read | Could Blockchain Have Prevented Scandalous Banking Fraud
Increasing Audience Participation
As previously stated, events are excellent marketing opportunities for businesses. However, achieving high levels of audience engagement is important for making enough marketing impact.
Businesses are utilizing blockchain to improve customer engagement by giving out themed souvenirs and rare artifacts to enthusiasts. Leading international sports clubs, including Real Madrid and Arsenal, employ blockchain-based platforms to connect with and engage their fans.
Blockchain-based event management systems have already passed the proof-of-concept stage and are gaining traction, making it more appealing for businesses to use the technology to solve their problems. Starting small and clearly outlining the problem to be solved and blockchain's specialized function in solving the stated problem is the key to successfully deploying blockchain for the events sector.
Organize Attendees and Suppliers
Event planners can manage several suppliers delivering services such as food, audiovisuals, maintenance, security, and more using the Blockchain-powered tool. Event planners can book these providers' services and make payments promptly after validating their validity.
Furthermore, Blockchain tools make it possible to create a point-based system. It enables event organizers to reward attendees for completing certain tasks such as surveys, providing feedback, and more. They can use these reward points to get things like free food or lodging, travel expenses, and so on. Participants will be more interested in events as a result of such a system, and event managers will be able to create a more interactive event environment.
Furthermore, Blockchain technology enables event organizers to centralize the ticketing system, resulting in a uniform and transparent ticket sales procedure. It also allows event organizers to accept cryptocurrencies as payment for a variety of services, including tickets, food, and lodging. Because this method is secure and efficient, it reduces expenses for a variety of event management tasks.
Also, Read | Preventing Fraud in Contracts, Supply Chains, and Identities with Blockchain
Use Case Example
The Benefits of Blockchain in the Attendee Journey
Attendee transactions are given unique IDs during ticketing through blockchain. For unfettered mobility and access around the venue, the same can be attached to a wearable gadget or a piece of paper. Attendees can board and go without waiting for tokens or tickets while going from one area of the venue to another with this unique ID.
When an event takes place at a hotel, event organizers can use Blockchain to link that attendee to a hotel room. They can enter by tapping their ticket on the door when they arrive at their room. There is no need to check-in. This decreases reliance. This is also true when checking into any location.
Due to the anonymous nature of Blockchain, data may be collected from each of the above touch-points without any personally identifiable information being linked.
We may use blockchain to detect which events are generating the most interest and make the required preparations at the site in terms of accommodations, stage setups, crowd control, and so on.
Also, Read | Blockchain for Advanced and Secure Digital Identity Management
The Journey Ahead
A lot of complexities are involved in the events sector. Today, it is necessary to not only simplify them but also to make them efficient and smooth to provide guests with a pleasant experience. When it comes to staging large-scale events, blockchain technology may offer event organizers the competitive advantage they need. Blockchain delivers critical data and control that can alter the business, from tickets to crowd management. Connect with our blockchain development experts for more information.
Mudit Kumar
06 Aug 2021
Best Hyperledger Projects for Enterprise Blockchain Solutions
Hyperledger app development offers a comprehensive set of blockchain frameworks, libraries, and tools for creating enterprise business process management solutions. Its permissioned design provides businesses with exactly what they require: complete control over access to their confidential information. However, the Linux Foundation's Hyperledger initiative takes center stage in the workplace.
Continue reading to learn about the most popular Hyperledger projects that are already up and running. Also, find out how businesses are using them to create solutions that improve and streamline business operations.
Also, Read | Why Choose Hyperledger for Your Business | Use Cases Inside
A list of the Most Crucial Hyperledger Projects
Hyperledger Burrow as a portal to Ethereum
Hyperledger Burrow serves as a link between typical Ethereum smart contracts, which are currently commonly used to build decentralized apps, and the advantages of permissioned architecture in corporate settings. It allows the network to be divided into subnets and many chains to be run at the same time. Businesses can build sophisticated systems with different roles and personalize access rights to their assets, specialist knowledge, and resources in this fashion. The network could be divided into subsidiaries or even commercial partners, with open data shared while confidential information of each party is preserved.
Burrow uses the Ethereum Virtual Machine to process transactions and execute smart contracts (EVM). The convenience of developing apps in a familiar EVM environment benefits more than just developers. Businesses benefit as well, as their blockchain systems become fully interoperable with the wide range of services provided by Ethereum decentralized apps.
Burrow's rapid transaction speed, provided by a proof-of-stake (PoS) consensus engine, is another strength. PoS eliminates the need for time-consuming mining and, as a result, lowers the expensive price of massive processing power. It is built on the Tendermint protocol, which is a byzantine, fault-tolerant system that relies on a group of trustworthy parties, or "validators," who vote to validate transactions and protect the network's integrity.
Finally, firms seeking simplicity, great performance, and scalability might consider the Hyperledger initiative. It can be used for a wide range of applications, from supply chain management to digital document management.
Also, Read | Benefits, Architecture, Tools and Use Cases of Hyperledger Projects
Fabric Hyperledger and its Great Flexibility
Hyperledger Fabric is a plug-and-play platform with a lot of flexibility. Perhaps this is why it is so popular among businesses, with prominent brands like IBM, Amazon, and Walmart using it to develop blockchains.
The platform's use of container technology to run all of its components, including its native smart contracts – dubbed "chaincode" – is what makes it so adaptable. Containers make it simple to select out the parts and build your blockchain, whereas chaincode allows you to combine individual smart contracts or manage rules for specific business operations. You can apply these groups or sets of rules to different jobs or situations once you've developed them.
Hyperledger Fabric allows you to create channels to implement various levels of privacy. Organizations ('peers') that have registered on the network can enter channels and conduct private transactions that do not need to be made public if privacy is desired.
Discounts, sales, and special offers are examples of situations where private channels are required. Business logic and permissions can be defined by assigning Chain Codes to channels.
Even better, the platform allows you to choose the consensus or even create your consensus implementation to find the greatest fit for the chain's relationships. Hyperledger Fabric is a prominent blockchain platform for any sort of organization due to its great versatility.
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Decentralized Identity with Hyperledger Indy
Hyperledger Indy is a set of pluggable components, frameworks, and tools for building blockchain-based digital identification solutions. Because the platform was created expressly for these types of projects, it has the potential to save businesses a lot of money and speed up deployment.
The Hyperledger project contains all of the tools needed to create a shield that protects identifiable data from malicious assaults and data breaches.
Through a private blockchain subnet, the platform provides distinct storage for digital identification. As a result, users on the public chain can manage permissions and grant access to their credentials or other personal information as needed. This technology enables companies and people to easily share private information.
Hyperledger Indy provides the foundation for creating decentralized identities that adhere to regulations, standards, and criteria in a variety of settings, including workflows, organizations, and multiple jurisdictions. It facilitates the construction of an ecosystem that binds actors from diverse industries together and allows them to securely communicate information without fear of fraud or theft.
Also, Read | Self-Sovereign Digital Identity with Hyperledger Indy
Hyperledger Iroha has a lot of Cool Features
Although advertised as a general-purpose blockchain, Hyperledger Iroha is notably well-suited for developing digital payment systems, inter-bank settlement solutions, and logistics platforms. The technology already has features like cash processing and communication between the blockchain and mobile backends pre-programmed.
The built-in commands in Iroha for producing, burning, and transferring digital currency, as well as maintaining numerous accounts, make it simple to implement financial payment solutions. They eliminate the requirement for smart contracts to be implemented in these apps, which speeds up development and lowers costs.
The platform's powerful permissioned design enables the user to manage access and set limitations for all network commands, searches, and operations. Hyperledger Iroha is proven to be a beautiful platform for enterprise blockchain development, thanks to its basic design that uses only the needed components and a modular approach.
Also, Read | Developing Enterprise Solutions with Hyperledger Technologies
Surprising Performance of Hyperledger Sawtooth
Hyperledger Sawtooth is a blockchain architecture that separates the network's basic functionality from the application logic. The API between these layers makes it simple to define and deploy new features without knowing anything about blockchain design.
The platform, like most Hyperledger projects, takes a modular approach with several plug-and-play consensus methods. The Sawtooth consensus model is based on its Proof of Elapsed Time (PoET) method, which is substantially more efficient than standard approaches. PoET uses a random number generator running in protected memory space designated by Intel's SGX CPU architecture to select the network node that completes block formation.
The PoET consensus speeds up network activities, but it's a clever scheduler that divides transactions into parallel flows that truly makes Hyperledger Sawtooth shine. This significantly improves performance while also guaranteeing that transactions are not duplicated.
The platform's connection with Hyperledger Burrow is another appealing feature. In essence, this opens a window to the Ethereum Virtual Machine and connects Sawtooth to a massive decentralized app ecosystem. The platform enables the development of private chains, making it ideal for businesses that need to keep secret data safe from prying eyes.
Also, Read | Solving Supply Chain Challenges with Hyperledger Sawtooth
Enterprise Transformation with Hyperledger projects and Oodles
Setting up and implementing these enterprise-grade solutions, on the other hand, demands the skills of an experienced Hyperledger development team at Oodles. We are excited to work with you on your next project and help you revolutionize your business with next-generation blockchain technology.
Mudit Kumar
05 Aug 2021
Understanding Blockchain Oracles for Smart Contracts Advancement
Do you know what blockchain oracles are? If you didn't know about them and wanted to learn more about them, you've come to the right site. Blockchain technology can transform the world. It does, however, necessitate an ecosystem in which it can smoothly interface with various services and solutions. Blockchain oracles allow the technology to extend the potential of smart contracts development. So, how does it accomplish this? Let's have a look.
Understanding Blockchain Oracles?
Third-party services are known as blockchain oracles offer smart contracts with external data. They act as a link between blockchains and the rest of the world.
Off-chain data is inaccessible to blockchains and smart contracts (data that is outside of the network). However, to carry out numerous commercial agreements, it is necessary to have important information from the outside world.
Here blockchain oracles come in, as they serve as a bridge between off-chain and on-chain data. Oracles are critical components of the blockchain ecosystem because they expand the range of smart contracts. Smart contracts would be useless without blockchain oracles because they would only access data from within their networks. A blockchain oracle is a layer that searches, validates, and authenticates external data sources before transmitting that information. Oracles send data in a variety of formats, like market prices, transaction confirmation, or the temperature detected by sensors.
A Smart contract needs activation by using network resources to access data from the outside world, a. Some oracles can not only relay information to smart contracts but also send it back to external sources.
Furthermore, the data transmitted by the blockchain oracle can be any valuable data. For example, a healthcare system could use oracles to request insurance-related data. On the other hand, the food industry can use oracles to transmit information about the food supply chain.
Also, Read | Understanding DeFI Flash Loans and How to Make them Secure
Various types of Oracles
Oracles as Software
They handle information data originating from online sources, such as temperature, commodity and goods prices, flight or train delays, and so on. The software oracle extracts the required data and inserts it into the smart contract.
Oracles as Hardware
Some Smart contracts require data directly from the physical world, such as a car passing through a barrier where movement sensors detect the vehicle and send the data to a smart contract.
Oracles - Inbound
Provide information from the outside world
Oracles - Outbound
Give smart contracts the ability to send data out into the world. An example can be a Smart lock that receives payment on its blockchain address and unlocks automatically.
Consensus-powered Oracles
Data sourcing happens from human consensus and prediction markets such as Augur and Gnosis. Using only one source of information could be dangerous and untrustworthy. Prediction markets use a rating system for oracles to avoid market manipulation. For added security, a combination of different Oracles can come in use, with three out of five oracles determining the outcome of an event, for example.
The issue with oracles is that people must rely on external sources of information, whether they come from a website or a sensor. Blockchain oracles are not subject to the underlying security mechanisms. It is because they are third-party services that are not part of the blockchain consensus mechanism. Man-in-the-middle attacks can occur by standing between contracts and oracles.
It is critical to ensure the robustness of this "second layer." Varied authentic computing strategies can address these challenges. However, because safe oracles constitute a barrier to smart contract security, this problem will require additional research.
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Use Cases for Blockchain Oracles
Market for Forecasting
Decentralized prediction markets such as Augur and Gnosis use crowd wisdom to forecast the future condition of the market. Multiple oracles or off-chain event settlements capture knowledge in these marketplaces.
Defi (Decentralized Finance)
The convergence of Smart contracts and money has heralded the era of Decentralized Finance (DeFi). These products require access to authentic data streams, which oracles may supply.
Insurance Services
We can use oracles to purchase insurance policies on the blockchain. Fraud is a common problem in insurance. Blockchain and the dependability of oracles are an ideal combination to resolve this problem.
Shipment Management
Oracles can provide reliable position mapping for dApps to track shipments by replacing conventional, centralized GPS systems.
Stability in Stablecoins
Dai stablecoin of MakerDao relies on a network of numerous oracles to continuously report the price of Ether to it. They continually inform the price to determine whether the network needs to combine or liquidate their collateral to ensure price stability.
Also, Read | The Increasing Importance of Stablecoin Development
Maintaining the Dependability of Oracles
We can ensure the dependability of oracles using the following techniques:
Numerous data sources
Several Oracles
Mechanisms for incentivization
Execution environment that can be relied on/also known as TEE
Numerous Data Sources
If your Oracle collects information from several data sources, the likelihood of acquiring incorrect information is low. The oracle, on the other hand, can operate as a point of failure.
Several Oracles
Another technique is to collect data from several oracles, which eliminates the single-point-of-failure problem. However, there is a risk that the bulk of these oracles may have compromised information sources.
Mechanisms for Incentivization
Oracles can borrow a page from the Casper protocol and include a stake-slashing mechanism to ensure that the actors involved getting incentives to perform truthfully. The key here is to integrate a type of tokenomics that forces Oracle network nodes to conduct honest work and behave decently. If they perform well, they get rewards. If they do not, they might receive punishment via a cutting mechanism.
Also, Read | Emerging Blockchain Use Cases and Solutions across Industries
Reliable Execution Environment/also known as TEE
TEEs enable a program to run in a secluded environment known as an enclave, which provides hardware safety. The enclave consists of:
Ensures the integrity of a system
Maintains the confidentiality of operations
It enables the application to access and write memory not included within the enclave.
In other words, it can demonstrate its honesty and work ethics without divulging specifics about what they are doing.
For more information, connect with our team of blockchain development experts.
Mudit Kumar
03 Aug 2021
The Emergence of Blockchain Applications in Manufacturing
When we talk about blockchain technology, we generally associate it with Bitcoin. It's true, but only when we discuss the emergence of blockchain technology. However, time has passed, and blockchain solutions development has progressed significantly. Innovation-driven businesses are exploring blockchain across industries like manufacturing, healthcare, real estate, and more.
Blockchain's Potential
Distributed ledger technology has found a new space in the manufacturing industry. Many organizations regard blockchain development as having the potential to improve numerous processes across the industry. They feel that blockchain can help them comply with current and future regulations. They also believe that blockchain can help them sell more products in new countries and avoid product recalls.
Also, Read | Blockchain App Development In the Manufacturing Industry
The Manufacturing Industry's Challenges
The manufacturing industry has been battling several constraints, including:
Outdated technology and industrial processes: According to studies, inefficient procurement processes cost the North American economy $1.55 billion per year.
Lack of traceability: As global trade has grown, businesses have become increasingly difficult to keep track of particular activities. As a result, shipments are frequently lost, delayed, or stolen.
Entering the supply chain with counterfeits: It's sometimes difficult to prevent entering the supply chain with counterfeits due to a lack of documentation, especially in the automotive, aerospace, and healthcare industries, where false items have more implications.
Lack of accessibility and visibility: There is a lack of insight into the procurement process, making it difficult for practically all buyers to select a suitable manufacturing supplier.
Lack of intellectual property protection: In the previous few months, several businesses in the manufacturing industry have experienced a breach in their intellectual property, making it a top issue.
Blockchain Applications in Manufacturing
The manufacturing industry, which accounts for 17% of global GDP, has long struggled with issues such as quality control, inefficiencies, and other issues. By providing visibility across all aspects of manufacturing, blockchain can completely change it. Here are some examples of how blockchain technology could be used in manufacturing.
Also, Read | Drive Your Automotive Business Ahead with Blockchain Solutions
Improved Traceability and Tracking
An IoT-powered system can follow the provenance of a manufacturing part from the point of manufacture to retail destinations, improving transparency and traceability for everyone involved in the value chain. IoT sensor data can be uploaded into the Blockchain, providing for a shared view and guaranteeing that commodities are handled correctly as they move through the supply chain. With the use of Blockchain, multiple processes like paperwork, obtaining certificates, timestamps, and quality checks can all be considerably improved.
Product Procurement Efficiency
Inefficient product procurement has been a key source of financial loss for manufacturers. Organizations are frequently exposed to risks and unwelcome charges as a result of their complicated supply chain. Companies can use Blockchain technologies to streamline and automate their supply chain and speed up the procurement process, including ordering items and the payment process.
Also, Read | Blockchain in Retail | Significant Applications and Use Cases
Better Payment Process
Because multiple parties are involved in validating and issuing payments, manufacturers frequently experience delays in payments as well as a lack of transparency in the payment process. Payments become delayed at numerous points in the supply chain. Blockchain's smart contract capability automates the payment process and ensures faster and more reliable payment to suppliers.
Improved Inventory management
The records may be accessible by anybody in the network since Blockchain allows you to connect with every stakeholder in the supply chain, including suppliers, distributors, and even retailers. This means that everyone has a copy of the information, reducing the amount of confusion in the supply chain. This makes inventory planning and management easier.
Also, Read | Blockchain for Document/Records Management across Industries
Improved data security and access
Using traditional means to communicate information such as invoices and contract data in any supply chain can be quite dangerous. This is where Blockchain comes in to assist secure the data using the most advanced cryptographic techniques. The dangers of information being hacked are eliminated because information blocks are nothing more than chronologically stored copies of documents that are linked to the prior block.
Automated supplier payments
The transfer of funds directly between the payer and payee in any part of the world, swiftly and securely, is made possible by blockchain. Even an hour of waiting time is no longer necessary- it's that simple! Smart contracts start the payment process as soon as the digitally secure transaction data is included in blockchain agreements and your network agrees to the terms and conditions.
Also, Read | Blockchain a Must for Supply Chain Development after COVID-19
Manufacturing Plants and blockchain
For scheduled maintenance, some industrial plants already integrate IoT and machine learning. When combined with blockchain technology, data on the lifespan of machine parts can be collected and kept in a blockchain network, and new parts can be purchased and paid for regularly by smart machines. When equipment breaks down and parts must be purchased manually, this lowers downtime, making predictive maintenance more efficient. Manufacturers can utilize the blockchain network to store their data and link their ERP systems to their suppliers' systems.
Management of Warrants
False claims, phony items, misunderstandings regarding coverages, and other issues plague businesses when it comes to warranty management. It is becoming increasingly important for manufacturers to prevent fraud, reduce costs, and provide a superior customer experience.
By bridging the information gap between manufacturers, warranty providers, and other supply chain participants and tightly securing the chain of custody, blockchain can strengthen the warranty lifecycle. Further, it can ensure that counterfeits do not enter the supply chain and that no fraudulent claims are filed.
Also, Read | Strengthening Automotive Operations with Blockchain Solutions
Conclusion
We just touched on a few blockchain applications in the manufacturing industry. The technology still has a long way to go before it is generally adopted, and there are other difficulties to overcome, including industry standardization and others. However, one thing is certain: blockchain can revolutionize the way manufacturers conduct business.
It has the potential to transform a slow, insecure, manual system into a digitized, safe, quick, and automated network that can be managed from a single platform.
Connect with our blockchain developers for more information about blockchain in the manufacturing industry.
Mudit Kumar
30 Jul 2021
Understanding DeFI Flash Loans and How to Make them Secure
One of the most effective applications of DeFi, or Decentralized Finance, is flash loans, powered by smart contracts development.
In layman's terms, it is a sort of loan facilitated by crypto instruments. It enables fast loans without a lender having to provide any security. In this blog, we go through the basics of DeFi flash loans, how they function, and some of the most common applications.
How DeFi Flash Loans Work
A user might make a quick profit by borrowing cryptocurrency from a lending platform and trading them on exchange platforms.
Using a cryptocurrency exchange platform, a user may buy a cryptocurrency and quickly sell it for a greater price on another exchange platform.
He buys low in one market and sells high in another, repaying the loan and keeping the profit. The act of flash loan occurs when this type of borrowing and repayment occurs in the same transaction.
The fact that the flash loan is uncollateralized is a significant feature.
Is there no requirement for collateral or security from the fund's owner?
No, it is not correct.
Fund security is taken care of by the technology on which flash loan runs are based. As a result, no further collateral is required. So, whoever is looking for a quick loan and whoever is lending concentrates on RUP (Receive Use and Pay).
Obtain a loan from a lender, utilize the loan for whatever purpose you like, and repay the debt.
All of this has to happen in a flash (very quickly) in the same transaction, and it has to follow a specific protocol. The protocol that runs Flash loans is controlled by a smart contract.
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Smart Contracts' Role in Flash Loans
To learn more about DeFi Flash loans, you must first understand the role of a smart contract. It is because DeFi's application is based on smart contracts.
A smart contract is a computer program that runs on a blockchain as a self-contained computer program.
It executes automatically when specific conditions are met.
On the blockchain, smart contracts work exactly as intended, with no chance of censorship, downtime, fraud, or third-party interference.
Smart contracts make it easier to swap money, property, or anything else of value quickly.
RUP (Receive, Use, and Pay) is what flash loans are all about, and they follow a set of guidelines. According to smart contract requirements, the process of receiving, using, and repaying must all take place in the same transaction.
Security procedures are activated if the transaction fails to complete demand by the system's predefined set-off time. The network will immediately reject the transaction as a security measure.
The funds are returned to the lender in this way. This is a clear example of why collateral isn't necessary for flash loans. As a result, we can conclude that the system is set up in such a way that lenders' funds are safe.
Also, Check | Smart Contracts Development for DeFi | A Guide for Investors
DeFi Flash Loan | Use Cases
Arbitrage Trading
Individuals can profit from pricing disparities across markets. Arbitrage is the term for this process. Individuals can employ a large quantity of liquidity to arbitrage among numerous decentralized exchanges with flash loans.
Suppose a DAI/USDC sells at a 1:1 ratio on Uniswap, but Curve Finance allows you to buy 1 USDC for 0.99 DAI.
A trader borrowing 10,000 DAI on Curve Finance will trade it for 10,101 USDC.
They'll then trade them for DAI on Uniswap at a 1:1 ratio, settling the 10,000 DAI loan and stashing the 101 DAI difference.
Arbitrage is a method of ensuring that prices do not deviate significantly from fair value over a lengthy period.
Related | Exploring Crypto Arbitrage Trading Bot and Development
Swaps of Collateral
DeFi customers can use collateral exchanges to get loans through a multi-collateral lending app. Let's say you borrowed Dai from Compound and pledged Ethereum as collateral. To balance Dai borrowed, you will exchange the Ether collateral for Dai collateral by taking a Dai flash loan.
Debt Refinance
Assume you borrowed money from Compound and were charged a 10% interest rate. Another procedure, on the other hand, gives a 5% interest rate on debt. In such cases, you can refinance your loan at 5% interest without having to put up any security if you follow these steps:
Take out a quick loan from the Aave procedure
Pay off your compound protocol debt
Borrow on the second protocol at a rate of 5%
Repay your quick loan
Attacks and Security Risks
Aside from these applications, flash loans are also utilized for wash trading and other forms of market manipulation in the past.
Attackers' most prevalent exploit involves manipulating centralized price oracles, which are singular points of reference that broadcast pricing data to the DeFi protocol.
These protocols are more susceptible to tampering than initiatives that use many nodes to convey pricing data (decentralized price oracles).
Also, Explore | Fintech Space Development with Decentralized Finance (DeFi) Apps
Preventing Price Feed Attacks with Chainlink's Decentralized Oracles
Chainlink Price Feeds are driven by a decentralized network of oracles that gather price data from several independent data providers, primarily professional data aggregators like CoinGecko, Amberdata, BraveNewCoin, and others, to give complete market coverage.
These data aggregators use well-tested and highly improved algorithms to follow all trading conditions while taking volume, liquidity, and timing variances among exchanges into account.
Because flash loans only exist within a single transaction and can only influence on-chain DEXs, they have no impact on Chainlink Price Feeds, which are updated asynchronously across many transactions.
Furthermore, by retrieving and aggregating data from both on-chain DEXs and traditional centralized exchanges, the issue of market manipulation on a single exchange is minimized.
Smart contract developers should not use manipulatable DEX price feeds and instead use Chainlink Price Feeds as their contract's source of market data to avoid price oracle attacks linked to flash loans.
This ensures that your DeFi protocol always receives an aggregated price point that reflects market-wide trading activity and is unaffected by flash loans, therefore eliminating a whole category of price oracle attack vectors.
You may also like to read | Understanding Blockchain Oracles for Smart Contracts Advancement
For more information on DeFI flash loan development with high-security mechanisms, connect with our team of DeFI and smart contract development.
Mudit Kumar
28 Jul 2021
Initial DEX Offering | IDO | The Future of Fundraising
Crypto fundraising has evolved to include initial coin offerings, initial exchange offerings, and traditional seed rounds. Recently, the initial DEX offering (IDO) has emerged as the new, preferred crowdfunding model for DeFi projects.
Basically, it enables startups to develop and launch a crypto token on decentralized exchanges and automated market makers (AMMs) for crowdfunding.
In addition, it provides them with a more transparent, secure, and efficient means of fundraising than previous methods of blockchain-powered crowdfunding. Also, you may want to read about decentralized exchange development.
What is an IDO (Initial Dex Offering)?
An IDO is a type of crowdfunding method using which an issuer distributes IDO coins through a decentralized liquidity platform.
A decentralized liquidity exchange is a sort of cryptocurrency asset exchange that uses liquidity pools to enable traders to trade newly listed tokens.
Liquidity pools consist of stablecoins and crypto-assets. USDT/ETH, for instance, is a liquidity pair.
Depending on market conditions, traders can switch pairs between different crypto assets and stablecoins.
As stablecoins have low volatility, they enable traders to securely control the high volatility of crypto tokens and assets by swapping them.
As a result, decentralized liquidity exchanges make it possible for businesses to issue a token and gain quick access to funds.
Decentralized liquidity exchange platforms like Uniswap, Bancor, or Binance facilitate the issuance of an IDO coin for an IDO.
The first-ever IDO was held at Binance DEX. A fundraising mechanism makes trading protocols available to traders, which are not in control of any central authority.
Anyone can organize an IDO with the help of an IDO development company like Oodles. The reason, IDOs are becoming more popular, is that more and more businesses are considering them for effortless fundraising.
Also, Read | The Increasing Importance of Initial Exchange Offering (IEO)
Benefits of Launching your own IDO (Initial DEX Offering)
Instant Liquidity
The liquidity of a token is indeed critical. It can be disastrous for a token's value if it cannot provide immediate liquidity.
A liquidity pool provides liquidity without slippage at all price levels.
To facilitate token swapping in the liquidity pool, the project first requires some value for the tokens to acquire liquidity.
Instant Trading
From the minute a project gets launched, investors begin trading its token.
Early token purchasers can sell their tokens at a higher price during the IDO. Essentially, when the first investor buys a token, the price begins to move.
Lower Costs
If a project's token uses a liquidity exchange, it only costs a few dollars of gas fee for deploying a new smart contract.
Further, smart contracts manage the assets token and liquidity pool.
Effective Means for Fair and Secure Fundraising
Unlike traditional fundraising approaches, an IDO launch enables the instantaneous token generation and liquidity.
Initially, private investors purchase a significant quantity of tokens at a discounted rate. Further, when the token goes on sale to the general public, its value rises.
Also, Read | Developing a Decentralized Crypto Exchange like Uniswap
IDO's Tech Stack
You can develop and deploy your IDO on several blockchain platforms to take advantage of the unique features of each platform.
Choosing the right platform can also increase the visibility of your IDO due to the platform's popularity and user base.
Ethereum
The nature of Ethereum, as well as a plethora of its smart contract features, can aid in standing out in the Ethereum community.
Polkadot
When you launch your IDO with the Polkadot ecosystem, you get multichain support and connection. It basically extends your IDO's reach.
Binance Smart Chain
The creation of IDO on the Binance smart chain is receiving a lot of support from the Binance market's investment community.
TRON
Tron's scalability and faster throughput aid in the development and deployment of an IDO.
Also, Read | Why Develop DeFi dApps and Protocols with Binance Smart Chain
How to Launch Your Initial Dex Offering (IDO)
Form a Strategy
Plan and enhance your token offering over a DEX by innovating your product with a strategic strategy that benefits users.
Draft your White Paper
To entice investors to back your enterprise, explain your concept to them.
Run your IDO
Launch your IDO coin to start raising money right away.
Increase the value of your token
Increase the value of your token by providing utility services to people who want to utilize it in the market.
Create Governance Tokens and Distribute them
To reward users who can contribute and improve your platform, issue governance tokens.
Begin Serving
Start providing your services with advanced features of blockchain technology to increase the value of your token.
Also, Read | Exploring BEP-20 Token Standard on Binance Smart Chain
Oodles' Approach to Launching your IDO
Create a Whitepaper
We offer detailed and comprehensive whitepaper services to aid the launch of your new project to the crypto market.
Create a Strategy and Roadmap
We adopt strategic time-based roadmaps to visualize your product's direction and assist in securing stakeholders.
Create a Marketing Plan
We devise well-thought-out marketing strategies that are methodically crafted to ensure your increased market presence.
Development of Coins
We provide secure, custom token development services. We are a trusted and established one-stop shop.
Integration of Blockchain Technology
We develop and integrate standard, secure IDOs with suitable blockchain platforms across a variety of industries.
Launch Support
To guarantee a successful product launch, we give specialized support with the help of our skilled IDO development experts.
Also, Read | A Guide to Whitepaper Development for Cryptocurrency Projects
Is an IDO Model Relevant?
The fundamental motivation behind the creation of the initial dex offering (IDO) model is to address the shortcomings of previous models like ICO, STO, and IEO.
Because IDO is launched on a decentralized exchange platform, organizing a fundraising event does not require authorization. It happens on its own.
The advantages of IDO are spectacular. However, there are certain drawbacks to this paradigm. The most prevalent of which is immediate price fluctuation.
Similar to any other strategy, the initial dex offering has its own set of benefits and drawbacks. IDO can be the next crucial model in crypto fundraising, although it is still in the early development stages.
Initial Dex Offerings have a bright future ahead of them.
Particularly, it is because blockchain researchers seek to add control mechanisms into the existing IDO architecture. It aids in the elimination of price fluctuations in tokens as well as the implementation of KYC standards.
Also, Read | Secure and Efficient Crypto Exchange Development like Binance
Conclusion
IDO indeed is still in its infancy, similar to the technology that governs these token auctions.
For sure, it will take time for the IDO ecosystem to tackle these difficulties and strike a balance between enabling decentralization and maintaining security.
However, in the future, the IDO may become the most popular blockchain-based fundraising method.
So, to take advantage of this new kind of financing and construct your IDO, contact a crypto development company.
We possess expertise in the development and launch of initial DEX offerings. We begin by comprehending your needs and offering you the finest solutions for your business.
Category:
Blockchain
Mudit Kumar
27 Jul 2021
Developing a Decentralized Crypto Exchange like Uniswap
Since the introduction of decentralized services into the crypto sphere, several DeFi applications and protocols have been developed, allowing users to access financial services without relying on third parties. Uniswap is one such platform that aims to decentralize token exchange. Developing a decentralized Exchange, or DEX platform, such as Uniswap, provides a viable alternative to centralized exchanges by allowing users to swap tokens and participate in liquidity pools in which they gain interests.
At Oodles, we are pioneers in the field of decentralized finance and cryptocurrency exchange solutions. Our services are sure to expand your Uniswap-type protocol to new heights, as we've created, built, and launched protocols and dApps in areas like DeFi token development, Deri Smart Contract Development, and DeFi blockchain architecture development.
Increased Dominance Of Decentralized Crypto Exchanges
The bulk of cryptocurrency exchanges were centralized just a few years ago. However, there were other risks associated with transferring crypto assets on such platforms, including hacking vulnerabilities, security breaches, and misuse of information, cash, and private keys.
All financial transactions and operations became decentralized as a result of the emergence of blockchain technology and smart contracts, as central bodies overseeing such actions became outdated. Instead, on the Ethereum blockchain, peer-to-peer marketplaces were built, allowing individuals complete control over their funds and assets.
DEXs, or decentralized exchanges, were able to provide liquidity for quick trading by using smart contracts developed on the Ethereum Blockchain network. A DEX platform called Uniswap was created to address the liquidity problem that was prevalent in controlled exchanges.
Also, Read | Fintech Space Development with Decentralized Finance (DeFi) Apps
Uniswap - Decentralized Exchange Protocol - How It Works
Uniswap is one of the most widely used DeFi exchanges on the Ethereum network. Traders mostly use the site to exchange ERC-20 tokens. The exchange of tokens is done decentralized, with no need for any intermediaries. Token prices are determined through token pools, which is also known as Automated Liquidity Protocol.
So, without order books, how do exchanges take place? This is where AMMs (Automated Market Makers) come in. These are just smart contracts or liquidity pools that contain reserves that traders can trade, hence resolving the issue of exchange liquidity. Anyone can benefit from lending their crypto assets to these DeFi liquidity pools, and these assets can also be withdrawn when needed.
There are two types of smart contracts used in a Decentralized Exchange (DEX) like Uniswapl. The factory contract and the exchange contract are two different types of contracts.
The Uniswap Exchange features its native token, UNI, which is distributed to members of the Uniswap community, investors, developers, and advisers. The possessor of a Uniswap token will have DeFi voting rights. Changes to the protocol can be voted on by these people. The UNI token is held by four liquidity mining pools: ETH/USDT, ETH/USDC, ETH/DAI, and ETH/WBTC.
Also, Read | Binance Smart Chain (BSC) for Smart Contracts Development
Understanding the Main Objective Of The Uniswap Like Platform - Token Swap
Users will require an Ethereum address and a MetaMask wallet to trade or rather exchange tokens on Uniswap, which is an open-source platform. Swapping between ERC-20 and ETH tokens, ETH to ERC-20, and ERC-20 to ERC-20 is possible. Users select the token they want to trade, then enter the amount they want to trade, and the protocol calculates the output token they will receive. Following the swap, the interface will display a pop-up with the minimum value received, price impact, and liquidity provider cost. A minor listing/platform fee will be paid to exchange users.
The Importance of Liquidity Pools Decentralized Crypto Frameworks like Uniswap
The DeFi Uniswap liquidity pools are open to everyone with crypto assets, but there is one stipulation. If a liquidity pool provider deposits two ERC-20 tokens, they must keep an equivalent amount in their wallet. For an ETH and ERC-20 pair, the same rationale applies. Providers will receive rewards and liquidity tokens for contributing to the liquidity pool. It's understandable because higher liquidity means speedier transactions and fewer slippages. A simple formula has been created to better explain how liquidity pools work and how tokens gain their price or worth - x*y=k.
Also, Read | Decentralized Crypto Exchange Platform Development
User Benefits And Advantages Of A Decentralized Exchange (DEX) Platform Like Uniswap
The Uniswap-like exchange offers a slew of services to its users in addition to providing a decentralized platform for token switching. The following is a list of some of them. Because their assets will be supported by the Ethereum wallet, users will have complete ownership and custody over their funds. The DEX platform, similar to Uniswap, supports a wide range of new and popular coins in the crypto ecosystem. For both traders and liquidity providers, KYC and ID verification are no longer required. Flash Swap is a fascinating feature that can be used to avoid long stages in transactions. Gas fees are extremely cheap - dealers will just have to pay 0.3 percent to begin switching.
Any Ethereum-based token can now be traded on the platform without the need for listing feeds, according to recent revisions. They simply need to be linked with ERC-20 tokens of the same type.
Also, Read | Compact Insights into Decentralized P2P Exchange Development
Business Benefits Of Decentralized Exchange Platform Development like Uniswap
There is a bevy of benefits for your business when investing in a Decentralized exchange (DEX) platform like Uniswap in the present crypto market climate, which will demand growth and an increase in user engagement.
Several trading activities and services, like yield farming, staking, trading, liquidity pools, and so on, can help your firm generate big returns. The need for manual power has increased dramatically since the Uniswap-like protocol operates on the Ethereum network. Because DEX platforms such as Uniswap control over 90% of the worldwide exchange market, this will result in an increase in trading volume and users. Since Decentralized Exchange (DEX) platforms like Uniswap are popular in the DeFi exchange industry, your company can enhance user engagement and visibility in the crypto world. In this attractive climate, investing in and developing your own Uniswap Exchange platform will prove advantageous. The risks and costs required to build an exchange platform like Uniswap are quite minimal.
Also, Read | Yield Farming | Fuelling the Decentralized Finance (DeFI) Space
At Oodles, a DeFi exchange like Uniswap can be built on the Binance Smart Chain, an up-and-coming network that supports high-performance Dapps, to expand your user base. Binance—a decentralized blockchain ecosystem that is currently one of the most secure—can also be used to construct a DEX platform like Uniswap.
Connect with our team of decentralized crypto exchange platform developers for more information.
Mudit Kumar
25 Jul 2021
Artificial Intelligence and Blockchain | A Potent Combo
The combination of artificial intelligence and blockchain app development is proving a potential game-changer. Undeniably, AI and blockchain are benefiting nearly every industry in which they are finding use cases. From food supply chain and logistics to healthcare record sharing, media royalties, and financial security, blockchain and artificial intelligence are teaming to improve everything.
The combination of AI and blockchain has several implications, including security. They can provide a second layer of protection against cyber-attacks.
AI can successfully mine a large dataset to come up with novel scenarios and patterns depending on data behavior. In addition, blockchain technology can aid in the effective removal of flaws and fake data sets.
AI-created classifiers and patterns can become verifiable and authentic via a decentralized blockchain architecture. Any consumer-facing business, such as retail transactions, can benefit from this. Data collection from clients via blockchain infrastructure can come into use to construct marketing automation using artificial intelligence.
Also, Explore | Exploring Decentralized Artificial Intelligence (DAI)
How Artificial Intelligence (AI) and Blockchain Complement Each Other
The combination of AI with blockchain may produce the world's most dependable technology-enabled decision-making system. Such a system will be nearly tamper-proof and give solid insights and conclusions. It has several advantages, including:
Smarter finance
Transparent governance
Intelligent retail
Intelligent predictive analysis
Improved business data models
Globalized verification systems
Innovative audits and compliance systems
Intellectual Property Rights in the Digital Age
Also, Read | Blockchain and Artificial Intelligence: Business Applications and Challenges
Artificial Intelligence and Blockchain-Enabled Technological Advancements
Strengthened Security
By using AI, Blockchain technology becomes safer, enabling more secure application deployments in the future. One example is AI algorithms that are increasingly deciding whether financial transactions are fraudulent and require prevention.
Increased Efficiency
Artificial intelligence can assist in optimizing calculations to reduce miner load, resulting in lower network latency and speedier transactions. AI can reduce Blockchain technology's carbon footprint. If AI machines take over the task that miners undertake, it can decrease the cost of mining as well as the amount of energy. As blockchain data expands by the minute, AI data pruning algorithms can find applications in blockchain data, which enables automatically pruning of unnecessary data. AI can even bring new decentralized learning systems, such as federated learning or new data-sharing mechanisms, which will greatly improve the system's efficiency.
Increased Trust
One of blockchain's unique selling points is its iron cast records. When used in conjunction with AI, users gain access to detailed records that allow them to track a system's thought process. As a result, the bots can become more trusting of one another. It can enhance machine-to-machine contact and allow them to share data and make large-scale judgments.
Also, Read | Using Artificial Intelligence to Build Cryptocurrency Exchange App
Improved Management
Human experts become stronger at cracking codes over time as they practice. If given the necessary teaching expertise, a machine learning-powered mining method can almost eliminate the need for this human experience. Consequently, AI can provide support in the effective management of networks operating on the blockchain.
New Markets and Enhanced Privacy
Making private data secure always leads to its sale, culminating in data/model markets. Markets get access to simple, secure data sharing, which aids smaller companies in gaining a competitive advantage. Further, "Homomorphic encryption" techniques can enhance the privacy of blockchain. Homomorphic algorithms are those that allow operations to be performed directly on encrypted data.
Improved Scalability
Blockchains are perfect for storing extremely sensitive personal data, which can offer value and convenience when intelligently handled with AI. An excellent example is smart healthcare systems that make a correct diagnosis based on medical scans and records.
Also, Read | Blockchain And Artificial Intelligence: Enabling Decentralized AI
Artificial Intelligence and Blockchain-based Applications
Increased Confidence in Robotic Decisions
Machine learning has recently had a lot of success in developing systems that are autonomous and capable of making their own decisions. However, individuals are still hesitant to accept these systems owing to a lack of understanding of what happens in the hidden layers.
It's unsettling to think that our data is managed by a computer with intellect on par with a human brain. Furthermore, public pronouncements by people like Elon Musk regarding AI decisions being "concerning" generates even more suspicion and dread of AI. By revealing exactly what data comes into use in each decision, blockchain can assist to alleviate worry. We are more likely to trust decisions when we can see how they happen.
To address this, we may decentralize AI using blockchain to boost machine learning models. It allows people to execute machine learning models on commonplace devices and apps.
Also, Read | Blockchain, AI, and IoT for Advanced Business Solutions
Prevention of Scandals related to Data and Privacy
One of the driving motivations behind AI, as previously said, was the availability of enormous datasets for research purposes. However, there are two issues with data. First and foremost, obtaining the data is a major concern. You'll need a lot of data to train your model to make accurate decisions. Simply said, you must work with Google, Apple, or Facebook.
Second, there is the issue of privacy. Given Facebook's recent usage of public data, people may be cautious to share their information. Now is the time for blockchain to come in and provide openness about which data is accessible when, and for what purpose. Blockchain has the potential to democratize data ownership by enabling individuals to choose with whom and how they share their data.
Also, Read | Breaking The Myths And Interpreting The True Power Of Blockchain
Improved Privacy and Customization
Citizens in many nations are legitimately concerned about the integrity of democracy as a result of recent fraudulent elections in the United States.
It has come after considerable concerns about politicians using personal data for political objectives, as was the case with the Cambridge Analytica affair. If you're concerned about the privacy of your data, blockchain is ideal for you because it gives you back control.
As a solution, we can develop a blockchain-based social networking platform that uses an AI machine learning algorithm. With such a platform, a user retains control over their data, while the AI learns to predict user behavior and deliver personalized content.
Also, Read | Creating a Nexus of Blockchain, AI, and IoT for Business
Conclusion
The concept of merging blockchain and artificial intelligence has been around for quite some time. The combination of the two technologies creates several difficulties that are difficult to overcome. To begin with, the pace with which AI analyses data is just not fast enough to keep up with most Blockchains. Second, considering the advent of Cryptojacking, security with IoT devices is a huge problem. Although these obstacles are difficult to overcome, they are not insurmountable.
Successful integration can result in the development of a transparent model that automates transactions at scale while maintaining anonymity. It will allow new financial service companies to develop and offer products that are faster, more dependable, less expensive, and have fewer middlemen.
Mudit Kumar
23 Jul 2021
The Disruptive Influence of Blockchain on International Trade
The disruptive influence of blockchain app development in operating global supply chains, managing trade finance, and unleashing new business models are being recognized by major international trade organizations throughout the world.
Challenges
From the perspective of shipping and transportation, the trade and financing business is hampered by a lack of trust and coordination between exporters and importers, particularly in emerging and developed countries.
Due to the complicated nature of operational processes in the international trading of products and commodities, the industry also has several operational inefficiencies. Shipping and commerce, for example, still rely primarily on human resources and are hampered by manual and paper-based operations that are expensive, slow, and prone to errors.
Exporters and importers struggle to fund or guarantee their transactions, stifling growth and limiting globalization's benefits. This industry has historically been resistant to technological and digital advancements.
In Action With Blockchain
Many start-ups and technology businesses have sought to produce products with varying degrees of success during the last 10-15 years— until the introduction of blockchain technology, which has been identified as the main use case for international trade.
Many firms and consortiums have been spurred to update their old technology due to the potential influence of blockchain technology on international trade finance. Blockchain enables the tokenization of existing documents, letters of credit, and other documents, in addition to ushering in the era of digitization.
Through the automation of agreements, business events, and other manually intensive activities, smart contracts will improve coordination between exporters and importers. The global adoption of blockchain technology will boost cross-border coordination, trade settlement, and standardization even more.
Also, Read | Blockchain in Supply Chain | Use Cases, Advantages, and Features
Advantages | Blockchain for Internation Trade
Review in real-time
Financial documents linked to Blockchain are evaluated and approved in real-time, reducing the time it takes to start a shipment.
Transparent factoring
Blockchain invoices enable a real-time and transparent view of subsequent short-term financing.
Disintermediation
Banks using Blockchain to facilitate trade finance do not need a trusted middleman to accept risk, removing the requirement for correspondent banks.
Counterparty risk is reduced
Blockchain is used to track bills of lading, which eliminates the possibility of double-spending.
Decentralized contract execution
As contract provisions are fulfilled, the status of the contract is updated in real-time on the Blockchain, minimizing the time and manpower required to track the delivery of goods.
Proof of ownership
The Blockchain-based title gives transparency into the whereabouts and ownership of commodities.
Reduced transaction fees and automated settlement
Smart Contract contract provisions eliminate the requirement for correspondent banks and associated transaction fees.
Transparency in regulation
Regulators get real-time access to important papers to help with enforcement and anti-money laundering efforts.
Also, Read | Blockchain Development in Singapore: An Emerging Trend In Technology Landscape
Reduced Trade Costs
Blockchain can drastically cut trade expenses, including verification, networking, processing, coordination, transportation, and logistics, as well as financial intermediation and exchange rate costs, thanks to enhanced transparency and automated processes and payments.
Although it is impossible to predict how blockchain technology could affect trade costs, the World Trade Organization (WTO) stated preliminary indicators point to a significant impact.
Closer to a Paperless System
Trade-in products involve several actors and are still paper-intensive, from trade finance to customs clearance, transportation, and logistics. As a result, many people consider blockchain as a promising instrument for improving the efficiency of trade procedures and facilitating the transition to paperless commerce. Take, for example, Australia and Singapore.
Last year, the Australian Border Force (ABF), the country's customs and border protection agency, announced its intention to use blockchain technology to facilitate cross-border trade with Singapore, to make it easier for businesses to digitally exchange trade documentation, according to an ABF announcement.
Also, Read | Introducing Blockchain in Trade Finance for Significant Transformations
International Commerce and Supply Chain Efficiency
Blockchain preserves transactions in a permanent and near-inalterable manner as a decentralized, "trustworthy" ledger. It also relies on peer-to-peer networks that are uncontrollable by any single party.
As a result, blockchain technology offers immediate, all-encompassing transparency, and because transactions uploaded to the blockchain are time-stamped and cannot be easily tampered with, blockchain technology allows products and transactions to be easily traced.
According to the WTO, the areas with the most potential for blockchain application right now are banking (particularly trade finance), customs and certification processes, transportation and logistics, insurance, distribution, intellectual property (IP), and government procurement.
Settlements Following a Trade
Current trading processes are widely seen as inefficient because they include too many intermediaries (security trade brokers, custodians, and payment agents), are prone to settlement hazards, and have unpredictable and lengthy settlement cycles.
Blockchain technology can radically simplify the post-trade chain, ensuring and supporting the consolidation of securities registers while also allowing for faster execution, lower transaction costs, and real-time settlement at T+0.
Also, Read | Use Case: Simplifying Financial Post-Trade Processing with Blockchain
Automated Workflow and Customs Duty and Charge payments
On a blockchain, smart contracts can be created to accomplish x when y happens, automating what are often still laborious operations involving costly intermediaries. Smart contracts might be used to automate customs fees, tariffs, and tax payments in a single window.
When customs officials have finished pre-arrival formalities for the importer's consignment, smart contracts could trigger advance payment from the importer. Importers' shoe-leather expenses of making payments and submitting paper-based proofs of payment would be reduced by automating payments, as would customs' payment reconciliation costs. It might also reduce legal conflicts and litigation expenses, as well as boost supply chain trust and confidence.
Impact on Trade Finance
Trade finance, being an extension of international trade, is subjected to the same time-consuming operating procedures. The majority of financial institution denials of trade finance requests presented by SMEs in emerging economies are due to regulatory issues, a lack of trust, and low profitability.
Many of these concerns are addressed by blockchain, which authenticates documents, streamlines operational processes, and facilitates cooperation among different parties. Furthermore, blockchain facilitates access to alternative investors via marketplaces, thereby expanding the pool of cash available to smaller firms.
Also, Read | Blockchain Smart Contracts for Driving Business Innovation
Conclusion
The widespread adoption of Blockchain in international trade will aid in the reduction of friction in the global economy. It is projected to benefit importers and exporters in particular, as it will provide them with financial assistance in regions where the present financial arrangements are inadequate.
By removing duplicate techniques and successfully lowering the expenses associated with foreign transactions and processes, blockchain international trade firms expand their international trading potential. While implementing blockchain solutions, there is still some nitty-gritty to be taken care of, such as correct regulation requirements for this revolutionary technology.
Mudit Kumar
22 Jul 2021
Intellectual Property Rights Management with Blockchain
You're probably aware of how easy it is for your content to be stolen online if you write, design, or create any media that is protected by Intellectual Property (IP) legislation. As if chasing down criminals wasn't difficult enough, defending your legal rights as the owner of the content requires proving your ownership.While copyright and intellectual property rights management law protects your work, there hasn't been a centralized procedure for proving ownership until now. However, thanks to blockchain solutions development, this is changing. The system that allows bitcoins to function is known as the blockchain. But, more crucially, it provides creative people with more effective means to defend their intellectual property rights than ever before.Also, Check | Can Blockchain Solve Creators' Copyright Challenges?Blockchain Applications in Intellectual Property (IP)Blockchain has the potential to make a big impact in the realm of intellectual property due to its accountability, security, transparency, and immutability. However, because Blockchain is still in its early stages of development, we may see many more advanced Blockchain uses for intellectual property shortly. In the current condition of the intellectual property sector, there are five potential use cases for Blockchain-based Intellectual Property Management. Also, Read |Blockchain for Smart Intellectual Property Rights ManagementSmart Contracts in IP Based on BlockchainA smart contract is a Blockchain-based computer program that runs automatically if a predetermined condition in a transaction is met. In the field of intellectual property, transactions such as buying a patent entail several stages, including checking the patent's assignment, and validity, drafting the sale agreement, executing and paying the transaction, and ultimately notifying the relevant patent offices of the transaction. Smart contracts can make all of these procedures easier. Given the requirement for a digitalized and secure transaction system that develops trustworthy connections among persons without compromising security, Smart contracts can be broadly implemented in the IPR domain with the ever-increasing innovation in Blockchain technology. Smart Contract solutions appear to be incredibly useful in terms of automatically initiating legal and enforceable contracts, especially for materials like songs, images, and so on, as the IP world opens up to the benefits of new-age technology.Determining creatorship/Proof-of-Ownership on the blockchainBlockchain technology can be used to verify the authenticity of IP work ownership on a secure network. A person who wants to receive a patent for an invention can go to the patent office and file a patent application to protect his intellectual property. However, in the case of copyright, the creator bears the burden of demonstrating ownership of creative content due to the lack of formal proof. Exercising copyright has become even more difficult in the age of the internet when anybody can freely download and utilize creative content such as recorded music, a photograph, or a painting. Fortunately, Blockchain is one such technology that may be able to meet the system's requirements by offering both security and proof of ownership for intellectual property. Many businesses have already begun to offer blockchain-based timestamping and validation systems for securing digital assets. Also, Read |Emerging Blockchain Use Cases in Media and EntertainmentBlockchain for enabling IP marketplacesDistributed Ledger Technology (DLT) is one sort of DLT (DLT). Multiple separate computers (nodes) are used in Distributed Ledger Technology to record, share, and synchronize transactions in their electronic ledgers. Blockchain might be utilized as a platform for inventors to list their inventions/digital works in the form of ledgers with brief descriptions, thereby operating as an IP marketplace. In addition, inventors/patent holders who want to locate possible licensees for their ideas' relevant know-how might leverage Blockchain. In terms of how information is shared, Blockchain's Ledger technology has revolutionized the industry. This new approach of sharing information, while maintaining transparency, security, and timeliness, will have far-reaching implications across all domains. IPR is one of those domains where information sharing with essential rules must be maintained, and given the blockchain ledger technology, we may see a potential application in IPR-related data information sharing. Also, Read |Blockchain for Document/Records Management across IndustriesDeveloping a unified global patent/IP systemWith its decentralized ledger technology, blockchain could also help to harmonize the patent system across countries. This might substantially increase the efficiency of IP management, accelerate the innovation process in businesses, and facilitate information sharing among them via the ledger. Many laws and patent offices are gradually coming to terms with blockchain as "admissible evidence." Blockchain technology has the potential to become a global system for securing digital assets due to its immutability, security, and transparency.Legislations and governments globally are identifying the potential of blockchain to incorporate it as a type of proof of evidence. Going forward, most governments may recognize blockchain as an underlying technology, which may potentially unify the entire intellectual property system.Keeping track of the versions of digital assetsWith time, IPs like Patents, research and publications, copyrights, and other digital assets require a variety of versions. It warrants the development of technology that enables the unified storage of multiple versions of digital assets across their lifecycle. Blockchain technology can be utilized in systems where users can use its ledger technology to link all versions of their digital assets and potentially use it for asset end-to-end lifecycle management. Defensive publications are a means to prevent someone from patenting an invention by publicly disclosing it and therefore producing prior art for the invention. Each file is given a unique fingerprint, duplications are deleted, the platform enables versioning, each network node may choose which content it hosts, and the database is indexed and searchable, Blockchain could serve as a defensive publication platform. Also, Read |Smart Contracts on Blockchain | Real Examples and Platforms This is just the tip of the iceberg, but it gives you an idea of how big the platform may be, given how generic it is. As a result, the scope and possibilities of IP rights implementation are vast, and when done on a blockchain ledger, it is referred to as "smart IP rights."Thus, a government entity can continue to operate its virtual IP offices and issue blockchain patents, offering complete traceability of an idea or a brand. As a result, the full lifecycle could be traced and time wasted determining the point of origination might be avoided. Connect with our blockchain development experts to know more about blockchain app development for intellectual property rights management systems.
Category:
Blockchain
Mudit Kumar
14 Jul 2021
A Quick Guide to Advanced Cryptocurrency Wallet Development
In this article, we discuss advanced cryptocurrency wallet development, types, benefits, and notable features.
Understanding Cryptocurrency wallet
A user cannot use a cryptocurrency without using specialized software called crypto wallets. Basically, Blockchain technology powers them and aids in the execution of transaction processes. Surprisingly, cryptocurrency wallets have crossed over 70 million customers at the end of March 2021, according to Statista.
Also, Read | Crucial Insights into Crypto Wallet Development in 2021
Implementation Areas for the Cryptocurrency Wallet Application
In-store Payments
Instead of paying with a plastic card, you can use the wallet application on your smartphone or tablet to make purchases. Further, when purchasing anything, you can choose a cryptocurrency at checkout to complete your transaction. Then, the payment mechanism completes the transaction by converting the money into cryptocurrency.
Wage Payments
Many people wish to get their paychecks in cryptocurrency. Undeniably, it is a more convenient manner for them to get wages than a traditional bank transfer. Thus, creating a wallet address for the employer to pay the monthly cryptocurrency payment is one approach to accept a salary without any issues.
Transfers across Countries
Users can make international transfers with a crypto wallet. Indeed, it makes it simple to send money overseas in minutes and without incurring any additional expenses. Cryptocurrency is also a convenient way to move money internationally without any intermediary like a bank. There are no constraints on the amount you can send, either in terms of the minimum or maximum.
Also, Read | Cryptocurrency Wallet Development | A Guide for Investors
Which is the Best Way to Develop a Crypto Wallet?
It's now time to move on to the most crucial aspects of a crypto wallet development. The first thing you need to know is that you have two options. You may use ready-made templates and a set of tools to create an application and customize it to your needs. Or, you can start from scratch and create a wallet that perfectly fits your demands.
Developing a Custom Cryptocurrency Wallet Application
On the market, there are a few open-source standard libraries. They can serve as the foundation for your future app. The standard library includes all of the necessary features and performs financial transactions.
Custom Cryptocurrency Wallet Application Development | Stages
Constructing
You can download an API from an appropriate website.
Make something new
To make a new wallet, go to the menu and click the corresponding button.
Placement
Set up permissions for outgoing and incoming transactions and give your wallet a name.
Incorporation
Select third-party programs, for example, checking the balance or creating an address. And integrate them with your wallet.
Also, Read | Crypto Wallet App Development | How to Ensure Efficiency and Security
Creating Crypto Wallet Apps from the Ground Up
The other option is to start fresh with your project. The crypto wallet code is open source and freely available. As a result, locating all of the standards to develop an independent application that meets personal preferences business requirements is not difficult. Because it takes more time, effort, and understanding, this type of development is challenging and costly. Undoubtedly, a custom application, on the other hand, is beneficial because it meets all requirements.
Development Stages
Exploration
The analysis, project plan, process, and wireframes approval are all part of this stage. It aids in the definition of corporate objectives, the analysis and preparation of a development strategy, and the identification of optimal technology.
Construct a Prototype
In this step, a physical prototype is created based on the data gathered from the customer. It's a scaled-down version of the required system.
Create a design
It during the design phase, developers generate the actual conceptualization of the solution. It is precisely a software architecture that fulfills the project's specific criteria.
Expansion
During the software development process, the development phase entails writing code and translating design documentation into the software.
Quality Control
A QA team runs several tests to guarantee that the code is clean and satisfies the solution's business goals including, functionality testing, system integration, interoperability testing, and user acceptability testing.
Also, Read | Cryptocurrency Wallet Development | Securing Your Crypto Assets
Crucial Characteristics of Cryptocurrency Wallet Development
Authorization
Adding Google two-factor authentication to your app as soon as you finish the first adaptation stage is one approach to ensure it is tamper-proof right away. Companies can add an extra degree of protection to their apps. They can use 2-Step Verification, which is often not available in non-cryptographic applications.
Rate of Conversion
A cryptocurrency wallet requires real-time updates of currency value. It enables users to perform money transactions across several modes – between the same digital currency, among different digital currencies, and between digital and fiat currencies.
Importance of a Paper Wallet
Some mobile wallet apps can also use a QR code to scan a paper wallet and then add the keys to the app wallet to complete the transaction. After that, a user can use the scanned data to transfer and receive money.
Security
The security feature that comes with a wallet app is a common but equally significant function. It is essential to give your consumers the ability to alter their PIN, password, or any other personal information they choose to modify in the app powered.
Also, Read | Crucial Considerations for Developing a Cryptocurrency Wallet Application
Recommended Technologies for Crypto Wallet Development
If you're creating a web wallet app, you must develop the frontend with AngularJS 10.0 and higher, as well as HTML5 and CSS3. Create the back end with Node JS, and set up the server with AWS.d
We strongly advise our clients to create cross-platform solutions. It isn't surprising; using this method allows businesses to save time, money, and effort. As a result, you'll require React Native to build a frontend and an API service, with Node JS serving as the backend.
Furthermore, we should provide a set of functions for signing and verifying data with Ethereum keys. Typescript is ideal for the job.
If you don't want to construct an app from scratch, you can use one of the many public libraries available on the internet to accomplish it.
These libraries will implement your application's standard functionality and synchronize it with the blockchain. Chain-Java and BitcoinJ are two excellent instances of public libraries.
Also, Read | Custodial vs Non-Custodial Crypto Wallets: Getting Into Details
How much does it Cost to Develop a Cryptocurrency Wallet?
The cost of producing a blockchain app depends on a project's complexity and the features you wish to include.
If you're searching for a firm to develop an app for whatever reason, please reach out to crypto wallet development experts at Oodles to learn more about our experience. Our team has a lot of expertise in developing mobile and cross-platform apps.
Mudit Kumar
13 Jul 2021
Reviewing Blockchain Implementation in the Energy Sector
Effective deployment of innovative and pioneering technology has managed fundamental obstacles in the energy business. The resulting industry environment is technologically advanced and well-organized. But it still has a complex and expensive transactional ecology, which could be fruitful ground for blockchain solutions development. Enterprises can integrate blockchain and the energy sector to create the fundamental transactional infrastructure.
Digital technology and omnipresent data boost visibility, transparency, coordination, and information sharing across business boundaries. It enables wiser, more informed decisions and considerably enhanced operational efficiency. The energy sector must solve the fundamental security and trust challenges to take advantage of these digital advancements.
Here, blockchain technology emerges as a suitable solution to address these challenges.
What is a Blockchain and How Does it Work
A blockchain is a strong peer-to-peer network system. It uses advanced computer science techniques to effectively enable trustworthy interactions between participants, even if they do not trust each other.
Essentially, it's a shared digital ledger that many users can read and manage. Even unknown or anonymous can become its network participants. Yet the blockchain remains incredibly dependable, secure, and immutable, meaning that no one can modify its entries after their submission.
Experts anticipate the blockchain to transform the basics of transacting and open the door to a near-infinite number of applications. It could be similar to the influence of other modern payment systems.
Suggested Read | Re-energizing the Energy Sector with Blockchain | Use Cases Inside
Why Blockchain is the Need of the Hour in the Energy Sector
Energy firms may use blockchain to execute and record transactions and information with unprecedented dependability. They can also achieve optimal transparency when sharing information.
It means they can manage what information is shared and with whom. They can do it not only reliably but also anonymously if desired.
A Plethora of Challenges
Traditionally, the energy business uses different ways to obtain a degree of confidence to grasp the value of a trust mechanism like blockchain. Relationships are the oldest and possibly most crucial trust mechanism. Nonetheless, they require time and work to build and are not 100 percent reliable.
Another option is legal contracts that take a lot of time and effort to create and administer. In addition, they can cost a lot of money and are never completely foolproof. So in practice, the strength of the underlying connection determines the adherence.
Lastly, energy firms can involve a third-party intermediary (such as a bank, broker, exchange, credit rating agency, or regulatory institution) to offer an impartial and dependable framework for transactions and other trust-based interactions.
Hiring intermediaries is highly expensive. They charge a commission that is a modest proportion of each transaction but adds up to a huge amount in total. Further, the trustworthiness and reliability of each intermediary and its supporting procedures constrain the level of confidence supplied.
Check It Out | Blockchain Smart Contracts for Driving Business Innovation
Benefits of Blockchain in the Energy Industry
Due to the following factors, blockchain has the potential to unleash significant value throughout the energy and resources industry:
The transparency of blockchain allows for improved visibility, collaboration, and operational efficiency.
Elimination of high-cost market frictions and intermediaries
Improved back-office operations, such as faster settlement cycles
Improved data harmonization and streamlined regulatory reporting
Across the sector, deploy new business models of monetization and efficiency with blockchain technology development.
Blockchain Applications in the Energy Sector
The integration of blockchain and the energy sector can benefit businesses in the following ways:
More Buyers and Smaller Capital
Direct investment in large-scale renewable energy projects normally happens by sophisticated investors globally. Only those with an annual income of at least AUD250,000 or net assets of at least AUD2.5 million can invest in this type of asset in Australia, for example.
On the blockchain, fractionalizing assets makes them accessible to everyday retail investors, not only high-net-worth individuals.
Also, Visit | An Investor's Guide to Blockchain App Development for Business
Efficiencies in Issuance and Administration
Blockchain can make fractionalized ownership of large-scale renewable energy assets more cost-effective. By leveraging blockchains as assets and income registers, companies can minimize the cost of bringing these financial products to market. These networks can also reduce the cost of the upkeep of the legal and accounting frameworks for the assets.
The blockchain can increase efficiency in a variety of ways. For example, blockchain-enabled know-your-customer (KYC) solutions can lower the cost of verifying each investor.
Each user only needs one-time identity validation. It drives advancements in identification technology.
Subsequently, it provides the potential to reduce compliance and fraud prevention overhead costs. It protects personal information and guarantees that only genuine, confirmed investors have access.
Financing for Energy Assets
As per the International Renewable Energy Agency (IRENA), 'renewables need scaling up to six times faster for the globe to fulfill the Paris Agreement goals.'
We need investment if the world accelerates its renewable energy growth. Blockchain technology offers a way to tap into previously untapped resources in this field.
Explore More | Blockchain Technology Integration for Business Intelligence
Issuance Efficiency
Tracking tokenized carbon credits on the blockchain prevents retired credit selling. Also, it ensures that no two parties possess one credit simultaneously. Thus, it reduces the risk of fraud and error.
In the USA, California Air Resources Board (CARB) manages a clean fuel program, Low Carbon Fuel Standard (LCFS), to reward credits. Companies refilling electric vehicles in California can claim credits, which they can sell afterward. It is an example of blockchain in action.
Silicon Valley Power uses blockchain to simplify the process of LCFS credit distribution and to lower intermediary costs. Blockchain technology monitors solar energy from solar panels to electric car charging points to automatically confirm LCFS credits.
Also, Check | Steps to Develop a Blockchain Application for Your Business
Cross-retailer Trade is a Legitimate Market
Families with solar panels can now sell their excess energy at a set price to an energy retailer. Subsequently, the retailer can sell it to other households.
It is only possible if both customers use the same energy provider. Also, paying the household that sells the energy can take months.
Using the blockchain, on the other hand, can enable a quick, cross-retailer peer-to-peer trading and settlement system. It can do by linking the financial and physical transactions, regardless of the energy provider.
Using a blockchain reduces the possibility of a single person holding the primary repository of sensitive data. Currently, it is the case with traditional database technology.
Blockchains eliminate the need for a central authority to settle transactions. When it comes to regulators, they get access to immutable and authenticated market records. Blockchain technology in the energy sector can simplify disputes and complaints while lowering the number of instances of "under and over."
For more information on blockchain's implementation into the energy sector, take a consultation call with our blockchain development experts.
Mudit Kumar
09 Jul 2021
Blockchain Smart Contracts for Driving Business Innovation
Blockchain-based smart contracts development is one of the most widely discussed and debated topics in the blockchain sector. As procedures become more digitized, it's becoming more important to figure out how to build secure, digital business agreements. Smart contracts are an excellent alternative to traditional contracts, which are frequently confusing, slow, and costly.
Smart contracts are becoming more popular due to their ease of usage. Thanks to the contributions of blockchain consortia such as Hyperledger, smart contracts are now available to optimize a variety of financial and commercial operations. This blog examines some of the current opportunities and obstacles that smart contract adoption faces.
What are Smart Contracts?
A smart contract is a self-executing, self-enforcing protocol governed by its explicit terms and conditions. It stores and carries out contractual clauses via blockchain.
To engage in a blockchain-based smart contract, the parties must first discuss and agree on the contract terms before memorializing (in part or entirely) the smart contract code recorded on the blockchain.
Smart contracts enable dependable transactions execution without the involvement of third parties. It is a decentralized technique, which means that no intermediaries are necessary for deal confirmation.
When parties meet preset terms and conditions, smart contracts automatically execute based on the predefined rules.
Also, Read | Smart Contracts Development for DeFi | A Guide for Investors
Parts of a Smart Contracts
Signatories, subject, and particular terms are all crucial components of smart contracts. First, there are the signatories that are two or more parties who use the smart contract. They give their ultimate approval of the proposed terms via a digital signature. Second, the subject of the agreement remains limited solely to the smart contract's surroundings.
Third, the smart contract's precise terms. They must be stated in mathematical detail and implemented in a programming language compatible with a smart contract's blockchain.
Also, Read | Binance Smart Chain (BSC) for Smart Contracts Development
Blockchain and Smart Contracts
The decentralized network known as blockchain is at the heart of these contracts. Smart contracts make use of blockchain technology to verify, validate, capture, and enforce conditions that have been agreed upon by many parties.
Smart contracts on the blockchain enable anonymous parties to conduct transactions and agreements without the need for a central institution, external enforcement, or legal system. They make transactions transparent, irrevocable, and traceable.
Because all data remains on the blockchain in an immutable and secure manner, it proves ideal for contracts. The information recorded in the blocks of a smart contract is encrypted and exists on a ledger, which means that it can never be lost, amended, or destroyed.
Also, Read | A Compact Smart Contract Development Guide for Non-Experts
The Advantages of Smart Contracts
Increased productivity and efficiency
Blockchain smart contracts can increase the efficiency and speed of business deals completion. As smart contracts are automated, there is no need to waste time on paperwork or rectifying errors written in the documentation. They can complete them in minutes, for a fraction of the cost, and without the use of lawyers, from wherever the parties involved are.
Transparency and accuracy
There is no way to dispute the codified terms after the blockchain smart contract implementation. It is because they are on blockchain accessible publicly and available to all relevant parties. It allows for complete transactional transparency and potentially eliminates the risk of manipulation, bias, or inaccuracy. As a result, it reduces monitoring costs are as well as the risk of opportunistic behavior.
Also, Read | Driving Business Performance with Blockchain Smart Contracts
Trust
Smart contracts on blockchain may give parties a sense of security. They carry out transactions automatically following predefined laws, and the encrypted documentation of these transactions is always available to participants. The contract's content, as well as the contract's conditions, are precise and transparent. Nobody can breach such a contract. Again, it is due to everyone's specific validation and the immutability of the job.
Security
Smart contracts are more secure because of the documentation and validation of all actions on blockchain. The transaction and their rules on the blockchain remain encrypted. As a result, they're difficult to break. Also, additional security measures can take place into a smart contract to make backups and duplicates automatically in the event of damage, data loss, or hacking.
Also, Read | Reviving Your MLM Business with Blockchain Powered Smart Contracts
Use cases of smart contracts
Management of the supply chain
Supply chain management is one area where smart contracts could be beneficial. They can help smoothen the movement of commodities and restore trust in trade by making supply chains more transparent.
As goods move through the supply chain, they can record ownership rights, establishing who is liable for the product at any particular time. Until it reaches the consumer, anyone in the value chain can check a finished product at each stage of the delivery process.
Also, Read | Blockchain in Supply Chain | Use Cases, Advantages, and Features
Insurance
Smart contracts applications can revolutionize the insurance industry.
This industry currently lacks computerized administration. The processing and payment of an insurance claim can take months.
By automatically triggering a claim when certain conditions occur, they can simplify and streamline the process.
Specific facts can be available on blockchain to establish the exact amount of compensation.
Also, Read | Healthcare Insurance Solutions with Blockchain Smart Contracts
Loans for mortgages
Smart contracts may also make the mortgage process simple and efficient. A mortgage agreement's conditions require a review of the mortgagee's income, expenses, credit score, and other factors for the documentation. The requirement to conduct these checks, frequently through third parties, lengthens and complicates the process for both the lender and the mortgage. Parties might deal directly with one other if by removing intermediaries with smart contracts.
Also, Read | Use Case: Simplifying Loan Application Process with Hyperledger
Financial Services
As money and related papers are becoming computerized, smart contracts on the blockchain find prominent use cases in the banking industry. Payment processing, clearing/settlement of financial instruments, trade finance, and regulatory technologies such as expedited 'know your customer' certification are examples of applications of emerging tech in the financial services sector.
Platforms for smart contracts
Ethereum
The well-known worldwide blockchain platform Ethereum was the first to bring smart contracts to a larger crypto community. Ethereum is still the most advanced platform for smart contract development and processing. This open-source platform has one of the largest developer communities in the industry, allowing it to stay up with the industry's ever-changing environment.
Stellar
Unlike many other cryptocurrencies, developers have developed Stellar for developers. That means it can deal with incredibly complicated smart contracts. Stellar is essentially a smart contract platform that provides a clean, easy-to-use solution for developers looking to create smart contracts that are more efficient.
Mudit Kumar
08 Jul 2021
Real Estate Tokenization and Blockchain | An In-depth Guide
The intersection of real estate and blockchain solutions development has given rise to an innovative concept known as real estate tokenization. This transformative approach leverages the power of blockchain to fractionalize real estate assets, enabling broader market participation, improved liquidity, and increased transparency. In this comprehensive guide, we delve into the fundamentals of real estate tokenization, explore its benefits and challenges, and examine how blockchain technology is reshaping the future of the real estate market.Introduction to Real Estate TokenizationReal estate tokenization refers to the process of converting the value of real estate assets into digital tokens that are recorded on a blockchain. These tokens represent fractional ownership in a property or a pool of properties, allowing investors to purchase, trade, or hold a stake in real estate assets without the need to buy an entire property. By breaking down the barriers to entry, tokenization democratizes access to real estate investments and opens up opportunities for a broader range of investors.Traditional real estate investments are often associated with high entry costs, limited liquidity, and a lack of transparency. Tokenization, on the other hand, offers a modern alternative by leveraging distributed ledger technology to provide an immutable, transparent, and secure record of ownership. This approach not only simplifies transactions but also enhances efficiency by reducing reliance on intermediaries such as brokers and banks.Also, Read | Web3 in Real Estate Development | Scope and Future OutlookThe Role of Blockchain in Real Estate TokenizationBlockchain technology serves as the backbone of real estate tokenization by providing a secure, transparent, and decentralized platform for recording transactions. Its inherent characteristics—immutability, transparency, and decentralization—make it ideally suited for managing complex asset transactions.Key Blockchain Features Beneficial for Real EstateDecentralization: Eliminates the need for central authorities, ensuring that no single entity has control over the entire system.Immutability: Once recorded, transactions cannot be altered, ensuring a reliable and tamper-proof history of ownership.Transparency: All participants can view the transaction history, which builds trust and facilitates due diligence.Smart Contracts: Automated agreements that execute predefined actions when certain conditions are met, reducing the need for intermediaries and speeding up transactions.Blockchain's ability to record transactions securely and transparently makes it an ideal solution for tokenizing real estate. Each token represents a fractional share of an asset, and smart contracts can automate processes such as dividend distribution, voting on property management decisions, and transferring ownership.Benefits of Real Estate TokenizationThe adoption of blockchain in real estate tokenization offers numerous benefits to both investors and property owners. These advantages are not only transformative for the industry but also pave the way for innovative business models and investment opportunities.Enhanced LiquidityOne of the primary advantages of tokenization is enhanced liquidity. Traditional real estate investments often require significant capital and are not easily divisible, making it difficult for investors to enter or exit positions. Tokenization breaks down properties into smaller, tradable units, enabling investors to buy or sell fractional shares quickly and efficiently.Increased AccessibilityReal estate tokenization lowers the barriers to entry by allowing a broader range of investors, including retail investors, to participate in property investments. By enabling fractional ownership, investors can diversify their portfolios with smaller investments, making real estate more accessible to individuals who previously could not afford direct ownership.Transparency and SecurityBlockchain's transparent and immutable ledger provides a clear record of all transactions, which enhances trust among participants. Investors can verify property details, ownership history, and transaction records without relying solely on third-party intermediaries. This transparency helps mitigate risks related to fraud and mismanagement.Cost EfficiencyBy reducing reliance on intermediaries such as brokers, lawyers, and banks, tokenization can significantly lower transaction costs. Additionally, smart contracts automate many administrative processes, further reducing operational expenses and speeding up the settlement process.Diversification and Global ReachTokenization allows investors to diversify their portfolios across different geographic regions and property types. Digital tokens can be traded globally, opening up access to international real estate markets that were previously difficult to penetrate due to regulatory and logistical challenges.Also, Check | Tokenization in Real Estate | Funds and Asset ManagementThe Tokenization Process: From Property to Digital AssetTokenizing a real estate asset involves a series of steps that bridge the traditional real estate market with the digital world of blockchain. The process is designed to ensure that every token accurately represents a fraction of the underlying asset.Step 1: Asset Valuation and Due DiligenceBefore tokenization, a thorough valuation of the property is conducted to determine its market value. This involves appraisals, legal due diligence, and financial assessments. The transparency provided by blockchain allows all stakeholders to verify the asset's value and ensure that the token issuance is based on sound financial data.Step 2: Legal Structuring and ComplianceRegulatory compliance is critical when tokenizing real estate assets. Legal experts work to structure the token offering in a way that complies with securities regulations, property laws, and other applicable regulations. This may involve creating a special purpose vehicle (SPV) or other legal entities that hold the property and issue tokens representing ownership shares.Step 3: Smart Contract DevelopmentSmart contracts are developed to automate the token issuance process, manage transactions, and enforce compliance rules. These contracts are coded to handle various functions such as transferring tokens, distributing dividends, and maintaining the ownership ledger. Rigorous testing and audits are essential to ensure the reliability and security of these smart contracts.Step 4: Token Issuance and DistributionOnce the legal and technical frameworks are in place, tokens are issued on the chosen blockchain platform. These tokens are then distributed to investors through an initial offering or secondary market platforms. The fractional nature of tokens allows for a wide range of investment sizes, catering to both institutional and retail investors.Step 5: Ongoing Management and Secondary TradingAfter issuance, the management of the tokenized asset continues through smart contracts and digital platforms. Investors can trade tokens on secondary markets, providing liquidity and the ability to exit investments more easily. Ongoing property management, dividend distributions, and governance decisions are also handled digitally, ensuring efficiency and transparency.Also, Discover | ERC 3643 A Protocol for Real World Asset TokenizationChallenges and Considerations in Real Estate TokenizationWhile real estate tokenization presents exciting opportunities, it also comes with its share of challenges and complexities. Understanding these issues is essential for successful implementation.Regulatory and Legal ChallengesThe regulatory landscape for tokenized assets is still evolving. Different jurisdictions have varying laws regarding securities, property rights, and digital assets. Ensuring compliance with these regulations can be complex and may require significant legal expertise. Additionally, the classification of tokens—whether as securities, commodities, or something else—remains a point of contention in many markets.Market Adoption and LiquidityAlthough tokenization aims to enhance liquidity, the actual liquidity of tokenized real estate markets depends on market adoption. Widespread investor participation, robust secondary markets, and clear regulatory frameworks are necessary to realize the full potential of liquidity improvements.Technology and Security RisksAs with any blockchain-based application, real estate tokenization must address technological and security risks. Smart contract vulnerabilities, hacking attempts, and system failures can pose significant risks. Continuous audits, robust security protocols, and insurance solutions are essential to protect investor interests and maintain trust in the platform.Valuation and Transparency IssuesWhile blockchain enhances transparency, ensuring accurate and timely valuation of real estate assets remains a challenge. Property values can fluctuate due to market conditions, and integrating real-time data with blockchain systems requires sophisticated oracles and reliable data feeds. Maintaining accurate records and ensuring that token prices reflect true market conditions is an ongoing challenge.Market Trends and Future OutlookThe market for real estate tokenization is still in its early stages, but it is growing rapidly. Several pilot projects and startups have already demonstrated the potential of this technology, attracting interest from institutional investors and traditional real estate companies alike.As technology advances and regulatory frameworks become clearer, the adoption of real estate tokenization is expected to accelerate. Future trends may include:Increased Institutional Participation: As risk management and regulatory compliance improve, more institutional investors are likely to enter the market.Hybrid Investment Models: Combining traditional real estate investments with digital tokenization can create diversified portfolios that benefit from both tangible asset value and blockchain efficiencies.Global Market Integration: Tokenization has the potential to bridge gaps between international markets, enabling investors to participate in real estate opportunities worldwide.Enhanced Secondary Markets: The development of robust secondary markets for tokenized assets will further improve liquidity and enable dynamic pricing mechanisms.Innovative Financial Products: New financial instruments such as real estate-backed stablecoins or derivative products may emerge, leveraging tokenized assets to create novel investment opportunities.Also, Explore | Solana for Real Estate Asset TokenizationCase Studies and Real-World ApplicationsSeveral projects around the globe have begun to explore real estate tokenization, showcasing its potential to transform the industry. Notable examples include:Fractional Ownership Platforms:Some startups have successfully launched platforms that allow investors to purchase fractional shares in residential and commercial properties, thereby lowering the entry barrier to real estate investment.Commercial Real Estate Projects:Tokenization is being applied to large-scale commercial properties, enabling property owners to raise capital by selling digital shares while retaining control over asset management.International Real Estate Investments:Cross-border investment platforms are leveraging tokenization to facilitate international real estate transactions, reducing the complexities of currency exchange and legal jurisdiction challenges.These case studies illustrate that while the market is still emerging, the potential for real estate tokenization to reshape traditional investment models is immense.Technical Considerations for Implementing TokenizationImplementing a real estate tokenization platform requires a deep understanding of both blockchain technology and traditional real estate operations. Key technical considerations include:Blockchain SelectionSelecting the right blockchain platform is critical. Factors to consider include scalability, transaction speed, security, and interoperability. Platforms such as Ethereum, with its robust smart contract capabilities, have traditionally been popular choices. However, emerging blockchains like Solana or Polygon offer high throughput and lower transaction costs, which may be advantageous for tokenized real estate applications.Smart Contract DevelopmentSmart contracts serve as the automated backbone of tokenization platforms. They must be meticulously coded to handle token issuance, transfers, dividend distributions, and governance mechanisms. Given the immutable nature of blockchain, these contracts require extensive testing and audits to ensure they are free from vulnerabilities.Integration with Traditional SystemsSuccessful tokenization projects often require integration with legacy systems such as property management software, legal registries, and financial institutions. Developing robust APIs and middleware solutions ensures seamless data exchange between blockchain and traditional systems, enhancing the overall efficiency and reliability of the platform.User Experience and InterfaceThe platform's interface should be user-friendly, providing clear and intuitive access to investment data, token balances, and transaction histories. A well-designed front-end not only improves user adoption but also builds trust by making complex blockchain interactions accessible to non-technical investors.You may also like | DeFi in Real Estate | Exploring New Horizons and PotentialsRegulatory and Legal FrameworkOne of the most significant challenges facing real estate tokenization is navigating the regulatory landscape. As governments and financial authorities around the world grapple with how to classify and regulate digital assets, tokenization platforms must ensure full compliance with local and international laws.Key regulatory considerations include:Securities Laws: Depending on jurisdiction, tokens may be classified as securities. Platforms must adhere to securities regulations, including investor protection measures and disclosure requirements.Property Laws: The tokenization process must align with existing property rights and real estate laws. This may involve legal restructuring, such as forming special purpose vehicles (SPVs) to hold the property.Anti-Money Laundering (AML) and Know Your Customer (KYC): Robust AML and KYC procedures are essential to prevent illicit activities and ensure that all investors meet regulatory standards.Data Protection: Handling investor data securely is critical, particularly in regions with strict data protection laws such as GDPR.Close collaboration with legal experts and regulatory bodies is essential to create a compliant and sustainable tokenization platform.Future Directions and InnovationAs the real estate tokenization market matures, continuous innovation will be key to addressing current challenges and unlocking new opportunities. Future directions may include:Integration with DeFi: Merging real estate tokenization with decentralized finance (DeFi) could enable new financial products, such as real estate-backed loans or yield-generating investment strategies.Enhanced Interoperability: Cross-chain solutions and interoperability protocols will allow tokenized assets to move seamlessly between different blockchain networks, enhancing liquidity and market reach.Advanced Data Analytics: Leveraging big data and artificial intelligence to provide real-time property valuations and market insights can improve transparency and decision-making for investors.Improved Governance Models: Developing decentralized governance structures that allow token holders to participate in property management and strategic decisions can further democratize the real estate market.These innovations are expected to drive further adoption of real estate tokenization, transforming traditional investment models and paving the way for a more inclusive, efficient, and transparent real estate market.You might also be interested in | Top 4 PropTech Transforming Real EstateConclusionReal estate tokenization powered by blockchain technology represents a paradigm shift in the way property assets are managed and traded. By converting real estate into digital tokens, this approach offers enhanced liquidity, increased accessibility, and improved transparency, all while reducing costs and streamlining transactions. Despite challenges such as regulatory uncertainties, market adoption, and technological risks, the benefits of tokenization are prompting significant interest from both traditional investors and innovative startups.For enterprises and investors alike, the promise of fractional ownership and global market integration presents exciting new opportunities. As regulatory frameworks evolve and technology advances, real estate tokenization is set to become a mainstream method for capitalizing on one of the world's most enduring asset classes.By understanding the technical, legal, and market dynamics discussed in this guide, stakeholders can make informed decisions about adopting tokenization strategies that align with their long-term objectives. The future of real estate is digital, and blockchain is at the forefront of this transformation, offering a secure, transparent, and efficient pathway to unlock the full potential of property investments.Frequently Asked Questions (FAQ)Q1: What is real estate tokenization?A: Real estate tokenization is the process of converting real estate assets into digital tokens on a blockchain. Each token represents a fractional share of a property, allowing investors to buy, sell, or trade these tokens, thereby democratizing access to real estate investments.Q2: How does blockchain technology benefit real estate tokenization?A: Blockchain provides a decentralized, transparent, and immutable ledger for recording transactions. This ensures secure ownership records, reduces fraud, and facilitates the automation of processes through smart contracts, making real estate tokenization more efficient and reliable.Q3: What are the primary benefits of tokenizing real estate?A: Tokenization offers enhanced liquidity, increased accessibility for investors, cost efficiency, improved transparency, and the ability to diversify investments by purchasing fractional ownership in high-value properties.Q4: What legal challenges are associated with real estate tokenization?A: Legal challenges include compliance with securities laws, property regulations, AML/KYC requirements, and data protection standards. Navigating these issues often requires collaboration with legal experts and may involve the formation of special purpose entities to hold tokenized assets.Q5: Can tokenized real estate be traded on secondary markets?A: Yes, once a property is tokenized, the digital tokens can be traded on secondary markets. This liquidity is one of the key benefits of tokenization, as it allows investors to exit their positions more easily compared to traditional real estate transactions.Q6: What blockchain platforms are commonly used for real estate tokenization?A: Platforms like Ethereum are popular due to their robust smart contract capabilities and established ecosystem. However, newer platforms such as Solana and Polygon are also gaining traction because of their high throughput and lower transaction fees.Q7: What is the future outlook for real estate tokenization?A: As regulatory clarity improves and technology advances, real estate tokenization is expected to become a mainstream method for property investment. Future innovations may include integration with DeFi, enhanced interoperability between blockchain networks, and more advanced governance models that empower token holders.Final ThoughtsReal estate tokenization is poised to revolutionize the property market by unlocking liquidity, reducing entry barriers, and fostering transparency through blockchain technology. Although there are challenges to overcome, the potential benefits for investors, developers, and property owners are substantial. By embracing this innovative approach, stakeholders can tap into new opportunities and drive the evolution of traditional real estate into a more dynamic, accessible, and technology-driven market.This guide has provided an in-depth look at the process, benefits, challenges, and future directions of real estate tokenization. As the industry continues to evolve, staying informed and adapting to emerging trends will be key to harnessing the full potential of this transformative technology. If you are planning to venture into real-estate tokenization, connect with our blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
06 Jul 2021
A Quick Guide to NFT (Non-Fungible Token) Development
Non-fungible tokens (NFT) development have exploded onto the global stage due to the potential to transform entire industries. Thus, we are here to help you get on board with Smart Contract solutions development for NFT.
What's the Big Deal about Non-Fungible Tokens?
NFTs (Non-fungible tokens) contain the power to revolutionize the way we create and share tangible and intangible assets. Essentially, NFT rewards anyone who tokenizes signature assets with access to the prestigious and lucrative DeFi market.
Scarcity makes them Valuable
Each NFT has its own set of specs. Thus, it makes it rare and unchangeable. Further, it includes detailed and secure information, as well as digital evidence of origin.
Indestructible and Easily Transferable
Particular protocol specifications (Smart Contracts) drive non-fungible tokens, unlike currencies. And thus, it prevents their distribution in different pieces unless we fractionalize them. A user can sell, purchase, and transfer NFTs on markets using secure peer-to-peer (P2P) transactions.
Safe and Irreversible
Non-fungible tokens are not vulnerable to counterfeits due to a decentralized tamper-proof record system based on blockchain technology. Further, Smart Contracts lay the foundation of NFTs. It enables the tracking of each transaction.
Verifiable and Private
Purchasers of decentralized NFTs cannot update past ownership data afterward. In addition, the verification procedure does not require third-party authentication because all of the historical details are accessible on the blockchain.
Also, Read | NFT (Non-Fungible Tokens) | Taking the Crypto Space by Storm
Oodles Provides NFT Development Services
It's difficult to challenge us with any of the technical issues that our clients present to us. We construct multi-purpose non-fungible tokens. We also create entire ecosystems to promote, maintain, and enhance their value.
Development of NFT
Whatever type of collectibles you want to develop for digital representation, we've got you covered. So, we can start from scratch or take up from where you left off. Indeed, we can develop your non-fungible tokens as per your needs. Further, we are always available to assist you with their listing and ongoing technical support.
The growth of the NFT market
We can assist you in developing a fully functional platform in which you may generate endless revenue from your non-fungible tokens. Undoubtedly, having a stable and secure NFT marketplace provides significant competitive benefits in the digital funding space. Similarly, we can create one that is simple to use for both early adopters and pros.
Development of an NFT wallet
We can provide a blockchain-enabled wallet that allows users to access and exchange non-fungible tokens through a secure decentralized network for people who require a secure platform for storing non-fungible tokens. No single operation is vulnerable because each transfer is safe with a hardware-level security mechanism.
Development of an NFT financing platform
NFTs aid in the evolution of the loan market's digital and financial structures. Our team can build a fully functional lending infrastructure that will allow NFT holders to borrow and lend money using their tokens as collateral using smart contracts. Then, you'll be able to deal with NFT liquidity issues efficiently due to our rigorous lending protocols.
Also, Read | NFT Marketplace Development | Emerging Business Opportunities
Application areas for NFT across Industries
Emerge into new markets, capitalize on broad investment opportunities, and make intricate enterprise procedures easier with non-fungible tokens. Similarly, tokenize any asset, take advantage of DeFi developments at scale, and launch a revolution in your business.
NFTs in the field of digital arts
Non-fungible tokens, like digital signatures, provide proof of ownership and authenticity of any art production, from fine arts to music and beyond.
Streamlined auctioning functionality
Provenance and value traceability throughout the lifecycle
Support for shared ownership and digital identity
Capabilities for increased monetization
NFTs for gaming
Game development firms can contact Oodles for NFT engineering to reach a bigger audience and consequently access revenue streams with distinctive high-demanded rewards.
Implementation of tradable in-game assets
Exclusive gameplay is available.
Support for proving ownership
Monetization is a characteristic of AR/VR
Real estate NFTs
You can create NFTs to represent people's identities and property rights. Or you can help clients tokenize their virtual lands and interiors and sell them on the market. Moreover, tokenization as a service can also integrate into existing business processes.
Exclusion of intermediaries
Escrow services
Enablement of load capacities
Fractionalization of real estate assets
NFTs in Sports
Physical artifacts and remarkable performances abound in sports, and we can convert both into high-value digital bits. You can use tokens to represent your most entertaining and dramatic moments, as well as items that are in high demand.
Tokenization and listing of video clips
Tokenization of players or teams
Implementation of digital bids
NFTs in the media and entertainment industries
You may let copyright owners safely display an asset on the internet, whether it's a roaring journalist success or a VIP show ticket, while also presenting potential purchasers with a detailed history of the item.
No brokers needed
Secure peer-to-peer payments
Privacy and authorship rights protection
Also, Read | Emerging NFT (Non-Fungible Tokens) Use Cases Beyond the Hype
Emerging Non-Fungible Tokens' Technological Foundations
The NFT development domain is buzzing with nonstop news about intriguing application potential. Indeed, it helps open up untapped instruments by integrating them with solid, fully-fledged engineering stacks.
Ethereum Blockchain
The ERC-721 protocol allows for the creation of non-exchangeable tokens.
ERC-1155 is a protocol that enables the creation of new semi-fungible tokens.
Users can swap their unique domain addresses for tokens via the Ethereum Naming system.
Our clients choose Ethereum tokens because of their dependability, widespread use, and high liquidity.
The Solidity Development Kit is critical for token customization.
Flow blockchain
Flow is suitable for creating non-fungible token contracts since it is both secure and fast.
Next-generation apps, games, and global digital ecosystems support NFTs.
Cadence programming tools open up digital exposure to an infinite number of alternative asset classes, resulting in yet another non-fungible token engineering environment.
Cadence is a securitization platform. It enables digital securitization of various mortgages, loans, and debt commitments.
Binance
Transaction costs are minimal, ranging from a few cents to a few dollars.
Binance is a high-performance platform that can generate a block every 3-5 seconds.
Tokens can freely interact with Ethereum DApps thanks to full EVM compatibility.
Binance Launchpad gives innovative NFT initiatives a lot of exposure by exposing them to Binance's existing user base.
Binance NFTs benefit from the company's cross-chain protocols, which increase liquidity and interoperability.
Also, Read | Building An Advanced NFT (Non-Fungible Tokens) Marketplace
Mudit Kumar
02 Jul 2021
Crypto Exchange Platform | Strengthening Security Measures
According to the ICO Rating study, just 46% of crypto exchange platforms satisfy the required security standards. On the other hand, the remaining 54 percent, which had inadequate security measures, exposed hundreds of investors and dealers. There are 100 exchanges in the same category, and they all have a 24-hour volume of above $1 million.
This article will take you through the different security concerns that must be taken during cryptocurrency exchange development. We'll also look at the recommended practices to follow to guarantee that your crypto exchange is as secure as possible.
Security Concerns | Crypto Exchange Platform
Phishing vulnerability
Even with the finest technical precautions, protecting crypto exchanges from phishing attempts is tough. As a result, make sure your crypto exchange is phishing-proof.
Employee login credentials are not well protected
Employees at cryptocurrency exchanges frequently use weak passwords or keep their credentials in insecure ways. As a result, thieves have easy access to login information. This is why hackers frequently try to get access to employees' personal computers first.
This raises the issue of corporate data security and workers' capacity to take private and sensitive information home with them. As a result, businesses must guarantee that workers' credentials for software programs installed not just on company computers but also on their laptops are kept safe and secure.
Also, Read | The Rise of Crypto Derivatives Exchange Development
Protections for hot wallets aren't present
To safeguard hot wallets, several crypto exchanges utilize single private keys. If an unauthorized individual has access to the key, they will be able to access the hot wallet that the key refers to. Using multi-signature private keys, cryptocurrency trading platforms may easily avoid such assaults.
Adaptability in transactions
According to proponents of Blockchain technology, these transactions are extremely safe since they are stored on an unchangeable record. However, it should be emphasized that each transaction includes a signature that can be altered before the transaction is closed.
Now that we have a better understanding of the different security issues that may occur in any crypto exchange, let's have a look at some key pointers to guarantee that your crypto exchange is secure!
Also, Read | Building Blocks to Develop a Robust Cryptocurrency Exchange
How to Ensure the Security of your Crypto Exchange Platform
Create a safe environment
It's critical to give your database, server-side, and client-side technologies the attention they deserve. SQL injections are already common, and they continue to rumble across the internet and blockchain worlds. Malicious Java snippets provide a similar threat. Third-party programs are the only way to keep all of this in check.
An impostor posing as a customer injecting harmful malware into your crypto exchange's environment is the last thing you want. To avoid this, utilize fewer third parties so that fewer third parties can input data that could jeopardize the crypto exchange website's security.
In all honesty, eliminating DDoS assaults, XSS attacks, and SQL injections is nearly difficult, but you can still build your exchange environment to prioritize security above cost. Because, in the end, your platform will be dealing with third-party funds as a bitcoin exchange. Any negligence in this respect can lead to grave consequences, both financial and legal.
Also, Read | Compact Insights into Decentralized P2P Exchange Development
Customers should be educated
It is critical for crypto exchange platforms to go above and beyond in informing investors and clients. This may be accomplished by publishing blogs on your website, utilizing social media platforms, delivering instructional newsletters or whitepapers on security issues, and more!
Make sure everything is covered
The purpose of the faults is for developers to discover and fix them, not for hackers to get access through the front door. Poor error handling can cause a slew of problems by exposing a lot more data about the exchange's fundamental functionality.
You must avoid stack traces and data dumps, and you must have the appropriate error handling system in place to do so. You could be unwittingly paving the road for hackers to get access to your environment and discover possible weaknesses if you don't do so!
So, while hackers puzzle about how to get into your ecosystem, you should concentrate on effective error handling procedures to avoid revealing sensitive data, like source codes, directories, or files, to anybody other than authorized personnel.
Also, Read | Secure and Efficient Crypto Exchange Development like Binance
Don't forget about 2FA
Payment Service Directive 2 (PDA2 2) requires banks to use two-factor authentication (2FA) since it adds an extra layer of protection. This adds an extra layer of protection against hackers. A similar safeguard may be put in place for crypto exchanges to prevent fraudulent transactions and improve security.
Install an SSL certificate
SSL certificates, or Secure Sockets Layer certificates, may go a long way toward winning your consumers' confidence. An SSL certificate connotes that the user data remains encrypted and safe, and the site is entirely secure.
Your consumers are becoming more aware of cybersecurity and related dangers all the time. As a result, having the green padlock appear in the URL bar of your exchange will assist to establish confidence. As a result, obtain an SSL certificate or an EV SSL certificate for your bitcoin exchange as soon as possible.
Consider the concept of cold storage
Cryptocurrencies kept in online hot storage are frequently targets of cyber-attacks. Another alternative is to keep them in cold storage, which consists of hardware wallets like Trezor. The expense is a disadvantage, but if you have the financial means to do so, you should invest in a cold storage wallet!
Also, Read | A Guide to Understanding Hybrid Crypto Exchange Model
Make a plan for your default security method
Even before Blockchain, there were always cyber-attacks taking place and failing – occurring due to hackers' ingenuity, failing because of the lack of sufficient default security systems in place.
As soon as a danger occurs, make sure you have default security software in place that can take control of your environment. Salting and hashing are other options, as they make it harder for attackers to access the data even if they manage to take it.
Don't forget about KYC... It is necessary
Because it is the last item on our checklist, don't dismiss it. This is just as crucial as the remaining points, if not more so, yet many exchange owners overlook it. KYC, or Know Your Customer, is a set of rules that crypto exchanges all around the world must follow.
Whether or not your crypto exchange is subject to statutory KYC laws, it is still a good idea to implement KYC, especially because hackers are increasingly leveraging cryptocurrency to spread malware like Ransomware.
Also, Read | Decentralized Crypto Exchange Platform Development
To sum it up
While developing an exchange application, security considerations are critical. With so much to worry about, it's natural that security takes second place. We guided you through different security concerns as well as actions you may take in this post so that the subject of security does not go unnoticed!
Is there anything in this article that we've overlooked? Please notify us.
Have a blockchain project that you need assistance with? Connect with our crypto exchange development experts at Oodles.
Mudit Kumar
30 Jun 2021
How Blockchain Solutions are Transforming Real Estate
Real estate is the world's largest asset class. The disruptive influence of blockchain solutions development on retail and commercial property sales, payments, and access to real estate capital and investment opportunities is being recognized by commercial organizations and real estate experts.
Use blockchain to take advantage of the possibilities offered by real estate digital assets. With blockchain for real estate solutions, develop new business models, improve real estate's core operations, cut expenses, eliminate data silos, and improve transparency.
Using Blockchain to Transform Real Estate
Manage Real Estate Investments Efficiently
Challenge
To offset investor onboarding and subscription maintenance costs, asset management businesses require rather large minimum investment amounts. Smaller investors are discouraged from participating, and the capital building is slowed.
Solution
Asset managers can use blockchain to simplify digital asset management, portfolio governance, and investor communications. Customizable asset issuance, regulatory compliance, quicker onboarding, and direct asset distribution are all possible with us. This saves time and money, allowing businesses to lower their minimum membership quantities.
Rapid customized issuance also provides for the more accurate fulfillment of investor needs, lowering counterparty risk and increasing liquidity possibilities.
Also, Read | Most Significant Use Cases of Blockchain in Real Estate
Alternate Property Development Finance Solutions
Challenge
Property development companies are having difficulty acquiring funds for new projects. Working with a single credit source has high-interest rates, while crowdfunding and loan syndication is tough to manage.
Solution
Blockchain facilitates a direct connection between many parties in the financing value chain, making alternative financing methods more accessible. Secure permissioned sharing of data and documents enables transparency in the finance and loan syndication process. It helps developers manage their investors more efficiently and provides investment transparency and constant ROI tracking.
Also, Read | Implementing Blockchain Smart Contracts in Real Estate
Securitize Loans and Mortgages in a New Way
Challenge
With non-standardized paper-based processes, loan and mortgage approvals remain time-consuming and insecure. Decisions are frequently made based on obsolete data, and cash reconciliations frequently result in settlement delays, affecting investor cash flows.
Solution
Banking organizations can benefit from blockchain because it provides a single version of verified data, safe data sharing, immutable transaction monitoring, and real-time payment settlement. To support asset servicing choices, we turn a loan into digital security that includes essential data such as ownership rights and loan payment history.
Smart contracts are used to collect and distribute payments to beneficiaries and provide real-time reporting to authorities. This makes loan or mortgage lifecycle management considerably more efficient. Furthermore, precise verification of asset performance boosts secondary market confidence.
Also, Read | Blockchain Smart Contracts in Real Estate: A Long-Awaited Breakthrough
Smart property management
Challenge
The oversight of large-scale property management corporations' global portfolios is inefficient.
Solution
Blockchain allows for secure data sharing, accelerates rental collections and payments to property owners, and improves portfolio due diligence.
This improves operating efficiencies, lowers overhead costs, and generates significantly more data to help with decision-making.
Also, Read | How Blockchain Simplifies The Real Estate Investing
Security, efficiency, and transparency of land registries
Challenge
Paper documentation is still used for land titles, making them prone to lose, fraud, and mismanagement. Furthermore, property transfers and permissions necessitate a slew of time-consuming and costly legal procedures, which can keep land from being put to productive use.
Solution
Blockchain simplifies legacy systems by providing a secure and immutable digital registry that includes document authentication and transaction transparency. Investor confidence is boosted through trusted asset title and documentation systems, which help to streamline market transactions, increase access to capital, and promote economic and social community development.
Involve urban real estate planning
Challenge
In terms of urban planning, there is a lack of confidence among the local people. Only 2% of the public trust property developers, and only 7% trust local governments to prepare for large-scale growth, according to a 2019 survey by Grosvenor Group.
Solution
Educational resources, token-based participation incentives, and a feedback loop between stakeholders are all possible features of blockchain-based planning platforms. This can help to incorporate local communities into the property development value chain, increasing their trust in you and allowing you to improve your services for long-term success.
Also, Read | How Blockchain Can Influence Real Estate Investing
Enhanced development and construction productivity
Challenge
Larger construction projects have grown more challenging to manage due to a lack of supply chain transparency and fractured subcontracting and procurement methods.
Solution
Blockchain technologies make procurement easier, automate contract management, ensure product quality, and make project management more efficient. Complete project lifecycle management reduces construction delays while also increasing transparency and facilitating audit trails for real-time reporting.
Identity management of Investors and Tenants
Digital identities based on the blockchain can be useful in a variety of businesses, consumer applications, and the public sector. Basically, tenant and investor identities obtained through blockchain-based KYC/AML procedures can speed up background checks, lower expenses, and improve security.
Decentralized identities make it possible for anybody to establish property ownership while also making important documents (proof of insurance, identification, and credit history) easily shareable with the right people.
Also, Read | Automated, Secure Real-Estate Settlement via Smart Contracts
Payments and leasing
Thanks to distributed ledger's, on-chain recording can accommodate lease signing and their payments. Consequently, it eliminates the need for manual reconciliations and automates payments to property owners for rent and dividends. Additionally, smart contracts can also automate other forms of payments and fees to reward tenants, landlords, and service providers for good behavior.
Real-time accounting
Investors and asset owners gain benefits from automatic and near-immediate accounting due to on-chain recording of property ownership and financial flows. Essentially, annual financial statements, such as the balance sheet, statement of cash flows, and income statement, can be prepared in the future with the possibility of real-time audits. Thus, multiple improvements in compliance, regulatory supervision, and investor relations are possible.
Oodles' expertise in deploying blockchain in commercial real estate gives an opportunity to grow your business by addressing the industry's primary challenges as technology evolves. Contact our blockchain development experts for more information.
Mudit Kumar
30 Jun 2021
Drive Your Automotive Business Ahead with Blockchain Solutions
Every part of the automotive industry relies on a complex network of transactions and knowledge. Basically, it begins long before car manufacturing and continues long after its sale. The network comprises automotive OEM (original equipment manufacturer), component suppliers. and manufacturers to customers and safety regulators. And, it is an expanding network. The amount of data that automobile industry companies must keep track of is ever-expanding. For instance, it includes data generating from support for evolving hardware and services to identifying the source and location of defective or counterfeit parts. Further, with a shared, permissioned record of ownership, location, and movement of parts and items, automotive blockchain solutions development can help build efficiency, transparency, and trust. Moreover, the flexibility of blockchain solutions makes them ideal for keeping up with emerging automotive business models.
The Automotive Industry's Current Issues and how Blockchain Solutions Help
Services for Mobility
Challenge
Cars today are complicated, networked software platforms on wheels, rather than just transportation units. Vehicles are increasingly required to include secure, seamless mobility services, as well as the ability to handle micropayments and other interactions with ride-sharing services, smart transportation infrastructure, and electric vehicle charging.
Solution
We can build a blockchain-based automobile eWallet that allows for cashless micropayments for tolls, congestion fees, electric charging, parking, and even payments between vehicles. With permissioned access to the trunk, the system can also allow a vehicle to be utilized as a secure drop point for packages.
Also, Read | Increasing Significance of Blockchain for Automotive Solutions
Supply Chain Transformation
Challenge
Automobile manufacture is genuinely international. Parts are acquired from all over the world, and finished automobiles can be driven anywhere on the planet. Traceability is critical in identifying a vehicle's post-sale movements to combat counterfeit parts and defect-driven product recalls. Makers must be able to trace vehicle movements for regulators and buyers to maintain safety and reliability.
Solution
Boeing is using Blockchain, similar to the care sector, to make information from across the supply chain available to component sellers, aircraft owners and maintainers, and regulators. In the event of a component safety issue, the same technology that enables rapid and effective food recalls can assist automakers and parts suppliers in quickly determining where parts are located.
Also, Read | Increasing Automotive Supply Chain Efficiency with Blockchain
Financial Efficiency
Challenge
Payments underlie every step of the automotive supply chain, from parts orders to fleet purchase finance to managing letters of credit and obtaining insurance coverage. Because of its traceability and transparency, blockchain is ideal for tracking purchases, shipping arrangements, dealer transactions, and millions of micropayments in mobility services. Smart contracts built on the blockchain go far beyond tracking and visibility, allowing cash to be released only after a satisfying delivery.
Solution
Manufacturing behemoth as a conglomerate of industries spanning from agriculture to aerospace, Mahindra's supply chain finance requirements is equally diversified.
They're now collaborating with IBM to develop a shared blockchain platform for supplier-to-manufacturer transactions, allowing for near-real-time transaction visibility and simplified communications to boost confidence and transparency across the company's ecosystem.
Also, Read | Strengthening Automotive Operations with Blockchain Solutions
Ready for a blockchain-based transformation?
Blockchain applications can aid in the resolution of a variety of automotive supply chain issues, paving the path for new consumer and fleet-oriented services.
Ensure that our supply chain data is accessible in a timely and transparent manner.
Identify counterfeits, trace genuine parts with confidence.
Have a thorough, end-to-end framework in place for dealing with product recalls.
Use application programming interfaces (APIs) that are based on industry standards.
Data transfer, application, and network integration are all made easier.
Collaborate with mobility services to enable in-car micropayments for parking, electric charging, tolls, and other costs.
Boost customer and partner confidence
Also, Read | Thwarting Automotive Counterfeits with Blockchain Traceability
Specific Use Cases
Interactions between Vehicles
In the automotive business, blockchain allows for safe, access-controlled interactions and transactions. Data is transferrable rapidly and securely between parts wholesalers, dealers, service technicians, insurance companies, and other ecosystem members thanks to the technology.
Urgent repair requests, changing component requirements for assembly lines or aftercare stockists, or payment processing information could all be included in this data.
Parts Traceability and Verification
Blockchain can solve the difficulty of confirming that car parts are authentic by creating unique timestamp-equipped IDs for each component.
These marks can add an extra degree of authenticity protection by allowing automobile owners, manufacturers, and service facilities to track the history of parts swaps and usage limitations securely and instantaneously.
Also, Read | Automotive Operations on Blockchain Smart Contracts
Automated Finance and Leasing of automobiles
Auto leasing and financing can be easier with the use of a blockchain-based solution for the automobile industry.
All parties involved come together in a secure environment. It ensures transparent procedures like KYC checks, contract storage, and automated payment.
Efficient Handling of Warranty Claims
The car industry's data integration problems are solvable using blockchain technology. It reduces lead times, speeds up processing, and promotes accurate, effective decision-making as well as transparency among all involved parties.
Service providers can ensure synchronized vehicle service schedules with immutable records of actual usage using blockchain. This information is reliable, tamper-proof, and simple to use.
Also, Read | Blockchain Automotive Solutions | Making Drivers' Life Easier
Supply Chain Digitization
A blockchain automotive supply chain offers a smooth order/sell procedure, streamlines paperwork processes, and speeds up and simplifies payments between parties.
IoT sensors and devices can together measure data and inform final settlements, like container conditions or commodity damage.
Tracking of Vehicles
As more parties sign up for blockchain vehicle monitoring solutions, the value grows.
Benefits include enhanced implementation of environmental laws, auditable test and service logs confirming compliance, factory audits, and the potential to sell value-added services to customers thanks to synergistic effects.
With our blockchain app development experts that understand your business processes, Oodles can serve as a partner and change enabler to help modernize your automotive sector firm – and prepare for the future. Contact us to learn more about our automotive blockchain solutions. Speak with specialists who can help you get started on the path to gaining more business value from your data.
Mudit Kumar
29 Jun 2021
Rethinking Cybersecurity Solutions with Blockchain Technology
Spending on cybersecurity has risen at an exponential rate over the last decade, with no indications of decreasing. Despite this massive expenditure, criminal hackers continue to attack known and undisclosed vulnerabilities, intercepting devices, applications, and network traffic. Over the previous decade, spending on cybersecurity has increased at an exponential rate, with no signs of slowing down. Despite this tremendous investment, criminal hackers continue to exploit known and unknown flaws, intercepting devices, applications, and network traffic. As a result, rather than developing more powerful tools, many companies are exploring blockchain solutions development to reinforce cybersecurity mechanisms with increased efficiency and security.
Blockchain Technology for Cybersecurity
Blockchain provides a different route to enhanced security, one that is less traveled and less welcoming to attackers. This method lowers vulnerabilities, provides robust encryption, and checks data ownership and integrity more effectively. It may even eliminate the need for some passwords, which are frequently referred to as cybersecurity's weakest link.
Primary benefits of adopting a blockchain for cybersecurity:
Data storage and processing in a secure manner
Any modification recorded on the blockchain is transparent and non-removable, and blockchain records are immutable. As a result, data saved on a blockchain is more secure than data maintained on traditional digital or physical records.
Data transfers that are secure
The emerging technology facilitates users to execute the fast and safe exchange of financial transactions and information. Smart contracts, for example, allow for the automatic implementation of agreements between several parties.
There are no singular points of failure
Permissionless blockchain technologies are more resilient than traditional systems because they are decentralized. The functioning or security of the blockchain will not be harmed if a single node is compromised. This means that even if the system is subjected to DDoS attacks, the system will continue to function normally as a result of numerous copies of the ledger. Private blockchains, on the other hand, cannot provide you with this benefit.
Also, Read | The Emergence of Blockchain-powered Cybersecurity Solutions
Transparency and traceability of data
Blockchain transactions are digitally encrypted and time-stamped. It makes it easy for network members to keep track of transaction history and account activity at any time. This capability also helps with the proper distribution of assets or goods inside a business.
User privacy is protected
Because users are authenticated using public-key cryptography, the secrecy of blockchain network participants is high. Some blockchain-based firms, on the other hand, take this technology a step further and improve it. Guardtime, for example, created a Keyless Signature Infrastructure (KSI) that allows users to check the validity of their signatures without revealing their keys.
Blockchain Application in Cybersecurity
Keeping Private Messages Safe
People are becoming more and more reliant on social media. Furthermore, the number of social media platforms continues to expand. Every day, more social applications are developed as conversational commerce grows more popular. Massive amounts of metadata are collected throughout these exchanges. To protect their accounts and data, the majority of social networking site users use weak, unreliable passwords.
Most messaging firms are turning to blockchain as a better alternative for securing user data than the end-to-end encryption they presently utilize. A uniform security protocol can be created using blockchain technology. Blockchain can be utilized to create a single API architecture for providing cross-messenger communication capabilities.
Several assaults have recently been carried out against social media platforms such as Twitter and Facebook. Millions of accounts were breached as a result of these assaults, with user information falling into the wrong hands. If blockchain technology is properly deployed in these messaging systems, future cyberattacks may be avoided.
Also, Read | Reinforcing Cybersecurity with Applications of Blockchain Technology
Security in the Internet of Things
Edge devices, such as thermostats and routers, are increasingly being leveraged by hackers to gain access to larger networks. With the current infatuation with Artificial Intelligence (AI), hackers have found it simpler to gain access to overall systems such as home automation via edge devices such as "smart" switches. A substantial majority of these IoT gadgets, in most situations, have shaky security features.
In this situation, blockchain can be utilized to decentralize the management of such large-scale systems or devices, thereby securing them. The method will equip the gadget with the ability to make security judgments on its own. By recognizing and acting on questionable commands from unknown networks without relying on a central admin or authority, the edge devices become more secure.
Hackers typically get full control of devices and systems after breaching the device's central administration. Blockchain assures that such assaults are more difficult to carry out by decentralizing such device authority schemes (if even possible).
DNS and DDoS Protection
When users of a target resource, such as a network resource, server, or website, are denied access or service, this is known as a Distributed Denial of Service (DDoS) attack. The resource systems are either shut down or slowed down as a result of these attacks.
On the other hand, a well-maintained Domain Name System (DNS) is highly centralized, making it an ideal target for hackers looking to compromise the link between an IP address and a website's name. This type of attack makes a website unusable, cashable, and even redirectable to other scam sites.
Fortunately, by decentralizing DNS entries, blockchain may be utilized to mitigate such attacks. Blockchain would have removed the weak single points exploited by hackers by implementing decentralized solutions.
Storage Decentralization
Data breaches and theft in the workplace are becoming a major source of concern for businesses. The majority of businesses still employ a centralized storage medium. A hacker only needs to exploit one vulnerable spot to have access to all of the data contained in these systems. A criminal gains access to sensitive and confidential data, such as firm financial records, as a result of such an attack.
Sensitive data can be safeguarded by establishing a decentralized type of data storage with blockchain. Hackers would find it more difficult, if not impossible, to breach data storage systems using this mitigating strategy. Many storage service providers are looking into how blockchain may keep data safe from hackers.
Cyber-Physical Infrastructure Verification
The integrity of information created by cyber-physical systems has been harmed by data tampering, system misconfiguration, and component failure. However, blockchain technology's information integrity and verification capabilities might be used to verify the status of any cyber-physical infrastructure.
The information supplied by blockchain about the infrastructure's components can be more reassuring to the entire chain of custody.
Also, Read | The Role Of Blockchain Trading Platform In CyberSecurity
Data Transmission Security
In the future, blockchain might be used to restrict illegal access to data while it is in transit.
Data transmission can be safeguarded by utilizing the technology's comprehensive encryption function to prevent bad actors, whether individuals or organizations, from gaining access to it. This strategy would result in an overall enhancement in the trustworthiness and integrity of data communicated over a blockchain. Hackers with malevolent intent intercept data in transit to change or entirely erase it. Inefficient communication routes, such as emails, are left with a significant gap.
Connect with our blockchain experts for more information about blockchain's role in strengthening cybersecurity.
Mudit Kumar
25 Jun 2021
The Increasing Importance of Stablecoin Development
The reason why the first cryptocurrency, Bitcoin, came into existence is that, from transactions, it eliminates the need for middlemen, reduces transaction costs and time, and provides users with greater accessibility/. However, there was the issue of price volatility. This difficulty undermined the adaptability and dependability of Bitcoin, particularly as a medium of trade. As a result, it prompted the rise of rival cryptocurrencies like Ethereum and Stellar. Stablecoin development is born as a result of this, and they have since become one of the most well-known breakthroughs in the cryptocurrency development field as a solid currency. So, what exactly is a stablecoin? Let's take a closer look.
Understanding Stablecoin Development
Stablecoins were designed to be used in the same way that every other cryptocurrency is: as a simple, scalable, and secure form of payment. But, as the name suggests, stablecoins are “stable.” This means that the market price of a stablecoin is pegged to the value of another stable real-world asset, such as the US dollar.
Any investor or company would not want to be put in jeopardy due to unneeded risks. That is why, even though cryptocurrencies, particularly Bitcoins, are extremely popular, some investors and businesses remain hesitant to be connected with them. With Bitcoin's price shifting every day, a price-stable cryptocurrency became a necessity for consumers looking to avoid the local banking system and failing economy while conducting commerce securely and smoothly. As a result, stablecoin development began to gather traction and is now seen as the crypto sphere holy grail, a long-held ambition.
If you're interested in stablecoin development, let's first define price-stable and how an asset is considered price-stable before moving on to the development.
Also, Read | Stablecoin Applications Development | Emerging Alternative
What Makes a Stablecoin Stable?
Stablecoins are essentially identical to twentieth-century US Dollars but in digital form. At the time, the gold standard was still in place, with each dollar tethered to a certain amount of gold to ensure price stability.
In the same way, a stablecoin works. To reduce price volatility, they are tied to a more stable real-world asset like fiat currency, real estate, precious metals, and so forth.
Simply said, an ideal stablecoin has characteristics such as the ability to withstand extreme market volatility, be cost-effective to operate, have easy-to-understand stability metrics, and provide better transparency to consumers. Stablecoins have these characteristics, which make them more ‘stable' than other currencies.
Stablecoin development comes in a variety of shapes and sizes in the crypto world. Here's a basic rundown of them.
Also, Read | Cryptocurrency Wallet Development | A Guide for Investors
A Variety of Types Stablecoins
Collateral Stablecoins
Collateralized stablecoins have their values fixed or supported by something else. They are further divided into the following categories:
Fiat Currency backed Stablecoins
Such stablecoins are backed by fiat currencies. Tether is one of the first and most popular fiat-backed stablecoins ( USDT). Tether introduced the notion of a cryptocurrency backed by reserves representing the whole market capitalization and tied to the value of a US Dollar.
Asset-backed Stablecoins
A stablecoins backed by an underlying real-world asset is known as asset-backed stablecoins. Apart from fiat money and cryptocurrencies, they are also supported by a variety of assets. Digix, for example, is a cryptocurrency whose value is tied to, or backed by, the price of gold.
Stablecoins backed by cryptocurrency
These stablecoins are backed by cryptocurrencies, but particular protocols are utilized to ensure that the value does not fluctuate with the price of the backed token. The DAI token, for example, is backed by Ether and pegged to the US dollar. The Maker Smart Contract keeps DAI's price stable by creating and destroying MKR tokens in reaction to ETH price variations.
Stablecoins without collateral
Stablecoins that are not backed by or collateralized by anything are known as non-collateralized stablecoins or algorithmic stablecoins. This may appear to be at odds with the concept of stablecoins we've been discussing, but to clarify, the US dollar used to be backed by the price of gold, but that practice was discontinued decades ago.
They are, nonetheless, fully stable since people believe in their worth. non-collateralized stablecoins follow the same logic. The supply of stablecoins is controlled using an algorithmic technique in these types of stablecoins. They are the most decentralized and independent kind of stablecoins, with no central authority.
Stablecoins that are hybrids
Hybrid stablecoins combine the greatest features of the two types of stablecoins listed above. They are linked to an asset, but they are also algorithmically modeled.
Also, Read | Cryptocurrency Wallet Development | A Guide for Investors
What is the Purpose of Stablecoins? What Are the Main Advantages Involved?
Improved value storage
Stablecoins are a significantly superior store of value than Bitcoin or any other cryptocurrency. Stablecoins, unlike any other cryptocurrency, are not subject to speculative markets or uncontrolled inflations.
Transactions that are completed quickly
Because stablecoins are backed by blockchain, which operates independently of a central institution, they can be used at any time of day. Stablecoins are built on a well-designed smart contract escrow mechanism that speeds up, secures, and streamlines transactions, settlements, and other financial activities.
Fees that are reduced
Stablecoins remove the costs associated with traditional payment methods, such as credit card payments, and allow for low-cost transactions that benefit both users and businesses.
Transparency
Stablecoins provide complete transparency into the transaction process and are backed by regular audits. Furthermore, because they are built on blockchain, anyone with an internet connection to the network can see transaction data via blockchain explorer.
Programmability
Because stablecoins operate on smart contract codes, they are highly programmable. It means that any new feature may be added in response to changing market conditions. Loyalty schemes, for example, can be implemented into stablecoins, enhancing the user experience.
Stability
The most significant advantage is, of course, steadiness. Because they are backed by a real-world asset, stablecoins are unaffected by cryptocurrency price volatility.
Also, Read | Cryptocurrency Exchange Development | Crucial Aspects to Consider
Is Stablecoin the Next Big Thing?
Stablecoins, according to experts in the crypto sphere, will be an indispensable element of the crypto industry's future. The growth of stablecoins has been paved over the last few years. Fiat-collateralized stablecoins are the result of a demand for a more stable medium of exchange.
However, there are still certain issues about stablecoins, such as rigorous restrictions, transparency, centralization, and so on. With the increasing trends, many institutions are aiming to make it better with their stablecoin introduction.
Connect with our seasoned specialists from Oodles to learn more about stablecoin, the development process, price, or anything else you need to know.
Mudit Kumar
24 Jun 2021
The Rise of Crypto Derivatives Exchange Development
The market capitalization of cryptocurrency trading has increased by a factor of ten in the last two years. Cryptocurrency is currently one of the most forward-thinking industries. Industry leaders are always developing new trading instruments to increase returns for traders. Crypto derivatives trading is one such trading product that is currently gaining a lot of traction and not only are traders flocking to it, but so crypto exchange platform.
Crypto derivatives were first offered by exchanges such as the Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME) a few years ago. They make a lot of money with Bitcoin Futures. As a result, numerous exchanges are considering allowing their users to trade crypto derivatives.
Defining what is a Derivative
A derivative is a contract between two or more parties whose value is contingent on the performance of an underlying financial asset or group of assets. Derivatives are a type of financial instrument that can be used to speculate on the movement of an underlying asset, hedge a position, or leverage holdings. The value of a derivative is determined by fluctuations in the underlying asset's value.
Explanation of Derivatives Types
Forwards, futures, swaps, and options are the most prevalent derivatives. Stocks, bonds, commodities, currencies, interest rates, and market indexes are the most frequent underlying assets.
Also, Read | Building Blocks to Develop a Robust Cryptocurrency Exchange
Forwards
A long position is taken by the party committing to buy the underlying asset in the future, while a short position is taken by the party agreeing to sell the asset in the future. These parties' non-standardized contract is known as a forward. The delivery price, which is equal to the forward price when the contract is agreed upon, is the price agreed upon between the parties.
Futures
A futures contract is a standardized contract that may be bought and sold through a clearinghouse. In terms of margin needs, they have interim partial settlements.
Swaps
Swaps are derivatives in which two parties exchange the cash flows of one financial instrument for the cash flows of the other financial instrument. During a transaction, a swap agreement is produced that specifies the cash flow payment dates and computation process.
Options
Financial derivatives known as options allow buyers the right to buy or sell an underlying asset at a pre-determined price and date. Call and Put options are the two types of options that can be used for hedging, income, or speculation.
Also, Read | Insights into Decentralized P2P Exchange Development
Crypto Derivates Exchange | Advantages
With the launch of Bitcoin in 2009, the rise of cryptocurrencies began in the 2010s. As a result, several other cryptocurrencies rose to prominence, forever altering the crypto market. According to Cryptoticker, the cryptocurrency derivatives trading volume surged by 840 percent in 2019 to an average of 26 billion dollars, up from 2.5 billion dollars in January. Now, let's look at some of the advantages of crypto exchanges:
Reliability
Security
Operational speed
Low transactional interest
There are no deposit costs.
There are numerous trading pairs and currencies to choose from.
Allows you to make bank transfers
A significant trade volume
Trading without the benefit of verification
Functionality and essential features
Automated Transactions
Derivative trading eliminates the need for middlemen, transactions are automated, and the trade process is completed faster and more efficiently.
Liquidity with a Leverage
The Derivative Trading platform includes leveraging liquidity features that produce liquidity automatically after a trade is completed successfully. These liquidities will significantly contribute to the members' benefits.
Order Matching with Advanced Features
Advanced order matching should be available on the trading platform, which matches corresponding buyers with sellers depending on their specifications.
Wallet with Multiple Currencies
The platform must be able to work with a variety of currencies and enable compatibility with well-known wallets in today's crypto market. This helps to the participants' ease of access.
Advanced Admin Panel
The platform should provide a robust admin panel that responds to client inquiries 24 hours a day, seven days a week. The platform's scalability gets aid by the presence of an active admin panel at all times.
A powerful trading engine
The platform must have a robust trade engine that accounts for an effective asset management system that manages the asset that will be transferred to both ends after a formal agreement is signed.
Modes of Access in Multiple Languages
The platform should be able to communicate in many languages, which is important for the ease of access feature, which makes asset transfers easier and safer.
Compliance Across Platforms
The platform should provide cross-platform compliance, allowing more people to participate by allowing them to effectively transact their assets and secure their assets through an agreement.
Also, Read | Secure and Efficient Crypto Exchange Development like Binance
Choosing the Most Reliable Crypt Derivatives Exchange
Liquidity Management
It's simple: a more liquid exchange performs more trading. The more liquidity an exchange provides, the easier it is for users to transact fast and easily while avoiding price volatility.
Also, see if there is a lock-in pricing option that allows you to lock in a price from the start of the transaction until the end of the settlement. It's crucial because of the volatility of bitcoin prices.
Technology Integration
We cannot ignore technology when it comes to the crypto market. To avoid fraudulent activities, any crypto derivatives exchange must be constructed on top-of-the-line technology.
Is there an HTTPS connection on the URL? Is there a two-factor authentication system in place? Do you keep your deposits in cold storage when they're not in use? Is it necessary to monitor the exchange 24 hours a day, seven days a week, with transaction notifications sent through SMS and email? Before you choose crypto derivatives exchange to trade on, you should consider the following questions.
Transaction Fees
Most exchanges charge less than 1% each transaction, with the fee decreasing as trading volume grows. Check to see if the currencies you want to trade have any withdrawal fees. It may differ for various altcoins. Several exchanges also provide convenient payment alternatives, although they charge a large deposit fee.
Enhanced User Interaction
An exchange must be available on both the desktop and as a mobile application, with a straightforward user interface. In the case of cryptocurrency derivatives trading, a consumer would like not to have to give detailed personal information. That could be a deciding element in your decision.
Also, Read | A Guide to Understanding Hybrid Crypto Exchange Model
Final Thoughts
Building a crypto derivatives exchange may appear to be a difficult task. However, the business opportunity can prove to be beneficial.
With the help of our crypto exchange development experts, we provide bespoke services for the construction of derivatives exchanges at Oodles. We offer solutions tailored to your company's needs, whether you want to incorporate a derivatives trading module into an existing exchange or develop a brand new exchange from the ground up.
Mudit Kumar
22 Jun 2021
Why Develop DeFi dApps and Protocols with Binance Smart Chain
Binance Smart Chain, the company's parallel chain, creates a formidable ecosystem to decentralize financial services with blockchain app development.
It's not unreasonable to expect that DeFi will be the next "great thing" in global finance, given its rapid growth and the amount of new developing use cases.
Decentralized Finance (DeFi) is an acronym for decentralized finance.
DeFi refers to the internet-native financial market. It presents opportunities to develop and offer products and services similar to traditional finance but in the form of decentralized, autonomous applications built on blockchain technology, like crypto exchange platform development.
Decentralized apps can be built on a variety of blockchain networks, which DeFi initiatives can take advantage of. As a result, selecting a robust blockchain protocol that provides a dependable, inexpensive, fast, and user-friendly platform for DApps is one of the most critical decisions a DeFi project must make.
Binance Smart Chain (BSC) is one of the greatest blockchains for decentralized finance and DApp development since its inception in September 2020.
What is Binance Smart Chain, and How does it Work?
Binance Smart Chain (BSC) is a blockchain protocol developed by Binance that works alongside Binance Chain. It, on the other hand, powers smart contract capabilities and is compatible with the Ethereum Virtual Machine, unlike Binance Chain (EVM).
Furthermore, BSC boasts one of the fastest blockchain transaction times and lowest fee structures, making it desirable for developers to develop DeFi dApps on the Binance Smart Chain protocol.
BSC secures the network through a consensus process known as Proof of Staked Authority (PoSA), in which 21 validators stake BNB, the Binance ecosystem's native token.
However, unlike many other blockchains, BSC does not provide block subsidies or allow for the minting of new BNB as a block reward. Validators, on the other hand, get paid transaction fees in exchange for securing the network.
The BEP-20 token from BSC follows the same format as the popular ERC-20 tokens from the Ethereum network. There are already 60+ DApps in operation on it, with the majority focusing on decentralized finance solutions.
Also, Read | Binance Smart Chain (BSC) for Smart Contracts Development
Binance Smart Chain's Interesting Features
Interoperability
The Binance Smart Chain is constructed on a dual-chain architecture, allowing users to transfer assets between blockchains with ease. Its interoperability allows users to tap into a huge ecosystem with a wide range of applications. Interoperability is a major element that DeFi proponents value and BSC is at the forefront of making this feasible.
Transactions at a Low Cost
Users' cost when they make a transaction on a blockchain is referred to as transaction fees or blockchain fees. When block miners or validators verify that a transaction is genuine and has been processed and stored to the blockchain, they receive this fee as a reward for transaction validation
The majority of DeFi apps entail a large number of transactions, each of which incurs a cost. Thus, it becomes essential to consider a blockchain for a DeFI protocol or dApp with significantly lower fees.
The Binance Smart Chain and Ethereum blockchains are two of the most popular blockchains for DeFi projects. When it comes to blockchain costs, however, BSC is far less expensive than Ethereum.
Ethereum recently recorded fees of over $100 for a single transaction, but BSC charges between $0.01 and $0.05 for similar services.
Fast Transaction
Before a transaction can be completed, it must receive several confirmations on the blockchain. The purpose of confirmations is to prevent double-spending.
The greater the confirmation time, the longer it will take to complete a transaction. Another thing DeFi developers must consider before picking a blockchain is avoiding needless transaction delays.
Scalability issues have hampered Ethereum, resulting in congestion and lengthier transaction completion times.
Binance Smart Chain was created to improve scalability in high-throughput blockchains so that smart contracts may be easily implemented to create scalable decentralized apps. It has a similar structure to the existing chain, which is a high-performance, low-latency blockchain, however, it cannot accommodate smart contracts due to a design choice to improve speed.
It is compatible with smart contracts for decentralized app development and linked to the high throughput of its parallel chain to achieve faster transaction processing speeds and quicker confirmation times while remaining programmable.
Also, Read | Exploring BEP-20 Token Standard on Binance Smart Chain
Binance Smart Chain dAPPs
The followings are a few leading DeFI dApps on Binance Smart Chain.
PancakeSwap is one of the leading automated market maker (AMM) protocols operational on the BSC platform. It will not be justified to mention BSC in 2021 if we do not describe the PancakeSwap exchange properly built over it.
In 2021, the BSC-based decentralized exchange saw significant growth in both trading volume and its governance token CAKE. PancakeSwap, like Uniswap and SushiSwap, allows you to swap tokens for BEP-20 tokens. Users can also make passive revenue by supplying liquidity, participating in NFT lottery draws, participating in token sales, competing for leaderboard positions, and so on.
After Ethereum's UniSwap, PancakeSwap has become the second most popular DEX.
BakerySwap is a decentralized automated market-making (AMM) system on BSC, as well as the platform's first NFT trading platform, Bakery NFT Supermarket. BakerySwap aspires to be a more efficient and cost-effective version of Uniswap.
BAKE tokens are the platform's native BEP-20 governance tokens, and users can earn them by providing liquidity on BakerySwap. BAKE is a one-of-a-kind NFT that can be used to create a random combo meal (Non-fungible token). Your one-of-a-kind NFT combination is both a collectible and a BAKE farming equipment. Each NFT combination has a staking power that may be used to earn BAKE by staking it.
On BSC, Venus resembles a cross between Compound and MakerDAO. It's an Ethereum borrow-lending system similar to Compound or Aave. It's a decentralized money market where you may borrow and lend BEP-20 tokens at interest rates determined by an algorithm. Venus also supports VAI, a decentralized stablecoin backed by a basket of crypto assets.
You May Also Like | Getting Started with BNB Smart Chain Development
Conclusion
Binance Smart Chain offers faster and less expensive transactions than most blockchains, and developers may easily migrate from Ethereum to BSC. Furthermore, Binance is aggressively supporting the creation of new DeFi dApps with Binance Smart Chain by launching a $100 million developer fund to fund promising initiatives.
Connect with our team of blockchain development experts for more information about how to enter the BSC development space for your DeFi projects.
Mudit Kumar
18 Jun 2021
Blockchain in Retail | Significant Applications and Use Cases
Blockchain solutions development that has the potential to transform the retail business in the future. After progressively gaining acceptance over the years, the technology sparked widespread interest in 2015, with retailers incorporating it into their business strategies. Let's look at how blockchain will evolve and affect the retail industry.
What is Blockchain, and why is it Important for the Retail Industry?
Blockchain, also known as "distributed ledger technology," allows users in a distributed network to keep a copy of an immutable ledger of transactions and execute transactions without the use of a third party.
This means that, among other things, blockchain lets shops better track the provenance of merchandise, offers them more control over what they sell, and ensures food safety. Changes to data, such as manufacturing dates and locations, may be tracked, allowing it to govern supply chains. This could assist to eliminate the use of shady vendors, low-quality ingredients, and child labor.
Blockchain could also aid in the prevention of counterfeiting and secondary ticketing, as well as reducing the risk of insider threats and improving customer loyalty programs.
Also, Read | Blockchain in Retail for Efficiency and Growth
What is the Impact of Blockchain on the Retail Industry?
Blockchain is already being used in retail by several companies. Walmart, a multinational retail firm based in the United States, has embraced blockchain in several trial initiatives, including a food safety agreement with IBM. By September 2019, all leafy green vegetable suppliers for Sam's and Walmart will have uploaded their data to a corporate blockchain ledger.
Amazon, the world's most powerful retailer, has released blockchain solutions on Amazon Web Services (AWS), a fully-managed service that makes it simple to build and operate large blockchain networks using open-source frameworks.
Also, Read | How Blockchain Solutions Streamline Online Retails
Blockchain Applications and Use Cases in Retail
Inventory Management Done Right
If retailers wish to improve their overall efficiency, they must use appropriate inventory management. In the retail industry, blockchain can help companies manage their inventories more efficiently. It will also save them a lot of money because it can automate the process of product shortages or surpluses based on real-time consumer demand. We think it's a fantastic application for the retail industry.
Also, Read | Blockchain in Supply Chain | Use Cases, Advantages, and Features
Customer Identity Management that is Improved
The majority of retail businesses employ a vulnerable client-server networking model. As a result, manipulating that data and gaining access to consumer credit card or bank account information is rather simple. This is a blatant violation of state law and a major invasion of privacy.
To address this issue, businesses in the retail sector can employ blockchain technology to secure customer data. They can, in fact, provide authentication processes in the system and keep all data in immutable storage. As a result, only the customer will have access to their information, and no third party will be able to penetrate the network and misuse it. Almost every industry can profit from blockchain technology.
Also, Read | Blockchain for Advanced and Secure Digital Identity Management
Counterfeiting and Fraud Prevention
In the retail industry, blockchain can help avoid goods fraud and counterfeiting. But the problem isn't just about the money; it's also about the brand damage that comes with selling counterfeit goods.
Retailers can monitor their items from producers using blockchain technology for fraud prevention, ensuring that they receive the genuine product every time. This, in turn, may make it easier for them to deal with counterfeit goods in the long run.
Also, Read | Preventing Fraud with Blockchain
Assisting with Product Provenance
Another aspect of blockchain in retail is the ability to track goods' provenance. Consumers are currently wary of anything they purchase. That's understandable, as customers have a right to expect more when they're paying for it. On the other hand, retailers can only submit the “manufactured in xxx” seal on the container as proof of origin.
Since a result of the use of blockchain, businesses can finally provide provenance, as consumers can trace or view the whole supply chain of a single product. It will begin with the providers and conclude with the purchaser. Customers will be able to get the provenance they desire right now, and they will be able to spend their money on a legitimate product.
It's tough to use blockchain as leverage without a good business model in mind. To understand more about developing blockchain, have a look at our ultimate blockchain implementation strategy.
Also, Read | Supply Chain Traceability and Sustainability with Blockchain
Smart Contract Management
This industry's growth is hampered by a lack of proper supplier channel maintenance. In actuality, the payment process for shipping, including verification and processing, takes a long time. On the other hand, this lengthy process may deter many providers from delivering within the given time frame. As a result, it may result in significant losses for retailers.
Smart contract development, on the other hand, is one of the best aspects of blockchain in retail use cases. In reality, many retail businesses may rely on smart contracts to ensure payment. They can make a payment guarantee that will simply take a few minutes to complete. As a result, suppliers will be motivated to complete the shipment before the deadline.
Reducing Cyber-attacks
The retail industry is frequently subjected to security concerns. As a result, a security breach might result in significant economic loss. Furthermore, it will imply that consumers would lose trust in firms when it comes to their personal information, which will reflect poorly on the brand.
However, if blockchain is used in this circumstance, the situation could significantly change. No security breach will be conceivable since blockchain can provide high-security procedures to combat cyber-attacks. As a result, by protecting the network from a third-party organization, blockchain can begin to enhance income.
Also, Read | The Emergence of Blockchain-powered Cybersecurity Solutions
Loyalty Programs That Work
Loyalty programs can also benefit from blockchain. Many retail companies now have loyalty programs in place that allow them to interact with a much larger audience while also keeping their existing customers happy with their products. However, loyalty systems have inefficiencies as well. Most of the time, they have inconsistencies in their policies that prevent customers from receiving reward points.
Furthermore, even if a customer is eligible for points, they may not receive them due to system incompatibility. Retailers, on the other hand, may automate the entire process using blockchain's smart contracts. They can simply pre-program the rules in a smart contract, and if a customer fulfills all of the conditions, he or she will receive the points immediately.
Also, Read | Blockchain for Creating Advanced Loyalty Programs
If you work in the retail sector, now is the moment to embrace modern technology and all of its advantages. Get in touch with our blockchain development experts to figure out how to get started in this growing field.
Mudit Kumar
17 Jun 2021
Modernizing the Art Industry with Blockchain Solutions
The art auction sector has long been a mercurial playground for the wealthy. However, sophisticated electronic forgeries of art have recently posed a danger to the art auction market.
Forgeries have also corrupted provenance records, generating erroneous gains or losses in value for the artist, investor, and auction house. The art industry's influence has dwindled as a result of its failure to modernize.
Blockchain solutions development can assist the centuries-old art industry in modernizing and legitimate itself, as well as overcome several problems. Technology has the potential to improve numerous areas of the art market, including ownership, transparency, cost, availability, valuation, authenticity, and many more.
Blockchain's Potential in the Art Industry
Blockchain is a system that runs 24 hours a day, seven days a week. Blockchain records are unalterable, and fabricating a block necessitates enough computer power to mislead thousands of nodes, which is essentially impossible.
In comparison to today's art auction houses' volatile and human-error-prone record-keeping, blockchain offers an unrivaled stabilizer. By encouraging legitimacy, transparency, and egalitarianism across auction houses, blockchain can cure the ills of art auctioning and change the art sector.
Additionally, blockchain records enable digital art collectors to calculate a piece's "provable scarcity," or the number of copies available for purchase. This quantity has a significant impact on the worth of digital art creation and can ensure that buyers pay a reasonable price. A blockchain-based system can also ensure that a work of digital art has a limited number of valid copies and so remains rare.
Digital artists can register each of their copies with a unique blockchain token, making any unauthorized copies worthless. The bigger the artist's final profit, the rarer the work of art.
Blockchain Applications and Use Cases in the Art Industry
Purchasing artwork with cryptocurrency
Cryptocurrency is well suited to carrying out transactions involving the purchase of artwork. It lets you send big sums of money to anybody you want, whenever you want. The most significant advantage is that you will not need to use the services of a bank to authorize your transfer.
The provenance of art on the blockchain
Art buyers can learn about previous owners' histories thanks to blockchain art verification. The technology's main advantage is that its ledger is completely unchangeable, making it difficult to falsify or fake a piece of art's provenance once it has been published on the blockchain.
Increasing the affordability of art
With blockchain, you may buy a work of digital art straight from the artist, bypassing the middleman. As a result, it is a cost-effective method of becoming an art collector. You may now buy a work of art online for less than $10, and the file you receive isn't just a replica of the original. It's a one-of-a-kind, authenticated copy from a limited run.
Increasing the accessibility of art
Traditional art markets have always been a Mecca for the wealthy. These markets have always been designed to appeal to upper-class westerners' preferences. When a work of art is digitized and traded on blockchain art marketplaces, however, it becomes much easier for anybody from anywhere in the globe to purchase directly from the artist.
Decentralizing selling authorities and models
Art collectors may now buy and trade artwork with ease thanks to blockchain technology. When selling a piece of art, for example, you can accept bids from all around the world. Smart contracts will then assist in the transaction's completion, guaranteeing that you receive your payments. Finally, the file is delivered to the intended recipient, and the original is deleted from your computer.
Online Galleries
Art galleries will remain desirable locations to visit regardless of how much of our world is computerized. Even in this area, though, blockchain has managed to inject some innovation. With blockchain art, you may create a DAO (Data Access Object) that is fully ownerless and relies on smart contracts to facilitate art transactions.
The Advantages of Blockchain in Art Auctions
The glitzy world of fine art auctions is a setting that necessitates the use of specific equipment. If adopted, blockchain technology has the potential to make art auctioning a more equitable trade for artists, increase transparency for buyers, and protect the auction house's integrity.
Enhanced Authenticity
The inability to fully confirm the legitimacy of a work of art is the most fundamental challenge in the modern art auction industry. Nonetheless, art auction companies can create an indelible ownership record for their items by integrating blockchain-based provenance recording.
Blockchain can provide an immutable provenance since the information from the blockchain cannot be modified without altering the preceding proof of work (an adjustment that involves a lot of computational power and is theoretically impossible). Art ownership data could not be used to unfairly boost or lower the value of a work of art with blockchain provenances.
End-to-End Transparency
The art auction market could benefit from a permanent database of art information built using blockchain technology. Over time, the blockchain record of ownership for a certain piece of art will develop. Potential buyers will be able to better grasp the artwork's history, track its prior locations, and establish its genuine value if this information is made publicly available. These records would be considered extremely trustworthy because they were saved on the blockchain and could not be tampered with.
Egalitarianism
Unfortunately, art auctions do not distribute much income to the artists and do not allow anyone without a multi-million dollar bank account to participate. However, blockchain has the potential to bring equality back to the art auction sector. Most significantly for artists, a legitimate record of a painting's auction sales would allow for royalties to be earned. Artists might track the sales of their artworks using public blockchain provenance data and collect a percentage-based royalty on each sale. Furthermore, blockchain is especially beneficial to digital artists.
Even a demanding industry like art has struggled to avoid the effect of blockchain, and we can now see how this one-of-a-kind technology is altering the purchasing, selling, creating, and collecting of art. The art sector will undoubtedly continue to be shaped by blockchain, which will address concerns such as provenance, authenticity, transparency, copyright, and art fraud.
To know more about the increasing potential and applications of blockchain in the art industry, connect with our blockchain development experts
Mudit Kumar
15 Jun 2021
Emerging Blockchain Use Cases and Solutions across Industries
Blockchain solutions can transform record-keeping and trusted cross-company interactions, ultimately transforming everyone's experience with its use cases. The possibilities for new business models are limitless with blockchain development services. But how can you figure out which blockchain use cases are best for your company? What's the best place to start when it comes to delivering blockchain to your customers?
So, let's learn how blockchain use cases could help enhance business models across industries. Here's what we discovered.
Real-World Blockchain Use Cases and Applications
Fintech
Customer Identity Verification
Know Your Customer (KYC) is a time-consuming, manual process with room for error. Multiple reviewers are involved in the process to ensure that the customer has the necessary background to handle significant sums of money.
You can finish the KYC process faster with greater transparency, less verifying of sources of information, and, most importantly, provide a much better experience for the consumer by putting the entire KYC on blockchain and adding everyone who is involved.
Information required: Data about customers
Participants: Account managers, third-party researchers, auditors, financial reviewers, and customer service representatives are all examples of third-party researchers.
Value creation: A better client experience with process efficiency.
Also, Check | Blockchain for KYC | A Solution to Eradicating Inefficiencies
Regulatory Compliance Reporting
One of the most difficult aspects of bank reporting is that the information regulators require is scattered across numerous roles, including front-office staff in local branches and back-end systems engineers at the bank's headquarters. You may accomplish data integrity on a single chain by combining smart contracts with the immutability of the blockchain.
You can also provide regulators access to that chain without having to manually generate reports.
Information: History of audits
Participants: Governing bodies (from multiple agencies)
Value creation: Lowered reporting costs
Also, Read | Blockchain in the Financial Services Industry
Transactions between Banks and Across Borders
Multiple intermediaries, as well as extensive form-filling and processing costs, are involved when sending money to another country. Your bank sends a message to a bank in another country that acts as an intermediate and sends a verification message to the receiving bank. After that, the information is sent back for confirmation, and the funds are transferred. What if you could transfer money with a single mouse click? Blockchain for cross-border payments can eliminate intermediaries and make transfers instantaneous by using network-verified transactions.
Information: Transfer of funds
Participants: Money senders, receivers, and banks in a variety of nations
Value creation: Improved customer satisfaction and reduced transaction costs.
Also, Explore | Blockchain for Cross-Border Payments | A Detailed Guide
Entertainment and the Media
Direct Payments from Fans to Artists
Have you ever wondered how your favorite musicians get compensated when you listen to their music on the internet? There are a lot of managers and media firms participating. The music industry could be transformed by blockchain-enabled smart contracts that automatically pay musicians. They cut out the middlemen by connecting their music streaming app to the blockchain. They get reimbursed instantly and openly when their song is streamed.
Information: Media records on the internet
Participants: Services, providers, artists, and consumers
Value creation: Artists will have more opportunities, thanks to a new business paradigm.
Also, Read | How Blockchain is Transforming Media and Entertainment
Ticketing Managment
If you've ever bought concert tickets from a third-party vendor, you know how aggravating it can be when ticket prices for popular performances soar or, in the worst-case situation, you become a victim of ticket fraud.
When it comes to third-party suppliers, show organizers are equally frustrated. When they don't have access to the customer's data, it's tough to give an exceptional client experience.
With smart contracts and total transaction visibility, blockchain for ticketing can lock in ticket prices for consumers and provide concert organizers with a 360-degree perspective of the concertgoer, allowing them to create personalized and relevant experiences.
Information: Purchasing of tickets
Participants: Organizers of trade shows and third-party resellers
Value creation: Customer costs are cheaper, and the ability to run business campaigns is better.
Also, Read | Exploring Blockchain-Based Digital Ticketing Management
Loyalty Reward Programs
Today's loyalty programs are compartmentalized. Users become a member of several programs that they are not even able to use. Things would be different if they could have one comprehensive or interoperable system, accumulate loyalty rewards using it, and use the points anywhere they want
The network-driven architecture of blockchain, as well as its transparent transactions, make it simple to include several businesses in a single awards program. Integrations are less expensive, and companies from many industries — hotels, airlines, coffee shops, and even food trucks — can join forces to service a single client through a single blockchain-powered loyalty program.
Information: Currency rates, loyalty points
Participants: A variety of enterprises from various industries
Value creation: Lower cost of cross-company integration; better customer experience
You may also like | Advancing Loyalty Programs with Hyperledger Blockchain
Life Sciences and Healthcare
Labeling of Pharmaceuticals
The procedure of maintaining prescription medicine labeling is complicated. The criteria differ depending on the region where the medicine is sold. To document various components of the label, several specialists must be consulted, leading to long evaluations and numerous revisions to get the label approved.
Creating a blockchain-based healthcare network where all parties involved may share information and give an immutable view of the label enables updating and maintaining the labels faster, easier, and less expensive.
Information: Labels for drugs
Participants: Pharma companies, regulators, and creative agencies
Value creation: Label updates are faster, costs are lower, and compliance is higher.
Also, Read | Increasing Importance of Blockchain for Healthcare Development
Electronic Medical Records (EMRs)
You must fill out the same papers every time you change doctors. Furthermore, getting all of the information you need to complete the application in one location might be difficult.
The blockchain development for an EHR system allows a patient's electronic health records to be shared across a distributed network of providers. This eliminates incompatibility between multiple Electronic Health Record systems, enables patient access, and allows any other practitioner to safely and securely access their health records.
Information: Electronic medical records (EMR) (or related transaction data)
Participants: patients, and service providers
Value creation: Patient satisfaction is improved, and providers are more efficient.
Also, Read | EHR (Electronic Health Records) Management with Blockchain
Consumer Goods and Retail
Tracing Things Back to their Origin
Retailers and their suppliers must guarantee that the products they create and sell are safe and meet all regulatory requirements. Furthermore, as consumers, we want to know that the things we buy are ethically sourced.
Manual methods and non-digitized forms are used to maintain this information between parties, which raises the expense of doing business. A blockchain-based traceability system allows retailers, suppliers, and third-party labs to share a shared record of a product as it goes through the supply chain in real time. Both authorities and consumers have comprehensive visibility into the confirmed source of goods.
Information: Movement of goods
Participants: Retailers, suppliers, third-party labs, and logistical firms are all involved in the supply chain.
Value creation: Customer trust, ethical sourcing, and tracking costs
Relevant Reads | Supply Chain Traceability and Sustainability with Blockchain
Insurance
Claims Management
Insurance claims processes can be complex and lengthy, involving multiple parties to assess damage, process, and settle a claim. A poor claims experience is a common driver for customer attrition and a significant source of expense for the insurer.
Insurers can use blockchain for claims management to construct a network where all parties engaged in analyzing, processing, and adjudicating a claim may access a single source of information. Smart contracts can also be used to automate payouts when predefined conditions are met. Consider how much faster your claim would be processed if it were processed ten times faster. That is the possibility.
Information: Products/consumer goods
Participants: Insurance company, claims processor, and auto repair shop
Value creation: Speedier service, lower claim processing costs
Also, Explore | From Paper to Blockchain | Revolutionizing Claims Processing
Conclusion
In conclusion, the exploration of emerging blockchain use cases and solutions across various industries signifies a remarkable shift towards innovation and efficiency. From finance and supply chain management to healthcare and education, blockchain technology is revolutionizing traditional processes and unlocking new possibilities. As businesses and organizations continue to harness the power of blockchain, we can expect to see further advancements and transformative changes that reshape industries and drive progress in the years to come.
For detailed in-depth insights on how you can implement blockchain use cases and applications in your business, connect with our blockchain developers.
Mudit Kumar
11 Jun 2021
Driving Advancements in the Education Industry with Blockchain
Blockchain app development, like other emerging technologies such as artificial intelligence, the Internet of Things, and augmented reality, has broken through barriers and introduced cross-industry solutions that go beyond its initial financial and cryptocurrency emphasis, such as in the education sector. Its key advantages are its properties that enable decentralized storage, information immutability, traceability, and transparency.
Apart from allowing safe transactions, these benefits enable the creation of complex ecosystems in which people freely interact, share data, form agreements, and are rewarded for achieving superior outcomes with cryptocurrency.
Blockchain and Education
Education is one of the fastest-growing businesses, but it still faces obstacles due to the inefficiency of existing educational models, restricted access to credentials and educational records, and the authenticity of transcripts – all of which could be easily solved with blockchain-based software.
The education business is facing the same problems that have plagued it for years. Inefficient paper-based record-keeping methods, a lack of transparency, inadequate student and teacher accountability, a lack of true desire for students to study and do well in class, and a lack of faith in educational qualities and academic degrees due to falsification are all examples of this. By delivering practical answers, blockchain has the potential to improve education and resolve these difficulties.
These issues are addressed by blockchain, which stores and provides universal simple access to credentials on a decentralized ledger, optimizes educational processes using smart contracts, and incentivizes students to study with crypto prizes.
Also, Read | Exploring Potential Applications of Blockchain in Education
Blockchain and Educations | Applications and Use Cases
Providing Students with a Portfolio of their Academic Achievements
Students may establish their digital portfolios on an educational blockchain network, which will contain all of their educational achievements, such as:
Majors/minors and degrees earned
Proficiency demonstrated via experience
Certificates of completion
Achievement micro-certificates
Additional recognition and accolades
Scores on tests and attendance records
This portfolio can be freely shared to demonstrate a student's eligibility for admission to a university or provided to an employer by a student seeking employment. In the end, a worldwide database of possible applicants might be built, and corporations might seek out the best-performing children, providing even more motivation to do well in school.
Introducing Verifiable Lifetime Student Transcripts
We've all experienced difficulties acquiring transcripts from educational institutions. The process of verifying credentials and compiling the whole academic record takes a long time and involves several parties. Blockchain has the potential to offer students an online digital transcript that they may access whenever they need it. This verified student lifetime transcript might include all academic achievements and simplify credential verification, making student transfers between schools easier.
Also, Read | Advancing the Education Sector with Blockchain Applications
Accurate and Transparent Record-Keeping
The registrar's office only needs to construct a student record once because of immutable blockchain storage. After that, information is available to all educational system participants and may even be shared between institutions.
Every task, assignment, school involvement, and extracurricular activity involvement is added to the student's digital record as blocks, which may be viewed on the student's profile. Teachers, counselors, and school officials can see their kids' development from a bird's eye view.
Aside from student data, blockchain can oversee and facilitate school, college, and university accreditation, secure intellectual property rights, and eradicate diploma and transcript forgery. Educational records stored on the blockchain may be accessed and transmitted swiftly to other schools and organizations, including future employers.
To grant access to their profile, all a student has to do is give a link or their digital address. Because the whole history of modifications with signatures is maintained on the blockchain, this sort of solution provides total legitimacy of credentials and student data.
Also, Read | Enhancing the Education System with Applications of Blockchain
Smart Contracts for enabling Student Responsibility
Teachers may utilize blockchain smart contracts to engage in digital agreements with pupils over the fulfillment of their assignments. The agreement spells out all of the assignment criteria, including the directions, conditions, due date, and deadlines.
After a student completes the work and meets all of the criteria of the agreement, they may be allowed automatic entry to the next section of the course or get credit and a certificate of completion.
Finally, smart contracts may help provide personalized learning inside a typical classroom setting, as well as provide the incentive factor that is sometimes lacking in traditional educational systems.
Individualization and Monitoring of Learning Performance
Educators now have additional resources to monitor and oversee their pupils' performance because of the openness provided by blockchain data storage. Schools may provide a fully tailored learning environment by employing smart contracts and their output as tools to determine where a student is suffering. Institutions throughout the school district can access student performance data stored on a blockchain and utilize it to enhance educational processes.
This type of system might aggregate performance records on a district, state, and national level and enhance healthy competition among schools, colleges, and universities on a worldwide scale, with the ultimate objective of providing the greatest possible education.
Also, Read | Developing Education-to-Employment Verification Solution with Hyperledger Fabric
Incentivization of Students and Teacher for Better Performance
To inspire students and urge professors to participate in the educational process by generating new learning materials and participating in research, cryptocurrency and tokenized credits may be utilized to construct efficient incentive systems. Smart contracts may be created to reward fulfilled activities with bitcoin. Teachers will be able to further motivate kids by awarding extra credit to top performers.
Finally, blockchain technology has the potential to take current education to the next level by fully using the gamification factor. Tokenized credits might be used to pay off student debt, buy school supplies and other instructional resources, and cover other educational costs. Rewarding students for completing a certain major and getting a university credential might drastically reduce the percentage of students who drop out without intending to finish college.
Our team of blockchain developers and analysts would be happy to assist you in integrating blockchain technology into your organization. We are continually uncovering new chances for technical advancement, and we are glad to make our clients a part of that advancement, having worked with top firms throughout the world. Request assistance from our blockchain specialists in integrating blockchain technology into your school.
Mudit Kumar
10 Jun 2021
Blockchain in HR (Revamping Human Resources Management Systems)
In human resources, there is a tremendous chance for blockchain app development to establish itself. Learn about the applications of blockchain technology in the field of human resources.
Human resources experts will certainly adjust the way they handle enormous amounts of sensitive employee data and deploy various HR processes as a result of the technology's arrival.
As blockchain technology becomes more widespread and accessible, all members of the HR department, from recruiters to senior management, will undoubtedly notice disruptions in their regular routines. The hiring process, tapping key talent, running background investigations, validating employment records, engaging independent contractors with smart contracts, onboarding, preserving employee data, maintaining employees' data, managing financial transactions, and overseeing payroll systems are just a few examples.
How it Works
Blockchain can enable individuals to keep, secure, and give controlled access to a full blockchain-driven digital ID that contains important information about them to employers, as an example of how it may function on both sides of the employment relationship. Education, skills, training, and professional performance are all examples of this. Individuals will be able to transform their credentials into actual value in the job market thanks to this digital ID, while companies will be able to find suitable people more reliably and effectively thanks to data-driven insights.
Also, Read | Analyzing the Impact of Blockchain in Human Resources
Blockchain Use Cases and Applications in HR
Increased Protection of Critical Personal and Financial Information
HR departments are in charge of some of the organization's most high-volume financial operations, as well as sensitive employee data such as pay, healthcare, finance, banking, disciplinary records, performance records, expense reimbursement, and more.
All of the data that an HR department has is vulnerable to being misused, and as more businesses experience data breaches, it's more important than ever to put protections in place to avoid fraud and preserve security. Blockchain technology is being hailed as a solution to escalating cybersecurity crime.
The security capabilities of blockchain characterize its role as a game-changer in human resources. Blockchain has shown to be so effective for risk management and software security that it is already being used by Lockheed Martin, a major aerospace and military company.
Internal fraud and external hacks of sensitive personnel records can both be thwarted by implementing blockchain. Access to the blockchain is restricted and monitored, and those who do have access are unable to make modifications to the record at will. This protects critical personnel records from both internal and external fraud.
Also, Read | Preventing Fraud in Contracts, Supply Chains, and Identities with Blockchain
Improved Recruiting Methods, Employment Qualification Verification, Background Checks, and More
We all know that what you see on a candidate's CV isn't necessarily what you receive, whether we call it lying, exaggerating, or bending the facts regarding employment history.
Perhaps the most significant benefit that blockchain may provide is confidence in the accuracy of its data. It is difficult to evaluate the correctness of a potential employee's job and educational background in today's recruitment methods.
HR managers have always depended on CVs, which candidates may customize and enhance.
A standard background check, as many HR professionals will attest, can be time-consuming and costly. It can also be taxing for candidates since it necessitates the completion of multiple paperwork. Blockchain has the potential to minimize the time and money spent on background checks.
Although blockchain cannot ensure the detection of all errors or exaggerations, it can significantly reduce instances. It also gives businesses the most up-to-date picture of a candidate's qualifications and background.
Candidates gain from blockchain in the form of confidence, allowing them to apply for opportunities for which they are certain they are qualified. It also reduces the risk of other candidates gaining an advantage over them by submitting fake resumes and qualifications for the same position. This transparency ensures that all candidates are on an equal footing.
Also, Read | Blockchain Meets AI for Inventive Enterprise Solutions
Efficient Payroll, Contractor Payments, and Vendor Monitoring
One of the most prominent blockchain HR use cases is payroll, which is a company's greatest expenditure and the procedure that employees value the most. Many human activities can be replaced by blockchain, and time gaps in present payroll systems can be eliminated. Smart contract solutions are also available on the blockchain, which allows businesses to automate and secure payments to contractors and vendors.
When it comes to distributing cross-border payroll to employees in other countries, global firms, in particular, might profit from the blockchain. Employees may be paid quickly—and at a cheaper cost to employers in the long run—thanks to blockchain, which automatically sifts through exchange rates and talks with intermediate institutions.
When a particular number of hours of labor are done (a potential ‘if this' variable), the smart contract pays the employee, contractor, or vendor the proper amount (a ‘then that' variable) by executing the allotted piece remotely executable code.
HR would not need to make a monthly payment run or contact their company's bank. Instead, the open, real-time blockchain ledgers assist in the tracking of invoices as well as the distribution, invoicing, and reporting of transactions. There's also no need to wait for your payroll to be processed.
The smart contract ensures that work is accomplished and that payments are made in a timely and accurate manner to the employee, contractor, or vendor.
Also, Read | Data Privacy and Security with Hyperledger Fabric Blockchain
Augmented Employee Satisfaction with Instant Benefit Packages and a Flexible Expenditure Reimbursement System
The capacity of blockchain to accelerate access to benefits packages would be appreciated by both HR and employees. HR must fulfill the requirements in the contract after employers explain the terms of employment before hiring. The old model necessitates manual execution of requirements that may influence an employee's benefits package, perhaps resulting in mistakes or impeding appropriate benefit distribution.
Instead, HR can effortlessly give these advantages by entering these keywords into the blockchain. For example, if a corporation specifies that an employee's healthcare benefits will begin after a 90-day waiting period, blockchain technology may be programmed to ensure that such benefits are implemented at the appropriate time. The same IFTTT language that handles smart contracts is used here as well.
Aside from healthcare benefits, Blockchain may be able to provide a more stable solution to pay scales by applying predetermined wage increments for identified talents or key competencies deemed beneficial to the organization. They may also provide staff performance-based bonuses in a more quantifiable, data-driven manner.
Connect with our blockchain development experts for more detailed insights into HRMS solutions development with emerging technology.
Mudit Kumar
08 Jun 2021
Emerging NFT (Non-Fungible Tokens) Use Cases Beyond the Hype
Non-Fungible Tokens (NFTs) have taken the digital world by storm, primarily gaining attention through high-profile sales of digital art and collectibles. However, the true potential of NFT development services extends far beyond these initial applications. As blockchain technology matures, NFTs are emerging as versatile tools across various industries, offering innovative solutions to longstanding challenges. This comprehensive explainer delves into the emerging NFT use cases beyond the hype, highlighting their practical applications, technical advantages, and the transformative impact they can have on businesses in the B2B landscape.Understanding NFTs: A Brief OverviewNFTs are unique digital assets verified using blockchain technology, ensuring their authenticity and ownership. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are fungible and can be exchanged on a one-to-one basis, each NFT possesses distinct properties that make it irreplaceable. This uniqueness is encoded through smart contracts, allowing NFTs to represent ownership of digital or physical items ranging from art and music to real estate and intellectual property.Key Features of NFTsBefore exploring their diverse use cases, it is essential to understand the technical and functional attributes that make NFTs a groundbreaking innovation:Uniqueness and ProvenanceEach NFT is distinct, with its ownership history transparently recorded on the blockchain, ensuring authenticity and preventing forgery.InteroperabilityNFTs can be transferred and utilized across different platforms and applications, thanks to standardized protocols like ERC-721 and ERC-1155 on Ethereum.ProgrammabilitySmart contracts enable NFTs to carry additional functionalities, such as royalties for creators or conditional ownership transfer.ImmutabilityOnce minted, the metadata and ownership details of an NFT cannot be altered, providing a permanent record.Fractional OwnershipNFTs can be divided into smaller shares, allowing multiple parties to own a fraction of a high-value asset.Also, Read | How to Create an NFT Rental Marketplace using ERC 4907Emerging NFT Use Cases Beyond the HypeWhile digital art and collectibles have dominated the NFT narrative, businesses are increasingly recognizing the technology's potential across various sectors. Below are some of the most promising and impactful NFT use cases beyond the initial hype:Real Estate and Property ManagementNFTs are revolutionizing the real estate industry by streamlining transactions, enhancing transparency, and reducing fraud.Tokenized Property OwnershipReal estate properties can be tokenized, allowing fractional ownership through NFTs. This democratizes access to real estate investment, enabling smaller investors to participate in high-value markets.Smart Contracts for TransactionsNFTs can encapsulate the terms of property sales within smart contracts, automating processes such as escrow, title transfer, and compliance checks, thereby reducing the need for intermediaries.Virtual Real Estate in MetaversesAs virtual worlds gain popularity, NFTs are used to represent ownership of virtual land and properties within metaverse platforms, opening new avenues for digital asset investment.Real-World Example:Platforms like Propy and RealT utilize NFTs to facilitate real estate transactions, enabling secure and efficient property sales and fractional ownership.Supply Chain ManagementNFTs enhance supply chain transparency, traceability, and efficiency by providing immutable records of product provenance.Product AuthenticationEach product can be assigned an NFT that records its journey from manufacturing to delivery, ensuring authenticity and preventing counterfeiting.Inventory ManagementNFTs streamline inventory tracking by providing real-time updates on product status, location, and ownership, reducing discrepancies and losses.Sustainability and Ethical SourcingNFTs can certify that products are sourced ethically and sustainably, allowing consumers and businesses to verify claims about environmental and social responsibility.Real-World Example:IBM's Food Trust uses blockchain and NFTs to trace the origin and journey of food products, ensuring safety and transparency throughout the supply chain.Intellectual Property and LicensingNFTs offer robust solutions for managing intellectual property (IP) rights, licensing, and royalty distribution.Digital Rights ManagementCreators can mint their works as NFTs, embedding licensing terms and usage rights within smart contracts, ensuring that their IP is protected and properly managed.Automated Royalty PaymentsSmart contracts can automatically distribute royalties to creators each time their NFT is resold, ensuring ongoing compensation without manual intervention.Proof of Ownership and AuthorshipNFTs provide verifiable proof of ownership and authorship, reducing disputes and enhancing the credibility of IP claims.Real-World Example:Platforms like Ascribe and Codex Protocol enable creators to register their works as NFTs, managing IP rights and facilitating fair royalty distribution.Also, Check | How to Implement an On-Chain NFT AllowlistGaming and Virtual GoodsNFTs are transforming the gaming industry by enabling true ownership of in-game assets and fostering new economic models.In-Game Asset OwnershipPlayers can own, trade, and sell in-game items such as characters, weapons, and skins as NFTs, providing real-world value and enhancing the gaming experience.Play-to-Earn ModelsGames leveraging NFTs allow players to earn rewards in the form of NFTs or cryptocurrencies, creating new income streams and incentivizing engagement.Interoperable Assets Across GamesNFTs enable the transfer of assets across different games and platforms, allowing players to use their items in multiple virtual environments.Real-World Example:Games like Axie Infinity and Decentraland utilize NFTs to represent in-game assets, facilitating ownership, trading, and the creation of virtual economies.Digital Identity and VerificationNFTs provide secure and verifiable digital identities, enhancing privacy and control over personal information.Self-Sovereign IdentityIndividuals can create and manage their digital identities through NFTs, retaining full control over their personal data and who can access it.KYC and ComplianceBusinesses can use NFTs to verify customer identities securely, streamlining Know Your Customer (KYC) processes while ensuring compliance with regulatory standards.Access Control and PermissionsNFTs can grant access to digital and physical spaces, events, or services, ensuring that only authorized individuals can participate.Real-World Example:Projects like Spruce and Civic utilize NFTs to offer decentralized identity solutions, enhancing security and user control over personal information.Event Ticketing and ManagementNFTs are revolutionizing event ticketing by preventing fraud, enhancing security, and providing additional value to attendees.Anti-Fraud MeasuresEach ticket can be minted as an NFT, ensuring its authenticity and preventing counterfeiting and scalping.Enhanced Attendee ExperienceNFT tickets can include additional perks such as exclusive content, merchandise, or access to special areas within an event, enriching the attendee experience.Secondary Market ManagementSmart contracts can control the resale of NFT tickets, enforcing price caps and ensuring that original creators receive royalties from secondary sales.Real-World Example:Platforms like Ticketmaster and YellowHeart use NFTs to issue and manage event tickets, providing secure and feature-rich ticketing solutions.Also, Discover | NFT ETFs | A Beginner's Guide to Investing in Digital AssetsHealthcare and Medical RecordsNFTs offer secure and efficient management of medical records, enhancing patient privacy and data interoperability.Secure Medical Record StoragePatient records can be tokenized as NFTs, ensuring they are immutable, securely stored, and easily accessible to authorized healthcare providers.Interoperable Health DataNFTs facilitate the seamless sharing of medical data across different healthcare systems, improving coordination and patient care.Consent ManagementPatients can control access to their medical records through NFTs, granting or revoking permissions as needed, thereby enhancing privacy and autonomy.Real-World Example:Projects like Medicalchain are exploring the use of NFTs to manage and secure medical records, ensuring data integrity and patient control.Education and CertificationNFTs provide tamper-proof records of educational achievements and certifications, enhancing credibility and ease of verification.Digital Diplomas and CertificatesEducational institutions can issue diplomas and certificates as NFTs, ensuring their authenticity and simplifying the verification process for employers and other institutions.Lifelong Learning RecordsNFTs can track an individual's educational journey, recording all courses, certifications, and achievements in a single, immutable record.Micro-Credentials and BadgesShort-term courses and skill-based achievements can be represented as NFTs, recognizing and validating specific competencies.Real-World Example:Platforms like Blockcerts and Accredible allow educational institutions to issue and manage academic credentials as NFTs, enhancing the reliability and accessibility of educational records.Fashion and Luxury GoodsNFTs are enhancing the fashion and luxury goods industries by ensuring authenticity, enabling digital fashion, and creating new revenue streams.Authentication of Physical GoodsEach luxury item can be paired with an NFT that verifies its authenticity, preventing counterfeiting and providing a transparent provenance.Digital Fashion and WearablesDesigners are creating digital fashion items as NFTs, allowing users to customize their digital avatars and participate in virtual environments with unique styles.Exclusive Access and MembershipsNFTs can grant holders access to exclusive events, limited-edition products, or VIP memberships, enhancing customer loyalty and engagement.Real-World Example:Brands like Gucci and Louis Vuitton are experimenting with NFTs to authenticate their products and explore digital fashion, blending luxury with blockchain technology.Media and EntertainmentNFTs are transforming the media and entertainment sectors by enabling new forms of content distribution, rights management, and fan engagement.Content Ownership and DistributionCreators can mint their media content as NFTs, controlling distribution and monetization while ensuring that their work is protected from unauthorized use.Fan Engagement and RewardsNFTs can be used to create exclusive fan experiences, such as behind-the-scenes access, limited-edition merchandise, or interactive content, fostering deeper connections with audiences.Rights Management and LicensingSmart contracts embedded in NFTs can manage the licensing of media content, automating royalty payments and ensuring that creators are fairly compensated.Real-World Example:Artists like Grimes and platforms like Audius utilize NFTs to distribute music and other media content, offering creators greater control and new revenue opportunities.You may also like | DN-404 Token Standard : Revolutionizing Fractional NFT OwnershipAdvantages of NFTs for BusinessesThe adoption of NFTs offers numerous benefits that can drive innovation, efficiency, and growth across various industries:Enhanced Transparency and TrustBlockchain's immutable ledger ensures that all NFT transactions are transparent and verifiable, fostering trust among stakeholders.Improved SecurityNFTs provide robust security features, protecting against fraud, unauthorized access, and data manipulation.New Revenue StreamsNFTs enable businesses to monetize assets in innovative ways, such as through fractional ownership, royalties, and exclusive offerings.Streamlined OperationsSmart contracts automate complex processes, reducing the need for intermediaries and lowering operational costs.Increased Engagement and LoyaltyNFTs offer unique ways to engage customers and build loyalty through exclusive access, rewards, and personalized experiences.Global Reach and AccessibilityNFTs facilitate global transactions without geographical barriers, enabling businesses to reach a wider audience and tap into international markets.Potential ChallengesWhile NFTs present significant opportunities, businesses must navigate certain challenges to leverage their full potential:Regulatory UncertaintyThe regulatory landscape for NFTs is still evolving, with varying laws and guidelines across different jurisdictions, creating compliance challenges.Environmental ConcernsThe energy consumption associated with blockchain networks, particularly those using Proof of Work (PoW) consensus mechanisms, raises sustainability issues.Technical ComplexityImplementing NFT solutions requires specialized technical expertise, which may be a barrier for some businesses.Market VolatilityThe value of NFTs can be highly volatile, posing financial risks for businesses investing in or issuing NFTs.Scalability IssuesHigh demand can strain blockchain networks, leading to increased transaction fees and slower processing times.Intellectual Property RisksEnsuring that NFTs do not infringe on existing IP rights requires careful management and due diligence.Also, Explore | How to Develop an NFT Game Like Zed Run | A Step-by-Step GuideFrequently Asked Questions (FAQs)Q1: What differentiates NFTs from cryptocurrencies like Bitcoin or Ethereum?A: While both NFTs and cryptocurrencies operate on blockchain technology, cryptocurrencies like Bitcoin and Ethereum are fungible, meaning each unit is identical and can be exchanged on a one-to-one basis. In contrast, NFTs are non-fungible, with each token being unique and representing distinct assets or rights.Q2: How are NFTs created and issued?A: NFTs are created through a process called minting, where digital assets are converted into tokens on a blockchain using smart contracts. This involves defining the NFT's metadata, including its uniqueness, ownership details, and any embedded functionalities.Q3: Are NFTs secure and tamper-proof?A: Yes, NFTs leverage blockchain's inherent security features, ensuring that once an NFT is minted, its data and ownership records are immutable and tamper-proof. However, the security of NFTs also depends on the underlying blockchain's integrity and the implementation of smart contracts.Q4: What are the environmental impacts of NFTs?A: The environmental impact of NFTs depends on the blockchain they are minted on. Blockchains using Proof of Work (PoW) consensus mechanisms, like Ethereum (before its transition to Proof of Stake), consume significant energy, contributing to carbon emissions. However, many newer blockchains employ more energy-efficient consensus methods to mitigate these impacts.Q5: How can businesses integrate NFTs into their operations?A: Businesses can integrate NFTs by identifying assets or processes that can benefit from tokenization, partnering with blockchain developers to create NFT solutions, and leveraging platforms and marketplaces that support NFT issuance and management. It's essential to align NFT integration with business goals and ensure compliance with relevant regulations.Q6: What legal considerations should businesses be aware of when using NFTs?A: Businesses must navigate intellectual property rights, licensing agreements, consumer protection laws, and anti-money laundering (AML) regulations when issuing or trading NFTs. Consulting with legal experts and staying informed about evolving regulations is crucial to ensure compliance.Q7: Can NFTs be used for fractional ownership of assets?A: Yes, NFTs can represent fractional ownership of high-value assets, allowing multiple parties to hold shares of a single NFT. This enables broader participation in asset investment and can enhance liquidity for traditionally illiquid markets.Q8: What are the best practices for securing NFT assets?A: Best practices for securing NFTs include using reputable and secure wallets, enabling multi-factor authentication, keeping private keys confidential, and utilizing hardware wallets for added security. Additionally, businesses should ensure that smart contracts are thoroughly audited to prevent vulnerabilities.Q9: How do royalties work with NFTs?A: Smart contracts embedded in NFTs can automatically enforce royalty payments to creators each time the NFT is resold. This ensures that creators receive ongoing compensation for their work without requiring manual intervention.Q10: What future trends are expected in the NFT space?A: Future trends in the NFT space include increased adoption across diverse industries, advancements in interoperability between blockchain platforms, the rise of dynamic and programmable NFTs, enhanced focus on sustainability, and the development of more robust regulatory frameworks to govern NFT transactions and ownership.ConclusionNon-Fungible Tokens (NFTs) have evolved beyond digital art and collectibles, offering transformative applications across industries like real estate, supply chain management, digital identity, and intellectual property. Their unique attributes—such as transparency, programmability, and uniqueness—enable businesses to streamline operations, create new revenue streams, and enhance stakeholder engagement. While integrating NFTs requires navigating regulatory, environmental, and technical challenges, staying informed and adopting best practices can unlock their full potential. As blockchain technology advances, NFTs are poised to redefine business models, drive innovation, and provide a competitive edge in the increasingly digital and interconnected world.In case if you are looking for trusted NFT development services to develop your project, connect with our skilled blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
04 Jun 2021
Building An Advanced NFT (Non-Fungible Tokens) Marketplace
In the digital market, Non-Fungible Tokens (NFTs) have become the current trendsetter. Mainly, smart contracts solutions on the Ethereum blockchain power them.
People have begun to buy and sell digital items in unprecedented numbers on various NFT marketplaces. Everyone in the NFT community believes that the digital commodities we buy carry significant selling value, similar to conventional art such as the Mona Lisa painting. But where can you buy and sell NFTs? This blog will provide you with a comprehensive overview of markets as well as instructions on how to set up your own bespoke NFT marketplace development platform.
What is a Non-Fungible Token (NFT)?
Cryptographic tokens that may be utilized as digital assets are known as non-fungible tokens (NFTs). These tokens vary from other current tokens that may be used across multiple blockchains.
Non-fungible tokens are one-of-a-kind and cannot be divided. Each token has a unique value and set of attributes that cannot be exchanged for other NFTs.
NFTs are a one-of-a-kind piece of data that is both visible and rare on the blockchain. They may be used to symbolize anything or experience that is one-of-a-kind. Indeed, they have the potential to bring the NFT market to the forefront of financial institutions' minds.
Also, Read | NFT (Non-Fungible Tokens) | Taking the Crypto Space by Storm
What is an NFT Marketplace and How Does it Work?
NFTs, unlike Bitcoin, Litecoin, Ether, and other fungible tokens, cannot be exchanged directly; instead, they must be exchanged through a dedicated platform. NFT Marketplaces are the names given to these unique platforms. These markets are a decentralized platform where Non-Fungible Tokens may be bought and sold. The platform's digital assets can be purchased at a preset price or through an auction. To complete transactions, the majority of marketplaces need buyers and sellers to have an electronic wallet. There are several sorts of markets; some are more exclusive, while the majority of markets are focused on the creation and sale of art.
A few NFT Marketplace Examples
OpenSea
Decentraland
Nifty Gateway
MakersPlace
NBA Top Shot
Atomic Market
CryptoPunK
Also, Read | NFT Marketplace Development | Emerging Business Opportunities
Advantages of Building and Launching a New NFT Marketplace
During an exchange for an NFT, the transfer is painless.
The NFT is powered by blockchain technology, which ensures its authenticity and prevents counterfeiting.
Non-fungible tokens have their ownership rights, therefore changes to decentralized networks are not permitted.
Emerging NFT Development Standards
Fractionalized NFTs
NFTs are now seen as proprietary and exclusive, implying that the buyer is the exclusive owner. The current status of NFT is the polar opposite of distributed ledger technology's decentralization concept.
As a result of these constraints, a new NFT dubbed fractional non-fungible tokens have been created. The idea is for everyone to be able to own a piece of NFT. These F-NFTs are more practical and easier to apply in virtual commodities application cases.
Semi-Fungible Token (ERC 1155)
Enjin created this protocol to provide fungibility for NFTs in a single smart-contract deployment. This is a new sort of token that may be anything like a "50 dollar Walmart coupon" or something similar. Each token in the case of a Walmart coupon is fungible until it is redeemed or utilized in-store.
When a coupon is redeemed, it loses its value and can no longer be exchanged like regular tokens. The token is fungible until it is redeemed, which is why it is referred to as a semi-fungible token.
Also, Read | A Quick Guide to Ethereum ERC Token Standards
How to Build an NFT Marketplace
Users can create their NFT exchange. To construct a marketplace, you may either build a proprietary NFT marketplace development platform or use the OpenSea SDK.
Integrating with the OpenSea SDK allows the user to create a marketplace in a short amount of time, but it limits the user's ability to modify software development codes since it adheres to the OpenSea marketplace's SDK. The user can customize SDK to their desired capabilities using the custom NFT marketplace development platform.
Step-by-Step Instruction for Building your NFT Marketplace
Identifying your niche
The developer must be knowledgeable of the digital market to create a successful marketplace. Instead of focusing on the horizontal market, the developer should concentrate on the vertical market. Vertical market suppliers offer items that fulfill the needs of a certain sort of target group, whereas horizontal market suppliers sell everything to everyone.
Choosing User Roles
In the construction of markets, there are three sorts of user roles: buyers, creators, and administrators.
Documenting Project Essentials
The documentation of the project is the first step in the site creation process. Project documentation is unnecessary if the user is ready to engage full-time developers, but it is one of the most critical procedures when managing a remote development team since it saves time and provides a thorough roadmap for the next stage in the custom NFT marketplace building process.
Developing the Project
Dedicated SDKs are used to assure rapid platform operation, high performance, and stability throughout the development stage when the user picks the framework for their project.
Implementing Token Generators
Token generators are used to produce smart contracts at this level of development. Smart contracts are self-executing contracts in which the buyer and seller's conditions and agreements are expressed as code lines. There is a distributed, decentralized blockchain network that has the code and agreement. This stage's primary purpose is to add logic to the web page.
Executing and Testing
This step aids in the detection and correction of bugs. It ensures that the bespoke NFT marketplace launches without a hitch. Additionally, software testing assures that the new project matches the original project's specifications. The fundamental reason for the importance of this stage is that a well-tested software product ensures dependability, security, and high performance.
Who We Are?
Clients interested in establishing their own unique NFT marketplace development platform should contact blockchain and smart contract development experts at Oodles for Custom NFT Marketplace solutions. We are a company with years of expertise producing blockchain platforms and other non-financial technology (NFT) development services. Our professional developers are experts in developing a competitive Custom NFT Marketplace platform based on future trends and customer requirements. Our technical staff is available 24 hours a day, 7 days a week to assist customers with questions, quick modification, and trading tactics to help your business expand. These services are available to entrepreneurs and investors that contact us!
Mudit Kumar
02 Jun 2021
Exploring BEP-20 Token Standard on Binance Smart Chain
Every year, cryptocurrency development services offer new and inventive breakthroughs, particularly in the Decentralized Finance field, that challenge the present system and provide enhancements. The Binance Smart Chain, which is equal to Binance Chain but with incentives and advantages never seen previously in the Decentralized Exchange spectrum, is one such recent breakthrough. The BEP-20 token is the standard token on the Binance Smart Chain (BSC), and it is our current product of interest. Businesses wishing to develop their BEP-20 token-based projects are on the right road since the BEP-20 token offers various advantages that make it a profitable investment.
Binance DEX (Decentralized Exchange) and Binance Chain
Binance is one of the most well-known cryptocurrency exchanges operating in the crypto market today. It boasts a large trading volume for various cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Altcoin.
Binance has created its blockchain network, Binance Chain, which includes several features. Binance Chain came into existence, particularly for Binance DEX. Its purpose was to make transactions happen faster.
Apart from that, the network-enabled users create trading pairs between two different tokens while also create, transmit, receive, and mint new ones on the chain.
Binance Smart Chain (BSC)
Binance Smart Chain (BSC) is a blockchain network that allows smart contract-based applications to be executed. BSC works in tandem with Binance's native Binance Chain (BC), giving customers the best of both worlds: BC's huge transaction volume and BSC's smart contract capability.
Furthermore, the Ethereum Virtual Machine (EVM) is implemented by Binance Smart Chain, allowing it to run Ethereum-based apps like MetaMask.
The platform aims to make it easier for developers to create decentralized apps (DApps) and for consumers to manage their digital assets across several blockchains with low latency and high capacity.
Because of Ethereum, facing congestion and gas tax difficulties, which have forced developers and stake investors to explore other choices, Binance Smart Chain has gained a lot of popularity in early 2021. By cutting the gas tax from 15 Gwei to 10 Gwei, the BSC community made the network even more enticing to new users as a cost-effective and dependable option.
Also, Read | Binance Smart Chain (BSC) for Smart Contracts Development
What does the BEP-20 Token Standard Entail?
BEP-20 is a Binance Smart Chain token standard that extends ERC-20, the most widely used Ethereum token standard. It functions as a blueprint for tokens, defining how people can use them, who may spend them, and other use constraints. It is interoperable with both Binance Chain-powered BEP-2 and Ethereum-enabled ERC-20 due to its similarities.
BEP-20 came in to use as a technical standard for Binance Smart Chain to allow developers to launch various tokens flexibly. These might be anything from stock in a company to money kept in a bank vault (i.e., a stablecoin). In reality, developers can either develop a local asset like on a BEP-20 token standard, or they can peg tokens from other blockchain platforms to make them work on Binance Smart Chain. This is how “Peggy” coins, which are BEP-20 copies of other crypto assets, are used (such as LINK or XRP). BEP-20 token transfers, like BEP-2 token transfers on Binance Chain, are driven by BNB. This incentivizes validators to include transactions on the blockchain since they will be paid in BNB as a reward for their efforts.
You may be aware that Binance Smart Chain was conceived as a complement to Binance Chain. Binance Smart Chain caters to decentralized apps without congesting the original chain, which is geared for ultra-fast trading, thanks to the dual chain design. Because of this architecture, cross-chain compatibility was given a lot of thought. As a result, BEP-2 tokens can be exchanged for their BEP-20 counterparts. The Binance Chain Wallet extension may be the simplest way to do so, but other options will surely arise over time.
Also, Read | ERC-20 Token Standard | A Compact Guide to Development
The advantages and benefits of the BEP-20 token are listed below, making it a worthwhile business investment.
The BEP-20 token is interchangeable with the Binance Chains BEP-2 token and the Ethereum ERC-20 token, allowing it to be used on both platforms.
BNB is the backer and fueler of the BEP-20 tokens.
Because traders and users earn BNB as an extra charge, this serves as an incentive for them to continue transacting on the Blockchain.
BEP-20 allows other currencies in the BSC network to connect with other DeFi protocols, including wallets, decentralized exchanges (DEX), and decentralized applications (dApps).
BEP-2 tokens can be exchanged for BEP-20 equivalents.
The BEP-20 coin is supported by wallets like the Trust wallet, allowing users to store and withdraw assets with convenience and accessibility.
The generation of native tokens based on the BEP-20 token is possible.
Other blockchain-based tokens can be pegged to the BEP-20 token and used on the Binance Smart Chain. This is referred to as "Peggy Coins," which are just BEP-20 counterparts of other tokens, such as the pegged token.
BEP20 Token Development Features
Quick Transactions
The fact that Binance BEP20 token development enables fast transaction speeds and is extremely scalable is one of the primary advantages.
Transaction Fees are Low
You may let consumers transact your tokens without paying large gas fees like on the Ethereum network by developing a BEP20 token.
Compatibility between Chains
BEP20 coins are compatible with Binance Chain BEP2 coins. Using a basic wallet, you can effortlessly switch between the two networks.
Exchanges are Simple to List on
You may simply list your BEP20 tokens on decentralized exchanges with little effort, allowing for quick token sales.
Also, Read | Smart Contracts Development for DeFi | A Guide for Investors
A Comparison Between ERC-20 and BEP-20 token standard
The BEP-20 and ERC-20 tokens on Ethereum are quite similar. Indeed, BNB (Binance Coin) was an ERC-20 token initially. Later, it transitioned from an ERC-20 token on the Ethereum network to a BEP-2 token on the Binance Chain on April 23rd, 2019.
Binance is also working hard to improve cross-chain interoperability, such as between ERC-20 and BEP-20 tokens. This is part of the Binance Bridge Project, which aims to improve blockchain interoperability. Binance Smart Chain is reasonably easy to integrate with Ethereum tools and dApps since it is compatible with the Ethereum Virtual Machine (EVM). Developers just need to migrate their Ethereum-based projects to the Binance Smart Chain. Furthermore, this implies that programs such as MetaMask may be readily converted to work with Binance Smart Chain.
Consult our cryptocurrency development experts and create your BEP20 token right now.
Mudit Kumar
31 May 2021
An Introductory Guide to Ethereum 2.0 | A Major Upgrade
The crypto business is in a pickle since it is hailed as a game-changer for the financial sector, yet it also contributes significantly to growing carbon emissions. Bitcoin uses a ridiculous amount of energy owing to its mining using fossil fuels, and it has already sparked worldwide criticism over climate change worries. Going green will be a must for cryptocurrencies if they want to secure their place in the future. Does Ethereum 2.0 address these challenges while providing new, advanced features for Ethereum blockchain app development? Let's find out.
While the fate of Bitcoin is unknown, Vitalik Buterin, the developer of the Ethereum blockchain, is convinced that a solution is not far away. He's now working on a long-promised rewrite of Ethereum's code, which has been in the works since 2019.
But it's not as simple as it seems, because the blockchain can perform more jobs than Bitcoin, such as data storage, decision support, and value distribution automation via smart contracts. The latest blockchain version contains dramatic changes like a whole new idea for creating currencies, speedier transactions, and a 99 percent reduction in energy use.
What will the new Ethereum 2.0 blockchain bring to the table?
It'll be known as Ethereum 2.0, and it'll go from a "proof-of-work" (PoW) paradigm to a "proof-of-stake" (PoS) one. Bitcoin makes use of the latter, and it uses a lot of energy since computers compete to execute transactions and earn incentives (these rewards are technically mined coins). Participants in PoS, on the other hand, are referred to as validators rather than miners. Each validator must place a bet as collateral. Stakers are compensated with Ether in exchange for their contributions. As a result, it's being collected as passive income, with dividends coming in overtime.
It's important mentioning that Ethereum is the blockchain, and Ether is the coin it uses. Because the cryptographic work is less difficult, the new technique saves a lot of energy. Each node must stake its money in order to participate in the process. Instead of having millions of processors chasing the same transaction, PoS allocates one at random to the work. To stake on the new network, a user must have a minimum of 32 Ether.
Also, Read | Ethereum Blockchain Solutions for Enterprises
Understanding Ethereum 2.0?
Ethereum 2.0 (also known as Eth2) is just an update to the Ethereum blockchain's current version. The goal of Ethereum 2.0 is to eliminate bottlenecks that exist in the current version while also increasing the scalability and speed of transactions on the Ethereum network. Several characteristics distinguish Ethereum 2.0 from Ethereum, the most notable of which is the structure and architecture. "Proof of stake" and "sharding" are fundamental features of Ethereum 2.0. Let's take a closer look at the characteristics of Ethereum 2.0:
Shift to Proof of Stake Consensus Mechanism
The consensus process used by Ethereum is different between the two versions. While Ethereum uses a proof-of-work (POW) system, Ethereum 2.0 uses a proof-of-stake (PoS) approach. Anyone (miners) who solves the problem first adds a transaction to the blockchain, which includes all previous transactional data. Transactions in the POS system, on the other hand, are confirmed using algorithms via validators rather than miners. Once the majority of validators have accepted the block, it is put to the blockchain. As a result, Pos substantially decreases the process's complexity.
Sharding for Faster Processing
A processing method known as sharding is another element that improves Ethereum's performance in the updated version. Previously, any data contributed to the blockchain had to be confirmed by all participating nodes, which drastically slowed processing, created bottlenecks, and increased transaction fees; however, sharding overcomes these issues. Sharding divides the work of data verification into smaller groups of nodes, with nodes only validating the data they have received. Because not every node is necessary to validate the data, the total capacity increases dramatically.
Also, Read | Enterprise Ethereum Blockchain Use Cases and Applications by Industry
Enhanced Scalability
Ethereum 2.0 can process up to 10,000 transactions per second, compared to 30 transactions per second in the previous version. This eliminates bottlenecks and significantly improves transaction speed. As a result, transactions are more efficient and transactions are completed faster.
Improved Security
In its 2.0 update, Ethereum also offers extra protection. While most PoS networks only need a few validators, lowering network security, Ethereum 2.0 requires a high number of validators, making it more decentralized and secure.
Improved Sustainability
To secure a blockchain, the Proof of Work (Pow) methodology utilizes fewer computational resources. As a result, the technology used to validate Ethereum 2.0 transactions uses less power and, as a result, uses less energy. This is beneficial to the environment.
As a result, Ethereum 2.0 is a quicker, safer, and more advanced version of the Ethereum blockchain.
Also, Read | Enterprise Ethereum: A Platform for Private Blockchain Solutions
What does this Upgrade Mean for Ethereum Users?
A security that is both cost-effective and efficient in terms of energy use
By matching the economic incentives of validator nodes, the PoS model to which Ethereum is transitioning offers an economically efficient and flexible approach to validate blocks; in the words of Vitalik Buterin, "security comes from putting up economic value-at-risk." PoS encourages increased geographic decentralization since it is also very energy efficient.
A More Beneficial Experience
Users will have a better overall experience utilizing the network due to enhancements in the transaction fee structure, which will result in lower costs and quicker transaction times. The value of a positive user experience cannot be overstated. Users must like utilizing the technology in order for it to be widely adopted.
Also, Read | Ethereum: The Platform That Brings Blockchain Into The Mainstream
Economically Advantageous
The burning of the BaseFee not only improves the user experience but also internalizes revenue that is now going to miners, implying that ETH will become a productive asset because it is a needed consumable for transactions. Furthermore, burning ETH reduces inflation, possibly transforming it into a deflationary asset and legitimizing it as a store of value. The condition of Ether as a liquid asset will become rarer; the majority of ETH will either be locked up in smart contracts and DeFi or burnt via transactions. Listen to this podcast for additional information on the economic consequences of ETH.
Developing on a Large Scale
The Ethereum Developer community will benefit from lower transaction costs and chain sharding. Developers will be able to construct decentralized protocols at scale without sacrificing security, and space will be more innovative as a result of these additional capabilities.
For more information about the major upgrade and how you can begin development with it, connect with our Ethereum blockchain developers.
Mudit Kumar
28 May 2021
Blockchain for Advanced and Secure Digital Identity Management
Digital identity management and verification are likely one of the most promising of the many developing use cases for blockchain technology. Billions of people around the world were harmed by personal data breaches in 2018. More secure means of storing, sharing, and verifying sensitive data are unquestionably needed. In this regard, blockchain solutions development for identity systems might provide useful answers to some of the problems that most centralized databases suffer.
Identity Management using Blockchain
Current methods of exchanging personal data and information with businesses and digital platforms expose individuals to privacy risks due to hacking or bad data management. Individuals and businesses can have greater direct control over their private information by using DLT/blockchain in digital identity verification and management. Furthermore, more seamless attestations and direct data exchange can expedite procedures across the digital identity collection, verification, and maintenance lifecycle.
Also, Read | Advancing Identity Management with Blockchain Technology
The advantages of a decentralized identification
Everyone's benefit
With highly secure user experiences, you can own and control your digital identity while still protecting your privacy.
For businesses
Reduce risk by utilizing electronic data verification and increasing openness and auditability.
Use Cases | Blockchain for Identity Management
Verification of Identity
If there was no feasible alternative to the very susceptible old method of identity verification, the seeming failure to secure users' login capabilities may be excused. However, given that blockchain's multi-step, multi-factor identity verification systems have been proved to function and are used by a variety of businesses, It's difficult to understand why the blockchain authentication approach hasn't achieved wider acceptance, especially given the risks of stolen identities and credentials.
Also, Read | Empowering Digital Identity Management With Blockchain
Solutions for Non-Custodial Login
With non-custodial logins based on the blockchain, no one organization – such as your company – has authority over your usernames, passwords, or the database that stores them. The previous centralized entity can nevertheless confirm that persons signing in are who they say they are by removing the ‘custodian' of those credentials and replacing them with public and private keychains for logins.
Secure Identity Management for the Decentralized Web
Those who want to see the internet return to a form that is more in touch with real decentralization have looked into how blockchains can help decrease third parties while yet preserving a user's identity. Instead of handing each site or service their data and credentials again and over again, users might save their data and identities on a blockchain that they could use across the internet. A second concept is based on a similar blockchain that holds the user's data but allows third parties to access it with their permission. In any case, these proposals offer frameworks for a return to the internet's original vision: people connecting on a truly peer-to-peer basis with their own identities rather than those of third parties.
Also, Read | Creating a Blockchain Based Identity Management System
Self-Sovereign Identity Management
Self-sovereign identification refers to an individual's use of their birth certificate, passport, and other identifiers rather than those granted by the government. While this notion will undoubtedly be challenging to put into practice, the blockchain's capacity to attach a person to their identifiers more than other present technologies implies it will be the technology of choice for proving the authenticity of such self-sovereign ways of identity. Also, a system like this would have made the whole Barack Obama birther saga a lot less newsworthy. Wouldn't it have been lovely if that had been the case?
Also, Read | Self-Sovereign Digital Identity with Hyperledger Indy: Control Your Data
Strengthened Protections for Critical Infrastructure
As a result, blockchain-based authentication solutions are about more than just personal comfort and security. Ensuring that only authorized staff has access to an electricity grid, air traffic control panel, or another essential control system necessitates next-generation security. Blockchain promises to achieve these objectives. It provides a significant leap forward from existing authentication methods.
It is true that failure to embrace the strongest possible security measures has repercussions. They can go beyond social concerns and into the domain of national security.
Secure Identity Management for Internet of Things (IoT)
First and foremost, sensitive IoT-derived information about our lives must be safeguarded. Users should have a say over how and to what degree their data is utilized. Blockchain technology does that along with keeping data associated with the Internet of Things secure and free of unethical takeover and manipulation.
Also, Read | Digital Identity Management with Hyperledger Projects
Decentralization of User Data Storage
Blockchain is inherently decentralized. It means the data that large corporations acquire remains available across various points of access server. Blockchain makes it significantly more difficult for would-be hackers to access information by distributing it over several nodes. Indeed, adopting decentralized but secure storage of user data is a step toward safeguarding identities.
More Applications Made Possible with Biometrics and blockchain
Mapping physical IDs to digital IDs powered by blockchain enables them to seek new business possibilities as part of a larger ecosystem.
Traveling in safety and comfort
Changes the future of international travel...and beyond... by harnessing the potential of blockchain-based digital identification and biometrics.
Immutable Records of background checks and training
Reduces background check recurrence and establishes reliable records of education, professional credentials, and licenses.
Security of Health-related information
Patients can share and control their health information, allowing them to access healthcare and medication from anywhere.
Streamlined Know-Your-Customer (KYC) procedures
Accelerates the Know Your Customer process by obtaining customer agreement through a network of banks' attestations.
Insurance or Proof of Ownership
For example, affidavits proving property ownership become obsolete for insurance or submit taxes.
Also, Read | Benefits of Digital Identity Management With Blockchain
Limitations that may exist
These systems can subject to issues like synthetic identity theft. It is arguably the most challenging obstacle. Synthetic identity is the process of mixing authentic information from many people to create a completely new identity. Because data of a synthetic identity seems correct, some systems can fall prey to thinking the phony ones are real. Criminals frequently utilize this type of assault in credit card fraud. However, we can address the problem by using digital signatures. They ensure that made-up combinations of documents are not acknowledgeable as blockchain entries. A government agency, for example, may give unique digital signatures for each document as well as a single digital signature for all papers registered by the same person.
Concluding Thoughts
Despite its flaws and limits, blockchain can revolutionize the way we verify, store, and share digital information. For more information about blockchain's role and implementation in digital identity management for your business, connect with our blockchain development experts.
Mudit Kumar
27 May 2021
Advanced Fintech Solutions Development Powered by Blockchain
Blockchain technology is revolutionizing fintech development by creating more open, inclusive, and secure DeFi solutions, enabling shared operating models, enhancing efficiency, reducing costs, and introducing innovative goods and services. It facilitates the issuance of digital securities with greater customization, lower unit costs, and shorter timeframes.
This customization capability extends the investor market, lowers issuer costs, and minimizes counterparty risk. Over the past five years, blockchain has evolved into a robust enterprise-grade technology offering significant benefits:
High Performance
Security
Trust
Programmability
Privacy
Scalability
Advantages of Blockchain Development for Fintech Solutions
Authenticity and Scarcity
Blockchain ensures data integrity and enables asset provenance and transaction history to be stored in a unified, transparent source of truth.
Customizable Capabilities
Governance, compliance, data privacy, identification (KYC/AML traits), system incentives, and stakeholder engagement elements can be integrated directly into digital assets.
You may also like to explore | DeFi in Real Estate | Exploring New Horizons and Potentials
More Efficient Processes
Automation increases business efficiency by enabling real-time settlement, auditing, and reporting. It reduces processing times, error risks, delays, and the number of intermediaries required for traditional assurance processes.
Economic Efficiency
Automated and streamlined procedures reduce infrastructure, operational, and transaction costs.
Market Reactivity
Digital securities can be personalized and issued faster than standardized securities, allowing issuers to tailor financial instruments to investor needs.
New Markets and Products
Blockchain supports secure, scalable, quick asset transfers, fractionalized real-world asset ownership, and tokenized micro-economies creation.
These advantages lead to more accountable governance systems, efficient business models, enhanced stakeholder alignment, increased liquidity, reduced capital costs, lower counterparty risk, and access to a broader investor and capital base.
Also, Check | DeFi Trends for 2024 and Beyond | Insights and Projections
Emerging Applications of Blockchain in Fintech
Enhanced Insurance Processes
Blockchain can secure data verification, claims processing, and distribution, significantly reducing processing time and fraud risk. Smart contracts automate claim processing, disburse insurance payments, and create tokenized reinsurance marketplaces, making reinsurance more accessible.
Simplified Identity Management
Blockchain-based systems can streamline identity verification processes, reducing the time and paperwork required for KYC/AML compliance. Users can authenticate their identity once and use a verification document for transactions globally, enhancing security and efficiency.
Also, Read | Driving DeFi Revolution with Smart Contracts
Streamlined Financial Reporting and Auditing
Blockchain simplifies auditing by providing efficient data storage and real-time updates. The immutable ledger ensures transparency and accuracy, allowing for real-time proof of fund movement and reducing manual intervention.
Cost-Effective Cross-Border Payments
Blockchain enables decentralized money transfers, reducing the need for banks and third-party approvals. This leads to faster, cheaper transactions with lower remittance fees and enhanced security, allowing banks to compete with fintech firms.
Strengthened Trade Finance
Blockchain reduces the documentation burden in trade finance, ensuring accurate and secure entries for all participants. The real-time data updates facilitate quick business decisions, minimize shorting risks, and improve trade lifecycle management.
Also, Read | An Introductory Guide to Defi 2.0
Conclusion
Blockchain development holds immense potential for fintech applications, with numerous startups innovating in cryptocurrencies and blockchain apps. Despite challenges, blockchain is poised to transform banking by enabling faster payments, more efficient audits, and comprehensive identity management, heralding a new era of financial services innovation.
Connect with our skilled blockchain developers to explore the possibilities unleashed by blockchain and relevant technologies.
Mudit Kumar
25 May 2021
Emerging Blockchain Use Cases in Media and Entertainment
As the sector seeks to address its various difficulties with novel technology solutions, new blockchain use cases in media and entertainment are constantly developing.
Blockchain solutions development in media and entertainment is gradually enabling disintermediation, streamlining digital rights management, and establishing a more transparent system for all parties — from content creators to advertising — in an environment plagued with middlemen, unequal distribution of profits, evolving consumer habits, and many inefficiencies.
Emerging Blockchain Use Cases in Media and Entertainment
Royalty Payments Streamlined
CitiGroup investigated the unjust profit distribution in the music business in the United States in 2018. Despite an all-time high spend of over $43 billion, artists only got around 12% of the income (about $5 billion). What is the reason behind this? Because of the scourge of pointless middlemen who take a piece of the profits at every turn.
By establishing smart contracts that satisfy preset requirements, such as delivering money to the proper recipient every time their song is played, blockchain is proving to be the ideal option for simplifying and allowing more precise royalty payments. This allows for a more equitable and efficient system that fairly compensates artists for their efforts.
Usage-Based Payment Models and Micropayments
The media and entertainment industries have had to disrupt themselves to hold their viewers' interest. The COVID-19 epidemic has also changed the way we consume material, according to a recent Deloitte study.
Consumers are canceling memberships to paid streaming services, which originally increased as they began to add and sample services. As a result, customers seek the best value for their time and money in an intensely competitive industry.
Blockchain media use cases include micropayments and usage-based consumption models, which are both consumer-friendly and efficient, allow customers to pay for exactly what they want while leveraging smart contracts to ensure that artists get paid, providing a win-win scenario for everyone.
Consumers may get the bite-sized, low-value material they want, while content providers get paid immediately without sacrificing a portion of their income to middlemen. Furthermore, subscription providers can engage consumers who would rather make one-time singular purchases than commit to regular subscriptions.
Also, Read | How Blockchain is Transforming Media and Entertainment
Advertising Engagement Metrics That Can't Be Changed
Bot traffic, invalid traffic, and hidden advertisements all continued to drain advertisers' purses in 2019, resulting in both low ROI and a miserable user experience.
Fortunately, in the media and advertising industry, blockchain delivers immutable analytics that allows agencies, marketers, and clients to genuinely track and attribute advertising analytics so they can see how their money is being spent and where it is driving genuine clicks.
In reality, leveraging blockchain as a shared ledger and universal source of truth ensures that data is free of manipulation and fraud across the board, from clicks and impressions to lead creation. As a result, blockchain is assisting all stakeholders in rebuilding confidence, as well as marketers in crafting targeted advertising spend that appropriately portrays their ROI.
Also, Read | Intelligent and Secure Digital Advertising with Blockchain
Disintermediation of Services and Operations
In the case of digital material, blockchain-based markets eliminate content aggregation and allow users and producers to communicate without the need for costly middlemen. And it's not too late. Multiple intermediaries, ranging from streaming platforms to content aggregators, continue to muddle the media and entertainment business, eroding income for all parties involved.
Settlements are becoming increasingly automated thanks to the use of smart contracts, while consensus processes validate data and generate transparent and immutable audit trails for anything from content views to royalty payments.
This implies the sector will no longer need to rely on expensive intermediaries like collecting bodies and will be able to simplify operations while saving money.
Also, Read | Blockchain's Impact in the Media and Entertainment Industry
Anti-fraud and anti-piracy measures
According to Cointelegraph, piracy in the media and entertainment business might be worth $52 billion by 2022. A large number of counterfeit versions of material results in significant losses for content providers and artists all around the world. Given the complexity of the issue, blockchain use cases in media to combat piracy are beginning to emerge, albeit they are still in their infancy.
Because there is inadequate information to explain the motives for piracy, it is extremely difficult to combat. These might range from cultural conventions to a lack of access to an engrained cultural conviction that the information has no worth, according to copyright research organization CREATe.
However, blockchain is already being used on a limited scale for a variety of purposes, ranging from content surveillance to forensic watermarking technology. And, as we learn more about the motivations driving piracy, blockchain might become a significant tool for minimizing its occurrence.
Also, Read | Preventing Fraud in Contracts, Supply Chains, and Identities with Blockchain
Blockchain's Challenges
Additional income sources for new and old material, as well as better security of content intellectual property for content owners, might be created through blockchain. However, the technology is still in its infancy, and these applications are still in development. Early adopters must be informed of the risks and expenses involved. Because blockchain is currently uncontrolled, consistent rules for using the technology to produce value must be developed.
Furthermore, in other circumstances, getting the full benefits of blockchain may need the replacement of present technologies. It will take time to integrate the technology into current procedures, as well as to construct, test, and ensure its security. There's also the issue of where to keep all of this intellectual property.
Will enormous volumes of transaction data need to be kept with a third party, and who owns the real estate in that case? It will take time to answer these issues and discover common ground. It's critical for media industry participants to work toward defining blockchain application standards and identifying areas where the technology may assist major actors in the sector, such as content providers, aggregators, and distributors.
Also, Read | Developing a Blockchain-Powered Media Streaming Platform
Final thoughts
Understanding how blockchain fits into the company's overall strategy, what the company's goals are, and if the technology can have a substantial influence on the business model will be critical. While the technology is still in its early stages, it has the potential to alter the way information is generated, consumed, and protected—and it's critical to begin considering the benefits and problems of adoption today. For more information about increasing blockchain's role in media and entertainment, connect with our blockchain development experts.
Mudit Kumar
21 May 2021
Increasing Significance of Blockchain for Automotive Solutions
The automotive market of the future will be very different from the one we have now due to the introduction of technologies like blockchain for developing modern solutions. It will become more integrated and provide on-demand and personalized services, including autonomous, shared, and linked vehicles. Blockchain app development has the potential to play a significant role in the upcoming industry change.
We analyzed characteristics that may be used to tackle a variety of business difficulties while evaluating blockchain potential across the automotive value chain.
What is blockchain, exactly?
A blockchain is a digital, decentralized, distributed ledger that allows a community to record, share, and retain information.
Near real-time
It allows for the near-instant settlement of recorded transactions, removing friction and lowering risk.
Reliable and authentic
A blockchain has no single point of failure and is durable in the face of outages or attacks because it is shared by various people.
Transparent
All participants can see transactions, and identical copies are kept on numerous computer systems, boosting the capacity to audit and trust the data.
Irreversible
Transactions can be made irreversible, which improves record accuracy and streamlines back-office activities.
Immutable
It's nearly impossible to make modifications to a blockchain without being detected, boosting trust in the data it holds and minimizing the risk of fraud.
Digitized
Because practically any document or asset can be written in code and linked to a ledger entry, blockchain technology offers a wide range of uses.
Also, Read | Strengthening Automotive Operations with Blockchain Solutions
Blockchain Use Cases for Automotive Solutions
Parts provenance/trace and verification
A blockchain-based traceability solution for capturing, storing, and updating data about automotive parts, such as spare components. It will allow the service center, automobile manufacturer, and customer to track the origin of spare parts back to the date and location of manufacture.
Supply Chain Management
A blockchain-based technology that enables automobile companies to easily order, sell, track, and pay for items once they reach their destination. Parties on the blockchain would produce, amend, examine, and verify documentation. Payments might potentially be made in real-time between parties at any point during the process, depending on the terms of the agreement (e.g. between seller and customs authorities, seller and shipping company, and between seller and buyer). As a result, linked IoT sensors and smart devices may monitor the state of containers and other data that might be stored on the blockchain and used to inform final settlements, such as whether items have been damaged.
Also, Read | Increasing Automotive Supply Chain Efficiency with Blockchain
Specific Vehicle/Parts Recall
A blockchain-based technology that allows automakers to identify automobiles with problematic parts and, as a result, issue targeted recalls or service advisories for such cars. Customers will be less inconvenienced, and the cost of the recall will be lower. This program will also keep track of the recall's progress, such as cars received by dealers for repair or cars fixed, which may be utilized for government regulatory reporting.
Also, Read | Automotive Operations on Blockchain Smart Contracts
App Development for Ride-Sharing
A blockchain-based system for car owners (individuals) to monetize journeys by recording and executing agreements and monetary transactions. This solution would securely and reliably connect smart and/or autonomous cars, car-sharing providers, and end-users. Users and car-sharing companies would create accounts on the blockchain and share information safely and simply. Vehicle location, keys to open the automobile, agreement conditions (e.g., cost per mile, insurance details), and user payment information are examples of such data. Following the completion of the trip, the solution would process all payments and update the user's record with a trip history.
Also, Read | Developing a Ride-Sharing App like Uber with Blockchain
Payment Mechanisms for Electronic Vehicles
When an electric vehicle owner charges their car at a third-party charging station or discharges their electricity from their EV to the grid, a blockchain-based system controls contracts, billing, and payments to guarantee the energy network's stability (e.g. transporting energy from rural areas to cities).
Incentivization for Customer and Dealer
A blockchain-based solution that tracks dealer and customer purchases and rewards customers with loyalty points that can be redeemed and used as cash inside the OEM's loyalty network. For example, the dealer may provide a discount on components purchased using customer-redeemed loyalty points. The dealer's account would be updated for network participants to see after the loyalty points were redeemed.
Also, Read | Advancing Innovation with Blockchain in Automotive
Some real-world examples of distributed ledger technology.
Currently, blockchain and the automobile sector are putting their points of contact to the test in several sectors. Here are some real-life cases of automotive leaders using or testing distributed ledgers:
Ford
To assure ethical cobalt sourcing, Ford has launched a blockchain test using IBM's platform. Ford intends to prevent firms from using child-mined cobalt in lithium-ion batteries by tracing the cobalt supply chain on the blockchain.
Volkswagen
Volkswagen is developing a blockchain-based tracking system to combat rampant odometer fraud in the automotive sector. Buyers will save money if dishonest automobile vendors are prevented from manipulating odometers to obtain false mileage numbers.
Hyundai
Hyundai and IBM have established a new collaboration to enhance blockchain technology and cloud-based AI. IBM will use open-source Hyperledger Fabric to build a new supply chain financing ecosystem. The project's goal is to automate manual operations, lowering costs and shortening lead times while also boosting customer satisfaction.
GM Motors and BMW
General Motors and BMW are supporting blockchain technology as part of the MOBI program to exchange self-driving vehicle data among themselves and other automakers. MOBI's blockchain standardization initiatives are also a step forward in the industry's use of blockchain technology.
Also, Read | Blockchain Automotive Solutions | Making Drivers' Life Easier
So, what's next?
Despite these obstacles, the industry is evolving and adapting to this new technology. Some of the most well-known automobile firms in the world are already investing in blockchain and developing solutions. MOBI is a blockchain adoption initiative that brings together technology businesses, academic institutions, and non-profit organizations.
Oodles' blockchain development team can help you unlock the possibilities of blockchain automotive development. Eliminate inefficiencies, optimize company processes, and take advantage of the industry's unique potential provided by blockchain.
Increasing Significance of Blockchain for Automotive Solutions
Increasing-significance-blockchain-for-automotive-solutions
We analyzed blockchain characteristics that may be used for addressing business difficulties while evaluating potential across the automotive value chain.
Mudit Kumar
20 May 2021
An Exhaustive Introduction to Automated Market Makers (AMM)
Automated Market Makers (AMMs) are entrants to the crypto exchange development space that appear to be in their infancy, with numerous restrictions. However, they are bringing important advancements to the market. Let's take a closer look at the "Automated Market Maker (AMM)" idea.
What Is an Automated Market Maker, and How Does It Work?
The Automated Market Maker is a method that automates digital asset trading without the need for authorization, and trades are executed automatically using liquidity pools to substitute buyers and sellers.
It's a sort of decentralized exchange (DEX) technology in which the price of assets is determined by a mathematical formula. In conventional exchanges, where the price of assets is decided by pricing algorithms, this formula replaces order books.
For each Protocol, the Formula may differ. Uniswap, for example, employs x*y = K in the DeFi Protocol, where x signifies the quantity of one token and y signifies the number of other tokens in the liquidity pool.
This Automated Market Makers (AMM) is a component of the Decentralized Finance (DeFi) Ecosystem, and it helps to improve the DeFi space.
Also, Read | Decentralized Crypto Exchange Platform Development
Before the introduction of Automated Market Making
The Cryptocurrency Exchange World was dominated by "Order Books" before the emergence of Automated Market Makers. The order book is a system that keeps track of all purchase and sells orders that are used to duplicate the price and quantity of crypto assets. The matching of buyer and seller orders takes up part of the traders' valuable time and has several serious drawbacks, such as slippage and lag in price discovery, among others.
How Does Automated Market Maker Work?
In every trading pair exchange, an Automated Market Maker functions similarly to order books. However, you don't require a counterparty on the opposite side to complete the transaction. Instead, smart contracts will interact with you, automating the trade and creating a market for you.
The Automated Maker Model is chosen for trading cryptocurrency on several decentralized exchanges.
Trading takes place directly between user wallets on the Binance DEX, with no requirement for a buyer or seller.
For example, when you sell BNB for BUSD on Binance DEX, you may also purchase BNB using BUSD on the other side. On the Binance DEX, this means P2P or peer-to-peer transactions.
AMM may be thought of as Peer to Contract in contracts (P2C). Because no counterparties are required, trading takes place between users and contracts.
The AMM mechanism has no order books, and there are no order types with this technology. Even if there are no counterparties in AMM, someone should be able to construct a market, shouldn't there? Traders who are recognized as Liquidity Providers must still supply liquidity in smart contracts (LPs).
Also, Read | P2P Crypto Exchange Development | A Compact Guide
Pools of Liquidity
Liquidity providers contribute assets to liquidity pools as money. Many DeFi protocols benefit from AMM since they have their liquidity pools that allow users to serve as liquidity providers and add funds.
The Advantages Of Using An Automated Market Maker
The world of bitcoin trading has been transformed by Automated Market Makers. The advantages of using an automated market-making process for bitcoin exchanges.
Using this automated approach, several new trading models are established.
As a result of this, the market creates a lot of liquidity.
Trade latency is measured in milliseconds rather than seconds.
Reduces the ability to do things like front running, wash trading, and price manipulation, among other things.
Between transaction executions, price slippage is measured in fractions of a cent.
Orders may be created and costs may be specified in a matter of seconds.
Everyone was pleased with this method since it reduced pricing swings and increased acceptable profit margins.
Also, Read | Cryptocurrency Exchange Development | Assessing Liquidity Factors
In the DeFi Space, the Increasing Importance of AMMs
The Automated Market Makers, as previously said, are the greatest element of the decentralized finance (DeFi) world. The Automated Market Maker concept established DeFi protocols rely heavily on liquidity pools and liquidity providers. Bancor was the first AMM to launch on the Ethereum Blockchain (BNT). Liquidity is provided by the AMMs in one of two ways: Either by a centralized group of professional market makers or by a decentralized network of market makers. Or, an algorithm-driven procedure that is fully automated.
The first option has eligibility limitations for liquidity providers, but the second option allows anybody to join the liquidity pools. As a result, multiple DeFi protocols operate as Automated Market Makers across the world. The first group includes Kyber Network, whereas the second category includes Balancer, Curve.
Also, Read | Smart Contracts Development for DeFi | A Guide for Investors
In the DeFi World, the Best Automated Market Makers
The top DeFi Protocols, which operate as the greatest Automated Market Makers in the bitcoin world, are listed below.
Uniswap
Uniswap is a decentralized open-source protocol that was introduced in November 2018 as the first Decentralized AMM. It delivers immediate, automatic liquidity without depending on any order book. This protocol makes use of liquidity providers who put ERC 20 tokens into pools to help traders. The mathematical equation that determines the ratios of the tokens kept in the pool is used by Uniswap to keep the market steady.
Curve
Curve, an open-source DeFi Protocol that was introduced in January 2020, seeks to offer liquidity for stable cryptocurrencies by acting as a Decentralized Exchange (DEX). Individuals and smart contracts can utilize this, and these curve protocols include a native governance token called CRV.
Also, Read | A Quick Guide to Ethereum ERC Token Standards
Possibilities and Opportunities with Automated Market Makers in the Future
The notion of Automated Market Makers has been refined through time, and the latest drive toward decentralized governance via tokens has sparked a new level of interest in the field of decentralized finance. Many DeFi-based AMMs are already available, offering more liquidity and assisting customers in achieving high yields when adding assets to liquidity pools.
Many AMMs in the DeFi space are kicking off the use of a middleman, order books, and more for executing any cryptocurrency trading. Thus, with AMM the decentralized finance ecosystem is making a better way to trade, swap, and exchange tokens instantly without any inconvenience.
Also, Read | Yield Farming | Fuelling the Decentralized Finance (DeFI) Space
Conclusion
We are a prominent DeFi development business that uses Automated Market Making mechanisms in our cryptocurrency exchange script development to build cryptocurrency exchanges with more liquidity, as well as DeFi open-source protocols to create DeFi based AMM exchanges with liquidity pools. Keep up with our cryptocurrency exchange development experts to learn everything there is to know about crypto and the DeFi World.
Mudit Kumar
18 May 2021
A Definitive Guide to Exploring Blockchain In Insurance
Insurance, which has a history of being one of the most conservative, hierarchical, and walled industries, is awakening and experimenting with modern technologies. Customers'skepticism of traditional financial services has resulted in high levels of underinsurance, fueling the corporations'modest but persistent desire for new technology, particularly blockchain. Insurance organizations are seekingblockchain development expertsto assist them in integrating technology, fueled by both curiosity and apprehension. Blockchain has piqued people's attention due to its promise of beingtime-savingand cost-effective intransaction costs. Also, insurersare cautious of this breakthrough, fearing that it would create new vulnerabilities for hacking and cyber attacks. Let's explore how insurance organizations can securely exploit blockchain app development and realize the transformation of a range of financial services.Also, Check | A Definitive Guide to Exploring Blockchain In InsuranceWhat is Blockchain and How Does it Apply to InsuranceLet's begin with an insurance-related concept of blockchain. Blockchain technology, which eliminates the need for intermediaries, is based on the distributed ledger principle. Because backups of the mutual ledger are stored in multiple users' locations, every endorsed insurance company, insurer, broker, or underwriter has access to the same pool of data that is constantly updated. All transactions on a blockchain are authenticated and encrypted, and all record changes are released as additions to the original details. Patient data may be encrypted and shared between hospitals and insurers (even across borders) using blockchain, eliminating duplicated and inaccurate records, slow insurance collection, claim denials, and unnecessary paperwork. Also, Read |How Blockchain is Proving Transformative for Insurance ProcessesBlockchain Implications in the Insurance Industry?More than 80% of insurance companies have adopted or plan to introduce blockchain technology, according to the Accenture Technology Vision 2019 survey. It's reasonable because many blockchain insurance projects are only at the proof-of-concept level. To promote acceptance, some companies, such as the Blockchain Insurance Industry Initiative (B3i) and the Institutes' RiskStream Collaborative, have chosen to partner and form partnerships. These trailblazing collaborations building blockchain-based platforms have enabled the following blockchain usage cases. Also, Read |The Potential of Blockchain Solutions in Reviving the Complex Insurance IndustryPreventing Fraud and HacksRegular methods relying on publicly available data and proprietary data sources are incapable of identifying fraudulent practices, which saves the insurance industry a lot. The gathered data were usually dispersed as a function of the legal constraints that come with publicly identifiable information. Fraudsters, unfortunately, are taking advantage of these flaws. For eg, multiple lawsuits may be filed for a single care case. Data maintained on a blockchain-based database is encrypted using cryptographic signatures and granular authorization settings. It ensures that both sides can share data and verify its validity without sharing sensitive information. Businesses may use a shared decentralized database to consolidate historical data and spot questionable patterns, such as:The same argument is processed several times.Misuse with an insurance scheme due to ownershipBrokers that aren't certified sell insurance.For added security, insurance carriers can supply customers with secure digital ID cards that cannot be falsified. Also, Read |Preventing Insurance Frauds with Blockchain TechnologyStrengthened Transparency and TrustInsurance companies are referred to as "walled gardens" for a reason. Customers have little access to knowledge on how their personal data was used. They would never know that their knowledge is shared with third parties, for example. It's understandable that customers distrust insurance providers, particularly when they experience lengthy claim processing times or denials—all when rates increase. Three big advantages will be achieved if many insurance companies want to contribute data to the same decentralized and shared ledger: Insurance companies can create more accurate customer accounts to eliminate redundant data. Since the data in the blockchain database were real, insurance companies will have no questions about it. Customers will be able to see what records their insurers have on them and how the information is used. Furthermore, say analysis can be automated as blockchain is mixed with machine learning and artificial intelligence, resulting in quicker payouts. Third-party statements or transactions made via personal computers may be instantly validated thanks to blockchain. The insurance company will be able to see all of the transactions that have been reported on the blockchain in the future. Also, Read |Blockchain in Insurance | A Transparent Enabler for EfficiencyStreamlined Claims ManagementSelling and managing insurance premiums takes a lot of time and commitment. Insurance companies who stick to slow, paper-intensive traditional approaches lose out to more technologically savvy competitors in a competitive market. Low premiums can be achieved by automating claim management. Any of the procedures will be automated thanks to smart contracts, which are becoming more popular in property and casualty insurance. When used in combination with embedded equipment, such as anti-theft sensors, a smart contract can automatically process claims as they go off under pre-programmed conditions. True insurance administration, on the other hand, necessitates a boost in both insurer and client trust. Building a blockchain-based ecosystem with a significant number of high-profile members is the most efficient way to achieve this equilibrium. The Bank of China is a prime example of this when it recently announced a blockchain partnership with major insurance companies. When new documents are added to the blockchain, distributed ledger technology helps to update and validate the data against existing records in the network, reducing operating costs and maintaining transaction security. Another factor that slows claim processing is the need for bank transactions, which can be avoided with distributed ledger technologies. Customers usually do not see payouts for several weeks. When banks and insurers have confidence in a consolidated structure, payouts can be handled quickly. Also, Read | Blockchain in Insurance (Claims Processing Use Case)ConclusionBlockchain technology is an important part of helping the insurance sector change and move away from outdated procedures. Insurance creativity is critical because customers need transparency, speed, and cost versatility. Blockchain is designed to meet these desires and to meet the specific needs of each participant. If there is less or no chance of fraud, people may have more confidence in their insurance companies. When complex policy claims are processed 10 times quicker, there's no need for friction. Simultaneously, insurers will have greater price options as claim management becomes more automated. In addition, the use cases discussed are just the beginning. As more blockchain-based technologies go live and more businesses develop alliances, the insurance industry's tech ecosystem can broaden, resulting in improved case management, audit, and risk modeling products.
Category:
Blockchain
Mudit Kumar
15 May 2021
Building Blocks to Develop a Robust Cryptocurrency Exchange
It appears that now is a good time to develop a cryptocurrency exchange platform. If you want to create something other than just HODL your coins, cryptocurrency exchange development is one of the simplest and easiest ways to make money in the crypto industry. Take into account that exchanges charge trading fees ranging from 0.1 percent to 4%. In light of the above, don't you think that's a pretty good deal? And keep in mind that CZ started from almost nothing in 2017 and now owns the world's largest and most profitable crypto exchange.
How to Develop a Cryptocurrency Exchange
Developing your crypto exchange is difficult because it necessitates a significant amount of time and effort. For example, you'll need a close-knit group of seasoned developers, as well as insightful analysts who can quantify risk and a sizable financial investment.
Developers who would program a cryptocurrency exchange must be well compensated, and a large team of developers may work on the exchange for up to a year. If you consider the debugging process to be a required part of the overall complex work, this activity will undoubtedly take a lot of time and money for your business.
The cost to develop your cryptocurrency exchange will be far higher than some of the other options we'll discuss later in this article. However, if the business strategy is sound and the construction work is completed correctly, all of your money will be put to good use. Since the exchange is managing the clients' cryptocurrencies, the outcome must be flawless. Both of these crucial components should be included in the creation of your crypto exchange.
Also, Read | Secure and Efficient Crypto Exchange Development like Binance
Crucial Aspects to Consider
Matching Engine
A matching engine is a computer program that matches two or more items together.
The crypto exchange's matching engine is its core. It's an automated device that gathers all open orders and bids and matches them together to execute trades.
What is the mechanism behind the matching engine? Its algorithms keep track of all open orders, and if the two reverse orders are identical, both are filled, and the trade is completed. The matching engine's algorithms can execute a variety of orders, including business, quota, and stop-limit orders.
It can balance buy and sell orders using a variety of algorithms. The most widely used algorithm is First-In-First-Out (FIFO), which prioritizes orders according to their arrival time.
For example, if two orders are identical, the engine will select the entered order. Since it gathers and synchronizes data from several trading pairs at the same time, the matching engine is a very complex piece of software.
Developing a reliable matching engine capable of handling orders in a few microseconds is a time-consuming task that industry experts can only undertake. The overall efficiency and reliability of the exchange, its functionality, and the order matching system are determined by the matching engine's output.
Also, Read | Compact Insights into Decentralized P2P Exchange Development
Trader's Room
The Trader's Room is a collaborative space where users can monitor their cash flow. Every linked payment system, financial report, and data analytics are included. Consider it a client's multifunctional tool for managing all properties, as well as registration and verification instruments, in one location. When constructed, the trader's room serves its purpose. The enhancements could be easily managed by experienced self-developers in the future if they are needed.
Admin Panel
The Admin Panel allows the cryptocurrency exchange's creator to keep track of the entire payment system, including all wallets and transactions.
Since it is designed for the highest-ranking member of the company in charge, the Admin Panel also contains the KYC / AML modules and reporting and analytic tools that are needed for compliance with the crypto exchange's legal requirements. It will also enable users to customize the site more and take advantage of new features that could be introduced in the future.
Trading Engine
Traders may use the trading platform to position orders and track their trading accounts.
The trading platform consists of several interconnected and essential components, including at least server-side with the platform's trading engine, client-side in the form of trading terminals, and various auxiliary services and APIs that allow subsidiary integrations. The trading platform must be fast to attract users; otherwise, they would be dissatisfied with your cryptocurrency exchange. It must include all of the required components, such as wallet balance estimates, crypto-asset transactions, purchase transaction management, and access to the book of orders.
Also, Read | A Guide to Understanding Hybrid Crypto Exchange Model
Wallets
For the creation of cryptocurrency and fiat wallets, the highest level of security is needed. Crypto wallets are digital wallets that store cryptocurrencies and allow deposits and withdrawals as required. They can be done with a variety of cryptocurrencies that can be deposited in a cryptocurrency exchange. Depositing and withdrawing fiat currency, such as USD, EUR, CAD, and other currencies, requires the use of fiat gateways. Crypto exchanges and banks and other fiat gateways must communicate smoothly. Since consumers love trading new coins, the team of developers must constantly study and learn new types of cryptocurrency wallets.
Also, Read | Cryptocurrency Exchange Platform: Architecture, Security, and Features
Website Development
When concentrating on high-security aspects and accessibility of a crypto exchange, website user interface (UI) and user experience (UX) do not seem to be a big deal. However, not only crypto and stock exchanges or broker services, but all web services, including crypto and stock exchanges and broker services, depend on intuitive UI and user-friendly UX. The website's design should be contemporary, appealing, new, and trustworthy all at the same time. Because of the internet and new technology, today's times are extremely fast, so a fast display is essential.
One of the most important aspects of a good website is responsive design for all types of devices, such as smartphones and tablets. The choice of which system to use must be left to the utmost discretion of users.
Conclusion
The crypto exchange industry is so competitive that a year of growth will result in a substantial delay in keeping up with the adoption that your competitors achieved during that period. Alternatively, one can also do two thing
Obtain a turnkey solution to develop your cryptocurrency exchange.
Or, establish a white-label crypto exchange.
Also, Read | Turnkey Cryptocurrency Exchange Software | A Boon for Crypto Investors
Simply choose the solution that best fits your needs to develop your cryptocurrency exchange business right away! Your future self will thank you for today's decision because, as shown by real-world examples, this industry is growing independently of the state of other industries.
Mudit Kumar
13 May 2021
Hyperledger Fabric for Aviation Parts Marketplace Development
What happens to an aircraft when it reaches the point where it can no longer fly? Operators salvage useful items, such as engines and landing gear. These parts can then be sold, recertified as secure, and reused in other planes. In reality, used aircraft parts have a booming market worth $4 billion per year and growing. Until recently, however, looking for used aerospace parts was like going back in time to the 1990s. There was nothing wrong with the parts: before being sold, each one must be carefully recorded and certified. The issue was the vendor-created websites. They resembled Craigslist but without the prices or photographs. And if a buyer found a part they wanted, they still had to negotiate with the seller over the phone, fax, or e-mail. This took days, if not weeks, to complete.
Entering Blockchain
In this blog, we resort to services offered by a Hyperledger development company to create a new-looking and stable B2B marketplace for used aircraft parts to help bring the industry into the modern era. Buyers can now look at comprehensive listings and add products to their shopping carts online. Furthermore, each transaction can be registered on an immutable blockchain network like Hyperledger or Ethereum.
Then, on a modern e-commerce platform, people can search for airplane pieces. Setting up an online shop for those pieces can be as easy as setting up an Etsy store, which even Mom and Pop sellers can do. Parts shopping can be as easy as shopping on Amazon, which has an industry-leading customer experience. After all, online transactions account for less than 2.5 percent of all transactions in this $4 billion industry. Blockchain application creation may be a game-changer. Let's look at how this could happen.
Also, Read | Blockchain in Supply Chain | Use Cases, Advantages, and Features
Using Blockchain to Break Down the Confidence Barrier in the Aviation Industry
To get started, you'll need to research many of today's most successful e-commerce sites and create a list of basic customer expectations. They also had to answer a crucial question: why were there too few online transactions for used aircraft parts? The response is simple: trust. Or, to be more accurate, its absence. Since aviation is such a highly regulated industry, sales must be certified by the Federal Aviation Administration and other agencies in the United States. Each component must have a full history of ownership, usage, and repairs recorded. With five or six owners, a commercial aircraft may be in operation for up to 30 years. And flying isn't getting any easier. The world's biggest passenger aircraft, the Airbus A380, has around 4 million rivets if you count them all. Keeping track of all the information needed on all of those parts is a difficult and error-prone task. Any uncertified or counterfeit part that makes its way through the supply chain could be disastrous.
Sellers of parts have previously experimented with websites such as Amazon. However, due to the complexities and safety regulations involved in the aerospace industry, their efforts were unsuccessful. For one thing, Amazon was unable to manage the extensive technical documentation needed for each component. Furthermore, many shoppers prefer to pay by buying orders rather than a credit card.
Also, Read | Blockchain in Aviation | Emerging Applications and Use Cases
Developing a Robust Solution with Blockchain.
"A system for building confidence," as The Economist famously put it. People with no specific faith in one another can buy and sell with confidence thanks to a decentralized network of computers that maintains an immutable ledger. The encrypted digital trail eliminates the need for paperwork and makes verifying a part's certification and origin fast and simple. The transaction is made more secure by using a blockchain-based marketplace. Buyers can now access critical data on several sections thanks to blockchain records, including:
A part's entire lifecycle.
The amount of time it was in use.
Any fixes, as well as who did them, when they were done, and where they were done
The previous owners of the portion are listed below.
Also, Read | Blockchain Development for the Aviation Industry Solutions
Selection of a Blockchain Framework for Marketplace Development
Choosing Hyperledger Fabric over Ethereum for building an aviation parts marketplace use case may be advantageous. Hyperledger Fabric has grown over time to accommodate such scenarios. The speed at which it innovates and the high quality of its code, much of which was contributed by IBM, is commendable. Low latency, high throughput, and quickly send speeds were among the essential requirements for the use case.
All of this is provided by Hyperledger Fabric, as well as privacy controls such as channels, which allow for more granular data management. It is platform-independent. An aviation marketplace does not need to be locked into Hyperledger Fabric if another blockchain system emerges in the future that can do the job better.
An aviation marketplace can be built using Hyperledger Fabric as the blockchain base and a middleware layer on top of it. Furthermore, the marketplace is compatible with big blockchains such as Ethereum and R3's Corda. You can't compel anyone to follow your specific solution.
Also, Read | Why Choose Hyperledger for Your Business | Use Cases Inside
Understanding Hyperledger
Hyperledger Fabric is a distributed ledger technology-based framework for building a variety of scalable business use cases and solutions at the enterprise level. Anyone can make transactions and access data with a permission-less solution. Hyperledger Fabric, on the other hand, offers a permissioned, stable, and scalable framework that includes smart contracts and data privacy. Its feature-rich modular architecture allows for the development of solutions that can be tailored to different industries. It makes it easier for them to build business trust, openness, and accountability.
Scalable and modular
Hyperledger Fabric is a framework for developing blockchain solutions for business use cases, with a flexible and scalable architecture, pluggable frameworks, and container technologies. It also provides business environments with transaction confidentiality, protection, and finality. It meets four critical blockchain aspects for industry, in addition to employing advantageous open-source practices.
Also, Read | Smart Contract Development with Hyperledger Fabric Blockchain
Permissioned/Private Network:
Permissioned membership gains access and uses privileges in the business network as a community.
Private Transactions:
Provides companies with the flexibility to make transactions accessible to identified, permissioned parties using encryption keys.
No Cryptocurrencies:
This does not entail the extraction of expensive and time-consuming calculations to ensure cryptocurrency mining and transfers.
Modular Approach:
Makes use of smart contract logic that is specifically embedded to streamline company operations across the board.
Hyperledger Fabric Creation | Use Cases
Here are a few examples of hyperledger fabric implementations in different industries to give you an idea of how blockchain technology is being used.
Financial Services
Capital Markets
Supply Chain
Logistics
Health-Care
Government
Also, Read | Hyperledger Fabric for Enterprise Solutions and Its Use Cases
Our Hyperledger Fabric blockchain developers at Oodles provide consultation services for the aviation parts marketplace development from both a technological and company standpoint.
Mudit Kumar
11 May 2021
Blockchain in Supply Chain | Advantages, Features, and Use Cases
In an increasingly interconnected world, supply chains have become global networks of manufacturers, distributors, logistics providers, and end customers. Ensuring transparency, security, and efficiency in these vast networks is a significant challenge for many B2B enterprises. Blockchain solutions development offers a modern solution. By leveraging the decentralized and tamper-evident capabilities of blockchain, supply chain stakeholders can gain real-time visibility and enhance trust across the entire value chain.IntroductionBlockchain is a distributed ledger technology that enables secure, transparent, and immutable recordkeeping. Each transaction (or “block”) is chronologically linked to the previous one, creating a “chain” of information. In the context of supply chains, blockchain can track and verify the movement of goods, documents, and financial transactions from the point of origin to the final destination.For B2B organizations, adopting blockchain in supply chain operations helps reduce manual efforts, mitigate fraud, and streamline data exchange across multiple partners.Also, Read | How Blockchain Transforms the Supply Chain FinanceKey Features of Blockchain for Supply ChainWhen integrating blockchain into supply chain operations, it's crucial to understand the core features that make it effective. Below are some primary attributes:Decentralized LedgerA blockchain-based system does not rely on a single central authority. Instead, each participating node on the network holds a copy of the ledger, ensuring that no single entity can unilaterally alter the records.ImmutabilityOnce data is recorded on the blockchain, it cannot be tampered with or removed. This immutability is a critical advantage in a supply chain, where data integrity is essential for compliance, audits, and tracking.TransparencyBlockchain offers a highly transparent system. With proper permissions, all participants can view the history of transactions or product movements. This transparency fosters trust between suppliers, manufacturers, and logistics partners.Smart ContractsSmart contracts are self-executing pieces of code that automatically trigger transactions or actions when predefined conditions are met. In supply chains, they can automate routine processes like payment settlements, order confirmations, or inventory restocks.SecurityBlockchain employs advanced cryptographic techniques to secure transactions, making it difficult for unauthorized parties to manipulate the data. This security extends to financial transactions, sensitive product data, and intellectual property.Also, Check | Top 6 Blockchain Use Cases in Supply Chain Management in 2024Top Use Cases of Blockchain in Supply ChainBlockchain technology revolutionizes how businesses handle traceability, monitoring, and authenticity in their supply chains. Below are some practical B2B use cases demonstrating its potential:Product Traceability and AuthenticityTracking the origins and journey of raw materials is critical in industries such as pharmaceuticals, food and beverages, and luxury goods. Using blockchain, companies can:Record each step of a product's journey from the source.Verify authenticity and prevent counterfeiting.Comply with regulatory requirements for product safety.Real-Time Shipment TrackingLogistics providers face numerous challenges, including shipment delays and lost goods. Blockchain-integrated IoT sensors can provide real-time updates on location, temperature, and other key metrics:Track environmental conditions for sensitive products (e.g., vaccines).Enable precise delivery timelines and reduce costly delays.Improve accountability among transport partners.Automated Compliance and AuditsRegulatory compliance is indispensable in sectors like healthcare, automotive, and aerospace. By storing compliance records on an immutable blockchain:Audits become faster and more accurate.Entities can maintain detailed records of all transactions.Regulatory agencies have quick access to authentic data.Supplier ManagementSuccessful supply chains often rely on a vast network of vendors and contractors. Blockchain can enhance visibility and accountability by:Providing a complete record of vendor qualifications and performance.Ensuring timely payments and contract adherence via smart contracts.Identifying potential bottlenecks or supplier risks early on.Inventory Management and ForecastingManufacturers depend on accurate inventory forecasts and effective replenishment strategies. Blockchain technology can connect various data points in real time:Consolidate sales forecasts, vendor lead times, and production needs.Enhance visibility into current and in-transit stock levels.Trigger automated re-ordering and alerts for stock shortages.Also, Explore | How to Create a Simple Supply Chain Smart ContractAdvantages of Adopting Blockchain in Your Supply ChainImplementing blockchain can transform how B2B enterprises handle their supply chain processes. Below are some key benefits:Enhanced TransparencyBecause all authorized participants can view transactions, blockchain fosters a culture of openness. Miscommunications and data discrepancies are minimized, leading to stronger business relationships.Reduced Fraud and ErrorsWith each transaction recorded on an immutable ledger, it becomes virtually impossible for bad actors to manipulate the data. This feature significantly reduces fraud, theft, and invoice discrepancies.Improved Efficiency and AutomationSmart contracts automate many manual processes such as payment releases and product inspections. This reduces operational overhead, speeds up workflows, and ensures smoother transactions.Better Supplier and Customer TrustIn a blockchain-based ecosystem, every stakeholder—from raw material suppliers to end consumers—can have confidence in the accuracy of transaction records. Trust boosts collaboration and long-term partnerships.Streamlined Regulatory ComplianceAll relevant documentation (e.g., certifications, origin statements, shipping manifests) can be securely stored on the blockchain. This vastly simplifies audits and ensures that compliance requirements are met in a timely manner.Overcoming ChallengesAlthough blockchain technology offers significant advantages, several challenges may arise:Integration with Legacy SystemsMany B2B enterprises rely on legacy ERP and supply chain management systems. Integrating these with blockchain requires robust APIs, middleware solutions, and careful data mapping.Scalability and Network PerformancePublic blockchains (like Ethereum) can have limited throughput and higher latency compared to traditional databases. Private or permissioned blockchains often solve this but may sacrifice some of the decentralization benefits.Regulatory UncertaintyIn some regions, regulations for blockchain are still evolving. Organizations must keep abreast of local compliance rules and adapt their systems accordingly.Cost ImplicationsBuilding and maintaining a blockchain network can be expensive, especially when adding IoT sensors or integrating multiple enterprise systems. A clear ROI assessment is essential before large-scale deployment.Also, Discover | Blockchain in Supply Chain : Tracing From Food to HealthcareBest Practices for Successful ImplementationIdentify Clear Use CasesBefore deploying blockchain, pinpoint specific pain points that the technology can address—whether it's authenticity, compliance, or real-time tracking. A targeted approach helps ensure a high return on investment.Collaborate with Industry StakeholdersBlockchain solutions are most effective when multiple participants are on board. Engage suppliers, logistics partners, and customers early in the process to ensure seamless adoption and consistent data standards.Leverage Pilot ProjectsStart with a small-scale project to test blockchain's feasibility in your specific context. Collect insights, measure performance metrics, and refine your strategy before a full-scale rollout.Ensure Data Quality and SecurityGarbage in, garbage out still applies. Make certain that data fed into the blockchain (via sensors or manual entry) is accurate and that robust security protocols guard against data breaches.Stay Agile and CompliantGiven the evolving regulatory environment, your blockchain strategy should remain agile. Regular audits and compliance checks are critical to avoid unexpected legal hurdles.You might be interested in | Blockchain Meets Mining Supply Chain for End-to-End TrackingFAQIs blockchain suitable for all types of supply chains?Blockchain can offer value to most supply chain models, particularly those requiring transparency, traceability, and multi-party collaboration. However, for simpler or fully internal supply chains, traditional database solutions may suffice.What are the main cost factors for implementing blockchain?Key cost drivers include setup of the blockchain platform, integration with existing ERP or SCM systems, and the addition of IoT devices for real-time data capture. Organizations should also factor in ongoing maintenance and support.How does data privacy work on a blockchain network?Enterprises can use permissioned blockchains, where only authorized participants have access to confidential data. Advanced cryptographic techniques like zero-knowledge proofs can further enhance privacy without sacrificing transparency.What role do smart contracts play in the supply chain?Smart contracts automate various processes, from triggering shipments to settling payments once goods arrive. They reduce manual checks and paperwork by executing predefined rules automatically.Can blockchain integration help with sustainability initiatives?Yes. By tracking raw materials and finished products, blockchain can verify the sustainability claims of suppliers. This transparency aids in meeting corporate social responsibility (CSR) goals and environmental regulations.ConclusionBlockchain technology holds immense potential for reshaping how B2B enterprises manage their supply chains. Through its core features— transparency, security, immutability, and smart contracts—blockchain can bring unprecedented levels of efficiency, trust, and collaboration. While challenges such as integration costs and regulatory uncertainties exist, careful planning and a phased implementation strategy can pave the way for a robust, future-proof supply chain.As more organizations recognize the strategic advantages of blockchain, we can expect an industry-wide shift toward decentralized ledgers as the new standard for supply chain management. Adopting blockchain now positions your business as a forward-thinking leader, ready to innovate and excel in a rapidly changing global market. If you are looking to revamp the supply chain of your business network by leveraging the potential of blockchain technology, consider connecting with our blockchain developers to get started.
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Blockchain
Mudit Kumar
06 May 2021
Crucial Insights into Crypto Wallet Development in 2021
Discover how crypto wallet creation enables crypto users to store, submit, and receive cryptocurrencies in this guide. The use of cryptocurrency/blockchain wallets to secure users' crypto money will become increasingly popular as the number of cryptocurrency enthusiasts and traders grows. As a result, crypto-fintech companies have begun to adopt Blockchain-powered crypto wallet development as an integral part of their operations.
Web, mobile, desktop, hardware, and paper wallets are some of the most popular forms of cryptocurrency wallets. Mobile wallets, online wallets, and hardware wallets are the most common among these options. Users can store, pass, and verify their digital currency, as well as trade cryptocurrencies with other users, using these services. Examine the significance of cryptocurrency growth for business performance as well. Let's take a look at the essentials for developing a feature-rich crypto wallet in this guide.
Development of a Cryptocurrency Wallet App | Challenges
Transactions Speed Challenges (TPS)
The sluggish transaction speeds of cryptocurrency wallets are also well-known. The creation of a crypto wallet with a lightning-fast network, sidechain, and batch processing has reduced transaction processing speeds significantly at Oodles.
Threats to Security and Hacking
Security risks and hacking are major concerns for crypto-wallets. Oodles uses common encryption and decryption protocols, as well as developing both hot and cold wallets, to reduce the risk of hacking to a bare minimum, along with other security features such as two-factor authentication and DDoS mitigation.
Developing a Crypto Wallet | Benefits
Measures to Protect Your Information
To access their assets, users do not need to register with a crypto wallet. It also transforms users' private keys into 12-word mnemonic phrases (passwords) that they own and only use for transactions using encryption algorithms. As a result, it guarantees the transaction's protection and privacy.
Compatibility with a Variety of Devices
Multiple operating systems and platforms, such as iOS, Android, Windows, and Linux, are supported by a crypto wallet. It offers users a highly secure and adaptable infrastructure from which they can access their crypto wallets from any device, anywhere.
QR Code Scanner Integrated
Automatic scanning of wallet addresses is possible with crypto wallets that have QR code scanners (Public Keys). It makes cryptocurrency exchanges as simple as clicking a button.
Wallet with several cryptos and assets
Cryptocurrencies such as Ethereum, ERC20 tokens, and others should be supported natively by a crypto wallet. It must allow for the smooth incorporation of altcoins and tokens by business needs.
Integration of NFC (Near Field Communication)
The addition of NFC to a cryptocurrency wallet speeds up the exchange of digital assets between traders. As a result, when a sender clicks the NFC tag on their crypto wallet, the public address of a buyer's wallet address is immediately retrieved and used to complete the transaction.
A strong security system
To create a stable infrastructure for sending, receiving, and storing multiple crypto assets, a crypto wallet must be enhanced with security features.
Duplicate Payments are automatically denied.
To avoid chargebacks, a wallet must have a mechanism to automatically detect duplicate payments and reject them.
The interface that is easy to use
When a cryptocurrency wallet has a self-explanatory interface, it makes it easier for both new and seasoned cryptocurrency users to use.
Instant Swapping's features
Wallet users can seamlessly trade one crypto asset for other thanks to real-time swapping features, which eliminates the need for a fiat currency intermediary. A crypto wallet should also include several other functions. To learn more, look into our cryptocurrency wallet creation services.
Also, Discover | Things To Keep In Mind While Choosing Altcoin wallet
Crypto Wallet Development | Security Mechanisms
Two-factor Authentication
Two-factor authentication, or 2FA, is a way of ensuring a person's permission to gain access to the wallet. Even if a user knows the password, they must also have a second level of authentication. Simply put, authentication is a code sent to the user's phone that they must enter into a sign-in field to access their wallet.
Wallet with Several Signatures
In most cases, a crypto wallet with a single-key address ensures that all funds are accessible only to the person who owns the corresponding private key. While managing a single-key address is more efficient than managing a multi-sig wallet, it does pose security risks. Single key control often creates a single point of failure. Cybercriminals are still coming up with new phishing tactics to get through a single point of failure.
Furthermore, for medium to large businesses investing with cryptocurrencies, a crypto wallet with a single-key address is not recommended. Multisig wallets, on the other hand, provide a solution to these problems. A multisig wallet allows a user to pass funds only after receiving multiple signatures from specified parties.
Encryption for Wallets
The wallet's encryption with authentication like AES-256-CBC adds an extra layer of security by encrypting it with a passphrase. Furthermore, wallet users can prevent their funds from being spent by using a passcode. Even if attackers gain access to the computer where the wallet is located, they will be unable to perform any actions until they have access to the password.
DDoS (Denial of Service) Attacks
DDoS (Distributed Denial-of-Service) attacks are a form of a hacker attack. They use DDoS to prevent legitimate users from accessing the network or a web resource. They usually do this by flooding the target with fake traffic or sending out malicious requests. It destroys the target resource. DDoS mitigation systems, such as anti-DDoS modules, are used by Oodles, a crypto wallet development company, to ensure the security of any kind of wallet.
Attacks by Phishers
Phishing attacks are when hackers use fake real-looking material such as web content, e-mail, or social media content to deceive users. As a result, anti-phishing program integration is desirable in such situations. It prevents phishing attacks on cryptocurrency wallets. When used as a toolbar in a web browser or email client, it only displays the website's actual domain name. It also stops fake websites from impersonating legitimate ones.
Notifications of Activities
The activation of notifications for any action and operation, such as logins, transactions, trades, and profile and KYC status updates, is important for increasing the network admin's visibility, particularly in multisig wallets. It allows a wallet administrator to keep track of all transactions and identify any fraudulent activity immediately.
Now, we hope that this concise guide has provided you with valuable insight into the growth of crypto wallets. For more details, contact our crypto wallet development experts.
Mudit Kumar
04 May 2021
Most Significant Use Cases of Blockchain in Real Estate
Real estate emerges as the world's largest asset class. The revolutionary effect of blockchain use cases on retail and industrial property purchases, payments, and access to real estate funds and investment opportunities is being recognized by commercial companies and real estate professionals.
Blockchain in Real Estate
Today’s real estate market comprises a complex network of independent and interdependent participants that cause transactional friction across processes and systems. Blockchain app development presents a practical solution to realize the following industry benefits:
Real estate assets are being tokenized
For underlying industry operations, process efficiency is essential
Process automation results in lower costs
Access to asset distribution around the globe
Due to ownership fractionalization, access to a larger pool of investors is available
Access to opportunities on the secondary market
Increase accountability and inform better investment decisions and portfolio management by making data more available
Blockchain's Potential in Real Estate: Emerging Use Cases
Increasing Liquidity
Increased liquidity is one of the best use cases for blockchain in this real estate industry. Blockchain technology can be used to build a platform where real estate companies can sell and buy assets.
Individuals who invest in real estate assets may also list their properties to increase their visibility. Anyone who wants to list their assets on a public blockchain platform can do so. They would, however, have to go through an authentication process to verify their history and rule out any potential scams.
However, providing a forum for buying and selling real estate would make it easier to link potential buyers with sellers.
Also, Read | Implementing Blockchain Smart Contracts in Real Estate
Property Purchase and Sale Automation
The method of purchasing and selling real estate takes a long time. The pricing, as well as the brokers' fees, will adjust during this period. With all of the problems, the sector is rapidly slipping behind. As a result, smart contracts in real estate will simplify the process of buying and selling homes.
Blockchain has the potential to automate the entire home-buying process. Consumers can access a website where potential sellers can showcase their assets. Once they've decided on one, they can either go see it in person or take a virtual tour. They just have to set up the conditions and process the payment after that, and they're done.
Also, Read | Blockchain Smart Contracts in Real Estate: A Long-Awaited Breakthrough
Defending Against Title and Deed Fraud
The avoidance of deed and title frauds is another blockchain real estate use case. You won't believe how many problems deed fraud has caused in the last ten years. This type of fraudulent activity is on the rise, particularly in the realm of online property sales. People may even sell their properties to a third party without your knowledge, which is frightening, to begin with. However, no third party can take ownership of your properties because blockchain can hold all of the property records, owner information, and legal documents on the ledger.
Ownership and Fractional Investing
This is yet another inventive use of blockchain technology. Real estate companies may deliver fractional investment options using blockchain technology. It usually means that several owners will own a portion of a property that would be unaffordable if purchased separately. As a result, if the middle class wants to invest in a high-priced home, they can share ownership with others.
It's a great way to buy and sell real estate because it allows more people to participate than normal, increasing the total liquidity choices.
Smart contracts for real estate can be used to speed up transactions and save time.
Token-based Ownership
One of the most innovative blockchain real estate use cases is this. It's a unique perspective on all real estate properties. Tokens, for example, can be used to invest in a wide range of properties. As a result, the tokens will serve as a representation of the assets' worth. So, rather than owning a particular property, you will invest in the tokens that will reflect a group of that property.
As a result, it's more akin to investing in gold, which carries very little risk. In reality, several projects for this form of application are already in the works.
Also, Read | How Blockchain Simplifies The Real Estate Investing
Mortgage Fraud Prevention
One of the major problems in the real estate industry is mortgage fraud. In reality, as property values rise, the number of people who commit this form of fraud rises as well. As a result, the industry will continue to suffer losses in the billions of dollars. Every year, this fraud costs the United States $2.5 billion! Can you believe it? However, if you start using blockchain for real estate right away, you will avoid this form of fraud. No one will be able to get through the system without being detected because it will be tracked online.
Also, Read | How Blockchain can Pragmatically Revamp the Mortgage Industry
Transparent Property Inspection
There are issues with land inspections. Property inspections cost buyers more than they cost sellers. Many real estate scams, for example, provide the buyer with a fictitious home. In certain situations, investors invest in real estate not to live in it, but to sell it at a higher price later. As a result, they may be unaware that the property they purchased does not exist. However, converting to blockchain for real estate will provide accountability in property inspections. There is no way to game the system here, and you will be able to find the right property to invest in. Furthermore, you can view the property's history and any problems directly from the website.
Cost-cutting in Real Estate
This is by far one of the most successful use cases of blockchain in real estate. Companies who begin to integrate blockchain into their networking infrastructure will be able to simplify the entire process and greatly reduce costs. Furthermore, it will not be limited to just the corporate level, but will also benefit customers.
You won't have to pay additional fees to purchase assets until blockchain replaces the middlemen. The radical change in the intermediary model would result in lower cuts as well as significant time savings.
Also, Read | How Blockchain Can Influence Real Estate Investing
Final thoughts
Blockchain for real estate is an area that needs more global visibility. Corruption and illegal activity abound in this industry. However, the significance of this industry is at an all-time high right now. As a result, without proper guidelines in place, this sector would not be able to thrive and eradicate corruption for good.
It needs a change, and blockchain is definitely up to the task. Therefore, it’s only a matter of time when real estate companies will see blockchain’s worth and start mass integrating the tech.
If you are in the real estate industry and want to explore blockchain in detail, we will recommend connecting with our blockchain experts.
Mudit Kumar
30 Apr 2021
A Quick Guide to Ethereum ERC Token Standards
ERC, the acronym for Ethereum Request for Comments, refers to Ethereum application-level specifications, such as token standards, name registries, library/package formats, and more. However, developing an ERC token with Ethereum Blockchain app development requires mentioning the standard and gaining community approval. ERC standards specify a collection of functions for a token form, allowing applications and smart contracts to communicate with it predictably.
Moreover, ERC-20 is one of the most popular ERC standards to date. It is a form of a standard that simplifies the development, use, and exchange of Ethereum-based tokens. On the other hand, crypto enthusiasts must address issues while implementing restricted functionality from each standard by various projects. This results in smart contracts that must comply with the ERC standard, a problem we address in the guide's final segment.
For the time being, let's concentrate on various ERC standards. ERC tokens are digital tokens operating on the Ethereum blockchain, following a set of ERC standards. They come in multiple shapes and sizes and have become famous for their ability to represent cryptocurrencies, digital art, collectibles, and more on the Ethereum network.
Ethereum ERC Token Standards | Types and Applications
ERC-20 is One of the Well-known Ethereum ERC Token Standards
The ERC-20 standard has been the most important one for Ethereum since 2015. ERC-20 has emerged as the technological standard for token implementation on the Ethereum blockchain. Developers use it for all smart contracts on the Ethereum blockchain. It lays out various adherence guidelines for all Ethereum-based tokens. ERC-20 tokens are digital assets users can transfer and receive on the Ethereum blockchain. The main difference is that ERC-20 tokens are distributed on the Ethereum network rather than on their blockchain.
The issuance of numerous ERC-20 tokens to raise funds for new Blockchain ventures fueled the Blockchain buzz in 2017 and 2018. However, in 2020, this standard will still be in use and significant for the Blockchain and Ethereum ecosystems. Crypto exchanges and other service providers have also endorsed it.
Also, Check | Understanding ERC-404 | The Unofficial Token Standard
ERC-721 and ERC-1155 are Non-Fungible Tokens (NFT) Specifications
Non-fungible Tokens (NFTs) are well-known in the collectible and gaming industries. They are one of the most hyped markets in the blockchain and crypto industries. NFTs have applications that go way beyond games and collectibles. Developers worldwide use ERC-721 and ERC-1155 smart contracts to build virtual worlds. But we are still in the early stages of mass adoption. Furthermore, various industries like art, music, fashion, and IoT use NFTs.
People use the ERC-721 standard for tokenizing unique individual objects and properties in collectibles and crypto games. It has basic features for transferring and tracking NFT ownership.
The ERC1155 multi-token standard is used widely in the gaming industry and allows for managing fungible, semi-fungible, and non-fungible tokens. This standard benefits games with unique, fungible elements (like life/energy) and non-fungible elements (like weapons and other collectibles).
Also Read | ERC-20 vs BRC-20 Token | A Comparative Analysis
ERC-725 is a Digital Identity Standard
Fabian Vogelsteller, the developer of the well-known ERC-20 standard, has proposed the ERC-725 standard for Blockchain-based identity. One can manage multiple keys and smart contracts with ERC-725, which defines proxy smart contracts. Identity smart contracts can define machines, objects, groups, and individuals.
Why is it so necessary to have a sense of self-sovereign identity? Instead of handing over control of their digital identity to centralized organizations, users should be able to own and maintain it. Recently, we've seen the dangers and drawbacks of a centralized identity with data breaches and the illegal sale of user data.
A portable, open identity standard enables decentralized governance and reputation. Everyone should be able to access their identity through multiple apps and platforms.
Explore | ERC-1155 | An Introduction to Multi-Token Standard
ERC-223 is a Standard Established by the European Research
Although this isn't a widely accepted digital token standard, it can fix some UX issues with ERC token specifications. Many people have sent coins to the incorrect wallet address or, even worse, to a smart contract, losing the coins forever. Several cynical developers could blame the end-users for sending tokens to the wrong address, which could restrict public acceptance. These unfriendly interface features can turn off non-technical people.
The proposed ERC-223 notifies users to send tokens to a smart contract address by mistake and cancel the transaction. Users have to pay for gas but save their ETH. Amigocoin is one of the few projects that use the ERC-223 protocol right now. It proposes user-friendly UX features that protect users from fund failure, is backward compatible with the ERC-20 token standard, and costs half as much to run as Ethereum.
Suggested Read | ERC-20 Token Standard | Things You Must Know
ERC-777 is an Ethereum-Based Cryptocurrency
The ERC-777 digital token suggests other ways to boost blockchain usability. This digital token extends the common ERC-20 token standard with many new features. One of the most important is the ability to mint or burn tokens.
More than any other, this ERC token form has the potential to make token transfers much more accessible.
Read | ERC-4337: Ethereum’s Account Abstraction Proposal
ERC-1400 and ERC-1404 are Security Token Specifications
Developers create the ERC-1400 specification explicitly for Security Tokens, which are actual securities representing any real-world asset on the blockchain.
The standard makes restricted transfers, the addition of transfer material, document library management, and forced transfers possible. You can accomplish this by integrating several ERC specifications. Each specification addresses a different element of the required Security Token functionality.
As a result, it has a wide range of features that allow for the legal deployment of Security Tokens. The ERC-1404 standard is an extension of the ERC-20 standard. It allows the issuance of security tokens with transfer restrictions to comply with regulatory requirements. It enables the development of a whitelist, for example.
As a result, the issuer can choose who can buy and own the token. Token owners (investors) must complete an onboarding process that includes a KYC and AML search. Reversing a token also enables the usage of human-readable messages.
Check Out | Understanding ERC-404 | The Unofficial Token Standard
Final Thoughts
As new Ethereum ERC token standards evolve, each will introduce new features and bug fixes for existing tokens. To ensure that your blockchain platform provides the most value to end-users, you must first decide which digital token to use. Having the tokenomics right is a critical step in initiating a successful project. Connect with our blockchain development experts for a thorough discussion if you have a similar project in mind.
Mudit Kumar
29 Apr 2021
Blockchain Meets AI for Inventive Enterprise Solutions
AI and blockchain solutions are proving to be a potent mix, with AI and blockchain enhancing almost every sector in which they are used. From food supply chain logistics to healthcare record sharing to media royalties and financial protection, blockchain app development with artificial intelligence is merging to improve everything. The combination of AI and blockchain has several implications, including security: AI and blockchain can provide a double layer of protection against cyber-attacks.
AI can effectively mine a large dataset to come up with new scenarios and trends based on data activity. Blockchain technology aids in the successful removal of bugs and fake data sets. AI-created classifiers and patterns can be checked and authenticated using a decentralized blockchain infrastructure. Any consumer-facing company, such as retail transactions, will benefit from this. Data collected from customers through blockchain infrastructure can be used to build marketing automation using artificial intelligence.
How AI and Blockchain Solutions Benefit Enterprises
The combination of AI and blockchain solutions can produce the world's most dependable technology-enabled decision-making system, which is virtually tamper-proof and provides solid insights and decisions. It has numerous advantages, including:
Market data models that are more accurate
Smarter finance
Transparent governance
Intelligent retail
Intelligent statistical analysis
Globalized verification systems
Innovative audits and compliance systems
Smarter finance
Transparent governance
Intellectual property rights
Also, Read | Blockchain and AI: Business Applications and Challenges
Blockchain and AI-enabled Technical Advancements
Upgraded Security
Blockchain technology becomes safer as AI is implemented, allowing for stable future application implementations. One example is AI algorithms that are increasingly deciding if financial transactions are fraudulent and should be blocked or investigated.
Enhanced Efficiency
Blockchain and AI solutions can help optimize calculations to reduce miner load, resulting in less network latency for faster transactions. Further, it results in lowering carbon footprint. Not only this, but it will also reduce the cost incurred by miners if AI machines can enhance the work that miners do with energy-consuming systems.
As blockchain data expands by the minute, AI data pruning algorithms can be applied to the blockchain data, automatically pruning data that is no longer required for future usage. AI may also implement new decentralized learning systems, such as federated learning or new data-sharing techniques, which will greatly improve the system's performance.
Also, Read | Using Artificial Intelligence to Build Cryptocurrency Exchange App
Trustless Trust
One of blockchain's unique selling points is its iron cast records. When used in combination with AI, users gain access to detailed records that enable them to follow the system's thought process. As a result, the bots become more trusting of one another, increasing machine-to-machine contact and allowing them to exchange data and make large-scale decisions.
Improved Management
Human experts get better at breaking codes over time as they train. If given the right coaching expertise, a machine learning-powered mining formula can almost completely remove the need for human experience. As a result, AI aids in the better management of blockchain networks.
Data Markets/Model Markets
Securing private data invariably leads to its sale, resulting in data markets/model markets. Markets gain access to easy, safe data sharing, which aids smaller players in gaining a competitive advantage. The anonymity of blockchain can be further enhanced by using "Homomorphic encryption" algorithms. Homomorphic algorithms are those that enable operations to be performed directly on encrypted data.
Also, Read | Blockchain and AI: To Foster Decentralized AI Landscape
Artificial Intelligence (AI) and Blockchain Solutions
Smart Computing Capacity
If you wanted to work on a blockchain on a laptop with all of its encrypted data, you'd need a lot of processing power. For example, the hashing algorithms used to mine Bitcoin blocks use a "brute force" method, which entails systematically enumerating all possible candidates for the solution and verifying if each one satisfies the problem's statement until concluding a transaction.
AI affords the U.S.A. the chance to maneuver faraway from this and tackle tasks in a very intelligent and economical approach. For instance, if a machine learning-based algorithm gets sufficient training data, it can substantially augment its skills in ‘real-time’.
Creating a Wide Range of Data Sets
In a public blockchain network case, unlike computing-based ventures, blockchain technology produces suburbanized, open networks that can be accessed by anyone, anywhere in the world. It would be possible to communicate A.I. agents by putting Associate in Nursing API of APIs on the blockchain. As a result, various algorithms based on various knowledge sets can be created. It enables the development of completely protected databases that can only be accessed by those who have been permitted to do so.
Medical or financial information is far too private to entrust to a single company's algorithms. Storing this data on a blockchain, which can be accessed by an AI with permission and after going through the proper procedures, will provide us with tremendous benefits such as personalized suggestions while securely storing our sensitive data.
Also, Read | An Investor's Guide to Blockchain App Development for Business
Monetization of Data
Another tumultuous breakthrough that could be accomplished through integrating the two technologies is knowledge validation. For big corporations like Facebook and Google, monetizing collected data is a major source of revenue. Data is being weaponized against us by allowing others to determine how data is sold to generate income for companies. The United States of America can now encrypt our information and use it in the way we think about work thanks to blockchain. This also allows the United States of America to legitimize intelligence in person if we choose, without our personal information being compromised.
To combat biased algorithms and build diverse data sets in the future, it's critical to understand this. The same can be said for AI programs that depend on our input. AI networks would be expected to purchase data directly from their developers via data marketplaces for AI algorithms to learn and evolve. This would make the whole process even more honest than it is now, with no tech behemoths cheating its consumers. An information marketplace like this would also make AI more accessible to smaller businesses. For companies that don't produce their own expertise, developing and feeding AI is prohibitively expensive.
Also, Read | Blockchain, AI, and IoT for Advanced Business Solutions
Putting Confidence in AI Decision-Making
There are permanent records of all the data, variables, and processes used by AIs for their decision-making processes thanks to blockchain technology. This makes auditing the whole process a lot simpler. All measures from data entry to conclusions can be observed using blockchain programming, and the observing party can be certain that the data has not been tampered with. It instills trust in the conclusions reached by AI programs. This is a crucial move because individuals and businesses will not begin to use AI applications until they understand how they work and what data they use to make decisions.
Data Security
AI collects data about the world and what is happening in it by intelligence. Awareness nourishes AI, and AI will be able to strengthen itself over time as a result of it. On the other hand, Blockchain is a technology that enables the cryptographic storage of data on a distributed ledger.
Connect with our blockchain experts for more information about how your enterprise can benefit from the combination of AI and blockchain solutions.
Mudit Kumar
27 Apr 2021
Smart Contracts Development for DeFi | A Guide for Investors
Smart Contract Development for Defi (decentralized finance) is the process of creating, auditing, and implementing a smart contract that automatically performs decentralized finance services without the need for a central authority. It shortens the time it takes to complete financial transactions such as lending, investing, insurance, banking, and more in a decentralized way.
Many service providers provide smart contract development for decentralized finance services as a stand-alone service that includes the development and auditing of smart contracts. We have smart contract developers on staff at Oodles who are experts in creating smart contracts specifically for running decentralized finance-related dapps without vulnerabilities. We build smart contracts on a variety of common blockchain platforms, including TRON, Ethereum, EOS, and others.
Smart Contracts - the Foundational Pillar of DeFi Protocols
Smart Contracts are what enable the Decentralized Finance Ecosystem to function. There can be no mention of DeFi or dApps until smart contracts occur. Only the use of Smart Contracts allows the word "decentralized" to be used in this space. These smart contracts automate any transaction and remove the need for central authorities to process any financial services.
Basically, a smart contract is a predefined computer-coded programming contract that inherits the functionalities of decentralized finance protocols. It is the driving force behind the DeFi protocols' success. Every DeFi dapp and protocol requires a properly coded and audited smart contract to better execute its functions.
Also, Read | Fintech Space Development with Decentralized Finance (DeFi) Apps
Smart Contracts' Benefits in the DeFi Space
The advantages of using smart contracts in the creation of decentralized finance applications are listed below.
Security of the Highest Level
Smart contracts are carefully designed and audited, ensuring that the entire process is highly protected. As a result, every transaction carried out via blockchain-powered smart contracts is highly safe and irreversible.
Fully Digitized
Smart Contracts that are fully digital are digital contracts that execute automatically and store all transaction details and other information in a digitalized format on a decentralized ledger.
Unmatched Precision
These smart contracts are executed automatically and do not require any human intervention, which prevents errors and improves the accuracy of DeFi services.
Lightning Speed
Smart Contracts for speediness avoid the lengthy process of lending, borrowing, and more. This online contract automates all financial operations, allowing for faster processing.
Decentralization
It is a term used to describe the process of Smart Contracts, which are fully decentralized, carry out all functions and transactions and store them in a decentralized network that is extremely immutable.
Smart Contracts also have the following advantages:
Highly immutable
Extremely fast transactions
Entirely decentralized.
Reduced transaction fees
Complete power over properties/assets
Also, Read | A Compact Smart Contract Development Guide for Non-Experts
Increasing Smart Contracts' Importance in DeFi Dapps
A smart contract program automates financial transactions while doing away with the central authority. Further, it gives you more protection with complete decentralization. Also, it offers accelerated financial services. No modifications or other modifications are possible. Thus, it prevents fraudulent behaviors. Its other functionality advantages include:
Reduced transaction fees
No need for bulk paper storage
Liquidity is abundant
A high level of Transparency
Ease of Asset Exchange on a Global Scale
Secure Asset Storage & Exchange,
These are the most important reasons why smart contracts are crucial for Defi dapps development.
Most Common Use Cases
Smart Contracts can be useful across a variety of sectors, including supply chain management, cryptocurrency markets, banking, and so on. Additionally, there are a few more common use cases, including exchanges for cryptocurrencies, borrowing, lending, market predictions for stablecoins, asset management, and more.
Existing Smart Contracts Powered DeFi Projects
A few prevalent decentralized finance-related projects that use Blockchain Smart Contracts are DAI Compound Dharma, Bancor, Uniswap, Airswap, Balance Maker, The Hydro Kyber Network, and more.
Also, Read | Yield Farming | Fuelling the Decentralized Finance (DeFI) Space
How to Create a DeFi Smart Contract of Your Own
We all know that Decentralized Finance is steadily improving its position in the Crypto industry by offering open, permissionless, and easily accessible financial services. Making the transition from centralized to decentralized finance will thus help us better withstand the digital economy.
You can build your own Defi protocol, Defi dapp, or Defi platform based on a smart contract with its in-depth understanding. Build a Defi smart contract for your Defi product that is completely error-free, and your Defi dapp will be able to outperform the competition with no bugs or hacks.
You now have a better understanding of the advantages of smart contracts in the Decentralized Finance space. Now, you must first create a smart contract with unique functionalities to operate the appropriate Defi process or service if you want to create your own Defi platform or dapp.
Also, Read | Defi (Decentralized Finance) | Emerging Finance Alternative
Or, Find a Reliable Development Partner
You can code the smart contract for your Defi solution on your own and incorporate it into your Defi product or protocol if you are a techie and have the skills to do so. You can, on the other hand, contact a blockchain development company that specializes in smart contract development for any type of Defi service.
Companies like Oodles specialize in developing smart contracts for businesses. They can effectively develop apps for decentralized finance, cryptocurrency exchanges, crypto banking, crypto investments, and more. Oodles - Blockchain Development Company provides the most comprehensive solutions for your Defi and Defi Dapps-related needs.
Who We Are
We, at Oodles, provide bug-free, one-of-a-kind smart contract development tailored to your Defi products and protocols. Our smart contract developers have extensive experience creating and implementing smart contracts for decentralized finance applications such as lending, investing, insurance, education, crowdfunding, and more.
Mudit Kumar
23 Apr 2021
NFT Marketplace Development | Emerging Business Opportunities
The NFT (non-fungible tokens) marketplace is emerging as a multimillion-dollar revenue structure. Indeed, early adopters have begun streamlining their revenue stream by using its capacity across various industries, including real estate, gaming, sports, entertainment, and more. NFT platform/marketplace development, essentially powered by Ethereum blockchain development services, provides distinct features and specialization for a wide range of tokenized offerings across industries. As a result, NFT-based tokenization enables significant investment opportunities and improved outcomes.
Basically, NFT tokens are one-of-a-kind tokens created from collectibles or signature items such as art, music, and video games. In a nutshell, the advancement of the NFT marketplace platform enables users to tokenize their tangible and intangible assets into collectibles and tokens.
Why Is NFT Marketplace Development A Lucrative Business Opportunity?
For artists, musicians, and other special makers, this marketplace is gradually proving to be a significant revenue generator. Its importance in art and games has resulted in the introduction of AR/VR into a variety of services. With NFT, land infrastructure digitization introduces the real estate and design industries in virtual environments. The importance of NFTs in the marketplace helps them to develop a variety of services.
When a few early adopters, such as Open Sea and Raible, launched their marketplaces to grow NFT, it piqued the interest of collectors looking for one-of-a-kind products. However, this massive marketplace is limited to only 27 unique digital art marketplaces on Ethereum. For instance, SuperRare, Makers Spot, Async Art, and more could facilitate between $1-$8 million in sales recently. In reality, it is far too low given its enormous service opportunity.
The NFT Marketplace's Characteristics
Reliability
The NFT's interoperable feature enables it to be traded in a variety of virtual worlds and marketplaces. This enables holders of NFT tokens to benefit from advanced trading features such as bidding, bundling, the ability to sell in markets, and application-specific currencies.
Standard guidance
Developers need to create universal, interchangeable, inheritable standards for all non-fungible tokens by contributing non-fungible tokens to public blockchains. They need to include basic primitives such as possession, transition, and easy access control of tokenized objects. This allows your collectibles depicted in NFT to be uniformly displayed in the marketplace.
Availability of liquid assets
Non-fungible tokens with instant tradability would have more liquidity.
For instant cash, NFT tokens can serve as collateral for liquid cash or other cryptocurrencies. The market's large pool of liquidity provides instant liquidity to a large audience. NFTs have the potential to develop the market for one-of-a-kind digital properties.
Interoperability
Interoperability with multiple ecosystems is possible with non-fungible token standards (ERC 721 Token and ERC 1155 Token). When a new NFT project is launched, the wallet providers that allow NFT trading in the marketplace are notified immediately. These projects can be shown in one of the many marketplaces available. To achieve this, the open standards provide a simple, consistent, secure, and permissioned API for reading and writing data.
Possibility of control
Of course, NFTs are completely programmable, much like conventional digital properties. CryptoKitties (more on that later) built a breeding mechanism right into the contract that represents the digital cats. Many modern NFTs have more advanced mechanics, such as forging, crafting, redeeming, random creation, and so on. The design world is brimming with possibilities.
Scarcity
Smart contracts allow developers to put a lot of money into the supply of non-fungible tokens and implement permanent properties that are unalterable after their release. Only a certain amount of a rare item is generatable programmatically, according to the creator. Developers may also encode complex properties on-chain to ensure that they do not alter over time. This increases the originality of your work.
ERC 721 + 1155 Token Marketplace Development Features
Ranking
On an hourly basis, the rankings of non-fungible tokens (NFTS) must be identifiable with their volume, average, price, and other top statistics. This allows token owners to see how much their tokens are in demand and where they are in the market.
Bundles
The marketplace should provide users with bundled services that enable them to list their tokens in groups. A user can bundle up to 30 objects, allowing them to sell several tokens at once while paying a low gas charge.
Bidding
The NFT marketplace platform development enables users to create a variety of listings, including fixed-price, Dutch auction, and English auction listings. Each form of listing has its own procedure.
Dutch Auction
A seller can create a Dutch auction by setting a starting price and ending price, and the length of the auction. The seller begins the auction with a price that is higher than anticipated demand, and the price gradually decreases.
English Auction
A seller offers an item for sale at a low price and waits for bids in an English auction. The seller accepts the highest bid after a period of time has passed. It's the kind of auction that eBay popularised. It's also synonymous with fast-talking auctioneers wielding hammers.
Forerunners in the NFT Market
Rarible, Open Sea, Mintable, Sorare, SuperRare, Nifty Gateway, crypto kitties, v.cent, and NBA top shots are a few early adopters of the NFT marketplace who see NFTs' promise as the industry evolves.
OpenSea
It is the most well-known and widely used marketplace for tokenizing a variety of digital arts and other one-of-a-kind items into NFTs.
Rarible
The project began as a marketplace for tokenizing digital arts and paintings to NFTs but has since expanded to include tokenization of other collectibles such as accessories and collectibles into NFTS.
Sorare
It is a fantasy sports NFT marketplace that allows players or teams to compete in fantasy leagues such as dream11.
NBA Topshots
It is Dapper Labs' most promising project; this marketplace allows for the tokenization of exclusive video clips, player cards, and other NBA memorabilia that has been legally licensed by the NBA.
What’s next?
We begin to realize the promise of blockchain that envisioned digitization, tokenization, and democratization of finance with NFT development. It is capable of moving value with reduced friction and intermediation. How do companies, people, and enterprises realize the revolutionary and disruptive effect of these emerging business models and begin to incorporate them into current and new sources of business opportunity?
Taking a plan and turning it into business results
Oodles Blockchain Services will assist you in realizing your vision around NFT marketplace development. Connect with our experts to learn more about how blockchain and NFT development can benefit your business.
Mudit Kumar
21 Apr 2021
Notable Blockchain Applications and Use Cases in the Sports Industry
As blockchain technology advances, it is proving to be a useful tool in a wide range of fields, including sports, which is a surprising field where it is gaining momentum quickly. Many high-level clubs and teams are opting for blockchain app development and customizing blockchain use cases in sports to further increase fan interest and revenue. Embracing this form of innovation is becoming increasingly important for clubs' survival, particularly as revenue from ticket sales has been hit hard by the COVID-19 pandemic.
In a dynamic market, sports clubs and organizations are continually looking for new ways to generate revenue. With the rise of streaming activities and changing fan habits, providing enticing gameday opportunities to improve attendance has become a constant challenge. Furthermore, with disruptions such as the rapid growth of eSports and the fact that most sporting events are currently held without spectators, clubs must diversify their activities and rethink how they interact with their supporters to increase engagement, membership, loyalty, and reach more international fans. All of this and more is possible thanks to blockchain applications in the sports industry.
Blockchain Applications and Use Cases in the Sports Industry
eSports Ecosystems that aren't centralized
Blockchain is gaining traction in the fast-growing eSports world, in addition to conventional sports. According to a study by Newzoo, eSports will see an annual growth rate of about 14 percent by 2021, with the number of casual fans and eSports enthusiasts increasing to 557 million. And, since eSports includes a diverse range of stakeholders, including game developers, teams, sponsors, advertisers, team managers, and the media, blockchain can provide a comprehensive single network (or ecosystem) to connect them all. Via programmable smart contracts, its decentralized nature enables market stakeholders to interact in a peer-to-peer manner, eliminating complications and intermediaries and allowing for the simple distribution of prize money, player transfers, media rights, and more (a contract that is executed autonomously based on pre-set conditions).
Due to its transparent existence, which enables all participants to see what's going on in the network, blockchain may also increase confidence in eSports. Smart contract development between tournament organizers and game developers often eliminates the possibility of game developers not being compensated or complaints about prize money allocation that is unfair.
Also, Explore | Blockchain in the Sports Industry | Addressing Challenges
Platforms for Fan Loyalty and Engagement
Fan loyalty and engagement platforms, which help teams promote a sense of community and belonging among their fans, are another blockchain use case in sports. Fans can be rewarded for certain actions, such as interacting with clubs' websites, creating, sharing, and liking content, or through loyalty programs that allow them to accumulate rewards or points to spend on merchandise, tickets, or digital collectibles, through these blockchain-based platforms. Fan loyalty and communication networks will help clubs improve their partnerships with sponsors, in addition to connecting with fans and creating an exclusive group. The transparency and immutability of blockchain ensure the accuracy of the metrics and insights gathered from fan interactions, allowing sponsors to achieve a higher return on investment.
Also, Read | Blockchain for Creating Advanced Loyalty Programs
Collectibles and Digital Trading Cards (Powered by NFT Technology)
Unlike standard digital collectibles, digital collectibles or Non-Fungible tokens (NFTs) are individually unique (or provably rare) and restricted in quantity. This means that NFTs are “limited edition” collectibles. Their uniqueness can be checked using immutable blockchain technology. As a result, they're ideal for clubs and teams to use. They can create digital trading cards, in-game assets, and game memorabilia that fans can trade.
In late 2017, a game called CryptoKitties became so famous that it clogged the Ethereum blockchain. This is the time when NFTs attracted the attention of gamers and sporting organizations. Each of the exclusive collectible digital felines commanded a different price. And the most expensive one sold for an eye-watering $170K at the height of its popularity. These blockchain solutions for the sports industry have limitless potential. Consider the possibility of fans being able to buy limited-edition player cards or earning rewards. Digital collectibles are becoming common in Major League Baseball in the United States. They are enabling fans from all over the world to buy All-Star cards for a variety of prices. This not only generates extra revenue but also appeals to a younger generation of sports fans.
Also, Read | NFT (Non-Fungible Tokens) | Taking the Crypto Space by Storm
Ticketing Systems Based on Blockchain
In the world of sports, blockchain technology can make buying, storing, and even exchanging tickets simpler and safer. Fans who cannot attend an event, for example, can switch their ticket without penalty fees. This is possible due to blockchain's decentralized nature. It eliminates intermediaries and central actors (as well as insecure centralized systems). Thus, it results in a much more efficient user experience. No one may falsely claim to have purchased a ticket or challenge a price. It is because the data on the blockchain is immutable. Since blockchain-based ticketing systems can instantly validate tickets, it eliminates the risk of counterfeit tickets. Furthermore, in case of sporting events postpone or delay, rescheduling the entire procedure can be easier for organizers and end-users.
Also, Read | Exploring Blockchain-Based Digital Ticketing Management
Tokens for Fans
The success of fan tokens stems from their ability to boost participation while also providing new revenue sources for teams. Fans can purchase tokens using FIAT currencies like dollars, pounds, and euros. Further, they can trade them for goods, collectibles, or unique experiences like a VIP "meet the player" experience. Premier League football clubs, from Manchester City to FC Barcelona, are using Fan tokens to benefit them. These clubs aim to increase revenue and engage with their fans. For example, FC Barcelona's $1.3 million first round of fan tokens sold out in under two hours.
Fans can connect with a team, players, win points, get discounts, and participate in a virtual ecosystem. It is all possible by using blockchain technology in sports to issue their virtual currencies.
Tokens also give supporters a sense of participation in a club's decision-making. They enable them to vote on things like the goal celebration song and the training kit color. FC Barcelona has an estimated 450 million fans worldwide, and thanks to blockchain technology, they can now reach them. As a result, blockchain technology in sports is assisting clubs in engaging and growing their foreign fan bases.
Also, Read | ERC-20 Token Standard | A Compact Guide to Development
To know more about how blockchain plays a crucial role in transforming the sports industry for all stakeholders, connect with our blockchain development experts.
Mudit Kumar
20 Apr 2021
Exploring Blockchain-Based Digital Ticketing Management
Over the last decade, the introduction of digital ticketing has become a significant trend. Attendees can now buy tickets on their smartphones, save a copy of their ticket to their device pocket, and use it to gain access to the venue directly. Ticket sellers then communicate with their customers on a more intimate level and start cultivating long-term relationships. It has become a more convenient and beneficial method of ticketing. However, blockchain solutions can impact ticketing solutions and help the industry evolve in a more effective way.
Digitized Ticketing's Current Challenges
While digital ticketing (to some extent) eliminates paper inefficiencies such as fraud and convenience, there are still some digital stumbling blocks to overcome.
Unscrupulous resellers take screenshots or photocopies of tickets and resell them to unsuspecting victims several times.
Organizers lack power and access to secondary markets, which allows for inflated ticket resale.
Due to unregulated secondary markets, bad actors still gain access to events. Additionally, personal data is always at risk on centralized ticketing systems, which are vulnerable to attacks.
These challenges create opportunities for blockchain to make an innovative impact on ticketing solutions for those who value protection and accountability.
Why is Blockchain for Digital Ticketing Management Important?
By design, blockchain makes it simple for multiple parties to interact with one another without the need for a central authority – particularly when their levels of trust differ.
Therefore, it is necessary to build a thriving environment in which participants collaborate to solve a common problem.
Using blockchain-based permissioned networks for digital ticketing solutions will improve the ecosystem of ticketing and provide the following benefits.
Authentication
Blockchain networks use an immutable ledger to store information about ticket origins and safe transactions. Instant access to unalterable ticket data aids in the full elimination of forgeries.
Transparency is Essential
The use of blockchain systems allows you to monitor the entire process, from ticket release to ticket purchase.
It eventually makes communication between the parties involved more clear.
Automated Systems
The use of blockchain-based smart contracts allows event organizers to create transparent and automatically executable pricing, exchange, refund, resale, and benefit distribution laws.
Blockchain Applications in Digital Ticketing Management
Ticketing Protocol Standardization
Today, a ticketing protocol is primarily key to the structure of ticketing information.
However, it prevents customer data exchange or ticket tracking outside of a single ticket provider.
Blockchain tickets standardize protocol, giving stakeholders crucial control over the market.
Detailed Documentation
Awareness is truly a strength when it comes to blockchain-based ticketing management.
Event managers can recognize ticket holders, display all past sales, and see if a ticket has been resold and at what price by having access to the entire history of ticket transactions. It cuts down on both fraud and operating costs.
Also, Read | A Compact Guide to Business Blockchain App Development
Regulation of the Secondary Market
Governments all over the world are looking at the secondary ticket market.
The solution is to use blockchain tickets. Issuing tickets on the blockchain can enable controlled ticket resale and a fair pricing model. It also aids in the eradication of scalpers.
Ticket Flow Management
In event ticketing, blockchain creates an immutable chain of transactions that regulates ticket movement.
You'll know when it was resold, to whom, and at what price. As a result, you can verify and monitor the origin of a fare, providing a foundation for dispute resolution and enforcement.
Know Who Your True Customer Is
Blockchain ticketing technology allows for near-instantaneous identity verification, ensuring that you know who is attending your event.
As a result, event promoters will have a clear picture of who will be in attendance, as well as useful data analytics for potential marketing purposes.
Preventing Fraud
Historically, the secondary market consisted of street vendors who purchased cheap tickets outside of a venue and resold them to last-minute ticket buyers at a higher price.
Today's market is dominated by online ticketing platforms. You'll have complete control over your event tickets if you store them on a blockchain.
Also, Check | How NFT Ticketing Disrupts The Ticketing Industry
A Hypothetical Use-Case Scenario for Event Ticketing with Blockchain
Our experts at Oodles propose a conceptual model in which a common idea is used to construct blockchain-based event management and ticketing system.
An event planner can use an app to build and send an event to a website as well as a mobile wallet.
The event will include information such as an event's title, date, time, place, and a ticketing ordering button.
Then, a participant will order tickets after paying for Token X. X, the e-ticket will instantly go to the participant's mobile wallet.
To gain access to the event site, the organizer just needs to search for the participant's e-ticket.
We need to build a smart contract layer on top of the Ethereum blockchain network to improve the platform and automate the purchase and selling of event tickets.
Developers may use Solidity to create contracts. At least three smart contracts are required: the ERC20 token contract (to create Token X), the event contract, and the ERC721 ticket contract.
Most Viewed | A Quick Guide to Ethereum ERC Token Standards
Conclusion
Digital ticketing has progressed from being a straightforward traditional paper stub to becoming engaging for attendees and organizers.
Understandably, ticketing applications based on blockchain are just a scratch on the surface. Expect blockchain to push the envelope even further for digital ticketing in the coming years.
Using blockchain for event management systems has now passed the proof-of-concept stage.
They are gaining significant traction, making it more appealing for businesses to use the platform to solve their problems.
Connect with our skilled blockchain developers to find out how to get started with a blockchain-based ticketing management system.
Mudit Kumar
14 Apr 2021
Binance Smart Chain (BSC) for Smart Contracts Development
Binance Smart Chain (BSC) is a parallel chain that allows for the implementation of smart contracts development and a decentralized finance ecosystem. It is an open-source network that allows you to create your advanced smart contracts.
Smart contracts development with BSC enables you to build your smart contracts for any use, including cryptocurrency exchanges, smart contract-based dApps, Decentralized Finance, and more.
By understanding the value of Binance Smart Chain for smart contracts, we, at Oodles, a blockchain development company, thrive to provide world-class based smart contract development for all sectors and industry verticals. Our BSC-powered smart contracts go through extensive smart contract development and optimizations to reduce risks and errors. Connect with our smart contract developers to understand how your smart contracts will work on Binance Smart Chain.
How Binance Smart Chain (BSC) is Emerging as one of the Best Platforms for Smart Contract Development
Here are a few compelling reasons to use Binance Smart Chain (BSC) for smart contracts and Dapp growth.
Consensus Mechanism
Binance Smart Chain achieves a 3 second block time by using a consensus algorithm known as Proof of Staked Authority (POSA), in which each participant stakes BNB to become Validators.
Compatibility with Cross-Chains
Binance Smart Chain is a brand-new device that works in tandem with the current Binance Chain. This dual-chain principle allows traders to seamlessly move assets from one blockchain to the next, making the Binance Smart Chain more powerful for developing decentralized applications.
Frictionless Interoperability
Binance is a cryptocurrency that allows you to trade Smart Chain envisioned a cross-chain architecture that allows users to transfer assets from one blockchain network to another in a limited amount of time.
Also, Read | A Compact Smart Contract Development Guide for Non-Experts
Enhanced Liquidity
Since Binance Smart Chain creates an environment where assets and tokens can be transferred instantly, liquidity is increased. As a result, Binance Smart Chain makes gaining liquidity at launch easy.
Perfect for DeFi Development
The assets from different blockchains are being used in the growing DeFi Space thanks to the versatility of the Binance Smart Chain.
As a result, Binance Smart Chain is well-suited to taking advantage of the decentralized finance ecosystem.
Aside from the aforementioned advantages, Binance Smart Chain offers a powerful environment for developing Smart Contracts, Dapps, and DeFi protocols, among other things.
Binance Smart Chain-Based Smart Contract Development Applications
Here are some of the services and solutions we offer for Binance Smart Chain Smart Contract Growth. On the Binance Smart Chain, we create and deploy smart contracts for any type of company, use case, or industry.
Binance Smart Chain for BEP-20 Token Development
For any kind of token requirements, we build tokens on the Binance Smart Chain using BEP -20 token standards. It's a way to use Binance Smart Chain to generate your native token, such as the BEP 20 token.
Smart Contracts for DApps on the Binance Smart Chain
We create smart contracts for you to use on Binance Smart Chain to launch your dapps. Our developers are experienced in creating Binance Smart Chain (BSC) dapp smart contracts with advanced security features and plugins for a variety of use cases.
Smart Contracts for DeFi Protocols on the Binance Smart Chain
With our Binance Smart Chain Smart Contract Creation for DeFi Protocols, it's now simple to launch your DeFi Protocols on Binance Smart Chain, such as Pancakeswap, Bakeryswap, and more. We work with you to build a Decentralized Finance Open Source Protocol or Platform on the Binance Smart Chain by creating Smart Contracts.
Also, Read | Utilizing the new Uniswap v2 in Your Smart Contract
Smart Contracts on the Binance Smart Chain for Your Specific Business Use Case
Apart from the above-mentioned Binance Smart Chain Smart Contract Solutions, Oodles also provides Binance Smart Chain Smart Contract creation for a variety of businesses and industries.
They include Binance Smart Chain Smart Contract for Cryptocurrency Exchanges, Binance Smart Chain Smart Contract for DeFi Platforms, and Binance Smart Chain Smart Contract for industry use cases like healthcare, finance, banking, education, and government.
Building smart contracts can streamline your operations, protect your data, secure and retain customers, and increase revenue or growth. Building Smart Contracts for your company on the Binance Smart Chain is an added benefit and a step that will help you get to your destination faster.
Also, Read | Smart Contract Solutions for Business | Advantages and Use Cases
Who We Are
We, Oodles, are a leading smart contract development company. We create, deploy, audit, and optimize smart contracts for Ethereum, EOS, TRON, and other blockchain platforms. Our Binance Smart Chain Developers also enable smart contract development for decentralized apps, DeFI, and other use-cases.
We leverage our smart contract creation, dapp development, and BEP -20 Token development on Binance Smart Chain. It ensures greater liquidity and interoperability as we understand the importance of the Binance Smart Chain.
The Process of Developing Smart Contracts with BSC
The steps for designing and deploying smart contracts on BSC for any use case are outlined below.
Analysis of Business Requirements
First and foremost, be clear about the use case or business needs for your Binance Smart Chain smart contract production.
Fixing and constructing the architecture/framework
Begin building the architecture for your smart contract with the business scope or concept in mind.
Deployment & Development
Build your smart contract on Binance Smart Chain based on the architecture or design you've built.
Auditing and Enhancement
Audit smart contracts twice after production to correct bugs and optimize smart contracts to prevent vulnerabilities.
Deploy on both the testnet and the mainnet
Until deploying the smart contract on the mainnet, test it on the testnet first.
Bring your business needs to us and we will be pleased to support you with the best BSC- based smart contract and blockchain development services.
Mudit Kumar
13 Apr 2021
Blockchain for Cross-Border Payments | A Detailed Guide
High costs and inefficiencies in cross-border payments are driving banks, companies, and customers to switch to digital solutions on a global scale. Blockchain solutions development for the financial services, according to experts at Oodles, will allow institutions and individuals to make cross-border payments in a safe, reliable, and cost-effective manner. Financial services will reach citizens who have restricted or no access to banking via a cross-border payment solution built on a blockchain platform like Stellar.
The Challenges Associated with Cross-Border Payments
Cross-border transfers are like a black box because there is no clear connection between transacting parties and factors like traceability and clarity are missing. Furthermore, high costs for processing transfers from one network to another, which are ultimately borne by end customers, narrow the demand for financial providers and degrade their service capabilities. Furthermore, the influence of data transfer is by the lack of standardization across global networks, which frequently poses threats and risks to user transactions and other information.
It is forcing businesses and consumers to switch from banks to Fintech providers who use blockchain solutions to better meet their needs.
Also, Explore | PayPal Launches its U.S. Dollar Stablecoin PayPal USD (PYUSD)
Slow Transaction Speed
According to McKinsey's research and study (2015) on cross-border payments, a cross-border transaction takes an average of three to five business days to complete.
Hefty Transaction Cost
Fees escalate at each phase of the process, including payments from the sender's bank to national and international correspondent banks, as well as foreign exchange. The fee for high-volume cross-border transfers is usually between 2% and 3%. When payment rates and prices are smaller, however, it may go up to 10%. Furthermore, it is unclear whether organizations charge fees.
Opaque Transaction Transparency
Tracking transfers as they are in transit is normally difficult for participants in transactions. It raises doubts about the actual payment number as well as the arrival date. It's also difficult to keep track of purchases that have issues, such as erroneous account numbers.
How Blockchain Comes to the Rescue
Blockchain is a distributed (shared) blockchain ledger that records information about any transaction made on it in an immutable manner. Blockchain can offer features like transaction protection, confidentiality, performance, and pace to businesses and individuals who make daily cross-border payments.
According to a Deloitte report, blockchain will help organizations and individuals complete transactions in less than 5 seconds and save up to 40%-60% on transaction costs. Companies may pay a single fee or none at all if they use blockchain for cross-border payments. It would be useful for multinational companies who submit payments across borders daily.
Blockchain Applications in Cross-Border Payments
Increased Cost-efficiency
Since banks seldom have direct connections with one another in a global setting, cross-border transfers become costly. Then, to make indirect fund transactions, they turn to intermediary banks. For this operation, the deduction of intermediary bank charges is from the overall transfer number. Occasionally, both the sender and the recipient bear this burden, or one party costs the entire amount. It happens in addition to any taxes levied by the remitter or receiver banks.
Our blockchain specialists at Oodles believe that Stellar blockchain creation services will offer effective payment solutions without the use of middlemen. It drastically lowers the costs of sending cross-border transfers.
The restricted amount charged by transacting parties is to costs imposed by the provider of the distributed ledger technology-based solution.
According to news, using blockchain networks like Stellar and Ripple, banks can save up to 40% on average.
Also, Read | Is Stellar Blockchain a Right Fit for Cross-Border Payment Solutions
Settlements in a Flash
A cross-border trade involving intermediaries takes two to five business days, according to an R3 survey. A substantial time zone differential between the two currency jurisdictions is important. It necessitates the movement of funds through related regional payment processes by the remitter. The remitter must also take into account the different operating hours of these networks around international time zones. Transaction times on the Ripple network for blockchain solutions range from two to five seconds. Currency trades using Ethereum blockchain solutions take anywhere from 15 seconds to four minutes on average.
Also, Read | Examining Cross-border Payment Solutions Powered with Ripple Blockchain
Strengthened Security Protocols
Cryptographic authentication protocols make records on a cross-border blockchain safe. Both network members have private keys and the association is with individual transactions which function as digital signatures. When anyone attempts to change a document, the user's signature is rendered null. As a consequence, the peer network recognizes that this has happened.
Since blockchain is decentralized and distributed through a peer-to-peer network, both users have access to the same up-to-date and synched version of the ledger at every given time. It implies that the ledger has no single point of failure and that altering its condition is almost impossible.
Changing the data on the blockchain needs approval by up to 51 percent of the participants all at once. In addition, compromising the network necessitates a significant amount of processing power.
The crippling Bangladesh Bank heist, in which robbers stole credentials from the country's central bank and used SWIFT messaging to steal more than $81 million. It's an event that, according to supporters of blockchain technologies at Oodles, a blockchain software firm, would not have happened if a distributed ledger technology (DLT) solution had been used.
Attempts by attackers to delete their activities from the database will have been identified by the machine. That would have made it possible to trace where the funds were sent.
Also, Read | How Blockchain Is Revamping The Cross-Border Payments
Increased Visibility and Transparency
Blockchain platforms like Corda, according to our in-house team of blockchain experts, will greatly shorten the regulatory method.
Although a user's identification is secret in a public blockchain solution, the assets and transactions of each address are visible. Individuals, auditors, and regulatory bodies can access all transactions carried out by that address. It is with using an explorer and the public address. Furthermore, in a private blockchain solution, only permissioned parties in a contract can see the data.
According to a study released by the Financial Executives Research Foundation in 2018, blockchain-based fintech platforms will replace conventional financial reporting bodies. The simplicity provided by Corda blockchain systems will also help to remove checks and balances that take a lot of time and effort.
Connect with our blockchain development experts for a detailed discussion around how blockchain revamps cross-border payments.
Mudit Kumar
09 Apr 2021
Fintech Space Development with Decentralized Finance (DeFi) Apps
DeFi (Decentralized Finance) is the newest fintech player on the scene, and it's gaining a lot of momentum. It is a concept that is gaining a lot of traction among entrepreneurs. The explanation for this is that the concept revolves around finance, financial services, and insurance, and it offers many advantages. Decentralized Financial Services Development aims to change the way we think about money by decentralizing financial functions like lending and borrowing, crypto exchange development, and more and making them universally available. This entails removing intermediaries such as banks and financial institutions and instead relying on automation to conduct direct financial transactions between participants.
It could, however, resemble current financial services solutions based on blockchain technology. So, why are so many people becoming interested in this new technology? Why are sites like Binance and Coinbase creating and offering DeFi services and solutions to their users? Is it just the same product in different packaging, or does the concept reflect something new? Let's discover.
Understanding Decentralized Finance (DeFi) and its Importance for Fintech Development
DeFI is the abbreviation for the term decentralized finance. DeFi is a financial ecosystem development on a shared infrastructure to describe saving, borrowing, lending, trading, and other financial services. We recommend reading our blog post What is DeFi to help you know more about DeFi. Transparency and trust are built and maintained within the system by developing DeFi financial services and products using open-source software on decentralized networks. Since its launch, the device has produced positive results, generating substantial revenue. DeFi contract value has risen significantly from US$ 2.1 million in September 2017 to US$ 6.9 billion in August 2020. Since August 2020, it has increased by US$2.9 billion.
Increasing Significance of DeFI Decentralized Finance?
The main advantage of decentralizing financial services is that it allows everyone in the world to have access to them. Many people in third-world countries already do not have access to conventional financial services.
Inequality in the Financial Services
There are vast populations in countries all over the world that have smartphones and access to the internet but do not have access to financial services such as loans or bank accounts. DeFi aims to solve this problem by establishing a decentralized ecosystem in which users can access a variety of financial services using only a smartphone and an internet connection.
Censorship in the Financial Services Process
Users have no control of their properties in centralized financial structures. Users' access to their own money may be restricted by financial institutions and governments. They frequently impose limits on the amount of money that can be withdrawn at any given time and the number of times that can be done in a given day.
Customers' service charges for withdrawing money from their accounts are also changing.
Financial services in a DeFi system, on the other hand, are not regulated by any central authority or organization. As a result, no one can prevent you from accessing your savings.
Also, Read | Blockchain-based DeFi | Understanding the Decentralized Financial Shift
DeFi's Range of Use Cases
Decentralized Finance has the potential to revolutionize the global financial system because of its revolutionary approaches to finance. Let's look at some of the DeFi applications.
Decentralized Exchange Development (DEXs)
DEXs, or Decentralized Exchanges, are platforms that enable users to conduct automated peer-to-peer transactions. Users can no longer be reliant on third-party exchanges. Furthermore, younger, less experienced users will exchange coins without having to go through any complicated procedures.
Decentralized P2P Borrowing and Lending
Countries all over the world have different laws and regulations in place to make borrowing and lending easier (difficult). Decentralized Finance, on the other hand, gives users universal access to DeFi Lending and Borrowing Platforms, which often only accept cryptocurrency as collateral.
The following are some of the advantages
Transaction settlements promptly
Enables the backup of digital assets with physical assets
No credit checks are needed, and all users have access
Keeps borrower's and lenders' choices open by allowing them to transact with a wide range of users, democratizing the process
Stablecoins
Stablecoins are cryptocurrencies that are pegged to fiat currencies such as the US dollar, as the name implies. These coins serve as a source of stability. These assets avoid the price fluctuations that characterize cryptocurrencies and are ideal for use as both a medium of trade and a means of storing value. In comparison to conventional cryptocurrencies, which are not usable units of an account due to their volatility, stablecoins are a long-term solution.
Tokenization
Tokenization is a term that describes the process of linking cryptocurrency tokens to real-world properties. Simply put, tokenization produces asset-backed tokens to increase market liquidity. This procedure will hasten the market's acceptance of assets with low liquidity, such as jewelry, real estate, and art.
It also enables us to split these assets into parts, allowing investors to purchase only a portion of the asset rather than the entire asset. This enables low-income earners to invest in goods or services that were previously out of reach due to exorbitant costs.
Also, Read | NFT (Non-Fungible Tokens) | Taking the Crypto Space by Storm
Cryptocurrency Payments
Via its implementations, Decentralized Finance introduces blockchain-based protocols. Users may make instant crypto payments through their crypto wallets, which are often less expensive than other systems. Users also get exclusive discounts by these apps, which encourages them to return to the site.
Decentralized Open Markets
For transactions, open marketplaces remove the need for central authorities. Decentralized Finance allows for a user-centric economy where free trading happens without any central authority's market supremacy. Users can also use blockchain-based smart contracts to exchange non-fungible tokens like trading cards, collectibles, and game products.
Conclusion
Decentralized Finance (DeFi) development is facilitating the foundation for an emerging, secure and transparent financial ecosystem. A financial system that enables universal participation using the potential of blockchain technology. Indeed, various DeFi systems operating in the global financial markets are proving to be key influential disruptors in the space.
Connect with our DeFI development team to find out how DeFi also lays the groundwork for a plethora of future ventures in a genuinely decentralized market that can serve as a democratized forum for people all over the world, particularly in third-world countries.
Mudit Kumar
09 Apr 2021
Increasing Importance of Blockchain for Healthcare Development
Healthcare accounts for a significant portion of the gross domestic product (GDP) in developed countries. Hospital prices, on the other hand, continue to rise, as do ineffective procedures and health data breaches. This is one place where blockchain for healthcare app development has the potential to change things. It is capable of a wide range of tasks, including safe encryption of patient data and the management of epidemics.
Estonia is a pioneer in this area, having implemented blockchain technology in healthcare in 2012. Currently, blockchain is used to manage all healthcare billing, 95 percent of health records, and 99 percent of medication details.
Blockchain Technology
The term "blockchain" refers to a shared immutable record of a chain of transactions, each of which is made up of one block, and which is kept together by cryptographic keys ("hashes").
These keys or signatures are stored in shared ledgers and linked by a network of nodes or processes. Each node maintains a copy of the entire chain, which is continually synchronized and updated.
Also, Read | Blockchain Technology Integration for Business Intelligence
Technology Advantages in Healthcare
Decentralized management, unchangeable databases, data provenance, traceable data, robust data, and availability of data to any approved user, while keeping it out of the hands of unauthorized users by encryption that is based on a patient's private key are all advantages of using blockchains over conventional methods of healthcare database management systems.
According to the National Institute of Standards and Technology (NIST), the benefits of blockchain technology include its tamper-resistant existence, the decentralized nature of digital ledgers, and the impossibility of modifying a reported transaction later inside the user group that shares the ledger. Digital ledger technology is another name for this technology (DLT).
Also, Read | Blockchain in Healthcare Data Management | Impact, Benefits, and Use Cases
Key Observations and Recommendations
Although DLT can be used in a variety of healthcare settings, not all operation in healthcare is related to transactions. However, since the data in public blockchains are publicly available, they cannot be used to store private information such as identifying health data. As a result of this openness, providers are required to consider privacy issues to ensure that protected patient information is maintained (PHI).
Second, although blockchain technology is vulnerable to some attacks, it also provides built-in security against others. The blockchain's code makes it vulnerable to zero-day attacks, bugs, and social engineering. As a result, information protection should be special consideration, particularly in healthcare.
Since blockchain data is permanent, it should not be used indiscriminately in healthcare. Large files, or those that change frequently, may be excluded. All personally identifiable information should remain off the chain.
Patient privacy is now a norm when considering processing any type of PHI. According to DLT experts, new legislation implementation, like the General Data Protection Regulation (GDPR) and the ones that have been around for more than a decade like HIPAA, patient privacy becomes a standard during PHI storage and exchange.
Also, Read | The Significance Of Blockchain In GDPR Compliance
Key Challenges in Adoption
The following are some of the major issues with blockchain implementations in healthcare.
At all levels of the network infrastructure, security is paramount.
Both participants' identities are verified and authenticated.
Authorization trends for access to electronic health records that are consistent
A few Blockchain-Based Healthcare Applications and Use Cases
Seamless Patient Data Transfers among Healthcare Providers
Individual patients may use the same details on the blockchain to securely access and exchange their health data with other providers or organizations using a shareable private key. This could aid in the interoperability and collaboration of health information technology (HIT) with various blockchain applications.
Enhanced Healthcare Experience for Patients
Blockchain has the potential to build a single mechanism for storing and retrieving health records in a safe and timely manner by approved users. Innumerable errors can become avoidable. Quicker diagnoses and treatments are possible. And treatment can be a smooth experience; by preventing miscommunication between different healthcare professionals interested in caring for the same patient.
Secure, Fast, and Interoperable Electronic Health Record Systems
Through storing a specific collection of structured data on the chain, together with private encrypted links to separately stored information such as radiographic or other photographs, the blockchain may provide a single transaction layer where organizations can send and exchange data via one safe framework. The use of smart contracts and standardized authorization protocols will greatly aid in the provision of seamless connectivity.
Also, Read | EHR (Electronic Health Records) Management with Blockchain
Improved Overall Healthcare Data protection
Between 2009 and 2017, there were over 176 million data breaches involving healthcare records. The blockchain's secure features will significantly improve the security of health data. Each person gets a public identifier or a private key. Furthermore, the need to target each user individually to access private information will restrict hacking. As a result, blockchain technology will have an immutable audit trail of medical data.
Remote Monitoring and Mobile Health Applications
With the advancement of technology, blockchain-based mobile health applications are becoming increasingly relevant. Electronic medical records (EMRs) can remain safe in a blockchain network while medical staff across hospitals can share data quickly for self-monitoring and home care.
This area is especially vulnerable to malware, particularly root exploits that allow a hacker to access the patient's private key.
Medical Devices and Supplies Become Traceable and Secure
With complete transparency, blockchain will help protect and trace the trail of pharmaceutical supplies. It can also monitor the labor costs and carbon emissions associated with the production of these products.
Simplified Insurance Claims for Health Benefits
Because of its ability to present medical incidents as they happened without the possibility of manipulating the data later for fraud purposes, blockchain-based insurance solutions are ideal for simplifying insurance claim processes.
Traceable Diseases and Outbreaks
The specific capabilities of blockchain can aid real-time disease reporting and disease pattern exploration, which can aid in determining the disease's origin and transmission parameters.
Summarizing
In healthcare, blockchain technologies are in their infancy. Also, Ethereum and Hyperledger Fabric are only two examples of the use of blockchain technology systems in healthcare, that too on a small scale. However, considering the recent blockchain advancements across various healthcare processes, the future seems ripe for new opportunities and developments.
Connect with us to find out how Blockchain services can improve the management of healthcare data with enhanced blockchain protection and systems.
Mudit Kumar
07 Apr 2021
Blockchain for KYC | A Solution to Eradicating Inefficiencies
The backbone of a financial institution's anti-money laundering activities is the Know Your Customer (KYC) processes. According to current projections, global KYC spending has crossed approximately $1.2 billion by 2020. With such a large sum of money spendings on improving KYC systems, it's safe to believe that the mechanism would be unhackable and error-free. However, despite these efforts, KYC processes appear to be inefficient. Because of the labor-intensive and time-consuming activities, a high chance of effort duplication, and the risk of errors, the estimation is that 80 percent of KYC efforts center on collecting information and processing. Surprisingly, only 20% focus on analyzing and tracking. Indeed, existing KYC processes fail to meet the needs of financial institutions. Thus, it causes an inconvenient experience for consumers. These processes become tedious, lengthy, and repetitive for users.
Now, financial institutions and service providers are exploring solutions to resolve issues with new-generation technologies' integration. They include blockchain technology, cognitive technologies, and AI. It provides a ray of hope. In this article, we'll specifically look at Blockchain app development, which we believe holds the key to removing inefficiencies and duplication in KYC processes.
Challenges | Traditional KYC
Each bank or financial service provider has its own set of unstandardized requirements. As a result, users often go through the KYC process with each bank and service provider they use. Furthermore, a tightly siloed structure like this prohibits financial institutions from monitoring consumers' expenditures on other channels, resulting in each entity providing its collection of incomplete data. Because of the centralization of data in silos, the KYC process proves inefficient. One that causes problems like the following:
Misidentified fraudulent data
The failure to follow up with customers
Users presenting misleading information
Delayed in process completion
The reason behind spending figures and a spike in money laundering cases are due to these challenges.
Thus, institutions are now moving toward blockchain technology to strengthen the existing KYC mechanisms. Let's take a closer look at the potential of using Blockchain for KYC authentication. Also, discover the advantages it provides to the fintech industry.
Also, Read | Solving the Issues of the Current Centralized System of KYC with Blockchain
The KYC Process on the Blockchain
In a Distributed Ledger Technology, the process of using Blockchain for KYC goes through many stages.
Let us send you a high-level overview of how Blockchain can assist with KYC.
Process 1: On the KYC DLT framework, the user creates a profile.
We integrate a Blockchain-powered KYC platform with a financial institution (FI). Further, a user fills in their information. It is a one-time setup they perform using their identity documents. The data becomes available to the FI1 for verification purposes once it has been uploaded. When it comes to storing the data of users, there are many options: A centralized, password-protected server. On the DLT network of F1's private server.
Process 2: The user uses FI1 to complete transactions
When a user completes a transaction with FI1, they grant FI1 access to the user's profile. After that, the FI1 verifies the KYC data and saves a copy on their server. Then, on the DLT website, they upload a 'Hash feature.' Finally, FI1 adds KYC digital copies to the user's profile, along with a Hash Function that matches the DLT platform's Hash Function. If the KYC data is changed, the Hash Function of the KYC data will no longer match the one posted on the DLT network, allowing other financial institutions on the blockchain to be informed of the update.
Stage 3: The consumer conducts a transaction using FI2
When FI2 requests KYC from a user, the user gives FI2 access to their user profile. The KYC data (and its Hash Function) is then compared to the Hash function uploaded by FI1. If the two matches, FI2 will know that the KYC obtained by FI1 is the same.
FI2 would have to manually verify KYC documents if the Hash Functions did not fit. However, what is the process of getting a new passport or driver's license? Also, how a user can change document details in their DLT user profile changes?
Also, Read | Is Blockchain the Right Underlying Technology for Digital KYC verification
In such situations, financial institutions use smart contracts to upgrade their systems automatically when the user submits new documents. The user submits the new document to F1, who then broadcasts it around the blockchain (using the new Hash Function), making it available to other FI participants.
The following are some of the benefits of using a Blockchain solution for KYC
Data Quality: Any change to the data is tracked and monitored in real-time.
Reduced turnaround time: FIs gain direct access to data through KYC Blockchain software solutions, which decreases data collection and processing time.
Reduced manual labor: KYC on the Blockchain eliminates the need for paperwork.
These are just a few of the advantages of KYC Blockchain implementation. The method of KYC using Blockchain provides a variety of sector advantages.
Blockchain's Advantages in the KYC/AML Process
The applications of decentralized technology in KYC are not limited to Blockchain in Fintech. A variety of industries are collaborating with a Blockchain software firm to investigate the technology.
Also, Read | Digitizing AML/KYC Compliance with Blockchain
Data collection on a wide scale
The use of blockchain in KYC places data on a shared network that can be accessed by parties that have been granted permission. Furthermore, the system provides effective data protection since data can only be accessed after users have provided permission, preventing unauthorized access.
Improved organizational effectiveness
In the early stages of KYC, capabilities such as an unhackable digital process and exchanging user information on a permissioned network will greatly reduce the effort and time required. As a result, customer onboarding is shortened, and regulatory and enforcement costs are minimized.
Data verification
Transparency and immutability are provided by KYC Blockchain systems. It allows financial institutions to verify the accuracy of data stored on the DLT platform. The decentralized KYC process streamlines the process of obtaining safe and quick access to up-to-date user information. This reduces the amount of time and effort an organization spends collecting data.
User Data that is modified in real-time
When a financial institution performs a KYC transaction, the information is instantly available to all participants on a distributed ledger. Other participating organizations can access real-time updated information via Blockchain technology KYC systems, with the assurance that they will be informed if there is a new addition to the documentation or any changes.
Contact us, we are one of the leading blockchain development companies in the United States – if you want to learn more about this aspect of Blockchain development services or if you want to validate your decentralized KYC-based concept.
Mudit Kumar
31 Mar 2021
Blockchain in Aviation | Emerging Applications and Use Cases
There isn't a single sector where blockchain app development hasn't made an appearance, but the question is if the aviation industry is making the most of it. Did you know that in the airline industry, blockchain technology is a vital component of creating a seamless travel experience?
‘What can blockchain do?' I imagine a question arising in your mind. When most people think of blockchain, they automatically think of cryptocurrencies including bitcoin. However, we know very little about blockchain and its ability to revolutionize the airline industry. Let's take a closer look at how the blockchain definition (which is based on protected record-keeping) can help change the aviation industry.
Its most basic and significant aspect is that it is safe and almost impossible to tamper with. As a result, any industry that relies heavily on data integrity, such as aviation, may benefit greatly from the current blockchain technology trends.
Let's analyze some of the blockchain's most fundamental features.
Decentralized
Since blockchain is decentralized, there is no controlling body or a single individual in charge of the system. To put it another way, you can store everything from cryptocurrencies to essential documents to valuable digital assets without the need for a middleman or even a governing authority.
Immutability
Something that cannot be changed or adjusted is said to be permanent. Since it is inherently unbreakable, no one can make any changes to the system without notifying the rest of the blockchain network.
Enhanced security
Using encryption in blockchain gives the device a very good security blanket. To provide an extra layer of security for users, blockchain employs cryptography, a mathematical algorithm that serves as a firewall against attacks. Any piece of information on the blockchain is cryptographically secret. As a result, it is fair to conclude that the network information conceals the true nature of the data.
Enough with the words! Now that we know what blockchain can do, we can look forward to seeing what blockchain can do in aerospace! Without a question, blockchain technology is the next big thing in aviation.
Also, Read | Blockchain Development for the Aviation Industry Solutions
Blockchain In The Aviation Industry | Use Cases
Aviation security documents
Did you know that Malaysia Airlines Flight 370, which vanished in March 2014, is the biggest mystery in the airline industry? There was a lack of information on why the flight pattern had changed and where the flight was going. Millions of dollars were spent trying to figure out what happened to Malaysia Airlines Flight 370, but nothing was found.
This mishap is a clear example of why a stronger oversight mechanism for such sensitive data is needed. Since we already know that blockchain is known for its monitoring and transparency capabilities, here's what blockchain can do for aviation security:
Blockchain can be used to track the locations of valuable assets in real-time and with high accuracy. Information such as flight routes, luggage onboarding, tracking down a missing entity, passenger data, and so on can be useful in the event of an emergency.
Holding all flight-related data on a blockchain backup record might add an extra layer of protection to today's breach-prone centralized systems. It will also ensure that the process is transparent and effective.
Also, Read | Transforming the Processes of the Aviation Sector with Blockchain
Repair of aircraft
We've all endured airport delays as a result of maintenance problems. These delays not only give the company a bad name but also cost them a lot of money. The global Maintenance, Repair, and Overhaul (MRO) market were valued at $69 billion in 2016, but it is expected to grow by 4.1 percent per year to $103 billion in 2028.
Here's how blockchain will save millions of dollars in aviation maintenance
The logs for each part of an airplane's condition can be changed in real-time using blockchain technology. This would help to cut down on the time spent on regular plane inspections and repairs.
The science behind ledger technology has progressed to the point where continuous ledger updation can result in increased productivity and utilization. Predictive maintenance and the elimination of problems before they impact required airline operations can also be aided by blockchain. MRO service providers may use blockchain to provide verifiable metadata for the components they service or add.
Also, Read | A Compact Smart Contract Development Guide for Non-Experts
Ticketing with Tokens
With the aid of blockchain technology, the theoretical idea of smart tickets can be brought to life. This would not only remove the need for paper tickets, but it can also be used to gain access to the airport lounge, lodging, and other services. Furthermore, storing smart tickets on a blockchain may help minimize or fully eliminate the confusion that happens when a centralized ticketing database for an airline or an entire airport goes down. The booking method will also evolve as a result of asset tokenization, as it will eliminate the need for additional forms of identification. To summarise, a blockchain infrastructure for the aviation industry would be a game-changer!
A digital travel experience that is seamless
Fragmentation almost always leads to a negative consumer experience. The burden of inefficiency is borne by the entire travel industry. As a result of customers' desire to save a few pennies here and there, travel booking firms could be responsible for as much as $269,000 in fragmentation costs.
In the aviation sector, blockchain technology has the potential to unify processes for a variety of industries, including airlines and other travel industries such as ticketing and loyalty schemes, as well as non-airline logistical industries such as logistics and hotels. Both travel-related industries may benefit from some streamlining in order to provide a more streamlined experience and improve customer loyalty. Let's talk about some of the advantages of blockchain now that we've covered everything it can do for air travel.
Also, Read | Transforming the Travel and Tourism Sector with Blockchain's Potential
Benefits of Blockchain in the Aviation Industry
Streamlined payment procedures
Many manual procedures, such as buying travel insurance, loyalty settlements, and paying authority taxes and fees, can be automated with the aid of blockchain. Even the payment process would be safer and faster than ever before!
Exceptional customer service
There is no doubt that blockchain technology for airports would increase customer loyalty. Processes will be streamlined, and the chance of human error will be reduced.
Getting rid of third-party reliance
Did you know that 99 percent of the market for indirect ticket sales is controlled by travel agents or other intermediaries? Isn't it incredible?
Well, blockchain for the aviation industry will be able to help bring about much-needed change. Blockchain technology can benefit by lowering third-party costs and increasing revenue among network members.
Also, Read | Blockchain Development for the Aviation Industry Solutions
Ground processes must be improved
In operations, transactions, expense, and revenue, blockchain improve monitoring, tracing, and transparency. The complexity is reduced, and all processes are made easier and more efficient.
So, what do you have to lose? Now is the time to employ a blockchain software agency.
Mudit Kumar
31 Mar 2021
Blockchain for Document/Records Management across Industries
According to Gartner, records management is ripe for blockchain app development for creating cost-efficiency and revenue acceleration capabilities. The technology can change and expand the capacities of various records management processes. It also has far-reaching consequences for cost-effectively protecting and authenticating intellectual property. The article does not provide a primer on blockchain technology. Instead, we address a few unique challenges with records management and how distributed ledger technology can help.
Records Management | The Obstacles
Confidentiality
According to the identity analytics firm 4iQ5, the number of data breaches rose by more than 400 percent in 2018, revealing nearly 15 billion pieces of information. A security breach costs an average of $17 million. Eighty-eight percent of the businesses polled claim they are losing control of their data.
Enterprise information must be safe while ensuring that parties to a transaction have complete privacy and confidentiality. Also, records should only be accessible to those who need to know. Centralized databases are vulnerable to expensive security breaches because they have a single point of failure.
Compliance with Data Regulations
Over the last ten years, there has been a major rise in global cross-industry regulations. Organizations will have to prove to auditors or the courts that there has been no intentional or incompetent corruption of digital data, workflows, and logs for government or sector regulatory enforcement or e-discovery.
Inefficiencies in Industry
Consolidating transactions through individual and private ledgers is time-consuming and error-prone. Today's distributed records management systems, which include multiple parties, suffer from slow processing, high costs, a high risk of errors, and often generate inaccurate and inconsistent results.
Also, Read | Advancing Identity Management with Blockchain Technology
Enter Blockchain Development
Blockchain has a range of distinct advantages. The first is anonymity. Parties who visit a blockchain can execute trustworthy transactions without exposing their identities, saving time. Another is the distributed structure of the blockchain. A blockchain can be created by two or more individuals without the need to register with a central authority. They can also build private blockchains with custom security definitions that restrict what chain participants can do. The rules are decided by the parties to the blockchain in all situations. It's important to bear in mind that blockchain isn't just for records. It works for every kind of digital asset, like photos, videos, and email backups. Blockchain is gaining traction in the intellectual property industry. Professional photographers, for example, may use it to control licensing rights to their work and even make royalty payments.
Also, Read | Blockchain in Intellectual Property
Blockchain Advantages for Records Management Solutions
Records management professionals should learn about blockchain because:
Cost-effective
The most noticeable advantage is cost savings. Processes can be made more effective and less costly because blockchain transactions do not need intermediaries. There's no need for auditors or legal experts to check the accuracy of results, so those costs are removed from the equation.
Efficiency
With less staff on the job, you can get things done quicker. Transactions that would normally take days to complete due to numerous sign-offs can now be completed in seconds.
Security
The fewer people involved in a transaction, the lower the chance of anything going wrong. Handoff points are a big weakness, which blockchain essentially removes.
Competitive advantage
Companies in the intellectual property space, such as law firms and stock photo companies, may use blockchain to deliver new services that support both consumers and content creators, giving them a competitive edge.
Also, Read | An Investor's Guide to Blockchain App Development for Business
Exploring the Potential of Blockchain in Document/Records Management
Tracking
The use of blockchain as a foundation allows you to securely monitor the use and ownership of records. It ensures that your files are still immutable and that all intermediaries are removed. It uses a time-stamped block method to implement a clear double-entry system with a straightforward document history.
Trust
With distributed ledger technology, you can secure and decentralize your data storage. Furthermore, it uses tokenization to ensure a stable client registration process and uses built-in proof of origin techniques to prevent fraud. You can secure data at all levels with blockchain, thanks to multi-tier role-based and coded access. You may also use encryption and hashing to keep your data safe from hackers. All of this occurs while staying GDPR compliant at all times.
Acceleration
Document preparation, issuance, and retrieval are all automated using blockchain and smart contracts. As a result, it makes network management and regulation simpler for your business. You will then put the time-consuming reconciliation or agreement mechanisms out of your mind. With a special consensus algorithm, blockchain accelerates transaction validation. It conserves valuable capital by avoiding transaction fees.
Also, Read | EHR (Electronic Health Records) Management with Blockchain
Applications of Blockchain in Records Management across Industries
Management of Legal Documents
Blockchain allows for the logging and hashing of legal documents, automatic taxation, improved security of digital identification and biometric data, and support for global ID and certification.
Document Management in Accounting, Finance, and Insurance
With built-in regulatory enforcement and irrevocable and encrypted transactions, businesses can allow multi-step authentication, peer-to-peer lending, and digital banking support.
Logistics Record Management
Businesses can use blockchain to monitor provenance and chain of custody records, as well as automate payment processing, support for stakeholder databases, and credibility score logging.
Also, Read | Blockchain Development for Advanced Logistics Solutions
Engineering and Construction Documents
Manufacturing firms may create an immutable record of the construction phase, monitor all building inputs and assets, and store warranties and maintenance checkpoints in a safe environment.
Document Control for Energy and Infrastructure
Energy companies can monitor the chain of custody for grid materials, provide secure file exchange for peer-to-peer energy trading, and keep resource exploration data safe from fraud.
Document Management in the Healthcare Industry
Healthcare stakeholders should ensure that EHR access is secured, that healthcare insurance is collected and stored effectively, that the supply chain for prescription drugs and supplies is under-regulated, and that clinical research data is encrypted.
Also, Read | Document Management with Blockchain | A Comprehensive Guide
Document Control for E-commerce and Retail
Product warranty digitization, P2P marketplace support, chain-of-custody control, and CRM record management are all options available to retailers and distributors.
Document Control in Telecommunications
Telecommunications behemoths may create SLA document flow automation, digital identity for KYC document authentication, call detail records management, royalty, and digital asset or payment management, and royalty and digital asset or payment management.
Also, Read | Blockchain in the Telecom Industry
File Management in the Real Estate Industry
Contract execution without intermediaries, liquid asset support, encryption of marketplace and ownership data, and immutable cadastre and property transaction information can all help real estate management become more effective.
When it comes to document management, we prioritize protection. We're proud to say that our approach is built on a solid foundation of success and durability. Request a demonstration to see for yourself!
Mudit Kumar
30 Mar 2021
An Investor's Guide to Blockchain App Development for Business
In today's world, blockchain has become a well-known technology in various industries. Apart from financial transactions, it now finds applications across various business use cases. The reason is, it strengthens security and promotes real-time immutable knowledge sharing while preserving transparency.
In this blog, we have put together a detailed guide to assist you with blockchain app development. Let's take a look at what you need to know about Blockchain development.
How to Get Started with Blockchain Development?
Before we begin, it's important to note that blockchain is an immutable chain of records known as "blocks" that contains information like transactions, data, and files. Hashes are used to link blocks together.
Developing a Blockchain Solution from Scratch
Since it necessitates intensive analysis, designing a blockchain from the ground up and implementing it can take months or years. It takes a lot of thought and time to effectively discover and execute an idea. You must also demonstrate that the algorithm/protocol you developed will change the current ecosystem.
Many other options, on the other hand, allow us to create blockchain protocols in a short period of time. There are a number of open-source blockchains that make the creation process easier by allowing for forking.
Consider the creation of blockchain technologies or applications using a blockchain network such as Ethereum or Hyperledger.
Using Blockchain Platforms to Build an App
Blockchain platforms, which use industrial-grade technology, target companies, individuals, or organizations that function in a free market economy and have a strong ecosystem. The following are some of the most common characteristics of these Blockchains for the production of blockchain solutions:
High-speed processing
Dynamic Account Permissions
Minimal Payments
High-Level Security
Self-Sustaining
What is the added value of Blockchain to your platform?
Blockchain is being used to change business models in a variety of sectors, including financial services, supply chain, government, healthcare, retail, and many others. Businesses benefit from blockchain because it provides:
Increased Transparency
Improved traceability
Enhanced Speed
Cost Savings
Also, Read | A Walkthrough of Blockchain Development Service Benefits
What is it appropriate to use blockchain technology in a business application or solution?
The following are some of the questions you can ask yourself to determine whether or not implementing blockchain into your current solution is a good idea
Do you want to save information?
If your application requires the management of large amounts of data, blockchain can be used to create a single shared distributed ledger. Rather than maintaining various databases, blockchain technology allows you to provide a single, open view of the modified ledger that is shared by all network nodes.
Data auditing in real-time
Paper documents are difficult to fake and have a short shelf life. Maintaining transactions on paper can be time-consuming if they need to be processed and exchanged regularly. If your company relies on data and its past, you can need a blockchain solution that enables multiple parties to write entries into an incorruptible framework.
Also, Explore | Blockchain for Business | Essential Insights for CIOs
Do you want a faster transaction speed?
Is your database in need of millisecond transactions with high performance? If this is the case, you can use a centralized system to manage your data. Blockchain databases, on the other hand, are much more reliable than centralized databases, despite their slowness. If the protection of an application is more important than its speed, a blockchain solution should be considered.
You don't need a centralized authority to manage your data?
There may be a variety of reasons why a third party should perform some authorizations and authentications, and it may be desirable in some cases. However, due to a lack of accountability, third-party authorities will still trigger confidence issues.
On the other hand, various parties regulate blockchain data, and information validation happens with a consensus algorithm that all parties agree upon. If privacy is a concern, blockchain can grant read-only and write-only permissions to a particular group. There is less reliance on a central authority. It reduces high fees, intermediaries, and single-point-of-failure.
Also, Read | Blockchain Technology Integration for Business Intelligence
Do you need to work in a trustless environment?
When doing business, trusting other people is crucial, particularly in a partnership. We have to put our confidence in banks to keep our money safe and in business, associates to keep their promises. What happens when trust is absent? Unfortunately, trust is absent on a regular basis, and this is a serious problem.
If you answer yes to three of the five questions, your company could need a blockchain solution.
Centered on the degree of difficulty, here are some examples of blockchain projects
Payment applications, Smart Contracts Development, and more are examples of low-complexity blockchain apps.
Moderate-complexity Blockchain Apps include dApps developed on blockchain platforms, Semi-decentralized apps, Hybrid blockchain apps, Blockchain dApps. High-complexity Blockchain Apps are the ones involving ground-up creation of a blockchain framework, as well as a fully decentralized network
Resources involved in the development of a blockchain app
When estimating the cost to create an app, don't forget to factor in the salaries of blockchain experts. You won't be able to find the right blockchain talent quickly because blockchain is still in its early stages. When hiring blockchain developers, make sure you recruit the best and factor their wages into the overall cost.
Methodology for Project Management
To manage blockchain projects, companies can use agile methodology tools like Jira, Confluence, and Trello. They use these tools to test apps, keep track of deadlines, and produce deliverables. As a result, the cost of project management software becomes a factor in defining the total cost of blockchain implementation.
Resources for Subscription Control from Third Parties
Subscriptions to third-party subscription platforms including bug tracking tools, notification services, Amazon Web Services, software monitoring services, and data analytics tools may be needed for your blockchain app. The cost of subscription software may or may not be the costing structure of developing a blockchain app.
Also, Read | A Compact Guide to Permissioned Blockchain App Development
What is the Process of Blockchain Development?
The six phases of the blockchain creation process are as follows:
Identify the Goal
Selecting the Strongest Blockchain Interface
Ideation on the blockchain and brainstorming
A presentation of the principle
Designs of, both visual and technological Advancements
Testnet and Mainnet Development
How long blockchain development takes?
The length of a blockchain project depends on the criteria of the program. The project starts with a proof of concept, which takes about 2-3 weeks. It takes 4-5 weeks to produce a minimum viable product with the bare minimum features after the PoC completion. Depending on the client's needs, launching an application on the mainnet will take anywhere from two to three months.
If you're looking for a blockchain development partner to assist you in developing a blockchain application, consider taking a look at us.
Mudit Kumar
26 Mar 2021
Why Choose Hyperledger for Your Business | Use Cases Inside
The Linux Foundation hosts Hyperledger as an umbrella project. It offers a variety of frameworks, tools, standards, and guidelines for developing blockchain applications. It comprises frameworks like Indy, Burrow, Fabric and Sawtooth, and tools like Cello, Quilt, and Caliper. Blockchain developers may use these tools and frameworks for hyperledger blockchain application development that optimize and improve different industrial processes. Take a look at how the Hyperledger frameworks are used to simplify and improve the efficiency and development of a variety of business use cases across various sectors.
Hyperledger is an Excellent Option for Developing your Business
Hyperledger is built with an enterprise-ready mindset in mind.
It's a Linux-based open-source platform sponsored by big industry players like IBM and SAP, as well as leading firms.
It includes all of the key features of blockchain, as well as a few extras.
Hyperledger offers permissioned blockchain solutions with extra features like a platform for better data security and privacy.
There will be no need for public miners' assistance because the enterprise/consortium will decide where the nodes will be.
Hyperledger's modular design allows it to plug and play various components into the stack based on a company's specific needs.
Integration with other digital technologies is quick, as demonstrated by IBM Watson, SAP Leonardo, and other examples.
Also, Read | Advancing Blockchain Adoption for Business with Hyperledger Projects
Use Cases for Hyperledger Frameworks
Insurance Data Compliance in Financial Services
Hyperledger Indy offers solutions that streamline and improve regulatory compliance reporting. Indy provides a secure platform for insurance carriers and regulators to gather and share statistical data. It simplifies regulatory and compliance requirements for insurers and state insurance departments while ensuring efficiency and accuracy. Insurers upload data directly to the secure platform, which also complies with state regulations. Aside from that, all historical and current data is stored on an immutable blockchain ledger. It also gives regulators permissioned view-only access to the data they need to conduct a compliance audit.
After-Sale Services
Following the completion of a trade, post-trade processing entails several activities. It applies to transactions made over-the-counter (OTC) or at an exchange. These steps are likely to be included in a high-level perspective of post-trade processing.
Validation of trade
Cleaning up
Custody settlement activities
Making a report
All of these steps are currently carried out through a disjointed workflow involving a variety of departments and organizations, including brokers, central security depositories, clearinghouses, exchanges, settlement agents, and so on. It often leads to redundant reconciliation efforts, inefficiency, and post-trade processing delays.
In this case, blockchain helps to streamline post-trade processing. One party stores transaction details into a platform for the other party to check with a blockchain solution allowing peer-to-peer transactions. The procedure is greatly simplified by performing these steps on the same blockchain system.
The platform itself serves as a trusted third-party authenticator, backed by immutable and irrefutable blockchain transactions. It reduces complexity even more by storing data from all steps and all stakeholders on the blockchain ledger. The platform allows stakeholders with need-to-know basis access to data and serves as a conduit for regulatory and trade reporting.
As a result, all five of the preceding steps—validation, clearing, settlement, and reporting—are simplified.
Also, Read | Use Case: Simplifying Financial Post-Trade Processing with Blockchain
Health-care services
Credentialing of doctors is an important practice in the healthcare system for hospitals. Any hospital may use the process to determine whether or not the doctors they work with are trustworthy and competent. It is, nonetheless, time-consuming and leaves a large number of paper trails.
For both doctors and hospitals, double-checking every piece of information from file silos can take several days. Another issue to be concerned about is drug counterfeiting. Every year, drug traffickers manufacture counterfeit medicines, putting consumers at risk.
Indy, one of the Hyperledger frameworks, has an architecture that can handle the credentialing issues that hospitals face. It establishes a more secure network of stakeholders. Medical schools use the network to upload doctors' credentials and establish verification identities.
Then, on a need-to-know basis, any hospital requests information from the network and verifies whether the credentials are authentic or not. It removes the need to contact medical schools or send someone to check doctors' credentials.
Hyperledger Indy can also track drugs and process insurance claims quickly.
Management of the Supply Chain
For industries like food, real estate, and healthcare, supply chain management is more complex than a sophisticated model. It becomes impossible to track goods to customers from the beginning of the chain. Manufacturers produce high-quality goods, but many of them are stolen or replaced during shipment.
Besides, every supply chain sector deals with transactions that must pass through several intermediary authenticators. All of these problems impede global supply chain efficiency and improvement.
Hyperledger Sawtooth is a company that provides solutions to help businesses streamline and manage their supply chains more effectively. Sawtooth allows users to collaborate in a network of traceable transactions, with each stage of the supply chain represented on the ledger. The ledger also records the location, temperature, and other variables of goods using IoT sensors.
It allows supply chain managers to see if someone is abusing the system to create fakes or frauds. Furthermore, Sawtooth smart contracts ensure that payments are made seamlessly at every stage of the chain.
Also, Read | Seafood Supply Chain Management with a Hyperledger Fabric Solution
End-to-end Traceability Ensures Food Safety
Another area where Hyperledger fabric can be used for effective, transparent and traceable food supply chains is food safety. COVID-19 has been a global catastrophe for quite some time now. Authorities are still trying to figure out where the outbreak came from.
The common people are the ones who suffer the most from these foodborne illnesses. Stakeholders can ensure the safety of mass-produced food using a Hyperledger Fabric system, while authorities can use this network to track all procedures and foodborne outbreaks.
They will use such a solution to ensure that all food passes through the standard standards at every stage of the food supply chain. Not to mention that they will conduct real-time quality control inspections.
Also, Read | Analyzing the Food Traceability System Developed by Walmart with Hyperledger Fabric
Conclusion
Hyperledger frameworks have a wide range of applications that go far beyond other blockchain platforms for both enterprise and industrial solutions. They allow for the creation of large-scale enterprise applications, as well as effective solutions for streamlining existing processes and new revenue models. Connect with our Hyperledger blockchain development experts and see how they can help your business.
Mudit Kumar
24 Mar 2021
Blockchain a Must for Supply Chain Development after COVID-19
Globally, governments have failed to prevent the spread of COVID-19 while companies struggle to minimize the impact on their supply chains. According to a survey by Dun & Bradstreet, the pandemic has affected 94 percent of Fortune 1000 companies' supply chains. Often struggling are companies seen as technology and supply chain behemoths. Apple is unable to obtain the next shipment of iPhones, and Tesla has temporarily shut down its factory in China.
The problem is that supply chains have become more fragmented, competitive, and lean as a result of globalization. When things are good, this works to everyone's benefit. Still, yet, features like product tracking, transaction traceability, and end-to-end visibility remain absent. However, when things go wrong, they go badly, and the combined consequences cause uncertainty on a global scale. Pandemics push one to think creatively about how to become healthier and more resilient. Our experts at Oodles agree that the creation of blockchain-based supply chain solutions would be a game-changer at COVID-19.
In Action: Blockchain Technology
While no country will be fully prepared for a pandemic of this magnitude, there are a few places where interoperable blockchain technology solutions can help.
Technology companies and startups have begun testing several technologies based on distributed ledger technology (DLT), such as blockchain. They're working on solutions for end-to-end traceable supply chains, medical data sharing interoperability and management, and more.
Let's take a closer look at how blockchain will help you improve the supply chain and plan for a pandemic like COVID-19.
Also, Read | COVID-19 Calls for Blockchain for Supply Chain Visibility
Strengthened Supply Chain Digitization with Blockchain
Blockchain is the best-suited platform to help businesses leapfrog to trusted digital supply chains. In the normal shipment of one sea container, there are 28 parties involved, each with its record-keeping method.
Blockchain, which is essentially a trusted digital ledger, stores all parties' digital transaction records. As a result, blockchain serves as the primary source of truth for all parties involved. Authorities get all of a ship's details—the owner, cargo content, crew members, and route—even before it arrives at a port, without having to sift through tonnes of paperwork. The port authorities will then decide if the ship should be examined, quarantined, or cleared. This reduces uncertainty while also reducing the need for human interactions.
The Port of Rotterdam, one of Europe's busiest, is developing one of those blockchain-based port logistics solutions. The whole shipping process is paperless and traceable to delivery. Both stakeholders have real-time access to shipments and orders, and financial transfers are instantaneous, reducing risks while increasing reliability and interoperability.
Also, Read | Blockchain Development for Advanced Logistics Solutions
End-to-End Insight into the Supply Chain Visibility
Due to COVID-19, most businesses will be evaluating supply chain visibility in 2020. In times like these, a company's ability to understand the value chain can determine its sustainability. An obsolete supply chain structure may buckle under the immense pressure of these latest global developments.
Many businesses lack visibility into upstream and downstream inventory levels, making it difficult to respond to rapid changes in demand. Following past disturbances, companies made efforts to provide several suppliers to spread the harm. They didn't have enough network visibility, however, to notice that their new tier 1-vendors were still using the same tier-2 vendors.
Supply chains based on blockchain bind all parties to the same network, untangling the complicated global system and making every step of the process transparent. Companies can see all levels of vendors and subcontractors, as well as their positions and output capacity. This enables them to identify risks, simulate scenarios, perform what-if analyses, and take preventive steps.
It also enables companies to keep track of their reactions in the face of rapidly changing circumstances. Knowing where the products are in real-time also offers companies more order management flexibility. In one hypothetical scenario, a router company orders 100,000 units, half of which are manufactured in Japan and the other half in Wuhan, China. The company can see that growth in Wuhan is slowing on the blockchain. This enables the company to take corrective action and minimize the consequences.
Also, Read | Supply Chain Traceability and Sustainability with Blockchain
A Hypothetical Use Case | Supply Chain Traceability
Using Blockchain to Supply Chain Traceability System
Farmers use the blockchain network to store knowledge about their crops
A farmer may apply information about grown-up crops, such as sources, forms, sowing process, storage, and other required information, using a blockchain-based mobile application or framework. Other network stakeholders will be able to look over this readily available data.
Furthermore, machine learning algorithms can help food processors such as factories make informed crop quality decisions. Furthermore, smart contract-based frameworks for regulation on the blockchain will ensure compliance as data is being fed into the blockchain database. The crops can then be obtained by food processing companies or refineries for further processing.
Processors upload information about their operations to the blockchain database
After obtaining the crops after bidding for them via smart contracts, food processing units begin processing and storing the information relevant to the public blockchain.
Through accessing the information stored on the blockchain, retailers or customers can check whether or not the food has been properly processed. Smart contracts with additional regulations ensure food safety at any stage of the manufacturing process.
Smart contracts are used by wholesalers to purchase processed goods
Following the processing of food products, food refining or processing companies may put the processed items up for sale. Then, using the smart contracts, wholesalers and retailers will bid on prepared food products.
Furthermore, manufacturing firms ship raw food to wholesalers, with real-time updates to transportation information on the blockchain.
Wholesalers may also provide logistic services to deliver goods to various retailers. IoT-enabled vehicles or trucks can transport processed food while keeping it healthy and at a controlled temperature.
IoT-enabled vehicles can send real-time data to the blockchain network about the temperature and location of food products. It will help retailers keep track of the food they're about to get.
Consumers ensure that the food they purchase is genuine
At this point, the blockchain food supply chain solutions would have information from source to destination, including crop origination, manufacturing, transportation, storage temperature, expiration, and other data, all of which will be permanent and easily available.
Eventually, a customer would be able to verify the authenticity of a particular food item by examining every detail. Government auditors may also inspect the cost and quality of food products from farm to table using records held on blockchain-based food supply chain solutions.
Every network stakeholder agrees to verify every piece of data collected during each transaction. As a result, the entire transaction chain becomes an irreversible and permanent record.
Indeed, the importance of supply chain management with blockchain in-depth after COVID-19. Connect with our blockchain experts for a detailed discussion and start innovating.
Mudit Kumar
19 Mar 2021
Developing an Advanced Crowdfunding Platform with Blockchain
For an entrepreneur, it only needs an internet connection to sell an inventive business concept to interested investors. We call it crowdfunding, an efficient way of raising capital for a business idea through investors active on the internet. Generally, online crowdfunding platforms provide services that one can use to raise funds. However, instead of bridging the gap, these platforms are becoming a problem, not a solution. Indeed, a few critical challenges have hindered the use of crowdfunding platforms globally. So, can blockchain app development help? At Oodles, our experts suggest that using blockchain for crowdfunding platform development can be transforming. Let's find out how.
Traditional Crowdfunding Platform | Limitations
Operational Platform Fees
Crowdfunding platforms levy a fee for each project listing. Often, it can be a flat fee. Other times, it can be a portion of the total funds collected by investors using the platform.
Stringent Laws and Regulations
The locations of crowdfunding platforms determine which set of rules they need to follow. Also, not all platforms provide facilities for a feasible project. Instead, they seek tangible goods.
DIY Marketing and Advertisement
Many marketing campaigns for crowdfunding platforms fail to spread the word about new companies significantly.
Scam Startups
In some cases, startups have turned out to be scams. Actually, these fake startups deliver nothing. They leave investors with empty hands and no way to recover their funds.
Intellectual property risk
Often, startups lack strengthened IP security mechanisms. Thus, it renders them vulnerable to seasoned hackers who can take the concept and launch it with all of their money.
The Effect of Blockchain on Crowdfunding
Given these drawbacks of current crowdfunding platforms, integrating blockchain technology proves a practical business-transforming decision. Blockchain-based crowdfunding platforms can become a more acceptable means of funding a wide range of initiatives and causes. For instance, with blockchain smart contracts solutions, it becomes automatic to release funds only when milestones validate that there will be intended use of funds in the future. Fundamentally, blockchain solutions for crowdfunding can offer stakeholders vital oversights into individual campaigns while lowering the amount of trust required to make investments. Furthermore, end-to-end traceability, transparency, and efficiency provided by blockchain augment a crowdfunding platform in various ways. Let's take a look.
Enhanced Equity Accessibility
Instead of using a crowdfunding platform to enable pre-orders of upcoming tangible goods, blockchain provides asset tokenization mechanisms. Asset tokenization facilitates investors a means to generate equity or fraction ownership of a physical asset along with features of blockchain technology. For example, an entrepreneur who intends to use the funds to develop several new products might give each new investor a small ownership stake in the business in proportion to their contribution. It has the potential to open up entirely new investment opportunities.
Worldwide Availability
Any project that uses a blockchain-based crowdfunding model has a chance to succeed. Such ventures can also be contributed to by anyone with an internet connection. Platforms for exploration and visibility could be in demand. However, unlike crowdfunding ventures today, there is no inherent restriction.
Real-Time Provisions
The “empty promises” that have troubled modern-day crowdfunding ventures will not be an issue for blockchain-based crowdfunders. Rather than donating money and waiting weeks or months for the expected product, donors would receive fractional business or product ownership right away.
Also, Read | Crowdfunding Your Business Idea with Security Token Offering
Exchanges between Peers
Today, crowdfunded company or product stakes are exchangeable on a peer-to-peer basis, much like cryptocurrencies. Contributors would have more liquidity for their portfolios as a result of this. It could be an efficient way to pique people's interest in the project as a whole. It can potentially lead to the emergence of a new form of marketplace.
Unchangeable Campaign Laws
All campaign data — step descriptions, targets, objectives, marketing materials, and legal documents — should be on a forgery-proof, securely accessible distributed ledger. Investors can use it to verify campaign process and requirement compliance.
Fundraising in Decentralized Way
Make fundraising processes clear and KYC-compliant with blockchain-powered smart contracts. They can release funds to project owners only after they have met the set benchmarks. Stakeholders, subsequently, may vote in total democracy on the legality of each project (through consensus algorithms).
Reduced Operational Costs
With smart contracts, you can simplify operations and remove third parties, saving fundraisers money and allowing them to spend only the amount they planned to invest.
Private Communication Channels
Send private messages encrypted with public keys to communicate with groups and make announcements (visible to senders and recipients only).
Adaptable and Flexible Fund management
Manage sales securely and transparently through blockchain-enabled escrow, messaging, deposit, digital asset withdrawal, and other resources to access several new funding techniques, such as scheduled transfers or monthly payouts.
Additional Funding Options
The tokenization of real-world assets and quick, low-cost cross-border transactions are just two examples of how digital assets based on the blockchain allow previously impossible funding and investment methods.
Case Studies | Blockchain-Based Crowdfunding Platform
Fair Allocation of Funding
At the moment
Since there are so many crowdfunding consulting companies and websites, each of which charges a fee, the overall sum increases more than what you have expected.
With blockchain
Smart contracts eliminate the need for middlemen. Thus, it makes services like recommending the best crowdfunding platform and fundraising itself more autonomous and affordable.
Creating a transparent campaign
Currently, crowdfunding campaigns are shady practices. They have poor record-keeping, enabling fraud during fundraising. As a result, it fails to fulfill donors' standards. However, a blockchain-enabled database can maintain a detailed and permanent record of all fundraising activities during the campaign. Further, it will ensure an accurate and reliable record.
Example from the Real World
DAO Space is a decentralized autonomous organization (DAO) blockchain network that links investors and fundraisers in an open, distributed, and cryptographically secure ecosystem. It implements quick, theft-proof payments, automated digital asset delivery, and KYC and AML regulatory compliance.
Towards a New Crowdfunding Age
Indeed, it is no secret that crowdfunding holds a lot of promise. Even in its present, flawed state, funding helps new entrepreneurs, inventors, and designers in making the world a better place. Here, blockchain technology can serve as the basis for democratized investor contributions in the near future. It will be much more open, stable, and scalable for creators and investors.
Crowdfunding on the Blockchain
Oodles blockchain development experts have considerable experience in providing blockchain-enabled crowdfunding platforms. We have the potential to fundamentally alter long-complex crowdfunding practices. With blockchain crowdfunding solutions from Oodles, finance projects with digital assets, remove intermediaries, and check project legality and enforcement.
Mudit Kumar
17 Mar 2021
ERC-20 Token Standard | A Compact Guide to Development
The ERC-20 standard specifies the requirements that crypto tokens must meet to run properly on the Ethereum blockchain. Developers and entrepreneurs will use it to create new tokens that work inside Ethereum's decentralized app ecosystem. ERC-20 provides one of the crucial foundations for Ethereum blockchain development, with nearly 1,000 crypto assets that meet its requirements in circulation today.
Evolution of ERC-20 Token Contract Standard
Ethereum was introduced in 2015 as a decentralized, blockchain-based global technology with the potential to act as the basis for an ecosystem of interoperable, decentralized applications (dApps) with token economies.
The Ethereum developer group soon realized, however, that to construct this ecosystem, they required a common standard for creating smart contract-powered crypto tokens that control those dApps. ERC-20 is the name of the standard.
ERC-20 Token Standard
It is a set of rules and technical requirements that an Ethereum token must conform to operate optimally and intraoperatively on the Ethereum blockchain. Smart contracts, which are self-executing software programs that specify how blockchain protocols monitor, execute, and/or record transactions, are used to create tokens. ERC-20 tokens can be traded on the Ethereum network and are interoperable with other Ethereum-based decentralized applications.
Although there are other Ethereum token specifications, ERC-20 offers a more clear route through the blockchain ecosystem for wallets, exchanges, and app developers. It is widely regarded as a catalyst for the massive increase in decentralized applications and Ethereum-based crypto tokens in 2017 and the development of decentralized finance (DeFi).
According to market data from June 2020, the ERC-20 standard was used to build 47 of the top 100 crypto tokens by market capitalization.
ERC-20 is a portal into the broader blockchain space, as well as an integral part of the Ethereum ecosystem.
The Nuts and Bolts of ERC-20 Ethereum Token Standard
First introduced in 2015, the ERC-20 standard got its official recognition in late 2017 by Ethereum founder Vitalik Buterin and Ethereum developer Fabian Vogelsteller via an Ethereum Improvement Proposal (EIP). It outlined several features of the standard. Such as, it outlined the total supply, or the total number of token generation, how a code should move tokens to a specified ERC-20 address, how to transfer tokens from a specified ERC-20 address, how it will allow for the withdrawal of tokens from a specified account, and how it facilitates token return from a spender to an owner.
To put it another way, the ERC-20 standard regulates the way of token exchange, transaction acceptance, and user access to information about the token and its infrastructure.
When using an ERC-20 token to make a transaction, ether used for it covers gas costs instead of paying fees. Miners on the Ethereum network pay the fees used to add new information blocks to the Ethereum blockchain comprising ERC-20 transactions.
Also, Read | Everything you need to know about ERC-20 Token Contracts
Applications | ERC-20 Token Development
For a variety of purposes, using the ERC-20 standard to create a token is advantageous. First, when making a new token or dApp, developers don't have to start from scratch. The ERC-20 standard has created a major network effect as a result of its popularity as a token standard. Developers and users can be confident that any token development with the ERC-20 token standard will work with hundreds of other ERC-20 tokens and services that already support them.
Fungibility and flexibility are two other benefits of the ERC-20 norm. Fungibility refers to the fact that ERC-20 tokens are functionally identical and therefore interchangeable. It is essential if developers want their tokens to work as a currency. ERC-20 tokens serve as the basis for a variety of applications in terms of flexibility:
Utility tokens are a form of cryptocurrency that can facilitate a specific service. Security tokens are digital representations of securities such as stocks that offer the holder a stake in the project. Users can communicate with blockchain apps with less risk by using stablecoins, which are pegged to more stable assets like fiat currency, some cryptocurrencies, and commodities.
Increasing Importance Across ICOs, DeFi, and Other Blockchain Projects
The use cases for ERC-20 continue to grow, with about 1,000 tokens in circulation today. ERC-20 tokens reflect a wide range of digital and physical properties. They can represent real estate, art, stocks, unused hard drive space, and other things. ERC-20 tokens serve several purposes within their developed structures. For instance, they can facilitate the development of decentralized financial services, exchanges, wallets, and business protocols.
It's also worth noting how the ERC-20 standard affected the rise of initial coin offerings (ICOs). ERC-20 enables developers to quickly construct a token using the framework. It results in a substantial reduction in the amount required for technical know-how and work needed to launch a token.
Developers were able to collect a large amount of money by crowd-selling the tokens to the Ethereum group. This helped to finance many of the significant sites and initiatives that now make up the Ethereum ecosystem.
Also, Read | Ethereum Smart Contract Development | Discovering the Potential
Though ERC-20 is still the de facto Ethereum token standard, several new token standards have emerged. ERC-223, ERC-777, and ERC-1155 are among them. Each one aspires to build on the original while keeping ERC-20 as the basis.
ERC-20 is proving a driving force in the Ethereum token development ecosystem. It has emerged as a boon to the blockchain community in general. ERC-20 encouraged widespread acceptance of decentralized technology by establishing a shared standard for participation in the blockchain industry. Its implementation exemplifies Ethereum's community-driven governance, and its network impact ensures that Ethereum is currently the center of blockchain growth.
How We Can Help
We provide Ethereum-based tokens with excellent efficiency. Our expertise in completing several blockchain projects on time can improve your customer relationship. Professionalism, prompt response, and technical support help us stand out in the industry. Our Ethereum blockchain experts are also well-versed in industry trends.
Get access to cutting-edge Ethereum token development services. We work on the ERC 20, ERC 721, and ERC 777 specifications for Ethereum token development. Additionally, we provide seamless token exchange development, assistance in digital wallet development, and consultation on how to list tokens on exchanges. Also, read about how to get access to cutting-edge NFT token development services.
Mudit Kumar
16 Mar 2021
Blockchain Development for the Aviation Industry Solutions
Aviation businesses and their suppliers have been exploring Blockchain for aviation applications like blockchain supply chain development. The initial progress is visible enough to entice further research and development beyond prototypes. The rise of new technology is often accompanied by a lot of speculation. To some degree, Blockchain is exhibiting characteristics similar to those seen at the dawn of the Internet, with the potential to have a similarly disruptive effect as it matures. Let's see if development solutions provided by blockchain for aviation can relieve some of the industry's pain points and open up more lucrative opportunities.
Fundamentals of Blockchain
Blockchain technology is exciting, revolutionary, and disruptive, and it is conceptually a database. Unlike conventional data storage, which depends on a central infrastructure with backups and replication, Blockchain adopts a distributed architecture.
To put it simply, Blockchain technology is a decentralized ledger that often makes use of crowd computing and resources, such as mining.
Unique Blockchain Applications in Aviation
Maintenance is Important
Boost productivity. Reduce the amount of time you spend on routine repairs and inspections. Vendors of mercenary pieces must be defeated. Compare the serial number of a part for sale to an indelible, real-time record of possession, place, and use. Rethink how aircraft are maintained. Increase the amount of maintenance that is scheduled ahead of time. Reduce the number of delays and revenue missed. Guarantees should be used instead of warranties. Allow for the expansion of service agreements under which a supplier is responsible for the delivery, repair, and overhaul of components and systems.
Strengthen Financing
Invest in the secondary market to maximize your worth. Extend jet engine maintenance requirements to the entire aircraft, using verifiable maintenance records in real-time. Transform the leasing industry. The need to disassemble an aircraft to inventory its parts and determine their condition is no longer necessary. Insurance should be strengthened. Individual planes should be insured in a way that represents their danger.
Streamline Management
With biometric identity authentication, blockchain technology will make it possible to ensure that the identity of anyone who communicates with a plane – as well as the status of their credentials – is included in a real-time snapshot of its state.
Source IATA
Blockchain Development Types
There are four different kinds of Blockchain, also known as "Advanced Ledgers." The classification begins with whether the chain is open to the public and then moves down to whether the chain can be checked with (i.e. permissioned) or without (i.e. permissionless) permission. Blockchain networks currently fall in the category of either centralized or decentralized. Every variation has its own set of benefits and drawbacks.
Also, Read | Types of Blockchain and their Importance in the Digital World
Blockchain-Enabled Possibilities in Aviation
The commercial aviation industry is a highly dynamic industry. It involves a large number of companies in the distribution of travel goods and services. From the viewpoint of a consumer, it often manifests as a single product. These actors also collaborate and cooperate to co-deliver value and fulfill consumer expectations. The airline comprises only one of about 26 business partners usually involved in the aviation chain. It starts from the moment travelers check online for an air ticket to the time they arrive at their destination.
Multi-Benefit Loyalty Management
Frequent Flyer Miles are a type of loyalty program that allows you to
by tokenizing these assets and rendering them digital and ubiquitous. Blockchain for loyalty management has the potential to dramatically streamline the receiving, spending, accounting, and reconciliation of frequent flyer points. While the steady increase in passenger load factors is good news, it makes it more difficult for airlines to make point redemption easier. Aside from the balance sheet liability problem, the process of winning, redeeming, and exchanging points, especially across alliances, is ripe for innovation.
From Spare Part to Luggage Management, Strengthened Supply Chain
As precious assets such as passenger bags, cargo, and aircraft spare parts change ownership, the blockchain supply chain solutions allow for very secure and immutable monitoring of their status and place. When these things pass across the supply chain, blockchain offers an opportunity to improve visibility and accountability. These new capabilities can open up new product development areas, assist in process streamlining, and equip providers to deal with disturbances.
Faster, Safer, and Advanced Payments and Transactions
Airlines, travel agents, and those in the distribution space will better communicate when providing travel goods and services using blockchain. The anticipated changes will broaden both parties' distribution scope and improve the efficiency with which travel product and service aggregation happen. Blockchain for payment solutions also has the potential to make payments more transparent, real-time, and low-cost.
Identity Management Solutions
Blockchain identity management solutions have the potential to simplify passenger identity management while also preserving privacy and allowing airlines and the broader value chain to conduct business in digital environments.
Smart Contracts Development for the Entire Aviation Value Chain
Airlines and other value chain players exchange goods and services and devote considerable resources to contracts, contract execution, delivery stage monitoring, reconciliation, invoicing, and settlement. Using the principle of Smart Contracts, both of these efforts can be minimized or greatly simplified. Smart Contracts can run on their own, triggered by neutral data sources and pre-defined conditions.
Source PWC
Entering Blockchain development, Feasible or Not?
It is not an easy decision to accept Blockchain as a solution to a problem. The hype and the fear of losing out both play an unwelcome role, and as a consequence, decision-making can become slightly skewed and technology-focused. On the other hand, there are several scenarios in which the technology is ideal and may be an excellent fit.
As a general rule, Blockchain works well in situations where multiple parties must create trust. Incumbent middlemen may be currently filling this position. Although disintermediation has a heroic ring to it, it isn't always a good idea to cut out the middleman. Particularly, it is important when there are rivalry, preference, and dissemination of useful services.
Furthermore, intermediaries often assume risks and obligations that companies may have outsourced for strategic reasons. The decision diagram 22 below is a guide for testing use cases and evaluating whether Blockchain is an effective solution to the problem at hand.
Also, Read | Transforming the Processes of the Aviation Sector with Blockchain
The Blockchain Initiatives focused on Improving the Aviation Industry's Ecosystem
With the support of Microsoft Azure, GE Aviation, which supplies jet engines to roughly 60% of the world's airlines, has developed a supply chain track-and-trace blockchain. Singapore Airlines Kris-flyer: Frequent Flyer Program is using Blockchain to simplify the redemption of points and other incentives, among other things. Boeing has filed a patent for a GPS anti-spoofing device based on Blockchain technology. Airbus, a French airplane maker, has joined the Hyperledger Project, a blockchain effort led by the Linux Foundation. Winding Tree Partnership is a collaboration between Air France, KLM, and Air France. Lastly, other major aviation blockchain initiatives include names like Lufthansa/SAP/SITA.
Explore more about blockchain's potential in the aviation industry with the help of the industry skills and expertise of blockchain developers.
Mudit Kumar
13 Mar 2021
A Compact Smart Contract Development Guide for Non-Experts
For your blockchain business app development, are you looking to recruit smart contracts developers or outsource development for smart contracts solutions? Here's a compact guide to follow if you are a non-expert and want to dive into smart contracts development. Traditional contracts are being outsmarted by smart contracts created with blockchain technology. Who'd have guessed contractual government will one day be automated? it's already happening.
But, do you completely comprehend a smart contract's capabilities? Here's a compact guide to getting your smart contract business ideas off the ground.
Smart Contracts Development
Understand the distinction between Smart Contracts and Digital Contracts
Smart Contracts, like their predecessors such as conventional paper-based contracts, digital contracts, or software systems, ratify a set of legal, technological, or data-conditions contract stipulations between various individuals or entities.
But that's where the resemblances end. Smart contracts are much more complex than any other type of digital contract because they are deployed on a decentralized platform that runs the blockchain, in contrast to traditional types of contracts. That's enough jargon for now.
A quick rundown about Blockchain Smart Contracts:
The subjective opinions of humans have no bearing on smart contracts.
When programmed events "activate" different parts or all of the terms and conditions embedded in the contract, smart contracts use "intelligence" or automated code to enforce conditions. When parties of a smart contract meet the defined business terms, it automatically executes each step of the contract, regardless of whether anyone agrees.
Multiple copies of smart contracts are stored on a distributed network of computers (known as the underlying blockchain infrastructure), ensuring that the contracts are executed in an immutable manner. Since there is no presence of a third party, money is saved. It makes it devoid of human errors
They encourage accountability and are open to all. They are not susceptible to forgery.
Are you looking for some inspiration? Then, you must take a look at what the planet is producing, globally.
Real-world Examples and Applications of Smart Contracts Development
Crowdfunding
Itis a method of raising funds from a large number of To raise capital and escape conventional investment models and regulatory obstacles, startups all over the world have turned to crowdfunding through Initial Coin Offerings (ICOs), Initial Exchange Offerings (IEOs), and Security Token Offerings (STOs).
(DeFI) Peer to Peer Lending
DeFi is a form of blockchain-based peer-to-peer lending. More than half a billion dollars has been invested in #defi (decentralized finance) startups that provide true peer-to-peer lending, all of which are based on smart contracts and eliminate the need for a middleman.
Insurance
InsurTech companies are leveraging smart contracts to create peer-to-peer insurance alternatives, whether it's flight delay insurance, smart contract cover, or co-insurance.
Real Estate
By introducing smart contracts for real estate processes like fractional land ownership, realtors and landlords are restoring confidence in the real estate market. More than half of India's state governments are working on a blockchain-based land record management solution.
Supply Chain Automation
The supply chain is experiencing the most instability in the enterprise sector. Supply chain Smart Contracts are used for invoice discounting, content tracking and trace, payment escrow, data sharing between untrustworthy parties, and a variety of other applications.
Energy
Using smart contracts in the energy industry between multiple stakeholders, oil and gas companies hope to save more than 5% on their freight bill audit and payment process, which costs millions of dollars per year.
Aviation
Blockchain in aviation is a growing industry trend. Maintenance of avionics equipment, including the A-check, B-check, and C-check log, is one of the most frustrating aspects of the aviation industry today, as it requires multi-party coordination between OEMs, MROs, airlines, airports, and aviation authorities. Aviation, once the most difficult sector to embrace modern technologies, is on the verge of introducing smart contracts.
Choosing an Appropriate Blockchain Platform for Smart Contracts Development
Smart Contracts can be created on several platforms, including Ethereum, Hyperledger Fabric, EOS, and others. Until recruiting developers to start creating smart contracts, it's important to choose the right platform.
Your efforts would fail if you leave the decision of which blockchain platform to use to your developers. The underlying blockchain technology you choose has a lot to do with your company's objectives. Before having smart contracts development, you should have answers to the following questions:
Do you want to raise funds through a crowdfunding initiative or an equity-based investment? Are you looking for a blockchain infrastructure that is available to the public? Do you want transaction protection and control over permissions? When do you want to go to the market? In your operation, how many people may involved? Do you want a high volume of transactions?
Instead, why don't you use a Web2.0 stack with a database?
Before diving into smart contract growth, you should consult with these key blockchain-platform questions.
Various Smart contracts Development Standards
Here's a rundown of the most popular smart contract forms, assuming you've settled on a blockchain platform. Before the developers launch into their technical rant, you should be aware of these.
Also, Read | The Importance of Smart Contract Standards for Large-Scale Blockchain Adoption
Ethereum Smart Contracts Types
The most widely used smart contract standard for fund-raising is ERC-20. Approximately, more than 200,000 ERC-20-compatible tokens exist on the Ethereum main network,” according to Investopedia. Ethereum's technical norm for crypto-tokens implemented on its blockchain is this smart contract. ERC-721, these non-fungible tokens (NFTs) are for digitizing specific properties that have a digital scarcity. Currently, there is a lot of interest. The ERC-777 token contract, also known as the Lucky Contract, is an extension of the ERC-20 token. The Ethereum Improvement Proposal (EIP) comes in use to build it. It specifies token contract standards interface and behaviors as per the proposal.
Smart Contracts Development | Start today!
Over the last few years, our smart contract developers have enabled us to provide smart contract development services for a variety of industries with Fortune 500 firms, entrepreneurs, and governments all over the world.
. Our 3 years of blockchain experience, combined with our team's over 100 years of combined industry experience, has proven to be extremely valuable to our prestigious clients. Begin today.
Mudit Kumar
12 Mar 2021
Blockchain Consulting | Assuring Effective Implementation
What's great about the decentralized ledger when exploited with blockchain app development services? Basically, it enables companies to take control of their digital transformation journey. However, recognizing the technology's potential, deciding how blockchain can generate value, and adopting an approach that captures value early on to finance the journey are a few early-phase challenges for organizations.
Blockchain is a robust and flexible technology. It has only begun now beginning to live up to its potential. It is a technology that can foster confidence and lowers transaction costs and is best known for its usage of cryptocurrencies. Indeed, it can transform the way companies function.
As observed, the technology is already finding applications in the business and public sectors. They also include monitoring and tracking products in supply chains, automating customs clearances, and facilitating financial transactions.
Why Blockchain Consulting?
Business model creativity, operational performance, risk management, and social impact are all essential to capturing the value of blockchain. The opportunities are limitless for companies to can take advantage of them, however, they must first answer a few main questions:
Should we develop our own permissioned/public blockchain or use one that already exists?
What characteristics are important for achieving scale?
Will we need an ecosystem of other participants to thrive if we create our solution? If that's the case, how do we make sure that enough value is shared to make the journey self-sustaining for all?
What are our choices for designing and releasing our solution?
What kind of technology stack is required?
These are difficult questions to answer, particularly when the technology is complex—and new territory for many business and government leaders.
Here, blockchain consulting can play a crucial role by demonstrating how much the distributed ledger impacts the business domain, how it spurs change, and how it shapes the future. It enables:-
Identifying pressure points and coming up with a solution
Analyzing the market and finding use-cases with a positive return on investment
Professional guidance and preparation specialist blockchain consulting
Procedures ensured progress in execution
Also, Blockchain Consulting is Not Straightforward
Evidently, many blockchain implementations fail as a result of a lack of extensive and accessible blockchain consulting services. Indeed, more than technology consultancy, blockchain necessitates a mental change, an attitude that focuses on achieving community-based success. Also, many consultants fail in this area. They are eventually unable to deliver value to their clients. It results in creating a negative image of technology.
Do you need some feedback from a reliable blockchain consulting firm on how to build a custom solution that removes your progress bottlenecks? Right away, request a free quote from our team.
Which Industries Can Benefit from Blockchain Consulting Services?
Health-care services
In a Blockchain-enabled patient health record management solution, data is accessible in an appropriate manner to all network participants.
Management of Identity
Blockchain identity management helps people to establish a self-sovereign identity by giving them power over their identity and personal details.
The supply chain
Spreading blockchain across the supply chain enables the network users to get real-time access to an up-to-date and authenticated shared ledger. Subsequently, it results in increased trust, transparency, and efficiency in the business network.
Lending
By integrating blockchain technology into the existing peer-to-peer lending scheme, businesses can minimize delays, expedite approvals, remove the need for middlemen, improve transparency, and thus, augment the bottom line.
More company applications
E-commerce and retail
Data on the chain of custody for automated products authentication
Transaction expenses are reduced.
Programs that reward customers
Entertainment and the Media
Protection of content ownership
Data publishing without censorship
Licensing and royalty control that is automatic
Monitoring of piracy
Gaming
Tokens and currencies that can be exchanged in-game
Payments are rendered instantly
Transfer fees are low.
DDoS bugs or zero failures
Purchasing Real Estate
There will be no contract execution by a third party
Marketplaces with crypto-encrypted security
Automated verification of ownership
Immutability of land rights and the cadastre system
The Process of Blockchain Consultation
Any trustworthy and professional Blockchain company can take you through a series of measures. Experienced blockchain consulting services include the following techniques
Ideation
A technical team will collaborate and test the viability of your concept idea once you clarify what you intend to achieve with your proposed Blockchain solution. Further, it's time to identify the organizational priorities once a solid plan is ready.
Assessment
The team evaluates the organization's current infrastructure and probable operating processes in the future phases. Later, it leads to ensuring frictionless transformation with blockchain consultation.
Understanding and Documentation
The time has come to come to a definitive understanding. This point, like the previous ones, entails a lot of brainstorming on both sides: you bring insider industry knowledge, while the team brings comprehensive Blockchain knowledge. When used together, they can turn your business into a disruptive player who is well ahead of the pack.
Doing so requires recognizing the potentials, vulnerabilities, and areas for improvement in your current system, as well as your future Blockchain-enabled system.
Prototype Development
Now, it is time for the team to create a fundamental blueprint for a Blockchain solution. This prototype would look very similar to the final product that will be incorporated into your current system.
Scalability Testing
The team checks the PoC or MVP of the blockchain technology solution in a live environment after all updates and enhancements.
Incorporation
The team will then completely incorporate your new Blockchain application into its new ecosystem while keeping a close eye on how things are progressing.
Finally, the team will be responsible for continuously checking exceptions and fine-tuning the product to ensure that it meets environmental standards.
Also, Read | Insights into Blockchain Proof Of Concept (PoC) Development
Why You May Find Us Considerable?
Don't put off innovation until tomorrow. Instead, delegate the responsibility to a reputable blockchain consulting firm.
We have achieved a wonderful combination of maturity, insight, and versatility in the last few years. Subsequently, we develop fault-tolerant blockchain technology-based solutions that address industry-specific challenges. Specifically, we concentrate on the enterprise differentiators that help you hit the road with the ideal strategic destination to make your project the kind of success story you need right now.
Analyses and studies
Ideation and conceptualization
Study of feasibility
Analyze market opportunities
Study of rivals in the market
Initial requirements documentation
Functionality breakdown structure
UX and user flow development
Detailed estimation, assumptions & proposal
Project roadmapping
At Oodles, our development experts have been believing and showing for years that blockchain technology isn't all about cryptocurrencies. Thus, our R&D and engineering team prioritizes precision troubleshooting and development.
Mudit Kumar
10 Mar 2021
Yield Farming | Fuelling the Decentralized Finance (DeFI) Space
What is Yield Farming?
Staking or lending crypto assets to produce high returns or incentives in the form of additional cryptocurrency is known as yield farming, an emerging concept in the space of cryptocurrency exchange development and smart contract solutions. Thanks to new technologies like liquidity mining, this revolutionary but risky and unpredictable application of decentralized finance (DeFi) has exploded in popularity recently. Yield farming is currently the most important growth factor in the still-developing DeFi sector, helping it to expand from $500 million in market capitalization to $10 billion by 2020.
Yield farming protocols, in short, encourage liquidity providers (LPs) to stake or lock up their crypto assets in a smart contract solution-based liquidity pool. A proportion of transaction costs, interest from lenders, or a governance token may all be used as rewards. These returns are calculated as a percentage yield on an annual basis (APY). The value of the released returns rises as more investors allocate funds to the associated liquidity pool.
The majority of yield farmers initially staked well-known stablecoins such as USDT, DAI, and USDC. The most common DeFi protocols, on the other hand, now run on the Ethereum network and offer governance tokens for liquidity mining.
Also, Read | DeFi (Decentralized Finance) | Emerging Finance Alternative
What Sparked the Rise of High-Yield Farming?
The introduction of the COMP token – the Compound Finance ecosystem's governance token – has sparked a surge of interest in yield farming. Token holders get governance privileges for governance tokens. However, the question is the distribution of these tokens happens while keeping the network decentralized?
Distributing these governance tokens algorithmically with liquidity bonuses is a common way to kickstart a decentralized blockchain. Liquidity providers feel enticed to “farm” the new token by providing liquidity to the protocol.
Although the COMP didn't invent yield farming, it did raise the popularity of this form of token distribution model. Other DeFi ventures have also devised creative ways to draw liquidity to their ecosystems.
What are the Advantages and Disadvantages of Yield Farming?
Profit is one of the most obvious advantages of yield farming. Yield farmers who are among the first to implement a new project may be rewarded with tokens that rapidly appreciate. Huge gains are possible if they sell tokens at the right time. Those profits can be re-invested in other DeFi projects to increase yield even more.
Also, Read | Blockchain-based DeFi | Understanding the Decentralized Financial Shift
Yield farmers must typically invest a substantial amount of money upfront to make any significant profits — even hundreds of thousands of dollars may be at stake. Yield farmers face a major liquidation risk if the price drops unexpectedly, as it did with HotdogSwap, due to the highly volatile nature of cryptocurrencies, particularly DeFi tokens.
Also, the most effective yield farming techniques are complex. As a result, those who don't completely comprehend all of the underlying protocols are at greater risk.
Yield farmers have put their money on the project teams and the smart contract code that underpins them. Many developers and entrepreneurs are entering the DeFi space because of the opportunity for profit. They start projects from the ground up or even copy the code of their predecessors. Even if the project team is trustworthy, the code often remains untested. It makes it prone to bugs and vulnerable to attackers.
Key Challenges and Opportunities with Yield Farming
The Ethereum blockchain is used for the majority of DeFi applications, posing some significant challenges for yield farmers. The Ethereum network is experiencing scalability issues ahead of the 2.0 update. As yield farming becomes more common, the Ethereum network becomes clogged, resulting in long confirmation times and rising transaction fees.
As a result of this scenario, some have speculated that DeFi could end up self-cannibalizing. Ethereum's problems, on the other hand, seem to be more likely to support other networks in the long run. The Binance Smart Chain, for example, has emerged as a viable alternative for yield farmers who flocked to the network to take advantage of new DeFi DApps like BurgerSwap.
Additionally, Ethereum's existing DeFi operators are attempting to solve the problem with their second-layer solutions for the network. As a result, assuming that Ethereum's issues do not prove fatal to DeFi, yield farming will continue to exist for some time to come.
Also, Read | Everything you need to know about ERC-20 Token Contracts
The five Yield Farming Protocols
To maximize the returns on their staked funds, yield farmers will frequently use a variety of DeFi platforms. These platforms include a variety of incentivized lending and liquidity pool borrowing options. Here are seven of the most popular yield farming techniques.
Compound
It is a money market for lending and borrowing funds, where users can gain algorithmically modified compound interest as well as the COMP governance token.
MakerDAO
It is a decentralized credit pioneer that allows users to borrow DAI, a USD-pegged stablecoin, by securing crypto as collateral. A "stability tax" is chargeable in place of interest.
Aave
It is a decentralized lending and borrowing protocol that allows users to borrow assets and receive compound interest for lending using the AAVE (previously LEND) token. Aave is popular for promoting flash loans and credit delegation. Borrowers can receive loans without putting up any collateral with this protocol.
Uniswap
is a well-known decentralized exchange (DEX) and automated market maker (AMM) that allows users to swap almost any ERC20 token pair without the use of a third party. Liquidity providers must stake 50/50 on both sides of the liquidity pool to gain a share fee and the UNI governance token.
Yearn.Finance
It is a decentralized aggregation automation protocol. It enables yield farmers to use different lending protocols such as Aave and Compound to get the best yield. Yearn. finance uses rebasing to optimize the benefit of the most efficient yield farming services.
Curve, Harvest, Ren, and SushiSwap are some other notable yield farming protocols.
For more information about Yield Farming, you may connect with our blockchain and cryptocurrency development experts. They possess the requisite knowledge and expertise in the domain of decentralized finance.
Mudit Kumar
06 Mar 2021
NFT (Non-Fungible Tokens) | Taking the Crypto Space by Storm
What are NFTs (Non-Fungible Tokens)
Non-fungible tokens (NFTs) are indivisible and one-of-a-kind cryptocurrency tokens. One NFT cannot be replaced with another, and the whole cannot be disassembled and used separately. NFTs have a wide range of opportunities for creating and selling digital objects, including original artwork and blockchain-based collectible games like CryptoKitties. NFTs may be used to show the rarity and provenance of both digital and physical properties. The ERC-721 token specification is primarily used to create non-fungible tokens on Ethereum.
One of the biggest advantages of owning a digital collectible over a physical collectible like a Pokemon card or a rare minted coin is that each NFT includes unique details that make it stand out from the rest and can be easily verified. Since each object can be traced back to the original issuer, the creation and circulation of fake collectibles are pointless. Also, explore cryptocurrency development services for thorough insights.
The vast majority of NFT tokens were developed using one of two Ethereum token specifications (ERC-721 and ERC-1155), which are blueprints created by Ethereum that allow software developers to quickly deploy NFTs and ensure that they are compatible with the wider ecosystem, including exchanges and wallet services like MetaMask and MyEtherWallet. To allow developers to create and host NFTs on their blockchain networks, Eos, Neo, and Tron have published their own NFT token standards.
Elaborating on NFTs
NFT products include everything from crypto artwork and digital apparel to collectible sports cards, virtual real estate, and characters, among other things. Nike, Louis Vuitton, and the NBA are among the global brands that have already started to produce NFT-based consumer products and services. NBA Top Shot, Crypto Punks, and Street Fighter are among the most common NFT brands, according to digital trading site Crypto Slam.
NBA Top Shot, the most successful NFT website, has sold nearly $270 million in exclusive NBA video highlights. According to Crypto Slam, the platform has seen around $10 million in revenue in the last 24 hours. CryptoPunks, another common NFT, was one of the first NFTs to be offered on the Ethereum blockchain in 2017, the second-largest cryptocurrency network after Bitcoin.
Buyers must use digital currencies such as Ethereum's Ether (ETH) or World Asset eXchange to purchase an NFT (WAX). Although ETH is one of the most common NFT currencies, each platform has its digital wallet service. WAX is a popular NFT store for virtual character and video game purchases.
New NFTs are still gaining popularity. Street Fighter, a recently launched NFT, has already climbed into the top ten most-traded digital properties. WAX is used in Street Fighter, allowing collectors to own one-of-a-kind characters from the 1987 arcade game. Digital properties, such as digital land and real estate, as well as virtual gaming tokens, are available to NFT buyers.
Also, Read | A Resourceful Guide to Creating Your Own Cryptocurrency
Other key characteristics of NFTs
CryptoPunks cannot be used as characters in the CryptoKitties game, and vice versa. This also applies to collectibles like trading cards; a Blockchain Heroes card will not work in the Gods Unchained trading-card game.
NFTs are indivisible, unlike bitcoin satoshis, and cannot be split into smaller denominations. They only exist as a complete unit.
No one can steal, delete, or make a replica of each token ever created as all NFT data remains on the blockchain via smart contracts. The ownership of these tokens is also unchangeable, implying that gamers and collectors, not the corporations that make them, own them. This is in contrast to purchasing music from the iTunes store, where consumers do not necessarily own the music they are purchasing; instead, they are purchasing a license to listen to it.
One advantage of storing historical ownership data on the blockchain is that objects like digital artwork can be traced back to the original maker, eliminating the need for third-party authentication.
Users can purchase NFTs, unlike exchange-traded fungible tokens, on specialized exchanges. Their worth, however, depends on their rarity.
Blockchain is the technology behind driving non-fungible token development. As a result, you can be certain that your NFT is real, as counterfeiting is virtually impossible with a decentralized immutable ledger. They maintain ownership rights – This applies to an NFT's use of decentralized networks, in which no owner can change the data after it has been committed.
Also, Read | Applications of Blockchain and Cryptocurrency in Business Solutions
Rare and Exclusive Digital Assets Representation and Trading with NFTs
NFTs are digital properties or representation of anything that is tangible and scarce. Each non-fungible token has a code that identifies it as the only asset with its own unique digital identity. This is useful for producing one-of-a-kind digital objects. It can portray rare physical items with traceable provenance (ownership history). The list of exchangeable unique and rare things is infinite, including digital art, collectibles, and game pieces. NFTs are available to an increasing number of people via platforms like Open Sea, Super Rare, and Nifty Gateway.
Tokens that aren't fungible Use the ERC-721 Token Standard to create your tokens
Since NFTs are traditionally constructible using the ERC-721 token standard, Ethereum is the most common blockchain for NFTs today. This specification specifies a collection of features that each non-fungible token should have, but it does not restrict the attributes that can be added on top of them. Tokens that aren't fungible Use the ERC-721 Token Standard to create your tokens.
Also, Read |ERC-20 Token Contracts
Use Cases for Non-Fungible Tokens
Gaming Solutions
Gaming NFTs are common in the gaming industry because they address some of the industry's issues. Top games like Fortnite, for example, forbid the selling of unusual traits and accessories like guns and skins. These functions, on the other hand, are transferable and useable in different games thanks to NFTs. As a result, non-fungible tokens will aid in the development of in-game economies.
Digital Assets Management
Consider Decentraland. Participants can purchase virtual land here. ENS (Ethereum Name Service), which uses NFTs for its ETH domains to promote buying and selling, is another example closer to home.
IDentity Solutions
NFTs (Non-Fungible Tokens)are ideal for detecting and preventing identity fraud. Academic credentials, medical records, and even our physical appearances are examples of items that can reflect digitized identification. Also, for copyright purposes, digital artists may convert their work into NFTs. Converting physical game tickets into non-fungible tokens to root out counterfeits is a one-way NFT proves identity.
Antiques and Crypto Collectibles
NFTs NFTs (Non-Fungible Tokens) usher of a new era in collectibles. As a result, traditional collectors are shifting their focus to digital properties.
Also, Read | The Emergence of Stable Coins
How to Create Non-Fungible Tokens (NFTs) for your Business Concept?
The only difficulty you'll face is locating a capable developer who can easily accomplish this. Based on your business needs, this token development is feasible in a variety of ways. When you've grown your company to this stage, you'll need to consider other options for providing additional help.
Source Reddit, wax.io
Even if your domain structure is complex, this fintech approach will help you get exactly what you want. It is critical to have a thorough understanding of crypto technology as well as your own business to create a suitable non-fungible token. You now can shape this fintech solution into whatever shape you want. You must, of course, choose a company that can fully comprehend your requirements and provides you with exactly what you need.
Conclusion
Oodles provides you with skilled crypto developers who are experts in every aspect of this ground-breaking technology. We are a service provider striving to make crypto and blockchain development more available to businesses of all sizes. You can take advantage of the decentralized distributed ledger thanks to our knowledge and insights. Get an NFTs (Non-Fungible Tokens) from us if you're looking for a practical, cost-effective, and effective solution for your business. We will ensure high performance at a low cost and assist your business in reaching the pinnacle of its field.
Mudit Kumar
05 Mar 2021
How Blockchain is Transforming Media and Entertainment
Blockchain technology has caught the attention across various sectors, from finance and healthcare to automotive and retail. But what do blockchain solutions mean for the media and entertainment industries? What benefits would blockchain bring to current media value chains, systems, and costs? Can it aid in the development of new services and ways to raise more revenue?
Blockchain technology has the potential to help the media and entertainment (M&E) industry significantly. For instance, businesses are exploring blockchain development for streaming services. The core characteristics of blockchain's shared ledger approach can establish transparency, trust, reliability, speed, protection, and control at all points in a transaction process across the media supply chain.
Media and Blockchain
Blockchain can change how media content distribution, consumption, and payment for music, video, and other means happen. Customized multi-content service packages are beyond the capabilities of current systems. Managing digital rights, royalty collections, and transactions among various intermediaries is extremely difficult in today's digital ecosystems.
By bringing accountability, protection, and control to the media supply chain, blockchain, with its shared ledger approach, will help to enhance the media supply chain and reduce copyright infringements. It might, for example, reduce copyright infringements in music streaming, where publishers and songwriters frequently accuse music streaming services like Spotify, Napster, and Pandora of not paying them anything they are owed, losing up to 25% of streaming royalties.
Also, Read | Blockchain's Impact in the Media and Entertainment Industry
Blockchain's Notable Development Elements
Shared Ledger
It is a digital ledger, an append-only system of records shared across a business network to provide transaction access to all participants.
Smart contract
It is a collection of business terms stored in a transaction database. Its implementation occurs in conjunction with their respective transactions.
Privacy
Transactions are trustworthy, authenticated, and verifiable.
Trust
Transactions get approval by relevant parties, which builds trust.
Transparency
All network members are aware of all transactions related to them.
Also, Read | What is Blockchain Technology and How Does it work
Applications of Blockchain Technology in Media and Entertainment
Advertisers, publishers, and agencies are among the participants in M&E business networks with cross-geographic and regulatory boundaries, and their partnerships have become increasingly complex. An exponential and flow of transactions and contracts for goods and services through these networks generates value. The sheer scale of operation necessitates greater accountability and confidence. They are crucial for establishing new standards for data exchange and access permissions and calculate costs and benefits.
This simple example of advertisement message distribution to customers explains how blockchain will help all involved parties. Consider an advertiser, an ad agency, a demand-side distributor, an ad-exchange, a supply-side provider, and a publisher in a simplified digital advertising value chain. Each participant maintains one or more ledgers. They manually update it to reflect business transactions, and then reconciliation happens. It often leads to duplication of effort, contracts, and costs due to intermediaries used for services. It is neither cost-effective nor reliable. This system is often prone to flaws. A compromised central system, as a result of an event –like fraud or an anomaly – may affect the entire business network.
Also, Read | Blockchain-Based Social Media Platform Development
Blockchain-based Process
Consider the same network, but this time with blockchain, as seen in the following figure. Via peer-to-peer replication, the blockchain architecture enables users to access a shared and updated ledger in real-time any time a transaction occurs. Cryptography further ensures that only the parts of the database that are important to them are visible to network users. Also, it validates that transactions are trustworthy, authentic, and verifiable.
Source IBM Blockchain
The asset transfer contract can remain embedded in the transaction database, defining the conditions under which the transaction takes place. Via consensus or similar processes, network members agree on transaction authentication processes. Oversight, compliance, and auditing can all operate under one network. Unnecessary members or transactions remain out of the system with complete blockchain implementation.
Also, Read | Developing a Blockchain-Powered Media Streaming Platform
Blockchain Use Case in the Media and Entertainment Industry
Improving the media supply chain's processes
The conventional media supply chains have evolved into dynamic environments. It often includes new entrants as the M&E industry moves toward digitization.
On the one hand, trust, accountability, reliability, consistency, quality control, and protection are becoming priorities. On the other, it is getting difficult for content owners to determine a reasonable distribution of royalties. They wait for months or even years for payments to arrive. Brands and advertisers also have a difficult time assessing if financial transactions are reasonable and correct. They need to make sure, for instance, if advertising budgets are not vulnerable to threats and whether their paid ads are appearing only in their respective locations.
Smart contracts on the blockchain automate a lot of processes of M&E companies' operations. They make them more cost-effective, quicker, stable, scalable, and transparent Blockchain-based smart contract applications can streamline processes across the media supply chain variably. Audit, payment settlements, discrepancy management, tax rules, campaign-level reporting, fraud prevention, copyright clearance, and royalty management are likely to be the areas where they can have the most impact.
Also, Read | Decentralized Live Streaming Solutions with Blockchain
Developing blockchain-based applications and revenue streams
Blockchain can provide new features and differentiate value-added digital services. It can enable services that meet the increasing demands of both clients (such as content creators and advertisers) and consumers. It does so along with process improvements for establishing more trust, quality, and protection into existing media supply chains.
Consumers don't have to pay disproportional transaction fees to third-party payment apps like PayPal. Blockchain-enabled micropayments raise revenue from low-priced content like individual song tracks, posts, or pictures.
Also, blockchain enables better targeting of audiences. It delivers fewer but more timely and appropriate content and advertisements to consumers. It further improves the customer experience when used with artificial intelligence.
Blockchain can also aid in lowering the overall campaign's overall expense. Content delivery, content revenue assurance, and consumer personal data handling are all possible fields.
In terms of the latter, blockchain technology is crucial for data protection. Given the GDPR's far-reaching personal data privacy regulation, it provides more efficient compliance.
To know more about how blockchain and its application can play a crucial role in the growth and excellence of your M&E business, connect with our blockchain development experts.
Mudit Kumar
03 Mar 2021
Strengthening Automotive Operations with Blockchain Solutions
Whether it's ride-sharing, vehicle manufacturing, vehicle tracking, or electric cars, blockchain automotive solutions have gained significant traction across industry operations. It is because the automotive industry is dealing with a rapidly evolving market environment. Further, changing consumer demands and technology advancements are fuelling these rapid and profound changes. In this blog, we discover the automotive industry's most pressing problems and how to address them with blockchain technology and its applications.
Getting Familiar with the Buzz around Blockchain Technology
Fundamentally, blockchain is a digitally distributed ledger technology. It enables multiple participants in a business network to share an immutable record of transactions. Contextually, immutability means that nobody can edit or delete a transaction record. However, they can append it.
Essentially, a transaction can be the sharing of information of an asset or its status update. It can be a physical entity such as a vehicle, a financial instrument, a loan, or a digital asset, like a software package. Additionally, a supplier, a manufacturer, a distributor, a dealer, a finance provider, a regulator, or a client can be a participant in a blockchain-powered automotive business network.
Also, Read | What is Blockchain Technology and How Does it work
Blockchain Technology's Features
Permissioned shared ledger
Only authenticated parties get access to the ledger, while permissions remain modifiable. Additionally, it is possible to limit access to the distributed ledger to only those you permit. Automatically, any permissioned participant receives a copy of the shared ledger. As a result, information remains more straightforward, transparent, and secure.
Encrypted transactions
Only parties that have received different security certificates can decrypt them. Consequently, it ensures that only the transaction's explicit stakeholders can access transaction data.
Immutable transactions
Groups of transactions remain in blocks. Further, after consensus, they get visible on the ledger. Each block also contains a previous block's hash value, forming a non-changeable connected chain of blocks. Thereby, any update stored in the transaction record and connected by the chain allows assets traceability back to their origin.
An immutable shared ledger
Business network participants agree that the shared ledger is the single source of truth or System of Record, resulting in fewer conflicts about transaction information differences between parties.
Also, Read | Developing a Ride-Sharing App like Uber with Blockchain Technology
Benefits of a Blockchain-based framework
Increased knowledge openness in the business network will result in:
Minimized dispute settlement costs and time
There are fewer disputes between parties. Also, the time it takes to resolve contracts gets shorter
Participants agree on a standard data format for transactions exchanged on a blockchain network, which decreases messaging complexity
Blockchain would foster increased confidence among business network participants, minimizing uncertainty in the current business environment and allowing participants to re-deploy working capital elsewhere.
Also, Read | Thwarting Automotive Counterfeits with Blockchain Traceability
Blockchain Technology's Advantages for Automotive Stakeholders
The automotive industry is developing, and blockchain technology is already playing a significant role. For automotive firms, Oodles has extensive experience in custom blockchain creation and deployment. Blockchain implementation can benefit all participants in the automotive supply chain. Oodles team can help you unlock the potential of blockchain automotive growth. Eliminate inefficiencies, strengthen business processes, and take advantage of the industry's unique opportunities created by blockchain.
Automobile producers
Maintenance reports and spare parts data integrity
Minimized warranty premiums
Prospects for advancement
For insurers
Optimization of insurance premiums
Minimized costs in claims administration
Offers for consumers with better credit histories
For vehicle proprietors
Increased credibility and confidence in the used-car industry
Car past that is free and clear
Maximization of vehicle resale value TCO
Also, Read | Blockchain Innovation in Automotive
Use cases for Blockchain Technology in the Automotive Industry
Supply Chain Management
Inbound Logistics Operations
To ensure timely delivery of parts and optimum inventory levels, a manufacturing plant must efficiently collaborate with several tiered vendors, 3rd party logistics, and transportation companies.
A Blockchain-based system can boost just-in-time logistics, minimize inaccurate orders, and increase inventory turns by increasing accountability of correct information between the various parties.
Also, Read | Increasing Automotive Supply Chain Efficiency with Blockchain
Manufacturing Finance
Supply Chain Finance
A carmaker must wait weeks or months for payment from an importer, distributor, or dealer for a vehicle shipment. Furthermore, a Letter of Credit issuance by the purchaser's bank or a Bill of Lading sharing by the manufacturer requires paperwork due to different parties regulating different measures.
On the other hand, a Blockchain-based system will allow for greater transparency of correct information between parties, quicker processing of export/import and banking documentation, and, eventually, a reduction in the time it takes for the producer to collect payment for cars produced.
Also, Read | Blockchain Automotive Solutions | Making Drivers' Life Easier
Sales, operation, and financing in the retail sector
Vehicle History
A vehicle finance firm usually has no idea about its customers' driving patterns or their cars' service history. However, driving trends and service events can be on a shared database that all parties can access with a Blockchain-based method.
Indeed, information transparency about a vehicle's actual wear and tear enables a company to accurately measure a vehicle's residual value when the lease reaches its end of the contract date.
Vehicle & Brand Awareness
Profiles of Personal Versatility
Periodically, a car manufacturer may choose to give subscribers access to additional vehicles in its lineup. For instance, a family owns a people carrier for commuting to work and dropping the kids off at school during the week. They might get access to a 2-seater sports car for weekends or a camper van for a vacation ride.
A Blockchain-based system will enable a car company to share an owner's mobility profile. It includes seat settings, environment, and infotainment preferences, between multiple vehicles and even third-party partners like car-sharing or multi-modal transportation providers.
Also, Read | Blockchain Development for Automobile Industry Solutions
Warranty & Spare Parts
Genuine materials
For a car manufacturer, one of the challenges is service centers and garages fitting counterfeit spare parts to their customers' vehicles knowingly (or unknowingly).
Various stakeholders like a service center, a carmaker, and a consumer can monitor the provenance. They can track details of replacement parts back to their original manufacture date and location with a Blockchain-based system. Moreover, if counterfeit parts are under-performing or worrisome, this will minimize brand harm and repair costs for the carmaker.
For more information about how blockchain technology can disrupt your automotive business, take a consultation call with our blockchain development experts.
Mudit Kumar
02 Mar 2021
Exploring Potential Applications of Blockchain in Education
If educational institutions need to ensure success in such a competitive world, they must take the first steps toward blockchain education development and innovation. The education sector is facing the same issues that have plagued it for years. Inefficient paper-based record-keeping systems, a lack of openness, weak student and teacher accountability, a lack of real incentive for students to learn and do well in class, and a lack of confidence in educational merits and academic degrees due to falsification are all examples of this.
How Blockchain Addresses Challenges Associated with the Education Industry
Efficiency across Back-Office Operations / Processes
While blockchain-based university diplomas are a significant step forward, a virtual transcript or record of all educational accomplishments can be an ultimate use case. A verifiable lifetime transcript on the blockchain will minimize CV fraud, streamline student transfers between colleges, reduce certificate verification overhead, and simplify traveling between states and countries. This form of initiative goes beyond record-keeping to streamline procedures.
Also, Read | Advancing the Education Sector with Blockchain Applications
Advanced Record-Keeping Solutions
One of the most exciting applications of blockchain technology in higher education is the digitization of academic records, including degrees, licenses, and diplomas. By converting these qualifications into digital form and placing them under the learner's control, blockchain eliminates the need for third-party validation, making the verification process more efficient.
Blockchain can also streamline the accreditation process for educational institutions, which is often time-consuming and complex in many countries. By utilizing blockchain, institutions can ensure the quality of education and validate teaching credentials more efficiently and transparently.
Moreover, blockchain's robust record-keeping capabilities make it an ideal solution for managing intellectual property (IP). It addresses challenges such as verifying the originality of concepts or innovations and facilitates the registration of IP properties, copyrights, and patents, providing a secure and immutable record of ownership and rights.
Read More | Data Privacy and Security with Hyperledger Fabric Blockchain
A New Digital Asset Market Creation
The payment process in higher education can involve various stakeholders, including recipients, parents, scholarship-granting organizations, financial institutions, governments, and educational institutions. In the future, cryptocurrencies, including custom cryptocurrencies, could be used as a form of student payment.
In 2014, King's College in New York City became the first accredited U.S. institution to accept cryptocurrencies as payment, eliminating credit card processing fees from students' bills. This pioneering move demonstrates how blockchain technology can be leveraged to create and exchange new digital assets within the higher education sector.
Additional Use Cases/Applications of Blockchain in Education
Smart Contracts Solutions for Accountability
Teachers can utilize blockchain smart contracts to create digital agreements with students regarding their assignments. These agreements specify all assignment details, including guidelines, conditions, due dates, and deadlines.
When a student completes the assignment according to the agreed terms, they can automatically gain access to the next part of the course or receive credit and a certificate of completion.
Furthermore, smart contract solutions can facilitate individualized learning within a traditional classroom setting, adding a motivational component often missing in conventional educational systems.
You may also like | Driving Advancements in the Education Industry with Blockchain
Incentivization Mechanism for Students and Teachers for Producing Better Outcomes
To empower students and inspire teachers to develop innovative learning materials and actively engage in education, cryptocurrency, and tokenized credits can serve as effective incentive systems. Smart contracts can be programmed to reward students with cryptocurrency for completing tasks, while teachers can further motivate students by offering extra credit to top performers.
Blockchain technology can also elevate modern education by fully integrating gamification features. Tokenized credits can be used to pay off student loans, purchase educational resources, and cover other educational expenses.
Moreover, rewarding students for completing a major and earning a university diploma with tokenized credits could significantly reduce dropout rates.
Also, Read | Incentive/ Rewards Program Management with Blockchain
Verifiable Lifetime Student Transcripts
Obtaining transcripts from educational institutions is often a cumbersome process that involves multiple parties and takes considerable time to verify credentials and compile academic records.
Blockchain technology can streamline this by providing students with an online digital transcript that is accessible anytime. This verifiable, lifelong student transcript would include all academic achievements, simplifying certificate authentication and making student transfers between schools much easier.
Providing students with a Comprehensive Accomplishment Portfolio
Students will create digital portfolios on an educational blockchain platform, storing all their academic accomplishments. These portfolios will include majors, minors, degrees, demonstrated proficiencies, certificates of completion, micro-certificates of achievement, additional acknowledgments and accolades, as well as assessment scores and attendance records.
When applying for jobs or seeking university admission, students can present their portfolios without needing repeated verification. This will result in a universal database of potential applicants, allowing businesses to search for and evaluate top-performing students easily.
Also, Read | Enhancing the Education System with Applications of Blockchain
A Real-World Use Case Example
Making a Disruptive Business Model
Currently, significant use cases of blockchain in higher education include record-keeping and performance optimization, which do not yet fully demonstrate the disruptive potential for developing new business models.
Woolf University aims to be the world’s first blockchain-powered, nonprofit, international university, leveraging blockchain and smart contracts to form the foundation of partnerships between learners and educators. Dubbed the Airbnb of degree courses, it was founded by a group of academics from Oxford and Cambridge.
This innovative educational platform utilizes blockchain smart contracts to automate administrative tasks, enhance security for faculty and students, reduce administrative overhead costs, and lower tuition fees while increasing faculty remuneration. Instructors can choose to receive payment in Woolf tokens or their preferred currency. The university applied for EU accreditation to expand internationally in 2019.
Also, Read | Developing Education-to-Employment Verification Solution with Hyperledger Fabric
Conclusion
In conclusion, blockchain technology holds immense promise for revolutionizing various aspects of higher education. From digitizing academic records to streamlining administrative tasks and incentivizing student and faculty engagement, its potential applications are vast. The emergence of initiatives like Woolf University demonstrates the tangible benefits of integrating blockchain into educational systems, offering greater efficiency, transparency, and accessibility. As the adoption of blockchain in higher education continues to evolve, it has the potential to reshape traditional models and pave the way for more innovative and inclusive learning environments.
Connect with our blockchain developers for more information about how to integrate blockchain into education and simplify the experience innovatively.
Mudit Kumar
28 Feb 2021
How Blockchain can Pragmatically Revamp the Mortgage Industry
When we hear the words blockchain and mortgage, we generally think of buying a house or a piece of property with cryptocurrencies. However, beyond that, blockchain technology solutions can be beneficial for the real estate industry, especially across mortgage processes. Maybe not in the ways you would expect. Attorneys draft legal papers, title firms perform title searches, and underwriters determine the loan's risks. It renders the mortgage process a lengthy and often strenuous experience for consumers.
Blockchain technology may be able to support and optimize mortgage lending efficiently. Technology is often analogous to business process improvement software. Indeed, it can enhance the mortgage process.
Introducing Blockchain Technology to the Mortgage Industry
There's a real need to increase accountability, traceability, and recordkeeping throughout the mortgage process, and blockchain could help with that as a transparent, distributed ledger.
The creation of this safe chain of information would assist in the resolution of issues with document transfers between parties and the reduction of mortgage fraud. Blockchain technology can fundamentally alter the process by which consumers buy a home, as well as the way financial institutions handle mortgages, according to a 2016 PWC report on using blockchain to improve the mortgage process. The technology could, for example, reduce costs and complexity in the process, build infallible and incorruptible transaction records, and allow near-instantaneous settlement.” Using blockchain technology in mortgages could also help with a range of other aspects of the lending and home-buying process.
Also, Read | Blockchain P2P Lending Platform | Revolutionizing Lending
Streamlining Document Tracking and Record-Keeping
If a buyer applies for a mortgage, a variety of parties — lenders, credit companies, bank staff, and other third-party agents — may require access to the buyer's details and financial records to determine if the loan should be authorized. The most popular method of exchanging these documents is by email or fax, with one party requesting access to another. The document transfer can take a few days, and a signature is required to confirm receipt.
This manual record monitoring process is not only time-consuming but also leaves the door open to records being misplaced or lost due to human error. Using blockchain technology, any tracking problems could be resolved, and the passage of documents from one party to another could be simplified using digital IDs, as well as automated tracking and updating.
Blockchain technology is decentralized, thus, every participant gets access to a similar record of information. With appropriate permissions, they can access the information whenever required in real-time without complex handoff processes.
Also, Read | Advancing Identity Management with Blockchain Technology
Reducing the Likelihood of Mortgage Fraud
Blockchain can significantly reduce or even eliminate mortgage lending fraud. Real estate is one of the economically influential industries. Thereby, it makes it ripe for fraudsters. Additionally, the traditional paperwork process enables points of failure and access to fraudulent documents by these scammers.
Because the data remains encrypted on the blockchain database, it is difficult to file fake paperwork or tamper with financial documents. As a result, this information is much more secure — and thus, anyone is less likely to be able to tamper in an attempt to commit fraud.
By putting protocols in place to verify submissions, blockchain would help reduce the use of fraudulent documents to perpetrate these scams. Furthermore, if a concern about document tampering arises during the process, it is simple to track and provide indisputable real estate data about the information's origins to demonstrate otherwise.
Also, Read | Preventing Fraud with Blockchain
Contracts getting Smart
During the mortgage process, blockchain technology can create and support smart contracts. Smart contracts are self-executing contracts on the blockchain. Developers write the terms of an agreement of contract in the lines of code. Further, it operates without the need for human intervention.
All parties verify these contracts with their electronic signatures. Changes are possible when something specific occurs, implying that the contracts are created automatically and in real-time — with the inclusions and exclusions required for that transaction. You can use the code to automate the return of earnest money if a contract falls through, or to determine when and how to transfer money for the down payment.
If all conditions meet, it automatically executes and completes the respective transaction. Both parties receive notifications upon reaching certain milestones during the process. For instance, when a buyer makes a down payment.
These smart contracts can be viable to use in other scenarios. Smart contract solutions, for instance, would be useful in situations where loans are sold into mortgage-backed security pools for investors to purchase. Some loans are ineligible for this use. Blockchain technology with smart contracts can automatically exclude any loans that do not meet the criteria based on the code.
Reducing Processing Times
Traditional mortgage applications require a lot of paperwork and can take anywhere from 45 to 60 days to complete. According to a PWC report, the average mortgage application is about 500 pages long. A slew of different intermediaries, including attorneys, appraisers, brokers, agents, underwriters, and others have reviewed this report.
However, when you cut out the middle man, which there are many in the mortgage process, transactions are always faster. This is exactly what recording mortgage agreements on the blockchain does, while also allowing lenders and buyers to interact directly. It also eliminates paper documents. It replaces them with a single source of information. Both parties can access this source of information in real-time for validation.
There is no middleman to manage the transaction. There are no piles of paperwork to pass back and forth between various parties involved in the process. It dramatically accelerates the time frame in which things can happen.
For more information about using blockchain for mortgage lending solutions, connect with our blockchain development experts.
Mudit Kumar
26 Feb 2021
How Blockchain is Proving Transformative for Insurance Processes
There is an increased FOMO among insurance companies about blockchain technology. Even established insurance firms have started investing in blockchain app development to transform insurance processes.
The buzz suggests that blockchain technology can optimize the market, establish trust, disrupt supply chains, and facilitate innovation mechanisms across the business. Additionally, evidence indicates that blockchain technology can enable increased productivity, growth, and competitive advantage across the financial services sector. Undeniably, It won't be long before the insurance industry expedites to concentrate, spend, and implement blockchain technology.
Surely, insurers who neglect this new technology for advancing infrastructure may end up offering unappealing services.
At Oodles, we think of the blockchain as a crucial digital development architecture. Indeed, it is one of the primary delivery innovations that facilitate new-age developments of other technologies like wearables, drones, Internet-of-Things (IoT) connected devices, and more. It has overall the potential to underpin the sector's growth. Let's find out how.
Also, Read | Blockchain in Insurance | A Transparent Enabler for Efficiency
Who are the Investors?
Blockchain technology is finding use cases in nearly every business area. The most active innovators are emerging from financial services organizations.
More than 40 financial services companies, including their strategic acquisition arms, have invested in a blockchain or associated start-up since early 2014. They have found applications across fields of finance like insurance and wealth management.
The technology has received support from institutions like B3i and the Nimbrix consortium in the past. With significant activity in the government, healthcare, supply chain, and real estate markets, the real economy is also getting in on the act.
How is the Industry Reacting?
In the current 'data-driven 4th industrial revolution,' a few established insurers are eying blockchain's potential to accelerate their digital transformation objectives. These first and second movers have realized the importance of engaging in blockchain-powered networks of financial services.
They see blockchain as a technology that, among other advantages, boosts performance, reduces transaction processing costs, improves user service, enhances data quality, increases trust between parties, and promotes auditability.
As per a report by KPMG, AXA Strategic Investments (along with other partners) invested around US$55 million in a blockchain start-up. USAA invested around $75 million in digital currency exchange. Lloyd's London Sector, as part of their target operating model's modernization, has adopted blockchain technology.
Many other players are also exploring possible blockchain solutions in the insurance industry. The names include Allianz, AIA, New York Life, Mitsui Sumitomo Insurance Company (MSIG), Swiss Re, John Hancock, and Manulife Financial.
Also, Read | Healthcare Blockchain Insurance Solutions
Also, based on the applications of blockchain in insurance, we can categorize them into two broad categories:
Internal Business Applications
Blockchain insurance solutions for internal use cases do not require heavy reliance on a broad business network impact. They are suitable for increasing internal performance, for instance, by minimizing processing costs. Our experts at Oodles suggest that these blockchain initiatives can indeed produce considerable top-line sales growth. Past results of leading organizations indicate that top-line growth by simplifying internal processes can surpass anticipated reductions in operating costs.
Also, Read | Blockchain Smart Contracts in Insurance
Industry Business Applications
These initiatives rely on network effects. They require a larger buy-in and support from a variety of cross-industry businesses. For instance, B3i is one of the most noticeable blockchain alliances, launched in October 2016 by Allianz, Aegon, Munich Re, Swiss Re, and Zurich.
Blockchain Applications/Use Cases in the Insurance Industry
Across a range of insurance industry activities and processes, stakeholders can explore blockchain applications and subsequently strengthen them.
Travel and Life Insurance
Establish a blockchain-based travel insurance model of 'pay as you go' that offers instant payouts in the event of a delay or termination.
Personal Injury Insurance
Create a transparent and streamlined course of claimants that drastically increases customer satisfaction.
Data Keeping
Use blockchain technology as a single, secure and open archive to build, organize and preserve company documents.
Digital Identities
Digitize and verify customer records and enhance security using blockchain-based identity solutions.
Claims Management
Simplify scope assurance and streamline the resolution of claims to increase operating performance and eliminate costs.
Reinsurance Claims
Encourage simplified claims induced by smart reinsurance contracts and templates to be automated.
Surety Insurance
Build a "golden stream" of security bond knowledge that is open to all members in real time.
Peer-to-Peer Insurance
Build a peer-to-peer network without the need for an intermediary or administrator with smart contracts.
A High-Level Demonstration of Insurance Activities on Blockchain
Sales of Policy
Policy as a smart sales deal, selling of oracles, customized premiums, insight into consumer experience for coverage optimization, and triggers for payouts are a few of the probable use cases with policy sales on a blockchain.
Incident Management Solution
Smart contract oracles for accident alerts initiate avoidance and recovery workflows.
Claims Management
Smart contracts, oracles, and advanced underwriting enable the automation of validation of claims and assessment of damages.
Fraud and Risk Assessment
Faster data flows and claims validations provide crucial insights into reserve calculation that impact support operations.
Calculating Reserves
Real-time data flow and assessment of claims provide quicker insights into reserve estimation affecting support processes.
Reinsurance
Industry consortiums can use blockchain smart contracts to test retrocessions automatically.
Underwriting
Risk liability gets reduced along with automated payout of premiums and claims and multiple subscription models.
Also, Read | Blockchain for Reviving the Complex Insurance Industry
Use Case Example: Claims Management
Current process
Inside the insurance agency, claims data is ineffectively exchanged with brokers and third parties, such as repair shops. Generally, processing requires extensive manual entry of data and replication through the value chain. It results in constant problems like human error and discrepancies due to data timeliness.
Blockchain-based Process
A smart contract can expedite the claim process by streamlining coverage verification and repair payment at approved repair shops. Further, using the coverage details stored on the blockchain smart contract, stakeholders can fill and adjudicate a claim in a secure, automated manner. It, thereby, eliminates conflicts and the need for further checks by claims adjusters. Additionally, it automates payments as well.
Results
Reduced administration costs
Increased payment processing speed
Augmented closing speed for claims
increased visibility for consumers into claim details
New, creative business models
Also, Read | Blockchain for Insurance Claims Processing | Use Case
What's Next
To conclude, the above information suggests that insurers should start planning for the disruptive effect of blockchain across insurance processes. Also, our blockchain development team builds market-leading prototypes that can scale, industrialize, and incorporate into the current company by integrating the skills of our keen technological developers with a broad ecosystem.
Mudit Kumar
24 Feb 2021
Accelerating Business Efficiency with Hyperledger Development
Hyperledger isn't a single blockchain, a crypto exchange, or even an IBM blockchain coin. It is essentially a technology hub for hyperledger blockchain development for industrial solutions.
Hyperledger Blockchain Development
Hyperledger is an open-source community dedicated to developing a collection of enterprise-grade blockchain solutions that are secure, efficient, and stable frameworks, tools, and libraries. It is a joint Linux Foundation initiative that includes leaders in finance, banking, the Internet of Things, supply chains, manufacturing, technology, and more.
As with the Linux Foundation, Hyperledger also has a modular project hosting approach. The greenhouse at Hyperledger hosts the development of blockchain projects, from Hyperledger Labs (seed) to stable code ready for production (fruition).
For various distributed ledger frameworks, including Hyperledger Fabric, Sawtooth, Indy, as well as instruments such as Hyperledger Caliper and libraries such as Hyperledger Ursa, it acts as a neutral home.
It calls on everyone to contribute to the development of the greenhouse, which essentially jointly increases technology industry goals such as a distributed ledger and smart contracts.
Also, Read | Hyperledger Blockchain Projects
Why Choose Hyperledger over Other Blockchain Projects
To understand the significance of the creation of Hyperledger blockchain applications, let's look at the key issues that a business might have with the adoption of blockchain.
Privacy and Confidentiality of Data
Businesses have confidential data that, while they need to share it with different organizations, can not be made open to the public at large. Companies have numerous arrangements with other member organizations that include the exchange of information, but not generally with others, such as public blockchains.
Efficient and Fast Transactions
Enterprises have a high volume of transactions but, due to business considerations, do not afford to commit delays for a transaction.
Modular Architecture Design
One size fits all isn't pragmatic when it comes to business-ready strategies. Businesses often have processes that need to be leveraged. The reuse of LDAP, or other identity management functions a company already has, is a typical example of this.
Also, Read | Digital Identity Management with Hyperledger
Hybrid Approach
As a corporation, the supply chain has key processes that can benefit greatly from the introduction of the Distributed Ledger and need to integrate and co-exist with the other processes within the enterprise.
B2B Oriented
In large organizations, some of the key technical issues are related to B2B circumstances or to partnering with partners. It is mainly due to the technological differences in the environment between both of these parties that make it difficult and expensive to exchange and incorporate data.
Legal Limitations
Enterprises also have rules or regulations about where the data should reside. Some industries in North America are regulated by similar rules, and similar legislation occurs in the European Union. A publicly-mined blockchain is not an option for these purposes. In each of its use cases, HyperLedger responds to several of these business issues and strives to be a solution.
Also, Read | Blockchain Adoption for Business with Hyperledger Projects
Hyperledger Development Advantages
With an enterprise-ready perspective, Hyperledger is intended and built.
It's an open-source platform focused on Linux, sponsored by major industry companies such as IBM, SAP, and funded by leading companies. It contains all of the blockchain's main features and more. With additional features such as a forum for enhanced data security and privacy, Hyperledger offers approved blockchain solutions. Enterprise/consortium will decide where the nodes are going to be and public miners do not need assistance. Depending on the particular requirements of an organization, the modular design approach allows Hyperledger to plug and play various elements into the stack.
Rapid integration with other emerging technologies-and seen with integration with IBM Watson, SAP Leonardo, and more.
Also, Read | Hyperledger Fabric for Enterprise App development
A Hypothetical Case-Study
Blockchain Hyperledger Applications for Credentialing
For Hyperledger blockchain technology, credentialing can become a good use case, which can help simplify and improve each step of the method.
Off-the-shelf solutions are provided by Hyperledger Indy. One noteworthy specialty: Indy follows the expected W3C requirements for proven statements, reinforcing the sharing of selected credentials pairwise.
In reality, it works like this. A physician asks their academic institution for evidence of graduation. On behalf of the doctor, the medical institution places a digital certificate on the blockchain, where it is deemed precise and tamper-proof. To validate the doctor's credentials, a hospital may hit the blockchain, with no need to speak directly to the medical institution. Only the basic qualifications the hospital requires, and nothing else, can be shown by the doctor.
Such incorporation of proven statements preserves the privacy of the doctor, decreases time and resources for those involved, and improves the entire procedure. It offers a safer way to treat medical credentialing, yes.
Also, Read | Use Case: Loan Application Process with Hyperledger
Hyperledger Development | Enterprise Use-Cases
Healthcare
Healthcare is the fastest-growing cause of using Hyperledger. This industry will streamline the physician credentialing process with Hyperledger, enabling hospitals to verify if their doctors are trustworthy.
But, the process is lengthy and leaves behind different paper trails. Drug counterfeiting in the medical chain is further troubling. As a consequence, not only do patients suffer, but the credibility of the healthcare sector is also degraded.
Hyperledger Indy for a Healthcare Solution
The architecture of Hyperledger Indy can easily handle the credentialing problem for hospital physicians. This provides safer grounds for building a network where medical schools can produce physicians' digital credentials and upload their verification identities.
Similarly, drug monitoring will accelerate along with Hyperledger's insurance claim process.
Also, Read | Smart Contract Development with Hyperledger Fabric
Informational Technology
Everybody can get their ID and manage the data in it with blockchain-based self-sovereign identities. It can have profound business implications and provide important innovations in the IT sector.
The design of Hyperledger Indy fits properly here
The Indy provides, together with its conventional ways, and more encryption and cryptography, to build portable self-sovereign identities. Users can only carry their ID to any distributed ledger system and use it.
Supply Chain Management
Management of the supply chain is complex, and every single stage of the chain is a barrier. Tracing the progress of the product through its path becomes important from development to the door of the customers. Also, different parts of the supply chain struggle with time-consuming and inefficient transactions.
Also, Read | Food Traceability with Hyperledger Fabric (Walmart Case Study)
Frameworks of Hyperledger for the supply chain
Here, in managing supply chains, Sawtooth becomes successful. With every stage of the chain on the ledger, the stakeholders can build a traceability network. They can also use IoT sensors to record critical data such as location, temperature, and other shipping factors. A smart contract is also used by Sawtooth that allows smooth payments at any point.
Connect with our hyperledger blockchain development experts to explore the feasibility of your business use-case.
Mudit Kumar
19 Feb 2021
Blockchain Development for Advanced Logistics Solutions
Blockchain supply chain management development has the answer to the issues that have troubled the transportation industry for decades, from dispute resolution to administrative productivity and order monitoring. Let's discuss a couple of these problems.
Logistics Business Issues
Each day, billions of funds get tied up in the logistics industry payment disputes.
Approximately, an organization waits for weeks to months before collecting payments for a standard invoice.
Also, many firms have millions of dollars in their banks tied up, owing to over-reliance on paper transactions.
In the pharmaceutical industry, a large percentage of responsive shipments experience deviations in temperature. Indeed, due to reaching inappropriate temperature ranges, certain shipments never make it past authorities and customs.
As per a study, almost 90 percent of trucking companies own only 6 or fewer trucks. It causes the industry to struggle with meeting demand and supply requirements.
Also, Explore | Revolutionizing the Seas: Blockchain for Shipping Management
Blockchain for Transportation and Logistics Solutions
New systems allowed by Blockchain would allow for simple document coordination on a decentralized distributed ledger, making physical paperwork largely unnecessary.
Approvals and customs clearance can be faster and more effective by using smart contracts, reducing processing times for goods at customs checkpoints.
Swiss Tech Firm Skycell built refrigerated blockchain-enabled containers that reduced their temperature-deviated rate to less than 0.1 percent.
As the entire network leads to data authentication, Blockchain ensures trustworthy data across the transport and logistics ecosystem.
A recent study found that a simple refrigerated shipment, involving 200+ separate communications, passed through 30+ different organizations.
Any hiccup may cause the container to be held up or lost in these measures.
All of these steps can be registered safely and immutably in real-time with Blockchain.
Traditional tracking systems would not scale, with rising demand for same-day and one-hour delivery services.
A scalable, immediate solution for order monitoring and authentication is offered by blockchain technology.
With Blockchain, a digital ledger could monitor the supply chain for truck parts and used trucks, acting as a sort of remedy for the commercial transport industry.
Also, Read | Driving Efficiency, Security, and Transparency in Logistics with Blockchain
How Blockchain Functions
Blockchain is a distributed ledger storing the history of transactions between parties digitally.
Each block of data on the chain is unique, time-stamped, and encrypted by date, thus, making it unalterable.
In a blockchain, no entity can compromise information or counterfeit it.
Blockchain technology helps businesses implement smart contracts that are computer code hosted on a blockchain. They define and execute the terms of an agreement between parties.
It involves several parties in a typical scenario of shipping goods-shippers.
They include 3PLs, carriers, and consignees. BOLs (bills of lading), invoices, PODs, and more.
Each transaction becomes a permanent record of the ledger that anyone with access to the chain can easily validate.
Network members can validate the block or payload of the transaction using data from a blockchain, creating a transparent and efficient system to manage all documents and transactions involved in the logistics and supply chain process.
Also, Read | Simplifying and Augmenting Logistics Processes with Blockchain
Logistics Advancements with Blockchain Smart Contract Development
Current industry estimates suggest that 10% of all freight invoices contain inaccurate data that leads to disputes in the logistics industry as well as many other process inefficiencies.
This issue is so prevalent that Accenture expects that at least 5 percent of annual freight spending could be reduced by improving invoice accuracy and reducing overpayments in the oil and energy industry alone.
Over the entire logistics and settlement process, including trade finance, Blockchain has the significant potential to increase efficiency and help resolve disputes in the logistics industry.
This information can enable smart contract solutions as digitized documents and real-time shipment data become embedded in blockchain-based systems.
The moment parties involved in a contract meet conditions, smart contracts can automate commercial processes.
A Real-World Example
In the logistics industry, one of the first startups to pursue such a smart contract application is ShipChain.
ShipChain is an early-stage company that has developed a comprehensive blockchain-based system to monitor and trace a product from the moment it leaves the factory on the doorstep of the customer to final delivery.
The system encompasses all freight methods, and there are plans to include an open-architecture API.
It will integrate with current software for freight management.
An immutable distributed ledger technology-powered database records all relevant supply chain information. Further, it executes smart contracts that take action once participants meet predefined conditions.
For example, it can include payment delivery as soon as there's a confirmation of the successful delivery of a shipment in transit.
The platform's tokens called SHIP tokens prove to be a significant aspect of settlement process automation.
On the platform, participants can use these tokens for various activities, including paying for freight services and settling transactions.
A few Use Cases of Blockchain in Logistics
A few of the most prevalent blockchain use cases for the logistics industry are poised to transform it.
Integrating with IoT
In this case, blockchain for logistics, in combination with the Internet of Things (IoT), can enable even smarter logistics contracts.
For instance, a connected pallet can automatically transmit confirmation with information. It will store data about the delivery time as well as goods conditions to the blockchain-based system upon delivery.
The device will then validate the delivery automatically. It will check if the goods delivery is in compliance with negotiated conditions, including temperature, humidity, etc.
After validation, it will release accurate payments to appropriate parties, thus, improving reliability and credibility significantly.
In the IoT context, blockchain technology can simplify machine-to-machine payments. For instance, connected machines negotiate and execute prices based on the logistics activities performed.
The digitization of letters of credit (L/C) to expedite planning and execution is another example of smart contracts in logistics.
It is a process that usually appears to take from days to weeks.
Also, Read | Making Logistics Processes Efficient with Blockchain Applications
For more information about how blockchain technology integration for logistics solutions caters to today's increasing business and consumer demand, connect with our blockchain development experts.
Mudit Kumar
18 Feb 2021
Decentralized Live Streaming Solutions with Blockchain
Content producers have relied on a centralized agency to distribute their content and link it to any marketers willing to pay for associated time slots since the dawn of broadcasting, from radio to TV, cable, and streaming. The invention of the internet and the World Wide Web opened up possibilities for self-broadcasting for content creators. But they must still rely on big players to host their content and link it to marketers and consumers. We can change that with blockchain application development for decentralized streaming solutions.
Live Streaming Challenges
The downtime needs to be zero for live streaming. Thus, the first prerequisite is to develop a stable and scalable system to ensure maximum usability. It suggests that service suppliers take the same approach as conventional broadcast networks.
Also, lack of control over the entire distribution network makes live streaming prone to interruption, bad experience, and poor service quality.
Typically, content providers rely on a supplier of CDN services and pay hefty fees. But not every network provider has the same behavior or availability. It can impact your performance.
OTT sits on top of HTTP, usually referred to as technology that lets anyone view a webpage as quickly as possible. Thus, it fails to provide a protocol in real-time to cope with live streaming constraints. For this reason, a side effect of this technology is known to be latency.
Metadata refers to all the information that follows the video. It's what determines the material and provides its title, definition, volume, and much more. It may also provide information on ad breaks and other technical details required by a service like Hulu. Again, all of this backend data remain unstructured because of how modern live streaming is.
Also, Read | Developing a Blockchain-Powered Media Streaming Platform
Introducing Blockchain for Live Streaming
Enhancing Data/Content security and Monetization Models
Any content creator can monetize their work somehow, either through direct payments, subscriptions, or ads. However, there are several obstacles to communicating with customers. One of them is scalability. As a result, it creates a reliance on broadcasters to distribute content and attract advertisers.
Content producers have relied on established broadcasters to create an audience that advertisers felt confident enough to address, without a way to securely collect information about audiences so that they feel able to share their data. Thus, broadcasters became gatekeepers, restricting and limiting the types of content transmission.
Blockchain enables a safe collection, authentication, and validation of data in a decentralized manner. It can offer customers more choices in terms of the type and quantity of information they are prepared to share and with whom they share it.
The technology can help content producers and marketers directly communicate with customers. It essentially bypasses aggregators and big media companies. Independent and fringe content creators can have additional possibilities to monetize their innovative work and interact directly with targeted advertisers
Also, Read | Insights into Video Streaming Platform Development with Blockchain
Applications for Inventive Advertising Models
Since blockchain technology can directly link content creators and advertisers with customers without a central authority to mediate it, data collection and exchange for viewing habits assessments can become secure. It enables marketers to offer customers more relevant content.
Also, it provides content creators a way to generate traceable revenue and prevent pirated copying with p2p business transactions. They, otherwise, have no efficient way to monetize their creative work.
A UK-based company LiveTree has launched a blockchain-based crowdfunding and distribution platform aimed at film and TV content creators. Content producers can upload their content to a streaming service similar to Netflix and track their viewership.
Consumers can determine which information they want to make accessible with a blockchain-powered solution. Consumers may, for instance, exchange information about what destinations they find interesting. It will enable marketers to target them with advertising about those destinations.
Also, Read | The Emergence of Decentralized Blockchain Video Streaming Solutions
Streamlining Licensing, Royalty Management, and Costs
Blockchain can help content creators monetize their products, not just advertising dollars. Control of rights is another area where content creators can benefit from blockchain application development.
ImageRights International uses blockchain technology to link photographs of a photographer to its US Copyright Office's registration number. It enables them to identify and demand compensation for unauthorized use. Blokur music rights management platform uses blockchain to ensure that artists get their pay promptly and equally when a third-party company uses their work.
Also, Read | Blockchain's Impact in the Media and Entertainment Industry
Simplified and Cost-effective Payment Models for Audience and Creators
Another exciting blockchain application in live streaming is to enable both the viewer and the broadcaster to take advantage of the monetization data collected.
During a broadcast, for instance, viewers can engage with the show or advertisement they are watching. Through using an app on their smart TV, phone or tablet, consumers can respond directly to the gadget they're using or whether they're watching TV.
Once signed up, audiences engage with a commercial's targeted elements and earn points. Further, with a real-world value of these points, they purchase advertised products or services.
Can Blockchain Prove to be the Ultimate Disruptor for Live Streaming Platforms
The ultimate advantage for filmmakers will be getting a decentralized broadcasting environment. It will establish a system where no single website or corporation serves as gatekeepers for content transmission.
Decentralized entertainment software, either for live-streaming or on-demand content, enables thousands of computers in a non-hierarchical mesh network to serve as broadcasters worldwide. It addresses challenges of existing cable and streaming services while providing new value-based services.
Also, Read | Blockchain's Role in Digital Content Management
Without a central gatekeeper for authorization, content becomes accessible instantly over a decentralized network. New "channels" of related content evolve organically in a decentralized distribution model. Consumers can ultimately self-discover the programs and films they want to watch. Free content services may also compete with conventional TV and internet advertisements. In return for collecting tokens, marketers can pay users to access the content. In return, it will enable them to purchase advertised goods and services at discounted rates.
A decentralized streaming network can become the next HBO or Netflix. Developing blockchain-based live streaming solutions is one of many business areas in which our blockchain development experts at Oodles excel.
Mudit Kumar
16 Feb 2021
Ethereum Smart Contract Development | Discovering the Potential
In this post, discover the technical intricacies and applications of smart contract development with Ethereum. With smart contract solutions, Ethereum blockchain development architecture introduces the concept of business automation and influenced the entire blockchain future.
What are Smart Contracts
Smart contracts are developed as a viable blockchain platform for two or more parties to perform transactions. To do so, they manipulate the characteristics of blockchain potential. Developers build a smart blockchain contract to operate as a code protocol able to verify, execute, and promote a contract without any intermediaries automatically, efficiently, and effectively.
In a conflict-free, transparent and democratic way, smart contract implementations can be used to trade ownership in the form of stock, real estate, or properties. Since there is no middle man, because of the use of the immutability and encryption features of blockchain, the method is also secure and tamper-proof.
Factors Behind Increasing Adoption
In this part, discover why smart contracts are important for business excellence.
Source Edureka
Establishment of Trust
Smart contracts instill trust in the entire system or arrangement for the making of transactions created by the parties. No entity can change business contracts with smart contact solutions. They cannot change the terms or conditions of a contract without consensus Therefore, the documents remain safe and preserved with proper encryption methods, without the need for a centralized authority. The use of smart contracts also gives the parties trust, without fully having to know the other side.
Cost-Effective Improvements
The use of smart contracts also contributes to advantages for the parties involved in the trade. It makes savings by removing unnecessary company agents, notaries, assistance, or some other form of intermediary. In plain terms, the smart contract eliminates the extra fees associated with other services out there.
Enabling Autonomy
In order to allow the transaction or the contract, the use of a smart contract brings control, without requiring any third-party intermediary.
Security Strengthening
Smart contracts are secure in contrast to other forms of conventional methods of contract management. If correctly implemented, smart contracts can be difficult to hack. After all, to do nothing that can be manipulated or changed, they use cryptography.
Also, Read | Driving Business Performance with Blockchain Smart Contracts
Smart Contracts Development with Ethereum
The initial implementation of intelligent contracts coincided with the release in 2009 of bitcoin, the blockchain. However, in Ethereum, where Vitalik Buterin concentrated on the proper implementation of smart contracts, the true usage was first made. He assumes that a smart contract is a program that uses code to decide the asset owner and automates the mechanism for doing so. If the assets are not allocated to an individual, the refunds will be rendered under the conditions laid down in the Smart Contract.
The scripting language and the idea of setting up smart contracts were presented by Ethereum to do more than simply pass values or assets between peers. It allowed designers to create their programs through smart contracts, which are also known as autonomous agents, according to the Ethereum white paper.
Also, Read | Decoding DAO | Ethereum Smart Contracts at Work
Ethereum Smart Contracts
The Ethereum blockchain boasts one of the world's leading smart contract systems and is the preferred option for most developers. It has developed by leaps and bounds since the platform's launch in July 2015. It now promotes the creation of smart contract solutions for virtually everything from online gaming to loyalty programs.
In reality, Ethereum smart contracts offer an extended degree of standardization and support. For developers to obey, the platform has clearly specified guidelines. For developers, it makes smart contract creation simpler and less risky. Ethereum aims, on the support side, to strengthen the way we build and execute smart contracts.
For that, they released their programming language for smart contracts, Solidity. It not only helps with standardization but also makes it simpler for business use cases to adopt and set up smart contracts.
It is a Turing-complete. Thus, it is easier with Ethereum to facilitate a variety of algorithmic commands. Ethereum smart contracts provide multi-signature functionality. It means that when the transactions can execute out based on the agreement of the individuals within a group using smart contracts.
dApp (Decentralized Applications) Development
It is necessary that dApps on top of blockchain should communicate with each other seamlessly in order to build a healthy ecosystem. What would happen, however, if we have two tokens, say Token Alpha and Token Beta, and both have distinct structures of smart contracts?
The developers would need to carefully research all these contracts in order for it to happen and figure out exactly how these tokens will communicate with each other. Now, this really doesn't bode well now for scalability, does it?
If there are 100 different tokens with 100 different contracts, it would take a large number of complicated calculations to narrow down on all the credentials and requirements needed to ensure that transfers will go through between all these tokens.
Also, Read | dApp (Decentralized App) Development | Increasing Importance
ERC-20 TOKEN SMART CONTRACT
One of Ethereum's most notable standards for smart contract specifications is the ERC-20 token contract. It has emerged as the technological standard for fungible token implementations for all smart contracts on the Ethereum blockchain.
ERC-20 describes a standard set of rules that should be adhered to by all fungible Ethereum tokens. Consequently, this token standard empowers developers to reliably predict how new tokens in the Ethereum framework would operate. It simplifies and encourages the activities of developers. They can continue their work, knowing that they do not need to redo each and every new project for the launch of a new token every time, as long as the token follows the rules.
Use Cases
Smart contracts development finds use cases across a variety of business solutions, including insurance, crowdfunding, IoT, real estate, finance, foreign trade, and more. They can come in use as a replacement for notaries, judges, and legal advisors.
Substituting Escrow Services
In areas where you have escrow services and middlemen, smart contracts may be used. Smart contracts, however, need to be highly agile and proficient in this situation. Both situations and circumstances need to be thoroughly prepared for them.
One example of this is the development of a smart contract job portal such as Upwork. A portal where smart contracts serve as an escrow rather. It eliminates a centralized network that asks for commissions for any good job they do.
Our smart contract development team ensures the development of stable and successful smart contracts with ethereum and other blockchains for various purposes, including crowdfunding, bidding, authorization, and dApps.
Mudit Kumar
12 Feb 2021
Compact Insights into Decentralized P2P Exchange Development
Decentralized peer-to-peer (P2P) exchanges have revolutionized the cryptocurrency exchange development space by eliminating intermediaries and empowering users to trade directly with one another. Unlike centralized exchanges, which rely on a central authority to manage users' funds and orders, decentralized P2P platforms provide a trustless environment where traders can maintain control over their assets, reduce counterparty risk, and enjoy enhanced privacy.In this article, we will explore the key insights behind decentralized P2P exchange development, including core features, best practices, and security considerations that developers should keep in mind.Understanding Decentralized P2P ExchangesA decentralized P2P exchange is a platform where users trade cryptocurrencies (and sometimes other digital assets) directly with each other without relying on a centralized authority. Transactions are recorded on a blockchain, which ensures immutability and transparency.Elimination of IntermediariesTraditional exchanges act as custodians of users' funds, creating vulnerabilities and central points of failure. P2P exchanges remove intermediaries, allowing users to interact directly, reducing risks like hacking or mismanagement of funds.Enhanced PrivacyBy facilitating direct wallet-to-wallet transactions, decentralized P2P exchanges enable users to maintain a higher degree of privacy. Users only share minimal information necessary to execute trades.Security and TrustSmart contracts, escrow services, and multi-signature mechanisms ensure the safety of transactions. These features minimize counterparty risk and bolster trust among participants.Also, Read | Layer 2 Solutions for Crypto Exchange DevelopmentCore Features of Decentralized P2P ExchangesNon-Custodial WalletsNon-custodial wallets empower users to maintain full control over their private keys and funds. This significantly reduces risks associated with centralized custody, as hacks or breaches at an exchange level do not compromise user funds directly.Smart Contract ArchitectureSmart contracts automate the execution of trades and escrow. They handle order matching, fund locking, and dispute resolution, eliminating the need for a central authority to verify transactions. Solidity, Vyper, and Rust are common languages used for writing blockchain-based smart contracts (on Ethereum, Solana, etc.).Order Matching & Atomic SwapsMany decentralized P2P exchanges offer on-chain order matching or off-chain order books for cost-effectiveness. Atomic swaps allow direct peer-to-peer trades between different cryptocurrencies without needing an intermediary token or centralized exchange.Escrow and Dispute ResolutionEscrow services lock funds during the transaction process. If any conflict arises, an automated or community-driven dispute mechanism can help resolve the issue. Multi-signature capabilities are often employed to execute transactions only when certain signatures (e.g., buyer, seller, arbitrator) are present.Liquidity ProvisionLiquidity is critical for any exchange. Decentralized P2P exchanges often incentivize market-makers to provide liquidity. Automated Market Makers (AMMs) can also be integrated, though they tend to be more common in Decentralized Finance (DeFi) platforms than in direct P2P solutions.Also, Explore | Cross-Chain Swaps | Empowering Crypto Exchange DevelopmentTechnical Considerations for Building a Decentralized P2P ExchangeBlockchain SelectionThe choice of blockchain significantly impacts scalability, transaction fees, and security. Ethereum remains popular due to its maturity and smart contract capabilities. However, alternatives like Binance Smart Chain, Polygon, Solana, or Avalanche offer faster and cheaper transactions.Consensus MechanismProof-of-Work (PoW), Proof-of-Stake (PoS), and other consensus mechanisms influence network speed, security, and environmental impact. Developers should evaluate each consensus model's throughput and costs when choosing a blockchain protocol.Smart Contract DevelopmentSecurity Audits: Smart contracts require rigorous testing and professional auditing to minimize the risk of vulnerabilities.Upgradability: Implementing upgradeability patterns (like proxy contracts) can help fix bugs or add new features without requiring a full redeployment.Gas Optimization: Efficient contract coding reduces transaction fees and improves user experience.Front-End DevelopmentBuilding a user-friendly interface is essential. Even though the back-end operates with decentralized logic, the front-end should provide traders with clear instructions, simple layouts, and intuitive features.Wallet Integration: Seamless connections to popular wallets (e.g., MetaMask, WalletConnect) help users quickly access trading features.Real-Time Data: Live price feeds, order book updates, and trade execution status are necessary for an interactive, responsive experience.Scalability SolutionsHigh traffic and transaction volumes can lead to congestion and elevated fees on popular blockchains like Ethereum. Layer-2 solutions (e.g., Optimistic Rollups, zk-Rollups) or sidechains can be leveraged to process transactions more efficiently and keep costs manageable.Also, Discover | The Emergence of Hybrid Crypto Exchange DevelopmentBest Practices for Security and ComplianceRobust Testing & AuditingDeploying vulnerable smart contracts can undermine an entire platform. Before launch, conduct both internal and external security audits to eliminate exploitable code. Penetration testing should be performed regularly.Regulatory AdherenceWhile decentralized exchanges are often less regulated than centralized ones, developers should stay informed of jurisdictional regulations and take steps to remain compliant with Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements, where applicable.Decentralized GovernanceCommunity governance through mechanisms like decentralized autonomous organizations (DAOs) can enhance user trust. Allowing token holders or stakeholders to vote on platform upgrades, fee structures, and policies fosters transparency.Fail-Safe MechanismsIncorporate contingency plans for unforeseen technical or security failures. Multi-signature admin keys, emergency stop functions (circuit breakers), and relevant fail-safes can mitigate damage from large-scale exploits or system malfunctions.Also, Check | P2P Crypto Exchange Development | The Future of Digital TradingAdvantages and ChallengesAdvantagesGreater Control: Users retain custody of their funds, significantly reducing counterparty risk.Privacy: Minimized personal data sharing.Global Accessibility: People worldwide can participate as long as they have internet access and a compatible wallet.ChallengesLimited Liquidity: New P2P platforms may struggle to attract sufficient liquidity initially.User Experience: Decentralized platforms are sometimes less user-friendly, requiring improvements in UI/UX.Regulatory Ambiguity: Evolving global regulations can affect platform operations and user access.Future OutlookAs blockchain technology matures, decentralized P2P exchanges are likely to see increased adoption. Innovations like cross-chain swaps, layer-2 solutions, and decentralized identity (DID) systems will further streamline these platforms, making them more secure, scalable, and appealing to a broader user base. Moreover, as regulatory frameworks evolve, decentralized exchanges might incorporate more robust compliance measures while maintaining their core ethos of autonomy and transparency.You may also like | Must-Have Features for a Unique Crypto Exchange DevelopmentFrequently Asked QuestionsQ: How does a decentralized P2P exchange differ from a centralized exchange?A: A decentralized P2P exchange facilitates direct transactions between users without holding custody of funds, whereas a centralized exchange acts as a custodian, managing user deposits and executing trades on their behalf. Decentralized platforms rely on smart contracts for security and transparency, while centralized platforms can offer higher liquidity but carry additional custodial risks.Q: What is the role of smart contracts in P2P exchanges?A: Smart contracts automate the trading process by executing transactions, managing escrow, and locking funds until all parties meet the specified conditions. This removes the need for a trusted intermediary and ensures each trade follows predefined, tamper-proof rules.Q: Are decentralized P2P exchanges secure?A: They can be very secure if properly audited and designed. Since users hold their own private keys, the risk of a single point of failure (like a centralized exchange hack) is significantly reduced. However, vulnerabilities in smart contracts can pose risks, making thorough security audits essential.Q: Is KYC required on a decentralized P2P exchange?A: Decentralized platforms generally do not enforce rigid KYC requirements because trades happen directly between users. However, some protocols implement optional or region-specific compliance measures, so regulations can vary depending on jurisdiction and platform design.Q: How do I ensure liquidity on a P2P exchange?A: Liquidity can be encouraged through incentive programs such as offering reduced fees or rewards for market makers. Integration with other DeFi services, cross-chain swaps, and building a large user base also helps attract liquidity.Q: Can I trade fiat currencies on a decentralized P2P exchange?A: Some decentralized P2P exchanges support fiat-to-crypto transactions through escrow and peer-to-peer interactions. However, this often involves additional KYC processes to prevent fraud, depending on the payment methods used.ConclusionDecentralized P2P exchange development merges the best of blockchain technology with the necessity for transparent and secure trading systems. By eliminating intermediaries, enhancing privacy, and providing robust security mechanisms, decentralized P2P exchanges offer a future-forward approach to digital asset trading. As technology continues to advance and regulatory landscapes adapt, these platforms will remain critical drivers in shaping a more open and inclusive global financial ecosystem. If you are planning to build a highly advanced P2P crypto exchange platform, connect with our crypto exchange developers to get started.
Category:
Blockchain
Mudit Kumar
09 Feb 2021
Blockchain for Faster And Secure Payment Processing Solutions
In this blog, we explore the role of blockchain application development in developing payment processing solutions. Anyone interested in understanding the consequences of blockchain in the payment industry can use this guide to get more information.
There has not been a single major payment system in recent years that did not disclose the use or incorporation of blockchain technology in its services. Western Union, Visa, Mastercard, PayPal, SWIFT, as well as major commercial and central banks are all involved in the technology. They are progressing from theory and research to blockchain transactions reality. Thus, we are speaking about what triggered the increased interest in blockchain technology.
Challenges with Payment Processing Systems
These days, the industry is full of problems and needs a reality check. Let's see what the key problems are right now, or this industry.
Frauds in fees and chargebacks
Cross-border transactions delayed
Currency Exchange Difficulty
Lack of sufficient technological integration
Low Fees for Production
Across countries, dynamic financial supervision
Low satisfaction with clients
Increasing cyber threats
KYC Repeated Procedures
Why Use Blockchain Solutions for Payment Processing?
For different purposes, businesses that want to continue with blockchain as their future in digital payments will make the switch due to the following:
No fees for processing
No need for personal data to be used to complete a transaction
Faster speeds for production
Preventing duplicate spending and false-positive errors
The technique makes it impossible to falsify transactions
Ledger copies are available across the network, preventing loss of data
Source Business Insider
Blockchain Solutions for Payment Processing
Advanced Peer-to-Peer (P2P) Payments Solutions
Peer-to-peer transactions are another important application of blockchain payment systems. Using blockchain technology can allow you to transact directly with another person. To do so, you would not have to go through a middleman or a central authority.
While P2P transfer applications are already on the market, as they all come with some sort of restriction, they are not able to give you full freedom. They might, for instance, endorse only a single geographic area or provide a particular region. But there is no solution for any constraints in a blockchain. Money can be transacted from anywhere in the world.
Quicker Cross-Border Transactions
Cross-border transfers are an important part of the business market. But making a cross-border payment nowadays takes a lot of time. It can also take up to 6 days to process that, even though you are not using a banking channel to process the transactions.
This can have quite a negative impact on the business world. On the other hand, a quicker processing time can potentially be provided through blockchain based payment methods. Actually, instead of days, you can process a transaction within seconds! It can improve the productivity of so many companies.
Also, Read | Addressing Challenges of Cross-Border Payments with Blockchain
Automated processes for Know The Customer (KYC)
The KYC method is not, as you already know, as simple as it sounds. In reality, it involves a lot of paperwork and requires a lot of official documentation to verify it. Suppose, however, that a client wishes to use another payment provider. He/she has to do the same method all over again in that situation. Since there is no way for banks to use other banks' information to check it, the customer has to repetitively deal with the same procedure.
Yet a customer would have to go through the process only once with blockchain-based payment methods. Many of the systems will be automated after that. Blockchain is a sharable yet safe type of ledger system. So, banks can communicate with each other from one bank to another and use the KYC data.
Also, Read | Solving the Issues of the Current Centralized System of KYC with Blockchain
Better Protocols for Anti-Money Laundering (AML)
Many banks or payment providers are victims of these illicit activities due to the absence of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) protocols. For example, in 2012, HSBC bank had to pay a fine of $1.9 billion for getting involved in the Colombian Norte del Valle cartel and Mexican Sinaloa cartel money laundering scheme.
Blockchain for payment AML processing schemes, however, may potentially change the situation for good. The use of a blockchain billing system would assist honest banks to help keep up with enforcement. Also, they can easily recognize any kind of criminal activity that could arise in the long run.
Reduced Transaction Fee for Payments
When it comes to payment processors, transaction fees are a big concern. The burden is, in fact, both for customers and businesses. In many cases, with each year, processing fees often rise, and in many situations, the differences in processing fees are very complex.
It is also very difficult to keep track of the production costs and how much they would cost in the long term. But there won't be any need for a middleman for blockchain based payment platforms. So, you're just not going to have to pay any processing fees for it. This lowers the number of transaction costs for both companies and customers considerably.
Companies using Blockchain Solutions for Payment Services
Santander Banco
In the payment industry, Banco Santander uses blockchain to streamline its digital identity project. The business is working on an integrated digital identity scheme with other participants. Also, this project would give its consumers greater power over their information and how they choose to use it.
PayPal
The company offers users to purchase, sell, and even keep cryptocurrencies from their PayPal wallets or digital tokens. This will open up new opportunities in the future for businesses.
MasterCard
One of the payment service firms that also use blockchain is MasterCard. They have a forum for digital currency research that can help banks cope with the CBDC initiative (the digital currency of the central bank). Also, this platform will illustrate how the client can use the currencies to pay in daily life.
Also, Read | Making Secure Online Payments with Blockchain-Based Crypto Wallets
Conclusion
In the end, without any complications, using blockchain in the payment industries will potentially help get rid of a lot of the problems. Better handling of transactions, more protection for your data, and control of your digital identity can be accomplished. We assume that blockchain implementation will genuinely give advantages for both companies and consumers.
Connect with blockchain development experts if you are interested in integrating blockchain into your payment systems.
Mudit Kumar
06 Feb 2021
Advancing Identity Management with Blockchain Technology
The blog post highlights the challenges associated with today's identity management systems, such as not being secure, efficient, and sustainable enough. As a solution, it proposes considering blockchain app development for streamlining digital decentralized identity management.
Digital Identity Management | Challenges
Millions of people come online every day. They conduct various activities, ranging from researching an academic topic and shopping for new goods to carrying out various financial transactions.
Many online purchases require individuals to reveal particular personal details before accessing services. For instance, many online sites like Amazon Pay, PayPal, and Google Wallet, ask users for their financial and personal information. Only after providing sign-up/login data, users are able to execute financial transactions on these sites.
Our information is spread across various internet databases whenever we disclose this information online. Due to this, through these multiple channels, digital copies of the same person spring into being.
Inefficient Consent Management
The majority of systems in place rely heavily on individual data collection without an owner's knowledge. Furthermore, without the owner's permission, centralized systems share the information stored in these online databases with third parties.
It often happens in a user's interest or service, like suggesting relevant goods and services. However, the fact that it does not obtain users’ consent and the power remains in central authorities’ hands does not alter. Seeking permission from users to ask whether they want their information shared is non-existent.
Also, Explore | Blockchain-Based Identity Management System
Blockchain for Identity Management
Businesses can form a blockchain network that protects user identities while significantly reducing fraudulent activities. Technology can enable companies to develop robust blockchains that automate authentication and reconciliation problems across various industries.
Also, it gives lets people create encrypted digital identities that can replace several usernames and passwords with robust security features. It saves valuable time and money for consumers and organizations.
On a blockchain network, individuals can establish a self-sovereign identity.
A self-sovereign identity refers to an identity that empowers individuals to create, manage, and control their information themselves. Such an identity is difficult to steal from a person. It deals with the problem of identity theft prevalent in the conventional identity management system.
The use of permissioned blockchains may also include a decentralized registration mechanism. It means that an individual can obtain an identity that is not dependent on any centralized authority. Thus, no third party can regulate or deal with it without an individual's permission.
Suggested, Post | Empowering Digital Identity Management With Blockchain
Advantages of a Blockchain Digital Identity Platform
To access products/services, organizations achieve the right to determine when and what data they exchange with other entities. Entities have full control over their identity transferability, confidentiality, and authentication, making communication with other entities more secure.
Who will be the Participants
To access products/services, organizations achieve the right to determine when and what data they exchange with other entities. Entities have complete control over their identity transferability, confidentiality, and authentication, making communication with other entities more secure.
Identity Subject
An identity subject is an entity that needs to prove its identity. It could be a person seeking identification and certificates or an agency seeking licenses and permits, or performance and safety equipment.
Issuer
An issuer is a permissioned organization that grants identity credentials to the identity owner.
Verifier
A verifier is an individual who verifies an identity before approving it to access services.
How will it Work
As verifiable credentials, approved issuers may grant identity information to identity owners. The identity details in verifiable credentials will comprise a user's KYC information. Verifiers create a verification template that, together with the list of issuers encapsulated in a QR code, calls out the details.
An individual scans the QR code, and the wallet retrieves the applicable credential. As required, he selects unique attributes/claims from those credentials.
Without making a verifier reach out to the issuer, blockchain technology allows the verification of an issuer's credential validity, an individual's ownership of statements, and more. Indeed, it expedites verification processes as well as business efficiency.
Also, Check | Digital Identity Management with Hyperledger
Advantages for Stakeholders
For Individuals / Organisations / Computers
Without displaying any tangible records, various organizations can prove who they are in the digital and physical world. They have ownership over their identity and can determine what and to what degree knowledge is exchanged. The program is comfortably portable.
For Issuers of Identity
Issuers will avoid physical record issuance, eliminating data manipulation and fraud and minimizing operating costs. Blockchain ledger enables released information processing that allows verifiers to verify information provided by identity holders.
Identity issuers may revoke issued credentials in case of any inconsistencies. Issuers may mention validity information for time-bound Verifiable Credentials during the issuing process.
For Verifiers of Identity
By reducing the time and expense for the management of Identity and Access Management systems, verifiers will concentrate on service delivery.
They will do away with gathering physical records, reducing the processing time for the rendition of services. To exchange mutually beneficial data, they can collaborate with ecosystem players.
Also, Visit | Benefits of Digital Identity Management With Blockchain
Use Case | Healthcare
Following her most recent physical exam, Alice Garcia wants to conduct bloodwork. Her doctor sent her an order to take her to a nearby clinic for blood tests. Let's see how Alice can use a Decentralized Identity Network to protect her identity seamlessly.
Participants
Alice arrives at the clinic and the order, her proof of insurance, and her driver's license must be issued. The participants in a Decentralized Identity Network will be:
The Motor Vehicle Department (DMV)
Alice
Office of her doctor
Clinic
Her insurance company for healthcare
The insurance provider and DMV provide Alice with her insurance and driver's license credentials in her digital wallet. After her physical, Alice's doctor's office gives a bloodwork order digital certificate.
Alice visits the clinic for her bloodwork. She provides public address of her digital wallet for her insurance, driver's license, and blood work order credentials. The clinic verifies credentials of Alice and performs blood work.
The team of blockchain experts will provide you with detailed knowledge of how the characteristics of the blockchain will change the digital identity management field.
Mudit Kumar
05 Feb 2021
A Compact Guide to Permissioned Blockchain App Development
In this blog, we will firstly focus on the distinction between permissioned and permissionless blockchains. Then, we explore the increasing importance of permissioned blockchain app development for enterprises.
There has been a steep rise in the popularity of blockchain technology in the past few years. Both public and private organizations are implementing various blockchain ventures. Blockchain is an evolving technology. It is still in its early stages. Thus, there are misunderstandings in the blockchain industry as well. One of the fundamental confusions is choosing the right type of blockchain technology, either permissioned or public blockchains.
Understanding Permissioned and Permissionless Blockchains
Before using a permissioned blockchain, a licensed blockchain requires prior approval. On the other hand, a permissionless blockchain enables anyone to participate in the framework. Although the two systems can sound identical, we cannot use them for the same things. In various cases, one of the disadvantages of crypto is that no one has power over it. People might not be keen on using a licensed cryptocurrency. For instance, Maersk would not want to store its sensitive information related to shipping and logistics on a blockchain without permission.
What are the Similarities
These are both distributed ledgers. It implies that several copies of the same data would be stored in various locations and linked through some network. Theoretically, all of these blockchains are permanent. It means that that the information they record, no entity can change or delete it. And if someone tries to gain charge, the blocks connected with cryptographic hashes also change. Both make use of structures for consensus. It means they have a way to agree with business rules or transaction verification.
Source Mckinsey&Company
Also, Read | Public and Private Blockchain | an Analogy to Help You Choose the Best
Considerations for Opting the Right Method
When it comes to data access and control permissions, public blockchains provide far greater access to data but less control over who can see and access it. For addressing data privacy and security-related challenges, public blockchain use methods like encryption and hashing.
Access to private blockchain deployments focuses on permissions. Also, data chunks remain separated as per needs cases. Participants store and access data for transactions only for which they have authority. Permissioned blockchains benefit when system efficiency is crucial because there are fewer participants to come to a consensus.
Today, public blockchains are more interoperable than private ones, the WEF argues. That's theoretically real. At the same time, private blockchains strive to establish common standards, it states.
Our experts argue that those shared standards are industry-focused. It can trump the public blockchain's generic interoperability. In practice, the creation of common standards often depends on enterprise blockchain solutions. These standards can be more useful than the implementation of the blockchain itself.
Also, Read | How Private Blockchains Can Help Companies Quickly Become GDPR Compliant
Building Business Solutions with Permissioned Blockchain Infrastructure
Private blockchain development means using a distributed transaction ledger that is private. It registers and replicates transactions through permissioned nodes in real-time without publicly presenting the data. Permissioned blockchains enable a network' to operate by only a few individuals. Additionally, it gives them the right to override/delete commands on the blockchain. As a result, they will have their information only for the participating organizations, and the others will not be able to use it.
The time, effort, and resources required to achieve a consensus are relatively low. Thus, it leads to cost-effective and efficient transactions. The key advantages and functionality of a private blockchain are identical to a public blockchain; however, an invitation to access the system must be issued, checked by a network validator, and managed by the central consortium.
Oodles provides you a unique opportunity to create a highly appropriate and efficient framework that meets your business goals and enables users to access and function as authorized only with your invitation, allowing a regulated transaction system.
Also, Read | How Private Blockchain Solutions Reinforce Your Business Processes
Features
Requires private sales
The management authority gets the authority to override
Partially autonomous control
Consensus of multi-parties
Immutable in section
Secures confidential data
Advantages
The enormous importance of private blockchain development is commendable for developing business processes. The solutions and tools potentially help to minimize mistakes and fraud. Not just that, with the following advantages, it astounds its users.
There are few private blockchains, which take less time for the network to reach a consensus and significantly speed up the process
Only a few nodes handle data. It helps in increasing the decision-making process while enabling scalability
Exerts control over participants due to limited and restricted access
Moves data and files very effectively
Possesses security features that allow transactions at low risk
Highly adjustable according to business needs
Also, Read | Private Blockchain For Business: Which Industries Can Benefit From It
Real-World Example
A SWIFT message is now an established way of sharing and passing on transactions. No entity can delete such a SWIFT message until all parties have screened, checked, and validated the information. That's costly and time-consuming. With a blockchain system, permissioned authorities can authenticate and sign a SWIFT transaction in real-time at the same time. Blockchain enables the use of smart contracts for businesses. It reduces the number of intermediary parties significantly, thus lowering costs. Private blockchain also helps to eliminate centralized databases that are more vulnerable to attacks than those usually decentralized by blockchain technology.
Finally, permissioned blockchain development does not use proof-of-work, which for businesses is expensive and unnecessary. They use consensus with extensive use of cryptographic security and PKI.
It may seem paradoxical that the same banks use a technology designed to replace banks. They are doing so to enforce the security of their systems and improve their profitability. But, it also reveals, on the other hand, how the technology works and that we can exploit it in various industries. In reality, it means that businesses can remain competitive by adapting to the blockchain ecosystem.
Conclusion
The purpose of this article was to define and illustrate why permissioned blockchain development is beneficial for businesses with enterprise-level needs. Indeed, permissioned blockchains can provide them with appropriate identification and permission to access the network, consensus mechanisms depend primarily on PKI (Public Key Infrastructure), various advantages of public blockchains, and a high ability to save significant amounts of time and costs in transactions and operations. Connect with our blockchain development experts for more information about blockchain permissioned app development.
Mudit Kumar
04 Feb 2021
Blockchain Solutions for Reconciliation and Dispute Resolution
In this blog, discover how development services for blockchain solutions services are used in different industries to help solve real-world issues, including the use case of invoice reconciliation and dispute resolution.
When inconsistencies emerge around financial settlements, every industry experiences productivity hit. For example, in the supply chain, processes that might even be part of an automated procure-to-pay workstream grind to a halt when the paperwork obtained from an invoice and related items does not fit. Even data-driven industries such as telecommunications are affected, with billions of records for mobile roaming charges and associated payments being reconciled by hundreds of mobile carriers.
Challenges | Invoice Reconciliation
Transactions are kicked out to an analyst for manual processing when documents from the different parties disagree. It is then necessary for both sides to spend much time and effort working towards a resolution. That takes people away from what a company can add value to, such as analyzing data to optimize processes.
Also, the effect on working capital is important. Companies keep millions, if not hundreds of millions, in reserve to minimize liability and ensure cash is on hand to cover mistakes that are usually fixed months down the road. While only a very small percentage of all transactions usually include conflicts, a small change in the dispute resolution process may produce a substantial payback.
Blockchain Advantages for an Invoice Reconciliation and Dispute Resolution System
They include quicker dispute settlements, savings on labor rates by manually settling conflicts, and fewer chances of conflicts not being properly reconciled. Stakeholders find less tied up cash reserves pending for dispute resolution while maintaining good partnerships with partners in the supply chain, manufacturers, and clients.
Blockchain-based Reconciliation and Dispute Resolutions | How It Works
We at Oodles Blockchain have a replicable approach that transforms multi-party dispute resolution. A blockchain network, which functions as a single source of truth available to approved parties, is the cornerstone of the solution. Automation, allowed by smart contracts and agreed-upon business rules, is the engine driving the solution.
Working Flow of the System
Participants transmit process data directly from their record systems to the blockchain, giving selected participants visibility (and to no one else, preserving privacy in an environment where multiple parties are participating). This method often prevents mistakes that come from processes of manual data entry.
To assess the root cause of any conflict, business logic identifies inconsistencies between data elements and records. Is the difference, for example, in the supply chain attributable to a unit of measure mistake, or a distribution position error, or the quantity delivered? Everyone needs to agree on data, text, and voice usage and rates for payments for roaming fee settlements in the telecom room. As new data becomes available, all comparisons get conducted on a near real-time basis. As a result, as they arise, relevant stakeholders report and act upon conflicts, significantly decreasing the duration of the conflict resolution period.
Automated rules for dispute resolution synthesize data on differences to reach consensus. This decision, along with the rules in place, remains clear to all the appropriate participants. Final consensus choices broadcast to the recording system. Within the blockchain distributed ledger, all records, inconsistencies, and subsequent decisions remain stored to create a detailed, permanent audit history.
Introducing blockchain-powered Reconciliation of Invoices and Dispute Resolution in Retail
One established retailer took advantage of a flexible dispute resolution system built with blockchain technology. Both the organization and its participating suppliers can interact with the same details at the same time and thus, make themselves capable of facilitating resolutions easily. But, the real advantage is it leads to enabling retailers to have stronger partnerships with manufacturers.
As per reports, the business is currently realizing a 65 percent decrease in disputes as well as settlement periods. It is due to time reduced within days instead of weeks or months. It builds collaborative and trust-enhanced supplier relationships. Building on this momentum, the business can now grow over time to hundreds of partners and introduce new use cases aimed toward driving better supplier relationships.
Automated Telecom Invoice Reconciliation and Dispute Resolution
A service provider involving international roaming transaction clearing and settlement service can benefit from technology. A blockchain service can provide a comprehensive range of cloud roaming management software for mobile operators. For instance, it can provide solutions for fast, secure, and efficient data collection, clearing and settlements, and more.
Applications use blockchain and smart contracts to automate workflows, apply business rules to the method of settlement, identify discrepancies across the network and resolve them. Blockchain also offers permanent storage of contractual terms and agreements and other transaction records. It makes all relevant reconciliation data upon when human interference requirement immediately available to all parties. Thereby, it speeds up the resolution process. It prevents weeks of study and back-and-forth of emails only to validate terms and rates already agreed.
Source: Wipro
Blockchain-based Reconciliation of Invoices and Conflict Resolution in your Business
Resources can be available for businesses in any industry, depending on how they choose to do business together, including business rules and logic, user interface templates, recording device APIs, and the likes.
Companies can advance from concept to working pilot in less than three months with Oodles blockchain development services. You can scale up by adding new participants to the network after the pilot learning how to strengthen the infrastructure.
The solution can be based on the value-added commercial distribution of the open-source Hyperledger Fabric. It is cloud-agnostic, meaning it can run on-site or in any cloud. Participants in the blockchain network can retain data on the IT infrastructure or 3rd party cloud provider they want. The platform complies with GDPR, so it is ready to foster global business partnerships.
Conclusion
This approach provides a framework for expanding into new roles in the procure-to-pay domain and beyond in supply chain applications. For example, suppliers can exchange inventory level views in real-time. Permissioned network members can monitor returns. Also, carriers can join to expedite freight claims and update the shipping status. For synchronization of purchasing orders, sales order, and shipment alerts, upstream, founding companies may use rules-based automation.
Speed up the processing of disputes, minimize manual processes or reduce the expense of reserves for dispute resolution with blockchain. It tackles privacy and compliance, scales up to manage workflows, and offers an immutable audit trail. Talk to our blockchain experts about creating an invoice reconciliation and dispute resolution network for your business.
Mudit Kumar
02 Feb 2021
Driving Business Performance with Blockchain Smart Contracts
Blockchain and smart contracts are emerging technology concepts for CIOs, CEOs, and CTOs. From healthcare to financial services, blockchain technology and its applications enable industries to achieve traceability, increase transparency, enhance security, and boost operational performance. The digital transformation capability of this promising technology is noteworthy. Thereby, even key players in healthcare, real estate, automobile, insurance, and financial services are trusting blockchain technology and smart contract development services to generate value in the business network.
Blockchain Technology
Blockchain is a type of distributed ledger technology that offers a stable and effective network comprising an increasing list of transactional data records stored and maintained in a decentralized and immutable way. Once registered on the blockchain network and executed by a smart contract solution, transactions become irreversible and irrevocable.
Smart contract powered immutability and irrevocability play a significant role in realizing blockchain-enabled capabilities. Service providers can eliminate risks of data temperature, hacks, and threats with these features, generate productivity by bypassing intermediaries from company operations, and run a trusted peer network.
Blockchain Smart Contracts
A smart contract is a computer protocol that automatically performs, enforces, and verifies company rules encoded in a digital business agreement. Once executed, stakeholders cannot change, adjust, or manipulate predefined business rules. Fundamentally, it gets deployed with the blockchain solution to ensure the network's authentic flow of information.
However, now, as per the mutual consent of all transacting parties, a few blockchains permit rules modifications. Various consensus tools and features built on blockchain technology accelerate smart contract solution's sustainability.
Proof-of-work (PoW), proof-of-stake (PoS), byzantine fault-tolerant (BFT), and recommended notary nodes are some standard DLT based verification methods (consensus algorithms).
Source: PWC
Also, Read | Smart Contract Solutions for Business | Advantages and Use Cases
Smart contracts, Blockchain Technology, and Business
From healthcare to financial services, decentralized or approved applications powered by blockchain smart contract solutions may achieve efficiencies with security and trust across processes, including supply chain, payments, identity management, and more. For example, with an automated solution, a blockchain-based smart contract may replace traditional escrow service.
Smart Contract Advantages
Trust
To ensure confidence in transactions and avoid data changes, organizations get features such as irrevocability, peer-to-peer transactions, and cryptographic security implementations.
Verifiability of Transactions
It has the provisions to invoke while preserving immutability, any transaction ever stored on the database for verification and audit scenarios.
No middlemen
In order to minimize transaction costs, accelerate data transfers and improve security, smart contracts remove intermediaries from the financial ecosystem.
Also, Read | Accelerating Business Efficiency with Blockchain Smart Contracts
Applications of Blockchain Smart Contracts in Business
Smart contracts bring accountability, traceability, and automation of procedures, fast and simplified contract execution, cost-effective processes. Smart contract solutions lead to the removal of unnecessary third parties and thus the intermediary fee. Elimination by third parties depends on the business processes, however. It provides features like irrevocability, peer-to-peer transactions, and cryptographic protection to ensure confidence in transactions and prevent data changes. Also, it has provisions to invoke any transaction for verification and audit scenarios ever stored on the database while maintaining immutability. Eventually, it removes intermediaries from the transactional environment and processes to reduce transaction costs, speed up data transfers, and improve security.
Also, Read | Blockchain Smart Contracts Development in Your Business
How it Works
Blockchain developers code smart contract-based business rules to define and monitor any prospective outcome of a transaction. It can, for example, control various scenarios, including what happens if the shipment arrives on schedule at the manufacturer's end, it gets delayed or goes missing, a delay occurs due to customs, or in real-time, the exchange rate fluctuates.
Upon the fulfillment of business conditions, like timely delivery, a smart agreement automatically executes payment. It reverts funds from an escrow account to an account of a concerned party if there is no delivery.
Smart contracts are trustworthy and can transfer blockchain legal contracts effectively. Without human involvement and any prejudice, they can be partially or entirely executable or enforceable.
Also, Read | Making Your Business Smart with Blockchain Smart Contracts
Additional steps to double the legitimacy and security of transactions based on smart contracts:
KYC and AML procedures for verification
Irrevocability instantly
Automated smart contract execution
Now, let's explore blockchains that provide the framework for building successful fintech services based on smart contracts:
Smart Contract Development Platforms
A variety of open-source blockchain technology and smart contract development platforms are Ethereum, Hyperledger Fabric, and R3 Corda. They have gained a significant reputation for enabling innovative smart contract development solutions. Here are a few of their benefits most applicable to banks and other financial organizations.
R3 Corda
For financial institutions such as banks and insurance companies, the Corda blockchain is a distributed ledger technology for creating privately accepted solutions. With a smart contract approach, it seeks to automate legal prospects. It can, in other words, replace legal paperwork entirely.
Corda's private ledger technology allows information about every transaction (and every smart contact) in the network to be selectively accessible with permission. It improves privacy and enhances productivity as not all peers in the Corda network share the transaction information. Instead, they are only open to parties directly interested in a specific transaction.
Corda's smart contracts also have a provision for establishing notary nodes for business-critical transactions developed as third party transaction verifiers. As public financial regulators, auditors, banks, and other agencies, these authenticated digital notaries may act.
Ethereum Blockchain
It was the Ethereum Network that brought smart contracts into the real world as autonomous agents. It uses the Ethereum Virtual Machine (EVM) for the validation and execution of a smart contract. EVM refers to a network of nodes and miners ensuring that no one is cheating.
The main thing that separates Ethereum and R3 Corda blockchain application creation are their processes of consensus. Although Corda uses notaries for transaction verification, Ethereum smart contracts use proof-of-work (PoW) methods. There are also discussions on Ethereum smart contracts that incorporate alternatives such as proof-of-stake (PoS) and other frameworks.
What Do We do?
Indeed, institutions can benefit from blockchain technologies like Ethereum, Corda, or Hyperledger. Our smart contract development experts at Oodles provide services to build custom distributed ledger-based smart contract solutions for your business requirements. Our blockchain team develops custom solutions to provide greater control over processes and minimize transaction costs.
Mudit Kumar
30 Jan 2021
Supply Chain Traceability and Sustainability with Blockchain
In this detailed guide, discover the applications of blockchain technology in enabling supply chain network traceability and leading to its sustainable development.
The use of blockchain technology has extended beyond its usage as powering cryptocurrencies to advancing supply chains.
The encrypted, immutable nature of the record-keeping blockchain technology behind Bitcoin and other cryptocurrencies is emerging as a game-changer in supply chain management now.
Enabling real-time traceability of supply chain activities, including goods distribution, administrative processes, and financial transactions are a few of the advantages that blockchain supply chain development can provide to stakeholders.
Additionally, it improves supply chain interoperability with secure collaboration and communication, revamps complex operations, creates new business opportunities, and facilitates means to unlock efficiency.
Blockchain Technology
Blockchain is a distributed ledger that provides traceability, verifiability, and immutability of transactions.
Further, with smart contract solutions, a blockchain network itself can trigger transactions automatically. It helps recognized parties in the supply chain to create efficiency with security across processes.
Developing a traceable supply chain blockchain will include a permissioned blockchain network implementation with new specifications for representing block transfers and new regulations regulating the system.
Also, Read Transform your Business with Blockchain-Based Traceability
Why Supply chain Traceability is Essential and Blockchain Helps
Right through the value chain, stakeholders demand traceability and sustainability.
For the development of circular supply chains, companies must invest in digital traceability tools. For making the 'digital thread' of traceability a common practice, cross-sector cooperation is also necessary.
The loyalty of consumers always relies on supply chain efficacy. Thus, companies must do more than only offer the product that consumers want.
Today's supply chains still have to deliver on a brand promise: sustainability.
Customers, staff, and regulators expect more competitive development in the business-to-business and business-to-consumer sectors.
A study reveals that firms effectively matching the sustainability requirements get faster sales growth and consumer satisfaction.
Ilham Kadri, CEO of Solvay's chemical supplier, puts it this way, "profitability is sustainability.
Track Every Activity
Then, the operational consequence is that enterprises with their supply chains need to trace everything. They need to track where it came from and where it went, from its smallest raw material inputs to finished goods.
True sustainability also suggests that enterprises have to consider what happens to their products after a purchase. For several executives leading supply chain design and operations, it redefines the existing mission.
Or, at least, expands it. Also, it illustrates that seeing the system from a consumer perspective can be an invaluable guide for a sustainable supply chain.
One example is the car industry. The growth in the selling of electric vehicles and the sharing of cars is increasing.
It reveals a growing interest in sustainable mobility solutions by customers. However, it also raises a question about sustainable battery manufacturing and storage systems.
Industry players in the design, manufacturing, and delivery of batteries are working with policymakers to build traceable supply chains with blockchain.
They are developing supply chain solutions that enable responsible sourcing, recycling, remanufacturing, and reusability of electric vehicle batteries and their raw material components.
Source: Siemens
Stakeholders in all supply chains must now step up the use of digital traceability technologies to scale it up. It would provide companies with the many useful skills needed to deliver competitive goods and services.
Also, Read | Thwarting Automotive Counterfeits with Blockchain Traceability
How Blockchain Technology does that
Let us define this with a hypothetical example to highlight the shortcomings of the present ecosystem of financial-ledger entries and ERP schemes.
Also, we evaluate the possible advantages of a blockchain world with a straightforward transaction example.
An instance involves a merchant getting supplies of a commodity from a supplier and a bank that provides the working capital to complete the order.
The transaction process involves information flows, product flows, and financial flows.
Traditionally, for all three parties concerned, the fragmented flow does not efficiently contribute to financial-ledger entries. Moreover, state-of-the-art ERP programs' manual evaluations and checks cannot consistently connect these three flows.
It makes it impossible to remove implementation mistakes, facilitate decision-making, and overcome supply chain disputes.
Also, Read | Developing a Blockchain-based Traceability System for the Food Supply Chain
Capturing a Quick Transaction on a Blockchain
The widely used financial ledgers and enterprise resource planning programs do not accurately allow all pertinent documents, inventory, and money flow visibility to the three parties involved in a supply chain transaction.
Blockchain essentially provides a single unified view of the three processes, with various other advantages.
Execution errors are often difficult to spot in real-time, such as errors in product records, missed orders, and double payments.
It is difficult and costly to find the origins or address them by tracing the sequence of events documented in available ledger entries and records.
Traceable Transaction Process
Now, let's consider how the transaction looks. First, a manufacturer places an order and sends it to the supplier. At this point, because there were no exchanges of goods or services, there would be no entries in the financial ledger.
The merchant, though, registers the cryptographic token for the order with the blockchain. The seller then signs in the order and confirms the order to the manufacturer.
An operation gets reported on the blockchain for this.
But, it does not create an entry in a financial ledger. Next, the seller asks a bank for a working capital loan to fund the development of parts.
On a shared blockchain network, a bank verifies the order, accepts the loan, and registers the digital token of the loan. And so on.
Source: Forbes
Also, Read | Analyzing the Food Traceability System Developed by Walmart with Hyperledger Fabric
Partly since it provides a chronological string of blocks combining the three types of flows in the transaction and capturing information that is not documented in a financial-ledger scheme, a blockchain is useful.
Also, each block is encrypted and distributed to all members who manage the copies of data.
Blockchain offers a complete, trustworthy, and tamperproof audit trail of the three supply chain categories of activities thanks to these features.
Connect with our blockchain experts for more information about blockchain-based supply chain management.
Mudit Kumar
29 Jan 2021
Stablecoin Applications Development | Emerging Alternative
As Paypal and eBay revolutionized the way people buy online and Amazon changed how people shop, blockchain technology-powered fintech development with stablecoin applications can do the similar next emerging disruption in the global payment system development
Although niches such as supply chains and digital IDs are ripe for integrating blockchain applications, concerns such as market instability and the need to conform with the current regulatory structure have discouraged mainstream currency adoption. But now, where its predecessors stumbled, a promising group of cryptocurrencies known as stablecoins appears prepared to thrive.
The development of stablecoin applications is ideal for serving as an exchange medium in the crypto space. They can improve the quality, scope of the use, and trade of digital currencies at a more micro level.
Price Volatility is the Reason for Stablecoin Emergence
Due to the market activity that tends to rule the room, Bitcoin and other crypto-assets make headlines. Additionally, high volatility deters entrepreneurs and organizations from using these resources as a means of trade. For sure, how this plays out depends from instrument to instrument. However, making blockchain and cryptocurrencies more palatable to a larger audience percentage will require lower associated uncertainty for these methods.
Simply put, if individuals and companies want to use blockchain as a legal fiat substitute, buyers of all sizes and types must be sure that day-to-day continuity will be the value of this alternative. Stablecoin development and its applications offer a possible partial solution in and of themselves. They also open the way for more complex blockchain and crypto implementations.
Source: Bravenewcoin
Also, Read | The Emergence of Stable Coins: An Alternative to Cryptocurrencies
What's Stablecoin all About?
Today, 180 currencies, from the US dollar to the European Euro to the Japanese Yen and more, are approved by the United Nations.
These currencies are also used in the world's economies to buy goods and services. The value of these currencies, amid inflation, fluctuating exchange rates, and other causes, is subject to no adjustment on a day-to-day basis.
It helps many economies to rely on the use of these currencies provided by the government to run. You can buy bread from your local bakery, for instance, and pay $4 for it today. You are aware that it's unlikely to drop dramatically to 99 cents tomorrow.
Stablecoin Development Ensures Stability, Liquidity, and Security
Stablecoin is a type of digital currency aimed at imitating conventional currencies that are stable. A stablecoin is a type of cryptocurrency development in which the worth of an underlying asset is collateralized.
With unique fiat currencies, such as euros or US dollars, exchanged on markets, several stablecoins get protected at a 1:1 ratio. We may back stablecoin applications with other asset classes, like precious metals such as gold or other cryptocurrencies.
Compared to other cryptocurrencies, Stablecoins do not handle the challenges of severe instability. Without losing the trust and stability of a fiat currency, they exploit the advantages of cryptocurrencies. They also include immutability, openness, anonymity, fast transfers, digital wallets, protection, and low fees.
A stablecoin has numerous conceivable real-world applications, even though they are only in their early stages. Let us take a look at a few.
Real-World Stablecoin Applications
Enhanced Stability of Crypto Exchange Development
Due to tight rules, so few cryptocurrency exchange platforms out there accept fiat currencies. But using stablecoins helps exchanges get around this issue by merely using a USD-backed stablecoin instead of real dollars to sell crypto-fiat trading pairs.
It can support the adoption of cryptocurrency trading as a whole. It because it makes onboarding and possessing cryptocurrencies a simple process for novice investors. Another benefit for them is that they can think of it as in terms of dollars or euros instead of in constantly-fluctuating bitcoin values.
It would also reduce the impact of bitcoin on the market, as most exchanges already need traders to keep BTC until they can exchange it for other cryptographic forms.
A Digital Payment Method for Day-to-Day Needs
Stablecoins may find applications for mainstream trade as any other currency, but with the additional advantages of being a constitutionally backed and secure digital currency.
As many crypto-enthusiasts have dreamed of, we might eventually be able to take out our mobile and use a blockchain digital wallet payment system to pay for our morning coffee with cryptocurrencies.
Stablecoins are also extremely useful for overseas transfers, as no exchange of multiple fiat currencies needs to occur. Without exchanging them into rupees and losing a large percentage of fees, an individual in India might get USD-backed stable coins.
Streamlined and Secure Facilitation of Recurring P2P Payments
Stablecoins also allow the use of smart financial contracts that are enforceable. Smart contracts are self-executing contracts that operate without relying on any third parties to enforce them on a blockchain network. These automated transfers are traceable, straightforward, and immutable, rendering them perfect for p2p lending platforms, payments of salaries and deposits, rent payments, and subscriptions.
A Few Examples
For example, an employer can develop and deploy a smart contract solution. It will automatically transfer stablecoins to its workers timely and securely. As a result, it becomes useful for organizations with workers globally. It is due to eliminating high costs and the days-long process of moving and swapping fiat currency from, for instance, a New York bank account to a Chinese bank account. This approach could take mere minutes and demand just a small fraction of the transaction fees using stablecoins.
Another example is setting up a smart contract between a landlord and her tenant for automatic transfer of payments for rent on the first of each month. It is possible without worrying about high market volatility as you would for unreliable cryptocurrency.
For automated loan payments, regular subscriptions like gym memberships, or ongoing donations to non-profit organizations, the same concept apply.
Conclusion
The focus has always been on developing cryptocurrencies as a digital currency that is less risky and more liquid. The stablecoin we can call the holy grail to the crypto community. It can enable transactions without friction. It does so not only between crypto transactions but also parties that deal between crypto and fiat.
We hope this article helps businesses understand the applications of stablecoins. Need to understand more about Stablecoins and ideate a project development? Our skilled stablecoin developer team can support you throughout the development process, from ideation to concept and development of a token.
Mudit Kumar
27 Jan 2021
Blockchain Technology Integration for Business Intelligence
A range of businesses can enjoy the benefits of blockchain development solutions. We have discussed the key benefits resulting from the integration of blockchain technology in this article.
Blockchain is proving to be a crucial transformation enabler and the foundation stone for new growth. Blockchain technology, praised for its numerous features, provides a transparent and decentralized network. Businesses can use it to enhance current business operations while creating more powerful and efficient business opportunities. In these times of a pandemic, it has become mandatory for businesses to gain a competitive advantage. It has become imperative to adapt to the changes. Indeed, blockchain technology is the revolution that every business is watching.
Blockchain Integration in Business | Benefits
One of the key reasons most businesses embrace modern technology is that they want to gain the competitive advantage of the industry and want to offer value for money to their consumers at the same time. It's becoming simple with blockchain integration. Technology provides a shared network with a distributed ledger in which time-stamping techniques ensure that the information remains secure and traceable.
For various business functionalities, all these features of blockchain technology make it useful. Some of the notable blockchain features that can drive your business growth include the following:
Transparency
Decentralization
Interaction between peers-to-peers
Data security
Traceability
Immutability
Encryption
Consensus
Blockchain technology aims to create a transparent growth and development environment in which people can trust the digital data exchange platform.
Also, Read | Steps to Develop a Blockchain Application for Your Business
Blockchain Integration in Business | Applications
Source: E-Zigurat
Supply Chain Management
An influential part in determining the success of a business is the capability of its supply chain. Large or small, regardless of the size, maintaining a successful supply chain is critical. Not only it guarantees the timely delivery of items but the authenticity of products as well. The job becomes much more streamlined with blockchain integration. Blockchain supply chain development provides a transparent network in which any data exchange becomes time-stamped. Blockchain stores them in chronological order. It makes it easy for everyone in the network to monitor relevant details. This whole system functions with the IoT and blockchain integration.
Assuring Quality and Trust
Quality assurance is another field in which blockchain technology is proving useful. Companies want their clients to have a value-for-money product, and technology assists in this efficiently. We all know that with blockchain technology, information tracking becomes simple. Integrating products' manufacture to delivery cycle with the blockchain ledger enables the traceability of the origin. To help them know the past of a specific product, the client may use Blockchain and QR codes.
Global Transactions involving B2B
Blockchain integration prevents cross-border transactions from vulnerabilities like a fraud. It ensures so with features like disintermediation, immutability, consensus, and more.
Blockchain-based payments decrease costs due not only because of the reduced interference of third parties but also a fewer implementation of other security measures.
Smart Contract Solutions
Smart contract development is another area where blockchain technology can be useful for business. It always takes several days for the money transfer after signing the agreement. However, technology promises to make this process simplified. Smart contracts make this happen. These are pre-programmed contracts between the two parties who want to settle transactions on business terms and conditions.
Once conditions meet, a smart contract triggers to execute business terms involving money transactions. One doesn't have to wait for a third party's approval or confirmation. The whole system becomes fully-proof with little to no intervention from the third party, and at the same time, it also saves the expense and time that goes into verifying and validating a transaction.
Public Handling of Documents
As blockchain technology is a decentralized ledger, it becomes possible to hold immutable and tamper-proof records. Business intelligence can change in a real sense, especially when it comes to securing record-based databases.
Key Considerations
Make sure that you approach each discussion with a game plan and precise questions about system specifications. For some business uses, technology is outstanding, but it also does not make sense to others.
Source: Wipro
Scalability Challenges
One crucial aspect to consider is that your business, with the distributed ledger technology and the platform on which you will deploy your solution, should be scalable and efficient. Before moving into development, get answers to these questions. How many users does your network have? Who's going to have the data access? How many transactions today, tomorrow, and five years later will it require on the blockchain network?
Access to Developers
Blockchain is modern technology, and thereby, it can be daunting to find developers familiar with the ecosystem of languages and technologies for programming. Indeed, you'll want to make sure that the framework you select encourages developers to work with their preferred coding languages. It should enable developers to work efficiently with a healthy ecosystem of tools and libraries. It helps you avoid the need to outsource work that can sometimes be expensive and inefficient for growth.
Also, Read | Essential Aspects for Blockchain Implementation
Community Engagement
In the same vein as developer access, does a strong developer community have the technology framework you want? When it comes to introducing new products or finding bugs in a new protocol, these software groups may provide invaluable input and support.
Adaptability limitations
The blockchain application that you are introducing today will need to communicate with tomorrow's technologies. Moreover, the complexity and requirements of your systems will change as your company expands. Therefore, you need to ask yourself which data systems may need to communicate. Also, determine the roles they play to retain driving value for your business.
At this stage, Oodles' objective is to develop a level of integration tools and services to keep the organization and its data well placed to communicate with and benefit from this rapidly changing technological environment.
Security Mechanisms
From a security standpoint, many emerging inventions take years for proper vetting. Additionally, it includes factors like peer-review of the security and cryptography technologies on which your platform depends, technology ready for deployment, and testing the proof-of-concept. Also, conducting audits on security and code quality is essential.
Also, Read | Enterprise Blockchain Development | Nut & Bolts
What's Next
Blockchain technology creates enormous opportunities for innovation and transformation in business with enhanced collaboration, improved security, and increased productivity. However, it has problems, like any emerging technology, in the form of unproven implementations, a lack of expert expertise, high initial development costs, and a greater degree of trial and error.
Our blockchain experts specialize in addressing critical market issues with the latest innovations. To reinvent current business processes, speed cycle time, and reduce risk, we provide blockchain integration to many different use cases in the enterprise. We understand how you can and can not use Blockchain Integration Services.
Mudit Kumar
22 Jan 2021
mHealth Application Development with Blockchain Technology
The healthcare community has recently seen many advancements in healthcare delivery approaches and technology, including mHealth as an evolving field of healthcare apps to increase access to health services. Nevertheless, there are problems involved in the optimal value of mHealth implementation. Thus, in this article, we describe the most critical issues associated with mHealth and how to overcome them with healthcare blockchain development solutions.
What is mHealth
mHealth is basically a part of eHealth. Indeed, to date, no standardized definition has been developed for mHealth. For the survey, mHealth or mobile health was identified by the Global Observatory for eHealth (GOP) as a practice of medical and public health assisted by mobile devices, such as mobile phones, patient tracking devices, personal digital assistants (PDAs), and other wireless devices.
MHealth includes the use and capitalization of the central voice and short messaging service (SMS) utility of a cell phone, as well as more complicated features and applications, including general packet radio service (GPRS), mobile telecommunications third and fourth generation (3G and 4G systems), a global positioning system (GPS), and Bluetooth technology.
In implementing mHealth, we identified five key areas of technological challenges: usability, system integration, data protection, and reliability. We have explained some of the essential principles associated with these difficulties.
Blockchain in eHealth
Blockchain technology has the potential to change health care, place the patient at the heart of the healthcare ecosystem, and improve health data protection, privacy, and interoperability. By making electronic medical records more accurate, disintermediated, and safe, this technology may provide a fresh model for health information exchanges (HIE). This modern, rapidly developing field offers fertile ground for innovation, investment, and proof-of-concept testing, even though it is not a panacea.
A blockchain-driven exchange of health data may unlock the true value of interoperability. Blockchain-based systems can minimize or remove existing intermediaries' friction and costs. Blockchain pledge has widespread consequences for stakeholders in the ecosystem of health care. The opportunity to build on this technology is to connect fragmented processes to generate insights and to better determine the value of treatment. A national blockchain network for electronic medical records will increase efficiencies in the long run and encourage improved patient health outcomes.
Also, Read | Blockchain in Healthcare Data Management | Impact, Benefits, and Use Cases
Blockchain in mHealth
In mHealth systems, this blog critically collects, analyzes, and analyses the blockchain to strengthen processes and services. The findings indicate that the most funded fields that use blockchain are digital health records and personal medical records. Permissions, integration, provenance, and data integrity are the problems to be improved in this area by blockchain technology.
What is Blockchain
A distributed framework for tracking and storing transaction records is Blockchain. Blockchain is a shared, permanent record of peer-to-peer transactions that are constructed from linked blocks of transactions and stored in a digital ledger. To allow each participant in a network to communicate, Blockchain relies on proven cryptographic techniques without pre-existing trust between the parties. There is no central authority in a blockchain system; transaction records are instead stored and distributed among all network members. All participants are aware of interactions with the blockchain and require network verification before the information is added, allowing trustless communication between network participants while recording an immutable audit trail of all interactions.
Also, Read | Improving the Healthcare Infrastructure for Outbreaks like COVID-19 with Blockchain
mHealth Apps Development with Blockchain | Key Benefits
Improving Remote Prescription Adherence
With an automatic prescription, educational details, and refill notifications, Blockchain, and smart contract-powered mHealth apps alert patients to take medications on time. Not only does it ensure adherence to medication while minimizing hospital readmissions and poor performance, but it also helps care providers to facilitate the process to build morale and involvement.
Improving Contact with Providers
MHealth technology based on Blockchain increases the ability to unify the health system and allows doctors, patients, and hospital staff to connect using encrypted texting and messaging, video calls, and access to mobile health records. It guarantees seamless system interoperability, thus reducing the costs and delays associated with fragmented collaboration.
Activating Remote Monitoring of Patients
Doctors can control the condition of patients remotely with blockchain-enabled mHealth apps from the immutable data collected by IoT-enabled wearable devices, such as fitness trackers, wristbands, and watches. Patients can be assured that due to blockchain-powered attributes, there will be no privacy breaches or data misuse.
Improving Diagnostic Quality
By giving them access to patient medical records with minimal errors, Blockchain mHealth apps will reduce the burden on physicians. Doctors can diagnose them easily with access to patient records and handle more patients in a day. Also, patients will determine which data they want to share with which diagnostic provider.
Also, Read | Improving Healthcare Experience with Blockchains like Ethereum and Smart Contracts
mHealth Development with Blockchain | Applications
Secure Health Exchange Applications
mHealth application development with blockchain technology allows the sharing of data and medical images for safe health information to help clinical decisions. Additionally, stakeholders can share health records between patients and care providers seamlessly, safely, and efficiently using the exchange of health information powered by smart contracts.
Advanced Telehealth Apps
Developing blockchain telehealth apps for patients and doctors facilitates them to communicate remotely and virtually without worrying about security. Further, the solutions allow physicians to have a balanced workflow as patients can be handled from anywhere and at any time.
Applications for Wellbeing
The creation of mHealth apps with blockchain produces a robust mobile fitness app that helps fitness enthusiasts schedule a workout, maintain a diet plan, follow their footsteps, and from time to time get exercise tips. Also, providers can monitor their adherence to the variables to reward them and ensure long-term loyalty in return.
Chronic Disease Tracking Apps
App development for monitoring diseases with blockchain healthcare tools ensures tracking with security. Thereby, monitoring and evaluating medical data about patients with chronic conditions and post-treatment rehabilitation processes become trackable and interoperable with other healthcare systems.
mHospital Applications
Building mHospital blockchain applications make it easier for health organizations to improve various processes. It includes appointment scheduling, patient monitoring, inventory management, and other hospital-related tasks. Subsequently, it helps to experience a streamlined healthcare experience for both care providers and patients.
Also, Read | Blockchain for Clinical Trial Management | Ensuring Efficiency
Compliance Requirements for mHealth App Development
FDA
GDPR
SaMD
HL7
HITECH
HIPAA
Additional Technology Integration
Artificial Intelligence and Machine Learning
We work with various technologies for mHealth that include machine learning and skills in artificial intelligence.
IoT Integration
We also create connected mobile health applications that work in tandem with smartphones, smart IoT sensors, and blockchain.
What's Next
As per a CB Insights report, healthcare blockchain could solve some of the biggest healthcare problems. It includes enforcement, interoperability, and data protection problems. Indeed, instead of how you want to start, the more important is just starting. For every boardroom in almost every industry, blockchain is becoming a subject of discussion. Those who wait could find themselves falling behind the remainder of their sector quickly. Connect with our development experts for more information.
Mudit Kumar
21 Jan 2021
Developing Advanced Payment Processing Systems with Blockchain
Blockchain is a friction-less platform that is currently gaining popularity across various industries, including financial services, BFSI, retail, healthcare, manufacturing, and more. For staying competitive and meeting the ever-growing consumer needs, market leaders across sectors are exploring technology solutions. The payment processing industry is no exception. Recently, due to the potential of blockchain solutions development to substitute intermediaries and enable faster digital payment processing, technology has witnessed a growing number of advocates in the industry.
However, the question arises that how businesses can seamlessly implement blockchain fintech development to reap long-term benefits in payment processing. This article discusses crucial principles about blockchain implementation in payment processing. Discover how it enables the processing of payments in a faster, secure, and digitized way.
Traditional Payment System Challenges
The existing payment infrastructure is largely message-based and relies on multi-party file exchange. A standard cross-border lifecycle of non-euro payments requires processing through multiple phases. It takes from weeks to days to complete. For instance, because of this delay, it requires a business initiating a payment to monitor its bank account or bank account statement to get its clearance status.
Blockchain Features for Payment Processing Advancements
Source: PWC
Peer-to-Peer Transactions Model
Blockchain is a protocol that runs on top of the Internet, on a peer-to-peer network of computers, all running a real-time data exchange protocol. From the perspective of global payment services, if payment parties are part of such a scheme, an exchange of payment information (such as clearing & settlement details) will occur in real-time, reducing lags in payment processing & settlement times. It addresses one of the issues with global payments. Additionally, it does not charge anything. Thus, the transactions do not get correlated with any network transmission rate.
Also, Read | Making Secure Online Payments with Blockchain-Based Crypto Wallets
Distributed Ledger Technology
Blockchain is a decentralized digital ledger that facilitates the creation of an immutable historical transaction record. The database gets simultaneously stored across several computers that are part of the network.
It ensures a shared view of the same data across the network to all permissioned identities. It removes the introduction of lengthy and time-consuming reconciliation procedures by banks to ensure transaction integrity across payment processing networks. Also, it helps to enhance customer service by rapidly supplying them with valuable information: specific timings, numbers, charges, and fees received by each party in a transfer of funds.
Cryptographic Mechanisms
For protection from tampering, blockchain technology cryptographically signs the transactions signed, making them secure. Also, in the ledger, an auditable trail of all the transactions is always available. These features reduce the need for global payments from a trusted middleman or intermediary banks that financial institutions require. The use of an intermediary contributes to the expense and creates a pause in the processing of payments.
Data Security and Privacy
Unlike "permission-less" blockchain networks, where transaction information is made accessible from a data privacy point of view to anyone in the network, rendering it unsuitable for controlled financial institutions.' Permitted' blockchain platforms such as Hyperledger, Ethereum & Corda keep financial institutions' data privacy rules, information protection & regulatory requirements in mind. The shared ledger is fortified with access control in the approved blockchain to ensure that transactions between parties are available only to them.
Smart Contract Solutions
A smart contract is a piece of software that includes a pre-defined set of rules. It enforces them during the transaction phase to ensure that all requirements meet and complete the transaction, as specified by the business process. Any business validation to be carried out outside the payment system from a payment perspective, such as the permissibility of a certain form of transactions or potential duplicate checks, can be done by a smart contract solution from a payment perspective.
Trust-Less Governance Model
The consensus protocol ensures a transaction's credibility and continuity. By executing a smart contract code, stakeholders can validate a transaction. When one or more than one node decides that the transaction is true and unique, the network reaches a consensus. It essentially ensures no forgery or double-spending of funds by engaging in payment services.
Blockchain Applications | Payment Processing Systems/Solutions
Advanced International Reconciliation
SWIFT completed a proof of concept (PoC) with 34 global banks to determine whether Nostro reconciliation could be used with Blockchain. Nostro/Vostro accounts where a bank in a few countries does not directly offer services. It does so through a correspondent bank. The PoC concluded that, if implemented globally by all the participating banks, blockchain could effectively facilitate automated real-time liquidity tracking and reconciliation.
Also, Read | Fast, Secure, and Efficient Digital Payment Solutions with Blockchain
Frictionless Card Payment Solutions
Card payments for shoppers are a convenient, cashless payment choice, but merchants receive a high transaction fee. There are intermediaries, including acquirers, payment gateways, exchanges (Visa/Master), and issuers (cardholders' bank). There will be no need for too many authoritative bodies because there is no central authority in a blockchain network. It assists retailers to pay less for service costs and transaction fees and provide consumers higher discounts in exchange.
Secure and Fast Cross-Border Payment Processing
When traveling from one country to another, cross-border payments have to move through many banks. It boosts the fees involved in making them. Mastercard has developed a blockchain-based solution that connects the sending and receiving bank directly. It does not involve intermediaries with this settlement network. They can achieve this without using any cryptocurrency, as well as enable fund transfers as fiat currencies. Likewise, FinTech provider R3 is working with 22 banks to develop a solution for real-time international payments that use Distributed Ledgers to allow cross-border payments that are quick, efficient, and cost-effective.
Source: Ripple (xCurrent)
Simplified Trade Financing
Multiple intermediary banks oversee trade finance between a buyer and a seller, whether domestic or intermediary, using financial products. The functionality provided by blockchain technology is smart contracts for trade finance. These are self-executing contracts, while the terms of exchange remain on the blockchain as codes. These execute payments automatically when parties fulfill particular conditions. The receipt of a shipment of items may be an indication of a situation.
Conclusion
Digital currencies will become more common. We already see a few digital currencies emerging globally to power cross-border transactions, some backed by central banks, some not. Universal tokens, most likely secure coins. A single norm would arise, maybe. Other blockchains with slower transactions can find use as value stores or objects of speculation. Let's connect with our blockchain experts to discuss a future project.
Category:
Blockchain
Mudit Kumar
16 Jan 2021
Exploring Blockchain for Ecommerce Platform Development
Since the pandemic has struck, ecommerce is one of those businesses that require rapid advancement to manage ever-growing market conditions and development in the industry. Also, to have a viable business strategy and remain important forever, it has become obligatory for corporations to be open to drastic changes. One such revolution that is bridging industries and the future is blockchain technology. Its integration with an ecommerce business provides notable features capable of facilitating advanced digital transformation. Blockchain technology solutions for ecommerce, from providing decentralizing underlying infrastructure and enabling authentic transactions to immutability, has a range of attributes to offer. Blockchain is a vital revolution that technology has introduced in recent times.
In this blog, discover why innovators should consider the implementation of blockchain technology solutions for ecommerce platforms and retail markets development and evolution.
Blockchain-Enabled Benefits for the eCommerce and Retail Business
Blockchain architecture for retail markets provides efficient omnichannel retailing without sacrificing the traditional system's functionality. There are, in reality, multiple methods in which it brings transformation.
Fairly Low Transaction Costs
By eradicating intermediaries from almost any phase it is implemented into, blockchain technology makes its first step. A significant advantage of this provision is that it also significantly decreases the cost of transactions. Thereby, a retailer can pass the savings on to consumers.
Fast and Secure Transactions
Once again, fewer the intermediaries, fewer the stops a transaction takes before completion. Those transactions occur in a single network in blockchains. The only factor on which the transaction speed relies now is the capacity of the network.
Also, Read | Blockchain Applications in Retail | Driving Efficiency and Productivity
Enhanced Business Data Security
A blockchain system means that a single central server does not store the data. Alternatively, it gets distributed across a network of nodes or machines that make it incredibly immutable. Hacking is virtually impossible because only after the consent of all the parties approved acts take place.
History of Transactions
We call it blockchain technology because it chronologically stores information in a series of blocks linked like a chain with a unique key that it creates for each entry. Changing information requires a consensus of the network. Without reaching network consensus, it is nearly impossible to alter the information on a blockchain network. It ensures that not only your data is secure, but you also have access to the history of the transaction since its inception.
Tracking of the Supply Chain
To err is human. Then there is an intermediary at any stage of a supply chain management system. It makes your transaction vulnerable to tactics and unethical practices to cut costs or damage your company. In a blockchain integration scheme, meddling with it becomes complex.
Better Methods for Payments
As a technology update, blockchain got implemented after Bitcoin made it large. This technology's past has capital written all over it. There are now a variety of blockchain payment methods that can dramatically reduce transaction costs. Further, crypto wallets developed with blockchain integration makes transactions frictionless.
Support for After-Sales Services
Encouraging loyalty programs, monitoring transaction records, suggestions for improvement, and feedback through successful systems are just a few of the many advantages that originate from retail and eCommerce company blockchain growth.
As the online sales industry continues to both accept and benefit from distributed blockchain technology, it will multiply how sellers can work and support their clients and their bottom line
Also, Read | Is Blockchain Indeed Capable of Evolving Ecommerce
A few Blockchain Technology Implementations in Ecommerce Business
Supply Chain Monitoring and Traceability
Each e-commerce site thrives on the supply chain's reliability. A consistent supply chain process helps the store operator to understand what stock is in the pipeline and when new stock is going to arrive, as well as ensure that suppliers supply the exact goods ordered. E-commerce companies will ensure that manufacturers conform to standards decided upon using blockchain and do not substitute goods without warning. Thus, blockchain-powered traceability brings transparency to the process.
Efficient Management of Identities
The digital traces they leave behind are unprecedented, as more and more individuals use online platforms to perform transactions. Each time customers enter their personal or bank data for payment purposes on an e-commerce website, information gets exposed to many web databases vulnerable to security problems. Blockchain-based identity can help retailers develop powerful authentication mechanisms and encrypted digital identities for enhanced identity protection by securing individual identities from fraud and misuse.
Virtual Ownership
Usually, the store owner creates loads of high-quality images, product videos, reviews, and other material integral to every e-commerce website at great expense. However, ownership belongs to the e-commerce platform. With blockchain, retailers can own all digital properties, including digital storefronts, product photos/videos, and reviews. This ownership gets registered and is entirely transparent on the blockchain.
Also, Read | Blockchain Digital Identity Management | Empowering Individual Data Ownership
Regulation of Inventory
Inventory management is one field that can greatly benefit from blockchain use. For example, retailers can identify and reduce inventory similar to traditional shopping carts by integrating blockchain into inventory management. They can also order replacement stock when pre-defined thresholds exceed. It means that the online store never runs out of items while at the same time ensuring that there is no accumulation of excess inventory.
Programs to Encourage Loyalty
Blockchain will allow clients to benefit from customized deals and incentive programs for loyalty. Personalized offers and loyalty incentive systems get streamlined with blockchain. A solution securely records purchase history and preferences on the blockchain. Since records of every transaction are on the chain, providing a discount or awarding incentive points to customers when they meet those purchasing thresholds gets fasters and secure with blockchain-based loyalty program management.
Management Of Warranty
Consumers and dealers also face the annoyance of losing paper receipts and being unable to show warranty coverage. With blockchain, retailers can store warranty information securely and efficiently; suppliers, retailers, and clients will all be able to access the data, allowing quick access and confirmation of warranty information.
Real-World Examples
A few of the many major retailers that have already started experimenting with blockchain retail technologies are Buying.com, Ikea and Nordic Store, Home Depot, Walmart and IBM, and Target and ConsenSource. There are conventional obstacles to the retail industry. Therefore, retailers have sought answers from evaluating the implementation of blockchain in their operations. Those include smart contract solutions, transactions based on Ethereum, supply chain monitoring, record-keeping with hyperledger, inventory management, better supplier relationships, and even better traceability of drugs such as medical.
A technology partner is a must to explore this futuristic technology and thus transform your e-commerce business. At Oodles, our development experts develop advanced blockchain-based e-commerce solutions that provide various opportunities for your business. Connect with us and discover the potential.
Mudit Kumar
14 Jan 2021
Blockchain Based-Tokenization | A Guide to Essentials
The way we invest in assets is transforming because of the advent of blockchain-based tokenization. Whether it's real estate, paintings, precious metals, or company stocks, blockchain-enabled fintech app development can tokenize a range of tangible and intangible assets. In cryptocurrency development, the tokenization of assets refers to the transformation phase of physical assets into digital assets. Let us illustrate an example of the procedure that describes asset tokenization
Tokenization is also defined as the technique of transforming an asset's ownership rights into a digital token. You can turn your apartment worth $200,000 into 200,000 tokens, where each token is equivalent to 0.0005 percent of the apartment's share. Tokens are then released on any blockchain network that, for instance, Ethereum, can support smart contracts. When a consumer purchases one token, it means they buy 0.0005 percent of the ownership of the asset. If anyone buys 80,000 tokens, 40 percent of the asset is owned by them. If all 200,000 tokens are purchased, they become the 100 percent owner of that house.
Blockchain for Tokenization
Blockchain is an immutable public library that guarantees that you will not revoke ownership until you buy tokens, whether or not it is registered in the government-run registry. It is now clear that these services incorporate blockchain. So, we took an asset, tokenized it, and on the blockchain built its digital representation.
Because of the potential of tokenization to deliver higher liquidity, lower prices, and quicker payment, traction continues to be achieved and investments are being made through various industries.
Also, Read | Security Token Exchange Development - A Comprehensive Guide
Reasons Why Blockchain-based Tokenization is Emerging
Here are some of the factors why the industry is switching to tokenization
No Geographical Limitations
An individual can invest in a property situated in any part of the globe without physically visiting it. With asset tokenization on the blockchain, investment becomes stable, rapid, and fast.
Substituting Middlemen
To reach a deal, trading of properties typically takes days to months. External agencies are interested in validating the contract documents and the eligibility of the lender, contributing additional costs to the operation. However, tokenization reduces the need for blockchain intermediaries with the potential to offer immutability and accountability.
Enabling Fractional Ownership Distribution
They become extremely divisible as properties become digital. Thus, customers can spend small amounts of tokenized funds as per their needs. You may purchase just a 10 percent share of a tokenized real estate property, for example. It significantly lowers the obstacles to joining the market for billions of buyers.
Improved Investment Liquidity
Taking the investment mechanism to the blockchain creates a low-friction atmosphere. Asset tokenization allows for automatic ownership transfer while maintaining compliance. With decreased complexity and costs, tokenized assets offer the potential of participating in controlled markets with fiat money and P2P trading, which will increase liquidity.
Fast and Efficient Transactions
The trading process is automatic because smart contracts perform the sale and conversion of tokens. With no intermediaries required, automation will reduce the stress involved with buying and selling. As a consequence, it fastens the execution of the contract with reduced processing costs.
For the aforementioned factors, we can infer that tokenization will remain here for several years to come and will offer a broad variety of possibilities for a wide asset class. We will now list some of the asset groups available to small and large investors that can be tokenized and made available.
Also, Read | Crowdfunding Your Business Idea with Security Token Offering
Applications | Blockchain-based Tokenization
Blockchain can tokenize almost any commodity class, from properties such as artwork and racehorses to conventional assets such as stocks, real estate, and commodities.
Real Estate
Tokenization of real estate requires fractional ownership, which opens the doors to high capital and greater participation in the market. Tokenized real estate assets offer an incentive to widen the investment markets for real estate.
Commodity
Commodity tokenization will bring new business dynamics through the lifecycle of commodity sourcing and trading. The transfer of physical assets into tradable digital assets creates greater transparency and fewer barriers to entry into asset groups controlled by individual institutional investors.
Shares in Private Equity
Reporting of information about owners and shares in small to medium-sized businesses currently happens in documents or spreadsheets. In its database, each group maintains documents, generating siloes that are redundant and vulnerable to errors. Equity share tokenization enables businesses to connect with shareholders by presenting data on a single shared and permanent ledger. To run transactions on the secondary market, shareholders would have ownership of integrity and legitimacy.
Physical Goods
Via the openness of the blockchain, illiquid properties, including artwork, wine, equity rights in private firms, partnership securities, and more, it is possible to tokenize to give provenance, lending, and price discovery.
Also, Read | Wise words for cryptocurrency buyers-- Exploring ICO Token Development
Gains from Asset Tokenization on Blockchain
Today, a significant majority of the global population is unable to access investments of high value. Blockchain technologies drive new capital formation strategies and offer an introduction to capital mobility and global capital markets.
Accessible, Open for All
It is possible to connect tokenized assets internationally, 24/7, from anywhere in the world.
Immutable Records
No one can revoke the ownership until someone collects the coin. However, when the owner sells it to someone else, it can move from one entity to another. In the case of any disputes, when looking at immutable documents of possession, disagreements can be settled easily.
Transparent Network
As each record remains visible on a public and permanent database, no one will fraudulently pretend to own properties. Ecosystem openness would ensure that everyone has a consistent picture of the revised registry of ownership information.
Cost-efficient
Tokenized assets exclude the presence of intermediaries that frequently limit exposure to investment. Eliminating intermediaries from the scheme would minimize and add transparency to high fees.
Investment-Friendly
Since tokenized securities, with the prospect of fractional ownership, provide greater liquidity, asset tokenization results in reducing the need for minimum investments.
Also, Read | How To Build Your Very Own CryptoCoin/Token And Start An ICO
Conclusion
We soon expect the addition of new actors, new services, and new opportunities to the market with the advent of asset tokenization. It would provide the conventional players with new opportunities to fulfill the new demands of the token economy.
After its industry emergence, we have been thoroughly studying the blockchain and its usage cases. We thus recognize what it takes without any restrictions to tokenize a real commodity. Consult and turn the actual asset into a digital token with our blockchain experts.
Mudit Kumar
08 Jan 2021
Steps to Develop a Blockchain Application for Your Business
For organizations operating with complex, archaic infrastructure and technology systems, Blockchain app and solutions development can prove beneficial. With distributed ledger applications, permissioned users can access the same data at the same time securely. It leads to increased performance and efficiency and minimized friction. If we develop a blockchain application for a business, it may assist it in expanding and growing exponentially. Additionally, various 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 Attributes
Consensus for Transparency
Mutual ledgers are updated only after all relevant participants involved have checked the transaction.
No Data Replication
If 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 Immutability
Entities can add blocks of information, but not remove or change them. Consequently, it creates a permanent record of every transaction, which increases trust among the stakeholders.
Enhanced Security
In a private blockchain, only entities authorized by consensus can create blocks and access them while enabling permissioned participants access to the network.
You are undoubtedly excited to figure out what moves you need to take towards integrating it in your organization and industry after realizing the possible disruptive power of blockchain for companies.
Also, Read | Enterprise Blockchain Development | Nut & Bolts
Steps to introduce your business to your first blockchain application
Determining Business Applicability
You will find out how it already influences the business when you learn more about blockchain, or some block-chain implementations can appear apparent to you as ways to fix current problems. Agreeing to the following questions ensures blockchain has a role in your industry:
Your organization network needs to address contractual management for relationships
The existing systems, probably due to the need for intermediaries or a central control point, too complicated or costly?
Need to benefit from improved trust, openness, and recordkeeping accountability?
Due to manual procedures or duplication of effort, the existing method vulnerable to errors
The existing system of transactions vulnerable to theft, cyberattack, and human error
If you agreed to two or three of these scenarios, your business will potentially benefit from the blockchain app development.
Also, Read | A Walkthrough of Blockchain Development Service Benefits
Identifying Obstacles in Operational Efficiency
Examine for inefficiencies in the current business processes, particularly steps in the process that are vulnerable to delays, confusion, mistakes, and duplication of effort. It is possible that a segment would guide you in the right direction. "A more general question to ask is the following: "What problems do I face in my transaction networks at the moment? ”
Assessing a Suitable Use Case
Make sure it's a good match for what you're trying to do while picking a use case. Choose something that brings actual meaning in comparison to something that contemporary technologies might achieve. The selected use case must have the following aspects considered
Network Consensus: Need to have an agreement on the legitimacy of each contract through the company network to have an advantage.
Product/Transaction Provenance: It is necessary to preserve a thorough audit trail.
Data Immutability: It is necessary to be tamper-evident in the transaction trail.
Transaction Finality: A fast transaction processing system needed across the company network.
Try to pick a less organizationally complicated use case, so during your maiden trip with blockchain, you do not have to overcome with complexity.
Also, Read | Trending Blockchain Use Cases in 2020 in Diverse Industries
Determining The Objective of Business Blockchain Network
For your first project, outline a simple and achievable target after identifying an acceptable use case.
By using blockchain technologies, address or enhance
Measure your first project's progress in achieving that goal
Will you want to reduce conflict settlement times
Accelerate the delivery of claims, free up cash flow, or reduce fraud in your network
These are a few goals a blockchain network can accomplish.
Finding Required Support
If you have an acceptable use case in mind, ask what else you need to embark on your first blockchain project in addition to the internal tools you already have.
To aid deploy the first project, do you need a service partner? Will you need a public or private blockchain that helps you to achieve those targets of legislation or compliance? Since transaction management is now a team sport, involving many, a blockchain network is more competitive and becomes much more useful and powerful as the blockchain develops.
Selecting a Blockchain Development Service Provider and Blockchain Platform
Select a vendor and network that best suits your needs to develop a blockchain application. Look for answers to the following questions as you compare the suitability of numerous suppliers and platforms:
Need an authorized network
You need to know the name of your organization network, for instance, to adhere to laws such as anti-money laundering (AML), or is your client aware of it (KYC)
Need regular trades in an automated and preprogrammed manner to free up precious time recourse and services
Initiating Smart Contract Production and Launch
Developing and implementing a blockchain platform and the network is the next step in the first blockchain project.
Optimizing Your Blockchain-based Business Network
The last step to develop a blockchain application and implementation is an ongoing process. Track your application and monitor your application and network for development and extension into a larger implementation.
Conclusion
The correct strategic approach to when and how to compete to enable firms to start generating profit in the short term will be exposed by measuring these variables with pragmatic cynicism about the size of effect and pace to market. Indeed, players capable of developing blockchain solutions as an alternative to the market can make significant movements - and make them now.
To develop a blockchain application for your business, contact our team of blockchain experts. By integrating blockchain technologies into your project concept, our experts will turn your idea into a real solution.
Mudit Kumar
07 Jan 2021
Data Privacy and Security with Hyperledger Fabric Blockchain
Enterprises often require a defined degree of data and transaction protection, privacy, enforcement, and efficiency to be guaranteed. Achieving so is quite complicated and time-consuming. With data incompatibility or lack of confidence, problems often arise in business. In such cases, how can Hyperledger blockchain development help to ensure privacy and confidentiality of data and transaction exchange across a business network?
A distributed, decentralized public ledger is now known by blockchain technology. It can be represented as a constantly increasing list of transactions stored on devices on the network called nodes to image it. The nodes are linked by cryptographic protocols and keep transactions confidential.
All the information on this network is available to users and they are each responsible for their actions. Data is permanent and is not governed by a single central authority. But what, where a business wants to ensure the privacy and confidentiality of transactions and data exchange with others, use private blockchain like Hyperledger Fabric.
Permissioned Blockchain Development
The feature that distinguishes private blockchains is that network participants can restrict access or permission. One has to get permission from network managers to join the network. The limitation of network access guarantees confidential transactions. Only individual parties involved in a transaction can recognize it. It is enough to restrict reading permissions and provide a high degree of data protection to achieve a higher level of privacy.
Private Blockchain Platforms for Privacy and Confidentiality
Permissioned or private blockchains are either open source, consortium, or built privately. A private blockchain comes in many options for the privacy of transactions and data exchange use cases, but the most common ones are the Hyperledger Fabric of the Linux Foundation and the Corda of R3.
Also, Read | Technical Benefits of Hyperledger Fabric for Enterprise Application development
Introducing Hyperledger Fabric Blockchain for Privacy Protection
The scalability of Hyperledger Fabric relies on several variables. Design of software infrastructure and performance of complexity effects. Compared to public blockchains, the Hyperledger Foundation claims that its private blockchain is more scalable and enables more transactions every second. A 2019 report also predicts that achieving 20,000 transactions per second is possible.
One big tradeoff with higher transaction processing rates is that there is further centralization of private blockchains. Hyperledger Fabric uses Raft consensus instead of public proof-of-work consensus, also used by Bitcoin and Ethereum.
You need an odd number of nodes to achieve consensus in Hyperledger Fabric and there must be a clear majority of those operating to validate transactions. For instance, if a network includes seven nodes, four will need to function to verify new transactions. Having only a small number of nodes, however, also comes with risk.
Permitting network stars gives them a great deal of control, so make sure they're someone you trust. The raft will use more nodes, and it will continue to operate. It is less secure because it does not defend against 'bad actors,' that is, these 'bad nodes,' so believing that such bad users will not obtain access is rather necessary for corporate blockchains. However, rafting is much easier, much more scalable.
Also, Read | The Potential of Hyperledger Fabric for Enterprise Solutions and Its Use Cases
Hyperledger Fabric Blockchain
Hyperledger is an open-source, distributed blockchain project—
Suitable chain technology for the enterprise. Hyperledger Fabric is an implementation of the blockchain architecture and one of the Hyperledger projects hosted by The Linux Foundation. It uses container technologies to provide modular architecture and pluggable, interchangeable facilities. There are several other characteristics of Hyperledger Fabric as well:
Provides support for a range of usage cases in the market with distinct specifications
Complies with present-day laws and rules
Ensures private and sensitive confirmed identity and transactions
Enables support for authorized and private ledgers
Facilitate auditability, identification, security, efficiency, scaling, and privacy intelligence
Reduces the cost of computing by endorsement policies and
The protocols of modular consensus
Modular and Scalable
With a modular and scalable architecture, pluggable applications, and container technologies, Hyperledger Fabric offers a platform for designing blockchain solutions for enterprise use cases. It also provides transaction confidentiality, security, and finality for enterprise environments. In addition to employing beneficial open-source practices, it fulfills four essentials blockchain aspects for business.
Private/Permissioned Network: Permissioned membership collectively gets established access and usage rights in the business network.
Private Transactions: Offers versatility for security for corporations to make transactions available to identified, permissioned parties with encryption keys.
No Cryptocurrencies: This does not involve the extraction of expensive and costly calculations to ensure mining and transfers of cryptocurrencies
Modular Approach: Leverages precisely embedded smart contracts logics to simplify company operations across the enterprise.
Use Case | Privacy Protection with Hyperledger Fabric Blockchain
Let's take a look at a recent Hyperledger Fabric-based project, demonstrating transaction privacy and confidentiality preservation, for reference.
Traditionally, until the final execution, reaching and confirming a decision or a document implies that both parties must consult with each other manually for seeking consent to the modifications, as per a hypothetical high-level architecture. There is no single authentic data source to connect the networks of collaborators or branches in one entity for rapid reconciliation. There are inefficient means employed. They do not ensure authentic validation of transactions and store records in the database in real-time. Overall, it's costly and time consuming with current centralized frameworks. Not to mention, the security of centralized systems remain highly vulnerable to hacks and threats.
As explained, we may incorporate a backend framework with a database as a core solution. Although it strengthens the network mechanism, we still have mistrust and a lack of immutable data issues. Without the permission of the settlement parties, a bad actor can attempt modifications during data exchange.
Also, Read | Strengthening Privacy of Blockchain with ZK-Proof
Using Private DLT with Smart Contracts
The absence of trust in data and participants affects future transactions and fails to address issues. We may employ DLT (distributed ledger technology) as a private blockchain with smart contracts to address a lack of trust and drive decision-making. Each network member should get a transparent view of data but with confidentiality and authentication.
Indeed, in this case, the most relevant solution is developing a private blockchain. Centered on one central database in which all saved modifications are available to users, we can address the challenges.
Deploying Hyperledger as a private blockchain network provides a shared, decentralized, yet trustworthy database with immutable data. Further, smart contracts reduce decision-making time by enabling automation across current manual or semi-automation processes. As a result, it lowers costs and drives efficiency.
At Oodles, our blockchain developers provide Hyperledger blockchain development keeping technical and business perspectives in mind. Along the journey, we learn how our client's business functions, what challenges we address, and how we can efficiently merge technology and business to simplify operations and offer consumers meaningful benefits.
Mudit Kumar
06 Jan 2021
Will Blockchain Go Mainstream In Every Company By 2025
The movement towards decentralization in mainstream businesses is gaining momentum, largely driven by blockchain development services. This shift began with the advent of Bitcoin in 2009, created by the mysterious Satoshi Nakamoto. Initially designed as a peer-to-peer electronic cash system, the underlying blockchain technology has since revealed its transformative potential across various industries, including healthcare, automotive, and beyond. Blockchain has revolutionized critical business operations and processes, such as digital remittances, and has opened up new avenues for development, with hundreds of business solutions emerging daily.
Understanding Blockchain Technology
Blockchain is a decentralized, digital, cryptographic ledger composed of a series of information blocks interconnected in a chain. Unlike traditional centralized databases, blockchain stores data across a network of nodes, creating a shared and immutable database. Each block has a specified size limit and records information in chronological order, making the blockchain a permanent, tamper-proof record. Once data is added to a blockchain, it becomes unchangeable without network consensus, ensuring its integrity and permanence.
Initially developed to support cryptocurrencies like Bitcoin and Ethereum, blockchain technology has proven its versatility with a wide range of applications across different sectors. Businesses are progressively exploring its potential, and reports suggest that by 2025, blockchain will be integral to essential business processes, even if not yet ubiquitous across all operations.
Also, Check | How Blockchain Transforms the Supply Chain Finance
Mainstream Blockchain Adoption by 2025
Peer-to-Peer Payments
One of the earliest and most widespread applications of blockchain technology is the development of peer-to-peer (P2P) payment models. Businesses are increasingly using blockchain to facilitate secure and efficient online P2P transactions. Cryptocurrencies have emerged as viable alternatives to traditional, centralized payment methods. From large corporations to small and medium-sized enterprises (SMEs), companies are adopting cryptocurrencies for fund transfers and payments. The primary advantage of P2P transactions is the elimination of intermediaries, such as banks, which typically charge high transaction fees. These fees can be especially burdensome for businesses conducting frequent international transactions. Blockchain technology offers a cost-effective solution, with minimal to no transaction fees depending on the cryptocurrency used.
Also, Explore | Developing P2P (Peer-to-Peer) Lending Platform with Blockchain
Smart Contracts
Blockchain-based smart contracts represent another significant innovation. These self-executing contracts automatically enforce and verify the terms of an agreement between parties based on predefined conditions. Smart contracts, written on the blockchain, are immutable and cannot be altered once triggered, ensuring security and trust. This technology streamlines business operations by facilitating faster and more efficient deals and agreements, surpassing the traditional, paper-based contract methods.
Also, Read | Best Practices for Smart Contract Development
Recruitment and Hiring
The recruitment process often involves extensive efforts from HR teams to sift through resumes and select suitable candidates. Blockchain can simplify this process by providing a digital identity and profile for each applicant. These profiles would contain verified information about work experience, previous employers, and accumulated feedback. A computer program could quickly analyze this data to identify the most qualified candidates, making the recruitment process faster and more efficient.
You may also like | AI-Driven Smart Contracts: Merging Intelligence with Automation
The Future of Blockchain
These examples illustrate the potential for blockchain technology to become mainstream by 2025. As businesses continue to recognize its benefits, blockchain applications are likely to become integral to various business processes and operations. The odds are in favor of this emerging technology, poised to revolutionize the way we conduct business.
If you are looking to explore the potential of blockchain technology in your business, connect with our skilled blockchain developers to get started.
Mudit Kumar
02 Jan 2021
Blockchain-Powered Digital Ticketing Platform Development
The rise of digital ticketing has been a major transformation in the development space. Attendees can now buy tickets on their mobile, store a copy of their ticket on their digital wallet, and then use it directly at a venue to gain access. Today, ticket organizers connect on a customized basis with their client base and start developing flourishing partnerships. It has become an incredibly simple and helpful method of ticketing events. Let us review how Blockchain app development can shape ticketing technologies to help the industry grow.
Blockchain-Based Digital Ticketing
Blockchain technology has the potential to overcome the ticketing industry's ever-present threat of fraud and counterfeiting. Expertise is what stands between ticketing services and adoption: you achieve where blockchain technology blends with your industry by working with a development company such as Oodles.
Blockchain offers many benefits, including tracking each ticket sold for every event, identifying resellers, and, as it stores every transaction across the network, viewing each client and reseller. It, though, drastically reduces costs and increases efficiency and sustainability.
Authentication
Blockchain networks store the root of ticket information and make transactions safe. Instant access to ticket information allows removing forgeries entirely.
Transparency
Integration of blockchain technologies helps you monitor the whole process: from the issuance of the ticket to its purchase, thus, making contact more open between parties to this process.
Automation
The implementation of blockchain-based smart contracts helps organizers to create transparent and instantly implementable pricing, swap, reimbursement, resale, and benefit allocation rules.
Also, Read | A Comprehensive Guide to Blockchain Application Development
How Blockchain Enhances Digital Ticketing and Event Management
Standardizing Policy on Ticketing
Today's ticketing system is primarily used as the framework of documents for ticketing. Beyond those of a particular ticket company, it's difficult to share customer details or register tickets. Standardizing protocol, Blockchain tickets give you a crucial opportunity to control the marketplace.
Detailed Records
With the blockchain of tickets, information is a strength. Event organizers will classify ticket holders, and display all past sales, to see if a ticket has been resold and at what price by presenting the entire history of ticket transactions. It lowers theft and operating expenditures.
Control of the Secondary Sector
The secondary ticket industry is being scrutinized by policymakers worldwide. The solution is blockchain tokens. Issuing tickets on the blockchain controls the method of reselling tickets, sets the right price for tickets, and puts resale restrictions. It also helps tighten scalpers' power.
Know the Actual Customer
Blockchain ticketing technology offers proof of identity nearly instantaneously to help ensure that you know who the actual attendees are. That ensures that event managers will know exactly who is involved while gathering invaluable data insights for future marketing purposes.
Ticket Flow Management
Blockchain offers an unalterable chain of transactions in event ticketing that regulates the flow of tickets. With blockchain smart contracts, you'll know when it was sold, whether it was sold and to whom, at what price, etc. So you can check and trace the origin of a ticket, providing you with a basis for settling conflicts and enforcement.
Prevention of Fraud and Theft
The secondary market has traditionally consisted of street vendors purchasing cheap tickets outside a venue and reselling them to last-minute ticket holders at a higher price. Online ticket vendor sites are dominating the market today. You would have absolute leverage by securing event tickets on a blockchain.
Eliminating Bots
Automated bots purchase them in huge numbers due to the low price of certain event tickets, making the event look 'sell-out'. This results in inaccurate forecasts which may be an opportunity to do nothing about it to boost sales for primary sellers. This will not happen again, due to the blockchain, as each transaction is reviewed and validated.
Cryptocurrency Utilization
Several firms have begun to embrace crypto development as a means of payment. Their advantage is that the contract will not be overturned or counterfeited due to the lack of a centralized entity.
A Conceptual Platform for Event Ticketing
We suggest a conceptual model here that uses a common idea to create a blockchain-based framework for event management and ticketing.
The application helps an event manager to create and transmit an event to the website as well as to a mobile wallet. Information such as event title, date, time, location, and a ticketing ordering button should be included in the event. By paying for Token X, the participant will then order tickets. X, the e-ticket will be sent to the participant's mobile wallet immediately. The organizer only has to check the participant's e-ticket to access the event venue.
To develop the platform, to automate the purchasing and sale of event tickets, we need to create a smart contract layer on top of the Ethereum blockchain network. To write the contracts, we'll use Solidity. The ERC20 token contract(to produce Token X), the event contract, and the ERC721 ticket contract must be at least three smart contracts.
Real-World Example
True Tickets
True Tickets is an inaugural event ticketing organization based in Boston, Massachusetts. Basically, it prevents ticket scalping and empowers all fans and artists with greater leverage in the ticket-buying life cycle. They are poised to change the concert ticketing industry.
True tickets engaged IBM Business Partner Chateaux Software Development Inc., an IBM Blockchain partner, to create an IBM Blockchain Network ticketing infrastructure operated by the Hyperledger Fabric of the Linux Base.
The ticketing solution carries two basic and essential functions. Firstly, labeling both buyers and vendors, establishes and protects ticket provenance. Further, it guarantees that both the tickets and the people purchasing them are genuine. Second, the ticketing portal enables artists, venues, promoters, and fans to follow a ticket through each point of its lifecycle.
Conclusion
The use of blockchain ticketing, especially in terms of scalability, whitelisting, and payment processing capabilities has several drawbacks. However, now more and more start-ups and existing businesses invest in the technology and security enhancements it offers. Indeed, it's worth keeping an eye on it. Let's connect with our experts for more information.
Mudit Kumar
31 Dec 2020
Blockchain for Restaurant Owners is a Must Explore Technology
If you have been tracking financial and IT reports for a while, then you might have heard the words like blockchain, smart contract, and cryptocurrencies very frequently stated. Although still an emerging industry, it is crucial to consider the importance of blockchain for the restaurant business and its applications like supply chain development for the advancements of business operations positively.
Blockchain Technology
In the simplest of words, a blockchain is a time-stamped collection of permanent digital records maintained by a cluster of computers not operated by any particular individual, according to Block Geeks. Cryptographic principles keep any of these data bricks (i.e. blocks) guarded and connected (i.e. chain).
Blockchain for Restaurant Business
Blockchain, Smart Contracts, and Restaurants
Restaurants are in close communication with the end customer, and therefore have a better sense of their desires. For instance, a restaurant promotes itself in a specific manner, maybe as a vegan institution, or one that buys from local producers. In that case, it wants the right to back up their arguments and guarantee that their vendors do so,
If a vegan restaurant sources bread from a nearby bakery, they may like to ensure that the ingredients used are free from dairy and eggs. Yet a bakery may not wish to share those. It is so to keep a secret from their recipe. The restaurant might use blockchain in this situation with a smart contract solution or a self-executing contract that would put the order only when the bakery secretly discloses its ingredients to the restaurant. These goods data will remain on the chain to check if validated ingredients are coming in use while protecting the identity of the bakery with their patented recipe.
Blockchain could also record the sources of food supplied to a restaurant with locally sourced ingredients. In this way, customers can review things against the immutable blockchain database separately, like where the food provenance, and if the restaurant lives up to its statements.
Authentic Ratings and Reviews
For both restaurants and consumers, false and inaccurate restaurant reviews are a problem. Since anyone can publish reviews without authenticating an author's name, it is difficult to understand which remarks are truthful and fabricated to assist or harm an institution.
The businesses are looking to adjust their websites to reimburse reviewers for contributing restaurant ratings with cryptocurrency tokens. Once held in a blockchain, they cannot change the ratings. Also, consumers and restaurants cannot erase or build new accounts to scrub away bad reviews. It holds ratings and above board and fair.
Innovative Loyalty Program Management
Blockchain can allow a loyalty scheme to come into use by firms or even groups of companies. Loyalty services that go outside their doors are in production by large chains and small independent firms. It will spark new attention from customers.
Chanticleer Holdings is launching a blockchain-based loyalty platform that would protect their restaurants while enhancing customer experience.
Customer Experience and Brand Building
Restaurants share with customers the origin and journey of ingredients with a blockchain module. It creates brand loyalty around ingredient consistency, protection, sustainability, and sourcing. It can connect diners with knowledge about their food.
Modules of Blockchain for Restaurant Solutions
Optimized Food Life, Waste and the Freshness of Perishables
Blockchain-powered analytics, including analysis of food temperature in transportation, provides near-real-time supply chain data. Insights from technologies like blockchain and IoT provide restaurants with a better understanding of the supply chain. It includes the shelf life of ingredients and how to rotate items from inventory.
Proof of Provenance and End-to-End Supply Chain Visibility
The Trace module provides visibility of the end-to-end supply chain. It reduces the time taken from days to seconds to track a food source. Know the provenance and status of ingredients can prove significant in case of a food-borne disease epidemic. You can respond rapidly and confidently to recalls, preventing expensive harm to reputation and needless waste.
Immutable and Accurate Supply Chain-Wide Documentation
Users can upload, manage, update, and exchange any documentation in the supply chain using the Documents module. Maintaining the reputation of vendors and access to certificates of origin, organic growth policies, compliance with quality requirements, and test results allow trust and honesty of supply.
Also, Read | A Use Case for Blockchain in Thorium's Supply Chain Traceability
Use Case Scenario
Sharing seafood goods' provenance with diners helps improve restaurant chain sales. TAPS Fishhouse and Brewery is an award-winning local restaurant chain serving a range of seafood specialties on its menu in California. TAPS collaborated with Raw Seafood in 2019, an IBM Food Trust affiliate, for an ambitious initiative to introduce greater transparency to restaurant diners around seafood.
On menus, the team put QR codes that allowed guests to scan the code with their phone and access information about the individual scallops from the blockchain. Diners were able to see where and how the scallops were picked and how they were handled as they went from the boat to the plate down the supply chain, gaining trust in the catch's consistency and freshness.
TAPS sold 38 percent more scallop entrees year-over-year in just the first 45 days of this program. Recognizing that 80 to 90 percent of Americans consume less than the recommended seafood allotment, Raw Seafoods is looking at how it can exploit transparency to expand the seafood industry, from restaurants to household kitchens, partially due to lack of product details.
Also, Read | Analyzing the Food Traceability System Developed by Walmart with Hyperledger Fabric
Real-Life Examples
Burger King
In 2019, Burger King Germany released Bitcoin payments on its website, and in 2016, several Dutch locations started accepting the coin. In comparison, in 2017, Burger King Russia spread on Waves a custom cryptocurrency called "Whoppercoin".
Starbucks
In August 2018, Bakkt revealed plans for Starbucks to affiliate with them. The coffeehouse chain will become one of the "flagship retailers" of Bakkt and will embrace crypto through Bakkt's payment app. Also, Bakkt announced that soon it would unveil its payment app.
Crypto is unlikely to make up a big portion of the overall sales of Starbucks, but Bakkt's collaboration is a significant achievement. Bakkt unveiled its futures trading platform last year, mostly aimed at retail investors. Bally's new payments program, by comparison, would be geared at general customers.
Conclusion
The key takeaway is that blockchain for restaurants may prove to be a game-changer in terms of efficiency, security, and transparency. By streamlining operations and reducing fees, these systems can transform the way business is conducted. Cryptocurrency is not something that we should not overlook in this age of digital transformation. Connect with our experts for more information about blockchain applications in the restaurant business.
Mudit Kumar
31 Dec 2020
Accelerating IoT (Internet of Things) Adoption with Blockchain
The Internet of Things (IoT) links users, locations, and goods, and hence, creates possibilities for generating and capturing value. Embed into physical objects, IoT-enabled chips, sensors, and actuators, each transmits data to the IoT network. The use of this information by IoT analytics tools further turns ideas into motion. Thus, it results in influencing existing market practices and creating new ways of operations and processes. There are some technological and safety issues, however, that remain unaddressed. In this article, we find out how blockchain app development may provide alternative solutions to address various IoT adoption-related challenges with efficiency.
Internet of Things (IoT) | Challenges
IoT security is a big problem that has impeded its large-scale implementation. Moreover, IoT systems suffer from security flaws that make Distributed Denial of Service (DDoS) attacks an easy target for them. Vulnerable IoT devices provide a convenient target for cybercriminals to leverage the lax security defenses to hack them into launching DDoS attacks.
Another challenge is the scalability of new IoT networks. As the number of devices connecting to an IoT network increases, it can turn into a bottleneck for existing systems to authenticate, approve, and connect with multiple nodes in a network. It will entail massive investments in servers that can support a vast volume of information exchange. Otherwise, if the server is inaccessible, the entire network can go down.
Why Blockchain Technology
Blockchain is proving another revolutionary technology with the potential to address constraints and challenges of IoT like security and scalability. Its features like immutability, traceability, and distributed infrastructure can remodel the way IoT models operate.
Refer to this guide for more comprehensive details on blockchain technology and IoT integration advantages.
Addressing IoT Challenges with Blockchain
In the event of an attack by cyber hackers, the IoT network will handle data transfers through several computers owned and operated by numerous entities, making it impossible to determine the cause of any data leakages. Also, the IoT contains a wide array of data, and the ownership of the data is not necessarily transparent for many parties concerned.
Distributed Ledger
In a blockchain scheme, the public ledger is tamper-proof, and it eliminates the need for trust among the parties concerned. Therefore, it does not require a single entity to manage an overwhelming amount of data produced by IoT devices.
Security Mechanisms
Blockchain technology development to build the underlying infrastructure that stores IoT data adds another layer of authentication that hackers need to bypass to access and compromise the network.
Blockchain offers a much more rigorous security level that makes it nearly impossible to overwrite stored data.
Auditability
By enabling anybody with permission to join the network and trace stored transaction, it offers accountability. It provides a precise means of finding a particular cause of any data leaks and quickly taking corrective action.
Also, Read | Blockchain and AI (Artificial Intelligence) for IoT (Internet of Things)
Scalability
Blockchain enables billions of connected devices to execute transactions while establishing communications with each other. Distributed ledger infrastructure offers a feasible alternative to facilitate the execution of a vast number of transactions as the number of interconnected devices increases.
Efficiency
Blockchain will allow IoT businesses to lower costs by removing the transaction overheads linked to IoT gateways. It does so by offering a way to enable trust among stakeholders.
Smart Contracts
A smart contract is like an agreement between two parties stored and operated on a blockchain platform. It further facilitates stakeholders to conduct business contracts based on the fulfillment of certain conditions by involved parties in a transaction. For instance, smart contracts can automate the approval and execution of payments without intermediaries. But, parties must meet the conditions for the provision of service.
Applications of IoT and Blockchain
Transportation | Freight Management
Moving freight is an intricate procedure involving multiple groups with various goals. An IoT enabled-blockchain platform can store various measures accessible to stakeholders. It includes factors like temperature, location, and shipping status of containers as they travel across. Parties can use this immutable data on the platform and take steps to efficiently and securely transfer goods.
Component Tracking
For both safety and regulatory enforcement, the ability to detect components that go into an airplane, vehicle, or other items is crucial. Stakeholders can have provenance details of parts over the lifecycle of a device provided by IoT records stored in the distributed blockchain ledger. It is safe, convenient, and cost-effective to exchange this data with regulatory agencies, shippers, and producers.
Predictive Maintenance
For vital machines and their upkeep, IoT devices control the state of safety. Blockchain gives a tamper-free controller of operating details and the resulting repairs from generators to elevators. For predictive maintenance, third-party repair partners may record and track their work back on the blockchain-powered database. For enforcement audits, stakeholders can exchange operating reports with government agencies.
Considerations Relating to Adoption
The security architecture of IoT models renders them vulnerable. It provides a single point of failure, which an issue with current IoT systems. By decentralizing decision-making on a decentralized network of devices based on consensus, Blockchain solves this issue. There are, however, three key obstacles to remember when developing the architecture for IoT devices in combination with a blockchain ledger:
Scalability
Scalability One of the main problems currently facing IoT is one of scale - how to manage the vast volumes of data gathered by a wide sensor network and the likely lower speeds or latencies of transaction delivery. Defining a simple data model in advance will save time and eliminate problems when placing the solution into production.
Network and Transaction Privacy
Public blockchains do not conveniently grant the anonymity of transaction records in the distributed ledger for a network of IoT computers. It is possible to apply transaction pattern analysis to draw inferences behind shared keys of users. To see whether hybrid or private blockchains could best fit their requirements, companies could analyze their privacy requirements.
Also, Read | Public and Private Blockchain | an Analogy to Help You Choose the Best
Integration with Sensors
Potentially, messing with the proper calculation of the conditions to make a transaction often compromises IoT sensors. Ensuring their security from external interventions while providing a secure data recording and transaction environment is essential.
Conclusion
Although blockchain technology and IoT await mainstream adoption, they show significant potential. Established Businesses are increasingly focusing on developing blockchain technology-based PoCs and use cases that incorporate the two innovations. Explore how they together provide a means of reducing protection and related business risks.
Mudit Kumar
30 Dec 2020
Zero-Knowledge Proof for Blockchain Transaction Privacy
Consider a case of a credit card user who has to prove to a credit institution that he holds a sufficient average balance in his bank account. The standard way of doing this is for the borrower to exchange the bank statements. It, though, exposes much more sensitive knowledge than the organization wants. Not only does it show the exact balance, but also the specifics of the trade. Ideally, without disclosing the transaction information, the borrower would like to persuade the credit provider that the private data meets the balance condition. Let's take a look at how blockchain app development with zero-knowledge proof implementation addresses privacy challenges.
Zero-Knowledge Proof (ZK-Proof)
A zero-knowledge proof (ZKP) is a cryptographic method of statement authentication without revealing the statement itself. A private data party or prover can use this methodology to present verifiable facts to a verifier. Moreover, they need not disclose any additional details other than the checked property's reality.
In our case, the prover with the private data referring to the bank deposits is the credit claimant. The verifier is the credit provider who only wants to check the monthly balance property.
Zero-Knowledge Proof (ZK-Proof) and Blockchain
A zero-knowledge proof is a cryptographic process by which one party (the prover) can prove that they know the value x to another party (the verifier). Additionally, they do not have to send any information except knowing the value x in a blockchain network.
A zero-knowledge proof enables anyone to prove they know such facts merely by sharing them. Its task is to validate such possession without a piece of evidence or disclosing any additional information.
Explore | A Comprehensive Guide to Understanding zk-Snark
Components of ZK-Proof
Completeness
A verifier gets the assurance without outside support if the argument is valid and all users follow the rules.
Soundness
In either case, the verifier would get to know if the argument is incorrect (even if the prover says that the statement is true for some small probability).
Zero-Knowledge
In all examples, all knowledge outside the assumption that the argument is true or false would not be open to the verifier.
Types of Zero-Knowledge Proofs
Interactive Zero-Knowledge
A prover conducts a sequence of acts under the mathematical likelihood mechanism in an immersive zero-knowledge proof. It persuades the verifier of a given truth.
Non-Interactive Proof of Zero-Knowledge (ZK-SNARK)
Non-interactive zero-knowledge proof does not require an interactive process, as seen by the term. In other terms, the prover can build all the difficulties at once, and the verifier(s) can reply later. It constrains the probability of conspiracy.
However, figuring out a series of experiments need additional machines and tools. A shift from non-interactive to interactive ZKP is possible.
Also, Read | Deep Diving Into zk-SNARK
Applications of Zero-Knowledge Proof and Blockchain
Encrypted Messaging
End-to-end encryption is imperative in communications such that only the users communicating can read the messages. Messaging services require users to check their identity on the server to ensure confidentiality and vice versa.
But it is possible to create end-to-end trust in messaging without leaking any additional information with the introduction of the ZKP. It is one of the notable applications in the blockchain field of zero-knowledge proofs.
Authentication of Information
Zero-knowledge evidence will also make it possible to transfer confidential data with improved encryption, such as authentication data. It will create a secure channel for the users to hire their details without exposing them. Except in the worse cases, prevent data loss in this manner.
Protection of Information Storage
Another potential cause of usage for zero-knowledge proofs (ZKPs) is the storage utility field. Zero-knowledge evidence is a protocol that covers the storage container, as well as the data inside it. Also, it secures channels to offer a smooth and safe experience.
Conducting Private Transactions on a Blockchain
When it comes to transmitting private blockchain transfers, they must remain out of third-party control. Still, while very defensive is the conventional technique, they have several openings. It is also another region in which ZKP comes into play.
When wisely incorporated, the concept can make it virtually difficult to access or decrypt private blockchain transactions.
Sensitive Documentation
Zero-knowledge proof has the power to encrypt bits of data. So, it allows one to monitor those blocks to provide access to a single person while denying access to others. Thus, this principle hides sensitive documents from those who are not supposed to see them.
Filesystem Controlling
The file system is another position where you can see a significant zero-knowledge-proof implementation. It attaches databases, users, and even logins to various authentication levels, making it very difficult to hack or exploit the stored data.
Security of Sensitive Information
Last but not least, zero-knowledge evidence also refines the way transactions revamp with blockchain technologies. ZPK applies a high-end security standard to every block containing confidential banking information such as credit card data and history. It means that banks need to manipulate only the appropriate blocks when a customer requests information. Other blocks remain unaffected and, thus, covered.
So, these were some of the zero-knowledge proof use cases in the blockchain setting. Hire a blockchain software development company to create your brand identity in the market by developing one of these.
And if you are unsure about its application in the real world, look for the following current initiatives that work with the fusion of the two.
Real-Life Examples of Zero-Knowledge Proof Blockchain
ING Bank
ING is a bank based in the Netherlands that has implemented its zero-knowledge blockchain. However, they also updated their zero-knowledge method to demonstrate it as a zero-knowledge spectrum to reduce the need for computing power. In this way, they have prepared their zero-knowledge framework to maximize the effect of the fintech blockchain.
Alternatives
Blockchain platforms such as Quorum, Hyperledger Fabric, and Corda provide the power to perform private transactions between two or more nodes. They can guarantee that the sender and recipient's account records are part of a secret register. And unauthorized participants cannot access them.
Challenges of Integrating Zero-Knowledge Proof into a Blockchain
No specifications, systems, or homogeneous languages are available that allow developers and businesses to communicate effectively with ZKP and leverage its ability.
Zero-knowledge proof needs high computational power to work at a high level. But, scalability is another problem that limits the implementation of zero-knowledge evidence in the blockchain setting.
Conclusion
Now that the idea of zero awareness evidence and its reach (along with real-life examples) in the blockchain domain is transparent to you, we hope to see you engaging in the concept when joining the decentralized environment.
But, if you do have any concerns, please contact our blockchain development experts.
Mudit Kumar
28 Dec 2020
Blockchain App Development in the Telecom Industry
Blockchain technology is gaining enormous traction in the world. We want to look at blockchain app development solutions in the telecom sector, the possible fields of use, what the leaders are doing, and where Oodles will assist its customers in the future.
Blockchain-based systems are now increasingly emerging to challenge the way transfers are made, authenticating customers, and conducting payments. One of the first sectors to first embrace the technology was Fintech. In virtually any sector, though, there are diverse possibilities. We will see the consequences and prospects present in the telecommunications sector in this article.
Telecom Challenges
Roaming, high rates, risk of fraud, privacy concerns and so much more are struggling for both providers and subscribers. Decentralization (which is one of Blockchain's main fundamentals) may be the key to solving certain problems after exploring potential solutions.
Organizations are searching for creative new approaches to reduce underlying costs and enhance the sustainability of companies. We look at a couple of the telecom industry's modern pressure points and why they should look at Blockchain as a future-oriented tech intervention:
Network Infrastructure
Telcos are diverse and require major ventures and investments in infrastructure. Nearly all telecommunications companies have experienced the establishment of the 4G/LTE network and we still have 5G to push them to update again by the time they reap benefits.
Systems of Support for Business/Operations
Existing technology is not collaborative, stubborn, and secure. They have often contributed to bad consumer service, leading to leakages and procedure inefficiencies, have a poor implication on profit & loss statements.
Increasing Price Wars
Price wars have spoiled the end consumers with the slurry of new-age telecom companies hitting the market. We are looking at underused data, messages, SMSs from nearly all users, with service providers having to almost unanimously send ample free calls and data bundles to customers.
Increasing Fraud
Communication Service Providers (CSP) lose ~ USD 40 bn per year due to fraudulent practices, according to a study issued by Deloitte.
Also, Read | Implementing Blockchain in Telecom for Digital Transformation
How Blockchain Applications can Help Telecom Evolve?
The sharing economy and decentralization, which is one of the key features of the Blockchain method, can solve the core solution to this issue. Land infrastructure, for instance, is not owned by all utility providers, but by a handful. To prevent restoring costs, companies get together and use the same thing. The underground system for the internet in India was developed by Tata and Reliance, which is used by almost all other organizations.
Similarly, as we addressed the current usage of internal structures, we look at an environment that is deeply siloed, rigid, and complex. In the future, we will need Blockchain to help remove middlemen if we plan to reap gains from interdependent teams working on this ecosystem. Therefore, Blockchain can be used to carry related usage cases such as inter-carrier settlements, carrier modifications, and successful MNP in processes such as quote to currency.
For customers, Blockchain will allow "Anything as a Service." Imagine if there is an auction where one client sells unused data and another client wants to sell a free bundle of calls? This Blockchain-powered market would work directly within the telecom organization's millions of subscribers to ensure maximum use of the resources of a telecom.
Also, Read | Blockchain-Based SmartPhones: The Next Revolution in The Cell Phone Industry
Blockchain Use Cases in Telecom
When it launched, companies began to board the 4G/LTE train. The expenses were significant, and the ROI barely made it. Competition is very high anyway, and so you have highly invested competitors who can bleed the competition to death. For companies, it is all but natural to begin sharing the latest infrastructure costs.
The word "sharing economy" presents its problems and complexities. The standard, in this case, is several suppliers and contracts.
Blockchain allows a level playing field for telecommunication players thanks to its decentralized features and openness.
Blockchain will allow instances of use in which telcos would bypass intermediaries in inter-carrier settlements, avoid roaming fraud and portability processes for mobile numbers. By building successful supply chain processes, it can also overcome process inefficiencies. Another use case is fraud detection, which Telcos rely on Blockchain to help cater to. We will look at substantially decreasing the cost of fraud in roaming and identity protection by using Blockchain.
Blockchain Applications
Micropayments
This is another excellent use case for several telecom providers currently in use. Blockchain can be used by telecom organizations to make these payments for OTT services such as payment wallets, music applications, gaming, etc. These services will result in positive sales for the service provider, along with user-to-user monetary conversion services, and thus have a positive effect on the business.
Smart contracts
Blockchain automation of internal operations. We should look at practices such as billing, roaming, and control of the supply chain. The latest transfers work by ledgers that need to be certified by a clearinghouse. By using Blockchain, by forwarding from one user's Blockchain to another operator and increasing accountability to the end-user, Smart Contracts will simplify this process and guarantee the transaction between the participants.
Assume that a customer works on the phone network during roaming and dials out. Blockchain logs and stores this exchange (from the call pick up to the call termination) on the distributed network. Further, smart contract integration with specified business terms and associated costs automates payments and other contractual activities. A -Z accountability guarantees the credibility of the contract.
How Current Telecom Infrastructures use Blockchain?
Vodafone
This multinational telecom giant is part of a community of mainstream companies collaborating with IBM, using Blockchain to add transparency and efficacy to systems that have been transformed. IBM maintains this project by establishing confidence in suppliers, effectively linking every organization's suppliers via a shared Blockchain. First, the provider would need to prove itself in the network by history and authentication tests. Then, they can deal with the expected organization.
Bharti Airtel
Telecommunications organizations are using blockchain technology to facilitate micropayments for music, mobile games, and other value-added services. Airtel, which provides digital wallets that make transfers from customer to customer. Airtel guarantees that the digital wallets are more secure with ID authentication by Blockchain managing the transactions.
Conclusion
Over time, DLT and intelligent contracts may become commonplace. They can simplify cumbersome business procedures and can become key agents in the telecoms industry for transformation. This is because, specifically for inter-organizational workflows, they allow more efficient business processes. Eventually, in multiple organizational systems, they can apply to enterprise process engineering/re-engineering. Connect with our blockchain experts for more information.
Mudit Kumar
26 Dec 2020
Developing Advanced Digital Payment Solutions with Blockchain
The applications of blockchain technology are not limited to powering cryptocurrencies only. Blockchain app development goes beyond that to provide advantages and solutions capable of transforming the status quo of a range of industries, including financial services, healthcare, automotive, and more.
In industry most ripe for disruption, the financial services, and especially payments (digital transactions), blockchain serves as an underlying technology at infrastructure levels of business operations and processes. As a result, it enables potential cost savings, productivity gains, enhanced customer experience, and more in transactions across a network.
Thereby, established financial institutions are investing millions of capital to research emerging technology. It points towards its enticing potential for the global financial market. In business, areas like supply chain processes, trade finance, investment banking, and global payment services, blockchain strengthen decentralize paper-based and manual transactions systems
For Global Payments Systems, Using blockchain
Blockchain is now changing services for payments. Via conventional money transfers, consumers and businesses spend hundreds of billions of dollars globally every year - a slow, time-consuming, and costly operation. Many banks have started using blockchain technology to move funds as an alternative platform. J.P. In February of 2019, Based on blockchain-based technology, Morgan tested JPM Coin to allow for the instantaneous transfer of payments between institutional accounts.
In September 2019, Wells Fargo made a similar announcement to pilot its currency, called Wells Fargo Digital Cash powered by blockchain, to help transfer cash in real-time across borders and branches. Soon you can see more of these mainstream banks depending on their payment services from the blockchain.
Also, Read | Making Secure Online Payments with Blockchain-Based Crypto Wallets
Building Blocks of Blockchain for Payments Services
Cryptographic Mechanisms
Blockchain transactions are signed cryptographically to avoid tampering, making it a stable and trustworthy network. Also, in the ledger, an auditable trail of all the transactions is kept. These features reduce the need for global payments from a trusted middleman or intermediary banks that financial institutions rely on. The use of an intermediary contributes to the expense and creates a pause in the processing of payments.
Cryptocurrency & Wallet Development
A cryptocurrency (Crypto or Token) on blockchain platforms is a mechanism for exchanging funds amongst parties. It is electronically generated and placed in a cryptocurrency wallet. Crypto has a supply/demand-based intrinsic value. In comparison, financial institutions define Crypto used as "Stable Coin" in their blockchain platforms, with a 1 to 1 relationship between a fiat currency and the token value. One US dollar is equivalent to one cryptocurrency, for example.
Data Protection and Privacy
Unlike "permissionless" blockchain networks, where transaction information is made available from a data privacy point of view to all in the network, rendering it unsuitable for controlled financial institutions. 'Permitted' platforms such as Hyperledger take into account financial institutions' data privacy rules, information protection & regulatory requirements. Further, the shared ledger provides enhanced access control in the permissioned blockchain to ensure transactions between parties.
Also, Read | Public and Private Blockchain | an Analogy to Help You Choose the Best
Smart Contract Development
A smart contract is a piece of software that includes a pre-defined set of rules. It executes during the transaction phase to ensure that parties all meet requirements to complete the transaction, as specified by the business process. Any business validation to be carried out outside the payment system from a payment perspective, such as the permissibility of a certain form of transactions or potential duplicate checks, can be done by a smart contract solution from a payment perspective.
Applications for Blockchain in Payments
In the payments sector, Blockchain has numerous uses, including the use of cross-border payments, foreign exchange (FX) settlements, trade settlements, card payments, and more. Here we are going to discuss some of these.
Card Payments
Card payments for shoppers are an easy, cashless payment choice, but it also means a high transaction cost for merchants. It is due to involved intermediaries that we can classify as acquirers (bank merchants), payment gateways, exchanges (Visa/Master), and issuers (cardholders bank). There will be no need for too many authoritative bodies because there is no central authority with blockchain technology. It will assist retailers who will have to pay less for service costs, transaction fees and can give consumers higher discounts in exchange.
International Reconciliation
SWIFT completed a (PoC) with 34 global banks to determine whether Nostro reconciliation could be used for Distributed Ledger Technology/Blockchain. Nostro/Vostro accounts come in use where a bank in certain countries does not directly offer services but does so through a correspondent bank. This PoC concluded that, if implemented globally by all the participating banks, blockchain could effectively facilitate automated real-time liquidity tracking and reconciliation.
Cross-Border Transactions
When traveling from one country to another, cross-border payments have to move through many banks. It boosts the fees involved in making them. Mastercard has developed a blockchain-based solution that connects the sending and receiving bank directly without intermediaries with its current settlement network. However, without using any cryptocurrency, they will achieve this. They will also enable funds transfers as fiat currencies. Likewise, FinTech provider R3 is working with 22 banks to develop a solution for real-time international payments that use Distributed Ledgers to allow cross-border payments that are quick, efficient, and cost-effective.
Also, Read | Is Stellar Blockchain a Right Fit for Cross-Border Payment Solutions
Trade Finance
Multiple intermediary banks finance trade finance between a buyer and a seller, whether domestic or intermediary. They do so by using various financial products that allow a trade to take place. The functionality provided by blockchain technology is smart contracts for trade finance.
These are self-executing contracts, comprising the terms of exchange on the blockchain as code. These execute payments automatically when particular parties meet specified business conditions. The receipt of a shipment of items may be an indication of a situation.
Integration of Payment Systems with Blockchain Platforms
The controlled financial industry has several competing blockchain platforms available. Hyperledger Cloth, Ethereum Quorum & R3 Corda are the more common ones. Each of these solutions takes multiple approaches to address the complexities of business integration. They offer a wide range of choices for users of the network to implement their payment applications.
What's Next
Cryptocurrencies are the most common and widely discussed blockchain application. However, there is no denying that there is a wide variety of applications worldwide throughout different industries. Various names like Mastercard, Visa, Oracle, and IBM in the finance and technology industry have invested in blockchain. They are building their version for use in some of the above applications
We still need to have a standardized system implementation. Also, some of the words are too difficult for a non-technical person to understand. However, it is very likely that businesses will adopt blockchain and eventually become part of our daily lives. Connect with our blockchain development experts for more information.
Mudit Kumar
24 Dec 2020
Developing a Blockchain-Powered Media Streaming Platform
Thanks to the cryptocurrency boom of Bitcoin, Ethereum, and the 1,000 + other digital currencies, blockchain technology is now firmly out of the shadows. More and more businesses, governments, and non-governmental organizations are also exploring the development of blockchain applications and smart contract solutions to improve productivity and accountability.
Blockchain Technology
With no one central node, blockchain technology-based solutions run on a decentralized network. This concept guarantees that every participant has equal power in the network. Also, by taking over the central server, hackers fail to change data records.
Modern cryptography protects the data, e.g., modern data encryption techniques protect digital signatures. It ensures that hackers can't even get access to information either. Due to the consensus algorithm, hackers find it virtually impossible to tamper with the blockchain network.
For example, the 'Proof of Work' (POW) consensus algorithm will require a hacker to have the immense computational power to overwhelm the decentralized network. It is something that is not feasible without the already developed quantum computer.
Blockchain for Media Streaming
Decentralization eliminates, or at least, substitutes, intermediaries. Thus, it becomes possible for a blockchain media streaming and distribution network to directly link artists with listeners. It ensures that even the most simple blockchain solution will be secure against fraud because modern cryptography and consensus algorithms encrypt data.
Ethereum and Smart Contracts (dApps)
Further, blockchain like Ethereum allows smart contracts, also known as autonomous, tamper-proof solutions (once written to the network), that run on a blockchain network and automatically pass assets upon parties fulfilling a collection of predetermined conditions. It enables automated compensation for artists and other processes and several other applications to be automated.
Also, Read | Ethereum Smart Contracts | An In-depth Review of the Potential
Essential Features for a Blockchain-Powered Media Streaming Platform
You need to provide a few essential features in the app you build with a blockchain for online media streaming. Safely, artists should be able to upload their content. The app should enable artists to receive revenue in crypto-based payments. A selection of favorite artists should be accessible by users. Smart contracts can process payments automatically upon the download of an album.
To keep transactions and information open, the use of blockchain technology is essential. The platform should allow artists to maintain much of the revenue they make. Listeners/viewers should not have to deal with commercials. You may consider other monetization methods for the platform. For example, if fans share music, musicians may set up a reward arrangement for expanding the reach to a larger audience. Finally, a simple user interface (UI) is crucial.
Also, Read | An Insight into Video Streaming Platform Development with Blockchain
Developing the Media Streaming and Distribution Platform with Ethereum-Based dApp
We will now outline the Ethereum 'Distributed App' (DApp) approach to the creation of a blockchain platform. A DApp is like a web app. However, it operates on a blockchain network. While a developer can code the UI in any programming language, a smart contract is necessary for the backend. It requires a specific skill-set to accomplish this.
In a decentralized blockchain that adheres to the requisite cryptographic standards, a DApp should also be open source and store data. DApps must use crypto tokens. However, they should not be in control of any one person. All changes to a DApp must have the user community's consensus.
Also, Read | dApp (Decentralized Apps) Development | An Efficient Alternative
Create an Account on Ethereum
You require Ethers to enforce the DApp on the Ethereum blockchain and to run it (ETH). You need an Ethereum account and a wallet address for this. There are two types of accounts in Ethereum,' Externally Owned Accounts' (EPAs) and' Contract Accounts.' There's an EOA you have to use. For that, you can use the 'eth-light wallet' to do this quickly.
You now have to create your private and public keys and keep your private key secure. For guidance, search the eth-light wallet documentation. As the Ethereum network needs gas payments (processing charges) as fees, you will need to purchase Ether to deploy your smart contracts.
Develop a Crypto Token for the Blockchain Platform
To transact, you need a dApp crypto token for artists and consumers. An essential prerequisite of a DApp is using a crypto token. To find out how you can build an ERC 20 token, read how to issue your own Ethereum token.
When you market your idea, you would want to be on the right side of the regulations. In the US, the Securities and Exchange Commission (SEC) demands that they be registered as securities by blockchain start-ups offering tokens as investment instruments. Consult our guide on security tokens. Bear in mind that other countries might have laws of their own.
Smart Contract Coding, Testing, and Deployment
Development
For your blockchain music platform, you now need to code smart contracts. Smart contracts with 'If-Then-Else' statements are open-source pieces of code. They are automatically executed based on triggers and can be configured to pass crypto assets based on predetermined requirements being fulfilled. It is the blockchain database where smart contracts reside. So, once added to, nobody can tamper with it. Thus, in a blockchain network, their execution outcomes also become automated. Their implementation is irreversible. Read this guide for more details on smart contracts. For understanding more about other streaming platforms built with blockchain, review these Choon and Musicoin Smart contracts.
Testing
After the launch, you cannot change smart contract agreements and override the outcomes of their execution. It makes it crucial to evaluate them comprehensively. You can test them using MetaMask and Remix Integrated Development Environment in the Ropsten test network, also known as test network (IDE).
Launch
You now have to use the Ether you bought to pay for the gas price to enforce your smart contracts. You can use testrpc, web3.js, and Truffle to deploy your smart contracts on the Ethereum Mainnet network.
Want to know how you can test and enforce your Smart Contract solution? Read on for steps to deploy a smart contract on Ethereum.
Conclusion
To conclude, while it is not as easy as creating a web or app solution. However, given the potential of blockchain technology and help change the industry, you can develop a decentralized blockchain media platform.
If you outsource the project, it is a complicated construction project that you will need to handle from end to end. You believe that it is too difficult for your current team and that you, therefore, need to hire a development partner, given due diligence. You can consult this guide on how to find the best blockchain software development company guide.
Mudit Kumar
21 Dec 2020
Insights into Blockchain Proof Of Concept (PoC) Development
Proof of Concepts is one of the common themes that we have learned from clients. Blockchain development solutions and POCs are still emerging and if you are an enterprise with skill sets that know "software development," you will shine. These POCs are not your data storage array or networking gear POCs where you ship a package, unpack them, install some software, and show the customer how fantastic your Nutanix or EMC equipment is.
Proof of Concept is required to show the importance of the blockchain proposal in communicating with customers. You need the expertise, experience, and the ability to implement your vision for your client to be successful.
Let's first explain what a proof of concept is and how a blockchain system has to work with it. These will be "Software Driven" Proof of Concepts around blockchains. "Basically, around hardware, cars, or electronics, you're not creating a "prototype. You will simply take a "Conceptual Vision" and take software code (Chaincode aka Smart Contracts) and invoke unique features across applications (Front End apps, Client apps).
Also, Read | A Compact Guide to Proof-of-Concept Development for Blockchain
Blockchain PoC development, Methodology, Transfer of Applications, and More
First of all, we normally need to better understand the application and the results needed by the client, essentially what the final solution needs to achieve. Determine, if available, using instances, past references, past results. Are we dealing with blockchains like Hyperledger, Ethereum, or others? There are also a fair number of other complexities to be concerned with.
Specifications in the code
Customers have in-house experience or need to go to a "bill shop"
Dedicated CAPEX or OPEX to the POC
What about overseeing development by a project manager?
Consensus Mechanism
A consensus here does not refer to the blockchain's consensus algorithms, but the organization's algorithms. Why? Since this is simply where not everybody in the organization can look at it at the same level, even in a "DevOps" oriented organization.
Also, Read | Understanding the Blockchain and Decentralized Consensus
Concise Vision
The stakeholders need to have a concise vision no matter where in the company. It takes a significant amount of time for smart contracts, dApps, chaincode, front-end apps, etc. to design, create, and test. Going down the Ethereum route thoroughly is not just like Hyperledger. So if you alter blockchains in the middle of the project, you can almost throw out your job.
There are several skill sets you must remember while trying to find blockchain knowledge. Notice also that this is a POC-powered "software" and very reliant on the "stacks '".
Take these as a starting point in the position of blockchain creation
Additional Expertise Consideration
Enterprise Capabilities • (Networking, Security)
Agile, DevOps, Angular, Production Skills for Spring
Compliance, expertise in legal and administrative matters
APIs, Node.Js, Solidity, C++, Go, Java, Python, etc
Programming Languages
Although not unique, the key blockchain languages may be anything from Java to Golang to Solidity with Ethereum. For instance, for both the front end and the backend, individual blockchains have very particular specifications. Not to mention the middleware and integration.
Ethereum, C ++, Solidity
Ripple-Python
Node JS, Java and Chain Coding-Hyperledger Fabric
Also, Read | Blockchain MVP (Minimum Viable Product) Development Guide
Blockchain PoC Development
A proof of concept (POC) is a demonstration to verify that real-world systems have the ability for such services. This "demonstration" of Blockchain Technology is still a work in progress with the main emphasis on coding. They will, for example, have a very long blockchain sales cycle with integrators and consulting firms.
Crucial Considerations
It can be very technical but also very business-oriented to describe ROI, TCO, and other variables such as user interface, project feasibility, integration, etc.
Generally executed in the revenue cycle. Used to describe a notion and convert the vision into an image for the client. No actual models, specifically for blockchains, have been specified per se. This is where you can shine and provide value for your company. Stakeholders need to buy in and this may entail some real imagination to define the real stakeholders.
For a Cloud Service-based POC (Blockchain As a Service)
A POC can be a simple or complex setup. If possible, use a cloud service to minimize resource obligations and costs. For most business blockchains, test networks are available (Ropstein for Ethereum, Composer for Hyperledger)
Frameworks for Blockchain PoC Development
The Proof of Concept Architecture significantly decreases the amount of time taken to create a PoC blockchain. A few blockchain platforms for enterprise PoC development solutions.
Corda R3
Ethereum
Hyperledger Fabric
Quorum
A few BaaS platforms to perform a POC with an OPEX budget
MS Azure Model Framework
Blockchain (BaaS)
API Gateway
An open web application
Integration of Azure Active Directory
Incorporation of Azure Main Vault
SQL DB •SQL DB
Services for Hashing
Blockchain as a Service Proof of Concept System IBM Bluemix (IBM Cloud)
For Hyperledger Fabric Blockchain Network (BaaS)
API s for Gateway
An open web application
Free tool for development-Hyperledger Composer
Starter Plan expressly for the development plans of POCS and Enterprise
Consensus automatic implementation and membership programs
Deploys a Blockchain ready for use by Hyperledger.
Also, Read | Blockchain as a Service
Planning, Planning, and Validation of the Ideas
The economics of a blockchain POC may be complicated without a Proof of Concept System. Again, note that these are very software-focused and not the POC of your "daddy."
It may normally be two or three months, 8 weeks, or more. Nothing amazes.
Depending on the size of the blockchain, costs could be 10'2 or 100's of thousands. Customers/prospects do not have an understanding of how demands will be addressed by the blockchain plan.
When it comes to working as a pre-sales developer, architect of solutions, TAM, or whatever position your technical client faces, you need to remember that a real blockchain POC could take 2-3x longer than a "Cloud POC."
Why Blockchain POC Development may Take Longer
Technology for blockchains is NOT "plug and play". Further, Smart Contracts aka Chaincode are used by Blockchains and it is not easy to find this level of coding expertise." In "Beta", front-end applications are still available. There is the notion of a blockchain program, but the job has not materialized.
Front end to backend integration as well as middleware (Client apps and the backend). There is also a general need to communicate both on-chain and off-chain data with peers. Oracle is not just a software company. Finally, but let's be honest, blockchain is still in "disrupter" mode, which means that it is likely that only cutting edge companies can take advantage of marketing the apps. In a nutshell, it can take time to "translate the vision.
Mudit Kumar
20 Dec 2020
dApp (Decentralized App) Development | Increasing Importance
A dApp is an application that runs on a network of a decentralized blockchain platform powered by smart contract development solutions. Decentralization is the main principle in dApps. The core concept behind dApps is a decentralized collection of rules describing a particular application. On a distributed, public blockchain, this set of conditions sits, contrary to a centralized system governed by any large entity, like Facebook or Amazon. It requires autonomy to control it and to be resilient to censorship. Think of Ethereum as the internet and all the dApps as the websites running therein. To be considered decentralized, an application must be autonomous, consensus mechanism-driven, decentralized services, and token-propelled.
Most, if not all, concepts of dApps currently contain these features, but we are still in the earliest development stages. But everything is subject to change: dApps are poised to change the way we do business drastically.
Ethereum Blockchain for dApp Development
Ethereum is currently that network or platform. Enabling developers to build and publish dApps is Ethereum, based on blockchain technology. At present, the Ethereum ecosystem is the best place to create decentralized applications. In reality, Ethereum app development aims to empower developers to develop the next generation of dApps, and it hosts hackathons regularly to encourage the creation of dApps.
dApps for Business Applications
DApps can become self-supporting because they encourage their stakeholders to invest in the growth of the dApp. It is conceivable that dApps may one day exceed the valuation of multinational companies such as Visa, Dropbox, Comcast, and Amazon, which are currently active in the market for payments, data storage, bandwidth, and cloud computing. The production of dApp is expanding. Ethereum and smart contracts allow almost any service in various industries to be decentralized: retail, microfinance, virtual worlds, currency exchange, identity theft security, financial derivatives, voting systems, registries of names, and thousands of others.
Areas such as supply chain management, loyalty schemes, online purchases, payment processing, and digital identity are ripe for the production of dApp for many companies.
Also, Read | dApp Development | A Comprehensive Guide to Decentralized Applications
Examples of dApps Changing the Fundamental Functions of Business
Strengthened Management of the Supply Chain
Provenance is one of the startups that concentrate on supply chain management. Provenance is a forum that empowers brands by tracing the roots and history of goods to take action towards greater accountability. It enables you to easily collect and check product origin stories with technology, keep you linked to physical objects and insert them online anywhere, according to its website.
Simplified Real-Estate Operations
The tech startup provides banking, title, and mortgage businesses with a SaaS blockchain platform. It solves issues that include red tape and documentation, a lack of accountability during and after transactions, fraud, and unintended mistakes.
Secure Management of Media/Intellectual Property
JAAK is creating a platform that enables media owners to turn their media, metadata, and copyright libraries into "smart content" that can perform licensing transactions automatically. It is a web media licensing framework that can unlock a world of new content experiences and untapped value opportunities for the entire media sector.
Leasing Out Power for Computing
The Golem Project is a decentralized computing power-sharing economy, where everyone can make money "renting" or purchasing more from others out of their computing power. It identifies itself as an "Airbnb for PCs."
Blockchain Powering Flight Insurance
Although the French insurance giant AXA has put the blockchain insurance for flight delays on hold, the results proved revolutionary. On the fizzy platform, they record the purchase in a tamperproof network, the Ethereum blockchain, when you purchase flight delay insurance, making the insurance contract similarly tamperproof. This smart contract is related to global air traffic databases, so compensation is activated automatically as soon as a delay of more than two hours is detected.
A smart contract specifies the terms and penalties surrounding an arrangement, like any contract. It can implement various responsibilities with software code that runs on the blockchain, unlike a conventional agreement.
Also, Read | A Guide for Businesses to Develop a Decentralized App (DApp)
dApp Tokens
DApps are not privately owned, as the name suggests; they are decentralized. With Ethereum, they have a limited amount of tokens that fuel activities in dApps. Those tokens are not Ether-the Ethereum currency. (With Ether, you can though buy a dApp's native coin). They are generally exclusive to the dApp, a native currency. Using examples you are already familiar with, BlockGeeks describes the concept. For instance, in a water part, getting access to all the rides and buy snacks requires you to pay to join, then you get a wristband. The water park is the dApp in this case, your cash is Ether, and the band is the token.
Also, Read | Everything you need to know about ERC-20 Token Contracts
Key Considerations for dApp Development
So, should the production of dApps be on your next business move? Like other technology stack options, your decision will affect your choice of programming language, the method of testing and debugging, and several other things. Developing a dApp can have widespread consequences for your business model, unlike other technological choices. Consider getting off the fence if it is a "maybe." Blockchain technology can transform the future in many ways. We are now starting to imagine, and the change is happening faster than we've ever seen before.
As they emerge from individuals, corporations, civil institutions, and governments willing to create goods and services focused on a radical mix of confidence, accountability, and automation. Dapps will achieve mainstream success. In areas like social care, insurance, workplace learning qualifications, and transportation, DApps may also arise.
Look at your pressure points. Even if you're not excited about it, find out what issues you need to solve.
What's Next
Finding skilled smart contract developers could be a challenge if you're prepared to proceed further.
Severe shortages are in Ethereum resources, mainly solidity developers. And, especially, there's a scarcity of those with experience in smart contracts. Another challenge facing companies is seeking product managers and market developers who grasp the nuances of these emerging innovations. They look for professional experience in blockchain, IoT, AI, and machine learning.
Mudit Kumar
17 Dec 2020
Blockchain In Procurement | Unlock Efficiency & Growth
In an era defined by rapid technological advancements and globalization, procurement has emerged as one of the most critical business functions. From sourcing raw materials and goods to managing supplier relations and ensuring timely deliveries, procurement is the engine driving operational efficiency and competitive advantage in virtually every sector—manufacturing, retail, healthcare, automotive, and more.While procurement has traditionally relied on manual processes, paperwork, and siloed databases, this approach often leads to inefficiencies and limited transparency. Over the last few decades, digital transformation has automated certain aspects of procurement, but challenges like data fragmentation, fraud, and sluggish settlement processes still persist. Enter blockchain solutions development, one of the crucial blockchain development services, that promises to solve the very issues that have long plagued procurement: lack of transparency, trust deficits, inefficiencies, and security concerns.This blog post delves deep into the possibilities and realities of blockchain in procurement—exploring how it can unlock efficiency and growth, the obstacles that must be overcome, and the future trajectory of this pivotal technology within procurement ecosystems. By the end, you'll have a 360-degree understanding of how blockchain transforms procurement and why organizations should consider harnessing its potential sooner rather than later.Procurement: The Backbone of Modern BusinessProcurement is commonly defined as the process of finding and acquiring the goods and services a company needs to meet its strategic objectives and operational requirements. It typically includes researching and selecting vendors, establishing payment terms, negotiating contracts, purchasing orders, inventory management, and more.The Evolving Role of ProcurementTraditionally, procurement was viewed as a cost-center, tasked primarily with securing materials at the lowest possible price. Over time, the role has evolved to encompass value creation, risk mitigation, compliance with regulations, supplier relationship management, and strategic sourcing—all of which directly influence a company's market competitiveness.Key Components of Modern ProcurementSupplier Selection and Relationship ManagementIdentifying and evaluating suppliers based on quality, reliability, and cost-effectiveness, then maintaining mutually beneficial relationships over time.Contract ManagementDrafting, negotiating, executing, and enforcing vendor contracts, ensuring compliance with legal and policy frameworks.Purchase Requisition and OrderingInternal teams raise requisitions for goods or services, which are then converted into purchase orders once approved.Goods Receipt and InspectionUpon delivery, the received goods or services must be inspected for quality and quantity, matching them to the original purchase order.Payment and SettlementOnce goods are verified, the payment is processed according to negotiated terms, which might involve multiple sign-offs and financial checks.Performance Analysis and ReportingContinuous performance monitoring, cost analysis, and reporting are crucial for optimizing procurement strategies.These activities, while fundamental, can be complex in globalized supply chains involving multiple stakeholders, regulatory frameworks, and end-to-end documentation. Technology solutions like Enterprise Resource Planning (ERP) systems have alleviated some manual burdens, but inherent trust, transparency, and data integrity issues still linger. This is precisely where blockchain technology can make an immediate impact.Also, Read | How Blockchain Transforms the Supply Chain FinanceTraditional Procurement ChallengesUnderstanding how blockchain transforms procurement requires first exploring the array of challenges faced by organizations in legacy procurement environments.Lack of Transparency and TraceabilityOne of the most glaring concerns in procurement is limited visibility into vendor operations, contract performance, and product journeys. Opaque supply chains make it difficult to verify the authenticity and provenance of goods or confirm the ethical standards of upstream suppliers.High Risk of Fraud and ErrorsPaper-based documentation and disparate data repositories increase the risk of manual errors, duplicate payments, invoice mismatches, and even fraudulent activities. The ripple effect of such errors translates to cost overruns, reputational damage, and even legal complications.Inefficient Manual ProcessesFrom negotiating contracts to receiving supplier invoices, many procurement tasks are time-intensive and reliant on manual labor. Delays, duplication of efforts, and repeated data entry hamper efficiency and add to operational overhead costs.Complex Payment and Settlement CyclesPayment processing often involves multiple sign-offs, bank verifications, reconciliations, and cross-border transaction complexities. These can lead to significant delays, strained supplier relationships, and liquidity challenges.Regulatory Compliance IssuesProcurement processes span various legal jurisdictions, each with its own regulatory mandates (e.g., environmental regulations, data protection laws, anti-corruption rules). Ensuring compliance and maintaining auditable records across multiple stakeholders is a substantial challenge.Disconnected StakeholdersBuyers, suppliers, freight forwarders, customs officials, and regulators each maintain their own systems and data silos. This fragmentation leads to lack of real-time synchronization and frequent information asymmetries.Together, these issues underscore the urgency for a more secure, transparent, and efficient procurement paradigm. Blockchain technology rises to meet these needs by establishing a shared, immutable ledger of procurement transactions, accessible in real-time by all designated stakeholders.Also, Explore | Top 6 Blockchain Use Cases in Supply Chain ManagementBlockchain Technology FundamentalsDefining BlockchainA blockchain is a distributed database that maintains a continuously growing list of records, called blocks, which are cryptographically linked to each other. Each block contains:A cryptographic hash of the previous block.A timestamp.Transaction data.The result is a decentralized, tamper-resistant ledger maintained by a network of computers (or nodes). No single entity “owns” the data, and all participants in the network adhere to a consensus mechanism for validating transactions.Core Attributes of BlockchainDecentralization: Instead of relying on a central authority, each participant in the network has a copy of the ledger.Immutability: Once data is written to the blockchain, altering it requires tremendous computational effort and near-unanimous network agreement, making tampering practically infeasible.Transparency: Participants can access and verify transactions independently. Permissions (in the case of private/permissioned blockchains) can restrict sensitive data.Security: Cryptographic hashes secure transaction blocks, and consensus algorithms (e.g., Proof of Work, Proof of Stake, or PBFT in permissioned networks) govern how new blocks are added.Public vs. Private (Permissioned) BlockchainsPublic Blockchains: Anyone can join or leave the network, view the ledger, and participate in the consensus process (e.g., Bitcoin, Ethereum).Private/Permissioned Blockchains: These networks require an invitation or permission to join. Access levels can be customized, making them ideal for enterprise use-cases like procurement where data privacy and controlled user rights are paramount (e.g., Hyperledger Fabric, R3 Corda).Smart ContractsA smart contract is a self-executing piece of code stored on the blockchain that automatically enforces the rules and terms of an agreement once predefined conditions are met. In a procurement context, smart contracts automate contract execution—triggering payments upon delivery confirmation, applying discounts for early shipments, or enforcing penalties for delays. This removes intermediaries, reduces manual oversight, and prevents disputes by ensuring transactions follow a transparent, pre-approved logic.Also, Check | How to Create a Simple Supply Chain Smart ContractHow Blockchain Reshapes ProcurementBringing blockchain technology into procurement processes transforms how buyers, suppliers, and other stakeholders interact. Below are critical ways in which blockchain directly addresses longstanding issues in procurement:Single Source of TruthBlockchain acts as a single source of truth for all transaction data. Whether it's a purchase order, invoice, shipping document, or quality certification, all relevant details reside in a single, consistently updated ledger. This replaces the fragmented approach of storing information in multiple databases, each prone to conflicting entries.Automated Workflow with Smart ContractsSmart contracts enforce procurement rules without the need for manual intervention. For instance:Automatic Payment Trigger: Once a supplier's shipment is verified via IoT sensors, the blockchain can automatically release funds, accelerating the payment cycle and strengthening supplier relationships.Dynamic Discounting: A buyer can specify a discount if the supplier delivers goods ahead of schedule, all enforced through the code.This seamless automation significantly reduces administrative burdens and eliminates friction between parties.High-Level SecurityProcurement data—ranging from supplier bids to financial transactions—is often highly sensitive. Blockchain's cryptographic security ensures that only authorized participants can access and modify data within the ledger. This minimizes risks such as invoice fraud, unauthorized purchase orders, or data tampering.Transparency and Traceability Across the Supply ChainBy recording every step of a product's journey on the blockchain—from raw material sourcing to final delivery—organizations can achieve unprecedented visibility. If a shipment is delayed, anyone with proper permission can pinpoint the bottleneck, whether it's in customs, warehousing, or last-mile delivery. This real-time traceability fosters trust among all parties.Reduced Reconciliation and Dispute Resolution TimeSince all stakeholders share the same immutable records, reconciling discrepancies becomes faster and less contentious. For example, an invoice mismatch can be resolved by examining the blockchain transaction corresponding to the purchase order. This expedited resolution lowers legal costs and fosters an environment of open communication.Empowerment of Ethical and Sustainable ProcurementBrands are increasingly held accountable for their entire supply chain, including ethical sourcing, labor standards, and environmental practices. Blockchain ensures that certifications and compliance documents remain verifiable and tamper-proof, thereby reinforcing brand integrity and ethical standards.Also, Discover | A Comprehensive Guide to NFT and Supply Chain DevelopmentCore Benefits of Blockchain in ProcurementUnparalleled TransparencyThe blockchain ledger allows permissioned participants to access real-time data on procurement activities, boosting accountability. This is a massive advantage for heavily regulated industries or those prioritizing sustainability and ethical practices.Cost ReductionAdministrative tasks like matching invoices to purchase orders, verifying shipments, and managing payments are often labor-intensive. Automating these processes through smart contracts and shared data can significantly reduce overhead, labor, and time costs.Enhanced Security and Data IntegrityThe immutable nature of blockchain means data—once logged—cannot be retroactively altered without network consensus. This drastically reduces the risk of fraud and error in financial transactions or critical supplier information.Faster Settlement and Payment CyclesTraditional procurement involves multiple layers of approval, bank intermediaries, and currency exchanges. Blockchain-based digital payments (potentially including stablecoins or central bank digital currencies) accelerate settlement, often cutting payment times from weeks to mere hours or minutes.Improved Supplier RelationshipsBy automating payments and establishing reliable transaction records, buyers build trust with suppliers. Prompt payment and accurate record-keeping can attract more competitive bids from suppliers and foster collaborative, long-term partnerships.Auditability and ComplianceEvery transaction on a blockchain produces a historical trail. Regulators or internal auditors can trace how goods were sourced, who approved which contract, and what certifications were provided. This makes compliance checks more efficient and less intrusive.Innovation and Competitive DifferentiationPioneering companies that adopt blockchain in procurement can differentiate themselves from competitors by offering faster lead times, transparent supply chains, and reliable compliance. This can manifest in improved brand reputation, customer loyalty, and market share growth.You may also like | Reimagining Supply Chain Management with NFTsReal-World Use Cases and Case StudiesMaersk & IBM: TradeLens PlatformMaersk, a global shipping behemoth, joined forces with IBM to launch TradeLens, a blockchain-based platform that digitizes shipping documentation and streamlines procurement/logistics. This platform has allowed multiple stakeholders—ports, customs authorities, freight forwarders—to exchange real-time information efficiently.Key Outcomes:Reduced shipping data-entry tasks by up to 80%.Minimized delays associated with paperwork and manual approvals.Strengthened trust among ecosystem players.Walmart and IBM Food TrustWalmart partnered with IBM to utilize blockchain for tracking food products from farm to store shelves. While this primarily addresses food safety, the underlying procurement processes—such as verifying supplier authenticity, ensuring compliance, and obtaining timely shipments—are also greatly streamlined.Key Outcomes:Ability to trace a product's origin in seconds instead of days.Increased consumer confidence in product quality and brand integrity.Faster recalls, if necessary, mitigating financial and reputational damage.De Beers' Diamond Tracing with TracrDe Beers, a major diamond producer, launched Tracr, a blockchain platform that tracks diamonds from mining sites to end consumers. This is crucial in procurement terms because it validates ethically sourced diamonds, ensuring no links to conflict zones.Key Outcomes:Bolstered brand reputation by guaranteeing conflict-free diamonds.Simplified compliance with Kimberley Process requirements.Elevated consumer trust and market credibility.Mercedes-Benz & IcertisMercedes-Benz utilized blockchain to enhance transparency and sustainability in its component supply chain. Partnering with Icertis, the auto giant ensures that critical car parts sourced from suppliers meet stringent environmental and labor standards.Key Outcomes:Automatic compliance checks for raw materials.Streamlined contract management, accelerating approvals and supplier onboarding.Reinforced brand commitment to ethical sourcing.You may also like | Blockchain in Supply Chain | Advantages, Features, and Use CasesTechnical Considerations for ImplementationDeploying blockchain in procurement extends beyond conceptual benefits; it demands thoughtful technical planning and organizational readiness.Selecting the Right Blockchain PlatformHyperledger Fabric: A permissioned platform suitable for enterprise use-cases needing private channels.R3 Corda: Emphasizes privacy and legal enforceability, widely used in financial services but adaptable for procurement.Ethereum: Known for its smart contract capabilities in a public or consortium setup.Quorum: Enterprise-focused fork of Ethereum with enhanced privacy features.Each platform has unique consensus mechanisms, transaction speeds, and feature sets. Organizations must evaluate their desired transaction throughput, data privacy requirements, network participants, and developer ecosystem before finalizing a platform.Smart Contract DevelopmentSmart contracts define automated business logic. In a procurement setting:Contract templates must accurately reflect legal terms (payment schedules, penalty clauses, discount criteria).Consider robust testing and formal verification to avoid costly errors in live deployments.Plan for upgradability so the code can evolve alongside changing business needs or regulations.Network GovernanceBlockchain networks, especially consortium or private blockchains, require a governance model. Determining who can add nodes, validate transactions, and approve network changes is crucial. This is often managed by a group of stakeholders (consortium) with explicit rules and procedures.Scalability and PerformanceLarge procurement networks handle high volumes of transactions daily (purchase orders, shipping confirmations, invoices, receipts). Public blockchains like Ethereum can become congested, leading to higher transaction fees or slow confirmations. Private/permissioned blockchains using more scalable consensus protocols (e.g., Practical Byzantine Fault Tolerance) might be preferable.Data Privacy & ConfidentialityNot all procurement data (e.g., contract pricing, discount structures) can be publicly visible to every network participant. Techniques like zero-knowledge proofs, hashed references, and off-chain data storage help maintain confidentiality without sacrificing blockchain's integrity benefits.Integrations with Legacy SystemsCompanies rarely overhaul their entire ERP, SCM (Supply Chain Management), or financial systems overnight. A successful blockchain implementation in procurement entails seamless integration with existing platforms. API-based or middleware solutions can funnel data to and from the blockchain, preserving existing operational workflows.Security Audits and ComplianceA robust cybersecurity strategy is mandatory. Regular smart contract audits, penetration testing, and alignment with regulatory standards (e.g., GDPR, HIPAA in healthcare, or the Federal Acquisition Regulation in government contracts) prevent vulnerabilities and ensure compliance.Also, Check | Supply Chain Traceability and Sustainability with BlockchainIntegration with Existing Systems and ProcessesNo organization can implement blockchain in a vacuum. For a truly end-to-end procurement solution, blockchain must dovetail with legacy and modern systems:ERP Systems (e.g., SAP, Oracle)ERP systems handle everything from inventory management to financial accounting. Integrating blockchain ensures that purchase orders, invoices, and payments automatically synchronize across platforms.Supply Chain Management ToolsTools that manage transportation, warehousing, and logistics details must seamlessly feed shipment milestones into the blockchain for real-time visibility.Payment Gateways and Banking InterfacesBlockchain-led payment settlements can integrate with bank networks (possibly using ISO 20022 standards) for real-time gross settlements or even connect to cryptocurrency/stablecoin rails if relevant and legal in certain jurisdictions.Cloud & Data Analytics PlatformsOff-chain data analysis can glean insights from on-chain procurement transactions, using machine learning or AI to predict supply trends, detect anomalies, and optimize inventory management.Challenges and Obstacles to AdoptionDespite blockchain's potential to revolutionize procurement, organizations face several barriers:Technological ComplexityDesigning, deploying, and maintaining a blockchain solution is a multi-layered process requiring specialized skills, including blockchain architecture, cryptography, software development, DevOps, and cybersecurity. Many enterprises lack in-house expertise and must recruit or partner externally.Organizational ResistanceShifting away from well-established legacy systems can prompt cultural resistance—from senior leadership uncertain of ROI to employees who fear the learning curve. Overcoming such inertia requires change management, training, and stakeholder buy-in at all levels.Regulatory UncertaintyThe regulatory environment surrounding blockchain is fluid, with some jurisdictions welcoming it and others imposing cautious oversight. Companies must monitor evolving regulations to ensure compliance while also planning for the possibility of cross-border operational complexities.Scalability ConcernsEven permissioned blockchains might encounter throughput limitations if the network expands rapidly. High transaction volumes could lead to congestion unless carefully designed consensus algorithms and network architecture are in place.InteroperabilityMany industries, from automotive to healthcare, have their own consortium blockchains and standards. Ensuring that your procurement blockchain solution can exchange data or interoperate with other networks is a non-trivial challenge.Data Privacy and ConfidentialityWhile blockchain is inherently transparent, sensitive procurement data (pricing details, trade secrets, personal information) must remain confidential. Implementing privacy-preserving mechanisms without diluting the trustless and transparent essence of blockchain can be complex.You may also like | Blockchain in Supply Chain | Tracing From Food to HealthcareFuture Outlook: The Next Frontier of ProcurementConvergence with IoT and AIThe Internet of Things (IoT) holds promise for real-time data capture—verifying shipments, monitoring storage temperatures, tracking location, etc. When combined with blockchain, each IoT event can automatically trigger a smart contract clause (e.g., initiating payment when goods reach a threshold temperature within tolerance). Meanwhile, Artificial Intelligence (AI) can analyze vast blockchain datasets for predictive procurement—forecasting demand, anticipating supplier risks, and optimizing reorder points.Emergence of Tokenized AssetsProcurement could expand to include tokenized assets representing raw materials or finished goods. Tokens can be traded, leased, or fractionalized. A manufacturer might tokenize its inventory, letting suppliers or other stakeholders hold tokens as collateral or investment. While still nascent, this concept unlocks novel financing mechanisms and boosts liquidity in supply chains.Sustainable and Ethical Procurement PlatformsGrowing consumer and investor pressure for Environmental, Social, and Governance (ESG) accountability means procurement must verify not just costs but also the ethical and ecological impact of goods. Blockchain can anchor a system that validates green certifications, ensures fair labor practices, and records each stage of a product's lifecycle.Government Adoption and Smart CitiesGovernments worldwide are exploring blockchain for public procurement to reduce corruption, increase transparency, and foster citizen trust in public contracts. Moreover, “smart cities” initiatives may incorporate blockchain-based procurement for infrastructure projects, further streamlining contracts among municipalities, contractors, and suppliers.Universal Standards and InteroperabilityAs the technology matures, we can expect emerging industry-wide standards that define how procurement blockchains interact, how data formats are structured, and how consensus algorithms are employed. This standardization will lower barriers to adoption and foster cross-border, cross-industry collaborations.Frequently Asked Questions (FAQs)Below is an expanded FAQ section designed to address common queries about blockchain in procurement.What is Blockchain in Procurement?Blockchain in procurement is the application of decentralized ledger technology to the processes and workflows involved in sourcing, contracting, and paying for goods and services. It creates an immutable, shared record of procurement transactions accessible to authorized parties in real-time.How Does Blockchain Improve Transparency?Blockchain's shared ledger records every transaction (purchase order, invoice, shipment, payment) in a chronological, tamper-proof manner. All permissioned stakeholders see the same data, minimizing data discrepancies and enabling better oversight of supply chain activities.Can Blockchain Reduce Costs in Procurement?Yes. By automating manual processes, eliminating duplicative tasks, preventing fraud, and speeding up settlements, blockchain can significantly lower operational expenses. Smart contracts are especially useful for automatically executing payments and applying discounts or penalties.Which Industries Benefit Most?While every industry can benefit, manufacturing, retail, pharmaceuticals, automotive, and aerospace often see the most immediate returns due to complex supply chains and high compliance requirements. However, even smaller businesses can leverage blockchain to streamline vendor relationships and reduce administrative overhead.Is Blockchain Secure Enough for Sensitive Procurement Data?Blockchain employs cryptographic security and a decentralized network to protect data integrity. For sensitive data, permissioned blockchain models allow finer control over who can view and edit records. Advanced techniques like zero-knowledge proofs can also keep private details confidential while still proving transaction validity on-chain.How Do Smart Contracts Work in Procurement?Smart contracts are self-executing code that automatically implements terms of a contract once certain conditions are met (e.g., goods delivered, services completed, or deadlines reached). This eliminates manual oversight and reduces the risk of disputes or delays.Can Blockchain Integrate with Existing ERP Systems?Absolutely. Integration often requires API connections or middleware solutions that communicate between on-chain data and off-chain ERP modules. Many blockchain platforms (e.g., Hyperledger Fabric, Ethereum-based enterprise solutions) support robust APIs and interoperability frameworks.What Are the Main Barriers to Adoption?Common barriers include organizational resistance to change, lack of in-house expertise, high initial development costs, regulatory uncertainties, and integration complexities with existing IT infrastructure. A carefully planned pilot program and phased rollout can help navigate these challenges.Will Blockchain Replace Traditional Procurement Tools Entirely?Blockchain is more likely to augment rather than replace existing procurement tools. It serves as an additional layer of trust and automation, seamlessly integrating with ERP and SCM systems while improving data integrity, payment processes, and compliance.How Long Does It Take to Implement a Blockchain-Based Procurement System?Timelines vary significantly depending on project scope, complexity, number of stakeholders, and technical resources. A proof-of-concept (PoC) might take a few weeks to a few months, while a full-scale enterprise-grade deployment can span several quarters or more.Is Blockchain Viable for SMEs or Only for Large Corporations?Blockchain can benefit businesses of all sizes. While large corporations have more complex, global supply chains that gain obvious advantages, SMEs can also use blockchain for better supplier trust, faster payments, and improved brand reputation.What Future Innovations Might Impact Blockchain in Procurement?Key trends include AI-driven analytics (for predictive sourcing), IoT integrations (real-time shipment and asset tracking), tokenization of assets, and industry-wide interoperability standards that simplify cross-chain collaboration. Each of these innovations stands to further optimize procurement and transform it into a more transparent, data-driven function.Also, Discover | Uncovering the Potential of Blockchain in Automotive Supply ChainConclusionProcurement is more than just a back-office function—it is a strategic driver of cost optimization, risk mitigation, and innovation for modern businesses. However, the historical reliance on manual tasks, siloed databases, and paper trails continues to undermine procurement's effectiveness. Blockchain technology has the power to fundamentally shift this paradigm by:Creating a single, tamper-proof record of every transaction.Automating contract execution and supplier payments via smart contracts.Offering real-time traceability and strengthened security for sensitive procurement data.Reducing disputes, errors, and reconciliation overhead across the supply chain.Building trust and fostering ethical sourcing practices.From global supply chain giants like Maersk and Walmart to industry-specific leaders like De Beers, real-world deployments illustrate the tangible value and transformative potential of blockchain in procurement. The technology is still evolving, and challenges—such as scalability, regulatory clarity, and organizational change management—must be addressed. Yet, the direction is clear: as distributed ledger and smart contract technologies mature and integrate with IoT, AI, and advanced analytics, blockchain will become a mainstay in procurement for those forward-thinking organizations aiming to unlock unprecedented efficiency, transparency, and growth.As adoption accelerates, businesses that proactively explore blockchain solutions will find themselves at a competitive advantage. Whether you're an SME looking to streamline supplier payments or a large enterprise needing end-to-end supply chain visibility, blockchain-based procurement is no longer optional—it's a strategic imperative for remaining relevant and resilient in a digitally driven global marketplace. If you are planning to explore blockchain's potential in transforming procurement, connect with our skilled blockchain developers for a thorough consultation.
Category:
Blockchain
Mudit Kumar
16 Dec 2020
Blockchain Development in Retail for Efficiency and Growth
Blockchain solutions for industries are proving their potential to achieve widespread adoption. As indicated by market research and survey by names like Gartner and Mckinsey, it will soon experience general acceptance by consumers by 2025. Undoublty, blockchain technology is emerging as a groundbreaking technology. It has given rise not only to the decentralized digital currency with its distributed, immutable ledger but also provided mechanisms to transform the entire financial market.
Now, the tech community is getting overwhelmingly optimistic about using blockchain technology for retail solutions as it provides a variety of applications for both the financial and non-financial sectors. Blockchain solutions development in retail is one such field where it can prove to be transforming for all stakeholders.
Understanding Blockchain Technology
Blockchain is an open, distributed ledger that records real-time information in a permanent, distributed, and verifiable way. Depending on the consensus mechanism type, it validates and records all transactions that take place on a network between each participant. Essentially, it is a type of distributed database that processes information in a decentralized manner across several data servers globally, making it secure, transparent, and censorship-resistant. As multiple copies of the same data remain stored across different devices at different locations, a peer-to-peer network establishes a means to store and exchange information securely with encryption and cryptography methods.
Also, Read | What is Blockchain Technology and How Does it work
Blockchain Applications Across Retail Operations
Retail is an industry that has disrupted the way we shop and live, and blockchain technology can ensure its efficient digital transformation.
Let us understand a few potential retail blockchain implementations across processes.
Establishing End-to-End Transparent and Traceable Supply Chain
Supply chain management refers to the flow of goods and services and includes all processes from raw material sourcing to conversion into finished products. Any element of eCommerce is critical to the idea of the supply chain. Blockchain supply chain solutions in retail can solve problems like recordkeeping and monitoring of goods. It is a better alternative to a centralized database.
Blockchain usage takes the brand-customer relationship to a new level of trust. Every stage of the supply chain process becomes digital to ensure authenticity and reduce the risk of counterfeiting, particularly in the arts, antiques, luxury goods, and pharmaceutical sectors. Some of the leading instances of blockchain use in the supply chain are:
Product Provenance Traceability
With blockchain technology, stakeholders can trace the timeline of a product right from its procurement to consumers, including manufacturing, packaging, and logistics. Further, the integration of embedded sensors and RFID tags, and blockchains enables the tracing of product information at each stage of the process. Blockchain, in addition to detecting anomalies in any segment of the supply chain, also provides precise provenance tracking.
Efficient Inventory Management
CPOs can also employ blockchain solutions for an advanced supply chain backend that ensures productivity and growth across various operations. Blockchain enables distributors to avoid unnecessary spending on recruiting new employees time and time again.
Cost-Efficiency
Blockchain improves the administrative procedures in supply chain management by eliminating intermediaries and introducing automation with smart contracts. Therefore, it leads to reducing the system's additional costs. Eliminating intermediaries eliminates the duplicity of products and the risk of fraud as well. Cryptocurrencies can come in used by clients and vendors to process payments within the supply chain with efficiency and security instead of costly traditional means.
Also, Read | Blockchain For Supply Chain Management
Enhancing Consumer Experience
Using blockchain technology offers data integrity instantly and accurately. Applying it can enhance consumer loyalty programs that are data-reliant. At each stage of customer interaction, its distributed nature guarantees data capture. It can enable organizations to develop the capabilities of qualitative research and consumer modeling. When retailers use it for consumer loyalty programs, they give consumers the option of using a single wallet to store ubiquitous loyalty points instead of accumulating them in isolated membership schemes. In this way, clients will be more involved with loyalty programs as they can easily track points and rewards and redeem them. Technologies such as big data analytics and artificial intelligence also help each customer create personalized communications.
Also, Read | Loyalty Programs on Blockchain
Strengthening Consumer Privacy Protection
We see clients sharing different personal data with various organizations in the current framework. This information remains in the control of only a single organization or a permissioned small group of entities. In particular, since these systems are particularly vulnerable to breaches, hacks, and data losses, data is placed at high risk. It will change the image of brands and consumer confidence.
In a blockchain, this data remains secure due to features like decentralization and an encrypted ledger that nobody can compromise. Only individuals who have the exact private cryptographic key may access this information. The amount of information they want to share with retailers may also be in the control of consumers. Consumers are, therefore, aware of who uses it and the reason for which they need it.
Also, Read | Blockchain Solutions for Streamlining Online Retails
Improvement of Logistical Efficiencies
Blockchain traceability solutions can assist retailers and logistics providers globally to track shipments securely and transparently. As it provides real-time details about product handling, including who, where, and when, at what time dispatched it, scheduled delivery time, etc., every logistic stage of the product's journey becomes auditable. Suppliers can retailers can also monitor factors including humidity and temperature. To a great degree, it results in boosting logistical efficiencies. The much-needed ability of technology is to streamline transport, shipping, and reconciliation of contracts.
Also, Read | Smarter Logistics with Blockchain
Enhanced Payments as well as eCommerce
Merchants can use a blockchain-powered payment solution to accept payments from cryptocurrencies. It ensures efficient, secure, and fast cross-border payments and micropayments. The created digital records help streamline the process of returns and refunds. For instant purchases, automatic returns, and much more, the use of smart contract solutions proves worthwhile. A smart contract is a self-executing contract that contains the terms of the buyer-seller agreement.
Also, Read | Cryptocurrency Payments Solutions: 5 Reasons to Implement
Conclusion
The shift is certainly in the pipeline for the retail sector, taking into account all the advantages of blockchain. The applications of blockchain technology are slowly but steadily revolutionizing retail.
In addition to being quicker and cheaper, it is the aspect of removing interference from third parties that makes blockchain suitable for retailers. Blockchain can decentralize a centralized service, thereby helping to create trust, which is the backbone of every organization. Considering all the possibilities provided by blockchain technology, it is undoubtedly here to stay.
Mudit Kumar
14 Dec 2020
Smart Contracts on Blockchain | Real Examples and Platforms
When we purchase a vehicle or a house, we encounter a special kind of aggravation associated with the complex forms of transactions. Many business leaders have felt the same pain. They are researching ways to alleviate it with blockchain-based smart contracts development.
This compact guide is a great place to start. It will answer your questions, whether you recently heard about the idea or are searching for in-depth insight.
Smart Contracts
Smart contracts are essentially lines of coded business protocols stored on a blockchain. Their key feature is that they execute automatically when involved contract participants meet predetermined terms and conditions. They are protocols that can operate at the most basic level of system infrastructure as they have defined by the people who develop them.
Majorly, in business collaborations, the advantages of smart contracts are most apparent. A business or two can use it to implement a form of an agreement in a way that involved parties can be confident of a result without the intervention of an intermediary.
Also, Read | Making Your Business Smart with Blockchain Smart Contracts
How do they Work on Blockchain
If you have ever purchased a car from a dealer, you know there are several steps involved. Indeed, it can be a tedious procedure. To prove your identity, you will have to fill out several forms with your details and communicate with many different individuals along the way. It includes a salesperson, a broker, a lender, and more. Various commissions and fees are added to the base price of the car to compensate for their work.
Because of a lack of confidence among participants in the transaction, smart blockchain contracts can streamline this complex process that involves multiple intermediaries. Lenders will easily decide credit with your identity stored on a blockchain. It will establish an immutable digital contract between the bank, the dealer, and the lender. Once the dealer gets the funds, the lender would retain the title of the car, and it will initiate repayments based on the agreed terms. As the transaction is registered on a blockchain and shared among the participants, auditing can be in real-time, any time, and the transfer of ownership will be automatic.
Also, Read | Smart Contract Solutions for Business | How do They Work
Advantages of Smart Contracts
Velocity
Precision
Confidence
Security
Savings
Smart Contracts Use Cases Powered by Blockchain
Insurance Operations
The arrangement between an insurance provider and a customer is an insurance scheme. If you're an insurance agent, you can make the terms of the offer simpler by using smart contracts. The smart contract would document every part of the policy. The policyholder will discuss the provisions and commit to the arrangement. The smart contract will retain the agreement in place as long as the policyholder follow the terms, such as paying their monthly premiums.
The plan will immediately unlock the insurance premium if the policyholder presents the required paperwork detailing the damage to their house or vehicle. It accelerates the billing process for premiums and makes the whole system streamlined and efficient. Any time someone needs to receive an insurance premium, policyholders and insurance providers no longer have to build piles of paperwork.
Also, Read | Blockchain Smart Contracts in Insurance
Supply Chain Asset and Product Traceability System
You can use smart contracts to sell and distribute your goods all over the world if you're a distributor. The code behind the smart contract will monitor the position of your products, so you can trace them across the supply chain as they change hands. A smart contract can replace any part of the supply chain, making the entire system more efficient.
Smart contracts automatically release goods to the correct person from the shelf in your warehouse to the freighter sailing overseas to the storefront after all fulfillment of the terms, providing a hands-off approach to supply chain management and inventory tracking.
Also, Read | Smarter Supply Chain Development with Blockchain Smart Contracts
Intellectual Property Management
You will secure your work and intellectual property using smart contracts, either you are an artist or a manufacturer. Until anyone meets the conditions of the smart contract, the specifics of your job and the content itself will be unavailable. For instance, if you make an album and someone wishes to use it by paying a royalty, including how they want to use the song. If the conditions of the smart contract meet, designated persons will get the album. It helps musicians and producers, without high court costs, raise revenue from their jobs.
These are all bits of code used to validate and execute specific forms of transactions. So, they can extend to a wide variety of businesses and cases of usage.
Also, Read | Blockchain in Intellectual Property | Making IP Rights Management 'Smarter'
Real-World Examples of Smart Contracts
AXA Fizzy's Flight Insurance Platform
No matter the cause of a flight delay, Fizzy AXA provides flight reimbursement.
Smart contracts cover atmospheric conditions, malfunctions, and more reasons that you can't find in your flight insurance.
Smart contracts focused on causing incidents, issue compensation. The law is simple: the device immediately activates reimbursement if the flight is postponed by longer than 2 hours or even canceled. You need to file with the system no less than five days before the scheduled departure to get reimbursement.
Populous World - Autonomous Invoice Discounting Platform
The Populous network reduces the chances of overdue invoices wasting money. In a nutshell, in a smart contract, an invoice seller shows invoice words. An invoice purchaser then chooses to buy an invoice, puts a deal on it, and eventually specifies an interest rate. The smart contract triggers compensation to the buyer upon payment of the invoice by a debtor after the seller accepts the bid and sells the invoice.
Also, Read | Real World Examples of Smart Contracts Use Cases
Platforms for Smart Contract Development
Hyperledger Projects
Under the umbrella of The Linux Foundation, Hyperledger Fabric is a blockchain platform that assists with a modular architecture in designing applications or solutions. It supports the plug-and-play version of and consensus membership programs. Since it is an approved blockchain, it uses container technologies such as 'chaincode' to host smart contracts. It suggests that all network members will carry a known identity.
Hyperledger developers use a range of helpful tools, including Hyperledger Composer. As in Ethereum, to help developers build smart contracts. For the creation of smart contracts, Blockchain developers may also use Javascript, Go, and other programming languages. It makes Hyperledger a more versatile platform.
Ethereum Blockchain Solutions
Ethereum proposes a decentralized machine called the Ethereum Virtual Machine (EVM). It uses a distributed network of public nodes to execute scripts. The support and standardization it provides is the elegance of Ethereum smart contracts. Building smart contracts in Ethereum is simple and less risky as the regulations a developer has to stick to are explicitly written. It spends more on developing the design and execution of intelligent contracts. It has constructed Solidity, its smart contract programming language, for this reason. Ethereum smart contracts are generally accepted as the safest choice for developers, despite security problems and glitches in its code.
Also, Read | Hyperledger or Ethereum Smart Contracts| Which is Better for Business Solutions
Mudit Kumar
11 Dec 2020
Blockchain in Supply Chain | Tracing From Food to Healthcare
The buzz of blockchain technology in the news makes it sound like an efficient alternative to address business problems. This blog therefore assesses the potential of blockchain supply chain development, including benefits, crucial aspects, use case, and network types.
Initially, blockchain provided frameworks to facilitate transactions with bitcoin without any intermediary involvement. This characteristic of blockchain technology remodels transaction mechanisms of not only digital currencies but also a variety of information storage and sharing. Essentially, it highlights the potential to boost the productivity and profitability of most businesses, if not all.
We aim to provide you with a better understanding of what blockchain technology is all about. We find out how it saves us time to learn, test, and analyze the value of operations.
Blockchain Technology
Blockchain is a technology that, with no intermediation of a trusted central entity, can allow validated data communication across most players involved in a supply chain. It can improve transparency across a supply chain by verifying and adding data in real-time. Essentially, a blockchain is a technology that enables individuals who do not know each other to trust a shared ledger of events, according to the Bank of England.
Also, Read | What is Blockchain Technology and How Does it work
Key-Value Drivers
Features it provides are product traceability, fast time-stamped transactions, a distributed ledger that is censorship-resistant, and more. Its potential value drivers include increased operational supply chain efficiency and transparency, lowered risk of fraud and grey market trading, enhanced control over the management of outsourced contract management, and more. RFID, sensors and IoT applications, AI and machine learning, existing ERP, EDI, etc., systems, distributed databases, cloud-based solutions, and more technology integrations are feasible.
Also, Read | Blockchain For Supply Chain Management | Applications across Industries
Use Cases | Blockchain in Supply Chain Development
Blockchain in the Shipping Industry Supply Chain
An established shipping firm piloted blockchain technology for shipment tracking. It enabled consumers, sellers, and officials around the world to track various information goods delivered to them. Before arrival, products travel across borders and authorities. Subsequently, it leads to managing reviews and approvals from up to 30 parties. It results in creating a large amount of paperwork and creating opportunities for fraud at several points in the process. Thus, it results in the loss of billions of dollars in maritime trade each year.
The shipping company initially cooperated with customs authorities. With this collaboration, it simplified the approval process of transactions and approvals by maintaining a distributed yet secure record. The solution reduced the time taken to transport goods. It means that transactions can settle from more than a week to less than one day or even seconds. It can reduce shipping administrative and logistics timelines by more than 85%. Developing similar use cases of blockchain in shipping logistics and supply chain can reward all stakeholders.
Also, Read | A Review of Blockchain's Potential in the Shipping Industry
Blockchain in the Food Supply Chain
To strengthen supply chain transparency of the world's second-largest traded commodity, coffee beans, a startup can begin developing with a private blockchain solution. It can employ a shared, decentralized real-time digital transaction protocol that records immutable data of transactions and further facilitates all permitted parties to access those records in real-time. When coffee beans advance through the supply chain touchpoints, it contributes to improving end-to-end transparency and ensuring that farmers get their fair-trade share.
Also, Read | Why You Should Develop a Blockchain-based Food Supply Chain System
Blockchain in Manufacturing, from Mines to Diamonds
For diamond digital certifications and prevention of illegal tampering with supply chain data, a logistics company can launch a permissioned/consortium cloud-based blockchain solution with platforms like Hyperledger projects and Enterprise Ethereum. It can hold diamond certification containing specifications and standards to ensure that they are ethically sourced.
However, false certificate reports and insurance claims can always disrupt the protections put in place. The company can decide to use a range of distinctive features to produce exclusive diamond IDs, including color and transparency, to address the challenge. The blockchain solution will render the supply chain data immutable and secure while ensuring the needed credibility for the certification process between diamond certification houses and global diamond suppliers with smart contracts. The company can successfully digitize more than a million diamonds with blockchain and smart contracts for secure and efficient storage, trade, and exchange.
Also, Read | A Use Case for Blockchain in Thorium's Supply Chain Traceability
Blockchain in Pharma Supply Chain
Provenance tracking (tracing products across a supply chain) within the pharmaceutical industry emerges as another potential use-case for blockchain healthcare app development.
During the production and distribution process, monitoring of pharmaceutical ingredients is challenging. It further faces intensified challenges from prevalent and lucrative counterfeit drug operations around the world.
Deloitte's initiative Rubix identified three primary use cases of blockchain in pharmaceuticals. They include its development across the drug production cycle, distribution and handling from producer to end-user, and regulatory and consumer safety compliance. Blockchain establishes a framework that ensures drug traceability, from production to end-users. It also precisely identifies the point where the supply chain breaks down.
When combined with technologies like sensors, RFIDs, machine learning, and its potential explode. Then, it not only can minimize annual losses of $200 billion but also to improve public safety and avoid some of the reported counterfeit medicine fatalities of one million while adhering to regulatory and consumer safety requirements.
Also, Read | Applications of Blockchain in Strengthening the Pharma Supply Chain
Popular Blockchain Types for Development
Blockchain with Public Access
With platforms like EOS and Ethereum, a blockchain forms a decentralized network with no central authority and thus low-cost transactions. It ensures record validity using resource exhausting consensus mechanisms like Proof-of-Work (PoW) or Proof-of-Stake. It enables everyone to join, read, and write on the network with an internet connection without requiring permission. Most of the miners reach an agreement to check the authenticity of the transaction record. Records remain distributed across all members of the network with access to a copy of the complete information.
Hybrid Consortium Network
It is a type of quasi-centralized network. The members of a consortium built with blockchain platforms like Hyperledger BigchainSB manage the record of the validity of transactions. A hybrid network is accessible on a permission-only basis. Only selected participants may make modifications. The consortium uses standards for verification of transactions. Records remain distributed across the consortium. The cost of transactions depends on the consensus mechanism decided by the consortium.
Private Blockchain Network
Preferable for enterprises, private solutions built with platforms like Corda and Multichain use a central authority that serves as a trusted intermediary to monitor and maintain record authenticity. Other features like immutability, transparency, and security remain intact. Access is available upon authorized permissions given by the controlling centralized authority. A central authority use notaries to reviews transactions. The central authority stores all documents and determines the cost of transactions as per requirements.
Also, Read | Types of Blockchain and their Importance in the Digital World
What to Choose?
The argument between what is feasible to use between private/consortium and publicly accessible blockchains comes down to the company that has to use them. It essentially depends on specific business requirements. Hence, there is no straight cut answer to the issue. Moreover, the industry is still evolving. Instead of what is best for everyone else, companies must focus on what they specifically need. So, the decision on whether to use Public or Private Blockchain heavily relies upon the specific use case, functionality, and the organizational needs in particular.
Developing a Smart and Robust Supply Chain Blockchain Solution
Oodles is a blockchain software and solutions development company. With blockchain integration with existing supply chain systems, our experts make the supply chain of any business transparent, sustainable, secure, and stable.
Mudit Kumar
09 Dec 2020
Blockchain Development for Automobile Industry Solutions
Blockchain technology can revolutionize the automobile industry as technologies like machine learning, high-performance GPS, and sensors did. The technology can prove to be of greater relevance when integrated with the Internet of Things (IoT), big data, and artificial intelligence (AI). Key automakers like BMW, Porsche, Toyota, and more have begun piloting blockchain automobile solutions across various operations like supply chain, security, car service, insurance, and blockchain for autonomous vehicles in recent times.
We will find out how building an advanced solution linked with connected, autonomous, shared, and electric vehicles, blockchain technology makes its disruptive presence felt.
Powering Automobile Operations with Blockchain
Blockchain suits well for creating new revenue models while strengthening existing ones. It provides capabilities to facilitate micro-payments as per the usage of vehicles and fractional vehicle ownership. It also streamlines and automates vehicle title transfer by establishing one permissioned accessible open ledger. On an as-needed basis, interested permitted parties can access it anytime, for instance, in case of a dispute.
Blockchain supply chain development permits proactive maintenance by informing spare part suppliers and service shops about requirements based on data collected from vehicles.
Blockchain-powered integration of digital contracts, shared inventory and logistics details, pricing, invoicing, and payments can maximize the supply chain efficiency, including vehicle shipments.
The provenance traceability of spare parts on the blockchain will help avoid counterfeit problems, speed up vehicle recalls if necessary, and, as a result, improve vehicle safety.
In areas across finance and accounting, automotive companies may also benefit from using blockchain, such as streamlined back-office functionality.
Also, Read | Blockchain's Implication in the Autonomous Automobile Market
Blockchain Automotive Applications
Carsharing Services
An OEM can issue vehicles sold on a timeshare basis. Trips remain registered on the blockchain database and transfer instantly execute with a single-source, usage-based payment mechanism between owners, operators, and third-party service providers. Also, car ownership is adjustable and shareable on a full or fractional share. Depending on ownership percentage, all owners, including the OEM, get benefit shares.
Insurance Processes
With blockchain, vehicle miles can become verifiable and protected, enabling drivers who do not use their car to often receive customized premiums.
Automotive Payments
E-contracts are an advantage that blockchain enables to operate without having a bank or other intermediaries. They facilitate direct, secure movement of money from a buyer to a seller. Indeed, researchers have worked on implementing blockchain in energy grids that might lead to enhanced charging infrastructure for electric cars. To access public charging stations, EV drivers today have to keep a variety of accounts. With blockchain autonomous automobile solutions, all stakeholders can safely exchange data about charging point availability, charger servicing, and charging rates.
Vehicle History and Recalls
The VIN of an automobile remains in the database. It ensures that once a recall occurs, it is easy to contact owners of the same cars with a defect. It results in significantly minimizing dealer costs and eliminating driver discomfort. Having a logbook of a vehicle on blockchain renders forgery obsolete. Second-hand car buyers profit when they know that the seller will exchange checked, incorruptible details regarding its past. They can also exchange the ownership of a vehicle with security and efficiency.
Vehicle Servicing
Blockchain can store entire service records of a vehicle. It can also ensure that only OEM-supplied components reach inventory with a quick QR code scan for repairs or replacements. On the other hand, suppliers collect details stored in the blockchain to allow for efficient ordering of pieces.
Parts Traceability
Blockchain traceability solutions can empower the automotive supply chain to trace and check the origins of components used in a vehicle, straight down to the raw material as soon as it leaves from the mine.
With the increase in demand for EVs, which already use cobalt in their batteries, this is of concern. BMW Group has partnered with Circulor, a London-based startup. They use blockchain-based mapping technologies of the latter to identify cobalt outlets that follow ethical criteria.
Autonomous or Self-Driving Cars
For safe autonomous vehicles, it is crucial to store, interpret, and move volumes of data securely and efficiently. Blockchain is a secure and efficient way to do this. It can eventually lead to expediting the introduction of vehicles at levels 4 and 5.
Also, Read | Achieving Operational Efficiency in Automotive Operations with Blockchain
Recent Developments in Blockchain Development Space for Autonomous Vehicles
Daimler's Blockchain Payment Network
Daimler piloted blockchain technology in August 2019. It enabled trucks to make blockchain-based machine-to-machine payments without any human intervention.
Commerzbank, a Frankfurt-based bank and financial services company, tested transfers. It used blockchain technologies between trucks and electronic charging points for settlements. The banking company tokenized euros, which then Daimler used to pilot the network to validate and process payments.
GM's Vehicle Data Management Solutions for Autonomous Automobile
GM filed a patent for a blockchain-powered solution in December 2018. It details the handling of autonomous vehicle data and the flow of data transmission and exchange between autonomous vehicles and real-world utilities and facilities. Its data exchange includes a range of information, including navigation, charging and refueling systems, permissions, as well as tracking balances for payable services like tolls and parking.
Also, Read | Blockchain Applications in the Automotive Industry | Advancing Innovation
MOBI (Mobility Open Blockchain Project) Consortium Using blockchain for Automobile Transformation
A more than 30 member-led consortium of automotive companies like BMW, GM, Ford, and Renault introduced MOBI in May 2018.
The objective of the project was the development of the MOBI Vehicle Specification Identification. It sought to establish Vehicle Identity Numbers with a blockchain-based database. It goes further than the existing framework used to register new cars. An electronic blockchain-based wallet maintains digital certificates containing details about car registration, possession, warranties, current mileage, and more. This data turns immutable and cryptographically checked on the blockchain. Then, the car connects with multiple networks, and autonomously pays for parking or tolls. Only approved parties can access a vehicle's info.
Also, it enables service providers and government agencies in real-time to validate credentials and control some data. This link with a vehicle's value chain enables autonomous digital transactions cryptographically.
Also, Read | Improving Automotive Operations with Blockchain Smart Contracts
Conclusion
Though these are ambitious projects, the benefits for the industry are easy to perceive. From the dealership and servicing to vehicle insurance, blockchain solutions that interact with the world can be useful for all.
Mudit Kumar
07 Dec 2020
How Blockchain Transforms Pharma Supply Chain
In this blog, we explore some of the functional value of blockchain solutions for healthcare, particularly in the pharma supply chain.
In recent times, even prominent hospitals have suffered from shortages of critical protective supplies due to the Covid-19 pandemic.
Masks, gowns, and face masks fell short in production and supply. The race to get them further meant hospital and government representatives urgently hunting for reputable vendors.
Critical shortages of test kits arose elsewhere also on the front lines. Swift demand escalation meant workers were unable to supply with long-established procurement procedures.
They needed new secure sources and rapidly identifying and reallocating materials. Consequently, it revealed the medical supply chain's long-festering issues.
Blockchain Technology
Now, the market is exploring emerging technologies to solve pharma supply chain vulnerabilities.
Companies can safely operate together on a centralized, immutable blockchain-enabled supply chain.
Blockchain makes it quicker, simpler, and quicker to validate what is accurate as a business transaction spans companies with opposing interests.
Currently, everybody needs to trust the system owned and operated by a large company. Instead, all members in the blockchain network govern the ledger.
When combined with cryptography and smart contracts, checks and balances get secure and automated.
Experts at Oodles suggest that specifically private/permissioned blockchain solutions can strengthen supply chains. These can minimize complexity, prevent fraud and counterfeiting, and provide assurance of product authenticity with efficiency.
You may also want to read | COVID-19 Calls for Supply Chain Visibility with Blockchain
Applications of Blockchain in the Pharma Supply Chain
Supply Chain Security
Motivated by the need to monitor and eradicate illicit products on the market, the security of the supply chain has become of paramount importance.
There is a need to transfer and exchange information through a large environment in combination with serialization and Track-n-Trace functionality.
Blockchain technology can provide an enterprise-wide solution for supply chain protection.
It enables even regulatory authorities across the industry to issue new mandates to improve the transparency of pharmaceutical supply chains and eradicate fake drugs.
Also, Visit | Fixing Fragmented Healthcare Supply Chain with Blockchain
Drug Monitoring and Provenance Verification
The delivery of new-age products has expanded exponentially in size and scope. A blockchain solution enables product traceability from the provenance of raw materials to larger healthcare markets.
It makes it simpler to respond to product recalls, holds, and new market launches.
Cold Pharma Supply Chain
26 of the top 50 prescription products remain in the cold chain for distribution.
The entire pharmaceutical product portfolio is temperature-sensitive. Present supply chains lack access to end-to-end cold chain data instantaneously and transparently. Thus, it leads to non-compliance with laws, failure to take timely remedial action, expanded liability, product damage, and, ultimately, life.
Blockchain for cold supply chain may be a workaround at the point of dosing to trust the effectiveness of the medications.
How Blockchain Creates a Difference
The pharma supply chain can experience a significant difference in various processes with a blockchain development approach.
For instance, barcodes will be checked and registered on a blockchain ledger system at any point of the process, establishing an audit trail of the drug path in turn.
Sensor technology integration into the supply chain with the ledger device recording temperature or humidity is especially crucial for medicines that need preservation in the refrigerator, such as insulin or costly, specially-made medicines.
Alice can tell through the blockchain audit trail whether the drug manipulation occurred at some stage of the journey.
Also, biometric measures can come into use to monitor the dispenser and pharmacist examining the drug, even when Alice dispenses the prescription.
All of this can remain accessible on the register, allowing prescription monitoring from the moment of development before the patient brings the prescription home.
You may also like | Healthcare Data Sharing (POC) with Corda Blockchain
Benefits of Implementing Blockchain in Pharma Supply Chain
Decreased Cost and Complexity
The supply chain becomes traceable while drugs become easy to monitor. Information networks provide expiry-date information that facilitates quality management and rotation.
Increased Security
Blockchain provides counterfeit drug preventive mechanisms to minimize threats, decrease patient data damage, and increase system data security.
Secure Transaction Exchange
When required, both parties can access the prescription information and ensure the safe dispense of medical drugs or equipment.
A Trail for Audit
Drugs become traceable, thus, enabling quicker and simpler recalls. Also, parties can see at what point in the stage the mechanism has shown an error.
Increased Transparency among Approved Parties
To ensure prescription validity, both participants can see every step of the drug journey. Authorities, such as pharmaceutical inspectors, can track the rate of illicit products entering the supply chain with greater specificity.
Traceability Across all Operations of the Medical Supply Chain
The drug route becomes secure and simplified with blockchain.
It is possible to track each delivery, with the delivery driver traced by biometric steps and other technologies.
With technology integrations like biometric steps, 2d barcode scanners, or sensors, any checkpoint involving the drug becomes traceable with security.
The entire drug journey becomes smooth, reliable, audited, and safe. Anyone with permission from the manufacturer to the patient can monitor medical equipment and medicines.
For instance, Alice can guarantee that the medication she offers Bob is of quality. With the fact that the prescription is genuine, Bob can remain assured.
He can see end-to-end information about medicine, including its provenance and contents due to enabled supply chain transparency.
Also, Visit | Blockchain for Thorium's Supply Chain Traceability
FDA Pilots Blockchain to Strengthen Pharmaceutical Supply Chain Activities
Recently, IBM, KPMG, Merck, and Walmart participated as core partners in the pilot program administered by the United States Food and Drug Administration (FDA).
These players provided support to the U.S. Drug Supply Chain Protection Act (DSCSA) to establish standards for the identification, surveillance, and recording of prescription medications and vaccines delivered throughout the United States with blockchain.
As a result, the pilot program highlighted the potential of blockchain to connect diverse networks and organizations for product traceability.
It also demonstrated how it boosts consumer safety by reducing timelines from days to seconds for a medication recall.
The findings of the pilot program proved successful in showing the use of blockchain technologies.
Looking for more information about how blockchain can transform your pharmaceutical supply chain, write to our blockchain development experts.
Mudit Kumar
04 Dec 2020
DeFi (Decentralized Finance) | Emerging Finance Alternative
Decentralized finance, which we also refer to as DeFi, associates with the transition of financial frameworks from centralized to decentralized. It basically enables blockchain’s distributed technology-powered frameworks to shifting existing centralized systems to peer-to-peer ecosystems. Therefore, the DeFi infrastructure enables opportunities as an expansive ecosystem comprising integrated protocols and financial instruments. Notably, they range from lending and borrowing platforms to stablecoins, tokenized crypto-tokens, and decentralized crypto exchange platform development.
DeFI (decentralized finance) has proved to be a success in the blockchain and crypto fintech development space. For instance, its range of real-world use cases for individuals, entrepreneurs, and businesses is more than $13 billion worth of value stored in smart contracts.
Traditional Vs Decentralized Finance
Although our conventional financial system works on a centralized platform controlled by central authorities, agencies, and intermediaries, decentralized finance operates as per a code running on a decentralized infrastructure powered by blockchain technology. Consequently, developers can develop efficient and secure custom financial protocols and platforms for the masses. They are open to anyone with an internet connection by installing immutable smart contracts solutions, majorly developed with Ethereum blockchain.
Markedly, one of the significant DeFi developments is that it has emerged as a replacement of fiat or real-world assets. Now, it enables crypto-assets to come into use in ways not imaginable. Entirely new technologies that can only operate on blockchains are decentralized exchanges, synthetic currencies, and flash loans. Concerning risk, confidence, and opportunity, this paradigm change in financial architecture offers a range of benefits.
Benefits of Decentralized Finance
Protocols and platforms in decentralized finance employ the most significant aspects of blockchain technology. Essentially, they ensure financial stability with accountability, liquidity, and an interconnected and standardized economic structure.
Customizable Financial Asset Development
Highly customizable and programmable smart contract solutions can automate deployment and enable the development of new financial instruments and digital assets.
Data Immutability
Blockchain provides tamper-proof coordination of data through the open architecture. It enables privacy and auditability with transparency.
Transparency Across the Network
Each transaction distribution and verification happens by users on the network on a public blockchain network. DeFi protocols running on a blockchain network carry open-source code available with restrictions for accessing, auditing, and expanding on for all.
Open for All
DeFi has the characteristics of providing cost-effective, permissionless access to services, contrary to conventional finance. Anybody can get access to DeFi applications with a cryptocurrency wallet and the internet. It enables access regardless of geographies and without requiring a significant amount of funds.
Ownership of Funds
Participants in a DeFi market have control over their funds while safeguarding their information across permissionless financial applications and protocols with Web3 wallets like MetaMask.
Also, Read | Blockchain-based DeFi | Understanding the Decentralized Financial Shift
The Role of Smart Contracts
Many of Decentralized Finance’s current and future implementations include the design and implementation of smart contracts. While the standard contract terms use legal language to describe the terms of the agreement between the contractual persons, machine code comes in use in a smart contract.
As the terms exist in machine code, smart contracts exclusively use computer code to execute contract terms. It enhances and automates various business manual procedures efficiently.
It is easier and safer to use smart contracts, which eliminates the risk for both parties. Smart contracts, on the other hand, add new kinds of threats as well. The value and sensitive knowledge locked in smart contracts are at stake since the machine code is vulnerable to glitches and vulnerabilities.
Also, Read | Making Your Business Smart with Blockchain Smart Contracts
DeFi Use Cases
Borrowing and Lending Platform Development
One of the most general types of software that are part of the DeFi ecosystem are lending protocols. Free, decentralized lending and borrowing have many benefits over the conventional form of credit. It includes quick payment of loans, the freedom to collateralize digital properties, no credit controls, and possible potential standardization.
Since these lending platforms run on distributed blockchains, the amount of trust needed reduces with cryptographic authentication methods. Blockchain lending markets minimize counterparty risk, make investing and lending easier, quicker, and more people have access to it.
Compound, an Investing and Lending dApp-Based on Blockchain Technology
It lets you lend and gain interest in your crypto tokens. Or, for instance, you require funds to cover your rent or purchase groceries. However, you have crypto savings locked up in your funds. It enables users to borrow against the deposit done in the Compound smart contract. Automatically, the Compound contract pairs creditors and lenders and automatically sets interest rates depending on supply and demand.
Also, Read | Blockchain P2P Lending Platform | Benefits, Features, and Processes
Services for Financial Banking
Because DeFi applications are financial applications by design, financial banking services are perfect use cases. They may include safe coins, mortgages, and insurance issuance.
There is an increased emphasis on the production of stablecoins as the blockchain industry matures. They are a sort of crypto-asset attached to a real-world commodity. Stakeholders can quickly transfer them digitally. Because cryptocurrency values can often fluctuate rapidly, stablecoins provide a means for digital cash for regular usage that, free of distribution and regulation by a central authority.
The method of obtaining a mortgage is costly and time-consuming, mainly due to the number of intermediaries who need to be involved. The implementation of a smart contract can ensure a significant reduction in costs associated with legal and underwriting processes.
Using blockchain for decentralized insurance solutions can eliminate or replace intermediaries while ensuring liability among multiple participants. It can result in lower prices for the same service level.
Also, Read | The Emergence of Stable Coins: An Alternative to Cryptocurrencies
MakerDAO
In this stablecoin project, each stablecoin is turned into the US Dollar while funding them with collateral using pegging. It ensures the programmability of cryptocurrency without volatility concerns. It is a drawback in cryptocurrencies like Bitcoin or Ethereum.
Nexus Mutual
Via using a risk-sharing pool, Nexus Mutual creates decentralized insurance on the Ethereum blockchain. While NXM tokens express the governance and membership rights, its members possess control over the pooling system. Initially, Nexus Mutual began with smart contract protection, enabling everyone to buy insurance on any Ethereum smart public contract. It means that consumers of DeFi have security from the lending of their funds to Compound or Dharma or their money invested in a Uniswap tank. Over time, Nexus Mutual may continue to grow into other blockchain-based and legacy insurance options outside of smart contract insurance.
Etherisc
Etherisc is a forum for decentralized insurance applications. Created by the core team, any shared infrastructure, policy models, and insurance license-as-a-service enable everyone to design their insurance products. With this, it offers a suite of simple insurance policies ranging from flight delay insurance and storm security to crypto wallet and collateral protection.
Conclusion
In synthetic properties, prediction markets, and wealth management systems, various DeFi (decentralized finance) implementations have emerged. The buzz can get you carried away, but when navigating this business, you need to take extra caution. Given DeFi’s tremendous ability, note that most of these protocols are at a very early stage. Connect with our experts for more information.
Mudit Kumar
01 Dec 2020
Smart Contract Audit for Secure and Accurate Smart Contracts
Smart contract development is one of the efficient services designed to exist for a real-virtual link. It has become possible due to the development of node-based technologies. But all the good stuff comes at a price. Likewise, smart contracts come with security-related issues, which can lead to tremendous losses. Performing compliance checks on Smart Contracts can minimize the probability of such errors.
What is Smart Contract Audit
Until launching it publicly on a blockchain network, a smart contract audit includes investigating the code to find security bugs and weaknesses. The smart contract's self-executing system makes it very necessary before the start to recognize the bugs and discard the flaws.
Smart contract audit services will alleviate security problems, such as an unknown execution environment, a new tech stack, deterring contract patching capacity, attackers, and a sluggish speed of development.
The time taken for an audit depends upon the scale of the undertaking. A token contract (like ERC20 and others) audit can happen within a few days. On the other hand, it can take 15 days to a month for a complicated project such as a decentralized exchange or a dApp.
Bugs classification happens as critical, significant, or minor after scrutinizing the document, while also justifying each categorization. The analysis also offers instructions on how to fix the vulnerabilities wherever feasible.
Smart contract audit addresses several problems by delivering quick and appropriate reviews on possible questionable contract source code patterns.
What are the Advantages
Recently, the trend of decentralized infrastructures has rapidly grown. Thus, there is an increasing demand to perform smart contract audits with rising security issues.
The audit ensures the smooth operation of the code and the Smart Contract.
Smart contract audit's outcomes guarantee ultra-high protection and trust.
The auditing process enhances the contract's accountability.
Also, Read | Hyperledger Fabric Development | A Platform for Smart Contracts
Smart Contract Audit | Applications
DApp (Decentralized Apps)
Ensuring the security and functioning of decentralized applications (DApps) is essential as they are prone to security threats. End-to-end smart contract security analysis enables the identification and rectification of possible vulnerabilities, and thus, ensuring the successful operation of a DApp.
Decentralized Exchange Platform
Auditing the security of your decentralized crypto exchange ensures the viability of the business and supports widespread adoption. Its stages comprise the evaluation of the smart contract-based business logic, data management factors, consumer privacy adherence, and others.
Crypto Wallet Security Check
Audits extensively ensure the protection of private keys, data safety, and the effectiveness of wallet features for digital wallets and enable them to be free from all bugs and weaknesses.
ICO (Initial Coin Offering)
Smart contract-powered mechanisms like soft cap, hard cap, and others must operate efficiently to ensure smooth execution of ICO post token sale. Performing an ICO contract audit ensures the operational feasibility of the ICO smart contract.
STO Projects (Security Token Offering)
STO Smart contract audit carried out by experts who understand the laws of different jurisdictions before conducting the audit process ensures the legal requirement compliance for security tokens.
Protocol Audit
The protocol audit requires several measures to ensure full protection of the network, such as encrypting signatures, reviewing business logic, testing the consensus process, and introducing Tokenomics.
Smart Contract Audit Process Essentials
Smart contract auditing has two basic approaches: Manual and Automated Code Review. Let's look at just what each one entails:
Manual Code Analysis
Although there are few rewards for guessing what code manual research entails, this method has a range of benefits. If you have a good-sized production team, the only way to find coding conflicts is to perform a manual review of the smart contract language.
For scrutinizing it for compilation and re-entrance errors as well as security problems, a manual code analysis would include the team reviewing each line of code. Naturally, the detection of security issues will be on priority as they are the main challenge to the successful long-term execution of your smart contract.
Automated Code Analysis
Automatic code inspection has the advantage of saving time for developers while testing their code. Automated code analysis also enables advanced penetration testing that can incredibly rapidly locate vulnerabilities.
Issues faced in the automated audit are vulnerabilities and code identified falsely, shown as an issue when there is not one. False positives and missed vulnerabilities can lead to complications. Thus, even after conducting automated code testing, developers should always perform thorough manual code analysis.
Smart Contract Performance-Testing
Before its public launch, one prerequisite is to ensure performance-optimization of a smart contract code. It is essential for Smart Contract audits to include validation of performance. Otherwise, it can also cost more to execute poorly optimized contracts.
Validation will include testing the code for any bugs that may slow down or affect other aspects of the functionality of the contract. Developers should emphasize assessing if the contract execution happens in a way that fulfills all the pre-defined agreements.
For instance, a smart supply chain-based contract can be as one party verifying the distribution of products and releasing the payment in crypto tokens like Ether or XLM. Now, the verification should happen that the contract automatically executes after the successful distribution of products.
Next is to test for variables in the contract. Since there may be a spectrum of contract triggers and related acts, the contract audit ensures that it can accommodate all the potential changes that might occur from variables. Therefore, the pressure checking of the smart contract for factors that may emerge from how it is applied in the real world often requires inclusion in performance validation.
Smart Contract Audit | Process Steps
Collecting and Understanding Requirements
The first step requires understanding the expected actions of a smart contract code by white papers or company condition records.
Performing Automated Testing
It requires putting unit test cases to use and checking that smart contracts do not produce syntactic or run-time bugs.
Conducting Manual Analysis
Conducting a manual analysis of smart contracts includes finding, along with the feedback, and critical, major, and minor glitches.
Original Audit Report Planning
A paper is prepared to illustrate the critical, significant, and minor bugs, and engineers focus on refactoring the code and fixing it.
Report on Final Audit
The original audit report requires editing and the use of the refactored code to prepare the final audit report.
If you need more information about our smart contract services, book a consultation call with our smart contract auditors.
Mudit Kumar
27 Nov 2020
Blockchain for Advancing the Supply Chain for Industries
Supply chain executives need inventive solutions to drive efficiencies and responsiveness to shocks and excel in the age of digital transformation. Surprises from unpredictable variables are ever-present threats. They range from temperature change and geopolitical developments to changing business dynamics. However, businesses can evolve supply chain processes into smart workflows with the advancement of theblockchain supply chain development. They can achieve new levels of responsiveness and creativity. They can challenge siloed processes to discover efficiencies, enable the teams to adopt and execute, and leverage new technology like blockchain, AI, and IoT. The combination of these technologies can unlock various transformational opportunities, including demand preparation, order orchestration, and fulfillment at any stage of the value chain.Blockchain for Supply Chain Management AdvantagesEnhanced Responsibility in the Supply ChainThe visibility that is one-up/one-down proves to be a constraint in supply chain networks. With a distributed ledger technology that provides a decentralized, single version of the truth, a blockchain-based supply chain provides participants with greater visibility across all supply chain operations.Establishment of a Robust Supply ChainOne unforeseen occurrence can cause a spiraling series of supply chain disturbances. Smart contracts, executing automatically only upon fulfillment of pre-defined market requirements, can ensure efficiency in supply chain solutions. They provide accurate insight into activities in almost real-time and maybe the opportunity to take steps faster. Also, Read |COVID-19 Calls for Establishing Supply Chain Visibility with BlockchainBlockchain Supply Chain Management Application Across IndustriesSupply Chain Management Based on Good PracticesCompanies seeking to imitate Starbucks and other brands' equitable and environmentally sound corporate practices can seek the potential of blockchain technology. Blockchain enables complete visibility in details across several stages of product development. Theoretically, manufacturers, farmers, wholesalers, retailers, and distribution systems input each input data while documenting and checking their positions in the chain. While doing so, they create an automatic log that provides irrefutable proof of the provenance of a commodity. Retailers and service providers can operate with a notable objective with a shared, end-to-end trail of farming certifications, factory reports, product identifiers, and other details. With confidence, they can reassure buyers that they get authenticity. They share the values of consumers that food, clothes, and other resources should be sustainable and that good manufacturing happens under permitted labor conditions and with minimum environmental impact. Such a supply chain shows that an organization can perform better than others in branding. It also offers a chance to share a new story with retailers, utility providers, and other organizations. With an authenticity that reinforces their ties with consumers, they can sell themselves effectively. Also, Read |Developing a Blockchain-based Traceability System for the Food Supply ChainManagement of Supplier Information in a Trusted EnvironmentBlockchain enthusiasts have not much talked about supplier information management. Fascinatingly, blockchain explicitly addresses critical concerns. Manual sorting, hefty paperwork, long onboarding periods, and risk control challenges are the key issues. A blockchain solution can successfully address these challenges by providing openness, stability, confidence, and reliability in identities. Besides, it can assist these cross-industry challenges to be addressed by a creative solution, one that leverages a modern business paradigm. Also, Read |Blockchain Application Development In the Manufacturing IndustryEfficient Information Sharing in Mining Creates New OpportunitiesBlockchain technology addresses several issues with existing information-sharing technologies. Essentially, it builds a network of participants to help develop a blockchain infrastructure. It is capable of handling high-value assets around the supply chain, from the mine to the final customer, including industry-leading mining, technology, and banking firms. Companies engage in a shared network to exchange data, removing the requirement for data and transactions to be handled by a reputable third party. A blockchain network provides members safe access to the underlying real-time data. Participants maintain their data access, confidentiality, and ownership. Under the protection rules, it all exists on their servers, and they define the access for who sees the data. However, they can also exchange knowledge easily with their related counterparts. Subsequently, it enables parties to make strategic decisions that are much more effective and quicker. Each type of participant in the supply chain can see its related advantages. For example, mining firms gain insight in real-time as to when their funds are heading to the planned receiver via the portal. For banks on the blockchain network, improved liquidity control get support by the ability to grant and monitor letters of credit for assets in real-time. Also, Read |Blockchain Supply Chain Development: Solving the Keys IssuesPermissioned Blockchain Solutions in Healthcare Information ManagementFor all to read, all information on a shared blockchain, like Bitcoin and Ethereum, becomes accessible. On the other hand, only permissioned participants can read from a permissioned/private blockchain network. It encourages the security of confidential details about a company's relationship with its limited partners and vendors. It also influences all customers to exchange important information about the products themselves. In the case of prescription drugs, theoretically, anyone with permission in the supply chain can trace their goods to the customer from the raw materials. The immutable yet transparent ledger feature of blockchain technology means that the data is 'owned' by no single entity. It encourages trust in all parties in the network and can come in use for regulatory purposes as a system of record. The use of this method can also determine the source of contaminated products involved in recalls and resolve the problem. Also, Read |Use Case: Solving Supply Chain Management Challenges with BlockchainWhat Role Do Smart Contracts PlayThe advantages of smart contracts go hand and hand with the blockchain.Fast and ConsistentSmart contracts are digital and automatic. It means you don't have to waste time processing documentation, reconciliation, or error resolution, written in manually filled papers. Software coding is often more precise than the legalese written in conventional contracts.Create TrustSmart contracts immediately conduct transactions in compliance with predetermined laws, and all participants exchange encrypted records of such transactions on the blockchain. Therefore, no one has to doubt whether the occurred data changes are for personal gain.Strengthen SecurityThe archives of blockchain transactions remain secure, which renders them quite challenging to hack. In the distributed ledger, an information block links to its previous and subsequent record blocks. It thereby implies that changing any information requires the whole chain to validate changes.Ensure Cost-EfficiencySmart contracts eliminate intermediaries so users can trust the observable data and the infrastructure for transaction execution properly. Thus, there is no requirement for an extra party to confirm and check the terms of an agreement. Also, Read |Making Supply Chains Smarter with Blockchain Smart Contracts
Category:
Blockchain
Mudit Kumar
26 Nov 2020
Implementing Blockchain Smart Contracts in Real Estate
The real estate industry has shown slowness in employing new technologies for transformations. Heavy reliance on manual work and personal relationship building is its fundamental tool for driving operational value. However, when it comes to real estate blockchain solutions, the industry is surprisingly quick to adapt. It is because blockchain and its applications are capable of addressing challenges in the real estate industry operations that other digital technologies can’t.
Blockchain based real-estate and smart contract development services are providing real value generation opportunities for the real estate industry. In an industry that involves large scale transactions involving complex business agreements and contracts, their use is proving perfect. The advantages like automation, digitization, security, and efficiency are accelerating the transformation of a business sector that has always been reliant on inefficient and archaic operations of business and record keeping.
Blockchain in Real Estate
Blockchain is a decentralized and immutable record-keeping technology distributed across a network of nodes. Its design uses cryptographic and timestamping mechanisms to ensure trust in each digital transaction, while smart contracts that run on top of it facilitate automation execution.
Blockchain technology can prove viable for both commercial and residential real estate development solutions.
Blockchain real estate solutions ensure the security and efficiency of transactions among stakeholders while reducing or even eliminating any intermediary requirement.
They can range from property purchasing to due diligence management to facilitating crowd-sourced investments, and more.
Also, Read | What is Blockchain Technology and How Does it work
Secure and Transparent Information Exchange
Acts as an alternative means of exchanging information (such as real estate transaction details) securely by providing verifiability and censorship-resistance to data.
Distributed Data Sources
With a shared tamper-resistant database that gathers data from a variety of stakeholders and documents in one place data, real estate processes experience enormous efficiency.
Transactions Efficiency
Eliminates the dependency of most real estate transactions on wire transfers and costly verification processes that take days to complete. Facilitates a streamlined transaction process providing speed with reduced costs.
Rendering Intermediaries Redundant
Blockchain applications can render many intermediaries, including brokers and escrow companies, obsolete by providing a single source of truth. It provides a secure mechanism to store, verify, and transfer digital records. Thereby, it removes the need for intermediaries and dramatically reducing costs and time.
Blockchain and Smart Contract Development Applications in Real Estate
Strengthened Process of Due Diligence and Financial Assessment
The standard today is still physical paper certificates for proof of identification. It necessitates critical attention to processes of due diligence and financial verification, which requires considerable time and effort.
This whole procedure can run digitally and securely with digital identity on the blockchain. It results in increasing performance, lowering costs, strengthening data protection, and reducing the risk of human errors.
For instance, the digital identity of a real estate property might comprise data such as occupancy, occupant profile, financial and legal status, and performance metrics.
This approach streamlines the land title transfer process while incorporating several layers of protection as well. It provides all involved stakeholders in the process with their own digital identity, including from buyers, sellers, and brokers, to associated banks and land registry.
Each may use a single application, powered by blockchain-verified smart contracts, to submit and sign relevant documentation. The related documentation and records are open to access by all permissioned actors, including verification of the measures that took place in the process.
Also, Read | Powering Digital Identity Management with Hyperledger Projects
Efficient Management of Commercial and Residential Properties
Property management is complicated, involving multiple stakeholders like landlords, occupants, brokers, property managers, and more.
The overall property management method, from authorizing rental contracts to handling profitability to requesting repair demands, can be performed securely with the use of a single decentralized framework that employs blockchain-backed smart contracts.
For example, in residential property, a tenant and homeowner may execute a smart contract digitally that contains data like selling price, payment frequency, and all the tenant and property specifics.
The smart contract will immediately trigger financial obligations from the occupant to the landlord, as well as to any contractors who perform routine maintenance, depending on the negotiated terms. It can also immediately send the payment of the security deposit back to the occupant upon expiration of the deal.
Also, Read | Automation and Efficiency in Real-Estate Settlement via Smart Contracts
Simplified Title Management
Land titles are mostly paper-based at present, providing possibilities for mistakes and theft. As per the American Land Title Association, title practitioners find 25 percent of titles faulty during settlement.
A fault found makes it difficult to move a land title to a buyer unless its rectification.
Also, title theft presents a risk to homeowners worldwide, prompting many purchasers of land to buy title insurance.
Blockchain technologies create permanent digital archives of land titles, thus, mitigating title management challenges. This strategy will streamline the management of property titles, make them more transparent, and help reduce the risk of title theft and the need for extra insurance.
Also, Read | Blockchain Smart Contract Solutions for Efficient Contract Management
Payments and Financial Methods
Established forms of funding and payments for land purchases are currently sluggish, costly, and ambiguous. They involve lengthy paperwork and multiple intermediaries across processes.
As per the National Association of Realtors, it averages between thirty to sixty days for the current procedure to complete for mortgage acceptance. The time can be much longer, often taking about 90 days, for commercial property, which is more complex to handle than residential property.
With blockchain technology, this method will be streamlined and made more transparent. Verifiable digital identities for homes, for example, may enable a decrease in both risk assessment and loan paperwork period. It thus expedites the process of mortgage acceptance.
The parties can conduct an irreversible blockchain smart contract-based loan document, accessible to all legal parties concerned.
Also, Read | Examining Cross-border Payment Solutions Powered with Ripple Blockchain
Investing in Real Estate
Historically, real estate investment has only been accessible to those willing to invest significant capital, particularly in terms of commercial property. Besides, investing in real estate also requires costly intermediaries such as investment managers, further increasing the entry barrier.
However, by offering a means to decentralize the transaction by fundraising and tokenization, blockchain technology aims to challenge real estate investment.
Tokenizing real estate properties serve as a mechanism in which digital tokens reflect shares of properties offered by property owners. With each timestamped and permanent contract, tracking these investments makes it easier to limit the possibility of fraud.
It makes it possible to create a micro-share market for land, creating the opportunity for a property to provide multiple co-owners with interest in potential returns efficiently.
Also, Read | Crowdfunding Your Business Idea with Security Token Offering
Blockchain Real Estate Applications
Several projects are working on related ideas, such as Propy, Harbor, Averspace, Atlant, Blocksquare, BrikBit, SMARTRealty, and more.
We are here to assist you with the adoption of blockchain technology in the real estate industry. Talk to our smart contract developers at Oodles Blockchain to assess the viability of a proposal.
Mudit Kumar
25 Nov 2020
Blockchain's Impact in the Media and Entertainment Industry
Only a handful of business sectors are not either excited or concerned about the adoption of blockchain technology's concepts like use cases, proof-of-concept, and full-fledged companies, developing at a growing rate powered by blockchain development solutions. However, it can disrupt current business models, as well as create new ones, particularly in the digital media and entertainment industry.
Challenges across the Media and Entertainment Industry
Pervasive availability and improperly structured commoditization of content have negatively affected the industry. Not to mention, the widespread intellectual property (IP) piracy is undermining its potential. Also, media users have increasingly become accustomed to free access to a wide range of content, creating more challenges. Most of them do not want to pay subscription fees behind paywalls for "premium" content. Besides, digitization has affected all media segments. Anyone can quickly replicate and transmit content, that too with no reduced quality.
Existing digital rights management systems have failed to reduce copyright infringements. New media consumption models like all-you-can-consumer video subscriptions and micropayment systems have come into existence to address issues. However, they have only recovered the resulting revenue "leakage" to a limited extent.
Addressing Challenges with Blockchain
Strengthen paid content delivery by facilitating customized micro-payment based pricing models
Create new monetization opportunities for fragmented content types, including blogs, photos, videos, news, etc.
Make media usage specifically related to the respective content objects. It allocates advertising budgets more precise and targeted.
Infringements of copyright and piracy might become obsolete. However, we also need to consider that these technologies and systems are still in the early development stages. Regulations are yet a few years off for industry-wide acceptance.
Also, Read | Blockchain Advertising To Form The Idea of Digital Media Rights
Understanding Blockchain Technology
The technology initially conceived to act as the underlying technology for Bitcoin now provides various additional areas of business applications for use. Essentially, it enables transaction execution from a sender to a receiver in a network without a central authority, thereby increasing speed and reducing transaction costs.
Its five main characteristics are crucial to understanding the mechanism of its underlying processes.
A blockchain serves as a digital distributed ledger. It records transactions chronologically and immutably, in almost real-time.
For the addition of a transaction to the ledger, the agreement of the network participants (called nodes) is a prerequisite. It provides a continuous control mechanism concerning manipulation, errors, and data quality.
Also, Read | What is Blockchain Technology and How Does it work
Blockchain's Role in the Media and Entertainment Industry
Heterogeneous players have emerged along the media value chain in recent years. It includes artists as the content principal producers, aggregators, and network providers, plus a third-party dealing with royalty payments (depending on the country and type of media).
The introduction of blockchain applications in the industry can bring dramatic reformations.
The technology enables the bypassing of content aggregators, royalty collection associations, and network providers, initiating the transfer of market control to content owners. Thereby, new blockchain-based payment and contract solutions threaten to eliminate intricate parts of the media and entertainment value chain.
Indeed, this disruption can radically revamp systems of pricing, publicity, revenue sharing, and royalty payments. Centralized authorities might no longer be required in transactions or advertisement sales. Payment transactions can be less expensive, and based on predefined smart contract solutions, the allocation of profits can be automated.
The following illustration of use cases intends to propel thinking about how efficient blockchain solutions can prove for the digital media and entertainment industry.
Blockchain Use Cases
Facilitating Optimized Paid Content Payment Models
Consumers continue to demand a personalized content consumption experience. They seek consumption of content like (video) blogs, photos, single stories, news bites, or short-form videos from their favorite channels to supplement content platforms (TV, newspapers, radio, etc.). This trend has also accelerated with the increased use of media streaming services. However, instead of spending a monthly/annual fee for an internet subscription to one specific newspaper/ (Pay-)TV service, customers expect a per-use payment system while becoming accustomed to digital business models.
The issue is that a significant increase in micro-usage affects the cost of transactions. Transaction costs render it impossible to offer low-priced content products or small packs competitively and with a benefit.
Blockchain-based micropayments
Introducing blockchain-enabled micro-payments can assist stakeholders in monetizing this community of customers who want flexibility. With the aid of a blockchain media platform, without hefty transaction costs, they can offer individual articles or other pieces of content at percent rates.
Blockchain solutions in the media and entertainment industry make even micro-cent payments cost-effective. Transactions as small as fractions of cents are feasible by current cryptocurrencies like Bitcoin or Ethereum. It thus can serve as a facilitator for purchases of penny price material, including for payments for reading a single news article or downloading a single song. Also, it can introduce efficient monetization of ad-sponsored content for a small fee for an 'ad-free' option.
Besides, precisely outlined ownership rights and sales traceability enables the introduction of entirely new media and entertainment pricing systems. The delivery and monetization of bite-sized content can become more fluid with blockchain solutions. Blockchain can also facilitate owners of copyrights to monitor their material's use. It ensures that they earn their equal share measured correctly and cost-efficiently.
Also, Read | Blockchain-Powered Social Media - Rise of a New Marketplace
Efficient and Secure Royalty Payment Distribution
The distribution of royalty payments involves different arrangements between musicians, producers, and publishers of music. For example, it is challenging to provide copyright holders a royalty payment on a contractual basis, for instance, if a song is playing on music systems, events, or streaming online. National copyright collection bodies serve as a collection forum for copyright holders and reward entitled parties. However, complexities in contracts make settlement processes difficult. Royalty payment distribution in this way fails to connect the holder of the copyright with the consumption of music. It can include a playlist, played in a wedding, a shop, or on a video on YouTube.
A collecting body collects airplay statistics and uses the same relative distribution mechanism for paying royalties that may not affiliate with the holder of the rights. As a consequence, the distributed fees become mere proxies, and, for example, lesser-known artists with just a few statistics fail to get a reasonable share of the total royalty.
Also, Read | What Role Can Blockchain Play In Digital Content Management
Secure and Efficient Content Royalty Distribution
The implementation of blockchain applications can make content royalty distribution more efficient, secure, transparent, and automated. It can facilitate a music directory, having original digital music files with descriptions associated with the identities of individuals involved in the creation of content. Further, smart contract solutions can carry instructions that specify the mechanism of compensating artists and splitting sales proceeds between all eligible parties. A holistic blockchain-based system can enable the monitoring of the micro-usage of offline and online streaming. It will be capable of automating the collection of credits and disbursing payments to the respective copyright owners.
For more information about blockchain application development for media and entertainment solutions, talk to our blockchain experts.
Mudit Kumar
24 Nov 2020
Blockchain for Clinical Trial Management | Ensuring Efficiency
This blog explains how blockchain application development may improve the workflow in clinical trial management. Further, you will show how pharmaceutical firms and other partners in clinical trials (such as CROs, regulatory agencies) can capture and store the data and research outcomes of subjects in a stable, distributed way and simplify and automate the workflow of clinical trials. Finally, we will analyze the implementation of a blockchain healthcare solution for Clinical Trial Management.
Clinical Trial Management | Challenges
Inefficient Management of Data
Access rights remain time-based as defined by database lock, blinding/unblinding of data. Also, various versions of knowledge come from a range of sources like external laboratories, CROs, and other manufacturers. Additionally, the rising globalization of clinical trials is compounding this issue. Data management happens in a spectrum of siloed structures, contributing to redundancy and complexity in obtaining the data needed.
Also, it is not easy to obtain data that makes it possible to address even easy clinical research and study questions. Time goes in extracting data from a multitude of outlets and cobbling reports together.
Entry to Data
Database structures that allow manual entry of data do not often connect subject data automatically to a holistic record. Since time goes in on combining data with a centralized archive, the investigator does not have the resources to analyze the data in real-time. Required regulatory procedures delay analysis because data usage does not get timely clearance. It involves inefficient strategic partnership management and research places and the involvement of multiple vendors in the studies.
Secure Exchange and Protection of Data
There is inefficient prevention of hacks, theft, classified information assault. Also, it involves tedious Verification of data by multi-party networks. Data sharing happens in an unregulated manner. There's no assurance that data sharing is compliant with federal and state laws must be assured.
Enrollment of Subject
Systems cannot hire, enroll, and retain eligible volunteers.
There is a lack of sufficient return on investment in the form of personal benefits for subjects, resulting in increased pressure on subjects involved in the research.
Also, Read | Blockchain in Healthcare Data Management | Impact, Benefits, and Use Cases
Blockchain Technology
Blockchain is a distributed, shared ledger in which each document contains a connection to the next record, and cryptography maintains the database in sync. In a "block," data points remain clustered together. A reference to the previous block occurs in every new block. When new blocks get added to the database via connections to former blocks, we call it blockchain technology. When multiple members (or nodes) find a consensus and add a new block, they can read and write to the blockchain database. For the consensus mechanism, there are multiple algorithms/methods. In bitcoin, the most popular blockchain technology example, when 51 percent of the nodes accept and verify the new block, the consensus becomes achievable. For clinical trials, blockchain technology provides the following main features that are relevant.
Also, Read | Improving the Healthcare Infrastructure for Outbreaks like COVID-19 with Blockchain
Data Immutability
Data blocks remained joined together in a blockchain using hash functions. If the data in a block needs alteration, the hash function of future blocks will also modify and thus, change the final state of the whole blockchain technology application. The hash of the updated node would not match the hash of all unmodified nodes during the consensus process. In clinical trials, this property of the blockchain technology has tremendous use as no one can change verified clinical documents.
Decentralization
A single authority should not regulate a blockchain infrastructure. Distributed existence means that to participate in the network, multiple parties do not have to trust each other. For clinical trials and the pharmaceutical industry, some of the advantages of such a system are:
Replication of data
Information mirroring happens across multiple networks and organizations, meaning that each node has its data copy.
User empowerment and ownership
Decentralized structures enable respondents to retain their version of details. It means that consumers have the power over how and how they view their info.
Also, Read | Blockchain in Healthcare: Advantages, Use Cases, and Applications
Private or Permissioned Blockchain
An example of a shared blockchain network is Bitcoin, the most common blockchain. Public Blockchains are transparent, and everyone can enter, modify, interpret, and check transactions on the system. As the data is public, every person can run the node for the Bitcoin blockchain and download the whole ledger data and start participating in the network.
On the other side, private blockchain solutions run in a regulated environment. The nodes of the permitted blockchains are not public, and the network entry and participation are permissible only by pre-authorized or authorized individuals. A comparison would be that approved blockchains are like the intranet. Private blockchain solutions address three problems of public blockchains related to healthcare and clinical trial data management.
Privacy of Data
Data is not available on public nodes, unlike public blockchains, but rather on organizational nodes that are part of the network. Using permissioned blockchains, we can ensure that the system(s) can only allow entry by organizations/entities with specified permits as defined by a fixed protocol and execute only those network operations.
Regulation Compliant
Data privacy and security enforcement such as HIPAA or PIPEDA are accomplishable by permissioned blockchains as data remains stored only on allowed "nodes."
Cost and Speed
Heavy power use includes the management of a public blockchain database. It makes transacting both sluggish and costly on a decentralized blockchain network. With a private and registered blockchain, we can use inexpensive computer protocols to validate transactions. In contrast to standard public blockchains, this will make transactions on approved blockchains much quicker and considerably cheaper.
Also, Read | Enterprise Ethereum: A Platform for Private Blockchain Solutions
Blockchain's Benefits in Clinical Trial Management
Efficient Management of Data
Dynamic data access control- access privileges are dependent on time as specified by data blinding/unblinding, storage lock. In the same platform as pharmaceuticals and clinics, external labs, CROs, and other vendors will operate concurrently. The redundancy of data may become a thing of the past.
Regulatory bodies may operate on the same network - allowing them direct access to the data gathered for tracking and auditing. It is possible to validate data via multi-party networks.
Exchange of Details
The permissioned blockchain may exchange data in a managed manner. Via smart contracts, access privileges become enforceable.
Effective use of time and money for analysis data is encourageable by the simplicity of data exchange.
Enrollment of Subject
It is possible to incentivize topic enrollment in an experiment. Subjects can pre-load their data onto the blockchain and can be paid by the network if/when they meet the inclusion/exclusion requirements for a trial.
Also, Read | Secure and Efficient Healthcare Data Sharing (POC) using Corda Blockchain
For more information in detail about applications of blockchain in improving the healthcare experience, connect with our blockchain development experts.
Mudit Kumar
20 Nov 2020
Smart Contract Development with Hyperledger Fabric Blockchain
In this compact study, find out whyHyperledger Fabric App developmentstands out for smart contract solutions for business use cases across a range of industries.
One of the influential things about blockchain technology is its distributed network, accessible to all approved parties. An intermediary group is not necessary for managing operations in a blockchain network, thus, saving you time and confrontation. Blockchain solutions although have challenges, are quicker and cheaper than conventional systems. Subsequently, the technology has become a matter of discussion among governments, financial institutions, and businesses. Also, a subject of discussion is its revolutionary application, smart contract solutions.
Smart Contract Technology
A smart contract is a computer protocol that can facilitate, validate, or execute the agreement or execution of a contract automatically in a blockchain network. Without third parties, smart contracts enable the automated execution of transactions with credibility. Therefore, the transfer of transactions with smart contracts on a blockchain is trackable and permanent.
One of the comprehensive definitions to explain smart contracts is to equate them with a bank's infrastructure.
Generally, it requires negotiation with bank institutions to move any credits from one customer to another. It is a time and cost-consuming operation. With blockchain smart contracts, a user can efficiently drop the trade in the ledger, and that's it. Further, a smart contract manages the rest of the steps to complete a transaction. Also, it can not only specify laws and arrangements of a standard framework but also execute those commitments automatically. Basically, there are various distributed ledger tools and frameworks available that can assist in the creation of smart contracts.However,one of the most efficient is Hyperledger Fabric.
Hyperledger Project | Hyperledger Fabric Development
Hyperledger Fabric is a blockchain platform for developing applications based on distributed ledgers. Its modular architecture is resilient, stable, confidential, and scalable and operates in the backend. It can be pluggable on multiple platforms and conform to the complexities of existing systems.
The Hyperledger fabric enables modules to be plug-and-play while providing provisions for consensus and membership facilities. Hyperledger Fabric leverages container infrastructure to manage the "chaincode" smart contracts that form the framework's application logic.
Hyperledger Fabric provides an interface that is inherently scalable and extensible, differentiating it from alternative blockchain technologies. It is important to build on top of a thoroughly vetted, open-source platform to prepare for the future of enterprise blockchain growth. Your starting place is Hyperledger Fabric.
Also, Read |The Potential of Hyperledger Fabric for Enterprise Solutions and Its Use Cases
Development Elements of the Hyperledger Fabric Platform
Provision for Assets
These concepts allow trading of almost everything across the network with monetary value, from whole foods to vintage cars to currency futures.
Chaincode Feature
The execution of Chaincode is partitioned from the ordering of transactions, restricting the necessary levels of confidence and verification across node types, and maximizing scalability and efficiency of the network.
Distributed Ledger Feature
For each channel, the eternal, public ledger encodes the entire transaction history, which provides SQL-like query functionality for accurate auditing and conflict resolution.
Channel-Powered Privacy
Channels allow high degrees of privacy and anonymity for multilateral transactions demanded by competing firms and controlled industries that share properties on a shared network.
Protection & Membership Services
Approved membership offers a trusted blockchain network where participants know that authorized regulators and auditors can track and track all transactions.
Consensus Mechanism
Its creative approach to consensus provides the versatility and scalability necessary by an organization.
Also, Read |Analyzing the Food Traceability System Developed by Walmart with Hyperledger Fabric
Development Edge ofHyperledger Fabricover Others
Membership through Permissioned Network
Find a business of private equity. It is not publicly listed on the stock market by design, and its owners are predominantly venturing capital and private equity companies. It is important to realize that the users in this network are able to transact in the blockchain.
Strengthened Efficiency, Scalable, and Transparency
Just the signatures and read/write requests (Ledger entries) are sent from the V1.0 architecture onwards only across the network. Scalability and efficiency are also optimized. In comparison, the exchange is only used by endorsers and by committers. That provides more security since the blockchain network needs less faith.
Information Access on a Need-to-Know Basis
"Cryptography" is not enough for many financial institutions. The hardware is getting faster and more advanced. After a few years, a day will come when private data becomes public. Channels help provide a data-partitioning capability where the number of transactions and the data itself can only be used by people who wish to see the data.
Provision for Rich Query Concerning the Immutable Ledger
The ledger is the series log for the blockchain program for state transactions. The new file system for peer nodes is permanent since the v1.0 upgrade, which also has LevelDB. A choice is also available to use CouchDB, the content of which is in JSON and can be entirely queried. This JSON support helps to minimize the work necessary for reports and for the execution of audit firms.
Integration of Plug-In Modules Facilitating Modular Architecture
The modularity of the Hyperledger Fabric architecture helps network builders, which is an advantage, to plug in their desired component implementations.
Safeguarding Digital Keys and Sensitive Business Data
HSM (Hardware Security Module) supports a way to protect private keys. To ensure greater protection, private keys do not go outside of the HSM. PKCS#11 is a standard endorsed by HSMs to allow a generic way of interfacing with an HSM for applications.
Also, Read |Creating Industrial Permissioned Systems with Hyperledger Fabric
Challenges in Adoption with Hyperledger Fabric Development
Modern and Dynamic
The software group has been active in the manufacturing of distributed ledger systems. More than 150 blockchain engineers from 28 organizations work with the Fabric project and that's a pretty big amount. So with the specifications, the Hyperledger Fabric Technology will continue to evolve and change.
Limitations with SDKs and APIs
In Java, Node, and Go, there are SDKs available for hyperledger creation. But none of them is entirely user-friendly. You would have to learn a little of the underlying code of the hyperledger fabric as a blockchain developer, to apply stuff as you need. Plus, not all SDKs are completely compliant with anything to create/fetch/update and you will still be bugged out by a lack of documentation. In comparison, chaincode support for Java is not available from version 1.0 onwards.
Complexity in Application Architecture
Hyperledger Fabric Technology is recent and it is more difficult to understand with complex architecture and the absence of proper documentation.
Also, Read |Developing Education-to-Employment Verification Solution with Hyperledger Fabric
Use Cases | Hyperledger Fabric Development
Below are a few instances of the use of hyperledger fabric to give you an understanding of blockchain technology implementations in various sectors, for example.
Capital Markets
Financial Services
Government
Healthcare
Supply Chain and Logistics
Also, Read |Compelling Use Cases and Applications of Hyperledger Frameworks
Conclusion
Looking at the current rate of blockchain technology adoption, we expect that by the end of 2022, the industry size will be far larger. Simply put, the growing demand for blockchain technologies provides a plethora of possibilities, and Hyperledger Fabric gives you the power to get into the game.
We provide our consumers with Blockchain application development for multiple networks for an intuitive and simple experience. Our Blockchain applications, intelligent contracts, and services for the creation of cryptocurrencies are stable, robust, and suitable for diverse business needs.
Category:
Blockchain
Mudit Kumar
19 Nov 2020
Secure and Efficient Crypto Exchange Development like Binance
It is not an easy feat to launch a cryptocurrency exchange.
Indeed, it's pricey, time-consuming, and full of hard-to-predict roadblocks. However, here's a brief of all that a full-fledged exchange needs:
The funding
Basically, it needs substantial financing to construct and sustain an exchange, both internal (for liquidity) and external (for operations).
Infrastructure for trade
When you don't have the software to power it, running an exchange means losses. However, for the cost-efficient creation of this infrastructure using blockchain, you can either build it from scratch or collaborate with a third-party vendor like Oodles.
Technical squad
Constructing the exchange is just the beginning. Managing it and providing updates for your customers also need a team of engineers.
Lawyers/Officers for compliance
Cryptocurrency is still in many jurisdictions in a legal grey field. Therefore, you must meet with a lawyer to secure the required licenses to ensure that you follow the correct protocols for Know-Your-Customer (KYC)/Anti-Money Laundering (AML).
Team of support
You may overlook the need for support staff. But without one, you'll lose a massive number of clients.
Advertising
A few people would visit your exchange without marketing. To give your website a chance at sustainability, you need to have a substantial marketing budget.
These expenses keep adding up as the development progresses, as you would expect. Usually, it takes about two years to open a cryptocurrency exchange, which can cost hundreds of thousands of euros.
Also, Read | Cryptocurrency Exchange Development | Crucial Aspects to Consider
Oodles Offers an Easy Crypto Exchange Solution
We are excited to announce the introduction of a crypto exchange solution rendered by our crypto exchange services that will offer you less overhead, fewer costs, and importantly, a condensed timetable to launch your exchange.
Our services essentially provide out-of-the-box trading of cryptocurrencies. With the look and feel of the exchange, you have complete customization capabilities.
Also, Read | Crypto Exchange Software Development | A Complete Step-by-Step Guide
Cryptocurrency exchange software
Quicker Development
Our specifically defined exchange development processes make sure you don't meet any crucial deadlines. Further, it helps us to effectively provide cryptocurrency exchange production services without sacrificing efficiency. Also, our patented module blockchain saves time and resources.
Save Time and Expenses
There is a single blockchain module in our crypto exchange solution that includes all the fundamental functionality and functionalities of a crypto trading exchange network. Subsequently, it facilitates the requisite customizations to satisfy the specifications of your company's crypto exchange application while saving time and costs.
Provision for Scalability
It incorporates the architecture of microservices to serve a quickly expanding user base, making it conveniently scalable. It results in accelerating transaction throughput.
Deployment over Cloud
It can be installed on any network for cloud providers, such as AWS and Microsoft Azure. Deploying on the cloud basically guarantees accelerated development, scalability, and minimal maintenance efforts.
Also, Read | Advancing into the Crypto World with P2P Crypto Exchange Development
Support for Numerous Cryptocurrencies
The creation of our trading network has the versatility to help many blockchains and cryptocurrencies with the potential to be hosted on your servers. The solution can be combined by our blockchain specialists with blockchain APIs such as Bitcoin, Bitcoin Cash, Bitcoin Gold, Stellar Lumens, Ethereum, Ethereum Classic, Litecoin, NEM, Monero, Ripple, Dash, and NEO.
Help for Various Tokens
Several Ethereum tokens, such as ERC20, ERC223, ERC777, Waves-based tokens, EOS, NEM, and NEO, can support the solution.
Business Setup Ease
The crypto/fiat or crypto/crypto sector can be conveniently configured directly from the admin module. Also, different business settings are available in the admin module, such as exchange fees and minimum tradable numbers. It offers to trade with a high degree of versatility.
Administrative Database
It is a module of the admin panel that provides a consolidated view of all the transactions taking place in the system. Additionally, filters make it easy to track and check for compatible transactions for admin.
Financial Configurations
Our cryptocurrency trading site makes it an effortless task to incorporate a new fiat/cryptocurrency. It requires settings such as processing costs, the number of confirmations, and many more to be updated.
Also, Read | An In-Depth Guide to Understanding Hybrid Crypto Exchange Model
All ideal features of a crypto exchange platform solution
Regulatory Compliance with KYC
The KYC module of our exchange solution will provide a concise and secure medium for user identification and confidence management. It prohibits any trading operations from being conducted by non-KYC-compliant consumers. Also, by integrating with third-party screening APIs, we can build an integrated KYC process that works efficiently.
Control of User Identities and Trust
Automation of KYC
Client-Side Admin Portal
For managing all activities relevant to management, an admin portal is open. The exchange can make it easy to handle tasks such as listing members, profile records, wallets, trading, reports, commission setups, spreads, and commission accounts. Also, the admin panel will even have fine-tuning settings to fit various rates, currencies, tariffs, exchange costs, and other functionality for liquidity suppliers.
Task Administration of Sophisticated Personalizations
Responsiveness to changing circumstances in the market
Multi-instruments
In the admin panel, multi-instrument trading facilities are available to allow multi-instrument order bookings. To set up several markets or instruments, administrators may use trading facilities. They will allow users to access their trade history and cancel open orders to meet their needs
Orders for multi-instruments
Trade Past and cancellation of orders
Authentication at multi-level
To guarantee top-tier confidentiality, logins, withdrawals, and profile updates are subject to multi-level authentication. With our sharing network, the account becomes a super-secure asset with additional OTP, email, and Google authentication layers.
Top-tier protection with 2-factor authentication
OTP, Email, and Google Authentication Layers
Also, Read | Planning to Develop Crypto Exchange Platform | Things You Must Know
Wallet for Multi-Currency Usage
Our introduction with multi-currency wallets helps consumers of the same wallet to handle different currencies. As part of our base kit, it supports payment methods like ETH, BTC, LTC, BCH, and several fiat currencies. It comprises all functionality, such as deposits, transfers, regeneration of addresses, account history, and balance investigation.
One Multiple Currency Management Wallet
ETH, BTC, LTC, BCH, and Several Fiat Currencies Support
Token service
Reporting
Downloadable CSV files relating to the user list, customer balance, order book, company ledger, and exchange are available. We will add additional reports to meet your unique business needs.
CSV Reports in Downloadable Format
Further Reports on Demand
Order Types
Limit orders and business orders remain included in our base bundle of cryptocurrency exchange creation services. In our advanced kit, trades like a stop order, cap order, conditional order, and margin order are available to achieve your trading goals.
Maximum and Market Order Service Package
Advanced Different Order Types package
Help for different countries/languages
Flexibility with various language support. It encourages you to launch your exchange in different countries. Flexibility also offers the opportunity to open an exchange platform in numerous countries with varying configurations.
Also, Read | Cryptocurrency Exchange Development | Assessing Liquidity Factors
liquidity Management
Insufficient liquidity poses problems for activities. By having the flexibility to integrate with external markets and liquidity suppliers, we prevent those scenarios during the development.
Integration by APIs with external trade
Configurable liquidity settings in the admin module, such as spread percentage accessible.
Connect with our crypto exchange development experts for a more detailed discussion.
Mudit Kumar
14 Nov 2020
Blockchain App Development In the Manufacturing Industry
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 accountability
The provenance of materials and identification of counterfeits
Tech architecture for high-complexity long-term goods
Management of identity
Tracking properties
Assurance of consistency
Compliance with regulation
Blockchain Technology
Essentially, 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. It does not, however, mean that it is an equally tenable option for all businesses or sectors of industrial production.
Also, Read | What is Blockchain Technology and How Does it work
Blockchain in Manufacturing
Blockchain will allow for an entirely new manufacturing business model to improve accountability in all aspects of the network, from manufacturers, strategic sourcing, distribution, and supplier efficiency to shop floor operations that provide machine-level control and support. Supply chains are the backbone of all trading firms, most of which can use the distributed ledger structure and block-based method of blockchain to aggregate value-exchange transactions to increase performance. Manufacturers will be able to better meet delivery deadlines, boost inventory efficiency, and eventually sell more by scaling retailer order consistency, product quality, and track-and-traceability.
Track and Trace Improvement
Businesses can employ blockchain technology solutions to share knowledge more efficiently, reliably, and safely across diverse supply chains. It can provide a permanent digital record of components, parts, and items that allows end-to-end exposure and provides all members with a single source of reality. These advantages are important if many participants with separate IT structures remain involved in the supply chain, or if there is a lack of confidence among participants or the need for new participants to be on board.
Also, read | EDI Management with Blockchain for Efficiency, Automation, and Security
Critical Intellectual Property Rights and Monetization
Organizations spanning industrial sectors face IP security dependence. IP security, in tandem with quality, is an important factor in determining whether to manufacture parts in-house or purchase them from a supplier. In the case of a patent dispute, one option is for a corporation to use blockchain technologies to help show that it owns IP. For instance, Bernstein Technologies has developed a web service that allows its users to register IPs in a blockchain. It generates a certificate that proves the life, legitimacy, and possession of the IP.
Automate and Safeguard Quality Controls
A company will scale value for consumers, another primary goal of the plant of the future, by using blockchain to help quality management. Today, instead of blockchain, it offers users absolute disclosure and complete documentation on the efficiency of systems and goods that need costly assistance from central actors running IT networks.
Blockchain supply chain management offers immutable archives of quality controls and manufacturing process details, in addition to helping consumers track and locate inbound parts along a supply chain. The database uniquely marks each commodity and instantly records on the blockchain any sale, alteration, or quality check. The development setup must include automatic quality checks that produce and write measurements directly to the blockchain to allow this application. This use case facilitates data access from various stakeholders and will remove the need for inbound quality management to validate the supplier's conducting tests. The need for checks by suppliers of original equipment or central authority to check quality controls can also be decreased.
An Advanced Machine as a Service
Emerging tech facilitates opportunities for using an advanced pay-per-use platform for equipment, also known as machines as a service (MaaS). In this model, a machinery dealer charges for the use of the equipment based on the output it produces, instead of selling manufacturing equipment. For eg, instead of selling a compressor, compressed air is supplied by volume by the machinery supplier. Manufacturers can save major upfront costs by depending on MaaS instead of their machines and can quickly update equipment to obtain access to the new technologies. If correctly implemented, the MaaS model would allow producers to efficiently scale their output flexibility.
Also, Read | Verifying Product Authenticity with Blockchain and Smart Contracts
Enabling Maintenance Operated by Machines
New maintenance methods, including electronic management arrangements and shorter maintenance periods, can be assisted by Blockchain. To control the higher complexity and technical maturity of advanced manufacturing equipment, these advances are required. Users append service agreements and implementation documents relevant to each system to the blockchain record to enable outsourced servicing, providing a digital twin of the device.
The automatic execution and payment for scheduled repairs will then be allowed by blockchain technology. A computer needing maintenance will cause a service request. It will create a smart contract for the job or a replacement component. Payment collection occurs immediately upon completion of the request. Also, blockchain adds immutable evidence of the maintenance history to the distributed ledger. These applications, which are still in the early stage of development, improve the durability of the equipment, promote control of the health and attrition of the equipment, and establish auditable machinery health evaluations.
Also, Read | Making Supply Chains Smarter with Blockchain Smart Contracts
Best Practices for Blockchain Adoption in Manufacturing
It is also worth exploring the four best practices for blockchain solutions in the manufacturing industry.
Define the Use Case for Your Company
Blockchain can be a strong tool; it's not indestructible, though. Ensuring that it is a strategic fit is crucial. There is a need to ensure that multiple parties exchange and update information. Where time is limited and trust between parties is required, blockchain technologies are especially successful.
Build a Network
One issue with blockchain is putting together a community of stakeholders. Further having them mutually agree on a set of principles to describe the business model is daunting. Participants must determine the rules for participation. They must assess the risks and rewards, and the mechanisms that should be used.
Designing Purposefully
A business must diligently think about the design of a blockchain's architecture. Would it be without authorization, allowing anybody to initiate or authorize transactions and display them, limiting access to those parties? The Global Blockchain Report of PwC indicates that enterprises are implementing all these techniques as well as creating hybrid implementations. For most business solutions, private blockchain solutions are more suitable. They enable their owners or regulatory authorities to structure rules with an eye on privacy and data protection.
Also, Read | A Compact Guide to Proof-of-Concept Development for Blockchain
Conclusion
If blockchain technology matures, it will encourage manufacturers for adoption. It will do so by establishing confidence and removing barriers. It will eliminate the obstacles that impede the full-scale rollout of innovations and disruptive business models. Subsequently, effective factory operations involving data exchange and coordination between complicated business and computer networks can emerge. They can set industry-wide standards if they begin early.
Mudit Kumar
12 Nov 2020
A Review of Blockchain's Potential in the Shipping Industry
Discover how the shipping industry can transform itself with blockchain supply chain management and blockchain smart contracts, enabling enterprises to be more successful and efficient
Current Challenges in the Shipping Industry
Despite the latest technical developments, shipping is still a conventional industry. In many instances, the procedures adopted by the stakeholders are mostly outdated. Many maritime deals usually include a wide range of records, such as vessel and freight purchase arrangements, charter group contracts, transportation bills, port papers, letters of credit, and others.
These papers continue to move across various participants. It is because both the different participants need to receive a variety of transfers. Also, the carriage and distribution of the shipment to occur are of high priority. See, for instance, the lading bills and the long route they pursue: they travel through many banks starting from the shipping companies at the loading port before they meet the recipient. The steps followed in the process are intricate and time and cost consuming. Thus, it gets normal that shipments arrive at the releasing point, ahead of the lading bills.
Blockchain Technology
The shipping industry is exploring the potential of blockchain technology in an attempt to automate existing procedures. Blockchain tech builds on fully decentralized, open-source, peer-to-peer applications, and the network collectively handles all purchases or issues new currencies. The software uses a cryptographically encrypted blocks' chain for the administration of all these transactions and comes in use as a public ledger that tracks all transactions.
These blocks get timestamped and are related to the previous blocks in the chain. Further, the network reaches a consensus to validate the authenticity and completion of each transaction.
After the storage of information in the block, no participant can change it. It can only change if we change the following blocks, or the majority of the network agrees upon the deletion of information. User intrusion in the blockchain network thus appears unlikely, and the device remains completely waterproof.
Also, Read | Mining Supply Chain Meets Blockchain for End-to-End Tracking
Blockchain Implementation in the Shipping Industry
The blockchain concept initially facilitated and executed authentic financial transactions among parties without requiring any intermediary intervention like a banking institution. As a decentralized and encrypted public ledger, the use of blockchain may be used in different shipping applications and carry a revolution in the way the trading gets executed, almost identical to the evolution introduced by OpenSea in the industry on the way ship chartering takes place.
Blockchain transforms the entire process into paperless operations. It enables all parties involved in a transaction, including freight sellers/buyers, shipowners, charterers, banks, officers, customs, port authorities, etc.) to directly contact each other through the use of public and private keys. They can carry out actual transfers, exchange, and store information in an encrypted format, and carry out their encrypted data.
Also, Read | Streamlining Supply Chain Management with Blockchain Technology
Using Blockchain Smart Contracts
Besides the usage as a public ledger, blockchain technology offers the shipping industry smart contract implementations, one of the major revolutions in recent times. Smart contract solutions are contracts that operate and self-execute in the blockchain network as a computer program. They automatically follow the terms and conditions of a business contract or a transaction among various parties. The charter group and bill of lading terms and conditions can be standard functions of the software that no party without consensus can change.
Subsequently, we are moving into a digitally transformed marketplace. A market in which an owner broadcasts a contract and the other party directly negotiates the price/freight by accessing the blockchain network platform. Thereby, smart contracts can be enforced by a computer network that employs consensus mechanisms to determine the series of actions resulting from the contract code. As a result, it enhances measurements, approvals, and other transaction activities.
This sort of smart contract was unlikely to exist before the use of blockchain since parties to an arrangement must maintain different databases. Smart contracts auto-execute with a decentralized ledger that operates a blockchain algorithm, and both participants verify the result instantaneously, without losing time on more transactions and without the need for a third-party intermediary.
Also, Read | Making Supply Chains Smarter with Blockchain Smart Contracts
Advantages
For the maritime industry, applying a blockchain system, such as Smart Contracts, may have the following benefits.
Fast time for processing and real-time alerts
The exchanging of information will become instantaneous and processes that usually take weeks to be finished even within a few minutes instead of mailing the papers to separate parties. The blockchain's machine code will also simplify manual functions.
Better accuracy
Because all contract execution and other operations are automatic, failures are far less conceivable.
Complete accountability
The data remains in a location where anyone with permission can have access, providing that the access key is required. It provides market participants with complete clarity and also makes it possible to assess the counterparty risk if anyone can access the transactions previously done by each party.
Increased security
All data remain secured, which protects in its way. Further. protecting the business from deceptive practices and various distortions of records are preventive. It is because users cannot communicate with the system and change the data stored in the blockchain.
Save expenses
Most of the cost of industrial finance attributes to paperwork, administrative complications, contradictions, or mistakes. Blockchain can avoid such challenges and expend the overall costs on multiple intermediaries.
Easier consumer entry
Anyone with permission can use the blockchain technology, so the penetration barriers remain smaller, and the industry becomes more competitive. Furthermore, without requiring third-parties, participants can directly form contact, and thereby the overall chain will become lighter.
Also, Read | Driving Supply Chain Innovation with Blockchain Solutions
Recent Developments
Maersk is another major shipping corporation investigating the prospect of participating in the blockchain. It has developed a partnership with IBM to develop blockchain technology used in the container industry. In this scenario, it will digitize the supply chain to increase the efficiency and protection of exchanging information among stakeholders. It will enable the controlling and monitoring of millions of shipping containers. According to Maersk, it will save the industry billions of dollars per year.
Oodles is a leading blockchain application development company providing services for the shipping business digitalization. We closely track all recent trends in this sector to continue to provide our customers with unique services. With blockchain, we strive to make the shipping industry more open, technologically mature, and efficient.
An efficient way to explore the potential of blockchain in shipping without heavily investing is developing a blockchain PoC or connect with our development experts to know more.
Mudit Kumar
11 Nov 2020
A Guide to Blockchain Proof-of-Concept (PoC) Development
There is an increasing rise in blockchain innovations across industries. The probability is that you might have thought that emerging technology could disrupt your business as well. Also, you know the range of benefits that it provides. However, you do not understand in which direction to drive blockchain experimentation and implementation in business. Additionally, it is highly unlikely that you have an unlimited budget for trying out new ideas with blockchain application development that may or may not provide results as you would have hoped. So, how can you begin exploring the potential of blockchain technology in your business without costing a fortune? The answer is developing custom blockchain-based PoC (Proof-of-Concept).
What is a Proof of Concept
A Proof of Concept (POC) is a method that businesses, usually startups, use to determine a project's application and functioning. They use it to pilot the feasibility of projects across industries, including financial services, insurance, healthcare, and more. A business can develop a PoC as a prototype having no supporting code. Or, it can use it as an MVP (Minimum Viable Product) with minimum features.
Essentially, a PoC is a prototype that organizations use internally to gain insight into the working of a particular project. It does not require them to invest in resources, time, and cost heavily. In the blockchain development space, it can be an efficient launching pad to enter the market. It applies to not only startups but enterprises as well.
Benefits | Blockchain PoC Development
PoC development is the door to enter the blockchain market for businesses skeptical of adapting to a new technological dawn. PoC Development for a blockchain project will enable an enterprise to attain the following advantages.
Pilot the blockchain solution before making it available to the masses
Determine possible constraints and pain points that may occur in the execution of the project in the future
Prevent cost, resource, and time exhaustion
Determine that all involved stakeholders comply with your idea and show interest in investing in it
Developing a PoC is an efficient way to adopt before proceeding with blockchain solution customization or development from scratch.
Also, Read | The Process of Blockchain Application Development In 8 Steps
Reasons to Invest in Blockchain PoC Development
Before hiring a blockchain development company to work on your PoC project, it is necessary to consider the following requisites. It will ensure whether you should proceed with the development or not.
You are a startup planning to enter the blockchain market with a limited budget
Looking to demonstrate your idea of decentralization to investors or early users
Planning to exploit the applicability of blockchain technology to improve the efficiency of business processes
Saying yes to any of the above requisites means blockchain PoC development is an efficient alternative to begin.
More Reasons to Develop a Blockchain PoC
If you want to find whether implementing blockchain in your business can achieve the following objectives or not, opting for blockchain PoC development is the right way to determine.
Establish transparent governance in business operations that depend on trust ensured by third-parties
Enable real-time traceability and monitoring of operations that involve manipulation of data by multiple parties
Create an immutable record of each party's activities that will eliminate intermediaries used for ensuring trust
Enhance data integrity of your business processes
Eliminate intermediaries and centralized control while providing a single source of truth across the ecosystem
Digitally transform business operations that include manual validations
Also, Read | A Comprehensive Guide to Blockchain Application Development
Now, along with complete cooperation from all partners, you need to have a solid strategy.
But how are you going to come up with this precise and clear plan? Well, you require a project development process for that.
The Blockchain POC Project | Development Considerations
POC Feature Requisites
Decide on Transaction Rate
The transaction cost depends on which business you are going to use it in. If you're a business like a bank that has to deal with all sorts of cash transfers daily, so you'd need high transaction rates.
Moreover, it will be the best bet to go for a thousand transactions each second. You will still need to make sure, though, that the network can support the high transaction volume and would not break down.
If you are SMBs, you do not need that many transfers every day, be prudent to settle for fewer. When you don't need it, you won't need an excessive number of features.
Define Consensus Mechanism
The consensus model proves to be a critical feature that you need to consider with proper planning. Also, without favoritism, there must still be a way to find an understanding with the consumers.
There are several frameworks out there for consensus. However, with its collection of benefits and drawbacks, every single one of them has its applications. So, balance out which consensus protocol, based on your proposal, will be suitable for your blockchain proof of concept.
Also, Read | Understanding the Blockchain and Decentralized Consensus
Decide on Privacy Aspects
A big challenge is a privacy. If you're a business that doesn't want to make it available for all to see, you'd have to include choices for secrecy. In this case, it will work very well to use the authentication method.
Besides, if you are concerned with classified information detection or preservation, then privacy is a big concern. With privacy channels provision provided by different blockchain platforms, you can permit which user can access confidential data.
Consider Scalability Challenges
Your network of blockchain needs to be scalable. It's one of blockchain technology's weaknesses. That's why it becomes sluggish to lose its quicker performance as too many people start using the network.
But you need to enhance the scalability of the project along with features if your blockchain Proof of Concept has to be a success.
If you realize the user question, it won't be a challenging job to incorporate the functionality that fixes the problem.
Also, Read | Secure and Efficient Healthcare Data Sharing (POC) using Corda Blockchain
How to Measure the Success
After that, you will need to discuss and describe the metrics. Also, you need to concentrate on OMTM or one metric that counts for two key reasons. First, during the prototyping process of the blockchain proof of concept, these measurements can direct the development team. In comparison, for these metrics, any single initiative has to have a clear relationship. Second, in the case of developing an efficient blockchain proof of concept, you will need to specify how you would get your returns. Since it's just an investment, and you need to know if you're going to benefit from it.
Success metrics
Determine as to if the Proof of Concept blockchain would be economically feasible. Since after the blockchain project proof of concept is complete, you will need to decide whether or not you want it to go to the production stage. Also, once you move it to the manufacturing stage, you will still need to calculate the potential returns.
You need to know if there is a professional knowledge of the blockchain in the team. And if you decide that your enterprise is not yet ready for the blockchain project to be implemented, you need to have experience dealing with it. This way, you can do so until the organization starts the blockchain initiative.
If you are looking for more information on Blockchain PoC development, connect with our blockchain experts for a cost-effective consultation.
Mudit Kumar
07 Nov 2020
Thwarting Automotive Counterfeits with Blockchain Traceability
From the development of Horseless carriage in the 1860s, the automotive industry has come a long way to becoming one of the world's biggest economic drivers by sales. Likewise, the automobile supply chain, second only to the computer market, is one of the most complex and dispersed. The vehicle supply chain includes not just the supply of assembly materials but also the purchase and delivery of replacement parts. These vehicle spare parts are used in after-sales facilities and are a significant source of revenue for car manufacturers and OEMs. Read on how blockchain based supply chain development for blockchain automotive traceability system proves effective in improving the bottom line while preventing counterfeits.
How Counterfeiting Affects the Automotive Supply Chain
The most influenced by the arrival of counterfeits is the car spare parts supply chain. The number of fakes continues to grow, despite attempts by automotive industry players and the government. Moreover, falsification covers all main parts manufactured in the supply chain. It includes tires, engines. airbags, batteries, electrical parts, windscreens, and more. According to the estimation of the European Intellectual Property Office (EUIPO), €2.2 trillion get lost to counterfeit wheels alone (Peresson, 2019).
Not only does this problem contribute to monetary losses for carmakers and OEMs, but it also has more implications in the form of decreased customer protection and harm to brand image. Fake components are underperforming and are often the cause for casualties that cause significant damage and even loss of life. In such situations, it gets challenging for a car manufacturer to claim that the counterfeit component mounted in the vehicle triggered the crash.
Manufacturers are now facing a growing number of warranty requests for parts replacements that later come to notice as fraudulent ones. Manufacturers also have to trace the real supplier of the failed product painstakingly only to be told that the part in question is a bogus one. Can blockchain based automotive solutions address these challenges? Let's find out.
The Loopholes
The key motivator for counterfeiters is quick money. Nevertheless, the absence of appropriate, end-to-end monitoring of replacement parts across the supply chain results in the implementation of these fake items.
The numbers represent the points where counterfeits can penetrate the supply chain.
Sub-standard raw material supply (rare)
Fake supply to dealers
Counterfeit supply to retailers
Counterfeit product supply to a repair center or going for bogus aftermarket products
Issues in Developing a Solution for Disintegrated Supply Chain
Maintaining the credibility of the supply chain is the best way to monitor the influx of bogus parts through the supply chain. A spare parts supply chain with a wide range of vendors is a dynamic one. A supplier may deliver different auto components, or multiple suppliers can provide a single part. An auto part may be a compound or a single one. A compound object comprises many other elements. However, it reaches the maker as a package (for instance, seat configuration, gearbox, etc.). It is quite complex to verify whether a faulty subpart has is un use in the case of a compound part. The subparts may or may not bear a serial number in this case and are therefore difficult to trace.
Also, Read | Reconditioning Automotive Operations with Blockchain Smart Contracts
Is Blockchain the Right Solution for Automotive Traceability
The best bet for anti-counterfeit will be a blockchain technology-based network regulated by an auto manufacturer. With IoT devices for the position, data generation can further complement this network. Using RFID tags (for high-value materials) or regular simple barcodes for screening at the time of custody transition makes things easier. While not everything can be barcoded or RFID enabled, for low-value components, a box level execution is more feasible. In a standard application with a centrally owned database, all stakeholders have their systems to run. Thus, it may become an obstacle in establishing supply chain integrity. Making them migrate to a new application would be a challenging task. Also, suppliers may not be willing to share their information via an application operated by another organization.
Blockchain technology, on the other hand, would be more suitable due to being distributed by design. The framework based on blockchain technology will run in parallel to the current systems already in operation and would interconnect via APIs. While the system would be operable by the vendor, each stakeholder (supplier/3PL / distributor/dealer) would get their copy of the same database and would access it using their node. For others (rivals or unrelated participants to an interaction), the information exchanged over the blockchain may remain concealed. It will maintain data protection by making separate streams for various types of a transaction.
A blockchain-based system will register each component's serial number along with the previous owner. It will help in establishing an immutable custody chain and ultimately helping to create a firewall against the entry of counterfeits.
Also, Read | Blockchain Applications in the Automotive Industry | Advancing Innovation
Blockchain-based Automotive Traceability System | Benefits
The blockchain-based automotive solution would provide advantages to the stakeholders involved in the supply chain in the following ways.
Strengthened supplier traceability
Permissioned stakeholders can quickly trace an auto part back to its distributor. In warranty claims, it can prove to be quite beneficial.
Preventing counterfeits from entering the supply chain
As the blockchain network will have an immutable product custody chain, it would be difficult for malign actors to send fake spare parts across the supply chain.
Rapid acquisition
It would be simpler for stakeholders to implement such a solution, as the proposed blockchain implementation would run parallel to the current systems.
Data protection
As mentioned earlier, blockchain technology can mask data for other unrelated parties in a transaction by establishing channels to ensure data security.
Increased transparency
The blockchain-based auto spare part traceability solution will facilitate stakeholders to gain control over the amount, exact positioning, and status of parts in the supply chain. It will lead to enhanced transparency. Also, it will aid suppliers in outlining their production plans.
Targeted recalls
A targeted recall is better than a complete cancellation if a company knows which specific batch of parts is defective. It is because they can individually verify each product based on the custody chain.
Also, Read | Blockchain Automotive Solutions | Making Drivers' Life Easier
Conclusion
By adopting modern technologies, the automotive industry needs to act rapidly for sustenance.
Although many examples are emerging rapidly, blockchain technology is still at an early adoption phase. Those examples include a Hyperledger- blockchain based airline spare part marketplace with traceability solution. It is launched by Honeywell. It s a blockchain-based aircraft parts traceability prototype by Thales and an exploration of blockchain technology by the US Navy. The automotive industry has recognized the opportunity of blockchain traceability. It is now showing interest in numerous supply chain tracking-related PoCs. BMW's launch of PartChain (for transparency and component traceability) is one such example.
Indeed, blockchain can act as anti-counterfeit technology. It advances the development of a unified supply chain and proves efficient for the challenges.
Mudit Kumar
05 Nov 2020
A Guide to Understanding Hybrid Crypto Exchange Model
The cryptocurrency boom kicked off with the introduction of Bitcoin in 2009. This new digital currency was not linked with any centralized power and enabled both anonymous and secure transaction execution by users. It was not long until the advent of other cryptocurrencies happened. Each targeted a niche industry or presented an advanced algorithm of consensus. However, cryptocurrencies, due to being digital resources, faced challenges in their exchange on existing physical networks. Therefore, it highlighted the prerequisite for advanced cryptocurrency exchange platform development.
Cryptocurrency Exchange Platform
Cryptocurrency trades perform business in much the same manner as forex trading works. For instance, they enable trading of one currency for another, but mostly digital currencies. One can exchange Ether for Ripple, for example. It is similar to how the US Dollar is tradable for the Indian Rupee and conversely. Through levying a small fee on each sale, these sites maintain themselves. Later, based on the fundamental architecture they adopted, those cryptocurrency exchange innovations fell into two categories. The descriptions of those two are Centralized Exchanges (CEX) and Decentralized Exchanges (DEX).
Also, Read | Cryptocurrency Exchange Development | Crucial Aspects to Consider
CEX and DEX (Centralized Exchanges and Decentralized Exchanges)
As the name suggests, third-party providers that organize trades between buyers and sellers operate Centralized Exchanges. Decentralized exchanges, on the contrary, hold faithful to the ideals laid down by Satoshi Nakamoto and are thus not run by third parties.
While CEX exchanges enable fast transactions and provide options for high liquidity, DEX platforms are known for maintaining anonymity and being hack-proof. These two separate exchanges, meanwhile, met with their particular collection of challenges.
Not only did centralized markets charge transaction costs, but they also maintained full control over the assets of their clients. Also, CEXs hold the funds of their consumers on hot wallets that are reasonably simple to access. And it came as little surprise when CEXs were the most popular in all of the hack attacks in cryptocurrency history with Mt. Gox, BitFloor, and Poloniex, for instance.
Decentralized markets, on the other hand, face challenges due to handling trades at the speed of a snail. It proves unfavorable for consumers planning to exploit the market volatility of the cryptocurrency. Also, they do not enforce laws such as AML and KYC. It makes it a hotspot for malicious activities.
Also, Read | What's So Astonishing About Decentralized Crypto Exchange
Hybrid Cryptocurrency Exchange Platform
The limitations of both exchanges, though, contributed to the creation of an upgraded, more specialized network known as the Hybrid Crypto Exchange Platform. The positive features of Centralized and Decentralized markets come in combination with this form of exchange.
Hybrid crypto exchanges (HEX = Hybrid Exchange) address the issues of centralized and decentralized exchanges. They mainly focus on the usability and liquidity of CEX platforms, as well as the anonymity and protection of DEX platforms.
Hybrid Crypto Exchange | Benefits
Provided real-time service access
Incorporates solutions based on blockchain technology
Users can trade on centralized as well as decentralized crypto platforms
Addresses challenges of centralized and decentralized crypto exchanges.
Even if third parties may regulate the exchanges of cryptocurrencies on a hybrid platform, users still have custody of their funds here.
Not only do hybrid crypto exchanges secure customer privacy, but they are also still compliant with different laws for digital currencies.
User assets are not held in hot wallets here. It suggests that funds are placed in cold storage altogether. That makes cyber-attacks on hybrid crypto exchanges challenging.
There are fast and transparent crypto transaction rates. That makes hybrid crypto exchanges for global crypto traders an enticing choice.
In hybrid crypto trading, the technology used is scalable. It helps in positioning it as a prospective digital currency exchange hub.
By introducing a hybrid platform using the finest cryptocurrency exchange creation services, one will receive more income.
Fraudulent practices and hacking become obsolete by incorporating top-notch security technologies. In the hybrid crypto exchange, users can conduct smooth and safe crypto trading.
Also, read | Security Token Exchange Development - A Comprehensive Guide
How a Hybrid Crypto Exchange Works
An individual X wants to sell his Cryptocurrencies. And a person Y wishes to purchase Cryptocurrencies from the exchange.
Initially, incoming orders will be processed through encryption at the Hybrid Exchanges. A log will be available on the Blockchain for the order book.
The trader can transfer their private keys to the order pool to decode the instructions and send them to the corresponding engine.
The Blockchain will monitor all paired trades.
Finally, depending on the trades conducted, the cash and crypto balances will change.
Hybrid Crypto Exchange Platform | Features
Liquidation management
To improve the flow of crypto trading on your platform, it will set up complete information about the order book from a third-party exchange.
Escrow method
The escrow mechanism seeks to control the stability of Crypto funds to satisfy the needs of buyers and sellers.
Flawless transaction execution
Incorporates top-grade authentication that ensures seamless routing of each transaction in a highly secure environment.
Creation of Atomic Swap Exchange
Blockchain-based atomic swaps allow traders to exchange digital currencies directly without third parties using a private wallet.
Elevated efficiency
Without contributing much to growth and infrastructure, it provides a network with numerous coins, fiat gateways, and high security.
Also, read | Cryptocurrency Exchange Development | Assessing Liquidity Factors
Hybrid Crypto Exchange | Development Process
Project identification
Our specialists determine and acknowledge your requirements and do analysis to understand the current state of the organization and product in the marketplace.
Scheduling
Our experts finalize an overview of the project. It depends on your specifications and a complete review of the project.
Evolution
Our team of developers will create the best hybrid exchange platform based on the plan via blockchain technology and smart contracts, with both the new centralized exchange platform and decentralized exchange platform functionalities.
Testing
We have a trained testing team that will guarantee that your software is bug-free, given the value of testing the built product before deployment.
Launch
Once rigorous testing, the platform will go live on the production network of the client. Also, after project deployment, we have continuous support to ensure that there are no operational mistakes.
Also, visit | Fintech Blockchain Development Services
Hybrid Crypto Exchange Development with Oodles
For entrepreneurs and specialists, Oodles offers its services around the clock. We provide features such as advanced analytics, fast transaction throughput, low latency, and equal execution with transparent price creation.
After DEX, because of its incentives, a Hybrid exchange platform has a broader spectrum to offer. Oodles is a development service provider of crypto exchanges.
We offer you advanced hybrid exchange development services with additional customized functionality that will further extend your hybrid exchange platform. To know our experience, get a free consultation along with the project plan from our blockchain and cryptocurrency development experts.
Mudit Kumar
04 Nov 2020
Implementing Blockchain in Telecom for Digital Transformation
In several industries, including telecom, blockchain technology can change business models by enabling improvements in transparency and productivity in processes. Blockchain implementations like Hyperledger application development, though, are new and developing, and business-wide compatible frameworks are most likely only a few days away.
However, unforeseen developments or lost opportunities in the ecosystem of telecom await with blockchain technology integration. Analysts, developers, and decision-makers should start analyzing blockchain technology implementations in both fundamental and related processes and business activities. Early experience with relevant opportunities and risks would help them position firmly. When the technology gets matured and is ready for broader adoption, they can achieve strengths across sales growth and reduced cost.
Blockchain Technology
One of the most commonly debated and talked up innovations is blockchain technology. With the use cases, PoCs (proofs-of-concept), and fully-built companies focused on blockchain technology emerging increasingly, only a few industries are there that are not either excited or concerned about its potential.
How it Works
Resiliency and reliability are the benefits of this method of multiple, distributed storage. Any participant in the network can validate the accuracy of transactions. Further, to verify transactions, network consensus methods and cryptographic technologies come in use. Therefore, it does not require a central authority or an external auditor to establish trust. It occurs continuously across the network.
The Emergence of Distributed Ledger Implementation
Also, the distributed infrastructure of blockchain technology is error-resistant. The network build on top of blockchain remains active even in the case of a breakdown or malfunctioning of a significant number of network members because of having no single point of failure. The latest data contained in the blockchain remains unchanged. When applied to the blockchain, the record-keeping process prevents transactions from being removed or reversed as soon as new blocks get included. The use case described herein focuses on the distinctive features of blockchain technology that are facilitators for more secure, interfere-proof, and failure-resistant software in telecom.
Also, Read | Considering Distributed Ledger Technology (DLT) for Business Solutions
Blockchain in Telecom
Historically, key communications service providers (CSPs) have owned end-to-end telecom value chains for both customers and enterprises. It includes communication infrastructure, core data and voice access provision, and associated customer services. However, in an atmosphere of intensified competition, from declining voice revenues to rising costs due to high bandwidth demands, there is an increasing requirement to reduce costs as well as find new revenue streams. Blockchain has the opportunity to be what the Internet was for 'information.'
Additionally, industries such as banking, healthcare, and government are exploring the technology's use cases. However, blockchain application development for a CSP is also possible, both within its existing portfolio of functions and in the potential telecom developments.
In their management solutions and related facilities, CSPs will most likely see a significant effect of blockchain technology. It will create opportunities for cost savings through process efficiency improvements and sales growth with new revenue models. The promise of the blockchain for CSPs is demonstrated by the use case in the article later.
Advantages of Using Blockchain in Telecom
The trust powered by a blockchain facilitates collaboration between different partners. It does so by providing a holistic view of transactions and liabilities. It, in turn, enables the elimination of third parties, and thus, resulting in cost savings.
Instead of the need for consolidation across multiple disparate structures, it promotes a single view of data. Due to the history of all transactions visible in the immutable ledger, it also makes for accurate audit trails.
In roaming and other situations, the adoption of smart contracts enables almost immediate billing, thereby resulting in increased revenue management and fraud elimination.
Provides opportunities to promote new revenue-generating business models for communications service providers, searching for fresh ways to improve both top and bottom lines.
A blockchain can serve as the database that enables an M2M economy to flourish, for instance, based on the general platform on which M2M transactions can get registered. Therefore, it can serve as the enabling factor for an IoT infrastructure.
Also, Read | Assessing the Advantages of Ethereum Blockchain Solutions for Enterprises
Blockchain in Telecom | Use Case
Fraud Prevention
Fraud identification and mitigation remain to be issues of importance to most CSPs, owing to the industry's fraud losses of over USD 38 billion per year. The telecom sector still has not discovered a way to deter fraud efficiently and sustainably. In theory, blockchain is a strong candidate for dramatically reducing fraud costs, for instance, in roaming and identification protection.
fraud in Roaming Services
Traditional Systems
When a user makes a call/event, the Visited Public Mobile Network (VPMN) checks with the Host Public Mobile Network (HPMN) by accessing the Home Location Register (HLR) for the facilities the roaming user has registered. Then, call information records (CDRs) are submitted to their respective networks' billing systems. These frameworks are in command of CDR processing and the creation of subscriber invoices. As a Transfer Account Procedure (TAP) file, the VPMN transfers CDR information to the HPMN. For these archives, some businesses serve as a Data Clearing House (DCH). A DCH is accountable for the transfer and translation of the TAP data. It acts on behalf of the CSP that has employed it.
Upon receiving the TAP data, the HPMN shall settle the payments for the expenses incurred by the VPMN in compliance with the respective roaming arrangement protocols,
Current challenges with roaming fraud happen when a consumer uses the HPMN resources through the use of the VPNM. However, the HPMN fails to charge for the services rendered to the user. But, it has to pay for the roaming services to the VPNM. Two features become vulnerable due to roaming fraud:
Extended identification period: Because the fraud happens while the subscriber is on a network other than the HPMN, due to delays in the exchange of data between VPMN and HPMN, the time needed to detect the fraud is longer.
Extended Addressing Period: The period to react to the violation is prolonged thanks to the shortage of oversight over the system in which the infringement happened than if it has happened in the respective system managed by the HPMN.
Also, Read | Smart Contract Solutions for Business | Advantages and Use Cases
A Hyperledger Blockchain-based Approach
We may introduce Hyperledger application development between each pair of providers with a roaming agreement. The two operators' assigned nodes serve as miners to check the integrity of each interaction broadcast on the system. The roaming arrangement will be enforceable as a smart contract solution between the HPMN and the VPMN. It will execute when there's a transaction transmission across the blockchain network containing the CDR data. The VPMN communicates the CDR information as a transaction to the HPMN. It happens whenever a subscriber causes an incident on a visiting network. The smart contract will get activate by this data and enforce the terms of the arrangement. Thus, the HPMN will measure the billing sum automatically. It will be depending on the rendered services and send this information back to the VPMN.
In line with blockchain-based smart contract logic, it enables us to generate immediate and guaranteed approval as well as settlement. The DCH serving as a middleman can also be done away with by CSPs, resulting in more cost savings.
Connect with our experts for more information about implementing blockchain technology in telecom.
Mudit Kumar
31 Oct 2020
Smart Contract Integration for Business Efficiency
One of the most common and debated topics in the blockchain industry is smart contract development for business purposes. Processes are progressively transforming into digital forms. It is making it essential for businesses to find a way to make digital business agreements secure. For replacing conventional business contracts that are synonymous with complexity, slowness, and cost-draining, smart contracts are a useful solution.
In this blog, we have discussed some of the emerging opportunities and challenges facing smart contract adoption.
Understanding Smart Contracts
A smart contract refers to an automatic, self-enforcing protocol governed by its terms and conditions. It also stores and implements contractual clauses on top of the blockchain network.
For beginning with a blockchain-based smart contract development for a business, involved parties first discuss and decide the conditions of the agreement before preserving them in the smart contract code stored within the blockchain technology.
Smart contracts enable transactions to execute without third-party engagement with security. It is a decentralized process, meaning that there is no need for intermediaries at the time of verifying deals.
When parties meet predetermined terms and conditions, smart contracts automatically execute, based on the pre-defined rules.
Also, Read | Stimulating Business Efficacy with Blockchain Smart Contracts
Integrating Blockchain with Smart Contracts
The decentralized network, known as blockchain technology, is the gateway to these contracts. Smart contracts use blockchain technology between several parties to check, confirm, capture, and implement agreed-upon terms.
Smart blockchain contracts enable the execution of transactions and agreements between anonymous parties without the need for a central authority, external compliance, or legal structure. Then, there is clarity, irreversibility, and traceability of the transactions.
For smart contracts, blockchain technology is the perfect environment, as all the stored information is permanent and safe. Smart contract data remain secure with encryption and resides on a blockchain ledger, ensuring that it is never possible to lose, change, or erase the information.
Also, Read | Accelerating Business Efficiency with Blockchain Smart Contracts
Applications of Smart Contracts across Businesses
In a great range of sectors, we can have smart contract development to execute functions. It includes regulatory enforcement, contractual enforceability, cross-border financial transfers, possession of the property, purchase of residences, supply management, the provenance of goods, record management, and many other applications.
Strengthening Supply Chain Management
In supply chain management, smart contracts can prove beneficial. Via smart contracts, making supply chains strengthened helps smooth out the flow of products and restore confidence in trade. When products pass through the supply chain, smart contracts will record ownership rights. It will verify who is responsible for the commodity at any given time. At each stage of the distribution process, stakeholders can check the finished product before it reaches the consumer.
Also, Read | Making Supply Chains Smarter with Blockchain Smart Contracts
Streamlined Insurance Processes
In the insurance business, smart contracts can prove beneficial. Nowadays, this field lacks automated administration. It can take months to process and pay for an insurance claim. When such incidents occur, smart contracts will simplify and streamline the process by automatically triggering a claim request. For assessing the exact amount of compensation, it will register the precise information on the blockchain.
Also, Read | Blockchain Smart Contracts in Insurance | Advantages, and Applications
Mortgage Lending
A smart contract can also streamline the mortgage process. Stakeholders define a mortgage agreement's terms based on an evaluation of the mortgagee's revenue, expenses, credit score, and other circumstances. The requirement to carry out these controls will make the process long and complicated for both the borrower and the mortgagee, mostly by third parties. By taking the middlemen out, parties could negotiate with each other directly.
Also, Read | Automation and Efficiency in Real-Estate Settlement via Smart Contracts
The Financial Industry Operations
In the financial industry, the most common use of smart contracts remains, as money and associated documents become electronic. The prospects for smart contracts in the financial services sector include, for example, payment processing, financial instrument clearing/settlement, trade finance, as well as regulatory technologies such as streamlined certification of 'know your customer.
Smart Contract Development | Advantages for Your Business
Operational efficiency and speed
Smart contracts enhance the reliability and speed at which commercial arrangements execute. Smart contracts are automated, so there is no need to spend a lot of time on the paperwork and correct the mistakes written in the documents manually as well. They are executable in minutes, from wherever the parties concerned are, for a fraction of the cost, and without the need for lawyers.
Establishing a single source of trust
Smart contracts can provide a degree of confidence for parties. Transactions get automatically carried out in compliance with predetermined laws, and the encrypted records for these transactions get distributed to the participants. The details about the arrangement and the terms of the contract are transparent. Specific validation from all and the immutability of the work ensure that the intelligent contract gets never broken again.
Enhanced transactional and data security
Smart contracts provide better protection because all activities are registered and checked. Documents for blockchain transactions are encrypted. That makes hacking extremely hard for them. Security features may also be built into a smart contract to create backups and duplicates automatically in the event of injury, loss of data to the original one, or hacks.
Also, Read | Exploring Applications of Smart Contracts in Businesses
Crucial Aspects for Consideration Before Entering the Smart Contract Development Space for Your Business
Clearly outline operational flow
Vague contracts permit room for debate. It may result in lawsuits, disagreements, high legal costs, and operational delays, as well as delays in invoicing and payment. A thorough and consistent picture of the business and operating processes of the parties concerned is crucial to avoid these circumstances (as far as possible) when identifying and negotiating terms to automate contracts.
Define parameters for business logic
Legal contracts must include terms on parameters such as data capture processes, including sources, tolerances, frequency, and time frames, among others. Logic parameters around data get managed by requirements such as place, time, and rounding decisions. It affects how contracts get translated into code. It's tough to automate incongruent readings.
Devise non-conflicting contract terms
Problems may occur when someone overlooks obsolete or inapplicable clauses in an older contract used as a starting point. It can result in either disparate or inconsistent terms and conditions. Execution of incongruent and conflicting terms is not possible.
Smart contracts execute conditions that are pre-defined and are incapable of judgment. Engagement laws, especially those relating to fee calculations and billing practices, must be capable of encoding straightforward, non-conflicted terms of the contract.
Prepare to resolve inconsistent logic
Technology bugs and faults that can result in data discrepancies or errors will still be present. We can expect these instances. However, it is possible to integrate both natural language and smart contracts into the protocol for them.
A smart contract is configurable with agreed-upon terms for these occurrences to handle data tolerances and triggers that automatically identify when a glitch or malfunction has occurred. It can then perform the necessary pre-defined action, decided at the outset by all parties, resulting in zero delays or the relationship's downtime.
The prospective smart contract development market for your business is full of potential. In reality, our experts believe that smart contracts will change the way deals happen across different industries.
Mudit Kumar
29 Oct 2020
EDI Management with Blockchain for Efficiency and Automation
The multichannel supply chains of today need to be more transparent and productive. End-to-end transparency in a supply chain with a single version of the truth can be transformative for any organization. Businesses have moved from manual to paperless transfers with the development of electronic data exchange (EDI). In the supply chain of any company, EDI is the cornerstone of digital transformation.
As technology advances over time, business demands for increasing performance, compliance, and sustainability also increase. Blockchain-based supply chain management solutions for EDI management can augment and address all various challenges of today's systems.
As traditional businesses' supply chain operations grow more complicated, the complexities of dealing with EDI also become more challenging.
Common EDI challenges
Scalability
The document types and market guidelines vary from one trade partner to another, even when EDI's basic protocols are in place. Thus, it can be challenging to add a fresh trading partner with a distinct transaction suite to the network.
Inconsistent and Inaccurate Data Transmission
Inaccurate manual reports, like duplicate transactions, price disparities, or other purchase-related issues, account for a high proportion of EDI problems with inefficient data.
Transmission Speed
While transmission once a day is a significant development from the EDI process's traditional slow and opaque pace, it fails to add no value to the current demands of the speed of trade. The need for the hour is real-time paper distribution.
Operational Opacity
It can be a daunting task to maintain transparency and accountability at each stage of supply chain operations. In this time where companies are moving to more direct contact networks with customers and trading partners, transparency has become much more crucial. Establishing rigorous means to ensure consistency in EDI protocols between partners can be an ideal way to accomplish visibility in the supply chain.
Interoperability
Several organizations have not incorporated this technology. It can be very demanding to do business with trading partners that have not upgraded to EDI. In the course of EDI adoption, the above problems may be stumbling blocks. There are smart ways, however, to solve these problems to ensure the smooth development of EDI.
Also, Read | Streamlining Supply Chain Management with Blockchain Technology
Applying Blockchain Technology
In business-to-business (B2B) information management, blockchain technology can offer a more transparent, all-inclusive solution and can be seen as a building block for cross-organizational business networks. EDI is a structured information sharing methodology that blockchain technology can store as one or more blocks in its ledgers, manage data through smart contracts, and transfer and exchange data through its consensus processes.
Let's give you a better picture of what blockchain technology is, how it functions with EDI, and to save you some time learning, researching, and analyzing its feasibility for your operations.
Blockchain Integration with EDI
EDI management with blockchain would render the implementation more complicated when more enterprises, organizations, and policymakers utilize the technology for their supply chain management. On an optimistic note, after the dust has settled and expectations have met, it promises to shorten the complicated supply chain for all concerned. Organizations will examine their current supply chain workings and shift to a path of a more digitized and multi-enterprise version of data sharing that blockchain technology can offer.
In supply chain management, the use of blockchain technology will serve as a foundational component, removing the existing system's vulnerabilities and inefficiencies. In a blockchain, from one coherent device, all the transmission, data, and communications in a business network are extracted. Contrarily, It is in opposition to a conventional B2B / EDI strategy in which multiple frameworks handle data processing and sharing.
In several areas, from manufacturing and processing to logistics and transparency, blockchain technologies can revolutionize organizations. For transparent and permanent documents, each occurrence may get listed and verified. Consequently, blockchain can address the challenges that are so prominent in conventional management structures of supply chain networks. Also, we might explore EDI when data migration from one company to another or from an organization to a blockchain is required.
Also, Read | Making Supply Chains Smarter with Blockchain Smart Contracts
Establishing a Single Source of Truth Across Multi-Enterprise Business Network
Blockchain is also a means to prevent identity theft or manipulation. By establishing security and governance around data sharing, it can improve the flexibility of global trade activities, decrease the burden of officialdom and niceties.
Additionally, blockchain technology can guarantee traceability across the whole supply chain, with sufficient implementation. An all-embracing approach to multi-enterprise market transaction management is a trait provided by Blockchain technology. As the popularity of blockchain technologies increases, EDI will seek to provide the transmission system linking to these networks.
Also, Read | Preventing Fraud in Contracts, Supply Chains, and Identities with Blockchain
EDI Management with Blockchain Technology
The block is just as stable as the application that communicates with it in the blockchain network. Platforms for supply chain orchestration enable their customers to establish communication in two ways with partners:
a) By specific peer-to-peer communication with the preferred trading partner of a customer through their network option or direct integration.
b) By integrating multi-enterprise business networks (specialized networks). The integration, among all other parties in the network, of new trading partners with demanding collaboration capabilities, to enable smart automation and the orchestration of orders/transactions within the network and its parties' systems.
In the end-to-end supply chain, the transformation from specific partner networks (direct relationship) to multi-enterprise business networks provides key advantages. For instance, it includes collaboration with a wide variety of suppliers, technology, and data across various processes.
In these advanced supply chain systems, stakeholders may gain from pre-built linked parties, procedures, and integrations. A decentralized ledger and a single view of the truth constitute crucial aspects of multi-party blockchain networks. And, with multi-party and group data models, almost real-time data remove anomalies and synchronizes improvements. It delivers unmatched enterprise agility, performance, and protection to minimize the time for innovative solutions.
So, if a company is on a journey to embracing this, not only the implementation of the EDI infrastructure that links the multi-enterprise business network should be embraced, but also prioritized for stability, networking, and governance. As a result, it will optimize ROI and eliminate the dangers associated with the introduction of new technology.
Also, Read | Driving Supply Chain Innovation with Blockchain Solutions
Conclusion | Can EDI Management with Blockchain Technology Complement Each Other
With the EDI feeding data from siloed applications, from one entity to another, it will continue to perform its role. At the same time, EDI will also connect such segmented applications to the blockchain network. Blockchain will function as a decentralized ledger that acts as a reliable source across the network. Consequently, It will increase trust and build a single source of truth across multi-enterprises.
Indeed, we may see more companies embracing intelligent contracts in the coming days and pursuing a genuinely end-to-end strategy. Then, EDI will begin to feed siloed databases containing only minimal traceability and the blockchain system.
Mudit Kumar
28 Oct 2020
Developing a Food Delivery App like UberEats with Blockchain
Businesses across various sectors are now exploring blockchain-based solutions to enhance their operations. One notable area ripe for blockchain innovation is the food delivery industry. Imagine a blockchain-powered food delivery app akin to UberEats. It could revolutionize the sector by offering unparalleled benefits through blockchain supply chain development. Such an app would empower stakeholders with enhanced traceability, auditability, security, and efficiency, all while ensuring end-to-end transparency in processes. Blockchain's potential to optimize the food delivery supply chain underscores its transformative power and highlights its growing importance across diverse industries.
Challenges with Current Food Delivery App Models
No Means to Ensure Food Quality
Ensuring food quality remains a significant challenge when purchasing meals online. Without firsthand experience, it is nearly impossible to verify a restaurant's standards and the quality of its food. This issue extends beyond just the taste; there is a growing concern about health risks, as contaminated or poorly prepared food can lead to serious health problems. Every year, countless individuals around the world face hospitalization due to foodborne illnesses, highlighting the critical need for more reliable food quality assurance in the online dining industry.
Counterfeit and Manipulative Orders
Counterfeit orders arise when food is mistakenly or intentionally sent to an unauthorized address or person. These orders cannot be redirected to legitimate customers, resulting in wasted resources. To address this, food distribution systems have established centers to manage these fraudulent supplies. However, service providers are still obligated to compensate vendors for these undelivered meals, incurring costs for orders that were never paid for by the intended recipient.
Delivery Executive Using Fake Identification
Delivery partners do not limit their use of counterfeit identities to food delivery platforms; they frequently forge their details across various on-demand service provider networks. This means you could order food or book a taxi online, only to discover that the individual fulfilling the service is not the one assigned to the job. Such practices represent a significant breach of security and severely undermine customer trust.
Benefits of using Blockchain Technology
No to Low Commission
Existing online food ordering and distribution systems involve multiple intermediaries between suppliers and customers. As these intermediary layers increase, so does the commission rate, which data from various sources indicate can be as high as 20%-30%. Despite this, delivery teams often argue that they receive only a small fraction of the total commission.
To minimize costs, it is possible to introduce automation and implement algorithms powered by blockchain technology. This approach can be adopted by restaurants or third-party operators, streamlining operations and reducing reliance on intermediaries.
Replacing Centralized Systems Full of Trust Issues and Intermediaries
In the current scenario, app owners retain full control, leaving other concerned parties to operate without significant rights. This centralization limits transparency and restricts the flow of information.
While third-party actors are intended to support restaurant businesses, the reality is often different. Instead of aiding the food industry, they frequently hinder operations and adversely impact consumer acquisition strategies. Blockchain technology offers a solution by decentralizing control, enabling transparent data flow among all parties involved, and fostering a more collaborative environment.
Enhanced Security and Strengthened Growth
Without blockchain technology powering a food delivery app, managing the recruitment process for delivery team members becomes a significant and potentially dangerous challenge. The current database and procurement processes are often less rigorous, allowing individuals with criminal backgrounds or poor traffic law compliance to join the team easily. This oversight can lead to chaos and jeopardize the venture.
Blockchain technology offers a solution by enabling the use of a distributed ledger to upgrade and verify all relevant details, including records of violence, driving misbehavior, and previous job performance. This system can also be extended to align with government screening criteria, thereby strengthening the recruitment and vetting process.
Also, Read | Blockchain for Restaurant Owners is a Must-Explore Technology
Developing a Blockchain-Powered Food Ordering App
Our blockchain development experts suggest that we can build an effective system using Hyperledger projects.
Information Management Powered by Transparency that Preserves Privacy
By promoting a sustainable level of transparency while preserving the anonymity of the businesses and individuals concerned, Hyperledger Blockchain platforms offer to incorporate the best of all worlds.
KYC verification on Blockchain
Businesses
Before working on a decentralized blockchain-based food delivery app, all restaurants and delivery partners must submit their KYC (Know Your Customer) information. However, ensuring food consistency requires more than just basic identification; it demands specific and detailed documentation. Restaurants need to update the status of the food during the cooking process and provide timely reports on raw material sourcing. When a customer places an order, they receive detailed information, including the procurement times of raw materials. All this data is recorded on a blockchain solution powered by Hyperledger, ensuring transparency and reliability.
Delivery Providers
Blockchain technology addresses the issue of counterfeit identities through a blockchain-powered KYC authentication system for delivery partners. However, merely validating a distribution partner's identity is not sufficient. To ensure ongoing security and reliability, delivery partners must conduct timely KYC checks and verification while on the job. A private Hyperledger blockchain solution stores their KYC information, including biometric data, enhancing the overall trustworthiness of the delivery process.
Also, Read | Solving the Issues of the Current Centralized System of KYC with Blockchain
Smart Contracts
A smart contract is a self-executing agreement on a blockchain solution, defined by parameters predefined in the code. Smart contracts automate various processes such as discounts, commissions, wage payments, and returns, thereby adding an extra layer of confidence among all parties involved.
Developers must program smart contracts with utmost care and consistency. Once these contracts go online, they cannot be altered without consensus, as they run on the immutable blockchain network. This ensures that no entity can modify the terms unilaterally.
Such smart contract solutions prevent system manipulation while ensuring that all parties receive what they are owed. In the event of a conflict, all relevant evidence is stored on Hyperledger blockchain's immutable database, making it accessible for future reference and resolution.
Application Development
The blockchain-powered food delivery application can be accessed via mobile platforms (iOS or Android) or through a web-based interface, ensuring seamless accessibility for users across devices. Emphasizing cutting-edge front-end techniques, the architecture of this application can be designed to deliver an unparalleled user experience.
Integrating essential features such as order placement, preference customization, and advanced filtering options, the application can offer simplicity alongside sophistication. Furthermore, it can incorporate live monitoring and voting functionalities, empowering users to engage dynamically with the platform for various purposes.
By merging intuitive functionality with innovative features, the development of such an application promises to elevate user experience to new heights.
API and Wallet Development
At the heart of the application's architecture lies the API (Application Programming Interface), meticulously crafted for both scalability and simplicity. Seamlessly connecting the application with the blockchain, this API effortlessly manages a myriad of objects and functions, ensuring smooth operation at every level.
In parallel, the wallet component stands as a beacon of flexibility, offering users a diverse range of payment options. From cryptocurrencies to traditional credit/debit cards and other digital wallets, the wallet accommodates various preferences while prioritizing security. Rigorously fortified against potential threats, it navigates through security checkpoints with unwavering precision.
The integration of this robust wallet into the system fortifies operations, enhancing efficiency and reliability. However, even in its absence, the execution of the entire process remains streamlined and effective.
Conclusion
Businesses are advised to engage blockchain developers of a reliable blockchain development company such as Oodles for the development of a sophisticated blockchain-based food delivery application. Before finalization, a comprehensive consultation process ensures a balanced approach to development.
The production team, comprising seasoned experts, should demonstrate mastery over a diverse range of stacks and possess unparalleled expertise in the product development lifecycle.
By partnering with proficient professionals like Oodles, businesses can ensure the seamless execution of their vision, backed by industry-leading insights and technical prowess.
Mudit Kumar
23 Oct 2020
Developing a Decentralized E-Voting System with Blockchain
In this blog, we will examine how a blockchain and smart contract-powered decentralized e-voting framework, in comparison to the current voting system, provides efficient service to voters by offering transparency and versatility. Also, we will explore how owing to problems such as vote tampering, vote phishing, and the infiltration of polling stations, existing voting mechanisms prove faulty.
Blockchain proponents, however, suggest the use of emerging technology with smart contract solutions to strengthen authentication in the voting process using biometrics and enable dynamic polling loading and audibility after casting a vote. Blockchain, as the underlying mechanism of powering voting systems, not only for governments but businesses as well, can solve various constraints of current e-voting systems used across demographics.
Moving beyond its use for facilitating the creation of cryptocurrencies, blockchain technology is now proving the modern era's development that can ensure the overall flexibility of e-voting. Let's theoretically understand how a blockchain-based voting system transforms the established political process mechanism into an automated security model with improved security.
Blockchain Technology
Basically, blockchain technology-based systems are capable of accomplishing resilient authentication strategies with solid cryptographic frameworks. Indeed, blockchain is a distributed ledger technology (database) that holds a complete set of continuously growing data records. With its features like immutability, cryptographic mechanism, and consensus method, it protects those records from subsequent illegal alteration, modification, and update.
Users can access the network, start sending transactions, validate transactions, and build new blocks with Blockchain.
Also, Read | The Rise of Blockchain in Voting: Thailand Held the First E-Voting
Decentralized E-Voting System Developed with Blockchain
We discuss a theoretical decentralized e-voting model built with blockchain technology to administer the election. In this section, we back a proposal to incorporate blockchain technology with state-of-the-art e-balloting technology. The following are the modules that may get involved in the system's infrastructure design.
Validation of stakeholders through Biometric
In this module, at the Voter Registration stage of the election process, voter information such as name, gender, address, and biometrics is obtained, using which voters get validated before voting.
Ballot Configuration Dynamically
This module, based on the location of residence, loads voters and participants onto the ballot. Further, an elector has to pick his or her preferred participant. Thus, the elector does not need to drive to their home to exercise their right to vote in a polling booth nearby. To achieve ballot secrecy, no outside investigator can decide which elector voted.
Vote Validation after Voting
After making a transaction, a transaction ID gets created on the blockchain network. A transaction ID is created for each transaction when voters cast their votes on the blockchain network. Further, it is provided to the user as an identification using which electors can validate their vote.
Also, Read | Voting: One Place Where Blockchain Can Really Show Its Potential
A Hypothetical Architecture of the System
The electoral body, the registry body, electors, and candidates are the players in this system.
(EA) Election Administrators
The authority's responsibility is the formation of a ballot, the issuance of voting numbers, the payment of vote casting fees to the mechanically created blockchain address inside the backend. The EA has a blockchain wallet address. It generates the count of votes and broadcasts the results.
(RA) Registration Authority
To get ready to vote, electors can register with the RA. Candidates need to share their information and register themselves with the RA. Subsequently, the RA will give him a candidate ID.
(V) Voters
A series of lists should be for voters. Voters must pass their public key (PKI) to an election administrator. By using Biometric, authorities validate the credentials of electors before polling, and hence the method guarantees individual verifiability. During the referendum, an elector should not engage with a coercer to show if he or she is voting.
(C) Candidate
A set of lists should be of the candidates. There will be candidate registration for each candidate for vote counting.
Components of the System
The framework comprises the Apache Server, MySQL registry, PHP, Solidity programming language, Ganache, and MD5 hashing algorithm.
Apache Web Server
It is software for the development, implementation, and maintenance of an open-source web server. It can host this decentralized web app for e-voting on the HTTP server.
MySQL Database
It is a Relational Database Management System (RDBMS). It can store all election data, such as candidate and voter records.
PHP
It is a free supply purpose-specific scripting language. It is primarily suitable for net improvement and can integrate with HTML.
Smart Contract
A smart contract is a delicate code that enables the creation of election rules into lines of code.
Solidity
Solidity is for the drafting of smart contracts. It is an object-oriented programming language used on blockchain networks for executing smart contracts. The election rules are executable in the network with smart contracts using solidity.
MD5
The message-digest version 5 algorithm is a function that produces a hash value of 128 bits. It is a one-way function of the hash for providing authentication.
Public key Encryption
Public key encryption is a type of encryption that enables ciphertexts to work, producing an encrypted version that matches the outcome of the operations upon decryption, similar to the execution as the plaintext.
Quorum Blockchain
Quorum is a distributed ledger protocol, powered by Ethereum. Especially, it facilitates transaction and privacy settlement. Transaction and resolution privacy, consensus process based on voting, network and peer permission control, and higher overall efficiency, are a few features of Quorum.
MetaMask
To improve the user usability of the Ethereum blockchain, MetaMask came into existence. Basically, as a module for Chrome, it serves as an Ethereum browser. It enables users to maintain their Ethereum wallets and engage with decentralized apps and smart contracts in the network without requiring to operate a full node.
Also, Read | Developing a Decentralized E-Voting System with Blockchain
Role of Stakeholders
Voters
At the time of polling, the MD5 algorithm processes and further hashes the biometric information for verification using the election database. Subsequently, the system routes a user to the corresponding voting page if the hash fits, and the candidates are visible on the web page. Then, voters pick their preferred nominee, and the candidate's blockchain address keeps the count of votes. Eventually, When electors cast their ballot, at their blockchain address, the voting fee becomes zero. Also, the repetition of voting is also not practical.
Registry Authority
The RA is responsible for the admission of candidates and electors to the ballot.
Election Authority
It is the responsibility of the Election Authority to deploy the initial register and build smart contracts. Also, the Election Authority does have the power to issue or re-vote consent for registered voters/creators to produce ballots.
We can also develop a blockchain-powered voting system for enterprise-level requirements as well. Connect with our blockchain experts for information.
Mudit Kumar
21 Oct 2020
Distributed Ledger Technology (DLT) for Business Solutions
You may link distributed ledger technology like blockchain with the notorious Bitcoin and cryptocurrencies. Yet there is more than that about it. Particularly when it comes to making business use of it.
But how does it function? And more importantly, how do blockchain solutions help your business thrive in the digital transformation age?
Distributed Ledger Technology
Distributed ledger (DLT) technology is an overarching terminology used to explain systems that digitally store data transactions among multiple participants.
They are decentralized databases that are trusted and can not be tampered with. They're practically hack-proof ledgers.
Blockchain grew to prominence as the first full-fledged DLT due to its usage as the underlying technology for the cryptocurrency ecosystem.
However, the advantages of implementing blockchain enterprise solutions in the last decade, including handling data and business operations more accurately and conveniently, are reaching the main stage.
But, first, let's discuss two types of blockchains: public and private.
Public and Private Distributed Ledger Technology (Blockchain)
Anyone can access the network in a public system; they can also read and write transactions. Such systems are autonomous, which means that there is no individual with complete authority. Once the system's data gets checked, no entity can modify it. For cryptocurrencies, public blockchains are popular.
Contrarily, private networks impose limits on who's eligible to join, unlike public blockchains. Users with certificates issued by a certification authority are approved. Different rights are then allowed to users, whether it is read-only or whether they can input transactions on the data chain.
Also, Check | A Comprehensive Guide To DLTs and Types of Blockchains
What's Better for Your Business
Private blockchain networks have immense advantages for companies, whether it is speeding bookkeeping or accounting, reducing indirect costs of production processes and large-scale software, or maintaining authentic transfers of data.
Total investment in blockchains will hit $US 12.4b by 2022, according to the IDC Worldwide Blockchain 2018-22 prediction.
Also, Visit | Public and Private Blockchain | An Analogy to Help You Choose the Best
Advantages of Distributed Ledger Technology like Blockchain
Immutable Infrastructure
When entries get submitted to the distributed ledger and become evidence of a permanent archive, any effort to alter the information gets prevented.
It is because the alteration can get revealed by the series of cryptographic signatures. It provides a strong defense against mistakes or theft, or systemic attacks against information.
Transparent Ecosystem
The right to audit the data stored on the blockchain (as well as verify the digital signatures) is open to any entity or device that can access its distributed ledger.
On the distributed ledger, all participants have access to the same information.
Notice that this does not imply that all data must be public or accessible to each user by default. In this case, permissioned distributed ledgers come into use to manage permissioned access to storage data.
Also, Explore | Driving Efficiency, Security, and Transparency in Logistics with Blockchain
No Intermediaries
The function of the distributed ledger does not rely on anyone's organization's systems, ownership, or market continuity.
It suggests that such an entity cannot have a detrimental effect on the functioning of the distributed ledger.
Scalability
The distributed ledger possesses the capability to 'horizontally scale' to satisfy demand growth across applications and encourage greater resilience.
Security
For stored data protection, distributed ledgers profit from powerful cryptographic techniques.
Shared and distributed information available across the system gives increased protection against point threats, including denial of service or efforts to change the ledger's content.
You may also like to read | Best 3 Enterprise Blockchain Platforms For Rapid Prototyping
Platforms for Distributed Ledger Technology-Based Solutions
Hyperledger Fabric
Using the Hyperledger Fabric project sponsored by the Linux Foundation, businesses can build proofs of concepts for use cases such as document processing, verification, KYC (Know Your Customer), reliability of the supply chain, and banking/finance.
Fabric can also support smart contracts and approved distributed ledgers.
Ethereum
Ethereum is the second best-known and most valuable cryptocurrency. It offers a framework for decentralized application implementation as well as a way of exchanging value as cryptocurrency.
Smart contracts are supportable by Ethereum and are comparatively small code functions explicitly performed by the nodes supporting the Ethereum network.
For example, smart contracts may come into use to activate payments for goods that are subject to external requirements.
Furthermore, other tokens are developable on the foundation of Ethereum technology.
Ripple
Ripple describes itself as the fintech industry's blockchain designed to overcome the challenges that delay involved in cross-border payments and settlements.
It, like Ethereum, has two facets, one as a blockchain of its right that helps users to pass funds (fiat and crypto) directly to other users worldwide.
The second element is RippleNet, which banks, exchanges, and corporates use for the business transition to business funds.
Ripple has configurations that can accommodate considerably higher transactions per second, faster transaction processing times, and much lower fees than Bitcoin and other cryptos.
It is theoretically also beneficial for IoT transactions with smaller value and microtransactions, including data billing.
IOTA
IOTA defines itself as a next-generation blockchain based on its utilization of the IoT (Internet of Things) as a ledger of things.
It utilizes a revamped distributed ledger architecture recognized as Tangle 32.
It is massively scalable, as well as capable of preventing the expense of replicating all data to all nodes.
The IOTA Foundation has partnered with organizations like Orange, DT, Volkswagen, Fujitsu, Microsoft, and Bosch.
IOTA solutions can power micro-transfers, data transfer, polling, and transmitted messaging.
For IOTA tokens, no mining is necessary, and there is no charge for entry to the IOTA DLT.
Conclusion
If you can justify using a DLT for your business, and the use case is right for it, then it is wise to proceed ahead. You will be able to securely store business transfers, conceal them from unauthorized users, and use cryptography to make them hacker-proof.
At Oodles, we have experiential knowledge and experience in working across several blockchain technologies and delivering projects that directly or indirectly impact the bottom line of a business.
Mudit Kumar
19 Oct 2020
Decentralized Crypto Exchange Platform Development
Decentralized assets (cryptocurrencies) have a major chunk of transactions being traded on centralized exchange platforms. The cryptocurrency was created for financial disruption: the elimination of all intermediaries and mediators. The premise of cryptocurrency exchange development is also that there is no need to place one's confidence in centralized authority. Then why are all the most common cryptocurrency exchanges centralized?
Centralized Crypto Exchange Platforms
In certain aspects, a centralized exchange platform constitutes a move backward in terms of serving the aim of several cryptocurrencies, which is decentralization. The future of DeFi with regards to cryptographic assets appears firmly targeted at completing peer-to-peer transfers. It is similar to how DeFi considers its future of traditional finance without financial institutions as stewards of financial instruments.
However, consumers see their money in the hands of private individuals. They are in direct charge of the accounts in which the money of a customer is stored. As a result, consumer advantages (depending on exchange platforms) involve better trading & transaction user interfaces, liquidity systems to guarantee trading opportunities, fiat-to-crypto (and vice versa) transfer capabilities, and insurance in the event of fund loss due to hacking.
Also, Read | Crypto Exchange Software Development | A Complete Step-by-Step Guide
Challenges with Centralized Crypto Exchanges
Operating on a centralized exchange implies paying the expense of accessibility. Centralized exchanges can keep the liquidity flowing using fees (transfer percentages & flat prices). Those new to cryptocurrencies, and even most cryptocurrency enthusiasts, tend to be drawn to the usability of regulated exchanges. Yet these exchanges do have challenges and vulnerabilities of their own.
For example, a level of trust in the central authority is necessary for utility. The private keys to the accounts where the savings are kept are not owned by you in a centralized exchange. There is a plethora of sensitive knowledge you have to submit. All funds are owned by a single party. It makes them vulnerable, due to a single point of weakness, in the case of hacks. Financial regulations over an exchange platform can lead to complete prohibitions on government interventions. Also, there will be a need to deal with no accountability in the organizational workings of the central authority.
Also, Read | An Investor's Guide to Cryptocurrency Exchange Platform Development in 2020
Decentralized Crypto Exchange Platform
In traditional finance, the typical DeFi cases include the existing financial sector. We are thoroughly informed about its applications and pressure points, after all. DeFi proposes the involvement of no intermediaries, fewer charges, and fewer unreasonable rule-based exemptions. We can describe the variations between centralized exchanges and decentralized exchanges (or DEXes) in a similar manner.
An Efficient Alternative
A DEX offers transaction facilitation essentially by automating trading processes, not interference. Using a DEX, apart from a password, does not require any central authority to take care of your funds, as well as no personal information. Core principles of most DEXes involve pseudonymity and user protection, and no central body entrusting users' personal information. A decentralized exchange establishes a trustless network that enables users to only associate with one party. It can be the contract you trade with or the person you trade with.
Smart contracts facilitate transactions with atomic swaps. It means that no deposits or withdrawals executed. For certain coins, there is no omission. It expands the range of trading opportunities. Nodes remain distributed around the world to monitor the protocol. It decreases the likelihood of a hack and eliminates single-point government oversight. The absence of intermediaries means the individual maintains control of the properties (and the obligations that come with them).
Also, Read | Analyzing the Essentials of Decentralized Crypto Exchange Platform Development
Challenges with Decentralized Crypto Exchange Platform
Then, why does the exchange of transactions on decentralized platforms account for only 1 percent of all cryptocurrency exchanges, given some exponential growth in DEX usage recently?
The explanation for this can be an inefficient user interface. It results in a lack of acceptance as well as a lack of assets for enhancement and liquidity assets. Ultimately, it hinders scalability and highlights the technological shortcomings of DEXes. Account termination is irreversible and solely a user's fault. There are fewer resources available to address this challenge. Also, poor liquidity is another concern. As more users trade with the DEX than expected, the scalability challenges increase. It leads to clogging the network and transaction times with increased fees (if there are any) and other alarming side effects.
We must first maintain the strengths of basics for DEXes to solve their scalability issues and prosper. It requires selecting the correct blockchain platform on which the DEX runs.
Developing a Decentralized Crypto Exchange
Each blockchain comes with its advantages and limitations. Any exchange must select carefully upon which framework for the project development. For example, stakeholders must consider the technical requirements of a DEX design from the beginning as a framework for decentralization. It must have frameworks that not only minimize the scalability burden but also match up to stringent security requirements.
Privacy-preserving technology may be the most distinctive feature. It helps developers, while still being useful for end-users, to enable the execution of transactions that respect privacy principles. It also makes it easier to adhere to securities laws with the underlying trustless protocol powered by blockchain.
Ensuring Privacy, Security, and Scalability
With the use of cryptographic primitives such as zero-knowledge proofs * and promises, blockchain will include a protocol that retains consumer confidentiality. The above-mentioned protocol function helps users to finalize trades without exposing their identity or sharing numbers. User protection is not only important from the viewpoint of an individual trader but also a prerequisite for stock trading exchanges.
The blockchain protocol, in addition to preserving the identity of individual traders, provides another significant advantage to trading on the market. When a user loses their private key and/or login credentials, present-day DEXes have no means of recovery. It is a problem that seriously hampers widespread acceptance. However, those means are given by a blockchain solution, since this is yet another prerequisite for stock trading.
The increasing size of the market for DEXes demonstrates that, as compared to a central system, there is and would be, a huge benefit put into using a trustless protocol. Not only this will increase the need for a trustless environment provided by Decentralized Cryptocurrency Exchanges, but also increase the importance of Security Token exchanges.
Also, Read | Advancing into the Crypto World with Decentralized P2P Crypto Exchange Development
Conclusion
Only one percent of all cryptocurrency transactions account for decentralized crypto exchange platforms. Thus, the overall market size of the cryptocurrency market dwindles compared to the current financial market. It has a cumulative market capitalization of listed firms that is twenty times greater than the entire cryptocurrency market when we look at Euronext for comparison. It shows that the best-decentralized finance and exchange is yet to come.
At Oodles, our DeFi development experts expect to see the emergence of replacements that fit with the initial cryptocurrency narrative; alternatives that think decentralized resources warrant decentralized markets.
Mudit Kumar
14 Oct 2020
Blockchain Smart Contracts Development in Your Business
Enterprises, independent of scale or sector, are supported by traditional written contracts. Unfortunately, they are often inefficient and a source of company and legal disputes. Companies can substitute traditional contracts with smart contract solutions powered by blockchain technology. In the context of a software application, a smart contract is a coded arrangement of predefined business terms, executed automatically after their fulfillment by involved participants.
A blockchain smart contract solutions development can simplify commerce and trade, without requiring an intermediary, for both unknown and known participating people. Without compromising on credibility and authenticity, a smart contract eliminates the formality and costs associated with traditional methods.
Blockchain-based Smart Contracts
We can say that smart contracts are poised to initiate a revolution in the blockchain development space. They serve as a secure, fast, and efficient protocol for exchanging financial information as well as act as an all-purpose utility technology for business solutions.
Essentially, from a legal perspective, they are software solutions. With blockchain-powered features, smart contracts increase the potential of applications of blockchains. From simplifying the maintenance of a record of financial transaction entries to automated enforcement of terms of multi-party agreements, they prove invaluable in accelerating business efficiency.
A data network that utilizes consensus mechanisms to negotiate on the series of activities resulting from the specification of the contract incorporates smart contracts. The effect is a process by which the parties may compromise to conditions and presume that they are automatically applied, with a decreased risk of error or coercion.
Blockchain enthusiasts suggest a few solutions for building with blockchain-based smart contracts development. These include verifying the eligibility of a loan and carrying out transaction pricing contracts across subsidiaries. With a shared, distributed ledger deployed on a blockchain, smart contracts get the capability for automatedly executing almost everything. The outcome is verifiable immediately and without the need for a third-party broker by the parties.
Also, Read | Exploring Applications of Smart Contracts in Businesses
Why do your company require blockchain-enabled smart contracts development
Businesses involving the occurrence of a huge chunk of daily transactions can opt for available significant alternatives. Currently, parties involved in a contract manually repetitive tasks for transactions.
As a public ledger, blockchain technology assists in establishing a stable, single repository of fact, and smart contracts automate approvals, calculations, and other transaction operations that are susceptible to lag and error.
Advantages of Blockchain Smart Contracts Development for Business
Security
Blockchain's distributed ledger is invulnerable and resilient to modifications.
Real-time Implementation
It takes place almost simultaneously through all participants, by participating nodes before the fulfillment of requirements.
Transparent Network
Establish trust when the reasoning and evidence in the contract are visible across all parties in the blockchain network.
Operational Accuracy
Not only are automatic transactions faster, but also less vulnerable to human error.
Higher Execution Probability
The decentralized execution process essentially removes the likelihood of manipulation, non-performance, or failure, since execution is automatically handled by the network rather than by an individual human.
Fewer aggregators
Smart contracts substitute reliance on third parties to provide "trust" services for contract execution, such as a counterparty escrow.
Relatively low costs
New processes facilitated by intelligent contracts need less human interaction and fewer intermediaries, thereby lowering costs.
New businesses or procedures
Because smart contracts have a low-cost means of ensuring that deals carry out successfully as agreed, they facilitate new ways of business, from peer-to-peer solar energy sharing to automated access to vehicles and storage units.
Also, Read | Smart Contracts Development for Business | Advantages and Use Cases
Smart contract Use Cases
Simplifying Trade Clearing and Settlement Processes
Blockchains provide a single ledger as the foundation of evidence, and smart contracts have the potential to automate approval workflows and fundamental calculations prone to latency and error, thus minimizing bugs, costs, and time to settle.
Trade clearing and settlement operations often include labor-intensive activities, involving multiple licenses and complex internal and external reconciliation.
Banks retain critical IT networks, but the individual processing of each counterparty creates inconsistencies that contribute to costly resolution and settlement delays. However, with blockchain-powered smart contracts, they can significantly and efficiently streamline clearance and settlement processes.
Also, Read | Evaluating Blockchain Smart Contract Applications in Fintech
Strengthened Supply Chain and Trade Finance
Through streamlining processes traditionally spread on a centralized public ledger across multiple parties and databases, blockchains enable more efficient reporting of the supply chain and trade finance. Supply chains are also too deeply troubled by paper-based networks dependent on trading partners and banks across the world to supply documents, a method that can take weeks for a single purchase.
A plethora of parties must sign letters of credit and lading bills and reference them, raising their susceptibility to loss and fraud. As digital records are easy to forge, this problem is not solvable by current innovations; even existing IT structures in banks merely monitor the logistics of physical documents for trade finance.
A blockchain can offer secure, accessible digital copies to all parties of a transaction while smart contracts manage the approval process and automatically submit payment upon receipt of all signatures. There is an attractive opportunity to cut costs and improve supply chain and trade finance reliability, with $18 trillion in transactions per year fuelled by current paper schemes.
Also, Read | Making Supply Chains Smarter with Blockchain Smart Contracts
Challenges in Adoption
Network Privacy
While businesses seek to improve transparency across the network, they are reluctant to provide their contractual data, including competitive activities, on the blockchain. There is no choice for closed smart contracts for Ethereum, a blockchain network such as Hyperledger is permission-driven and allows users to engage in a closed ecosystem of smart contracts (visible only to individuals who are party to the contract). Therefore, depending on necessity, organizations will have to select their blockchain platform.
Also, Read | Hyperledger or Ethereum Smart Contracts| Which is Better for Business Solutions
Coding Accuracy
Since a smart contract is a program for a device. The coding of each term and condition of the contract is critical. A coder may misinterpret the coding, which may lead to contract execution and fulfillment issues. However, if businesses start increasing the use of smart contracts, we might be able to discover more vulnerabilities and code keeping them in mind.
Unreliable Contract Inputs
It may lead to fraudulent contracts or the non-enforcement of contracts. Inc case of a traditional deal dispute, participants may want to take the matter before the judiciary court for redressal. Unfortunately, this is not an option for smart contracts where legal legitimacy is involved.
Coding Bugs and Errors
It can lead to disputes and legal concerns related to errors and the parties responsible for such errors.
Contracts from Fugitives
With automation and security enabled by smart contracts, traffickers, insurgents, hackers, and others can carry out illegal activities.
Also, Read | Blockchain Smart Contracts Development for Efficient Business Contract Management
Conclusion
Market managers who may not be actively tracking blockchain advancements should consider exploring the technology and evaluating how they can drive efficiencies or emerging business capabilities with the assistance of a blockchain smart contracts development company. Operations executives should look at their processes to determine where smart contracts may be relevant. A few reasons include complex and manual workflows, disparate multi-party agreements, distrust between individuals, and interdependent transactions.
Mudit Kumar
13 Oct 2020
Advancing Loyalty Programs with Hyperledger Blockchain
While some businesses are still assessing the impact of blockchain technology, it is increasingly evolving as a transformative force across various industries. Particularly for loyalty programs and rewards systems management, businesses are building blockchain-powered networks to transform conventional means. Blockchain removes operational barriers and shortfalls while growing consumer service with safe, instant, and inventive loyalty reward choices.
In this article, we highlight the challenges involved with the management of today's loyalty programs and the solutions that blockchain and Hyperledger application development provide to overcome them.
Challenges Hindering the Potential of Loyalty Programs
Consumers prefer accumulating redeemable loyalty points because they are of significant value to them. On the other hand, to better grasp customer actions and keep them on track, businesses employ loyalty programs and send out incentive points.
Loyalty programs are available across various industries, including retail, insurance, consumer products, transport, hospitality, telecommunications, airlines, and e-commerce.
Loyalty programs entice consumers and get more business out of them.
It is, however, pricey and not easy to develop a reward program.
Inappropriately designed loyalty program management can lead users to disappointment. Inadequate coordination of incentive systems, inflexible reward structures, and lack of exposure are only a few reasons for this ineffectiveness.
Indeed, thirty-eight percent of brands globally are unable to calculate the effectiveness of their loyalty management efforts, according to a CrowdTwist survey.
The predominant shortcoming of modern reward programs is that they are a closed system.
It means users can redeem value only within one system's vendor network or restricted products available.
Consider an open marketplace of multiple providers where bonus rewards are tradeable across businesses. Any new merchant/supplier would be easy to accommodate into the scheme. That's what blockchain-based loyalty program management can offer in addition to multiple other advantages.
Reprogramming Customer Loyalty Programs with Blockchain Solutions
Blockchain can help brands develop a solution that facilitates an automated and transparent method of control of loyalty points.
A convenient way to think of this is, the operating system will be powered by blockchain technology, and reward point processing will be an application that runs on that operating system.
In three aspects: points reserve, redemption process, and rule-based smart contracts, blockchain technology adds value.
Also, Read | Reviving the Potential of Loyalty Programs Management with Blockchain
Use Case | A Blockchain-Powered Loyalty Program
High-tech businesses can benefit from integrating blockchain technology into their reward schemes. Imagine a consortium or private network of loyalties comprising:
Business A: A manufacturer of photographic and printing goods
Business B: A brand for electronic products
Company C: A retailer of online electronic accessories
Bob, a registered loyalty program user of Company A, purchases a computer within the blockchain-powered network. On purchase, he gains a few reward points.
Then, he orders a game console from Company B and uses his current wallet points for a discount. Not only does he gain bonus points here, but he also receives an online coupon for purchasing gaming accessories.
He utilizes this coupon to update his game console from the e-commerce platform of Company C and receives immediate rewards. He then moves on to put an order for a speaker with Bluetooth.
This entire loop shows how Bob can use his loyalty points when engaging with multiple merchants interchangeably in real time.
You May Also Want to Read | Exploring Blockchain Technology to Enhance Loyalty Programs
Enhanced Customer Experience, Reduced Expense, and Maxmized Outreach
Such a cross-platform network, through simple redemption programs and a better loyalty experience, would increase levels of customer experience significantly.
Accordingly, these businesses can collect and interpret consumer data for segmentation and profiling to provide consumers with customized deals.
Companies can introduce packaged deals as well as initiate cooperative promotions focused on the defined segments in the longer run.
It not only expands the scope of a broader consumer base, but also helps minimize advertisement and promotional costs, fuel sales, and maximize brand awareness and consumer residue.
Source: www.tcs.com
No doubt, why Hitachi is now pursuing blockchain technology for its loyalty schemes across 150 million participants?
The brand is keen to determine whether it can fulfill large-volume transaction system specifications and be used as an efficient delivery method for incentives.
With features like smart contract solutions, an appropriate blockchain platform can automate the execution of the terms and conditions of engagement between parties efficiently.
For customers, for all their loyalty scheme requirements, this is a one-stop store.
Also, such a network creates endless possibilities for retailers and vendors through mutual customer info, co-sponsorship, and collaborative marketing strategies.
Case Study | $wap, a Loyalty Program Management Platform Developed with Hyperledger by Mindtree
Recently, Mindtree, the data consultancy and services agency, used its digital experience to address institutional pressure points related to the falling rate of redemption of supermarket loyalty programs.
In the grocery, hospitality, and airline markets, loyalty schemes are increasing due to a good reason: customers who join a rewards scheme (and send it a positive review) are nearly 80 % more likely to continue spending money on the brand.
However, the impact on the bottom line of a brand is immense when customers stop engaging for incentives.
Mindtree created $wap, a Hyperledger blockchain-based loyalty exchange network through which customers can trade reward points across participant retailers for goods and services.
It helps consumers simplify their rewards schemes, and marketers attract back customers.
Source: hyperledger.org
Development with Hyperledger Fabric
To develop a hybrid mobile platform, Mindtree selected the Ionic platform.
It also integrated Hyperledger Fabric technology to provide enterprises with insightful, contract-driven exchange points, a simple onboarding phase into the network, as well as a view of win and burn of loyalty points in real-time.
Mindtree uses Hyperledger Fabric to put together all parties on a unified network to speed up the process for financial institutions.
It enables acquirer banks, checking authorities, and prospective merchants to exchange documents and data in a secure, private environment.
All the stakeholders who are aboard can conveniently reconcile the dollar equivalent of their point structures with such a system.
System administrators can dynamically embed partners in any industry, such as restaurants, supermarket brands, and bookstores.
The platform then requires vendors to negotiate exchange rates for points deposited on the ledger, but only participants who have engaged in the arrangement remain open regarding these rates.
Source: hyperledger.org
The system gives its customers the ultimate versatility as well as luxury functionality.
With the option to break up expenses utilizing points accrued over several loyalty cards, clients can pay for products and services at each of the system's suppliers.
The solution also uses a geolocation search to find local suppliers that accept reward points and provide smart tips for redeeming loyalty cards at member brands.
The app also helps users, all from one GUI, to monitor their multiple accounts and purchases as well as pass points to friends or family members.
Also, Read | Maximizing the Efficiency of Loyalty Rewards Program Management with Blockchain
The Future Ahead
Building such an inventive network can cause market disruption.
Wipro has already piloted the PoC (Proof-of-Concept) built with Hyperledger blockchain frameworks.
Indeed, the road to the adoption of blockchain in loyalty program management will depend on these projects.
However, considering the possibilities it offers, developing a loyalty program on blockchain seems a feasible business decision. If you have a similar project in mind or want to know how to get started, consult with our blockchain development experts for more information.
Mudit Kumar
09 Oct 2020
Are Blockchain Solutions Really Capable of Evolving Ecommerce
At Oodles, our technology experts believe that blockchain solutions development can revolutionize the ecommerce industry by decentralizing operations and replacing intermediaries. Fortunately, this drastic shift in ecommerce will also create tremendous possibilities, thus, making it both crucial and thrilling to pursue blockchain technology.
What's blockchain technology
A blockchain is a network in which chunks of data are joined together. Because more than one party shares and maintains the database, anomalies are quickly noticed and make it an incredibly trustworthy device. While blockchain technology has long been synonymous mainly with Cryptocurrency purchases, ecommerce and other businesses are now seeing its value.
Blockchain's Advantages
Without the need for a central authority, blockchain technology decentralizes power and establishes consensus-based confidence.
On a fundamental scale, technology enables transparency.
It helps buyers to engage with firms or other clients directly by eliminating intermediaries from processes.
These networks of peer-to-peer nodes provide users the control back. Imagine an internet shopper, for instance, who does not want to pay until he gets his package in the mail. The money is paid to the seller only after he acknowledges the receipt. All of this will be dynamic, replacing the intermediaries, minimizing costs while increasing transparency and trustworthiness with coded orders (smart contracts). We assume that blockchain technology, along with artificial intelligence, can have a significant effect on how businesses collaborate with their clients.
Also, Read | Creating a Nexus of Blockchain, AI, and IoT for Business Solutions
Blockchain's Potential in the Ecommerce Industry
We can hardly imagine the extent of disruption that blockchain can generate in ecommerce and retail.
Their user service would need to be strengthened due to blockchain technologies and the resulting empowerment of customers, suppliers, and vendors. It needs improved insight from consumers. A better way to do that is by joining together on a blockchain-based network for customers and other merchants.
Second, any organization that works as an agent is at risk of being rendered redundant by blockchain technology. It is particularly true for firms who do not explain how their service adds value. And this is not all about mysterious groups, either. For instance, if Facebook users retained the data they contributed to the site themselves, they might opt to take their contacts, click stream information, and personal details to another network, absolving Facebook of its all-important ad revenue.
Businesses that offer intermediary services would need to determine their degree of added value to the experiences of their clients in a blockchain environment.
Also, Read | Accelerating Business Efficiency with Blockchain Smart Contracts
Blockchain Applications in the Ecommerce Industry
Meanwhile, as seen below, blockchain technologies deliver a whole new array of enticing market prospects for ecommerce stakeholders. We recommend you to look into this, not only to explore if these particular technologies can be implemented but also to find motivation for brand new company concepts based on blockchain technology.
Transactions without Intermediaries
It takes us to the potential that blockchain technology has to provide for payment. These days, conventional currencies that are immediately available, such as bank checking accounts, paper, and coins, stack around $9,000 billion. While cryptocurrencies today compensate just 6%, their adoption is increasing exponentially.
Earlier in this post, we discussed the reimbursement-upon-delivery method. By encouraging users to make purchases directly to computers, another incentive method can emerge. Imagine a vehicle that carries a crypto wallet that pays itself without a human being's intervention. With no intermediary payments or waiting lists would end, you wouldn't have to pay in advance.
Also, Read | Making Secure Online Payments with Blockchain-Based Crypto Wallets
Proof of Ownership and Warranties
Another feature of blockchain technology is the storage of product warranties. Many of us have encountered the annoyance of missing paper receipts and being unable to show coverage of a warranty. Blockchain can address this issue by securely storing all transaction details on its immutable, distributed database. Makers, distributors, and consumers will all be able to view the records, enabling documentation of ownership to be easily checked.
Customer Loyalty Program Management
First of all, wouldn't it be awesome if you could share your shopping experience with different retail brands as a consumer and take advantage of the customized deals they make? And what about retailer-wide loyalty schemes that encourage you to select when to redeem rewards?
Ecommerce stakeholders can realize both examples with blockchain technology solutions, in which all the purchase history and points are securely collected on the distributed database, owned, and transmitted to the companies of the preference.
Also, Read | Reviving the Potential of Loyalty Programs Management with Blockchain
Ensuring the Legitimacy of Reviews
The ability to produce credible feedback on products and services has a scope as far as creative blockchain technologies go. We can only hope that online recommendations online are genuine. Often, sellers wanting to maximize their sales post fake positive reviews, while rivals aiming to thin out the playing field write negative reviews. Fortunately, blockchain technologies may help users to validate the authenticity of feedback. Basically, both review writers and administrators can receive rewards from organizations, fostering credibility and stating a win-win scenario for all interested parties.
Incentivizing Content Creation
In another example, through sharing in ad sales, many web sites pay content generators. But what if its consumers, for their content, reward each other? By encouraging its visitors to receive digital tokens for sharing, voting, and curating content, the American blockchain company Steemit provides just that.
Also, blockchan-powered crypto wallets administer transfers on a blockchain distributed network. That way, with no intermediaries, consumers can quickly exchange tokens with whatever currency they may choose.
A Heads Up for Innovators
Should you get to the train of the blockchain app development now? Yeah, we highly recommend you to do so. If you don't look at the options it presents, before the technology takes off, you'll be too late. Overall, discovering the possibilities will help you see undiscovered solutions, offering you an edge over your rivals.
Thus, in the ecommerce market, many blockchain technologies are recent. It is better to initiate small, low-risk experiments, eventually scaling up or expanding out. An entrepreneurial mentality is essential.
How to Assess Blockchain's Potential?
So, how do you determine how to begin ecommerce development with blockchain technology solutions? We recommend evaluating the customer experience and asking yourself if, at any user touchpoint, you can add value and promote direct service. Then, start with a low-scale, low-risk experiment.
The blockchain solutions development services by Oodles provide strategic encouragement and guidance to help you find opportunities for blockchain technologies in ecommerce early on. We can also help you launch proofs of concept or have inspiration by providing examples of technological developments that we are witnessing.
Conclusion
In the quest for transparency, trustworthiness, and cost savings, blockchain technologies in ecommerce unlock a host of exciting market possibilities. But it also poses risks, especially for those businesses that struggle to bring value to their customers. If you wish to be important to the clients of the future, there is no better time than the present to begin investigating the prospects of blockchain technologies in ecommerce.
Mudit Kumar
08 Oct 2020
Blockchain for Business | Essential Insights for CIOs
Blockchain technology, when coupled with smart contract development, has emerged as a powerful tool for facilitating secure and efficient transactions for your business. By leveraging distributed ledger technologies and smart contract solutions, registered users can access the same data simultaneously, enhancing performance, and trust, and reducing friction in transactions. Blockchain also enables systems to scale and expand exponentially, with certain implementations extending across sectors to execute a wide range of tasks. These advantages stem from the five key components of a blockchain system.
Also, Read | TON Blockchain: A Guide to Telegram’s Ambitious Project
Blockchain for Business
Decentralized
Decentralization ensures that no single entity governs or sets rules for all machines or information on the distributed network. Through a consensus process, nodes are responsible for maintaining all network data and rules.
Distributed
Users are physically isolated from each other but connected via a blockchain network. Each participant operating a node retains a complete copy of the ledger, which is updated as new transactions occur.
Encrypted
Blockchain employs encryption methods such as public and private keys to secure information stored on the chains, providing a layer of security and semi-anonymity for participants.
Immutable
Transactions on the blockchain are cryptographically signed, time-stamped, and sequentially added to the ledger. Once recorded, data cannot be manipulated or altered without consensus from all parties involved.
Tokenization
Blockchain facilitates secure exchanges of value through tokens, which can represent anything from financial assets to physical assets. Tokenization allows for the seamless transfer and viewing of assets on the blockchain.
The development of blockchain solutions has progressed through several phases, each focusing on different aspects of blockchain technology.
You may also like | How to Develop a Layer 1 Blockchain
How to Use Blockchain in Your Business
Streamlining Existing Processes
Early blockchain solutions focused on improving efficiency by leveraging distribution, encryption, and immutability. These solutions aimed to streamline internal systems and enhance efficacy.
Delivering a Complete Value Proposition
As the technology matures, solutions are now required to incorporate all five components of blockchain to realize its full potential. Startups are leading the way in developing solutions that deliver the complete value proposition of blockchain technology.
Complete Blockchain Implementation
In this phase, complementary technologies such as artificial intelligence (AI), the Internet of Things (IoT), and autonomous self-sovereign identity (SSI) applications are integrated with complete blockchain implementations.
Also, Check | Equity Token Offerings: Modernizing Investment
Business Use Cases for Blockchain
Explore various blockchain applications to drive development initiatives across different sectors.
Blockchain for Decentralizing Operations
These projects focus on decentralizing technology operations using blockchain's distributed ledger, consensus system, and smart contracts to facilitate vital business functionalities.
Digital Asset Management
Platforms are emerging to generate and sell new digital assets using blockchain technology's cryptocurrency mechanics. These platforms leverage blockchain's features to trace asset provenance, execute transactions, and manage records.
Efficiency Gainer
Efficiency-focused projects aim to streamline processes within organizations by leveraging blockchain technology's distributed ledger and data immutability.
Recordkeeping Solutions
These projects focus on ensuring information security and auditing capabilities, making them suitable for government agencies and entities requiring resilient recordkeeping solutions.
Despite its numerous benefits, blockchain technology also presents challenges related to security, implementation, and compliance. Security flaws, regulatory limitations, and scalability issues need to be addressed to realize the full potential of blockchain technology.
Explore More | Multi-Redeemable NFTs | Elevating Web3 Experiences
Conclusion
In conclusion, blockchain technology offers a promising solution for businesses looking to streamline operations, enhance security, and drive innovation. By leveraging the five key components of blockchain and navigating through its various development phases, businesses can unlock new opportunities and stay ahead in today's rapidly evolving digital landscape.
Connect with our blockchain developers to learn more about how to implement blockchain technology in your business.
Mudit Kumar
06 Oct 2020
Blockchain-based Transformations in the Food Supply Chain
Our aim should be to encourage shoppers to eat better, sellers to save money, and food to keep out of the news by simplifying food supply chain processes. For the food industry, a blockchain-based food supply chain does so substantially.
However, blockchain-based supply chain development requires constructive cooperation and involvement from all stakeholders in the food industry. It would be important for them, from small growers to major retailers, to be together on this journey.
Let us explore how a blockchain transforms the food supply chain industry by eliminating key challenges and infusing innovation.
Revamping the Food Supply Chain with Blockchain
There is an unparalleled requirement across the globe for a healthier, cleaner food source, from food producers and manufacturers to kitchens.
Blockchain-based food supply chain system implementation makes it possible.
Via real-time, permissioned, and permanent data record ledger, a blockchain-based network links all respondents across the food supply.
The subsequent effect of this is the development of blockchain solutions that enable efficiencies in the supply chain, leading to increased food quality and freshness.
Additionally, they reduce waste, improve the reputation of a company, and directly add to the bottom line.
Explore More | Is Blockchain the Right Solution to Ensure Food Safety
Why Develop a Blockchain-based Food Supply Chain
With a comprehensive environment, blockchain can support a business to achieve goals around traceability, security, freshness, and more.
A blockchain approach is not just about technology, it's about addressing market challenges that were historically insolvable.
An ecosystem's failure to exchange information in an open, secure, and trustworthy way is the reason behind the challenges.
Blockchain technology offers a trustworthy database of records, unlike other storage mechanisms.
Understanding Blockchain
Blockchain provides the framework for a new wave of transactions that streamlines business procedures while ensuring trust and accountability.
Open blockchain networks are available to the public and private, such as Ethereum. Anyone on those networks can enter and see any events that occur.
Usually, such networks involve resource-intensive computations to help stop fraudulent transactions.
Meanwhile, developing a permissioned blockchain-based food supply chain approach enables invited participants to know precisely with whom they are transacting. Participants often dictate what information is seen by whom while presenting evidence on a need-to-know basis.
Smart contracts also run on a blockchain, enabling business logic to help settle conflicts, execute contracts automatically, and create trust.
Suggested Read | Developing a Blockchain-based Traceability System for the Food Supply Chain
Blockchain-based Food Supply Chain Solutions
Centered on a blockchain, a food delivery infrastructure rewards all network users with a cleaner, smarter, and more efficient food ecosystem. Transaction and data digitization offers a more effective means of operating through the supply chain, from producers, manufacturers, dealers, distributors, and regulators to clients.
The solution provides approved users with direct access, from farm to store and the customer, to actionable food supply chain details.
The complete history and current location of each specific food item, as well as relevant information, such as certifications, test results, and temperature records, are readily available within seconds when released in the blockchain.
Blockchain will enable you to follow the modern norm for openness and confidence with capabilities for cleaner food, longer shelf life, minimized waste, easier traceability, and improved access to shared knowledge.
Also, Read | Modernizing Food Supply Chain with Blockchain | From Farm to Table
Fresh Food Supply Chain Challenges
More than a fad is the need for fresher food. Over the last few years, fresh food sales have significantly outpaced all food and beverage units. It accounted for a quarter of all grocery transactions in 2017.
Buyers and manufacturers alike keep raising their scrutiny for freshness from farm to shelves. Still, fresh produce spoils $7 billion worth before ever hitting a market in North America alone.
Longer Food Transits before Reaching our Kitchen
On average, American meals fly 1,500 miles from farm to fork. Excessive time in transport and storage leads to increased spoilage of fresh produce.
Complex and Disparate Supply Chains
New goods now invest up to 50 percent of their shelf life in paddock-to-retail transit. Along with differences between suppliers, dealers, and consumers, supply chains limit travel speeds and raise the complexities of preserving food freshness.
Lack of Inventory Visibility
It ultimately becomes intangible as food continues its post-harvest travel. It becomes impossible to recognize what happens to the 5 percent of our global food supply that never reaches shelves. Losses during shipping and storage lead to this food shortage.
Addressing the Challenges with Blockchain Solutions
A blockchain-powered automated food supply chain allows maximum accountability across the food industry. Retailers can provide their customers with fresher choices (with improved shelf life), leading to decreased inventory losses and increased profits.
Traceable shelf life of food products. Discover the applied food quality measures and traveling times during shipment, in real-time
Top-to-bottom supply chain exposure enables businesses to precisely identify the amount of inadequate produce and delivery circumstances
Access to reliable transactional data, weather data, inventory, etc. It helps to make strategic decisions that optimize and increase supply chain efficiencies based on that knowledge
Check It Out | Developing an Online Food Delivery App with Blockchain
Food Fraud across the Supply Chain
Food theft continues to flourish owing to the complexities of our global food system. Anything from honey and cocoa to peanuts and liquor is at risk of adulteration.
Suppliers are generally responsible for the effects, regardless of where the vulnerability is raised. Everybody in the food sector suffers.
But, what's holding alive the food fraud?
Outdated Practices
Owing to the lack of oversight, responsibility, and effective controls, food smuggling has risen by 60 percent recently. Regulators, however, are exploring state-of-the-art technologies to help businesses build more secure and efficient food systems.
Complex Supply Chains Full of Blind Spots
Many firms are generally unaware of where and how they are vulnerable to food fraud. Poor ties can exist through raw materials, ingredients, goods, and packaging.
Vulnerable Regulatory Systems
Current protocols for preserving enforcement records are vulnerable to
inaccuracies, fraud, and deliberate errors. These may be caused by manipulation, either on paper or in consolidated archives.
Also, Read | Blockchain Solutions in the Food Industry | Exploring Potential Use Cases
Addressing the Challenges with Blockchain
A collaborative blockchain-powered food supply chain facilitates complete accountability with the digitization and storage of transaction documents transparently and permanently. It, thereby, removes possibilities for food chain fraud.
Increased monitoring in the food chain enables the tracking of culprits of food theft in real-time
Safe data exchange between players in the food chain reduces the risk of unknowingly transferring fake foods by participants
Improved compliance offers fraudsters fewer chances to access their supply chain. Immutable documents provide greater monitoring of material protection and quality requirements.
If you are looking to explore blockchain's potential in the food industry, connect with our blockchain experts for more information.
Mudit Kumar
05 Oct 2020
Intelligent and Secure Digital Advertising with Blockchain
In its present state, the advertising business is fraught with challenges, including costly intermediaries, lack of openness & responsibility, and inefficiency. Blockchain Ads & Marketing is now emerging as a promising solution and a possible workaround for the problems of the ad business with significant testing.
We discuss the different facets of the Blockchain-Advertisement relationship in this post. In doing so, we highlight the advantages of using Blockchain for digital advertising and marketing. We then also propose how hyperledger blockchain development for advertising solutions is beneficial for all.
Challenges in the Digital Advertising Industry
There are perhaps the most critical, infamous ad frauds. It typically entails automated bots clicking on advertising to produce fake data on momentum, thereby misleading advertisers. Advertisements wind up on inappropriate sites due to the downsides of insufficient programmatic advertising schemes. In exchange, such irrelevance results in low conversions and resulting resource wastage.
Besides, advertisements are put on objectionable outlets in which the company, or its intended clientele, does not resonate. It also tarnishes the company's picture.
Also, today, more than ever, the market is strongly centralized. It attributes to the emergence of digital marketing companies that, by building a bridge between the advertiser and its target audience (user / potential consumer), dominate the sector. Such unified types of ad giants, such as big publishing houses and, above all, Google and Facebook, still exist.
The Limitations of the Current Digital Advertising Space
The latest Advertisement Sales Survey from IAB shows that the first quarter of 2017 saw the best Q1 digital advertising earnings in the US. The spending, at $19.6 billion, was a staggering 23 percent more than it was in the same timeframe a year earlier. The new digital advertising model is, however, unsustainable for the advertiser, publisher, and the consumer, despite the increase in spending.
Why is it that way?
Internet marketers use incentive structures such as pay-per-click or pay-per-action. It involves many intermediaries between a publisher, advertiser, and customers. Now, because there are real customers or buyers at the end of the line, this value chain fits well. In terms of placing ad material using real-time bidding of available ad space on publisher websites, it also provides the potential for wins. This model, however, has significant deficiencies.
Also, Read | Introducing Blockchain for Efficient Decentralized Digital Advertising
Blockchain-powered Advantages for Digital Advertising
Control of Data, Accountability, and Prevention of fraud
Whether you are an advertiser or a publisher, knowledge is precious. Advertisers are also able to access the correct primary success metrics with the aid of blockchain technologies and extract reliable results from the marketing strategy. Distributed and shared data across the network reduces the chances of data theft and alteration. In the advertisement industry, Blockchain has launched a very significant element, which is transparency. The publishers now know who uses them for ads, and the data flow inside the network.
Removing intermediaries
With advertisement purchasing and selling in a blockchain-based network, advertisers can communicate with consumers. Blockchain creates a direct link between advertisers and consumers by replacing intermediaries that may be ways of payment or banks. Yet currently, as you run the campaign, Google and Facebook appear to be the intermediaries, demanding you to pay them to screen advertisements. Now, with the blockchain-powered media purchasing process, marketers can link the publisher/consumers directly and bypass the middle medium that falls into your path. It can increase the expense per thousand CPM experiences by $4.
Targeting Markets
Advertisers can create campaigns focused on detailed data-driven steps. An ad can only be available after a viewer fulfills a set of criteria. You're not paying with faulty clicks or scams with video views. With a blockchain-based digital advertising solution, marketers can gather correct customer details according to their customer experience and conduct a more fine-tuned strategy. In doing this, advertisers do not need to pay for the clicks and emotions they do not like.
Optimized Ad Frequency
How many times will audiences see the same advertisements? Any of the resources you are using right now can't monitor this. But, with a blockchain-powered app, you get access to ad frequency control while reducing your spending on ads.
Also, Read | How To Become The Digital Advertising Industry Leaders With Blockchain Technology
Creating Efficiencies and Improving Results for both Ad Buyers and Sellers with Hyperledger-Based Solution
Hyperledger is an open-source community project produced to develop blockchain technology through industries. It is a broad alliance of industry pioneers across communications, retail, the Internet of Things, supply chains, logistics, and others. Underneath the base, the Linux Foundation runs Hyperledger. Hyperledger projects are licensed blockchain infrastructures that publishers, marketers, and the rest of the media supply chain stakeholders can use as a database mechanism for record-keeping of contracts. Further, Hyperledger Fabric offers a scalable architecture with a delineation of roles between networking nodes, Smart Contract implementation, and configurable consensus and membership services.
When we combine these multifaceted Hyperledger blockchain platforms, including Indy and Fabric, it enables instant smart contracts facilitating advertising purchases and an ultra-fast programmatic data transfer transmission layer.
Such a blockchain platform developed with these blockchain technologies can merge all the data from the whole chain into a single ledger for every perception when allowed.
Also, Read | Hyperledger Blockchain Projects | Everything You Need to Know
Blockchain In Digital Advertising | Use Cases
QChain
This platform allows peer-to-peer purchases from and inside native ads as a blockchain-based advertising marketplace. Given the improved openness of QChain, for small brands and marketers, this network proves to be extremely lucrative and navigable.
AdHive
This framework automates native-ad placements by coupling the concepts of Blockchain, AI, and Influencer Marketing.
AdHive uses a smart contract and blockchain-based automated ledger matching method to put multiple units at once smoothly and effectively, as opposed to the conventional case-by-case approach to ad unit placement. It, essentially, makes the procedure less time-consuming and fault-proof.
Using AI to validate the execution of ad assignments, with the aid of smart contracts, the app provides Blockchain-enabled incentives.
Also, Read | Blockchain Advertising To Form The Idea of Digital Media Rights
Looking Forward
Presently, blockchain-based digital advertising innovations are in the initial phases of development. However, both the blockchain enthusiasts and the advertising sector are rigorously innovating to realize the advantages of using blockchain technology in digital advertising and marketing effectiveness. We have already addressed some of them, which can change the sector entirely.
Blockchain presents the ads industry with several advantages, which are already in development. Consumers can get a new way of putting, watching, and communicating with ads as they happen. That said, we are looking forward to a world where we do not need ad blockers, and where we free ourselves from cookies that are spying on us.
At Oodles, our team of blockchain developers is proficient in recognizing the viability of your proposal and come up with an optimal solution if you are trying to create an ad network using blockchain technology.
Mudit Kumar
30 Sep 2020
Using Blockchain Technology in the Gaming Industry
The gaming industry has undergone a remarkable transformation over the past few decades, evolving from simple pixelated graphics to immersive virtual worlds that rival reality. With the rise of online gaming and digital distribution platforms, developers and players alike are constantly seeking innovative solutions to enhance security, ownership, and transparency within gaming ecosystems. Enter blockchain gaming development, a decentralized ledger system that offers a myriad of possibilities for revolutionizing the gaming experience. In this article, we will explore the intersection of blockchain technology and the gaming industry, examining how it can address existing challenges, empower players, and redefine the future of gaming.Challenges in the Gaming IndustryDespite the allure of blockchain technology, the gaming industry grapples with several challenges inherent in centralized models. Centralized servers, which store critical game data and player information, are vulnerable to various risks such as technical failures, security breaches, and arbitrary account bans. This lack of transparency and control undermines player ownership and fosters an environment ripe for exploitation.Issues of Ownership and InteroperabilityPlayers invest considerable time and resources in acquiring valuable in-game assets, yet these assets remain tethered to specific games and platforms, limiting their transferability and value. Additionally, the fragmentation of gaming servers across regions poses logistical challenges and hampers the seamless gaming experience. Also, Read | Saudi Arabia is Ready to Embrace Web3 and GamingBlockchain Solutions for GamingBlockchain technology offers a paradigm shift in addressing these longstanding issues within the gaming industry. By leveraging decentralized networks and smart contracts, blockchain enables secure, transparent, and immutable transactions, empowering players with true ownership of their digital assets.Empowering Players with OwnershipSmart contracts facilitate the transfer of in-game assets directly to players' public addresses, ensuring unequivocal ownership and protection against unauthorized tampering. This newfound autonomy not only enhances player trust but also stimulates innovation in gameplay mechanics and virtual economies.Unlocking New Gaming ServicesBlockchain's integration of smart contracts opens doors to innovative gaming services and monetization models, fostering the creation of rare digital collectibles and unique gaming experiences. The interoperability afforded by blockchain facilitates cross-platform transactions, enabling players to seamlessly transfer assets between different games and ecosystems.Facilitating Collaboration and InnovationBlockchain technology fosters a closer relationship between players and developers, enabling collaborative decision-making and co-creation of gaming experiences. By democratizing access to development tools and resources, blockchain empowers developers to explore new avenues for creativity and community engagement. You may also like | Redefining The Gaming Industry with Play-to-Own ModelNetflix's Exploration of Gaming OpportunitiesIn the ever-evolving landscape of the entertainment industry, Netflix stands as a pioneering force, continually seeking new avenues to engage audiences. Amidst the rise of formidable competitors in the streaming space, Netflix has set its sights on an unexpected contender: the gaming industry. With the meteoric success of games like Fortnite, boasting over 200 million players, Netflix finds itself intrigued by the gaming landscape and its growth potential.Ubisoft Ventures into Blockchain TechnologyUbisoft, renowned for blockbuster franchises like Assassin's Creed, has also ventured into uncharted territory by embracing blockchain technology. Recognizing the disruptive potential of blockchain in gaming, Ubisoft has opened its doors to blockchain entrepreneurs through its incubator program, aiming to harness this technology for innovative gaming experiences. Also, Read | Gaming NFT Marketplace: A Comprehensive AnalysisConclusionIn conclusion, blockchain technology holds immense promise for revolutionizing the gaming industry, offering solutions to longstanding challenges, and unlocking new opportunities for innovation and collaboration. As pioneers like Netflix and Ubisoft embrace blockchain, the future of gaming promises to be decentralized, transparent, and infinitely immersive. Considering developing a web3-based gaming platform? Connect with our skilled blockchain game developers to get started.
Category:
Blockchain
Mudit Kumar
29 Sep 2020
Developing Your Startup Business with Blockchain (DLT)
Blockchain is one of the most common buzzwords across industries. However, it can be hard to grasp what it could mean to develop your startup with blockchain unless you have a clear knowledge of immutable, publicly accessible ledgers. Let's breakthrough the excitement and uncertainty, clarify what blockchain is, and assist you to understand whether blockchain-based startup business development is an ideal step to thrive in the digital world.
Understanding the Technology
Blockchain technology, at its simplest, enables information and transactions to be exchanged between different individuals, entities, applications, and others. Blockchain technology is fascinating because it's an immutable database that is digitized, decentralized, verifiable. Let's dive into what they mean by both of those words.
Distributed Ledger
The ledger is the location where all the details and transactions in the blockchain are registered. Except that it is designed on blockchain technologies, it's the practical counterpart to a database. When new transactions and details are introduced, they are transferred to the end of the blockchain database, so that the newest information can be accessed from all associated devices.
Immutability
It ensures that once stakeholders make transactions in the blockchain network, it gets authentic and verifiable. Then, no entity holds provision to change it unless consensus enables stakeholders to do so. If there is any change in documents, subsequently, all adjustments will become identifiable as separate transactions. It makes blockchain details and transactions easy to verify.
Auditability
A single "ledger" database includes a list of all the transactions and data ever exchanged within the blockchain network. Several computers (miners) validate this knowledge for truthfulness and consistency. It means that by adding fake or incorrect content, an individual user or computer cannot try to fool a blockchain network.
Digitized Operations
All blockchain systems, usually through the internet and cloud-based applications, operate digitally. Technologies associated with a particular blockchain digital deliver, retrieve, interpret, and check processes.
Decentralized Processes
Blockchain technology does not focus on one single entity or technology setup's central power. Instead, all properly-authorized computers and users can access the blockchain from anywhere. This ensures that many machines lead to blockchain's successful operation.
Also, Read | A Comprehensive Guide to Blockchain Application Development
Develop a Cryptocurrency or Blockchain-based Business Solution?
You've undoubtedly seen blockchain listed in the same breath as Bitcoin-like cryptocurrencies. Although the core technology that drives cryptocurrencies is blockchain, blockchain has much more usefulness and usage cases than virtual currency. For many reasons, we suggest staying away from cryptocurrency-related blockchain companies:
This mixture of loss of faith and credibility, volatile valuation and revenues, intensified regulatory restrictions and volatility implies that the competition for cryptocurrencies is not a secure way to develop a blockchain venture. Instead, we suggest that companies should create and use blockchain apps that have relevance and meaning outside of virtual currencies.
Why Should Your Startup Use Blockchain
While establishing a planning company can be thrilling, as a small business owner, there would be substantial demands on you. Fortunately, beyond cryptocurrencies, blockchain technologies and ledgers have lots of importance.
In your company, using blockchain technology might be appropriate if you are an organization that maintains or offers access to data and data. The details you keep must be checked, established, and audited. You need to provide third parties with data. Blockchain technology provides you with a simpler approach than a personalized database, utility platform, or related program.
Decentralized applications or DAPPS are basically tech applications that you create with blockchain.
Also, Read | Finding Out If Your Business Needs Blockchain Technology
Blockchain for Your Startup Business | Advantages
Blockchain technology offers a start-up enterprise with certain opportunities. It gives the right to openly exchange data across the blockchain ledger, offering fast, simple access to the latest information to approved users.
Blockchain applications include encryption, open-source technologies, and accessibility to large numbers of users. It provides an efficient, verifiable audit trail so that you can trust the blockchain data and see a history of how it was entered, monitored, handled, and accessed. The fact that Blockchain technology is hot could help draw buyers, consumers, or suppliers.
There's an expanding number of technology, developers, and applications for blockchain. Consequently, you can find the right kind of blockchain solution for your company
In the blockchain development sector, there is still plenty of potential for creativity and your company should take advantage of this.
Also, Read | Accelerating Business Efficiency with Blockchain Smart Contracts
Blockchain Use Cases in Startup Business Areas
If you are in one of the following fields, there is a good probability that you can get anything out of blockchain implementation. Here are a few perspectives on how to use blockchain in these sectors:
Healthcare
Recording in the blockchain physician and patient information, including medical history, diagnostics, and other data
Real estate
Collection and exchange information of lists of assets, sales, contracts, financing, and related data
Supply chain management
Gathering information on raw materials, components, and products; sourcing supplies across the supply chain; supplying manufacturers and third parties with descriptions of arrangements, paperwork, delivery, and payment processing.
Insurance
Automation of custom policy creation, claims management, or payment execution
Also, Visit | Blockchain Application Development Across Various Industries
Blockchain for Your Startup Business | Planning and Development
There are a few measures you would need to take if you plan to become a blockchain startup to build applications on a blockchain system.
Determine if your business requires blockchain integration
It's worth taking some time experimenting and ensuring that the right option for your startup is a blockchain approach. To objectively check whether a blockchain implementation is the best one, or if anything similar could work better, speak to the chief technical officer, advisors, growth partners, and others.
Business Aspects and Technology
If you assume that a blockchain solution would perform better, it's necessary to understand the complexities of the solution. Determine precisely what functions you expect from the blockchain and produce scoping and project documentation
Involve blockchain in business strategy, expenses, sales, and benefit forecast Reports
The decision to switching to a blockchain program can impact tour expenses, sales, and profit margins. Make sure that you consider and construct the costs associated with the creation of blockchain technology into your business plan and forecasts.
Design Blockchain technology Architecture and application's system
You would be able to modify and use an existing platform for your needs. Instead, you can use an existing blockchain "protocol" to build an implementation on top of it, such as Ethereum. From scratch, you will build your blockchain protocol and framework. Notice that, in terms of quality, technological knowledge, skills, and customization opportunities, both of these would have major variations.
Ensure Active Collaboration of Stakeholders
When implementing blockchain in your startup development, ensure to get daily input from all parties using the program. When designing the app, consider their input, so you can produce a final product that is entirely fit for purpose.
Conclusion
You will customize your business strategy and implementation as you grow your blockchain business so that it suits the needs of everyone perfectly. By making use of this innovative modern technology, it will help the company become a success. So, let's develop your blockchain based startup now with Oodles blockchain experts.
Mudit Kumar
28 Sep 2020
Blockchain's Implication in the Autonomous Automobile Market
An incredible innovation of this period is autonomous vehicles. They release motorists of the daunting task of controlling braking, speed, and avoiding obstacles when driving. The car takes gigabytes of data from its surroundings and begins to process it to determine the next step. This self-driving device in Machine Learning and AI makes use of highly sensitive cameras and sensors with state-of-the-art mechanisms. In addition to this, the latest technological breakthrough, that cars can be connected by blockchain, is also opening up new avenues for the future. In this article, we will take a look at how blockchain automotive solutions for the autonomous automobile market and blockchain supply chain development are poised to play a crucial role.
Introducing Blockchain
Essentially, driverless car technology relies on Big Data. Within nano-seconds, it gathers analyses and uses the data to increase accuracy. In this method, the function of blockchain is more like ensuring the integrity of data transmission and defending against abuse of all sorts. This openness could seem pointless to a layperson. Just imagine, what if a cyber-terrorist organization gains access to these driverless car systems driving on a busy street or a highway? It'll be a nightmare! A transport system that operates with a blockchain will assign time to each vehicle's travel, where it is possible to monitor and equally assign the waiting period for each automobile. Thus, because of ultra-secure protocols adopted by blockchain, hackers would be unable to break into this scheme. And, since the blocks are transparent, there would be no privacy issues.
Also, Read | Reconditioning Automotive Operations with Blockchain Smart Contracts
Establishing Trust in the Ecosystem
The fact that blockchain is now going to control driverless cars appears to minimize the confusion between the vehicles. It will deepen the trust that autonomous cars have with each turn. The program must cater to individual vehicles and the road. This partnership calls on all vehicles working on the road to work together to improve productivity and protection.
As more cars join the network, there are certain concerns about what will happen. We need to ensure that the system's computing capacity at saturation times is high. Any vehicle would not only consider preventing non-vehicular obstacles (walls, trees) in a perfect scheme but will also relay these measurements to those on the network.
There is also one feature that it fails to address, considering all the advantages that the system appears to offer. That is, the cameras, controls, and applications used for self-driven cars will not become obsolete. No warning that avoids a collision with a pedestrian or animal can be given by the blockchain. For now, to eliminate car-to-car accidents, it can just stick.
Traceable Automotive Supply Chain
Another large subject that can be strengthened in so many respects is the supply chain. There is so much scope just looking at the 3D printing of fabrics and car parts alone. 3D printer firms and car parts suppliers may like to provide documentation of every 3D printed component being made up of 'ingredients'. We want to learn what chemicals and additives are in the food and drinks we drink. In the automobile industry, too, we can see additive manufacturing, where a 3D printer creates parts and components layer by layer by constantly applying materials. We want to know, as a customer, the raw materials and equipment required to make a vehicle. Where exactly do these tools come from, and has some child labor been involved? Slave labor and sex trafficking is an issue in that field that NXP acknowledges and addresses as much as possible.
For social and human profit, too, Blockchain is especially interesting. "As BMW reports on its website, "'Any raw materials such as cobalt or wolframite come from hard-to-monitor sources such as mines in developing countries.' In their blockchain pilots, one clever illustration of how they approach this is using a very genius strategy to make the route of raw materials more traceable to detect when quantities have been substituted or mixed:' Revolutionary strategies such as chemical tracers. There are chemical additives applied to a batch of content to make it personally visible with a scanner and machine-readable
Transparency can thrive in the entire complexity of the automobile supply chain via the blockchain, from cobalt or wolframite to electronics, applications, distributors of firmware, dealers, insurers, insurance agencies, and more.
Also, Read | Blockchain for Automotive Supply Chain Efficiency
Use Cases | Autonomous Automobile Solutions with Blockchain
User Data Privacy and Protection
In addition to ensuring crash stability, blockchain technology also ensures user identity safety. Hackers could breach user information like emails, identities, and payment numbers. They then used this information against them, until the integration of this model. The passenger records, such as their addresses, pick-up, and drop-off points, will be on a secure decentralized ledger of a driverless taxi that will function via blockchain. Thus, a fully tamper-resistant autonomous vehicle will be available.
Driving-Related Transactions
Consider the number of transactions that take place when you're on the road, in terms of economics. Toll roads, for example, include purchases that, theoretically creating excessive traffic, will eat up substantial portions of your time. Not just that, but probably a smart hacker might steal credit card numbers from the toll booths themselves.
As Car e-Wallets, for example, blockchain solutions incorporation into your autonomous automobile would make these transactions easier and keep all details confidential that it already is. Hacking cars has not yet been standard practice, and blockchain is a cryptography marvel with its potential to distribute knowledge through multiple networks, even though it were to, with the growth of cars that rely on automation.
Also, Read | Blockchain Applications in the Automotive Industry | Advancing Innovation
Ride-Sharing Transactions
However, this isn't all that the blockchain has the power to do. Remember the rise of the market for ride-sharing. Lyft and Uber have made headlines in the automobile industry over the past decade, not for the vehicles they make, but rather for the services they offer. Now a multi-billion - dollar market, ride-sharing provides the potential to flourish in blockchain and e-commerce.
Imagine the freedom to make purchases for a trip without pulling out your credit card or being able to receive a rider's fare as a driver without loitering outside their destination. There's no risk of being low, either, when a driver uses a blockchain. Maybe taking a ride in the next decade will be completely interaction-free with each of the most successful ride-sharing platforms pursuing autonomous driving.
Personalized Car Insurance
There is also the opportunity for insurance companies to use the blockchain. For instance, the Accessibility Open Blockchain Project is partnering with Ford and GM to institute user-based insurance. Insurance contracts may be held inside the servers of a blockchain until they are created.
Payments will therefore get executed anytime a car's sensors perceive a breach of contract. To report back to an insurance provider to decide how high or low a premium is charged, telematics providers may now be able to gather data from the traffic records of a vehicle, from either venue, driving time, to average driving speed.
Mudit Kumar
25 Sep 2020
Product Authentication with Blockchain Smart Contracts
New research by the Organisation for International Cooperation and Development and the Intellectual Property Office of the European Union showed that in 2016, imported counterfeit products accounted for $509 billion, about 3.3% of all imports for that year.
Consequently, companies have started exploring the potential of blockchain technology with smart contract solutions to create more transparent supply chains for product authentication, prevent knockoffs threatening brands, and build consumer trust.
However, developing such a system is a complex undertaking. A blockchain development company with significant experience can help businesses build robust and effective track-and-trace supply chain solutions based on blockchain.
Let's explore how such a blockchain-based product authentication system, including all parties involved in the life cycle of a product, from production to an end customer, would work.
The Menace of Counterfeiting and Adulteration
In addition to high-value luxury items like designer clothes, boots, watches, and jewelry, traditional counterfeited products include a wide variety of generic products.
We can also include electrical components, meats, alcohol, tobacco, agricultural goods, toiletries, and pharmaceuticals on the list.
In the case of prescription products, the effects are more dangerous than monetary: counterfeit products may not contain the necessary active ingredients, and thus, may be useless or harmful.
Indeed, people are dying after being treated with adulterated medication, especially in developed countries.
Fake pharmaceuticals are an alarming problem in developed countries, as more than 34 million counterfeit and adulterated drugs were intercepted in two months in 2009, according to the World Health Organisation (WHO).
Given the implications, there are global attempts to eliminate counterfeiting.
However, there is no evidence that counterfeits and adulteration have reduced in the last few years.
Blockchain systems are transparent, permanent, and globally deployable.
Concern emerges regarding how we can use this technology to tackle counterfeiting, what features are useful, and how to introduce a possible solution. Let's find out if blockchain and smart contracts can help.
Also, Explore | A Guide to Hiring the Right Blockchain Development Company
Blockchain to the Rescue
It will probably require the establishment of a network of participants who get a version of a shared database comprising detailed data on all phases of the life cycle of a commodity.
A few specified participants will report the details onto the blockchain solution at each point.
Once added to the blockchain database, nobody can remove or falsify records as participants can notice any modification.
Using a web or smartphone app, consumers will be able to independently review all product details, including date and place of manufacture, expiry date, content, and compliance with standard certificates, and verify their authenticity.
Customers will be able to notify concerned manufacturers and regulators promptly in case of receiving a counterfeit product.
Similarly, producers will be able to manage and track all phases of the life cycle of a commodity.
Also, Check | Accurate Product Authentication in Supply Chain Management with Blockchain Applications
Implications of Blockchain
Product Verification
Counterfeit goods have always been troubling suppliers and customers alike; pharmaceutical firms are losing over $200 billion/per year due to counterfeit products, and about 1,400 counterfeit-related adverse reactions have got recorded since 2014.
The distributed ledger archive of blockchain technology provides a chain-of-custody log that records every step in the supply chain process.
It enables an organization to offer a full product history to customers, from the assembly line to the purchase, thereby ensuring trust and credibility.
In comparison, products can be accredited, ensuring it is easier to identify counterfeit products.
End-to-End Supply Chain Visibility
For today's customers, brand accountability, integrity, and ethics are imperative.
In reality, full brand openness creates lifetime consumers.
Also, many clients make buying choices depending on a business's environmental and social responsibility.
Blockchain offers a real-time view of the supply chain network that helps suppliers track raw materials from the moment they join the supply chain to the moment the finished product ships to the customer, thereby, increasing reliability, authenticity, and credibility.
Product Transparency and Traceability
A new survey reveals that 54% of shoppers want as much detail as possible on their goods.
They even want to know where their beef grows and what were the factory conditions during processing.
Blockchain helps customers to achieve accountability for the transactions that they make. They can check the whole life cycle of a product, and corporations have no means of exploiting it.
You May Also Want to Explore | Developing a Blockchain-based Robust Food Supply Chain Traceability System
Enter Smart Contracts
Hybrid Smart Contracts work similarly to regular contracts, except although traditional contracts are technically enforceable, they work independently of the parties concerned.
On a Blockchain, a Smart Contract works and, as a result, profits from all the protections the technology offers; openness, immutability, and time-stamped.
In the Smart Contract, parties specify a series of conditions for doing business. If a party fulfills a term or causes an occurrence, a smart contract executes itself automatically.
For example, party A offers to deliver to party B a package of goods, and party B will pay upon delivery.
A smart contract has this term coded in it. The invoice gets created after the output is finished and documented in the smart contract.
If a party fails to render the payment on time, the smart contract will arrange repayment to Party B. The beauty of this style of scheme is that it depends on an If-Then declaration that makes for credible reasoning.
Also, Read | Smart Contract Solutions for Business | Advantages and Use Cases
Applications Smart Contracts | Product Authentication
In many sectors, companies have already been using Smart Contracts for a while.
Since Smart Contracts are part of a Blockchain, this helps consumers to guarantee a product's validity.
It is because all information about the provenance of a commodity resides in the blockchain. It will disregard something that is not part of the block.
Smart Contracts can help anyone, from bankers to innovative.
We can develop smart contracts to address challenges relating to workflow automation, data security, and transaction cost mitigation.
Also, Read | Accelerating Business Efficiency with Blockchain Smart Contracts
A Few Examples
For example, the supermarket chain 'Carrefour' has also introduced something similar to ensure the quality of its milk.
Also, EY has built a system to check the purity and source of wine.
For product authentication and prevention of counterfeits, Louis Vuitton and other luxury fashion labels are piloting blockchain smart contracts.
Smart Contracts will also validate the certificates like diplomas and wellness certificates.
It will enable insurance companies to check the validity of accounts, as well as review claims.
The Maltese government is exploring Smart Contracts within various sectors.
Essentially, a Smart Contract executes when a party claims to take actions compliant with specified terms and conditions.
Also, Read | Blockchain Smart Contracts in Insurance | Advantages, and Applications
Willing to boost your business efficiency by developing the product authenticity verification capability with blockchain and Smart Contract technology? Feel free to connect with our blockchain experts.
Mudit Kumar
24 Sep 2020
Is Blockchain the Right Solution to Ensure Food Safety
The pandemic, COVID-19, has shown that food safety is no longer a local or national problem. Indeed, it has proved that unsanitary activities can have global implications. The question, however, remains is whether we have developed instruments to ensure food safety?
Nearly one in ten people fall ill each year after consuming tainted food. It results in 4,20,000 deaths, according to the World Health Organization.
We need initiatives at every touchpoint in the food industry. We need traceability solutions encompassing activities from farm to market to handle the problem of this size. One way to track and monitor the issue is to look at it as a problem with data. That's where we get to use blockchain technology. In this post, we discover the potential of Hyperledger blockchain app development for the food industry to address the issues.
Using Blockchain in the Food Industry
Assume that in seconds, you could trace the origins of your food or that you could check whether the fruits you bought were organic. Shortly, with the blockchain solutions set to revolutionize the food industry, this could potentially happen. In several cases, here's how the technology can help
Food Safety
Blockchain makes the food supply chain transparent and thereby enables the chain of food safety disaster prevention. It is one reason that corporations like Unilever and Nestle are considering adopting technologies like blockchain and smart contracts.
Preventing Manipulation
If the data obtained is free of any human error, it will also help to deter fraud. Collected information is also subject to hacking, inaccuracies, and mistakes. Blockchain implementation would help to avoid these problems. If someone tries to manipulate data, it will also aid in finding the culprit. It will, for example, prevent the kind of food fraud that occurred in 2016 in Canada.
Fast Transactions
A blockchain-based payment system can simplify the transaction process. It would help farmers sell more and be paid, as the demand data would be at their fingertips. It may also prohibit retroactive compensation and market manipulation from happening. Blockchain can 'Uberize' the agri-food industry. It does so by lowering transaction fees and eliminating intermediaries, according to Forbes.
Also, Read | Assessing a Blockchain-based Traceability and Safety System for the Food Supply Chain
In the Food Supply Chain Process, how Emerging Technology Empowers Participants
Producer
Blockchain enables businesses to identify any changes to the goods in production. It is also true for distributors.
Distributors
With blockchain, stakeholders can identify and remove it if any defective product ends up on sale.
Consumer
Blockchain enhances trust across stakeholders, including manufacturers and distributors, as goods carry an immutable label with the correct details.
Also, Read | Modernizing Food Supply Chain with Blockchain | From Farm to Table
Advantages of Blockchain for the Food Industry
All supply chain participants will benefit from blockchain technology: suppliers, producers, advertisers, distributors, retailers, and regulators. Every attempt to exploit a food product as it moves through the supply chain is easily noticeable and preventive by the vendor before it reaches the customer.
For supermarkets, stores may classify and remove only the dangerous goods if a potentially hazardous food product makes it to the shelves. It eliminates the need for expensive recalls of batches.
For customers, the history and route of an individual food item are instantly available. They can know how to maximize shelf life, reduce waste, enhance quality and sustainability, and make food safer.
A customer would want to know that what he's eating is healthy and new to eat, so he's going to be able to track when and where the tomatoes were harvested, delivered, and processed at breakfast.
Also, Read | Blockchain Solutions in the Food Industry | Exploring Potential Use Cases
Validation of Food Safety and Examples of Real-Time Surveillance
Assume that a retailer can check with 100 percent accuracy where each food commodity has been made, treated, made, packaged, and tested. There is the potential for blockchain technology to make this a possibility. Blockchain eliminates any inconsistencies in a food product's transaction history, place, and status.
For instance, if the merchant becomes aware of a potentially deadly watermelon problem, the blockchain network participants will expose the entire past of that melon and locate the cause of the problem. And the melon from that particular farm or batch can be recalled quickly where appropriate.
How swiftly? In one scenario, Walmart wanted to investigate the traceability and validity of the food supply chain. Before using blockchain, Walmart tested how easily it could trace the mangoes back to their original farm in one of its stores. It nearly took a week. The blockchain took 2.2 seconds. Starbucks' bean-to-cup initiative maps its coffee production and allegedly gives more financial freedom to coffee farmers from Rwanda, Colombia, and Costa Rica.
Also, Read | Emerging Blockchain Solutions for the Agriculture Industry
A Use Case with Hyperledger | Tracking Food Sources
It is a huge undertaking to ensure the protection and consistency of a large portion of the food supply. It is because accidents have occurred in recent decades. Subsequently, customers have become ill or died after consuming tainted food.
In the food supply chain, IBM Food Trust uses Hyperledger Fabric to create unparalleled visibility and transparency. It is the only network of its kind that links farmers, processors, distributors, and distributors with food system data via a permitted, permanent and shared record.
For more than a year, the IBM Food Trust network has been continuing pilot experiments with producers and food suppliers, including Golden State Foods, McCormick and Co., Nestlé, Tyson Foods, and Wal-Mart Stores Inc. In partnership with IBM, these companies formed a partnership to use their food safety platform to secure customers and raise trust in the food supply.
The solution provides licensed users with instant access to actionable food supply chain data from farm to store. With blockchain, a complete history of the past and present locations of each food object becomes available. Also, related details such as credentials, test results, and temperature data, are readily accessible in seconds.
Also, Read | Analyzing the Food Safety and Traceability System Developed by Walmart with Hyperledger Fabric Blockchain
Using a Permissioned Blockchain Solution
Even if the data is open to the public, ownership remains. A user can regulate who has access to their data with a Hyperledger-powered authorization blockchain. Before and after the data is submitted, it is the individual who owns the data. The user alone controls who can see the data.
Mudit Kumar
21 Sep 2020
COVID-19 Calls for Blockchain for Supply Chain Visibility
The COVID-19 pandemic has significantly disrupted global supply chains, impacting 94 percent of Fortune 1000 firms, according to a report by Dun & Bradstreet. Technology giants like Apple and Tesla are not immune, with Apple facing delays in iPhone shipments and Tesla's factory in China experiencing temporary shutdowns. The widely dispersed, competitive, and lean nature of modern supply chains, while advantageous in stable times, has exacerbated these issues during the pandemic. Challenges such as limited monitoring, traceability, agility, and visibility are amplified, leading to international chaos when disruptions occur. This crisis encourages innovative thinking toward stronger, more sustainable supply chains. At Oodles, we believe blockchain supply chain development can be a transformative solution amid COVID-19.
Blockchain Applications in Supply Chain Management
Supplier Verification
For Original Equipment Manufacturers (OEMs), a product often involves components from numerous suppliers. Effective failure detection requires deep scrutiny of each layer in the supply chain and the implementation of robust processes to ensure accuracy.
Compliance
Failure to adhere to environmental standards or regulations, such as the U.S.-imposed "conflict minerals" requirements, can lead to product recalls. Ensuring compliance through close coordination with all supply chain stakeholders is critical.
Streamlined Communication
Effective communication among all parts of the supply chain is vital to prevent product recalls. OEMs play a key role in harmonizing these relationships to ensure smooth operations.
Safe Shipment
Product recalls often stem from damage sustained after manufacturing, not just from production flaws. Ensuring safe shipment practices is essential to maintaining product integrity.
Also, Explore | How Blockchain Transforms the Supply Chain Finance
Benefits of Blockchain in Supply Chain Management
Global supply chains are increasingly seeking structured, trustworthy approaches to coordinate data and manage risks. Blockchain technology offers a robust framework for these needs. As a distributed ledger, blockchain ensures that transactions are exchanged across multiple computers rather than stored centrally, providing transparency and protection through its immutable nature.
End-to-End Supply Chain Visibility with Blockchain
During the COVID-19 pandemic, supply chain visibility has become a crucial factor for company survival. Many firms lack insight into upstream and downstream inventory levels, making it difficult to adapt to rapid demand shifts. Blockchain technology connects all parties in the supply chain network, offering a clear view of every step. This enhanced visibility allows companies to assess threats, model scenarios, and take proactive measures.
For example, a company ordering 100,000 devices, with production split between Japan and Wuhan, China, can use blockchain to monitor production slowdowns in Wuhan. This visibility enables the company to take remedial steps and mitigate impacts.
Laying the Foundation for Digital Transformation
The pandemic has significantly reduced bulk freight exports and introduced stringent measures at ports to prevent the virus's spread. The lack of full digitization in supply chains, which often relies on human interaction for trust, has become a fundamental problem. To sustain supply chains in any situation, trust must be embedded in processes and scalable.
You may also like | Top 6 Blockchain Use Cases in Supply Chain Management in 2024
Establishing Trust with Blockchain
Blockchain technology can help create trusted digital supply chains. In maritime shipping, where up to 28 parties may be involved in a single container's shipment, blockchain provides a unified source of truth. This digital ledger stores transaction records for all parties, enabling authorities to access necessary details before a ship arrives at port. This reduces uncertainty and minimizes the need for human interactions.
The Port of Rotterdam, one of Europe’s busiest, is developing a blockchain-based port logistics solution. This system ensures the entire shipment process is paperless and traceable, providing real-time access to shipments and orders for all stakeholders and enabling immediate financial transactions.
Streamlined Reconciliation with Smart Contracts
Reconciliation processes, especially during crises, can be time-consuming and financially straining for transport companies. Smart contracts, which automate digital transactions when specific conditions are met, can alleviate this burden. For example, stakeholders can digitally countersign and verify a bill of lading as soon as goods are delivered to a warehouse. This triggers the automatic transfer of funds to the transport company, allowing all parties, including banks and retailers, to instantly verify transactions.
Also, Explore | NFT Integration for Remodelling Supply Chain Processes
Conclusion
In summary, blockchain technology offers a powerful tool to enhance supply chain visibility, trust, and efficiency, making it a valuable asset in managing the complexities of global supply chains, especially in times of crisis like the COVID-19 pandemic.
Interested in exploring how blockchain can streamline your supply chain? Connect with our skilled blockchain developers to get started.
Mudit Kumar
20 Sep 2020
Blockchain, AI, and IoT for Advanced Business Solutions
Communication has always been significant to the evolution of our human culture. Communication was mostly between individuals in the past, but technology is enabling us to connect with computers, tablets, and gadgets these days. Based on this concept, to make them interact without human input, technologists are now integrating digital sensors with intelligence to simple devices. In this article, we'll look at the Internet of Things (IoT), IoT examples, IoT protection and privacy concerns, and the role of Artificial Intelligence (AI) and blockchain solutions development.
Internet of Things (IoT)
A network of sensors, computers, cars, and home appliances comprise the Internet of Things (IoT) ecosystem. Precisely, the IoT ecosystem consists of hardware, software, actuators, networking, logic, and internet information sharing capabilities with the provision of monitoring and management. IoT systems in industry and manufacturing refer to as machine-to-machine (M2M) connectivity/interface.
IoT Devices and Systems
If we can link a device to the internet network and enable control, we can make it a part of an IoT network. For instance, if we can monitor and control a light-bulb, motion sensor, smart thermostat, and connected streetlight using a smart contract, they can be part of an IoT network.
Following are some examples of IoT units
Smart Televisions
Smart home speakers
Home Protection Systems
Intelligent Thermostats
Smart electricity meter
Camera for commercial surveillance
In various sectors, such as healthcare, transport, logistics, engineering, education, smart cities, finance, etc, IoT can have applications.
Benefits of IoT Applications in Enterprise/Industry
IoT helps businesses to have more and greater access to their goods, facilities, and internal systems-related data. To analyze this vast volume of data, we will apply Data Science to gain insights into the goods, services, and associated processes. A company can use these data insights to minimize duplication, make more money, and increase customer and employee satisfaction. Component and system data inform us about its present state and forecast its future outcome. We can take corrective steps at the right time with this real-time data collection and analysis to minimize downtime and optimize the system's run-time. The data obtained from these sensors are making the supply chain more effective in the logistics and transportation industry.
In the healthcare sector, for example, the use of IoT devices will provide the patient's real-time position and body parameters to provide timely treatment and support.
IoT Privacy and Protection | Challenges
Extremely sensitive personal data is gathered and transferred by IoT sensors. Security and privacy of IoT devices and the data they collect and transmit are therefore of great importance. New research to tackle this difficult problem is underway.
Also, Read | IoT And Blockchain: Benefits Of Combining These Two Mega Trends
Role of Blockchain in IoT
Protection is a major concern with IoT that has impeded its implementation on a large scale. IoT devices frequently struggle from security flaws which make them easy prey for DDoS attacks. In DDoS attacks, a target such as a central server with a large number of simultaneous data requests is bombarded by many compromised computer systems, triggering a denial of service for users of the targeted device. For organizations and individuals, several DDoS attacks in recent years have caused disruption. Unprotected IoT devices provide cybercriminals with an easy target to exploit the lax security defense to hack them into launching DDoS attacks.
In the event of an attack by cybercriminals, the IoT network will process data transactions through several devices owned and operated by various entities, making it difficult to determine the source of any data leakages. Consequently, the IoT produces a large amount of data, and the ownership of the data is not always transparent with many stakeholders involved.
Also, Read | Exploring Blockchain and IoT Use Cases in Different Industries
Blockchain will help mitigate IoT-related security and scalability issues in the following ways:
The tamper-proof distributed ledger eliminates the need for trust among the parties concerned because the overwhelming amount of data produced by IoT devices is not managed by any single organization.
The use of blockchain to store IoT data would add another layer of authentication that hackers would need to bypass. It provides robust levels of encryption that essentially make overwriting of existing data records nearly impossible.
By allowing anyone to access the network to monitor transactions that have occurred in the past, Blockchain offers transparency. This will provide a clear means of determining a particular source of any data leakage and taking swift remedial action.
Enables millions of connected devices to process transactions quickly and while enabling fail-proof communication. Additionally, the distributed ledger technology offers a viable solution to facilitate the processing of the vast number of transactions as the number of interconnected devices increases.
Reduces costs by removing the processing overheads related to IoT gateways (for example, traditional protocol, hardware, or overhead communication costs) by providing a way to create trust among stakeholders.
Smart contracts, an agreement between two parties that is stored in the blockchain, will further allow the fulfillment of contractual agreements between stakeholders based on certain parameters. For example, when the requirements for providing a service have been fulfilled, smart contracts could authorize payments automatically, without any need for human intervention.
After Blockchain, Role of AI for IoT
When we weave artificial intelligence and the internet of things together, we get Artificial Things Intelligence (AIoT).
IoT devices collect all the data and upload it to regular to be accumulated through the internet. AI, which is considered to be the brain, is the main reason for combining AI with IoT. It helps to make decisions and simulate the machines to act or react.
We may again consider the example of smart air conditioners that we discussed above for better and in-depth comprehension. There are sensors in the smart air conditioners responsible for detecting the outside temperature. But a sensor can only collect data and mere data collection doesn't serve a smart device's function. It is the aspect of artificial intelligence with IoT devices that helps to make smart decisions. The AI portion in the air conditioner is thus what essentially helps to change room temperature.
Benefits of AI for IoT
Improved Customer Experience
Intelligence Integrated
Low unscheduled downtime
Current facilities and goods
Real-Time Behavior and Reporting
Enhanced Control of Risks
Also, Read | Creating a Nexus of Blockchain, AI, and IoT for Business Solutions
Conclusion
Blockchain, IoT, and AI provide considerable advantages in terms of encryption, openness, immutability, privacy, and business process automation. However, when blockchain, IoT, and AI come together, the effect of these technologies is even greater. Our blockchain experts believe that in the future such technologies will potentially converge and thus, drive the industry's digitization.
Mudit Kumar
18 Sep 2020
Using Smart Contracts for Business Efficiency and Resilience
Smart contracts serve as a significant component of blockchain technology-based solutions. They are self-executing business contracts that run on a blockchain. Blockchain developers translate lines of code as a business agreement on a blockchain like Ethereum or Hyperledger between two or more parties. A smart contract can reside on either a permissioned, private, or public blockchain network. Due to the emerging technology's power, the execution of transactions among anonymous parties by smart contracts does not require a central entity, legal authority, or external compliance mechanism. Blockchain also makes smart contract transactions traceable, permanent, and trusted.Smart contract development provides a business with a straightforward and hassle-free way to trade money or anything of value while eliminating any intermediary.This blog explores how smart contracts enhance business efficiency and resilience by automating processes, reducing reliance on intermediaries, and increasing transparency. It also dives into the key features of smart contracts, their importance for businesses, specific applications, and more.Also, Read |Blockchain Smart Contract Solutions for Efficient Contract ManagementKey Features of Smart ContractsDecentralizationIt is because of the decentralized structure of blockchain smart contracts do not require intermediaries to perform transactions. They reside as a code in the distributed database and, thus, are visible to every permissioned node in the network. A secure blockchain network ensures the management of a smart contract solution. Also, no one can alter any value of a smart contract once a blockchain has executed it.AutonomyOnce a smart contract initiates, it operates independently, freeing the initiator from further involvement. This autonomy means no reliance on central servers or intermediaries for transactions between parties, providing efficient and hands-off contract execution.AutomationSmart contracts can automate receiving capital, conducting transactions, assigning resources, investing, and more automatically. Businesses can rely on these contracts to streamline operations without manual input, enhancing efficiency.Also, Read |Reconditioning Automotive Operations with Blockchain Smart ContractsWhy are Smart Contracts Important for BusinessesSmart Contracts take away the human error element because of being inherently decentralized. As no single authority regulates these contracts, it ensures low risks of data manipulation. There is no need for manual processing of transactions because developers program them as computer codes. As a result, it amplifies the flexibility and acceleration of the work process. Another benefit of smart contracts is that they do not rely on any third-party intermediary. It brings down the cost of transactions. Different industries use smart contracts to create a whole new business model. Businesses may incorporate automatic access to storage facilities, logistics, or something else that has a manual constraint, using smart contracts. With smart contracts, consumers can make purchases electronically in a trouble-free manner. Efficiency gains and integrating trust are two of the smart contract's main advantages.How Do Smart Contracts WorkSmart contracts work through simple "if-then" or "if-then-else" conditions written into code. When a specific condition is met, the contract automatically executes its programmed actions. Blockchain technology then records each action, creating an immutable, permanent transaction history. This stored data ensures transparency and traceability of every transaction.Smart contracts execute only when all required conditions are met. These conditions can be internal, based on data within the contract, or external, using data from outside sources. The automated nature of smart contracts eliminates the need for intermediaries, making transactions direct and efficient. Each execution follows the exact terms defined in the code, ensuring accuracy and trust for all involved parties.Also, Read |Hyperledger or Ethereum Smart Contracts| Which is Better for Business SolutionsBusiness Applications and Use Cases of Smart ContractsSmart contracts transform business operations across various industries by automating processes, ensuring data integrity, and enhancing transparency. Here's how specific industries can utilize smart contracts and the particular use cases where these benefits can apply:Financial ServicesApplication: Financial services use smart contracts to streamline transactions, reducing fraud and increasing transparency.Use Cases:Loan Disbursements: Smart contracts can automatically release loan funds when specific borrower criteria are met, reducing manual processing and errors.Insurance Claims: Insurance providers can use smart contracts to automate claims processing, releasing funds upon verification of policy conditions, reducing fraud and delays.Digital Escrow: Smart contracts create secure digital escrows for high-value transactions, ensuring both parties meet agreed-upon conditions before funds are released.Crypto-Based E-CommerceApplication: In e-commerce, smart contracts enable secure cryptocurrency payments, reducing reliance on third-party payment processors.Use Cases:Payment Processing: Smart contracts provide direct and secure payment options, eliminating the need for intermediaries and lowering transaction fees.Loyalty Programs: Businesses can use smart contracts to automate loyalty points distribution, redeem rewards, and track usage without manual intervention.Inventory Management: E-commerce companies can track stock and shipments, updating inventory status automatically when goods are sold or returned.Supply Chain ManagementApplication: Supply chains involve complex, multi-layered processes that benefit from smart contract automation and transparency.Use Cases:Inventory and Logistics: Smart contracts automate order tracking, reducing delays and errors by updating the status in real time for each participant.Vendor Relationship Management (VRM): Smart contracts enforce supplier agreements, ensuring automatic payment when goods meet specified quality standards.Customer Relationship Management (CRM): By linking with CRM systems, smart contracts can trigger service responses based on predefined customer actions or conditions, improving service quality.Healthcare SolutionsApplication: The healthcare industry uses smart contracts for secure data storage and access, enhancing patient trust and data protection.Use Cases:Medical Records Management: Smart contracts ensure that only authorized personnel can access or update medical records, safeguarding patient confidentiality.Health Insurance: Insurers can use smart contracts to verify claims and release payments based on policy terms, streamlining the claims process.Pharmaceutical Supply Chain: Smart contracts help monitor the movement and storage of medications, ensuring quality standards are met from manufacturing to distribution.Crowdfunding for Start-UpsApplication: Start-ups benefit from smart contracts by eliminating high fees and reducing reliance on crowdfunding intermediaries.Use Cases:Equity Distribution: Smart contracts manage investor shares and automatically distribute returns based on the start-up's performance.Automated Funding Release: Start-ups can set funding milestones, automatically releasing funds as each milestone is met, increasing investor confidence.IP Protection: Using smart contracts, start-ups can track and protect intellectual property shared with investors or partners.Real EstateApplication: Real estate relies on smart contracts to create transparent, tamper-proof property transactions, reducing costs and improving efficiency.Use Cases:Property Transfer: Smart contracts automate title transfers and verify property ownership, reducing paperwork and legal fees.Rental Agreements: Property managers can use smart contracts to automate rental payments, deposit returns, and lease renewals based on tenant behavior.Escrow Services for Real Estate: Smart contracts create digital escrows, ensuring secure fund transfers and protecting both buyers and sellers.Also, Read |Automation and Efficiency in Real-Estate Settlement via Smart ContractsConclusionYou may use it once when you think about how your company can benefit from cutting out all the intermediaries and how smart contracts will increase your business performance. Smart contracts minimize data abuse and duplicity, minimize litigation-related delays, help get rid of audit costs, and so on.Therefore, at Oodles we provide dedicatedblockchain application development services that can enable you to leap into the world of smart contacts and maximize the profitability of your company. Connect with our expertblockchain developers today!Frequently Asked Questions (FAQs)What are smart contracts, and how do they work?Smart contracts are self-executing digital agreements with terms written directly into code. They operate on blockchain networks and automatically enforce conditions without intermediaries. When specified conditions are met—based on "if-then" logic—the contract executes its programmed actions, such as transferring funds or updating records. Blockchain technology ensures these transactions are transparent, traceable, and tamper-proof, providing a secure, automated solution for business transactions and agreements.Are smart contracts secure for business transactions?Yes, smart contracts are highly secure when deployed on a blockchain. They are tamper-proof, and transparent, and create immutable records, which enhances trust and ensures that transactions are reliable and free from unauthorized modifications.How do smart contracts improve business efficiency?Smart contracts streamline operations by automatically executing predefined conditions without manual intervention. This reduces processing time, minimizes human errors, and lowers administrative costs, making operations more efficient.
Category:
Blockchain
Mudit Kumar
16 Sep 2020
Blockchain P2P Lending Platform | Revolutionizing Lending
In the rapidly evolving financial landscape, Peer-to-Peer (P2P) lending has emerged as a transformative force, democratizing access to credit and investment opportunities. Traditional lending systems often involve intermediaries such as banks, which can introduce delays, higher costs, and limited accessibility. Enter Blockchain P2P Lending Platforms—a fusion of cryptocurrency development and P2P lending that promises to revolutionize the lending ecosystem. This comprehensive article delves into the intricacies of blockchain-based P2P lending platforms, exploring their mechanisms, advantages, technical foundations, and the future they herald for the financial industry.Understanding P2P LendingP2P lending is a method of debt financing that enables individuals to borrow and lend money without using traditional financial intermediaries. Instead, platforms connect borrowers directly with lenders, facilitating loans based on mutual agreements. This model offers several benefits:Accessibility: Broader access to credit for individuals and small businesses.Cost Efficiency: Reduced fees and interest rates compared to traditional banks.Investment Opportunities: New avenues for investors to diversify their portfolios.However, traditional P2P lending platforms still face challenges such as trust issues, lack of transparency, and vulnerability to fraud. Blockchain technology aims to address these limitations, enhancing the overall efficiency and reliability of P2P lending systems.Blockchain Technology OverviewBlockchain is a decentralized, distributed ledger technology that records transactions across multiple computers. Its key characteristics include:Decentralization: Eliminates the need for central authorities, reducing single points of failure.Transparency: All transactions are publicly recorded, enhancing accountability.Immutability: Once recorded, transactions cannot be altered, ensuring data integrity.Security: Cryptographic techniques safeguard data against unauthorized access and tampering.These features make blockchain an ideal foundation for enhancing P2P lending platforms by introducing greater trust, security, and efficiency.Also, Read | AI-Based P2P Lending Platform DevelopmentIntegrating Blockchain with P2P LendingIntegrating blockchain technology into P2P lending platforms transforms the traditional lending process by:Smart Contracts: Automating loan agreements, ensuring that terms are executed precisely without the need for intermediaries.Decentralized Identity Verification: Enhancing the onboarding process by securely managing borrower and lender identities.Transparent Ledger: Providing a clear, immutable record of all transactions, fostering participant trust.Tokenization: Enabling the creation of digital assets that represent loans, facilitating easier transfer and investment.This integration not only streamlines operations but also introduces innovative financial instruments, making the lending process more efficient and secure.Key Features of Blockchain P2P Lending PlatformsSmart ContractsSmart contracts are self-executing contracts with the terms directly written into code. They automate loan agreements, ensuring that repayments are processed automatically based on predefined conditions. This reduces the need for manual intervention, minimizing errors and delays.Decentralized GovernanceBlockchain P2P lending platforms often employ decentralized governance models, allowing stakeholders to participate in decision-making processes. This democratic approach enhances transparency and aligns the platform's operations with the interests of its users.Tokenization of LoansBy tokenizing loans, platforms can create digital assets that represent individual loan agreements. These tokens can be traded, pooled, or used as collateral, providing liquidity and flexibility to both borrowers and lenders.Enhanced SecurityBlockchain's cryptographic security measures protect user data and transactions from unauthorized access and cyber threats. This robust security framework instills confidence among users, encouraging greater participation.Real-Time Auditing and TransparencyEvery transaction on a blockchain P2P lending platform is recorded in real-time, allowing for continuous auditing and monitoring. This transparency helps in building trust and ensures compliance with regulatory standards.Also, Check | Coin Lending Bots : A Time-Saving Solution for TradersAdvantages Of Traditional Lending SystemsReduced Intermediary CostsEliminating traditional intermediaries such as banks and financial institutions lowers operational costs, resulting in lower interest rates for borrowers and higher returns for lenders.Increased AccessibilityBlockchain P2P lending platforms are accessible to a global audience, breaking down geographical barriers and providing opportunities for underserved populations to access credit and investment options.Enhanced Trust and TransparencyThe immutable and transparent nature of blockchain ensures that all transactions are verifiable and traceable, reducing the risk of fraud and enhancing trust among participants.Faster Processing TimesAutomation through smart contracts accelerates loan approval and disbursement processes, enabling quicker access to funds compared to traditional lending systems.Improved Credit AssessmentBlockchain platforms can leverage decentralized data sources and analytics to provide more accurate and comprehensive credit assessments, facilitating better decision-making for lenders.Technical ArchitectureBlockchain NetworkThe backbone of a blockchain P2P lending platform is its underlying blockchain network, which can be either public, private, or consortium-based. The choice of network influences the platform's scalability, security, and governance.Smart Contract LayerSmart contracts handle the execution of loan agreements, automating tasks such as disbursement, repayment scheduling, and penalty enforcement. They ensure that all conditions are met before any action is taken, reducing the need for manual oversight.Decentralized Identity ManagementSecure identity management systems verify and authenticate users without relying on centralized databases. This decentralized approach enhances privacy and reduces the risk of identity theft.Tokenization EngineThe tokenization engine creates and manages digital tokens that represent loans or other financial instruments. It facilitates the issuance, transfer, and redemption of tokens, enabling liquidity and flexibility in the lending process.User InterfaceA user-friendly interface allows borrowers and lenders to interact with the platform seamlessly. It provides access to loan applications, investment opportunities, account management, and transaction monitoring.Integration APIsAPIs enable integration with external services such as credit bureaus, payment gateways, and regulatory compliance systems. This ensures that the platform can interact with existing financial infrastructure and adhere to regulatory requirements.Also, Discover | Unlocking Value: Exploring the World of NFT LendingSecurity and ComplianceData EncryptionAll sensitive data on the platform is encrypted using advanced cryptographic techniques, safeguarding it from unauthorized access and cyber threats.Multi-Factor Authentication (MFA)Implementing MFA adds an extra layer of security, ensuring that only authorized users can access their accounts and perform transactions.Regulatory ComplianceBlockchain P2P lending platforms must adhere to relevant financial regulations, including KYC (Know Your Customer), AML (Anti-Money Laundering), and data protection laws. Automated compliance checks can be integrated into the platform to ensure ongoing adherence to legal standards.Decentralized AuditingRegular audits are conducted through decentralized mechanisms, leveraging the transparency of the blockchain to verify the integrity and accuracy of transactions and platform operations.Security ProtocolsRobust security protocols are implemented to protect against common threats such as DDoS attacks, phishing, and smart contract vulnerabilities. Continuous monitoring and updating of security measures are essential to maintain platform integrity.Use Cases and Industry ApplicationsPersonal LoansIndividuals can obtain personal loans directly from lenders without the need for bank intermediaries, benefiting from lower interest rates and faster approval processes.Small and Medium Enterprises (SMEs)SMEs often face challenges in securing financing through traditional channels. Blockchain P2P lending platforms provide an alternative avenue for obtaining capital, fostering business growth and innovation.Real Estate FinancingTokenization of real estate loans allows investors to participate in property financing, enabling fractional ownership and increased liquidity in the real estate market.Student LoansBlockchain-based P2P lending can offer more flexible and accessible student loan options, reducing the financial burden on graduates and promoting higher education accessibility.Supply Chain FinancingBusinesses can leverage blockchain P2P lending platforms to secure financing for supply chain operations, ensuring smoother transactions and improved cash flow management.Also, Discover | NFT Lending and Borrowing | When NFT Meets DeFiChallenges and SolutionsRegulatory UncertaintyChallenge: Navigating the complex and evolving regulatory landscape can be daunting for blockchain P2P lending platforms.Solution: Engaging with regulatory bodies, implementing robust compliance frameworks, and staying abreast of legal developments can help platforms navigate regulatory challenges effectively.Scalability IssuesChallenge: As user bases grow, maintaining scalability and performance becomes critical.Solution: Utilizing scalable blockchain solutions such as Layer 2 protocols, sharding, and efficient consensus mechanisms can enhance the platform's ability to handle increased transaction volumes.User AdoptionChallenge: Encouraging users to adopt new technology can be difficult, especially among those unfamiliar with blockchain.Solution: Investing in user education, creating intuitive interfaces, and demonstrating clear value propositions can drive user adoption and trust in the platform.Security RisksChallenge: Despite blockchain's inherent security, platforms are still susceptible to vulnerabilities and attacks.Solution: Implementing comprehensive security measures, conducting regular audits, and fostering a culture of security awareness are essential to mitigate risks.Integration with Traditional SystemsChallenge: Seamlessly integrating blockchain platforms with existing financial systems and services can be complex.Solution: Developing robust APIs and collaborating with traditional financial institutions can facilitate smoother integration and interoperability.Future ProspectsThe integration of blockchain technology into P2P lending platforms is still in its nascent stages, but the potential for growth and innovation is immense. Future developments may include:Decentralized Finance (DeFi) Integration: Enhanced interoperability with DeFi protocols, enabling more complex financial products and services.AI and Machine Learning: Leveraging AI for advanced credit scoring, fraud detection, and personalized lending solutions.Global Expansion: Increasing cross-border lending opportunities, fostering global financial inclusion.Sustainability Initiatives: Facilitating green loans and sustainable investment opportunities through transparent and accountable platforms.Enhanced Privacy Features: Implementing advanced privacy-preserving technologies such as zero-knowledge proofs to protect user data while maintaining transparency.As blockchain technology continues to mature, its application in P2P lending is poised to redefine the financial landscape, making lending more accessible, efficient, and secure for businesses and individuals alike.You might be interested in | Developing P2P (Peer-to-Peer) Lending Platform with BlockchainConclusionBlockchain P2P lending platforms represent a significant leap forward in the evolution of financial services. By leveraging the decentralized, transparent, and secure nature of blockchain technology, these platforms address many of the limitations inherent in traditional lending systems. From reduced costs and increased accessibility to enhanced security and transparency, the benefits are manifold. While challenges such as regulatory compliance and user adoption remain, ongoing advancements and collaborative efforts within the industry are paving the way for widespread adoption. As we look to the future, blockchain-based P2P lending is set to play a pivotal role in shaping a more inclusive and efficient financial ecosystem. If you are planning to build your p2p lending platform using blockchain technology and cryptocurrencies, connect with our blockchain developers to get started. Frequently Asked Questions (FAQs)What is a Blockchain P2P Lending Platform?A Blockchain P2P lending platform is a decentralized marketplace that connects borrowers directly with lenders using blockchain technology. This integration ensures transparency, security, and efficiency in the lending process by eliminating traditional intermediaries.How do Smart Contracts Work in P2P Lending?Smart contracts are self-executing agreements with terms coded into them. In P2P lending, they automate the loan process by handling tasks such as disbursing funds, managing repayments, and enforcing penalties, ensuring that all conditions are met without manual intervention.What are the Benefits of Using a Blockchain P2P Lending Platform?Benefits include reduced intermediary costs, increased accessibility, enhanced transparency and trust, faster processing times, improved security, and the ability to tokenize loans for greater liquidity and flexibility.Are Blockchain P2P Lending Platforms Secure?Yes, they employ advanced cryptographic techniques, decentralized identity management, and robust security protocols to protect user data and transactions. However, like any technology, they are not immune to risks and require continuous security measures.How Do Blockchain P2P Lending Platforms Ensure Compliance with Regulations?They integrate compliance frameworks within their architecture, including KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures. Automated compliance checks and regular audits help ensure adherence to relevant financial regulations.Can Blockchain P2P Lending Platforms Be Used Globally?Yes, one of the key advantages is their global accessibility, allowing users from different regions to participate in lending and borrowing activities, thereby promoting financial inclusion on an international scale.What Types of Loans Can Be Offered on Blockchain P2P Lending Platforms?Various types of loans can be facilitated, including personal loans, business loans for SMEs, real estate financing, student loans, and supply chain financing, among others.How Does Tokenization Enhance P2P Lending?Tokenization transforms loans into digital assets, enabling them to be easily traded, transferred, or used as collateral. This increases liquidity, provides flexibility to investors, and allows for fractional ownership of loans.What Challenges Do Blockchain P2P Lending Platforms Face?Challenges include regulatory uncertainty, scalability issues, user adoption hurdles, security risks, and the complexity of integrating with existing financial systems.What is the Future Outlook for Blockchain P2P Lending?The future is promising, with potential advancements including deeper integration with DeFi, the use of AI for enhanced credit assessments, global expansion, sustainability-focused lending, and improved privacy features, all contributing to a more inclusive and efficient financial ecosystem.
Category:
Blockchain
Mudit Kumar
16 Sep 2020
Digital Identity Management with Hyperledger Projects
Frameworks based on blockchain technology have emerged recently as possible solutions to the problems of adopting IAM strategies (Identity and Access Management) and managing credential authorization. They are now coming to the fore as attractive alternatives for big enterprises.
One such solution is the Hyperledger blockchain development that provides many potential advantages to organizations seeking powerful IAM tools with granular control for user access and data privacy.
Understanding Hyperledger
Hyperledger is the Linux Foundation's open-source blockchain project that facilitates the advancement of blockchain technology and applications to address various problems throughout industries. The ecosystem that surrounds the project includes corporations, software developers, and academic institutions, and is open to joining more participants as it grows.
Hyperledger projects consist of three categories: distributed ledgers, libraries, and tools. Distributed ledgers are among the most valuable for organizations that aim to leverage the power of blockchain technology.
As per the Hyperledger website, Fabric enables easy plug-and-play distributed ledger development. It also offers enterprise-grade technology to protect the protection of identities as well as data. Blockchains using Hyperledger Fabric provides an inherently higher degree of security than permissioned ones can give. Another framework, Indy, enables secure, decentralized identity management, based on blockchain and other distributed ledgers.
Hyperledger for Identity Management
Hyperledger allows for identity and user management through organization networks. Lists of access controls add more granular permissions to enhance privacy and reduce the possibility of breaches.
IBM's Fabric Architecture serves as the basis for implementations focused on modular blockchains. It provides set up of multiple levels of permission set for various businesses, business partners, and individuals using the blockchain. As a result, it enables data protection from unauthorized parties while preserving transparency and open communication wherever appropriate.
Introducing Indy
The Indy system facilitates decentralized control of identity. Indy helps participants to retain possession and control of identifying data as a mechanism aiming to uphold self-sovereign identification. Identity owners decide who sees what transaction-related information, which guards against identity theft possibility. Decentralization increases security by removing the need for a central database of identities.
Also, Read | Empowering Decentralized Identity Management with Hyperledger Indy
Combining Indy and Fabric
With Fabric and Indy, businesses can build authorized blockchains in which they issue certificates for users and set certification criteria. Users maintain control about what verifiers see, and verifiers decide which model of confidence to use to determine whether the credentials provided are appropriate as identity evidence. Zero-knowledge proof improves confidentiality by enabling authentication while concealing information that is identifying.
Managing user identities and access permissions with Hyperledger help organizations to preserve user confidentiality when different groups need access to the same permitted network. It addresses some of IAM's most important issues, including network vulnerability resulting from internal threats or vulnerabilities in third-party protection.
Also, Read | Establishing Digital Self-Sovereign Identity System with Hyperledger Indy
Advantages of Hyperledger for Identity Management
Hyperledger systems provide both internal and external users with opportunities for identity management, as well as a seamless interface.
Achieving Efficiency
It can improve efficiency by relying on the blockchain for identity management, user authentication, and access authorization. Around 30 percent and 40% of customer service calls are in some way related to authentication problems. Having one identity that provides access to all the applications and data needed minimizes uncertainty and frustration. It helps business processes to proceed unchanged while lightening a burden on customer service and IT departments.
Interoperable Systems
Self-sovereign identities migrate with their owners. So it is possible to use the authentication of information stored in the blockchain through devices, networks, and administrative domains. Such interoperability allows for data sharing between undertakings and associates or partners of third parties. Instead of several different sets of passwords, being able to receive authorization and access using a single identity eliminates the silos and makes network access more versatile.
Enhanced Privacy
Hyperledger provides networks and private transactions to tackle data protection and privacy problems associated with third-party access. Channels allow two or more members of the blockchain to conduct transactions confidentially, for example, to close crucial deals in the case of price negotiations.
Where additional privacy is required, especially in cases involving sensitive data subject to strict enforcement regulations, a private transaction can come in use by two members of the blockchain. Hyperledger rules make it impossible for third parties to ascertain the identity of the persons involved and also prohibits unauthorized people from knowing about data transfer location.
Also, Read | Blockchain Digital Identity Management | Empowering Individual Data Ownership
Case Studies | Hyperledger for Identity Management
Sovrin Network
Independent Stewards run the Sovrin Network. It leverages the idea of a distributed ledger to enable individuals, organizations, and objects to possess and manage their own permanent digital identity. Given the recent developments in digital identity standards, Sovrin is providing identity holders with a stable and private network to acquire, manage, and distribute their verifiable digital credentials.
The Sovrin Foundation regulates the Sovrin Network. It is a non-profit organization liable to manage the governance structure for this autonomous, open-source, public network laying the foundation for self-sovereign Internet identity.
Known Traveller Digital Identity
Known Traveller Digital Identity, or KTDI, is an initiative of the World Economic Forum with Accenture. The initiative comprises a global consortium of individuals, authorities, and the travel industry to strengthen world travel security. It leverages cryptography, blockchain technology, and biometrics to facilitate cross-border travel without displaying physical documents. It speeds up passenger traffic through airports, enhances passenger comfort, and allows authorities to concentrate scarce resources on security improvements.
QDX™ HealthID platform
It is a platform by Quantum Materials Corp that leverages self-sovereign identity technology to provide end-to-end visibility to support infectious disease testing and immunization, including COVID-19, at scale. It allows for several methods of authenticating the individuals, those that administer the test, as well as the test kits themselves, whether to detect the presence of the virus itself or relevant antibodies.
The QDXTM HealthID platform uses Hyperledger Sawtooth as the distributed ledger technology. It uses the Sextant framework for Sawtooth from Blockchain Technology Partner. Additionally, the platform is ready for integration through DAML, the smart contract language opened by Hyperledger member, Digital Asset, with other distributed ledger applications.
Also, Read | Trust No One: Creating a Blockchain-Based Identity Management System
Challenges with Implementing Hyperledger-based IAM Solution
Like the blockchain itself, Hyperledger for IAM and cybersecurity are still new participants. Enterprises may make a move cautiously, especially those beginning to embrace cloud technologies or relying on legacy systems.
For enterprise IT teams with little knowledge of blockchain, the inherent difficulty of Hyperledger development poses an adoption barrier. If the people who handle IAM do not understand the advantages of blockchain for identity management, implementing a new system is unlikely to be of interest to them.
Conclusion
With support from accredited blockchain development service providers, businesses interested in using Hyperledger technology may do so. The Hyperledger certification program "is a pre-qualified tier of certified service providers with extensive experience. It enables companies to implement Hyperledger successfully," so businesses can be confident that each partner has the expertise and skills.
Mudit Kumar
14 Sep 2020
Uncovering the Potential of Blockchain in Automotive Supply Chain
The automotive sector has highly complex supply chain networks. Automotive industries work with several third-party companies for various vehicle parts to complete manufacturing processes. This dependency creates issues and flaws in automotive supply chains. These issues include lack of transparency, component counterfeiting, excessive paperwork, and more. Blockchain technology can help in overcoming these problems.
This article entails the potential of blockchain supply chain development services in the automotive industry.
Understanding Blockchain
A blockchain is a shared distributed database or ledger across computer network nodes. It serves as an online database for storing information in a digital format.
The technology, if used as the underlying infrastructure, can revamp the entire automotive supply chain. It can benefit the automotive supply chain industry in multiple ways. It can provide tamper-proof transaction history, a transparent supply chain, easy-to-track operations, and more.
Advantages of Blockchain for Automotive Supply Chain
Streamlined Administration
Blockchain technology's implementation expedites administrative supply chain processes, reduces additional costs incurred, and maintains transaction protection. Eliminating the supply chain middlemen and intermediaries reduces the risks of fraud, commodity duplicates, and saves money.
Customers and suppliers can manage payments inside the supply chain using cryptocurrencies instead of depending on EDI. It will also increase productivity and reduce the chance of missing goods with correct record keeping.
Trust and Security
Trusting multiple participants in complex supply chains is crucial for smooth operations. For example, if a manufacturer sells his goods to suppliers, he/she should be able to rely on them for upholding safety standards at the factory.
Also, trust plays a key role when it comes to regulatory compliance, such as custom enforcers.
Blockchain's irreversible role in the supply chain efficiently prevents tampering. The blockchain avoids the threats that come with centrally controlled data by storing data through its network. Its infrastructure lacks central vulnerability factors that hackers can abuse.
The internet today has security concerns common to us. To secure our identity and properties online, we all rely on the "Username / Password" scheme. Blockchain, on the other hand, uses encryption technology as a protection mechanism.
The public and private 'keys' enables the encryption of data in the blockchain.
A public key (a long, randomly generated string of numbers) on the blockchain is a user's address. Cryptocurrencies sent over the network remain registered as corresponding to that account.
A private key is just like a code that provides access to its owner's digital properties. After the data is available on the blockchain, it is incorruptible. It may also entail the safeguarding of the private key by printing it out and making a hardware wallet to secure digital properties.
Source: Deloitte
Also, Visit | Reconditioning Automotive Operations with Blockchain Smart Contracts
How Blockchain can Benefit the Automotive Supply Chain
Automotive supply chain managers can use blockchain to multiple supply chain problems, like keeping complex databases and monitoring products and services. It serves as a far less corruptible and automated alternative to centralized databases.
In the field of monitoring and testing products and services, a blockchain-based automotive supply chain management system allows for accurate record-keeping and monitoring of provenance as product information is accessible via embedded sensors and RFID tags.
Automobile firms can document production updates to the blockchain. It gives time stamps for every transaction. So, companies can check the location or station of a product anytime. Also, this form of exact provenance monitoring can ensure fraud detection in any part of the supply chain.
The car supply chain is a highly dynamic and big field with numerous participants, ranging from parts suppliers and producers to sellers.
Delivering real customer value includes a review of existing infrastructure and business processes, as well as solutions that respect protection, confidentiality, and authorization permissions.
Blockchain can prove an ideal solution. Automotive manufacturers can use this technology to protect their brands against counterfeit goods and to build customer-centered business models.
Find Out More Blockchain Applications in the Automotive Industry
Countering Component Counterfeiting
Falsified goods pose a critical concern for car manufacturers in the automobile industry. It also puts the global demand for counterfeit spare parts at several billion dollars.
Such goods may find their way through the supply chain either directly. Or, they may get through suppliers from the OEM and the aftermarket.
Fraudulent replacement parts are not reliable because they have often deteriorated quality standards and frequently appear to malfunction. It inevitably causes disappointment to end-users, causing them to revoke their brand faith.
Introducing blockchain technology for counterfeit goods is dramatically beneficial as it enables accurate identification and digital representation of replacement parts.
Digital spare parts recognition provides clarity to the framework, which can be exchangeable across different network members
Related Post | Blockchain Solutions Development for the Automotive Industry
Augmented Inbound and Outbound Logistics
Inbound logistics and blockchain-based manufacturing powered by blockchain smart contract solutions will make the automotive supply chain more efficient. The analysis of individual components of an inbound supply chain is currently problematic and vulnerable to errors.
For the successful functioning of the supply chain, coordination between multi-tier suppliers, third-party logistics, and transportation companies through the manufacturing facility is essential.
By using blockchain, businesses can ensure the availability of accurate and real-time information from various parties. Individuals concerned should verify the status, quantity, and position of individual pieces.
The outbound supply chain is likewise a complex network consisting of producers, suppliers, importers, and dealers. These participants also don't have a shared model of data sharing which makes it hard for them to share information.
A decentralized blockchain-based framework can boost accessibility and accountability, ensuring quicker transactions and shorter periods of settlement.
Internet of Things (IoT) and Blockchain Technology
By 2023, Gartner forecasts that blockchain will enable global movement and annual monitoring of 2 trillion dollars of products and services. But this growth is unlikely to occur without the support of integrated IoT platforms.
By integrating IoT's real-time tracking and decentralized distributed ledger blockchain, track-and-trace precision, as well as scalability, become more efficient. It improves the efficiency of the automotive supply chain.
Both innovations together further improve the dynamic relationships within the supply chain for automobiles. While this sounds good, further study may be necessary to decide how these activities occur.
Learn More About Blockchain Automotive Solutions | Making Drivers' Life Easier
Conclusion
Blockchain could offer a solution to many of the problems facing the industry today within one to two years due to its rapid advancement. We expect to see the tipping point within the next five years, with industry-wide acceptance of the wholesale.
To realize potential benefits, companies need to analyze their strategic priorities. They have to determine which blockchain technologies are most appropriate for them, and how to invest.
If you are looking for a blockchain service provider to streamline your automotive supply chain, then Oodles is the right partner. Connect with our blockchain experts to discuss your idea in detail.
Mudit Kumar
11 Sep 2020
EHR (Electronic Health Records) Management with Blockchain
The healthcare industry is at the cutting-edge of technology. The quality of patient care in 2019 has never been higher. However, the administration and data processing underlying the treatment is lagging far behind. Lack of interoperability with EHR is one of today's barriers to healthcare organizations. Open standards initiatives such as Fast Healthcare Interoperability Resources (FHIR) have begun to address these problems. However, they are not mature enough to completely support interoperability. Organizations are optimistic that blockchain healthcare solutions development can be the game-changer that will continue to bring interoperability.
What are the Challenges with EHRs
The Healthcare industry's one of the most pressing issues today is to share patients' medical data with stakeholders in a way that maintains data integrity and protects privacy.
Data standards are indeed better than they have ever been. EMRs can still collapse with inaccurate processes and a lack of accountability. It can lead to an impact on decision-making and data veracity, which, in turn, naturally impacts a patient's treatment and care.
Medical authorities now focus on coordinating care and involving the patient more in the processes. It requires stakeholders to be able to access, view, edit, and share data on EMRs at each treatment stage while preserving an accurate and up-to-date medication and diagnosis record.
What's the Solution
It may seem a simple logistics challenge. But without standardization of EMRs, and a medium to information exchange safely, it can be dangerous. If medical authorities leave electronic medical records incomplete or miss at a vital care stage, it can result in jeopardizing the effectiveness of a particular treatment course.
EMRs should be structurally sound. It must give patients the provision to have a say in who can access their information, how much part of it someone should access, and what activities they can (and cannot) perform using their PHI.
Introducing Blockchain for EMRs Management
It makes perfect sense to use blockchain, considering that PHI is sensitive and subject to the issues discussed earlier. When contained within an EMR and shared on a distributed blockchain ledger, information can be updated and secured and made ready for use by anyone authorized to access it. A blockchain-based EMR solution time-consumption to access information about a patient. It will also augment the quality of the data and ensure smooth and secure interoperability.
Subsequently, blockchain for EHRs (electronic health records) can lead to reduced overheads. It will happen during the development of software and maintenance of health record systems.
Also, Read | Augmenting the Management of EHRs (Electronic Health Records) with Blockchain
What are the Advantages of Blockchain for EHRs
Upon the introduction of a blockchain to manage EHRs, it becomes the long-awaited standardized method of digital health data management. Healthcare stakeholders will not need access to patient data through specific software or databases.
For example, the decentralized blockchain would enable doctors, nurses, administrators, and other approved individuals to participate in an exchange community. It will eliminate their need to rely on a private network between local hospitals (or a state-designated HIE) and additional data exchange infrastructure between organizations. Moreover, in the interests of collecting statistics, understanding trends, and improving patient care, EHR metadata could be shared safely and securely. That leads us to maybe the most interesting EMR and blockchain use case.
Secure, Efficient, and Real-Time EHR Management
In the healthcare industry, streamlined, accurate, real-time sharing of information should be considered the gold standard for both providers and patients. Security concerns and regulatory requirements, however, often prevent the sharing of quality data between organizations and individuals. A better level of collaboration can promote more efficient treatment and enhance options for treatment, introducing an era of cost-efficient, appropriate medical care. It is where blockchain happens to come in. It can thwart the data ownership issues and generate safe and responsible peer-to-peer sharing without letting the patient out of the cycle.
Augmenting Clinical Research and Telemedicine
In the US, the Health Insurance Portability and Accountability Act ( HIPAA) rendered the use of healthcare data challenging and inhibited its real-time use.
With blockchain for EHRs, health data can be collected, stored, secured, and shared, while also allowing for real-time use. It might also result in a selection of anonymized patient records for studies by healthcare professionals and researchers. It can lead to an increase in tests and a deeper understanding of symptoms and treatment options.
With additional data generated from wearables and mobile apps, blockchain-based EMR can also deliver tailored patient health recommendations through an app or email. It can enable a doctor to check the recovery of a patient from surgery or illness in real-time. Identifying problems relating to diet and exercise, and vital signs like heart rate, without the need for face-to-face consultation, can become possible.
Also, Read | Healthcare Insurance on Blockchain with Smart Contracts
Developing a Hypothetical System with Hyperledger Fabric
We design a hypothetical system for interoperability, data security, traceability, and system accessibility following the Health Insurance Portability and Accountability Act (HIPAA) technical safeguard and ISO / TS 18308. We adopt the Hyperledger Fabric (HLF) platform to achieve our goals. In the system, various hospitals will establish a consortium with a private peer-to-peer network. With consensus among the members, membership permission will be determined.
Hyperledger blockchain development is open-source. It offers many components in programming languages. Also, it provides the Byzantine consensus tolerant fault method for transaction ordering to a block. Also, it enables 3,500 transactions per second. The Linux Foundation has hosted it, and Digital Asset and IBM contribute to the project.
The system will come with three main features:-
A reliable registry of PHI in EHRs that ensures access as well as data integrity
Reinforced security patient data management using an encryption scheme and a transparent and indisputable audit trail depending on an immutable access log.
Extensibility to include various existing regional or core hospital EHRs with minimal system modification and availability.
Use Case Scenario
We simulate a use case that explains a hands-on situation. We assume a patient, Alice, visits Hospital A. Alice finds that she has cancer. Dr. John recommends that she must see a cancer expert in the central hospital. Dr. John uploads records of Alice to the hospital's EHR with her consent. Then, Alice goes to the central hospital, and the cancer specialist accesses Hospital A's data for Alice in the EHR.
Also, Read | Secure and Efficient Healthcare Data Sharing (POC) using Corda Blockchain
Conclusion
Most forward-thinking healthcare organizations have already started acknowledging the potential of blockchain technology. It is because they believe it can transform the way they operate at the most fundamental level.
More importantly, using blockchain to standardize the way stakeholders manage and access electronic medical records will elevate patient care. Patients will get more accurate diagnoses, fatal errors will get reduced, and they will be in control of their digital health record as a whole. Further, safely reconciled electronic health metadata can be put to work. It can help in identifying health trends and improving treatment.
The potential of blockchain technology is incredible and thought-provoking. Combining blockchain with EMR can ensure a brighter, fairer, healthier future for all of us. For more information about developing a blockchain solution for EHRs, connect with our blockchain experts.
Mudit Kumar
09 Sep 2020
Healthcare Insurance Solutions with Blockchain Smart Contracts
Increasing prices, discerning consumers, and disruption by technology are a few challenges health and life insurance companies face. So, can technologies like blockchain and smart contract solutions development for healthcare enable systems to address insurance issues? Health and life insurance companies are some of the key players trying to incorporate emerging technology blockchain and smart contracts. They are doing so to change record keeping, transaction execution, and interaction with stakeholders. The question is whether blockchain technology and its applications can facilitate insurers to gain efficiency in healthcare insurance operations. Can they enable them to reduce costs, manage vulnerabilities, enhance customer support, expand their business, and thus, improve the bottom line? Let's find out.What are the Challenges with the Current Healthcare Insurance ServicesLife insurance policy life cycles with complex touchpoints and healthcare insurance claims often involve complicated and unpleasant experiences.It makes the establishment of good insurer/client relationships problematic. Term life insurance appears to be a static, one-dimensional product. Whether the policyholder dies, it pays out, or when the contract expires, it lapses.Otherwise, there is no engagement until the sale is closed except for premium payments. With no legal standards demanding its acquisition and little encouragement other than the provision of death coverage, term life insurers continue to be hard-pressed to accelerate strong revenue growth. In reality, life insurance (and maybe even health insurance) tends to be low-return, high-cost products for those who are younger and healthier. They provide little relevance to the everyday life of a policyholder. Also, Read |Blockchain in Insurance | An Enabler for Efficiency and TransformationWhat Solutions Does a Blockchain-based System ProvideThe basis for incorporating a wide range of wellness-related activities into the insurer/client dynamics can be EHRs safely stored on blockchain's immutable database and powered with smart contracts. In this context, technology can not only be used as a secure archive of past medical history to allow faster underwriting and pricing. It can also store near-real-time information about the lifestyle and health of the policyholder through telematics devices tracking their day-to-day activities. Also, Read |Blockchain Smart Contracts in Insurance | Advantages, and ApplicationsBenefits for a life insurerIn this direction, life insurers can reevaluate a person's risk profile and modify coverage costs accordingly while providing incentives like premium adjustments, exercise or dietary performance discounts, or perhaps even gamification-driven competitions constantly. The architecture of blockchain can incorporate the fast-growing number and types of health and wellness data sources more effectively than a more conventional, widely distributed, and often fragmented communications infrastructure. An interoperable blockchain-based health record system can safely update in near-real-time with diversified, lifestyle-related data points. Further, it can drive more regular revaluations of the vulnerability and enable dynamic premium pricing of life insurance schemes. Potentially, life insurers can harness this gathered information to incentivize risk-reducing behavior individually, thus, facilitating customers to make more knowledgeable, healthier lifestyle choices by aligning with them. They can also provide promotions to related vendors (gyms, fitness facilities, spas, etc.). Carriers may also be in a stronger position to deliver unbundled, customizable, personalized policies. Also, Read |Augmenting the Management of EHRs (Electronic Health Records) with BlockchainBenefits for a health insurerIn turn, healthcare insurers can use such telematics data to facilitate wellness services and trigger premium discounts. The collection of such real-time data connected to smart contracts in health insurance can alert policyholders to take prescriptions and schedule check-ups. Fluctuations in a patient's health factors like heart rate or blood pressure can set off alarms. This data collection will activate contact from a healthcare care provider or a wellness coach. When combined with advanced analytics and real-time data sources, blockchain-facilitated data storage can ensure owning life and health insurance is an essential part of a policyholder's lifestyle.Benefits for an insuredCurrently, consumers connect with their health insurance when it requires them to pay premiums or consult a disease or injury. Instead, they can establish a long-term positive relationship with their insurer. Exercising and staying productive can lead to obvious and direct benefits — like premium discounts or reduced deductibles. Then, consumers might equate health insurance with well-being and advantages rather than health expenditures. Effectively, insurers may benefit from building a healthier business book that is more risk-averse.Also, Read | Blockchain Solutions for Reconciliation and Dispute ResolutionHealth insurance-specific applicationsFacilitate Health services for insurersCreate a more reliable medical and wellness knowledge repositoryCause drug warnings or routine medical visits or diagnostic testsFoster healthy lifestyles, reducing the cost of medical complicationsAllow insurers to know their policyholders betterLife insurance-specific applicationsFacilitate faster evaluations of the underwriting and sellingCreate less discretionary, more realistic pooling of risksAllow programs geared towards risk reduction and lifestyle and longevity improvementsFoster revenue growth and augment loyalty programs to policyholdersAllow more customization and individualized coverageAllow insurers to know their policyholders betterBut a Nexus of Blockchain, Smart Contracts, and IoT is EssentialIncorporating real-time information might help mitigate arbitrary pricing decisions. It can set the stage for a more engaged customer relationship. However, blockchain alone can not accomplish this. Whether manually uploaded or automatically collected via the Internet of Things ( IoT) sensors, fine-grained lifestyle data points will need to be securely channeled and stored on the blockchain database and converted into successful consumer insights and rewards. Also, Read |Creating a Nexus of Blockchain, AI, and IoT for Business SolutionsChallenges with such a Blockchain-Healthcare Insurance SolutionMoreover, the possibility of tracking and penalizing those who do not practice healthy lifestyles 24/7 might cause some customers to refuse such deals. On the other hand, insurers could face additional regulatory restrictions to protect the interests of both users and non-users.ConclusionUsing blockchain and smart contracts to support ongoing, interactive, value-added customer relationships may encourage more individuals to buy coverage and stick to their insurer once they do so. It will be more applicable when points created in reward programs are at risk if a policyholder switches carriers. For more detailed information, connect with our experts.
Category:
Blockchain
Mudit Kumar
07 Sep 2020
Automotive Operations on Blockchain Smart Contracts
There is a growing interest in C-suite level executives for blockchain and smart contracts. Market research firm Gartner forecasts that by 2025 the business value added by blockchain applications will increase to US$ 176 billion. An analysis by our experts on the development of mobility, digital transformation, and other transformations that impact the industry indicates that blockchain and smart contracts are creating opportunities across the value chain. However, we will concentrate primarily on the opportunities in automotive operations provided by blockchain-powered smart contract solutions development.
Blockchain Smart Contracts | Self-Enforcing Agreements
Due to being embedded in blockchain-managed computer code, a smart contract is an agreement that enforces itself automatically. The code includes a set of rules under which the parties to that smart contract agree to interact. The terms get automatically enforced when parties meet predefined if and then scenarios.
Smart contracts provide frameworks for managing transactions between two or more parties effectively while replacing paperwork. Blockchain maintains the underlying principles and access rights that they control. It can be open, public, permissioned, or private ledger, thus, securing them from deletion, manipulation, and revision.
Therefore, smart contracts provide a transparent and verifiable means of integrating governance rules and business logic into a few lines of code, which the majority consensus of a P2P network can audit and implement.
Also, Read | Blockchain Smart Contract Solutions for Efficient Contract Management
Why Use Smart Contracts
Blockchain-based smart contracts provide a range of benefits for a wide variety of potential applications applicable to the automotive industry as well:
Faster, Automated Operations
Since smart contracts use software code for the automation of a range of tasks usually performed by manual means, they increase the speed of a wide variety of business operations significantly.
Lower execution risk
The decentralized process mechanism effectively removes the possibility of coercion, failure to execute, or mistakes, as the connected network handles the execution automatically than an individual group.
Fewer intermediaries
Smart contracts can minimize or eliminate dependence on third-party intermediaries by offering "confidence" in services like escrow between transacting parties.
Lower cost
When smart contracts power new processes, they require less human involvement and fewer intermediaries, thereby reducing costs.
Also, Read | Smart Contract Solutions for Business | Advantages and Use Cases
Applications of Blockchain and Smart Contract Technology in the Automotive Industry
Automotive Supply Chain | Cargo Shipping
Implementing blockchain technology and smart contracts in the automotive sector can also offer various advantages to shipping companies involved in car shipments. Because of its vast volume of point-to-point contact between transportation companies, freight forwarders, customs brokers, governments, ports, and warehouses, the shipping industry today remains complex. All data about the shipment of a specific cargo is stored in the silos of the shipping company, rendering it unavailable to customers.
Maersk, a multinational cargo shipper, has collaborated with IBM to use blockchain and smart contracts to ensure trust and openness in its supply chain and make shipment data available to all members of the supply chain at any time.
They began using smart contracts to ensure automation across most paperwork, including agreement formation and contract signing. Implementing Smart Contracts enabled Maersk to remove hundreds of point-to-point communications with members of their automotive supply chain. It rendered the process of shipping cargo more effective and cost-efficient. Any supply chain participant may check shipment details with the blockchain, including who has submitted paperwork, where the shipment is, who has it, and where it is going at any given time.
The blockchain provides secure data sharing and an archive that is tamper-proof for cargo records and shipping events. This technology will drastically reduce the number of delays and fraud while saving shipping companies millions of dollars.
Also, Read | Making Supply Chains Smarter with Blockchain Smart Contracts
Automotive Insurance
The blockchain could bring substantial benefits to insurance companies. Both the immutability principle and the evidence of provenance of the technology, when combined with the potential of the smart contracts, would enable companies to manage their operational activities efficiently.
Smart contracts may help a company verify the submission when a car insurer receives fraudulent information from false claims or any other channel. Through the blockchain, insurers will be able to confirm if a car needs significant repairs before the crash, which may be triggered by the technical problems of a vehicle, or verify any other details that the submitter has given.
According to Reuters, Toyota, the Japanese vehicle maker, will partner with technology companies like MIT, BigchainDB, and Oaken Innovations. They are partnering to create blockchain and smart contract-powered automotive insurance applications. So, we'll see some of Toyota's usage-based blockchain insurance solutions sometime soon.
Also, Read | Smart Contract Solutions for On-Demand Car Insurance
Car Rental
There is a paradigm shift from car ownership to car sharing, through car rentals or leases. This change is further motivated by the fact that cars are underused and stored (and inactive) most of the time, while car owners incur ongoing fixed costs such as insurance, tax, repairs, and parking.
The use of blockchain in car rental provides a secure (from fraud) and reliable platform for car sharing. It a fact that is likely to encourage car sharing through P2P. Inbuilt immutable properties of blockchain and automation enabled by smart contracts provide a safe forum for both car owners (to list their cars) and customers alike.
In the car rental industry, the idea of blockchain functions similarly to every other blockchain transaction. Service providers (or car owners) and end-customers registered on the blockchain can sign digital smart contracts based on pre-agreed laws.
The smart contract also contains the required information, such as renter details (driving license verification, insurance, and credit card data) and car registration number, cost, mileage, rental period, and car owner's credentials. All financial transactions (rental payment) may be made either through a check or by buying associated cryptocurrencies and tokens to be registered on the blockchain. The use of smart contracts has made the system transparent and secure because contract knowledge is unchangeable.]
Also, Read | Blockchain Automotive Solutions | Making Drivers’ Life Easier
Car Leasing
The benefits of blockchain and smart contracts are most noticeable at the end of the lease period. For instance, when a customer returns a leased car. The distributed ledger removes conflicts existing between a service provider and end-customers in respect of end-of-lease payments. They establish transparency through the lease lifecycle, including transparent vehicle use records, mileage, fuel, repairs, tire adjustments, and insurance. It makes it easier to quantify any end-of-lease costs based on the smart contract's predefined terms. As per the smart contracts, recipients may get payments automatically in the form of cryptocurrencies or tokens.
Darenta ICO is a Russian start-up in car rental. It has built a platform for existing car owners to rent their cars using a digital solution. It utilizes geolocation, smart contracts, and other blockchain technology.
Also, Read | Blockchain Applications in the Automotive Industry | Advancing Innovation
Compliance Challenges
Blockchain is maturing while the demand is picking for autonomous cars. Automotive companies are considering blockchain to track, store, and pass digital records. They include vehicle identification, ownership, warranties, wear and tear, mileage, leases, loans, parts, and automotive service data.
Blockchain and smart contracts will allow for the storage of these data in a decentralized, shared ledger format. The authorized parties will have access to a portion of this ledger data based on their access rights and needs. Thus, blockchain will allow vendors, authorities, and other entities in the mix to verify and use credentials in near real-time.
Also, Read | Legal aspects of Smart Contract Deployment
Conclusion
Car manufacturers, resellers, and insurers are exploring blockchain, a technology used in many financial organizations. A few companies have already declared their readiness to research and put their abilities into practice in their business. Distributed ledgers powered technology like smart contracts can allow automotive companies to achieve numerous advantages in operations. They include reducing document workflow expenses, preventing fraud, boosting manufacturing, and securing the digital ecosystem.
Mudit Kumar
04 Sep 2020
P2P Crypto Exchange Development | A Compact Guide
According to CoinMarketCap numbers, there are over 1,600 cryptocurrencies in circulation today, with a collective market cap of over $289bn. Investors around the world are keen to trade in this fast-growing area. As a consequence, a slew of cryptocurrency platforms has arisen to meet infrastructure needs to help digital currency trading. However, cryptocurrency exchange development has evolved into various types to serve the changing needs of traders.
After the centralized ones, decentralized P2P exchange development has the lion’s share in the crypto market.
P2P Crypto Exchange Platform Development
Peer-to-peer (P2P) or decentralized exchanges are primarily software-operated and managed. They enable market participants to transact with each other directly without any trusted intermediary for managing trades.
Contrarily, standard cryptocurrency exchanges are businesses that act as intermediaries for their clients by receiving fees and thus, making a profit. In comparison, the interactions between counterparties on peer-to-peer exchanges are driven solely by pre-programmed algorithms, with no human middlemen requirement.
The Mechanics of P2P Crypto Exchange Platform
We must first understand how the regular exchange of cryptocurrencies functions. Investors of cryptocurrencies decide the quantity and price that they would like to sell them. All those requests are deposited in a ledger, called the order book. Further, when another person decides to buy them, they either look for a suitable offer in the order book or build their buy order by defining the terms of the deal they want. Then, the exchange matches buy and sell orders by price whenever possible and execute the exchanges with blockchain and smart contract powered software.
It can take quite a long time for financial transactions-from at least five to 10 minutes and sometimes up to several hours. Transfers of fiat money typically take longer. In some cases, foreign transfers may take several days in a settlement. A centralized exchange serves as a trusted intermediary to speed up the trading process. It settles all fiat and crypto trades immediately, even though the actual transactions are in processing.
P2P exchanges operate in a different way to eliminate a need for a third party. Instead of matching orders in the order book, the people behind those orders match up.
When a matching buys and sell order is found, the exchange software does not process the trade immediately. Instead, it connects the buyer to the seller, enabling them to carry out the deal without any middlemen. In the event of possible disputes, third parties may still be involved as arbitrators, but there is no need for the exchange to involve human efforts by default. The program alone is capable of matching traders in a decentralized way.
Also, read | Entering the Crypto Market with Peer-to-Peer (P2P) Crypto Exchange Development
Advantages over a Centralized Exchange
P2P exchanges support excellent tolerance to censorship of transactions. They are inexpensive to use and private and secure when developed appropriately. The benefits of decentralized exchanges for cryptocurrencies come from not having a single entity in control. A single point of authority provides several advantages-the quicker trades, in particular. It also acts as the single point of failure, meaning any bit of damage to it will affect the entire system.
Cost-effective operations
It is the people who run regular crypto exchanges, and they get paid for their jobs. On the other hand, software systems operate P2P transfers, so there are little or no corporate overheads, and, by default, very minimal user fees, if any.
Resistance to transactional censorships
Standard cryptocurrency exchanges are operated by people, making them vulnerable. Also, policymakers may manipulate them by enforcing regulatory restrictions.
P2P exchanges are virtually invulnerable to intervention by the government, as they have no central point of authority for manipulation. Even if a few sections stop running, the remainder of the system remains unchanged. This advantage is what caused a marked increase in the user base P2P exchanges.
Secure
P2P exchanges do not keep cryptocurrencies of their customers. Instead, they link traders with each other. It enables them to conduct transactions directly. The method is made much simpler by not having to entrust your coins to a third party. If no one owns your funds except you, so no one can steal or lose them-either deliberately or by mistake.
Smart-Contract powered Escrow Service
A smart contract-powered escrow service serves as a trusted intermediary service that maintains the money for a transaction until the settlement of cryptocurrencies is over. They protect customers from fraudulent sellers by requiring the cryptocurrencies to deposit in advance before any exchange of money.
Regulatory Compliance
Exchanges must get permits, depending on where they operate. In the United States, the Securities and Exchange Commission (SEC) regulates them. Within the European Union (EU), this is achieved following the EU Electronic Money Directive under the EU Payment Services Directive.
Knowing what the latest rules are, how to stay compliant, and what to avoid is crucial now and in the future for cryptocurrency trading.
Also, read | Analyzing Peer-to-Peer (P2P) Cryptocurrency Exchange Model
Benefits of the Development of P2P Crypto Exchange with Oodles
Desired Trading
Buyers get the jurisdiction to choose their preferred sellers for a more open and trusted trading experience, backed by escrow service.
Matching Engine
A high-speed matching engine capable of matching real-time buyers and sellers manages the exchange efficiently. It includes built-in buy order forms for buy and sell orders to ensure fast trading.
Multilayered Protection
Top-notch security mechanisms such as SSL implementation and two-factor authentication add to the P2P exchange platform developed by Oodles an integral layer of protection.
Different Methods of Payment
Traders can send, receive, or request payment in the P2P network using various payment methods such as PayPal, Bank Transfer, UPI, etc.
Exchange of Multiple Cryptocurrencies
The exchange platforms provide provision for the transaction of several cryptocurrencies like BTC, ETH, XRP, BCH, LTC, etc.
Multiple Language Support
P2P exchange platforms developed by Oodles support several languages. It makes them readily available or understandable in the world by anyone. We strive to provide the best user experience; for every customer, from every corner of the world, and every nook.
KYC and AML Checks
It enables an admin to search and validate KYC / AML information of users to stop scam attacks.
Atomic exchange
A peer-to-peer swap ensures transactions of trusted users, eliminating the need for an intermediary. Atomic swaps advance around either completing or ending the trades, thus, reducing the likelihood of conflicts in a situation of breach of the agreement.
Administrative Panel
A secure admin panel provides admins with smooth controls to effectively manage critical elements such as the escrow system and dispute management.
Dispute settlement
A robust dispute management system empowers the administrator with seamless redress from disputes. Full insights into the transaction history of users and bank statements help administrators to manage disputes and strengthen their decision.
For more information about the development of a peer-to-peer exchange platform for your traders without any third-party or central authority, connect with our experts.
Mudit Kumar
03 Sep 2020
Blockchain Meets Mining Supply Chain for End-to-End Tracking
Mining companies are piloting blockchain to track and trace resources like conflict minerals and diamonds as they pass through the supply chain from the mine site. But, how is it going to work in action, and can one rely on catching illicit and unwanted activity? Let's find out if blockchain supply chain development for the mining industry can make it possible to track mineral from mine to our smartphones.
What is Blockchain Technology
Blockchain is an ever-increasing list of records stored in a decentralized, unchangeable and cryptographically encrypted online ledger. All information stored on the network is authenticated peer-to-peer, and thus, nobody can compromise it without others being quickly aware of it.
One of the main advantages of blockchain – a technology built as a decentralized transaction ledger for bitcoin more than a decade ago – is that it provides a transparent audit trail for all stakeholders. As a result, it builds inherent trust in processes or transactions.
Introducing Blockchain in the Mining Supply Chain
Mining companies can use the technology to document several different information, such as staff entering and leaving a mine site, commodity movement, financial transactions, or even creating smart contracts solutions between two parties.
However, until now, the most significant transformation that blockchain can ensure is to establish transparency in the mining supply chain. It can enable tracking and identification of valuable gems and essential minerals like diamonds, nickel, tungsten, and cobalt.
[caption id="attachment_9185" align="alignnone" width="600"] Source: Google[/caption]
Can a Transparent Mining Supply Chain be Established with Blockchain
What we suggest to prove provenance in the mining sector is an industry-specific blockchain. Every stakeholder in the network will see any step taken by any other participant in it. It can lead to improved consistency in the supply chain. As each transaction has an associated digital signature, it also provides auditability by clearly identifying the owner.
Companies are hoping to leverage the track-trace capabilities of the technology to monitor the lifetime of a commodity to prove its origin and provide guarantees that manufacturing happened sustainably and responsibly.
Also, Read |A Use Case for Blockchain in Thorium's Supply Chain Traceability
Are there any Similar Initiatives
Diamond giant DeBee rs launched a blockchain project in January to create trust in the supply chain of diamonds and the industry as a whole by ensuring that all registered gems are conflict-free and safe, while also improving sector-wide performance.
According to a spokesman for the company, The Diamond Blockchain Project enables building a robust, secure, transparent, efficient, and permanent digital record for each diamond recorded on the network as an additional layer of security that was not previously possible.
Also, Reuters reported on an undisclosed blockchain pilot project that will be used for the first time to track cobalt from mines in the Democratic Republic of Congo to goods used in smartphones and electric cars.
Such projects follow in the footsteps of Everledger. It is a blockchain-based network built to track diamonds some years ago. The company has revealed its Diamond Time-Lapse Protocol initiative aimed at engaging everyone in the diamond supply chain. It includes producers, suppliers, manufacturers, distributors, and customers, urging them to build and track the entire journey of a gem, making the knowledge available to all.
The company has recorded more than a million diamonds so far and is going to include strategic metals, alloys, and conflict minerals for the electronic industry.
Digitizing the Process with Blockchain
For an efficient supply chain, blockchain technology must record information about what is happening in the real world. It is a challenge when monitoring physical items since the input information must be a representation of events. But how do businesses guarantee that?
DeBeers states that it is still deciding the information that can be obtained viably from suppliers and displayed on the chain. It employs a two-stage method to verify that the diamond that a customer receives is the same as that reported on the blockchain.
The first step is to grant a unique ID to each diamond in the form of a barcode on the blockchain corresponding to its digital certificate. The second is a comparison of primary information such as stone characteristics and secondary data like the transaction history to ensure the data stored on the blockchain matches the real diamonds. There may be up to 180 single points of data.
Since each diamond is unique in its physical composition, as is the path it takes across the value chain, blockchain will help the identification of any replacement diamonds or falsified uploads of data.
The company claims that the platform will also streamline efficiencies, effectively reducing the time and expense for other consumers to conduct business.
How Everledger Does it
Everledger claims it validates details by performing on-site testing and auditing, as well as using artificial intelligence, the Internet of Things, and RFID monitoring to provide the most precise degree of data for device entry possible.
We need to do it in a way that protects data privacy. It is because it is not acceptable to share information downstream of a supply chain in certain parts of the process. It is crucial to show that the process has got completed so that it fulfills all requirements while being governed by a third party entity.
Also, Read |Creating a Nexus of Blockchain, AI, and IoT for Business Solutions
Cobalt Tracking from Mine to Buyers
However, it is cumbersome to track ores such as cobalt. As reported by Reuters, the Congo-based blockchain pilot project will operate in a process whereby each sealed cobalt bag created by a certified artisanal miner receives a digital tag, which then gets inserted into a mobile phone blockchain network. The log will include the weight, date, time, and probably a photograph of the ore.
The dealer who buys the bag must record the data on the device, in a cycle that is replicated before the ore enters the smelter, and an unchanging record of the journey of cobalt has been logged and can be viewed for downstream buyers or third parties.
Conclusion
We still need to determine how well the system performs to provide real-world solutions to complex problems such as detecting conflict minerals and blood diamonds within a supply chain. Upon getting successful, it will need industry-wide technology adoption for optimum gain. Nevertheless, for an industry not known for accountability, the new emphasis and push for accountability and accessibility that this technology has allowed represent a very positive move forward. Connect with our blockchain engineers to know more about blockchain in the mining industry.
Category:
Blockchain
Mudit Kumar
28 Aug 2020
Blockchain Powered Food Supply Chain Traceability System
Canblockchain solutionsfor the food supply chain provide end-to-end traceability? Indeed, it can. Initially, it was a technology used to transform the financial sector and crypto-currencies. However, due to its potential to simplify the access to accurate data about the sources, manufacturing conditions, and delivery of a product through the supply chain, companies are extensively exploring its applications.
Our food system comprises one of the world's most dynamic and fractured supply chains. Businesses are exploring blockchain to achieve the capability to track and guarantee the provenance of a food product while also tracing its manufacturing conditions. They believe that ablockchain-based supply chain systemfor food traceability can be the most viable solution. It can enable them to achieve trustless traceability and transparency across the food supply chain.
Why is Food Traceability the Need of the Hour
The food supply chain may comprise an average of 10-15 intermediaries that are interdependent but often have low confidence in each other. It makes it hard for retailers and wholesalers to identify the origin of a manufactured and shipped product and track its end-to-end movement. Further, fragmented channels of communication usually occur between two actors at a time and in only one supply chain path. Also, the slow process of digitization and time-consuming administration impedes efficient communication.
Disparate data systems ensuring ineffective transparency in the supply chain minimizes corporations' ability to influence progress, not only in manufacturing processes but also in fraud prevention. On top of this, the necessary data never reaches a user.
It is not easy to improve accountability in the food supply chain. It needs all players in the supply chain to have the will and cooperation.
Unfortunately, disputes are common, while solutions are expensive. Ensuring that requirements meet demands, requires following up with vendors. It is a time-consuming process due to collaboration being uncommon.
Also, Read |Strengthening Food Supply Chain with Blockchain Amid COVID-19
Can Blockchain be the Right Technology for the Solution
Blockchain is a distributed digital ledger-based network that can act as a decentralized food industry database. Its infrastructure enables blockchain-connected actors to access all data exchanged by all actors in the chain in real-time. This technology can also enhance the requisite trust between actors. Without network consensus, nobody can manipulate or retroactively alter the submitted data to the blockchain. Essentially, blockchain can make food safety, control of origin, and traceability processes dramatically simpler. Take a look at the following diagram to understand how products may move across the supply chain, with traceability and transparency.
Traceability System Based on Blockchain and Internet of Things
Blockchain has tremendous potential in the food industry when combined with the new data-capture technologies. Based on its strengths and the Internet of Things ( IoT), it can revolutionize the food industry. IoT technologies, connecting the physical and digital worlds, can capture data such as temperature and humidity during product shipping or storage. Further, blockchain can provide a network-wide, secure, and permanent database in which every participant in the supply chain can store and access data.
The following can be the benefits of the integration of blockchain technology with IoT sensors and trackers provide:
Streamlined supply chain and reduced costs for retailers
More clear compliance with regulations
Strengthened and fast food recall cycle
End-to-end transparency
Real-time traceability
Blockchain could radically change the food supply chain as per the United Nations Food and Agriculture Organization (FAO) policy paper for 2018. According to the policy paper, blockchain technology will facilitate the creation of a transparent supply chain contract between different disconnected parties, enabling end-to-end transparency throughout the system.
In the supply chain network, asmart contract solutioncan come in use to reduce the number of intermediaries. As an alternative, a smart contract can significantly reduce transaction costs, increase margins, and boost productivity. Thus, it can lead to a large chunk of income going to the farmer/producer. Here's a diagram of how the system would work.
Several IT giants have made various blockchain systems or solutions for the food industry. A few instances are IBM's Food Trust and Watson platforms, Track and Trace platform, and SAP's Leonardo platforms, Track and Trace platform, and Oracle's Internet of Things solutions.
Also, Read | Developing a Food Delivery App with Blockchain
A Use Case | PoC
In October 2016, Walmart launched two ventures with its technology partner IBM. One was for tracking the source of mangoes sold in Walmart's US stores. Another was aiming at tracking pork sold in their China stores.
A team bought a package of sliced mangoes at a nearby Walmart store for the mango POC. Then, it began determining from which farm they had come – as quickly as possible. It contacted and emailed manufacturers and suppliers and finally got a response nearly seven days later.
As per industry standards, it wasn't bad. However, Walmart has planned to do something better. Thus, they had worked together with IBM to develop a blockchain-based food traceability network.
To develop the program, the Walmart Development team referred to their processes as well as those of their suppliers.
Archana Sristy, Walmart's Director of Engineering, states that their team co-managed the core design and implementation configuration with IBM, as well as developed integration with the enterprise systems. They collaborated with GS1 to identify the data attributes for uploading to the blockchain (the authority of barcodes and labeling). IBM wrote the Chaincode. Suppliers used new labels and used a web-based interface to upload their results.
The food traceability framework, based on Hyperledger Fabric blockchain, showed significant results for these PoCs. For pork in China, it enabled vendors to submit authenticity certificates to a blockchain database, adding more trust to a system. The time it took for mangoes in the US to trace their provenance went from 7 days to nearly 2.2 seconds!
Also, Read | Modernizing Food Supply Chain with Blockchain | From Farm to Table
Using a Blockchain Platform for Development
Walmart considered several innovations for a blockchain platform but eventually opted for one of theHyperledger projects for blockchain app development, Fabric.
It fulfills all the requirements of a food traceability network based on blockchain technology. It is a permissioned blockchain technology of enterprise standards.
Working with an open-source, vendor-neutral blockchain was also necessary. Because several people, including Walmart's suppliers and even direct rivals, wanted to use the food traceability program, the technology ecosystem underlying has to be open in a permissioned way.
Hyperledger Fabric is a blockchain operating system, one of The Linux Foundation hosted projects. Intended as a framework for the creation of applications or implementations with a modular architecture, Hyperledger Fabric allows plug-and-play modules, such as consensus and membership services. Hyperledger Fabric leverages container technology to host "chaincode" smart contracts that constitute the system's application logic.
Also, Read | A Use Case for Blockchain in Thorium's Supply Chain Traceability
Conclusion
Blockchain is a revolutionary multidimensional-benefit technology. When used with IoT, it can create a transparent, traceable food supply chain, reduce food theft, and build consumer confidence.
Our blockchain experts think that we need to bring this technology to the forefront of the packaged food world. However, for that, food producers, participants in the supply chain, government agencies, and information technology experts need to work together. They need to develop a systematic roadmap for applying Blockchain technologies in the food industry.
Category:
Blockchain
Mudit Kumar
27 Aug 2020
Automated, Secure Real-Estate Settlement via Smart Contracts
The settlement or closing process in traditional real estate is a dynamic operation involving a great deal of time, energy, and attention. The land transfer process stayed the same for decades. However, smart contract development with Blockchain for real estate offers real change and an efficient alternative to the settlement process.
Real Estate Settlement
The closing of real estate is the transition of a real-estate title from a seller to a buyer according to the selling contract. In the process, the buyer gets the property title and the seller gets the money. There are, however, various settlement prerequisites and expenses that make it more complicated than purchasing something at a supermarket. The sales contract itself accounts for both requirements and costs. Many real estate closings use an escrow agent's services, which acts as a third party that both the buyer and the seller must trust. An escrow manages the activities between a buyer and a seller through an agreement of sale and purchase. However, in typical contexts, this trust is always constrained and can be compromised. The cost of closing the mortgage varies from 3 percent to 6 percent.
Real Estate Settlement | What are the Challenges
Trustless automation with protection has tremendous potential to offer benefits like increased production, improved resource efficiency, and enhanced product and service offerings. Most sectors have already reaped the benefits of automation, from e-commerce to electronics manufacturing. Yet the real estate industry has been an exception. Besides, the process of purchasing property is based on three factors, including paperwork (document signing), transfer of payment, and transfer of ownership.
Too many parties currently have to be involved in the property closing process and each of these parties uses their software.
Also, escrow companies help to build trust between traditional real estate transactions, but with a price. Also, they remain vulnerable to human actions (such as error and greed).
To simplify real-estate settlement without using an escrow, one single place is required where a buyer, a seller, agents, and a title company can meet. Therefore, a transaction needs a buyer and a seller to create and guarantee trust.
Also, read | Blockchain Smart Contracts in Real Estate: A Long-Awaited Breakthrough
Can Smart Contracts substitute Escrow for Real-Estate Settlement?
Smart blockchain contracts have emerged as a challenge to the Escrow agencies' lives. These are documents that are stored on the blockchain and translated into computer code. Smart contracts immediately execute a contract upon fulfillment of pre-defined terms, without having a middleman, leading to a quick settlement and closing. Once all parties sign the agreement digitally when carrying out their duties, a smart contract immediately releases the deed to the buyer and the money to the seller. Therefore, the escrow fees are practically removed.
It is not just a philosophical theory, though. The cycle of substituting Escrow businesses for smart contracts is well underway. The automation of acquisitions of property by settlement procedures is a fact that many successful cases back.
How it works - An Imaginary Scenario
On the blockchain, we'll record and execute a real estate purchase. For example, Bob buys an apartment in his American home in Manchester, England, while he lives overseas. The property payment will happen with Ethereum's Ether ( ETH) and payable to a smart contract.
Bob signs a purchasing agreement, sends ETH to a particular address, and awaits the seller to submit the final signed document with a notary. Then, the smart contract executes the rest of the transaction by giving the respective parties both the ETH and the deed. All this while blockchain records all aspects of the contract permanently. In the future, if any of the contracting parties make a claim, the data on the blockchain will be publicly available to come into use as proper evidence.
There was no escrow in place for the transaction in this case. Surely, finding a seller to agree to accept payment in crypto and process the transaction through a smart contract program can be very challenging. Nonetheless, this hypothetical use case shows to some degree that smart contracts are entirely capable of handling the intermediary position that Escrow companies undertake.
Also, read | Applications of Smart Contracts in Today's Businesses
Can Smart Contracts Go Mainstream?
Lately, using cryptocurrency has occurred to be the use case for property transactions. However, there are more secure alternatives that might attract more traditional real estate agencies.
The primary issue with executing any cryptocurrency transaction is the volatility issue. Bitcoin, Ethereum, and other top coins can easily change 15 percent in a single day. Many are uncomfortable taking chances on big transactions like real estate purchases. Smart contracts using fiat money are entirely feasible and gain popularity due to the relative fiat stability.
What’s next
Envision a society in which you can buy real estate digitally, instantly, conveniently, and securely. By replacing tedious processes with computer protocols, real estate practitioners reduce resources to take on more specialized job opportunities.
Automation is no longer impossible in the real estate transaction phase. It is a working concept in which companies like Oodles are working and constantly improving. Our smart contract developers understand the technology's potential and therefore, create settlement protocols powered by smart contracts that can eventually achieve broad acceptance.
Mudit Kumar
24 Aug 2020
Creating a Nexus of Blockchain, AI, and IoT for Business
Blockchain technology, artificial intelligence (AI), and the internet of things (IoT) are innovations with immense potential to enhance current business processes. Businesses can use custom blockchain solutions to improve trust, transparency, and privacy. They can use AI to streamline their processes by checking defects and optimizing the results of the processes. Furthermore, IoT can lead to user-friendliness and automatization of business processes. These technologies exhibit many benefits individually, but what if we combine blockchain, AI, and IoT together? Can businesses experience advancements in their pursuit of digital transformation and create new business opportunities? Let's find out in this article.
IoT | Gather Data in Real-Time
IoT devices, including smart buildings, smart home devices, smart grids, sensors, cars, or machines collect data huge data. IoT offers near-infinite opportunities for businesses to improve their operational effectiveness or even arrange proprietary data as a product.
We're just at the tip of the iceberg as AI has evaluated only a small proportion of today's world-generated data. Current IoT discussions are mostly about technology (i.e., 5G networks and connected devices).
Instead, we should be concentrating on how we can transform data into actionable insights. Here, artificial intelligence and its application come into play.
Read More about IoT | Strengthening Cold Supply Chain Management with Blockchain and IoT
AI and Machine Learning | Process and Optimize Data
Studies suggest that less than half of organizations comprehend the advantages and limitations of combining IoT and AI. Businesses need to understand AI and IoT to realize their full potential in businesses.
AI captures raw data of systems and makes sense of it. On the other hand, machine learning processes that information and infuses it at a device or sensor location with actionable insights.
Then, AI creates a flow in which IoT devices and sensors collect data. AI analyzes the data to provide insights, machine learning optimizes devices for actionable insights. IoT devices collect more nuanced data.
For instance, an IoT-enabled healthcare device that monitors the condition of an elderly patient collects relevant data. Further, AI translates it to understand that the patient might have not taken their medication in due time. Then, machine learning algorithms warn the program to send further updates, remind, or escalate the situation to a healthcare worker.
It also makes it possible to arrange a business information exchange efficiently. For example, data from the healthcare sector can benefit the insurance and sport lifestyle industries. However, it calls into question security and that's where Blockchain enters.
Check it Out | Blockchain and Artificial Intelligence: Business Applications and Challenges
Blockchain | An Immutable Memory for Transactions
Blockchain is probably the technology most overlooked of them all. A majority of businesses do not completely understand how IoT, AI, and blockchain can work together for maximizing efficiency.
Indeed, with its immutable distributed ledger, blockchain can establish and develop trust and transparency in data exchange across an ecosystem. Additionally, blockchain with smart contract solutions facilitates faster transactions and reduces overall costs by cutting the intermediaries in various business outcomes.
Returning to our previously mentioned example of healthcare, businesses can use blockchain to facilitate the secure transfer of sensitive data among care providers, including hospitals, rehabilitation centers, insurance companies, clinical trials, social workers, family members, and more.
Had blockchain been implemented, things during the 2008 Lehman Brothers crash could also have been different. But, no one had full knowledge during the crash, such as who held what assets and the magnitude of the threat. An ecosystem that features regulators as nodes could have helped track challenges.
Benefits of Combining Blockchain, AI, and IoT
The integration of blockchain, IoT, and AI will enable organizations to optimize the benefits of these technologies. The convergence will ensure the mitigation of the associated risks and limitations. Since IoT networks involve a multitude of connected devices, the network includes multiple vulnerabilities, including fraud and data theft.
AI-driven by machine learning will proactively protect itself against malware and hacker attacks to avoid security problems. Blockchain will further improve network and data protection, which can restrict unauthorized access and manipulation of network data. Additionally, AI can improve the IoT network's efficiency by making it smarter and more autonomous.
Also, Read | A Use Case for Blockchain in Thorium’s Supply Chain Traceability
A possible case demonstrating the integration of blockchain, AI, and IoT is Fujitsu's algorithm for calculating the heat stress rates of the staff.
Basically, the algorithm continuously tracks the physiological data of workers, such as temperature, humidity, levels of activity, pulse, etc. It uses IoT wearables and sensors to track the association between various variables and the health of employees.
Further, an analysis assists an organization to augment employee working practices and save them from exposure to serious work-induced health problems. Adding blockchain to this program can help keep track of more customized data by maintaining anonymity. Or it can help with smart contracts to disburse health insurance amounts.
If you are looking for the right partner for your blockchain-based project, then Oodles is the right partner. Connect with our blockchain developers to avail of our services.
Mudit Kumar
21 Aug 2020
Cryptocurrency Wallet Development | A Guide for Investors
Cryptocurrency wallets are a must for users who want to invest in cryptocurrencies. Their increased creation, as well as their use, indicate how rapidly the popularity of decentralized digital money is growing. Market data provider Statista revealed that by the end of the first half of 2019, the number of blockchain wallet users rose to over 40 million. As per the report, that represents a significant increase from less than 8 million users in the second quarter of 2016. It has led to a sharp rise in crypto wallet development services that enable users to own a cryptocurrency wallet and store, send, and receive crypto coins.
Now, you might also think that providing users with cryptocurrency wallets is a viable business model that can ensure long-term profitability and that you can adopt.
However, it requires to fulfill the essential requirements of users like security, user experience, features, and more. It requires detailed planning and execution of the project, as well as the assistance of an experiential crypto wallet development company like Oodles Blockchain.
So, let’s take a look at how we develop a cryptocurrency wallet application or platform like the ones key players offer.
Cryptocurrency Wallet Development
Wallet Types
Before anything, it is essential to determine which type of wallet development you want to offer. There are four main types of wallets, Hardware, Mobile, Desktop, and Mobile. Currently, mobile crypto wallets are the most preferred option due to the convenience of use for users.
Web-Based Wallet
A web wallet, also referred to as an electronic wallet, enables users to access it with an internet connection. As long as the web wallet remains linked to the internet, users can send, receive, or access crypto coins.
Our blockchain developers are skilled in developing custom web wallets strengthened with industry-leading security measures, self-explanatory design, and smooth incorporation into an exchange enable.
Why Build a Web Wallet?
Suitable for quick transactions
Makes multiple cryptocurrencies manageable
Ideal for holding minimum cryptocurrency
Convenient to use while away
Mobile Wallet
A mobile wallet on a smartphone is similar to a mobile application. With a mobile wallet, users can access it with internet connectivity anywhere, much like a web wallet.
We have experience in creating mobile crypto-currency wallets based on mnemonics for iOS and Android platforms. Whether you need a multi-cryptocurrency wallet or a single cryptocurrency, we provide world-class features to improve user experience and protection.
Why Create a Mobile Wallet?
Efficient to send and receive on-the-go crypto asset
Can be improved with additional features, including
Authentication with biometric effect
QR code support for easy scanning of your wallet address
Supporting Near Field Communication (NFC)
Desktop Wallet
A desktop wallet used for sending, receiving, and storing cryptocurrencies, especially when not connected to the internet, is one of the safest options.
We build customized, highly secure desktop wallets to suit the needs of our customers. A clear roadmap combined with a mission-driven strategy navigates our wallet creation cycle to ensure more rapid and trouble-free delivery.
Why Build a Desktop Wallet?
More secure – no private keys stored on a third-party server are not stored
Easy Usability
Needs no internet access when used as cold storage
Currently, mobile crypto wallets are the most preferred option due to the convenience of use for users.
Also, read | Analyzing Different Types of Cryptocurrency Wallets
Making your Crypto Wallet App Secure
12-Word Mnemonic Phrase
A 12-word backup phrase – mnemonic seed phrase or seed phrase – is a randomly generated group of words generated for a user when they create a wallet. They can use it to extract or generate, all the private keys that are directly encrypted on their device.
Multi-Signature
It provides an added level of security for digital assets during their withdrawal. With our multi-signature wallet, an owner can assign to approve the withdrawal request at most two co-signers if the amount exceeds the owner's set limit.
Biometric Mechanisms
Biometric security technology, such as facial / fingerprint recognition, conducts valid transactions by authenticating the user each time a user makes a requirement to transfer crypto assets.
Password-Protected Access
The secure 4-digit login PIN guarantees verified access to a user's account.
Optional Session Logout
Logs out the session automatically in case the user is unavailable for a defined period. It improves the security of the accounts and funds for users.
Two-Factor Authentication
It adds a security layer to the user authentication process.
Also, read | Ideal Security Mechanisms for Cryptocurrency Wallet Development
Must-Have Features for a Cryptocurrency Wallet App
Augmented Privacy
Users need no registration or KYC to access their funds. Also, our non-custodial wallet turns the user's private keys into mnemonic 12-word phrases held by users only.
Cross-Platform Compatibility
Cryptocurrency wallet development by Oodles supports iOS, Android, Windows, and Linux. They provide a highly secure and scalable network for your wallet users that can be accessed anywhere on any platform.
Multi-Crypto Coin and Multi-Asset
Along with native tokens support like Bitcoin, Ethereum, and ERC20, it enables integration of altcoins and tokens according to business objectives, rendering it an efficient multi-cryptocurrency wallet.
QR Code Scanning
QR code scanner enables seamless wallet address scanning that simplifies the exchange of cryptocurrencies in a single click.
NFC (Near Field Communication) Integration
It speeds up digital asset exchange between buyers and sellers. As the sender taps NFC tags on the wallet, the wallet address of the buyer is automatically retrieved, and the transaction is processed.
Multi-Layer Security
Our wallets are reinforced with market-leading security features to ensure a stable network for multiple crypto assets to be sent, received, and stored.
You may also like | Global Crypto Wallet Market Report 2023
Automated Duplicate Payment Denial
The wallet identifies similar payments automatically and rejects the same to prevent any chargebacks.
Automated Conversion Rates
Enables users to view the balance and the amount transferred in USD, GBP, AUD, and other fiat currencies.
User-Friendly Interface
The self-explaining interface ensures user-friendliness for both experienced cryptocurrency traders and beginners.
Portfolio Management
Keep track of recent transactions and show the entire transaction history.
Integration with a Crypto Exchange
Our wallets can be linked to crypto exchange platforms so that users can seamlessly exchange their cryptocurrencies.
Instant Swapping
Real-time swapping allows wallet users to exchange one crypto asset for another quickly and easily, without any cap and the need to use fiat currency as a facilitator.
Also, read | The Ins and Outs of Cryptocurrency Wallet Apps Development
The Development Process
With a clear road map, our mission-driven blockchain app development services guide your wallet growth journey.
Discussion
Discussion is always about your priorities. We will develop a better understanding of your business – from your requirements to your objectives and challenges. You will understand our process of designing cryptocurrency wallets while we will get a better understanding of your business strategy.
Business Analysis
Our professional market analyst will work closely with you to explain how your wallet will operate, what are your wallet's key features and whether there is something you may have overlooked in terms of functional and non-functional specifications.
Read More | AI for Crypto Wallet Development | Exploring Its Advantages
UI/UX Design
We're going to use a design-thinking approach to build a user interface and flows. Our creative designers will create a self-explanatory yet attractive user interface to achieve an improved user experience for both online and mobile wallets.
Wallet Development
Our experienced blockchain software developer can work on your crypto wallet's front-end and back-end implementation to produce a functioning application that aligns with your business goals and helps you succeed in the booming cryptographic sector.
Post-launch Support and Maintenance
After delivering your wallet, we don't rest on our bays. Our team will be pleased to offer maintenance and reinvent the system landscape post-launch to help you make your crypto wallet better with every release and edge out the competition.
Also, read | Custodial Vs Non-Custodial Crypto Wallets: Getting Into Details
Why Should You Choose Oodles for Cryptocurrency Wallet Development Services?
Following rigorous research, Oodles excels in using innovative technology and finding new markets every day.
Our well-equipped engineering department focuses on providing quality goods by offering flexible and creative solutions to its customers.
At Oodles, experience and skill aren't scarce. The developers will direct you through the whole process before you get a product that goes beyond your expectations.
Our crypto wallet development team is familiar with the market and can provide you with a cryptocurrency wallet to carry out a futuristic business.
Mudit Kumar
20 Aug 2020
Exploring Blockchain Technology to Enhance Loyalty Programs
Using a loyalty program ensures increased repeat purchases, customer retention, and a loyal following of brand advocates. It has always been one of the most beneficial marketing strategies for diverse industries. However, there is a rapid decline in the participation of customers in traditional loyalty programs due to multiple challenges. Key players believe that loyalty programs and solutions built with emerging technologies like blockchain can revive the potential. Our experts at Oodles believe that blockchain with cryptocurrency and smart contract development for a loyalty program solution can be a significant growth enabler.
Let us understand the challenges that preclude the widespread adoption of traditional loyalty programs and solutions that blockchain provides.
Blockchain in Loyalty Programs Management
Monthly Reward Points Issuance, Not in Real-Time
Inside a digital, real-time economy, most customers often receive reward points at the closing of the statement only once a month. Then, they will have to wait several weeks to receive a purchased product or service. The unmanageable and lengthy reward redemption mechanism requires customers to visit a third-party site to find out the best deal from a small selection of pre-approved merchants themselves. The combination of slow accrual, an underwhelming range, and disappointing delivery tends to minimize the anticipation associated with purchasing a reward, and these difficulties raise the likelihood of depletion of customers.
With blockchain and smart contracts, providers can locate the accounts of their customers on the shared ledger, and automatically credit them with reward points based on real-time transactions. It also improves the overall ability to make higher-value purchases without requiring any third-party website while enabling flexibility in using loyalty points within a collaborative marketplace without restrictions.
Inefficient Reward Redemption
Among them are challenges associated with redeeming points before they expire, and maintaining records of various loyalty programs.
Blockchain lets a customer collect all loyalty points in a single crypto wallet instead of attempting to manage different programs. There will be no specific guidelines, as is currently the case, for gaining and redeeming points from various loyalty programs.
This lack of friction, in effect, enables consumers to swap tokens and discounts or incentives with several different companies. 79 percent of participants said in a global loyalty survey that they find it attractive to choose from many forms of rewards.
Fraud
When businesses have confidential private data, the information will not be stored on the blockchain but will remain on existing systems that can communicate with the blockchain. All the requisite information reside on the ledger for Network members. It can lead to loyalty scam reductions.
Costly Programs
One obstacle to expanding reward services is that it takes time and money to do so. The risk will be much smaller with a distributed ledger. The benefits may pass on to the company in the form of having a lower minimum balance for the redemption of bonus points or more beneficial consumer interactions.
Limited Business Opportunities
Additionally, retailers may give customers digital cryptocurrency tokens built with, for instance, ERC-20 as a means of payment (and a potential revenue opportunity) to purchase items. Consumers may also use a digital token won at a coffee shop to buy a toothbrush at a pharmacy, for instance. Blockchains allow for fungible digital tokens, creating a new, more efficient digital loyalty economy.
Ineffective Brand Awareness
Blockchain-powered crypto tokens will also allow customers to send and receive rewards to and from one another. Thus, customers can easily share and offer their reward cup of coffee with their friends or family members, increasing awareness of the brand.
Non-Customizable Rewards
Blockchains also make it easier to gather and store more consumer data in a more efficient way. It can assist retailers in gaining more competitive insights into their customers and providing more tailored loyalty packages that suit user desires and purchase history.
Improve Current Network or Develop a New Infrastructure
When a business implements a new technology operating system, it must weigh the costs and benefits of "build versus buy."
At Oodles, our experts suggest that "buy" is the appropriate option for a loyalty rewards service provider. It is prudent to focus and concentrate on the experience and expertise of the consumer base (and expansion) instead of creating a new technology platform. Multiple technology players have paved specific blockchain paths to different types of business operations, especially in financial services, through the development of distributed ledger systems based on a protocol built by leaders in space, like Ethereum. Leveraging this expertise through some form of partnership would be an optimal scenario.
Also, stakeholders can either set up blockchain-based innovation labs with proof of concepts that appeal to their employees. They, they can exploit them as templates for proven protocols to lend consumer loyalty services integrated for blockchain-based loyalty networks. Or, they may work collaboratively with other loyalty reward programs organizations to develop solutions that could become industry standards. We recommend the latter as the "consortium approach" with blockchain development platform providers like Hyperledger and R3.
Also, read | A Comprehensive Guide To DLTs and Types of Blockchains
Public or Permissioned Blockchain
Theoretically, loyalty program service providers can develop their platform either on a public or a permissioned distributed ledger. The public blockchain is not a viable option given that it is open-source. It prevents the control that providers of loyalty programs may want as rewards issuers.
Loyalty rewards providers achieve degrees of transparency and control within a permissioned blockchain. But, it also depends on the balance required for scalability and cross-company and cross-industry participation.
Also, read | Maximizing the Efficiency of Loyalty Rewards Program Management with Blockchain
Conclusion
Incentive programs powered by blockchain technology will radically enhance loyalty management for businesses. It will augment redemption rates, boost repeat customers, and provide an immersive experience for retailers and customers. Blockchain technology is the ideal bridge between customers, retailers, and companies. It creates enhanced, more personalized incentives and helps achieve the unfulfilled promise of the brand loyalty programs today.
Oodles is a blockchain development company that also develops loyalty program management solutions, apps, and websites based on blockchain technology. Connect with our blockchain experts for more information.
Mudit Kumar
18 Aug 2020
Hyperledger or Ethereum Smart Contracts| Which is Better
In this comprehensive article, explore the key differences, business purposes, and other complexities of smart contracts with Ethereum and Hyperledger blockchain development for businesses.
Smart contracts carry out transactions without intermediaries between one or more parties. One of the critical challenges of any transaction in real life is trusting involved parties. Financial institutions, law firms, notaries, contractual arrangements, origin certificates, and many others generate a pyramid of paperwork during transactions. Additionally, a lot of time and money is required to establish trust between the two sides of a contract.
Smart contract for Business
With smart contracts solutions development, doing business transactions in a trustless world gets easier. Indeed, a smart contract is a piece of code. It stipulates a condition and action to be taken within a business contract. It validates the compliance of predefined terms and further instructs the course of action. Otherwise, it denies them.
How it Works
For instance, John is selling his car to Bob. The smart contract validates that Bob has received the car ownership and ensures that John has received the money. Upon meeting the mentioned conditions, it transfers the car ownership to Bob and unlocks John's payment. If Bob has got the car ownership but is taking time to transfer money, a smart contract will revoke it to its previous owner, as stated.
Besides this, smart contracts can manage more complex transactions. Therefore, they are of great benefit to companies in virtually every industry.
What Can it Do
When used with Ethereum or Hyperledger blockchain development, Smart contracts can simplify and augment various business processes, including payments, insurance claims, product authenticity, and more. Virtually, any business requiring its operations to operate automatically under certain conditions can do with it.
Also, read | How Smart Contracts Fuel The Blockchain Technology
Ethereum and Hyperledger-powered Smart contracts
Ethereum smart contracts and serves their purpose well for public applications like ICOs and other unregulated platforms. However, enterprise blockchain implementation needs a specific approach to access management and protection. In such cases, Hyperledger 's capabilities seem more appealing.
Let's understand the workings of smart contracts of both Ethereum and Hyperledger-based smart contracts and how they serve different business purposes.
A Comparison between Hyperledger vs. Ethereum smart contracts
"The portrayal of the Hyperledger and Ethereum networks as competitors is wrong," according to Brian Behlendorf, Executive Director of Hyperledger.
There are, however, a few key differences that characterize their use cases and applications.
Fundamental Difference
Hyperledger smart contracts mainly serve the needs of an enterprise blockchain solution. Hyperledger Fabric, a blockchain platform for smart contracts, provides efficient, permissioned business smart contracts. In Hyperledger, we call them chaincode.
Ethereum 's smart contract solutions provide a standard environment for developing a set of rules to build public smart contracts. It makes it rather easy and straightforward to write smart contracts on Ethereum.
The Hyperledger Fabric, as well as the Ethereum, are open source.
Business Purpose
It is the key difference between Ethereum and Hyperledger Fabric smart contracts. It defines several unique features in their development and use.
Indeed, Ethereum smart contracts intend to serve the needs of decentralized public applications. Thus, they are efficient for applications like ICOs and public digital payment systems.
In comparison, smart contracts generated in Hyperledger Fabric primarily focus on serving business purposes of a closed enterprise ecosystem. They are not open to the public.
Security and Access Management
Ethereum smart contracts are for public use. They do not have any inherent permission mechanism and are open to all. Therefore, we recommend it in cases where a company aims to get as many users as possible. Instances include crowdfunding via an ICO or any other public program.
Possibly, we can implement a permitted smart Ethereum contract. However, it requires special programming effort. Put it another way a company can set up a private blockchain on Ethereum that only permissioned parties can access.
In turn, the design of the Hyperledger chaincode focuses on serving permissioned enterprise solutions. It enables participation only by permission. A closed community uses a smart contract built on Hyperledger Fabric. It means new members can join only by invitation. Hyperledger Fabric also supports multi-level access schemes.
The permissions can get configured in a Hyperledger blockchain. It enables assigning different permissions to specific user groups based on their roles. Such a versatile authorization program helps you to achieve the optimal degree of protection and effectiveness in an enterprise solution.
Hyperledger provides a more efficient alternative for businesses requiring enhanced protection of their activities. It establishes an immediate security shield around the company network.
Also, read | Creating Industrial Permissioned Systems with Hyperledger Fabric
Consensus Mechanisms
At present, Ethereum uses the Proof-of-Work consensus algorithm. It consumes power and requires transaction fees. In a public system where you pay to get the transaction managed, that is rational. Ethereum, however, is employing the implementation of a more economical algorithm called the Proof-of-Stake algorithm in the next release of the Casper edition.
Enterprise blockchain solutions, being closed networks, do not have to charge per-transaction fees, and intend to be cost-effective. Hyperledger's smart contracts use the Practical Byzantine Fault Tolerance algorithm, which is cost-efficient.
Furthermore, Hyperledger may also use voting-based algorithms to reach consensus. Such consensus in Hyperledger gets achieved in the pool of another consensus based on the lottery.
Hyperledger's degree of trust is higher than that of public blockchains due to being a permissioned network. It does not require all nodes to be involved in validating a transaction. It requires only those in compliance with a policy. Therefore, the transmission speed is higher for the network.
Also, read | Understanding the Blockchain and Decentralized Consensus
Privacy
There is no way in Ethereum to make a transaction available to a few participants, and inaccessible for others. If it gets released on the network, it is visible to everyone. It is a feature in the Ethereum blockchain that preserves reliability and accountability and benefits public networks.
Business requirements, however, also have different goals. Any company that deals with several partners may have different conditions. The terms must be kept confidential. When one of the partners gets a discount, the other partners should not be aware of it.
Hyperledger provides solutions to these confidentiality challenges. It enables flexible conditions to be established and maintained within the same network.
Programming Language
Ethereum smart contracts get written in a purpose-built programming language, Solidity, developed with a focus on standardization. Thus, it simplifies the writing and compilation of smart contracts. Also, Hyperledger Fabric employs Golang, or, for short, Go. Google has developed the language and is gradually becoming more popular now.
Also, read | Resourceful Blockchain Programming Languages 2020 | Updated List
The Use of Cryptocurrency and Tokenization
Ethereum has a cryptocurrency built into it, ETH, but Hyperledger is cryptocurrency-agnostic. It gives Ethereum an edge over Hyperledger for applications requiring a payment instrument.
Both blockchains support custom tokens, and therefore, are suitable for tokenization purposes.
Challenges
Ethereum has more developers than those able to build an efficient smart contract with Hyperledger. The explanation is simple – Ethereum is much more common today. Also, blockchain enterprise is still in its inception phase. As a blockchain development company that works with both Ethereum and Hyperledger smart contracts, we see that big businesses are beginning to explore the opportunities of blockchain and its enterprise-level applications.
What Should You Choose
Considering what we've been talking about, companies that deal with an expansive public client base should opt for Ethereum. Use cases where the Ethereum blockchain's advantages can prove beneficial include ICOs, insurance schemes, consumer loyalty systems, cryptocurrency exchange platforms. Applications involving any payment transactions must prefer Ethereum and its cryptocurrency.
By the way, cryptocurrencies as an investment or payment instrument are going beyond their primary intent. They are now equivalent to other properties – for instance, insurance coverage (search fizzy, a flight delay insurance scheme) or reward points (see Delta Air Lines).
The specifications of enterprise business systems, on the other hand, are substantially different. Security, access management, confidentiality, and a high degree of customization and flexibility are what they require. Hyperledger smart contracts satisfy all these criteria enabling custom implementations to be created and deployed efficiently, safely, and scalably.
Conclusion
We hope to have proven with our review that Ethereum and Hyperledger are no competitors. Based on Ethereum and Hyperledger Fabric, smart contracts are designed for different purposes, and thus, target specific audiences.
Explore our blockchain development services and contact us for a free consultation about the implementation of blockchain for your enterprise. Take this chance to use this cutting-edge technology to revamp your market infrastructure.
Mudit Kumar
15 Aug 2020
Blockchain as a Service | Everything You Wanted to Know
Blockchain technology is no longer the sole domain of cryptocurrency enthusiasts and tech-savvy startups. Today, large enterprises and small businesses alike are exploring how to leverage the benefits of blockchain development services—namely transparency, immutability, and security—to transform their processes and unlock new revenue opportunities. As interest surges, many organizations are turning to Blockchain as a Service (BaaS) to simplify the adoption and management of blockchain solutions.In this comprehensive blog post, we will take a close look at what Blockchain as a Service entails, how it works, why it has become an essential offering in the B2B landscape, and what businesses should consider when integrating BaaS into their operations. By the end, you will have a thorough understanding of the technical and strategic dimensions of BaaS, along with answers to frequently asked questions (FAQs).Understanding Blockchain as a ServiceBlockchain as a Service (BaaS) refers to a cloud-based solution where an external provider sets up, manages, and maintains the blockchain infrastructure for its clients. Instead of building and running blockchain networks internally—which can be both time-consuming and resource-intensive—businesses can leverage a BaaS platform to deploy, monitor, and scale their blockchain applications with minimal overhead.Core Idea Behind BaaSManaged Environment: BaaS providers handle network configuration, hardware provisioning, and software updates. This means businesses don't need an extensive in-house blockchain expertise to get started.Scalability: Most BaaS platforms are hosted on robust, cloud-based infrastructures capable of scaling quickly to handle growing transaction volumes.Security and Compliance: Top-tier BaaS providers incorporate enterprise-grade security features and often comply with relevant data protection regulations (e.g., GDPR, HIPAA).Reduced Time to Market: By offloading complex tasks such as node setup and maintenance, organizations can focus on developing blockchain solutions that directly address their business needs.Public vs. Private BaaSBaaS offerings can vary in scope. Some platforms support public blockchains like Ethereum, enabling businesses to leverage global networks for broader exposure and trustlessness. Others focus on private or consortium blockchains (like Hyperledger Fabric or Corda) where only authenticated participants can join. The choice between public and private often depends on industry regulations, data sensitivity, and specific use-case requirements.Also, Read | Node Sale as a Service | Simplifying Fundraising for BusinessesKey Components and Architecture of BaaSUnderstanding the architecture of a Blockchain as a Service offering helps clarify what you, as a business, receive in return for your subscription or usage fee.Blockchain Nodes and NetworkNodes are the backbone of a blockchain. Each node maintains a copy of the distributed ledger, validates transactions, and enforces consensus rules.BaaS providers typically manage a cluster of nodes on your behalf, ensuring high availability and reliability.Smart Contract Development EnvironmentMany BaaS solutions include integrated development environments (IDEs) or frameworks that streamline the coding and testing of smart contracts.This layer often features templates, libraries, and tools for common use cases, making it easier to build robust decentralized applications (dApps).Monitoring and AnalyticsVisibility into network performance and transaction throughput is crucial for large-scale deployments.BaaS platforms usually provide dashboards, logs, and performance metrics to help businesses maintain and optimize their blockchain network.Security and Identity ManagementEnterprise-grade BaaS solutions offer identity access management (IAM) features for secure user authentication and permissioning.Encryption, threat detection, and compliance modules are often built into the service to safeguard the ledger and related data.Interoperability and IntegrationBaaS providers often support APIs, SDKs, and connectors to link blockchain networks with existing enterprise systems (e.g., ERP, CRM).Interoperability is essential for seamless data flow between on-chain and off-chain environments.Also, Check | How to Utilize Rollup-as-a-Service for Maximum EfficiencyWhy BaaS is Transforming the B2B LandscapeBlockchain was originally known for cryptocurrency applications, but its potential extends far beyond digital currency. By delivering blockchain capabilities on a service model, BaaS democratizes access, even for organizations that lack blockchain expertise or massive IT resources.Cost-EffectivenessReduced Infrastructure Expenditure: Traditional on-premise blockchain deployment can require significant upfront capital. BaaS shifts this model to a pay-as-you-go model.Minimal Maintenance Overhead: With BaaS, the service provider handles routine maintenance like software patches, hardware updates, and network troubleshooting.Rapid Prototyping and DeploymentSandbox Environments: BaaS platforms typically offer test networks where businesses can experiment with new applications without risking disruption to core operations.Shorter Development Cycles: Pre-built templates, smart contract libraries, and integration tools speed up the development process.Global AccessibilityCross-Border Collaboration: Since blockchain networks can securely validate transactions without centralized intermediaries, businesses can streamline international supply chains and financial processes.24/7 Uptime: Leading BaaS providers often have data centers across multiple regions, ensuring minimal downtime and high availability.Improved Security and TrustImmutable Records: Blockchain's tamper-resistant ledger fosters transparency and accountability among partners.Shared Data Ownership: In B2B environments, multiple stakeholders can share ownership of data without relying on a single entity for truth.Also, Discover | Fireblocks Wallets as a Service: Exploring its BenefitsMajor BaaS Providers and OfferingsA handful of major technology companies and blockchain-focused startups have launched BaaS platforms. While each has unique features, they share the goal of simplifying blockchain adoption.Microsoft Azure Blockchain ServicesOffers a wide range of blockchain templates and development tools integrated with Azure's robust cloud ecosystem.Specializes in permissioned networks, particularly using platforms like Quorum and Hyperledger Fabric.Amazon Managed Blockchain (AMB)Operates both Hyperledger Fabric and Ethereum networks.Integrates seamlessly with other AWS services such as Amazon S3 for storage, Amazon IAM for permissions, and Amazon CloudWatch for monitoring.IBM Blockchain PlatformBuilt around Hyperledger Fabric, IBM's solution is known for high security and enterprise-grade service-level agreements (SLAs).Features an intuitive user interface and extensive developer resources for building and scaling blockchain applications.Oracle Blockchain PlatformA managed PaaS (Platform as a Service) that supports enterprise blockchains and can integrate with Oracle's suite of business applications.Emphasizes rapid provisioning and straightforward migration from pilot to production.SAP BlockchainExtends SAP's ecosystem of ERP, CRM, and supply chain applications with blockchain functionalities.Focuses on supply chain management, finance, and asset tracking solutions.Also, Check | How Blockchain-as-a-Service (BaaS) Benefits BusinessesUse Cases of BaaS in Business EnvironmentsSupply Chain TransparencyTraceability: BaaS can help organizations track goods from production to delivery, ensuring authenticity and quality control.Automated Compliance: Smart contracts can enforce regulations and automate audits across multiple jurisdictions.Financial ServicesCross-Border Payments: With BaaS, financial institutions can set up permissioned ledgers that streamline international transactions and reduce fees.Automated Contracts: Smart contracts can trigger loan disbursements or insurance payouts when certain conditions are met.HealthcarePatient Data Management: Hospitals and clinics can use blockchain to securely share patient records, ensuring data integrity and adherence to privacy regulations.Pharmaceutical Supply Chain: Track drugs from manufacturers to pharmacies, minimizing the risk of counterfeit medications.Real EstateProperty Tokenization: BaaS platforms enable fractional ownership, making real estate investment more accessible to smaller investors.Title Transfer and Escrow: Automated contracts can simplify title checks and escrow processes, reducing paperwork and time.Government and Public ServicesDigital Identity: Governments can issue tamper-proof digital IDs, reducing fraud and identity theft.Voting Systems: Blockchain-based voting platforms can offer transparent, verifiable elections at lower costs.Energy and UtilitiesP2P Energy Trading: BaaS solutions can facilitate direct buying and selling of energy from renewable sources.Carbon Credits Management: Track and trade carbon offsets in a secure, auditable environment.You may also like | An Ultimate Guide to Metaverse as a ServiceImplementation StrategiesAlthough BaaS simplifies many aspects of blockchain deployment, businesses should approach adoption methodically.Identify Clear Use CasesAssess areas where blockchain can create tangible value: supply chain efficiency, record management, etc.Conduct feasibility studies to confirm that blockchain is the right solution (versus a traditional database).Engage Stakeholders EarlyBlockchain projects often involve multiple departments and external partners.Secure buy-in from C-level executives, IT teams, and legal advisors to ensure smooth implementation.Prototype and PilotStart with a minimum viable product (MVP) in a sandbox environment to test functionality, performance, and cost.Collect feedback, iterate quickly, and validate results against key performance indicators (KPIs).Plan for IntegrationMost businesses will need to connect on-chain data with off-chain systems (ERP, CRM, IoT).Evaluate APIs, connectors, and middleware solutions to ensure seamless data transfer.Ensure Regulatory ComplianceDepending on your industry, compliance with HIPAA, GDPR, or other regulations may be mandatory.Work with legal experts to address data privacy, reporting, and governance aspects.Challenges and ConsiderationsDespite its advantages, BaaS is not without potential hurdles:Security VulnerabilitiesSmart contract bugs or network misconfiguration can open doors to cyberattacks.Regular code reviews and third-party audits are critical.Vendor Lock-InRelying heavily on a single BaaS provider can limit flexibility and pose migration challenges later.Evaluate multi-cloud or hybrid deployment strategies to mitigate these risks.Scalability and PerformancePublic blockchains like Ethereum may suffer from congestion, while private blockchains often scale more efficiently but sacrifice broad decentralized trust.Align platform choice with expected transaction volumes.Lack of StandardizationDifferent blockchains use different consensus algorithms, programming languages, and data schemas.This fragmentation complicates interoperability and may necessitate specialized skill sets.Cultural and Organizational ResistanceImplementing blockchain can require rethinking internal processes and collaborations, which might face resistance from stakeholders.Best Practices for Successful BaaS AdoptionCollaborate with ExpertsEngage blockchain specialists and consultancies to fill any knowledge gaps.Leverage existing developer communities and open-source frameworks.Align Project Goals with ROIIdentify how blockchain will reduce costs, increase revenue, or offer strategic advantages.Keep metrics visible and continuously measure project success.Iterate in StagesUse agile methodologies; begin with small pilot projects before scaling up.Document learnings from each iteration to refine your approach.Focus on Security and ComplianceIncorporate best practices like thorough code audits, robust encryption, and multi-factor authentication.Maintain detailed documentation for regulatory audits.Educate StakeholdersProvide training sessions for employees and partners to understand blockchain fundamentals and how the new system affects their roles.Maintain transparent communication throughout the project lifecycle.\You may also like | Why Choose Oodles for Blockchain Development ServicesConclusionBlockchain as a Service (BaaS) is rapidly shifting the perception of blockchain from a niche, cryptocurrency-focused technology to an accessible, enterprise-ready framework for innovation. By offloading the complexities of network setup, node management, and maintenance to a third-party provider, businesses can quickly pilot and scale blockchain solutions. Whether it's enhancing supply chain transparency, improving security in financial services, or streamlining real estate transactions, BaaS offers a compelling path to blockchain adoption with reduced risks and costs.However, success with BaaS demands a clear strategy: identify relevant use cases, engage stakeholders, and remain vigilant about security and compliance. With robust planning and continuous improvement, organizations can harness blockchain's transformative potential and deliver real business value.FAQ1. What exactly is Blockchain as a Service (BaaS)?BaaS is a cloud-based service that allows companies to build, host, and operate their own blockchain applications without dealing with the complexities of running a blockchain network. A third-party provider manages the infrastructure, security, and upgrades so you can focus on developing and deploying your blockchain solution.2. How is BaaS different from traditional on-premise blockchain solutions?The main difference lies in deployment and management. On-premise solutions require you to handle everything from hardware procurement to network administration. BaaS leverages the provider's cloud infrastructure, offering a scalable and fully managed environment. This significantly reduces both upfront costs and operational complexity.3. Which industries benefit most from BaaS?Any industry needing secure, transparent, and tamper-proof transaction or data management can benefit. This includes finance, supply chain, healthcare, real estate, manufacturing, energy, and more. Essentially, if there is a need for enhanced trust and streamlined multi-party processes, BaaS can be a strong fit.4. What are the major cost components of using BaaS?Costs typically include:Subscription or usage fees: Often charged monthly or based on transaction volume.Development costs: Building and testing smart contracts or dApps.Integration expenses: Linking the blockchain to existing enterprise systems like ERP or CRM platforms.Some providers also offer tiered pricing models that scale with your usage and requirements.5. How secure is BaaS for enterprise adoption?Reputable BaaS providers implement enterprise-grade security measures, including encryption, identity management, and compliance certifications (ISO, SOC, etc.). However, security also depends on best practices at the application level—such as secure smart contract coding, thorough audits, and robust user authentication.6. Can I switch BaaS providers if I'm unhappy?Moving blockchain networks between providers can be challenging due to potential vendor lock-in issues (different protocols, configurations, or data formats). To mitigate risks, consider providers that support interoperability standards and maintain a backup or parallel system. You can also explore hybrid solutions that combine private infrastructure with managed services.7. How do I get started with implementing BaaS?The key steps include:Identify a clear use case and goals (e.g., cost reduction, increased transparency).Select a suitable BaaS provider based on network, features, security, and pricing.Prototype in a sandbox or test network to refine your application.Integrate with enterprise systems and ensure compliance with relevant regulations.Launch your solution in a controlled manner and gather metrics to assess ROI and performance.If you planning to venture into the blockchain development space, connect with our blockchain experts to get started.
Category:
Blockchain
Mudit Kumar
13 Aug 2020
Blockchain in Insurance | A Transparent Enabler for Efficiency
Blockchain holds immense potential for increasing transparency and productivity through the development of new technologies and processes for financial services. It is a decentralized and distributed transaction ledger that enables collective bookkeeping in an immutable ledger.
With blockchain-based insurance solutions development, companies can resolve multiple prevalent pain points across the value chain.
Why does the Insurance Industry Need Blockchain?
Insurance firms are facing a range of challenges, including complex compliance problems, restricted growth in developed markets, fraudulent insurance activity, payment transactions by third parties, and dealing with large quantities of data. They can address them only if they have visibility into their data will, simplified processes, and stable, sensitive information mechanism. Blockchain is being analyzed from several viewpoints to identify viable use cases and resolve these challenges. There are several applications where blockchain can add value and solve those problems around the insurance domain.
Digital transactions involving gateways from third parties
Theft and fraud of identity and personal information
Delayed claims processing because of inefficient systems
Handling multi-party insurance (TPAs, reinsurers, etc.)
Reducing regulatory burdens by automating the main processes
Also, read | Blockchain Smart Contracts in Insurance | Advantages and Applications
What is Blockchain | A Quick Overview
In essence, a blockchain is a ledger for recording digital events – one that is "distributed" or exchanged by several different parties. Only a consensus of a majority of system participants can modify it. And, once entered, it can never delete the knowledge. The blockchain includes a record of every single transaction ever made, definite and verifiable.
What are the Blockchain Use Cases in the Insurance Industry
Claims Management
Management systems of claims will benefit from blockchain, making sure that only payments happen to legitimate claims only. The primary benefit will be a reduction – if not a full avoidance – of fraud. It is because the network will deny multiple requests for the same case as the network itself already contains the information of the paid claim. Also, preserving information about past ones on the ledger would help insurers to detect suspicious activity and enhance scam evaluation.
Cars, electronic devices, or home appliances on the Internet of Things can have their insurance plans registered and managed by blockchain smart contracts. It can enable automatic identification of harm and then activate the repair process, as well as claims and settlements.
In a vehicle, an embedded smart car insurance policy can register a wide range of driving details like speed, driving time, driving style, environment, road danger, and traffic conditions. It will offer a reliable way to calculate premiums based on established terms.
Also, read | Game-Changing Potential of Blockchain in Insurance (Claims Processing Use Case)
Reinsurance
The cost savings for reinsurers could surpass $5 billion, according to a PwC study titled Blockchain: The $5 Trillion Opportunity for Reinsurers. It reduces waiting time and placement costs, time to settle claims, increasing efficiency to enforcement problems, like sanctions or cyber-security. The use of "smart contracts" blockchain technology may also improve productivity and reduce costs. Imagine a complete reinsurance agreement from the initial cession through retrocessional presumption on a single ledger. All the location, premium classification, loss allocation, and the entire transaction can be shared simultaneously among all parties.
PwC assumes that blockchain technology will reduce the manipulation of claims and enable ample productivity to remove 15 to 25 percent of current spending, such as by avoiding the need to rekey info. If the information is on the database, and each participant may navigate it, it need not be rekeyed into the system of the reinsurer and then into the system of a retrocessionaire, and not into the system of a broker.
Also, read | Blockchain Integration for Operational Excellence in the Reinsurance Industry
P2P microinsurance
Peer-to-peer (P2P) insurance requires a network with some degree of connection (family, colleagues, business partners, etc.). It enables each other to protect against failure. This pool, similar to a reciprocal one, will generate a lower loss ratio, and therefore, a lower cost to its members through rigorous selection.
Moreover, after the coverage period, funds available in the pool will be reimbursed to members who are both policyholders and users concurrently. Blockchain will increase this model's efficiency and transparency, and thereby, make it adaptable. Authorized premiums on a smart contract can be kept in an escrow account. When the correct digital signature is applied, a smart contract can pay out claims.
The code of the smart contract may suggest that the confirmation originates from a third-party assessor, it may also enable validations from several pool members to verify the claim. Members can have faith in the voting process, as the blockchain holds an unchanging record of votes of all.
Also, read | Blockchain in Insurance: Enabling New Opportunities
Underwriting
In the underwriting process, insurers measure the risk of providing a consumer with a policy, how much coverage the consumer will get, and how much they will pay for that. Insurance may be a gamble, but no insurance provider would play the game without scrutinizing the data and making sure the chances are favorable. Often, determining risk versus reward for broader corporate policies can take months to a year.
External data can exist on blockchain to reduce the risk liability and enable semi-automatic pricing. It can simplify, shorten, and automate the underwriting process, thereby reducing operating costs. Blockchains can offer accountability and increase trust in the underwriting process by allowing for mutual participation in complex multinational programs. Indeed, AIG, Standard Chartered, and IBM successfully designed and built the first global insurance scheme to use blockchain and smart contracts to provide access to local and master level underwriting coverage and premiums.
KYC/AML
For banks and insurance firms, know-how on your customers and anti-money laundering (KYC / AML) regulations are particularly cumbersome tasks. By using a shared database enabled by blockchain, financial institutions, particularly insurers, will streamline and lower the cost of their adherence to the KYC / AML. Onboarding a consumer only requires one organization to do it once. If the customer wishes to engage in a new institution, the institution may request access to already-on-chain documents to validate due diligence.
Encryption guarantees that an entity only has access to the records to which it is entitled. Also, any changes to the customer's file are transparent both as to when and by whom the change was made. Transaction checks and monitoring can also be more fully automated.
Which Industries can benefit from Blockchain Insurance Solutions
Construction
Education
Energy
Financial Services
Food and Beverage Manufacturers
Healthcare
Hospitality
Manufacturing
Public Entities
Real Estate
Retail
Transportation
Also, read | Simplifying Vehicle Insurance Processes with Blockchain Technology
How to Implement Blockchain in Insurance Business Model
Assess (Identify Use Case)
Identify unique business cases intended for adoption
Commit to building strategic and practical know-how with Blockchain advisors
Evaluate enforcement and regulatory criteria
Find a partner offering a combination of consultancy, consulting, and integrating blockchain services
Engage (Develop POC)
Define and communicate with relevant stakeholders
Build use cases to expand on the business issues found
Commit to strategizing the target architecture model with blockchain vendors
Build a proof of concept to show its functionality
Evaluate integration models, such as in-house, alliance, or off-the-shelf products
Develop and Collaborate (Develop on POC)
Finalize plan strategy and execution
Use the proof of concept to enable the organization to envision the model and its benefits
Change methodology and establish feedback-based modeling
Baseline specifications and devise performance standards
Tap a partner with profound business experience, committed offers, and comprehensive technological expertise in blockchain development, while providing an inclusive atmosphere for developing and implementing a robust and value-yielding system.
Challenges in Implementation
Insurers are facing increased pressure to reduce operating costs, an environment where blockchain could significantly impact by updating outdated legacy IT systems, augmenting performance, and boosting competitiveness.
The aging workforce of the insurance industry needs greater automation, which can be allowed by the capabilities of blockchain.
To realize the potential of blockchain as a tool for business transformation, insurers will need to be in tandem with innovations like data analytics, artificial intelligence, and IoT, as well as partner with a broad range of stakeholders.
Also, read | The Potential of Blockchain Solutions in Reviving the Complex Insurance Industry
Conclusion
While we should expect to see more POCs and use case growth across the insurance industry in the coming months, integration with blockchain is obviously part of the bigger step toward a first digital operating model. As experiments continue, we should expect greater activity linked to the blockchain.
Blockchain may well be part of the answer for insurers looking to address problems such as poor customer service, expensive manual administrative processes, and risks to privacy and data protection.
Mudit Kumar
11 Aug 2020
A Compact Guide to Business Blockchain App Development
Blockchain is a tech breakthrough that offers significant potential to businesses for increasing operational efficiency. However, it is impractical to invest in it with the fear of missing out. Indeed, it is elementary to have a precise understanding of how a business can benefit from it. It is crucial to understand whether Ethereum blockchain development services, Hyperledger solutions, or any other platform-based development will benefit them. An experienced blockchain app development company can assist an organization to drive blockchain-based innovation wheels efficiently.
So, with this Blockchain Development Guide, let's explore the technical aspect of the emerging technology and its applicability to a business.
Blockchain Technology
Blockchain, in the language of a layman, is a database that is;
Decentralized:- Distributed across a network of nodes with no centralized governing authority
Transparent:- Shared across permissioned network participants with access to information stored on the database
Immutable:- Once added, nobody can change the encrypted data residing on the network. It requires a consensus to add information to a block in the chain and then to change it.
Auditable: Any authorized individual or organization can access records for authentication or auditing purposes.
Essentially, It stores digital information (transactional information) with a hash function in blocks and chains them to each other. For example, a current block will have a hash code of the previous entry, and the current block hashcode will be in the consecutive one. Therefore, this process ensures that a blockchain solution serves the above-mentioned characteristics.
From a market viewpoint, it is a network for exchanging value across a peer-to-peer network. Also, the process involves the approval of a transaction and, without requiring any intermediary, making it legitimate legally.
Also, read | What is Blockchain Technology and How Does it work
Now, let us explore the technical side of the emerging technology, aspects of blockchain-based app development, and various prerequisites that go into the development of blockchain applications. We will start with types.
Types of Blockchain
There are primarily two types of blockchain; private and public. There are, however, also several variations as well, including Consortium and Hybrid blockchains.
Public Blockchain
A public blockchain is a distributed ledger network that is non-restrictive, with no permit requirement. Thus, anyone with Internet access can join the network and become an authorized node.
Private Blockchain
A private blockchain is a blockchain that operates with restrictions or permissions within a closed network. Private blockchains come into use usually within an organization or enterprise where participants of a blockchain network are a few identified members. In this type, the level of security, permissions, permissions, accessibility is in the control of an organization.
Consortium Blockchain
A blockchain consortium is a semi-decentralized system, which a group of organizations operates. It is contrary to what we saw in a private ledger, which only one company controls. In this type, more than one organization can act as a node and exchange information or do mining.
Also, read | A Comprehensive Guide To DLTs and Types of Blockchains
Blockchain Development Platforms
There are more than 20 platforms for developing blockchain solutions. However, top blockchain platforms for the development of blockchain / DLT include:-
Hyperledger Projects:- Get new capabilities over traditional business technologies with various tools, frameworks, and libraries
Ethereum Blockchain:- Develop new decentralized economies, token mechanisms, and transactional processes in compliance with predefined business and regulatory requirements
Stellar Blockchain:- Facilitate quick, traceable, and secure cross-border transactions and payment infrastructure for diverse financial institutions
EOS Blockchain:- Develop efficient, high transaction capacity enterprise applications for industries such as gaming, networking, and smart contracts.
NEM Blockchain:- Enhance data protection, secure records, and improve control of decentralized applications with NEM for industries like education and supply chain
Corda Blockchain Development Discover the extensive application of decentralized, scalable, and interoperable solutions across diverse industries such as healthcare and supply chain.
Also, read | Blockchain Platforms for Efficient Blockchain Solutions
Visit this page to know more about other blockchain platforms suitable for business solutions.
Platform Selection
Now, have a look at factors one must consider to choose the right platform for developing a blockchain-based application.
Platform Type
Although some blockchain systems focus on cryptocurrency, others rely on smart contracts. Therefore, assessing which model suits ensure the faster and easier creation of Blockchain applications.
Smart Contracts
Assess whether or not your business requires smart contract solutions. A smart contract is a self-executing protocol that executes, validates, or enforces any trigger-based acts while storing them on the ledger.
Consensus Mechanism
Various blockchain technology systems operate on various consensus protocols. They include Proof of Work, Proof of Stake, and more. Experts recommend identifying the right platform based on the consensus protocol.
Network Type
Assess which type of network your business requires, one in which anyone is free to make a join or one in which only approved users can participate. Pick the platform based on the decision and begin building a blockchain application.
Cryptocurrency
One must consider when planning to build a blockchain-based app, whether or not the business requires the use of cryptocurrencies in the application. It plays a crucial role in finding the right blockchain platform.
Programming Language
There are numerous blockchain programming languages that one can consider when during blockchain application development. They can either continue with traditional ones like C++, Python, Go, and Java, or switch to advanced blockchain-specific ones such as Simplicity and Solidity.
Industries that can use Blockchain for achieving operational efficiency
Finance
Healthcare
Supply Chain
Video Streaming
Education
Visit this page to know more about other industries suitable for business solutions
Blockchain App Development for Your Business
With its unprecedented ability, Blockchain finds applications in different ways in current business processes, like:
Blockchain as a Service
Blockchain can provide quicker, more efficient, and safer cloud storage facilities for customers. However, it will require to opt for a trusted BaaS provider such as Oodles for the same.
Supply Chain Management
Since the structure of the supply chain involves the sharing of components across different sources, a single point of failure can impact the entire process.y The blockchain technology tackles this situation by distributing the cop permanent auditable records shared with stakeholders.
Digital Identification Management
Blockchain can give us permanent, unquestionable, and stable digital identities, leading to lesser fraud and streamlined sign-in experience.
Rewards and Loyalty Programs Management
Blockchain based- loyalty management systems can assists retailers in cost-effectively engaging their customers with gift cards, rewards, and other incentivization mechanisms.
Business Contracts and Transactions
A business can use a smart contract solution to automate financial transaction execution with security, trust, and immutability.
Transactional Efficiency
Blockchain technology in the absence of intermediaries will not only speed up the process but also efficiently facilitate the fund transfer service cost-effectively and securely.
You must have started planning for your blockchain app development with all the mentioned details and examples. At Oodles, we will like to listen to your idea and contribute to it.
Explore More | How Blockchain-as-a-Service (BaaS) Benefit Businesses
Mudit Kumar
09 Aug 2020
Blockchain Applications in Logistics | Driving Efficiency
Blockchain first entered our dictionary when cryptocurrencies such as Bitcoin appeared in 2008. It is now a system that promises to change entire industries. Business enthusiasts find blockchain equivalent to technologies like AI ( artificial intelligence) or machine learning. Indeed, private and public businesses and government agencies are all working toward using the potential of blockchain technology. Blockchain supply chain development promises accountability in all logistics records and transactions across the freight environment. Ultimately, it leads to optimized supply chain productivity, agility, and growth.
Addressing Logistics Inefficiencies with Blockchain
Essentially stakeholders like shippers, carriers, brokers, and others need to deal with a multitude 'what if' scenarios when sending a truckload of goods across the world. They record each phase of the process with extensive paperwork. The usual operation of transporting goods from producer to consumer is complicated and lacks a common source of truth. Consequently, it makes all involved transactions and constituents traceable.
Particularly, blockchain has the capability of streamlining complex and fragmented processes in the logistics and supply chain industries. It enables the process of documenting transactions immutably and monitoring assets in real-time. Also, its distributed ledger shared across the network creates a transparent and secure mechanism for the management of all logistics documents involved.
Also, read | Simplifying and Augmenting Logistics Processes with Blockchain
Blockchain Workings
Blockchain is a distributed ledger-based technology. It records the entire history of transactions between involved parties digitally. It stores data in "chained" data blocks together. Further, each transaction data block attached to a chain gets stamped with date and time with encryption techniques, rendering it unchangeable. It means nobody can compromise or alter data stored in a blockchain-powered database,
Blockchain technology enables businesses to enforce smart contract solutions — computer coded business contracts or agreements defined between two or more parties and stored on a blockchain. They execute transactions upon meeting terms of an agreement by the involved parties. Numerous parties are involved in the traditional shipping products scenario — shippers, 3PLs, carriers, and consignees. Smart contracts execute transactions for any shipment while storing them on blockchains initiated by these parties, such as BOLs (lading bills), invoices, PODs (delivery proof), and more. Subsequently, each transaction becomes permanently registered on the ledger that any permissioned authority can validate. The network members can use data from a blockchain to verify the block or payload of the transaction, creating a transparent and efficient system for managing all logistics and supply chain documents and transaction information.
Also, read | Making Logistics Processes Efficient with Blockchain Applications
Blockchain in Logistics | Benefits
BiTA (Blockchain in Transport Alliance) has established many immediate benefits of applying blockchain technology in the transport and logistics sector.
Provenance Traceability
Provenance implies any product shipped contains a digital passport confirming its validity. Such so-called digital passports provide crucial details such as when and where the product was made, and what measures it followed during its entire journey.
Smart Contracts
Most find the capacity to issue smart contracts to be the golden standard of blockchain technology. Smart contracts are a big saver of time and resources. "Agreements can be checked, signed, and implemented automatically via a blockchain system with smart contracts."
Fraud Detection
Each transaction occurring on a blockchain is available to everyone on the network. Nobody can erase anything without the system reaching a consensus regarding the change or alteration.
This transparency prevents places where fraud exists, for instance, double brokering. Shippers may securely monitor the time a document or transaction is produced and modified with the standard practice of notarization and non-repudiation, and thus, ensure legitimacy.
Theft Prevention
A blockchain can include specific details and standards, like the photo ID pick-up and delivery specifications. Additional precautions strengthen security, reduce shipment fraud, and enable safe title transfer.
Also, read | German Logistics Managers Resort to Blockchain for New Logistics Systems
Enhanced Payments and Pricing operations
In a blockchain, payment processing and settlement is automated and secure with smart contracts. Also, transaction information is available, providing shippers with more data to set prices.
Quality Assurance
Any approved participant participating in a transaction can access critical data to validate its milestones. The evaluation of freight at pick-up and distribution sites reduces unsubstantiated conflicts.
Real-Time Freight Capacity
Existing capacity in trucking will change by the hour. By openness with blockchain, you'll know when and where resources open.
Monitor Performance History
Tracking carrier and other suppliers' performance history through a blockchain system enables parties to see proof of past success, including on-time deliveries, on-time pick-ups, and more.
Maintain High-Value Assets
It is crucial to provide a trustless and reliable record of product history to ensure it meets the safety requirements from the factory floor to delivery.
Also, read | How Blockchain Transforms Logistics and Supply Chain
Challenges to Widespread Blockchain Adoption
Even after a large number of industries experiencing a positive impact by advancements in blockchain, problems still impact the widespread adoption of the technology. Specific barriers to this are:
Legacy system integration
Organizations should incorporate blockchain technology into their legacy processes, from an ERP to a TMS. Many companies remain hesitant to make a transition to blockchain because of the preparation, time, and resources it requires to be successful.
Ambiguity
Blockchain is modern technology. Although many speak about its prominent potential effect, the influence of blockchain is still unclear, and the market has very few guidelines or industry requirements for implementation and use.
No standardization
To be efficient with blockchain systems, all stakeholders must agree to their data characterizations. Which specifics does every BOL, POD, or invoice contain, for example? And when data is missing or validation, what behavior will trigger?
Cost
It can be costly to build and maintain software and hardware required to operate the blockchain technology. Companies do need technologically qualified people to develop solutions on blockchain technology, which can be a significant expense to them.
Also, read | Streamlining Supply Chain Management with Blockchain Technology
Blockchain Applications in Logistics
While it's hard to predict when the logistics industry will experience wide-ranging blockchain applications adoption, meanwhile you can benefit by participating and looking for opportunities to test projects within the logistics operations and supply chains. However, professionals believe that the development of standards is one aspect essential for the advancement of blockchain technology within every industry. Oodles is one of the leading companies in blockchain technology in developing blockchain applications for the transport and logistics industry. Oodles is actively researching use cases and focusing on creating specific structures and blockchain technologies that can make an innovative impact on the logistics industry.
Mudit Kumar
06 Aug 2020
Developing P2P (Peer-to-Peer) Lending Platform with Blockchain
Blockchain and the business model that characterizes peer-to-peer lending is a natural match. With blockchain technology, p2p lending platforms can build new business models and enable transactions that are independent of trust relationships between lenders and borrowers.
In this post, we will take a close look at the challenges that conventional p2p lending platforms deal, and how blockchain technology app development can help to solve some of these challenges.
Blockchain-Based P2P Lending
Peer-to-peer lending links investors/lenders with borrowers through an online platform that acts as an authentic third party. The stakeholders that get involved in the operation are:
Private individuals or organizations which provide funding
An online p2p transaction management tool
A company or private person seeking funding
However, the need for intermediaries and regulation in the conventional P2P lending model means transactions on traditional peer-to-peer sites are subject to additional cost and time restrictions, as well as security concerns.
Blockchain is at the core of the FinTech revolution and can fundamentally transform a wide variety of sectors, from financial services and lending to P2P. In peer-to-peer lending, the main benefit of using blockchain technology is that it can eliminate intermediaries from the lending process. It has a wide range of advantages which we will discuss in the next segment. First, we will include a brief introduction to blockchain technology and how blockchain's core features are also crucial in lending to P2P.
Blockchain and P2P Lending | Key Features
Blockchain technology's two key characteristics are its trust-evoking and decentralized design – both are also important to the growth of P2P lending. Trust and decentralization are inextricably related to blockchain technology. You require mechanisms to establish a trust to create a decentralized network, and decentralization enables users to get active in it and to lay the groundwork for a consensus process that will remove the need for a trusted third party.
Also, Read | Analyzing the Components of a Blockchain-powered P2P Lending Platform
P2P Lending with Blockchain Technology
Transparent Network
A blockchain-based P2P lending network enables enhanced trust by making information accessible to the participating borrowers and lenders. All participants providing full disclosure to all activities will show all past and current transactions, and when a new one happens, it gets transmitted across the entire network. Furthermore, because no single entity manages the mechanism, lenders and borrowers may participate directly throughout the process and thus reducing friction.
Authentic Data Exchange
Information integrity is protected by peer review of transactions and through public-key cryptography allowing direct contact. As a result, each user can check the accuracy of the information being broadcast based on predefined laws.
Immutable Data
Data immutability is the final key factor in building trust. A database built using blockchain technology gets constructed in such a way that nobody can alter transactions once connected to the blockchain. The process of adding information to a block takes place through an agreement mechanism that involves proof of work – a computational problem that other network members need to answer.
Also, read | Building Next-Gen Fintech Solutions with Stellar Blockchain
Privacy Mechanisms
Depending on the form of blockchain, pseudonyms will mask the identity of the users. It, with the use of public-key cryptography to protect interactions, promotes a degree of privacy for P2P loan platform users. Find out more about the various forms of blockchain in the "Blockchain Forms" section below.
Authenticity
The system's authenticity is developed by exchanging and storing knowledge about transactions within the network, and by encouraging automated steps that minimize the need for manual intervention and thus the risk of individual errors.
Versatility
Blockchain technology enables peers to participate in the creation of the underlying code which supports the database, creating an open and scalable framework where participants can create and distribute their code and functionality.
It allows smart contract creation – a contractual arrangement between two parties, which are a lender and a borrower in P2P lending, based on a piece of code that gets configured to satisfy the contract terms automatically.
Also, read | Entering the Crypto Market with Peer-to-Peer (P2P) Crypto Exchange Development
Smart Contracts in P2P Lending
Another significant aspect of using blockchain in peer-to-peer lending, though, is the ability to build smart contract solutions. They ensure that transactions negotiated by the parties (lenders/borrowers) get autonomously executed according to rules specified in the smart contract. In other words, a smart contract is a file based on the parameters defined by the parties, with a self-execution code. We call blockchains that support smart contract functionality blockchain 2.0.
A smart contract in P2P lending will include the initial amount of the loan and the terms of repayment, including penalties if payments are late or skipped. For example, a company makes a loan of $100,000 with a repayment period of 24 months at $5,000. A smart contract solution will automatically execute the payment requests, obtain the payments, and change the due sum without any intermediary having to be involved. Additionally, it incorporates automated compensation features in the smart contract, such as deducting percentages for early loan repayment, changing credit scores, or converting to a higher yield currency.
Blockchain Platforms
Blockchain is often spoken of as it is all the same, but in reality, there are various forms of blockchain. As most people talk about this technology, they usually discuss a permissionless public blockchain like Ethereum, but there are also other forms of blockchain. Although all types of blockchain share similar features such as a distributed network, cryptography, and timestamped transactions, the capacity of users to read and send information to the blockchain, and more. This skill depends on their exposure to transactions and has major consequences for how blockchain can be used by peer-to-peer networks in lending P2P.
Conclusion
The peer-to-peer lending industry is now challenging conventional debt providers by offering investors an exciting opportunity to achieve attractive and secure returns and diversify their investment portfolio, as well as providing a frictionless way to meet borrowers' funding needs. But banks and mainstream financial institutions also dominate the lending industry. P2P networks must further evolve the peer-to-peer business model to disrupt the sector more profoundly. Blockchain technology potentially plays a crucial role here.
Mudit Kumar
04 Aug 2020
Decentralized Identity Management with Hyperledger Indy
This post assesses how Hyperledger blockchain development with Indycan solve the identity management problem worldwide.
First, let's explore how current centralized identity management functions, and why there's a revolutionary shift is required.
Centralized Identity Management
Usually, a centralized governing body has control of everything related to our identities. It includes the issuance of website security certificates, the curation of offline and online information, the monitoring of access to the world wide web, and more.
A centralized model enables authorities to accumulate the 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 transparency
Identity theft risks
Disparate identities
Cost-draining
While the current identity management systems fail to resolve these problems, self-sovereign identity gives all power to identity owners.
Also, Explore | Benefits of Digital Identity Management With Blockchain
Self-Sovereign Identity
The concept of self-sovereign decentralized 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 platforms to develop decentralized identity management systems. Before stepping into the Hyperledger Indy ecosystem for digital self-sovereign identity management, let's understand decentralized identity management in detail.
Decentralized Self-sovereign Identity Management
Assume someone is moving to a new country. It will require them to apply for different kinds of services like driving licenses, energy access, voting, entertainment subscription, and more.
To open an account, they will need to demonstrate their identification by engaging individually with each service provider.
They will have to recall for authentication purposes the combination of usernames and passwords or other credentials.
Decentralized identity management with underlying blockchain and cryptography technologies simplifies the entire process.
A decentralized identity environment emphasizes privacy (anonymity) with a login and key management cryptography solution. It not only increases protection and privacy for identity owners but also makes it easier for organizations to authenticate users.
Given that the records contained in a distributed ledger are permanent, hackers or unauthorized entities cannot access, steal, or misuse user personal information.
Any approved entity requires identity owners' permission to access their Personally Identifiable Information (PII). PII does not reside in the centralized repositories. Each node on the blockchain-based identity network keeps a copy of it on the ledger. It means that there is no risk of a single point of failure. So, a self-sovereign identity based on the decentralized model will protect privacy while ensuring efficiency.
Also, read |Trust No One: Creating a Blockchain-Based Identity Management System
Now, we'll explain how Hyperledger Indy can provide a specific and comprehensive identity management solution for users.
Identity Management with Hyperledger Indy
The Hyperledger Indy project enables organizations to create a stable, scalable, and flexible solution for self-sovereign identity management. Indy facilitates identification storage at a place where permissioned authorities can change or remove them.
Hyperledger Indy platform can list locations with a globally recognizable name once a user provides whereabouts for his identity. When an institution wants to access the identity data, the Indy platform can point out its stored location for verification.
Also, read |Blockchain Digital Identity Management | Empowering Individual Data Ownership
The functions of stakeholders in a self-sovereign identity management system built with Hyperledger Indy are as follows:
Issuer
Self-sovereign identity solutions might not depend on having a centralized certificate authority. As per the consent of the identity owner, it can enable a well-defined protocol for establishing, revoking, and exchanging identities.
Owner
Identity owners have separate identities that are checked by their own set of public/private key pairs. This identity model relies on a decentralized identity management database operated by members of a consortium or network.
Validator
The identity validator is not a central authority but the trust-gaining parties. Using their private key, they can confirm the identities, while outside parties can check the identity claims with a validator's public key.
Users
Users of identities use the distributed identity ledger to provide identification and validate them by themselves.
The Process Execution
Users will determine the identity with a human-memorable name.
An Indy-based solution can change the identification name into a specific key on the ledger called DID (Decentralized Identifiers). Then, there are primary values called DDO (DID Descriptor Objects). The DDO and DID combination is a DID record.
Further, the solution can mark the users on the distributed ledger with a DID record. It uses the private keys of an identity owner to encrypt every single DID record.
In the DDO, it creates a public key corresponding to the key-pair with a meta description. DDO also includes a set of service endpoints for communicating with the holder of an identity. There is a specification of the DID system associated with each DID. It specifies the collection of rules for how an institution can report, modify, resolve, and revoke a DID on a particular ledger or network.
Also, read |Self-Sovereign Digital Identity with Hyperledger Indy: Control Your Data
While it is possible to create a decentralized identity management system using different blockchain technologies, the Hyperledger Indy project aims to develop a solution with the following features:
Exchange of verifiable claims controlled by users
No question the public Indy network is available to everyone. It is just an identity holder that requires confirmation of the identity.
Open provenance for reliable transactions
Indy is a centralized platform that offers the sharing of trusted statements with transparent provenance accessibility.
Public Ledger Privacy
The design of Indy contains a unique feature called privacy by design.
Specific concepts of Hyperledger Indy specifically built for decentralized identity enable us to get rid of the current problems in the identity management solution.
Verifiable Claims and Zero-Knowledge Proofs
To prevent unauthorized disclosure of identity attributes, Hyperledger Indy offers built-in support for Zero-knowledge proofs.
A verification claim is a condition where the dependent parties need to show details about identity holders. An institution can issue it against unique DID pairs recorded on the ledger, signed by the private key of the issuer, and checked by a public key of an issuer.
Off-ledger agents may also use service endpoints discovered in the DDO to manage claim exchanges and verification.
For situations where the verification statements deem invalid, Indy provides Zero-knowledge evidence.
Zero-knowledge proofs enable identity owners to authenticate the possession of a credential without using anon cred (anonymous credentials) to show the credentials themselves.
Also, read |Establishing Digital Self-Sovereign Identity System with Hyperledger Indy
Use Case | Exchanging Education Credentials (Claims)
Before the issuance of claims, an educational certificate authority establishes a claim scheme, public keys, and a revocation register as an entry onto the ledger.
Further, the authority sends a verification claim to the applicant, confirming that he has completed and passed the graduation via DID A.
The applicant then provides evidence of a subset of his assertion to a company where he is applying for a position through DID B, with only specific details he needs to provide. He also offers proof that an identity validator has not removed his claim.
Eventually, the organization can check the validity of education certificates without contacting the identification validator.
At Oodles, we have a team of blockchain experts of Hyperledger who have a comprehensive understanding of implementing and developing an identity management framework with the Hyperledger Indy.
Category:
Blockchain
Mudit Kumar
31 Jul 2020
Exploring Blockchain Applications in the Automotive Industry
The future of the automotive industry will be somewhat different from today's market. It demands more flexibility by providing on-demand and customized facilities like automated, sharing, and wired vehicles. Blockchain has the potential to be instrumental in underpinning the industry transformation. At Oodles, we believe that demand will expand in the next two to three years as more businesses continue to pursue possibilities being created with blockchain supply chain management solutions, which will turn into comprehensive market strategies.
Operational Challenges in the Automotive Industry
The automobile industry is facing a rapidly evolving market climate with a rapid and intense change led by rising customer technology.
The seasoned team at Oodles acknowledges the most important problems facing businesses in the automotive industry and knows how to solve them with blockchain.
Modifying customer behavior
Electric car market demand
Scattered information
Disparate support services
Sluggish and complex systems
Difficulty monitoring and testing parts of vehicles
Pressure on quality
Obstacles to compliance
Addressing them with Blockchain
Blockchain can be extended to multiple supply chain problems in fields as simple as maintaining complicated databases and monitoring products and services. A far less corruptible and better-automated alternative to centralized systems is a major plus.
Throughout the field of monitoring and testing products and resources, a blockchain-based supply chain management system provides for reliable record-keeping and verification of provenance as product information can be obtained by embedded sensors and RFID tags. Blockchain can trace the history of a product right from its origin to where it is in the present time.
In addition, this type of exact provenance tracking can be used to detect fraud in any part of the supply chain.
Also, read | Blockchain Solutions Development for the Automotive Industry
The automobile supply chain is a highly complex and broad sector with multiple participants, ranging from parts suppliers, manufacturers to sellers. Delivering real customer value requires analysis of existing IT and business processes as well as solutions that adhere to security, confidentiality, and authorization permissions. Blockchain can prove ideal. Blockchain can be used by automotive manufacturers to protect their trademarks from counterfeit goods and to build customer-centered business models.
Benefits of Blockchain
Blockchain is ideally tailored to alternative business structures, as it enables micro-payments based on real car use and fractional ownership of cars. Transfer of vehicle title can also be simplified and streamlined using blockchain by providing one publicly available ledger, which can be accessed 'as needed' by interested parties.
By advising spare part suppliers and service shops about specifications based on data obtained from the car, Blockchain will effectively allow proactive maintenance.
Supply chain, like vehicle transfers, can be streamlined to allow smooth convergence of automated transactions, mutual details on inventories and distribution, sales, invoicing, and payments.
The provenance of spare parts on the blockchain will help avoid counterfeit issues, facilitate car repairs if necessary, and thus improve automotive health.
Automotive firms will also benefit from the use of blockchain in fields such as finance and accounting to streamline back-office operations.
Also, read | Blockchain Automotive Solutions | Making Drivers’ Life Easier
Blockchain Use Cases in the Automotive Industry
Improvements in inspection and procedure
Improve efficiencies in supply chain and back-office processes
KYS (Know Your Supplier)
A blockchain-based solution records and verifies data of the retailer, leveraging external information, before delivering services to automotive organizations. Once verified, contracts with suppliers could be stored on the blockchain and payments executed when a service or product was fulfilled. Data can also be given 'off-chain' to facilitate monitoring of supplier results and to notify future contractual arrangements.
Provenance and traceability
A blockchain-based system storing, stocking, and upgrading vehicle parts details including spare parts. This would enable the repair center, car supplier, and customer to track the origin of spare parts across the supply chain to the date and place of initial manufacturing.
Supply chain management
A blockchain-based solution that offers an end-to-end supply chain system that helps automotive organizations to order or sell, track, and pay for products seamlessly until they reach their destination. Parties should create, update, display, or check the documentation on the blockchain. In the process, transfers may also be begun smoothly between parties based on arrangements (e.g. between seller and customs authority, seller and shipping business, and between seller and buyer).
As an example, embedded IoT sensors and intelligent devices may calculate the state of containers and other information that can be stored on Blockchain and alert final agreements e.g. whether goods become destroyed.
Also, read | Achieving Operational Efficiency in Automotive Operations with Blockchain
Vehicle management and incentives
There are a number of blockchain use cases across the automotive value chain aimed at enabling vehicle management and incentives.
Incentivization
A blockchain system that tracks distributor and consumer transactions and manages reward points inside the OEMs rewards network that can be exchanged and used as a currency. For example, at a discount, the dealer may offset the purchasing of parts with customer-redeemed loyalty points. If the reward points are withdrawn, the dealer's account for monitoring participants on the network will be revised
Ridesharing and on-demand mobility
A blockchain-based system that allows car owners (individuals) to monetize trips by tracking and implementing deals and monetary transactions. This approach will safely and/or interconnect smart and/or autonomous cars, car-sharing services and end-users
Reliable form. Users and providers of car sharing (fleets, organizations, or individuals) will sign in and share data anonymously and effortlessly on the blockchain. These data may include vehicle location, auto-unlock keys, terms of the arrangement (e.g. cost per mile, insurance information), and consumer payment details.
The solution will then accept all transactions after the trip has been finished, and update the user log with a history of the trip.
Finance, payments, and insurance
There is a range of blockchain use cases across the value chain which aim to allow funding, payments, and insurance.
Also, read | Four Pertinent Blockchain Use Cases in the Automotive Industry
Electronic vehicle payments
A blockchain-based system that handles transactions, billing, and payments when an electric car owner charges its car at a third-party charging station or discharges the power from its EV to the grid to facilitate the stability of the energy network ( e.g. moving energy from rural to metropolitan areas)
Connected Services
A blockchain-based solution allowing car owners to easily buy 'infotainment' devices, or other consumer resources ( e.g.
In-home connection or parking payment) focused on pre-defined contracts and agreements processed and enforced on a blockchain
Mudit Kumar
31 Jul 2020
Video Streaming Platform Development Insights with Blockchain
Blockchain is the newest technology in the modern world that has captured the imagination of one and all; it is moving places. The decentralized and distributed strategy has the potential to undermine the primitive workings of various sectors of industry. Another field that could be revolutionized is the development of blockchain-powered video streaming platforms.
Video Streaming
All these years, video sharing has evolved at leaps and bounds. Texts were replaced with pictures, and photos were replaced with GIFs. Blogs have become a thing of the past, replacing them with vlogs, podcasts, etc. Instead of spending time reading blogs/articles, people swiftly switch to YouTube or similar channels for short video illustrations. This has contributed to the bulk of Internet traffic being accounted for by video sharing, thus being a significant contributor to online business revenue. Digital video production is practically booming!.
Live video streaming is an increasingly growing segment of this market, with millions watching live online videos, uploading live videos on Facebook Live, using live video messengers like Snapchat, etc. Citizens intrigued by this notion of media consumption live in the comfort of their cell phones, wherever and whenever they want. Live video streaming growth has been incredible and continues to grow.
Blockchain-Powered Video Streaming
A video streaming platform based on Blockchain will help solve the aforementioned problems, let us see how?
Blockchain is a distributed ledger network, peer-to-peer, that is without any central authority. Depending on a centralized server, video content producers may take advantage of their decentralized network to publish or distribute any material directly to consumers.
Benefits of Streaming with Blockchain
Creators and consumers will now access the Blockchain network, without any intermediate controller intervention. Content creators themselves can broadcast their content over the network, which can be directly accessed by customers after approval and agreement among the other nodes/miners.
This removes the need for a middle man, such as the publisher or the service provider. Blockchain-based streaming of videos lets content creators gain direct access to revenue created by the network. It can provide the basis for video-on-demand, where customers pay only for what they are interested in. Video creators can also make use of the powerful and protected video storage encryption framework offered by Blockchain.
Content producers can receive monetary benefits from customers, who pay a monthly fee to access to their favorite streamer, in the form of crypto tokens or cryptocurrencies. Additionally, customers can gain bonuses themselves if they wish to rent out excess disk space and bandwidth for video storage and publishing. Even, when creators have full ownership of their content on Blockchain, without the possibility of losing authority to third party controller.
Also, read |The Emergence of Decentralized Blockchain Video Streaming Solutions
Use Cases of Streaming with Blockchain
Targeted marketing and advertising analytics
Worldwide digital advertising spending amounts to $200 billion in 2017 and expected to hit the $350 billion mark by 2020. Digital advertisement is of great benefit to advertisers because they can monitor the behavioral data of the customer. But more than 60 percent of digital video marketers lack adequate resources to evaluate this data, to assess and efficiently enhance the success of the digital campaign.
Blockchain can support more than 24,000 transactions per second, according to Visa's report. It also focused on marketing investments, helping marketers evaluate effective channels and add value to marketing efforts.
Decentralized Distribution of Content
Blockchain allows each party to directly check their transaction history, without any intermediaries. This also removes the need for any central authority to authorize the transactions through its peer-to-peer network, making way for quick and agile transactions.
Ownership and Accessibility Management
The problem of music ownership and sharing can be addressed at the network and protocol level by leveraging Blockchain technology. This encrypts and stores video and music files via the interplanetary file system (IPFS) swarm indefinitely. Users can access the tracks with decryption keys from anywhere via smart contracts.
Simplified online content creation with smart contract solutions
What if digital content providers like online artists can be paid directly by their fans without having to sell huge percentages of their profits to intermediaries of third parties? Blockchain allows this barrier-less communication mechanism to remove any hidden intermediary costs and lets artists create a direct consumer relationship with their fans.
Blockchain also lets them take care of the licensing and contract-related problems automatically with smart contract solutions.
Creator Royalty management
The payment of royalties to the creators and copyright owners in the online media industry has been a longstanding issue. Spotify was pulled by the National Music Publishers' Association (NMPA) into a $30 million settlement over unpaid song royalties, and numerous other court proceedings against rival streaming platforms were also brought.
Using a Cryptographic Hash file to store the original music archive, Blockchain will lay those issues to rest. The creators and copyright owners can receive payments with smart contracts for each Hash file associating the creator's address.
Content Micropayment solutions
Blockchain assists in enabling electronic micropayments between the customer and content producer without any transaction costs or service fees. Using a Blockchain-powered browser, the user can use a crypto-currency wallet to monetize their monthly spending. The client will then request license details from the public Blockchain and search the content loaded using user identifiers. Accordingly, it facilitates the transaction through on-chain payment between the user and the content owner.
Also, read |Causing the Paradigm Shift in Online Video Streaming with Blockchain
Blockchain-powered CDN
For terabytes of content consumed every day in the online media, it is important to maximize storage space. A Blockchain-powered Content Delivery Network ( CDN) can help to create decentralized applications to leverage the accumulated unused space from users around the world. Using Blockchain as a shared management mechanism will help people take advantage of this wasted distributed capacity by turning it into peer-to-peer cloud storage and data distribution network.
Licencing and incentivization
Online content owners are well aware of the degree to which the intellectual property laws offer protection, and how quickly their content can be stolen. If anyone uses the Intellectual Property for business purposes, the copyright fee can be asserted. When you negotiate with a bigger group, though, the responsibility is solely yours. You may need to employ a solicitor to justify possession, and then enforce the rights that you may fail!
Adopting Blockchain technologies will help you protect your intellectual property rights quite quickly. Copyright owners will have full control of their jobs, and purchases will be automatic once viewers visit the copyright.
Conclusion
The evolution of technology will continue to change the streaming industry according to most expert predictions. And there are chances of blockchain quickly overtaking the existing realities of internet video and become pervasive. We build streaming solutions that include crypto-based payments and peer-to-peer distribution of content using blockchain technologies such as Ethereum, Hyperledger and Smart Contracts
Category:
Blockchain
Mudit Kumar
29 Jul 2020
Advancing the Education Sector with Blockchain Applications
The education sector has been at the forefront of technological evolution, continuously seeking innovative ways to improve transparency, efficiency, and accessibility. One of the most promising advancements is the integration of blockchain technology, which offers unparalleled opportunities to revolutionize traditional educational systems. Blockchain's decentralized and secure nature enables it to address critical challenges like data verification, credential management, and collaboration between stakeholders.This article explores how blockchain education solutions are advancing the education sector, providing technical insights, real-world applications, and the benefits of embracing this transformative technology.Understanding Blockchain Technology in EducationBlockchain is a decentralized ledger technology that stores data across multiple nodes in a secure and immutable manner. Each transaction or record is validated through consensus mechanisms, ensuring trust and transparency.Why Blockchain in Education?Immutability: Records cannot be altered, ensuring data authenticity.Decentralization: Eliminates the need for intermediaries, reducing costs.Security: Advanced encryption secures sensitive information.Transparency: Real-time tracking of records fosters trust among stakeholders.Key Blockchain Applications in EducationDigital Credentialing and CertificatesTraditional certificates are prone to forgery and inefficiencies in verification. Blockchain provides a robust solution by enabling institutions to issue digital credentials that are immutable, verifiable, and tamper-proof.How It Works:Institutions issue digital certificates on blockchain platforms.Students receive a unique hash (digital signature) linked to their credential.Employers can verify credentials instantly using the blockchain.Example:MIT's Digital Diplomas allow graduates to access and share their credentials securely.Decentralized Learning Management Systems (LMS)Blockchain enables decentralized LMS platforms, where students, educators, and institutions can collaborate transparently.Features include:Content Ownership: Educators retain control over their intellectual property.Incentivized Learning: Students earn tokens or rewards for course completions.Immutable Records: Transparent tracking of attendance, grades, and participation.Example:EduBlock, a blockchain-based LMS, incentivizes students with crypto tokens for completing assignments.Transparent Research and PublicationBlockchain addresses issues of plagiarism and lack of transparency in research.Researchers can timestamp their work on the blockchain, ensuring attribution and reducing duplication.Use Case:Researchers at universities use blockchain to secure intellectual property rights for their innovations.Streamlined Student Data ManagementStudent records are often scattered across multiple institutions, making it challenging to access and verify data.Blockchain consolidates academic records, making them accessible to authorized parties.Benefits include:Real-time updates to transcripts and grades.Simplified transfer of credits between institutions.Example:Sony Global Education uses blockchain to manage student data and enable easy verification of achievements.Efficient Funding and ScholarshipsBlockchain simplifies scholarship disbursement and ensures that funds reach deserving students without delays.Smart contracts automate the process, reducing administrative overhead.Example:Smart Scholarships: Students meeting predefined criteria automatically receive funds, ensuring fairness and transparency.Enhanced Collaboration Between InstitutionsBlockchain fosters global collaboration by providing a unified platform for sharing resources, credentials, and research.Institutions can form consortia to share data securely and transparently.Also, Read | The Blockchain Revolution For Empowering Higher EducationTechnical Implementation of Blockchain in EducationSmart Contracts for AutomationSmart contracts are self-executing agreements with terms directly written into code.Use Cases:Automating attendance records.Triggering certificate issuance upon course completion.Allocating scholarship funds based on predefined conditions.Blockchain Platforms for EducationEthereum: Popular for smart contract functionality.Hyperledger Fabric: Preferred for private, permissioned blockchains in institutional networks.Polygon: Cost-effective for managing large-scale transactions.Data Encryption and SecurityBlockchain employs advanced cryptographic techniques, ensuring sensitive student data remains secure.Techniques include hashing, public-private key encryption, and digital signatures.Interoperability StandardsInteroperability frameworks like ERC-721 (non-fungible tokens) enable standardized credential issuance.Cross-platform integration ensures seamless data sharing between institutions.Also, Explore | Building Education Verification System with Hyperledger FabricBenefits of Blockchain in EducationImproved Trust and TransparencyImmutable records foster trust among students, employers, and institutions.Cost ReductionBlockchain reduces administrative costs by automating processes like record management and credential verification.Enhanced SecurityDecentralized architecture protects data from breaches and unauthorized access.Global AccessibilityStudents worldwide can access and share their credentials without geographical constraints.Faster VerificationEmployers and institutions can instantly verify qualifications, reducing hiring delays.Challenges in Blockchain Adoption for EducationHigh Initial CostsSolution: Start with small-scale pilot projects and adopt blockchain-as-a-service (BaaS) platforms.Lack of Technical ExpertiseSolution: Partner with blockchain development agencies or hire skilled developers.Resistance to ChangeSolution: Educate stakeholders about blockchain's benefits and address misconceptions.Regulatory UncertaintySolution: Work with legal advisors to ensure compliance with local laws.Scalability IssuesSolution: Use layer-2 solutions like Polygon or sidechains to reduce costs and increase transaction speeds.Also, Discover | Enhancing the Education System with Applications of BlockchainReal-World Examples of Blockchain in EducationUniversity of NicosiaThe university issues blockchain-based diplomas and certificates to its students.Woolf UniversityA blockchain-powered university enabling students and educators to connect directly.CredlyOffers blockchain-verified digital credentials for professional achievements.Step-by-Step Guide to Implement Blockchain in EducationStep 1: Identify Use CasesAssess areas like credential management, student data storage, or research verification where blockchain can add value.Step 2: Select a Blockchain PlatformChoose a platform based on your use case (e.g., Ethereum for smart contracts, Hyperledger for private networks).Step 3: Develop Proof of Concept (PoC)Test blockchain's feasibility with a small-scale implementation.Step 4: Partner with ExpertsCollaborate with blockchain development agencies or hire in-house expertise.Step 5: Pilot the SolutionRoll out a pilot program to gather feedback from students, educators, and administrators.Step 6: Scale GraduallyExpand the blockchain application across departments and campuses based on pilot results.FAQs: Blockchain in Education1. How does blockchain enhance credential management?Blockchain makes credentials tamper-proof and easily verifiable, saving time for institutions and employers.2. Is blockchain expensive to implement in education?Blockchain implementation can be cost-effective with solutions like BaaS platforms and gradual scaling.3. What are the security benefits of blockchain in education?Blockchain's cryptographic security ensures student records and sensitive data are protected against breaches.4. Can blockchain facilitate global student mobility?Yes, blockchain allows students to access and share academic records worldwide, streamlining credit transfers and admissions.5. What challenges exist in blockchain adoption for education?Challenges include high initial costs, lack of expertise, and resistance to change, but these can be addressed with strategic planning.6. Which blockchain platforms are best for education?Popular platforms include Ethereum, Hyperledger Fabric, and Polygon, depending on the use case and budget.You might also be interested in | Advancing the Education Sector with Blockchain ApplicationsConclusion: Transforming Education Through BlockchainBlockchain technology has the potential to revolutionize the education sector by enhancing transparency, efficiency, and security. From issuing tamper-proof credentials to automating administrative processes and fostering global collaboration, blockchain offers a transformative approach to modern education.By starting small, leveraging existing platforms, and educating stakeholders, institutions can harness the power of blockchain without significant financial or technical hurdles. The future of education lies in embracing such technologies to create a more connected, transparent, and equitable learning environment. If you are planning to integrate blockchain into education system, connect with our skilled blockchain developers to get stared.
Category:
Blockchain
Mudit Kumar
24 Jul 2020
Making Supply Chains Smarter with Blockchain Smart Contracts
Blockchain is a decentralized ledger that is distributed yet immutable.
It's immutable so nobody can undo or overwrite once a transaction has been added to the blockchain, thus, making it almost tamper-proof.
Blockchain is decentralized; the database does not have a central authority or administrator. It renders blockchain immune to interruptions, as there is no single point of failure.
Overall, blockchain is a ledger, a transaction record. Those transactions can be almost anything that can be recorded digitally, such as ownership names, attributes, transfers, places, conditions and statements, and more.
Such versatility makes blockchain supply chain management perfect where various parties meet, and paperwork is continuously exchanged.
Blockchain Smart Contracts
Another useful concept enabled by blockchain is smart contract development.
A smart contract is a digital contract that executes itself when predetermined conditions are met.
Such code-based contracts allow agreed actions (such as payments) to take place automatically, immediately, and without intermediaries upon fulfillment of the contract terms.
For instance, when a customer confirms delivery of a package, a smart contract may be used to release payment to a carrier.
A smart contract is a contractual arrangement between parties that keeps each party responsible for their position in a contract.
Smart contracts specify the rules and terms for a conventional contract-like agreement, but also make sure the contract is implemented. They specify the rules and punishments for a conventional contract-like agreement, but also make sure the contract is implemented.
Smart contracts can be a complicated area, but we answered your questions so you can determine whether they are right for your supply chain organization or not.
Smart Supply Chain Development with Blockchain Smart Contracts
A smart contract at its simplest is a piece of code that exists on a blockchain.
This smart contract can describe the relationship that occurs between supply chain parties.
For example, an operational smart contract between a retailer and a distributor may state, for supply chain purposes:
The cost of products created as part of a particular order
Timescales for the production of goods between receiving an order and shipping
Bonus and penalty clauses
Payment conditions for clearing invoices
Some of the information that can be written into a traditional operating contract can also be written into a smart contract, making smart contracts suitable for virtual agreements to handle complex supply chain relationships operationally.
Also, Visit | Smart Contract Solutions for Business Development | Advantages and Use Cases
Is it Equivalent to a Legal Contract?
A legal arrangement specifies the high-level arrangements and contractual ties between two supply chain organizations.
A smart contract is an operational tool that ensures the execution of lower-level, specific trade agreements.
Using a Smart Supply Chain Contract Instead of a Traditional Contract
The formation of high-level relationships and agreements between parties also involves a normal legal contract.
Standard contracts are useful and the way things are done is defined but they have limitations. For example, monitoring ongoing output against a standard contract is very difficult, as there is always a lot of filler language and legal to get through.
In a smart contract, precise, day-to-day specifications and goals are easier to identify and agree on and see whether they are being met in the supply chain.
They are most successful as operational agreements of procurement, production, distribution, and related areas.
Also, Check| Ethereum Smart Contracts | An In-depth Review of the Potential
Smart contracts | Benefits for Supply Chain Management
You don't need to pass around vast amounts of paper documents as this is interactive. No delay due to the lengthy transition, review, and sign-off of conventional contract procedures.
As smart contracts have a full audit trail of all changes, there is no chance of fraud. No issues with transparency as smart contracts are open to all stakeholders via a blockchain ledger system.
Automated Execution of Smart Contracts
Smart contracts can respond to inputs from elsewhere and are activated automatically when specific factors come in.
A supply chain manager, for example, might set up a contract for a specific order and put payments into an escrow. When items are purchased by a retailer's warehouse, a smart contract is updated, and the funds are transferred to the supplier automatically.
Smart Contract Accessibility
Anyone with the requisite permissions can access a smart contract because it is stored on a decentralized ledger. It means that all relevant stakeholders in a supply chain can access all smart contracts at all times.
They can also see the contract conditions, how close it is to being met, and the contract history.
Tampering Issues
Generally, smart contracts are secure from tampering:
Any changes to a smart contract are recorded in a historical audit record, so people can see how the contract has evolved.
Smart contracts are part of a distributed ledger, which ensures that all the systems involved in running the ledger agree on the changes, ensuring that one party can not change a contract by itself.
Every time a change is made, revised copies of the ledger are given to all involved parties, making it easy to track and compromise on changes.
Direct Negotiation of Supply Chain Smart Contracts
Yes. One of the greatest benefits of these forms of operational contracts is that they do not require a middleman like a lawyer.
Instead, two supply chain entities may establish an operating arrangement directly between them and enshrine it in a smart contract.
The contract will manage the sign-off, and it will become successful after authorization. If the contract terms have been met, the contract shall be considered to have been fulfilled.
Must-Read | Blockchain Smart Contract Solutions for Efficient Contract Management
Additional Benefits of Smart Contracts for Supply Chain Stakeholders
We have addressed some of the advantages before but smart contracts are useful in many other ways:
Significantly reduces order processing times, makes payments, and ensures everybody operates to agreed standards
Provides traceability of raw materials, components, and finished goods
Allows agreement that all the activities registered and documented in a smart contract were conducted
Integrates, for example, products obtained alerts for payment releases or integration with IoT tracking tools, and updates contracts when locations are reached
Increases performance with less rework and commitment duplication
Enhances trust that goods will be delivered and will be paid after conditions have been met
Using Smart Contracts Outside Operational Agreements
Smart contracts are not just for tracking and managing transactions. Can also be used as:
Immutable data repositories and prior agreements.
Helpful audit reports on how things in the supply chain have changed over time.
Reliable data sources can be collected, recorded, refined, and acted on.
Smart supply chain contracts are still in their infancy but the technology is rapidly evolving. And major companies, through their supply chains, have started implementing smart contracts.
Connect with our blockchain development experts for more information on how to get started with smart contract implementation across supply chain processes.
Mudit Kumar
22 Jul 2020
EOS Blockchain | A Beginner's Guide to DApp Development
The goal of EOS Blockchain development is to provide a decentralized operating system that can enable decentralized application development on an industrial scale.
The following two statements are what caught the attention of the public:
They intend to abolish the transaction fees altogether.
They appear to have the capacity to carry out millions of transactions per second.
So, let's explore what's behind this hype. We'll talk about everything about EOS in this guide.
Why EOS
EOSIO or EOS is a platform for developing blockchain applications for the real world. Built for both public and private use cases, EOSIO is flexible to encompass a wide variety of business requirements across industries with rich roles-based security privileges, industry-leading acceleration, and secure application execution. Developing on EOSIO embraces common patterns of architecture and programming languages used by current non-blockchain applications, so developers can build a smooth user interface using development resources that they already know and love.
Also, read | EOS Blockchain: Is It a Better Investment for DApp Development
Must-have Features for DApp Development
In the mainstream audience, many variables can make or break a dApp, and EOS has ticked some of the primary checkboxes to boost its popularity.
The following list usually comprises the main success factors for every dApp:
A Large User Base
A dApp platform must be flexible enough to use easily and simultaneously by millions of users, without facing any performance issues.
Free Usage
A dApp on any blockchain platform should be free for end-users, with the ability to upgrade with ease. Any type of transaction fee would eventually discourage users from coming back to the dApp.
Low Latency
To have a good user experience, a dApp will run with the lowest possible latency.
Parallel and Sequential Performance
A dApp on any blockchain platform should offer the ability of parallel processing to distribute the workload and save time. Moreover, the dApp should allow for multiple sequential performances to avoid errors such as double-spending.
Key Features of EOS Blockchain
Scalability
Visa handles 1667 transactions per second while 193 transactions per second are handled by Paypal. Bitcoin handles just 3-4 transactions per second as compared to that, while Ethereum stands marginally better with 20 transactions per second.
The explanation of why blockchain-based systems are unable to quantify so many transactions per second is that every node in the network needs to reach a consensus for something to move through.
EOS says they can easily measure millions of transactions per second, as they use DPOS or the distributed proof-of-stake consensus mechanism. We're going to discuss the DPOS in a moment.
Flexibility
The entire network of Ethereum had come to a standstill due to the DAO attack. All stopped and because of the hard fork, the group was divided.
Since EOS uses DPOS in their environment this is unlikely to happen again. If a DAPP is inaccurate, it can be frozen by the elected block producers before the system is looked after. This is essentially an extension of the DPOS scheme, and not every node is responsible for chain maintenance.
Usability
EOS enables well-defined permission levels by integrating features such as the interface creation web toolkit, self-describing interfaces, self-describing database schemes, and a declarative permission scheme.
Also, read | A Comprehensive Guide to Know Everything About EOS (Blockchain Guide For Experts+Beginners)
Decentralized Operating System
This feature is perhaps the most important feature for really knowing what EOS is all about. Speak of a crypto-economic reward for macOS / Windows. Today, Ethereum is a supercomputer decentralized, with EOS positioning itself as an operating system. That in itself makes EOS, at least theoretically, a more oriented product
Less energy consumption
EOS is a much less energy-consuming platform compared to other consensus algorithms, with DPOS being the consensus framework for validating transactions.
Governance
The governance in EOS is established by creating authority and choice of law, combined with mutually agreed laws. It can be done by the legally binding Constitution. Each EOS transaction needs the hash of the constitution attached to the signature which effectively binds the users to the constitution.
Parallel Processing
EOS allows smart contracts to be processed in parallel through horizontal scalability, asynchronous communication, and interoperability. Let's get deeper into each of these terms:
How EOS Blockchain Works
EOS is somewhat close to Ethereum in its ability to host dApps and increase the number of transactions that the network can handle at any given time. The analysis of the blockchain strengthens its place because it increases the scalability. To boost its viability, the EOS blockchain uses a new consensus model, called Delegated-Proof-of-Stake (DPoS).
This operates on a model of ownership where consumers can own and use resources that are proportional to their stake. This allows the user to hold a certain percentage of the stake and build freemium applications. EOS also allows its users to rent other developers or assign their share of resources.
Also, read | Why is EOS blockchain the Best Platform for Commercial-Grade DApps
Advantages of EOS Blockchain
EOS comes with user accounts with a full-featured authentication method, various permission rates, and user data protected locally. Installed in the framework was recovery for compromised accounts and restore access.
EOS has a server hosting and cloud storage feature added to encourage developers to build and deploy applications and access bandwidth from the EOS network. Staking EOS tokens can be used to access analytics directly from EOS and set limits for specific applications.
Using consensus over events that concentrate on transactions, EOS will scale to one million transactions per second. Nodes check the sequence of events so far happening through this.
The EOS app does not allow users to send messages and perform tasks on the blockchain through micropayments. App developers will agree on their monetization plan and transaction fees individually.
Thanks to the governance model, the group will actively update and repair bugs in apps in a safe manner. This model is based on block producers capable of verifying which transactions are true.
EOS maximizes efficiency by constructing each block that allows us to send and respond to messages and transactions within and between single blocks.
At present, EOS or EOSIO is the most widely used blockchain platform in the world. All of the Blockchain-based decentralized systems provide services with real-world functionality and advantages. EOS leads the charts not only in terms of gaming and gambling apps/software creation but also for a wide variety of other applications for uses such as ride-hailing, music streaming, activity monitoring, digital payment, and more.
Conclusion
EOS dApps have become easily quicker and more accessible alternatives to conventional blockchain apps. Based on current trends, EOS has emerged as a true advocate of blockchain technology and will bring enormous benefits to a large variety of business needs in the coming years.
We hope this writing-up on EOS has provided you with a clear understanding of the different facets of blockchain technology in EOS / EOSIO. If you have a business case for a dApp that can be introduced using EOS or you would like to collaborate with a blockchain expert to further grow a nascent concept, please contact us and our team will support you.
Mudit Kumar
21 Jul 2020
Developing a Secure and Efficient Crypto Wallet App
Crypto wallets enable users to buy, sell, lend, and keep records of their portfolios in cryptocurrency. Cryptocurrency wallet development ensures the creation of a piece of software in which transaction records of users are stored including how many coins they own.
Most cryptocurrency wallets except Bitcoin and Ether, are the two most common digital currencies. Nonetheless, several wallets also support several cryptocurrencies, including an increasing number of altcoins.
Now we'll go through the most key aspects that every successful crypto wallet app needs in this post. We sorted features into different categories.
Develop Your Crypto Wallet App | Features
Like with all applications, the creation of crypto wallets starts with a heavy dose of preparation. Before you type in a single line of code, you must consider every aspect of your company.
Also, read | Cryptocurrency Wallet Development | Securing Your Crypto Assets
Here are the categories to take into account, and some basic tips for each.
Security Features
It should not go without saying that the top priority for any development firm should be security. Nothing else counts without the capacity to keep the coins secure.
Crypto security in conventional banking apps has some security similarities and some of these features would be familiar if you've used one of those.
Some are unique to the blockchain security world but equally significant.
Two-Factor Authentication
The simple truth about passwords is, that they're not enough anymore.
You need to gate access to the wallet via two-factor or multifactor authentication, either using one of the existing apps, a text message, or your system.
Although many current crypto-users are unlikely to use weak passwords, the currency is booming. It won't be long before crypto includes lay users, and they'll need security.
Also, read | Custodial Vs Non-Custodial Crypto Wallets: Getting Into Details
Timed Logout
Another functionality that safeguards laymen than power users, timed logout is still key to any effective cryptocurrency wallet application. Much like the banking websites, users should be signed out automatically after a short inactivity time, or if the system is locked.
There is no industry-wide best practice until logging out for the duration of time, but five minutes of inactivity is normal.
Client-side Private Key
There is no valid justification for a third-party server to store its private key for the users.
No matter what speed improvements or usability enhancements you may be able to achieve, avoid the temptation by storing private keys outside of the device. Remember to make the protection of consumer funds a priority. Most importantly, your wallet software can be trusted as a means to access cryptos safely. Through holding the server-side private key, the only thing you 're accomplishing is to open yourself up to hacks, and therefore to litigation. There's no chance you'll lose it by holding the private key locally on the user's computer.
Deny Repeat Payments
While a crypto wallet is not a bank, some of the same security features should still be provided. If you have used any modern bank, you're likely familiar with credit or debit card fraud warnings. Spend in a new location or an unusual amount, and you receive a text or call from the bank requesting confirmation of the transaction. Say no, and you refuse the charge, as plain as that. Such forms of advanced analytics may be out of access for many wallet development budgets on cryptocurrency, but you can easily introduce a crypto-specific edition. Any successful wallet application can create a new wallet address for each transaction. If someone tries to get coins twice in the same address, there's a good chance they 're up to no good at all.
Also, read | Securing Cryptocurrency Transactions and Assets with Multisig Crypto Wallets
Usability Features of a crypto Wallet App
The next most critical piece of a crypto-wallet device after security is usability.
Also known as quality-of-life features, this applies to everything that makes your app an enjoyable, easy, and, above all, fast experience.
Robust Backups
One of the first things every user would want to do in case a computer is hacked or lost is a remote wipe. By initiating the wallet backups, you will make the operation much less painful.
The safest backup would be to the user's device or a deleted SD card, but it's far more convenient to add protected cloud storage apps such as Dropbox or Google Drive.
Solid UI
When creating a high-tech application such as a crypto wallet, it's easy to forget that in the end, you're making an application. Niceties like an appealing look, smooth function-to-function instructions, and a strong support file are more important than they would seem. There are several in-depth guides for best practices in the production of UIs out there. Make sure you don't make mistakes that differentiate your app in a bad way.
Also, read | Making Secure Online Payments with Blockchain-Based Crypto Wallets
Push Notifications
Push notifications are another feature common to conventional banking applications and are a must-have for any new mobile device.
Users want to know when their coins are going to happen. It makes sense to put the details upfront, whether it's a request for payment, a good sale into fiat, or major shifts in coin prices. Also, enable users to personalize their notifications for extra points. They might want to ask, for instance, whether the USD to BTC conversion rate reaches a certain high or low level. You may also be innovative and offer features like geo-locating nearby shops that embrace crypto, or online vendor deals.
Just make sure to have granular control of what alerts are being sent, otherwise, you risk alienating users.
Smart QR Scanner
Many crypto transactions in person still occur via QR code.
The wallet addresses are long and complicated and it's slow and awkward to ask people to type them. And every application for the crypto wallet requires a QR scanner. A lot of devices just have three scanners. One for public keys, one for payment requests, and one for private keys.
For example, a user goes to the "Send Coins" page and then scans the code for the address of its recipient. You will make the lives of your users much easier by incorporating some reasoning into the app to distinguish between the various places QR codes lead.
If an app checks a public key, then it must open the page to submit money. When it scans a particular payment request then automatically adds that detail to the list. When a private key is checked then open an option to sweep the account. It enables you to simplify the interface quite a bit by putting the interface with a big, prominent "Scan Code" button.
For a one-size-fits-all scanner, users may go there to address all their crypto needs.
Also, read | A Guide to Essentials for Feature-Rich Cryptocurrency Wallet Development
Outsource | Crypto Wallet App Development
If you plan to develop your crypto wallet, you'll need to find something else.
Who can code you all of this? Outsourcing the heavy concept of lifting and coding to a team that has done it before you spend years cutting off the development cycle.
Oodles has over a decade of success in all types of crypto applications.By using the best of offshore talent, we're doing so at a bargain price.
Category:
Blockchain
Mudit Kumar
17 Jul 2020
Cryptocurrency Exchange Development | Crucial Aspects to Consider
Cryptocurrency exchange development is lucrative, profitable, and rewarding. But, how do you start building the cryptocurrency exchange? Let us share some important details with you to avoid common pitfalls during crypto exchange development.
Software Selection | Crypto Exchange Development
When you attempt to make use of the software to develop your cryptocurrency exchange, you get three options on the trot:
Developing Your Software
Well, to get started, this is one of the hectic tasks, because you need a special team panel to handle the project. The project will be successfully rendered if each of the team members has expertise in the area of understanding the software and are familiar with the process of its operations.
They must properly interpret each of the components. Another aspect to remember is the amount of time and budget required to create an application. According to a forecast, depending on the project the time taken would be about 3 to 6 months or even more.
Open Source Model
In the second choice, you need to make clear what supporting tools you have to have to develop the exchange. The role of developers here is to improve the codes, for which, they first search the bugs wherever possible and then rectify or modify the errors.
Proprietary Software
Well, to be honest, the third option is the easiest among the three to use, special readymade software. It is because developers can develop and customize the exchange software to suit your needs.
Here the research is performed in advance and one of the other benefits is to avoid the need for continuous maintenance. You just have to make a few settings, as needed by the project.
Also, Read | Crypto Exchange Software Development | A Complete Step-by-Step Guide
Crucial Aspects to Consider | Crypto Exchange Development
User Account System Creation
Your first move is to build a user account program, as you need a cryptocurrency wallet to hold all the electronic money. The choice must be given to the user; whether or not he sends out the money.
Since you are developing an exchange, there is also a need to regulate the transaction according to market position. If it is modular development, then even the minute details have to be considered.
Payment Processing
The payment processing facility is an important element to keep in mind. You need the support of a secure payment processor such as a bank and payment gateway API, so customers can send or withdraw money without any trouble.
Trading Kernel
If you want to execute your cryptocurrency exchange seamlessly, then you also need trading kernel support and assistance that helps to create order books to perform the transactions and check the balance amount. This is a vital tool in this cycle and without a trading kernel, you can't go any further.
Also, Read | Planning to Develop Crypto Exchange Platform | Things You Must Know
User-Friendly UI
Another important thing you need to concentrate on is having a user-friendly UI interface so you can attract more customers. It is important that all devices, namely smartphones, tablets, laptops, etc., need to be easily supported by UI design.
Support of Cryptocurrency
So, when you're creating a cryptocurrency exchange, determining how many cryptocurrencies your exchange will support becomes crucial. There are around 1500 cryptocurrencies according to the study and their numbers are growing.
It's obvious that if your exchange supports multiple types of digital currencies then your investments will increase. Competition is also rising; so take the decision accordingly.
Developing a Cryptocurrency Wallet
Creating a cryptocurrency wallet is one of the crucial tasks that need to be done. Those wallets will store the digital coins. It needs an improved protection infrastructure that can increase customer confidence factor. The wallets come in two categories: hot and cold.
Admin Control
An admin control panel manages various operations of a cryptocurrency exchange platform. However, its features can be customized to suit business needs. You can change the trading fees and keep the list of cryptocurrencies and add new ones.
Also, Read | Analyzing the Essentials of Decentralized Crypto Exchange Platform Development
Other Crucial Aspects | Crypto Exchange Development
Security
It is one of the cryptocurrency industry's biggest problems. Exchanges are constantly at risk from hacks, theft, and pump-and-dump schemes. Therefore one of the most important things to do before choosing your crypto-shop(s) is to do your homework.
Web Protocol Security
Web protocols that use Lackluster are most vulnerable to cyber-attacks. Implement the following security headers to make your exchange safer than 29 percent of other platforms that lack those headers.
HTTP Strict Transport Security (HSTS): Helps ensure HTTPS protocols are in place for all browsing sessions
X-Frame-Options: Impedes the embedding of your content into other websites, defending against clickjacking attacks
Content Security Policy (CSP): Helps alleviate the risk of XSS attacks by allowing the header to determine which dynamic resources may be loaded.
X-XXX-Protection: Prevents attacks by cross-site scripting.
.Liquidity Management
Liquidity is an important factor for the growth of a crypto-currency industry, but it is one of the most critical problems of newly developed crypto-currency exchanges. Your crypto-currency exchange should be enticing enough to draw investors and traders to provide sufficient liquidity. To curb the liquidity problem, there are various ways to treat it effectively. With the support of implementing an API interface that shares details about the trading volume between your cryptocurrency exchange and another existing exchange of Bitcoin. It can also boost liquidity role by being a part of a large cryptocurrency exchange network.
Customer Support
Courteous and professional support team with real profile details is one of the sure signs that the crypto-currency exchange is trustworthy. Always look for the best service provider for cryptocurrency exchange development that has problem solvers that can give users satisfactory solutions.
Solve Legal Issues
Most cryptocurrency exchanges are working without a license. You should think about acquiring a license before starting an exchange. You need to decide if the exchange works globally, or with just a few countries. Your crypto-currency exchange must comply with the laws of each country in which it operates. Many governments also mandate all financial firms to comply with the laws of KYC (Know Your Customer) and AML (Anti-Money Laundering) to avoid illicit intentions. That means getting customer identity documents and keeping a record of the same that you need to integrate into the exchange. To name a few, Singapore, Malta, Canada, Switzerland, Japan, Mexico, and Liechtenstein are trustworthy jurisdictions and most crypto-friendly countries.
To sum up, we outlined the important aspects that you need to learn before you embark on the journey for crypto exchange platform development. If you want to set up your venture as a successful crypto company, let our crypto development team assist you.
Mudit Kumar
15 Jul 2020
Exploring Stellar Blockchain for Fintech Solutions
Stellar is essentially an open-source blockchain platform for developing currency and payment networks. It enables creations, sending, and transfer of digital representations of all types of money like dollars, pesos, and more. Stellar blockchain development enables fintech solutions around the world to operate together on a single network.
Stellar does not have a proprietor; people own it. The software runs across a decentralized network and manages millions of transactions every day. It is much faster, simpler, and energy-efficient compared to typical blockchain-based systems.
Stellar Blockchain
The Stellar network started operations in 2015. More than 450 million transactions have been made by more than 4 million user accounts since then. Stellar has been selected by large corporations and businesses as small as single-dev fintech startups to build solutions for transferring capital and entering new markets.
Stellar has been cryptocurrency-adjacent since its launch. However, the software development platform intends to strengthen rather than disrupt or replace the current financial system. Whereas, for instance, the Bitcoin network enables users to transact only bitcoins, Stellar is a decentralized framework that is ideal for transparent and efficient trading of any kind of currency.
Also, Read | Building Next-Gen Fintech Solutions with Stellar Blockchain
The Stellar network's native digital currency is the lumen, required to initialize accounts and make transactions in small amounts. Stellar does not privilege any particular currency beyond those requirements. It explicitly intends to make conventional sources of capital more valuable and accessible.
For example, you can build a digital U.S. dollar representation—on Stellar, it will be a "dollar token." You can inform the community that if anyone deposits a conventional dollar with you, you're going to give one of your new tokens to them. If anyone returns this "dollar coin" to you, you promise to exchange it for one of the standard dollars in the bank account in turn.
What is Stellar for?
Essentially, between your digital token and a conventional dollar, you set up a 1:1 connection. An equivalent investment funds each of your tokens out into the world. When people keep the tokens, they should treat them just like traditional money, because at the end of the day they can trade it for real money.
That may sound unusual—issuing electronic dollar credits is essentially what any local bank does hundreds of times a day. Yet this 1:1 guarantee of a token for a currency has significant implications in a global scheme. For example, no matter how a token travels through the economy, the underlying dollars never exit that bank account. So, someone lends their tokens to someone else, and then that person uses them to buy a car. No bank has to settle the offer or accept the loan. Also, it doesn't matter if the car seller lives in Brazil or Singapore, or somewhere else, they can still own the tokens and exchange them however they want. The Stellar network establishes borderless transactions.
Also, Read | Stellar Blockchain App Development | A Comprehensive Guide
Digital dollar tokens also mean that people around the world can own, purchase, and sell a dollar's worth without needing a U.S. bank account themselves. A Venezuelan can keep a certain net worth of his family in dollars. A Filipino expatriate can send dollars home, and the receiver can keep them securely and digitally until they can exchange it.
An American corporation can reimburse a Mexican vendor in dollars, and the vendor, in exchange, can repay its suppliers with a five-second wait to settle, instead of a five-day. Although the money changes hands, the dollars represented by the digital token never actually move. Therefore, these transactions sidestep the complexity and cost of the traditional banking system.
Who can Build on Stellar?
Stellar is an easy, efficient network for end-users to transact, save, and spend digital money. Stellar blockchain is a transparent finance network for entrepreneurs to build fintech solutions. It is open to anyone; no permission or application is needed. This same transparency also applies to the token layer: a financial institution may create new digital tokens for, say, the Swiss Franc, to meet a market need without entering a proprietary association. With each new company and developer, Stellar's total power increases.
How does Stellar work?
At the simplest stage, Stellar is a proprietary tracking system. It uses a ledger to do so as accountants have for decades, but its novelty is that there is no real accountant. Then, there's a network of independent computers that test and recheck each other's work. Stellar is a network without a centralized authority — implying no one can interrupt the network or secretly change the numbers to his preference — nodes check and update ledgers updated every five seconds, even without a central authority.
A unique algorithm, called the Stellar Consensus Protocol (SCP), keeps everything in sync. SCP strives to be better by being configurable, fast, and highly energy efficient.
Also, Read | Is Stellar Blockchain a Right Fit for Cross-Border Payment Solutions
The computers operating the core Stellar program, and therefore publishing and testing the ledger, we call them nodes. So, when you give someone a euro token on a Stellar-built device, the nodes verify debits and credits, and each node ensures that every other node sees the transaction and agrees to it. Thousands of nodes across the globe check the existing Stellar network; the nodes and the way they interact are public knowledge, and everyone can install the Stellar program and enter the consensus process. This is different from how accounting works at, say, a bank where a single corporation decides unilaterally what's going on, more or less in secret.
Right beyond the core framework sits an efficient API. It eliminates the need for you to grasp the nuances of the distributed consensus to build on Stellar. Simple and well-documented functions allow you to transfer new digital money using conventional models. Trading tokens between accounts, making markets, and issuing assets are very easy.
Conclusion
To put it very clearly, Stellar allows for a future in which ordinary people can submit money affordably and easily anywhere. We at Oodles believe that only when capital can flow unburdened across the globe can we unleash the true power of the modern digital economy. That's what Stellar is about and that's what Stellar is going to do.
A legion of developers, businesses, and consumers are sharing that dream. We would love to hear from you if you share it, too. Get in touch with the Oodles blockchain development team for more information on developing Stellar blockchain-based fintech solutions here.
Mudit Kumar
14 Jul 2020
Streamlining Supply Chain Management with Blockchain
The supply chain is getting complicated. It takes days for a payment to be made between a manufacturer and a supplier, or a client and a vendor. Contractual arrangements allow attorneys and banks to provide services, each of which adds additional costs and delays. Goods and components are also difficult to track back to manufacturers, making defects impossible to remove. Friction is a major issue in the supply chain. So many go-betweens still exist. There's too much back and forth in there. The growth in confusion prevents supply chains from working well. Suppliers and consumers must communicate with each other through central third-party agencies rather than directly. Simple transactions become lengthy multi-step procedures.
Blockchain supply chain development may be the solution to many of those problems. What powers so-called cryptocurrencies is this new technology. It goes much further. Blockchain can administer any form of the process of exchange, agreement, or tracking. It can refer to everything in a supply chain, from self-performing supply contracts to automated cold chain management.
A Blockchain Primer for Supply Chain
A blockchain is a decentralized, distributed ledger. The ledger records a sequence of blocks of transactions. It occurs in multiple copies distributed through multiple machines, usually called nodes.
Since the blockchain ledger is decentralized, it does not depend on any single entity (like a bank) to safeguard. Any time a new transaction takes place, the nodes linked to the blockchain network get modified versions of the ledger.
The numerous ledger copies are the "truth" about every transaction that has been made in the blockchain network so far. Any attempt of counterfeiting means having to manipulate all copies at the same time. In blockchain networks of any useful size, the chances of being able to do this are negligible.
Also, Read | Reasons to Explore Blockchain for Supply Chain Management
Blockchain Supply Chain | Crucial Aspects
Consensus
All chain entities accept any transaction is legitimate. For Bitcoin, that is a transfer of a bitcoin number. Payment, warehousing, storage, or distribution maybe for the supply chain.
Provenance
The chain entities know where each asset came from. You even know who previously owned it, and when. Assets can be anything for the supply chain, from iron ore and wheat to cash, machines, and copyrights.
Immutability
No person can exploit an entry inside the distributed ledger. With blockchain, a supply-chain payment transaction or inventory data, warehousing conditions, distribution times and dates, and so on, cannot be falsified.
Finality
The shared ledger copies hold the same version of transactions. What works for a crypto network also works with every other, supply chain included, blockchain network.
Also, Read | Modernizing Food Supply Chain with Blockchain | From Farm to Table
Applications of Blockchain in Supply Chain
The following examples are currently in use or can be introduced using emerging technologies today.
Automotive Supplier Payments
Blockchain enables funds to be exchanged anywhere in the world without the need for conventional banking transfers because transactions are made directly between payer and payee. It is also safe and fast; taking minutes, for example, in comparison to days, for automated clearing house payments.
Specifically, crypto transfers also incur lower fees. Australian automaker Tomcar uses cryptocurrency to pay its suppliers. Three partners in Israel and Taiwan currently accept Tomcar payments using cryptocurrency.
Supplier agreements signed by Tomcar use standard terms. The benefit lies in the cost savings. On the other hand, the company takes care not to carry on too much cryptocurrency. Although crypto is foreign, it is seen by some national governments as a way for companies to invest. Consequently, companies may be subject to taxation on crypto holdings.
Meat Traceability
Companies may take advantage of distributed ledger systems (blockchains) to record product status at each production level. The records are permanent and unchangeable. They allow every product to be traced towards its source. Global retailer Walmart uses blockchain to keep track of pork sales in China. The program lets the company see where each piece of meat comes from, every stage of processing and storage in the supply chain, and the sell-by date of the items. The organization will also see which samples are affected, and who purchased them, in the case of a product recall.
Also, Read | A Use Case for Blockchain in Thorium’s Supply Chain Traceability
Electric Power Micro-grids
This example demonstrates how blockchain can be used to organizations of any size. To put it another way, blockchain is not just for the big players. Smart contracts are used for the recycling of surplus electricity from solar panels. The Transactive Grid is a programming platform on blockchain to supervise and reallocate energy in a micro-grid in the neighborhood. The software automates renewable energy purchasing and selling to save both costs and emissions. The method takes advantage of the Ethereum blockchain network, specifically designed to create and execute smart contracts.
RFID-driven Contract Bids and Execution
RFID tags come in use for storing product information within the supply chain. IT systems can automatically read the tags and then process them. So the logic goes; why not use them in logistics for smart contracts?
The setup may be as follows. RFID tags for cartons or pallets store information about the place and date of delivery. Logistics partners are running applications to search for those tags and bid for a contract for delivery. The company gets a partner who provides optimum price and quality. A smart contract then monitors the status and efficiency of the final delivery.
Cold Chain Monitoring
Medicinal products also have different storage requirements. Businesses see the benefit of sharing warehouses and fulfillment centers, rather than each paying for their own. Sensors can monitor temperature, humidity, vibration, and other environmental factors on sensitive items.
You can then store those readings on a blockchain. These are stable, and immune to exploitation. If a condition of storage deviates from its defined agreement, each blockchain member can see it. To correct the situation, a smart contract can trigger a response. For example, the response can be to change the storage based on the size of the deviation. It may, however, also apply to adjust "use-by" dates, making goods unfit or enforcing penalties.
Also, Read | Strengthening Cold Supply Chain Management with Blockchain and IoT
Blockchain and Internet of Things
The use of blockchain and IoT are other bold concepts. One idea to handle driverless car rentals is for smart contracts. An intelligent contract may search for rent payments. When no payment has been received, or the rental agreement reaches the end of its term, the smart contract locks the car and tells it to drive back to the premises of the hiring company.
Also, Read | Advantages of Using Blockchain and IoT for Supply Chain Management
Legal Considerations in Using Blockchain
Every management should evaluate the legal issues that could arise when using blockchain to manage the logistics/supply chain.
Strengthening of rewards against international organizations
Agreements based on blockchain
Mechanisms for the settlement of conflicts
Data privacy rules
Regulatory Transport requirements
Risks to safety
Obstructions to Using Blockchain
Money
Overlooked Requirements
Lack of funding from industry
Regulatory Questions
Not seeing the benefit
Lack of awareness
Conclusion
Blockchain can change supply chains, economies, industries, etc. Ironically, even organizations such as banks that seem to be missing out on the latest technology, can see ways to leverage it in streamlining their operations.
A profound transformation of supply chains won't occur immediately. Supply chains can however already begin to use blockchain in some areas of their operations. Smart contracts can help reduce costly paperwork delays and waste created by manual handling. From there, new doors will open for quicker, smarter, and more efficient processes across the entire supply chain.
Mudit Kumar
11 Jul 2020
Smart Contract Solutions | Advantages and Use Cases
In 1994, a cryptographer named Nick Szabo came up with the idea of documenting contracts in the form of computer code. These contracts will automatically be triggered upon the fulfillment of certain conditions. This idea could theoretically remove the need for trustworthy third-party companies such as banks. Today, blockchain technology enables secure, efficient, and fast smart contract solutions. Multiple platforms offer smart contract development like Ethereum, Hyperledger, Corda, Stellar, and more. In this article, we will explain more about these programs, their benefits, and how businesses can use them for efficiency.What is a Smart ContractA smart contract is a two-person arrangement in computer code format. It is stored on a blockchain, which makes the program immutable. The program executes itself after certain predetermined conditions are fulfilled. Smart contracts solutions can enable money exchange, service delivery, privacy protection, and more. Smart contracts save time and remove third-party involvement by automating various processes. These contracts, therefore, promote a trustless environment. Businesses can develop, distribute, manage, or update these programs in a variety of ways. They can integrate smart contracts into different payment mechanisms, digital exchanges, and more. Learn aboutEnterprise Smart ContractsHow do Smart Contracts Solutions WorkTo find the answer to how smart contract solutions work, let's start by investigating how you can use a smart contract: Imagine Bob wants to purchase the house from Alice. Using a smart contract this agreement is built on the Ethereum blockchain. This smart contract includes an agreement between both parties. The arrangement will look like this in the simplest terms: "If Bob pays Alice 300 Ether, THEN Bob will obtain house ownership" If this smart contract is in effect, it can not be altered — ensuring that John will feel free to pay Alice 300 Ether for the property. Without using a smart contract in this case, Bob and Alice will require third-party involvement, which will cost a hefty amount. It will include the mortgage, a lawyer, and a broker for the property. Since a smart contract is a self-executing program, Bod and Alice will not have to invest in an intermediary such as a bank, broker, or government. Check It Out | How Smart Contracts Fuel the Blockchain EconomyRole of Blockchain in Developing Smart Contract SolutionsBlockchain technology can decentralize smart contracts, making them fair and trustless. Decentralizing means that one central entity (such as a bank, broker, government, etc.) does not regulate them. The blockchain is a decentralized database run by several computers, called nodes, that belong to many different individuals. So, no single person or organization has power over the data. This aspect of blockchain makes it nearly impossible to hack. Hackers will need to access more than half the nodes if they wish to target a blockchain network or smart contracts that run on it. So, smart contracts run securely and instantly without anyone altering them. Read More About Blockchain Technology and Its WorkingBenefits of Smart ContractsAutonomySmart contract solutions and the blockchain provide customers and producers with considerable flexibility and transparency. For smart contracts, no legal intermediaries' involvement enables easier interactions with customers.Safety and TrustSmart contracts take advantage of blockchain's protection to build an enhanced degree of confidence that conventional contracts can't provide. In a blockchain network save smart contracts and enable their instant execution. Furthermore, blockchain technology encrypts these agreements cryptographically, and thus, one cannot easily manipulate them. Also, Check |Driving DeFi Revolution with Smart ContractsAbsolute TransparencyA smart contract does not have third-party involvement and all the network participants have their encrypted records. So, all parties involved in a smart contract can remain confident that the contract is conducted in a completely impartial manner. There is no chance of fraud, abuse, or unlawful alteration.You may also like | Real-World Blockchain Applications and Use CasesTime and Cost ReductionThe automation process by smart contracts saves plenty of time and money. Parties no longer have to waste hours and papers reading smart contract documents manually. Smart contract solutions cut the number of hours required for business process execution. They lead to major cost savings as there are no intermediaries like banks, escrow services, or even legal services involved.EfficiencySmart contracts can allow businesses to effectively automate and standardize activities like record-keeping, cash flow, and performance under one platform. Also, Explore |Exploring Applications of Smart Contracts in BusinessesUse CasesWhen it comes to smart contract solutions, there are almost infinite use cases in business and daily life. Let us explore the most exciting implementations and how these smart contract implementations are changing the business environment:BankingWhile the modern banking system operates relatively smoothly, it is hard to ignore its imperfections. When you're trying a money transfer, you need to pay a fee and pay a percentage of the amount you spend. Then, you have to wait for a few days while the transaction is processed. On the other hand, if you use smart contracts for money transfers, then you don't need to pay any fees. Since there is no bureaucracy involved, transactions are fast and cheap. Furthermore, the accountability offered by the blockchain reduces the possible risks of fraud in banking. Suggested Read | Reinventing Banking Processes with Blockchain Smart ContractsInsuranceThe insurance industry often lacks people's trust. Even insurance companies face problems as many policyholders deceive insurance providers with false claims to get payouts. Smart contracts insurance can build trust between an issuer and its policyholders. They have software algorithms that predetermine all insurance payout scenarios, eliminate administrative barriers, and autonomously execute contract terms. So, both parties cannot manipulate any data. Related Post | Smart Contract Solutions for On-Demand Car InsuranceReal Estate and Land Titles RecordingIn particular, cross-border real estate transactions are way too difficult for a reasonable person to manage. No one wants to participate in months of legal proceedings, document signing, and other bureaucratic complexities linked to ownership transfer. Smart contracts can remove these pain points in the real estate sector. The property's decentralized registry would allow individuals to purchase and sell a property without intermediaries and pass ownership rights in minutes. Individuals would find the apartment they want in a couple of taps, pay for it, and will immediately get ownership of purchased properties. The entire process won't require a meeting with sellers. Also, Visit |Blockchain Smart Contracts in Real Estate: A Long-Awaited BreakthroughSupply ChainCombined with IoT devices, smart contracts can make a revolution in the logistics and supply chain. They make the tracking process of the products automatic and transparent. With this combined technology, one will be able to detect the locations of goods at any given moment, their surrounding conditions, and when they will arrive. Businesses can use such a technology to track retail products, responsible energy, oil, gold, etc. It decreases the chances of fraud, making sellers more trustworthy.Authorship and Intellectual Property RightsViolations of piracy and authorship are significant concerns within the entertainment industry. Creators such as musicians, authors, and other artists face issues concerning their royalties. Smart contracts can create a channel that pays royalties to the right parties in the shortest time possible. For instance, it will bypass the need for a record label in the music industry for safe and quick transactions. Creators can use smart contracts to protect their copyrights by making a database of registration and contact details. It becomes easier for authentic entities to contact creators to buy or use their bodies of work. Also, Read |Real World Examples of Smart Contracts Use CasesConclusionIn a nutshell, smart contracts are powerful tools to create trustless, transparent, and automated systems. Businesses can use them in real estate, supply chain, insurance, and other fields. If you're interested in developing these computer programs, then contact our blockchain developers.
Category:
Blockchain
Mudit Kumar
10 Jul 2020
Hyperledger Blockchain Projects | Everything You Need to Know
Hyperledger isn't a company, a crypto exchange, a single blockchain, or even an IBM blockchain coin. Hyperledger blockchain app development is more like a hub for the development of open industrial blockchain. solutions.
What is Hyperledger
Hyperledger is an open-source community dedicated to developing a collection of secure, efficient, and stable frameworks, tools, and libraries for enterprise-grade blockchain solutions development. It is a joint initiative organized by The Linux Foundation which encompasses leaders in finance, banking, the Internet of Things, supply chains, manufacturing, technology, and more. As it is built under technical governance and open collaboration, individual creators, service and software providers, policy agencies, business leaders, and end-users are all encouraged to engage in the creation and promotion of this game-changing technology.
As it is with the Linux Foundation, Hyperledger also has a modular approach for project hosting. The Hyperledger greenhouse hosts the development of blockchain projects, from Hyperledger Labs (seed) to production-ready stable code (fruition). It serves as a neutral home for various distributed ledger frameworks including Hyperledger Fabric, Sawtooth, Indy, as well as tools like Hyperledger Caliper and libraries like Hyperledger Ursa.
It invites all to contribute to the development of the greenhouse which is essentially jointly augmenting industry goals of technologies like a distributed ledger and smart contracts.
Also, Read | Advancing Business Blockchain Adoption with Hyperledger Projects
Why Hyperledger
To understand the importance of Hyperledger blockchain app development, let’s look at the key concerns an enterprise might have in blockchain adoption
Data Privacy and confidentiality
Enterprises have proprietary data that can not be made available to the public at large even though they need to share it with various agencies. Companies have different agreements with other member organizations, which require knowledge sharing but not necessarily with others like public blockchains.
Efficient and quick transactions
Enterprises have a high frequency of transactions but can not afford to commit delays for a transaction due to business reasons.
Modular design approach
When it comes to business-ready solutions, one size fits all is not pragmatic. Enterprises also have systems that need to be leveraged. A common example of this is the reuse of LDAP, or other identity management functions that an organization already has.
Hybrid approach
As a company, the value chain has key processes that can significantly benefit from the Distributed Ledger Implementation and need to incorporate and co-exist with the other processes within the organization.
B2B focus
Some of the main technical problems in large organizations apply to B2B situations or to collaborating with partners. It is mainly due to the technical difference of each of these parties in the ecosystem which makes data sharing and integration difficult and costly.
Mining and legal restrictions on the location of nodes
Enterprises also have laws or policies about where the data can reside. Similar laws apply to some sectors in North America, and similar legislation exists in the European Union. Because of these reasons, a publicly mined blockchain is not an option
HyperLedger responds to many of these business problems and aims to be a solution for each of its use cases.
Also, Read | Build and Deploy Enterprise Solutions using Hyperledger Technologies
Hyperledger is a good choice
Hyperledger is designed and developed with an enterprise-ready view.
It's a Linux based open source platform backed up by major industry companies such as IBM, SAP, and supported by leading businesses. It comprises all the key features of blockchain and more.
Hyperledger provides permissioned blockchain solutions with additional features such as a platform for improved data protection and privacy.
Enterprise/consortium will determine where the nodes will be and there is no need for support from public miners.
The modular design approach enables Hyperledger to plug and play different elements into the stack depending on a company's unique requirements.
Fast integration with other Digital technologies-and demonstrated with IBM Watson integration, SAP Leonardo, and more.
Hyperledger Projects
A modular blockchain framework with a permissioned smart contract interpreter partly built to Ethereum Virtual Machine (EVM) specifications.
Also, Read | Benefits, Architecture, Tools and Use Cases of Hyperledger Projects
HYPERLEDGER FABRIC
A framework with a modular architecture for developing distributed ledger solutions that provide a high degree of confidentiality, accessibility, stability, and scalability. This makes it possible for solutions built with Fabric adaptable by any industry.
HYPERLEDGER INDY
A distributed ledger that offers purpose-built tools, libraries, and reusable components for decentralized identity.
HYPERLEDGER IROHA
A blockchain system designed to be fast and easy to integrate into projects for enterprises.
HYPERLEDGER SAWTOOTH
A modular framework where distributed ledgers are designed, deployed, and run. Sawtooth has a new form of consensus, proof of the time elapsed (PoET) that requires far fewer resources than a proof of work ( PoW).
Hyperledger Use Cases
Also, Read | Industry-Specific Use Cases of Hyperledger Frameworks
Banking
ompanyompanyBanking networks aren't equipped to adequately resist all kinds of cyberattacks.
Therefore, they need a higher level of defense that would fend off all the attacks. Finding these culprits is a simple breeze, with the aid of the Hyperledger fabric. Even so, the tech provides membership access, and all that happens on the network is on the ledger. Additionally, no one from outside or inside can crash the system due to top-notch protection.
Financial Services
Financial services typically have primary needs in transparency, confidentiality, and privacy. A Hyperledger project-based network here can isolate nodes and give them their very own privacy. Thanks to the robust consensus algorithms, replication of the same data is also not possible. Anyhow, financial services may also use Hyperledger fabric for smart contracts. Here, without a fuss, they can start a smart contract and that will get rid of all the complexities of paperwork.
Trade
Trading brings plenty of ups and downs. The foreign trade mechanism is not really up to the market since there is no confidence between the two trading partners. As a consequence, many of them suffer from theft, such as failing to supply the items or not paying up even after the products have been purchased. However, with Hyperledger, you can track the whole thing from the platform and use smart contracts to automate the payment when the goods arrive. So, it’s a win-win situation for both parties.
Healthcare
The sector suffers from major problems of counterfeiting, fake credentials, and violations of privacy. As the system isn't well up-to-date, it doesn't test a physician's credentials before recruiting them. Also, because there are no adequate surveillance devices, many counterfeit drugs get into the system. A lot of patients suffer badly as a result. On the other side, patients do not want to become a public property with their personal medical history. Yet the program can not guarantee full privacy and this is what the common people are suffering from. However, you can get all the features in one network with the latest tech. It will be much easier to check credentials, track drugs, and protect privacy than to avoid.
Supply Chain Management
Supply chain management is truly a fantastic industry where ventures with Hyperledger will shine. This business is one of the most difficult to handle. Every single step in managing this supply chain is complex. It is difficult to trace all the products and production lines to ensure it reaches the customers without being robbed. Even those industries will streamline anything in real-time with Hyperledger projects like Fabric and Sawtooth. It will be an easy call to see if the materials have consistency or to inspect, or even store the manufacturing line properly. The tech also makes sure that no one can steal the items and replace them with falsified products.
Also, Read | Solving Supply Chain Challenges with Hyperledger Sawtooth
Automotive
The automotive industry can deal with security concerns with support from the development of Hyperledger blockchain. Furthermore, it can track a vehicle and provide solutions for micropayment to ride-sharing applications. Tracking parts is also another great plus point in this scenario. Therefore it is fairly exceptional to have a safe drop point for some kind of payments relative to the niche.
Conclusion
Blockchain development with Hyperledger goes far beyond being just a repository of blockchain techs, spanning industry as well as industrial worlds. It is intended for high-scaling business applications, offering effective solutions to improve and automate current processes, and creating new ones. It has proven to be a stable network of blockchain companies with huge potential, where any company can profit.
Mudit Kumar
09 Jul 2020
Ethereum Smart Contracts | An In-depth Review of the Potential
In this blog, we have discussed the technological intricacies and uses of Ethereum smart contracts. Ethereum blockchain development brought in the idea of business automation through smart contracts and shaped the entire future of blockchain.
Smart Contracts
Smart contracts arise as a feasible blockchain framework for executing transactions between two or more parties. They exploit the features of blockchain potentials to do so. Developers develop a smart blockchain contract to function as a code protocol able to automatically, reliably, and effectively validate, execute, and facilitate a contract without any intermediaries. Smart contract solutions can be used in a conflict-free, open and democratic manner to exchange ownership in the form of shares, real estate, or assets. Since there is no middle guy, the method is also safe and is tamper-proof due to the use of the immutability and cryptography functionality of blockchain.
Ethereum Smart Contracts
The initial introduction of smart contracts coincided with the release of bitcoin — the blockchain launched in 2009. The true usage, though, was first rendered in Ethereum where Vitalik Buterin focused on the proper application of smart contracts.
A smart contract is, he believes, a program that uses code to determine the owner of the asset and automates the process for doing so. If a person is not assigned the assets, then the refunds shall be made under conditions laid down in the Smart Contract.
Ethereum presented the scripting language and the concept of setting up smart contracts to do more than simply transfer values or assets between peers.
It permitted designers to develop their programs via smart contracts, which according to Ethereum white paper are also known as autonomous agents.
Ethereum made it easier to promote a greater spectrum of algorithmic commands since it is a "Turing-complete." Multi-signature features are offered by Ethereum smart contracts. This implies that an account(s) can be generated using smart contracts where the expenditure is accomplished based on the agreement of the people within a group.
Also, Read | The Ins and Outs of Ethereum Smart Contract Development for Businesses
Why Do We Need Them?
We'll learn in this section why we need smart contracts for Ethereum. As with any smart contract, smart contracts from Ethereum come with its advantages.
Establishing trust
Smart contracts inculcate confidence in the entire structure or agreement formed by the parties to make transactions. No one will alter the contracts with smart contacts, or change the contract terms. The records are therefore securely maintained with correct methods of encryption, without the need for a centralized authority. The use of smart contracts often gives trust to the parties, without having to know the other party entirely.
Achieving autonomy
Using a smart contract brings autonomy, as no third-party intermediary party is needed to enable the transaction or the contract.
Increasing cost-efficiency
Using smart contracts also results in benefits for the trade parties involved. The savings are rendered by eliminating needless agents of the company, notaries, assistance, or some other intermediary type. The smart contract removes, in simple words, the extra fees associated with most services out there.
Strengthening Security
Compared to other types of traditional contract management methods, smart contracts are safe. Smart contracts can be hard to hack if properly implemented. They use cryptography, after all, to do nothing that can be manipulated or altered.
Enabling accuracy
All transactions performed using smart contracts are precise and have no errors taking into account that the smart contract at the moment of creation was evaluated well before it was made live.
Also, Read | Applications of Smart Contracts in Businesses
What Are the Use Cases
Ethereum smart contract use cases are used in multiple usages. Let's go over them one by one, quickly.
Contract Management
The use of smart contracts for contract management can also automate its related work processes. Using smart contracts also means better management confidence as the source of information is a single ledger that is constantly updated with new, verifiable information.
Other advantages involve accountability, accuracy, and automation processes. When you have a common source of knowledge delivery that does not rely on a centralized strategy, there's no point going back and forth for permissions and negotiations.
This takes communication to a whole new stage, with little reliance on other systems and less chance of exchange and use of misinformation. This also deals with arbitration and litigation.
Supply Chain Management
No question supply chain management with blockchain smart contracts is one of the top use-cases. Any supply chain which uses Ethereum will benefit from what smart contracts Ethereum can do.
A distribution system, for example, that uses smart contracts can monitor the product, the state it is in, and other important information that was not feasible without using the smart contracts or ledger framework. Smart contracts are also capable of buying items instantly if the stocks run low.
This is a big thing for retailers or online supply chain markets because they don't always have to keep tabs on what to restock, allowing the partners to make the most of the automated system. Another advantage of using smart contracts is the settlement of conflicts within the supply chain. Conflicts are resolved within minutes, as everything is monitored. Source: https://github.com/validitylabs/TradeManager
Real estate
Have you ever talked of buying a home, and instead chose to postpone it because of the lengthy process of having one?
There are verification processes, not to mention, that can take quite some time before you can get ownership of your new home!
All of these can be streamlined and automated with the deployment of smart contracts for real estate. They can regulate the entire procurement process and transfer ownership from seller to buyer. The contract can be finally agreed before it is going live and then configured into a smart contract.
The customer needs to pay for payments or the bill is completed. When done, the ownership of the new house is automatically transferred.
Source: CBInsights
Healthcare Processes
The last use-case of an Ethereum smart contract is healthcare. At present, healthcare is suffering from problems and obstacles when it comes to providing patient service. One of those issues includes storing and keeping personal health records for the patient. Because each health care provider has its archive and system to handle them, service providers can't view past information.
This adds to contradictions in the way patients are treated. Also, without a sufficiently organized network, it may even become a problem to get insurance claims.
Smart contracts running on the Ethereum network will address healthcare issues by building a healthcare infrastructure that allows access to patient accounts through a transparent network. It also increases check results, compliance with laws, and supervision of medication stocks.
Source: https://www.mdpi.com/2079-9292/9/1/94/htm
Also, Read | Ethereum Blockchain Applications and Use Cases in Healthcare
Conclusion
Smart contracts on Ethereum are here to stay. They enable the operation and integration of blockchain technologies without the need for a centralized authority.
The fact that there are plenty of use-cases for smart contracts out there makes them much more valuable for out there companies. So, what do you think instead of smart contacts? Let us know below in the comment section.
Mudit Kumar
07 Jul 2020
Building Next-Gen Fintech Solutions with Stellar Blockchain
Stellar is a blockchain platform that enables cost-efficient and fast transactions in banking and cross-border finance. It aims to address issues relating to remittances, mobile payments, and micropayments. The main goal of Stellar blockchain development for fintech is to offer quality financial services at relatively low costs.
Stellar Blockchain Development
The mission of Stellar and the people who create it is to let people send and receive money across borders easily, efficiently, and for fractions of a penny. It links banks, payment systems, and users associated with them and aims to incorporate them so that the money transfer process can occur at almost no expense. For products on the Stellar blockchain, mobile money applications can be interoperable for improved productivity and lower transaction costs.
The Stellar blockchain has a decentralized and transparent ledger that allows 3–5 seconds of confirmation time to be preserved. Not only this, because the Stellar blockchain is not coded in a complete Turing language, the rate of transactions per second is also small. The Stellar Consensus Protocol, which we will address later in the article, allows multi-signature and smart contracts.
Stellar is planned to solve the problems below
Stellar aims to help people bypass their local economies and connect directly with the world market
It is a peer-run network
It lets consumers have direct contact with each other
Stellar belongs to everyone because a single body doesn't operate the network
Whatever asset Stellar will handle
It's inexpensive and transactions are almost automatic. It can be used for micropayments, owing to the low cost of Stellar
Also, Read | Stellar Blockchain App Development | A Comprehensive Guide
The Mechanics of Stellar blockchain for Cross-Border Payments
Say you're trying to give a certain amount of USD to a guy you're doing business with, let's call him Kevin in Europe, who's going to receive it in EUR. Now, if your bank and Kevin's are attached as anchors to the Stellar network. When you seek to send money to Brad in USD, the transaction purpose is forwarded to his bank to test Kevin's compliance.
On green light from the European government, it will withdraw funds from your government account and redirect to the Lumens stellar network. When the Lumens are on the network, it sends the money to Kevin's bank and credit to his account.
As most of you know, the brilliant blockchain is a transparent, peer-to-peer network and an open ledger. Each record of all transactions remains on the blockchain which functions as a clear and open ledger. The essential part of the stellar blockchain is what we call anchor.
Also, Read | Is Stellar Blockchain a Right Fit for Cross-Border Payment Solutions
Understanding the Stellar Anchor
In the Stellar blockchain, the anchors can keep a deposit and issue credits to the participants as per the situation. Here's what the Stellar Foundation has to say about anchors: "They serve as connections between the various currencies and the Stellar network. All money exchanges in the Stellar network (with the exception of the native digital currency of the lumens) take place in the form of credit provided by the anchors.
The anchor is instrumental in the smooth operation of the procedures that take place in the Stellar blockchain. Trusting the anchors is really necessary if you want to take some operation on the stellar blockchain.
Stellar Blockchain | Use Cases
P2P Payments App
The extensive use of the P2P transfer system, such as Venmo, is no wonder. But building one using blockchain technologies was a problem that had yet to be tackled until Stellar came around. If you want to create a payment system using a stellar blockchain, it can lower the transaction costs with speed (5 seconds order).
Through using Stellar blockchain as the core infrastructure, zero-cost cross-border transfers with relatively short minimum processing period and minimal operating costs can be reduced.
Building Decentralized Exchanges
The stellar protocol has brought a whole new definition to creating open networks as network security improves as individual servers with fault-tolerant mechanisms engage in the network.
The key difference between Stellar DEX and other centralized markets is that you manage your own currency. Your private key is in charge of you and yourself. Unlike centralized exchanges where keys remain in centralized servers or Ethereum-based exchanges where smart contracts hold them, Stellar DEX allows you full power to manage your assets. This ensures that no hacking into central servers or abuse of smart contracts can risk your money. Issues like that are what makes the notion of a coin exchange on the brilliant network a fantastic one. Read all on how to make a coin platform use a stellar blockchain.
Also, Read | Stellar Based Real-World Blockchain Solutions | Scanning the Stellar World
Asset Digitization
With the increasing adoption of security tokens and tokenization, asset digitization has a major impact on true blockchain/crypto adoption. Tools for asset digitization such as Slice built on the Stellar blockchain are now in operation.
Enabling the Sharing Economy
To those who have not been presented with the absolute importance of the sharing market, let us put it simply. It is what the new industrial revolution is about.
Nevertheless, digital infrastructure, IoT, and AI / ML are of utmost significance to make the sharing economy viable. Yet the real problem seeks a solution: "How people can share their money without a tested payment infrastructure?
Also, Read | Stellar Blockchain: Understanding its Benefits for Payment Solutions
You are building a website, for example, where a person with mobile data allows others to use it through hotspots when commuting. And since we are application developers and believers, let's say mixing, metering, and whatsoever — all will occur with absolute smoothness. But how will the person who shares his / her mobile data with others get paid? It is where the brilliant Stellar blockchain development comes in because you can use it to create fintech systems.
Mudit Kumar
04 Jul 2020
Cryptocurrency Wallet Development | Securing Your Crypto Assets
A cryptocurrency wallet is an application used to transfer and receive cryptocurrencies between members of a blockchain network, conduct crypto payments and verify balances as well as the history of transactions. This crypto wallet app development safely stores users ' private keys using encryption methods and simplifies contact with digital currency.
Cryptocurrency Wallet Development
Custom cryptocurrency wallet creation is a way to build personalized solutions that ensure user data protection and device reliability. If you were looking for a solution that would allow users on your platform to carry out crypto transactions without leaving your system-this is a perfect choice. When using an exclusive product, it enables customers to make and receive payments, track personal account balances, and even use the escrow service.
A crypto wallet software stores private and public keys and can exploit blockchain technology to give users an efficient and safe way to conduct financial transactions and highly transparent contracts. Using your digital cryptocurrency wallet services, they will be able to pay and receive payments, use the escrow service, manage their balances, and increase their investments using your trading platform. Also, our highly trained cryptocurrency wallet developers predict any potential use of the case and make the wallet well-tailored to your needs.
Crypto Wallet Development | Benefits
Custom wallets provide more control and flexibility to handle cryptocurrencies. It is suggested that you use a custom app supported by a reputable partner like Oodles because it has a better cryptocurrency wallet creation experience that enables you to customize its features. Now, read on to learn about the benefits of using this tool.
A long-lasting solution
Being trusted by a variety of major corporations and embraced as a payment tool, cryptocurrency wallets are becoming increasingly secure. Cryptocurrency wallets can be both a long-term investment and spending option, making it easier for financial transactions to take place over the longer term.
Safety and assurance
Many people still feel uncomfortable using cryptocurrencies today because of how little they know about protocols. Thus, to be confident of the efforts that will be made to protect them, they need to be dependent on and trust the provider. It is the obligation, in effect, of the wallet selling app or website to break it down for them.
Further, including double checks, statutory alerts, and transaction transcripts sent with other security mechanisms enables them to be in the loop with any legal transaction at all times.
Also, Read | Crucial Considerations for Developing a Cryptocurrency Wallet Application
Reliable and Robust
With a secure blockchain network, cryptocurrency wallets assist users to make hassle-free transactions. They get the same configuration across and are in line with the data that is then repeated in the same way throughout the access field. Consequently, this durability and accuracy work best when you know the exact outcome, i.e. custom wallets.
Indeed, the risk of transactions failing with blockchain technology is extremely low. Therefore, it increases authenticity. Additionally, a custom wallet helps deter fraud and hacking with improved security due to simplicity and the need for an algorithm. This makes it durable, which makes its use more effective.
Types of Crypto Wallets
Web wallets
Mainly, a cryptocurrency wallet having web access to the app is called a hot wallet or a web wallet.
Benefits
A faster way to complete transactions.
Ideal for optimum savings in cryptocurrency.
Enables several transfers of cryptocurrency.
Enables for easy entry into an exchange.
Mobile wallets
A cryptocurrency wallet, which is highly usable and can be easily accessed on any mobile device, is called a mobile wallet. It's fully internet-based.
Types of mobile wallet
The types of mobile wallets can be classified as follows:
Based on support for cryptocurrencies
Multi-cryptocurrency wallet
Single cryptocurrency wallet
Based on custody
Custodial
Non-custodial
Based on the platform
Android
iOS
Advantages
Efficient enough to accept or send payments on the fly.
Can support hardware wallets like QR code scanning.
Also, Read | Custodial Vs Non-Custodial Crypto Wallets: Getting Into Details
Desktop Wallet
It's a very effective cold storage system for cryptocurrencies. Safer than a smartphone and a web wallet.
Benefits
It's quick to use
There is no need for a cold storage solution for any energy source.
Comes with your private keys.
Should not be placed on the server of a third party
Hardware wallets
Highly safe than a mobile wallet and simpler to deal with than wallets. They're better at handling fork than most.
Benefits
An easier and easier way to store crypto for the long term.
Better protection than all other wallets.
Crypto Wallet Development | Essential Features
Let's further discuss the main features that the wallet should contain;
Multi-layer protection
A crypto wallet should have security protocols integrated to make it hack-proof. Different security features are;
Multi-asset support
Nowadays users are asking for a wallet that would facilitate more than one crypto asset. Therefore, several coins or tokens should be provided by the wallet software.
QR Code Scanner
QR Code Scanner checks wallet addresses automatically and speeds up transactions of crypto properties.
NFC (Near Field Communication) Support
NFC support operates on the transfer mechanism of assets based on the proximity of the system. It requires a sender to tap the NFC tag and retrieve the wallet address of the recipient and complete the transaction.
12-word mnemonic phrase
It is one of the key features that makes it easy to restore wallets when you have removed or transferred the wallet to another unit. The mnemonic passphrase is a link to your private keys that have made them align with security features.
Also, Read | Outlining Ideal Mechanisms to Develop Secure Cryptocurrency Wallets
Two-factor Authentication
One must fill in the OTP code created by the chosen 2F Authentication – Google Authentication or SMS Codes – to securely log in to the wallet. This prohibits cybercriminals from accessing a user's account unethically.
Coin Recovery
Ironically, crypto assets will become inaccessible if a user has lost access to their mnemonics or private key. Thus, advanced cryptocurrencies wallets like Cold wallets provide cryptocurrency recovery functionality. So, users can recover their cryptocurrencies in case of malfunctions.
Biometric system
Implementing a biometric scan would provide users with innovative authentication solutions and abrogate their apprehensions of losing their coins. Fundamentally, all they need to do is to record the biometric data on the wallet system by verifying their fingerprint or face.
Seamless transactions
Allow users to immediately move their funds without or without a small transaction fee and thus make the crypto transaction a problem-free process for them.
Multiple signatures
A multisig wallet needs more than one key to approve a crypto transaction for sharing the responsibility for the ownership of digital properties.
Now, if you consider creating your cryptocurrency wallet app, you can seek Oodles' professional crypto wallet development services that are equipped with the requisite technical skills and knowledge to deliver a quality wallet solution.
Mudit Kumar
03 Jul 2020
Ethereum Blockchain Applications and Use Cases in Healthcare
In this blog, understand the implications of Ethereum blockchain development with its enterprise version in improving healthcare solutions and revolutionizing the entire industry.
In the past 30 years, the healthcare industry has been impacted by the introduction of integrated computer structures, the manipulation of clinical records, and the effort to focus on the digitization of medical data in conjunction with the numerous electronic medical record (EMR) services providers. Indeed, the majority of libraries storing information owned by healthcare providers, pharmaceutical firms and other players of the health and medical industry do not communicate with each other. Further, the lack of interoperability between most quantitative clinical data structures at both human (patient) and community (public health) levels illustrates the structural obstacles that are frequently seen in the following situations.
Patients choosing to refer or receive medical care from other health professionals,
Clinical trial administrators wanting to verify the enormous medical evidence of their patients
Pharmaceutical firms working to ensure the validity of medications sold on global markets
Healthcare Challenges
Owing to unsafe data exchange and the siloed handling of medical records, patients waste valuable time and money obtaining unnecessary medical services, for instance, conducting repeated blood checks or physical examinations. Emergency personnel, doctors, and other health care providers do not have complete access to a patient's medical records. For instance, they usually do not receive precise healthcare reports detailing information like reactions of medications, previous or non-existent medical problems, consumption of controlled drugs, etc., It can lead to a risk of inadequate diagnosis or treatment.
Thus, secure monitoring of the supply chain and the traceability of medical products is important to avoid the sale of illegal or illicit drugs. Counterfeit medications become risks when active ingredients are mutated or illegal. These risks can threaten the health and effectiveness of treatment or contribute to addiction and drug dependency. Also, these bear chances of unforeseen side-effects, any of which may be fatal.
Blockchain to the Rescue
Blockchain can tackle the illicit shipment or unlawful processing of controlled drugs. It offers an opportunity to register, provide a chronology and show the identity details (make-up and composition) of drugs in an immutable database.
Enterprise Ethereum Blockchain
Enterprise Ethereum offers interoperability with smart contracts and applications that can revolutionize the healthcare industry. It facilitates data protection, approval control, and medical tool and product monitoring, among other blockchain use cases.
At Oodles, we're helping companies manage the blockchain ecosystem of healthcare services that can fundamentally transform the market for the better.
Evidently, businesses, governments, and forward-thinking organizations across the globe are embracing Enterprise Ethereum blockchain solutions. They are doing so to reduce the cost of establishing trust, improve productivity, and create new possibilities for valuable development.
Greater trust at a reduced cost
Blockchain technology significantly lowers the expense of confidence and partnership that has historically been costly for companies. The clear and permanent ledger of Enterprise Ethereum makes it fundamentally easier for the different participants on the business network to access data and achieve agreements.
Improved Protection and Custom Permission
Organizations can trust that their data is secure on the enterprise-grade blockchain. The transparent architecture of the blockchain means that anything registered on the blockchain is nearly impossible to access or exploit. The flexible privacy and authorization layers of Enterprise Ethereum will enable companies in every sector to create the security controls they need.
Enhanced performance
Enterprise Ethereum acts as a stable and paperless network where only registered parties can share data and transaction information. Customizable automated arrangements or smart contract solutions help to streamline and simplify procedures such as bill mediation, judicial arbitration, and ID checking.
New Market Models and Global Resources
One of the most important aspects of Enterprise Ethereum is the ability to distribute digital tokens that represent real-world properties. Tokens allow businesses to fractionate significant holdings, extend their product range, and create new reward structures in company networks.
Conceptualizing Blockchain Adoption at Healthcare Level
Most people know only the emerging blockchain use cases in health and life sciences. These include monitoring the prescription supply chain, doctor lists, patient credentialing, and more. However, the transformation lies in the advancement of patient-mediated technology, initiation of a cultural change in sovereignty and regulation, and maturation of market functions for data monetization. Network with us to discover how blockchain can revolutionize the safety and life sciences of doctors, physicians, insurers, research and development, pharmaceutical firms, and health care professionals.
Examples of Ethereum Blockchain Use in Healthcare
Blockchain technology assists the healthcare sector with increased data safety, efficiency, monitoring, and accountability while minimizing costs. Oodles Healthcare solutions work with Ethereum blockchain solutions to develop a variety of healthcare applications, including:
Safe monitoring of Electronic Health Records ( EHRs)
Enterprise Ethereum facilitates the secure and organized exchange of data within the medical community through shared repositories. These mechanisms aim to protect patient records and anonymity. They make doctors more aware of the medical histories of their patients. Also, they enable researchers to use clinical data to accelerate scientific advancement.
Impact on patient consent management
Blockchain technologies allow structured data ownership across layers of privacy and authorization based on Ethereum. Patients might not be unable to alter or remove detailed medical knowledge feedback from doctors to their accounts. They can monitor exposure by having complete or partial visibility to different actors in the healthcare ecosystem. For example, patients may share their entire reports with a physician practitioner. However, they can prefer to share only non-identifiable documents with academic research companies or healthcare organizations.
Traceability of drugs
Drug supply chain management is getting more efficient and transparent with the openness, immutability, and interoperability provided by Enterprise Ethereum. Interoperability across networks means that various blockchain implementations and structures can communicate cohesively in the supply chain. Pharmaceutical firms can mark their goods on the blockchain. Then, they can trace the transfer from the root point to the final user.
Also, Read | Blockchain in Healthcare: Advantages, Use Cases, and Applications
Clinical trials
Enterprise Ethereum reduces data theft risk using a consensus system and a transparent framework that defends against hacking or abuse. Records on the blockchain can have proof-of-existence and validity assurance. Nodes then form a consensus about whether to accept new transactions and avoid the alteration of the results. It preserves data privacy, facilitates accurate test findings, and enables cooperation within the science community.
Incentivization and micropayments
Smart contracts with Enterprise Ethereum blockchain enable the application development of micropayments to promote particular healthcare patient actions. Such digital contracts can offer incentives to patients for following various activities. For instance, patients can receive rewards for following a specific care plan or sharing their clinical study results.
Mudit Kumar
27 Jun 2020
Advancing Blockchain Adoption for Business with Hyperledger Projects
With blockchains, many of the current business processes in many sectors can be automated to save time, save money, and reduce risk. And several entirely new processes — maybe even whole new industries — can be invented. As the Tapscott book explains, the first generation of the Internet was great for sharing information: e-mail, documents, photos, web pages, songs, and videos. But there's been a problem. It was hard for someone to prove who they were. Any transaction involving some value involved a middleman, such as a bank or a credit card business, to confirm the purchaser and the seller and to verify the transaction. That generated uncertainty, delay, and expense — and a key weakness point that hackers might strike. Business development with Hyperledger blockchain projects opens the door to a second generation of the Internet that is suitable for the exchange of value, including valuable information.
Hyperledger Blockchain Development for Business
With Hyperledger blockchain development for business solutions, users can decide who they are and then exchange things like money, stocks and shares, intellectual property, deeds, votes, loyalty points, and everything else that has meaning.
And if traders do not know or trust each other, they will rely on technology to document the transaction in a tamper-proof manner. And automation eliminates the need for any middleman, which saves time and reduces costs.
Hyperledger began in 2015 when several various businesses involved in blockchain technologies discovered that they could do more by working together than by operating separately. Such companies have agreed to pool their money to build an open-source blockchain platform that anyone can use. Such far-sighted businesses are enabling blockchain to become more common and more industry-standard technology.
Also, Explore | Why Even Small Businesses Are Adopting Blockchain Technology
The Need for Hyperledger, a "Greenhouse" of Advanced Blockchain Technologies
Hyperledger acts as a "greenhouse" that puts together consumers, entrepreneurs, and suppliers from a wide variety of industries and market spaces. Both of these participants share one thing in common: they are both interested in learning about, creating, and using business blockchains.
Although blockchain is a strong technology, it isn't one-size-fits-all.
That enterprise requires unique features and changes to help the blockchain accomplish its intended function. Because various organizations have different requirements, there will never be a single, unified blockchain. Instead, we plan to see other blockchains with various functions that offer a wide variety of applications across a broad spectrum of industries.
Hyperledger offers a greenhouse system that can incubate new theories, assist each with necessary tools, and make the findings publicly accessible. A greenhouse system can accommodate many different species while using much less energy.
Also, Read | Build and Deploy Enterprise Solutions using Hyperledger Technologies
Distributed ledgers can have very different criteria for different usage cases. For example, where members share high rates of trust — such as between financial institutions with legal agreements — blockchains can add blocks to the chain with shorter validation times by using a faster consensus algorithm. On the other side, where there is limited confidence between participants, they must accept slower processing for protection. Hyperledger covers the entire range of cases in use. We understand that different market environments have specific conditions for approval periods, decentralization, confidence, and other problems and that each problem represents a possible "optimization phase" for technology.
Hyperledger Blockchain Development | Business Advantages
Modularity
Hyperledger is designing lightweight, extensible structures with rising building blocks that can be reused. This modular approach allows developers to play with various types of modules as they mature and to modify specific components without changing them.
The rest of the system as well. This helps developers construct modules that can be combined to design distributed ledger systems that are well-tailored to specific requirements.
The modular approach also ensures that a diverse group of developers will work independently on various solutions and reuse similar components through several projects. The Hyperledger Architecture Working Group describes practical modules and frameworks for topics such as correspondence, consensus, authentication, identity, ledger management, smart contracts, and policies.
Security
Safety is a key concern for distributed ledgers, particularly because many use cases require high-value transactions or sensitive data. With wide codebases, multiple networked servers, and useful data sources, distributed ledgers have become prime targets for online attackers. Securing a blockchain is a challenging task: distributed ledgers must provide a wide variety of functionality while avoiding constant adversaries. Privacy and robustness are essential to the creation of business-class blockchains and provide vital connectivity for new generation enterprise networks.
Hyperledger projects promote architecture security and follow the best practices defined by the Core Infrastructure Project of the Linux Foundation.
As such, all Hyperledger algorithms, protocols, and cryptography have a routine check and audit by security authorities, as well as by the broader open source community.
Interoperability
In the future, several separate blockchain networks would need to connect and share data in order to create more complicated and efficient networks. At Hyperledger, we agree that most smart contracts and implementations will be scalable across a wide variety of blockchain networks. A high level of interoperability would continue to achieve the accelerated penetration of blockchain and distributed ledger technology.
Also, Read | Benefits, Architecture, Tools and Use Cases of Hyperledger Projects
Cryptocurrency-agnostic
Hyperledger ventures are autonomous and agnostic to all altcoins, cryptocurrency, and tokens. Hyperledger would never release a cryptocurrency of its own; that is certainly not our aim. Hyperledger works to build blockchain enterprise tools, not to handle any cryptocurrency.
Nonetheless, the architecture concept requires the ability to construct a token used to control digital objects that can represent currencies, but this is not essential for the network to function.
Complete with APIs
All Hyperledger projects have large, easy-to-use APIs that support interoperability.
With other devices as well. A well-defined set of APIs allows external clients and apps to do so.
Fast and fast access to Hyperledger 's central distributed ledger system. Such APIs promote the development of a diverse app community and enable blockchain and distributed ledger technology to expand across a broad variety of industries and usage cases.
Mudit Kumar
26 Jun 2020
Modernizing Food Supply Chain with Blockchain Technology
Food is essential to life. We often don't understand is that food that provides us nourishment can be detrimental to our health and the environment. Foodborne disease costs in the United States alone range from $55 billion to $93 billion. Besides, one-third of food produced for human consumption is lost or wasted globally. Now, organizations are exploring ways to upgrade the system with blockchain food supply chain development.
Complex Food Supply Chain
Our food supply chain is complicated due to manual, paper-based procedures, burdensome administrative functions, expanding regulatory standards (such as the Food Safety Modernization Act), and more. Besides, doubling penalties for infringements and lack of visibility in food safety certificates and audit reports are some of the concerning issues affecting food supply chains globally. Simply delivering food from a grower to a customer table requires several intermediaries: food manufacturers, producers, distributors, dealers, logistics, and regulators. Data exchange in this environment is typically limited to individuals with direct communication, and no one has complete, end-to-end transparency of the supply chain.
Although our existing food supply chains work, information is often incomplete, comes from multiple sources, and is available in different formats.
Once an apple or pork chop makes it to your dining table, you have no way of confirming its genesis or manufacturing process assertions like "organic" and "non-GMO." People also have to presume that food is not adulterated because food recalls are often not issued promptly.
And if there's a recall, you'll likely end up throwing out unaffected food along with tainted food. These issues call on consumers to improve transparency in the food supply chain processes. They want to know where their food comes from and how it is grown, harvested and transported. That's a big order to fill up, but blockchain might help.
Blockchain to the Rescue
Blockchain can provide end-to-end traceability if the entire supply chain ecosystem shares a single, tamper-resistant ledger of information that can only be updated by consensus. Participants may access their portion of the same information in an authenticated, trustworthy, and scalable network.
Since October 2016, IBM and Walmart have been collaborating on a pilot project to demonstrate the effects of tracing food products on the blockchain. During the annual shareholders meeting, it was announced that the original experiment had produced "promising" results.
Frank Yiannas, VP of Food Safety for Walmart, revealed how he was able to find out how to track information using blockchain in 2.2 seconds. A process that spanned almost seven days using previous methods. It will assist to reduce the response time when contaminated food is discovered and make selective recall possible.
Not only can traceability enabled by blockchain boost consumer safety; it can also help to reduce fraud in the industry.
Also, Read |Strengthening Food Supply Chain with Blockchain Amid COVID-19
Food Supply Chain Management with Blockchain | Benefits
Food companies can use the blockchain to instill transparency in their supply chain processes. Blockchain has the potential to add an extra layer of safety to the food industry.
Transparency
Since the data collected at every stage is open to all inside the network, blockchain will help add accountability to the supply chain. From the production to the sale of a food item, everything can be recorded on the blockchain to get rid of any food fraud or food recalls.
Efficiency
Blockchain can improve the way food is tracked, transported, or sold. By keeping every digital record of the transaction, blockchain could overcome the inaccuracies caused by traditional paper-based records. In the event of any food recall or investigation, the process could be carried out seamlessly as blockchain offers end-to-end traceability.
Secure and quick transactions
For blockchain, the information can be exchanged in a matter of minutes. Once the data has been validated, it is replicated on different networks to ensure its security.
Food safety
Blockchain could bring significant progress in food safety by saving lives and cutting costs. Since permanent information records are maintained on the blockchain, there are fewer chances of incidents of contamination.
Food Supply Chain Management with Blockchain | A Process Prototype
Also, Read |Blockchain Solutions in the Food Industry | Exploring Potential Use Cases
Conclusion
Adopting blockchain can be a revolutionary solution for food supply chains. They can have greater clarity on an otherwise opaque path from harvest to sale. All parties along the chain, however, need to follow the steps and embrace technological change. With global retail giants like Walmart and Carrefour leading the way, we can see supply chain players jumping on the bandwagon.
Do you want to improve the traceability of products and the transparency of the supply chain for your agribusiness? Contact the experts of Oodles. We're going to help you come up with the best technical solution for your specific needs.
Category:
ERP Solutions
Mudit Kumar
24 Jun 2020
Corda Blockchain for Enterprise App Development with Use Cases
In 2016, R3 Consortium introduced Corda, an open-source blockchain platform. It enables enterprises to transact directly within strict privacy. Therefore, it reduces costs related to transactions and record-keeping while streamlining business operations. Essentially, Corda blockchain solutions provide firms the potential to expand their business and transform the industries they operate in.
Corda Blockchain for Enterprise App Development
Then, the consortium launched Corda Enterprise, a commercial distribution of Corda specifically optimized to fulfill today’s business needs. The enterprise version of Corda is interoperable and compatible with the Corda open source. It is essentially designed for organizations with stringent requirements around the quality of service and the network infrastructure in which they operate.
Fine-tuned for Enterprise Needs
Traditional permissionless blockchain platforms — in which all data are shared with all parties — have privacy, scalability, and interoperability issues that make them largely unsuitable for global business. Many companies – especially bigger ones – are facing technical headwinds that prevent a blockchain platform from being adopted. Corda Enterprise harnesses the most desirable components from its core product and fine-tunes them for enterprise app development.
A Blockchain for Every Business
With the launch of Corda Enterprise, a wider range of institutions can realize the full potential of blockchain by executing complex logic and exchange of assets directly, simply, and in strict privacy, without the need for costly reconciliation or a trusted intermediary. Also, Corda Enterprise is ideally suited for use in all other sectors due to its design to meet the rigorous standards of the highly complex and regulated financial services industry.
Also, Read | Basics to Develop a Corda Application with Spring Boot
Corda Blockchain for Enterprise App Development | Use Cases
Blockchain application in enterprises creates enormous value in nearly every sector. Early adopters who have already built CorDapps and business networks on Corda include independent software vendors (ISVs), start-ups, and consortia across fintech, financial services, supply chain, trade finance, insurance, collateral management, banking, and syndicated lending.
Corda for enterprise app development is proven to meet the requirements of complex organizations for security, scalability, and support, and has become the standard in financial services.
Know how various companies have built Blockchain technologies that utilize Corda Technology to address complicated business issues. Explore a few Corda blockchain use cases for Enterprise:
Blockchain for the Energy/Oil/Gas Industry
Energy/gas & oil companies today face a multitude of market failures, which include reduced counterparty trust levels, low asset traceability, obsolete, laborious documentation procedures, and stressful contract negotiations and disputes. Adopting DLT / blockchain technology in the oil and gas industry can reinvent energy trading, upgrade back-office processes, digitize assets, and facilitate peer-to-peer interactions while increasing efficiencies.
Why Corda?
Digitize commodity-space trading (i.e. gold)
Tracking certificates for renewable energy (RECs) and carbon loans
Verify identities and permits to remain compatible with safety training
Provide one unchangeable record of ownership and mineral rights
Blockchain Use Cases in Supply Chain Management
Geater visibility of the origin and movement of goods and more accurate and timely data about the supply chain can address inefficiencies and risks in today's global value chains. Without a way of synchronizing information between multiple parties along the supply chain, each organization records its version of the truth, resulting in errors, high costs, and reputational and financial risks. What if consumers, manufacturers, shippers, and other players in the supply chain could function in a secure network that keeps everybody connected, in real-time, and in strict privacy?
What are blockchain use cases for the supply chain?
Blockchain supply chain management use cases include immutability in the provenance of goods, elimination of reconciliation pain across multiple parties, and real-time visibility for tracking and tracking analysis, risk assessment, and acceleration of physical and financial supply chains. Find out how blockchain revolutionizes the supply chain, and download Corda Enterprise today for a free trial.
Why Corda?
Corda Smart Contracts have a common source of truth for supply chain information – which can be checked by all stakeholders, allowing both parties accountability
Since Corda is a licensed blockchain, regulators may access supply chain information in a safe environment, reducing penalties for failure to comply
On request, the parties can capture and verify the origin, quantity, movement, location, and transfer of materials, raw ingredients, and finished products
Gain control and full visibility of your supplier network – including shipping, logistics, insurance, and more – allowing your business to grow faster and more profitable
Maximize productivity by knowing product position and flow inside the supply chain — from the raw materials stage to post-delivery
Strengthen record keeping and reporting systems to ensure reliable manifests, lading bills, certifications, and more
Blockchain Use Cases in Healthcare
What is Healthcare blockchain? Healthcare blockchain brings health, quality, and transparency to the industry at the next level. Nearly every function is prepared for a blockchain solution across the value chain of healthcare. Pharmaceutical companies that handle patents and applications are looking for more efficient ways of handling and monitoring IP catalogs and patent applications. Healthcare stresses hospital management and record-keeping. Health insurers manage vast volumes of data for designing policies and personalized plans, filing and handling adjudication of claims, and controlling insurance payment and resolution of claims. Even companies that use medical equipment require more streamlined supply chains. Find out how blockchain changes the healthcare sector, and use cases for Corda.
Why Corda?
The only blockchain company on the market designed for highly controlled environments that deliver scalability, protection, and integration with existing systems
Corda's innovative model of privacy and smart contracting capabilities will provide a reliable and efficient forum for patient and provider identity sharing and verification
Provide access to open, real-time, and safe data storage with consistent regulatory management reporting
Automate payments between parties and across borders while insurers can benefit from the smooth settlement of claims
Blockchain Use Cases in Digital Identity
The ability to collect, verify, and manage the digital identities of users while completing transactions and accessing services online is an increasingly key component of the digital economy. Present approaches to exchanging personal data and information with companies and digital networks lead to exploits or bad data protection privacy vulnerabilities. Adopting DLT / blockchain into digital identity verification and management enables individuals or businesses to maintain more direct control over their confidential data. Furthermore, processes along the lifecycle of digital identity collection, verification, and management can be simplified by more seamless attestations as well as more direct data sharing.
Why Corda?
Provides a stable distributed data network, thus keeping personal sensitive data off the chain
Streamline attestation processes during the lifecycle of identity provision, while users can track and control which organizations can access their data
Revolutionize autonomous digital identities and corporate KYC
End to end data encryption and decentralized process minimization ease access to checked identity
Mudit Kumar
19 Jun 2020
Blockchain Smart Contracts in Insurance | Advantages and Applications
The insurance industry is one of the key influencers within the global economy. Various entities, including businesses, citizens, healthcare organizations, and governments, require a variety of insurance services. However, the current insurance system is full of challenges due to the substantial size of the market and the involvement of multiple intermediaries. It lacks coordination and interoperability of data between parties and stakeholders. Here, smart contract development can prove to be more convenient and efficient than drafting inconvenient paper agreements.
Source: Deloitte
Blockchain-powered Smart Contracts
A smart contract is a digital self-executing business contract that runs on a blockchain. Essentially, it automates the execution of transactions upon the fulfillment of pre-defined business terms by two or more parties. Smart contract developers write them into lines of code on a blockchain platform like Ethereum for their self-execution with efficiency and security. These codes exist across a shared, decentralized blockchain network, either in a permissioned or private one. While smart contract codes manage the execution of transactions upon the fulfillment of If/Then conditions, blockchain makes them trackable and irreversible.
Smart contracts can even validate and execute transactions and agreements among anonymous parties without a central authority, legal system, or external enforcement mechanism.
Source: KPMG Global
Workings of a Smart Contract
For instance, Alice wishes to sell her car to Bob in exchange for payment in cash. They code a smart business contract on Ethereum blockchain, stating that IF Bob pays $10,000 to Alice, THEN she will automatically receive the ownership of the car."
As the smart contract agreement resides in a blockchain environment, shared across the network nodes, nobody can change it without consensus. Bob need not worry about Alice suddenly demanding more money. Besides, she need not pay any additional charges to third-party companies like banks, a lawyer, or a car broker to prove that Bob has received the payment.
Source: Blockgeeks
Now, let us take a look at a few advantages that a smart contract for insurance stakeholders can provide.
Blockchain Smart Contracts in Insurance | Advantages
There are multiple advantages of using smart contract solutions over traditional contract arrangements. Given the rapid development of blockchain technology and smart contracts, the following list of their capabilities for the insurance industries will likely increase in the future.
Accuracy
As its primary requirement, a smart contract requires recording of all terms and conditions in explicit detail. It is a key requirement because an omission may lead to errors in transactions. Hence, automated contracts enable insurance companies to avoid the pitfalls of manual filling of policy contracts.
Transparency
As the terms and conditions of an insurance contract are coded on a blockchain platform, they become completely visible and accessible to all relevant parties. The parties in a contract cannot dispute them once established, thus facilitating complete transparency of transactions and contract terms across all concerned parties.
Efficient communication
Accurate mention of the contract and policy terms results in everything being explicit. It leaves no room for miscommunication or misinterpretation. Therefore, smart contracts drastically reduce efficiency lost to gaps in communication, despite parties' physical locations.
Time-saving
These contracts run on the blockchain and essentially exist on the internet. Consequently, they can carry out transactions with significant speed. The speed leads to saving hours spent in many traditional insurance processes. It eliminates the need to process documents manually.
Security
Automated contracts leverage the use of the highest level of data encryption and blockchain’s feature-rich security characteristics. The advanced level of protection makes them secure and efficient for business use cases requiring efficiency with strengthened security.
Dispute free
In each transaction, these contracts record essential details. So, whenever insurance details are used in a contract, they are stored permanently for future records. Those attributes are easily retrievable in the event of data loss or dispute of a claim.
Outcome-based
Another appealing aspect of such arrangements may be the ability to greatly minimize or even remove the need for lawsuits and court hearings.
By using a contract of self-execution, parties undertake to bind by the rules and determinations of the underlying code.
Applications of Smart Contracts in insurance
Insurance companies are well aware that the application of smart contracts combined with blockchain may lead to the automation of the insurance process: from the verification of the claim to the payment of indemnity in favor of the insured.
Automated claims processing and handling
Defining insurance policies on a blockchain as smart contracts can radically transform the efficiency of Property & Casualty (P&C) insurance services. As per a report by BCG, it can save insurers more than $200B a year in operational costs. Deploying insurance policies and claims management data on a blockchain solution that insurers, reinsurers, brokers, and other parties can readily access reduces duplicate, manual work. Insurance policies deployed as smart contracts solutions on the blockchain can automatically carry out programmed claims processing actions.
Further, it can automate information transfers between insurers and other parties, and making payments to policyholders. Additionally, more information like claims forms and supporting evidence provided by policyholders can reside on the blockchain so that all parties access the same information, making disputes improbable.
Also, Read | Game-Changing Potential of Blockchain in Insurance (Claims Processing Use Case)
Peer-to-peer insurance model
Peer-to-Peer (P2P) insurance generally comprise a group with a certain degree of affinity (family, friends, business associates, etc.). The group members collaborate to insure each other against loss. Blockchain smart contracts can improve the efficiency and transparency of the p2p model. A smart contract can hold written premiums in a secure escrow account.
Further, it can provide claim amounts from the escrow when the correct digital signature is applied. Also, the smart contract’s code might require multiple members of the pool to provide their signatures to validate the claim and release the payment. In the future, we may see specific P2P insurance platforms using smart contracts to set claims and match demand between consumers.
Source: PWC
Also, Read | Blockchain in Insurance: Enabling New Opportunities
Reinsurance
Blockchain technology can upend current reinsurance processes. It can streamline the information flow of information between insurers and reinsurers with a shared ledger and smart contracts. With blockchain, detailed transactions of premiums and losses can reside on an insurer and reinsurer’s computer systems at the same time. It eliminates the need for books’ reconciliation between institutions for each claim.
With data shared on an immutable ledger and smart contracts managing transaction execution, reinsurers can efficiently allocate capital for claims almost in real-time. Essentially, it will enable them to both process and settle claims quickly without depending on primary insurers for data for each claim.
Also, Read | Blockchain Integration for Operational Excellence in the Reinsurance Industry
As per PricewaterhouseCoopers, blockchain can enable the reinsurance sector to save up to $10B by increasing operational efficiencies.
Source: CBinsights
Conclusion
Blockchain smart contracts can improve the industry in terms of accuracy, efficiency, privacy, and more. However, it is incredibly important to understand that every single insurance company that embraces blockchain must agree to operate according to ethical standards. Standards and protocols need to be coordinated to ensure the blockchain provides insurers with stronger opportunities to communicate, exchange data, and make insurance transactions less of a burden for customers.
Mudit Kumar
16 Jun 2020
Blockchain in Healthcare | Impact, Benefits & Use Cases
The response by healthcare organizations like WHO and governments to COVID-19 emphasizes the need tostrengthen healthcare data management and infrastructure. It necessitates the need to exploreblockchain healthcare solutions for secure and accurate information sharing among all participants. At Oodles, we have observed over the last three months the importance of fast, efficient, and secure sharing and reporting of scientific data. Using blockchain for healthcare data management solutions, organizations can facilitate a comprehensive understanding and prevention of such global outbreaks. Concurrently, they can enable healthcare stakeholders to improve the healthcare experience. Indeed, blockchain-based healthcare solutions development can drive healthcare entities toward finding the best course of action using data.Healthcare Data Management LimitationsIn such precarious situations, the overflow of information suggests that the current healthcare technologies and infrastructures are currently not in place. They are not up to the job, with limitations in areas like full interoperability, reliability, and security of healthcare data. Sequentially, they fail to provide an accurate understanding of healthcare conditions and requirements at a local level.` Introducing blockchain solutions for healthcare data management can address these limitations.Workings of BlockchainBlockchain is a distributed, peer-to-peer ledger technology with three major components:Distributed networkThe shared P2P system includes network user nodes where each member holds an equivalent blockchain copy and can verify and approve distributed network transactions.Shared ledgerThe shared ledger records all digital transactions accessible by all network members. They perform algorithms and test the proposed transactions. Once a majority of members validate the transaction, the shared ledger adds it into the blockchain database,Digital transactionsAny information or digital assets recorded on a blockchain can qualify as a digital transaction. Each 'block'in the chain organizes each transaction and each block includes a cryptographic hash to provide a sequential, temporal order to the transactions.Blockchain's Impact on Healthcare Data ManagementTraditional healthcare systems generally have critical information scattered across multiple systems, and may not be accessible at necessary times. Essentially, the current healthcare infrastructure is inadequate to handle the exchange of information and requires some tweaks. According to the most recent Gartner Hype Cycle, Blockchain has gone beyond the "innovation trigger" and is at the "peak of inflated expectations." It can transform how we view healthcare and data together. One of the biggest things in our opinion is making the use of blockchain in healthcare is replacing the centralized administrator. A centralized database is indeed something real- composed of bits and bytes. Anyone who has access to that device may corrupt the data inside. There will be no need for a central administrator for blockchain— eliminated by clever cryptography. Additionally, all users are in command of both their transactions and records. Since healthcare maintains private patient information and needs easy access to details, blockchain will streamline these medical records and enable secure access to those records. Blockchain provides control of entry, scalability, and data protection in one go. The idea of blockchain in healthcare is completely revolutionary it's not going to be an elixir to drown out the data processing problems. However, it will be an evolutionary process where we need to introduce it step by step. Also, read |Three Ways Blockchain Smart Contracts Are Revolutionizing Healthcare Benefits of Blockchain Implementation in Healthcare Data ManagementAccuracyBlockchain's integration with healthcare will include medical information through Blockchain. It can hugely improve the accuracy of the delivered treatment.InteroperabilityAny healthcare-related institution can conveniently use encrypted medical records backed by the blockchain-powered interoperability, regardless of the location of said facility.SecurityBlockchain data records are unchangeable (unchangeable after input). It reduces the chance of fraud or mishandling of data. Blockchain health data is safe from damage caused by natural disasters because there is no central point of failure.Lower Handling CostsBlockchain architecture safeguards data and enables easy access to relevant parties without intermediary dependence at any point in time.Realistic Blockchain Use Case and Application in HealthcarePrescription (Drug) TraceabilityData on the blockchain is unchangeable. It is difficult to alter until something relating to a prescription issuance or drug distribution, production, etc., is introduced. There can be strong positive results of blockchain in preventing and tracing counterfeit/misused drugs.Secure management of Electronic Health Records (EHRs)Blockchain facilitates secure and organized electronic exchange of healthcare data within the community through decentralized databases. These structures work to protect patient data and privacy blockchain in Healthcare, give doctors visibility over the medical history of their patients, and empower researchers to use shared data to drive scientific advancement.Improved patient consent managementBlockchain solutions allow for structured data ownership through layers of privacy and permission built on a blockchain platform. While patients are unable to modify or remove detailed medical information feedback from doctors into their accounts, they may monitor access by providing maximum or partial exposure to different healthcare ecosystem stakeholders. For instance, patients may share their full records with a medical specialist but may choose to share only unrecognizable data with scientific research firms or other larger healthcare organizations. You may also read |Establishing Digital Self-Sovereign Identity System with Hyperledger IndyData security in clinical trialsWith its consensus process and transparent nature that protects against hack or exploitation, blockchain decreases the possibility of data theft. Documents on the blockchain may be given proof of existence and verification of authenticity. A majority of nodes then reach a consensus on approving new transactions and avoiding data modification. It preserves data privacy, encourages trustworthy test findings, and fosters cooperation within the science community. Also, read |Can Blockchain Solutions Address Challenges of Clinical TrialsIncentivization through micropaymentsBlockchain's intelligent contracts allow for the introduction of micropayments to encourage specific patient behavior. Such contracts may be designed to offer patients incentives for pursuing a particular care plan or exchanging their data for scientific testing.
Category:
Blockchain
Mudit Kumar
13 Jun 2020
Hyperledger Fabric for Enterprise Application Development
Blockchain is an emerging technology poised to radically transform the operating models of diverse industries. When evaluating blockchain platforms for your business use case development, it is important to consider their various attributes. In this article, we count them down and present Hyperledger Fabric, a blockchain framework for Hyperledger blockchain development. Fabric is one of the open-source blockchain engines maintained under Hyperledger projects for robust and efficient enterprise application development.
Hyperledger | The Greenhouse for Enterprise Blockchain
Although blockchain has significant potential, it is not a one-size-fits-all solution for enterprises. Every enterprise has requirements for distinctive features and customization to enable a blockchain solution to fulfill its intended objective.
Therefore, there is a need for blockchains with different features that provide effective solutions across diverse industries. Hyperledger acts upon this need by providing a greenhouse structure for open-source blockchain development.
Hyperledger serves as a “greenhouse” that brings users, developers, and vendors from diverse industries together. All these participants share a few common interests, they are interested in Hyperledger blockchains like Indy, Burrow, Fabric, and more for enterprise application development.
In this blog, we will explore and assess the advantages of the blockchain framework Hyperledger Fabric for enterprise application development.
Read More | The Potential of Hyperledger Fabric for Enterprise Solutions and Its Use Cases
Hyperledger Fabric | A Blockchain Platform for Enterprise Solutions
Hyperledger Fabric is a blockchain platform intended for building distributed ledger-based enterprise solutions. It offers a modular application architecture that enables high degrees of confidentiality, flexibility, resiliency, and scalability. As a result, solutions developed with Fabric become adaptable for almost any industry.
Enterprise Application Development with Hyperledger Fabric
Hyperledger Fabric is one of the most stable, permissioned, and general-purpose, blockchain platforms for developing enterprise solutions.
Fabric provides the provision for components, like consensus method and membership services, to be plug-and-play. It hosts smart contracts called “chaincode” that comprise the business rules of the system using container technology.
Also, its design supports various pluggable components to accommodate the complexity across the entire economy. The fabric serves as an extensible blockchain framework for deploying enterprise-grade distributed applications. It supports multiple consensus mechanisms and customization to deliver upon different use cases and trust models.
Developers write Hyperledger-based distributed applications in general-purpose programming languages to eliminate the dependency on any native cryptocurrency. This concept contrasts with other blockchains that require coding in a domain-specific language for running smart contracts or using a cryptocurrency.
Fabric, with its architectural approach, enhances the way blockchain platforms deal with non-determinism, resource exhaustion, and performance attacks.
Find out more about Hyperledger Fabric
Now, let’s explore why Hyperledger Fabric can be the best choice to build your enterprise blockchain network.
Permissioned Blockchain Deployment
For enterprise blockchain app development, building a permissioned one is essential.
There are businesses like banks, financial institutions, healthcare providers, and more that operate under stringent regulatory requirements. Also, they cannot allow anyone to view transaction information. As information is an asset to such enterprises, unauthorized viewing can risk future financial profits.
Fabric provides solutions to build a permissioned framework. It enables all participants to have known identities. It validates those identities against an organization's identity management system.
Therefore, there are no anonymous or pseudonymous users in the network.
Organizations can use a ’Membership Service Provider‘ (MSP) provided by Fabric. MSP is for the issuance and validation of certificates and user authentication.
Enterprises using MSP can designate various roles to the nodes in the network, such as:
Client: for invoking transactions
Orderer: for updating transaction data
Peer: for receiving updates from the orderer and committing transactions to the ledger
Endorser: a type of peer for validating transaction authenticity
The process of developing a permissioned enterprise application with Hyperledger Fabric is complex and challenging. A good idea is to think about hiring expert Hyperledger blockchain developers to ensure that the network runs like clockwork.
Explore | Analyzing the Food Traceability System Developed by Walmart with Hyperledger Fabric
Trustless, Scalable, and Performant
Hyperledger Fabric works on a modular architecture. The architecture enables it to divide transaction processing into three phases.
Distributed logic processing and agreement (“chaincode”)
Transaction ordering
Transaction validation and commitment.
This separation provides advantages like fewer levels of trust and verification requirements across node types, and optimized network scalability and performance.
As only the signatures and read/write set traverse the network, it optimizes the scalability and performance. Besides, as only the endorsers and the committers can access the transaction, fewer levels of trust across different parts of the blockchain system, and thus, strengthen the security.
Need-to-know Basis Access
Businesses determine the need for the secrecy of some components of data. It is due to competition, security laws, and regulations regarding the confidentiality of personal data. Moreover, blockchain data partitioning can help businesses to accomplish it.
Channels, which are supported in Hyperledger Fabric, allow data to go only to those parties that need to know. Essentially, channels provide a data-partitioning capability that selectively enables the visibility of the transaction data.
Also, Read | Developing Education-to-Employment Verification Solution with Hyperledger Fabric
Supported by Business Leaders
Large enterprise firms like IBM, Intel, and Cisco support Hyperledger Fabric development. It will give good stability and confidence to organizations that are unsure of the future of blockchain.
Also, organizations are inclined to build on this platform blockchain applications, as established tech companies heavily influence them.
Modular Architecture Plug-in Components Support
Hyperledger Fabric architecture modularity allows network designers to plug into their preferred component implementations, which is an advantage. One of the most sought-after modularity areas is "bringing your own identity." Some multi-company networks already have identity management and want to reuse rather than rebuild.
Smart Contracts
Similar to other frameworks, Hyperledger Fabric also allows us to build smart contracts called “Chaincode”. The important factor is that chaincode helps to build complex logic which is crucial for industries such as the supply chain as it has complex business logic.
Looking Forward
The above benefits demonstrate that Hyperledger is highly appropriate for using blockchain technology to develop industrial applications. Unlike Bitcoin and Ethereum, hyperledger does not require a built-in cryptocurrency and this signals that Hyperledger is targeting business applications at the enterprise level.
If you want to start a Hyperledger-based solution for your business, then connect with our blockchain developers.
Mudit Kumar
11 Jun 2020
Simplifying and Augmenting Logistics Processes with Blockchain
Problems with the transparency of documentation and traceability of goods in supply chains can be either mitigated or solved entirely by modern innovation-based tech systems. This article outlines the principal benefits of blockchain supply chain development, especially in logistics processes.
Logistics and supply make up one of the biggest industries in the world, linking countries across the globe. Developments in the supply chain have made logistics a vital part of any market and trade field and we rely on sophisticated supply chains to meet all the needs of customers.
Supply chains are becoming more complicated as they are becoming bigger and more interconnected. Modern supply chains are often incredibly dense.
Challenges Hindering the Logistics and Supply Chain Industry
Businesses in the distribution and supply chain continue to refuse to exchange data about their processes. As a result, visibility is hard to create along a supply chain.
Most of the existing traditional supply chain and logistics practices make it difficult to track and display products as they move across the supply chain. This type of data will allow businesses to use big data strategies to automate and save money.
During the age of paperwork and pen documents, too much remains stuck in the logistics world. The digital systems in place are outdated or require a complete overhaul. Paper and ink, and obsolete legacy systems are slow, error-prone, and more costly to maintain than new, digital systems.
All of the above-listed issues lead to a status quo in which decision-makers do not have the expertise to make the right decisions at their disposal. This results in a fractured supply chain and logistics management system that bleeds excess money and leads to supply chain-wide compounding errors.
Also, Read | Making Logistics Processes Efficient with Blockchain Applications
Blockchain Technology Solutions
Blockchain is a technology that handles and records transactions within a digitally distributed ledger.
Most people know blockchain for its implementation in cryptocurrencies such as bitcoin. However, the underlying blockchain technology can be used elsewhere.
The idea of decentralized and distributed data recording is at the core of the blockchain concept. For each transaction, each entity within the network shall store and verify the information. No entity can unilaterally add or alter data ensuring accuracy within the chain.
It is anticipated that public blockchain networks will hold up to 10 % of global GDP by 2025. Blockchain technology has the potential to transform the way that information is shared between partners across the supply chain. Major logistics companies like Maersk are now working with tech giants and blockchain companies to develop blockchain solutions, while the Blockchain in Transport Alliance (BiTA) was founded by almost 500 companies from 25 countries to explore how blockchain might affect logistics.
For instance, businesses can track deliveries using blockchain, verifying the status history and geolocation.
Blockchain technology has the potential to revolutionize the supply and logistics industry, helping companies make their processes more transparent, secure, and effective.
Take a look at a few of the benefits of blockchain implementation in logistics processes.
Also, Read | Driving Supply Chain Innovation with Blockchain Solutions
Date accountability
One big challenge in the field of logistics is not being able to trust the accuracy of details. Companies also keep their data secret along with supply chains, resulting in a lack of accountability.
Blockchain can have a significant effect in this situation, providing a decentralized, open way to store and access supply chain data. No longer can individual entities or organizations store their data – Instead, the digital ledger can record all data as verified by each network member, providing a history of transactions with complete transparency and assurances of accuracy.
Data security with decentralization
Current systems are often centralized, ensuring that a malicious attacker can have complete control of them until access is obtained. Such an attacker may in theory alter or delete any data stored in that system. Blockchain is decentralized, meaning that there is no single access point that gives any user the ability to make unilateral changes.
Besides, blockchain networks can use cryptographic security measures to make modifications of the data chain almost impossible for a bad actor.
In today's business environment, the protection of information is becoming increasingly a concern, and blockchain can provide superior security of data.
Smart contracts | A new way of establishing, signing and fulfilling agreements
Every day a staggering $140 billion is locked in conflicts over transportation payments. On average it takes about 42 days to settle in full on an invoice. Much of this represents an enormous waste of time and money.
A smart contract is a blockchain-based solution, which enables legally binding, automated supply chain agreements. Smart contracts allow businesses to analyze and control the steps in a logistical phase, monitoring the pre-programmed rules that are set out therein.
Smart contracts guarantee conformity to the pre-agreed rules of a deal, removing much of the danger and uncertainty that the other party may fail to satisfy a deal agreement. It is especially effective in allowing smaller companies to enter the supply chain realm, such as start-ups.
Such less known institutions often have trouble without pre-existing credibility or references.
Keeping that in mind, smart contracts solutions that maintain their inherent transparency will slightly lighten this problem.
Reliable, authentic access
Blockchain networks are capable of developing a flexible system of permissions capable of accessing various rates and subsets of total knowledge about the network.
This means any member can access more common information while accessing more sensitive information can only be obtained by choosing members.
This system offers improved data protection while allowing unrestricted access to the information that both parties need to do their work.
Mudit Kumar
10 Jun 2020
How Blockchain Solutions Can Revive the Insurance Industry
The insurance industry is one of the most traditional, bureaucratic, and walled sectors. Now, it is awakening from its slumber and exploring new technology for achieving efficiency. Increased customer distrust in centralized financial services, resulting in high underinsurance rates, is driving its reluctant yet solid interest in innovations. Especially, key players are exploring applications and smart contract solutions with blockchain technology in insurance.
Insurance companies, driven by both curiosity and fear, have started to hire blockchain development companies to assist them with the implementation of blockchain solutions. Curiosity stems from blockchain as it promises to reduce the overall time and transaction costs while increasing operational efficiency. However, insurers also fear this innovation, it can open up new cyber-attack vulnerabilities.
So, now let's explore how insurance companies can safely adopt blockchain solutions and stop being a laggard in comparison to other sectors of financial services.
Blockchain’s Role in Insurance
Firstly, let's understand the blockchain technology and its characteristics.
Blockchain technology follows the concept of distributed ledger and, thus, eliminates the need for intermediaries. It stores and distributes copies of the shared ledger at multiple user locations. As a result, it provides access to the same source of data in real-time to any permissioned insurance company, agent, broker, underwriter, or insured people or organizations. Blockchain uses encryption and consensus mechanisms to register all the transactions on the database blockchain. Also, it publishes all the changes to the records as additions to the original data.
If we talk about its realistic implementation of blockchain solutions in insurance, they may provide the following advantage.
Sharing of medical records between hospitals and insurers (even across borders) with the help of blockchain-powered encryptions and its other feature-rich characteristics. Consequently, it prevents or identifies duplicated and erroneous records, prolonged claim processing, claim denials, and excessive check-ups.
Blockchain Implementation in Insurance
As per a 2019 survey of Accenture Technology Vision, over 80 percent of insurance companies claimed to adopt blockchain technology. It is true that most insurance blockchain projects are lingering at the concept stage. However, some firms have chosen to collaborate and form alliances to accelerate adoption. The likes of such firms include the Blockchain Insurance Industry Initiative (B3i) or the RiskStream Collaborative of the institutes. These trailblazing alliances are developing blockchain-based platforms to adopt the following cases of blockchain use.
Also, Read | Simplifying Vehicle Insurance Processes with Blockchain Technology
Preventing fraud and misconduct
Fraud costs monstrous sums of money to the insurance industry. Mostly, because it is impossible to detect fraudulent activities with traditional methods based on the use of publicly available data and private data sources. As a result, the data collected are typically scattered due to legal restrictions that surround personally identifiable data. Unfortunately, fraudsters are compromising those visibility gaps. For example, for one single care case, multiple claims may be filed.
Once data is stored on a blockchain-based database, cryptographic signatures and granular permission settings are in place to secure it. It means both parties are able to exchange data and check their validity without disclosing confidential information. A distributed ledger enables the collection of historical data and helps businesses detect suspicious trends, like:
Multiple treatments of the same claim
Manipulating possession of an insurance policy
Insurance sold by brokers without a license
Insurance companies can offer customers encrypted digital ID cards that cannot be faked to achieve even greater security.
You may also visit |
Blockchain in Insurance: Enabling New Opportunities
Blockchain in Insurance: Enhancing Existing Complex Processes
Fostering transparency and trust
For a reason, insurance companies are termed walled gardens. Customers have little chance of seeing how companies manage their data. They'll never know their data is shared with third parties, for instance. It's no wonder that customers are increasingly distrustful of insurance companies, especially when they face long claim processing times or receive claim denials — while the cost of premiums is constantly increasing.
Nevertheless, if many insurance firms want to add data to the same mutual and open ledger, this may lead to three major advantages:
Insurance firms can create consumer profiles more complete and remove duplicate information. The insurance firms won’t have to question its validity as the data in the blockchain database is permanent.
Customers gain insight into what data their insurers are using and how they handle that. Plus, blockchain can automate the collection of claims when it is paired with machine learning and AI, thus speeding payouts.
Blockchain assists in instantly validating claims made by third parties or payments made by personal apps. An insurance company can further see all of those transactions reflected on the blockchain.
Streamlined handling of claims
Insurance policies are labor-intensive to sell and manage. Insurance firms that stick to slow and paperwork-heavy traditional approaches lose to more digitally savvy competitors. By automating claim management, the latter is able to offer lower premiums.
Here, the use of smart contract solutions can automate some of the processes that are becoming popular with property and casualty insurance companies. A smart contract solution can activate automated claim processing when used in conjunction with connected devices, stakeholders, and when, for instance, anti-theft sensors go off under certain pre-programmed contract conditions.
A streamlined insurance administration also needs increased trust from both insurers and customers. The best way to achieve this balance is to build an ecosystem focused on the blockchain with a considerable number of high profile participants. The Bank of China, which recently collaborated with leading insurance firms and introduced its own blockchain, is a classic example of it. When new records are added to the blockchain, the distributed ledger system helps update and verify the data against other network records, thus, dramatically reducing administrative costs while providing high transaction protection.
The distributed ledger system also tackles another aspect affecting claim management — the need for bank transfers. As a general rule, customers do not see weeks of payouts in their accounts. However, the payouts can be handled without significant delays if banks and insurers have a centralized system that they trust.
Also, Read | Game-Changing Potential of Blockchain in Insurance (Claims Processing Use Case)
Conclusion | Blockchain Solutions in Insurance
Blockchain solutions can be decisive in transforming and simplifying the insurance industry to break free from outdated traditions with efficiency. Insurance innovation is critical as customers seek transparency, speed, and flexibility in costs. Blockchain can significantly accomplish these needs while also fulfilling the expectations of all participants. People can trust their insurance agents more when there is little or no risk of fraud. Also, there is no space for conflict when nuanced policy statements are processed 10x faster. The insurers can get flexibility with pricing with automated claim processing.
What's more, the use cases covered are just the beginning. With blockchain-based solutions, the insurance industry can expand its tech ecosystem to create better cash management, audit, and risk modeling products. Connect with our blockchain experts to know more about the potential of using blockchain solutions to optimize complex insurance processes.
Mudit Kumar
04 Jun 2020
Driving Supply Chain Innovation with Blockchain Solutions
A supply chain is a crucial business growth driver for any industry. Now, with multiple checkpoints, intermediaries, and loads of paperwork involved at each stage of a process, supply chains have become increasingly complex and unstreamlined. Blockchain is an emerging technology that is gaining significant traction across industries due to its feature-rich characteristic. It establishes authenticated and verified data communication between each stakeholder in a supply chain without depending on a centralized authority. With blockchain supply chain solutions development, supply chain managers achieve transparency across a supply chain by verifying and storing data in a shared, distributed manner, in real-time.
Blockchain Technology | A Rundown
Blockchain is “a technology that enables people who don’t know each other to trust a shared record of events,” according to the Bank of England. Let’s take a look at the essential aspects of emerging technology.
Characteristics
Inherently traceable
Time-stamped
Censorship resistant
Distributed ledger
Near real-time
Potential Value Drivers
Transparency and material traceability
Lower administrative costs
Reduced risk of fraud and gray-market trading
Enhanced control of outsourced contract manufacturing
Scope
Connects each stakeholder in the supply chain for secure, transparent, and efficient information exchange
Additional Technology Support
RFID
Current ERP systems
Git and other distributed databases
Cloud-based solutions
Also, Read | Fixing Fragmented Healthcare Supply Chain with Blockchain
Technology Function and Characteristics
Essentially, blockchain technology is a digitally distributed ledger or database of records, transactions, or executed events, shared across participating parties. A consensus of participants in the system timestamps and verifies each transaction in this system.
Further, the technology follows the distributed transaction verification method that promotes data integrity and transparency. This concept dubs it an enabler of “trustless trust.” It means that parties in a network without trusting each other can participate in exchanges of value with absolute assurance.
Also, unlike centralized systems, blockchain has no central point of failure as all participants get a copy of the state of the ledger. It makes the business applications and solutions built using it more durable than a centralized system.
Additionally, we can program blockchain with embedded instructions like if-else and if-then statements for executing actions when parties in a transaction meet certain. These instructions are essentially programmed smart contract solutions. A smart contract solution links any information in a blockchain to consequences like transfer penalty fees when parties fail to meet agreed terms.
Blockchain for Supply chain Solutions
Developing supply chain solutions on blockchain can facilitate participants to securely record and share various details like price, date, location, quality, certification, and other relevant information using a single, unified system. The availability of this information within a unified platform powered by blockchain establishes the characteristics of the supply chain
Traceability of the material supply chain
Reduces losses from counterfeiting and gray market
Enhances visibility and compliance of outsourced contract manufacturing,
Significantly boosts an organization’s, regardless of the industry, position as a leader in responsible supply chain management
Benefits of Blockchain-based Supply Chain Solutions
Blockchain solutions can enable stakeholders to increase transparency, as well as reduce cost and risk across the management of the supply chain.
Increased traceability of material supply chain to ensure corporate standards are met
Lowered losses from counterfeit/gray market trading
Improved visibility and compliance over outsourced contract manufacturing
Reduce paperwork and administrative costs
End-to-end Transparency and Accurate Tracking
With blockchain, it is possible to digitize physical assets and create a decentralized, immutable record of all transactions. Further, it enables supply chain management with enhanced end-to-end transparency and accurate tracking of every transaction and asset in the network. Additionally, the combination of IoT and RFID enables the tracking of assets from production to delivery to an end-user while providing access to product history and transparency. It promotes enhanced visibility and transparency for both businesses and consumers.
Also, Read | Advantages of Using Blockchain and IoT for Supply Chain Management
Alleviate Fraud and Counterfeiting
Blockchain’s transparency can also alleviate fraud of high-value goods like diamonds and pharmaceutical drugs. It enables stakeholders to assess how ingredients and manufactured goods pass through each subcontractor. It reduces or eliminates the impact of counterfeit products. As a result, it reduces profit losses from counterfeiting and gray market trading, as well as establishes confidence across end-market users.
Greater Control over Outsourced Contract Manufacturing
Furthermore, blockchain solutions can enable businesses to gain more control over outsourced contract manufacturing, an important aspect of supply chain management. It does so by enabling all parties within a respective supply chain to access the same information. It potentially reduces communication or transfers data errors. Also, then there is no need to spend more time validating data. Contract managers can spend that time on either improving quality, reducing cost, or both.
Efficient Audit System of Supply Chain Data
Finally, blockchain can enable an effective audit system of supply chain data that will result in streamlined administrative processes and reduce costs. It can accelerate processes involving time-consuming manual checks for compliance purposes through a distributed ledger of all relevant information. However, notably, implementing blockchain solutions in the supply chain requires cooperation and support from all stakeholders.
Blockchain Case Studies
Blockchain-based Shipping Logistics
To manage freight tracking, providing buyers, sellers, and officials with a mechanism to track goods shipped globally, a shipping company used a blockchain-powered system.
In a general scenario, when products travel across borders, it requires review and approval from up to 30 parties before arrival. Consequently, it creates heavy paperwork and opens vulnerability for fraud at multiple points in the process. By collaborating with customs and other necessary authorities, the company streamlined the approvals process. It created a secure record of transactions and approvals, which reduced the time needed to transport goods.
Blockchain has the potential to reduce administrative and logistics timelines in shipping from more weeks to less than one day.
Also, Read | Making Logistics Processes Efficient with Blockchain Applications
Blockchain in Food Production
A startup has started using a blockchain solution to increase supply chain transparency in the second-largest traded commodity, coffee beans. It uses a shared, decentralized blockchain protocol for enabling real-time mobile transactions, storing transaction information, and facilitating all parties to access payment records at any time. The system promises to boost transparency across the supply chain for coffee beans shipment while ensuring that farmers get appropriate fair-trade payments.
Also, Read | Analyzing the Food Traceability System Developed by Walmart with Hyperledger Fabric
Blockchain in Pharmaceuticals
Last but not the least, another potential application of blockchain solutions is provenance tracking of assets across a supply chain within the pharma industry. Currently, it is difficult to track active pharmaceutical ingredients during the manufacturing process. Also, pharma companies face challenges from counterfeit drug operations around the globe. Blockchain’s characteristics like immutability and transparency provide a foundation for establishing traceability of drugs from manufacturing to end consumers.
For achieving greater transparency and efficiency across the supply chain with our blockchain solutions connect with our blockchain experts.
Mudit Kumar
02 Jun 2020
Stellar Blockchain App Development | A Comprehensive Guide
Global financial infrastructure is a robust complex machine network. The perceived differences between these systems lead to increased transaction costs and reduced money flow across political and geographical boundaries. Because of this, the financial services industry has not grown to its full potential, leaving a large number of communities financially underserved.
One of the steps towards solving these problems is developing a financial system that facilitates tremendous organic growth and innovation. Historically, there has been a strong dependence on entry barriers and the control of existing institutions to preserve credibility in the absence of other effective means. This approach conflicts with the necessary prerequisites for organic growth, demanding new, innovative participants equipped with only the bare minimum financial and computing resources.
The Stellar blockchain platform app development promises significant potential in such a situation. The platform leads the way to a transparent global financial network that is available to everyone. It ensures participants record transactions correctly and collectively by agreeing on the credibility or validity of each other's transactions, preserving dignity. New organizations can quickly gain entry into such a network and expand financial access to societies.
The platform currently ranks among the top 10 common blockchain platforms, with Stellar Lumens (XLM) one of the leading cryptocurrencies whose market acceptance and adoption are steadily growing.
Stellar Blockchain App Development Platform
Stellar is a distributed ledger technology-based payment protocol that enables fast, cross-border transactions between any currency pair. It is analogous to other cryptocurrencies based on blockchain. According to their website, Stellar blockchain "is a network that connects banks, payment systems and p
\eople" and aims to "fast, efficiently and cost-effectively transfer money
The Stellar blockchain network is operated by its native digital currency Stellar Lumen (XLM), and the entire spectrum of operations thereon.
Inflation is the only other process for XLM production. Annual inflation or rate of Lumen formation is set at 1 percent to compensate for economic growth and Lumens lost. Each week the newly produced Lumens are generated and distributed through a direct voting system.
Also, Read | Is Stellar Blockchain a Right Fit for Cross-Border Payment Solutions
Features | Stellar Blockchain App Development
Now that we know what Stellar blockchain, let's get a rundown of the features that matter:
Decentralized and open-source database, a leading feature of a real blockchain network.
The confirmation time of transaction is about 3 and 5 seconds, supported by its consensus process. We will be discussing this shortly.
Accommodates thousands of deals per second.
Enables Smart and Multi-signatures.
Offers annual inflation fixed at 1 percent.
Workings | Stellar Blockchain App Development Platform
Like any other blockchain platform, transactions are added to a centralized, distributed, public ledger on the Stellar network, which everyone around the world can access. Stellar uses its unique consensus algorithm, based on the Federated Byzantine Agreement (FBA), to securely, quickly, and accurately reach a consensus on transactions. The algorithm is called the "Perfect Protocol of Consensus" or, in short SCP.
SCP enables quick transactions at a lower cost, with everyone on the network reaching agreement or consensus within seconds on the legitimacy of a transaction. Every participant on the Stellar network (called a node) that helps link transactions to the global ledger selects its mini-network of other trusted participants.
Baseline Payment Fee Structure | Stellar Network
The base fee for a Stellar network transaction is a fixed sum that is correlated with each transaction in a transaction. This charge has no profit motive but rather is meant to serve as a deterrent for malicious activity (such as DoS attacks). The base fee is currently set to .00001 XLM, which is a fraction of a penny.
The transaction sender incurs the tax. The fee is collected by the ledger and then redistributed through the inflation cycle.
Also, Read | Stellar Blockchain: Understanding its Benefits for Payment Solutions
Stellar dApps | Start-up Costs and Deployment charge on the Network
Using the Stellar network does not charge a user a fee, which means that it's free to use. All the necessary integration software is licensed under version 2.0 of the Apache License which allows for commercial use, modification, and/or distribution.
For example, Stellar integration refers to the connecting technique to the Stellar network. It requires setting up current or new systems to converse with the Stellar network.
Integrating with Stellar requires dedicated technical resources. It usually takes between 120-200 hours of professional progress, depending on the size and level of experience of the development team.
Stellar Blockchain Business Applications
Beyond capital markets, Stellar has programs that help ensure that companies conduct vital functions safely. Taking into account the various features of the Stellar blockchain, one can think of the platform's many possibilities and applications. Here's a list of leading ideas for applications:
Anchors in more currencies
Mobile and trading clients
API Mashups
Merchant plugin
Micro savings account for school, health, insurance
Microinsurance
P2P lending
Conditional cash transfers
Donation systems for nonprofits
Loyalty points programs
Community currencies
Timebanks
Volunteer hour tracking
Anywhere ATM or human ATM mobile apps
If you're searching for more information about the Stellar blockchain in real-time, you may want to consider looking at a Stellar blockchain explorer.
A Stellar blockchain explorer will provide you with live insights into the Stellar blockchain's recently mined blocks, and a live stream of all the blocks added to the blockchain. It also provides comprehensive data, pricing history, and informative reports for all of the assets in the Stellar network, which helps to make smarter decisions.
Have an idea or a business case for setting up a Stellar network transaction process, get in contact with us. Our Stellar blockchain experts can help you take your proposal from the idea to the business outcomes.
Mudit Kumar
30 May 2020
Custodial Vs Non-Custodial Crypto Wallets: Getting Into Details
Cryptocurrencies and their underlying technology, Blockchain, have gained significant traction in the tech world in the last few years. Both developers and investors are showing a keen interest in incorporating these two emerging concepts into their business processes. They can relish better opportunities compared to those offered by the traditional currency models. One business model that has emerged as an ideal solution is the use of cryptocurrency wallet development. These days the debate is about how to choose the right wallet according to the custody of private keys. We will discuss in detail in this article whether to choose custodial or non-custodial crypto wallets.
Custodial Wallets
In a custodial wallet, a third party holds private keys. It means it gets complete control over crypto-assets while a user can only make permission to send or receive payments.
Workings of a Custodial Wallet
Essentially, in a custodial wallet, a third-party authority manages all the funding while users cannot execute any transaction without their involvement.
For instance, Bob (a third party in this case) manages a fund transfer request made by Alice (a user in this case) to a particular address/place. However, Bob does not receive any private key to that specific storage address.
Advantages of Custodial Wallets
Cost-effective Transactions
A custodial wallet, unlike other wallets, does not require a transaction fee. Customers can make transactions for free within the ecosystem.
Lost Private Keys is Not an Issue
As a third party manages a custodial wallet. So, even if a user has lost his private key or forgot the mnemonic phrase, regaining access to the wallet and stored funds is quite easy.
Backup Provision
Another key advantage of a custodial wallet is that a central authority manages your wallet as well as offers backup facilities. Thus, a user can undo any transaction or restore a previous version easily.
Also, Read | Key Considerations for Developing a Cryptocurrency Wallet Application
Disadvantages of a Custodial Wallet
Third-party Controlling Your Funds
With custodial cryptocurrency services, users do not have autonomy over their crypto wallet.
It is the third party, i.e, a custodian, controls the management of fund transfer and associated processes, including freezing the stored amount.
Data Breach Threat
In custodial cryptocurrency exchanges, users’ funds are stored in cold and hot wallet storage. Although these wallets are not an easy target for hackers, they are still vulnerable to security breaches. One instance is the Japanese exchange Mt. Gox in 2014. Hackers were able to hack over 70% of the bitcoin transactions. It resulted in a loss of around $450M.
Non-Custodial Wallets
A simple definition of a non-custodial wallet is that it is essentially a type of blockchain-based cryptocurrency wallet that lets users be their own bank. It provides them complete control over their funds and on the associated private key.
A non-custodial wallet offers two types of private keys for users to make a transaction-
Mnemonic Seed: Typically, it is a 12-24 word value built to encapsulate the real private key. This key, which is stored on user computers, gives them simultaneous access to multiple accounts.
Raw Private Key: This is the real free-form private key (an alphanumeric string) which is also stored on the user computer.
Today, several non-custodial wallets are available on the marketplace, while a variety of others are being added on a daily basis, simply because of the advantages that non-custodial wallets bear over the wallets.
Also, Read | Outlining Ideal Mechanisms to Develop Secure Cryptocurrency Wallets
Advantages of Non-Custodial Wallets
Users’ Gain Control Over Funds
The primary reason Non-Custodial wallets are gaining tremendous traction is that they provide individual access to their funds to the users. Users do not have to look up to any third party to handle their fundings or perform any relevant activities.
Safety in Funding
Since all of the details associated with your Crypto wallet and its funds rely on you, there is a much lower risk of a data breach. This is one of the main reasons why these days 66.5 percent of crypto holders rely on non-custodial and mobile storage solutions.
Instant Withdrawals
Unlike Custodial wallets, these wallets do not require third party approval for any transaction to be performed. This streamlines the entire process and makes the instant withdrawals easier to enjoy.
With this covered, let's look into the limitations of taking a neutral decision for non-custodial Wallets.
There's nothing big that can be illustrated when it comes to the disadvantages of Non-Custodial wallets. The type of wallet provides the best facilities in Blockchain.
However, in order to reap its advantages, users need to store their keys safe. Losing their private key or mnemonic seed can result in losing access to their wallet, with no possibility of backup and recovery.
Custodial vs Non-Custodial: Comparison
Custodian of Private Key
In the case of Custodial wallets, the private key is managed by the third party. Whereas in the case of Non-Custodial wallets, all custodian services of the blockchain reside with users.
So go with the idea of creating non-Custodial blockchain wallets, if you want to introduce a wallet where users can be their own bank.
Transaction Type
Another factor to consider during wallet comparison between Custodial and Non-Custodial wallet is the type of transaction.
In Non-Custodial wallets, the transaction is reflected in real-time on the chain. But, in the case of the Custodial wallet, this is not so.
This shows the former leading the show again.
Security
All sensitive user data is stored in hot and cold storage for custodial crypto wallets, which are often hacked by data intruders. Because of this, the security level in custodial wallets is weak, unless strong security measures are enforced by the authoritative group.
Whereas in comparison to custodial crypto wallets, the entire information remains with users in the case of Non-Custodial blockchain wallets.
Accessibility Off-line
It is a must to log into your Custodial wallet and make a request to the centralized authority to access your funding and the corresponding information. This makes Internet access a must.
But, Non-Custodial crypto wallets have no such requirement. This, in exchange, means Non-Custodial wallets are a great choice for enjoying real-time services than custodial ones.
Mudit Kumar
28 May 2020
Why Develop Automotive Solutions on Blockchain
Given its unprecedented potential to revamp complex business operations, blockchain is gaining significant traction across diverse industries. Now, key players are exploring blockchain to power the automotive industry with innovative automotive blockchain solutions for use cases like ride-sharing, manufacturing, vehicle tracking, and more.
This article gives you an insight into some of the key challenges in the automotive sector and how blockchain can address those issues.
Key Challenges that the Automotive Industry Faces
Lately, there has been a rapid change in the automotive industry, including a profound shift in consumer behavior driven by technologies. The following are some major challenges produced by the change in the automotive industry:
Changing consumer behavior and buying patterns
Increasing demand for electric vehicles
Centralized, fragmented, and siloed data management
Disintegrated support systems
Complex, opaque, and slow supply chain operations
Efficient tracking and verification systems of vehicles and components
Cost pressure
Regulatory compliance
Benefits of Blockchain Technology in the Automotive Supply Chain
The automotive industry is changing rapidly. Here, blockchain technology can play an impactful role. If we bring all participants in the automotive supply chain on a blockchain platform, it can address the above-mentioned challenges. Simultaneously, it can increase efficiency and growth.
Disrupting the Automotive Market
Blockchain eliminates existing inefficiencies, improves business processes, and opens unique opportunities within the industry with its feature-rich characteristics. If businesses establish a unified blockchain-powered supply chain management, it can bring all stakeholders together.
Vehicle manufacturers to ensure data integrity of maintenance records and spare parts, reduction in warranty costs, and overall growth and efficiency.
Insurers can ensure policy cost optimization, reduction in claims management costs, and optimized insurance offers for customers.
The solution can facilitate vehicle owners to have increased trust and reputation in the used-car market, avail transparent car history, maximize resale value, and more.
Blockchain in the Automotive Industry | Use Cases
The automotive industry has always been a complex ecosystem involving several parties involved on multiple levels. Those levels include design, manufacturing, distribution, tracking, marketing, compliance, selling, finance, and servicing of vehicles. Let’s take a look at a few of the real-world blockchain use cases that the automotive industry can embrace for operational efficiency.
Efficient Automotive Interactions
Blockchain enables secure, permissioned interactions and transactions across the automotive supply chain.
With a blockchain-powered supply chain solution, companies can share data instantly and safely across vehicle component distributors, dealers, service mechanics, insurance providers, and other ecosystem participants.
It includes data about vehicle repair requests, replacing parts for assembly lines or aftercare stockists, or payment processing information.
Secure Vehicle Parts Authentication
By generating unique timestamped IDs for every component, blockchain solves the issue of ensuring the authenticity of car parts. These unique timestamped IDs serve as an additional layer of authenticity protection. Car owners, manufacturers, and service centers can share it securely and instantly among themselves. It can help them to track the history of parts changes and usage limits.
Automated Leasing and Finance Processes
Making auto leasing and finance easier is one of the most effective applications of blockchain for the automotive industry. A blockchain-powered system connects all parties involved in a secure environment. It guarantees transparent operations like KYC checks, storage of contracts, and automated payment.
Warranty Claims Management
Blockchain provides solutions to address challenges that the industry faces with data integration for warranty claim handling. It reduces lead times, accelerates processing, and supports accurate, effective decision-making with transparency in a claim.
With blockchain, companies can synchronize service schedules of vehicles with immutable records of actual usage. Notably, data in the blockchain database remains accurate, tamper-proof, and easy to track and trace.
Supply Chain Management
With the blockchain automotive supply chain, stakeholders can establish a smooth order/sell process, simplify documentation workflow, and speed-up payments between parties.
Further, equipped IoT sensors can be used to measure all types of information and inform final settlements. It includes measurements like the condition of containers or if goods have been damaged.
Automated Vehicle Tracking
Blockchain solutions for vehicle tracking increase in value as more parties opt in. Blockchain-enabled collaborative efforts allow for advantages like improved enforcement of environmental laws.
It also includes auditable tests and service logs proving compliance. Not only this, but it also enables manufacturer auditing as well as opportunities to sell value-added services to customers.
Autonomous Ride-sharing
With the blockchain automotive revolution, companies can implement systems and solutions. They facilitate the management of ride-sharing and vehicle ownership, record and execute contracts, and process faster transactions while updating a user’s record.
Smart Insurance Contracts
Blockchain-based insurance solutions can modify and enhance various insurance processes in the automotive industry by generating custom smart contract solutions. The customization includes real car performance details while automating the payments. It also involves financial settlements of insurance claims, compliance, selling, finance, and servicing of vehicles.
Key Automotive Players that are Using Blockchain Automotive Solutions
BMW
BMW Group utilizes blockchain technology to bring transparency to its supply chain.
Porche
Porche uses blockchain to trace the origin of materials.
Mercedes-Benz
Mercedes-Benz is piloting blockchain technology to track carbon emissions, ethical compliance, and product flows in its cobalt supply chain.
Toyota
Toyota has announced it is working on a blockchain-style technology to allow secure transmission of information between cars and road networks.
Renault
Groupe Renault is working on a prototype for a digital car maintenance book, by leveraging the power of blockchain technology.
Concluding Thoughts
The automotive industry is experiencing rapid changes. Industry players like Toyota, BMW, Mercedes-Benz, and more are exploring blockchain to bring automation and efficiency to the automotive supply chain.
Blockchain along with other emerging technologies like the Internet of Things (IoT), artificial intelligence (AI), and more can lay the foundation for a way better ecosystem for automotive companies.
Oodles is a blockchain app development company that employs emerging technologies to build solutions that can drive your company’s success. We have a highly-skilled blockchain developer team. Connect with them to develop blockchain solutions for your automotive business.
Mudit Kumar
27 May 2020
Smart Contract Standards for Large-Scale Blockchain Adoption
This article lets you understand how developers can set and maintain smart contract standards for smart contract development.
Understanding Smart Contracts
Smart contracts are self-executing agreements coded into lines of code on the blockchain. In the last few years, blockchain technology has undergone significant advancements. As a result, the technology has improved with enhanced efficiency and usability across diverse industry domains.
It is one of the reasons companies are developing custom blockchain smart contracts. Owing to this, governing bodies are failing to keep up with the ad hoc development happening. It has made the process of forming and using smart contract standards unclear, complex, and ambiguous.
Notably, without having smart contract standards in place, there is less chance of the technology’s large-scale enterprise-level adoption shortly.
Preferably, all stakeholders in an industry should contribute to the creation of smart contract standards. However, that’s not the situation in every case currently.
Key industry players siloed the development of smart contracts with no specific standard by which to operate. Thereby, companies might not experience the complete benefits of implementing blockchain solutions.
Check It Out: Blockchain Smart Contracts for Driving Business Innovation
Why Standardization of Smart Contracts is Essential
Today, there’s a wide variety of smart contract protocols available as everyone is hell-bent to create their own. For example, companies leverage GS1 standards, the global standard for barcodes for supply chain operations. Users scan GS1 barcodes more than six billion times every day.
On the other hand, when we talk about blockchain solutions development, there are also plenty of proprietary standards in operation. For instance, Ethereum has smart contract standards for its ERC-20 and ERC-721.
However, it also has criteria in place for smart contracts applied between all its various ERC tokens. So, when everyone abides by their own rules, standards lose their inherent value.
Fundamentally, standards organize people or companies around a common understanding in a wider network. They lay the foundation for growth and cooperation.
For instance, a retail company delivers packages while using smart contracts to execute business operations. The delivery depends on the involvement of multiple parties, including retailers, logistics providers, and recipients.
When the retail company maps the package transfer, it has to write and execute necessary smart contracts. Here, the lack of industry standards for the supply chain will require creating separate smart contracts for every business process.
Eventually, it might lead to creating and executing hundreds of smart contracts, either relevant or irrelevant. Although it may work for one company in the short term, it’s not a scalable solution that enterprises need.
Explore | The Ins and Outs of Ethereum Smart Contract Development for Businesses
Smart Contract Standards for Large-Scale Blockchain Adoption
Currently, in the blockchain industry, businesses use numerous custom smart contracts, which have become an impediment to growth now.
The issue is that having no standards creates interoperability challenges. It is true in cases that seem simple, such as how companies share or store data. Otherwise, blockchain technology may deal with a problem similar to the current internet infrastructure with numerous cloud databases.
In traditional siloed cloud databases, the overall architecture depends on point-to-point integrations. Each company maintains data differently from other companies. It gives rise to "data normalization".
In this case, a blockchain solution will serve as the foundation for peer-to-peer messaging and data sharing. Additionally, it will enable data normalization (each party speaking the same language) as defined by the smart contract protocol.
One way to fix this issue is to create industry-wide rules by leveraging existing smart contact standards. Industries have set guidelines that they use for efficient operations.
Working by adhering to these existing parameters is fundamentally an appropriate medium for companies to implement blockchain solutions. The aim is to use an industry-created smart contract standard for the industry, to facilitate collaboration while maintaining competition.
It will take longer, but a smart contract is not everyone’s cup of tea. Constantly creating new smart contracts without proper vetting will eventually fail to stand the test of time. Put simply, growth and large-scale adoption will require a standardized system for contract execution between companies.
Also, Read | Exploring Applications of Smart Contracts in Businesses
Continuous Creation of Smart Contracts on a Multitude of Platforms
If companies don’t start thinking about standards, they may get caught up in a situation where operability will suffer.
For example, two companies decide to collaborate while remaining competitive. So, when they use different standards, their systems won’t be able to exchange with each other. It will create a data monopoly situation, instead of complete decentralization.
To achieve complete decentralization, companies need to have consolidation and agreement, at least, initially.
Suggested Post: Adoption Value of Smart Contracts for Enterprises
Conclusion
It may seem effective where everyone creates different, proprietary smart contracts, iterates on them, and assess what works best. However, these initial rules will eventually create operability issues.
For large, enterprise-scale adoption, we must have industry-wise defined smart contract standards in place. So, rather than waiting to see which standards work overtime, technologists should create standards that work for each industry.
If you are interested in developing a smart contract-based solution, then skilled developers at Oodles can provide assistance. Contact us today to avail yourself of our services.
Mudit Kumar
25 May 2020
Build & Deploy Enterprise Solutions with Hyperledger
Recently, there has been a significant rise in the use of blockchain technologies maintained within the Hyperledger greenhouse for enterprise solutions. It is because developing enterprise blockchain solutions with Hyperledger greenhouse projects is not that intimidating. All projects are open source, and thereby, anyone can download and use them for blockchain solutions development without joining Hyperledger.
Distributed Ledgers
Hyperledger greenhouse is one of those blockchain technology projects that incubates and promotes diverse business distributed ledger frameworks. A distributed ledger essentially is a digital database shared across multi-party participants with no central or third-party dependence.
Distributed ledgers can serve different use cases for different requirements. For instance, when participants within a blockchain network may need to share high levels of trust, like between financial institutions with legal agreements. A permissioned blockchain-powered distributed ledger here can add blocks to the chain with low latency by employing a rapid consensus algorithm. While on the other hand, when there is minimal trust required between participants in a blockchain, slower processing for added security is tolerable.
Hyperledger successfully enables the embracement of a full spectrum of diverse DLT like blockchain use cases. Visit hyperledger blockchain application development to explore a few of the open-source distributed ledger frameworks hosted at Hyperledger.
Same Design Approach ofHyperledger Projects
Modular
Highly Secure
Interoperable
Cryptocurrency-Agnostic
Complete with APIs
Use cases and Applications of Hyperledger Blockchain Frameworks
With Hyperledger technologies, any business network can develop and establish a solution for recording transactions without any dependence on a central proxy. Additionally, with a hyperledger framework based solution, there is no need for everyone to trust that centralized system. As a result, businesses can gain unprecedented operation efficiency, establish a trustless business environment, and eliminate fraud, human dependency, duplication, and more. A few examples where hyperledger blockchain technologies have a compelling use case are the following.
Banking Applying for a Loan
Financial Services Pre and Post-Trade Processing
Healthcare Credentialing Physicians
Supply Chain Management Tracking Fish from Ocean to Table
Banking Solutions
For empowering the banking sector, Hyperledger Indy provides a transformative identity solution. With Indy, financial organizations like banks can enable their applicants to share only specific information it requires to make a decision. It does it in a way that guarantees truth, establishes confidence in the lender, and fulfill the compliance requirements of regulators. With such a solution, when you set out to seek a loan, you can apply to 100 different lenders in milliseconds. You can do that without sharing any sensitive personal data into a centralized database. So, you don't need to disclose any PII. You can use zero-knowledge proofs proving that you are over 21 years of age. It also enables you to disclose your income on last year's taxes passed a certain threshold, hold a valid government ID number, and even share that your credit score met a certain threshold.
All this can be done with a Hyperledger Indy solution with ZK-proofs. Read more about ZK-proofs here.
Essentially, a distributed ledger-based identity can play a crucial role in establishing a global source of truth, and thereby, deliver value to multiple parties. For instance, applicants can control their information with the provision to give consent to access it by various authorities. Additionally, lenders using the solution can conform to regulations and present an immutable audit trail. Subsequently, lenders can provide loans with confidence and efficiency, while applicants can effectively protect their information.
When we integrate the strengths of other Hyperledger projects with such a solution, this use case proves even more compelling. For instance, by integrating the capabilities of Hyperledger Burrow, smart contract solutions can securely and efficiently automate loan applications with ZK-proofs of identities as a seamless next step.
Financial Services
Several projects from Hyperledger provide features and functions that can help build effective blockchain solutions for post-trade processing. Visit here to read more about blockchain-based post-trading solutions.
Healthcare Solutions
Hyperledger Blockchain technologies promise to eradicate one of the critical challenges the modern medical practice faces, credentialing. Hospitals employ this process to ensure that their physicians are competent and trustworthy. Essentially, credentialing physicians is a hospital's method to ensure “due diligence'' on a physician.
Healthcare credentialing proves to be a good use case for blockchain technologies. They can simplify and streamline almost every step of the process. Additionally, Hyperledger Indy provides off-the-shelf solutions, which may otherwise need architecting and the development of new software. One significant feature of Indy is that it implements the proposed W3C standard to verify claims while extending support to the pairwise exchange of selected credentials.
Supply Chain Management
The supply chain represents a standard set of Blockchain use cases. In a typical supply chain, there are various transactions between parties (supplier, logistics, wholesale, retail, etc) involved. Also, those various parties maintain their independent views of their transaction history. Consequently, it frequently creates issues requiring dispute resolution. Additionally, as we know supply chains are usually fragmented, it gets difficult to track the provenance and/or location of products in a supply chain. Not only this, but there are also challenges like fraud and theft of material in a supply chain.
However, by enabling secure information sharing and reducing the risk of tampering, participants in a blockchain-powered supply chain can reap significant benefits like more efficient and accurate transaction processing.
Also, Read |Seafood Supply Chain Management with a Hyperledger Fabric Solution
Looking Forward
If you want to drill down into more hyperledger enterprise solutions and use cases, connect with our team of blockchain development experts. They can help you get into details on each of the hyperledger frameworks including the use of different consensus mechanisms and smart contracts solutions.
We are a blockchain development company providing variousHyperledgerapplication development services with deep expertise in assisting enterprises to successfully adopt Hyperledger.
Category:
Blockchain
Mudit Kumar
22 May 2020
The Emergence of Blockchain-powered Cybersecurity Solutions
Earlier, blockchain came into light as an underlying technology that empowers cryptocurrencies. Crypto enthusiasts used it to store and transfer cryptocurrencies like Ethereum and Ripple. But, now it has evolved into an emerging technology that diverse industries are using to simplify and enhance business by integrating it into operations. The next paradigm shift blockchain solutions may bring is in the cybersecurity industry. Let’s explore the potential of blockchain implementation strengthening cybersecurity solutions with security and efficiency.
Blockchain-Enabled Cybersecurity Solutions
Strengthened DDoS Protection
A DDoS attack is a cyberattack that hackers perform using several compromised computer systems to attack a target such as a server, website, or some network resources, It causes a denial of service for users of that targeted website or server. It is one of the increasingly alarming and troublesome security threats that compromise overall business security, including data and user privacy. Attackers use various ways to initiate an attack. It particularly includes sending junk requests to a website site and illicitly increasing traffic to it, so that it can no longer keep up with its operations. They continue doing so until the attack subjugates the website with unwanted requests. Recently, there has been a significant rise in the number of such attacks taking place. They have affected established companies like Twitter, Spotify, and SoundCloud.
Also, Read | Reinforcing Cybersecurity with Applications of Blockchain Technology
With blockchain technology implementation, the Domain Name System (DNS) becomes completely decentralized. Blockchain database’s distributed nature distributes the contents to a large number of nodes. A hacker needs to compromise the entire network of nodes to make any change or false request in the network. Further, with smart contracts, it assigns and manages domain editing rights to only those who are permitted to maintain the network. Essentially, it reduces the risks of any unauthorized party accessing data to compromise it. Simply put, DNS service providers can embrace to revamp their DNS service distribution and protect and accelerate websites, apps, and teams.
Protection from Fraud and Identity Theft
The theft of identities is becoming a major problem in the present day. Cybercriminals use identities to commit crimes. However, it can be avoided with the introduction of blockchain technology. The activities and transactions will be accessed from your device within the decentralized environment, using the blockchain based decentralized Identity App. This will keep records of any completed transaction, and everybody will have access to either approve or disapprove of it. If rejection exists, the transaction would not be lawful and appropriate.
IoT Security
IoT (Internet of Things) opens up new opportunities and provides businesses with a competitive advantage in new and existing markets. It traces all- not only the data, but also how, when, where, and why you collect it. The technologies that resulted in the Internet of Things do not change the internet but change the things connected to the internet instead. It includes machines and gateways at the edge of the network requesting services at certain rates without human intervention. With hackers getting better at hacking, by exploiting the weakness in edge devices, they often gain access to the systems.
Blockchain can be used to secure systems and methods from attacks. Blockchain technology can protect the exchanges of data that occur between IoT devices. It can also be used to gain secure data transmissions in real-time and ensure timely communication between devices located miles apart.
Secure Private Messaging Apps
Since conversational trade is becoming increasingly popular day by day, customers are getting a lot of metadata during social media exchanges. While several messaging systems use end-to-end encryption, others have started using blockchain to keep that information safe and secure.
Most messaging apps currently lack a standard set of security protocols along with a unified API framework that allows cross-messenger communications. The evolving protected blockchain communication ecosystems are faced with this problem and are working to create a unified interface. Blockchain technology is an excellent solution to this, it protects all data exchanges and allows connectivity between different messaging platforms. Additionally, new networks such as Bitcoin Cash promise to transmit more information per block, bringing us closer to a decentralized communication system.
Final Thoughts
It is clear from all of the above discussion that no industry is safe from hacker's clutches. Since there is no foolproof method to curb hackers, blockchain technology can prevent getting data into the wrong hands. You can boost cybersecurity with the help of blockchain technology by carefully understanding the points mentioned above. You can connect with our team of blockchain development experts to know more about cybersecurity solutions.
Mudit Kumar
20 May 2020
Loyalty Rewards Program Management with Blockchain
Running customer loyalty and engagement programs can either make or break your company. It is because loyalty rewards programs serve as a strategic investment for diverse types of organizations.
At Oodles, a blockchain and smart contract solutions development company, we believe that you would have enrolled in a loyalty program. The range and variety of customer loyalty and reward programs are mind-boggling. For instance, Virgin Atlantic’s tiered points program (Virgin Atlantic Flying Club) connects to rental cars, airport parking, hotels, and massage services. Similarly, Amazon’s upfront membership program (Amazon Prime) enables free shipping and media services. Another instance is Patagonia’s and eBay’s joint loyalty program (Common Threads Initiative). It enables customers to resell clothes bought on the platform of the latter.
Loyalty Program Management | Challenges
However, customer loyalty rewards programs across different industries are in a debilitated state, although they have been growing so rapidly. Reports suggest that loyalty and rewards programs are not realizing full potential. It is due to various challenges that include customer account inactivity, low redemption rates, time delays, high transaction, inefficient system management, high customer acquisition costs, and low client retention, among others. Not only these, but they're also are several other reasons for these inefficiencies as well. The foremost is the paucity of unified loyalty and rewards management systems. It confuses customers and is a primary factor in the lack of activity of members.
Blockchain into Action
As a trustless distributed ledger, blockchain enables participating agents, such as loyalty reward program providers, administrators, system managers, customers, etc. to intersect and interact using one robust system. A system that involves no intermediaries while without compromising privacy or competitiveness. For loyalty program management providers, blockchain solutions development can streamline the execution and administration of their programs by providing near-real-time transparency. Indeed, for loyalty rewards programs having a competitive advantage through scale, joining a blockchain-based network is a trade-off worth making. They may join on their terms while controlling how they want their users to interact with their rewards programs and others. For small operators, an interlinked network provides them unprecedented scale.
Blockchain Smart Contracts
Blockchain application deployment now includes social media and digital wallets with smart contracts. Through smart contract solutions, a blockchain system can interact with existing loyalty rewards program platforms. Smart contracts are a self-executing code on a blockchain. They automatically implement the terms of an agreement between transacting parties within the associated digital architecture.
So how will this all look to a customer? Let’s take a look at the journey of “Alice” with a use case scenario of blockchain implementation for loyalty program management.
Blockchain-powered loyalty program management | Customer journey
Take a look at how blockchain, inherently, connects largely disconnected systems of loyalty rewards programs while reducing costs, eliminating friction, establishing loyalty rewards crediting and redemption near real-time, providing a secure environment, and facilitating business relationships.
Alice uses her credit card to purchase an airline ticket from New York to Miami. She receives her credit card loyalty tokens into her loyalty rewards program's digital wallet. Also, the airline sends loyalty tokens to her digital wallet. Alice decides to check into a major hotel (a national chain) in Miami. She realizes that she can use her loyalty points accumulated earlier.
Now, Alice uses her credit card points to upgrade her accommodation into a suite. She also hires a hotel limousine using her airline points. Consequently, it clears the liabilities of the airline and credit card company while the hotel gets free advertising and branding.
Bob wants to meet Alice and wants to catch the last flight of the day to LA after missing a flight with another airline. In that case, Alice transfers the earned points from her airline to Bob in exchange for the points he earned for using the hotel. That way, she can use them to extend her holiday while Bob buys a discounted ticket back to LA.
In this scenario, the exchange of loyalty points for different services clears the liability of the airline’s books as the points have been completely used while the hotel and airline get a new customer, respectively.
Also, Read | Exploring Applications of Smart Contracts in Businesses
Connecting a Disconnected World of Loyalty Program Management
We believe that blockchain can enable instant and secure loyalty rewards creation, redemption, and exchange across various programs, vendors, and industries. It will do that by establishing a trustless environment using cryptographic methods instead of third parties and centralized administrators. With a rigorous online protocol, clearly-programmed building blocks, smart contract solutions, blockchain can operate without intermediaries.
The key elements of such a blockchain solution include a
Loyalty network platform
Reward applications
Loyalty tokens
Key benefits of loyalty reward program management with Blockchain
Loyal customers are key growth drivers of any for-profit business. With blockchain-powered loyalty rewards programs, companies can enhance their customer experience. The implementation of blockchain can drive the customer experience in loyalty reward programs to the next level, here’s how:
Cost reduction
A blockchain-based loyalty rewards program can drastically reduce system management costs through smart contract solutions. Blockchain-powered smart contracts can enable secure, traceable, and transparent transactions, thus, reducing costs associated with errors and fraud.
A frictionless system
An airline can transfer a customer’s loyalty rewards in the same blockchain digital wallet that he/she uses to redeem points for a hotel as well. With a trustless, decentralized technology solution, blockchain essentially centralizes the customer’s loyalty programs. From a consumer perspective, the ability to access and manage loyalty rewards is practically frictionless.
Instant, real-time processes
With Blockchain, companies can have a transaction recorded and accessed by multiple involved parties almost instantly. Essentially, they can have a loyalty rewards program provider that cut through coordination inertia while crediting points faster.
Benefits of a blockchain-enabled loyalty program system for providers and their customers
Design
For loyalty program providers, tokenization of loyalty points makes them unique, traceable, as well as fraud-proof. For customers, it provides a single digital wallet platform to manage multiple membership programs.
Implementation
It provides a clear understanding of current, unused loyalty points and where they reside in the loyalty ecosystem to providers. On the other hand, customers get near-real-time credit of rewards points with the provision to readily redeem,
Customer engagement
Providers can connect customers to more service providers to provide them an enhanced customer experience. Customers get increased redemption options with near-real-time capability.
Program Management
Providers get transparent reporting and tracking while gaining insight into customer behaviors. Transparent program management reduces the loss of points by expiration or fraud for customers.
Mudit Kumar
19 May 2020
Blockchain and Legacy ERP Systems | A Revolutionary Combo
Blockchain technology is proving to be a transformative force in the digital space due to its feature-rich characteristics. It is gradually changing the way different business models work these days, such as healthcare, supply chain, government, trade Finance, banking, etc. Now, many companies using ERP systems are exploring blockchain solutions to streamline the enterprise business. There are various challenges with traditional ERP systems that blockchain technology can address. In this guide, how blockchain can become the game-changer for legacy enterprise ERP systems.
ERP (Enterprise Resource Planning)
Essentially, enterprise resource planning is software that businesses use to manage daily business outcomes like procurement, accounting, risk management, project management, supply chain operations, compliances, and many more. Indeed, ERP systems can strengthen and boost a company's overall operational performance. However, as the systems are centralized, it causes more issues than benefiting an enterprise. Here, introducing blockchain for ERP systems overall comes into play. Let's acquaint yourself with a few significant issues in ERP systems.
ERP Challenges
Opaque Centralized Production Processes
Inadequately Flexible and Modular
Resistant To Upgrades
Complicated Or Restricted Functionality
Complex UI designs and odd functionalities
High Maintenance Cost
Poor Data Maintenance Leading To Lower Quality
Now, let's take a look at how blockchain solutions and ERP can come together and benefit enterprises.
Blockchain Improving ERP Systems
Visibility and Transparency Across the Supply Chain
A Blockchain supply chain management solution for ERP systems can provide an additional layer of visibility across various supply chain processes. Generally, the supply chain is complex and fragmented in nature for any industry. Thereby, it becomes difficult to track all the processes or the state of products across different supply chain stages. Using blockchain for enterprise technology can enable the tracking of the processes and products in real-time in the supply chain. Besides, a blockchain-powered ERP system can provide real-time reports about product movements and other metrics like the temperature or the product quality.
Promotes Trusts among All the Supply Chain Participants
With a blockchain-powered ERP system, businesses can establish trust across all supply chain participants. Also, as everything in the system is visible to every network participant, it ensures the prevention of fraud or hacks. ERP systems are efficient but with heavy dependence on people instead of the system itself. However, with blockchain, instead of trusting people, enterprises can trust the system given the fact that no one can perform any illegal activities in the network.
Smart Contract Implementation For Automation
Introducing Blockchain smart contract implementation with ERP can enable secure and transparent verification of the transaction with your suppliers. Also, as the process is automated, the contract initiates itself automatically and processes the transactions once the pre-defined rules are met. For example, when trading with another overseas company, you can track the entire trading process. Once you get the product, the smart contract will automatically release the funds.
Lowers Risk In Digital Transactions
Another one of the blockchain ERP use cases is the low risk in digital transactions. In reality, ERP systems can also offer transactions; however, they aren't that secured as of now. Furthermore, security vulnerabilities enable hackers to target centralized servers and hack a transaction.
However, blockchain with ERP systems can really change the scenario here. In reality, blockchain offers peer-to-peer transaction processing, which is quite effective and fast. Also, the security protocols in every blockchain or enterprise tech are quite high. Thus, hackers can't get access to these platforms easily.
Moreover, as they have a decentralized environment, it's quite impossible for a hacker to track down and hack a user's account. And so, the coupled technology can easily offer high security for digital transactions.
Security and Data Privacy in Real-Time
Another big advantage of blockchain with ERP systems is they offer the highest level of security together. Integrating enterprise blockchain technology will prevent any data leakage, detect any security threats or flaws, and detect unauthorized real-time activities.
The best part is that it can not only detect these kinds of security concerns but can also prevent them. Blockchain for business will potentially provide encrypted access and get rid of any unwanted third parties. It can also provide full protection to information that is not for the public eye. Enterprises handle a lot of sensitive information, and getting access to privacy-based information can help maintain the company's regulations. Furthermore, it can also get rid of any vulnerabilities due to employee interactions.
Compliance With GDPR And Secure Sensitive Information Facility
Enterprises need to be GDPR compliant when communicating with customers and their personal details. In addition, you must ensure that all your customer's information is kept private and that no third-party company can mine that data for market analysis.
Take for example the Facebook scandal. You certainly don't want to go through this like that sometimes. If you don't obey the rules of the GDPR, you may face severe legal issues and fines. Not to mention that along with that too, your brand value would take a massive hit.
This is where the use of blockchain ERP comes into play. With blockchain help, you can safely store all information about the consumers without any problems. In addition, you can also completely comply with GDPR and provide total clarity in the case of customer handling.
Efficiency Processes Across all Departments
As time goes by, the process becomes even more complicated in manufacturing. Hence, many companies face errors that cause costly results. However, with help from the blockchain with ERP, they can easily automate their business processes.
More so, they can maintain cross-department operations, real-time information, and solutions, eliminating human errors, and many more. Combination companies can get rid of manual labor by using this new software, and increasing their productivity at a rapid pace.
Also, blockchain can really help get rid of the complex processes and false data along with improving deliveries.
You will also save a massive amount of time and increase the level of productivity. In fact, the blockchain's automation mechanism will compensate for the losses that arise in other departments. Employees also don't have to think about all the little information, and then the technology can quickly take off. In addition, staff can also enjoy the ease of use and minimal workload. So, businesses will genuinely raise their brand equity in the long run.
Concluding Thoughts
For the enterprises, blockchain with an ERP system is a huge step-stone. ERP systems are absolutely efficient even when they come up with some problems. Those problems, however, are not common enough for blockchain to fully replace ERPs. So, I think that blockchain will act as an additive to ERP systems for now. More so, I don't believe that blockchain will get rid of ERPs absolutely yet. Like the incorporation of blockchain and ERP will improve the supply chain's efficiency and integrity.
Blockchain also comes with its fair share of features, as far as the efficiency goes. And together with ERP, blockchain, the software can easily change the supply chain industry for good.
Category:
Blockchain
Mudit Kumar
16 May 2020
Revolutionizing Finance with Blockchain-based DeFi
With the increasing adoption of emerging technologies like blockchain, smart contracts, and cryptocurrency, the concept of decentralized finance (DeFI) is also gaining considerable attention. In this blog, we will explore how these technologies lay the foundation for DeFi, a new exciting financial shift of our time.
Decentralized Finance (DeFI)
Essentially, DeFi addresses the challenges of traditional centralized financial systems and fintech solutions. Unlike centralized systems involving various intermediaries, decentralized financial services eliminate the dependence of any central authority for services like borrowing, lending, and trading with distributed ledger technology like blockchain. Blockchain-fintech services remain independent of any central authority involvement in any transaction governance.
DeFi vs. Centralized Finance
Let’s gain a detailed understanding of the potential of DeFi in improving the current financial landscape. DeFi improves upon our current centralized infrastructure by utilizing the advantages of blockchain technology and smart contract solutions as the underlying infrastructure and using cryptocurrency for transactions. It facilitates autonomy, which enables only users of a DeFi ecosystem to own their assets and no intermediary or centralized authority. Due to being decentralized, there is no provision for freezing users' accounts, seizing your assets, or blocking your transactions. Regarding regulatory compliance, blockchain’s permission and permissionless applications and smart contract solutions play crucial roles in ensuring the adherence to requirements. Unlike centralized systems, with blockchain solutions- DeFi enables service providers and users to easily check the reserves of a DeFi financial system, shop around for genuine loan rates, or even track the transactions of public figures.
DeFi and Fintech | Getting Into Details
You may find DeFi similar to the financial technology concept, which also aims to use technology for improving financial services. However, there is a key difference between DeFi and Fintech. It is that Fintech merely builds upon traditional financial infrastructure, while DeFi uses emerging tech like blockchain technology.
For instance, a fintech service like international payments service charges lower fees than most banks and currency exchange companies. However, it still uses intermediaries like banks, third parties like payment service providers, and other traditional financial infrastructure. Unlike the traditional cross-border transaction system that transfers money across borders, it establishes bank accounts in different countries for money transfers. In this case, you still have to trust the service provider to approve and execute the transaction. Moreover, you also need to seek permission to transfer your money abroad. In most cases, you need to provide identification documents to send money to the recipient.
On the contrary, a DeFi product like stablecoin development with Ethereum blockchain can mirror the value of the US dollar to provide protection against the volatile nature of cryptocurrencies. With stablecoin, there’s no need to trust a Fintech company or bank for transaction approval or settlement. The process completes in around less than 20 seconds, instead of in days with traditional financial infrastructure. Anyone can send stablecoin to anyone with a wallet that supports stable coins. even if they live in countries with no established financial system.
DeFi Use Cases
Providing DeFi services proves cost-effective, secure, and efficient. DeFi enables unbanked people across countries to access efficient and cost-effective financial services. DeFi service providers can offer them near-instantaneous loans without requiring any bank approval or paperwork. They can also enable stock issuance for a company without involving bankers or lawyers who charge exorbitant fees. Additionally, they can build a peer-to-peer exchange for digital assets with additional security and efficiency layers of blockchain and smart contracts.
Lending and Borrowing
DeFi lending and borrowing platforms are popular kinds of DeFi projects. These platforms enable anyone to lend or borrow with appropriate crypto assets used as collateral.
Decentralized Exchanges (DEXes)
Decentralized crypto exchange development, or DEXes, emulate centralized crypto exchange services in a decentralized manner. Instead of relying on a centralized exchange to store money and execute your transactions, DEXes enables users to manage their funds with smart contracts and cryptocurrency wallets. DEX users can retain control of their assets without involving an intermediary. The smart contract functionality automatically matches up buyers and sellers.
However, DEXes still need to gain traction by providing better transaction speeds and user interfaces.
Open Marketplaces
A Decentralized marketplace is another type of DeFi project. It follows the concept of a marketplace that enables people to exchange goods and services with a decentralized architecture.
On open marketplaces built with blockchain, users can buy and sell crypto-collectibles, also known as NFTs or non-fungible tokens. An Ethereum blockchain solution development with smart contracts manages all the buying and selling in an effective and secure manner. It means users gain control over their items, which is contrary to the concept of centralized platforms like Amazon. They act as intermediaries between buyers and sellers while also dictating the rules of the marketplace.
Essentially, open marketplaces bring the idea of traditional markets and true peer-to-peer commerce into realization.
Mudit Kumar
15 May 2020
Using Ethereum Smart Contract Development for Businesses
Lately, blockchain technology has generated significant interest across diverse industries due to the attributes it offers. Now, more industry players are piloting the technology to find and fit particular uses in their business processes for efficiency. One revolutionary application of Blockchain technology is smart contract solutions.
A smart contract solution is a set of self-executing codes on a blockchain. It carries the potential to automatically implement the terms and conditions of an agreement between two or more transacting parties. It can play a critical role in streamlining processes that are currently spread across multiple databases.
If you are thinking of moving from traditional to smart contracts, you may have some concerns regarding that. Is it safe, feasible, and effective? So, let’s understand their pros and cons, application areas, and methods of implementation.
Smart Contracts
Technically, a smart contract is a type of digital contract of a traditional legal contract between two or more business parties. Simply put, it is a computer-generated program on blockchain that automatically enforces the terms of a multiparty agreement.
What’s unique about a smart contract is that if parties fail to meet the mentioned conditions, it revokes the contract and thwarts respective transactions.
A blockchain underlies a smart contract, which makes it distributed across all participants in an agreement that nobody can alter. Consequently, all the members involved in a transaction or agreement can have a transparent, immutable view of its terms and conditions.
Also, it doesn’t require a third party to ensure the guarantee of a transaction.
The blockchain-powered smart contract codes do the job.
You may also like to explore | How Smart Contracts Fuel The Blockchain Technology
Ethereum Blockchain
Ethereum blockchain boasts of having one of the world‘s leading blockchain and smart contract platforms and is a preferred choice for most blockchain developers.
After the platform’s launch in July 2015, it has grown by leaps and bounds.
It facilitates smart contract solutions development for businesses from online games to loyalty programs.
Indeed, Ethereum‘s smart contract development provides an extended level of standardization and support for businesses.
The platform has clearly defined rules for developers to follow. It makes smart contract development easier and less risky for developers. On the support side, Ethereum aims to enhance the way we create and execute smart contracts. For that, they introduced their smart contract programming language, Solidity.
It not only assists with standardization but also makes it easier to implement and set up smart contracts for business use cases.
Ethereum Smart Contract Platform Features:
Cost-effective setup
Ethereum token standard or ERC-20
The smart contract programming language, Solidity
Clearly defined guidelines for developers
A cutting-edge development community
Lots of literature/help available
An Ethereum smart contract account lets you create and participate in smart contracts. Once recorded and stored on the Ethereum blockchain, nobody can change smart contract rules.
Business Case Call for Smart Contract Development?
Image Source: CB Insights
Smart contracts find applications across numerous industries, for instance, in insurance, crowdfunding, IoT, real estate, banking, international trade, and more.
The technology is eventually being used to replace notaries, lawyers, and legal advisors.
Must-Read | Decoding DAO | Ethereum Smart Contracts at Work
Building Smart Contracts with Ethereum
For smart contract implementation in your business, you need to set up an Ethereum blockchain development environment using one of the following ways
From scratch
Use Ethereum Blockchain as a service
For quickly validating the business idea, businesses choose the Ethereum blockchain as a service (Also, scalability and efficient deployment of blockchain applications is a key issue in enterprise blockchain adoption..g., Azure).
It enables a development team to have a plug-and-play cloud-based blockchain developer environment.
It contains Ether. Camp – an integrated developer environment and BlockApps, a private, semi-private Ethereum blockchain environment.
Subsequently, during and after your smart contract development, testing is a crucial part of the process. It ensures that there are no defects in the contract execution.
Now, as soon as we deploy and store it on the blockchain, nobody can alter or revoke it.
Looking forward
Ethereum smart contract development provides various benefits to businesses. It is secure, fast, automated, and irreversible. Additionally, Ethereum is the most preferred blockchain platform for smart contract development due to its capability of enabling almost any computational task.
It is the reason businesses across diverse industries hire Solidity developers for Ethereum smart contract development in business.
If you are looking to hire blockchain experts for your smart contract development, Oodles offers comprehensive Ethereum blockchain and smart contract development services.
Mudit Kumar
14 May 2020
Crypto Exchange Software Development | A Complete Step-by-Step Guide
In today's rapidly evolving financial landscape, cryptocurrency exchange development services have emerged as a critical means that empower individuals and institutions to build advanced crypto exchanges enabling the trading of digital assets. This comprehensive guide is designed for B2B decision-makers, developers, and technology leaders who are considering entering or upgrading their presence in the crypto space. We will explore the full development lifecycle of a crypto exchange—from conceptualization to deployment and beyond—highlighting best practices, technical considerations, and industry trends.IntroductionThe cryptocurrency market is booming, with millions of users seeking secure, efficient, and innovative platforms to exchange digital assets. As blockchain technology continues to mature, businesses are recognizing the immense potential in developing proprietary crypto exchange software. Whether you're a startup aiming to disrupt the market or an established financial institution looking to diversify your offerings, understanding the technical intricacies and best practices of crypto exchange software development is critical.This guide covers:An overview of crypto exchange platforms and their types.A detailed, step-by-step approach to developing a robust crypto exchange.Technical challenges, best practices, and regulatory considerations.Future trends and FAQs for further clarity.Overview of Crypto Exchange Software DevelopmentWhat is Crypto Exchange Software?Crypto exchange software refers to a comprehensive platform that enables the trading of cryptocurrencies. These platforms facilitate the buying, selling, and exchanging of digital assets with integrated features that cater to both novice traders and experienced investors.Types of Crypto ExchangesUnderstanding the types of crypto exchanges is essential when planning your development strategy:Centralized Exchanges (CEX):Operated by centralized entities, these platforms manage user funds and transactions on a single server or cluster. They offer higher liquidity and faster transactions but come with a single point of failure and regulatory challenges.Decentralized Exchanges (DEX):Built on blockchain technology, DEXs allow peer-to-peer trading without a central authority. They offer enhanced security and privacy, although liquidity and user experience can be less favorable compared to centralized platforms.Hybrid Exchanges:Combining features of both CEX and DEX, hybrid exchanges aim to provide a balanced solution that leverages high liquidity and robust security protocols.Also, Read | Layer 2 Solutions for Crypto Exchange DevelopmentWhy Build a Crypto Exchange Platform?For B2B stakeholders, launching a crypto exchange is not just about technology—it's about tapping into a lucrative market with expansive growth potential. Here are key reasons why building a crypto exchange platform is a strategic move:Market Demand:With increasing interest in digital assets, there is a sustained demand for secure, user-friendly exchange platforms.Revenue Opportunities:Transaction fees, premium services, and additional revenue streams such as margin trading and lending services contribute to significant revenue potential.Innovation & Brand Leadership:Developing cutting-edge technology can position your brand as an industry leader and attract strategic partnerships.Diversification:A crypto exchange can diversify your service portfolio, opening new avenues for business growth and customer engagement.Key Components of a Crypto Exchange PlatformBefore diving into the development process, it's crucial to understand the core components of a crypto exchange software solution:Trading EngineCore Functionality:The trading engine is the heart of the platform, responsible for order matching, execution, and maintaining market depth. It must handle high-frequency trading and large volumes of orders with minimal latency.Scalability:A robust trading engine should be designed to scale efficiently as user demand grows.User Interface (UI) & User Experience (UX)Intuitive Design:A clean, responsive UI is essential for both beginners and seasoned traders.Real-Time Data Visualization:Charts, order books, and live price feeds must be updated in real time to aid decision-making.Security and ComplianceData Protection:Encryption, two-factor authentication (2FA), and secure key management are non-negotiable for protecting sensitive user data.Regulatory Compliance:Adherence to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations is critical for legal operations in various jurisdictions.Payment Gateway & Fiat IntegrationSmooth Onboarding:Integration with payment processors and banking APIs ensures seamless deposits and withdrawals.Multi-Currency Support:Accommodate both crypto and fiat currencies to attract a broader user base.Blockchain Integration & Wallet ManagementDigital Wallets:Secure wallet integration allows users to manage their assets on the platform.Blockchain Protocols:Support for multiple blockchains (Bitcoin, Ethereum, etc.) and tokens is essential for platform versatility.Also, Check | Cross-Chain Swaps | Empowering Crypto Exchange DevelopmentStep-by-Step Guide to Crypto Exchange Software DevelopmentDeveloping a crypto exchange involves several meticulous steps. Below is a detailed roadmap to guide you through the process.Step 1: Requirement Analysis and Feasibility StudyDefine Business Goals:Clearly outline the objectives of your crypto exchange. Are you targeting retail traders, institutional investors, or both?Feasibility Study:Assess the technical, financial, and operational feasibility. Consider market size, competition, and regulatory landscapes.Step 2: Market Research and Competitive AnalysisIdentify Gaps:Conduct thorough research to identify gaps in current offerings.User Personas:Develop detailed buyer personas to understand user needs and preferences.Competitor Benchmarking:Analyze existing exchanges to identify best practices and areas for improvement.Step 3: Platform Architecture and Technology Stack SelectionArchitecture Design:Choose a scalable, microservices-based architecture that can handle high loads and rapid growth.Technology Stack:Select the best-fit technologies for both front-end (e.g., React, Angular) and back-end (e.g., Node.js, Python, Java) development. Consider using blockchain frameworks like Ethereum, Hyperledger, or Binance Smart Chain.Database & Infrastructure:Opt for high-performance databases (e.g., PostgreSQL, MongoDB) and cloud hosting solutions that provide redundancy and disaster recovery capabilities.Step 4: Designing the User Interface and ExperienceWireframing & Prototyping:Develop detailed wireframes and prototypes to map out the user journey.Responsive Design:Ensure the design is mobile-friendly and accessible across various devices.User Testing:Conduct usability tests to refine navigation, layout, and visual elements.Step 5: Development of Core ComponentsFront-End Development:Create an interactive, responsive UI that delivers real-time data updates and seamless user interactions.Back-End Development:Build the server-side logic, integrating APIs, databases, and trading engines.API Integration:Develop robust APIs for communication between various modules, such as trading engines, user authentication, and payment gateways.Step 6: Integrating Blockchain Protocols and Wallet ManagementWallet Integration:Integrate secure digital wallets that support multi-currency transactions.Blockchain Connectivity:Implement blockchain nodes to facilitate on-chain transactions and record keeping.Smart Contracts:Where applicable, develop and deploy smart contracts to automate trading and settlement processes.Step 7: Implementation of Security Measures and Regulatory ComplianceEncryption & Data Security:Implement state-of-the-art encryption protocols to secure data in transit and at rest.Multi-Factor Authentication:Introduce 2FA and biometric verification to enhance account security.Regulatory Frameworks:Integrate comprehensive KYC and AML systems to comply with global regulatory standards.Step 8: Comprehensive Testing and Quality AssuranceUnit Testing:Conduct thorough unit testing to verify the functionality of individual components.Integration Testing:Ensure seamless communication between different modules and systems.Security Testing:Perform penetration testing, vulnerability assessments, and stress tests to identify and mitigate risks.User Acceptance Testing (UAT):Engage a group of end users to validate the platform's usability and performance.Step 9: Deployment and Launch StrategiesStaging Environment:Deploy the platform in a staging environment for final validation.Deployment Strategy:Choose between cloud-based deployment or on-premises solutions based on your scalability and security requirements.Launch Plan:Develop a comprehensive go-to-market strategy that includes marketing, user onboarding, and support infrastructure.Step 10: Post-Launch Maintenance and Continuous ImprovementMonitoring:Implement real-time monitoring and analytics to track system performance and user behavior.Feedback Loops:Establish channels for user feedback to drive continuous improvements.Regular Updates:Schedule periodic updates to enhance functionality, security, and performance.Also, Discover | Scratch-Built Vs. White-Label Crypto Exchange SoftwareTechnical Challenges and Best PracticesDeveloping a crypto exchange platform presents unique technical challenges that require careful planning and execution. Below are some of the key challenges and best practices:Scalability and PerformanceChallenge:Handling high-frequency trading and large volumes of simultaneous transactions.Best Practice:Adopt a microservices architecture and utilize load balancers, caching, and cloud scalability options to ensure performance under peak loads.Security and Data ProtectionChallenge:Preventing cyber-attacks, data breaches, and unauthorized access.Best Practice:Implement robust security protocols, including SSL encryption, DDoS protection, and continuous monitoring. Regularly update security measures in response to emerging threats.Regulatory ComplianceChallenge:Navigating the complex global regulatory landscape for cryptocurrencies.Best Practice:Work with legal experts to develop compliance frameworks that integrate KYC/AML processes and adhere to local regulations. Consider adopting a modular compliance system that can be easily updated as laws change.User Experience and AdoptionChallenge:Balancing technical complexity with a seamless user experience.Best Practice:Invest in UX design and continuous testing to ensure that the platform remains accessible and engaging for all user segments.Also, Explore | Oodles Scaffold | Your Ideal White-Label Crypto ExchangeB2B Considerations in Crypto Exchange Software DevelopmentWhen developing crypto exchange software for business-to-business purposes, several strategic considerations come into play:Customization and White-Label SolutionsWhite-Label Platforms:Many B2B clients prefer white-label solutions that can be customized to reflect their brand identity.Modular Architecture:A modular design allows businesses to add or remove features based on their target market needs.Enterprise-Grade Security and ReliabilityHigh Availability:Businesses demand platforms that ensure maximum uptime and data integrity.Compliance:Prioritize compliance with international standards and industry best practices to gain trust among institutional investors.Scalability and Performance for B2B ClientsLoad Handling:B2B platforms must be capable of handling significant trading volumes and peak loads.Customization:Provide flexible APIs and integration tools to enable seamless connectivity with existing enterprise systems.You may also like | The Emergence of Hybrid Crypto Exchange DevelopmentFuture Trends in Crypto Exchange Software DevelopmentAs the cryptocurrency industry evolves, new trends and technological advancements are reshaping crypto exchange software development:Integration of Decentralized Finance (DeFi)Emerging Use Cases:DeFi protocols offer innovative ways to provide liquidity and yield farming, expanding the functionality of traditional exchanges.Hybrid Models:Expect to see more hybrid models that blend centralized efficiency with decentralized security.Artificial Intelligence and Machine LearningEnhanced Trading Algorithms:AI and ML can optimize order matching, detect fraudulent activities, and predict market trends.User Personalization:These technologies enable platforms to offer personalized experiences and targeted trading recommendations.Blockchain InteroperabilityCross-Chain Solutions:Future platforms may support interoperability between different blockchain networks, allowing seamless trading across multiple protocols.Standardization:Emerging standards and protocols will likely simplify the integration of diverse blockchain ecosystems.Advanced Security ProtocolsQuantum-Resistant Algorithms:As quantum computing develops, future security measures may incorporate quantum-resistant algorithms to secure transactions.Decentralized Identity (DID):Innovations in identity verification could enhance user security while simplifying compliance processes.You may also check | Essentials for Developing a P2P Crypto Exchange PlatformFrequently Asked Questions (FAQ)Q1: What is crypto exchange software development?A: Crypto exchange software development involves creating platforms that enable the trading of cryptocurrencies. This process encompasses everything from designing the user interface to building a secure trading engine, integrating blockchain protocols, and ensuring regulatory compliance.Q2: How long does it typically take to develop a crypto exchange platform?A: The development timeline can vary based on the complexity of the platform, desired features, and regulatory requirements. Generally, it can take anywhere from 6 months to over a year to develop a fully functional and secure crypto exchange.Q3: What are the key components of a crypto exchange?A: The essential components include a robust trading engine, user interface (UI) and experience (UX), security systems (such as 2FA and encryption), payment gateway integration for fiat currencies, and blockchain protocols for wallet and asset management.Q4: How do regulatory requirements affect crypto exchange development?A: Regulatory requirements are critical and can significantly impact design and development. Compliance with KYC/AML guidelines, data protection laws, and local regulations is essential for legal operation and gaining user trust. This necessitates incorporating modular compliance frameworks that can be updated as regulations evolve.Q5: What are the primary security challenges faced in crypto exchange development?A: Security challenges include protecting against cyber-attacks, ensuring data integrity, and preventing unauthorized access. Best practices such as implementing robust encryption protocols, multi-factor authentication, continuous monitoring, and regular security audits are essential to mitigate these risks.Q6: What future trends should businesses consider when developing a crypto exchange?A: Future trends include the integration of decentralized finance (DeFi), the adoption of artificial intelligence (AI) and machine learning (ML) for enhanced trading and security, blockchain interoperability, and advanced security measures like quantum-resistant algorithms.ConclusionCrypto exchange software development is a multifaceted process that requires a strategic approach, robust technical expertise, and an unwavering commitment to security and regulatory compliance. By following the step-by-step guide outlined above, businesses can build a scalable, secure, and user-friendly platform that meets the demands of today's rapidly evolving cryptocurrency market. Whether you're developing a white-label solution or a fully customized exchange, understanding the intricacies—from market research and architectural design to rigorous testing and deployment—will ensure your platform is well-positioned for success.In a market where innovation is key and security is paramount, the development of a crypto exchange platform represents both an opportunity and a challenge. With continuous technological advancements and evolving regulatory landscapes, staying informed and adaptable is crucial for any business looking to make a lasting impact in the crypto industry.Embrace the journey of crypto exchange software development as a strategic investment into the future of finance. With meticulous planning, dedicated execution, and ongoing improvements, your platform can become a trusted gateway in the digital asset ecosystem.This guide is intended to serve as a foundational resource for stakeholders seeking to understand and navigate the complexities of crypto exchange software development. By adhering to best practices and leveraging emerging trends, businesses can not only meet current market demands but also anticipate future challenges and opportunities in this dynamic space.Feel free to reach out to our skilled crypto exchange developers for further consultation or explore additional resources to deepen your understanding of this transformative industry.
Category:
Blockchain
Mudit Kumar
08 May 2020
Introducing Blockchain in Trade Finance for Future Prospects
Trade financing facilitates financial institutions to provide credit facilities to ensure the guarantee of exchanging goods. It is a centuries-old industry that has not experienced a significant transformation with the growth of global trade flows. In 2015 alone, the trade finance market capitalization was more than USD 10 trillion. However, it is time to revamp the working of trade finance by incorporating blockchain solutions in trade finance. It can boost efficiencies, lower the cost base, and create new revenue opportunities, such as forming new models of credit and funding guarantees to back the trade. Let’s assess the challenges the trade finance industry faces today and how blockchain in trade finance can redefine its future.
The Trade Finance Landscape
Trade finance by financial institutions like banks is a crucial function in international commerce. It provides delivery and payment guarantees to buyers and sellers involved in a trade. Additionally, it closes the trade cycle funding gap for these parties.
The growth and sustenance of the international trade market rely on financing mechanisms’ easy availability and robustness. However, trade participants can be vulnerable to business risks and uncertainties stemming from several factors.
Those factors include process inefficiencies and variations in trade regulations and requirements across geographies. Additionally, operational and logistical complexities arising due to the involvement of numerous entities are another factor.
In a recent survey by the International Chamber of Commerce, reports showed an increasing trend in litigation and fraud related to trade financing over the last few years. Other pain points include:
Payment and delivery delays due to process overheads and intermediaries.
A lack of insight and traceability into the movement of goods.
Manual contract creation for counterparty due diligence and compliance processes
Manual anti-money laundering (AML) review conduct using the financials
Multiple platforms use by each party and thus causing miscommunication and fraud
Duplicative bills of lading due to the inability of banks to verify their authenticity
Multiple versions of the truth and version control challenges
These obstacles can increase both risk and costs for banks as well as buyers and sellers involved in the process. It leads to unfavorable financing terms, especially for small businesses.
Also, Read | The Disruptive Influence of Blockchain on International Trade
The Promise of Blockchain in Trade Finance
Blockchain applications have the potential to streamline various trade finance processes.
A blockchain is a data structure that enables the creation of a digital ledger storing all transactions. It is distributed across a digital network with cryptographic mechanisms. Consequently, it enables each participant in the network to securely update that ledger without the need for a central authority.
Each participant on a network updates a blockchain ledger in real-time to reflect the most recent transaction. Thereby, it eliminates the need for multiple copies of the information document stored on numerous databases across various entities.
For instance, in a traditional trade finance system, importers, exporters, shippers, banks, etc., maintain their separate databases for all the documents related to a transaction such as the letter of credit, bills of lading, invoices, etc. It requires each of these databases to be constantly reconciled against each other. If there is an error in one document, it gets difficult to take corrective steps to determine the false copy.
Explore: Blockchain Technology To Curb Money Laundering
Blockchain Advantages
Blockchain trade finance can encompass all the necessary information in one digital chain of blocks consisting of information documents. The chain is updated almost in real-time, and accessible by all members of the network at the same time.
Blockchain advantages include speeding up transaction settlement time, establishing transparency across all parties, unlocking capital opportunities, and more.
Regulatory Compliance and Transparency
Regulators get a real-time view of essential documents and information for enforcement and AML activities.
Automatic Settlement Processes and Lower Transaction Fees
Blockchain smart contract solutions automatically execute contract terms between parties with accuracy and efficiency. As blockchain underpins smart contract technology, there’s no need for correspondent banks or additional transaction fees.
Real-time Review
Stakeholders can review and approve financial documents linked and accessible through blockchain in real-time. It reduces the time to initiate shipment.
Stakeholders get a real-time and transparent view of subsequent short-term financing by accessing invoices on a blockchain.
Disintermediation
Banks facilitating trade finance through blockchain can eliminate the need to have a trusted intermediary in place to assume the risk.
Reduced Counterparty Risk
They can access and track bills of lading through blockchain and thus, eliminate double spending risks.
Decentralized Smart Contract Execution
As parties meet the specified terms in a smart contract by blockchain technology, its status gets updated on blockchain in real-time. It reduces the time and headcount needed to track and monitor the delivery of shipments.
Check It Out | Use Case: Simplifying Financial Post-Trade Processing with Blockchain
Blockchain in Trade Finance | A Hypothetical Use Case Scenario
An import bank gets access to the agreement of sale between an importer and an exporter using a smart contract solution on a blockchain.
In real-time, the import bank reviews a purchase agreement, drafts terms of credit, and asserts payment obligations to an export bank.
The export bank reviews the provided payment obligation and verifies it. Upon approval, a smart contract is generated on the blockchain. It covers terms and conditions and lock-in obligations between involved parBusinessties.
After getting the obligations, the exporter digitally signs a blockchain-equivalent letter of credit within the smart contract to commence a shipment.
Third parties and customs agents in the exporting country inspect the received goods. They also provide their respective digital signatures of approval on the blockchain smart contract.
Upon delivery, the importer digitally acknowledges the receipt of goods and triggers payment using the same smart contract solution.
With the acknowledgment of the importer, blockchain automates payment to exporters via a smart contract.
Suggested Read | Blockchain Smart Contract Solutions for Efficient Contract Management
Looking Forward
Blockchain-enabled trade networks can prove beneficial for all stakeholders. The technology can significantly reduce friction from logistical and operational inefficiencies and streamline them across the entire trade finance value chain.
In the short term, it can become instrumental in augmenting business processes by reducing redundancies, establishing transparency, and increasing efficiencies. The longer-term application of blockchain technology in trade finance can be more profound.
They can lead to essential changes or complete redesigning of existing processes. Though blockchain’s potential for disruption is immense, multiple obstacles need to be overcome.
At Oodles, we help you realize the promise of blockchain in trade finance can be realized. We develop applications with careful strategic considerations and design decisions for production deployment. We make use of the most suitable blockchain platforms to address challenges of platform applicability, scalability, and interoperability.
If you require blockchain developers for your project, then our developers can assist you. Contact us today to avail yourself of our services.
Mudit Kumar
07 May 2020
Exploring Blockchain Solutions in the Food Industry
With emerging technologies like Blockchain, AI, and IoT-powered solutions, various industries like healthcare, automotive, and more are developing safe, efficient, and transparent solutions to address various challenges. Now, the food industry players are exploring blockchain technology for solutions to address challenges like fragmented supply chain processes, fraud, counterfeiting, foodborne disease, and more. Let’s analyze and find out the potential of blockchain in the food industry.
Blockchain Technology
Blockchain is a type of digital distributed ledger technology (DLT) that records end-to-end information in a shared yet immutable manner with encryption mechanisms across the network of stakeholders. It ensures that no single entity gets the authority to access or manipulate information. As a result, it establishes trust, transparency, and efficiency in the network. It eliminates the need to have one centralized system owned by a single governing body and thus, many other complexities.
Also, Read | Developing an Online Food Delivery App with Blockchain
Introducing Blockchain in the Food Sector
Essentially, the food supply chain stakeholders, including manufacturers, processors, suppliers, and customers, when using the blockchain-powered ledger, can access end-to-end product records from their provenance to the dining table. Such blockchain supply chain management solutions can provide various advantages to the food industry stakeholders.
With blockchain-powered provenance traceability, they can know where data came from while tracing its entire history. Additionally, with tamper evidence capabilities, they can get to know if someone changed information. They can also control what someone should see and perform actions at a data element level.
In the following sections, let’s explore how blockchain applications and solutions supplement the food industry.
Food Fraud
Blockchain-powered surveillance can keep track of each link (transaction) in the food chain. It enables real-time end-to-end traceability of food fraud culprits and establishes accountability. Further, it facilitates secure data exchange among food chain stakeholders to prevent participants from moving fraudulent foods unknowingly. The improved transparency enables fewer opportunities for fraudsters to penetrate the food supply chain. The immutability of blockchain records ensures efficient management of material safety and quality standards.
Essentially, supply chain members can have the provision to trace food products in the supply chain upstream and downstream. They can determine the authenticity of both raw ingredients and packaged goods. When participants securely upload, manage, and access transactional data, it helps in detecting fraudulent activities along the supply chain. Additionally, users can also share inspections, quality certifications, and registrations to the blockchain network. It enables accountability for acquired data at each step.
Also, Read | Strengthening Food Supply Chain with Blockchain Amid COVID-19
Sustainability
A digital food supply chain powered by blockchain facilitates additional levels of trust and transparency across the entire food ecosystem. It increases awareness of sustainability opportunities at each step within the food chain. With end-to-end transparency powered by blockchain’s distributed ledger, stakeholders can access provenance details to have a detailed view of inefficiencies and lack of sustainability existing across the entire supply chain. Further, farmers, producers, and other stakeholders can use such a system to automatically digitize and share audits, certificates, and other records. They can prove that they use and promote ethical practices for sustainability. With the traceability of each step of the food supply chain and sharing of data on an immutable ledger, participants promise to sustain the quality of goods.
Participants in the supply chain can securely upload, manage, and access transactional data to ensure the authenticity of sustainability claims. Users can share inspections, quality certifications, and registrations on the platform. It establishes confidence and transparency throughout the supply chain and makes it more sustainable.
Food Waste
A blockchain food supply network establishes end-to-end transparency across the food chain. It assists in maximizing shelf life, optimizing partner networks, and increasing recall response efficiency to reduce waste. Further, the provision to have selective data sharing enables stakeholders in the food system to adopt consistent standards, policies, and procedures. With enhanced visibility and traceability into food waste, food producers, distributors, and retailers can reduce food waste along the supply chain.
Participants can securely upload, manage, and access transactional data to a blockchain-powered database. It creates shareable records of food product details and helps in identifying areas of waste in the food chain. It provides participants with capabilities to trace food products’ location and status on the supply chain to efficiently manage and reduce food waste. With users proving food provenance and authenticity by securely managing certificates and documents along the supply chain can eliminate inefficiencies in your network that lead to food waste.
Also, Read | Analyzing the Food Traceability System Developed by Walmart with Hyperledger Fabric
Food Safety
A blockchain based food traceability solution enables users to know the products provenance, its real-time location, and status. If a food safety issue is reported, it is immediately clear who is impacted and who should take action. Additionally, organizations can know which foods have been grown or produced in a certified manner. Consequently, it eliminates contamination risks and potentially harmful food fraud along the supply chain. Help everyone in the food system, such as suppliers, manufacturers, distributors, and retailers to collaborate. When participants securely and transparently trace the location and status of food products upwards and downwards in seconds, they can better manage food safety within their supply network.
Mudit Kumar
06 May 2020
Develop a Crypto Exchange Platform | Essential Insights
The use of cryptocurrencies has increased in recent past times. However, the exchange of the currency is still undoubtedly considered as inconsistent, unpredictable, and risky. However, the idea to develop a crypto exchange platform offers lucrative profitable rewards. We can say that the unsafe character of cryptocurrency exchanges, on the one hand, discourages investors. But, on the other hand, huge profit sharing and increasing value attract more investors. Hence, when you want to develop a crypto exchange platform development system, it largely depends on the right capabilities and devising the right development methodologies. In this article, take a look at a few crucial considerations when planning to develop a crypto exchange development and common mistakes must be avoided for protection from pitfalls.
Develop a Crypto Exchange Platform
The development of a cryptocurrency exchange software is a time-consuming and money expanding process. Although this step is crucial, it is also one of the most challenging processes in the cryptocurrency exchange ecosystem. It requires a considerable thought process to define the functionality of the website speed, has the right blockchain platform implementation, and the use of a secure, efficient, and user-friendly crypto wallet. Security is another critical factor in cryptocurrency exchange development. It gives a sense of security to your user dealing in cryptocurrency. You can hire an experienced cryptocurrency exchange development company to professionally solve your problem and launch your platform without worrying about these factors.
Set Up a Legal Team
Generally, these platforms operate with no appropriate judiciary licensing. It is not recommended when you are thinking of launching your cryptocurrency exchange platform. One must plan to obtain a license to operate the exchange in their respective country. The decision to obtain a license might include whether the exchange will be functional globally or within a specific country. For operating your currency exchange program globally, you must comply with the formalities of law in each of the countries where your platform will be operating.
Most countries necessitate operating currency exchange development after complying with the rules of anti-money laundering and know your customer (KYC) system. It means, getting identity documents of customers and keeping a record of the same are essential. There are countries like Singapore, Canada, Switzerland, and Japan that are regarded as most cryptocurrency-friendly countries. So, you must seek a crypto exchange development company having a trustworthy legal team, or create your team for smooth exchange program functioning.
Also, Read | Cryptocurrency Exchange Platform: Architecture, Security, and Features
Partner with a Bank
It is essential to establish an interaction with a general financial entity that is a bank or a payment system to enable transactions on the platform. A foolproof business transactional account set up is a must so that your users can buy and sell cryptocurrencies without hassle. Hence, you must provide a fruitful opportunity for your users to withdraw as well as reserve funds. For this, a crypto exchange platform should always employ an appropriate payment gateway API or a payment process system as well.
Liquidity Management
Liquidity plays an important role in ensuring the success of a cryptocurrency exchange development program. It is also one of the most significant challenges for any type of cryptocurrency exchange platform. It serves as the foundation of an appropriate cryptocurrency exchange to build a proper liquidity management system. To sustain liquidity, your exchanges should be more promising in comparison to counterparts in the market and attract investors into it. To find the solution for the liquidity problem, visit this blog that highlights ways to deal with it effectively.
Customer Support
A cryptocurrency exchange is currently considered as one of the unfavorable money exchange mediums due to its unstable behavior of cryptocurrency in the market. Having a professional support team with real experience of data profile establishes the trustworthiness of the currency exchange among crypto users. They can be hired to address users' problems and revert with satisfactory solutions to investors.
Also, Read | An Investor's Guide to Cryptocurrency Exchange Platform Development in 2020
User Satisfaction
A cryptocurrency exchange program is built to provide convenient and successful secure access over the digital platform. After meeting the technical aspect of developing a program, the next step is to focus on factors like exchange fees, security verification services, and customer-friendly platforms. Managing all these factors is the key to the success of the exchange development system.
Risk Management
Besides managing the cryptocurrency exchange program, you should not ignore security risks including hacks, loss of data, and authorized access. In a crypto exchange platform, its working is totally digitized. So, the only proof of export and exchange is available on the server system. Thus, if data loss happens, it becomes quite a deal. Therefore, it is advised to consider decentralized crypto exchange platforms that ensure security with blockchain attributes.
Also, Read | Analyzing Peer-to-Peer (P2P) Cryptocurrency Exchange Model
Conclusion
Cryptocurrency and cryptocurrency exchange development have significantly increased with signs of staying here for long terms. However, a lack of strong authority and government interference makes their adoption complex for both customers and exchange providers. Therefore, if you are planning to develop a crypto exchange program, you must investigate every aspect as minute as possible.
Need help with your blockchain and cryptocurrency development projects? Connect with us!
Category:
Blockchain
Mudit Kumar
01 May 2020
Blockchain App Development Platforms for Improved Efficiency
Blockchain app development from scratch requires more than a great idea. You need to have a dedicated team, the right set of expertise and skills, and sufficient resources for efficient blockchain app development. Having worked on more than 20+ blockchain projects, at Oodles, we understand that it is necessary to choose the right blockchain technology development platform for definite success. In this blog, take a look into several aspects of the selection of blockchain platforms for blockchain app development. However, let us answer one of the most critical questions first.
Do You Need Blockchain Technology Integration
In the list of trendy technology topics, blockchain is making a constant appearance year after year. Its potential to transform businesses with attributes like transparency and interoperability cannot be ignored. However, there is also a grim picture among a range of benefits, which is blockchain POCs failing. In the ode to be in-trend, businesses end up incorporating blockchain technology in their processes and offerings without knowing whether or not it will address their business purpose. Thus, it is necessary to decide whether or not you require blockchain integration in your project. Deciding to select the best blockchain development platform comes much later. Connect with us for a detailed discussion over which the blockchain platform will be the best for your next big project.
Blockchain App Development Platforms | Benefits
It is sort of a utopian state for many businesses trying to develop the best blockchain framework and network from scratch with a lot of difficulties. It gives birth to diverse blockchain platforms that enable businesses to take advantage of existing software, infrastructure, and service related to blockchain technology. Those promising blockchain-based platforms for app development come with multiple benefits:
Essentials in one place
A blockchain technology-based platform serves as a database that is distributed and managed by individuals across the network. It ensures the storage and management of all transactions in a structured and secure manner. The way it achieves this is through the Blockchain platforms.
Efficiency
A Blockchain technology platform is devised to be efficient as it can enable key stakeholders to directly interact with consumers. As a result, they can get rid of the inclusion of intermediaries.
Fraud Prevention
With distributed ledger working as the underlying technology, Blockchain platforms can prevent any type of modification of information. Simply put, it is almost impossible to misuse information by altering it to meet their needs.
Establishes Auditability
Due to being transparently distributed, blockchain platforms establish accountability for the entire Blockchain network. Stakeholders of that Blockchain system can know who is responsible for what. Thus, upon finding something illicit, they can hold them accountable.
Blockchain App Development Platforms | Types
Essentially, there are three main types of blockchain platforms or frameworks for solutions development: public networks, permissioned networks, and private networks.
Public Blockchain
Anyone can participate in these decentralized networks at any level. They can perform various activities like running full nodes, trading tokens, mining cryptocurrency, etc.
They are not generally considered as a must-have blockchain platform for startups.
Permissioned Blockchain
These permissioned networks are visible to anyone, however, with controlled participation. Generally, they are fast, have low latency, and provide high storage capacity compared to public counterparts.
Private Networks
This type of network is shared between only trusted parties within an organization or a group of enterprises. They are not made open for the public and thus, enable fast transactions with zero latency. Interestingly, most private networks do not use cryptocurrency. But, they do offer the same security and immutability advantages of decentralized networks.
Let’s dissect various blockchain frameworks at the crux level.
List of Most Efficient Blockchain App Development Platforms
Ethereum
It is the platform that introduced revolutionary smart contracts. A majority of blockchain developers prefer Ethereum blockchain app development developing decentralized applications. Ethereum blockchain development's core team along with huge community support continues to improve the platform.
Hyperledger
An open-source permissioned blockchain, Hyperledger comprises various blockchain platforms that are inclined towards developing high-performing DLT with cross-industry collaborations. It consists of six frameworks and seven tools to enable businesses to adopt Blockchain at the enterprise level.
EOS
It is a smart-contract-powered Blockchain technology development platform. We use it to deploy and execute diverse types of decentralized apps. Due to being a public network platform, anyone can use it to develop EOS accounts and submit transactions to the network.
It reaches a consensus through the delegation of who will produce each block. It gets decided as per a vote by token-holders out of a large list of approved candidates.
You may also like | Popular Blockchain Development Platforms For Ensured Success In Blockchain Sphere
R3 Corda
It is an efficient and performant enterprise open-source Blockchain platform of a consortium made of more than 300 firms in collaboration with Corda. Corda can host enterprise distributed apps in sectors such as healthcare, insurance, digital assets, and finance. Corda offers a high level of integration with existing business infrastructures. It is written in Kotlin programming language.
Also, Read | Open Source Blockchain Platforms for DApps: The Rise of Decentralization
Choosing the Righ Blockchain App Development Platform for Your Business
Application’s Privacy Requirements
As we know, Blockchain has two parts. One is the centralized network, where a single central authority has control and access to the network and the information. Another is a decentralized network, where the data is shared across the complete network. So, if your solution deals with private sensitive information like names, documents, and addresses, etc., a private network is preferred to be used which is not decentralized. On the other hand, if your solution has to promote business trustlessness and transparency, putting data on the public Blockchain development framework is advised.
Scalability Challenges
Blockchain technology platforms must also grow and adapt to the growth of the network as transactions and participants increase. Scalability issues are like bottlenecks in Blockchain projects. We know that the transaction speed of a few platforms like Ethereum is still not as high as PayPal or Ripple, etc. If your dApp is not transaction-intensive and can work well with a simple escrow agreement powered by smart contract solutions, a permissioned or private network is suitable for quality, cost, and ease-of-use. However, if your dApp requires extensive transactions, examining side-chain implication for liability/security and assessing network transaction fees for efficiency.
Know more about blockchain platforms specially designed for smart contract solutions, here.
In addition to these two primal factors, there are other significant contributing factors that a Blockchain development company like Oodles consider while choosing the Blockchain framework, like the availability of skills, community support, multi-functionality, security needs, etc.
Mudit Kumar
30 Apr 2020
Rise of Decentralized Blockchain Video Streaming Solutions
Blockchain has caught the attention of one and all in the digital world. Its decentralized and distributed approach has demonstrated the potential to transform the traditional functioning of various industrial sectors. Another one that holds great potential to be revolutionized is the realm of blockchain-based video streaming development. Currently, new-age video streaming platforms like Netflix, Amazon Prime, Twitch, etc. have a large market share. With their live video streaming services, they provide enhanced and enriched user experiences. Users have these live video streaming channels easily available at their fingertips, on their smartphones. Indeed, watching live videos, including educational sessions, webinars, movies, and music online has become a default. Now, technology enthusiasts are exploring ways to combine these two domains. Significantly, developing blockchain-based video streaming platforms can change the realm of live streaming, altogether.Why is Blockchain-based Video Streaming EssentialWithin the video streaming sector, live video streaming is a rapidly growing segment with millions of people watching live videos online. Although the growth of live video streaming is significant, it still deals with issues like less bandwidth and storage. Also, centralized cloud servers manage the storage, networking, delivery, and other essential aspects. As these servers are hosted by bigwigs like Amazon (AWS) or Google (Cloud), these companies earn whopping amounts of profit from this sector. Also, developers and publishers of these platforms act as intermediaries that increase the content streaming cost. Indeed, the original video creators and innovators get no authority over their content. They are bound to settle with rules laid out by centralized controlling parties. Therefore, the increased interest and reliance on live video streaming channels require decentralization. It has laid the foundation for creating Blockchain-based video streaming platforms.Blockchain-based Video StreamingAt Oodles, we can developblockchain-based video streaming platformsthat can address the above-mentioned issues. Let us explore, how? Devoid of any central power, blockchain is essentially a peer-to-peer, distributed ledger network. It can facilitate video content creators to take advantage of its decentralized system. They can publish, deliver, or broadcast any video content directly to consumers without depending on a centralized server. By connecting creators with users directly both can join in the blockchain network, there's no need for any intermediate controller. With a blockchain video streaming solution, content creators themselves can directly broadcast their content on the network. After consensus amongst the other nodes/miners in the network, consumers can directly receive content. It eliminates the dependence on intermediaries like publishers or content providers. As a result, content creators can have direct revenue generation via the platform. They can provide video-on-demand basis services that enable consumers to only pay as they consume. Additionally, a blockchain video streaming solution can enable consumers as well to earn rewards. They can rent out excess disk space and bandwidth to provide scalable storage and bandwidth for video streaming. Not only this, but creators can gain complete ownership of content they publish without losing authority to third-party controllers. Also, Read |Causing the Paradigm Shift in Online Video Streaming with BlockchainBlockchain Video Streaming | Use CasesDecentralized one-to-many live video broadcast (multicast) is the most effective form of media distribution. It enables a broadcaster to connect directly with their audience in a first-hand manner. It also makes them free from alterations, after-the-fact interpretation, and spin. Essentially, it gives everyone a platform to have a voice. Existing centralized solutions suffer from censorship. It is the third parties that have control over user data/relationship/monetization with inefficient cost structures around service payments. Some use cases for video streaming applications and services to be built on top of blockchain's ledger.Pay-As-You-Use Content ConsumptionThe value transaction controlled by the consensus protocol makes it possible for broadcasters to stream live content to viewers directly. Thus, it does not require a credit card, account, or access to users' identities via a centralized platform. Blockchain streaming applications can facilitate various solutions such as paying to attend an education online course, live events like a concert or live sporting event, entertainment, and more. Its applications do all by enabling consumers to pay directly to the broadcaster for only what they consume while preserving their privacy.Auto-scaling Social Video ServicesWhen building consumer video services, scalable infrastructure to support the demand for the growing number of streams, as well as consumers, is always a bottleneck. There are various blockchain platforms available that can scale to support any number of streams and viewers as they go. Thus, it eliminates the provisioning of servers, licensing media servers, and managing resources to handle spikes.Video Enabled DAppsDriven largely by theEthereum blockchain application development, decentralized apps (DApps) are gaining significant traction. With Ethereum blockchain development, an application can be fully decentralized while scaling to contain live video to as many users as wish to consume it.Ethereum Blockchain | Video StreamingThe Ethereum dApp development is popular due to the platform's non-dependency on centralized services to store and manage while meeting the aspects of decentralization with immutability. Ethereum dApp development facilitates the direct interaction of a dApp with the Ethereum Blockchain network. It comprises peer-to-peer nodes that operate together to reach a consensus for transaction confirmations, unlike the centralized service provider being the final controlling authority. Ethereum blockchain offers a range of opportunities for diverse industry-application development including, Video Streaming, insurance, e-Commerce, and more. Ethereum dApp development can be a great solution to build applications for the streaming media sector.
Category:
Blockchain
Mudit Kumar
28 Apr 2020
Crypto Wallet Application Development | Key Considerations
A crypto wallet application enables crypto users to buy, sell, and store cryptocurrencies. Essentially, it is similar to a physical wallet used to store fiat currencies. It holds records of all cryptocurrency transactions on the blockchain network while using the concept of public and private keys to enable transactions on the network. In this blog post, you can explore the essentials of cryptocurrency wallet development, including features, advantages, and security aspects.
Cryptocurrency Wallets Types
Hot and Cold Wallets
To understand the types of cryptocurrency wallets, we need to understand the difference between hot and cold wallets. Put simply, all types of wallets come under these two categories, hot and cold wallets. Users can access hot wallets with an internet connection, while they need to access cold wallets offline. Hot wallets enable users to make day-to-day trading or payments. However, they are prone to error and susceptible to risks like hacks and fraud. The types of hot wallets include desktop software wallets, web wallets, and mobile wallets.
On the other hand, cold wallets refer to physical wallets. Users access them offline. They are safe to use as well and hackers cannot easily break in access to users' assets. Users prefer to use cold wallets to hold digital assets for a long time. They include hardware wallets and paper wallets. Now, let’s explore the intricacies, features, advantages, and disadvantages of these types of wallets.
Web Wallets
Web wallets are web-based online wallets that enable users to access them through a web URL from any computing device from any location. Generally, these wallets require a username and password to login to the wallet. Although users get convenient access with a web wallet, a third party controls the storage of private keys online. Web crypto wallets provide advantages like quick transactions with instant access to the wallet, secure storage, transfer, and management of diverse cryptocurrencies, small cryptocurrency investments, no installation required, and advantageous for advanced buying and selling options.
Mobile Wallets
Similar to desktop wallets, mobile wallets work as smartphone applications. They enable users to transfer cryptocurrencies using QR codes, which are suitable for daily transactions and payments. They provided advantages like the provision to use QR code scanning for transactions, use on the go, in-person payments to merchants, individuals, and businesses that accept cryptos, and complete access to private keys, which means users are in control of their funds.
Desktop Wallets
A desktop wallet refers to web software. Users can download and execute it locally on personal computers. Desktop wallets ensure that users get complete over their private keys and funds with encryption mechanisms. They provide advantages like support for diverse crypto assets, additional features like portfolio charts, and third-party dependence to store private keys on a third-party server.
Hardware Wallets
Hardware wallets are essentially hardware devices. They are among the most popular wallets for cryptocurrencies. They ensure the security of a user’s crypto wealth for long-term use. A user simply needs to connect it to their computer or mobile via USB ports and enable the execution of crypto transactions. Also, they can directly connect the device to a trading platform providing integration capabilities to address accessibility challenges. They provide advantages like robust security features, security for private keys from malware and hackers, and more.
Also, Read | Securing Cryptocurrency Transactions and Assets with Multisig Crypto Wallets
Crypto Wallet Application Development | Essentials
Multi-Crypto and Multi-asset Wallet
A crypto wallet must natively support cryptocurrencies like Ethereum, ERC20 tokens, and others It also must ensure seamless integration of altcoins and tokens as per business needs.
User-Friendly Interface
If a crypto wallet has a self-explanatory interface, it advances the ease of use for both beginners and experienced cryptocurrency users.
The functionality of Instant Swapping
With real-time swapping functionality, wallet users can seamlessly exchange one crypto asset for another, without requiring to use any fiat currency as an intermediary.
There are numerous other features that a crypto wallet should comprise. Visit our cryptocurrency wallet development services to explore more.
Multiple Device Compatibility
A crypto wallet must extend support to multiple OS (operating systems) and platforms like iOS, Android, Windows, and Linux. Thus, ensuring multiple device capability provides users with a secure and flexible infrastructure to access their crypto wallet on any device, anywhere.
QR Code Scanner Functionality
If a crypto wallet has QR code scanner integration, it can enable automatic scanning of wallet addresses (Public Keys). As a result, it enhances cryptocurrency transactions with one single click.
Privacy and Security
A crypto wallet ensures the security and privacy of the transaction by converting users' private keys into 12-word mnemonic phrases (passwords). Only users can own this passphrase to use for transactions.
Crypto Wallet Application | Advantages
Decentralized Operations
Crypto wallets used to store and manage crypto assets are also decentralized due to the blockchain being as the underlying infrastructure. Also, the transfer of crypto assets from crypto wallets follows a peer-to-peer transaction model. Subsequently, it eliminates the dependence on any third-party or centralized authority like banks to manage funds.
Also, Read | Making Secure Online Payments with Blockchain-Based Crypto Wallets
Low Transaction Fees
As no interference of any third party is required to make payments, a low fee is levied to authenticate the transactions.
Crypto Wallet Application Development with Oodles
We have a team of blockchain and cryptocurrency development experts with deft expertise in building secure crypto wallet applications. Further, we rigorously analyze privacy and security concerns to implement robust security mechanisms that ensure protection against fraud or unauthorized users. Also, our development methodology ensures compliance with regulatory standards on consumer protection standards and anti-money laundering and financial transactions with crypto wallets.
Mudit Kumar
27 Apr 2020
Blockchain Smart Contracts for Efficient Contract Management
In this article, we explore the potential of blockchain smart contract solutions for contract management. Blockchain smart contract solutions enable businesses to establish new infrastructure and streamline their operations and processes.
Entering in any type of contract with a person or company you haven't met is always challenging. For instance, due to trust issues, people don't become an investor in a company established in a foreign country or agree to lend money to a stranger. Also, it requires a significant investment to set up necessary legal contracts to secure your transactions. As a result, we either don't enter into such a contract or avail services of trusted intermediaries. However, the latter requires substantial settlement fees for providing services. Here, the use of blockchain smart contracts can formalize transactions between people and institutions as well as the assets they own.
Blockchain Smart Contracts
Blockchain smart contracts provide a solution by formalizing relationships between people and institutions and the assets they own over the Internet. They do it by establishing a P2P system that doesn't require trusted intermediaries. While smart contracts are not new, the use of blockchain acts as the catalyst for smart contract implementation.
Blockchain is a decentralized ledger that follows the principles of a peer-to-peer network. It augments business processes by providing transparency, security, and immutability. All these features can effectively improve various business processes, including contract management solutions as well.
Traditional Contract Management
Businesses use software solutions equipped with tools and techniques to manage the lifecycle of contracts to ensure efficient contract management. A contract management solution manages contracts among employees, partners, and customers to maintain the workflow. Although such contract management solutions prove effective and useful, they provide limited functionality and features when we need to modify, verify, or securely store them.
Businesses see contract processing as one of the key hindrances for smooth operations and processes. With no transparency, efficiencies, and security, coordination for managing different activities becomes challenging, such as authoring, negotiations, renewal, enforcement/execution, and more. These activities become time-consuming and costly because of the involvement of various intermediaries and third-parties. Also, the dependency on various external actors makes these activities vulnerable to hacks while enabling various points of failure.
Blockchain in Action
Blockchain can help change how current contract management solutions work. It can provide businesses a way to master contract management.
Contract processing is a significant challenge for businesses, including authoring, negotiations, renewal, enforcement/execution, and renewal. So, can blockchain contract management solutions change and optimize contract processing? Let's explore.
Use of Smart Contracts
One of the profound applications of blockchain is the smart contract. A smart contract enables network automation and turns paper contracts into robust, immutable, transparent, and efficient digital contracts. We can refer to smart contracts as legal codes that carry the similar legality of a paper contract. For instance, at Oodles, our blockchain smart contract development services can enable smart contract solutions that bring only two parties into play. When both parties agree to the terms of the contract, it is executed, making everything official. As smart contracts are computer codes, they can automate various contract-based processes.
For instance, one party can get a loan from another party, while the smart contract will store the loan amount, the interest rate, and other conditions of the loan. Further, a smart contract can trigger various manual conditional actions. It means, if one party has cleared the loan, the contract will self-close while also informing all the parties involved in the smart contract. It was Etereum that proposed the idea of using smart contracts with second-generation blockchain applications for additional efficiency and transparency.
Blockchain Smart Contract-Based Contract Management | Benefits
No Intermediary or Third-party Dependence
There is no need for contracts to rely on mediators for their execution with blockchain-powered contract management solutions. They can enable information among the parties regarding the contract, which can be related to a transaction or any part of the contract. Also, they do not put any restriction on the numbers of parties o_r peers that can communicate with each other. It eliminates waiting time for contracts for processing and. Generally, a contract gets stuck due to the unavailability of either party in traditional settings. With smart contracts powered contract management solutions, the chances of such scenarios are negligible. Additionally, the elimination of intermediaries ensures faster transactions and fewer manipulations.
Verifiable and Accurate
Businesses can use blockchain smart contracts for a verifiable and accurate representation of transactions executed on the network. A contract management solution on the blockchain platform means verifiable and accurate information for all involved parties. Essentially, it provides a full-proof medium to manage all the data and contracts, which involved parties can verify for authenticity. Additionally, blockchain's immutability means that the data is always accurate. Once you have executed the contract, it cannot be modified. However, it can be modified with the right authentication.
Efficient and Cost-saving
Blockchain for CMS can make it more efficient and cost-saving. Blockchain smart contracts can enable automation to save both time and cost related to contract management.
Upgraded Security and Information Reinforcements
Blockchain solutions use cryptography to ensure the security of agreements, the investment, and other key data that should be kept secure. Further, smart contracts offer appropriate security and function well with contract management solutions. It additionally enables engineers to work around the prerequisites and create arrangements that work for the business.
Fast Operations
Parties need not wait for intermediaries to execute their contracts with blockchain smart contracts for CMS. It is because smart contract solutions involve fool-proof verification procedures. It is due to the fact that blockchain keeps an unalterable, shared record of every other transaction occurring in the network. That being said, previous actions are evidenced and used to validate new ones. It makes the approval process faster and more instant.
Conclusion
Significantly, the use of blockchain smart contracts for contract management solutions can enable various opportunities as well as optimize the existing ones. The integration of blockchain smart contracts with traditional CMS has the potential to improve the domain drastically. What do you think about both of these emerging technologies for contract management solutions? Let us know in the comments section below.
Category:
Blockchain
Mudit Kumar
24 Apr 2020
Strengthening Food Supply Chain with Blockchain Amid COVID-19
Global supply chains are mainly based on human-centered events and thus, experience complexity, inefficiency, and stress. Whether it’s the healthcare, manufacturing, or food industry, global supply chains are struggling to cope with the increasingly growing pandemic’s impact. Especially, the food industry requires more resilient, secure, and efficient supply chain solutions to face such impending disasters. The food industry stakeholders need to rethink their approach to sustain in anticipation of such unexpected events. Blockchain food supply chain solutions can address the challenges that today’s global food supply chains are facing due to COVID-19. Although the technology is still in its infancy, established names like Walmart, IBM, Nestle, Dole, Golden State Foods, Unilever, McLane, and are piloting blockchain food supply chain solutions. Let’s explore how blockchain’ can provide efficient, sustainable food supply chain systems amid the COVID-19 pandemic’s impact on our society.
COVID-19’s | A Call for Food Security and Supply Chain Sustainability
The outbreak has significantly increased the demand for more strengthened, efficient, and secure food supply chains. As per Chinese media reports, Wuhan’s seafood market was the epicenter of the outbreak. However, there’s still a lot of ambiguity over the authenticity of those reports. Additionally, experts have failed to accurately track the provenance of the virus. Even after the earliest case’s detection on 17 November, it took weeks before authorities acknowledged the new virus.
In the current scenario, it is nearly impossible for consumers, retailers, or even authorities to access the information related to the origination of a food item. The reason is the inefficiency of the existing supply chains to ensure food safety at various stages of the supply chain. However, emerging distributed ledger technology like blockchain is providing potential solutions to address these challenges. Blockchain food supply chain solutions can significantly strengthen the mechanisms to ensure food safety by bringing multiple stakeholders like farmers, processors, retailers, consumers, and authorities under a unified platform.
Every stakeholder within the network can anytime access the transparent and immutable view of every transaction recorded on the distributed ledger.
Let’s take a closer look to know the existing problems and how blockchain could offer a better solution.
You Might Be Interested In | Developing an Online Food Delivery App with Blockchain
Traditional Food Supply Chain | Challenges
Foodborne Illness
The COVID-19 outbreak is not the only foodborne illness causing the crisis around the globe. Indeed, out of 600 million people, 1 in 10 people become victims of contaminated or adulterated food. As per a report by the World Health Organisation, 420,000 deaths occur due to food contamination every year. Additionally, foodborne diseases like COVID-19 not only impede socioeconomic development by burdening the healthcare system, they affect national economies by impacting tourism and more.
Food Fraud
Global supply chains are synonymous with increasing growing complexity, misrepresentation, tampering, and deliberate substitution. According to a report by NSF, the food industry incurs around $49 billion globally each year due to food fraud. Milk and its products, tea and coffee, fruit juices, olive oil, seafood, honey, and more are among the most affected food categories.
Also, it is extremely difficult to find fraud in current food supply chains as almost every stakeholder maintains their paper-based records. Manual recording of information leads to vulnerability and inaccurate updating. Thus, accurate track and trace capabilities seem difficult to achieve, resulting in investigation delays. At Oodles, our team of blockchain experts believes that blockchain food supply chains can prove to be viable solutions with end-to-end track and trace capabilities of immutable records in real-time.
Food Supply Chain Blockchain Benefits Amid COVID-19
Food companies can utilize the blockchain to inculcate transparency in their supply chain process. Blockchain has the potential to add an extra layer of security to the food industry.
Transparency
Since the data captured at every step is accessible to everyone within the network, blockchain can help bring transparency in the supply chain.
Efficiency
Blockchain can improve the way food is tracked, transported, or sold. Blockchain can address inaccuracies occurring due to traditional paper-based records. In food recall or investigation scenarios, blockchain’s end-to-end traceability can enable seamless operations.
Food Safety
Blockchain can considerably ensure food safety. It can save lives while enabling efficiency.
Also, Read | Analyzing the Food Traceability System Developed by Walmart with Hyperledger Fabric
Establishing A Traceable Food Supply Chain with Blockchain
Stakeholders can infuse transparency, efficiency, and accountability with traceability and auditability powered by blockchain’s distributed ledger. A blockchain-based food supply chain can directly bring the following stakeholders onto a unified platform
Farmers
Food Logistics Service Provider
Food Processors/Refineries
Government Authorities like Auditors
Retailers
Consumers
Tracing Food from Farm to the Table with Blockchain
Farmers store information about food crops on the blockchain platform
Using a blockchain-based mobile application or system, a farmer can submit information of grown-up crops, such as origin, types, the sowing procedure, storage, and other necessary information. Other network stakeholders can access this readily available information for their perusal. Additionally, machine learning algorithms can enable food processors like factories to make informed decisions about the quality of a crop. Further, blockchain smart contract-based solutions for regulation can ensure compliance during data feeding to the blockchain’s database. Then, food processing companies or refineries can obtain crops for further processing.
Food processors submit processing details to the blockchain database
Once food processing units have received the crops after bidding for them through smart contracts, they start processing and store the information related to the public blockchain.
Retailers or consumers can verify if the food has been appropriately processed or not by accessing the information stored on the blockchain. Smart contracts with added regulations ensure food compliance at each step of processing.
Wholesalers obtain processed products with smart contracts
Food refining or processing companies can put the processed items for bidding after processing the food items. Then, wholesalers and retailers can bid through the smart contract to obtain prepared food items. Further, processing companies transport the processed food to wholesalers while transportation details get updated on the blockchain in real-time.
Besides, wholesalers can logistic services to distribute items to different retailers. To keep the food items safe under the controlled temperature, IoT-enabled vehicles or trucks can transport the processed food. IoT enabled vehicles can transmit real-time information related to the temperature and location of food items to the blockchain platform. It can enable retailers to track food items they are going to receive.
Also, Read | Strengthening the Food Supply Chain with Blockchain Solutions
Consumers ensure the authenticity of the food they buy
The blockchain food supply chain solutions at this stage will have information from source to destination, including details of crop origination, processing, transportation, storage temperature, expiration, and others in an immutable and readily accessible manner.
Eventually, a consumer can check every detail of a specific food item to ensure its authenticity. Also, government auditors can audit the cost and quality of food items from provenance, farms to the table with records stored on the food supply chain solutions built with blockchain.
Every stakeholder in the network comes to a consensus to validate every piece of information captured during each transaction. Therefore, the entire chain of transactions becomes an immutable and permanent record.
Mudit Kumar
23 Apr 2020
Analyzing Decentralized Crypto Exchange Development
The rapid evolution of digital finance has transformed how we interact with money, assets, and markets. Among the most significant innovations is the rise of Decentralized Exchanges (DEXs). These platforms are revolutionizing the trading of digital assets by eliminating intermediaries and handing control directly to users. This article provides an in-depth analysis of decentralized crypto exchange development, detailing its architecture, benefits, challenges, and the step-by-step process for creating a robust DEX. In addition, we will explore emerging trends, regulatory considerations, and frequently asked questions to equip you with a comprehensive understanding of this groundbreaking technology.IntroductionTraditional centralized exchanges (CEXs) have long dominated the cryptocurrency landscape. They operate by managing users' funds, matching buy and sell orders, and charging fees for each transaction. However, these platforms have come under scrutiny due to issues like security breaches, lack of transparency, and regulatory challenges. In contrast, decentralized exchanges leverage blockchain technology and smart contracts to enable peer-to-peer trading, ensuring users retain full custody of their assets. This decentralization is a key factor in why DEXs are garnering increased attention from both retail and institutional investors.What is a Decentralized Exchange?A Decentralized Exchange (DEX) is a platform that allows users to trade cryptocurrencies directly with one another without relying on a central intermediary. This structure is made possible through the use of blockchain technology, where smart contracts automate the entire trading process. The absence of a central authority not only minimizes the risk of hacks and fraud but also provides a censorship-resistant environment for trading digital assets.Key Components of a DEXSmart Contracts: These self-executing contracts automatically enforce trading rules and facilitate transactions when predetermined conditions are met.Liquidity Pools: Instead of relying on order books maintained by a central authority, many DEXs use automated market makers (AMMs) that depend on liquidity pools provided by users.User Wallets: In a DEX, users connect their personal wallets to interact with the platform, ensuring that they remain the sole custodians of their funds.Decentralized Governance: Many DEXs incorporate governance tokens, enabling community members to vote on critical decisions regarding the platform's future.Also, Read | Layer 2 Solutions for Crypto Exchange DevelopmentHow Decentralized Exchanges OperateDEXs primarily function through two models: Automated Market Makers (AMMs) and Order Book Models.Automated Market Makers (AMMs)AMMs revolutionized trading by introducing liquidity pools, where users contribute pairs of tokens to create a market. Prices are algorithmically determined based on the ratio of tokens in the pool. The most notable example is Uniswap, which has popularized this model by making trading simple and efficient. In AMMs, liquidity providers earn fees from the trades executed in the pool, incentivizing continuous participation and deeper liquidity.Order Book ModelsThough less common in the decentralized ecosystem, order book models maintain a public ledger of buy and sell orders. The platform matches these orders to execute trades. While this model is familiar to users of traditional exchanges, it poses challenges in a decentralized environment due to latency and scalability issues. Some newer DEX projects are exploring hybrid models to combine the best aspects of both systems.Advantages of Decentralized ExchangesDecentralized exchanges offer several compelling benefits over their centralized counterparts:Enhanced SecurityBy eliminating the need for centralized custody, DEXs significantly reduce the risk of large-scale hacks. Users maintain control of their private keys and funds, which mitigates the vulnerability associated with holding assets on centralized servers.Increased Privacy and AnonymityDEXs generally require minimal personal information. This attribute appeals to users who prioritize privacy, as transactions occur without extensive Know Your Customer (KYC) checks that are standard on centralized platforms.Censorship ResistanceOperating on decentralized networks ensures that DEXs are less vulnerable to regulatory shutdowns or censorship by any single authority. This is especially important in regions with stringent financial controls or political instability.Global AccessibilityAnyone with an internet connection can access DEXs regardless of their geographic location. This inclusivity promotes financial empowerment by opening markets to a broader audience, including unbanked populations.Cost EfficiencyBy removing intermediaries, DEXs often offer lower transaction fees compared to centralized platforms. However, it is important to note that network fees on certain blockchains (like Ethereum during peak congestion) can still be high.Also, Check | Scratch-Built Vs. White-Label Crypto Exchange SoftwareChallenges in DEX DevelopmentDespite their many advantages, decentralized exchanges face significant hurdles during development and operation:Liquidity ConstraintsAchieving sufficient liquidity is critical for ensuring that users can execute trades without experiencing high slippage. Low liquidity not only deters traders but also undermines the platform's credibility.Solution: Implement liquidity incentive programs such as yield farming and staking rewards. These strategies encourage users to contribute assets to liquidity pools, thus stabilizing the trading environment.Scalability IssuesBlockchain networks, particularly Ethereum, often face scalability challenges. High network congestion can lead to slow transaction times and exorbitant fees, hampering user experience.Solution: Developers can explore Layer 2 solutions, such as rollups, which process transactions off the main blockchain. Additionally, building on alternative blockchains like Solana, Binance Smart Chain, or Avalanche—networks that offer higher throughput and lower fees—can be beneficial.User ExperienceBlockchain technology, while innovative, can be complex and intimidating for non-technical users. A steep learning curve may deter mainstream adoption.Solution: Investing in intuitive UI/UX design is crucial. Educational resources, tutorials, and customer support can further ease user onboarding and encourage broader participation.Regulatory ComplianceNavigating the evolving regulatory landscape is one of the most daunting challenges for DEX developers. Regulations vary significantly across jurisdictions, and non-compliance can lead to severe legal repercussions.Solution: Collaborate with legal experts to ensure that your DEX complies with all relevant regulations. Consider implementing decentralized governance models that enable the community to vote on compliance-related changes.Smart Contract VulnerabilitiesThe reliance on smart contracts introduces a risk of coding errors and vulnerabilities, which can be exploited by malicious actors.Solution: Rigorous testing, comprehensive audits by third-party security firms, and establishing bug bounty programs are essential measures to safeguard the platform.Also, Explore | Cross-Chain Swaps | Empowering Crypto Exchange DevelopmentStep-by-Step Process for Developing a Decentralized ExchangeCreating a DEX requires careful planning, robust development practices, and ongoing maintenance. The following steps outline the comprehensive process involved:Define the Project ScopeBegin by establishing the fundamentals of your DEX project.Identify the Target Audience: Understand the needs, preferences, and trading habits of your intended users.Select Supported Assets: Determine which cryptocurrencies and tokens will be available on your platform.Choose the Blockchain Platform: Evaluate blockchain networks based on transaction speed, fee structure, and security. Ethereum, Solana, and Binance Smart Chain are popular choices.Design the ArchitectureA well-defined architecture lays the foundation for a secure and scalable DEX.Smart Contract Development: Write and deploy smart contracts that will handle the core functionalities such as trading, liquidity management, and governance. Focus on writing secure and efficient code to minimize potential vulnerabilities.Frontend Development: Create an intuitive user interface that simplifies the trading process. The design should facilitate easy navigation and quick access to trading tools.Backend Development: Although DEXs rely heavily on smart contracts, a backend infrastructure may be necessary to support additional features like analytics, user profiles, and customer support.Implement Robust Security MeasuresSecurity is paramount in DEX development, given the high stakes involved.Smart Contract Audits: Engage reputable third-party auditors to perform thorough security reviews of your smart contracts.Multi-Signature Wallets: Utilize multi-signature (multi-sig) solutions to add an extra layer of security for transaction approvals.Bug Bounty Programs: Encourage the community to participate in identifying and reporting vulnerabilities by offering rewards.Regular Updates and Monitoring: Continuously monitor the platform for suspicious activities and ensure that software updates are promptly applied to address any new security threats.Testing and Quality AssuranceBefore launching your DEX, extensive testing is necessary to ensure smooth functionality.Unit Testing: Test individual components to ensure they function correctly in isolation.Integration Testing: Verify that all system components work together seamlessly.User Acceptance Testing (UAT): Conduct beta tests with real users to gather feedback and identify usability issues. This phase is crucial for refining the platform based on actual user experiences.Stress Testing: Simulate high transaction volumes to assess how the platform handles load and to identify any scalability issues.Deployment and LaunchOnce testing is complete, prepare for the public launch of your DEX.Deploy Smart Contracts: Carefully deploy your smart contracts on the selected blockchain. Consider using testnets for final verification before the mainnet launch.Launch the Frontend Interface: Make the platform live and accessible to users.Marketing and Community Engagement: Develop a robust marketing strategy to promote your DEX. Utilize social media, partnerships, and community events to drive user adoption and liquidity.Ongoing Support: Establish customer support channels and continuously engage with the community to resolve issues and gather feedback.Also, Discover | The Emergence of Hybrid Crypto Exchange DevelopmentEmerging Trends in Decentralized Exchange DevelopmentThe decentralized exchange ecosystem is dynamic, with new trends and innovations continually shaping its future. Here are some of the most notable trends:Cross-Chain CompatibilityOne of the most significant developments is the push towards cross-chain interoperability. Future DEXs are expected to support multiple blockchain networks, allowing users to trade assets across different ecosystems seamlessly. This capability not only enhances liquidity but also broadens the range of tradable assets.Integration of Layer 2 SolutionsLayer 2 solutions, such as rollups and sidechains, are gaining traction as a means to overcome scalability issues. By processing transactions off the main blockchain, these solutions can significantly reduce fees and improve transaction speeds—critical factors for mass adoption.Enhanced Privacy FeaturesPrivacy remains a core concern for many users. Future DEX development is likely to incorporate advanced privacy-preserving technologies, such as zero-knowledge proofs, to ensure that user identities and transaction details remain confidential.Decentralized GovernanceEmpowering the community through decentralized governance is another emerging trend. Governance tokens enable users to vote on key decisions, from protocol upgrades to fee structures, fostering a more democratic and community-driven platform.Institutional AdoptionAs institutional interest in digital assets grows, there is an increasing demand for DEX platforms that cater to professional traders and organizations. This trend is driving innovation in areas such as compliance, advanced trading tools, and liquidity aggregation.You may also like | Must-Have Order Types in a Crypto ExchangeRegulatory ConsiderationsOperating a decentralized exchange comes with its share of regulatory challenges. While the decentralized nature of these platforms offers significant advantages, it also poses questions regarding legal compliance, consumer protection, and anti-money laundering (AML) practices. Developers must work closely with legal experts to navigate these complexities and ensure that their platform adheres to applicable regulations while maintaining the core principles of decentralization.Business and Technical ImplicationsFor businesses exploring the decentralized exchange space, there are both technical and strategic considerations:Market Differentiation: With numerous DEXs emerging, offering unique features such as cross-chain functionality or enhanced privacy can set your platform apart.Partnerships and Integrations: Collaborating with other blockchain projects, liquidity providers, and regulatory bodies can enhance platform credibility and market reach.Investment in R&D: Continuous innovation and improvement are critical. Investing in research and development ensures that your DEX remains competitive amid rapid technological advancements.Future OutlookThe evolution of decentralized exchanges is poised to redefine the global trading landscape. As blockchain technology matures and regulatory frameworks evolve, DEXs will likely become more secure, efficient, and user-friendly. The convergence of decentralized finance (DeFi) with traditional financial systems could lead to hybrid models that combine the best aspects of both worlds—ushering in a new era of financial freedom and inclusivity.You might be interested in | Develop a Decentralized Exchange like PancakeSwapFrequently Asked Questions (FAQ)Q1: What distinguishes a DEX from a centralized exchange (CEX)?A1: The primary distinction lies in control and custody. A DEX allows users to maintain control over their private keys and assets, facilitating direct peer-to-peer transactions. In contrast, a CEX requires users to deposit funds into a centralized wallet, thereby exposing them to the risk of centralized hacks and custodial failures.Q2: How do liquidity pools in a DEX work?A2: Liquidity pools are collections of funds locked in smart contracts by liquidity providers. Users deposit token pairs into these pools, enabling traders to execute swaps. In return, liquidity providers earn a share of the transaction fees, which incentivizes them to maintain robust liquidity on the platform.Q3: What measures can be taken to secure a DEX?A3: Security measures include thorough smart contract audits, the implementation of multi-signature wallets, bug bounty programs, and continuous monitoring. Additionally, educating users on best practices for safeguarding private keys is essential.Q4: How do DEXs address scalability challenges?A4: DEXs can leverage Layer 2 solutions like rollups and sidechains to process transactions off the main blockchain, thereby reducing congestion and lowering fees. Moreover, some developers are exploring alternative blockchains with higher throughput to improve overall performance.Q5: Can DEXs facilitate fiat currency transactions?A5: Generally, DEXs are designed for cryptocurrency trading. Integrating fiat transactions typically requires centralized components to manage regulatory compliance, which can undermine the decentralized ethos of the platform.Q6: What is the role of governance tokens in DEXs?A6: Governance tokens empower users to participate in decision-making processes. Holders can vote on protocol upgrades, fee adjustments, and other critical changes, ensuring that the platform evolves in a manner that aligns with the community's interests.Q7: What are the regulatory challenges facing DEXs?A7: Regulatory challenges include navigating diverse legal frameworks, ensuring compliance with AML and KYC standards, and addressing consumer protection concerns. Developers must work with legal experts to build frameworks that both comply with regulations and preserve the decentralized nature of the platform.ConclusionDecentralized exchanges represent a paradigm shift in the world of digital asset trading. They offer enhanced security, greater privacy, and the potential for global financial inclusion. However, building a DEX is not without its challenges. From liquidity constraints and scalability issues to regulatory complexities and smart contract vulnerabilities, developers must address a myriad of factors to create a successful platform.The journey to developing a robust decentralized exchange involves careful planning, advanced technical skills, and a commitment to continuous innovation. As emerging trends such as cross-chain compatibility, Layer 2 integration, and decentralized governance gain traction, the future of DEXs looks promising. For businesses and developers alike, the potential rewards of contributing to this dynamic ecosystem are substantial.By understanding the fundamental principles behind DEXs and following best practices for development and security, you can play a pivotal role in shaping the future of decentralized finance. Whether you are an entrepreneur looking to launch a new platform or an investor seeking deeper insights into the crypto trading landscape, decentralized exchanges offer exciting opportunities and transformative potential.This comprehensive analysis of decentralized crypto exchange development has explored everything from the foundational concepts and technical components to the challenges, emerging trends, and regulatory considerations that shape the industry. As digital finance continues to evolve, staying informed and agile will be crucial for anyone looking to thrive in this rapidly changing environment.Note: The above article is intended to provide a detailed technical overview and strategic insights into DEX development. For further consultation and bespoke development solutions, consider engaging with blockchain experts and legal advisors specialized in blockchain technology and decentralized finance.
Category:
Blockchain
Mudit Kumar
21 Apr 2020
dApp Development | Your Guide to Decentralized Applications
Amid a global crisis like COVID-19, industry experts believe that the cryptocurrency and blockchain development space will gain significant traction. Both concepts have changed the way we see financial transactions and do business. In the last decade, they have given birth to a range of new buzzwords. One of the buzzwords popular among the blockchain community that we will explore in this guide is decentralized application development (dApp). For the uninitiated, the guide will serve as a coherent article explaining the importance of dApp development and its workings.
Decentralized Applications | Decoding Decentralization
Decentralized means that no central authority controls owns, or manages an application. However, decentralization not only empowers digital currencies but also can be applied to diverse business applications.
Let’s understand the concept of decentralization with a simple example. When you use fiat money to buy anything, essentially you contribute to a centralized system. It is because a buyer or seller does not control the flow of fiat currency. That role is reserved for the central bank of your country. Put simply, centralized systems are prone to inefficiencies, complexity, errors, and hacks.
Digital money like Ether, XLM, etc. challenges the idea of centralization by providing a decentralized currency system. Being decentralized means that no centralized bank or government can control the use of currency. Instead, it is the users that have control over their digital money with a decentralized system. Now, read on to understand the role of blockchain smart contract solutions in dApp development.
You may also like to explore| A Guide for Businesses to Develop a Decentralized App (DApp)
Decentralized Applications | Smart Contract Solutions
It was Ethereum that introduced the smart contract technology in 2015. It enables possibilities for not only for financial transactions but also for business applications. Essentially, a smart contract is a decentralized digital contract that enables two or more people to agree as per specified transaction or business terms. When the involved parties in a contract fulfill the mentioned conditions, a smart contract executes its operations automatically.
Understanding the Workings of Decentralized Applications with a Real-World Example
For instance, Alice wants to sell a house. She pays for broken and application fees. However, with a smart contract, she put conditions to sell her house into a smart contract ( with a token representing the ownership of the house). She set the price at 100 ETH. Now, the condition of that smart contract is that IF someone sends 100 ETH to it THEN the token will be delivered to that person’s address. If a buyer wants to buy a house, they only need to transfer the right amount of ETH to a smart contract. In case, if it is not the right amount, then the smart contract will return the amount ETH to the sender.
With smart contract solutions, she does not need a broker. She does not need to pay any application fees either.
A smart contract involves no central authority to trust, and thereby, no commission is required. There are numerous applications of smart contracts such as booking hotels/flights, car selling and buying, lending money, and many more. The main advantage of smart contract technology is that it removes the need for a third party to verify an agreement as they run on a decentralized system (the blockchain). Another benefit is that when we deploy a smart contract onto the blockchain, nobody can amend or change the contract terms and making it impossible to reverse. It means no one can tamper with smart contracts. For a more detailed explanation of how smart contract technology works, visit this page.
Decentralized Applications | An Edge Over Centralized Apps
Before we get into the technology of dApps or decentralized applications, first understand the history of regular (centralized) apps and how they function. We’ll then explain why making these apps decentralized is so important.
Must-Read | Why Develop a DApp | Is It Better Than A Traditional Web or Mobile App
Centralized and Decentralized Applications
Centralized apps are quite opposite of decentralized applications. For instance, Facebook, the social media giant, has more than 2 billion users around the world. Now, imagine the amount of private information we send to Facebook. If we multiply that information by 2 billion users, the Facebook team will have a very large database of private information, all held privately on their centralized servers. Even if you trust Facebook that it won’t abuse the information, it often offers that to marketing companies. Centralized servers can also shut down anytime.
Introducing Decentralization
However, if Facebook uses decentralized servers instead, it will be operating as a decentralized application. It means that even if one system shuts down, the network will continue to operate as the information is shared across numerous different nodes and not just in one centralized point. Additionally, Facebook operating with decentralized servers will also mean that information is stored on a shared database. Thus, nobody has control over it. Further, encryption mechanisms safeguard information and enable only one person with the power to decrypt it. In other words, every user will be able to control the flow of their personal information.
Decentralized applications serve as the interface for blockchain and smart contracts. So, we can say, the blockchain as the Internet, smart contracts as the World Wide Web, and dApps as Facebook and YouTube. Let’s understand this with a simple explanation. Decentralized applications enable the use of smart contracts and the blockchain in a user-friendly way. In the instance of selling a house with a smart contract, dApp will be the interface. Users will download it onto their smartphone or PC. Then, a seller will set a price for a house, input the details, upload photos, etc. Further, a buyer wanting to make a purchase can press “buy” on the dApp. Automatically, the dApp will transfer the ETH to the smart contract.
Decentralized App Development with Blockchain
A few popular blockchain platforms for dApp development are Ethereum, EOS, Corda, Credits, and more. However, Ethereum remains the frontrunner in dApp development due to its smart contract functionality and other blockchain characteristics.
Ethereum Blockchain dApp Development
Ethereum blockchain application development is most suitable for decentralized applications due to its provision for 'smart' smart contracts solutions. Computer-generated Ethereum smart contracts are business terms that operate without any censorship, downtime, fraud, or third-party intermediaries.
Ethereum’s native crypto coin is Ether. Users use ETH to pay for transactions and services on the dApp Ethereum network. Ethereum blockchain boasts of sharing more than 50 percent of the market share of dApps. Around thousands of dApp currently are active and in use for numerous applications like stock market predictions, digital signatures, gaming, social media, etc.
Conclusion
In this guide, we found that the trend of blockchain and dApp development, including both cryptocurrencies and non-crypto currencies, is gaining significant traction across industries. The number of dApp is increasing rapidly with the latest technological innovation in DLTs like Blockchain. The increased use of dApp is laying the foundation for stronger networks of blockchain over the internet. Although the count of dApps is still relatively low, it is growing faster each day. If you think you have a business idea and want to develop a dApp, connect with us for a detailed discussion. At Oodles, we provide decentralized app development with various blockchain platforms to meet specific business needs.
Mudit Kumar
17 Apr 2020
Boost MLM Growth with Blockchain Smart Contract Development
In this article, discover two emerging concepts carrying a significant potential to revamp the current paradigm of global businesses. We will take a look at the integration of Multi-Level Marketing (MLM) platform development, cryptocurrency, and smart contracts.We need to understand the basic concepts of smart contract development, MLM, and cryptocurrency before that.
MLM Marketing
Essentially, MLM operates as an expandable mechanism in which people keep encouraging new members to join for the expansion of operations. In the MLM model, the contribution of every single member and incentive distribution as per their performance becomes essential. Therefore, it is necessary to bridge a connection between end-users and wholesalers as both serve as the base of this business.MLM models are successful as the network expands rapidly while giving leeway for every member of the network to taste success. Now, let's take a look at the types of multi-level marketing.
MLM models come in various types which make it easy for enterprises to expand the distribution of products or services by adopting one of its structures like matrix MLM plan, investment MLM plan, uni-level MLM plan, stair-step MLM plan, Australian binary plan, generation MLM plan, binary MLM Plan, broad plan MLM plan, etc. An enterprise must seek the service of a smart contract and cryptocurrency development company that holds expertise in developing both concepts
MLM Business | Advantages
Adopting an MLM business plan can provide flexibility, cost-effective operation, a good scope of income,no time and place limit, insignificant quantum of risk, high leverage, progressive business model, and diverse models to choose from. If you think MLM is not an efficient marketing model, the integration of smart contracts with cryptocurrency into the structure can completely change your perception. It might surprise you how smart contract solutions development for cryptocurrency-based MLM models eliminates the flaws of the mechanism.
Smart Contract Powered MLM
MLM emerges as one of the convenient and affordable methods to expand a business as well as its customer reach. The distribution network businesses indispensable functions and tools that enthuse synergy a company's working. The tools and functions also provide more stability for the scalability of business within its respective domain.
Smart Contract Integration
When we integrate smart contracts solutions into the working of an MLM business structure, it simplifies the selling while making it integral to the perpetual growth of the enterprise. With a peer-to-peer architecture, it generates more assets for the company. When smart contracts are configured into the core of your enterprise, it provides multiple advantages. It eliminates the chances of fraud that most of the wholesalers and end-users are exposed to. The inclusion of smart contracts brings a high level of precision in operations while establishing a strong trusted network. The integration enables automated transactions with authorized techniques.
Blockchain Smart Contracts and MLM
Smart contracts work according to blockchain's characteristics like immutability, transparency, traceability, and efficiency to maintain anonymity in the transactions. Indeed, blockchain smart contracts enable business owners to review terms and conditions and customize them as per their enterprise needs. It is crucial to hire a blockchain and crypto development company that can make the system as descriptive as possible.
PoweringMLM business with blockchain smart contracts eliminates the chances of the scamming of an MLM business. Also, the use of smart contracts empowers all types of MLM business plans. An MLM Platform powered by a smart contract solution excludes the involvement of all third-parties, establishes a peer to peer architecture, provides multiple payment gateways, eliminates malpractices, ensures strengthened data security, fast and secure transactions, effortless traceability, anonymity and transparency, and whatnot.
Also, Read |How Smart Contracts Fuel The Blockchain Technology
Cryptocurrency and smart contract MLM development company
A company that has deft developers who are well-versed with these concepts can bring this efficient business model into realization. Oodles is a cryptocurrency and smart contract development company. We provide first-rate crypto MLM software programs enabled with smart contracts. Additionally, yy adopting an overarching approach, our team ensures that your enterprise gets efficient crypto MLM and smart contract solutions. Our services offer a high level of efficacy to the core structure of an MLM business model. Further, meticulous assessment of your requirements ensures that you get a flawless outcome for perpetual progress.
We empower an MLM business with cloud-based solutions, decentralized applications, crypto promotion tactics, cryptocurrency integration, CRM integration, e-commerce integration, e-wallet, multiple payment gateways, safer and faster transactions, fast payouts, end-to-end transparency, bug-free MLM script development, MLM data migration, and more.
Category:
Blockchain
Mudit Kumar
16 Apr 2020
A Guide to Feature-Rich Cryptocurrency Wallet Development
In this guide, find out how the use of crypto wallet development enables crypto users to store, send and receive cryptocurrencies. As the number of cryptocurrency enthusiasts and traders increases, the use of cryptocurrency/blockchain wallets to protect users' crypto money becomes inevitable. As a result, crypto-fintech enthused businesses have started incorporating Blockchain based crypto wallets as an inherent part of their business. Essentially, there are various types of cryptocurrency wallets known as web, mobile, desktop, hardware, and paper wallets. Among these types, mobile wallets, web wallets, and hardware wallets are the most popular. They enable users to store, transfer and check the digital currency as well as facilitate them to exchange cryptocurrencies with other users. Also, explore what is the importance of cryptocurrency development for business efficiency. Now, in this guide, let's explore the essentials that you need to take into consideration for feature-rich crypto wallet development.
Crypto Wallet Development | Features
Privacy Measures
A crypto wallet requires no KYC registration for users to access their funds. Also, with security algorithms, it converts users' private keys into 12-word mnemonic phrases (password) that they only own to use for transactions. Thus, it ensures the security and privacy of the transaction.
Compatibility for Multiple Devices
A crypto wallet supports multiple OS (operating systems) and platforms like iOS, Android, Windows, and Linux. It provides users a highly secure and flexible infrastructure to access their crypto wallets on any device, anywhere.
Integrated QR Code Scanner
Crypto wallets that come integrated with QR code scanners enable automatic scanning of wallet addresses (Public Keys). It simplifies the exchange of cryptocurrencies in a single click.
Multi-Crypto and Multi-asset Wallet
A crypto wallet should provide native support for cryptocurrencies like Ethereum, ERC20 tokens, and others. It must have the provision to facilitate seamless integration of altcoins and tokens as per business requirements.
Also, Read | Securing Cryptocurrency Transactions and Assets with Multisig Crypto Wallets
NFC (Near Field Communication) Integration
The integration of NFC into a crypto wallet accelerates the exchange of digital assets between crypto traders. So, when a sender clicks the NFC tag on their crypto wallet, it automatically fetches the public address of a buyer's wallet address to execute the transaction.
Robust Security Mechanism
A crypto wallet must be reinforced with security features to establish a secure infrastructure to send, receive, and store multiple crypto assets.
Automated Denial of Duplicate Payments
A wallet must have the mechanism to automatically detect duplicate payments and deny them to prevent any chargebacks.
User-Friendly Interface
If a crypto wallet has a self-explanatory interface, it advances the ease of use for both beginners and experienced cryptocurrency users.
The functionality of Instant Swapping
With real-time swapping functionality, wallet users can seamlessly exchange one crypto asset for another, without requiring to use any fiat currency as an intermediary.
There are numerous other features that a crypto wallet should comprise. Visit our cryptocurrency wallet development services to explore more.
Crypto Wallet Development | Security Mechanisms
Two-factor Authentication
Two-factor authentication, also known as 2FA, is a method to ensure the authorization of a person to get access to the wallet. So, even if someone has the password, they still need to provide a second-level authentication. Put simply, the authentication is essentially a code sent to the respective user’s phone that they need to enter into a sign-in field to access their wallet.
Multi-Sig Wallet
Usually, a crypto wallet with a single-key address means only the user that holds the corresponding private key can have access to all funds. Managing a single-key address is quite efficient than a multi-sig wallet, it does deal with security challenges. Additionally, single key access enables a single point of failure. Cybercriminals constantly develop new phishing techniques to break in through a single point of failure. Moreover, a crypto wallet with a single-key address is not preferred for medium to large businesses dealing in cryptocurrencies. On the other hand, multisig wallets provide a solution to address these challenges. A multisig wallet enables a user to transfer funds only after obtaining multiple signatures from defined entities.
Wallet Encryption
The encryption of the wallet with securities like AES-256-CBC ensures an additional layer of security by protecting it with a passphrase. Further, with a passphrase, wallet users lock their funds from being spent. Even if attackers have the device on which the wallet is installed, they can’t do any activities unless they have access to the passphrase
DDoS Attacks
A DDoS (Distributed Denial-of-Service) is a type of attack that hackers use. They make DDoS to disrupt authentic users' access to the network or the web resource. Typically, they overload the target with fake traffic or disseminating malicious requests. It crashes the target resource entirely. At Oodles, a crypto wallet development company, we implement DDoS mitigation systems like anti-DDoS modules to ensure the security of any type of wallet.
Phishing Attacks
Hackers make phishing attacks, a practice of misguiding users with fake real-looking content as web content, e-mail, or social media content. Therefore, the integration of anti-phishing software is ideal in such cases. It safeguards cryptocurrency wallets from phishing attacks. When integrated with a web browser and email client as a toolbar, it shows only the real domain name for the website. Also, it prevents fraudulent websites from masquerading as legitimate websites.
Activities’ Notifications
To increase the visibility for the network admin, especially in multisig wallets, the activation of notifications for every action and activity like logins, transactions, trades, and profile and KYC status update is essential. It enables a wallet admin to keep an eye on every action and detect any fraudulent activity instantly.
Cryptocurrency Wallet App Development | Challenges
Transactions Speed (TPS)
Cryptocurrency wallets are also known for their slow transaction speed. At Oodles, the development of a crypto wallet with the lightning-fast network, sidechain, and batch processing significantly decreases transaction processing speeds.
Hacks and Security Threats
A key issue with crypto wallets is security threats and hacks. Oodles implements standard encryption and decryption mechanisms as well as develops both hot and cold wallets to bring chances of hacks from minimum to none, among other security measures like 2-FA and DDoS implementation.
Now, we hope that this compact guide has helped get crucial insights into crypto wallet development. Connect with our experts for more information.
Mudit Kumar
15 Apr 2020
Combating COVID-19 with Blockchain, AI, and 3D Printing
The blog elaborates on the healthcare supply chain challenges amid COVID-19 and using emerging technologies to address them. Let’s take a closer look to understand how Blockchain, AI (Artificial Intelligence), 3D Printing, and other technologies play crucial roles in tackling the challenges posed by the COVID-19 pandemic. Also, explore how they are improving the fragmented and complex healthcare sector.
The impact of the crisis COVID-19 is so extreme that it has forced even the developed countries like the USA, UK, Italy, Spain, and others to relook at their various aspects, structure, and workings of social, economic, and environmental development. The global outbreak has affected the healthcare sector most. Global healthcare infrastructure has proved to be insufficient to combat or prevent the disaster of such a scale.
Considering the impact of this pandemic, public and private organizations have started to explore the tech space for solutions. They are piloting tech-driven solutions to improve the state of global healthcare experience and prepare for outbreaks like COVID-19 with emerging technologies like Blockchain, AI (Artificial Intelligence), 3D Printing, and others.
Preparing for COVID-19 with Emerging Technologies like Blockchain, AI, and 3D Printing
Sustainable Supply and Demand of Healthcare Equipment
There are several challenges that these technologies seem capable of addressing. The first use case is to prepare healthcare supply chain management to respond to such unpredictable events with effective measures.
For instance, there has been an unprecedented surge in demand for hand sanitizer, masks, and other personal protection equipment (PPE) after COVID-19. Consequently, it has forced perfume markers in France to supplement the production of hand gels of hospitals for sustainable supply.
Essentially, decision-makers are facing difficulties in predicting the demand that may occur for a certain amount of equipment from a hospital or a government. Introducing AI tech-based solutions with Blockchain can assist organizations to identify patterns and predict the next course of action in such events. One case in point is how South Korea is making use of technology to prevent and track COVID-19’s spread.
AI-solutions enable decision-makers to capture, aggregate, and process an overload of information and data generated from diverse sources. They can use AI-powered data to make accurate predictions of a surge in demand and a drop in the supply of healthcare equipment used to combat the outbreak. Blockchain healthcare solutions in such scenarios will provide and ensure end-to-end data security by eliminating any chance of tampering or altering of information.
Supplementing Additive Manufacturing with Blockchain for Improved Supply Chains
Another challenge that the combination of the blockchain technology and additive manufacturing technique can address is maintaining the supply of equipment.
Today’s supply chains are reliant on one, centralized authorities that have failed to prepare for such unexpected disruption. With blockchain solutions, authorities can establish decentralized systems and thus, eliminate the need to rely on a single authority’s decision. Further, additive manufacturing can assist in coping with this shortage. Indeed, the FDA has permissioned the use of a 3D printed surgical mask design in response to the shortage of medical equipment stemming from the coronavirus crisis. You can find the approved mask design on the NIH 3D Print Exchange.
Additive manufacturing or 3D printing is the process of using technology to produce things layer by layer, directly from digital files. It enables us to make things wherever and whenever they are required. That’s too without requiring the expensive tools that mass production requires.
Blockchain’s Role in Preventing Counterfeit Production of Equipment
We all have heard the issues of counterfeit products and medical equipment during the crisis. Blockchain solutions for traceable supply chains can ensure tracking of medical equipment from provenance to end-consumers with provision to check their authenticity.
Put simply, these technologies can play crucial roles in managing supply chain disruption. The maximum value, however, we can achieve when they are used as integrated solutions. Blockchain solution for end-to-end surveillance and reporting of the outbreak
Blockchain Solutions for Establishing End-to-end Surveillance and Reporting System for Containing the Outbreak
Communicable diseases are difficult to contain. They spread rapidly while moving across political and geographical boundaries, and infecting people across countries.
Further, such communicable diseases carry a huge social stigma. The idea of being separated from fellow human beings is always scary to all. Thus, there is always a tendency to hide. The fact that most of the people do not respect privacy further aggravates this tendency. Ensuring no infringement of privacy in case of information sharing about communicable diseases should be of utmost importance.
Data aggregation and Analytics for COVID with Blockchain
Blockchain enables the secure storage and sharing of any transaction/ information in real-time between parties on the chain immutably. If WHO, health ministries, and nodal hospitals were connected, they could have shared real-time information about communicable diseases like COVID-19. As a result, they could have taken strict preventive measures much earlier.
Enterprise blockchain solutions can assist with data secure and efficient aggregation and analytics for COVID-19. For instance, a solution as a map built with Hyperledger application development can encourage anyone infected to self-report privately. It will enable people to see whether they were near someone or crossed paths with infected persons. Potentially, authorities can prioritize who they need to test while patients can share information without worrying about privacy.
Conclusion
We have not experienced anything like the COVID-19 pandemic before. Individuals, societies, and private and public organizations need to take a hard look at the reporting infrastructure available for communicable diseases.
With technologies like Blockchain, AI, 3D printing (Additive Manufacturing), and more, we can develop solutions that prepare us to face another pandemic like COVID-19 in the future. Apparently, Blockchain and other technology might not provide a holistic solution, they can play crucial roles as enablers. Enablers that ensure the security and efficiency needed to combat such impending disasters.
Mudit Kumar
14 Apr 2020
Peer-to-Peer (P2P) Crypto Exchange Development
Considering the disadvantages of centralized exchanges, crypto investors are now looking to disrupt the market by developing a new type of crypto exchange solution - decentralized peer-to-peer (p2p) crypto exchange development, run by software, not people.
Differentiating Between ‘Standard’ Crypto Exchanges and (P2P) Crypto Exchanges
A ‘Standard’ Crypto Exchange
A typical centralized cryptocurrency exchange enables sellers to sell cryptocurrencies by specifying the amount and the price of their orders.
They place these ‘orders’ in a common ledger known as the ‘order book.’ Then buyers visit the order book to look for adequate and satisfactory orders placed by sellers.
In case of not able to find an order suitable to their needs, they create their own ‘buy order.’
They specify the terms of the order according to their requirements. Then, the exchange’s matching algorithm matches buy and sell orders by price and processes the trades.
The whole process is time-consuming and involves intermediaries.
A group of members or a company with staff operates these types of exchanges.
A private company that acts as an intermediary is responsible for trades and transactions.
It serves as an arbitrator also in case of disputes for a fee.
However, ease of use and liquidity are significant advantages of centralized exchanges.
A P2P Crypto Exchange Platform
Consequently, the development of a p2p cryptocurrency exchange script comes into the role and completely transforms the cryptocurrency exchange process.
Essentially, a P2P crypto exchange script underlies a blockchain and smart contract solutions to power a “peer-to-peer” crypto exchange platform.
It follows the concept of decentralization, and thereby, eliminates the involvement of intermediaries.
Instead of matching orders in the order book, a P2P exchange matches the crypto traders making those orders.
Put simply, whenever the exchange software matches buy and sell orders, it does not immediately process the trade. It connects a buyer with a seller and enables them to conduct a crypto trade deal without involving any intermediaries.
A P2P exchange system utilizes a smart-contract-based escrow solution to facilitate transactions among traders. This escrow-based trading provides a fast and easy way to trade while ensuring overall security, trust, and cost-effectivity.
However, a third party may be involved to act as an arbitrator for resolving possible disputes.
You may also like | Essentials for Developing a P2P Crypto Exchange Platform
P2P Crypto Exchange Development | Advantages
P2P crypto exchange platforms offer high resistance to transaction censorship in a cost-effective, private, and secure manner when developed, deployed, and realized properly.
These advantages stem from the decentralization of operations.
Indeed, centralized exchanges’ single point of authority provides several advantages, like faster trades and sufficient liquidity. However, even a single attack is enough to affect the system.
Strengthened Transaction Privacy Mechanism
P2P cryptocurrency exchanges need not have a third party or intermediary for transaction execution.
Indeed, the decentralization with Blockchain’s feature-rich characteristics like being an immutable, distributed ledger facilitating encrypted transactions ensures the entire platform’s privacy security.
Cost-Effective Operations
The involvement of multiple intermediaries in a transaction increases its operational cost.
Contrarily, the concept of decentralization eliminates the need for an intermediary for crypto trading on a p2p exchange software.
As a result, it reduces operational costs to almost zero.
Robust Platform with Strengthened Security
With KYC details of users in sync with the blockchain database, a p2p exchange eliminates the need to worry about the counterparties’ authenticity.
The chances of identity and other types of fraud remain relatively nominal.
Worldwide Transactions
Exchanging fiat money takes days to weeks for international transactions.
The use of a P2P exchange platform provides fast, efficient, and cost-effective transactions globally.
Anyone around the world can conduct transactions on a P2P exchange platform.
Efficient Resolutions to Transaction Disputes
A community of people oversees all the transactions on the platform. It plays its role when a dispute starts to emerge between a buyer and a seller.
Also, the platforms require transacting parties to lock some amount in a smart contract escrow before the trade.
Subsequently, upon the successful trade settlement, the escrow can release the amount from the smart contract escrow.
P2P Crypto Exchange Development | Essentials
Now, let’s tap into the potential of P2P exchange platforms for more secure, fast, efficient, and private transactions. The followings are a few significant advantages of opting to develop and launch a p2p cryptocurrency exchange platform.
Robust and High-Performant Matching Engine
A high-speed matching engine reinforces to match buyers and sellers with minimum latency and maximum efficiency.
It comes with built-in order types of buying and selling orders. It serves as the cornerstone of a P2P exchange system.
Strengthened Multi-layer Security
The implementation of the security mechanisms such as SSL implementation and two-factor authentication like email authentication and Google authentication ensures the addition of an essential protection layer for the P2P exchange platform.
Quick and Secure KYC and AML Verification System
The deployment of a user-centric identity verification system equipped with the right KYC protocol powered with Blockchain expedites the overall process with efficiency.
It enables us to build a strong foundation of legit and authentic trading users (Buyers and Sellers).
Smart Contract-Powered Escrow System
A blockchain smart contract-based escrow system integrated with the platform facilitates secure, private, fast, and efficient trading between users.
P2P Crypto Trading and Exchange Platform Development with Oodles
Crypto enthusiasts can tap into the space of rapidly growing peer-to-peer trading networks with our cryptocurrency exchange development services.
Our team of crypto experts devises strategic processes aligned with your goals to deliver P2P crypto exchange projects.
With our domain expertise and technology-agnostic development process, you can enter the future of P2P trading with accelerated time-to-market.
Mudit Kumar
10 Apr 2020
Hyperledger Fabric for Enterprise Solutions and Its Use Cases
Maintained by the Linux Foundation, Hyperledger greenhouse is an umbrella project consisting of a range of blockchain frameworks, tools, and libraries for enterprise-grade blockchain deployments. Hyperledger greenhouse’s first project was the Hyperledger Fabric (v1.0) introduced in July 2016. In the last few years, Hyperledger Fabric has been enhanced with new features implemented by Hyperledger’s open-source community for enterprise solutions.
An Efficient Open Source, Enterprise-Grade Blockchain Framework
In 2016, tens of leading companies globally initiated projects with Hyperledger Fabric due to Distributed Ledger Technology (DLT) being in trend and its requirements in finance, supply chain, and other industries. Since then, the Linux Foundation and the open-source community have made significant enhancements to it by integrating advanced techniques of databases, networking, distributed consensus, and cryptography. They have worked collaboratively to develop, design, and implement a practical DLT framework to fulfill the real-world demands of enterprises and businesses.
Hyperledger Fabric quickly became one of the popular open-source DLT projects for blockchain permissioned solutions, with deployments ranging worldwide. Indeed, 30 companies in the “Forbes Blockchain 50” were using Hyperledger Fabric-based solutions in 2019. Given its open-source model and popularity, giant cloud service providers including Alibaba, AWS, Azure, Baidu, Google, Huawei, IBM, Oracle, SAP, and Tencent are adopting Hyperledger Fabric solutions.
Hyperledger Fabric
Hyperledger Fabric is an enterprise-level, distributed ledger technology-based platform for developing a range of modular industry use cases and solutions. A permission-less solution is that enables anyone to make transactions and access data. However, Hyperledger Fabric provides a permissioned, secure, and scalable platform with smart contracts and data privacy. Its feature-rich modular architecture enables the development of solutions suitable for adaption for various industries. It facilitates them to establish trust, transparency, and accountability for businesses.
Why There’s a Permissioned Network Required?
For business-sensitive interactions, businesses need to manage separate relationships within their networks. For instance, a seller might be selling the same product to different purchasers at different prices. With this case in point, Hyperledger Fabric offers a range of permissioned solutions to support transactions and data privacy systems for enterprises.
It enables organizations to use separate “channels” for isolating total transactions between member organizations. Also, it enables them to use “private data” provision within a channel for keeping data private and sharing it on a need-to-know basis. Which then can be verified against the on-chain hash evidence.
Fundamental Benefits of Hyperledger Fabric
Hyperledger Fabric has been evolved by the open-source community to support features and production operations that enterprises require. Take a look at a few of the features that make Hyperledger Fabric a unique distributed ledger technology among others for enterprise solutions.
Provides permissioned and modular architecture for organizations and enterprises
Facilitates consensus among transacting organizations with flexible endorsement model
Enables pluggable consensus mechanism for transaction ordering and block distribution
Enhances data privacy with complete transaction isolation using “channels”, or sharing private data on a need-to-know requirement using private data “collections”
Provides an open smart contract model that offers flexibility to support various solutions and data models, including account model, UTXO model, structured data, unstructured data, etc.
Ensures low latency of finality/confirmation
Extends multi-language smart contract support: Go, Java, Javascript
Extends support for EVM and Solidity
Provides the provision for the governance and versioning of smart contracts
These were some fundamental Hyperledger Fabric blockchain app development benefits. As per the Hyperledger fabric docs, its technology can offer a lot more beneficial features.
Open-source
Quality code
Higher efficiency
Modular design
Wide-ranging applications
Now, let’s explore the use cases and applications of Hyperledger fabric for enterprises.
Improved Financial Services
Financial services other than banks like insurance can reap various benefits from a Hyperledger Fabric-based permissioned blockchain solution. Usually, accountability, confidentiality, and privacy are the primary needs of this section. However, it is worthless to re-emphasize, Hyperledger blockchain is way more capable of handling any of these scenarios.
Indeed, because of these reasons, permissioned blockchains are so popular.
A fabric solution-based network enables efficiency by separating nodes and providing them their control over privacy. Additionally, it becomes difficult to replicate the same data due to Fabric’s robust plug and play consensus algorithms. Put simply, various financial services can also implement Hyperledger fabric with smart contracts to get rid of all the complications of paperwork.
Also Read: Use Case: Simplifying Loan Application Process with Hyperledger
Strengthened Healthcare Systems
Given the current global healthcare system’s condition caused by COVID-19, Healthcare seems to be a fitting Hyperledger use case on the horizon. Among managerial, administrative, and operational inefficiencies, the healthcare industry also suffers from counterfeiting, false credentialing, and privacy breaches.
Current healthcare verification systems are archaic. They fail to validate the credentials of a physician before hiring them. Also, there are no proper monitoring tools to trace counterfeit drugs getting into the system, and thus, patients facing critical consequences. Moreover, patients get no provision to have any control over their medical records. However, the Hyperledger fabric blockchain solution as a new tech system can provide all of the above features under one network. It can make the process of verifying credentials, tracking the drugs, and maintaining privacy much easier than ever.
Food Safety with End-to-End Traceability
Food safety is another area of application where we can use Hyperledger fabric for efficient, transparent, and traceable food supply chains. It has been a long time since COVID-19’s has become a global crisis. However, authorities are still trying to reach the provenance of the outbreak.
From these foodborne diseases, it is the common people that suffer most. With a Hyperledger Fabric system, stakeholders can ensure the safety of the mass-produced food while authorities can use this network to track all of the processes and such foodborne outbreaks. Such a solution can enable them in every stage of the food supply chain to ensure that all food passes through the standard requirements. Not to mention, they can also perform quality checking inspections in real-time.
You might be interested: Analyzing the Food Traceability System Developed by Walmart with Hyperledger Fabric
Final Thoughts
Hyperledger projects promise to indeed revolutionize even the blockchain tech’s public solutions. They cover both the business and industrial worlds. Hyperledger Fabric provides solutions for highly scalable enterprise applications. It aims to provide efficient solutions to improve and optimize existing industrial and organizational processes, as well as create new ones. Visit our service offerings with Hyperledger Blockchain Solutions for more information.
Mudit Kumar
08 Apr 2020
Preventing Outbreaks like COVID-19 with Blockchain
The article intends to highlight the importance of blockchain in the healthcare sector during times like the COVID-19 pandemic. It elaborates on the subject of the COVID-19 pandemic (coronavirus outbreak) forcing businesses and governments to use blockchain in healthcare operations.
The Impact of COVID-19
Countries are struggling with a global pandemic that the WHO (World Health Organization) calls COVID-19. Blockchain, a type of distributed ledger technology, has gained more attraction in such critical times. It is because of its rich features and characteristics of DLTs. Individuals, organizations, and businesses around the world trying to cope with the spread of the virus are exploring blockchain technology to find solutions to prevent such impending disasters.
The implementation of blockchain solutions across industries like healthcare can significantly improve operations and management, as well as the handling of the COVID-19.
The rapid adoption of DLTs for industrial solutions validates that, in a few years, the use of Blockchain will extend way beyond traditional applications.
Now, let’s take a closer look at how blockchain can provide solutions to combat disasters like the COVID-19 pandemic.
Blockchain in Action
Although no country can ever fully prepare for a pandemic of such a scale, there are a few areas that can be improved with interoperable blockchain technology solutions.
Healthcare technology organizations and startups have started piloting with a series of solutions built on top of the DLT like blockchain. They are developing solutions for end-to-end traceable drug supply chains, interoperability and management of medical data exchange, and others
Ensuring Traceability of Outbreaks like COVID-19
With blockchain healthcare solutions, health care, and life sciences institutes can easily track the virus outbreak. The solutions can enable them to track how an outbreak is spreading around the world. They can facilitate researchers, scientists, and journalists to understand and facilitate efficient clinical trials with regards to the spread of the virus. Also, if we equip blockchain solutions with more emerging technologies, they can help track its trends over time from a wide set of public data, data from the Center for Disease Control and the World Health Organization. The solutions underlie blockchain technology that ensures that nobody can manipulate or change even a single piece of shared information among the network.
Strengthening Fragmented Medical Supply Chains
A blockchain-based supply chain solution can provide stakeholders with provisions to trace the demand and the supply chains of medical supplies. It also includes the recording and tracking of epidemic prevention materials like masks, gloves, and other protective gear. Indeed, China has faced a shortage of facial masks. The National Development and Reform Commission, China’s apex economic planning commission has been tasked with managing the supply of masks.
As per the reports by the NDRC, the daily production of masks count is approx. 15.2 million masks per day. Whereas, the demand estimation is between 50 and 60 million units.
The huge gap between supply and demand is giving the rise to counterfeit production.
The coronavirus has shown that the medical supply chain must implement blockchain provenance solutions. The use of blockchain technology to track medication shipments and usage with improved supply chain monitoring and quality control can drive for a more targeted inventory and recall management.
Simplified Insurance Claims
Blockchain provides features like accessibility, data integrity, immutability, automated execution of transactions. They make it a perfect candidate for addressing various healthcare insurance-related claims. The current global healthcare infrastructure is complex and fragmented, especially the healthcare insurance sector is proving inefficient.
Amid COVID-19, among positive cases emerging globally, healthcare insurance operations seem to offer no relief. However, the deployment of blockchain on healthcare networks can address various pain points. It can help improve patient diagnosis and medical costs. It can enable patients to control and their medical information as per the need without involving any external agency. Also, hospitals and doctors can access patients’ data quickly and completely. It will eliminate the need for extra tests and prolonged or wrong diagnosis, and thereby, improve the customer experience.
Further, the integration of smart contracts with blockchain platforms like Ethereum or R3 Corda can automatically execute fast, safe, and efficient transactions. Again, it will make the processing and denying claims easier and faster. Thus, it will immensely improve the trust among insurance providers. Also, secure data sharing across healthcare providers will ensure proper documentation and no loss of data/documentation.
Also Read: Secure and Efficient Healthcare Data Sharing (POC) using Corda Blockchain
Conclusion
Key healthcare players are piloting to use DLT like Blockchain as the underlying technology for healthcare operations and systems. Blockchain healthcare solutions are not the panacea for the industry. But they can bring significant transformations while preparing it to combat disasters like COVID-19. In the next post, explore how blockchain with other emerging technologies can address various healthcare challenges. They include insufficient demand and supply of medical equipment, inefficient data consolidation for surveillance and outbreak tracking, and others.
Mudit Kumar
07 Apr 2020
Exploring Blockchain-based Online Video Streaming Solutions
Streaming has proved to be a significant breakthrough for both businesses as well as societies completely. From where it began, where it is now, and where it will lead us is worth taking a look. Media streaming has evolved significantly from music, movies, and television, then video games, and now on the horizon, to VR and AR (Virtual and Augmented Reality). Read on to find out how the introduction of blockchain propels the development of online video streaming solutions for all stakeholders.
The Transformation of Streaming
The transformation of streaming media was witnessed by the music industry first. Earlier, with physical music ownership systems, listeners would need to download media like a song to listen to it. Eventually, it became tiresome to download a song before it could be enjoyed.
Alternatively, streaming media digitally appeared to be an efficient way of shifting from traditional physical music ownership. Now, digital media streaming platforms like YouTube and Spotify offer instant availability of nearly any song ever uploaded over the internet. Consumers' behavior of media consumption is increasingly changing and evolving, and therefore, settling the music streaming revolution into a lasting ceasefire.
The next revolution in the streaming industry’s paradigm shift is video. Significantly, video streaming is changing rapidly with television, social media, and video games. For instance, blogs have evolved to vlogs, podcasts, YouTube channels, Snapchat, Facebook Live, and more.
Video streaming and consumption have become quite popular across social media, mobile app, smart tv app users.
Giant players of the domain already know the benefits of streaming video, and therefore, are planning to launch their own OTT services. Most of them are already quite popular like Netflix, Facebook, Amazon Prime, and other OTT media streaming service providers.
As per the reports, we can expect video streaming accounting for 82% of all the Internet traffic and hit 4.8 zettabytes by 2020.
Challenges in the Transformation of Video Streaming
However, centralized development of media streaming has proved beneficial more for service providers with no to little empowerment of consumers. Indeed, online media consumers receive a range of quality media streaming services globally, however, with costly and no transparent and efficient privacy policy and terms and use.
Consumers’ reach to digital media options has increased significantly. They get what they want. However, the complexity of those options and the effort required to ensure a smooth and efficient entertainment experience keep frustrating consumers.
Here, the use of blockchain technology for developing media streaming solutions can cause a radical paradigm shift in the industry. Introducing Blockchain, a type of feature-rich distributed ledger technology can create immense possibilities for all the stakeholders.
Decentralization of OTT Video Streaming Services
We know giants like Amazon Web Services, Google Cloud, and Microsoft shares the majority of efforts in the video computing, storage, encoding, networking, and streaming categories. For instance, AWS generates a huge portion of Amazon’s profits — some $10 billion-plus in annual revenue. Also, it facilitates data management for megacorporations like Netflix and Comcast, by enabling them to rent space on its servers.
Video Streaming with Blockchain
At Oodles, our team of blockchain experts predicts that the Blockchain is ready to cause the paradigm shift of current video streaming technology and services. Instead of taking a look from the technical perspective, we will see how Blockchain impacts the video streaming domain entirely. Blockchain, a type of distributed ledger technology, when used as an underlying infrastructure, can enable the direct participation of network stakeholders like content creators, infrastructure providers, and consumers. Contrary to the approach of a centrally controlled service provided by an established market player, it enables anyone to become a broadcaster. Not only this, but it also enables them to run a streaming server, provide a transcoder, or facilitate data storage or network bandwidth sharing.
The Use of Cryptocurrencies
Furthermore, the use of cryptocurrencies directly incentivizes infrastructure providers or content creators. Then, consumers only require to pay for what they want to watch for how many times. It has become possible to facilitate micropayments on a per minute or per-second basis automatically with the development of second-layer technologies. For instance, content creators can bypass intermediaries to broadcast their content and directly receive a royalty in exchange for. Consumers can pay for buying simplified content rights that ensure the prevention of infringements like piracy. With blockchain streaming solutions, smart contracts can enable them to experience content usage without geographical restrictions, enhanced customer services, and more.
By its infrastructure design, such a blockchain streaming network will be trustless and secure. It is because it embodies proven encryption schemes that have been proven for many years. Additionally, such decentralized and encrypted peer to peer networks is highly censorship-resistant.
Applications of Blockchain in OTT Video Streaming Services
Smart Contracts Solutions
With the integration of blockchain smart contracts, digital content creators can directly connect with their audience without third-party intermediaries. Smart contracts facilitate barrierless communication systems through blockchain. They remove hidden intermediary costs and assist artists to establish a direct customer relationship with audiences globally. Essentially, Blockchain ensures the efficient management of license and contract-related issues in the form of smart contracts.
Decentralized Content Distribution Model (CDN)
Blockchain requires no intermediaries to verify its transaction records. Its peer-to-peer distributed network eliminates the need for central authorities to verify and process transactions. It further, thus, establishes agile and smooth transactions.
Improved Accessibility and Ownership
In the OTT industry, archaic ownership and content access rights are becoming complex for consumers and content creators. For instance, you pay for a video subscription service, in which you are not allowed to access video anywhere outside the platform. Unlike purchasing a traditional cassette or a CD which you own, in this case, there is hence, a lack of transparency. Blockchain technology addresses the issue of content ownership and access at an infrastructure and protocol level.
Fast and Secure Transactions and Micropayments
Blockchain can establish a micropayments system for users and content creators with lower transaction costs or service charges. It can enable monetizing your monthly spending using a cryptocurrency wallet will become a simple process. Further, the browser requests the public blockchain for obtaining license information and scans the loaded content with content identifiers. Accordingly, smart contracts on blockchain facilitate micropayment transactions between users and content owners via on-chain payment.
Blockchain-based CDN
A blockchain-based content delivery network (CDN) can enable streaming providers to use collective unused space from users worldwide. It can enable users to exploit their collective unused space for rewards with peer-to-peer cloud storage and data delivery networks.
Mudit Kumar
05 Apr 2020
How Multisig Crypto Wallets Address Crypto Security Challenges
This article gives you a brief overview of multisig crypto wallets and why businesses should opt for this type of wallets in their crypto wallet development processes.
Need for Multisig Crypto Wallets
The importance and demand for crypto exchange platforms to use multisig crypto wallets are increasing with instances like QuadrigaCX Case. The platform failed to locate significant cryptocurrency reserves in cold wallets due to the sudden death of its CEO, Gerry Cotten. He was the only one with access to the exchange’s cold (offline) storage wallets and he suddenly went on a long rest.
Many believe it's fair to assume that the whole situation was an exit scam. Some users believe that QuadrigaCX never had cold wallet reserves or a pool of funds. Had the platform been using a multisig crypto wallet solution, the exit scam could have been avoided.
Multisig wallets provide an additional layer of security and reliability to cryptocurrency and exchange users. Now, most of the established exchanges like Binance use multisig crypto wallet technology to reinforce the security of their crypto wallets.
Let’s take a deeper look at the issues with traditional custody solutions and how multisig wallet solutions reform the ecosystem.
Explore More | Ideal Security Mechanisms for Cryptocurrency Wallet Development
Multi-Signature Wallets
Multi-signature is a technology that requires more than one user’s digital signature to verify and sign a transaction. Similar to a double lock system, it requires two or more permissioned individuals to use private wallet keys to conduct transactions.
The system eliminates the risks of such scams while establishing user trust. It also provides provisions to increase the number of permissioned individuals, depending on business needs.
Suggested Post | Increasing Inevitability of Multi-Chain Crypto Wallet Development
Existing Custody Solutions | Challenges
Today’s many crypto custody solutions lack transparency and fail to provide control over funds to their owners. Instances of popular crypto exchanges experiencing hacks and asset loss have made safe custody of crypto assets a major issue.
Crypto exchanges operating with weak security mechanisms attract hackers to conduct scams and frauds. For instance, hackers target an exchange’s online wallet to gain illegitimate access to users’ stored funds.
Numerous centralized exchanges use web wallets to enable users to trade cryptocurrencies. They have a single authority with complete control over funds and wallets. It makes it easier for hackers to hack through this single point of failure.
Crypto stakeholders face the following challenges that multisig technology-based wallets can address:
Compromised Users' Accounts: If a single user’s wallet or account gets compromised due to various reasons, access to their crypto funds will be lost.
Crypto Account Freeze: Exchanges often freeze wallets and crypto accounts to prevent hacks and upon suspecting any malicious activity.
Crypto exchanges must address the above-mentioned issues and prepare to fortify their platforms with multi-signature crypto wallet solutions.
Check It Out | Crypto Wallet App Development | How to Ensure Efficiency and Security
Multisig Crypto Wallet as a Solution
Numerous cryptocurrency holders trade their crypto assets from a crypto exchange and store them in a hardware wallet. To a certain extent, the wallet mechanism ensures transparency and provides users with enhanced control over funds. Further, it mitigates the risk existing in a centralized crypto custody solution.
However, a hardware wallet also provides a single point of failure. Users may lose their funds even if they have stored or kept a backup of the wallet. A solution to address this problem is multisig wallets.
Multi-signature wallets prevent a single point of failure and crypto-asset losses. At Oodles, our crypto experts consider them the best means to secure the crypto exchange system due to the following reasons:
Also, Visit | Analyzing Different Types of Cryptocurrency Wallets
Distributed Keys
With multisig wallets, keys are distributed among different geographical locations and across multiple devices. It ensures that a hacker is not able to hack multiple distributed keys, and thus, enhances the security of crypto assets.
No Single Point of Failure
Multisig wallets provide an additional layer of security leaving no central or single point of failure. Due to being distributed, a multisig wallet requires multiple signatures to process a transaction.
So, if hackers manage to access one of the keys, they won’t be able to withdraw funds from your wallet. When the rest of the co-signers sign and validate the transaction, then only the transaction execution will occur.
Unanimous Group Decision-making
Permissioned co-signers collectively distribute and maintain keys. It significantly increases the security and control of funds in an organized manner. With a multisig wallet, unanimous decision-making during a transaction can thrive, which is essential for trust-building in the ecosystem.
Recommended Post | Top Reasons to Choose Non-Custodial Crypto Wallet Development
Conclusion
Multisig crypto wallets enhance the security, privacy, and autonomy of transactions and crypto asset management for crypto users. There are more ways to implement robust security mechanisms for the security of a crypto wallet, like biometric authentication, password-protected access, two-factor authentication, and more.
At Oodles, our crypto wallet developers have experience in providing efficient multisig cryptocurrency wallet development. Our wallet services include features like multi-currency support, a QR code scanner, NFC support, a self-explanatory interface, and more. Contact us today to get started with the development process.
Mudit Kumar
24 Mar 2020
Ownerless Business Development with Blockchain-based DAO
Blockchain technology is gaining significant traction across industries. Before blockchain, the financial sector was reliant on banks as intermediaries, like trusted third parties. They safeguard our money, however, the processes are slow with hefty fees. A blockchain is a type of distributed ledger technology. Custom blockchain solutions enable multiple entities to use a single secure, shared system of records with rich features. Let's explore more about the potential of blockchain-based DAO development.
Decentralized Autonomous Organization (DAO) with Blockchain
The concept of developing DAOs with blockchain may be a cost-effective and fair business model. They address the challenges of traditional centralized businesses with blockchain features. Traditional centralized systems involve middlemen and complicated stakeholder requirements.
However, a completely decentralized autonomous organization built with blockchain platforms like Ethereum can protect the interest of the business itself.
Decentralized blockchain solutions development can eliminate the need for having employees or executive managers working in offices. It can provide services regardless of salaries, third parties, or profits. It enables businesses to survive even on unimaginable margins and only requires them to pay the price for existence.
Aragon is one of the popular open-source tech stacks for DAO development. It functions as a ‘plug-and-play’ company that provides services to automate the initial steps of building a replacement business.
Also, DAO blockchain companies like Colony are providing solutions to tackle various aspects of DAOs, including corporate governance. These DAOs work toward enhancing the hierarchy of corporates. They facilitate members’ rewards on a ‘systematic peer review’ that takes completed work, its reputation, and quality into consideration for incentivization.
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Ethereum | The DAO-based Blockchain Platform
Ethereum project used the idea to use blockchain outside of finance. It proposed to eliminate the utilization of banks as middlemen between individuals and businesses transacting across borders. Ethereum blockchain application development with smart contracts and a tokenization model has disrupted intermediaries across virtually every industry.
In cloud storage, Ethereum smart contracts enable token payments to network participants for sharing their unused disc drive space. Participants can then use these tokens to get hold of anonymous, distributed cupboard space from the network itself. Thus, they eliminate cloud monopolies like Amazon Web Services or Google.
One can even use smart contracts for more mundane businesses like sending and paying invoices. Blockchain experts are discovering ways to adapt to the newest trend by creating decentralized autonomous organizations (DAOs). These complex smart contract structures may have the most important impact on the business of any blockchain breakthrough so far.
Also, Visit | Deciphering DAOs | Benefits, Elements, and a Pre-Built Solution
Decentralized Autonomous Business Models with Blockchain | Use Case
With DAO-like projects, blockchain technology can benefit numerous business types. The distributed ledger as the underlying infrastructure can facilitate the execution of a smart contract. A smart contract triggers based on coded business terms.
For instance, it creates an invoice for a shipment autonomously. Upon the shipment's arrival, it notifies scanners or IoT sensors connected to the ledger. Further, it executes the payment in cryptocurrency to a receiver.
What is more interesting is that it extracts customer information from a CRM system upon the arrival of an order, prints labels, and accelerates shipping automatically with a blockchain platform.
The above instance only highlights a few operations. However, it can significantly prove to be cost and time-saving. DAOs with blockchain and smart contract development can automate inventory tracking, creation and payment of bills, incoming shipments' scanning, and more.
A DAO aims to reach a point in operations where you will not require human input. Automation must also be able to make necessary changes to its structure without human intervention.
Also, Visit | Decoding DAO | Ethereum Smart Contracts at Work
Moving Towards an Autonomous Future
Automating parts of a business can enable it to achieve scalability with DAO development. Yet, a few significant obstacles to a complete DAO is difficult to attain. Businesses need to expedite the limited development of IoT sensors.
It denotes that a company that deals with physical products always needs human labor. We need to make robots cheaper and more accessible. Also, the self-governing DAO's concept needs to accommodate the increasing complexity that might occur in the future.
Put simply, for a completely self-governing DAO, we need to consider many aspects. We, at Oodles, have experience in DAO blockchain development. You can reach out to our blockchain developers if you are thinking of developing a similar project.
Mudit Kumar
21 Mar 2020
Why Today's Businesses Must Use Cryptocurrency Solutions
Why Businesses Must Use Cryptocurrency Solutions
Efficient, Secure, and Fast transactions
International bank-to-bank transfers are complex and take several business days to finish. Small businesses and startups that cherish KPIs over anything cannot wait that long. Here, if we use blockchain with its feature-rich cryptocurrency transfers, it can prove to be quite effective.
Any blockchain may be a distributed ledger that stores a knowledge set across tens of thousands of nodes (PCs connected to the network) everywhere the globe. this suggests two things:
Blockchain commands an immense computational power that enables users to transfer cryptocurrency in mere seconds.
There is no central entity to verify and manage transactions. Therefore, it disables anyone to access the network and maliciously manipulates ledgers in their favor. Near-instant, transparent, and incorruptible transactions on the blockchain also are cost-efficient. this could potentially give startups a much-needed edge over established players who depend on time-proven but slow and expensive payment transfer systems and financial institutions.
Resilient and Transparent Management on Blockchain
The blockchain, which is the cornerstone of some cryptocurrencies, allows startups to massively reduce frictional costs in transaction systems, but this can be hardly its major advantage. Cryptocurrencies are digital assets, which suggests that they're data, not the currency within the conventional sense.
Existing business networks are inefficient, expensive, and liable to data breaches. A secure, transparent, and resilient blockchain technology that's impenetrable to any third-party interference can solve the matter of information breaches through the employment of smart contracts.
As computer-generated protocols, smart contracts function as immutable, self-authenticating, legally binding digital agreements between contracting parties – be they buyers and sellers or employers and employees. The self-executing nature of smart contracts allows parties to streamline and digitize the administration of business management processes by doing the following:
Accelerate transactions and reduce their cost
Eliminate multiple business management mistakes due to automation
Shorten business cycles and increase their efficiency
Reduce the chance of fraud and mismanagement
Increase trust between contracting parties
Blockchain can become a key business management tool. Incorporating security, transparency, and resilience by choice, allows company owners to target strategy and not get caught up with routine tasks. Visit our blockchain-based crypto solutions if you're looking to use cryptocurrency for your business.
Eliminate Intermediaries
Cryptocurrencies reduce the requirement for intermediaries like banks, money-transfer systems, and law and assets firms. Blockchain cryptocurrencies can potentially decrown governments by giving citizens control over voting.
Small businesses can enjoy the advantages of surgery middlemen – higher operation speed, fewer mistakes, and an enormous reduction in product and repair costs – because of blockchain-powered strong smart contracts. Blockchain smart contracts ensure performance without involving intermediaries. Once executed, smart contracts can not be revoked or modified. They eliminate ambiguity and make cases in court useless.
The moment small businesses start using strong smart contracts, they save their hard-earned dollars by cutting fees to banks and lawyers. it's no wonder numerous companies strive to bring blockchain to the little business world
You might also read: Applications of Blockchain and Cryptocurrency in Business Solutions
New Business Opportunities
While there are many practical uses of cryptocurrencies, it doesn't take lots of thought to comprehend that they will be a minimum of partially wont to preserve and increase the financial holdings of people and corporations.
Though most countries don't recognize cryptocurrencies as financial and investment instruments, the regulatory and legal cryptocurrency landscape is rapidly changing. Japan, China, Russia, and other countries are making substantial inroads in legalizing cryptocurrencies. Thus, it is smart to buy crypto now to receive huge investment rewards later.
Cryptocurrencies are quickly gaining momentum and have the potential to be the subsequent big thing. Barclays, IBM, Cisco, Bosch, and BNY have already begun to adopt the technology. Your business should not be an organization to start using cryptocurrency. you'll be able to still profit from this chance before it's too late.
Mudit Kumar
19 Mar 2020
All That You Need to Know About Blockchain and ERP Integration
Blockchain, a type of distributed ledger technology, ensures immutable data records, seamless transaction authentication, and robust business contract enforcement. With all these benefits, it is a suitable technology to be used with ERP solutions. In this article, let us take a look at how the integration of ERP and blockchain enhances existing features of enterprise resource planning software program.
Blockchain has gradually evolved as an advanced technology that is serving as the underlying infrastructures for several large corporates. Tech pundits suggest that integrating Blockchain with ERP systems can enable businesses to streamline their investments whilst optimizing the cost.
ERP Systems | Challenges
No Defined Production Processes
Improper defining of the production process entirely. Some existing processes do not require an ERP system but integrating it can decrease efficiency. Also, Mapping out operations clearly is essential for an ERP system to provide benefits and operate
Less Flexible
Instead of software adapting to your processes, it requires you to adjust processes according to its modeling structure. ERP systems with predefined functionality aren’t modular enough. They don't enable you to add up a feature as per the need.
Complex or Restricted Functionality
Most ERP systems are overly complicated to use with complex UI designs and odd functionalities that often become overwhelming. Moreover, these systems fail to fulfill the increasing demand for adding features.
High Maintenance Cost
Needless to say, implementing an ERP system can cost you a fortune. Even though the initial implementation is quite costly and can take a lot of time, still maintenance also becomes an issue.
How Blockchain Addresses these Challenges and Enhances the Capabilities of ERP Systems?
End-to-End Visibility Across Supply Stages to Establish Transparency
Blockchain for ERP systems integration can offer enterprises a high-level of visibility across every part of the supply process by connecting every stakeholder with a distributed ledger.
Usually, a supply chain of a product tends to be a lengthy and segmented process. It makes tracking all the processes or products in different stages relatively difficult with traditional ERP systems.
Blockchain ERP solutions can enable enterprises to track processes in real-time with end-to-traceability with a single distributed ledger. Additionally, with IoT solutions, you can get real-time insights into such as a product's movement at every supply chain step and what the temperature or quality of a product.
Blockchain Smart Contracts Implementation to Automate Processes and Payments
Blockchain for ERP provides businesses with what no other technology can offer, smart contract implementation. With ethereum blockchain app development and smart contracts for ERP solutions, you can automate the transaction process with your suppliers. Once the pre-defined rules coded in computer programs are met, a smart contract initiates itself to automatically and process a transaction. Indeed, you can track the process of shipment and trading, and when once you have received your shipment, the smart contract can automatically release the funds.
Compliance With GDPR And Secure Storage Facility For Sensitive Information
When handling consumers and their sensitive information, enterprises must be GDPR compliant. Furthermore, you would like to make sure that every one the knowledge of your customers remains private, and no third-party company can mine those data for marketing research.
Take the Facebook scandal as an example. you certainly don’t want to travel through sometimes like that. If you don’t follow the GDPR rules, you'll be able to face serious legal issues and fines. to not mention that your brand value would take a large hit together with that moreover.
This is where the blockchain ERP use cases acquire play. With blockchain help, you'll be able to securely store all the consumers’ information with no issues. More so, you'll be able to even be fully compliant with GDPR and offer full transparency just in case of handling customers.
A Flexible, Configurable and Robust ERP System Development with Blockchain Platforms
The integration of enterprise blockchain platforms like Hyperledger, Enterprise Ethereum Alliance, R3 Corda, Quorum, Ripple, and more with an ERP system can create a configurable, flexible, and robust model. These blockchain technologies offer extensive customization provisions for ERP software development.
Also, these systems can quickly adapt to the changing business scenarios and make sure that you don’t end up with an obsolete system. However, make rue to figure out which blockchain technology to choose while you are integrating it with your ERP systems.
Blockchain and the ERP system needs to be fully compatible with each other to make it work. In reality, blockchain can be the shield for ERP systems as they have vulnerable centralized servers that can easily be hacked.
So, in a way, they both can give rise to a robust yet flexible environment.
Mudit Kumar
18 Mar 2020
The Future of Blockchain in the Grocery Industry
Is it possible to track a shipment of a particular grocery item all the way back from its original producer, and that too within a matter of a few seconds?
Our social structures are dealing with potential food contamination issues such as the COVID-19 outbreak and the instance like Rose Acres requiring 207 million egg recall.
With blockchain supply chain development, you could scan the barcodes of a specific item Generally, grocery managers have to wait for suppliers to contact back with the necessary information. Meanwhile, you've pulled all possibly-contaminated items off the shelf while you wait for the correct information to arrive.— a carton of eggs, a case of strawberries, a bag of spinach — and be immediately alerted whether it needed to be pulled or if it was safe to sell and consume. Let's explore.
Blockchain Technology
Blockchain is essentially blocks of information assembled into an extended chain. It's a spreadsheet that's encrypted, shared, and synchronized among hundreds, if not thousands, of computers. When a brand new transaction (a block) is created, it gets added to the spreadsheet (the chain). The block becomes a permanent part of the chain, and it can't be changed or removed.
Also Read: Strengthening Cold Supply Chain Management with Blockchain and IoT
More importantly, because this blockchain isn't centrally stored, there's no single point of failure or weakness. It's not controlled by one centralized entity, so it can't be hacked or compromised. and since the chain is shared on a network of computers, it's nearly impossible to hack and alter one record, because the change would immediately be recognized by all the opposite computers. The change would be flagged as suspicious. Not just flagged as suspicious, it wouldn't be added to the block.
But the information continues to be secure because only the people involved during a particular transaction get a decryption key to determining the transaction details with blockchain solutions.
Using Blockchain to Reform the Grocery
Let's return to our recall example: during this particular case, we'll have a chain of custody and transfer, from the instant the merchandise is packaged and scanned into the system. It gets loaded onto a truck, shipped to a packaging center, shipped to a distribution center, repackaged and shipped to a grocer's warehouse, and eventually shipped bent on a selected food market.
You Might Also Like: Use Case: Solving Supply Chain Management Challenges with Blockchain
Each transaction along the way has been added to the blockchain, but it's only accessible to the initial producer, the individual food market, the grocer's office, and any service providers involved in shipping, cleaning, etc. So, when the manager scans that specific case of eggs, the blockchain is unlocked, and she or he can see that yes, these eggs (or strawberries or spinach) are a part of the national recall.
From Farms to Your Table
It can reduce foodborne contaminations which may happen within the shipping and handling of a product, like whether a refrigerator truck malfunctioned in transit and a truckload of chicken or raw shrimp was allowed to urge warm enough to start bacterial growth. The anomaly might show up within the foodstuff manager's electronic report, and with some clicks, he can see that there have been temperature anomalies within the shipping process.
Blockchain can even have control of farm-to-table eating, which could improve margins of grocery stores that sell organic foods. A recent article in Forbes suggested that even consumers can blockchain supply chain development a smartphone app to scan an item's QR code and read a report about where their food was grown, what pesticides were used, and the way it compares to other food on the shelves.
We already know that health-conscious consumers pay more for organic foods because they trust that the products have met certain standards and followed certain practices, although there are not any federal regulations that stipulate what “organic” actually means.
Explore More: Strengthening the Food Supply Chain with Blockchain Solutions
How much more would a consumer procure food that they knew was actually organic by watching the reports showing the assembly methods, products utilized in its growing and manufacturing, and its chain of custody? This becomes a value-added service that customers may pay more for or are often the way for organic and higher-priced food brands to compete against the lower-priced competitors without lowering their prices.
We'll be exploring blockchain more within the future, especially its impact on retail, grocery, and also the supply chains that fuel them
Category:
Blockchain
Mudit Kumar
14 Mar 2020
Transforming the Travel and Tourism Sector with Blockchain's Potential
The global tourism market has crossed nearly USD 8 trillion in 2017 as per reports. According to experts, it was expected to reach a year on the year growth rate of 4.7% to reach USD 11.38 trillion by 2025. However, given the current situation of the COVID-19 pandemic, it is the travel and tourism sector that is being greatly impacted. The use of digital technologies like blockchain in tourism can only help in sustaining the development of the sector. Many companies have already realized the potential benefits of blockchain and used technology for various operations and processes. The giants are now relying on the blockchain's potential to prepare for such environmental disasters.
Applications of Blockchain in the Travel and Tourism Industry
Blockchain solutions have raised significant interest in the travel and tourism industry due to its potential to reform complex processes with efficiency and more. Major companies have already started piloting with the integration of blockchain technology into their services. Let's explore how blockchain and travel and tourism solutions and applications can ensure the sustainability and efficiency of the sector.
Enhanced Travellers' Identification
The identification of tourists and travelers is always crucial for the travel and tourism industry. Immigration officials apply stringent processes to verify the identity of every foreign tourist for security purposes. But, those processes are prone to human errors, negligence, inconsistency, and more.
If we use blockchain technology as the underlying infrastructure for those processes, it can bring significantly transform them while ensuring enhanced verification of travelers.
For instance, currently, it requires a traveler to show multiple identification documents at multiple stages such as airport check-in and immigration. It results in wastage of time, accumulating at every step of the process. Blockchain's integration here can reduce the time spent on various customer verification steps like at immigrations, check-in times at hotels, long queues at embassies. Thus, it can facilitate a time-efficient experience for stakeholders.
It might even eliminate the need to have a physical passport if the majority of international governments adopt the technology for the tourism industry. Certainly, that's a long road to success which requires the participation of users at all levels of processes, and essentially, Blockchain's widespread adoption and use.
ShoCard is a digital identity platform that uses Blockchain as the infrastructure. It enables the platform to authenticate people without usernames and passwords with SSIs. It also eliminates the need for the username and password methodology used for digital payments.
Efficient Travel Baggage Management
Customers' Baggage handling is one of the critical aspects of the aviation sector. Instances of mishandling of baggage at almost every airport is a significant issue faced today by air travelers. Baggage mishandling and loss have become common these days. It an increasingly alarming issue for airline companies. International baggage requires going through multiple hands during transportation. Blockchain provides solutions to reduce Baggage loss or mishandling significantly. It can store data in a way that enables stakeholders in the process to use end-to-end information to identify, monitor, or track luggage. With AI, IoT, and other sensor technologies, it can determine the location of baggage when misplaced or lost. Sensors attached to bags can track their exact location. Put simply, the use of blockchain in tourism for baggage management can alleviate the baggage loss issues faced in the industry today with other benefits.
Also Read: Simplifying the Travel and Tourism Industry with Blockchain
Customer Rewards Mechanism and Incentivization Systems
Travel service providers encourage customers for returning trips by run loyalty schemes. Blockchain can provide services providers to run with these programs more efficiently by enabling users to access their loyalty rewards for a multitude of benefits. They can blockchain-based systems to reward customers with cryptocurrencies, which they can use for multiple purposes in future travel. For instance, Trippki is a service provider that uses a loyalty reward system built with blockchain for its customers. Customers use allocated crypto tokens for staying to get discounted stay in hotels and other rewards and incentives. Essentially, the use of blockchain in tourism helps companies retain customers and increase their revenues. It can also enable the industry to fight fraud as we know nobody can manipulate blockchain data.
Also Read: How Blockchain Eliminates The Pain Points Of Travel Industry
Transparent Business Ratings
Among global travelers, the trend of using the internet to read forums and user reviews before traveling is increasing significantly. However, there is no guarantee of information that often lack accuracy. Many businesses are able to publish fake reviews for themselves, as well as their competition. Such fraudulent activities are becoming rampant over the web because of increased competition. Indeed, users experience completely different than what they imagined from reading reviews online, and thus, reducing consumer trust. Nonetheless, data stored on a blockchain solution ensure strengthened security while enabling greater transparency and consumer trust.
Mudit Kumar
12 Mar 2020
Establishing a Digital Identity System with Hyperledger Indy
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. But, first, let's understand the current realm of digital identity management and why we need blockchain to enhance it.
The Current Realm of Digital Identity Management
For Organizations
Private and public organizations are frequently required to collect sensitive personal information of users. They store this sensitive information alongside less-sensitive routine business data. 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. When organizations receive large fines or face the inevitable need to develop stronger IT capabilities, then only they pursue expensive projects to achieve the balance between data security and business requirements.
For Individuals
Identity is critical for smooth to a functioning society and economy. Having a proper way to identify ourselves and our possessions enable us to create thriving societies and global markets. At its most basic level, identity is a collection of claims about a person, place or thing. For people, this usually consists of first and last name, date of birth, nationality, and some form of a national identifier such as passport number, social security number (SSN), driving license, etc. These data points are issued by centralized entities (governments) and are stored in centralized databases (central government servers).
Physical forms of identification aren’t widely available to every human for various reasons. Approximately 1.1 billion people worldwide don’t have a way to claim ownership over their identity. This leaves one-seventh of the world’s population in a vulnerable state – unable to vote in elections, own property, open a bank account, or find employment. The inability to attain identification documentation jeopardizes a person’s access to the financial system and in turn, limits their freedom.
Addressing Digital Identity Management Challenges with Self-sovereignty
The self-sovereign identity model provides identity stakeholders (owners, verifiers, and issuers) control and access to their sensitive data. It enables these identity stakeholders to gain more power over their personal data management by facilitating them to manage and disclose selective PIIs individually in a peer-to-peer manner.
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Features of a Decentralized Digital Identity Management Solution
The essential features of decentralized, self-sovereign identity management
Enabling users to control their digital identities
The provision to share only required information for the specific requirements
Reduces third party involvement with access to identifiable information only
Prevent excessive linking of individual's data and information with other systems
Produce digital identities for different conditions within one single holistic system
Establishes a two-way trust mechanism, essentially provides system support for users as well for managing information of service providers
Enable a consistent and enhanced user experience
Also Read: Self-Sovereign Digital Identity with Hyperledger Indy: Control Your Data
Hyperledger Indy-based Solution
Hyperledger Indy has tools and features to build permissioned, distributed solutions globally. It facilitates developers to develop an identity system that clusters analog IDs under one platform. It is similar to the real-world wallet concept. Hyperledger Fabric is suitable for programming identity solutions integrated with IoT devices and digital credentials that can authenticate themselves without requiring intermediaries.
Benefits of Hyperledger Indy
Self-sovereignty
Privacy
Verifiable claims
Development with Hyperledger Indy
Hyperledger Indy removes information silos and address database vulnerability. It provides
Tools and libraries to create efficient decentralized identity platforms
Identity management systems that are secure, scalable, and robust self-sovereign
Provides interoperability across applications and administrative domains
We can achieve real-time reconciliation and authentication with a decentralized identity solution with Hyperledger Indy. Moreover, its comprehensive security features eliminate the need to use multiple usernames and passwords with encrypted digital identities.
As a result, it enables individual identity owners in a blockchain network to
Access and use credentials when necessary
Execute secure verification of self-sovereign identity
Enable stakeholders to issue, control, manage, and privately sharing credentials with ZKP (Zero-Knowledge Proofs) security mechanisms.
Indy optimizes blockchain to use as a trusted database to facilitate secure identity and relationships. Also, it does not store any PII on the ledger.
Improving Digital Identity and Access Management with Oodles
Our Hyperledger Indy experts are skilled in building innovative enterprise solutions using blockchain technology. They have experience of working in various dimensions of blockchain application and Hyperledger Indy development. Explore our service offerings for Hyperledger Indy-based solutions. They meet the needs of a distributed, permissioned identity solution with point-to-point credentials exchanges.
Mudit Kumar
11 Mar 2020
Blockchain Use Cases | Re-energizing the Energy Sector
As per an internal PwC survey, blockchain technology can prove to be influential for digital disruption across the energy sector. Blockchain is a type of distributed, shared ledger across a network of nodes. Businesses can use it to record transactions across multiple participants. Withblockchain solutions, a centralized database becomes obsolete, and all participants in the network contain a copy of the database. It can enable companies in the energy sector to revolutionize various outdated processes.
Blockchain in Energy
The potential of blockchain technology in the energy sector comes twofold. In the short term, blockchain solutions can enable companies to streamline processes. While in the long run, they can have a disruptive impact on the whole market infrastructure. Specifically, blockchain can simplify transactions for the wholesale power markets involving renewable power generation.
Benefits of Using Blockchain in Energy
Blockchain is gaining significant traction in the energy sector. Blockchain offers four key features that we can apply to different use cases in the energy sector.
Digital Public or Private Ledger
It provides immutable record storage and verifiable transactions.
Consensus Mechanism
It enablessecure and verifiable records of digital transactions. Nobody can alter or change records, thus, preventing data corruption.
Security
A blockchain solution can be “permission-less” (open to the public) or private (closed) as per business security requirements.
Smart Contracts
They offer the provision toexecute smart contracts upon completion of pre-defined business terms.
These Elements Provide the Following Benefits
The distributed ledger of blockchain ensures transparency for all transactions and enables contract or transaction settlements in real-time. Therefore, it forms trust among stakeholders.
The infrastructure design strengthens data control and security across the network. It also promotes decentralization to prevent market abuse through monopolies while also adhering to legislation and regulatory oversights.
The shared ledger establishes trust through shared reading of the blockchain database and by eliminating intermediaries. Fewer intermediaries lead to reduced compliance costs and reconciliations. Further, it enables marketplaces with lower entry barriers, enabling the trading of smaller quantities.
Altogether, characteristics of the technology enable efficiency gains through reduced costs. They involve fewer intermediaries, simplify processes and infrastructures, and ultimately increase operational efficiency.
Additionally, organizations can further improve operational efficiency through the digitization of assets and their token issuance.
Blockchain Use Cases in the Energy Sector
Wholesale Energy Distribution
Companies can implement blockchain technology for efficient wholesale electricity distribution by connecting end-users with a power grid. Blockchain combined with IoT devices can facilitate users to purchase and trade energy directly from the grid instead of retailers.
For instance, Grid+ is a blockchain energy company that uses a blockchain platform for wholesale energy distribution. They believe that supplementing retailers with a blockchain-based energy distribution platform can lower consumer bills by around 40%. It can directly connect users to a grid and facilitate them to buy cost-efficient energy. It can result in a more equitable and stable energy marketplace having lower electricity costs.
Also Read:A Use Case for Blockchain in Thorium's Supply Chain Traceability
Blockchain-based Peer-to-Peer Energy Trading
Energy firms are also thinking beyond wholesale energy distribution with blockchain applications. According to a Blockchain In Energy report by Wood Makenzie, various blockchain energy projects are developing peer-to-peer energy markets.
A peer-to-peer energy platform comprises a shared ecosystem that they can use for trading and buying excess energy from other users. Further, individuals who produce their energy can exchange it with their neighbors and peers.
Such firms are using enterprise Ethereum blockchain solutions. For instance, the Energy Web Foundation has used Ethereum, Truffle developer tools, and Gnosis multi-signature crypto wallets to develop their platform.
Energy Data Management
The energy data comprises market prices, marginal costs, energy law compliance, and fuel prices. Blockchain energy solutions enable stakeholders to achieve greater transparency, efficiency, and control over the data. Additionally, its immutable ledger facilitates secure, real-time updates of energy usage data.
Indeed, in April 2018, the Chilean National Energy Commission (CNE) launched a blockchain project focusing on energy data optimization. The government used the Ethereum blockchain to record, store, and track the data of energy usage. It is because bad actors often intentionally manipulate or misreport data. It can be detrimental for businesses and governments to bear the financial costs of intentional corruption and accidental clerical errors. To address this challenge, the CNE enables everyone to access the records of transactions and prices.
Category:
Blockchain
Mudit Kumar
06 Mar 2020
India’s Supreme Court Crypto Ban Lift: Impact on Enthusiasts
India's Supreme court has quashed the ban over crypto trading and exchange development in the country. Our team of blockchain and crypto development experts, at Oodles, believes that the decision will likely create new opportunities and possibilities. It ends almost a two-year legal fight to reinstate the use of virtual currencies in the country by overturning a2018 rulingby the Reserve Bank of India (RBI).
India is one of those countries that have shown reluctance to adopt cryptocurrency solutions. The central bank of India had imposed a ban over crypto trading after extensive scrutiny of digital currencies by financial regulators as well as the government. Itcompared them to "Ponzi schemes"and warned of imposing strict regulations. The ban crippled many country's exchanges that dealt with digital currencies like bitcoin, ripple, and ethereum. Their inability to use Indian banks for smooth operations forced many of them toshut downoperations.
Now, India's Supreme court has delivered a landmark decision of lifting the ban over crypto trading and exchange development. It will encourage investors to explore crypto and blockchain based digital solutions in India.
Compliant Crypto Solutions Development
Illegitimate transactions in cryptocurrencies have always been a matter of concern for the country. With compliant and secure solutions, crypto transactions might soon find use in the banking system. They enable governments to trace and track actual illegitimate transactions quickly. Additionally, unlike other digital payment options, cryptocurrency solutions offer more advancedpayment system options. AlthoughSC has removed the ban, the government will likely regulate the operations of the cryptocurrency domain. How the regulations evolve may remain a risk factor for the market participants.
Cryptocurrency Development Opportunities in India
According to Sudin Baraokar, a global IT and innovation adviser, the court has overturned the ruling, and after a while, the overall crypto development ecosystem will likely experience rapid adoption.The ban upliftment paves ways for the market to increase the development of cryptocurrencies, exchange platforms, and other solutions.
Oodles considers the court's order as a significant development for the crypto domain in India and is allgeared up to deliver blockchain and crypto solutions like tokenization and smart contract projects.
Skilled Blockchain and Crypto Development Specialists
It will give rise to challenges like less supply and more demand for skilled blockchain integration specialists for enterprise-grade solution deployment.
Oodles has always been an early adopter of emerging technologies since its inception in 2009. We are skilled at deploying compliant blockchain and crypto solutions for clients across the world. The reason for us to enter the blockchain development domain was the possibility of developing efficient, smart, secure, and cost-effective next-gen fintech solutions using blockchain and other emerging technologies.
What's Lies Ahead
It will be too early to think that cryptocurrency might replace conventional currencies' use. However, it will enhance the current payment ecosystem by providing secure and efficient infrastructure and ecosystem for digital transactions. Cryptocurrencies might become the future of the currency and payment systems.
Crypto development companies like Oodles find that cryptocurrency solutions can potentially bring digital innovation in the country. Cryptocurrency can become the alternate payment solution mechanism of the future. Certainly, SC's ruling will open paths for the development of safe and efficient crypto solutions in India.
Category:
Blockchain
Mudit Kumar
05 Mar 2020
Empowering Fleet Management Operations with Blockchain Solutions
Using Blockchain for fleet management companies can be a technology adoption that may prove a boon or a bane. They seek answers to a few critical questions. Let's find out those answers and howblockchain solutionsimpact fleet management operations.Blockchain Solutions Across Diverse IndustriesBlockchain is proving to be a promising technology fordiverse industries. It provides solutions to improve and strengthen various complex business operations and processes. Businesses are using blockchain solutions to remodel commercial operations, remove intermediaries, and enable interoperable, efficient, and secure internal processes.Using Blockchain to Enhance Fleet Management OperationsMostly, people relate the blockchain technology with cryptocurrency development. Or, they consider it as an open-source distributed ledger that acts as an underlying technology for application development. Indeed, blockchain has much more to offer. It has evolved from an open-source technology. Now, fleet management companies can create a private consortium of identified stakeholders. They can enable only permissioned members or a group to access transactions' information stored on the database, or in other words, the chain of information. Then, stakeholders like fleet managers, owners, operators, employees, vendors, and anyone else with permission in the supply chain can access blockchain content for their perusal. At Oodles, we develop efficient, compliant, and secure blockchain supply chain solutions and systems equipped withemerging technologiesand high-grade security mechanisms.Also read | A High-Level Overview of Some Exciting Multichain Blockchain Use CasesBlockchain Applications in Fleet Management FunctionsFrom vehicle maintenance and route scheduling to compliant payment systems, blockchain solutions can streamline various fleet management processes. Specifically, a permissioned blockchain based system can provide refined access and efficiency in fleet management's various operations. Now, let's take a look at the benefits and advantages of using blockchain solutions for fleet management.Efficient and Fast Payment SystemsOne of the effective applications of Blockchain is its use as the underlying technology for payment systems. It provides a digitized roadmap of routes while enabling the use of smart contracts.Smart contract solutionstrigger automated fund transfer to a driver upon the agreed completion of a shipment contract. Blockchain-powered distributed ledger in the operations ensures transaction immutability, trust, and end-to-end transparency.Relevant Read |Blockchain for Freight Audit and Payments in the Oil and Gas IndustrySimplified and Accurate Record-keepingFleet management companies can maintain immutable records of each trucking consignment. They can have access to information about every maintenance performed or damages incurred throughout a truck's life. It includes information access from the moment a truck rolled off the assembly line until it was sold. With such information, companies can buy, sell, and repair vehicles shrewdly.Logistics Issues and Food HandlingAccording to theWorld Health Organization,about 420,000 people each year die from consuming contaminated food globally. With blockchain based fleet management, in the distribution process, tracing the source of a contaminated shipment can be simplified. For instance, it took weeks to track the source of the disease during the salmonella outbreak at the Chipotle fast-food chain. If the restaurant had been using a blockchain solution, it would have taken only a few minutes to track where and when the contaminated food was delivered. Additionally, the use of a blockchain with an IoT (Internet of Things) based system can enable the integration of sensors inside refrigerated trucks to monitor temperature and other parameters for medicines and food. Then, it can notify the driver if the level climbs above a certain degree. The same sensor-based solution can enable distributors to track and weigh their loads at all times. Currently, they rely on hand-recorded inventories that are error-prone. Usingblockchain for supply chain, including fleet management, can enable monitoring of loads and send verifiable data to customers and drivers alike.Load-Matching and DistributionCompanies can also have blockchain-based trucking load-matching apps that identify excess capacity across distribution networks and coordinate accordingly for efficient load distribution and transportation. It can enable fleet management stakeholders to manage the shortage of drivers or trucks, maximize fuel efficiency, or even identify areas to cut within budgets.You might also like | Deciphering Hybrid Blockchain Technology and Its Use CasesConclusionMany giants consider the fleet management operations areas as ripe for Blockchain. There is a new consortium called the Blockchain in Transport Alliance (BiTA). It is working to apply blockchain to address the most challenging problems in trucking and fleet management. Significantly, the blockchain technology can strengthen an already powerful industry.Also Read | A Detailed View to Hyperledger Fabric Use Case for the Banking Sector
Category:
Blockchain
Mudit Kumar
04 Mar 2020
Making Secure Online Payments with Blockchain-Based Crypto Wallets
Blockchain not only provides technology to build solutions for industries like financial services, healthcare, digital identity, and digital contracts but also offers a platform for crypto wallet development and online payment solutions. Blockchain-powered crypto wallets ensure that users’ cryptocurrencies are safe from threats and hacks while enabling their exchange on different crypto trading platforms.
Let's analyze how blockchain-based crypto wallets make online payment systems more secure and efficient. But, first, take look at various types of blockchain-based crypto wallets.
Types of Blockchain-based Cryptocurrency Wallets
Software Wallets
Software that you can install on your computer or mobile device.
Web/Hosted Wallets
Third-party providers host them online. They look and feel similar to apps/platforms and are easier to use.
Hardware Wallets
These are hardware devices like a USB. They are compatible with several web interfaces and provide support for multiple cryptocurrencies.
Paper Wallets
This type of wallet uses a software application to generate a public and private and requires them to be printed to conduct a transaction possible. Transferring currencies using them involves scanning QR codes and adding the keys manually.
Also Read: Analyzing Different Types of Cryptocurrency Wallets
Making Online Payments Secure with Blockchain-based Cryptocurrency Wallet Development
For a crypto-based online transaction, a blockchain wallet app stores private and public keys. Then, using the kes the wallet interacts with multiple Blockchains for the validation of the online payment and enables users to exchange several cryptocurrencies. Now, let’s find out what happens in the background to make a secure online payment possible?
Understanding the concept of public and private keys that are on Blockchain for online payment is necessary. While the public key is available publicly to anyone, a user’s private key remains secret. These keys follow the same concept of lock and key: the lock (private key) and the keys (public key). Essentially, the private key needs to be correctly matched with the public key.
When a private and a public key are used in a transaction match, respective users can access the exchanged value of their digital assets (tokens) in their wallets.
Based on how frequent online payments you make, you can choose between different types of blockchain wallets as described above.
Benefits of Using Blockchain-based Crypto Wallets
Strengthened Security
Making payments online through a bank using your ATM pin and password is risky. However, with blockchain wallet app development, making online payments can become more secure with almost no chances of data hack when making an online transaction between two parties.
Only the concerned people are involved when the transaction is made through cryptocurrencies and no one else can get to know about the payment information. The Blockchain wallet app development is required to make the payment wallet more powerful. A combination of the public and the private keys is required at both ends to make a transaction.
Regulatory Compliant
With the use of an advanced blockchain platform, developing crypto wallets can be regulatory compliant. The bank or any organization can request access to share related information about crypto or contract transactions. In other words, nobody can gain control over a wallet with blockchain-based crypto wallet app development while transferring funds.
Simplified Value Transfer
Businesses across the globe are choosing blockchain crypto wallets to make their online payments secure. Most online payments are through PayPal and bank payments which force users to depend on the network and wait a while to complete the verification process. But after the blockchain wallet app development, it has released all the unwanted things, such as bank charges for a transaction in the case of traditional methods. Now there are no transaction fees if you are using the Blockchain Wallet application.
Conclusion
Blockchain wallet app development is essential for having secure crypto wallets, and therefore, secure online payments. It is the reason it is gaining popularity as a solution for electronic transactions.
Mudit Kumar
28 Feb 2020
Improving Healthcare with Ethereum Smart Contracts
In our previous articles, we have assessed the potential of blockchain app development in the healthcare industry. We have primarily focused on the advantages of blockchain and how they revolutionize the healthcare industry. In this article, we focus on exploring the challenges faced by the healthcare sector and how the use of blockchain smart contracts solutionsfor instance with Ethereum address them quite efficiently. However, first, let's examine what blockchain smart contracts really are, then delve into the intricacies of smart contracts and blockchain.
Blockchain Smart Contracts
Smart contracts are blockchain-powered business protocols or contracts that facilitate the verification, enforcement, and performance of digital transactions automatically with optimum accuracy. Smart contracts enable transactions to execute even in the absence of third parties.
The healthcare sector faces various challenges, from an increasing number of patients, drug counterfeiting, middlemen, administrative inefficiencies, and more. Smart contracts powered by Blockchain's decentralized applications can solve these challenges. They can facilitate secure and efficient transferring, retrieval, analysis, and management of healthcare-related information and data.
Also Read:Three Ways Blockchain Smart Contracts Are Revolutionizing Healthcare
Challenges in the Healthcare Sector
Data Security and Integrity
With the increasing number of patients, healthcare providers witness a significant strain on their side. Managing and keeping patients' health information, records, and data secure with IoT devices are arduous tasks for medical practitioners and healthcare providers. The data stored in centralized databases are always vulnerable to breaches, hacks, and threats. Indeed, in some cases, malicious actors have stolen patients' health data for marketing purposes.
Then, there are medical insurance frauds that cost taxpayers in billions every year. Additionally, billing for services not rendered, excessive services and duplicate claims, and more are other critical instances of healthcare insurance frauds.
Inefficient Administration
Gross lapses and wastages administrate public health sectors around the globe.
In the US, hospitals splurge nearly a quarter of the budget on billing and administrative costs. Cases of readmissions, poorly managed patient flows, poor communication, and delays and lags further intensify inefficiencies in the healthcare administration.
Not only this but also patients spend a lot of time dealing with appointments, chasing down records, filling out forms, refilling prescriptions, and whatnot. Even physicians and nurses spend over hours to complete paperwork and conduct administrative tasks.
Blockchain Smart Contract Solutions
Telemedicine
Telemedicine is a field gaining traction across the healthcare sector. It enables physicians to reach patients through the means of electronic devices like Wearable Body Area Networks (WBANs), mobile phones, and other IoT devices. Telemedicine predominantly enables healthcare for chronic health management, prescription compliance, and collecting real-time information about patients' conditions. Such advancements provide sufficient assistance in enhancing interoperability, reducing administrative inefficiency, and enhancing patients' healthcare experience. The downside of such solutions, however, is that they are also lucrative targets for hackers. Here, to ensure the safety and privacy of patients' information and other critical clinical data, blockchain smart contracts can play a crucial role. A blockchain consortium of healthcare stakeholders can use smart contracts to analyze, aggregate, and share data across the network. Smart contracts can further assist them in maintaining data in an immutable state, thus, ensuring trust, transparency, and efficiency for all. Overall, blockchain like Ethereum and smart contracts can ensure healthcare data is securely stored while being reliable and transparent.
Enhanced Interoperability and Reconciliation
Blockchain smart contracts in the healthcare sector can also enable efficient interoperability and reconciliation of health records and information of a patient with the digital ledger. They can provide solutions using which patients can move from one hospital to another without carrying numerous separate forms. They can simply permit respective physicians to view their health records on the blockchain network. Also, they can streamline the racking of patients'' treatment activities and data for purposes of insurance payments. Additionally, smart contracts can ensure compliance and adherence to healthcare standards and regulatory requirements. Any changes to any standard, process, or operation can be instantly updated on the blockchain network without hassle.
Put simply, smart contracts and blockchain can be the most effective technological advancements for the betterment of the healthcare sector. While the technologies are nascent, there is no doubt that can empower the healthcare domain. They can provide stakeholders with diverse capabilities and rights that ultimately revolutionize the industry. Smart contracts are equipped with high-level encryption and security. Users, therefore, can rest assured that their information is safe, confidential, and attack-proof including other advantages.
Ethereum Smart Contracts
Healthcare professionals and medical providers in fields including global public health, pharmacology, medicine, and health data are recognizing the advantages of using Ethereum blockchain and its smart contract capabilities. Ethereum blockchain development and smart contract solutions can significantly streamline and secure healthcare data management, enable drug traceability, automate operations, and more.
Ethereum Blockchain and Smart Contract Use Cases in Healthcare
An Ethereum Blockchain-based solution equipped with smart contracts can further augment the overall healthcare industry's capability to improve operational performance, patient data transparency, tracking, traceability, accountability, reduced costs, and more. We, at Oodles, provide healthcare solutions using blockchain platforms and applications like Ethereum and smart contracts. We can tailor them to address various challenges across healthcare applications, including the following:
Secure Electronic Health Records (EHRs) Management
Patient Consent Management
Drug Traceability
Strengthened Healthcare Supply Chain
Data Security in Clinical Trials
Incentivization Through Micropayments
Category:
Blockchain
Mudit Kumar
27 Feb 2020
Exploring Intelligent ERP (iERP) Abilities with Blockchain
The supply chain ecosystem consists of diverse value chain actors like manufacturers, suppliers, distributors, retailers, and customers. Supply chain management (SCM) involves efficient planning, execution, control, and monitoring of supply activities. Companies use ERP solutions to manage the physical aspects of supply that include storage, transportation, and effectively managing demand and supply to meet customer needs.
Challenges with Existing ERP Systems
Supply chain management directly affects the efficiency of the ERP system due to its complexity. Corporate buyers, manufacturers, suppliers, logistics providers, consumers demand greater visibility into the origin and movement of goods. They need more accurate and timely supply chain data to address inefficiencies and risks in value chains across the globe. Currently, there are no efficient means of synchronization of this information amongst multiple parties along the supply chain. Consequently, each organization records and maintains its version of the truth. In other words, every organization has its ERP system to manage the supply chain. It often leads to errors, high costs, and reputational and financial risks.
Legacy ERP systems require to go through massive amounts of customization to fit each individual organization's needs.
Addressing Them with Blockchain
Blockchain supply chain development and management can play a crucial role. These areas typically fall under the ERP systems domain. It is therefore unfathomable to say that blockchain will not have a significant impact on the ERP systems in the near future.
Blockchain enables buyers, suppliers, shippers, and other supply chain actors to transact in a trusted network while keeping everyone in sync, in real-time, and in strict privacy. Blockchain in the supply chain can facilitate global trading partners to transact securely. It also gives the provision to use consensus over shared facts to increase efficiency, transparency, and visibility.
A Blockchain solution can have a single version of any information. A solution in which the underlying ERP system undergoes the integration with blockchain. It ensures that all systems, rather than talking to each other, speak through a blockchain. Although this may require various integrations with IT systems, Blockchain will perhaps not replace existing ERP systems. Instead, it will supplement them by simplifying and strengthening the relationships among stakeholders.
More Benefits of Blockchain in Supply Chain Management Include:
Immutability into the provenance of goods
The elimination of reconciliation pain across multiple parties
Real-time visibility across the value chain
Ability to perform track and trace analysis, assess risks and accelerate physical and financial supply chains
Using Corda Blockchain to Increase Efficiency
Powered by R3 company, Corda is a business-friendly open-source blockchain platform that is suitable for next-gen technologies. Some benefits of Corda blockchain development are ensuring regulatory compliance, accelerating insurance claims management, and streamlining KYC processes
Business Benefits of Corda Blockchain Platform
Smart contracts on Corda enables a single source of truth for supply-chain records. Permissioned stakeholders can verify that at any given time. Therefore, delivering transparency across all parties.
Corda has the provision to provide solutions for a permissioned blockchain network development. It enables regulators as well to access information about the supply chain within a secure environment, and thus, reducing penalties for noncompliance.
All stakeholders can capture and verify various parameters like the origin, quantity, movement, location, and transfer of materials, raw ingredients, and finished products on-demand.
It enables stakeholders to gain control and complete visibility over the supplier network. It includes shipping, logistics, insurance, and more. Ultimately, it drives your business to grow faster and more profitably.
With a Corda blockchain, ERP systems can be more efficient. It can provide them the capability to understand the location and flow of products within the supply chain, from the stage of raw materials and manufacturing to post-delivery. Last but not the least, it can streamline record-keeping and reporting systems to ensure reliable manifests, bills of lading, certifications, and more.
Feature-Rich iERP Solutions Development with Blockchain and Other Technologies by Oodles
Having a feature-rich ERP software adds value to the entire chain, starting from material procurement to end-customer product delivery. An efficient ERP solution can coordinate and integrate three key flows to achieve maximum efficiency. They include material flows, information flows, and financial flows.
iERP Solutions Development
Now there are iERP solutions being deployed to address such challenges and enhance the efficiency of legacy ERP systems, with emerging technologies like AI, Blockchain, AR, and IoT. These technologies with ERP solutions enable cost optimization, effective resource planning, automation with increased efficiency, significant user adoption, and effective personalization across industries.
Smart Attendance System with Deep learning
Automate attendance management using facial recognition technology to trigger unauthorized access alerts.
Prediction and Personalization
Generate better product recommendations and personalize the customer experience with AR technology and prediction models
Distributed and Secure Data Exchange
Ensure the safety of all ERP data with blockchain technology’s distributed ledger to strengthen data security and enable high data availability
Transportation Cost Optimization
Reduce transportation costs with intelligent route planning enabled by Optaplanner and GPS tracking system integrations
Advanced Development
We have curated an assortment of AI, AR, IoT, blockchain technologies in which our developers have gained experience and certifications to provide iERP solutions.
Streamlined Warehouse Operations
Personalized Experience
Forecasting and Inventory Prediction
Enhanced Production
Supply Chain Optimization
Resource Optimization
Customer Churn Prediction
Lead Scoring
Transportation Optimization
Mudit Kumar
26 Feb 2020
Advantages of Ethereum Blockchain Solutions for Enterprises
Ethereum is one of the most popular blockchain platforms for decentralized application development and smart contract solutions. It has the potential to provide blockchain protocol for more than a dozen applications across various categories. They include
Open finance
Decentralized exchanges
Gaming
Collectibles
Marketplaces
Developer tools
Identity
Governance
Infrastructure
Token-curated registries and
Ethereum Request for Comments (ERC) token standards
Therefore, it is apparently the leading platform for enterprise blockchain solutions.
Thus, it appears to be leading the field of enterprise blockchain solutions.
It does that by making digital money (cryptocurrency) an integrated feature of the internet. It decentralizes applications to offer users new capabilities. For example, it gives users control over their data and digital identities.
Ethereum Blockchain's Global Adoption by Enterprises
There are more than 2000+ crypto projects built upon Blockchain. However, it is the Ethereum blockchain that has demonstrated how blockchain technology can gain real-world widespread adoption with both individuals as well as enterprise business solutions. For instance, since Ethereum's inception in 2015, over 2,500 DApps have been built using its blockchain protocol.
After being available as a public blockchain, now it also has entered the domain of enterprise adoption with private blockchain solutions. The Enterprise Ethereum Alliance, a blockchain consortium with over 450 enterprise business members like Microsoft, JPMorgan Chase, Santander, Accenture, ING, Intel, Cisco, and others, takes it at the forefront of enterprise adoption.
Why Giant Enterprises Are Choosing Ethereum Blockchain Development
Ethereum is apparently becoming one of the leading blockchains among enterprises. For instance, as per Forbes's report, more than 50% of firms included in the “Blockchain 50: Billion Dollar Babies” list are using Ethereum blockchain to build applications on top of it. The following are a few key reasons these enterprises are opting for Ethereum blockchain development:
First programmable blockchain
Ethereum is the first programmable blockchain. It features a Turing-complete language on its blockchain. Thus, featuring the functionality for smooth smart contract execution.
A well-defined project
Cryptocurrencies are quite spontaneous. They appear and die quickly. On the other hand, Ethereum blockchain is a project that offers significant credibility based on its lasting history, with its white paper released in 2013 and its launch in 2015. The team has defined a clear roadmap and vision for scalability to optimize its blockchain and keep it relevant for years to come.
An open-source system
Ethereum's public blockchain is an open-source system. It means that anyone can join it and make contributions towards its growth and development. It is a huge advantage as it enables anyone to develop within its ecosystem and improve it.
Huge community support
Ethereum boasts of being one of the largest communities of developers contributing towards the development of its blockchain protocol. Both medium-sized companies and large corporations back the project. Also, the Ethereum Enterprise Alliance and Hyperledger provide continuous support to monitor and contribute to its development.
Private solutions
With Ethereum private blockchain solutions, enterprises can achieve privacy by forming private consortia featuring private transaction layers. For instance, JPMorgan's Quorum is a fine example of that. Additionally, companies can achieve privacy on the public Ethereum blockchain with Ernst & Young's Nightfall protocol.
Interoperability
Companies can build Ethereum-based private/permissioned blockchain networks using its plug and play feature. They can plug the private blockchain solution into the public Ethereum mainnet. Vast, active, high-value public blockchain and all the parts of its ecosystem will provide various benefits from the integration. One case in point is the Pantheon from Pegasys. It is the Ethereum's first enterprise client compatible with the public chain. Essentially, Ethereum's interoperability keeps companies' blockchains updated. It provides them global expansion, a wide network of users and DApps (Decentralized Applications), and continual developments and upgrades.
Investment
Interestingly, Ethereum's native cryptocurrency's price has increased by over 9,000% since its launch. Early adopters and investors have generated exceptional returns on investment. Additionally, we, at Oodles, expect that ETH prices will continue to increase throughout time.
Conclusion
Being one of the oldest players in the crypto field, Ethereum has gained trusted credibility among enterprise businesses. Also, its protocol's real-world applications have covered 11 major categories that enterprise businesses could potentially be interested in. And Ethereum's large community of developers, which works on the blockchain's protocol improvements, could be considered by enterprise businesses as a technological benefit. Meanwhile, Ethereum constantly faces update delays, a low level of scalability, and burgeoning competitors.
All in all, Ethereum could easily be replaced by a competing blockchain protocol that's able to deliver on its promises and expand its blockchain network faster. After all, it is still very early in this innovative world of blockchain technology and there are no clear winners just yet.
Category:
Blockchain
Mudit Kumar
21 Feb 2020
Strengthening Cold Supply Chain Management with Blockchain and IoT
In any industry like pharmaceuticals, food, beverages, or chemicals, timely delivery of products as per contractual terms is always critical. However, the delivery of products packaged in the cold supply chain frequently meets with loss of time and costs. It is because, from manufacturing to end consumers, there are many different parties involved in any cold chain. Thousands of shipments pass through many points every day, without any delay. Then, it involves product monitoring, which requires to be conducted in silos across by disparate stakeholders. It gives rise to multiple systems of records, which eventually leads to creating distrust of the legal contracts. Let's take a look at how the blockchain supply chain application development improves the cold supply chain.
Fragmented and Complex Conventional Cold Supply Chain
The shipment stage, in which a product reaches its final destination, is known as ‘the last mile’ in logistics. In this stage, arranging the final delivery of cold chain products requires consideration of various essential factors to maintain the integrity of the shipment. For instance, it is essential to ensure that critical labor and temperature-controlled warehouse space is available for timely delivery of specific products. Individual parties track the movement of products packaged within a cold chain. Each party maintains its separate databases and applications to capture transactions and the movement of products throughout the chain. It gives rise to several key challenges:
Multiple sources of truth
Opportunity for deceit
Translational and data sync error
Lack of customer trust
How IoT-fleet Management and Blockchain can Transform Cold Chains
Blockchain and IoT-based fleet management solutions integrated with the supply chain can enable real-time visibility into shipment conditions for all stakeholders. Cold chains require a micro-level of end-to-end control to maintain products' integrity. IoT-based processing captures data from connected devices (sensors, RFID tags, and so forth) leveled with the products. Then, the transmit real-time information about the transported items such as temperature, location, speed of transport and storage conditions to the blockchain-powered database. Further, blockchain's attributes ensure the integrity of cold chain packaged products. Blockchain is a type of distributed ledger technology. Essentially, it is a digital ledger shared across the network. It makes transactions visible to relevant stakeholders while keeping the data integrity intact. Therefore, ensuring minimal cybercrime and fraud.
Also Read | Advantages of Using Blockchain and IoT for Supply Chain Management
With the deployment of such a solution, all stakeholders can collectively track the movement of the cold chain packaged products. At the end of their journey, customers can learn about the products’ conditions right from dispatch to delivery. They can also check the history of temperatures at which the products were shipped, the full chain of custody, storage conditions, and more. Blockchain facilitates peer-to-peer communication. It means there is no need to deploy any massive infrastructure across the network.
Although each stakeholder can deploy its application, blockchain will serve as a single database, or in other words, the distributed ledger. Several key features ensure trust across the ecosystem. They include but are not limited to IoT collecting the data of parameters of the cold chain packaged products, such as temperature, location, and storage conditions. Further, Blockchain circulates a distributed ledger using cryptographic techniques and provides a single data store for all parties in the network to view. Also, consensus mechanisms ensure that all parties must agree before a new transaction is added to the shared ledger in the blockchain. It also makes transactions recorded on the ledger that cannot be altered.
Advantages of an IoT and Blockchain-based Solution
The advantages of the distributed ledger-based approach of blockchain include:
A Single Source of Truth
At any point in time, all the parties can have a single source or the same data with a single shared ledger.
Security
By comparing the ledger copies of the other parties, they can identify a fraud attempt immediately.
Early Detection of Translational Errors
As all parties need to agree and reach consensus, they can detect any human or application errors early in the chain.
Customer-Centric Supply Chain
Manufacturers can enhance the customer experience significantly as blockchain enables them to connect with the customer directly.
You May Also Like | A Use Case for Blockchain in Thorium’s Supply Chain Traceability
Conclusion
Blockchain plays a crucial role in ensuring the integrity of the transaction and stored data in a supply chain. The use of other emerging technologies like AI and IoT further strengthens the processes. Especially, they make the cold chain more efficient, effective, and secure, where time is the priority.
Mudit Kumar
19 Feb 2020
Cryptocurrency Exchange Development | Assessing Liquidity Factors
The use of old and new cryptocurrencies is increasing day by day. With this increase, the crypto development market is becoming pervasive than ever. Now, it is not under the impression of scandals and hacks. Indeed, now it is entering the space of non-profits by facilitating them to conduct safe, fast, and efficient transactions while establishing trust. Read on this blog to find out how cryptocurrency exchanges are helping developing countries to include unbanked people and provide them access to efficient financial services.
When we talk about the cryptocurrency exchange industry, the efforts to achieve global adoption are commendable. However, an alarming issue with them is the scarcity of enough liquidity. Not all cryptocurrency exchange platforms experience a high user count. To conduct faster settlements and channelize the buying and selling mechanism, stocks, bonds, or digital currency require a higher liquidity market. Indeed, as per a study conducted in early 2019 to track daily crypto trade volume, nearly 56 exchange platforms faked their data. Given this event, CoinMarketCap announced that it will consider liquidity as a default metric for ranking cryptocurrency pairs and exchanges.
So, let's find out why liquidity is inevitable for cryptocurrency exchange platforms.
Understanding Liquidity | Cryptocurrency Exchange Platform
The liquidity of an exchange platform is the extent to which we buy a specific asset and liquidate without affecting its price's general stability. The higher an exchange platform experiences the liquidity, the higher it gets user engagement.
In terms of liquidity, we can classify an asset as liquid or illiquid. Generally, liquid assets have an open market for trading, while we trade illiquid assets privately. In other words, when it is difficult to encash an asset, we call it illiquid.
Why Smooth and Stable Liquidity is Important
Liquidity is one of the most important factors that we must consider during the development of a cryptocurrency exchange platform.
Fairtrade Prices
Having a good number of crypto traders or investors on a cryptocurrency exchange platform necessitates the maintenance of the system. It is because a platform having high trading activity will make the seller bid at competitive prices. Ultimately, it enables buyers to bid at higher prices. It creates an equilibrium indicating the market stability, and thus, implying fair market trade prices.
Faster Transactions
If a platform experiences higher liquidity, it can fulfill orders quickly based on the demand and supply, with faster transactions.
Data Volumes for Technical Analysis: If a platform has huge chunks of data, it can more accurately predict the technical analysis. Prices and charting patterns of the past are still primary methods to predict the price and current landscape of values of cryptocurrencies. Having higher liquidity on the platform means huge volumes of data for technical analysis.
Factors Affecting Liquidity
The following are the factors that influence the course of liquidity of an exchange platform. Let's take a look at them.
Trading volume
Having high trading volume means the volume of a crypto coin's trade over an exchange in the last 24 hours. The liquidity and the activity of an exchange platform tend to increase if the trading volume of a specific coin is higher.
Acceptance
Global adoption is one of the important factors for an exchange to achieve higher liquidity and better credibility. One case in point is the global acceptance of Bitcoin as a transactional by, for instance, giants like Apple, Amazon, etc.
Regulations
Different countries have a different set of rules for the usage of cryptocurrency. These laws will directly influence the Crypto liquidity. Certain countries have restricted the Cryptocurrency, this leads to the impairment of liquidity of a particular cryptocurrency in that geography.
Must Read |An Investor's Guide to Cryptocurrency Exchange Platform Development in 2020
Solving Liquidity Challenges
Listing of Cryptocurrencies
With more listed Cryptocurrencies in your exchange, you can attract more users.
Payment Streams Integration
By adding up different payment streams such as wallet service, credit card, debit card or crowdfunding will facilitate trading thus enhancing the user count.
Access to Multiple Order Books
A successful cryptocurrency exchange development and getting listed in multiple crypt exchanges helps to maintain liquidity.
Insertion of advance trading features
It boosts profitability by enabling investors to buy and sell the stock at a specific price.
Intuitive interface
A user-friendly interface allures the Crypto traders to your platform.
Conclusion
If you want to build your crypto exchange, Oodles Blockchain can help. We will help you in the development of Crypto exchange with high liquidity options and industry-leading features to achieve world-class performance. Get a free demo from our experts!!
Category:
Blockchain
Mudit Kumar
14 Feb 2020
Solving the Issues of the Current Centralized System of KYC with Blockchain
There are various challenges associated with a centralized architecture implemented for KYC processes. Indeed, a centralized KYC platform and architecture enables a single point of failure of the server. It often results in significant downtime. A centralized architecture is always under the control of an administrator with access to confidential customer information databases. It is contrary to recent legislation. For instance, GDPR (General Data Protection Regulation) implies prohibiting the holding of such large pools of personal information centrally. GDPR proposes the idea of enabling each individual to give consent and agree to participate in data exchange. Generally, centralized architectures use third parties to establish trust among stakeholders. It creates a dependency on third parties to form a trusted system.
Blockchain is emerging as a technology that can efficiently digitize the KYC compliance process and benefit businesses and customers.
Also Read: Blockchain in Insurance: Enabling New Opportunities
Blockchain for e-KYC Platform
Essentially, a permissioned blockchain KYC solution enables customers to have complete access and control over their data. They can be confident that nobody can share this data with any other actors unless they permit them. They can revoke access permissions at any time, while a blockchain solution immutably stores all associated activities for records.
Advantages and Features
Using a blockchain-based KYC solution provides several advantages. For instance, it ensures the immutability of data and enhances privacy controls for users. Also, it facilitates a shared ledger for transparent, real-time authentication and verification of processes/transactions/records (provides access to accurate data across the network).
Also Read: Digitizing AML/KYC Compliance with Blockchain
A blockchain-powered KYC application’s self-sovereign model enables customers to create and manage their digital identities securely and efficiently. Users can grant permission to multiple participants to access need-to-know basis data from a single platform.
Such an application reduces data duplication, fraud, costs, and more. It does so by eliminating the need for each financial institution to attest and update KYC records for a user. Also, with permission-based data access, the chances of data privacy and security issues become negligible.
Expected Key Features | Blockchain e-KYC Application
No centralized system. Only permissioned participants of the network can access and share data.
Enable the deployment of regulatory and supervisory observer nodes.
Only parties associated with a KYC process will validate the actions rather than a broader pool of unrelated validators.
Provides an explicit link between human-language composed legal documents and smart contract code, ensuring efficient digitization of KYC processes.
Also Read: Is Blockchain the Right Underlying Technology for Digital KYC
Developing a Blockchain e-KYC Platform
A blockchain-powered decentralized model supports the idea of handing KYC ownership back to consumers. It is essentially a distributed network, leaving no single point of failure. Instead of having a centralized administrator as the server, it promotes decentralization. It also adheres to the regulatory and compliance requirements of GDPR. With permission-based data access, it reduces the risk of data privacy and security challenges. It provides risk managers, business developers, and legal professionals a reliable and efficient way to validate their customers with a single easy-to-use platform. With such an integrated platform, customers only do their KYC process once and have it in their wallet ready. They further access whatever exchange, payment, or other services they like without friction.
Connect with our blockchain development experts for more information and development insight
Mudit Kumar
12 Feb 2020
Utilizing Crypto Exchange Solutions to Tackle Poverty
Recent technological advancements in the crypto world signify that digital currencies can benefit developing countries both politically and economically. Cryptocurrencies can address various challenges that those countries deal with by enabling individuals a bank account access, smooth fund transfer across borders, and fractionalized digital payments. Enhancing access to financial services with blockchain and cryptocurrency exchange solutions can drive the developing economies upward by providing greater transparency in transactions. The solutions can reduce corruption at different levels while including unbanked individuals into the financial systems. It can stimulate productivity and growth and enable more accurate risk management, forecasting, and analysis.
Entering the Cryptocurrency Realm
The use of cryptocurrencies enables users to send money across the world without requiring interference from a third-party. A user only requires a mobile service signal and a smartphone to transact in cryptocurrencies. Then, they can access a crypto wallet, a private key to use it, and a world of new opportunities never experienced before.
Collaborations with organizations that support developing countries can surely raise awareness about the use of cryptocurrencies on a global scale. They need to educate people to engage with cryptos, wallets, and crypto exchange solutions. So that they can become more acquainted with the technology and open to its adoption.
Misconceptions
Crypto exchange solutions and trading are always surrounded by misconceptions. One of them is that cryptos are limited to trading and anonymous transactions. Also, they have don’t have consideration for contributing to societal issues like human trafficking and terrorism. These misconceptions are coupled with the perception that crypto traders are greedy and only interested in profits. The cryptocurrency exchange industry needs to change these misconceptions and perceptions. They need to look beyond profits, opportunistic hedging, and trading. They need to give back to society and unprivileged communities through governmental partnerships and publicly beneficial initiatives. Establishing partnerships with charities can enable them to expand their fundraising base and scope of expertise. While it will also give them the visibility and access to new markets. The approach can spread the benefits of cryptocurrency and promote its long-term adoption.
Philanthropy with Cryptocurrency Exchange
Crypto exchange business solutions providing trading services to charities is a global trend now. One case in point is Altcoin Fantasy that partnered with popular crypto influencer Datadash to advertise a Christmas trading contest for four charity organizations. Additionally, the Binance charity foundation raised more than 449 BTC for various charitable programs. The programs ranged from tackling poverty to enabling safe shelter for refugees.
No access to traditional banking systems continues to widen the gap between rich and poor. Providing access to smooth and efficient financial support can prove to be a key factor in alleviating poverty. In the present time, there’s still an alarmingly high percentage of unbanked individuals in the world due to various political and socioeconomic factors. However, cryptocurrency exchange platforms and cryptocurrency development services can address these problems.
Blockchain is making huge waves among wealthy investors. It is also showing the potential to empower countless people globally by providing them secure, reliable, and affordable financial services. Blockchain eliminates various obstacles that traditionally hamper efforts to alleviate poverty. It does so irrespective of political or geographical barriers, which is its most powerful source of potential.
Goodwill with Cryptocurrency Exchange
If crypto exchange owners cooperate with nonprofit organizations, both can gain mutual benefits by increasing the global interest in trading and cryptocurrencies.
Philanthropic initiatives in the crypto space have already been gaining traction for a while. It gives the crypto exchange platform a unique opportunity to diminish misconceptions around them. It enables them to show the world that they are ready to include developing countries into the global economy, uplift living standards, and build up a culture of benefiting those in need.
Mudit Kumar
07 Feb 2020
Exploring Blockchain Applications in the Mining Industry
Blockchain is transforming almost every industry by providing solutions to digitize complex processes and make them efficient. It provides transparency and security in business transactions and ensures that the state of information associated with designs, documents, and other business contracts remain unalterable. These blockchain attributes make it useful and relevant to the mining industry.
It might surprise you that blockchain’s capabilities extend beyond cryptocurrency development. Although technology is arduous to understand, the benefits it provides to enterprises are quite straightforward.
Blockchain's Impact in the Mining Industry
Enhanced Compliance
Using blockchain solutions can make compliance quite easier and less complicated for mining and metals companies. Companies that focus on adapting to increasingly technical developments to equipment, being socially responsible, and enhancing transparency across different levels of the company can all benefit from blockchain app development.
Strengthened Security with Less Errors
Mining companies can safely ship materials with solutions built using blockchain for supply chains by tracking them at each step of the process. Also, they can get rid of paperwork, and their chances of being lost, damaged or destroyed. They can greatly reduce errors, and significantly raise the level of safety and transparency across the network.
Efficient Business Transactions
With blockchain smart contracts, it can be quicker and easier to deal with countless business transactions per day. Blockchain’s biggest potential lies in its capability to facilitate mining companies to achieve end-to-end transparency while expediting business transactions across mineral supply chains. Transparency and efficiency are vital industry considerations that mining companies need to fulfill, as the industry is becoming more consumer-focused.
If you are a mining company wanting to explore and experiment with blockchain implementation to achieve supply chain transparency, visit our blockchain supply chain development services.
Blockchain Applications in the Mining Industry
Safeguarding from Cyber-attacks
The mining industry is at the top in receiving spam messages and notifications. Using blockchain’s digital ledger can enable them to track each transaction while ensuring security with data encryption. Also, it eliminates the dependency on intermediaries for operations, which ultimately leads less exposure of information to hackers, as smart contracts manage the validation automatically and electronically. That way, the blockchain acts as an extra security layer for the mining industry.
Cost Reduction
Mining companies are established across the globe. Consequently, they face the challenges of costly cross-border payments. However, blockchain provides efficient, secure, and cost-effective remittances. It eliminates security issues while expediting the transaction execution process with smart contracts. Additionally, with blockchain-powered cross-border payment solutions, mining companies can get rid of costly exchange rates.
Reconcile Amount Produced and Sent to Processing Plants
It is quite challenging for mining organizations to consolidate the data of the amount produced in mines and sent to processing units. If we deploy a blockchain solution combined with appropriate measurement procedures and technologies, it can automate the reconciliation process. Then, the solution can have each esteem enlisted in the record book automatically.
IoT Data Processing
Most of the miners use Blockchain to process the data generated by connected devices more effectively. For instance, blockchain and IoT supply chain solutions can enable companies to connect a vehicle with a warehouse and facilitate them to coordinate and order new stock, with automated payment processed on delivery.
Check it Out | Blockchain and the Mining Industry
Mudit Kumar
05 Feb 2020
Blockchain Automotive Solutions | Making Drivers' Life Easier
The blog features the uses blockchain has in the automotive industry and how it improves drivers’ daily lives. Let’s dive deep into how blockchain works and explore its potential applications that can enhance the mobility of the future.
When people hear the term blockchain, they link it with cryptocurrency. Cryptocurrency development is one of the best-known examples of blockchain applications. However, blockchain solutions are being adopted across a range of industries. Blockchain applications in the automotive sector can make life easier for motorists, for instance, when they buy a second-hand car.
“Blockchain technology itself is not the end-all solution,” explains Dr. Andre Luckow, Head of Distributed Ledger and Emerging Technologies at the BMW Group. “What it does is give us the technical foundation we need to create helpful and effective solutions.”
Dr. Luckow leads the IT team in the BMW Group. He works with specialist departments to build blockchain solutions and use cases that can shape mobility’s future. Let’s explore those use cases.
Blockchain Technology Explained
Blockchain is one of the innovative forms of digital databases. It can store transactions in unalterable and shared blocks, such as transfers, deliveries, and purchases. Blockchain’s attributes essentially derive from the following principles.
A blockchain ledger remains decentralized. All participants agree to what information will go into the blockchain. Put simply, they agree on the rules of cooperation with blockchain smart contracts. Then, they make all transactions on the blockchain to monitor them. Blockchain establishes a no single point failure system due to being distributed across the network. So, if anyone attempts to change the state of data, they will have to do so by manipulating more than half of the participants.
Each block in the chain contains a digital fingerprint called “hash.” Each block also contains the hash of the previous block, thus, making the content encoded. It means that all blocks are chain one after another. So, if someone tries to change the data in a block, it will immediately alert others in the network. It is because the content of blocks and digital signature won’t match.
Secure Digital Vehicle Passport | Blockchain Automotive Solutions
When someone goes to buy a second-hand car, they come up with a long list of questions. They ask questions like-
The mileage of the car
Any accidental history
Regular checkups and maintenance
Car owners do answers these questions but without authenticity and concrete proof. Thus and so, buyers were not able to get definite answers.
With a blockchain automotive solution, both stakeholders can get a cure to this problem. The solution can enable users to track and validate the entire vehicle history, including maintenance and checkups. They can also share the data, such as the milage, with third parties. The same solution can also facilitate a conversation between the seller and the buyer. The potential buyer can use the app on their smartphone and scan the QR code provided by the seller’s app. Then, a green check-mark can tell the buyer that the used car’s data is authentic, plausible, and verified.
More Secure than a Workshop Stamp in a Logbook
The digital blockchain automotive solution is more secure against fraud and forgery than conventional proofs of a vehicle’s mileage. In other words, someone can forge a stamp for checkbooks, however, on a blockchain, they cannot manipulate data records. Additionally, blockchain can also have records of accidents or previous owners’ details with the risk of falsification.
Automated E-Charging | Blockchain Automotive Solutions
Plug-in hybrids and electric car drivers can relate to this challenge. For instance, they reach a charging vehicle only to know that they don’t have an appropriate customer card.
Blockchain provides a solution to address this challenge too through a decentralized charging ecosystem and smart contracts. A smart contract solution is essentially a virtual contract. It is blockchain technology that guarantees its execution and compliance.
In a hypothetical scenario, customers plug in their electric vehicle into a charging station and do not have to ponder over anything. Blockchain can take care of the provider, identification, and even the cheapest available charging tariffs at a particular station. In this use case, we can assess the biggest strengths of a blockchain based solution. They include machine-based verification and secure settlement of transactions without requiring a middleman. For instance, charging station providers or electricity companies do not require a bank to manage monetary transactions. They can do it with a blockchain-based payment solution.
And blockchain will be the technology in the background making all of this possible.
Mudit Kumar
04 Feb 2020
Simplifying Vehicle Insurance Processes with Blockchain Technology
The last decade was full of technological innovations that aimed to improve our daily lives. The multi-trillion-dollar global vehicle insurance industry is not exempted from technological advancements. One case in point is the involvement of blockchain in the motor insurance sector. With blockchain automotive and insurance solutions, vehicle insurance companies can secure all insurance-related information with cryptography, decentralization, immutability, and other blockchain-powered attributes. With blockchain, they can build fool-proof record-keeping solutions that enable efficiency, reduce costs, and enhance the customer experience. Let deep dive into blockchain’s applications in the vehicle insurance industry.
Blockchain Technology
Essentially, blockchain is a peer-to-peer distributed ledger across several nodes. The ledger records transactions and the associated information in ‘blocks’ which are practically unalterable. Each block contains a time and date stamp and is connected to the previous block. That’s how we call it ‘blockchain technology’. In addition, it does not require middlemen to manage the blockchain network, unlike centralized database networks. Thus and so, we can find far-reaching implications of blockchain technology that can impact diverse business sectors across the globe.
How Blockchain is Revolutionizing the Vehicle Insurance Sector
Fraud Detection
When we buy a car, we consider various factors like mileage, comfort, power, etc., which sway our decision. Similarly, vehicle insurance companies also take various factors into account to calculate premiums and offer claim coverage. Often, car owners and dealers try to present a car in the most flawless way possible. It compels insurance companies to make random speculations, resulting in false, inaccurate, and fraudulent claims. Blockchain insurance solutions can eliminate this guesswork from the equation. It is because they can assist insurance companies to establish a reliant, robust, and efficient vehicle evaluation system. Consequently, the insurance companies can properly document all repairs done in a vehicle and share it with all respective stakeholders.
Faster and Efficient Claims Processing
Making an insurance claim, whether healthcare or motor, is always a cumbersome and time-consuming task. Blockchain provides solutions to make the information flow more secure, transparent, and uniform, which ensures that every stakeholder involved in the process remain on the same page. Here’s a compact guide to understanding how blockchain simplifies claims processing while reducing cost and time and accelerating reimbursements.
Smart Insurance Contracts
Insurance companies can also automate the payment process through a blockchain smart contract solution. Contrary to traditional contracts, blockchain smart contracts enable computers to automatically regulate the ownership, management, and operations of a contract.
When a transaction is carried out through a Blockchain platform, it is done through a smart contract. A smart contract is different from a traditional platform as it allows computers to regulate the ownership, management, and operation of a contract. Put simply, with blockchain, smart contracts ensure transparency, automation, and efficiency in payments and other contractual requirements. As we know, blockchain is a decentralized distributed ledger that requires no intermediaries, smart contracts can minimize mistrust between stakeholders and eliminate the need for a third-party authenticator like banks, register, notaries, etc.
The Emergence of New Possibilities
The adoption of blockchain technology by vehicle insurance companies can foster several other types of insurance as well, including healthcare, travel, and more. In the vehicle insurance sector’s operations like claims processing, blockchain can prove to be a game-changing technology. Connect with our blockchain technology experts for a detailed consultation on how blockchain can optimize the vehicle insurance process.
Mudit Kumar
31 Jan 2020
Analyzing P2P (Peer-to-Peer) Cryptocurrency Exchange Model
Are you a cryptocurrency enthusiast, looking to know more about cryptocurrency exchange development? The article gives you a high-level overview of how cryptocurrency is revolutionizing the global trading space. Also, we will analyze the development aspects and benefits of a peer-to-peer cryptocurrency exchange. At Oodles, we provide a range of cryptocurrency exchange development services.
Peer-to-Peer Exchange
P2P crypto exchange is essentially the decentralized form of exchange, maintained and operated exclusively on a blockchain-powered software or platform. In usual scenarios, there is always intermediaries involved to execute transactions and trade. In a p2p exchange, no third-party or intermediaries oversee the transactions.
Rise of P2P Exchange
P2P exchange came into prevalence in 2014, when cryptocurrency faced setbacks in the form of scams. Due to which, many countries denied the use of cryptocurrencies. It gave rise to a new system that we today know as p2p cryptocurrency exchanges. It is quite contrary to the centralized way of exchanging money, where two companies or entities can directly exchange cryptocurrency.
Trading with a P2P exchange
As the types of trading got diversified, the methods of exchange too changed. Earlier, if someone needs to exchange cryptocurrencies, they used to post an order, containing the amount of and price of cryptocurrencies. A common ledger used to collect all such orders, and thus, got termed as an order book. Then, users would select an order suitable to their budget. The trading process used to begin as soon as the buying and selling order is matched. The entire process was (is) time-consuming, while it also involved intermediaries. Consequently, the p2p cryptocurrency exchange script came into the role and made the cryptocurrency exchange development process easier.
In a p2p exchange model, when users trade their cryptocurrencies, the trade settlement happens instantly. Although here the physical currency process remains in process, the trade settlement between users come to a closure. The p2p crypto trading software analyzes orders and connects people with similar interests. Further, they get into negotiation and complete the trade within themselves only. The trade does not get into the hands of any third party. However, for security purposes, they involve third-parties as arbitrators. P2P cryptocurrency trading software enables users to find orders quickly around the world.
Also Read: The Most Comprehensive Guide Ever to Starting Your Crypto Exchange Business
Benefits of Peer-to-Peer Exchange
If you want to develop a p2p cryptocurrency exchange platform, knowing the benefits is crucial. The followings are a few significant benefits of developing and launching a p2p cryptocurrency exchange platform.
Robust Platform Security
In a p2p exchange, every transaction happens on the blockchain's public ledger. It eliminates the need to worry about the counterparties' authenticity. In addition, their KYC details remain in sync with the blockchain database. It means that there are nominal chances of identity and other types of fraud.
Censorship in transactions
All transactions happen on the blockchain's public ledger, which means there almost no chance of fraud or detail hack. Every information and transaction on blockchain's ledger remains distributed across the network with the embedded encryption mechanism. Thereby, it enables the traceability of information when only authentic parties need access.
Provision for Global Transactions
When we go to exchange fiat money, it takes days to weeks for international transactions. P2P exchange models enable fast, global, efficient, and cost-effective transactions. They enable any person around the world to conduct transactions on the platform. Even the countries that don't allow the use of cryptocurrency can make transactions in this mode. It is also the factor why crypto buyers and sellers are preferring this mode.
Cost-Effective Operations
When a transaction involves multiple intermediaries, its operational fee increases. However, the p2p exchanges are based on software that has blockchain as the underlying technology. It reduces the operational costs to almost zero. Sometimes, there is some fee levied which remains comparatively low to other exchanges.
Strengthened Privacy
P2P cryptocurrency exchanges don't require a third party operator to execute transactions, thereby, ensuring complete privacy. They directly connect buyers with sellers and the transactions take place only between them. In addition, blockchain attributes, such as distributed ledger, immutability, and encryptions further strengthen the security of the entire platform.
Also, Read:Cryptocurrency Exchange Software: Everything You Need to Know About it
Ensuring Fraud Prevention
Some important things to remember here can prevent most of the fraud cases in cryptocurrency exchange development.
Arbitrators
Whenever any transaction happens, a community of people is set up to oversee it. These people assist users in managing the privacy of deposits privacy, time for a trade, etc. Generally, they play their role when a dispute starts to emerge between a buyer and a seller.
Introduce security
Another right security feature is enabling both the transacting parties to pay some amount before the trade. If the trade settlement is successful, the escrow can release the amount through smart contracts.
Conclusion
Apparently, P2P cryptocurrency exchange models offer comparatively more features than the traditional ones, including security features, efficiency, and cost-effectiveness. However, it is necessary to ensure that you are aware of the cryptocurrency laws in your country. Also, ensure that buyers and seller have their KYC details submitted to involve in crypto trading. If this seems a hassle, you can also reach out to a reliable cryptocurrency exchange development company.
Category:
Blockchain
Mudit Kumar
28 Jan 2020
From Paper to Blockchain | Revolutionizing Claims Processing
In this blog, we analyze how blockchain and smart contracts are revolutionizing insurance claims processing.
In the last few years, blockchain technology has gained significant traction across various industries as the most exciting technological development.
Blockchain business solutions are making business activities more convenient and secure, like tracking medical supplies, removing banking bottlenecks, and streamlining governance and non-profit activity.
Blockchain Technology
It is a type of distributed ledger technology-based digital database, similar to an Excel spreadsheet.
The database encompasses a network consisting of numerous computers (nodes) and remains completely public. Thus, it serves as a single source of truth.
Every time there is an update on the network database, the blockchain ledger automatically updates its information across the network.
Further, cryptographic techniques make the database secure, and near impossible for hackers to make changes to it. The only way to make changes is to hack more than half of the nodes in the blockchain.
In addition, smart contracts on the blockchain ensure the protection of complex business contracts from deletion, tampering, or revision.
Also, Read: How Blockchain is Proving Transformative for Insurance Processes
Understanding Smart Contracts
Smart contracts are standardized, fully automated, and autonomous financial instruments deployed on blockchain. They facilitate, verify, and enforce attributes of a contract according to predetermined scenarios on a blockchain solution.
Applications of Blockchain In Insurance | Benefits
The combination of blockchain and smart contracts can streamline, modernize, and enhance the siloed infrastructure of the insurance sector using a shared ledger of common information.
Simplified Operations
Reduces human intervention required to perform reconciliation and fix disputes.
Enhanced Regulatory Efficiency
Enables real-time tracking of financial activities across business processes.
Reduced Counterparty Risk
Smart contracts eliminate the need to rely on counterparties to achieve obligations.
Reduced Clearing and Settlement Time
No need for third parties for verification/validation and thus, accelerating settlements.
Minimized Frauds
Enables complete transaction history and asset provenance maintenance within a single source of truth.
Also, Read: Blockchain in Insurance: Enhancing Existing Complex Processes
Applications of Blockchain In Insurance | Challenges
Blockchain-based insurance services can enhance simplicity and efficiency by establishing new financial infrastructure and processes.
The processes and businesses powered by blockchain can address multiple pain points prevalent across the insurance value chain.
Here are a few current pain points in different insurance processes, including claims processing and settlements, client onboarding, underwriting, and more, that blockchain and smart contracts can address:
Inefficient systems for information exchange
Fraud-prone
Manual and laborious claims processing
Intermediaries
Fragmented data sources
Limited underwriting accuracy
Complex Liability Assessment for Syndicates/Reinsurance
The above challenges result in inefficiencies and increased difficulties in insurance claims processing. They impact insurers, policyholders, and all parties involved in a claim.
So, for instance, we will analyze how blockchain can boost efficiency, reduce fraud, and improve customer experience in claims processing.
Automated Insurance Claims Processing with Blockchain and Smart Contracts
We will use blockchain and smart contracts for insurance claims processing.
All parties associated with an insurance claim will access the distributed insurance ledger to view policy details.
Policyholders will add data to support claims to the distributed ledger while making a claim. This data may include proof of insurance, claim forms, evidence, etc.
Policyholders will interact directly with claims processors. All of this interaction will happen on the blockchain. Here, smart contracts will drive the workflow for a claim.
For policyholders, blockchain will also have an active policy and smart contracts with pre-determined claims conditions stored on it.
Then, the claim amount will be processed without requiring human intervention. It decreases the likelihood of human processing errors.
We will divide the process into the following phases.
Registration of Authorized Insurance Providers on a Blockchain Platform
The process will begin by onboarding stakeholders involved in the first phase of the process on the blockchain platform.
Insurance Providers: Authorized insurance providers are those who form insurance policies and offer them to consumers. They will add relevant insurance policy details on the blockchain.
For instance, a motor insurance provider while adding the plans will save details like term length, date of validation and expiry, coverage amount, no claim bonus, co-pay percentage, centers covered under the policy, types of coverage available in a specific plan, and terms and conditions on the blockchain.
Brokers: They act as advisors rating the insurance policies provided by insurance providers. Their involvement in the process will not be as an intermediary but as an advisor.
They will access the details saved by insurance providers on the blockchain. They will give their ratings to the insurance policies added by providers.
It will help insurance companies and consumers to make informed decisions.
Policy Portal Admin: They offer insurance quotes to customers. Their role will be to fetch insurance plans from the blockchain platform and add them to their portal. It will reduce the time they spend contacting insurance providers manually.
Consumers Search and Buy Policies
Stakeholders involved in the second phase of the process will be consumers and insurance companies.
Consumers: They search for the right insurance policy to buy it. On the platform, they will search for specific insurance policies using their mobile app.
For example, if a consumer wants to buy a policy for health insurance, he would search for it. With smart contracts, he will get search results related to health insurance quickly.
While buying a policy, the consumer will upload necessary documents like address proof, age proof, passport-size photos, identity documents, and income proof to the distributed database, for instance, IPFS, with addresses hashed and stored on the private blockchain.
Insurance Companies: As soon as a consumer buys the insurance plan, the insurance company will get a notification.
Then the consumer will submit his details. The insurance company will start validating the details and add the customer to their private blockchain system upon identity verification.
Insurance providers send a receipt of acknowledgment to the consumers to inform them of their plan activation. Since the blockchain stores transaction records, they will be immutable and traceable. Thus, there will be no chance of insurance fraud.
Consumers Request for Claim Amount
Stakeholders involved in the third phase of the blockchain insurance process will be consumers, auditors, and the insurance company.
Consumers: A consumer requests the claim amount from his insurance provider.
If a healthcare policyholder meets with an accident, he can claim an amount from the insurance company. He will have to follow the claim request procedure for its approval.
They may need to share documents supporting evidence, photographs, and other claim-related details on the private blockchain. The private ledger will save the documents with their respective transaction IDs. Network participants can see all this data.
Auditor: They verify if a policyholder is liable to get the amount of claim or not.
Auditors or loss adjusters get a notification when a policyholder makes a claim request and submits supporting documents on the platform.
They perform an in-depth verification and validate the authenticity of the documents. If they find the evidence accurate, they approve the claim request and add details on the blockchain.
Insurance Company: Provides the claim to consumers.
Once the auditor has approved the request, the insurance company forwards the breakdown of the claim account to the consumer. Finally, smart contracts automatically transfer the claim money to the policyholder.
That is how blockchain with smart contracts reduces the turnaround time by simplifying the entire claim processing and settlement process.
Also, Read: Blockchain in Insurance: Enabling New Opportunities
A Hypothetical Use Case | Simplifying Travel Insurance Claims Processing with Blockchain and Smart Contracts
Blockchain can help to design a solution for the travel insurance industry. The solution will minimize paperwork by enabling the insured to upload the documents via their smartphones.
The solution will have a smart contract of the insurance agreement made between the insurer and the insured.
The smart contract will execute autonomously if the involved parties meet the specified condition(s).
In the case of a claim, the conditions will be the occurrence of predefined events and automated verification of the claim.
The solution will store all detail securely and enable stakeholders to access them anytime in the future.
For instance, the solution will drastically reduce claim settlement time for frequent travelers related to flight delay claims. Also, it will enable them to get insurance policies seamlessly through smartphones without requiring them to submit long proposal forms.
The solution will use smart contracts for automated claim settlement, flight data from third-party providers to trigger smart contracts, and a mobile app with OCR – ICR ability to capture data from an image automatically.
Also, Visit: Blockchain Integration for Operational Excellence in the Reinsurance Industry
Conclusion
In the future, we can expect more blockchain PoCs (Proof-of-Concept)and use case development across the insurance industry.
Blockchain integration will be one part of the larger move toward a digital-first operating model.
For insurers trying to address challenges like privacy and data security risks, poor customer experience, and costly manual administrative processes, blockchain will certainly be part of the solution.
If you want to develop a similar blockchain project, talk to our blockchain developers.
Mudit Kumar
25 Jan 2020
Hyperledger Fabric | Food Traceability System at Walmart
In this blog, we will analyze how blockchain-powered platforms like Hyperledger Fabric are enabling solutions for food traceability systems. A case in point is the food giant Walmart's move to develop a food traceability system using Hyperledger Fabric.
We usually don’t think much about our safety when consuming food. It is because today’s food system is quite modernized. It gives us access to fresh produce all year round. We can buy exotic foods from around the globe. We have a wide range of food variety available than our ancestors could have had.
Modern Food System | Challenges
Occasionally, the same food system can make us sick. In the year 2018, more than 18 outbreaks of foodborne illness were reported in the USA, including the E. coli outbreak in romaine lettuce. People talk about strengthening the food supply chain, but it is not a chain, it is a complex network. So, when there is an outbreak caused by a food-borne disease, it can take days, if not weeks, to finds its source. If investigators fail to point to a specific farm or farms, the government adopts the usual practice of advising people to avoid using products grown in that specific area. It even advises avoiding the type of product. Due to this, Walmart removed millions of bags of lettuce, while consumers stopped trusting romaine lettuce altogether.
Better traceability and transparency could have saved Walmart to act fast and safeguard the livelihood of farmers. It could have that by only discarding produce from the affected farms.
Also Read: Seafood Supply Chain Management with a Hyperledger Fabric Solution
Finding Solutions with Blockchain
Walmart and other key food players have always been interested in enhancing traceability and transparency in the food system. After many trials and errors, now they are relying on blockchain to make a traceable food supply chain.
Food Supply Chain Traceability and Transparency with Blockchain Platforms like Hyperledger Fabric
Creating a (traceability) system for the entire food supply ecosystem is always a challenge. At Oodles, we think that blockchain technology is a good fit to address this problem with the Hyperledger app development services. Blockchain enables trust, immutability, and transparency in the business ecosystem. In the past, many companies have tried to create a traceability system, but they never scaled because they were centralized databases. Blockchain is a decentralized, shared ledger that can enhance the legacy food system. Given the blockchain’s potential in business, Walmart decided to develop two proof of concept (POC) projects.
Choosing the Blockchain Platform
Walmart’s IT team considered various blockchain technology to develop a PoC, and eventually, they went with Hyperledger Fabric. They had looked into other options like Ethereum, and Burrow projects. However, Hyperledger Fabric was their choice for development as it met most of their requirements for right blockchain technology. Hyperledger Fabric is an enterprise-grade blockchain platform with provisions for creating permissioned business solutions. Another advantage of using it was that is an open-source, vendor-neutral blockchain. That said, it was obvious that multiple parties, including Walmart’s suppliers and competitors, would use the food traceability system. Hyperledger Fabric provided that open underlying technology ecosystem.
Hyperledger Fabric
One of the Hyperledger projects hosted by The Linux Foundation, Hyperledger Fabric is a blockchain framework implementation. It enables blockchain developers to develop blockchain applications or solutions with a modular architecture. Hyperledger Fabric comprises of components like consensus and membership services that are plug-and-play. It also uses container technology to host and execute smart contracts known as “chaincode”, which is essentially the application logic of the system.
Also Read: Industry-Specific Use Cases of Hyperledger Frameworks
The Proof-of-Concept
Walmart announced the two projects in October 2016; one for tracing the provenance of mangoes it sold in the US stores and the other was for tracing pork sold in China stores. Also, take a look at our custom PoC development services.
For the mango PoC solutions, the team had to identify the farm from which the mangoes came, as fast as possible. It took more than seven days for the team to get an answer.
The Walmart Technology team analyzed their processes as well as their suppliers’ to develop the right application. They worked with GS1 (the standards authority in barcodes and labeling) to define and upload data attributes to the blockchain with the chaincode.
Suppliers used new labels and uploaded data through a web-based interface. The Hyperledger Fabric blockchain-based food traceability system worked. For pork in China, it enabled stakeholders to upload certificates of authenticity to the blockchain platform. It established more trust in the system, which was earlier a serious issue. As a result, Walmart was successful in reducing the time to track the provenance of mangoes in the 7 days to 2.2 seconds.
What Foods Walmart Tracks with Hyperledger Fabric Solution
Produce: Mangoes, strawberries, and leafy greens
Meat and Poultry: Chicken and pork
Dairy: Yogurt and almond milk
Multi-ingredient Products: Packaged salads and baby foods
Mudit Kumar
24 Jan 2020
Enterprise Industrial Ethereum Blockchain Use Cases and Applications
Blockchain technology, particularly Enterprise Ethereum blockchain development, is transforming industries by enabling decentralized, transparent, and secure solutions. It combines Ethereum's robust blockchain capabilities with enterprise-grade features to streamline processes, improve transparency, and reduce costs. This blog explores why Ethereum is ideal for enterprises, the benefits it offers, and its wide-ranging applications across various industries.Why Ethereum?Ethereum stands out as a blockchain platform for enterprises due to its flexibility, developer ecosystem, and advanced capabilities. Here's why Ethereum is a top choice:Smart Contracts: Ethereum introduced the concept of smart contracts, which automate processes, reduce manual intervention, and eliminate the need for intermediaries.Permissioned Networks: Enterprise Ethereum enables private, permissioned blockchain setups tailored to specific business needs.Developer Community: Ethereum has the largest developer ecosystem, ensuring continuous innovation, tool availability, and support.Interoperability: Ethereum supports standards like ERC-20, ERC-721, and ERC-1155, allowing seamless integration with other systems and platforms.Mature Platform: With years of real-world deployment, Ethereum offers proven reliability and scalability.Future-Proof Technology: The transition to Ethereum 2.0 introduces staking, improved scalability, and reduced energy consumption.You may also like | Ethereum Distributed Validator Technology | DVT for StakingBenefits of Enterprise Ethereum1. SecurityEnterprise Ethereum uses advanced cryptographic techniques to secure transactions and ensure data integrity, making it ideal for sensitive business operations.2. TransparencyThe blockchain's distributed ledger ensures all transactions are recorded immutably and can be audited by relevant stakeholders, fostering trust.3. EfficiencySmart contracts automate repetitive processes, reducing time, costs, and errors associated with manual tasks.4. ScalabilityEthereum's modular design allows customization to handle large volumes of transactions, meeting the demands of enterprise-scale operations.5. InteroperabilityEthereum-based solutions integrate with existing enterprise systems, enhancing compatibility without overhauling existing infrastructure.6. Cost ReductionBy removing intermediaries and automating processes, Ethereum significantly cuts operational costs.7. SustainabilityEthereum's transition to proof-of-stake (PoS) drastically reduces energy consumption, aligning with sustainability goals.Also, Read | Decentralized Prediction Market Development on EthereumEnterprise Ethereum Use Cases by Industry1. Financial ServicesEthereum is revolutionizing the financial sector by simplifying processes, enhancing transparency, and eliminating intermediaries.Applications:Trade Finance: Smart contracts automate validation, documentation, and payment processes in trade finance, reducing delays and paperwork.Cross-Border Payments: Reduces transaction times and fees by bypassing intermediaries, providing near-instant settlements.Asset Tokenization: Converts traditional assets like real estate, stocks, or commodities into blockchain-based tokens, enabling fractional ownership and liquidity.DeFi Solutions: Facilitates decentralized lending, borrowing, staking, and yield farming without traditional financial institutions.Example:J.P. Morgan's Quorum, built on Ethereum, is used for interbank transactions, offering enhanced speed and transparency.2. Supply Chain ManagementEthereum ensures transparency, authenticity, and efficiency in complex supply chains.Applications:Provenance Tracking: Tracks the origin and journey of products to ensure authenticity and ethical sourcing.Inventory Management: Offers real-time visibility into inventory levels and supply chain bottlenecks.Counterfeit Prevention: Uses blockchain to verify product authenticity, reducing fraud.Supplier Collaboration: Enhances trust and transparency between manufacturers, suppliers, and distributors.Example:Morpheus.Network leverages Ethereum to automate global supply chain operations, reducing inefficiencies and fraud.Also, Read | How Blockchain Transforms the Supply Chain Finance3. HealthcareEthereum addresses challenges like data security, interoperability, and fraud in the healthcare industry.Applications:Electronic Health Records (EHR): Creates secure and permissioned access to patient data across healthcare providers.Drug Traceability: Tracks pharmaceuticals through the supply chain to prevent counterfeit drugs.Clinical Trials: Ensures transparency and data integrity in clinical trials, preventing tampering.Medical Billing: Smart contracts automate claims processing, reducing errors and administrative costs.Example:The MediLedger Network uses Ethereum to ensure compliance in drug distribution, improving safety and traceability.You might be interested in | Blockchain in Genomics | The Future of Healthcare is Encoded4. Energy and UtilitiesEthereum enables decentralized, efficient, and sustainable energy management solutions.Applications:Energy Trading: Facilitates P2P energy trading, allowing consumers to buy and sell renewable energy directly.Carbon Credit Tracking: Tracks and verifies carbon credits, promoting sustainable practices.Grid Management: Automates energy distribution, reducing grid inefficiencies.Asset Management: Monitors the performance and maintenance of energy assets like solar panels.Example:LO3 Energy uses Ethereum for P2P energy marketplaces, enabling decentralized renewable energy distribution.Also, Explore | Blockchain Meets Mining Supply Chain for End-to-End Tracking5. Real EstateEthereum simplifies real estate transactions, increases transparency, and enhances liquidity.Applications:Property Tokenization: Converts real estate into fractional digital assets, enabling easier investment and liquidity.Smart Contracts: Automates agreements, escrow processes, and property transfers, reducing legal and processing fees.Land Registry: Creates tamper-proof digital land records, reducing fraud and disputes.Crowdfunding: Blockchain-based platforms enable transparent real estate crowdfunding.Example:Platforms like Propy use Ethereum to streamline property sales and maintain secure ownership records.Also, Check | Web3 in Real Estate Development | Scope and Future Outlook6. Retail and E-CommerceEthereum enhances customer trust and operational efficiency in retail.Applications:Loyalty Programs: Tokenizes rewards, allowing customers to redeem points across platforms seamlessly.Product Authenticity: Tracks the origin and authenticity of goods, reducing counterfeiting.Payment Systems: Accepts cryptocurrency payments, enabling global transactions.Supply Chain Transparency: Tracks goods in the supply chain to ensure ethical and efficient sourcing.Example:LVMH employs Ethereum-based solutions to authenticate luxury goods, boosting customer trust.You may also like | Exploring Blockchain for Ecommerce Platform Development7. Government and Public SectorEthereum ensures transparency, efficiency, and security in public services.Applications:Voting Systems: Blockchain-based voting ensures secure and transparent elections.Digital Identity: Provides citizens with secure and portable digital identities.Land Records: Creates immutable land ownership records, reducing fraud.Grant Distribution: Tracks public funds to ensure accountability and proper utilization.Example:U-Port uses Ethereum to offer self-sovereign identity solutions for citizens.Also, Explore | Developing a Decentralized E-Voting System with Blockchain8. AutomotiveEthereum transforms automotive operations, from vehicle tracking to autonomous driving.Applications:Vehicle Lifecycle Tracking: Tracks a car's history, from manufacturing to resale, ensuring transparency.Autonomous Ecosystems: Facilitates secure communication between autonomous vehicles and infrastructure.Insurance Claims: Automates claim processing using real-time vehicle data.Ride-Sharing: Decentralizes ride-sharing platforms for greater transparency and reduced costs.Example:Toyota Research Institute uses Ethereum to explore blockchain for autonomous vehicle ecosystems.Also, Read | Drive Your Automotive Business Ahead with Blockchain Solutions9. Media and EntertainmentEthereum empowers creators and reduces inefficiencies in media distribution.Applications:Royalty Management: Ensures fair distribution of royalties to creators through smart contracts.Content Monetization: Enables direct payment models, reducing reliance on intermediaries.Piracy Prevention: Protects intellectual property with immutable ownership records.Fan Engagement: Tokenizes exclusive content or experiences for fans.Example:Audius, a blockchain-based music platform, ensures fair royalty distribution to artists.Discover more | Decentralized Social Media | Empowering Privacy and Autonomy10. Agriculture and Food IndustryEthereum enhances transparency, sustainability, and efficiency in agriculture.Applications:Farm-to-Table Transparency: Tracks the journey of food products, ensuring safety and quality.Crop Insurance: Automates payouts based on weather data using smart contracts.Sustainable Farming: Rewards sustainable farming practices using blockchain-based incentives.Supply Chain Management: Ensures ethical and transparent food logistics.Example:IBM Food Trust, built on Ethereum, ensures traceability in food supply chains.Also, Discover | Developing a Food Delivery App like UberEats with Blockchain11. InsuranceEthereum automates and secures insurance processes, reducing fraud and inefficiencies.Applications:Claims Processing: Smart contracts automate claim settlements, improving speed and accuracy.Risk Assessment: Uses decentralized data for unbiased risk evaluations.Fraud Detection: Blockchain's transparency prevents fraudulent claims.Peer-to-Peer Insurance: Allows individuals to pool resources for decentralized insurance.Example:Etherisc leverages Ethereum to develop decentralized insurance products.Also, Check | 2024 Blockchain Insurance Market: Explosive Growth And Gains12. EducationEthereum addresses credentialing, transparency, and accessibility in education.Applications:Credential Verification: Issues tamper-proof digital certificates.Student Loans: Streamlines disbursement and repayment through smart contracts.Decentralized Learning: Facilitates direct payment systems for educators and learners.Alumni Networks: Tracks alumni contributions transparently.Example:Blockcerts uses Ethereum to issue verifiable academic credentials.Also, Read | Driving Advancements in the Education Industry with BlockchainComparison of Enterprise Ethereum with Other Blockchain PlatformsFeatureEnterprise EthereumHyperledger FabricCordaSmart Contract FlexibilityHighMediumMediumDeveloper CommunityLargestModerateSmallInteroperabilityExcellentModerateLowScalabilityHighHighModerateCustomizationExtensiveHighMediumHow to Get Started with Enterprise EthereumIdentify Business Needs: Analyze specific challenges your business faces that blockchain can solve.Consult Blockchain Experts: Collaborate with experienced blockchain developers to design and implement solutions.Develop a Proof of Concept (PoC): Start small with a PoC to test feasibility and benefits.Deploy and Scale: Gradually scale your solution to incorporate more complex processes and integrations.ConclusionEnterprise Ethereum is reshaping industries by providing secure, transparent, and scalable blockchain solutions. Its ability to enhance efficiency, reduce costs, and foster trust makes it a vital tool for modern enterprises. As blockchain adoption grows, Ethereum remains a cornerstone for driving innovation and transforming business operations. If you are looking to build your project leveraging Etheruem, connect with our skilled blockchain developers to get started.
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Blockchain
Mudit Kumar
23 Jan 2020
An Investor's Guide to Cryptocurrency Exchange Platform Development in 2020
Our cryptocurrency exchange platform development team believes that cryptocurrencies hold the future of the payment industry in the year 2020. It is also apparent that more and more traders are approaching cryptocurrency exchange platforms to trade their cryptocurrencies. Thereby, proprietors can expect significant revenue and benefits with cryptocurrency exchange platform development in the year 2020.
Crypto investors looking to develop a crypto exchange platform can get in touch with Oodles Blockchain, a blockchain and cryptocurrency exchange development company. They can also refer to this guide that details the essentials of cryptocurrency exchange platform development in 2020.
Cryptocurrency Exchange Platform Development in 2020
A Right Type of Cryptocurrency Exchange Platform
Centralized Exchanges Essentially, a centralized exchange is a traditional form of cryptocurrency exchange. It involves a middleman or an intermediary to execute transactions. It is one of the reasons traders trust these exchanges to perform trading. Traders pay around 0.1-1-5 % charge for trading. Although they provide enhanced liquidity, security aspects can be a concern. Still, centralized exchanges are the most popular crypto exchanges among all and hence, a plethora of users prefer using them.
Decentralized Exchanges Decentralized Exchanges don’t require intermediaries to facilitate transactions. Thereby, they don’t store funds or other information on the server. They aren’t prevalent enough in the crypto space yet and hence, lack liquidity. However, they do ensure the use of robust security mechanisms to secure funds and crypto-assets.
Hybrid Exchanges Hybrids refer to a blend of multiple crucial aspects of centralized and decentralized cryptocurrency exchange trading platforms. The primary reason to develop a hybrid exchange is to ensure liquidity as well as the security of the platform. In the year, experts suggest that Hybrid exchanges will see an increase in adoption globally.
Meticulous Market Research
It is necessary to do extensive industry research before starting a crypto exchange platform. It is important to have answers to a few critical questions to ensure the success of the platform. What will be different cryptocurrencies’ price? Which countries are most preferred to run a crypto exchange in 2020? What features crypto traders expect to have in a crypto exchange for 2020? There are other vital critical factors too that you need to consider. For that, you may talk to our cryptocurrency development experts.
Also, Read Cryptocurrency Exchange Software: Everything You Need to Know About it
A Right Place to Start a Crypto Exchange Platform
After defining the business idea and its requirements, you need to choose a suitable place to set up and launch your cryptocurrency exchange. Given the potential of cryptocurrencies to reform global payment systems, most countries are legalizing the use of cryptos in the year 2020. Take a look at the following countries where you can run your crypto exchange with easy compliance requirements.
The United States
The United Kingdom
Japan
Singapore
Malta
Switzerland
Also Read: Three Reasons Why Developing Countries Are Moving Toward Cryptocurrency Development
Adherence to Jurisdictional Requirements of the Country
After the location selection, the next step is to evaluate that country’s regulatory requirement to launch an exchange platform. Launching crypto exchanges in the mentioned countries too require to follow their regulations. Failing to adhere to them can put you in trouble and increase overheads. So, the wise thing is to ensure regulatory compliance with the jurisdictional requirements of that country.
The Hiring of a Legal Team of counselors
Ensuring compliance with jurisdictional regulatory requirements requires a legal team to direct you in the right direction. Another solution to integrate a blockchain-based KYC module in the exchange. It requires users to validate their identity and get qualified to access the platform. Also, the AML (Anti-money laundering) module is an important integration. Both modules require users to show their proof of identity like passport, license, etc.
Features of a Cryptocurrency Exchange Platform
After finalizing the location, you need to determine the crypto exchange already operating there. Reviewing the features, reviews, and the trading process of those platforms can ensure you stand out from the crowd. We have outlined a few features that traders may expect in 2020.
Hassle-free withdrawal and deposits
Advanced dashboard
Intuitive website
Top-grade security
Sufficient liquidity
Social trading
Multiple charts in a single window
24*7 customer support
Having these features in your crypto exchange can ensure a heavy footfall of crypto traders.
Technical Aspects of a Crypto Exchange Platform
Another critical aspect is to layout the technical features you need to have in your crypto exchange platform. Here are a few features which you can integrate with the exchange platform:
Support for Android, iOS
Admin console
Matching Engine
Issuer console
Multi-language support
Multi-currency support
Crypto wallet integration
Payment gateway integration
Referral Program APIs
Atomic swaps
Trading bot
Rest API
Integrated Initial Exchange Offering (IEO) Module
Security Token Exchange (STO)
Liquidity APIs
These are some of the futuristic features a crypto trading platform must-have. So, ensure that the crypto exchange platform development provider you hire is capable of providing all these modules in the year 2020.
Security Features of a Crypto Exchange Platform
Security of the crypto exchange should be the utmost priority, whether it is a centralized, decentralized, or hybrid exchange. The following are a few security mechanisms that your solution provider needs to implement to strengthen the platform’s security.
HTTPS authentication
Data encryption
Anti-distributed denial of service (DDoS)
SQL injection
Jail login
Anti-denial of service (DoS)
HTTP Parameter Pollution Protection
Also Read: Cryptocurrency Exchange Platform: Architecture, Security, and Features
Hire a Cryptocurrency Exchange Development Company
To save yourself from all the hassle mentioned above in 2020, you can get in touch with a genuine cryptocurrency exchange platform development company. Having a product on production requires a team of well-versed crypto developers who already have a demonstrable record. Here are a few aspects you can consider before hiring a cryptocurrency exchange development company.
The development company must comprise of c-level Managers, crypto exchange designers and Developers, cryptocurrency marketing specialists, and financial advisors.
Crypto exchange companies like Oodles also provide options to develop a crypto exchange with different methods. They include providing a turnkey cryptocurrency exchange software as well as development from scratch to meet specific requirements.
Conclusion
Given the recent advancements in the development of cryptocurrency exchange platforms, the year 2020 seems quite promising for crypto enthusiasts and investors. We hope the steps mentioned in this blog guide you in the right direction.
Mudit Kumar
17 Jan 2020
Advantages of Using Blockchain and IoT for Supply Chain Management
Blockchain and the Internet of things (IoT) are two recent technological advancements transforming different industries. In supply chain management, key players are using blockchain and IoT to achieve efficiency, reliability, and speed for all stakeholders involved in the chain. Industries are finding Blockchain and IoT two most important strategic technology trends in 2020, According to IDC, 20 percent IoT deployment involve basic levels of blockchain services enabled.
Blockchain is a type of distributed ledger which provides characteristics like traceability, auditability, security, and efficient collaboration. IoT is a network of smart physical objects and things capable of connecting to that network to send and receive data. Some of the enterprise use cases of IoT include predictive asset maintenance, fleet monitoring, and plant operation monitoring.
Our blockchain development experts at Oodles suggest that combining blockchain and IoT to strengthen supply chain management can provide significant benefits for manufacturers, suppliers, and logistics service providers. In the following sections, find out key value drivers that the combination of blockchain and IoT provides for contemporary supply chains.
End-to-End Real-Time Supply Chain Visibility
The involvement of multiple parties in a supply chain makes it difficult to achieve end-to-end visibility and transparency. Using IoT devices to track the status of moving goods through the blockchain based supply chain and storing this information on a DLT (distributed ledger technology) solution can ensure that all participants in the chain get access to data in real-time.
For instance, a manufacturer is in the US and raises a purchase order on a supplier in Canada. He simultaneously assigns an LSP (logistics services provider) too to pick up and deliver the goods to the US. In this scenario, the supplier broadcasts products’ production status made traceable via their production monitoring IoT solution to a secure blockchain. It will enable both the LSP and manufacturer to track and trace the same information.
A supply chain with the provision of real-time access to data in a secure blockchain can enable organizations to achieve efficiency with transparency and security. It can also enable them to act fast to unexpected events like a sudden dip in customer demand or shipment delay due to weather.
Global Supply Chain Financing
Supply chains involving parties across borders and cross-border transactions require voluminous paperwork and bureaucracy. It impacts the timely execution of international payments. It is because they involve multiple parties that are subject to local banking regulation. Additionally, any discrepancies like duplicate invoices can cause delays in payment settlement and clearing.
Using a blockchain and IoT based solution can significantly expedite the goods movement across borders. It can also result in making cross-border transactions secure, efficient, and cost-effective while preventing fraud through DLT.
However, all this is possible with blockchain smart contracts. Smart contracts are computer programs consisting of terms of an agreement between two parties. In smart contracts, those terms can be programmed, enforced as per the occurrence of mentioned events, and executed automatically.
For instance, a goods manufacturer can have a smart contract with a retailer.
The contract will have conditional payment terms defined in code, such as payment execution upon goods’ delivery at the retailer’s dock. Both the manufacturer’s and retailer’s banks also will be able to access the contract’s status. Additionally, smart contracts and IoT devices together can enable monitoring of shipments’ status and execution of payment terms of the contract upon delivery. With visibility into the original contract, sales order, and actual delivery status, banks will be able to validate the contract’s authenticity and speed up the payment cycle.
Data-Driven Insights
In a blockchain and IoT powered supply chain, all stakeholders and things in the ecosystem can share data securely. Further, the use of the latest machine learning techniques on this holistic dataset, when combined with third-party data sources, can derive insights across supply chains.
For instance, manufacturers can share and access data in real-time from all partners like suppliers, LSPs, and contractors on a blockchain platform. They can combine this data with the climate and economic trends across the entire network. It will enable them to enhance their decision-making capabilities regarding the realignment of their sourcing and distribution networks. Meanwhile, the partners will be able to use to assess their role and impact on the overall supply chain. They can make adapt improvements designed to increase their competitiveness.
Conclusion
The combination of Blockchain and IoT can significantly address key issues of global supply chains while adding value to enterprises. If you want to explore opportunities created by blockchain in supply chain management, connect with us. Both IoT and blockchain have started gaining traction across industries. It is likely that they will accelerate into production as the technologies become more developed.
Mudit Kumar
16 Jan 2020
Three Ways Blockchain Promises to Change the Digital Marketing Forever
The applications of blockchain in digital marketing explained in this article are a few possible ways to revamp the online space. The leaps and bounds that blockchain has made so far are laying the foundation for a transparent and consumer-centric digital marketing space.
The digital marketing space has changed radically in the past decade. Now, it is about to experience another revolution because of blockchain technology. While there are hue and cry over things like AI and analytics, the biggest disruption is about to happen with blockchain. So, let understand how blockchain will impact the digital marketing space in a more comprehensive manner.
Blockchain's Role in Digital Marketing
Essentially, blockchain stores data in an immutable way while keeping it shared across network participants. It facilitates peer-to-peer transactions without requiring intermediary verification.
Mainly, blockchain’s use cases are found in the financial services industries, like cryptocurrency-based financial solutions. However, using it as the underlying technology for digital marketing processes can prove quite beneficial.
While AI and analytics benefit mostly businesses than consumers, blockchain provides solutions to level the playing field for everyone. It gives the power to control and access data back to consumers.
Let’s take a look at how blockchain and blockchain app development services are changing the digital marketing space.
Empowering Consumers
The most notable thing about blockchain is that it brings consumers in the power of their data. Up until now, numerous companies have gained benefits from using consumer data without their consent. For instance, they ask for our phone number, email address, residential address, and more to even make a simple in-store or online purchase. It does help consumers in some ways, as it enables companies to personalize their marketing efforts. However, in other ways, it is invasive, and companies often misuse personal information.
Blockchain in Action
Blockchain changes this practice by restricting companies to use customer data without either their consent or reimbursing them with the equivalent value. For instance, the Brave browser is such an online advertising platform that is changing the way consumers interact with ads. Instead of bombarding with ads, Brave’s users opt-into viewing ads. It, in return, incentives them with Basic Attention Tokens (BATs) for the ads they interact with. Another new platform is Blockstack that uses blockchain to protect users’ digital rights, by forming a network of decentralized apps. Traditionally, users provide their data to use certain applications, and data reside on the application’s server.
With Blockstack, users remain in control of their data. Blockstack acts like a key to unlock other apps and returns to the users as soon as they complete using those apps.
The idea seems simple but is revolutionary in terms of digital marketing. It prevents free-for-all data-grab that digital marketing and other online services to do for personalized marketing. It might not be good news for digital marketing. But, towards consumers’ data and privacy protection, it is a necessary step.
Editing Projects
Blockchain enables marketers to work collaboratively on a writing project with the provision to see who made it, when, where, and why. For instance, Wikipedia, the open-source online encyclopedia is the fifth-most visited website in the world. It is entirely managed with user-edits and donations per year. With blockchain, editing will be decentralized, meaning that no single users will have the ownership of a particular project.
Google docs and other cloud-based platforms now follow the same method, but they lack traceability. Applications like Cryptpad also have begun experimenting with blockchain technology in writing and editing programs, to pick up from where others left off.
The interesting thing about the CryptPad project is its process of collecting information. It does not seek users’ personal information. Instead, it asks how people use CryptPad, why they use it, and how CryptPad can enhance users’ experience. The anonymity, encryption, and transparency powered by blockchain can change the way we collaborate for digital marketing related writing projects.
Smart contract Solutions
In the digital marketing space, marketers can gain significant benefits from blockchain smart contracts solutions in many ways. For instance, in ad enforcement, marketers can use smart contracts to automate agreements between your company and a publisher. Then, once the number of ad impressions has been achieved, the smart contract will automatically pay the fees.
Smart contracts can also facilitate purchasing and licensing rights from content creators. For instance, if you use a song, photograph, or a piece of article for marketing purposes, it can land you in trouble with copyright and licensing. To address such an issue, Kodak has announced that they are piloting a blockchain-based service that incentivizes photographers whenever someone uses their image. It ensures that content creators get their due, while a marketing department doesn’t need to worry about
Conclusion
The paradigm of digital marketing is changing rapidly with technological innovations. But, it seems that blockchain can change it more radically, perhaps in irreversible ways. Blockchain for digital marketing can revolutionize the way we deploy, consume, and understand digital marketing campaigns.
If you are looking to explore blockchain's potential in the digital marketing space, consult with our tech. experts directly. Oodles is one of the early adopters of blockchain with experience in building solutions for different industries with blockchain.
Mudit Kumar
14 Jan 2020
Three Ways Blockchain Smart Contracts Are Revolutionizing Healthcare
The benefits of using smart contracts in healthcare are becoming more widely understood. At Oodles, our experts believe that blockchain healthcare solutions with smart contracts can bring various positives in the industry. In this blog, we will analyze the role of blockchain smart contracts in the healthcare industry.
Blockchain Smart Contracts
One of the most powerful use cases for blockchain lies in smart contracts. The security and safety of blockchain technology make smart contracts and their digital agreements suitable for any domain, including healthcare. With the increased number of patients needing medical care, there has been a significant strain on healthcare providers.
Managing patients’ health information, records, and data have become a large task for many practitioners. Additionally, there have been many cases of fraud due to the vulnerability of the outdated systems currently in use. These issues cannot be solved by practitioners alone. This is where smart contracts come into the role.
Smart Contract-based Health Insurance
Smart contracts can be used daily in health insurance and could reduce many inefficiencies in the current system. If patients use smart contracts to buy their insurance, all details of their policy will be automatically secured in their patient profile. This is then stored on the blockchain – a safe and secure ledger that is less prone to hackers than a traditional database.
They could also eliminate the stress involved in having to file lengthy insurance claim forms. If an insuree was to go through a medical procedure that is covered by the insurance policy, the smart contract would be automatically triggered. This means that the money from the insurance company’s account will go straight to the hospital. This automation cuts out any delays and hassle and allows for correct payments of medical services. In turn, this would speed up all transactions between parties and ensure the procedure does not get delayed.
Smart Contract-powered Health Records
Blockchain smart contracts allow records and information to be stored on a digital ledger. This means if a patient was moving from one hospital to another, they would be able to do so with ease and without having to fill out numerous forms. Records can then also be viewed by the patient’s preferred physician on the blockchain network.
Hospitals and healthcare companies rely on a number of databases filled with patient information. However, these can be too restrictive to allow for the sharing of potentially life-saving insights around the globe. Without blockchain and smart contracts, this information may take a long time to reach the recipient and could potentially be hacked.
If health records were kept in a smart contract and stored on the blockchain, that information would be available to hospitals and research institutions everywhere. With sufficient adoption, an individual could walk into any hospital in the world for treatment, and if they produce their private key, the hospital would have access to their information in a heartbeat.
Smart Contract-based Telemedicine
Telemedicine is a medical field that is growing by the day. It allows physicians and doctors to reach their patients through the use of electronic devices, such as mobile phones and other IoT devices. It is primarily used for providing care for the terminally ill. Telemedicine allows doctors to take care of prescription compliance and collate real-time data measurements of their patients’ conditions. These modern advancements are helping to increase interoperability and reduce admin inefficiency whilst enhancing patient outcomes.
However, Telemedicine has downsides as the mechanisms involved are a large target for hackers. If smart contracts are used, the safety and privacy of a patient’s information and other important clinical data can be ensured. Smart contracts can be implemented on a large scale and stored on the blockchain to share and protect the data. They can also help to maintain data and ensure patients’ private information is stored securely and in a transparent manner.
Conclusion
Smart contracts combined with blockchain technology represent the future of healthcare and medicine. They embrace high-level encryption and security that allows users, patients, and doctors to have trust that their information is safe and attack-proof.
Mudit Kumar
10 Jan 2020
Developing a Food Delivery App on Blockchain
A blockchain-based food delivery app can offer various benefits to developers, owners, and end-users. It is because blockchain supply chain management for the food industry is well-known for providing advantages like higher security, better transparency and traceability, and more in a business network. So, diverse industrial domains are adopting supply chain solutions built using blockchain platforms like finance, supply chain, healthcare, and others.
If we talk about blockchain application development for food delivery, the platform essentially provides an edge over traditional apps due to attributes like secure and seamless data storage and sharing.
To understand what advantages a mobile app can get when developed using blockchain, we will consider a case of a food delivery mobile app. We will analyze the impact of using blockchain as a database or underlying technology infrastructure for the mobile app.
So, let’s begin with understanding the key concepts of blockchain.
Key Concepts of Blockchain for Mobile App Development
Shared, Distributed Ledger
One of the primary attributes of blockchain is that transactions once approved and appended to it become immutable. It means nobody can alter any data without consensus, a mechanism for approving transactions, and changing the ledger’s state.
It also eliminates the chances of data duplications as transaction information is added after consensus or approval from network admins. Additionally, it enables all network participants access to transaction information. However, they can view only permitted transaction information.
Permissions
It is not necessary to enable ledger access to all participants. Blockchain solutions also provide the provision to prevent participants from viewing specific transactions. It strengthens security and ensures that only authentic participants in the network access information.
Consensus
A blockchain solution can only add transactions when there is a consensus between transacting users for a specific transaction. It means that not even network operators or stakeholders can alter or change the state of transactions on the ledger.
Consequently, it provides various advantages like end-to-end traceability, fast transactions, data security, and more. Thus, it makes sense to integrate blockchain into your business operations.
These are some of the perks that come with using blockchain as the underlying infrastructure to develop and run a mobile app. Now, let’s assess the type of blockchain participants to understand who plays what role in a network.
The Roles of Blockchain Participants in a Mobile App Development
Blockchain Mobile App Users
These are users who join a blockchain mobile app network to make transactions with other users in the network.
Regulators
Regulators have special permission to oversee each transaction occurring in the network by anyone.
Blockchain Mobile App Developers
Blockchain developers develop the mobile app and the blockchain network on which transactions and other activities work.
Mobile or Network Operators (Owner)
These are people who form, manage and observe the blockchain network.
Benefits of Developing a Food Delivery Mobile App with Blockchain
Tracking of Food Items
With blockchain technology, the tracking of food items is very easy. Barcodes and QR codes make the job much easier for companies. Moreover, businesses can regulate access to see the information of products.
Prevents Fraud
Strict security measures protect transactions and information from fraud and data tampering.
One can detect the possibility of foreign matter in food items with food tests. These tests also provide minute details like a batch of food, timings for execution, etc.
Blockchain protects all this data due to its immutable nature. It prevents fraud in the supply chain.
Food Safety
The mobile app could be loaded with features that allow you to get an update on your business issue in a few seconds. Thus, it prevents food items from going to waste. Moreover, you can get track of contaminated foods and safe foods.
Faster payments
Blockchain makes payment not only secure but faster as well. Blockchain makes the cross-checking process faster than traditional technology. So, an app could make your business free from the hassle of delays in payments.
Product Information
Product information is essential if you want to keep a track of all the product labeling information including products' prices and other essentials. A mobile application can ease this process by allowing only reliable suppliers to enter the chain.
Tracking of Food Volumes
Customers or suppliers can easily have information about food volumes bought and sold for each member of the supply chain. Thus, there is no need to have a central authority that one needs to trust.
Reducing Expenditure
Blockchain reduces expenses by removing the intermediaries so that participants can directly trade with each other. Thus, efforts reduce significantly to accomplish a task.
Better Privacy
User IDs and permissions allow users to choose which transaction details are required. Thus, a user can have better privacy, thereby building the trust of users.
Wrapping Up
Blockchain technology is one of the most sought-after technologies that can benefit various industries. Specifically, one can improve many areas in the food industry.
Many top brands like Unilever and Amazon have included blockchain to a great extent.
This is why top mobile app development companies like Oodles emphasize blockchain mobile app development with our expert pool of blockchain developers having fuelled various Fortune 500 companies.
Have an app development requirement? Contact us by visiting our website.
Mudit Kumar
08 Jan 2020
Applications of Blockchain and Cryptocurrency in Business Solutions
For businesses, it is the right time to think about using blockchain and cryptocurrency-based solutions to simplify complex operations. In the last decade, the demand for blockchain and cryptocurrency-based solutions for businesses has grown exponentially due to many reasons. They follow the concept of decentralization, anonymity, automation, and more. The attributes they provide contain the potential to change the world as we know it.
Uses of Blockchain and Cryptocurrency Solutions in Businesses
Interestingly, blockchain and cryptocurrencies' potential extends beyond the applications in the financial services industry. Now, both have numerous use cases in diverse industries apart from cryptocurrency exchange development. Here are some of them, which may surprise you as well.
Secure Decentralized Crypto Ecosystem
Using a secure decentralized crypto ecosystem for wealth management is one of the beneficial ways to use cryptocurrency with blockchain technology. Many companies are following this concept, and SwissBorg is one of them.
SwissBorg has created its asset-backed crypto tokens for investment solutions. It enables investors to manage their real-world wealth without any restriction or boundary.
SwissBorg uses a decentralized crypto ecosystem. It enables individuals, as well as financial experts, can create and manage their crypto assets’ investment portfolio securely. It bridges the gap between the crypto market and the traditional investment market.
SwissBorg uses blockchain smart contracts to replace costly financial advisors to create investment portfolios. It also attracts institutional investors with the creation of an off-chain crypto fund. They often face the wrath of rules and regulations that prevent them from investing in cryptos.
Digital Publishing and Engagement
Digital publishers and advertisers currently strive to increase and maintain their relevancy with one another. Today’s traditional banner ads have no relevance with content they are run with and are ineffective.
To address this irrelevance issue, one company is offering a new method of pay-per-article advertising. The new method enables advertisers to pay for valuable real estate ads placed above a relevant article that the target audience might be consuming. It uses a proprietary solution built using cryptocurrency and blockchain to increase engagement. It means that both publishers and audiences can earn token rewards by engaging in commenting and publishing original content. Also, advertisers can buy tokens to place their ads among relevant articles.
Another great feature of such a solution can be traceability. For instance, SolidOpinion uses its digital currency (engagement tokens) and blockchain’s powered traceability to track users’ engagement and relevance of information. It facilitates online advertisers to get relevant information and use it effectively.
Read more: Introducing Blockchain for Efficient Decentralized Digital Advertising
Environmental Solutions
For environmentalists, using solutions built with cryptocurrency and blockchain can be quite beneficial in making the world greener. For instance, recently a system has been developed called Brooklyn Microgrid. It enables people who have solar panels to sell or rent out their environmental credits through a mobile app to residents with no direct access to energy. It will result in less carbon-based power consumption and increased use of solar-based energy.
Traveling
If more key travel industry players start accepting crypto payments, it will likely increase people’s involvement in using them for transactions. Not only will it increase travel transactions but also enable people to make crypto payments for flights, hotels, cruises, and car rentals through cryptocurrency wallets.
Education
Now, more and more educational institutions are inclining towards crypto and blockchain-based solutions, such as accepting payments, digital credentialing, student credit transfer, and more.
For instance, universities in Germany, Switzerland, Cyprus, and the United States have started accepting cryptocurrencies as payments.
Fund-raising
An umpteen number of startups are preferring STO development services to fund their ideas, products, and services. They are bypassing traditional means to raise funds such as VC funding or using costly fundraising websites. It is because running a security token offering campaign to raise funds have proved quite effective and efficient than traditional means. Also, blockchain-powered STO solutions development revolutionizes the entire fund-raising process with traceability and secure fund storage.
Conclusion
There are numerous other ways cryptocurrency and blockchain solutions can revolutionize various aspects of our lives as well as today's businesses. Soon, we may experience exponential growth in the popularity of cryptocurrencies and blockchain solutions for businesses, considering the myriad of opportunities they provide.
Mudit Kumar
07 Jan 2020
Blockchain in Insurance: Enabling New Opportunities
In the previous blog, we explored how blockchain is providing technology solutions to enhance existing processes in the insurance industry. In this blog, we will find out how blockchain and its applications are enabling new opportunities in insurance.
Blockchain enabling new insurance practices is about using smart contracts and dApps to conduct actual insurance with blockchain accounts. While such implementations are in many respects more radical and sometimes more speculative than insurance with blockchain, they present exciting opportunities for innovation that can result in new products and new markets. What is more, the low cost of smart contracts and their transactions means that products that are presently prohibitive in developing countries can become more competitive in those underinsured markets by using distributed ledger technology.
Notably, insurance blockchain solutions can lower the threshold of identity that is required to become insured. Some processes of insurance on the blockchain are already being pursued include index-based or parametric insurance and peer-to-peer (P2P) insurance.
Index-based or parametric insurance
Index-based insurance relies on an underlying index to determine compensation to insureds. The index can be, among other things, in relation to temperature, rainfall, wind speed, or flight time. This type of insurance does not indemnify pure loss.
It pays out a certain lump sum upon the occurrence of an objective, pre-defined parametric within a set time period, such as 30 days of drought in a given region in a given year to compensate for likely crop failure or herd loss. While index-based insurance is relatively cheap to administer by comparison with more conventional insurance products, blockchain can further reduce the costs that are involved through comprehensive automation of every step of the index-based insurance process, from contract to claims. Index-based insurance on a blockchain achieves such automation by using oracles that feed external data into smart contracts to initiate transactions that settle and clear between blockchain accounts within minutes. Index-based insurance is especially effective in developing countries due to its simplicity. In much of Africa and Asia, values insureds are typically very small scale while the administrative costs remain as large as developed countries since in both cases claims are time-consuming and expensive to verify. Index-based insurance can overcome this imbalance, and when conducted on a blockchain, automation goes even further toward rectification. Of course, index-based insurance also has a niche to fill in developed countries for products that are inherently parametric, such as flight delay and cancellation insurance. By reducing overhead, automating claims, and accelerating settlement, blockchain technology can render these products more cost-effective, and by enhancing overall convenience, it can make these products more attractive to consumers. ConsenSys has its own oracle platform, Rhombus, with access to over five trillion real-world data points that can inform smart contracts across a range of applications.
P2P Insurance
Peer-to-Peer (P2P) insurance involves a group with some degree of affinity (family, friends, business associates, etc.) who team up to contribute to insure each other against loss. Through rigorous selection, this pool, akin to a reciprocal, can produce a lower loss ratio and hence a lower cost for its members. What is more, funds that are available in the pool at the end of the coverage period can be refunded to the members, who are both policyholders and subscribers at the same time. Blockchain can enhance the efficiency and transparency of this model and so render it more popular. Written premiums can be held in escrow on a smart contract. Claims can be paid out from this smart contract when the correct digital signature is applied27. The smart contract’s code might designate that the signature come from a certain third-party assessor, but it can also require that signatures be received from multiple members of the pool to validate the claim. Members can be confident in the voting mechanism as the blockchain maintains an immutable record of everyone’s decision.
Claims Handling
Gathering and processing data on claims can be challenging as well as expensive. Data is manually entered and shared between different parties with different systems, which can produce errors in transmission. Blockchain technology can automate a great deal of claims-handling and reduce settlement times. For instance, a vehicle might one day be kitted out with a sensor that in turn informs a smart contract. In the event of a collision, the smart contract automatically alerts emergency services, confirms insurance, and launches a claim. Such automation would result in better service for insureds and cost-savings for insurers. Manual processes would be reduced or eliminated.
Oodles is a growing blockchain app development company that offers various development services and solutions using blockchain technology. You can directly talk to our experts if you're looking to explore how blockchain can enable new opportunities in the insurance industry.
Mudit Kumar
04 Jan 2020
Blockchain in Insurance: Enhancing Current Processes
Blockchain is one of those technological advancements that businesses must explore. Top benefits of blockchain, efficiency, accuracy, and cost savings can enable digital transformation with significance. The insurance industry is among the first to explore its potential for operational efficiency. Industry leaders, including the World Economic Forums, have begun acknowledging the impact of blockchain in the insurance industry.
Blockchain Technology
Blockchain is a feature-rich distributed ledger technology (DLT) that serves as the underlying infrastructure for business applications and solutions. Essentially, a blockchain is a ledger shared across a network of computers in which a peer-to-peer method controls the input and maintenance of data with immutability. The P2P mechanism restricts any centralized authority or intermediary to manage the ledger or the network. The ledger stores inputs as an unalterable chain of transaction blocks once validated and transmitted with network consensus.
Blockchain in Insurance
Financial services providers are employing blockchain based applications due to its potential for disintermediation of operations and services, transparent and fast data reconciliation, and efficient transformation of legacy business models. Comparatively, insurers have not been able to cope with recent developments in technology and changing customer preferences. However, the industry is dynamic enough to gain benefit from the blockchain technology. Blockchain can enable insurance providers to increase operational efficiency, cut costs, improve data quality, and enhance customer experience. Studies indicate that 46% of insurers are open to integrating blockchain in the coming years. Also, 84% of insurers believe that blockchain and smart contracts applications can transform the way that they engage with new partners and customers.
The potential of blockchain can improve existing insurance processes, as well as enable new insurance practices. Enhancing current insurance processes means, as a use case, insurers can use it to pay salaries, premiums, and claims. On the other hand, forming new insurance practices requires a more radical implementation of blockchain app development. It involves executing actual insurance processes over smart contracts and decentralized applications (dApps).
Enhancing Existing Insurance Processes with Blockchain
Revamping insurance processes with blockchain means the integration of technology to complement existing business practices.
Blockchain enables participants to share real-time data in an authentic and traceable manner. Whenever a user adds a file to the blockchain database or requests to change it later, it counts as a new transaction that is stacked and time-stamped across the network. Subsequently, it makes the history of any file completely transparent from beginning to end. With private chains or a combination of public and private chains, companies can grant access to information on a need-to-know basis. These things enable a blockchain solution or a distributed ledger to leave no single point of failure. They also ensure security and resilience than other traditional databases. Further, the capability to share data securely greatly enhances insurance operations and improves data quality, which ultimately reduces associated costs.
KYC/AML
Regulatory compliance requirements like Know-your-customer and anti-money laundering (KYC/AML) prove complex for banks and insurance companies. With a blockchain-powered shared database, they can streamline KYC/AML compliance while reducing the cost.
Any single institution within the blockchain network onboard a customer for once. Then, others can use the same information to onboard that customer in comparatively less time.
For instance, a customer wants to use the services of a new institution. That institution can access the documentation already stored on-chain and perform due diligence. Here, encryption ensures that the institution gets access to only shareable information of documents.
Fraud Prevention
Fraud is an obstacle for the insurance industry. A blockchain-enabled shared database that has different levels of data access and control between insurers and policyholders can combat fraud. It can enable insurers to prevent double-booking or processing multiple claims from the same accident. It can determine ownership of high-value items with immutable digital certification.
Fraud mitigation is one of the compelling blockchain’s use cases in the insurance industry, having huge sums at stake.
Find complete details here: Preventing Insurance Frauds with Blockchain.
Reinsurance
Blockchain can improve payment transfer and information sharing between insurers and reinsurers. With a blockchain-enabled shared database, insurers can use smart contracts to enter data onto it and make it accessible to reinsurers, retrocessionaires, and regulators on a need-to-know basis in real-time. Then, authorities can also extract data from the blockchain for modeling, audits, and compliance checks. In a nutshell, it can reduce risk, process claims with automated notification to relevant participants, and automate settlement and reconciliation of payments. A permissioned blockchain can improve data quality while reducing costs, errors, and time.
However, its implementation will require integrated cooperation among insurers and reinsurers.
For more detailed information on Blockchain in Reinsurance, visit this blog.
Mudit Kumar
03 Jan 2020
Deploying a Smart Contract on Hedera Hashgraph Network with Java
Hedera Hashgraph is a different type of distributed ledger technology that uses DAG (Directed Acyclic Graph). DAG is already being used in machine learning, compilers, and statistics. In this case, the data is not stored in blocks but is distributed by events. DAG system is also used to solve the Byzantine General Problems. As a rule, each project developing a distributed registry has its own way of synchronizing nodes, i.e their own consensus algorithm.
Hashgraph Consensus Algorithm
Each validator collects its transactions, randomly chooses the other participant, and transfers the information about the transactions to the participant, as well as the information that the other nodes have informed when they connected to him.
The functionality is very simple: the validator “listens”, receives all messages that are coming to him, and afterward, randomly chooses the other participant and sends him all the transactions along with his own. Hashgraph guarantees that with the final number of steps (rounds of protocol’s work), all nodes reach the same state. The protocol works fast enough and is easily scalable. In the network, there is no leader. As long as 2/3 honest nodes remain, the protocol secures the high level of safeness. For nodes to be synchronized and to achieve the agreement between them, there is also an exchange process going between the other participants of the network randomly.
Registration (KYC)
First, you need to register on the portal and pass the identity proof. It is important, registration at the portal is possible as part of the testing phase. Here are instructions for registration and completing the KYC process.
Read More - Is Blockchain the Right Underlying Technology for Digital KYC verification
Network selection
First of all, you have to choose the network so that the smart contract functionality is available at the moment only in the testnet. So, let’s choose the testnet.
Network access
The portal will request that you provide an access code to the network, which can be received via e-mail, by leaving the request at the website.
Enter the code, and Hedera will return the following information:
This data will be needed in the future.
Public and private keys
First of all, you have to add a dependency in your pom.xml file given below:
<dependency>
<groupId>com.hedera.hashgraph</groupId>
<artifactId>sdk</artifactId>
<version>0.7.0</version>
</dependency>
To generate public and private keys, you have to write the code in Java which is given below:
Ed25519PrivateKey newKey = Ed25519PrivateKey.generate();
Ed25519PublicKey newPublicKey = newKey.getPublicKey();
network
Deploying the smart contract on Hedera Hashgraph network
To deploy the smart contract on Hedera Hashgraph testnet, you have to compile your solidity code and get the bin file of that smart contract and your bin file containing some byte code. You can get bin file of your smart contract with the use of command and the example of byte code which is given below:-
solc SimpleToken.sol --allow-paths "." --bin --abi --optimize -o /home/suraj/Downloads/hedera1/
Byte code: 302e020100300506032b657004220420d396c78d1d4c31a9f3f5c16eb81eb542803c89beddf30e1e1a583dd2db433704
HelperClass
package com.suraj.phicoin.service;
import com.hedera.hashgraph.sdk.Client;
import com.hedera.hashgraph.sdk.account.AccountId;
import com.hedera.hashgraph.sdk.crypto.ed25519.Ed25519PrivateKey;
import org.springframework.beans.factory.annotation.Value;
import org.springframework.stereotype.Service;
import java.util.HashMap;
import java.util.Map;
import java.util.Objects;
@Service
public class HederaClient {
@Value("${OPERATOR_ID}")
private String operatorId;
@Value("${OPERATOR_KEY}")
private String operatorKey;
@Value("${Node_Address_1}")
private String nodeAddress1;
@Value("${Node_Address_2}")
private String nodeAddress2;
@Value("${Node_Address_3}")
private String nodeAddress3;
@Value("${Node_Address_4}")
private String nodeAddress4;
@Value("${Node_Id_1}")
private String node1;
@Value("${Node_Id_2}")
private String node2;
@Value("${Node_Id_3}")
private String node3;
@Value("${Node_Id_4}")
private String node4;
public Client hederaClientSetup() {
AccountId operatorId1 = AccountId.fromString(operatorId);
AccountId node_1 = AccountId.fromString(node1);
AccountId node_2 = AccountId.fromString(node2);
AccountId node_3 = AccountId.fromString(node3);
AccountId node_4 = AccountId.fromString(node4);
Map<AccountId,String> nodeAddressMap = new HashMap<>();
nodeAddressMap.put(node_1,nodeAddress1);
nodeAddressMap.put(node_2,nodeAddress2);
nodeAddressMap.put(node_3,nodeAddress3);
nodeAddressMap.put(node_4,nodeAddress4);
System.out.println(nodeAddressMap);
Client hederaClient = new Client(nodeAddressMap);
Ed25519PrivateKey operatorKey1 = Ed25519PrivateKey.fromString(operatorKey);
hederaClient.setOperator(operatorId1,operatorKey1);
return hederaClient;
}
public String getOpreatorKey() {
return operatorKey;
}
public String getOperatorId() {
return operatorId;
}
}
package com.suraj.phicoin.service;
import com.hedera.hashgraph.sdk.*;
import com.hedera.hashgraph.sdk.contract.ContractCallQuery;
import com.hedera.hashgraph.sdk.contract.ContractCreateTransaction;
import com.hedera.hashgraph.sdk.contract.ContractDeleteTransaction;
import com.hedera.hashgraph.sdk.contract.ContractId;
import com.hedera.hashgraph.sdk.crypto.ed25519.Ed25519PrivateKey;
import com.hedera.hashgraph.sdk.file.FileCreateTransaction;
import com.hedera.hashgraph.sdk.file.FileId;
import com.hederahashgraph.api.proto.java.ResponseCodeEnum;
import java.io.IOException;
import java.time.Duration;
import java.time.Instant;
public class CreateSimpleContract {
private CreateSimpleContract() { }
public static void main(String[] args) throws HederaException, IOException {
HederaClient hederaClient = new HederaClient();
String byteCodeHex = "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";
byte[] byteCode = byteCodeHex.getBytes();
Ed25519PrivateKey operatorKey = Ed25519PrivateKey.fromString("302e020100300506032b657004220420d396c78d1d4c31a9f3f5c16eb81eb542803c89beddf30e1e1a583dd2db433704");
Client client = hederaClient.hederaClientSetup();
// create the contract's bytecode file
FileCreateTransaction fileTx = new FileCreateTransaction(client).setExpirationTime(
Instant.now()
.plus(Duration.ofSeconds(3600)))
// Use the same key as the operator to "own" this file
.addKey(operatorKey.getPublicKey())
.setContents(byteCode);
TransactionReceipt fileReceipt = fileTx.executeForReceipt();
FileId newFileId = fileReceipt.getFileId();
System.out.println("contract bytecode file: " + newFileId);
// create the contract itself
ContractCreateTransaction contractTx = new ContractCreateTransaction(client).setAutoRenewPeriod(Duration.ofHours(1))
.setGas(217000)
.setBytecodeFile(newFileId)
// set an admin key so we can delete the contract later
.setAdminKey(operatorKey.getPublicKey());
TransactionReceipt contractReceipt = contractTx.executeForReceipt();
System.out.println(contractReceipt.toProto());
ContractId newContractId = contractReceipt.getContractId();
System.out.println("new contract ID: " + newContractId);
FunctionResult contractCallResult = new ContractCallQuery(client).setGas(30000)
.setContractId(newContractId)
.setFunctionParameters(CallParams.function("greet"))
.execute();
if (contractCallResult.getErrorMessage() != null) {
System.out.println("error calling contract: " + contractCallResult.getErrorMessage());
return;
}
String message = contractCallResult.getString();
System.out.println("contract message: " + message);
// now delete the contract
TransactionReceipt contractDeleteResult = new ContractDeleteTransaction(client)
.setContractId(newContractId)
.executeForReceipt();
if (contractDeleteResult.getStatus() != ResponseCodeEnum.SUCCESS) {
System.out.println("error deleting contract: " + contractDeleteResult.getStatus());
return;
}
System.out.println("Contract successfully deleted");
}
Mudit Kumar
01 Jan 2020
Blockchain in Business | Debunking Myths and Misconceptions
Whether it is supply chain management, human resources, or any other sector, blockchain development services can positively impact multiple industries. However, blockchain in business has a slower adoption rate in industries.
One of the many reasons is the myths revolving around distributed technology and how that works. It threatens and prevents businesses from capitalizing on its far-reaching capabilities. So, let’s debunk a few misconceptions about blockchain first. Subsequently, we can find out the reasons signaling why you need it for your business.
Common Myths about Blockchain Technology
Myth: Blockchain can only help manage currencies
Blockchain has found its primary use cases in managing financial transactions. However, now many businesses are using blockchain solutions to expedite settlement processes, enhance cross-border payments, and make end-to-end, traceable supply chain processes.
Whether it is about goods shipment or verification of credentials, blockchain solutions can significantly enhance the security and transparency of transactions.
Additionally, employers can use it to verify a job applicant’s credentials. It validates the skill claims of the applicant.
Myth: Blockchain drains energy while increasing costs
It is true that mining via public blockchains can drive up costs. But, it is not true with permissioned blockchain solutions.
Permissioned or private blockchain networks don’t require crypto mining. Instead, a group of trusted participants defines information validation rules across the network. As a result, it proves to be quite cost-effective and beneficial.
Myth: Blockchain is Bitcoin, and Bitcoin is blockchain
Blockchain operates as the underlying infrastructure for cryptocurrencies like ETH, and XLM. Additionally, it has many other applications across diverse enterprise operations, like insurance, healthcare, identity verification, and supply chain management.
If you’re a business reluctant to adopt blockchain because of these misconceptions, consider connecting with our team for more clarity.
Also, Check | Blockchain Beyond Cryptocurrency: New Business Applications
So, now that we have debunked the myths around blockchain, let us find out why you need blockchain for your business.
Blockchain in Business
Blockchain moved beyond its applications in cryptocurrencies a long ago. Now, almost any industry involving data management, intermediaries, transactions, and more, can explore blockchain.
In the following section, get answers to questions like why you need blockchain solutions for your business.
Dependence on Legacy Supply Chains
Blockchain can play a significant role in legacy supply chain processes. So, businesses dependent on legacy supply chains like pharmaceuticals, food, healthcare, or manufacturing, can use this technology.
Traceability
Existing supply chains are not traceable or transparent enough to satisfy consumer demands in these industries. It requires to have a traceability system that can detect anomalies and inefficiencies by fraudulent activities. For instance, introducing blockchain in the food supply chain can improve the traceability of food products from the farm to the table.
Similarly, blockchain in healthcare can enable pharma companies as well as consumers to track the entire journey of medicines. It is because once a blockchain stores data, it becomes immutable. Further, it enables all stakeholders to have equal and easy access to information related to the provenance and state of products.
Suggested Post | A Use Case for Blockchain in Thorium’s Supply Chain Traceability
Secure Transactions
Blockchain enhances fragmented supply chains by securing processes and transactions right from manufacturing and transportation to end-consumers. It does it in a way that makes every participant accountable for their responsibilities (as per the agreement) throughout the supply chain.
Enhanced Supplier Relationship through KYS (Know Your Supplier)
Stakeholders within a supply chain can onboard suppliers globally, as well as manage long-term relationships through an industry-wide platform. It is possible with blockchain smart contracts used to store and manage data related to supplier onboarding. It provides stakeholders with advantages like onboarding simplification, secure access to information, and enhanced reporting capabilities.
Explore More | Supply Chain Development with Blockchain in 2023
Managing Stringent Regulations
Almost every industry faces challenges occurring from increased pressure from regulators and governing bodies. Blockchain technology provides regulators with the traceability required to obtain higher levels of assurance concerning products’ entire supply chain.
Slow Business Transaction Speed
Transactions for contract execution, like asset ownership and transfer occurring through business networks, are slow, inefficient, costly, and vulnerable to manipulation. Every participant in the business network uses their ledger to maintain business records.
It gives rise to discrepancies and duplication in transactions, resulting in disagreements, disputes, increased settlement times, and dependency on intermediaries with associated overheads. The use of a blockchain-powered ledger across the business network can help it to reduce overheads while lowering risks.
Blockchain provides a consolidated, consistent dataset with reduced errors, and near-real-time reference data using consensus mechanisms. Also, no single participant owns the ledger or the source of origin for the information stored on it. It leads to enhanced trust and integrity in the flow of transaction information among participants.
Furthermore, attributes like immutability and transparency lead to cost-effective auditing and regulatory compliance practices. So, executing business contracts like ownership transfers or making payments with blockchain makes them smart, automated, and final. It benefits businesses with increased speed of transactions, lowered costs, and timely settlements of contracts.
Check It Out | Top Blockchain Use Cases in Finance
Conclusion
There are more reasons for a business to invest in blockchain solutions and introduce the technology within its ecosystems. To name a few, it can strengthen the security of data storage and exchange, enhance identity management, establish trust and transparency among consumers, and more.
Apart from businesses involving complex supply chains and slow contract execution, other enterprises can also explore blockchain development services. They can avail of these services to boost business productivity and performance by investing in the right blockchain use case.
If you want to develop a blockchain-based project, then connect with our blockchain developers today.
Mudit Kumar
31 Dec 2019
Preventing Fraud in Contracts, Supply Chains, and Identities with Blockchain
Blockchain’s initial development’s origin lies in preventing fraud in digital currency exchanges. However, in 2019, many key industry players found that blockchain provides strengthened security and numerous disruptive use cases for their industries. They found use cases that can revamp complex processes and prevent both fraud and dependency on intermediaries. So, let’s understand the use of blockchain in insurance to combat fraud and other complexities.
Replacing Legacy Escrow Systems with Blockchain Smart Contracts
While purchasing a house, we know how complex the escrow and underwriting processes can be. Almost, at each step, we need to provide proof of our monetary transactions. With blockchain smart contracts in insurance, companies can replace legacy escrow and underwriting processes.
With smart contract solutions, sellers of anything, from entire buildings to medicines, can prevent fraud significantly. But, how is this possible? Smart contracts enable both buyers and sellers to build “if/then” contracts. They don’t fulfill a step in a process until the steps have been verified and fulfilled. For example, if we purchase a pair of shoes online, a “digital escrow” holds the payments until the shipper marks the package as ‘shipped’. It ensures that buyers are not losing their money, as well as sellers are not taking risk of not getting paid. Any exchange, deal, or agreement can use this concept. But, the issue is that an intermediary digital escrow service facilitates the process, which is costly and prone to errors and even hacks. If both parties use a single blockchain platform, it can remove any intermediary dependance like an escrow company to process further steps. Visit this page to understand how blockchain smart contracts work like a secure, efficient, and transparent escrows.
Making Supply Chains Smart and Secure
The most prevalent blockchain use cases we find are in the supply chain management. In today’s global scenario, we can observe that companies around the world are partnering for manufacturing, pharma development, and more. But, as the distance between companies increases, so does their potential to ensure that defined processes were followed before delivering final products. For instance, currently, there’s no defined way to ensure whether the happy eggs we purchased were really created at a free-range farm. Or, whether a ring you bought online was really prepared with 24k carat gold? In such cases, companies can deploy mechanisms to combat fraud with blockchain. With custom blockchain supply chain solutions, they can verify the authenticity of every part and step involved in the process. Then, questioning organic produce like those happy eggs will be out of the question.
Strengthening Your Identity in the Digital Space
Researches indicate that identity fraud can cost consumers up to $16 billion. With blockchain-based identity management solutions, personalized, user-controlled, and secure digital IDs can become a real thing in today’s digital space. For instance, blockchain’s distributed ledger is constantly reconciled across the network. It can be updated only when both parties or users have their consent. Also, blockchain enables permissioned networks, which could empower users to determine what part of personal information they want to share with whom and where. Imagine an online world where you allow Facebook or Google to track your moves or interests. It can definitely boost consumers’ privacy protection while preventing identity fraud.
Also Read: Self-Sovereign Digital Identity with Hyperledger Indy: Control Your Data
Key Takeaways
The use of blockchain in business processes can serve as a trustworthy, low-cost, and efficient intermediator in almost any interaction, partnership, or deal. It can establish trust and transparency in those ecosystems where parties or users don’t trust each other. That said, we can implement blockchain in copywriting, online shopping, and any transaction we can imagine. Fraud will become a thing of the past with blockchain. However, it will require you, your business network, partners, and everyone else in processes to run on the blockchain.
Mudit Kumar
29 Dec 2019
A Technical Guide to Set Up an Ethereum Private Testnet
Ethereum is a public, decentralized blockchain that also acts as an open-source platform to develop decentralized applications. It is one of the most popular blockchains in existence, second only to Bitcoin (BTC) with a market share of USD 19,556,818,393. Setting up an Ethereum testnet can be a daunting task and resource exhaustive. However, we can set up our own Ethereum private testnet without a genesis file, which is easy to do and also less resource-intensive.
Also, to know more about app development with Ethereum, visit our Ethereum blockchain development services.
Then, we can test our DApps on this Ethereum private testnet without having to use real ETH.
Pre Requisites
OS:- Ubuntu 16.04 or later
Memory:- C++ compilers are memory-hungry. It is recommended to have at least 1.5 GB of memory available.
Setting up Ethereum Private Testnet
By following the below steps, you can set up a private testnet node on your local machine.
Installing geth
$ sudo add-apt-repository ppa:ethereum/ethereum
$ sudo apt-get update
Initiating the blockchain
$ geth --datadir <path to your dataDir here> --dev
Exit the console
Starting the private blockchain
$ geth --dev --port 3000 --networkid 58343 --nodiscover --datadir=<path to data Directory> --maxpeers=0 --rpc --rpcport 8543 --rpcaddr 127.0.0.1 --rpccorsdomain "*" --rpcapi "eth,net,web3,personal,miner" --ws --wsport 8546 --wsaddr 127.0.0.1 --allow-insecure-unlock
Significance of different flags used
--dev:- It means the eth node runs in development mode and there will be mining only when there will be transactions on the given node.
--data-dir:- The path to the datadirectory to be used.
--max peers:- It is 0 since we want to set up private testnet. Noone from outside our machine will be able to connect to the node.
--rpc:- It allows us to use RPC methods.
--rpcport:- Port to be used to connect to our node with RPC requests.
--rpcaddr:-Address of the machine trying to connect to this instance of the node. Since we are setting it up on a local machine, it will be 127.0.0.1.
--rpcapi:-You can mention modules that you can use for RPC requests to the node.
--ws:-It allows our node to be connected with a WebSocket.
--wsport:-Port to be used to connect to our node using web sockets.
--wsddr:- Address of the machine trying to connect to our node through a web socket. Here it is 127.0.0.1
--alow-insecure-unlock:-It allows account creation request to be fulfilled by our node by an HTTP connection.
Attach process and start geth console in a new tab
$ geth attach http://127.0.0.1:8543
Create a new account
> personal.newAccount(password)
Remember this password. The address generated by the above command will be the coinbase address where all the fake ETH for testing will be deposited.
Check if there is any mining using
> eth.mining
You might not see mining as the private testnet is running in the development mode which means there will be mining only when there is a transaction on the private testnet.
Check the balance of coinbase address
> web3.fromWei(eth.getBalance(eth.coinbase),"ether")
CONCLUSION
By following the above steps, you can set up an Ethereum private testnet without a genesis file. It should be done in the development mode so that there is mining only when there is a transaction on a given private testnet. This saves a user’s resources as if you don’t use the development mode, many blocks will be mined very quickly because of low mining difficulty initially.
Mudit Kumar
28 Dec 2019
A Guide for Businesses to Develop a Decentralized App (DApp)
Imagine being able to rent out the idle space on your computer’s hard drive to people and businesses globally, and in return, make profits. Or think about having a database hosting sensitive information, which is secure from multifarious threats and hacks. Blockchain is creating all these new opportunities and possibilities that we couldn’t have imagined before. To develop a decentralized app with blockchain is another buzz in the digital world. DApps are software with almost no downtime that no central authority can control or shut down. They are open-source applications that use smart contract solutions to execute transactions on the blockchain. Let’s understand about blockchain-based decentralized apps in a more detailed manner.
Decentralized Applications (DApps)
For an end-user, a dApp does not have much distinction than traditional apps we use today. However, what makes dApps different and far superior is blockchain, the uunderlying technology used to build it.
A developer can develop a decentralized app's front-end code and user interface in any language, that can make calls to its backend. Its backend code is deployed on a decentralized peer-to-peer network, while all records of the applicationʼs operation are stored on the blockchain.
If we develop a blockchain-based decentralized App, it also provides additional security advantages. As transactions are distributed across nodes and encrypted on the blockchain, it leaves no central point of failure for a hacker to breach and gain access.
Key Attributes of DApps
Given that the concept is still in its infancy, there is no defined explanation of what is a Dapp. However, the following are some noticeable common features that make an app a Dapp.
Open Source
Essentially, a DApp must operate with an autonomous governing system, and any changes must be decided by the majority of users’ consensus. Also, a dApp’s codebase must be available for audit or scrutiny.
Decentralized
Operational and transactional records of a dApp should be stored on a decentralized ledger to ensure that no single authority gains its control.
Rewards
Transaction validators in a blockchain invest human efforts, computing power and electricity to validate transactions and add them as a block in the chain. Thus and so, it is important to incentivize them in cryptographic tokens to make the system sustainable.
Protocol
The stakeholders in a decentralized application must agree on a cryptographic consensus algorithm to show proof of value. For instance, Ethereum uses Proof-of-Work for transaction validation.
Also Read: Why Develop a DApp | Is It Better Than A Traditional Web or Mobile App
Develop DApps over Traditional Apps
The following section highlights the key advantages that decentralized applications provide over traditional applications.
Tamperproof and unalterable records.
Highly secure and immutable from hacking, intrusions and any other potential threat
Faster payment processing due to having no intermediary, such as an integrated payment gateway for accepting funds
Greater anonymity, privacy, and security with no lengthy signup processes
Reliable data records as users can access the public blockchain to verify and check transaction information
Steps to Develop a DApp
The DApp development process can be quite complex as compared to the process of building a centralized application or traditional software. In the following section, go through a high-level overview of the steps required to develop a decentralized app.
First Step
The DApp development process’s first step is to determine the right business use case. An appropriate way, to begin with, is to outline the problem and assess if a decentralized app can address it.
Are you looking for encrypted transactions? Or do you need to safeguard data with immutability? Perhaps, you may want to decentralize or distribute the information? Basically, you need to think in this way about solving a problem with a DApp.
Second Step
The second step involves creating a proof of concept (POC), which can make stakeholders completely understand the idea. After the establishment of the POC and its demonstration to the right people, it is time to create visual and technical designs.
Experts suggest that the POC should be precise, for instance, creating a smart contract or user interface demonstrating how the end-to-end cycle works will be sufficient. One important thing to ensure is that it must not take more than 2-4 weeks to complete the POC cycle.
Third Step
Upon successful POC completion, determining the right underlying technology for the dApp development is crucial as there are various distributed ledger technology (DLT)-based platforms available. Each blockchain development platform provides different advantages and fits best only for their specific use case. Here. it is important to pick the right blockchain technology platform as per your requirements, such as transaction speed, scalability, consensus mechanism, public or private network functionality, and more.
Fourth Step
After finishing the development, the next step is to deploy the DApp on the test network. The step is necessary to scrutinize the code and find any bugs or errors before going live.
Fifth Step
Now, the DApp is ready to launch on the production server after the code and functionality testing and when it functions as per defined in the POC. We need to more attentive here as there will be no room for errors in the production server environment. In a traditional app, you can write the code, deploy the app and then modify it again whenever needed.
Best Blockchain Platforms to Develop a DApp
Some of the most popular blockchain platforms to develop a DApp are Ethereum, EOS, Corda, and more. Here’s a brief discussion about the key features of each of these blockchain app development platforms.
Ethereum
For a DApp development, Ethereum is most suitable due to its provision to create 'smart' smart contracts. Ethereum smart contracts are applications that operate without any censorship, downtime, fraud or third-party intermediaries.
Ethereum has its native crypto coin known as Ether, used to pay for transactions and services on the ethereum network.
Hyperledger
Hyperledger is one of the most popular open-source blockchain platforms to develop DApps. It is a collaborative project maintained by the Linux Foundation.
Hyperledger projects propel the collaboration between cross-industries by providing blockchains and distributed ledgers. The project focuses on improving the reliability and performance of blockchain based application and make them adaptable for global business transactions for use cases in financial markets, and supply chain companies.
Hyperledger Frameworks:
Sawtooth
Iroha
Fabric
Burrow
Indy
Also, there are some Hyperledger Tools:
Caliper
Cello
Composer
Explorer
Quilt
EOS Blockchain
EOS.IO is a unique blockchain-powered open-source platform that mainly focuses on decentralization. At Oodles, our developers use the EOS blockchain platform to build and deploy enterprise-grade decentralized applications.
EOS blockchain enables developers to code a DApp according to specific needs.
EOS uses a unique consensus algorithm called the delegated Proof-of-Stake (DPoS).
Due to DPoS consensus, EOS provides fast transactions, scalability, low-latency, and much more.
Also Read: EOS Blockchain: Is It a Better Investment for DApp Development
Corda
Corda is an open-source blockchain platform used to develop a decentralized app requiring secure facilitation of financial agreements with smart contracts.
It provides the global interoperability of public networks, they can have the privacy of private networks. It enables the sharing of transactional data only with permissioned participants, and thus, ensuring no information hacks or leaks.
With Corda blockchain development services, you can create an ecosystem of interoperable decentralized applications for commerce, finance, and more, called CorDapps.
Mudit Kumar
27 Dec 2019
Creating an Ethereum Wallet Using Spring Boot
In this blog, we have explained how to create an ethereum wallet using spring boot. To build an ether wallet, we will need a blockchain network URL in some testnet network, which may be either ropsten or rinkedby. Also, you can configure your local machine for the ether test network.
We will use the web3j library to connect with the Ethereum network and perform operations on the blockchain.
Steps to Create an Ethereum Wallet
We will make a domain class for saving the user’s wallet details in the database. We will save the user’s wallet address, balance, and the private key, which is the JSON file. Here is the following code snippet:
@Entity
public class UserWallet extends BaseEntity{
@Id
@GeneratedValue(strategy = GenerationType.AUTO)
private Long id;
private Long userId;
@Column(nullable = false,columnDefinition ="mediumtext")
private String address;
@Column(columnDefinition ="mediumtext")
private String fileName;
@Column(columnDefinition="mediumtext")
private String password;
@Column(columnDefinition="mediumtext")
private String passwordKey;
@DecimalMin("0")
@Column(precision = 20, scale = 8)
private BigDecimal balance;
@Enumerated(EnumType.STRING)
private CoinType coinType;
public UserWallet()
{
}
Getters and setters are omitted for better readability.
We will make a connection class, which will connect to the ethereum network, and here, the URL of the blockchain will be the URL of your blockchain network. Here is the code snippet:
@Configuration
public class EthereumConnectionConfig {
private static Logger LOGGER = LoggerFactory.getLogger(EthereumConnectionConfig.class);
@Value("${ethereum.service.url}")
private String url;
@Bean
Web3j getEthereumCononnection() throws IOException {
String serverIp = url;
LOGGER.info("Ethereum sync serverIp : " + serverIp);
Web3j web3 = Web3j.build(new HttpService(serverIp));
LOGGER.info("connected to ethereum server 123" + web3);
Web3ClientVersion web3ClientVersion = web3.web3ClientVersion().send();
String clientVersion = web3ClientVersion.getWeb3ClientVersion();
LOGGER.info("Ethereum client version" + clientVersion);
return web3;
}
}
Now we will make the controller class, in which we will make the restend points.
@RestController
public class UserWalletController {
private static final Logger logger = LoggerFactory.getLogger(EthereumListener.class);
@Autowired
private WalletService walletService;
@PostMapping(CREATE_WALLET)
public ResponseEntity<Object> setUsersWallet() {
return ResponseHandler.response(walletService.createEtherWallet(),
LocaleService.toLocale("wallet.created"));
}
}
Now we will create a service class where the logic for the creation of a user's wallet will take place.
public Map<String, Object> createEtherWallet() {
Map<String, Object> map = new HashMap<>();
map = createCredentials();
Object jsonFile = map.get("jsonFile");
Credentials credentials = (Credentials) map.get("credentials");
String passwordKey = (String) map.get("passwordKey");
String encPwd = (String) map.get("encPwd");
UserWallet userWallet = new UserWallet(userId, credentials.getAddress(), jsonFile.toString(), encPwd, passwordKey, ETHEREUM);
userWalletRepository.save(userWallet);
result.put("address", credentials.getAddress());
}
return result;
}
private Map<String, Object> createCredentials() {
Map<String, Object> map = new HashMap<>();
try {
File file = new File(ethWalletLocation);
String fileName;
String password = UUID.randomUUID().toString().replaceAll("-", "");
fileName = WalletUtils.generateFullNewWalletFile(password, file);
logger.info("wallet file name {} ", fileName);
String passwordKey = CryptoUtil.getSecretKey();
logger.debug("wallet file passwordKey: {}", passwordKey);
String encPwd = CryptoUtil.encrypt(password, passwordKey);
logger.debug("wallet file encPwd: {}", encPwd);
File jsonFile = new File(file + File.separator + fileName);
logger.debug("wallet file jsonFile: {}", jsonFile.toString());
Credentials credentials = WalletUtils.loadCredentials(password, jsonFile);
logger.debug("wallet address: {}", credentials.getAddress());
map.put("jsonFile", jsonFile);
map.put("credentials", credentials);
map.put("encPwd", encPwd);
map.put("passwordKey", passwordKey);
} catch (IOException | NoSuchAlgorithmException | NoSuchProviderException | InvalidAlgorithmParameterException
| CipherException | InvalidKeyException | NoSuchPaddingException | IllegalBlockSizeException
| BadPaddingException e) {
e.printStackTrace();
}
return map;
}
Now, we have successfully created a user's wallet on the Ethereum's test network. You can verify your address in etherscan.io by giving your address.
Also Read Enterprise Ethereum: A Platform for Private Blockchain Solutions
Mudit Kumar
27 Dec 2019
Basics to Develop a Corda Application with Spring Boot
In this article, we have explained how to make use of a client proxy to make RPCs for a Corda Node. The RPC client can be written in any JVM compatible language using the CordaRPCClient class. Once connected, you can trigger the vault and the flow, and get results.
Begin with adding a variable for the spring boot version and Corda version that should've been installed locally, including spring classpath dependencies.
buildscript {
ext {
corda_release_group = net.corda"
corda_release_version="4.0"
corda_gradle_plugins_version="4.0.42"
kotlin_version="1.2.71"
junit_version="4.12"
quasarVersion="0.7.10"
spring_boot_version = '2.0.2.RELEASE'
spring_boot_gradle_plugin_version = '2.1.1.RELEASE'
}
repositories {
mavenLocal()
mavenCentral()
jcenter()
maven { url 'https://ci-artifactory.corda.r3cev.com/artifactory/corda-releases' }
}
dependencies {
classpath org.jetbrains.kotlin:kotlin-gradle-plugin:$kotlin_version"
classpath net.corda.plugins:cordapp:$corda_gradle_plugins_version"
classpath net.corda.plugins:cordformation:$corda_gradle_plugins_version"
classpath
net.corda.plugins:quasar-utils:$corda_gradle_plugins_version"
classpath org.springframework.boot:spring-boot-gradle-plugin:$spring_boot_gradle_plugin_version"
}
repositories {
jcenter()
mavenCentral()
maven { url 'https://ci-artifactory.corda.r3cev.com/artifactory/corda' }
//Corda testing node-driver requires gradle-tooling-api
maven { url 'https://repo.gradle.org/gradle/libs-releases-local/' }
//Required for Corda SNPASHOTs
maven { url 'https://ci-artifactory.corda.r3cev.com/artifactory/corda-dev' }
maven { url 'https://jitpack.io' }
}
Add corda and spring dependencies in build.gradle file
dependencies {
compile "org.jetbrains.kotlin:kotlin-stdlib-jdk8:$kotlin_version"
testCompile "org.jetbrains.kotlin:kotlin-test:$kotlin_version"
testCompile "junit:junit:$junit_version"
// Corda dependencies.
cordaCompile $corda_release_group:corda-core:$corda_release_version"
cordaCompile $corda_release_group:corda-jackson:$corda_release_version"
cordaCompile $corda_release_group:corda-rpc:$corda_release_version"
cordaCompile $corda_release_group:corda-node-api:$corda_release_version"
cordaRuntime "$corda_release_group:corda:$corda_release_version"
testCompile "$corda_release_group:corda-node-driver:$corda_release_version"
cordaRuntime "org.apache.logging.log4j:log4j-slf4j-impl:$log4j_version"
compile("org.springframework.boot:spring-boot-starter-websocket:$spring_boot_version") {
exclude group: "org.springframework.boot", module: "spring-boot-starter-logging"
}
compile "org.apache.logging.log4j:log4j-web:$log4j_version"
}
Add a task for deploying your Node
task deployNodes(type: net.corda.plugins.Cordform, dependsOn: ['jar']) {
nodeDefaults {
projectCordapp {
deploy = false
}
}
signing {
enabled false
}
node {
name O=PartyA,L=London,C=GB"
p2pPort 10005
rpcSettings {
address("localhost:10006")
adminAddress("localhost:10046")
}
rpcUsers = [[ username: "user1", "password": "test", "permissions": ["ALL"]]]
}
}Add Task for Server
Add Task for Server
task runPartyAServer (type: JavaExec ,dependsOn: assemble) {
classpath = sourceSets.main.runtimeClasspath
main ='net.corda.server.ServerKt'
}
The Server
Similar to any other Spring Boot app, we define the main entry point with a SpringApplication instance. The @SpringBootApplication annotation should be added to the class consuming the SpringApplication instance, which in this case is Server.
@SpringBootApplication
open class Starter
fun main(args: Array<String>) {
val app = SpringApplication(Starter::class.java)
app.setBannerMode(Banner.Mode.CONSOLE) app.isWebEnvironment = true
app.run(*args)
}
Connecting to the Node
In corda application, to allow the server to interact with the Corda node a long-lasting connection via RPC needs to be established. We can do this by using CordaRPCConnection and CordaRPCClient .
private const val CORDA_USER_NAME = "config.rpc.username"
private const val CORDA_USER_PASSWORD = "config.rpc.password"
private const val CORDA_NODE_HOST = "config.rpc.host"
private const val CORDA_RPC_PORT = "config.rpc.port"
private const val CORDA__RPC_PORT1 = "configNode1.rpc.port"
@Component
open class NodeRPCConnection (
@Value("\${$CORDA_NODE_HOST}">) private val host: String ,
@Value("\${$CORDA_NODE_HOST}">) private val username : String ,
@Value("\${$CORDA_NODE_HOST}">) private val password : String ,
@Value("\${$CORDA_NODE_HOST}">) private val rpcPort : Int ,
@Value("\${$CORDA_NODE_HOST}">) private val host: rpcPort1 : In
) :AutoCloseable{
lateinit var rpcConnection: CordaRPCConnection
private set
lateinit var proxy: CordaRPCOps
private
@PostConstruct
fun initialiseNodeRPCConnectionDelhi()
{
val rpcAddress = NetworkHostAndPort(host, rpcPort)
val rpcClient = CordaRPCClient(rpcAddress)
println("rpcClient=======" + rpcClient)
val rpcConnection = rpcClient.start(username, password)
proxy = rpcConnection.proxy
}
@PreDestroy
override fun close() {
{
rpcConnection.notifyServerAndClose()
}
Spring API
Rest Controller
@RestController
class CustomController(rpc: NodeRPCConnection) {
private val proxy = rpc.proxy
@GetMapping(value = "/me" , produces =
arrayOf(MediaType.APPLICATION_JSON_VALUE))
/**
Returns the node's name where spring Application running.
**/
private fun me() : ResponseEntity<Map<String,Any>> {
return
ResponseHandler.generateResponse(HttpStatus.OK,true,proxy.nodeInfo().legalIdentities.first().name)
}/**
* Returns all parties registered with the [NetworkMapService].
*/
@GetMapping(value = "/peers", produces =
, produces = arrayOf(MediaType.APPLICATION_JSON_VALUE))
private fun peers() :ResponseEntity<Map<String,Any>> {
var partylist = proxy.networkMapSnapshot().flatMap { it.legalIdentities}
var peers : ArrayList = ArrayList()
for (i in partylist)
{
peers.add(i.name)
}
return ResponseHandler.generateResponse(HttpStatus.OK,true,peers)
}
}
Application Properties
spring.jackson.serialization.fail-on-empty-beans=afalse
config.rpc.username = user1
config.rpc.password = test
config.rpc.host=localhost
config.rpc.port= 10006
Also, Explore | Corda Blockchain for Enterprise App Development with Use Cases
Conclusion
We hope this post helps you understand how to develop a Corda application with spring boot. However, there is a lot to learn. We have only covered the basics in this post. We have implemented the CordaRPCConnection and CordaRPCClient. We have planned to write more posts on developing Corda while focusing on explaining more complex features. Also, take a look at our Corda blockchain development services for enterprise as well as public solutions.
Mudit Kumar
26 Dec 2019
Is Blockchain the Right Technology for KYC Verification
With the advent of blockchain technology, several legacy systems have upgraded into robust, smart systems. Blockchain provides capabilities that can revolutionize the existing financial services industry. With decentralized blockchain smart contract applications, businesses can greatly improve the efficiency and security of existing financial processes and operations, which results in reducing overall prices for firms.
KYC/AML Verification: Challenges
Traditionally, an individual’s identity is verified by government-issued documents like drivers’ licenses, social insurance cards or passports. However, establishing authentication of different identification sources bears a significant challenge for organizations. Flaws within the security of such systems give rise to cases of monetary and data fraud. Today, establishing KYC (Know Your Customer) processes inside an organization has become necessary for different reasons, which is a tedious procedure. Besides, the massive amount of work related to such procedures and scarce transparency relating to the use of customers' personal information led to inefficiencies in collating public data.
Blockchain as a Solution to the Identity Crisis in KYC/AML Processes
Global efforts to combat data frauds have become expensive for governments and financial corporations. Statistics show that in 2016, corporations spent more or less $ 10billion on implementing anti-money laundering (AML) compliance processes alone. Now, the financial services sector is finding solutions to the identity crisis in these processes. Given the increased adoption by key industry players, it is apparent that a viable solution has emerged in the form of the blockchain.
Blockchain can enable the accumulation of information from multiple authoritative service providers into one single, cryptographically secured information. Digital KYC verification through this kind of design has the flexibility to be quicker, safer, and efficient than the current verification procedures, and establish trust in the overall ecosystem. By introducing blockchain solutions to handle the KYC method, personal information is going to be stored on a distributed network, however, it might so accessible by other participants, intermediaries, and third parties directly only when a user has permitted them to do so. Such a KYC system also will strengthen information security by guaranteeing that access to it is simply created when confirmation or permission is received from the relevant authority, and thus, eliminating the chance of unauthorized access. The concept of blockchain-based KYC verification platforms is already being adopted by IT giants like IBM.
However, can smaller organizations use blockchain for financial solutions or will they need to operate with legacy verification procedures?
Also Read: Blockchain and KYC: The Next Disruptive Step in Decentralization
Conclusion
Government bodies can benefit from the adoption of the blockchain as risk officers by ensuring the security of access to information and establishing transparency between the financial markets, regulators, and end-users. It provides the chance to reduce financial and data-related fraud within the long run. Being an experienced blockchain development company, we can assist you to assess the impact of adopting blockchain solutions for digital KYC verification. Also, let us know your thoughts or suggestions on using blockchain technology to enhance KYC verification can be a revolutionary idea?
Mudit Kumar
26 Dec 2019
Can Blockchain Solutions Address Challenges of Clinical Trials
Blockchain-powered timestamped and immutable data can address key challenges in the healthcare sector. Especially, it can revolutionize clinical trials, an area where data integrity, traceability, and transparency are of utmost importance. Stakeholders like patients, researchers, and regulators rely on this data and its analysis to assess the benefits/risks balance of a therapeutic product. In this case, the notion of “trust” between all the stakeholders becomes extremely important.
Also, regulatory bodies (FDA with FDAAA 801) and NGOs (WHO with April 2015 declaration) are pressuring organizations to publicly disclose clinical trials’ results.
As a result, pharmaceutical companies are finding new mediums to certify clinical trials and data.
Blockchain as a Solutions for Clinical Trials
Blockchain technology is one of those mediums. It is, by its design, is a trust-enabler. Its decentralized nature to store data prevents its alteration by any intermediary or third-party, even after being available to all stakeholders at any time. We can consider it as the “single source of truth”, especially when it comes to clinical trial data.
Additionally, blockchain app development services can also facilitate key success factors such as patient engagement, regulatory reporting, compliance oversight, and secure data traceability.
Blockchain Applications in Clinical Trials
Data Traceability with Security
Although data storage on the blockchain is possible, storing large data chunks generated during a clinical trial may incur increased storage costs and lower performance. It is because of transaction check, block generation, and blockchain querying with huge data sets consuming more time and resources. However, any data and information generated during a trial can be stored separately on a database (Sidechain) and hashed through an SHA (Secure Hash Algorithm). It will provide a unique and tamper-proof low-weight signature for each document. Then, signatures will be stored on the blockchain to provide secure data traceability for all stakeholders.
Transparency in Clinical Data Management
Blockchain possesses the potential to significantly strengthen clinical data management and processes with transparency, trust, and security. Indeed, key pharma companies’ interest to implement blockchain technology in the areas of clinical trials is growing. Recently, Boehringer Ingelheim and IBM partnered in Canada to pilot whether blockchain can improve clinical trials. They tested whether blockchain’s decentralized framework can enable data integrity, provenance, and transparency, as well as patient empowerment with process automation. Also, they tested whether it ultimately leads to improved trial quality and patients’ data privacy at reduced costs.
Patients' Engagement and Consent Management
Patients are becoming attentive and willing than ever to involve in the healthcare industry. As a result, patient engagement is also becoming a critical success factor in clinical trials. When allowing consent to participate in a trial, the patient may rest assured about agreed protocols encoded through blockchain smart contracts. Smart contracts ensure that any protocol modification triggers the renewal of a patient’s consent. Enrolled patients are also required to share any past or current medical conditions with the study investigators. As there has been no generalized digital health record system available, previous patient conditions’ declaration can be exhaustive and inaccurate.
However, in a recent instance in Estonia, nearly 1.3 million citizens benefited from a blockchain-enabled secure e-Health record system. Now, we can say that such a system will automatically grant investigators access to patients’ medical records while adhering to the digital informed consent signature of patients. The access to medical records will be valid as long as the patient keeps giving his consent with smart contracts. In a nutshell, continuous update of patients’ data on the blockchain can foster transparency and enforce patients’ trust in trial investigators.
Reporting to Regulators
Governments and regulators are required to ascertain the benefits and risks associated with an investigated drug as per the evidence submitted by the trial investigators. For that, it requires stakeholders to make all trial-related documents available to regulators upon the request. In this case, a consortium blockchain’s implementation will involve regulators, trial sponsors, the Contract Research Organizations (CROs) and other healthcare organizations. It will enable them to continuously share clinical data among themselves while facilitating regulators to directly put queries on the blockchain. Although trial-related data will be accessible to all stakeholders, this type of blockchain developed with platforms like Hyperledger will make it confidential due to its non-public nature.
Ethical Compliance and Oversight
Ethics Committees play an important role in clinical trial management. They mark and approve a trial as being respectful and sage for patients. Blockchain smart contracts can lay the foundation for Ethics Committees to safely store approvals. Then, they will be granting approvals for one version of the protocol. Additionally, a smart contract will trigger immediately an Ethics Committee approval renewal upon any protocol modification request. Using a queryable blockchain database like BigchainDB, Ethics Committees can keep track of patients’ consents and compliance of CROs/sponsors to already approved protocol.
Conclusion
While the adoption of blockchain solutions in the healthcare industry is still in infancy, our team of blockchain experts suggests revolutionary improvements in the coming years, especially in clinical trials. Healthcare blockchain application development in clinical trials is providing new efficient solutions to enhance optimize and simplify complex processes.
Mudit Kumar
24 Dec 2019
Trending Blockchain Use Cases in 2020 in Diverse Industries
In recent years, blockchain technology has moved on from the realm of cryptocurrencies. Recently, it has seen increased adoption in various industries. It is because of its innovative characteristics that include decentralization, immutability, transparency, automation, and more. These attributes apply to a range of various industries, and therefore, creating a long list of blockchain use cases. So, here are some of the most influential and pertinent blockchain use cases for 2020 that are worth considering for business enthusiasts.
Blockchain Use Case: Banking
Worldwide banks are embracing blockchain and heavily allocating resources into innovative work. It is because of the guarantee provided by blockchain to enhance, secure, and automate all back-end operations within businesses. Some significant utilize cases for the saving money segment are client loaning, corporate installments, p2p, and money pooling. The home loan industry likewise has a utilization case for blockchain whereby banks can store valuation information and make the issuance of credits substantially faster. Be that as it may, some are critical - The Bank of England says there will be no keeping money unrest presently, what's more, numerous in our December Meet-up guaranteed there will be no upheaval at all if banks keep on buying out their start-up rivals.
Blockchain Use Case: Payments
Worldwide installment administrations have offered the most encouraging beginning stage for blockchain from a speed, cost, and security perspective. Worldwide installments these days take days to make do with various reasons, counting manual procedures and lumbering administrative consistence. They additionally need straightforwardness and frequently bomb because of informing blunders. Santander is driving the path here in the UK.
Blockchain Use-case: Insurance
We as a whole concurred that there are numerous blockchain utilize cases in the protection business. Enhanced consumer loyalty is a major open door that lies on the blockchain because of the accompanying empowering agents:
(a)Automated claims handling
(b)Evacuation of center men and outsiders
(c)Every single individual datum is purchased together (no more arrangement storehouses)
Blockchain Use Case: KYC And AML
With regards to 'Knowing Your Customer' (KYC) and Anti-Money Laundering (AML) utilize cases, blockchain solutions will decrease operational expenses via auto-checking a person's distinguishing proof utilizing an extensive variety of accessible information sources. Accordingly, blockchain can streamline account opening procedure and diminish expenses, extortion and time spent on confirming recognizable proof (consequently why completely computerized banks are as of now propelling). In any case, some prominent that your information can be made open if your private keys are spilled, making your information and distinguishing proof defenseless.
Blockchain Use Case: Trade Finance
Existing supply chains are complicated, moderate, disseminated, include numerous gatherings over the world and they more often than not try not to try and trust each other (subsequently the requirement for confided in outsiders, for example, banks and clearinghouses to intervene). Naturally executing Smart Contracts on the blockchain to exchange titles to products and cash expels the requirement for banks to give items, for example, Letters of Credit, definitely decreases costs by removing the brokers (and their expenses) what's more, makes a confided in system of guaranteed validness and starting point of items being provided.
Blockchain Use Case: E-mobility
E-mobility is another utilization case examined, where you can utilize the blockchain to share your auto ride with different suburbanites adjacent. From a business point of view, blockchain can be utilized to store smart meter details, enabling purchasers to know how much cash they have spent. Organizations can likewise utilize this data to conjecture deals and income gave the information these smart perusers are putting away on the blockchain.
Blockchain Use Case: Healthcare
Health information is to a great degree touchy and should dependably be stayed up with the latest and secure. Distorted or lost wellbeing records and medicines can cause significant issues when precise data is required. Enter blockchain. Blockchain healthcare solutions can make a solid unified framework for putting away patient data where their information is secure and can't be messed with.
Blockchain Use Case: Real Estate
In the real state, business blockchain can be utilized to store and oversee resource data and proprietorship. All exchanges can occur on the blockchain advancing trust, proficiency, straightforwardness and lessen operational and HR costs by removing outsiders and their expenses. As each square on the blockchain is one of a kind the conclusion-to-end exchanges can be put away and confirmed influencing it to carefully designed.
Blockchain Use Case: Government
The government can utilize blockchain for various purposes both with Government-to-Consumer and Government-to-Government forms. One exceptionally basic, be that as it may, weighty utilize case is in the UAE - by 2020 the UAE needs to store the greater part of their reports on the blockchain. The UK is likewise investigating the utilization of blockchain to deal with the dispersion of awards. Checking and controlling the utilization of stipends is extraordinarily mind-boggling, and subject to potential misrepresentation or manhandle. A blockchain, open to every one of the gatherings included, is a superior method for tackling that issue.
Blockchain Use Case: Music
Almost everybody who tunes in to music presently downloads it on the web, numerous compensation per track or using membership benefits however there is as yet an issue with unlawful downloads. Putting away music on the blockchain will keep this across the board business issue, which means specialists, makers and record marks can get paid in a split second for the music they claim, with no contention. The artist, Imogen Heap, is driving the route in this industry upset.
Blockchain Use Case: Energy
There are numerous ways blockchain can be connected inside the energy sector. The significant one is creating power from the solace of your home, turning into a 'prosumer' (see Energy Prosumers and Blockchain Technology).
Conclusion
The benefits that blockchain as a distributed ledger technology provides are in abundance. Indeed, diverse businesses around the world can utilize its attributes. They can fix some of the most complex issues in the technology space with blockchain app development services.
From strengthened security, effective governance, and improved accountability to enhanced end-to-end transparency, traceability, and more. blockchain use cases can bring significant advancements in the world economy.
Mudit Kumar
22 Dec 2019
Secure and Efficient Healthcare Data Sharing (POC) using Corda Blockchain
The purpose of this document is to provide a detailed overview of “Health Care Data Sharing (POC) using Corda Blockchain” and its parameters and goals. This document can be used by developers, technical architects, and system reviewers for their reference. Through this document, we will cover the healthcare blockchain solutions development. Once we achieve that, we will cover a “Health Care Data Sharing” use case.
Overview
Corda is distributed ledger software for recording and processing shared data such as business contracts. It supports smart contracts, which is an agreement between transacting parties, whose execution is both automatable by computer code, and whose rights and obligations, as expressed in legal prose, are legally enforceable.
Smart contracts can be written in Java and other JVM languages
Flow framework to manage communication and negotiation between Hospital
Peer-to-peer network of nodes.
"Notary" infrastructure to validate the uniqueness and sequencing of transactions without global broadcast.
Introduction & Background
Why Corda?
Corda is an open-source blockchain platform built for businesses to develop from scratch. Corda blockchain development services enable businesses to transact directly and in strict privacy using smart contracts. As a result, it reduces transaction and record-keeping costs and streamlines business operations.
Key concepts of Corda
Corda is a decentralized database platform having the following features.
Nodes (Hospital) are arranged in an authenticated peer to peer network. All communication is direct. A gossip protocol is not used.
In this application, transactions may execute in parallel, on different nodes (Hospital), without either node aware of the others' transactions.
Nodes (Hospital) are arranged in an authenticated peer to peer network. All communication is direct. A gossip protocol is not used.
Currently, this application is having one notary but its network may contain multiple notaries that provide their guarantees using a variety of different algorithms. Corda Blockchain is not tied to any particular consensus algorithm.
Data is shared on a need-to-know basis. Nodes (Hospital) provide the dependency graph of a transaction they are sending to another node on demand, but there is no global broadcast of all transactions.
The data model allows for arbitrary object graphs to be stored in the ledger, called states and is the atomic unit of data.
Nodes(Hospitals) are backed by a relational database and data placed in the ledger can be queried using SQL as well as joined with private tables(Doctor and Patient). States can declare a relational mapping using the Java Persistence Architecture standard (JPA).
Also Read: A Brief Introduction to the Accounts Library in Corda Blockchain
Solving challenges in EHR sharing management
The adoption of Electronic Health Records (EHR) software is a top priority for any health system CIO, yet it’s astronomically expensive and takes significant time and resources to implement.
The biggest challenge faced by the Healthcare industry is the lack of interoperability not just between different organizations’ software platforms but even within a single health provider/system.
For example: If Fortis Delhi wants to share health records of a patient with Apollo Bangalore OR Medanta Delhi, there is no central system to share the information, at the same time ensuring that patient data is secured.
Also Read: Augmenting the Management of EHRs (Electronic Health Records) with Blockchain
Scope
We provide Electronic Health Records (EHR) software, which is very economical and takes less amount of time and resources to implement.
We provide a central system to share the Health-related information, at the same time ensuring that patient’s data is secured.
Blockchain could enable these different systems to talk to one another and provide a complete holistic patient profile without the need for an intermediary to provide any particular validation. Records could be tracked in an audit-able, time-stamped, and immutable ledger so that no one party could ever fraudulently alter them.
Definitions, Acronyms, and Abbreviations
Notary
Notary clusters prevent “double-spends”.
A notary is network service to provide uniqueness consensus attestation for transactions.
Vault
The vault contains data extracted from the ledger that is considered relevant to the node’s owner, stored in a relational model that can be easily queried and worked with.
System Overview with the Following Components
Node
A node’s name must be a valid X.500 distinguished name. In order to be compatible with other implementations (particularly TLS implementations), we constrain the allowed X.500 name attribute types to a subset of the minimum supported set for X.509 certificates (specified in RFC 3280), plus the locality attribute.
RPC
The node’s owner interacts with the node solely via remote procedure calls (RPC). The node’s owner does not have access to the node’s ServiceHub.
System Architecture
Corda Nodes communicate with each other using an asynchronous protocol, AMQP/TLS. The only HTTP communication is for the initial registration of each Corda Node, and for sharing of the Corda Node address locations by way of the Network Map. Each client application communicates with Corda Nodes using RPC calls. Aso, the Corda Vault is a database that relies on JDBC connection from the Corda Node.
Hospital Data Sharing Flow
Transaction Steps
Limitations
Currently, we are not able to connect the Spring app with multiple nodes.
Further Improvements
Role-Based Access in Corda Blockchain
Add Attachments (For Patients and Doctors)
Allow multiple Spring Apps to be up at the same time for different Nodes
Intra Node Communication in Corda Node
References (URLs)
GitLab Repo
https://gitlab.oodleslab.com/oodles/CordaHealthCare.git
Mudit Kumar
20 Dec 2019
Is Stellar Blockchain a Right Fit for Cross-Border Payment Solutions
Stellar came into existence in mid-2014. It emerged after a rift between executives of the Ripple blockchain, a platform cross-border payment solutions. Then, Stellar started gaining traction in developing countries where the remittance sector plays a crucial role. Since then, it has continued to expand its reach by establishing partnerships with key players around the globe. But, can Stellar blockchain development provide those features and capabilities that make it a suitable platform for cross-border payments? Let’s explore!
Understanding Stellar
Often, people use Stellar to refer to multiple things, which makes its characteristics ambiguous. Precisely, it has three different aspects, namely Stellar, Lumens, and XLM. Stellar is a blockchain-powered distributed ledger network. Lumens is the cryptocurrency specifically for the Stellar blockchain network, while XLM is its coin’s symbol.
While Ripple is for Institutions, Stellar is for Everyone
After selling Mt. Gox, McCaleb, moved onto a new project called Ripple. Ripple was a DLT platform designed to facilitate cross-border payments. It aimed to revolutionize cross-border remittance payments while seeking to address two problems, high costs and long processing times. Ripple focused on simplifying the process by empowering financial institutions that usually have to interact with several different institutions for cross-border payments. With Ripple blockchain solutions, banks could make cross-border transactions without involving any intermediary or third-party.
McCaleb left Ripple in 2014 to create more fast and cost-effective solutions for individuals rather than financial institutions. He wanted to increase the service’s scope to geographies with almost limited to nonexistent access to banks. Subsequently, McCaleb and fellow co-founder Joyce Kim launched the open-source blockchain platform, Stellar, for payment solutions.
Stellar Blockchain’s Features for Cross-Border Payments
Decentralized, Open-Source Database
Stellar follows the principles of a decentralized and open-source network. It means that Stellar operates without depending on a specific central authority, such as a few employees of a bank.
Unique Consensus Method
Stellar uses a unique method known as a Federated Byzantine Agreement (FBA) for consensus. It means that rather than waiting to verify a transaction until network agreement, individual nodes choose other trustworthy nodes called Quorum. The group of reliable nodes also selects other nodes they find authentic to make quorum slices. Once quorum slices reach consensus, the ledger accepts and stores a transaction.
Speedy Confirmation Time and Transactions
Stellar’s confirmation set-up, combined with the fact that it doesn’t require mining, expedites transaction processing. Consequently, on average, stellar confirmation takes three to five seconds, and its network can process thousands of transactions at once. It makes it a highly scalable blockchain platform.
Also Read: Stellar Blockchain: Understanding its Benefits for Payment Solutions
An Imaginary Process of Executing Cross-Border Payments on Stellar
Stellar has paved its way into the mainstream by establishing partnerships with a few high profile companies. Here’s a hypothetical scenario that explains how a Stellar based payment solution can strengthen cross-border transactions in three simple steps
Overview
Alice, in the USA, needs to transfer funds to Bob in Brazil
Both Alice and Bob have digital wallets to store, transfer, and trade tokens used in the Stellar network.
Alice wants to transfer funds through her local currency, USD, however, Bob needs to receive his local currency, BRL.
The following diagram demonstrates how a cross-border payment, which has 2 users, 2 wallets, and 2 anchors, executes on Stellar.
1) Alice funds her account
She enters the amount in USD that she would deposit
Submits her KYC details
Receives instructions for the deposit
Sends money via ACH
Receives tokens in USD in her integrated wallet
2) Alice sends money to Bob
Alice types the wallet address of Bob
Selects the option to transfer USD
And for Bob to get BRL
Confirms the transaction
Bob receives funds in his wallet within a few seconds
3) Bob withdraws funds from his wallet
Bob types the BLR amount he wants to withdraw
Submits his KYC details like Alice
Provides his bank account details
Confirms the withdrawal transaction
Receives BRL in the account via ACH
Conclusion
Stellar enables fast, cost-efficient, and simplified payment integration solutions , especially for individuals around the world. It provides them the capability to make payments in any currency pair, which creates new possibilities for the financial markets.
If you are looking to kickstart your financial services venture, take a look at our blockchain app development services for cross-border payments and other use cases.
Mudit Kumar
19 Dec 2019
Introducing Blockchain in the Reinsurance Sector
Blockchain’s most prevalent applications are found in the financial services market. It provides financial institutions various advantages like forming trust between transacting parties and settling disputes in real-time. But, can blockchain business solutions improve the situation for the reinsurance market? Let’s take a look.
Understanding Reinsurance
For the uninitiated, a simple explanation of reinsurance is that it is insurance for insurers. Reinsurers are companies that underwrite insurance policies that insurance companies have already sold, also known as the cedent. Let’s understand what is reinsurance with the following instance.
Insurer A has ensured a startup against different types of damages it may incur. In case of any natural disaster like flooding or a hurricane, the startup might experience huge losses, perhaps millions of dollars. But, insurer A does not have enough assets or liquidity to cover the incurred cost without going bankrupt.
Still, insurer A needs to provide insurance along with avoiding bankruptcy. In this case, it will avail insurance from another insurer (or reinsurer) to distribute some part of this liability. This practice enables growing insurers to sustain their revenue generation without risking a financial collapse in case of such a claim.
Furthermore, the introduction of another reinsurer, also called retrocessionaire, takes this process a step ahead. Retrocession is a process that enables a reinsurance company to share the burden of an insurance policy with another reinsurance company.
Check It Out: Blockchain in Insurance | A Transparent Enabler for Efficiency
Introducing Blockchain in the Reinsurance Sector
The reinsurance and insurance industry is showing significant interest in blockchain because of its potential to:
Reduce administrative workload
Eliminate additional costs occurring due to friction
Reduce inconsistency and improve audibility
Companies can execute transactions in a faster, more efficient, and more secure way by using blockchain technology in insurance and reinsurance. Consequently, it can also provide end-users with several advantages occurring through peer-to-peer transparent transactions between contracting parties.
To bring all these concepts into realization, a consortium of key insurance players formed to test blockchain in the reinsurance context.
According to the initiative, blockchain’s potential enables multiple parties to execute digital contracts and transactions in a transparent, and auditable way.
Also, the consortium believes that developing an industry-wide blockchain solution can bring all stakeholders of the insurance and reinsurance industry together. It can enable them to transact business using the same methodology to ensure consistency and accuracy.
Standardizing methodologies across the network is necessary to avoid disruptions and conversions between multiple systems. Essentially, an industry standard for digital contracting with blockchain can make the industry avoid the challenges it constantly faces. For instance, converting or recording data from legacy systems or a broker's system, or from one company to another.
Also, Visit: How Blockchain is Proving Transformative for Insurance Processes
Benefits of Blockchain Technology in Reinsurance
At Oodles, our experts believe that blockchain can bring significant cost savings, foster transparency, and decrease settlement times. Not only this, but it can also add a layer of security with mechanisms like cryptography and immutable ledger. According to a report by PwC, blockchain can save the industry between $5-10 billion.
Let’s explore some of the benefits of reinsurance that blockchain applications can provide.
Reduced Cost
With smart contracts, blockchain can automate a majority of complex tasks that previously humans have previously done. The industry can replace existing paperwork with smart contracts while establishing security and efficiency. Smart contracts automate and execute business operations only if the involved parties meet pre-defined business terms.
According to another PwC analysis, blockchain can eliminate between 15 – 25% of expenses by automating data processing. It leads to preventing fraud and results in cost savings.
End-to-End Transparency
With a consortium or permissioned blockchain, reinsurance and insurance companies can limit information access to only those having permissions. At the same time, they can also ensure that all parties get complete visibility over transactions and smart contracts.
By using a shared blockchain, all parties can see how and to who the risk is distributed. So, when an insured raise a claim, both the claim and the settlement between all parties will take less time.
Overall transparency and authentic access to sensitive data mean that involved parties can have more accurate risk models.
Immutability
As we know blockchain’s ledger is immutable, nobody without network consensus can alter stored data. It lays the foundation for an extremely high level of security for reinsurers. The industry players can utilize this feature as a fraud prevention mechanism for both internally and between companies.
Quick Settlements
Permissioned consortium blockchains can provide high throughput and speed because they comprise a limited number of nodes. Thus and so, the reinsurance industry can significantly expedite settlements between transacting participants with blockchain.
Not only this but the blockchain's distributed ledger technology can also provide a faster settlement layer by eliminating intermediaries. Further, smart contract integration will provide faster, automated payments between participating companies.
Explore: 5 Ways Blockchain Will Change Our Lives, Economy, And The World
Conclusion
Some of the benefits we have discussed here depend on the type of blockchain that companies use. A public blockchain like Ethereum might not be the right fit to achieve the objective companies set.
However, its enterprise version, enterprise Ethereum, or other blockchain platforms like Corda, Credits, MultiChain, Hyperledger, and others can prove to be quite effective. These platforms provide blockchain solutions that ensure only permissioned participating parties get access to information.
However, there is a risk in the centralized design as some nodes can come together to conspire and change the blockchain. In that case, a blockchain development company can develop methodologies to eliminate the risk.
Some methodologies include utilizing the features of permissioned blockchain designed specifically for such situations, such as Notaries.
Some methodologies include utilizing the features of permissioned blockchain designed specifically for such situations, such as Notaries.
Mudit Kumar
18 Dec 2019
A Brief Introduction to the Accounts Library in Corda Blockchain
Accounts Library in Corda Blockchain?
The accounts library enables a Corda node's vault partition into several subsets. The vault refers to a set of state objects. Each subset is a representation of an account. In different words, the account's library enables the operator of a Corda node to segment the vault into several "logical" sub-vaults, which benefits in the following ways.
Node operators can host multiple entities as accounts on a single node, therefore, lowering the costs.
Node operators can do the partition of the vault on a per entity requirement.
Adding Accounts Dependencies on a CorDapp
First, add a variable for the accounts release group and the version you wish to use, and add the Corda version that should've installed locally.
buildscript {
ext {
corda_release_version = '4.3-RC01'
corda_gradle_plugins_version = '4.0.42'
accounts_release_version = '1.0-RC03'
quasar_version = '0.7.10'
kotlin_version = '1.2.71'
testng_version = '6.14.3'
}
repositories {
mavenCentral()
jcenter()
maven { url 'https://ci-artifactory.corda.r3cev.com/artifactory/corda' }
}
dependencies {
classpath "org.jetbrains.kotlin:kotlin-gradle-plugin:$kotlin_version"
classpath "net.corda.plugins:cordapp:$corda_gradle_plugins_version"
classpath "net.corda.plugins:cordformation:$corda_gradle_plugins_version"
}
}
Second, you must add the accounts artifactory repository, the list of repositories for your project :
allprojects {
repositories {
jcenter()
mavenCentral()
maven { url 'https://ci-artifactory.corda.r3cev.com/artifactory/corda' }
//Corda testing node-driver requires gradle-tooling-api
maven { url 'https://repo.gradle.org/gradle/libs-releases-local/' }
//This is needed until the accounts sdk is official
maven { url "http://ci-artifactory.corda.r3cev.com/artifactory/corda-lib-dev" }
maven { url 'http://ci-artifactory.corda.r3cev.com/artifactory/corda-lib' }
}
You can add the Corda and accounts dependencies to the dependencies block in each module of your CorDapp.
dependencies {
cordaCompile "net.corda:corda-node-api:$corda_release_version"
cordapp "com.r3.corda.lib.accounts:accounts-contracts:$accounts_release_version"
cordapp "com.r3.corda.lib.accounts:accounts-workflows:$accounts_release_version"
}
These should also be added to the deploy nodes task with the following syntax:
nodeDefaults {
projectCordapp {
deploy = false
}
cordapp("com.r3.corda.lib.accounts:accounts-contracts:$accounts_release_version")
cordapp("com.r3.corda.lib.accounts:accounts-workflows:$accounts_release_version")
rpcUsers = [[user: "user1", "password": "test", "permissions": ["ALL"]]]
}
How to share IOUvalue from one node to another is described in Corda's official website IOU example.
In this blog, we will explain how to share value from one account to another on the same node.
An Example of IOU using Account Library
The IOUState
The shared facts on the blockchain are represented as states. Our task will define a new state " TransactionState" to represent an IOU.
Corda state is an instance of a class that implements the ContractState interface.
In Corda, the ContractState interface has a single field, participants. It represents a list of the entities for which this state is relevant.
@BelongsToContract(TransactionContracts::class)
class TransactionState(
val IOUvalue: Int,
val lender: PublicKey,
val borrower: PublicKey
) : ContractState {
override val participants: List<AbstractParty> get() = listOf(lender, borrower).map { AnonymousParty(it)}
}
The IOUContract
In Corda, every contract must implement the Contract interface.
In Corda, the contract has a single method, verify, which takes a Transaction as input.
Verify function, Throws an IllegalArgumentException if it rejects the transaction proposal.
Verify function, Returns silently if it accepts the transaction proposal.
class TransactionContracts : Contract {
companion object
{
@JvmStatic
val Trans_CONTRACT_ID = TransactionContracts::class.java.name
}
interface Commands : CommandData{
class Create : TypeOnlyCommandData(),Commands
}
override fun verify(tx: LedgerTransaction) {
}
}
The IOU Flow
In Corda, recording a transaction or sending a transaction to a counterparty is very common. Corda developer, instead of forcing to reimplement their logic to handle these tasks, use Corda provided several library's flows to handle these tasks. Using these flows, we invoke in the context of a larger flow to handle a repeatable task sub-flows.
Corda Flow is instances of classes, made of FlowLogic subclass.
@InitiatingFlow means that this flow is part of a flow pair and that it triggers the other side to run the counterpart flow (which in our case is the TransactionResponderFlow defined below).
In Corda @StartableByRPC , RPC interface [startFlowDynamic] Used to initiate any flow [FlowLogic] and [startTrackedFlowDynamic]) must have this annotation. If it's missing, the flow will not be allowed to start and an exception will be thrown.
@InitiatingFlow
@StartableByRPC
class TransactionFlow (val IouValue : Int,
val lenderId : UUID,
val borrowerId: UUID
) : FlowLogic<SignedTransaction>() {
override fun call() :SignedTransaction{
val notary = serviceHub.networkMapCache.notaryIdentities.first();
val lenderAccountInfo = accountService.accountInfo(lenderId) ?: throw IllegalStateException("Can't find account to move from $lenderId")
val borrowerAccountInfo = accountService.accountInfo(borrowerId) ?: throw IllegalStateException("Can't find account to move from $borrowerId")
val lenderKey = subFlow(RequestKeyForAccount(lenderAccountInfo.state.data)).owningKey
val browerKey = subFlow(RequestKeyForAccount(borrowerAccountInfo.state.data)).owningKey
val transactionState = TransactionState(IouValue,lenderKey,browerKey)
val commond = Command(TransactionContracts.Commands.Create(),transactionState.participants.map {it.owningKey})
val txbuilder = TransactionBuilder(notary).
addOutputState(transactionState,TransactionContracts.Trans_CONTRACT_ID).addCommand(commond)
txbuilder.verify(serviceHub)
var keysToSignWith = mutableListOf(ourIdentity.owningKey, lenderKey)
//Only add the borrower account if it is hosted on this node (potentially it might be on a different node)
if (borrowerAccountInfo.state.data.host == serviceHub.myInfo.legalIdentitiesAndCerts.first().party) {
keysToSignWith.add(browerKey)
}
val locallySignedTx = serviceHub.signInitialTransaction(txbuilder,keysToSignWith)
//We have to do 2 different flows depending on whether the other account is on our node or a different node
if (borrowerAccountInfo.state.data.host == serviceHub.myInfo.legalIdentitiesAndCerts.first().party) {
//Notarise and record the transaction in just our vault.
return subFlow(FinalityFlow(locallySignedTx, emptyList()))
} else{
val borrowerSession = initiateFlow(borrowerAccountInfo.state.data.host)
val borrowerSignature = subFlow(CollectSignatureFlow(locallySignedTx, borrowerSession, browerKey))
val fullySignedTx = locallySignedTx.withAdditionalSignatures(borrowerSignature)
return subFlow(FinalityFlow(fullySignedTx, listOf(borrowerSession)))
}
}
}
The IOU Responder Flow
TransactionResponderFlow, in this flow, the borrower has to use ReceiveFinalityFlow to receive and record transactions. It responds to the flow of the lender.
@InitiatedBy(TransactionFlow::class)
class TransactionResponderFlow(val counterPartySession : FlowSession) : FlowLogic<SignedTransaction>() {
override fun call(): SignedTransaction {
val signTransactionFlow = object : SignTransactionFlow(counterPartySession) {
override fun checkTransaction(stx: SignedTransaction) = requireThat {
val output = stx.tx.outputs.single().data
"This must be an lender and borrower transaction." using (output is TransactionState<*>)
}
}
val txId = subFlow(signTransactionFlow).id
return subFlow(ReceiveFinalityFlow(counterPartySession, expectedTxId = txId))
}
}
Conclusion
In this post, we implemented the process of an IOU using the account library while inspecting the components that are required to do so. In the Cordapp, States are facts that are shared among parties on the network, contracts are used to validate transactions and flows contain the logic to propose new transactions.
At Oodles, along with offering Corda blockchain development services, we keep planning to write more on the development aspects of Corda and its complex features.
Mudit Kumar
16 Dec 2019
What Role Can Blockchain Play In Digital Content Management
Blockchain became a buzzword in the financial services industry due to being the underlying infrastructure behind digital currencies (cryptocurrencies). Subsequently, other industries started exploring blockchain technology’s potential to optimize traditional systems, as well as manage digital assets securely. The industries include healthcare, real estate, education, aviation, hospitality, travel and tourism, and whatnot. Now, key digital content management players are looking for inventive solutions to address challenges like widespread piracy of intellectual property and content. In the digital space, there are limited mechanisms to protect rich media content. Blockchain can provide solutions to manage digital content securely while enabling new monetization models. Let’s take a deeper look into the potential of blockchain in enhancing traditional content management systems.
Blockchain in Digital Content Management
With specific rights attribution to the stakeholders involved in the digital content (media) through smart contracts, blockchain can ensure appropriate ownership and fair evaluation. It provides solutions to strengthen registration, licensing, and distribution of digital media without any dependence on intermediaries. In the following sections, we have described how blockchain and smart contracts can transform the traditional digital content and copyright management system.
Challenges in the Traditional Content Management System
Whenever we play a song or watch a video or refer a published study for research, the person who holds its ownership or copyright should be rewarded with royalty for the work they own. However, for instance, we can observe the unauthentic use of digital music or videos every day in clubs, bars, parties, radio stations, and other areas. There are no stringent mechanisms for royalty management, which makes original content owners get little to no royalty for their creation. Not only this, but people also remake, refurbish, or use digital content for other purposes. Not to mention, there are numerous online platforms that pirate copies of diverse media content like videos and music files. According to a report published by Digital TV Research, online piracy can cost up to $52 billion by 2022.
Additionally, content creators and copyright holders get affected due to sales opacity, whereas distributors mention a high volume of media usage transactions. Consequently, creators end up receiving approximately 20 to 40 percent of these transactions. Given the situation, some music creators choose to keep their content off from the on-demand streaming services. It leads to creating gaps in the libraries of platforms like Spotify, Apple Music, and Google Play Music.
Blockchain can address these challenges by fostering trust, security, and transparency in the ecosystem of digital content management.
Now, we will be considering the case of video content creation, distribution, and management with blockchain.
How Blockchain Transforms Video Content Distribution
In a hypothetical case, the following can be the stakeholders involved in the blockchain video content management ecosystem
Content Developers/Creators – Those who create and manage content.
Contributors – Those who contribute to the media content creation.
End Users – Those who purchase the license to access content and its rights.
Let’s discuss what roles each stakeholder in the system play.
Content Creators
Content developers create and add video content to the application. They define the start/end time of the video while also leaving scope for contributors. Also, they define metadata such as video title, description, category tags, etc.
Once they have created and added the video to the platform, they get a certified digital certificate ensuring the ownership of their work.
In this case, the video will carry a unique ID, EIDR, which will be linked to the blockchain. EIDR will act as a unique universal identifier for content assets and provide uniqueness to all media contents.
Linking EIDR to the blockchain platform will enable traceability and transparency to all transactions related to the content.
Content creators can also edit, change price, or delete the media content. However, whenever they will make any changes to the content, end-users will receive a notification. End users can trace back the amendments made by content developers at different intervals of time.
The video developer will receive a request when users want to access any video content available on the platform. Subsequently, the blockchain-powered system will enable viewers to pay in micropayments to the content creators.
Upon successful payment, the integrated smart contract will enable viewers to access the requested content.
Also Read: Blockchain in Intellectual Property | Making IP Rights Management ‘Smarter’
Contributors
A contributor can contribute to the video content after receiving invite requests from the content developers. The contributor will earn a certain percentage of the total content’s value by making a contribution to it. Once the contributor achieves the scope set by the content developer, they can consider their tasks as done. Content creators will receive a notification for the same.
If the contribution fulfills the content developer’s requirements, a smart contract will automatically make payment to the contributor. Also, they will have ownership of the content as a contributor.
Blockchain-powered content management platforms will store the corresponding transaction Id for the contribution task. It will solve as well as avoid disputes related to content rights.
Users
End users will sign up on the platform to access the content available in the system.
After the registration, they can log in to the system and access the list of contents.
They can search for video content and access their details like the owner’s and contributor’s info and pricing. Users can purchase the access license of the media content by bidding to negotiate the deal with content creators.
During the negotiation, users can define different parameters related to the content such as the region, the number of runs (unlimited to 3-4times), and the types of rights they want to hold. After coming into an agreement with terms and conditions, the content developer receives the request. He can view the offer sent by users and approve the request after the successful negotiation of the deal.
Here, a smart contract solution will come into play that enables content access to end-users for a specific period mentioned in the offer contract. The smart contracts will automatically execute the payment from the buyer’s end and sent it to the developer’s wallet. Blockchain also has provisions to enable micropayments. It means users can avail the option of pay per view while making payments. After successful payment, the smart contract will enable the transferring of license and access to the content to take place in the back-end. All this while, blockchain will have an unalterable record of each transaction’s details from the beginning. It will enable users to trace back transactions’ history of the content they have purchased. Users can also view payment transactions’ records for any disputes or issues.
Strengthening the digital content management's value chain with blockchain car formulate more transparent and secure processes. The records stored on the blockchain in an unalterable way will manifest auditability and traceability.
We are a blockchain app development company with experience of more than 4 years in blockchain development. Talk to our team of our blockchain development experts to find out how blockchain is creating a myriad of opportunities in the digital content management space.
Mudit Kumar
16 Dec 2019
An Introduction to Corda Blockchain Platform and its Key Concepts
Corda is an open-source blockchain project, designed to build businesses from scratch. It enables developers to build interoperable blockchain networks that transact in strict privacy. Further, Corda's smart contract technology enables businesses to transact directly with value.
Key concepts of Corda
The Network
Communication between nodes is point-to-point, instead of relying on global broadcasts.
Each node has a certificate mapping their network identity to a real-world legal identity.
The Ledger
The Corda Ledger allows for the management and synchronization of business agreements between multiple parties.
In Corda, Ledger is a subjective construct from each peer's point of view. There are no peers who can see everything.
Each set contains known facts. Where the sets overlap are shared facts that are stored on the Corda ledger.
States
States are immutable objects representing shared facts such as an agreement or contract at a specific point in time.
States represent on-ledger facts.
States are evolved by marking the current state as historic and creating an updated state.
Each node has a vault where it stores any relevant states to itself.
In Corda, states are instances of classes that implement ContractState.
interface ContractState {
val participants: List<AbstractParty>
}
Transactions
Transactions facilitate the update of states onto the ledger
A transaction proposal will only be committed if:
It doesn’t contain double-spends
It is contractually valid
It is signed by the required parties
Contracts
Contracts are used to control the evolution of on-ledger states.
In Corda Smart contracts that can be written in Java and other JVM languages.
In Corda Contract has a single method, verify, which takes a Transaction as input.
The verification function is defined in the contract code. This is the verify method signature in Kotlin.
fun verify(tx: Transaction): Unit
The function takes a transaction as a parameter. It will execute all of the constraints that the Cordapp developer has defined. If any of the constraints fails, it will throw an exception. If all of the constraints pass, then it will return nothing and consider the transaction which was passed in to be valid.
Also Read: Corda Blockchain: Finding its Applications in the Real World
The flow of the network Nodes (Peers) in Corda Blockchain
Flows are a series of steps required of the necessary peers to execute a transaction. Understanding the flow framework is essential to working with Corda as they reflect the core business logic of a CorDapp.
In Corda Flow are instances of classes, made of FlowLogic subclass.
class InitiatorFlow(val otherParty: Party): FlowLogic<Unit>() {
@Suspendable
override fun call() { }
}
To understand how flows work, let's consider Alice and Bob, who wish to agree on an IOU.
Diagram of a flow framework, continuing with Alice and Bob's IOU:
Notary
A Corda network has one or more notary clusters that provide transaction ordering and timestamping services.
Consensus
The consensus is required because different entities, individuals, or parties can try to add information to Corda nodes, distributed operators on the system must evaluate and agree on all additions before they are incorporated into their ledger.
Two types of consensus
Validity consensus - guarantees no conflicts and ensures that a proposed transaction is valid per the contract code that governs how the shared state can evolve.
Uniqueness consensus -guarantees that conflicting updates to the ledger can never occur, this is only checked by a notary service.
We are a blockchain development company that leverages the Corda platform's capabilities to provide Corda blockchain development services. It enables us to develop and deploy public and permissioned blockchain solutions for a range of industries and business operations.
Mudit Kumar
13 Dec 2019
Addressing Challenges of Cross-Border Payments with Blockchain
From a global perspective, high costs and inefficiencies in cross-border payments are making banks, businesses, and consumers to move from traditional to digital solutions. According to experts at Oodles, blockchain' distributed ledger-based financial solutions can enable institutions as well as individuals to make cross-border payments in a secure, efficient, and cost-effective manner. A cross-border payment solution developed with a blockchain platform like Stellar can ensure that financial services reach people with limited to nonexistent banking services.
Cross-Border Payments: Challenges
With no direct connectivity between transacting parties to lacking factors like traceability and transparency, cross-border payments are like a black box. Additionally, costly fees to process transactions from one network to others that, eventually, end users bear, limit financial providers’ market and downgrade their service capabilities. Also, no standardization across global networks influences data transfer, which often causes threats and risks to transactions and other information of users.
It is forcing businesses and consumers to move from banks to Fin-tech providers using blockchain solutions, which more appropriately fulfills their demands.
Blockchain to the Rescue
Blockchain is like a digital ledger distributed (shared) across the network, which stores information about each transaction made on it in an immutable way.
For companies and people who make regular cross-border payments, blockchain can provide features like transaction security, transparency, efficiency, and speed.
According to a Deloitte study, blockchain can enable institutions and individuals to make transactions in less than 5 seconds with reduced costs up to 40-60%.
Using blockchain for cross-border payments can make companies pay either a single fee or nothing at all. It will prove beneficial for international businesses that send payments across geographies regularly.
Pain Points in Cross-Border Payments
Transaction Speed: According to McKinsey research and analysis (2015) on cross-border payments, it takes an average time of three to five business days to complete a cross-border transaction.
Transaction Cost: At each step in the process, fees accumulate, including transfers from the sender’s bank to the national and international correspondent banks and foreign exchange. For high volume cross-border payments, the charge is usually average 2% to 3%. However, it can go up to 10% where payment volumes and values are low. Moreover, it’s also not clear when institutions even charge costs to a recipient.
Transaction Opacity: It’s usually complex for participants involved in transactions to track their payments while they are in transit. It creates uncertainty about both the final payment amount and scheduled delivery. It also becomes difficult to quickly track transactions with problems, such as incorrect account numbers.
How Blockchain Addresses these Pain Points
Cost-efficiency
Cross-border payments become expensive because banks often do not have direct relationships with one another in a global scenario. Then, they turn to intermediary banks to make indirect fund transfers. The intermediary bank levy a fee for this service, which it deducts from the total transfer amount. Sometimes, the remitter and the beneficiary incur this cost or either party pays the complete amount. It occurs on top of fees charged by the remitter bank or the recipient bank.
At Oodles, our blockchain experts suggest that Stellar blockchain development services can provide efficient payment solutions while eliminating the need for intermediaries. It reduces the fees for sending cross-border payments dramatically. The fee paid by transacting parties is then limited to charges levied by the distributed ledger technology-based solution operator.
According to reports, banks experienced 40% savings on average using these blockchain platforms like Stellar and Ripple.
Fast Settlements
According to an R3 report, it takes two to five business days to make a cross-border transaction that involves intermediaries. A significant time zone difference between two involved currency jurisdictions plays a crucial role. It requires a remitter to transfer funds through relevant regional payment systems. The remitter also needs to consider the working hours of these systems that vary across international time zones. Ripple platform for blockchain solutions boasts transaction times of between two to five seconds. Currency transactions made through Ethereum blockchain solutions operate with an average time of between 15 seconds to four minutes.
Also Read: Examining Cross-border Payment Solutions Powered with Ripple Blockchain
Strengthened Security
Records on a cross-border blockchain become secure via cryptographic security mechanisms. All network participants possess their private keys assigned to specific transactions they make, which act as digital signatures. If someone tries to alter any record, then the user’s signature becomes invalid. It results in the peer network identifying that something has occurred.
As blockchain is decentralized and shared across a peer-to-peer network, its participants get the ledger’s same updated and synched version at a given time. It means that there is no single point of failure across the ledger and changing its state is almost impossible. Altering the data stored on the blockchain requires permission from up to 51% of the participants at the same time. Also, it requires an enormous computing power to compromise the network.
For instance, in the Bangladesh bank heist, criminals hacked credentials from the country’s central bank to siphon more than $81 million via SW
The damaging Bangladesh Bank heist, which involved criminals using credentials lifted from the country’s central bank to siphon more than $81m via SWIFT messaging. It is an incident that proponents of blockchain technology at Oodles, a blockchain development company, suggest would not have occurred with a DLT system. The system would have detected attackers’ attempts to erase their actions from the database. It would have also made it easier to track where the money had been transferred.
Transparency and Visibility
Our in-house team of blockchain experts believes that blockchain platforms like Corda can significantly simplify the compliance process.
In a public blockchain solution, while the identity of a user is hidden, the holdings and transactions of each address remain open to viewing. With an explorer and the public address, individuals, auditors, as well as regulatory authorities can view all transactions carried out by that address.
Furthermore, in a private blockchain solution, the details are only viewable by permissioned participants involved in a transaction.
In 2018, the Financial Executives Research Foundation published a report, it stated that blockchain-based fintech systems can eliminate traditional financial reporting bodies. The transparency powered by Corda blockchain solutions can also eliminate checks and balances requiring considerable resources and manpower.
Conclusion
To conclude, sharing transaction information across involved participants in a common format can reduce data discrepancies, facilitate fast reconciliation, and optimize burdensome back-office operations.
Mudit Kumar
11 Dec 2019
Blockchain for Thorium's Supply Chain Traceability
In this use case, we have discussed how technologies like Blockchain, AI (Artificial Intelligence), and IoT (Internet of Things) can fulfill the requirements of traceability, security, and efficiency of a supply chain of Thorium for sustainable energy generation.
Blockchain, an Innovative Type of a DLT (Distributed Ledger Technology)
Essentially, blockchain acts like a digital ledger shared across network participants. It stores information in an immutable way. All participants in the network get the same copy of the data at a given time. As a result, it enables decentralization in the network while leaving no single point of failure. However, changing the ledger data warrants a consensus of network participants. It means that without achieving network consensus, it is insurmountable to alter or change data stored on the blockchain.
While discussing blockchain, it is essential to identify its two types and their applications that serve different business purposes. One is a permissionless/public blockchain that enables anyone to join and get full rights to use it. Another is permissioned/private blockchain for enterprises. Permissioned blockchains restrict access to pre-verified users who have already proven their identities. Also, they allow anyone to join but let only trusted identities verify transactions on the blockchain.
Accelerating Transformation Across the Supply Chain with a Permissioned Blockchain Network
We will use a permissioned blockchain solution as an underlying infrastructure for supply chain traceability, visibility, and security from the mine to the power-plant. Hyperledger Fabric, NEM, Credits, and Corda are a few of the most suitable blockchain platforms for this purpose. A permissioned blockchain that enables only verified participants to join its ecosystem is required to implement robust Thorium handling measures. The solution can onboard only permissioned participants to involve in supplying Thorium. It can include authorized miners, freight providers, and others. It enables them to create and track end-to-end supply chain information about Thorium while making it accessible to all yet secure.
Blockchain Platforms for Permissioned Traceability Solution
Hyperledger Fabric
It is a permissioned distributed ledger technology (DLT) platform with a highly modular and configurable architecture designed for enterprise contexts, including finance, healthcare, supply chain, and human resources.
NEM Enterprise
It provides powerful modular customization for virtually any application where speed and privacy are essential. Developers can build fintech systems, decentralized notarizations, and supply chain and logistics solutions with traceability.
Credits for Enterprises
Its supply chain platform provides automation, management, and delivery control of goods and services at each stage/process. It provides transparency in transactions and reduces operational costs.
Corda Enterprise
It is a distributed ledger technology that employs known identities to establish trust and keep transactions private between interacting parties. It reduces the effort required to maintain data consistency while enabling it to scale and manage a higher volume of transactions.
Integrating technologies like AI (Artificial Intelligence), the Internet of Things (IoT), and others can further augment the blockchain solution for accurate real-time system entry of generated data.
Integrating AI, IoT, and Blockchain with Technologies like RFID, GPS, and more
The supply chain process will begin with loading it into air-tight containers and equipping them with tamper-evident sealing devices. Integrating near Field Communication (NFC) or Radio Frequency Identification (RFID)-enabled chips, weight sensors, micro GPS tracking, and other sensors facilitates efficient asset tracking.
The RFID microchip will establish a digital identity and act as an identifier for the container. It will contain important identifying information about every touchpoint of the supply chain like,
Type of material
UN Number and shipping name
Weight of containers
Point of origin
Destination and delivery date
Identity of the individuals handling the shipment at each point
Additionally, integrating wireless level monitoring IoT devices and AI-powered facial recognition and motion sensors in the process notifies parties about any movement in real-time. They provide the ability to monitor the chemical shipment in real-time.
Fill Level or Weight Alerts
Notifications about weight deviation from a threshold
Theft Alerts
Enterprise-grade security with a reliable alerting system
Temperature Alerts
Immediate alerts about the temperature deviation
Shipment Route Tracking
Live traceability of shipment and route optimization
Facial Recognition Security
Security of shipments with digital identification
All this digital identification and logistical information will be available on the blockchain network, accessible to all permissioned parties.
While the integrated sensors will provide the ability to monitor the shipment status in real-time and issue alerts about suspicious activities, a permissioned blockchain solution will make this data secure and visible only to the network participants. It will enable respective stakeholders to receive regular alerts and notifications of every event and action defined as business rules.
Further, smart contract integration with blockchain will automate necessary business rules and contracts between the transaction participants, such as payments and audits. It will reduce heavy paperwork and the risk of human-prone errors in data and information.
Smart contracts are self-executing, complex if-then statements written into codes. They only execute transactions when parties fulfill established business conditions.
A High-level Overview of Thorium's Supply Chain Traceability, From Mine to Power Plant
The shipment of Thorium containers leaves by a truck from the mine site with all devices and sensors attached to provide real-time information about the shipment.
As any supply chain update is available after the shipment exit from the mine site, blockchain creates an entry, a record entry in a decentralized ledger. It can be anything, including GPS location or data update from IoT devices and sensors placed inside the containers. It can also be a temperature, weight, or shipment route deviation from the defined limits or even driver change before the delivery update.
Each record will refer to a specific asset or shipment ID, with the current timestamp in milliseconds and other custom parameters. All details will become available on the blockchain, including the shipment process, from the mine to the power plant. Additionally, we can integrate this data with other systems via APIs, making it possible to connect with ERP and other legacy systems.
Conclusion
As discussed above, a distributed ledger could be a viable solution for provenance and other logistical purposes. Because data updates, consumption, and storage happen in a decentralized way, it creates a trustless environment. Everybody gets access to the same data and full ledger of records from the first transaction with complete transparency and traceability.
However, blockchain technology cannot establish provenance traceability on its own. It needs efficient integration support from ERP systems, supply chain management solutions, IoT smart tracker hardware systems, and more. Also, processes, operations, legal frameworks, and conventional technology need to envelop blockchain to make this use-case operational.
Not to mention, it will require the support of a blockchain supply chain development company for its realization.
Mudit Kumar
10 Dec 2019
Reasons to Explore Blockchain for Supply Chain Management
Blockchain technology adoption has continued to gain traction in several industries, especially in financial services. Now, it has evoked the interest of key supply chain players looking to achieve efficiency and productivity while strengthening security and reducing costs. If you are a supply chain manager who is uncertain of blockchain’s capabilities and wants to determine if blockchain supply chain management solutions are feasible or not, this article may give you the answers you need.
Multiple parties’ involvement in the supply chain management
When there are several external partners involved in your supply chain, its processes become more complex and time-consuming. Moreover, it takes days to process payments and trace products or parts back to their origin due to intricate, globalized supply chains. Currently, supply chains also have a scarcity of solutions that can trace exact sources of materials or confirm whether processes have been followed ethically.
If your business supply chain comprises of several parties working across different geographies, blockchain implementation can bring significant benefits to it. It can enable you to store, manage, and track all operations and transactions through a single, distributed, automatically updated ledger.
If you are not facing such an issue, read on how blockchain solutions in supply chain management can still make a difference.
Blockchain smart contract solutions offer end-to-end traceability and tracking of products, from the provenance to the customer-shelf.
Also Read: Seafood Supply Chain Management with Hyperledger Fabric Solution
Mistrust between involved parties
Often, supply chain management lacks trust among involved parties, which makes even simplified processes stressful and complicated. It compromises a supply chain’s integrity when one party does not trust another party of recording data accurately.
Ultimately, blockchain is about solving trust issues through transparency.
It provides end-to-end transparency through its distributed ledger, which enables all stakeholders in the chain to view and confirm others’ actions. That means nobody can change the data verified across the network without achieving consensus. It makes data tempering or hacking almost impossible.
If your supply chain depends on intermediaries to establish trust, blockchain can be beneficial as it eliminates their need with smart contract solutions.
Need for a shared, common database between stakeholders
Recording, sharing, and verifying data becomes challenging when there are multiple parties involved in supply chain management. Generally, each party uses its database, which makes other stakeholders to track down partners’ information individually, including auditing and regulatory authorities.
With blockchain as the underlying database infrastructure, you can continuously sync data across a shared ledger in real-time. It enables all stakeholders to view the same data at a given time and verify transactions in real-time. It also assures all stakeholders that the best practices, compliance, and contract terms have followed during process execution.
With blockchain supply chain management solution, you can accurately track or verify all activities in supply chain processes.
They enable businesses to reduce dependency on error-prone, time-consuming paper-based systems while simplifying data updations across the supply chain.
Explore More: BigchainDB Use Case for Traceable and Efficient Supply Chain Management
Differences in the rules that govern parties
It becomes inevitable to avoid conflict or confusion when different supply chain parties adhere to different guidelines and regulations, whether governmental, environment, volitional or industry-wide.
Moreover, centralized, traditional databases make it difficult and time-consuming to validate various parties’ compliance to different regulations throughout the supply chain.
Keeping track of compliance of individuals parties traditionally results in significant product delivery delay through a supply chain. The issue becomes more severe when partners operate across the world.
Here, blockchain supply chain management can be beneficial if you are finding it challenging to keep track of your parties’ compliance or experiencing delays due to non-compliance.
Dynamic rules governing the transactions
Blockchain can benefit supply chain management if the terms administering operations and transactions do not change frequently. With blockchain implementation, all parties in the network define, agree and follow a detailed set of practices. It establishes a contract, which makes transaction verification automatic and secure. Not only this, but the protocol also rejects the transactions if hacking, tampering, or inaccuracy in data is apparent. So, when network parties have agreed to follow established rules, the verification of uploaded data by different supply chain partners become quick, simple, and reliable.
If your business supply chain has no specific guidelines for transactions and operations, blockchain can bring uniformity and efficiency.
Benefits of Blockchain for Supply Chain Management
If you have reached this section, it is likely that you also believe blockchain can be the right technology to build solutions for the supply chain management. So, let us solidify your decision to explore blockchain for augmenting supply chain efficiency, security, and productivity.
Scalability
Often, traditional databases fail to provide appropriate storage for business-sensitive data occurring from innumerable transactions that take place every day. Blockchain provides secure, efficient, and highly scalable database solutions. It provides a globally networked and decentralized ledger while preventing data loss due to no single point of failure.
Performance
From the provenance to end-consumers, a product goes through a lot of simultaneous processes that are prone to human error. Blockchain’s use ensures the integrity of the processes as well as augment their efficiency. Case in point, smart contracts can execute automated freight delivery payments while instilling transparency in transactions.
You might also be interested in: Fixing Fragmented Healthcare Supply Chain with Blockchain
Consensus
One key attribute that contributes to blockchain’s uniqueness is the provision to use diverse consensus mechanisms as per business requirements. Its objective is to ensure ledger’s data immutability by synchronizing a general agreement among the network’s nodes about the recorded transactions. In the supply chain networks involving multiple parties and several discrepancies in information exchange, the use of consensus mechanisms can significantly improve the situation.
No Geographical Constraint
Blockchain provides functionalities to connect users from around the globe. It enables stakeholders in supply chain management to expand outreach along with achieving efficiency in global payments. Traditionally, legacy payment modes consume considerable time and money due to compliance with geographical regulations. With cryptocurrency development services, we can significantly reduce the time for the same process.
Improved Overall Cost
Blockchain application development services can also reduce the overall cost incurred through international transactions and traditional banking systems’ limitations.
Conclusion
With blockchain features like traceability and transparency, you can solve several critical challenges in supply chain management and its processes.
Establish end-to-end transparency and efficiency across the supply chain with our custom blockchain solutions or connect with blockchain technology experts to assist you with the right use case.
Mudit Kumar
05 Dec 2019
Making Blockchain Solutions Scalable with Sidechain Technology
As a blockchain development company, at Oodles, we believe that blockchain technology is going to revolutionize the business world. However, it often faces challenges that hinder its widespread implementation and adoption, like scalability and transaction finality. One technology that can supplement the widespread use of blockchain app development in the future is sidechain technology.
What is Sidechain Technology
According to the Blockstream company, a sidechain is a new advanced method for making blockchains scalable. It enables businesses to introduce new features to the market faster than existing blockchains while deriving the security aspects of the mainchain.
In common terms, a sidechain is a separate blockchain that operates alongside the mainnet. It enables advantages like flexibility, liquidity, and speed. Users can use it for transactions and computations, however, the mainchain needs to verify and secure them. A mainnet and a sidechain have a parent-child relationship called linkage, which enables the transfer of digital assets from the original blockchain to the sidechain.
Technically, the following is the process: a user sends some crypto coins from the original blockchain to an output address. Users cannot access or spend them due to being locked at that time. At this point, federations come into play. A federation is a group of servers working as an intermediary between the mainnet and the side chain. It is the federation that defines for how long the cryptocurrencies can remain locked and when they should be unlocked. Interestingly, sidechain creators enable access to federation membership to any user. Upon transaction completion, users on both sides verify and confirm it, which takes a while for additional security requirements. Once the transaction confirmation period is over, users receive the cryptocurrencies on the child chain (sidechain).
Addressing the Challenges of Blockchains with Sidechains
Mainly, sidechains address one of the prevalent issues of traditional blockchains- slow and limited transaction speed. Sidechains diversify a chain into multiple blockchains. It means there is no need to wait for all nodes to reach a consensus for adding the block to the chain.
Along with increasing the transactions, sidechains add more functionality and improved the scalability of existing blockchains. On a high-level overview, blockchain tends to get slower in processing transactions, especially at times when the network is busier. Here, a sidechain alleviates that issue by executing the transaction instantly and reconciling with the mainnet later.
Flexibility in Custom Blockchain Application Development
Sidechain enables developers to test new software, or upgrade existing solutions, in a real-world environment. So, even if an app becomes unstable during testing, it does not impact the mainnet deployment. The child-chain experience all the damages during the test.
Improved Transactions Speed and Finality
With a sidechain deployment, network stakeholders need not think about transactions that consume a lot of time. Interestingly, despite having the federation layer and a longer confirmation period, it processes transactions much faster.
Lower Transaction Costs
Sidechain logic can considerably reduce high transaction fees in the mainnet. Instead of recording every move, it parses big data chunks and completes them out of the parent blockchain.
A sidechain can be an appropriate solution for business alliances and consortiums. Mainnet blockchains, having no “know your customer” processes and requiring big investments, can greatly benefit from sidechain projects. Additionally, they ensure enhanced workflow with transparency and a confidential partnership between entities.
The Application of Sidechains
We use a sidechain for one specific use case. It means there can be multiple side chains for different tasks while having mainnet blockchain connected, like increasing transactions’ efficiency. In simple words, one application may require to be optimized to increase speed, and others might need optimizations for large computations. Typically, businesses can utilize sidechains in any commercial, blockchain use cases.
What it Contains for Blockchain Technology Platforms
Sidechains contain the potential to fundamentally disrupt the space of blockchain and cryptocurrency development. Currently, the blockchain development services with EOS provide the maximum transaction speed due to the use of DPoS (Delegate Proof of Stake) consensus mechanism. Sidechain platforms can give EOS a run for its money. Particularly, it can prove vital for Ethereum blockchain development where apps experience low transaction speed. If we incorporate sharding (Ethereum’s name for sidechains) into the Ethereum platform, it can increase the network’s performance significantly. Blockchain experts also believe that sidechains contain a lot of potential for commercial utilization of blockchain solutions. For instance, legacy banking operations like ownership issuance and tracking can be tested on a sidechain before shifting them onto the mainchains.
Connect with our blockchain experts if you want to understand the know-how of a sidechain implementation for enhanced security, scalability, and efficiency.
Mudit Kumar
03 Dec 2019
Corda Blockchain: Finding its Applications in the Real World
Corda is an open-source blockchain platform that fulfills the need of diverse businesses with transparent, secure, and efficient distributed ledger-based solutions. It facilitates financial institutions as well as individuals to manage and synchronize digital contracts in a consistent, secure, and auditable manner. Corda has gained support from credible institutions like HSBC, U.S. Banks, Barclays, and others since its introduction in 2016 by R3 Company. Similar to various open-source projects, a large community of developers contributes to Corda Blockchain application development by appending new features to the primary solution.
Understanding Corda Blockchain
Corda Blockchain provides solutions to move businesses from centralized systems-of-record to decentralized, authoritative systems involving all economic players. It provides tools and functionalities like smart contracts that enable institutions to conduct transactions and share information directly in strict privacy. Ultimately, it reduces the associated transaction costs and streamlines business operations for all stakeholders.
Corda is not an exact version or type of the standard blockchain technology underlying platforms like Ethereum. Indeed, it obtains key features of platforms like Ethereum to provide ideal custom blockchain solutions for specific objectives. They include operations like managing financial contracts and agreements between regulated financial institutions, as well as individuals.
Corda Blockchain for Business Application Development: Advantages
Also, you can connect with our blockchain consultants directly for a comprehensive understanding of the Corda blockchain app development.
Corda blockchain finds its applications in international financial operations with an emphasis on privacy. Most nodes may never encounter a flow of transactions, creating no single centralized data storage. For instance, Alice and Bob view only transactions 1 and 7, while others having no idea about them.
Another feature that distinguishes it from others is a two-types consensus. The first one is used between parties involved in a transaction, and called validity consensus. In this case, only permissioned parties get to access and view all private transaction information.
The second one is the Uniqueness consensus. It is a notary service that acts the same as miners in standard blockchains. It prevents double-spending and eliminates chances of duplicating inputs to a proposed transaction.
Corda supports requisite technologies and languages to make the CorDapp development easy. It finds its major use cases for blockchain implementation in capital markets, digital assets, and digital identity. Essentially, it provides solutions for effective, efficient and instant settlements and facilitation of payment contracts between participating users in a B2B network.
Corda also assists other sectors such as;
Energy sectors (digitalization of commodity trading)
Worldwide trading (smart contracts and regulatory compliance with real-time auditing
Government and technology (related to transaction recording)
Healthcare and technology (where data storage and management are crucial)
Insurance and telecommunications
Here are some use cases for Corda’s implementation in the business world
Strengthening the Food Supply Chain with Blockchain Solutions
Digitizing AML/KYC Compliance with Blockchain
Blockchain in Healthcare: Advantages, Use Cases, and Applications
Mudit Kumar
30 Nov 2019
Security Token Exchange Development - A Comprehensive Guide
Security tokens or tokenized securities have offered an ingenious way for investors to enter the cryptocurrency world. Unlike utility tokens, they bridge the gap between blockchain networks and legally financial assets. Backed by the Securities and Exchange Commission (SEC) rules and regulations, they have gained significant traction among financial institutions, investors, and service providers.
If you are planning for security token exchange development, you may likely get experience success. It is because security tokens’ global acceptance and adoption have increased the need for compliant security token exchange development
So, let’s start by assessing the potential of security tokens to solidify your decision of security token exchange development.
Security Tokens
In simple terms, security tokens are backed by tangible assets like a company’s shares, assets, profits, real-estate, etc. Security tokens act like digital assets that supplement crowdfunding and blockchain projects while being compliant with securities regulations.
One can smoothly trade private securities on a secondary market by tokenizing them. It makes them free from the administrator requirements of traditional securities. Security tokens involve no intermediaries and provide enhanced inclusivity, quick deal execution, and more
Security tokens provide the following benefits
Make illiquid assets liquid: Make small, private non-liquid securities accessible to everyone
Bring transparency and 24/7 access: Blockchain-powered transparency and trust make a global market always operational and accessible 24/7, thereby enabling faster and cheaper trades.
Programmability: Security tokens are programmable. One can make security tokens to automate corporate governance, proxy voting, and dividends.
Besides these, security tokens benefit in the following five ways
Programmable ownership and compliance
The programmability of security tokens enables compliance protocols to be coded into the real asset. Also, you can amend the protocols over time. It signifies that there is no limit to the rules and systems to launch an STO.
Ownership of tokenized assets
Security tokens provide actual ownership of an underlying asset to users. For instance, if they invest in real estate tokens, they get fractional ownership of that tangible property instead of an IOU.
Increased innovation
A regulated and compliant tokenized ecosystem lays the foundation for global acceptance and innovations in the cryptocurrency development world. It paves the way for investment options and lucrative returns. These are the reasons security tokens are in the trend. Businesses and individuals are considering to create security tokens and thereby, indulging in security token exchange development.
Now, let’s understand the importance of developing a security token exchange or trading platform and its essential aspects.
Security Token Exchange or Trading Platform
Blockchain-powered transparency and trust are the main reasons behind security token exchanges’ increased adoption. Nobody can tamper or corrupt the ownership of digital assets available for trading on the security token exchange. Blockchain’s distributed ledger stores information of all trades conducted on the exchange platform and thus, making them immutable.
The things that you can trade through traditional means are also tradable with STE. Users can trade securities like prize bonds, assets, stocks, insurance policies, equities, and swaps on STEs in the form of blockchain-powered security tokens.
Also Read: Unexpected Ways Blockchain Is Being Used For Disruption
Mechanics of a Security Token Exchange
Most of the cryptocurrency exchange platforms do not promote Security Tokens as their systems provide no support for them. In other cases, other platforms don’t get the authority from the respective jurisdiction to enable the trading of security tokens. Blockchain-enabled security token exchange address these challenges faced by multifarious users and investors. The primary advantage of a token exchange is to make liquidity for the cryptocurrency market sustainable.
Security Token Exchange platforms enable hassle-free buying and selling of assets on the secondary market. Let’s understand with a simple explanation.
A company decides to tokenize its shares, however, not everyone can invest in them.
A company willing to raise funds for its projects tokenize their shares or other assets.
The shares or assets are made available to the public for open purchase as security tokens.
Tokens carry some value and investors purchase them after paying a certain price.
A security token exchange provides a platform for both investors and token issuers to indulge in trading.
The tokens that investors buy represent a share or asset of that company or issuer.
It is recommended to use the expertise of a security token exchange development company to build an exchange equipped with advanced features.
Compliance - Security Token Exchange
A security token exchange comes under the category of Alternative Trading System (ATS). An ATS is regulated as broker-dealers, which provides a marketplace to bring the buyers and sellers of securities together, rather than as an exchange. Alternative Trading Systems like STE require approval from the SEC (Securities Exchange Commission). It requires the underlying infrastructure to be fully-compliant to the SEC regulations.
Traditionally, issuing companies, banks, and peer-to-peer platforms operate in their jurisdiction. They cannot facilitate securities’ trading outside of their jurisdiction. Also, most security trading services are only accessible to specific investors that fulfill the criterion and open during business hours only.
Security token exchanges built using the blockchain technology from ground zero can, however, these challenges in the architecture. It means that although security token exchange platforms operate according to the jurisdiction, they still can enable trading for a much broader audience, owing to blockchain technology. Blockchain technology enables the ownership of securities to be embedded in the token itself. It facilitates the fast, secure, and efficient transfer of security tokens.
Security Token Exchange Solution for Businesses
A Security Token Exchange’s security and reliability are quite efficient and effective. It has opened the possibilities for investment from different fields of business.
Security Token Exchange not only enables investments and trading but also facilitates real-life businesses and markets to explore the opportunities of security tokens. Businesses or companies that generally deal in cash can utilize the ultimate functionality of the Security Token Exchange. Any asset carrying some value can use the possibilities and opportunities enabled by security token exchanges. For instance, real-life markets like real estate businesses can increase the adoption of such assets and trading on the Security Token Exchange.
Security Token Exchange Features
If you are planning to develop a security token exchange, consider reinforcing it with the following features:
Matching Engine
It matches buy and sell orders with minimum latency
Hot Wallet Protection
It enables users to use a secure infrastructure for security token transactions. Invigorating the wallet with multi-sim functionality can further strengthen its security.
Multi-layer security
It enables secure trading of security tokens. Fortify the exchange with security mechanisms like two-factor authentication, SSL encryption, data encryption, HTTP authentication, anti-Distributed Denial of Service (DDoS), Cross-Site Request Forgery (CSRF) Protection, and more.
KYC and AML Verification
Jurisdiction-based KYC enables verify user identity while following the appropriate verification protocol. It enables legitimate and authentic users to securely access the security token exchange.
Multi-currency Transactions
It provides seamless integration of multiple crypto and fiat currencies into the platform following the business needs.
Integration of Payment Gateway It enables users to buy and sell security tokens with fiat currencies using credit cards and debit cards, and other payment systems.
Multi-language support
It expands the outreach of the security token exchange platform globally.
Security Token Exchange Development with Oodles
There are multifarious factors that need to be taken into consideration for security token exchange development, like security, performance, user experience, and SEC compliance.
At Oodles, our blockchain team toil to assist you with accomplishing your business objectives. We develop security token exchanges while making them compliant with the SEC regulations required for an Alternative Trading System. We also provide a range of cryptocurrency exchange development services.
Mudit Kumar
28 Nov 2019
Enterprise Ethereum: A Platform for Private Blockchain Solutions
The adoption of blockchain in diverse industries has increased significantly. It has made enterprises to enter the blockchain space to gain a competitive edge. Ethereum has already established itself as a renowned name in the blockchain development space by providing a cutting edge networking environment. Since its inception, Ethereum blockchain app development has enabled developers to build only public blockchain applications. As a result, enterprises looking for permissioned or private blockchain solutions have remained reluctant to explore Ethereum. However, now, businesses can create enterprise-ready blockchain solutions with Enterprise Ethereum. So, let’s dig deeper into the essentials of Enterprise Ethereum and explore what it offers to enterprises.
Enterprise Ethereum Blockchain: A Brief
Enterprise Ethereum enables developers to create private or permissioned blockchain versions of the public Ethereum codebase. Although these private chains remain separated from the public blockchains, they can still have characteristics of the public Ethereum. There is not any single product for the enterprise Ethereum. Instead, blockchain development services providers offer custom enterprise Ethereum. They modify the existing Ethereum client application as per the enterprise needs. It means that different private networks can have different outcomes based on specific needs. For instance, some enterprises may have scalability requirements for their enterprise Ethereum network, while others may require other functionality upgrades. Those functionalities can include network performance, scalability, governance, privacy, and permission.
Also Read: Ethereum is outlining a bright future for a Blockchain-powered World
Mechanics of Enterprise Ethereum Blockchain
While Enterprise Ethereum follows aspects of a public blockchain network, it also provides permission layers with identity management for a permissioned network. Additionally, it strengthens the privacy level through private p2p transactions while increasing scalability and performance. Furthermore, it also enables the use of different consensus algorithms apart from proof of work. Essentially, organizations using the Enterprise Ethereum might not face the same problems as the public Ethereum apps, like privacy and scalability. Not only this, but they can also make quicker transactions than the typical speed of public ethereum of 15-20 TPS (transactions per second).
Ethereum Enterprise provides all these functionalities because Ethereum developers can change the network size, blockchain size, and the gas limit. It not necessary to use gas to run the blockchain network. However, it is possible to keep this feature for specific needs. Also, the network sizing makes a huge difference where organizations have a closed environment. It means only permissioned participants can join the system, which provides features like scalability and privacy in Enterprise Ethereum.
According to the Enterprise Ethereum Alliance, enterprise Ethereum is only an extension to the public Ethereum. Consequently, public Ethereum gets several advantages while having enterprise solution extensions to work privately. In this case, they are providing authentication functionality for participants to enter the network and a permission layer to view the ledger. The permission layer enables only permissioned participants to see what transactions other users are making in the ledger.
Also Read: An Easy Guide to Connecting the Ethereum Wallet to a Private Blockchain
Benefits for Organizations
Enterprise Ethereum is a blockchain that provides cost-effective, flexible, and suitable solutions for businesses. Let’s see what they will get from the enterprise Ethereum blockchain –
Open Source
Organizations can use Enterprise Ethereum freely as it is completely open-source. It also benefits developers who can make tweaks to code or add a new feature as per the requirement. Additionally, resolving bug issues is easy with open-source technologies.
Rapid Deployment
Enterprise Ethereum provides the effortless deployment of blockchain solutions. It does not require to code everything from scratch and preserves time and energy, and resources.
Permissioned Networks
With Enterprise Ethereum, organizations can deploy permissioned networks, as well as consortium environments having public Ethereum features.
Private Transactions
Enterprise Ethereum provides various levels of privacy with private consortia and private transaction layering protocol. It ensures that enterprise Ethereum members operate in complete privacy without exposing any transactional information.
Scalability and Performance
With the use of custom consensus mechanisms, block time and gas limit, Enterprise Ethereum Blockchain can process hundreds of transactions within seconds. The custom consensus mechanism includes newly introduced proof of authority, proof of elapsed time, etc. Also, other protocols, like sharding or off-chain computation, augment the overall throughput.
Conclusion
The enterprise version of the Ethereum blockchain can significantly influence real-world environments. Also, the permissioned platform seems to no issues when it comes to innovation. While the public Ethereum has already established itself in the Ethereum blockchain application development space, now it’s time for its private platform to perform.
Mudit Kumar
26 Nov 2019
A Resourceful Guide to Creating Your Own Cryptocurrency
Businesses have now started exploring ways to create their cryptocurrency and use it to optimize operational efficiency and productivity. In this article, find out key technical and business aspects of cryptocurrency creation.
A Brief on Cryptocurrencies
A cryptocurrency is a blockchain-powered digital currency that uses encryption techniques to regulate the creation of additional currency units and verify transactions. Its key features are anonymity, decentralization, and security. Also, any centralized authority, government, or bank does not regulate or track cryptocurrencies. However, compliance with jurisdictional regulations is a must.
Blockchain refers to a decentralized peer-to-peer (P2P) network, which comprises of distributed data blocks. It is used as an underlying infrastructure for cryptocurrency creation. Now, let’s understand the types of cryptocurrency creation.
Difference Between Coins and Tokens
We can divide cryptocurrencies into two large subsets – coins and tokens. While both are cryptocurrencies, some significant differences make them distinguishable. Understanding their main concepts can assist you in making your own cryptocurrency for specific business needs easily.
A coin runs on its blockchain platform, where all transactions occur. For instance, Ethereum, and Neo operate on their blockchain platform. In this case, if you want to create your own cryptocurrency (crypto coins), you need to develop a blockchain platform first.
A token operates on top of an already built blockchain infrastructure. It is used to verify transactions and strengthen their security. We can also use tokens as smart contracts that can represent, from physical objects to digital assets and services. Essentially, anyone can create a new cryptocurrency using an existing blockchain infrastructure. We mainly us tokens for security token offerings (STO). STO enables businesses and startups to gather funds for their project idea through a crowdsale on a blockchain platform. Indeed, we can say that it is the primary reason businesses want to create their own cryptocurrency.
Benefits of Cryptocurrencies
Decentralization
The use of blockchain technology as the underlying infrastructure is one of the main arguments in favor of cryptocurrencies. It makes cryptocurrency independent from any central authority, and enable only crypto developers and owners to define the rules of governance.
Quick and Unrestricted Transactions
Generally, traditional currencies consume a significant amount of time and cost to be executed and settled. However, with cryptocurrency payments, businesses can execute numerous transactions at once and settle it immediately by sending it directly to users' crypto-wallets.
Cost-effective transactions
Financial institutions like bank levy significant charges for processing transactions. It does not mean that cryptocurrency transactions are free; the amount they require for processing is relatively low.
Global Adoption
Users sending and receiving funds can be anywhere in the world and still exchange cryptocurrencies. Businesses can save costs on currency conversion and bypass fees required for international funds transactions.
Anonymity and Transparency
It is because of the blockchain’s distributed nature, transactions being recorded on its database become immutable. Also, no one can know a transaction recipient and sender of the cryptocurrency if their address is not publicly confirmed.
These advantages of using your own cryptocurrency are sufficient enough to motivate businesses to invest in cryptocurrency development services.
Oodles is a cryptocurrency development company that provides a range of cryptocurrency development services. We have experience of more than 4+ years that enables us to build even the most complex blockchain and cryptocurrency-related projects.
Mudit Kumar
23 Nov 2019
Resourceful Blockchain Programming Languages | Updated List
Businesses have eyes on the blockchain technology after its significant advancements and increased adoption in diverse industries. However, there is a scarcity of development experts who have sufficient knowledge about blockchain programming languages to develop blockchain projects. Blockchain programming languages play a crucial role in the development and success of blockchain projects. It has resulted in the downtrend of blockchain app development. Ultimately, these scenarios intensify the need for proficient blockchain developers with knowledge in different blockchain programming languages and DLTs (distributed ledger technology). So, let's take a look at a few programming languages with their benefits and advantages for blockchain application development.
Programming Languages for Blockchain Solutions
Solidity
Solidity is one of the most used programming languages for blockchain development, specifically for writing smart contracts. Often, considered as a JavaScript framework, what contributes to its popularity is its hassle-free implementation. It means any JavaScript developer can code even the most complex smart contract, only by understanding a few fundamental blockchain concepts and related instructions.
Read more:Why Choose Solidity for Creating Ethereum Smart Contracts
JavaScript
JavaScript is the most preferred language used for building frontend web interfaces. However, now blockchain developers use frameworks like Node.JS, Angular or React to develop blockchain applications.
Some of the advantages of JavaScript are its low entry point, scalability and several modules and frameworks that make it more suitable for blockchain app development. Those frameworks and modules, at the same time, become a significant drawback. It means that developers need to search for additional tools to develop blockchain solution, JavaScript itself is not sufficient.
Python
Created back in 1991, Python's popularity has increased significantly over the last decade, especially among AI projects. Also, developers use it for developing blockchains and coding smart contracts for platforms like Hyperledger or NEO. It has easy syntax and sophisticated features that make it a notable programming language for blockchain development. While it differs from common C-derived languages using parentheses, semicolons, and braces, it is comparatively easy to learn.
The biggest advantage of Python for programming is that developers can use it in both compiled form and runtime compilation of sources. It makes it perfect for both base and scripting approaches. Developers have used non-compiled Python to code blockchain applications for logistics and agriculture and changed its nature during the operation.
GO
Go, or Golang is a new programming language that has proved its significance in the blockchain application development landscape. It combines the best of both Python and JavaScript, including user-friendliness and syntax, and the efficiency of compiled languages like C and C++. Also, Golang is fast, flexible, and scalable.
Simplicity
It's a blockchain programming language that enables blockchain developers to code more human-centric smart contracts.
Simplicity was created to enhance basic cryptocurrency languages like Ethereum Virtual Machine (EVM) and Bitcoin Script. Bitcoin's smart contract language, Bitcoin Script is low-level and requires a thorough understanding of Bitcoin.
It utilizes static analysis- a technique that allows a universal algorithm to assess the cost of executing any Simplicity Program- to avoid the halt of programs due to the exhaustion of gas during the analysis. That's how simplicity makes it way easier and faster to write smart contracts.
С++
C++ is perhaps one of the most prevalent general-purpose programming languages used for blockchain. Developers use it as the underlying language for building blockchains themselves and developing out-of-blockchain parts for software, like blockchain interfaces or oracles for smart contracts. Essentially, they use C++ as the core of top cryptocurrencies and blockchains, like Ripple, Litecoin, Monero, EOS, Stellar, etc.
Being an object-oriented programming language, it significantly reduces the complexity in developing any software using the latest technologies.
It requires to be compiled in most cases, which is beneficial in the development of the blockchain. However, using it as the on-blockchain scripting language is not recommended. The dApps created using C++ tend to be heavier. They need more time to run and provide lots of unnecessary, unusable code while creating a smart contract.
Category:
Blockchain
Mudit Kumar
21 Nov 2019
Seafood Supply Chain Management with a Hyperledger Fabric Solution
Lack of sustainability, transparency, and traceability are common challenges that traditional seafood supply chains face today. Key fishing and agriculture companies and the associated supply chain participants need transformative solutions to address these challenges. They need technological advancements like blockchain technology to enhance trust and integrity in the seafood supply chain.
Digitizing processes and having end-to-end data visibility with blockchain solutions can provide demonstrable proof-of-product integrity to end-customers. It can not only increase transparency but also augment the effectiveness of audits and communication between different parts of the supply chain. Let’s take how this is achievable with a Hyperledger Fabric application development used to address seafood supply chain challenges.
Hyperledger Fabric
Hyperledger is an open-source project started by Linux Foundation in December 2015. It aims to improve the performance, efficiency, and reliability of existing blockchain technology platforms so that they can solve real-world problems.
Hyperledger Fabric is one of those hyperledger projects which solves issues of existing blockchain platforms like Ethereum. Hyperledger Fabric is an open-source and permissioned blockchain platform. While it shares some similarities with Ethereum, there are some significant differences between both.
Hyperledger Fabric comprises of a modular architecture, smart contracts (chaincode), and configurable consensus and membership services. A Fabric Network contains "Peer nodes," which execute chaincode, access ledger data, and endorse transactions and interface with application SDK (Software Development Kit).
Also Read: Industry-Specific Use Cases of Hyperledger Frameworks
Main components of Hyperledger
Channels
Channels are the data partition mechanisms, which enable only permissioned stakeholders to see transactions. Each channel represents an independent chain of transaction blocks having transaction records for that specific channel only.
Chaincode
It is a smart contract that contains the business logic of the Hyperledger Fabric network and ascertains how to manipulate the assets within the network.
Ledger
It contains the current world state of the network and chain of transactions. It is a shared, permissioned ledger, which is an append-only system of records serving as a single source of truth.
Network
It is a collection of peers that form a blockchain network. The network is responsible for maintaining the same copied ledger.
Ordering Service
It accepts endorsed transaction with RW sets and sends them in a block to the committing peers.
World State
It is equal to the current data about all the assets in the network. This data is stored in a database for effective access. Currently, supported databases are LevelDB and CouchDB.
MSP (Member Service Providers)
The MSP is a component that defines some rules in which identities are authenticated, validated, and enabled access to a network at each step.
Also Read:
Solving Supply Chain Challenges with Hyperledger Sawtooth
Use Case: Solving Supply Chain Management Challenges with Blockchain
Problem Statement: Seafood Industry
The current seafood industry has poor fisheries management due to challenges of lack of transparency, traceability, etc. Our goal is to eliminate illegal, unregulated and unreported fishing. We will use Hyperledger Fabric to bring transparency and clarity to seafood supply chain management.
Hyperledger Fabric Solution
We will be using Hyperledger Fabric to solve/improve the fisheries management, from the fisherman to the restaurant. In a hypothetical scenario, the following will be the actors/stakeholders:-
Fisherman, who sustainably and legally catches fishes.
Regulators, who verify that the fishes have been legally and sustainably caught.
Restaurant owner (A), who will serve as the end-user.
Another restaurant owner (B) to whom as well, the fisherman can sell fishes.
Roles of Stakeholders
Fisherman
A fisherman records information about each fish, including its unique ID number, location, time, weight, the vessel type, who caught the fish and, much more. These details are saved in the world state based on the specifications of a chaincode contract as a key/value pair. Here's an example of a transaction created by a fisherman on the ledger:-
Var fish= { id: ‘0001’, holder: ‘Sarah’, location: { latitude: ‘41.40238’, longitude: ‘2.170328’}, when: ‘20170630123546’, weight: ‘58lbs’, vessel : ‘9548E’ };
Restaurant Owner
The restaurant owner wants to buy low-cost and good quality fishes that are legally and sustainably caught by a fisherman.
The relation between a fisherman and a restaurant owner
A fisherman wants to sell his fishes to different restaurants at different prices, for example, $80 per pound to B and $50 per pound to A.
However, what if this agreement is visible to all restaurant owners. Hyperledger Fabric provides channels, which can make the fisherman agree with both buyers privately without anyone knowing the specifics.
Regulators
Their role is to confirm, verify, and view details on the ledger. Their application will query the ledger and check the details to confirm whether the fisherman has legally caught the fish or not. Regulators can restrict the fisherman from accessing the network upon suspicion.
The Role of MSP (Membership Service Provider)
MSP (membership service provider) can handle the task of approving only permissioned participants to join the application. It will also manage users' IDs and authenticate to use the network.
In our scenario, we will have two separate chain codes, running on three separate channels.
Chaincodes
Price agreement between restaurants and the fisherman
Fish transferring
Channels
Price agreement between the seller (Fisherman) and the buyer (Restaurant A)
Price agreement between the seller (Fisherman) and the buyer (Restaurant B)
Fish transfer
Each member of the network knows each other and their identities. The channels provide transactional privacy and confidentiality.
Explanation of above Architecture:
Fisherman catches a fish and uses the supply chain applications to record all the details to the ledger. Before it dispatches the ledger, the transaction is sent to the endorsing peers on the network, where it is endorsed. The endorsed transaction is passed to the ordering service, which ordered them into a block. These blocks are then passed to the committing peers in the network, where it is committed to the ledger after validation.
Regulators use their application to query the ledger for details about specific catches except for price since they do not have access to the price-related chaincode.
A fisherman has an agreement with a restaurateur B, and agree on a price of $80 per pound. Blue channel for the chaincode contract $80/lb and updated with a block containing this transaction.
In a separate agreement, fisherman and Restaurant B agree on a special price of $50 per pound. Red channel’s chaincode contract $50/lb and updated with a block containing this transaction.
Conclusion
Hyperledger Fabric-operated Seafood Supply Chain can provide several advantages that can boost efficiency, customer trust, and growth.
End-to-End transaction traceability and transparency resulting in enhanced trust throughout the supply chain
Process automation saving time and operating costs
Vendors and consumers can check the provenance and authenticity of what they’re buying
Public and permissioned blockchain solutions development for privacy and confidentiality concerns
If you're thinking of making your supply chain more efficient, our Hyperledger and other platform-based enterprise blockchain solutions and services might provide appropriate assistance.
Mudit Kumar
20 Nov 2019
Applications of Blockchain in The Internet of Things
The Internet of things (IoT) based solutions are gaining significant traction in many different industries like home automation, healthcare, warehousing, transportation, and logistics. Traditional centralized IoT solutions often fail to meet scalability and security challenges occurring in large-scale enterprise operations. The use of blockchain can solve such problems with a distributed ledger providing secure transaction storage and peer-to-peer communication among participating nodes. This article gives a high-level overview of blockchain-enabled IoT (internet-of-things) solutions and applications.
Blockchain Technology
Blockchain is a type of distributed ledger technology that records transactions across multiple nodes, instead of a central transaction system. Each participant or node in the blockchain network gets access to an up-to-date copy of the encrypted ledger. It enables them to read, write, and validate transactions.
Although blockchain generally finds key applications in the financial domain, it is also providing opportunities for building secure IoT solutions. Blockchain as an underlying technology can provide fast, secure efficient transactions and coordination among internet-connected IoT devices.
Also Read: Exploring Blockchain and IoT Use Cases in Different Industries
IoT (Internet of Things)
IoT is introducing opportunities for diverse businesses, especially in industries like home automation, healthcare, warehousing, transportation, and logistics. IoT solutions involve a complex network of smart devices that provide the opportunity to develop new services based on internet-connected physical devices—from machines and cars to home appliances.
IoT Challenges
While IoT adoption is growing significantly, some key challenges need to be addressed to make the IoT solutions scale and support the increasing demand for connected devices. IoT solutions must address the security and privacy concerns around these devices and the data they collect. Some of these challenges are:
Scalability
Security
Lack of data standards/uniformity
Interoperability of devices and platforms
Costly IoT solutions
A high volume of messages (communication costs)
A high volume of data generated by the devices (storage costs)
Complex analytical processes (server costs)
Centralized cloud platforms
Applications of Blockchain in the Internet of Things
Blockchain technology-based IoT solutions promise to address the problems described above. Blockchain based distributed IoT networks can solve many problems related to traditional centralized IoT solutions, such as security, scalability, and cost. For instance, it can enable connected devices to communicate directly with distributed ledgers. Then, it can enable smart contracts to update, validate, and subsequently share data to respective participants in the business network, including users. It will reduce the need for human monitoring and actions, and thus, establishing trust in the data generated by the devices. The decentralized nature of blockchain networks can also enhance the security of IoT solutions. By executing predefined smart contract solutions and implementing specific consensus mechanisms, it can eliminate actions and events occurring from compromised devices.
Explore how the combination of blockchain technology and IoT can enable your business to innovate. Oodles provides custom blockchain development services. Our blockchain and IoT experts can assist you through a range of blockchain IoT use cases.
Mudit Kumar
16 Nov 2019
Enhancing the Education System with Applications of Blockchain
The landscape of the education industry is changing rapidly. It is not limited to a centralized learning environment in both the physical and virtual worlds. Now, education is accessible through peer-to-peer interactions, online, and from anywhere in the world. However, key educational providers have not been able to harness digital technology for operational transformation properly.
Blockchain education application development features enormous opportunities to revolutionize the education system.
Presents solutions to reduce operational costs and risk of fraud by eliminating verification of transcripts and other documents manually
Provides a platform for collaboration between educational institutions and businesses to increase innovation
Provides provision for “smart contracts” that can execute actions and events automatically after fulfillment of certain conditions
Blockchain Technology
Blockchain provides diverse industries with the technology to achieve and maintain integrity within distributed peer-to-peer networks or systems. It obviates the dependency on a central authority or clearinghouse for transaction authentication.
Potential Blockchain Applications in Education
Automatic credit transfers
Permanent storage of records
Strengthened information security and identity verification
Protection for intellectual property about educational content
A High-Level Overview of How it Works
Network participants can manage information that includes certifications, credentials, transactions, contracts, identities, and other tangible and intangible assets that one can record digitally
As every piece of information remains permanent, transparent, and secure, participants can view transaction histories including every part
A blockchain consensus administrates how participants will initiate transactions, validate record and distribute it
Cryptography mechanisms replace intermediary authenticators as the enabler of trust
Blockchain Use Cases in Education
Student Credentials Storage
Most educational institutions store students’ records in proprietary formats. In such institutions, only an institution’s staff can access them through dedicated online systems with almost no interoperability.
Whereas, blockchain stores records permanently while providing security and verification provision for documents such as degrees and course certificates. So, even if an institution is no longer in service, those certificates will remain verifiable in a blockchain database.
For instance, the MIT Digital Certificates project has developed an open-source blockchain ecosystem. Consequently, it enables participants to create, share and verify blockchain-based educational certificates with features like cryptography and data immutability.
Explore: Developing Education-to-Employment Verification Solution with Hyperledger Fabric
Identity Verification
Identity verification is a challenging process for educational institutions and employers alike. It requires manual intervention that makes it prone to data tampering.
However, with a blockchain-powered digital process, the validation of a student’s identity needs to happen only once. Unlike traditional systems that store students’ identity documents, blockchain application stores only information about that document.
Using such a blockchain application, students and job candidates can validate their identities and credentials online. Additionally, it also gives them complete control over the use, storage, and management of their data.
With blockchain, only permissioned parties responsible for a student’s identity verification will have access to some part of the data. It means that organizations no longer need to use complex systems for access rights.
It removes the investment burden required to strengthen the network against data breaches along with training the staff for data protection and managing access rights.
Also, Visit: Self-Sovereign Digital Identity with Hyperledger Indy: Control Your Data
Protection of Intellectual Property
Students and professors often publish educational papers and research as part of their work. However, there is no way to ascertain for a professor to find out whether a similar academic study is underway or not.
Additionally, there are always concerns regarding the piracy of the research itself.
Blockchain can enable educators to publish content publicly with usage traceability and no limitations on the source materials. Such a blockchain solution will incentivize teachers based on the usage of their teaching materials and citations to their research papers.
It will enable students and institutions to make metrics-based decisions on which study or research material to use. Moreover, teachers can cite and link the publication of the resources they used in creating the study material.
Educators will then be rewarded crypto coins according to the reuse of their respective resources.
In a public blockchain, coins will be used to determine an author’s prominence. On the other hand, coins can have monetary value and be used for compensation in a private blockchain.
A more advanced implementation, for example, a smart contract can distribute payment to different authors based on how often their material is cited or used. As a result, authors would no longer need to rely on intermediaries such as research journals. They often restrict the use of resources by charging high access fees.
Also, Read: Blockchain in Intellectual Property | Making IP Rights Management ‘Smarter’
Conclusion
Applications of blockchain can revitalize the education sector. Key players need to begin experimenting with the technology, both individually and as part of a consortium.
Oodles is a blockchain app development company with expertise in building enterprise blockchain solutions for diverse industries. If you are looking to explore the potential of blockchain applications in the education sector, our blockchain consulting services might help. Contact our blockchain developers to know more.
Mudit Kumar
15 Nov 2019
Blockchain Implementation in Your Business | Essential Tips
Below is a comprehensive guide on blockchain implementation in your business. This article offers essential tips, best practices, and actionable steps to help you integrate blockchain technology into your operations effectively. Disclaimer: The information provided here is for educational and informational purposes only and should not be considered financial, legal, or technical advice. Always consult with trusted blockchain experts like Oodles Blockchain, a blockchain development company, before implementing new technology solutions.Blockchain Implementation in Your Business | Essential TipsBlockchain technology is transforming industries by offering enhanced security, transparency, and efficiency. For businesses looking to remain competitive in a rapidly digitalizing economy, integrating blockchain can lead to significant operational improvements. In this guide, we break down the essential tips to help you navigate the process of blockchain implementation.Understanding Blockchain TechnologyWhat Is Blockchain?Blockchain is a decentralized digital ledger that records transactions across a network of computers. Its key characteristics include:Immutability: Once recorded, data cannot be easily altered or deleted.Transparency: All participants can view the transactions, fostering trust.Decentralization: The absence of a central authority minimizes the risk of data tampering and fraud.Smart Contracts: Self-executing contracts that automatically enforce agreements when conditions are met.Why It Matters for Your BusinessIntegrating blockchain technology can help your business:Enhance Security: Cryptographic methods protect sensitive information.Improve Operational Efficiency: Automation through smart contracts reduces manual processes and errors.Increase Transparency: Real-time, tamper-proof records facilitate better decision-making and regulatory compliance.Streamline Supply Chains: Blockchain provides end-to-end visibility, reducing delays and inefficiencies.Also, Read | Comprehensive Guide to Implementing SaaS TokenizationAssessing Your Business NeedsIdentify Your ObjectivesBefore diving into blockchain implementation, clearly define what you aim to achieve:Cost Reduction: Identify processes where blockchain can lower operational costs.Improved Data Security: Look for areas that need enhanced protection against fraud and breaches.Efficiency Gains: Determine which operations can be streamlined using automation.Enhanced Transparency: Consider how transparent record-keeping can improve trust with customers and partners.Conduct a Feasibility StudyEvaluate Current Processes: Map out your existing workflows to pinpoint inefficiencies that blockchain can address.Assess Data Requirements: Understand the type and volume of data you manage to select an appropriate blockchain solution.Cost-Benefit Analysis: Compare the projected benefits against implementation and operational costs to determine ROI.Choosing the Right Blockchain PlatformPublic vs. Private BlockchainsPublic Blockchains:Advantages: High transparency and decentralization; ideal for applications where trust is built into the network.Considerations: May involve higher transaction fees and slower processing times.Private or Consortium Blockchains:Advantages: Greater control over the network, enhanced privacy, and often lower transaction costs.Considerations: May sacrifice some decentralization; best suited for internal business processes or trusted partner networks.Evaluating Platform CapabilitiesWhen selecting a blockchain platform, consider:Scalability: Can the platform handle your transaction volume as your business grows?Interoperability: Does the platform integrate easily with your existing systems (e.g., ERP, CRM, supply chain software)?Security Features: Look for robust security measures and proven track records in protecting data.Developer Community: A strong community and comprehensive documentation can accelerate development and troubleshooting.Also, Explore | Reviewing Blockchain Implementation in the Energy SectorDeveloping a Clear Implementation StrategyPhased Rollout ApproachImplement blockchain in stages to manage risks and costs:Pilot Programs: Start with a small-scale pilot to test functionality, gather feedback, and measure performance.Incremental Deployment: Gradually expand the blockchain application to more complex processes or additional departments.Iterative Improvement: Use data from the pilot and early phases to refine your approach before full-scale integration.Integration with Existing SystemsAPI Integration: Utilize application programming interfaces (APIs) to link blockchain with your legacy systems, ensuring seamless data flow.Middleware Solutions: Consider middleware to bridge the gap between new blockchain technologies and established IT infrastructure.Data Migration: Plan and execute a careful data migration strategy to ensure continuity and integrity of business information.Budgeting and Resource AllocationInitial Investment: Allocate funds for development, testing, training, and initial rollout.Ongoing Costs: Factor in maintenance, regular audits, and system upgrades.Human Capital: Invest in hiring or training staff with blockchain expertise to support long-term success.Also, Discover | Blockchain Consulting | Assuring Effective ImplementationTraining and Change ManagementEducate Your TeamSuccessful blockchain integration depends on a well-informed team:Training Programs: Organize workshops and training sessions for IT staff and key stakeholders.Cross-Functional Collaboration: Encourage collaboration between technical teams and business units to ensure alignment with strategic objectives.Knowledge Sharing: Leverage online courses, webinars, and industry conferences to stay updated on the latest blockchain trends.Change Management StrategiesStakeholder Engagement: Involve key decision-makers early in the planning process to secure buy-in and address concerns.Clear Communication: Maintain open channels of communication about project goals, progress, and challenges.Support Structures: Provide support resources such as help desks or expert consultations during and after the implementation phase.Security and Compliance ConsiderationsPrioritizing SecurityBlockchain's security benefits are a major draw for businesses, but implementation must be managed carefully:Regular Audits: Conduct periodic security audits to identify and address vulnerabilities.Compliance: Ensure your blockchain implementation complies with relevant regulations (e.g., GDPR, AML, KYC).Data Privacy: Implement data encryption and access controls to protect sensitive information.Building Trust with StakeholdersTransparency: Maintain clear documentation of your blockchain processes and protocols.Third-Party Verification: Engage independent auditors to validate your system's security and operational integrity.Continuous Improvement: Keep abreast of emerging security threats and update your blockchain solution accordingly.You may also like | Blockchain Technology Integration for Business IntelligenceReal-World Applications and Success StoriesCase Study: Supply Chain ManagementA leading manufacturing company implemented a private blockchain to track its supply chain:Outcome: Reduced paperwork and manual errors, increased transparency, and improved trust with suppliers.Result: Enhanced efficiency and significant cost savings, paving the way for broader adoption across the organization.Case Study: Financial ServicesA mid-sized financial institution deployed a hybrid blockchain for secure, transparent interbank transactions:Outcome: Streamlined settlement processes and improved auditability.Result: Lower operational costs and faster transaction times, enhancing customer satisfaction.ConclusionBlockchain implementation offers businesses an opportunity to enhance security, streamline operations, and build greater transparency with partners and customers. By understanding the technology, assessing your needs, selecting the right platform, and following a phased implementation strategy, you can successfully integrate blockchain into your operations without disrupting existing processes.Key Takeaways:Define Clear Objectives: Understand the problems blockchain can solve for your business.Select the Right Platform: Evaluate public versus private options based on your operational needs.Implement in Phases: Start with pilot projects to minimize risk and manage costs.Prioritize Training and Change Management: Ensure your team is equipped to leverage new technology.Focus on Security and Compliance: Regular audits and adherence to regulatory standards are crucial.For further insights and technical resources, consider exploring:IBM Blockchain SolutionsHyperledger ProjectMicrosoft Azure Blockchain ServicesBy following these essential tips and best practices, you can position your business for success in the digital age with a robust and secure blockchain strategy.As blockchain technology continues to evolve, we recommend ongoing research and expert consultation with trusted blockchain developers to keep your implementation strategy current and effective.
Category:
Blockchain
Mudit Kumar
14 Nov 2019
Use Case: Solving Supply Chain Management Challenges with Blockchain
Supply chain management refers to the planning of the flow of goods, products, and services, including data and finances. It covers activities from the procurement of raw materials to their manufacturing and delivery as products to the final destination. SCM can also span across the processes for global trading such as the management of global suppliers and multinational production activities. However, legacy processes and opaque systems have created supply chain management challenges that blockchain technology can address.
Benefits of Supply Chain Management System
Higher efficiency rate
Reduce cost effects
Raises output
Raise business profit levels
Boosts cross-industry cooperation
Lowers delays in processes
Strengthens the entire supply chain network
How Does Blockchain Optimize SCM?
With a blockchain technology-powered distributed ledger, diverse industries can optimize the overall efficiency of supply chain management. At Oodles, our blockchain experts suggest that blockchain solutions can address several challenges residing within complex supply chain processes and provide benefits like:
Reduced errors
No product delays
Prevention of fraudulent activities
Improved supply chain management
Increase consumer/supplier trust
Additionally, blockchain technology provides the following advantages to SCM in a public or private network.
No Central Authority
Elimination of intermediaries
Real-time settlement
Drastic reduction in operational costs
High level of transparency
Also Read:
Strengthening the Procurement Process with Blockchain
Making Logistics Processes Efficient with Blockchain Applications
Supply Chain Management Challenges that Blockchain can Address
Data consolidation and visibility
Challenges: Manual, paper-based record-keeping and reporting systems often lead to scattered, incomplete, and unauthentic manifests, bills of lading, certifications, etc.
Opportunities: With blockchain record-keeping solutions, all supply chain stakeholders can store and share this information securely and simultaneously.
Traceability, transparency, and trust
Challenges: It is always challenging to track the source of flawed parts and trace the provenance of previously shipped products.
Opportunities: Blockchain SCM can have a product’s entire geographic flow. It enables users to track products’ source and flawed components, investigate industry certifications, find storage-condition anomalies, etc.
Real-time issue resolution
Challenges: Natural disasters and unplanned demand and supply often lead to faulty or delayed delivery, which affects the entire production.
Opportunities: The delays involving weather or labor disputes are nearly unavoidable. However, blockchain-based SCM can provide solutions to resolve these issues in real-time. As per the occurred issue, it can instantly trigger actions like supplier substitutions or price adjustments.
Realizing Blockchain's Potential in SCM with a Use Case
Alice wants to buy a rare and costly medicine for cancer treatment from a medical store. The description on that medicine states that “store in dry or cold storage below 20-degree celsius, failing which makes it unusable.”
The pharmacist stored the medicine according to the mentioned temperature as he had a proper setup at his store. However, what if the medicine has got misplaced during its journey from the production company to the medical store. Its effect will be lost if not preserved at the mentioned temperature.
In this case, due to a lack of information tracking, Alice has no option except believing that nothing happened during the process. In such scenarios, blockchain can provide efficient tracking solutions.
Let’s assume that there is a microchip sensor (IoT chips) attached to the package of medicine. It records everything about it, from the manufacturing to its end users. At each step, stakeholders make transactions and update data regularly on a blockchain ledger.
Alice can use her phone to scan the barcode on the medicine package to get every detail. She can use it to verify that, at any point in time, it was in a mentioned environment.
Essentially, the integration of IoT with blockchain solutions solves supply chain management challenges like tracking and traceability. It provides the provision to verify the product, without trusting pharmacist or the process.
The following image demonstrates how a blockchain-based SCM solution enables information tracking of products.
Conclusion
Although blockchain technology is not the panacea for all the supply chain management challenges, it can provide supply chain management solutions that can maximize its efficiency. Traceability and tracking features can bring the required transparency and establish trust in the entire supply chain network. It can enable every participant to trace and track information of products from their provenance to end-users.
In the next blog, you can check how a Hyperledger Fabric-based solution enables the seafood industry to enhance fisheries management with features like traceability and transparency.
Oodles is a blockchain development company that has experience in developing custom industry solutions with blockchain technologies like smart contracts. Take a look at how our blockchain development services can provide you assistance if you are looking to outsource your next big project.
Mudit Kumar
12 Nov 2019
Could Blockchain Have Prevented Scandalous Banking Fraud
While digital banking systems have built capacity for large transaction volumes and payment efficiency, fraudsters have found novel ways to execute scams. Case in point, the US$ 1.4 billion Nirav Modi case involving India’s Punjab National Bank (PNB). The loophole exploited by Nirav Modi makes a fitting case for the application of blockchain smart contracts to predict and prevent fraudulent activities. Industry experts suggest that blockchain technology in Insurance can be used to manage transactions and accounts could have prevented or detected such a scam in its infancy.
A Brief Insight into the PNB Bank Scam
The scam was based on the issuance of fake letters of undertaking worth ₹11,356.84 crores (US$ 1.4 billion) for the benefit of Nirav Modi, an Indian diamond retailer. The diamond entrepreneur who goes by the same name had the support of a former PNB employee, Gokulnath Shetty. Allegedly, Shetty had issued numerous fake letters of understanding (LoU) or letter of credits (LoC) without collateral for Nirav Modi for seven years.
According to the bank officials, rogue employees had bypassed the lender’s internal messaging system called CBS (Core Banking System) to avoid detection. They placed messaging instructions via the SWIFT global payment system and requested Indian banks’ overseas branches to pay the cash as loans.
PNB bank was using different ledgers to manage the information settlement mechanism SWIFT and the payment settlement mechanism CBS. While a bank’s internal control uses the CBS for validating transactions, regulators use it for inspection and various audits.
How a Private Blockchain-based Reconciliation Solution Could Have Been Effective
According to blockchain experts at Oodles, a private blockchain network facilitates only permissioned auditors, regulators, and payment processors to access real-time transactions. Had PNB bank implemented a private blockchain solution to reconcile its SWIFT payments, such a fraud would not have happened. Such a solution could have immediately detected any malicious transactions from occurring. It would have looped in all stakeholders to verify that the payment settlement information is genuine and loan requests are backed by substantial collaterals. In addition, regulators and auditors could have also managed to readily access all transaction details from end to end.
With trained machine learning algorithms, blockchain can also provide a solution to detect fraudulent patterns. It can secure all processes with cryptography mechanisms and an immutable ledger. It makes forging documents or information almost impossible while ensuring non-repudiation.
Relevant Reads: What India’s Supreme Court’s Crypto Ban Lift means for Crypto Enthusiasts
How Blockchain Smart Contracts Could Have Prevented the Fraud
In this public sector bank fraud, a blockchain smart contract could have prevented the fake issuance of LoUs. It would have detected inconsistencies during automatic reconciliation with the core banking system (CBS). It also would have denied the payment initiation over the SWIFT network by following the defined limits.
Smart contracts inherently eliminate the dependency on intermediaries and facilitate real-time transaction execution. In the banking context, a smart contract is a program that can enable banks to automatically facilitate, verify, and enforce the negotiations of a deal. Also, it can enable efficient audit trail and procedural compliance while ensuring that all stakeholders share collective intelligence.
Conclusion
For sure, we can’t refer to blockchain technology as the panacea for all the banking industry’s challenges today. However, given the blockchain’s potential, industries globally are eying on how to integrate their legacy systems with it. Our blockchain application development and consultancy services might help you find loopholes in business processes and optimize them with blockchain.
For the banking industry, it is the best time to embrace a revolutionary technology like blockchain.
Mudit Kumar
08 Nov 2019
BigchainDB Use Case: Traceable Supply Chain Management
Any business or industry can achieve transformation with blockchain supply chain development services by having access to every product's details from its provenance to customers. In such an ecosystem, stakeholders get the ability to know the exact provenance and authenticity of every tangible thing they buy. Precisely, BigchainDB-based solutions can enable key players in supply chain management to address several key challenges.
Blockchain Technology
We can refer to blockchain technology as the enabler of trust and transparency in a decentralized ecosystem. These are the two primary factors that sorely lacking in global supply chains. However, blockchain provides promising features like increased transparency and provenance tracking to the global supply chain. In other words, it provides the technology to create an SCM solution that can have a complete record of products' history and their verifiable authenticity.
SCM Challenges
The global flow of supply chains is quite complex and opaque. The processes to manage these flows are generally fragmented, manual, paper-based, error-prone, and vulnerable to fraud. Besides, users do not have any way to check or trace a product's history, its provenance, or its authenticity. It increases the need to strengthen consumer trust and optimize the efficiency of different supply chain processes. For instance, consumers must be able to check the provenance, manufacturing, and other details of products.
You might be interested in | Solving Supply Chain Challenges with Hyperledger Sawtooth
Blockchain as a Solution
Certainly, the advent of real-time information, global adoption of the internet, advanced sensor technology, and blockchain have made it possible to track and trace products. It provides individuals connected to the chain of custody of products the ability to track products, from their provenance to end customers.
Essentially, businesses can use blockchain-based SCM solutions to record the complete life-cycle of products from inception until completion of their life.
A Blockchain-based SCM solution can provide the ability to:
Verify authenticity and provenance
Tracking of the chain of custody
End-to-end transparency and traceability
BigchainDB Blockchain as a Solution
With BigchainDB, a blockchain database, we can build a supply chain management solution with a complete product record. It will further enable its users to verify the provenance, authenticity, and ownership details of products.
BigchainDB contains several blockchain features that make its database technology more efficient and secure. Subsequently, it underpins BigchainDB-based SCM solutions in several ways:
Enable stakeholders from different jurisdictions to access a global digital database to store products' entire histories
Enable high capacity and throughput for a large number of sensors and products
Provides an immutable distributed database that establishes trust and ensures the suitability of the transaction records
Provides query-ability that enables retrieval of product histories quickly
Support creating micropayment channels that enable machine-to-machine commerce system
Also, Explore | A Compact Guide To Setting Up a BigChainDB Network
About Oodles' Bigchain Blockchain Application Development
Oodles is a leading blockchain development company with expertise in using different blockchain platforms like BigchainDB to build efficient enterprise applications. In the supply chain domain, our team can build solutions with BigchainDB blockchain-powered transparency, trust, and efficiency. In conclusion, our focus is on offering different industries with innovative and sustainable solutions and services using blockchain technology.
Mudit Kumar
06 Nov 2019
BigchainDB's Resourceful Features for Blockchain Applications
BigchainDB is like a digital database with a few blockchain characteristics and features. It has blockchain properties like decentralization, immutability and owner-controlled assets, and database characteristics like fast transactions, low-latency, and queryable data. With Byzantine Fault-Tolerant (BFT), it ensures the system continues to work, even if up to a third of the nodes fail in any way. BigchainDB 2.0 provides a production-ready infrastructure for several use cases.
Analyzing BigchainDB and Its Features
In this blog, we will explore how BigchainDB becomes the appropriate platform for a few significant use cases and how it fits into the decentralization ecosystem.
BigchainDB is attributed as a blockchain database because it contains some blockchain features and database properties.
Nonetheless, there were some issues in the original BigchainDB design, like the inability to withstand arbitrary faults, and an underlying database with a primary node. Essentially, that node used to be the only single point of control and the single point of failure.
BigchainDB 2.0 addressed these challenges with a unique method while retaining the blockchain properties and database characteristics.
Complete Decentralization and Byzantine Fault Tolerant
Technically, BigchainDB makes use of Tendermint for networking and consensus. Each node in the network uses its own local MongoDB database and it is the Tendermint protocols that establish communication between the nodes. It makes the system BFT, as Tendermint is BFT. Consequently, even if a malicious node succeeds in getting the admin privileges to one of the local MongoDB databases, the databases in other nodes will remain unaffected.
Further, if several different participants in a BigchainDB 2.0 network own and operate nodes, it makes the network decentralized. It is because then there will be no single owner, no single point of control, and no single point of failure.
Theoretically, we need to locate nodes in different countries, legal jurisdiction, and hosting providers. It will ensure that an issue with one doesn’t affect other nodes. So, when any node fails, the rest of the system will continue to work. Indeed, even though up to one-third come under attack in arbitrary ways, the non-faulty will continue to work by agreeing upon how to proceed.
Immutability
Another prominent feature of BigchainDB 2.0 is that once you store data on its database, nobody can change or erase it. Or, even if someone manages to corrupt it, it won’t be achievable without great difficulties. Additionally, if somehow someone manages to change or erase any data, it will become detectable. So, we can say that the data storage in the BigchainDB’s network is “practically immutable.” BigchainDB’s design embraces several strategies to make data storage practically immutable.
There are no BigchainDB-provided APIs, which makes alteration or change in stored data almost impossible.
Every node in the network possesses a complete copy of all data in a standalone MongoDB database. There’s no global MongoDB database. So, even if some nodes get corrupted, others will continue to work while having a copy of all data.
It uses cryptography mechanisms to encrypt and sign all transactions. Changing the transaction detail once stored will require to change the signature, which is also detectable.
Owner-Controlled Assets
Similar to other blockchain platforms, BigchainDB also provisions for owner-controlled assets. It means that only the individual having ownership of an asset can transfer it to others, not even a node operator can do it. In other blockchains, there’s only one single built-in asset such as a digital asset or cryptocurrency. However, BigchainDB provisions external users to create several assets. But, they can’t create assets that someone has already created.
Essentially, it prevents the double-spending problem by checking every transaction and ensuring that it is not transferring an output that has already been transferred.
Fast Transactions
One of the prominent features of BigchainDB is its ability to execute several transactions per second.
One design goal of BigchainDB has always been the ability to process a large number of transactions each second. As it uses Tendermint, analyzing other Tenedermint-based networks gives the idea of what we can expect from it.
Conclusion
BigchainDB boasts of blockchain features that make it a highly promising blockchain platform for developing private or public decentralized solutions. It finds use cases in many prominent business areas like intellectual property, identity management, supply chain management, and more. In the upcoming blogs, we will closely analyze those use-cases and see if BigchainDB solutions and application development can provide sufficient infrastructure.
Oodles is a blockchain development company with experience in providing decentralized solutions for diverse businesses using platforms like BigchainDB. Explore BigchainDB blockchain's potential for your next project with our blockchain consulting services.
Mudit Kumar
05 Nov 2019
The Implications of Blockchain in the Legal Services Industry
Blockchain technology is ready to transform different industrial sectors with operations and processes involving data management, intermediaries, contracts, etc. It is widely known for its capability to bring transformation with its distributed, transparent, and immutable ledger. It enables businesses of different sizes to achieve a higher level of accuracy in their complex legacy processes.The legal services industry is also looking to revolutionize its processes with attributes of the distributed ledger technology and blockchain app development.Blockchain Applications in the Legal Services IndustryWith secure storage and validation of transaction records, legal institutions can maintain an accurate chain of custody of any contract on the blockchain legitimately. Keeping track of excessive paperwork like historical records of cases is always challenging for lawyers and legal advisors alike. According to a PwC survey in 2017, 70% of law firms were ready to use smart contracts for transactional legal services. Additionally, 41% of them were exploring blockchain for transactional legal services, 31% for enabling high-value legal services, and 21% for establishing business support. Essentially, transparency, immutability, and security powered by blockchain's ledger can enable the legal services industry to record and resolve legal issues instantly and effectively. The use of blockchain's ledger can transform several legal services like property records, intellectual property rights, chains of custody, UCC fillings, funds transfers, legal opinions, contracts, and litigation and settlements. Take a look at the following information to understand the impact of the blockchain in the legal services industry. Also, visit our Corda blockchain development services to explore blockchain's potential in the legal services industry.Smart ContractsPresently, legal institutions resort to physical signatures to write legal contracts. The process warrants a significant amount of time and effort for legally binding contracts. Additionally, due to manual processing, legal documentation becomes vulnerable to human errors. Blockchain provides a distributed, immutable ledger that brings every participant on a single platform and makes legal documentation accessible and transparent. Further, the integration of smart contracts reduces the cost and friction of creating and securing legal agreements. A smart contract is a set of predefined business rules coded in a digital contract. It can automatically execute actions between two or more parties upon meeting specific requirements.Litigation and SettlementsLitigation describes the proceedings of defending or imposing legal rights between two or more opposing parties. To settle a legal issue, either the parties agree, or a judge or jury in the court decides it. Legal issues that come under litigation vary from frauds, banking transactions, contracts to regulatory mechanisms, and mergers and acquisitions. Certain activities in litigation require completion beforehand, during, and after a lawsuit to impose or oppose a legal right. Those activities may include pre-suit negotiations, arbitrations, appeals, and facilitation. Like other legal services processes, the litigation is also time-hungry and requires excessive paperwork. Moving the litigation processes to a blockchain-based platform can reduce time significantly and make the system more transparent.You may also like | Blockchain for Managing Judicial Bonds and DepositsChain of CustodyAppropriate validation of the findings and proper documentation is always essential in any investigation process, especially in cases pending for many years. Pieces of evidence gathered at the beginning of a case become critical in its later stages. If legal authorities collect and document the chain of custody diligently and regularly, it can be easy to discover vital information whenever necessary. Not only collecting the evidence is essential, but who gathered the information and when it was documented with other details are also necessary. On the one hand, storing electronic evidence in centralized databases increases the security concern. On the other hand, maintaining paper trails of documentation for a chain of custody is also cumbersome and prone to human errors and modifications. In a nutshell, It becomes a challenge to securely store and preserve evidence collected many years ago. Here, blockchain's attributes come into play to bring traceability, immutability, and auditability to the system with time-stamping and cryptographic records.ConclusionThe implementation of blockchain solutions with regulatory requirements in the legal services industries indicates significant potential for process optimization. Using blockchain smart contracts, legal organizations can emphasize on drafting complex agreements with automated execution of rules embedded in them. Additionally, they can make the enforcement of law and compliance more efficient and effective with smart contracts. At Oodles, we have a blockchain team that can give you an in-depth consultation on how the blockchain brings transformation to the legal industry.
Category:
Blockchain
Mudit Kumar
01 Nov 2019
Blockchain in the Sports Industry | Addressing Challenges
The Super Bowl is one of the major sporting events all over the US. It is all about celebrities and action-packed football games. There are other events as well that enable the sports industry to generate high revenue from ticketing, merchandise sales, and promotions. According to reports, the global sports industry is currently worth $1.3 trillion. However, sports revenues are dropping rapidly as the number of fans who attend key sports events is decreasing. The introduction of blockchain technology in the sports industry can significantly resolve some of the major issues like ticket scalping, drug testing management, and enhancing fan engagement. Sports institutions can also improve athlete data analysis and sponsorship management more effectively.
Introducing Blockchain Technology in the Sports Industry
With appropriate blockchain technology consultation, development, and implementation, the sports industry can gain benefits in the following ways.
Sponsorship Management
Undoubtedly, sponsoring sporting events is one of the effective mediums for athletes and sports institutions to generate significant revenues. Majorly, key brands use this method to gain popularity across geographies. Roughly, they spend hundreds of millions of dollars on sponsorships. For instance, in the 2018 soccer World Cup in 2018, brands have splurged up to 200$ million for a single sponsorship package. It can be quite complicated for sports institutions and brands to manage such large amounts. A blockchain and smart contract-powered p2p solution can provide an integrated solution that seamlessly connects sponsors with the rights holders. It can enable them to execute and manage transactions more efficiently with precise logs and cryptocurrency-based payment solutions. It will reduce the time taken in traditional processes from 3-4 months to 5-7 hours, and thus providing tangible benefits for all users.
Ticket Scalping
Illicit ticket resale or scalping is one of the primary issues that create challenges for sports organizations. Uncountable sports fans become victims of ticket resale scams. For instance, last year at game seven of the NBA Western Conference championship between the Golden State Warriors and the Oklahoma City Thunder, 86 people couldn’t watch the game because the tickets they had bought from StubHub got rejected at the gate. While StubHub had a provision for a money-back, those people didn’t get to go to the game.
Implementing blockchain technology in the sports industry can provide a solution by powering smart ticket platforms. A smart contract-based ticket platform can efficiently track and display the complete chain of custody of tickets to their buyers. Such a platform can also be programmed to set restrictions that allow buyers to purchase only a set threshold of tickets at a time. It can effectively lower the impact of scammers and bots that purchase tickets in bulk for resale.
Securing Athletes’ Performance Data
Sports institutions deal in vast volumes of data to analyze athletes’ performance. Using this data, sports managers assess athletes’ performance and distinguish their strengths and weaknesses. Additionally, now wearables and IoT sensors installed in fabrics and insole provide more accurate information generated during athlete training. Simultaneously, data from such smart devices increase storage and security requirements. It means the collection, management, and sharing of athlete performance data get extremely complicated.
However, blockchain based applications can provide the sports industry the solutions that can effectively augment data management, from collection to sharing. The blockchain-powered decentralized network can enable sports managers to store, manage, and share athletes’ data with other participants more securely than traditional means. It can also eliminate any chance for data alteration, breaches, and duplication of data. Not only this, but institutions can also implement authorization and authentication levels to verify users’ identity while restricting unauthorized users to access data. Hence, blockchain becomes a potential alternative that offers secure data storage and sharing platform.
Conclusion
While blockchain adoption is still in infancy, the opportunities for the sporting world seems promising. Key sports industry players need to understand that blockchain technology will become highly regulated in the future. However, they must start embracing blockchain solutions if they want to stay atop of their game.
Mudit Kumar
31 Oct 2019
Making Logistics Processes Efficient with Blockchain Applications
Inefficiencies like high administrative costs, payment disputes, and tracking and traceability continue to paralyze logistics and transportation processes in any industry's supply chain. It necessitates new technological innovations to address these challenges, such as the blockchain technology. Blockchain supply chain management solutions can radically transform service models of logistics and transportation with its applications.
Simplified Logistics Operations with Blockchain
After gaining traction in different industries like finance and healthcare, blockchain is finding significant implications in the logistics industry. It makes logistics and transportation processes and operations more efficient by providing technology benefits in several ways.
Operational Efficiency
Blockchain makes storage and sharing of transactions, contracts, and other documentation information secure and efficient with features like cryptography mechanisms, decentralization, and consensus methods.
If logistics providers and other involved participants in a process use a blockchain platform to record information can achieve significant efficiency. Having a distributed and shared but immutable record database can save time and cost drained for manual documentation in processes with security.
Use Cases
Custom processes require manual reconciliation and paper documentation. Blockchain technology optimizes this process by storing all documentation on the database, including business-sensitive customs forms.
Similarly, shipments undergoing multiple checkpoints can avoid documentation by showing only the required information digitally. It can and save time and cost significantly while increasing efficiency in delivery.
Traceability of Information and Processes
The blockchain makes all the information, records and documentation transparent at every stage for network participants. Technically, in a supply chain setting, such information management can provide traceability to the movement (or flow) of goods from the production hub to its destination. With this increased visibility and accuracy, stakeholders in the chain can identify lags, tampering, delays, and fraud. This advantage of visibility establishes trust between other participants, with transparent delivery services and operations.
Smart Contracts
One of the aspects of the blockchain, smart contracts are autonomous contracts. They self-execute tasks when preset conditions settle between two or more participants while storing information in the blockchain database. For instance, a client needs to make a transaction to a logistics provider upon the delivery of the shipment successfully. After the delivery, a smart contract can instantly perform the transaction to the logistics provider. It reduces the need for paper-based systems while eliminating the risk of delays and errors. Not only this but smart contract solutions can also reduce administrative costs by optimizing repetitive and unnecessary processes.
Conclusion
Blockchain technology is a game-changer that promises to transform traditional ways in which logistics providers execute their services. It assists in streamlining the complex processes and saves time, cost and resources with efficiency and strengthened security.
However, the successful implementation of blockchain technology in logistics requires a comprehensive understanding of its intricacies and applications. The blockchain team at Oodles possesses the requisite knowledge and skills to incorporate blockchain technology into business models. Connecting with our blockchain consulting and development team can provide you assistance in overcoming numerous logistics and delivery challenges of today and tomorrow.
Mudit Kumar
25 Oct 2019
Analyzing the Impact of Blockchain in Human Resources
Blockchain is a distributed digital ledger that enables organizations or individuals to exchange information or make transactions securely, transparently, and immutably. Its attributes make information exchange online more efficient and transformational for diverse businesses. The integration of blockchain and human resources has huge potential.
Let's take a look at how this technology revamps the future of HR functions. Find out how its implementation in human resources improves areas like recruitment, skills development, and talent management. Also, visit our blockchain app development services to explore more about blockchain's potential in building business solutions.
Impact of Blockchain on Human Resources
At its core, blockchain technology operates as a “trust protocol.” It eliminates the need for centralized authority or intermediaries to manage and validate value exchange or transactions between counterparties. However, instead of the technology itself, what matters more is the benefits it delivers.
Significantly, blockchain implications in the human resource space are game-changing for organizations as well as the individuals working for them.
After the release of blockchain’s open-source code, it opened an efficient means for direct value exchange with anybody in the world. Currently, this revolutionary capability is already transforming diverse industries, with areas like insurance and payments at the forefront.
Check It Out | The Future of Streaming are Decentralized Blockchain Solutions
How Blockchain Reshapes Value Exchange
Eliminates or automates back-office operations with instant settlements
Automates reconciliation, purchase order, invoicing, or other traditional components of a transaction
No need for third parties to verify transactions between counterparties
Provides immutable proof of transaction provenance that nobody can edit or alter without consensus
Provides the ability to embed business or contract terms in a single value exchange through smart contracts
Also, Read: Blockchain in Supply Chain | Use Cases, Advantages, and Features
Blockchain Fundamentals
Blockchain establishes trust in the network through consensus. Its ledger enables records to be written, verified, and updated, but not overwritten.
While being added to the chain, an information block with changes remains visible to everyone having authentic access to the blockchain. It means a transaction will become unauthentic if they don't agree to it and any single entity cannot make any change.
The consensus about the fact becomes the driving factor for transparency and trust. Besides, blockchain decentralizes trust and brings individuals into power. It makes people and organizations trust each other, without any central authority verifying their identities.
Explore | Industrial Blockchain Solutions for Frictionless Business
Addressing Pain Points of Human Resources with Blockchain
When zeroing in on blockchain for HR, focusing on the business is more beneficial, instead on the technology. The places, to begin with, are the HR processes that are opaque and involve several people, shared data, time, and risk.
The following are the key four areas that blockchain impacts significantly:
Talent Acquisition
Blockchain strengthens the employment relationship on both sides.
For people, it gives them the ability to control, access, and maintain a comprehensive authentic blockchain-powered record. The document will include their skills, credentials, and workplace performance.
For potential employers, it gives them access to this complaint's “digital identity” and the ability to match individuals to roles effectively.
It can particularly prove to be beneficial in roles where skill requirements change frequently.
The benefits of an individual’s highly portable and up-to-date digital identity can become greater for both applicants and employers.
Also, the younger generation generally remains more relaxed than their predecessors about sharing PII (personally identifiable information). Blockchain allows them to do it in a more secure, efficient, and effective way.
Also, Visit: Blockchain Solutions for Nonprofits | Addressing Trust Crisis
Poor Productivity
Blockchain can positively impact workforce productivity across companies of all sizes. It can enhance organizations’ ability to match people’s skills and performance to appropriate jobs, thus, uplifting productivity. Organizations will be able to put people into the right places to be productive with clarity on their skills and experience.
Not only this, but small and medium-sized businesses will also be able to benefit from it. The task to find and recruit the right talent is especially daunting and burdensome for smaller enterprises. A blockchain solution that can assist them in doing this more effectively and efficiently will boost their productivity.
Furthermore, blockchain applications can also improve high-potential targets like payroll and VAT to reduce the administrative burden on SMEs (small and medium enterprises). It will enable them to focus more on serving customers and growing their productivity.
Suggested Read | How Blockchain Solutions are Transforming Real Estate
Data Protection
HR teams are tasked with conducting some of the highest-volume financial transactions for an organization. Also, they handle sensitive employee data related to pay, healthcare, finance, banking, disciplinary records, performance records, expense reimbursement, and more.
All of the data an HR department maintains is at risk of being exploited. As more companies face data breaches, safeguards must be in place to prevent fraud and maintain security. In the face of rising cybersecurity crime, blockchain technology is being lauded as a solution.
Blockchain’s role as a game-changer for human resources is defined by its security capabilities. Blockchain has proven itself to be so effective for risk management and software security that even aerospace and defense giant Lockheed Martin is using it.
Implementing blockchain can help thwart both internal fraud and external hacks of sensitive employee records. Access to the blockchain is limited and controlled and even those with access can’t arbitrarily make changes to the record. This limits both internal fraud and external hacks of sensitive employee records.
Learn More About Blockchain in HR (Revamping Human Resources Management Systems)
The list above is only a sample of how blockchain can transform the HR industry. Indeed, the possibilities are endless. Connect with Oodles' blockchain experts to know what other transformations blockchain brings to human resources.
Mudit Kumar
23 Oct 2019
Strengthening the Procurement Process with Blockchain
Almost every organization, from healthcare to financial services, can gain several benefits with blockchain supply chain development solutions. Itnot only maximizes efficiency and security of financial transactions, but also anything of value, including contracts, records, and other important business-sensitive information.Blockchain technology, with its security-focused and peer-to-peer nature, offers several unique benefits to the procurement process.Strengthened SecurityNo matter which industry it is, a procurement department deals with hordes of sensitive data that can cost a company millions upon falling into the wrong hands. While cloud storage provides a safer solution, it is not as efficient and secure as digital ledgers. Also, they are getting expensive as data continues to rule. However, blockchain provides a more effective alternative to these solutions. On a stored on the blockchain ledger, records become tamper-proof. No one can edit or alter them. With secure cryptography or private blockchain solutions, critical information, contracts, and other documents or transactions of the procurement process eliminate any duplication or chances of fraud.You may also like | Blockchain for Procurement Management | Enabling OpportunitiesImproved TransparencyEither private or public, intrinsic end-to-end visibility of blockchain promotes fair and compliant practices. It prevents money laundering, fraud, and other illicit activities and detects way before they cause any damage to the business.Enhanced ProductivityOne of the primary reasons for blockchain adoption across diverse industries is it hugely reduces costs when applied appropriately. It boosts productivity and growth by shifting most of the functions on autopilot through smart contracts while ensuring data security. With no intermediaries' dependence in operations and automation of repetitive actions with security, it does reduce costs. Besides, automated processes increase accuracy by minimizing the chances of human injected errors.Applications of Blockchain in ProcurementSingle Source of TruthBlockchain enables a single, consistent source of information for all participants in the network. In industries struggling with inefficiencies around the storage, reconciliation, transfer, and transparency of data across multiple independent entities, this feature could be highly beneficial.Immutability, Traceability, and AudiatbilityFrom contract execution to fulfillment across the supply chain, blockchain can create a chronological and immutable audit trail of all transactions. As a result, procurement gains a systemic view of the full supply chain involved in fulfilling the contractual obligations. Any issues are more easily resolved with a clear view of which party is responsible for which aspects of the supply chain activities and movement. Perhaps even more importantly, this insight into all transactions makes it easy for procurement to understand how well a vendor has met contractual obligations. In other words, it provides a mechanism for whether or not procurement should do business with a relatively unknown entity.Improved Cost AssessmentThe transparency facilitated by blockchain could reduce the information asymmetry and network disadvantages that some companies, especially smaller ones, currently face in supply chains. In turn, procurement could more astutely and confidently determine market rates and negotiate accordingly.Minimized Inventory ChallengesIn a blockchain, a company and manufacturer can set up their smart contracts to exchange information. Should inventory start running low, the company's contract would automatically request more inventory from the manufacturing contract based on preset rules. Once the terms were validated, the blockchain could automatically send payment to the manufacturer. Automating both upstream and downstream supply chain activities in this way could save the company tremendous time and money. So, are blockchain solutions right for your organization? They are if you handle a significant number of transactions involving many parties and use interrelated complex contracts. That said, even if you feel they're not a fit for you now, every procurement group needs to prepare for blockchain-based contracts—because those that don't use them will be at a disadvantage.
Category:
Blockchain
Mudit Kumar
20 Oct 2019
Using Blockchain to Augment EHRs (Electronic Healthcare Records)
Medical professionals tend to take EHRs as a necessary evil. They struggle to work with legacy, clogged, and slow EHR systems. They can't quit using them as these systems have become a necessity. Essentially, EHRs aggregate patient data from different sources and enable physicians to make more informed decisions and provide the best possible care to patients. However, legacy EHRs systems are inefficient and clumsy. They fail when it comes to data analysis, security, and interoperability, and giving patients access to their information. One technology that can address these pitfalls is already here.
We are talking about blockchain-based healthcare solutions. At Oodles, our blockchain experts believe that blockchain for healthcare is going to be the next go-to-technology.Here's why they think so.
Blockchain Technology and EHRs
Blockchain applications and solutions have already become the desired addition to several clinical and pharmaceutical operations. Health organizations are using them to establish end-to-end drug supply chain tracking, validate clinical trial results, and prevent health insurance fraud. Similarly, Blockchain implementation in EHRs can revamp several traditional data management standards and provide three new methods for tech-driven care delivery.
Protection of EHRs, Including Personal Health Information
Ensuring data security is an almost inescapable challenge for healthcare providers with multiple ransomware threats, breaches, and APTs arising every year. EHRs are always at risk due to being the primary, centralized source of storage for most comprehensive patient information. Blockchain avoids security concerns with EHRs by providing two significant differences from legacy databases. First, it brings decentralization in the network and distributes data copies among several nodes installed across different locations. Second, it makes data immutable through encryption and cryptography mechanisms. It means nobody can modify or delete the information once stored on the blockchain while keeping it transparent to everyone. In any unauthentic or illicit attempt to change information, it can trigger necessary security protocols, and make the whole network to avoid or eliminate it.
Data Control and Access in the Hands of Patients
Patients must have control over their health data. The increasing healthcare consumerism era turns this need into demand. Regulations like HIPPA and PHi restricts patients from accessing EHRs and limit their ability to review and share their data with other care team members. Blockchain can finally put patients in control of their data by enabling access to EHRs through a fine-grained permission system. It can provide a digital signature for each patient information block using a hash, a private key, and a public key, which acts as an authentic patient ID. With the addition of permission layers to these identities and blockchain APIs, patients can control and limit access to their data. They can choose what to share and what not, such as exposing only specific bits of information with a particular medical entity for healthcare.
Streamlined Healthcare Information Exchange
Undoubtedly, EHRs systems in the current healthcare IT infrastructure lack efficient healthcare information exchange support. They become useless when patients need care from multiple healthcare providers from different health systems or a few facilities under one umbrella. During data transfer, providers generally print requisite information and send patients with loads of papers to another care team.
Blockchain-powered EHRs enhance this situation by eliminating intermediaries from the process and keeping PHI secure yet auditable for authorized personnel. Consequently, other care team members get quick access to patient data, without revealing any personal or sensitive information. It assists them in preventing medical errors like duplicated tests, misdiagnosis cases, counterfeit drug interactions, and delayed care delivery.
Will Blockchain-powered EHRs prove to be the Panacea?
Presently, blockchain is a prominent technology capable of strengthening EHR systems and making it a full-fledged center of tech-driven care. Recent developments in the blockchain implementation for the healthcare industry signify that its adoption rate will likely increase. Startups have already begun investing in blockchain for mobile EHR apps for improved health care and provide data control capabilities to patients. If you're looking to explore blockchain's advantages in EHR management, connect with our blockchain team for insightful guidance. Oodles is a blockchain app development company proficient in utilizing multiple blockchain technologies to create diverse industrial solutions.
Category:
Blockchain
Mudit Kumar
19 Oct 2019
Exploring Some Intriguing MultiChain Blockchain Use Cases
MultiChain refers to an extended open-source Bitcoin fork. It enables enterprises to launch custom public or private blockchain solutions with easy configurations. It presents a set of features and enhancements, especially for enterprise and business use cases. Its capability to support native assets and the storage of huge chunks of arbitrary data is quite promising. It provides an optional but unique consensus-based permissions management for consortial blockchain solution requirements.
MultiChain Benefits or Key features
- Private Shared Database
- Control of Capacity and Cost
- Designated ‘Miners’
- No Cryptocurrency
- Blockchain as Tool, not Ideology
MultiChain Blockchain Use Cases
Financial Systems for Crowdfunding and Loyalty Points, Among Others
A group of institutions develops a financial system. The institutions use this system to transact and exchange scarce assets. Any asset is scarce when its unit cannot be available on more than one place at a time. We also know it as ‘double-spending.’ Also, it must be impossible for anyone to create new units of the asset. An institution able to do either of these things can make fraud in the system. A solution to this is physical tokens or ready cash. They cannot be in two places at the same time and are difficult to manufacture. However, there are shortcomings that make them impractical.
- No traceability
- Costly and complex to create new units
- Slow and costly to send in large numbers across long distances
Traditionally, we avoid these shortcomings of physical tokens by representing assets’ ownership through a ledger maintained by a trusted intermediary. The intermediary oversees and enacts an ownership transfer by updating the ledger’s content as a response of an authentic request.
Unlike complex settlement with physical tokens, the intermediary defaults or reverse the questionable transactions easily. But, it still poses a critical challenge, the concentration of control, or in a simpler term, centralization. Centralization creates significant security issues in both technical and human terms. For instance, if someone succeeds in hacking the traditional ledger, they can alter the ledger’s information, steal funds, or even destroy its content completely. What’s more terrifying is someone from the inside corrupting the ledger with no trace and detection of fraud.
Blockchain as a Solution
Here, blockchain technology, a digital distributed ledger, provides several benefits like no centralization, security, transparency, and trust, among others. It means that each participant gets a copy of the ledger and complete control over their assets with private keys. Transactions occur in a peer-to-peer manner while blockchain maintains the consensus. It prevents hackers from corrupting the ledger by providing an architecture that has no single point of failure.
Consequently, institutions can deploy digital financial systems with efficiency and the added advantages of automatic reconciliation in real-time. However, these advantages come with a downside. As discussed above, blockchain enables all participants to see all the transactions taking place on the ledger. It makes the established transparency unusable in situations where confidentiality is important. Here, blockchain platforms like MultiChain suit better by providing rather different use cases that we call lightweight financial systems. In such systems, the economic stakes or participants’ number remains relatively low, as well as confidentiality tends to be less of an issue. So, even if the participants know what others are doing, they don’t learn much of value. Precisely, because the stake is low, the need to involve a costly and complex intermediary becomes needless.
Some of the significant use cases of lightweight financial systems include crowdfunding, loyalty points, gift cards, and local currencies. We can also apply their use cases in the mainstream financial functioning, like peer-to-peer trading or lending. Not only this but MultiChain blockchain based solutions can also operate as internal accounting systems. For instance, they can serve large organizations where each department or service is required to maintain control of its funds. Significantly, the lower cost and less friction enabled by MultiChain blockchain provide several immediate benefits while making the loss of confidentiality a nonchalant issue.
Provenance Tracking
Tracking the provenance and movement of valuable items across a supply chain is critical for any type of business. The items include luxury goods, cosmetics, electronics, and pharmaceuticals, as well as critical documentation like letters of credit and bills of lading. Due to supply chains stretching across time and distance, these items experience issues like counterfeiting and thefts.
A MultiChain blockchain based provenance tracking solution can tackle these issues efficiently. A trusted entity can issue a unique identifier to the asset when it is created on the blockchain. The unique identifier acts to authenticate its provenance point. Then, whenever the assets change hands, the identifier leaves an ownership’s digital audit trail behind. So, it precisely mirrors the real-world chain of custody with a chain of transactions on the blockchain. Essentially, the final asset’s recipient, like a bank, retailer, distributor, can verify the chain of custody with this unique identifier from the provenance. Indeed, a traditional ledger maintained by an item’s manufacturer can accomplish these tasks in a similar way too.
So, why resort to the blockchain instead? The answer is, in this type of application, establishing distributed trust provides several benefits. Centralized databases are always vulnerable. There are people who can corrupt the ledger and its content. Contrarily, we can use blockchain to track the belongings of a supply chain’s participant.
Besides, exchanging the corresponding bill of lading and letters of credit is safe and easy with a two-way swap.
Conclusion: The list of MultiChain Blockchain Use Cases Doesn't End Here
It does not mean that MultiChain blockchain has no other applications and use cases in this industry. In fact, for each of the use cases outlined above, we see significant blockchain application development opportunities for banks and other financial institutions. Those are provenance tracking for trade finance, bilateral contract notarization, and the aggregation of AML/KYC data.
The key to understand is that, architecturally, these use cases are not specific to finance. They are equally relevant to other sectors like insurance, healthcare, distribution, manufacturing and IT. In reality, private blockchain solutions should be considered for any situation in which two or more organizations need a shared view of reality. In these cases, MultiChain blockchain offers an alternative to the need for a trusted intermediary, leading to significant savings in hassle and cost.
Mudit Kumar
16 Oct 2019
Blockchain Applications in the Insurance Sector
The blockchain technology is rapidly gaining significant traction in the insurance industry. It is enabling new financial services infrastructure and services by providing the platform to create simplicity and efficiency. In this article, we explore the potential of blockchain application development in the insurance sector.
What is Blockchain
Blockchain is a digital ledger shared among different stakeholders, which records events in a distributed and immutable manner. It requires the consensus of the participants to make alterations to recorded transactions in the database.
Nobody can erase the information once stored on the blockchain. It contains a verifiable record of every transaction ever made on the ledger.
Suggested Read | The Potential of Blockchain Technology in Telemedicine
How Does it Affect the Insurance Sector
Indeed, blockchain can evolve the role of financial institutions by establishing decentralization. It can enable businesses to save costs on value transfer between two or more parties. Eventually, it can assist organizations in meeting customers’ increasing expectations set by key players with fast but costly services.
Prevailing Pain Points in the Industry
Blockchain-powered insurance operations and business models can resolve multiple complexities prevalent across the insurance industry.
Insecure, costly, and inefficient information sharing and exchange
Fraud-prone operations and processes due to multiple points of failure
Opaque and complex assessments of liability for syndicate and reinsurance
Several intermediary authenticators and intermediary involvement
Unstructured and fragmented sources of data
Manual, paper-based claims processing
Also, Discover | A Definitive Guide to Exploring Blockchain In Insurance
The Impact of Blockchain on Industry Processes
At Oodles, our team of blockchain experts suggests that the following processes are the most dominant areas to apply the technology. We are a blockchain development company that provides solutions primarily for these use cases.
Underwriting
The implementation of blockchain in the underwriting process can assist institutions to improve risk assessment and enhance client onboarding.
Assessing Risk
Blockchain records transactions in a shared and immutable manner. It ensures the trust and verifiability of information, from its provenance. Essentially, it provides transparency on existing or past insurance policies and claims associated with insurees or property.
Besides, it provides institutions and trusted third-party data providers, like notary services, a shared interface that ensures security with compliance.
Quoting
Blockchain smart contracts assist in improving the accuracy of insurance quoting through transparent assessment of risk and elimination of third parties. They also provide capabilities to automatically manage obligations and terms that bind insurees and insurers.
Onboarding
Blockchain provides a means to capture immutable, trusted, and verifiable information through digital cryptography. It means insurers can rest assured of insurees’ identity and other risk profiling details. Besides, it provides fast, efficient, and frictionless experience in binding policies to insurers.
Check It Out | Blockchain in Insurance | A Transparent Enabler for Efficiency
Summing Up
Indeed, blockchain solutions can provide several benefits including efficient information exchange, improved risk profiling, and automation of policy through smart contracts. If you are interested in tapping into the potential of blockchain development in the insurance sector, then connect with our blockchain developers.
Mudit Kumar
13 Oct 2019
Introducing Blockchain for Efficient Decentralized Digital Advertising
Advertisements are always crucial for businesses, whether they are digital or traditional. They assist businesses to effectively introduce their products and services to a diverse audience range. They also enable users to find appropriate products and services that make their lives simple and better. However, there a few challenges within the digital advertising industry that make it ineffective. In this blog, we will explore how blockchain technology and its applications can address digital advertising challenges.
Current State of The Digital Advertising Space
The state of the global digital advertising industry is far from being perfect as it faces several issues. The ad-tech is centralized, and giants like Facebook and Google control it. Another challenge is the use of user data for targeted ads while infringing on their privacy rights. Besides, intrusive and invasive ad formats plague the consumer experience, instead of benefitting them. Users have also found ways to deal with them with ad blockers. Here, blockchain app development services and solutions can resolve these digital advertising industry challenges. It provides a platform to create new revenue models and improve existing processes with trust, transparency, and security.
Let's take a look at how Blockchain empowers the digital ad space with its potential.
Also Read: How To Become The Digital Advertising Industry Leaders With Blockchain Technology
Blockchain: Bringing Everyone in Power
It is necessary to understand technical aspects beforehand to realize the potential of distributed ledger technology like blockchain in digital advertising.
Blockchain is a digital ledger that provides a secure way of making and recording transactions, agreements, and contracts — The Guardian
Essentially, a blockchain application is a software that runs atop the blockchain technology. A blockchain-based app conducts transactions that a digital ledger or database records in a shared, distributed manner. It establishes decentralization that lays the foundation for end-to-end trust, transparency, and security in the application network. It also increases the efficiency and growth of business operations with smart contract technology. Smart contracts operate as automated transaction validators that replace the need for intermediary transaction authenticators.
If we apply blockchain applications in digital advertising, it can bring many transformations in its traditional processes and provide an all-new marketing space.
Capabilities of blockchain applications in digital advertising
Ad Buying and Selling
Advertisers and consumers lack meaningful connections between them. Advertisers have less information about the audience they are targetting. Consumers don’t know how third-parties use their data without their consent.
Blockchain reinvents the advertising industry by creating an open advertising ecosystem that connects advertisers directly with consumers and their devices. It provides a live, working platform that successfully delivers ad campaigns for brands and agencies with real-time tracking. It means advertisers and other stakeholders can see results in real-time.
A unified platform powered with blockchain facilitates all aspects of advert creation. In includes campaign delivery, traffic observation, and content verification and optimization with transparent reporting and costs
Benefits of Blockchain in Ad Buying and Selling
Enables all participants to save money that currently gets wasted through middlemen
Prevents fraud by connecting advertisers directly with KYC-verified users
Incentivizes users to share their data with advertisers without exposing sensitive information
Transparent, secure, and real-time payments and micro-transactions directly between advertisers and publishers
A layer of trust, transparency, and openness of the ledger enables advertisers to verify and reconcile their campaign data
Enable publishers to analyze the true value of ad traffic and advertiser spent
Transparent, Efficient and Secure Advertising Ad Platforms
Blockchain can eliminate advertising fraud and ensure that advertisers only pay for valid click-throughs. Blockchain smart contracts can ensure that advertisers receive more results and pay less. The Ethereum blockchain platform is suited to a variety of advertising types. Ethereum takes a decentralized approach with an immutable yet auditable ledger. It enhances efficiency and transparency with user-controlled privacy, data auditability, and permissioned information exchange. It can enable advertisers to ascertain the success of their ads more efficiently than with non-blockchain digital advertising models.
Native Video Ads
The video ads market is in a strong growth phase as more consumers are turning to internet videos for entertainment and information. Native advertising based on content enables advertisers to access specific, large, and growing segment of internet traffic. Blockchain addresses the challenges of right content discovery and advertising management. The technology can integrate with artificial intelligence to automatically find the most relevant native ads, and show them to interested viewers.
Also Read: How To Become The Digital Advertising Industry Leaders With Blockchain Technology
Conclusion
Blockchain application development services enable immense potential in digital advertising. Among other benefits, its potential to connect publishers directly with advertisers is commendable.
Indeed, it seems beneficial to explore blockchain-based advertising for the above-mentioned benefits.
Mudit Kumar
11 Oct 2019
Exploring Blockchain and IoT Use Cases in Different Industries
Blockchain strengthens the sphere of IoT devices to scale up security and transparency in the ecosystem. Blockchain provides a scalable and decentralized infrastructure for IoT devices and applications. Internet of Things (IoT) provides opportunities for businesses to run smart operations and services. Here are a few Blockchain IoT use cases that can have a significant impact across multiple industries:
Supply Chain and Logistics
Pharmacy Industry
Automotive Industry
Smart Homes
Sharing Economy
Supply Chain and Logistics
A global supply chain network has many stakeholders like brokers, raw material providers, and so on. It complicates the end-to-end visibility. Also, a multitude of payments and invoices can extend over months of time in the supply chain. Having multiple stakeholders makes the delivery delays a huge challenge. However, now companies exploring IoT enabled vehicles to track the movement of products throughout the shipment process.
Here, blockchain technology and IoT can help enhance the reliability and traceability of the network. IoT sensors such as motion sensors, GPS, and temperature sensors provide accurate details about shipments’ status. The information generated from the sensors is then stored in the blockchain.
Further, stakeholders in a smart contract can get access to the information in real-time. Using which, they can accordingly execute transshipment and cross-border transactions.
Also Read: Strengthening the Food Supply Chain with Blockchain Solutions
Pharmacy Industry
Counterfeit medicines are an increasing issue in the pharmaceutical sector with every passing day. For pharma companies, manufacturing and distributing drugs is a complex process. It makes the tracking of drugs journey quite difficult.
Blockchain brings transparency and traceability in the network. Transparency and traceability are necessary when it comes to monitoring sensitive healthcare drugs. Blockchain solutions can enable pharma companies to monitor the shipment of drugs from the provenance to the end-consumer.
Also, blockchain solutions offer enhanced payment process, permissioned user access, and a medium to prevent counterfeit drugs in the supply chain.
Also Read: Use Case: Using Blockchain to Fix Fragmented Healthcare Supply Chain
Automotive Industry
Automotive industries players are relying on IoT-enabled sensors to create completely automated vehicles. Connecting decentralized blockchain solution with IoT enabled vehicles enables multiple users to store, manage, and exchange information more efficiently and securely.
For blockchain IoT use cases, automotive is one of the most interesting industries. The use of combined technology can enhance operations like automated cars, traffic control, fuel payments, and smart parking.
Also Read: Blockchain Applications becoming the Panacea for Automotive Challenges
Smart Homes
Smart IoT-enabled devices have started playing an important part in our day-to-day lives. The integration of blockchain with smart IoT devices enables users to manage home security systems remotely from their smartphones.
Blockchain replaces the traditional centralized approach to share information generated by IoT devices. It improves the security standards and ownership of information. It can even optimize and enhance the smart home by resolving security issues and eliminating the dependence on centralized infrastructure.
Sharing Economy
The sharing economy has become a concept that is gaining significant traction around the world. A blockchain can provide the platform to create a secure online market of connected things. With a blockchain solution, users can rent, sell or share any object securely without requiring intermediaries. Here, smart contracts ensure data privacy and transparency by enabling controlled access to information.
Conclusion
Various industries are exploring the potential of IoT and Blockchain to enhance efficiency and achieve automation, among other benefits. In this blog post, we analyzed some vital IoT and blockchain use cases that companies can leverage to build robust business solutions.
To understand how the IoT and blockchain combination can assist your business, or if you are looking for an IoT Blockchain application development company, connect with our experts directly.
Mudit Kumar
06 Oct 2019
Blockchain Applications in the Financial Services Industry
Blockchain, a type of distributed ledger technology, enables the financial services industry to transform various complex business processes. Essentially, blockchain business solutions can facilitate fast, efficient, secure, and transparent data sharing. The financial services industry encompasses a wide range of businesses.
It mainly includes companies that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, and investment funds.
The back-office processes of these companies can gain substantial benefits from blockchain-powered attributes like transparency and security of data and transactions.
Benefits of Blockchain Applications in the Financial Services Industry
Currently, the infrastructure of the industry is slow, expensive, and heavily dependent on several intermediaries. Here, applying blockchain applications can improve workflow. Additionally, it can cut overhead significantly while delivering better, secure, and private financial services to businesses and individuals.
Let's take a look at how blockchain in the financial services industry creates disruption.
Increased Efficiency
The financial services industry is moving towards a more globalized economy. It needs more effective protocols to manage the increasing complexity of cross-border transactions.
Traditionally, these transactions may take up to days or weeks to process. Blockchain provides mechanisms to automate the verification process and eliminate third-party authenticators' dependence on transactions, which usually requires manual processing.
Strengthened Security
In most centralized systems, there is one point of entry and one point of exit, which makes them vulnerable to diverse threats. However, blockchain provides a platform to establish a large network of peer-to-peer transactions with automated verification. It makes the network distributed among different nodes with no single point of failure.
Potential to Increase Digital Assets’ Value
Banking customers rarely get more than five or six percent of interest rates for savings accounts. Although the crypto market is subject to rapid fluctuations, potential returns on investments for owning digital assets remain higher.
The value of a crypto project depends on how many peers are using its currency and the network. So, the more users indulging in the project, the more likely its digital assets will increase in value.
Lower Associated Costs
Smart contract-powered transactions require little to almost no associated costs. They eliminate the need for any domestic or international wire fees or overdrafts.
With centralized banking systems, there are many hidden costs charged to support overhead and sustainability.
With financial services created using blockchain, these issues remain at a complete minimum. Also, the tamper-proof, immutable ledger assists in preventing fraud, and the costs associated with legal services.
Explore: A Walk-through of Business Benefits with Blockchain Development Services
Blockchain Applications in the Financial Services Industry
Take a look at some prominent use cases for blockchain that have the potential to optimize various financial services significantly:
Efficient Cross-Border Payments
This use case is worth mentioning as it is one of the most important blockchain use cases. Blockchain creates possibilities for not only a stand-alone service but the entire global economy of cross-border transactions.
Transferring funds across borders is complex, slow, and expensive because of the centralized processes. DLT (distributed ledger technology) platforms like Corda, Ripple, and Stellar provide a decentralized peer-to-peer blockchain network to process cross-border transactions.
These platforms provide financial organizations the capability to execute fast, cost-efficient, and secure millions of transactions across different time zones in seconds.
Related Post: Exploring Cross-border Payment Solutions Powered with Ripple Blockchain
Clearing and Settlements
Blockchain provides solutions to develop applications that can revolutionize the typical three-day clearing and settlement process.
The current process is extremely complex and full of intricacy. It requires matching, reconciling, and resolving all counterparty balances across the global trading system.
Blockchain enables the use of smart contracts to make these processes automated and frictionless.
Point of Sale (PoS) Systems
Decentralized PoS systems enable businesses to accept and process payments in cryptocurrencies. These systems eliminate businesses’ need to depend on costly merchant service programs and transaction fee overhead. The systems also assist companies in managing and analyzing the cash flow.
Smart Bond Contracts
Smart contract technology contains the potential to replace traditional bonds and provides investors with smart bonds. Also known as bond contracts, they use blockchain smart contracts to automate bond registry services and enable instant settlements.
Check It Out: Blockchain and Smart Contracts: Opportunities in Financial Services
Trading Platforms
Blockchain facilitates the reduced cost of trading by providing a new medium to exchange digital value or assets without any third party. Traditionally, stock exchange processes are similar to cross-border payments. They are slow, complex, and costly.
Blockchain smart contract applications enable the automatic triggering of buying and selling actions on behalf of stakeholders without any intermediary.
Existing trading processes involve documents, copies, and databases that require navigating through the bureaucracy and reconciling. Blockchain aims to eliminate all of these existing trade finance challenges.
Also, Visit: Decentralized Exchange Development Services
Final Thoughts
How will the financial services industry look like with blockchain-powered operations and processes?
Blockchain trading platforms and financial decentralized applications do not work to eliminate centralized banks. Instead, they force banks to adopt distributed ledger technology.
These decentralized alternatives to financial services require banks to use blockchain. The technology facilitates faster cross-border payments, lower fees, and automated clearing and settlements.
Blockchain applications in financial services push established financial services companies to operate on peer-to-peer networks for trustless, affordable, and faster services.
If you want to adopt blockchain technology in your financial firm, then partner with Oodles. Our blockchain experts assist you in developing custom blockchain solutions. Contact us today to get started.
Mudit Kumar
29 Sep 2019
Industry-Specific Use Cases of Hyperledger Frameworks
Hyperledger is an umbrella project hosted by the Linux Foundation. It provides various frameworks, tools, standards, and guidelines for blockchain application development. It comprises of frameworks like Indy, Burrow, Fabric and Sawtooth, and tools like Cello, Quilt, and Caliper. These tools and frameworks enable blockchain developers to build blockchain applications that optimize and enhance various industrial processes. Take a look at how Hyperledger frameworks use cases are all about simplifying and enhancing productivity and growth of a range of business use cases in different industries.
Hyperledger Frameworks: Use Cases
Financial Services
Insurance data compliance
Insurance companies deal with a significant amount of data that is subject to compliance requirements. They need to regularly report it to various regulatory authorities. It is a timely and costly process that also makes data vulnerable to hacks and threats.
Hyperledger Indy provides solutions to simplify and enhance the entire regulatory compliance reporting. Indy provides a platform to collect and share statistical data between insurance carriers and regulators securely. It streamlines regulatory and compliance requirements while ensuring efficiency and accuracy for both insurers and state insurance departments. Insurers contribute data directly onto the secure platform, which also satisfies state regulatory requirements. Besides, all historical and current data resides on an underlying immutable blockchain ledger. It also enables regulators with permissioned view-only access to information that they require for a compliance check.
Post-trade Processing
Post-trade processing involves several activities after a trade completion. It covers transactions that are done over-the-counter (OTC) or at an exchange. A high-level view of post-trade processing likely include these steps
Trade validation
Clearing
Settlement
Custody activities
Reporting
Today, all these steps pass through a fragmented workflow, which involves numerous departments and entities: brokers, central security depositories, clearinghouses, exchanges, settlement agents, and so on. It often results in duplication of reconciliation efforts, inefficiency, and delays in post-trade processing.
Here, blockchain efficiently streamlines post-trade processing. With blockchain solution enabling peer-to-peer transactions, one party stores transaction details onto a platform for the other party to verify. Executing these steps on the same blockchain system significantly simplifies the process. Here, the platform itself acts as a trusted third-party authenticator, powered with immutable and irrefutable transactions on the blockchain. It further reduces complexity as data from all steps and all stakeholders reside on the blockchain ledger. The platform enables data access to stakeholders on a need-to-know basis, and serve as the medium for regulatory and trade reporting. As a result, all five steps listed above—validation, clearing, settlement, and reporting—get streamlined.
Read More: Use Case: Simplifying Financial Post-Trade Processing with Blockchain
Healthcare
Doctors’ credentialing is a crucial practice in the healthcare system for hospitals. The process enables any hospital to know whether the doctors working with them are trustworthy and competent, or not. However, it is time-consuming and leaves behind a tremendous amount of paper trails. Double-checking every single information from file silos takes up to a few days for both doctors and hospitals. Another concerning challenge is drug counterfeit. Drug traffickers counterfeit medicines every year, due to which the consumer suffers.
One of the Hyperledger frameworks, Indy, provides an architecture that is capable of handling the credentialing challenges of hospitals. It provides a safer network of stakeholders. On the network, medical schools upload doctors’ credentials and create their verification identities. Then, any hospital requests information on a need to know basis from the network and verify whether the credentials are genuine or not. It eliminates the need to call or send someone to medical schools to verify doctors’ credentials.
Also, Hyperledger Indy is capable of enabling drug tracking and quick insurance claims.
more: Blockchain in Healthcare: Tracing Counterfeit Drugs
Supply Chain Management
Supply chain management, rather than being a sophisticated model, is more complex for industries like food, real estate, and healthcare. From the beginning of the chain, it becomes difficult to trace products along their journey to customers. Manufacturers make quality products but during shipping, many products get stolen or replaced. Also, every sector of supply chain deals with transactions that need to pass through several intermediary authenticators. All these issues hamper the productivity and improvement of global supply chains.
Hyperledger Sawtooth here provide solutions that assist industries to streamline and manage their supply chains more efficiently. Sawtooth enables users to work in a network of traceable transactions, where every stage of the supply chain resides on the ledger. Further, with IoT sensors, the ledger record products’ location, temperature, and other factors. It enables supply chain managers to identify how someone is exploiting the system to make counterfeits or frauds. Additionally, with the Sawtooth smart contracts, stakeholders make payments smoothly at every stage of the chain.
Read More: Solving Supply Chain Challenges with Hyperledger Sawtooth
Final Thoughts
The use cases of Hyperledger frameworks go far beyond other blockchain platforms for both business and industrial solutions. They enable the development of high-scaling enterprise applications, efficient solutions to streamline existing processes, and new revenue models. Take a look at our Hyperledger blockchain development capabilities and explore how your business can benefit from them.
Mudit Kumar
25 Sep 2019
The Increasing Importance of Initial Exchange Offering (IEO)
The Initial Exchange Offering is the new method of raising funds for your business idea in the crypto market. It is gradually attracting the interest of traders across the world. It can be called an alternative to STO and ICOs, which essentially acts as an intermediary between projects and contributors.
What is IEO (Initial Exchange Offering)
Technically, an IEO campaign is another form of ICO. The key difference between them lies in where and how the security is offered to investors. As identical with its name, an IEO enables token offering by partnering with an exchange platform, rather than directly distributing them among investors. While a public ICO enables anyone to participate in the offering, in an IEO only members of that particular exchange platforms can invest in tokens. Rather than following specific steps of an ICO campaign, the project team can follow an IEO’s standard procedure for buying and storing tokens from that particular exchange. In many ways, it standardizes the process of token offering as the exchange sets the terms of purchase.
How it is different from ICOs
Coins were often sold through an ICO with promises that users can avail and trade them later on exchanges. In many cases, tokens offered through an ICO were never listed on exchanges.
When buying tokens through an IEO, users rely on the fact that the given exchange has done some due diligence and is launching a coin believing it has a future. Also, it’s in an exchange’s best interest to not damage its customer base by issuing dodgy tokens. What’s more, users like undergo know-your-customer (KYC) and anti-money laundering (AML) checks, depending on the exchange's sign up requirements. It adds an extra layer of investor protection and prevent unauthentic investors to participate in offerings.
Enhanced Listing Process
In Initial Exchange Offering, the cryptocurrency exchange platform must list the token once the sale has ended. It is the end goal of most of the project teams at the time of coin offering to list tokens on established exchange platforms. Getting listed on the reputed exchange means improved liquidity and credibility to the project while increasing the value of a token.
Simplified Compliance and Usability
Startups issuing tokens can gain significant benefits by launching them through IEOs. Token issuers can avail advantages of the exchange platforms' customer base to attract more contributions to projects. In IEO, token issuers don’t need to manage AML/KYC process for verification. Exchange platforms vet IEO participants using their standards for AML/KYC compliance.
Improved Legal Protection
Exchange platforms often employ organized legal structures which protect startups from failing to adhere to any regulatory requirements. It saves money for potential startups by eliminating the need to obtain legal resources. Also, established exchange platforms provide legal advice, clarity and a legal team to assist startups in complying with regulations.
Conclusion: The Future of IEOs?
The initial exchange offering (IEO) is a comparatively new method of raising funds for your business idea in the crypto space. However, it continues to grow with time. It might help to make crypto-currencies and exchanges more appealing to the wider market. With time, the IEO may change the face of crypto-banking at both national and international level.
Explore our STO development services that enable businesses to crowdfund their idea and join a global pool of investors.
Mudit Kumar
22 Sep 2019
Simplifying the Travel and Tourism Industry with Blockchain
Blockchain is a type of distributed ledger technology that enables multiple industries to store and use data in a secure, transparent, and efficient manner. It facilitates business to strengthen transactions, operations, and processes, drive growth and productivity, and invent new revenue models.
Essentially, blockchain travel and tourism solutions provide several advantages that can bring transformation in the industry. Currently, several pain points affect tourists' experience and the healthy and sustainable development of the industry.
Travel Industry Challenges and Solution
Insecure sharing and storage of travelers identity
While traveling abroad, travelers carry different paper identity documents like a passport for authentication on several occasions like purchasing a flight ticket, visa application, hotel reservation, travel and medical insurance, car rental, tax refund, and whatnot. At each authentication process, PII and other sensitive information of travelers get exposed to third-party service providers while being stored in centralized databases. These service providers fail to ensure the security of sensitive data while sharing it from one server to another. It exposes travelers' valuable information and personal data to threats like hacks or data loss.
Costly OTA (Online Travel Agency) Fees
Hotels now rely heavily on OTAs for online sales, and not just as a channel for clearing unsold inventory. Entry and rapid expansion of OTAs have surfaced problems. Hotel booking is a centralized process and is especially dominated by a small number of OTAs. OTAs present multiple choices to consumers in a creative manner, something that individual hotels have failed to do. But, they also disrupt the free market in the travel and tourism’ accommodation market. It results in the exclusion of new industry entrants while shaping an anti-competitive global travel market. Besides, OTAs charge hotels with commissions. It forces the hotels to offset their business costs with increased prices. The monopolies of the tourism giants have increased the number of intermediaries. Eventually, these costs are passed on to travelers.
Data threats like hack and loss
Social platforms, OTAs, and even financial companies use centralized databases with a single control point to store users’ identity information. It results in users’ sensitive data being stolen and leaked.
These cases have highlighted the potential security problems of centralized data storage. It’s time to adopt more feasible and reliable blockchain technology.
Blockchain as a Solution
Blockchain technology can replace the traditional centralized model with solutions developed using smart contracts.
A blockchain based system enables the removal of the middlemen from business processes. It facilitates businesses to transact directly with consumers while building a unified ecosystem. The data used in these processes become decentralized, whether it is reviewing tour experiences or user registrations. Also, the blockchain and smart contract solution ensures that every party acts honestly, and no intermediary or a single party gets data control and access. If business agreements can happen without a need to trust and employ a third party, all the pain points above-mentioned can become negligible.
For the travel and tourism industry and blockchain holds immense promise to redefine and re-standardize several business processes
More applications of blockchain in the travel and tourism industry.
Easy, safe, and traceable payments
Verifiable business ratings
Baggage Management with Tracing and Tracking
Enhanced reward mechanisms
Unified Identification Services
Concluding Thoughts
It is only the surface this post has been able to scratch in terms of explaining the potential of blockchain applications in the travel and tourism industry. Indeed, blockchain technology finds several areas of implementation that can bring industry-level transformations like a few mentioned above.
Oodles possess the requisite technical expertise to develop blockchain-based travel and tourism industry applications like ticketing management system. Know more about our services in the blockchain development space. Explore how you can turn your business processes into growth enablers with our blockchain consulting services.
Mudit Kumar
19 Sep 2019
Transforming the Processes of the Aviation Sector with Blockchain
Blockchain technology is enabling diverse industries like healthcare, manufacturing, and education to optimize processes, increase transparency, and strengthen the security of the business network. Now, it is all set to simplify and enhance various processes of the aviation sector with solutions and applications like smart contracts. Apart from securing information exchange, blockchain can address several other challenges existing within the aviation industry's operations. If implemented appropriately, it can enhance operations like customer data management, flight activities, aircraft maintenance, and more.
So, let's take a look at how Blockchain technology improves the aviation industry.
Eliminating the Risk of Overbooking Flights
Air travelers often get to know that a plane ticket for a given flight does not entitle them to board that flight. Airline agencies knowingly overbook flights, assuming that some passengers may not show up. Contrarily, when more passengers show up for a flight than the available seats, they shift passengers to another flight against their will. It results in decreased customer loyalty and experience.
Here, blockchain technology and smart contracts can efficiently alleviate this risk. Using blockchain tokenized ticketing and smart contracts, airlines can manage the overbooking in a better manner to ensure that no one suffers from a chaotic situation.
Instant Air Travel Insurance Refunds
After facing situations like overbooking or flight delays, passengers often want to cancel their trip entirely. However, expect certain circumstances, airlines do not issue ticket refunds. Even if users buy travel insurance to avail refunds in case of flight delays or cancellation, the process is time-consuming and laborious. Obtaining a refund usually requires passengers to collect documentation of the problem, submit a claim, and wait for the refund. This inconvenient process creates more inconvenience for passengers.
However, blockchain smart contracts can make this process simpler by providing a better, automated refund solution.
Using a blockchain solution, insurance companies can track end-to-end information of events like public flight records, flight delays, and ticket cancellations, and eventually, issue automated refunds.
Tracking Lost Luggage
Misplaced luggage is another frequent woe for air travelers, as well as airlines. Here, blockchain can register luggage details and its movement from the beginning to the end on a shared, distributed digital ledger. Then, it can become much easier to track a misplaced bag or suitcase if it ends up on the wrong flight. The storage of this information will be immutable, leaving an audit trail of unalterable record behind for luggage tracking.
Transparent and irrevocable Airline Record Keeping
Airlines deal in huge chunks of data related to passengers and flights. While regulatory authorities like the Federal Aviation Administration require some portion of data, most of it fails to find systematic storage. Blockchain can provide a solution to this challenge. Record keeping on the blockchain can prevent frauds, improve safety, and ensure transparency of the data. Storing information like ticketing as well as the layout of a plane’s cabin on a blockchain can also increase transparency and efficiency.
More Blockchain Use Cases in the Aviation Industry
Secure and Enhanced Identity Management
Blockchain technology can augment bio-metrics and mobile devices to perform identity verification passengers more securely and efficiently. By replacing the verification of physical IDs required at multiple checkpoints with unique IDs, it can enable a flawless verification process for passengers.
End-to-end Supply Chain Tracking and Visibility
Blockchain technology can potentially improve the aviation supply chain processes. The shared database can enable stakeholders to track quality and ensure compliance of products and components from manufacturing to the implementation.
Also Read: Solving Supply Chain Challenges with Hyperledger Sawtooth
Strengthened Security of Aviation Data
Blockchain Technology is already addressing challenges related to security and privacy in cyberspace. In the aviation industry, it can assist companies to regularize and govern the use of drones appropriately. It can securely store passenger records, as well as crew information of airlines to prevent any mishap or misuse of identities.
Also Read: Reinforcing Cybersecurity with Applications of Blockchain Technology
E-tickets with Smart Contracts
Currently, airplane tickets are either available in electronic or paper-based form. However, a blockchain based solution can completely abolish the need for paper tickets. Instead, it can provide a mechanism to propose tokenization of e-tickets with smart contracts.
Technical Components Involved in the Development
Database
Blockchain database will store all the information, and provide a unique identifier to retrieve it. Using this unique ID saved on the permissioned blockchain solution, stakeholders can access the required data and obtain necessary information.
Permissioned Blockchain
While public blockchain solution facilitates anyone to join the network, permissioned network enables only authorized entities to perform specific functions. For instance, in the Aircraft Maintenance Record System, only permissioned authorities like MRO service providers, airlines, auditor, and manufacturers can store or retrieve the required information.
Smart Contract
Smart Contract containing the coded business rules will specify what information a stakeholder can access. For instance, it will display only the airplane’s health score to customers, and not the information about the aircraft's components.
Public Blockchain
Public blockchain solution will enable any participant to access the information available in the network. It will benefit travel agencies as they can retrieve the status of every aircraft from the public blockchain. Travelers can check the status of the flight they want to book using the mobile app or website of travel agencies.
Blockchain can hugely improve the aviation industry’s processes and functions by making information transparent and traceable to different stakeholders.
Oodles blockchain is leading blockchain development company having experience and knowledge in developing next-gen blockchain based applications. Connect with us for any aviation and blockchain application development project related query today!
Mudit Kumar
17 Sep 2019
Strengthening the Food Supply Chain with Blockchain Solutions
Several key industry players are exploring the potential of blockchain technology to transform their business processes into growth enablers. After cryptocurrencies, it is now finding applications in industries like financial services, healthcare, real-estate, e-commerce, and food supply chain. In the agrifood sector, blockchain is showing immense potential to enhance the food supply chain management. Also, visit our blockchain supply chain development services to know more about blockchain's role in the food supply chain.
Food Supply Chain: Existing Challenges
The food industry is facing challenges in dealing with inefficiencies, frauds, and scandals caused by distrust and lack of transparency within the supply chain. The industry has failed several times to meet customer demands for accountability and assurance. There are instances like the UK horsemeat scandal in 2003 and E.Coli outbreaks since 1998 that still haunt the food industry, as well as the consumers worldwide.
According to the Food and Agriculture Organization of the United Nations, we waste approximately 1.3 billion tonnes of food every year. Also, the World Health Organization’ reports that nearly one in ten people fall ill after being exposed to food contamination. Foodborne diseases not only affect the health of infants, pregnant women, but elderly people too. Food fraud is another issue that immobilizes the industry by costing it an estimated US 40$ billion each year. Last but not least, the food and supply chain management systems are heavily reliant on manual processes that fail to detect or prevent adulteration.
Applying Blockchain Technology
Blockchain is a type of distributed ledger technology that provides attributes like efficiency, security, traceability, and transparency in the business network. It facilitates businesses to establish trust in the network, and achieve end-to-end transparency and traceability of transactions.
Implementing blockchain in the food supply chain makes the entire process traceable and transparent. Blockchain provides supply chain stakeholders, from farmers to warehouses and factories, with a unified platform that provides end-to-end traceability. On the platform, every stakeholder that handles food represents a node in the blockchain network. It enables anyone in the network to track and trace the food from its provenance to the table.
For instance, a Hyperledger Fabric or Corda based food supply chain solution can facilitate stakeholders to achieve these objectives with efficiency.
Here’s a high-level overview of a Corda based food supply chain solution that provides information tracing and tracking abilities.
Further, IoT integration plays a crucial role by replacing the need for manual verification and recordings of the supply chain operations. IoT (Internet of Things) refers to the internet-connected devices that serve as a means of communication between the physical and digital world. IoT-enabled sensors collect and transmit food products’ information to the blockchain solution. Blockchain prevents data tampering and malicious activities by storing this information in an immutable manner. Also, blockchain based transactions happen through consensus protocols, which eliminates manual processing of operations and the dependence on intermediaries
Several global food organizations like Nestle, Walmart, and Unilever are exploring blockchain solutions to build transparent and traceable food supply chains. Walmart has partnered with IBM to achieve traceability and transparency in the chain. With a permissioned network data, their solution brings farmers, processors, distributors, and retailers together.
"Our customers deserve a more transparent supply chain. We felt the one-step-up and one-step-back model of food traceability was outdated for the 21st century. This is a smart, technology-supported move that will greatly benefit our customers and transform the food system, benefitting all stakeholders,” — Frank Yiannas, Vice President of Food Safety, Walmart.
With this blockchain solution, Walmart can track information about food products within 2.2 seconds. In other words, it assists the company in tracking a disease outbreak or contamination, and reducing unnecessary waste and food recalls.
Also Read: Blockchain Solutions: The Panacea For The Food Industry Problems
Let’s take a look at an array of advantages that blockchain provides
Blockchain supply chain development services can provide greater visibility into complex steps in a supply chain. Recording a product’s journey across the supply chain with blockchain transactions can aid in establishing trust among consumers and substantiating claims.
The essential blockchain attributes like data transparency, traceability, and immutability can significantly transform the food industry. It can infuse trust between farmers, retailers, suppliers, and consumers.
Blockchain Benefits in the Food Supply Chain
Traceability throughout the value chain
Improved food products management
Digital marketplace creation for buyers and manufacturers
Selective data sharing with regulatory authorities
Mudit Kumar
15 Sep 2019
Exploring Applications of Smart Contracts in Businesses
From insurance, manufacturing, and real-estate to international remittances, legacy businesses often suffer from high- cost transactions. Either middlemen or archaic practices are the reason behind high-costs of any value exchange.
However, a blockchain-based smart contract solution can potentially enable these businesses to remove intermediaries from the transactions and automate conventional, manual processes.
Additionally, blockchain technology platforms like these can facilitate it to meet requisite regulatory and compliance regulations. Together, it can provide business with solutions to achieve significant growth and productivity, improve customer experience, and reduce operational complexity.
Smart Contract and its Applications
A smart contract is a contract, or a set of business conditions, coded into computer algorithms. A blockchain developer writes the contract terms or conditions into a series of 'if and then' code functions. Once the stakeholders of a contract meet the pre-defined business conditions, the smart contract initiates the further steps to execute the transaction. A smart contract, essentially, fulfills the need for a solution to execute fast and efficient business transactions.
With smart contract integration into existing processes involving intermediaries and repetitive tasks, businesses can optimize their services and create new revenue models. For instance, the insurance industry can use smart contracts to automate various policy agreements. A smart contract for travel insurance can automatically trigger payments upon the cancellation of a flight. It can execute a payment directly to the policyholder after the confirmed cancellation, and thereby, bypass the claim process. In the manufacturing sector, it can replace several complex processes like bills of lading, quality control, or the proof of origin.
Key industry players believe that smart contract applications can enable real value savings for businesses.
Benefits of Smart Contracts
A smart contract enables differents business processes to run automatically. Then, businesses do not need to rely on any supervision for the fulfillment of a contract. Mathematical algorithms make it happen. As a result, smart contract-enabled processes become:
Automatic execution of tasks defined in a contract
Quick transactions happening within seconds
Direct interactions involving no intermediaries
Cheap contract execution with almost no charge
Transparent sharing and access to information enabled with blockchain
Smart Contract Applications in Businesses
The numbers of smart contract applications and use cases are increasing every day. Here are some interesting business areas where smart contract solutions are transforming the processes of industries like banking, insurance, real estate, supply chain, life science and health care, and more
Digital identity
Smart contracts solutions shift replace the centralized model with a decentralized network of value exchange, thus, bringing the individual in control of their data, digital assets and so on. Users can determine what data they information they want to expose to contracts.
Securities
Smart contracts facilitate users to bypass intermediaries and third-party involvement when exchanging securities. Also, they automate the payment of dividends and management of obligations during the process.
International Transactions
Smart contracts make international payments quite convenient. They enable faster payment for a bargain with a guarantee. We also know it as a letter of credit too. Also, they assist the financial institution to increase and sustain the liquidity of assets.
Commercial Operations
Smart contracts can simplify the process of each commercial transaction with trust, transparency, and efficiency. In case of non-compliance with the quality and supply of goods, the vendor won't receive money. Besides, he/she will need to pay the penalty for providing non-quality service.
Financial data
Financial organizations can streamline financial data by using blockchain smart contracts. It will help them combine and store all information in one distributed, permissioned ledger, as well as simplify information exchange between organizations. As a result, it will reduce costs for audit and enhance the financial reporting process.
Mortgage
Smart contracts can efficiently and securely automate the process of mortgage payments.
Property transfer
Smart contracts can enable people to transfer property without the risk of fraud and hack of any information.
Goods supply
With blockchain smart contracts, businesses can control and access the whole supply chain information of goods in real-time. They make it possible to record goods related transactions from the warehouse to the shelf of a store.
Conclusion
The smart contract can do much more than what this article explains here. However, it makes it significant that there are several areas of blockchain implementation in processes.
At Oodles, our blockchain team holds knowledge and technical expertise to develop smart contract solutions for diverse industry use cases. Know more about our blockchain development services and explore how they can turn your business processes into growth enablers.
Mudit Kumar
12 Sep 2019
Blockchain for Freight Audit and Payments in the Oil and Gas Industry
Blockchain technology is already making its impact felt across diverse industries, including the financial services industry. Now, it is ready to create several significant opportunities in the oil and gas industry. Oil and gas companies with heavy transportation expenditures occurring from processes like freight audits and payments can drive substantial savings with blockchain solutions.
Blockchain for Efficient Freight Audit and Payments
Essentially, petroleum companies process thousands of freight transactions each day. However, reconciliation of freight invoicing against services with appropriate remittances proves to be laborious and costly for them.
Here, blockchain can significantly enhance the freight audit and payment process with transparent and accurate freight rates, shipment routing, and invoice generation.
In other words, blockchain can act as an underlying mechanism that enables information storage and transfer with transparency and security, and no central authority or intermediary dependence.
The freight bill audit and payment process involves a growing chain of appended transactions between transporters and consumers. It includes several manually managed steps like freight rate management, invoicing, and payments. Applying blockchain here enables secure sharing and access to these transactions, and provides efficient freight audits, payments, and reconciliation.
According to Gartner's report published in September 2018 report, Market Guide for freight Audit and Payment providers “Improved freight spend visibility and freight audit accuracy is the need of the hour to improve transportation performance and lower freight costs in the face of increasing transportation challenges.”
Complexity in Freight Audit and Payments
In transportation, freight services are carriers, and customers are shippers. Here, the oil and gas companies are shippers.
In the freight bill audit and payment process, carriers submit freight invoices to the shipper. The shipment invoice contains the price of a freight move, as well as ancillary charges like fuel surcharges and detention, generally identified as accessorials. The calculation of these additional charges depends on the circumstances that may arise during the freight shipment, such as miles covered, or the idle time the driver bears. Once the shipper has received invoices, it conducts audits to match the ordered and performed services with the received invoice.
Since oil and gas companies don’t consider freight audit and payment as their core competency, they hire third-party service providers. A third party conducts additional audits and provides invoice reconciliation for freight orders and payments. Often, the third-party auditor receives invoices that are complex and do not follow standard processes. It gives rise to exceptions, and lead to the time-consuming and laborious reconciliation process.
Applying Blockchain Technology in Freight Audit and Payment
Blockchain technology presents several solutions to alleviate these challenges.
A blockchain solution can enable freight process stakeholders to add each transaction to a growing, permissioned, and shared digital information chain. The chain acts as a single source of truth between the transportation providers and shippers. It adds contracted rates as the first block of the information, and record different events and transactions.
Eventually, it stores them on the shared database, such as the freight order, and payment submission. Further, a smart contract solution automates the calculation of an invoice by matching the origin-destination information of the freight order with the agreed-upon rate agreement. Blockchain also provides the provision to append track-and-trace capabilities with the solution for real-time shipment visibility and accurate details of miles driven. The use of a smart contract solution also calculates accessorials automatically using inputs from events like miles driven, and idle driver time. Essentially, blockchain automates the distribution of invoices and remittances on the same chain that began with the contracted rate.
How Oodles Can Help?
At Oodles, our blockchain developers estimate that oil and gas companies can drive significant cost savings in freight audit and payment spend with blockchain application development. They can increase accuracy in invoicing, reduce overpayments, and eliminate dependence on third-party services. It is the right time for industries to explore blockchain-enabled solutions for speed, real-time visibility, and end-to-end accuracy.
Mudit Kumar
10 Sep 2019
Applications of Blockchain and Artificial Intelligence
In today's rapidly evolving digital landscape, two technologies stand out for their transformative potential: Blockchain and Artificial Intelligence (AI) development. Individually, they have revolutionized industries, streamlined operations, and enhanced security. Together, their combined applications promise even greater advancements, particularly in the B2B sector. This comprehensive exploration delves into the multifaceted applications of Blockchain and AI, highlighting their integration and the profound impact they are poised to have across various industries.IntroductionThe convergence of Blockchain and AI technologies is not just a fleeting trend but a strategic imperative for businesses aiming to maintain competitive advantage. As organizations grapple with vast amounts of data, the need for secure, transparent, and intelligent systems becomes paramount. Blockchain offers a decentralized, immutable ledger system, ensuring data integrity and security, while AI provides the computational prowess to analyze and derive actionable insights from data. Together, they create a robust framework capable of addressing complex business challenges.Understanding Blockchain and AIWhat is Blockchain?Blockchain is a decentralized digital ledger technology that records transactions across multiple computers in such a way that the registered transactions cannot be altered retroactively. Each transaction, or "block," is linked to the previous one, forming a "chain." This structure ensures transparency, security, and immutability, making it ideal for applications where trust and data integrity are paramount.Key Features:Decentralization: Eliminates the need for a central authority.Immutability: Once recorded, data cannot be changed or deleted.Transparency: All participants have access to the same data.Security: Cryptographic algorithms protect data from unauthorized access.What is Artificial Intelligence?Artificial Intelligence refers to the simulation of human intelligence in machines programmed to think and learn. AI encompasses various subfields, including machine learning, natural language processing, robotics, and computer vision. It enables systems to perform tasks that typically require human intelligence, such as decision-making, pattern recognition, and predictive analytics.Key Features:Learning: Ability to improve performance based on data.Reasoning: Making decisions based on available information.Problem-Solving: Identifying solutions to complex issues.Perception: Understanding and interpreting sensory data.Also, Read | Exploring Decentralized Artificial Intelligence (DAI)Synergy Between Blockchain and AIThe integration of Blockchain and AI creates a symbiotic relationship where each technology enhances the capabilities of the other. Blockchain provides a secure and transparent environment for AI data, ensuring data integrity and trustworthiness. Conversely, AI can analyze blockchain data to uncover patterns, optimize processes, and drive intelligent decision-making.Key Synergies:Data Security and Privacy: Blockchain ensures that the data AI uses is secure and tamper-proof.Enhanced Data Sharing: Facilitates secure and transparent data sharing among multiple parties.Improved AI Models: High-quality, verified data from Blockchain enhances the accuracy of AI models.Decentralized AI: Enables AI algorithms to operate on decentralized networks, reducing single points of failure.Key Applications in Various IndustriesSupply Chain ManagementBlockchain: Ensures end-to-end visibility and traceability of goods, reducing fraud and errors. It records every transaction, from the origin of raw materials to the final delivery of products.AI: Optimizes supply chain operations by predicting demand, managing inventory, and identifying inefficiencies. AI algorithms analyze vast amounts of data to forecast trends and streamline logistics.Integration: Combining Blockchain and AI allows for real-time tracking and predictive analytics. This integration enhances transparency, reduces costs, and improves the overall efficiency of supply chains.Example: IBM and Maersk's TradeLens platform uses Blockchain for secure data sharing and AI for optimizing shipping routes and predicting delays.HealthcareBlockchain: Secures patient data, ensuring privacy and compliance with regulations like HIPAA. It provides a tamper-proof record of medical histories, treatments, and transactions.AI: Assists in diagnosing diseases, personalizing treatment plans, and predicting patient outcomes. AI-powered tools analyze medical images, genetic information, and patient data to support clinical decision-making.Integration: Blockchain ensures the integrity and security of healthcare data, while AI leverages this data to provide advanced diagnostic and predictive capabilities. This synergy enhances patient care and operational efficiency in healthcare institutions.Example: Medicalchain uses Blockchain to store patient records securely and AI to analyze data for better healthcare outcomes.Also, Check | Artificial Intelligence and Blockchain | A Potent ComboFinance and BankingBlockchain: Facilitates secure, transparent, and efficient transactions, reducing the need for intermediaries. It enhances processes like cross-border payments, smart contracts, and fraud detection.AI: Enhances risk management, customer service, and investment strategies. AI algorithms analyze financial data to detect anomalies, predict market trends, and personalize banking services.Integration: Combining Blockchain and AI in finance ensures secure data transactions and enables intelligent analysis for better decision-making. This integration leads to improved financial services, enhanced security, and reduced operational costs.Example: JP Morgan's use of Blockchain for secure transactions paired with AI for fraud detection and customer service automation.ManufacturingBlockchain: Manages supply chains, ensuring the authenticity of parts and materials. It provides a transparent record of manufacturing processes, enhancing accountability and quality control.AI: Optimizes production processes, predictive maintenance, and quality assurance. AI systems analyze machine data to predict failures and optimize operations for increased efficiency.Integration: The combination ensures that manufacturing data is secure and transparent, while AI drives operational efficiency and innovation. This leads to higher quality products, reduced downtime, and optimized resource utilization.Example: Siemens leverages Blockchain for supply chain transparency and AI for predictive maintenance in manufacturing plants.Energy SectorBlockchain: Facilitates decentralized energy trading, enabling peer-to-peer transactions and enhancing grid management. It ensures transparent tracking of energy production and consumption.AI: Optimizes energy distribution, predicts demand, and manages renewable energy sources. AI algorithms analyze data from smart grids to enhance energy efficiency and reliability.Integration: Blockchain provides a secure platform for energy transactions, while AI optimizes the distribution and consumption of energy. This synergy supports the transition to sustainable energy systems and enhances grid resilience.Example: Power Ledger uses Blockchain for energy trading and AI for optimizing energy distribution and consumption.Also, Discover | Applications of Blockchain and Artificial IntelligenceRetailBlockchain: Enhances supply chain transparency, ensuring the authenticity of products and preventing counterfeiting. It provides secure and transparent transaction records.AI: Personalizes customer experiences, optimizes inventory management, and enhances demand forecasting. AI-driven analytics help retailers understand consumer behavior and preferences.Integration: Combining Blockchain and AI in retail ensures product authenticity and enables personalized marketing strategies. This integration improves customer trust, optimizes inventory, and drives sales growth.Example: Walmart uses Blockchain to track food supply chains and AI to analyze consumer purchasing patterns for personalized marketing.TelecommunicationsBlockchain: Secures data transactions, manages identities, and enhances fraud prevention. It provides a transparent and immutable record of communication transactions.AI: Optimizes network performance, predicts maintenance needs, and enhances customer service through chatbots and virtual assistants. AI analyzes network data to improve efficiency and reliability.Integration: The integration ensures secure data management and intelligent network optimization. This synergy enhances service quality, reduces fraud, and improves customer satisfaction in the telecommunications sector.Example: Telefónica utilizes Blockchain for secure data transactions and AI for network optimization and predictive maintenance.Also, Explore | Using Artificial Intelligence to Build Cryptocurrency Exchange AppBenefits of Integrating Blockchain and AIThe convergence of Blockchain and AI offers numerous benefits for businesses:Enhanced Security and Data IntegrityBlockchain's immutable ledger ensures that AI algorithms operate on accurate and tamper-proof data, enhancing the reliability of AI-driven insights.Improved Transparency and TrustBlockchain provides a transparent data environment, fostering trust among stakeholders. This transparency is crucial for AI applications that require data sharing across organizations.Optimized Operations and EfficiencyAI leverages Blockchain data to optimize business processes, reduce operational costs, and enhance decision-making, leading to increased efficiency and productivity.Advanced Analytics and InsightsAI's analytical capabilities, combined with Blockchain's comprehensive data records, enable deeper insights and more informed strategic decisions.Decentralized AI ApplicationsBlockchain facilitates decentralized AI models, reducing reliance on centralized systems and enhancing scalability and resilience.Challenges and ConsiderationsWhile the integration of Blockchain and AI holds immense potential, it also presents several challenges:Technical ComplexityIntegrating two advanced technologies requires significant technical expertise and robust infrastructure, which can be a barrier for some organizations.Scalability IssuesBoth Blockchain and AI demand substantial computational resources. Ensuring scalability without compromising performance is a critical challenge.Data Privacy and ComplianceBalancing data privacy with the need for transparent data sharing requires careful consideration of regulatory requirements and privacy laws.InteroperabilityEnsuring seamless interoperability between different Blockchain platforms and AI systems is essential for effective integration.Cost ImplicationsThe initial investment for implementing Blockchain and AI solutions can be high, potentially limiting accessibility for smaller businesses.Future OutlookThe synergy between Blockchain and AI is poised to drive significant innovations across various sectors. As technologies mature, we can expect:Enhanced Decentralized AI ModelsFuture developments will likely see more decentralized AI systems powered by Blockchain, promoting data sovereignty and collaborative intelligence.Advanced Smart ContractsSmart contracts will become more sophisticated, incorporating AI to execute complex, conditional transactions automatically based on real-time data analysis.Improved Data MarketplacesBlockchain-based data marketplaces will enable secure and transparent data sharing, fueling AI advancements and fostering collaboration across industries.Greater Industry AdoptionAs businesses recognize the strategic advantages, the adoption of integrated Blockchain and AI solutions will accelerate, transforming traditional business models and processes.Ethical AI and Responsible Data UseThe integration will emphasize ethical AI practices and responsible data management, ensuring that technological advancements align with societal values and regulatory standards.You may also like to explore | Understanding the Impact of AI Crypto Trading BotsFrequently Asked Questions (FAQ)1. What are the primary benefits of integrating Blockchain and AI for businesses?Integrating Blockchain and AI enhances data security, ensures data integrity, improves transparency, optimizes operations, and enables advanced analytics. This synergy leads to more informed decision-making, increased operational efficiency, and greater trust among stakeholders.2. How does Blockchain enhance AI applications?Blockchain provides a secure and immutable data environment, ensuring that AI algorithms operate on accurate and reliable data. This enhances the quality of AI-driven insights and supports trustworthiness in AI applications.3. What industries can benefit the most from the combination of Blockchain and AI?Industries such as supply chain management, healthcare, finance, manufacturing, energy, retail, and telecommunications can significantly benefit from the combined applications of Blockchain and AI due to their reliance on data integrity, security, and operational efficiency.4. What are the main challenges in integrating Blockchain and AI?The primary challenges include technical complexity, scalability issues, data privacy and compliance concerns, interoperability between different systems, and the high initial costs of implementation.5. Can small and medium-sized enterprises (SMEs) leverage Blockchain and AI?Yes, SMEs can leverage Blockchain and AI, especially as the technologies become more accessible and cost-effective. Cloud-based solutions and collaborative platforms can help SMEs adopt these technologies without significant upfront investments.6. How does the integration of Blockchain and AI contribute to data privacy?Blockchain ensures that data is stored securely and immutably, while AI can be designed to analyze data without compromising individual privacy. Together, they provide a framework where data privacy is maintained through secure storage and responsible data processing practices.7. What future trends can we expect in the Blockchain and AI landscape?Future trends include the development of decentralized AI models, more sophisticated smart contracts, advanced data marketplaces, increased industry adoption, and a stronger focus on ethical AI and responsible data use.8. How can businesses start integrating Blockchain and AI?Businesses can start by identifying specific use cases where the integration can add value, investing in the necessary infrastructure, collaborating with technology partners, and ensuring compliance with relevant regulations. Pilot projects can help in understanding the potential and refining the integration approach.ConclusionThe fusion of Blockchain and Artificial Intelligence represents a formidable force in the B2B landscape, offering unparalleled opportunities for innovation, efficiency, and security. As businesses navigate the complexities of the digital age, leveraging the combined strengths of these technologies will be crucial for sustaining growth and maintaining competitive advantage. While challenges exist, the potential benefits far outweigh the hurdles, making the integration of Blockchain and AI a strategic investment for forward-thinking organizations.Embracing this technological synergy not only addresses current business challenges but also paves the way for a more secure, intelligent, and transparent future. As the technologies continue to evolve, their collaborative applications will unlock new possibilities, transforming industries and redefining the way businesses operate and interact in the global marketplace. Want to build a project levereging the potential of AI and blockchain? Connect with our team of blockchain development experts to get started.
Category:
Blockchain
Mudit Kumar
08 Sep 2019
Reinforcing Cybersecurity with Applications of Blockchain Technology
Industries are exploring the potential of blockchain technology after realizing its considerable growth in different use cases and applications. Many key industry players, as well as governments, are availing blockchain solutions to optimize and enhance their standard business operations. It is because blockchain application development services have enabled them to avail benefits like quick transaction processing, elimination of intermediaries, security, and much more. Cybersecurity is another prominent area where blockchain and its applications are ready to create new opportunities.
The digital information safety and security is among the top priority for 75% of CEOs in 2019 due to increasing cyber-attacks.
Strengthening Cybersecurity with Applications of Blockchain Technology
Today, cyberattacks have become more common and frequent. Companies using huge chunks of databases always remain on the target of hackers and fraudsters. For instance, in October 2018, cybercriminals hacked the Facebook database and accessed business-sensitive and personal information of 30 million users. Blockchain technology, in this case, provides efficient solutions to reduce different online data vulnerabilities to thefts and hacks.
Traceability
Blockchain-enabled traceability acts as a key source of cybersecurity-related risk analysis. All transactions on the blockchain remain traceable through timestamping and digital signatures. It provides companies with an audit trail of all participants’ activities in the network. Using this audit trail, digital service providers can easily trace the root of each transaction to find the malicious node (user).
No Single Point of Failure
The decentralized aspect of blockchain facilitates no single point of failure and no one central database. It stores data across several databases, and link each information block with the next one in the chain. It makes it difficult for anyone to make an unauthorized entrance, and provide better security than the centralized database structures.
Data Tempering Tracking
The blockchain has the potential to identify and reject fraudulent activities in the network in real-time. For instance, if a hacker interferes with any information block, it can alert the entire system to examine all data blocks. Further, it can uncover the block that stood out from the rest, recognize it as false, and exclude from the system.
Secured Private Messaging
Companies transmit highly sensitive information using electronic messaging services with end-to-end encryption. However, there are also several instances of messaging system breaches. Security analysts suggest that applying blockchain technology to secure both public and private messaging can efficiently safeguard overall electronic messaging. Blockchain technology’s features like immutability, transparency, and traceability can lay the foundation for secure, impenetrable public and private messaging systems.
DDoS Protection
Distributed denial of services (DDoS) is one of the most prevalent types of cyber-attack. Hackers attack the network with malware and a huge amount of fake traffic to overload it.
DDoS attacks become possible because most of the domain name space (DNS) systems are centralized. However, blockchain relies on a decentralized architecture, which means that the DNS system need not be centralized. The implementation of blockchain also ensures that data transmission remains invulnerable to hackers.
Secure Authentication
Human intervention in system logins is one of the weakest links in the current digital space, which also makes them vulnerable to cyberthreats. Blockchain provides efficient solutions to remove human error and enables businesses to authenticate devices without a password system. Instead, it provides each device with a specific SSL certificate. With blockchain-enabled SSL certificates, businesses can provide easy means to authenticate users, transactions, and operations. It will not only save costs but also eliminate human efforts from the authentication, and keep the system safe and secure.
Conclusion
Blockchain implementation in the cyberspace can be revolutionary as it provides significant features like immutability and resilience to cyberattacks and data breaches.
If we develop and configure blockchain technology properly, its applications can provide significant means to improve cybersecurity.
We, at Oodles, assist businesses in developing blockchain applications to strengthen the security of the cyberspace. Our blockchain team uses different technologies to deploy solutions that reinforce protection and enhance cybersecurity operations.
Mudit Kumar
04 Sep 2019
Use Case: Simplifying Financial Post-Trade Processing with Blockchain
Regulatory requirements like AML and KYC (Anti-money Laundering and Know Your Customer) oblige financial services providers to validate a customer’s identity and provide clearance to conduct transactions. These obligations drive the adoption of private, permissioned blockchain applications, instead of public. Public blockchain solutions are not suitable where a user’s privacy and confidentiality is of more importance. Along with speed and large transaction volumes, these are some of the reasons private blockchain applications are gaining traction in fintech.
Today, we will look at how blockchain benefits financial services, especially post-trade processing in capital markets.
Post-Trade Processing Steps
Post-trade processing refers to all the activities involved after a trade completion, including transactions done at an exchange, or over-the-counter (OTC).
Here’s a high-level view of the post-trade processing steps
Legal Trade Assurance: Validation and confirmation of the transaction after the trade execution.
Clearance: Matching of the trade instructions and confirmation across different counterparties.
Settlement: Legally achieving contractual obligations to finalize the transaction, including support processes like notifications to all participants affected by the transactions.
Custodial Activities: Adjusting the positions that custodians have held on behalf of the counterparty.
Reporting: Meeting all reporting needs for regulatory check and other internal risks, i.e. the contribution of the transaction to the market, and credit risk of counterparties.
Challenges with Post-Trade Processing
Currently, the steps mentioned above require to go through a fragmented flow that spreads across several departments and includes different entities like brokers, clearinghouses, exchanges, settlement agents, and so on. Typically, every trade requires to deal with numerous different interfaces, processes, and reconciliation efforts.
For instance, two parties involved in a single transaction send individual settlement request to the trusted intermediary or the third party settlement agent. The agent matches data sets and instruction of both parties. If the agent identifies any mismatch, it triggers the prolonged reconciliation process, or may even declare it a failed trade. All this reconciliation work results in delays and inefficiencies in post-trade processing.
Blockchain as a Solution
In comparison to the traditional method, shifting post-trade processes on the blockchain can be far more beneficial and efficient. With the adoption of blockchain based peer-to-peer transaction model, one party can code transaction details for the counterparty for frictionless verification.
Here, a blockchain network will work as a trusted third-party authenticator, facilitated by features like irrefutable and immutable transactions. Then, service providers can further reduce complexities as all information generated throughout the steps, and by participants, will reside on the blockchain. The information will be accessible on a need-to-know basis. Furthermore, it will eliminate reconciliation efforts, and the blockchain solutions will serve as the basis for regulatory and trade reporting. Eventually, service providers will be able to streamline all five steps listed above.
Finding Solution with Hyperledger Projects
Several projects enabled by Hyperledger provide features and functions for the efficient development of effective blockchain applications for post-trade processing.
Hyperledger Fabric
Service providers can deploy channels, supported by Fabric, as fully disjoint network for privacy and confidentiality. Channels enable a group of participants to produce a separate transaction ledger. It is beneficial for networks where participants don’t want every transaction to be known to others in the network. So, if a group of participants creates a channel, only the permissioned users will have the ledger copies of the channel. It will limit data replication only to permissioned parties, and ensure data integrity and non-repudiation of transactions, without compromising data security. Also, service providers can satisfy external and internal reporting requirements by including a regulatory authority as members of the channel.
Hyperledger Sawtooth
Transaction families (referred to as a group of operations or transaction types being executed on the ledger) enabled by Sawtooth provide a powerful and reliable means to support post-trade processes. It facilitates building complex rules with a preferred language and revealing functions relevant to the context for safer smart contract execution. It also enables provision for preventing ad-hoc smart contract deployment, which further lower risks for financial institutions.
Hyperledger Indy
Indy provides unlinkable verifiable claims that financial services can report outstanding risk on a shared ledger while ensuring privacy. It still enables a regulatory authority to get a holistic view of the market and reduce potential market crashes. The feature also strengthens privacy measures, by enabling participants to control their network identities and information they want to disclose.
Also Read: Secure Self-Sovereign Digital Identity Management with Hyperledger Indy
Concluding Thoughts: Post-Trade Processing with Blockchain
Fintech blockchain applications are gaining momentum in financial services. Simplifying post-trade processing is only one of the many use cases of the technology. However, one blockchain platform may not be able to prove the panacea. We need to bring the best out of different blockchains to develop effective financial solutions. At Oodles, we provide Hyperledger blockchain applications to develop applications for a variety of industries. They range from digital identity solutions, banking, real estate, healthcare, and much more.
Mudit Kumar
02 Sep 2019
Use Case: Simplifying Loan Application Process with Hyperledger
Banking: Loan Applications Challenges
Borrowing money from banks is a time-consuming and complex process. Banks accept loan applications and lend money to only good-risk borrowers.
To ascertain the right borrowers, banks collect details of personally identifiable information (PII) such as DoB (Date of Birth) government IDs, electricity bill, passport number, and whatnot. They use information bits to assess an applicant’s credit rating that predicts their debt payback ability, and the likelihood of debt default. Also, regulations in many cases require certain PIIs to be shared with regulatory authority, such as money laundering.
The prime concern with holding PIIs in large amounts is that it exposes the data to threats like hacks and tempering. It makes the PIIs stored in centralized bank servers an easy target for cyber-terrorists.
Solution: Hyperledger Indy
Hyperledger Indy is one of the prominent blockchain technology frameworks under the Hyperledger blockchain application development project for banking use cases.
Hyperledger Indy
Indy offers a unique identity solution in such a use case. It provides tools, libraries, and reusable components to generate immutable and secure digital identities on blockchains or other distributed ledgers. It also makes the digital identities interoperable across various entities like administrative domains, and applications.
Also Read: How Blockchain is Transforming the Banking and Financial Space
Hyperledger Indy-based Solution
Indy-based solutions enable borrowers to share only specific information for different banking operations. It does that in a way that ascertains trust, infuse confidence in the lender, and eventually settles obligations from regulators. A borrower becomes eligible to submit loan applications to 50 different banking institutions within seconds with a digital identity solution. Also, it eliminates the need to store any sensitive business data or personal information into hackable databases controlled by centralized authorities.
Indy enables users to generate zero-knowledge proofs instead of revealing any PII to validate information such as:
Minimum age limit
Possession of a valid government ID number
Credit score reached a set threshold within the
past week
Immutable distributed ledger-based identity created with Hyperledger Indy can form a global source-of-truth, which provides value to different stakeholders. Applicants can permit, and everyone can verify when and how it was given. Also, banks can comply with regulatory requirements and provide an immutable audit trail.
Consequently, it will enable flawless market operations. Banks will be able to offer loans without trust concerns, while applicants will be able to protect their PII.
Other Hyperledger Blockchain Frameworks to Strengthen the System
If we add strengths of other Hyperledger applications and solutions (projects), this use case can become more simplified and efficient.
For instance, at Oodles, our blockchain application developers can make use of Hyperledger Burrow to automate loan application processes with smart contracts and connect them to Indy-based identities. They can also use Hyperledger Fabric to introduce a membership system by linking it with the pre-existing, self-sovereign identity on the loan application.
Mudit Kumar
30 Aug 2019
Solving Supply Chain Challenges with Hyperledger Sawtooth
Consumer demand for transparency, sustainability, and fair trade have increased the complexity of global supply chain management (SCM). It requires businesses to overhaul non-integrated supply chain systems to match rising customer expectations. Recent technological advancements have the capacity to resolve various supply chain challenges. One such advancement is distributed ledger technology (commonly known as blockchain technology). It can eliminate critical glitches in the supply chain with features like traceability and provenance tracking.
Leading manufacturing and retail businesses are recognizing the impact of blockchain technology on supply chains, especially Hyperledger application development. They are exploring opportunities to accurately trace assets, improve transparency, and enhance licensing of services, products, and software. Blockchain and automated smart contract payment solutions provide effective mechanisms to achieve such goals.
Challenges in the supply chain industry
Stagnant, expensive, and resource-hungry processes
Opacity and trust issues
Improper management of quality and compliance
Complex data management and integration
Counterfeits and fraud
Unreliable and insecure data
Benefits of blockchain for supply chains
Traceability and transparency
Real-time tracking
Faster transactions
Trustless chain
Error and fraud elimination
More secure, cost-effective, and efficient
Significance of Hyperledger Sawtooth for better SCM
Hyperledger Sawtooth is an enterprise-grade blockchain platform suitable for developing industrial solutions. It improves SCM with traceability and provenance tracking, which include factors like temperature, humidity, and location tracking. It provides businesses the ability to share information with customers and build more effective relationships. In addition, the Sawtooth platform is ideal for developing custom supply chain solutions for specific use cases.
Hyperledger Sawtooth’s Benefits for the Supply Chain Industry
Streamlined Procure-to-Pay Processing with Smart Contract
One of the biggest challenges in SCM is the need to frequently follow-up customers for payments while processing time-consuming invoices. Sawtooth resolves this issue by introducing automated delivery and payments with a digital contract (smart contract). Blockchain application developers deploy a smart contract solution across an enterprise and integrate with its logistics providers and banks. The smart contract then provides proof of delivery to the logistics carrier and trigger automatic payment and invoicing through the bank.
Increased Visibility and Cost-Efficiency
Sawtooth can effectively address challenges in tracking purchases across business partners, subsidiaries, and other supply chain stakeholders. Sawtooth achieves it by constantly refreshing its distributed digital ledger after each transaction and incorporating data from every stakeholder. As a result, stakeholders can see complete purchase volume regardless of whoever directed the activity. It also avoids the requirement for every user to share their operational data with others.
Improved Data and Results
Hyperledger sawtooth’s distributed ledger technology increases the accountability and traceability of a variety of supply chain data. It enables effective tracking and management of resources at each level of the chain, which provides better forecasts, enhanced inventory management, and greater accuracy.
One use case of the sawtooth platform in supply chains is seafood traceability.
Also Read:
Fulfilling Enterprise-level Needs with Hyperledger Application Development
Developing Education-to-Employment Verification Solution with Hyperledger Fabric
Revolutionizing the seafood supply chain
Here’s an example of using Sawtooth to record the journey of seafood from the ocean to consumers.
Challenges:
There are many problems associated with traditional seafood supply chains. They include error-prone manual record-keeping, inappropriate food storage conditions, unregulated fishing operations, and seafood fraud like mislabeling. These issues compromise food security and product quality while posing threats to the seafood industry’s economic security.
Solution:
The solution includes the deployment of a Sawtooth based application and the integration of IoT sensors with objects, like fish, ready for transportation. It enables trackable ownership, possession, and parameters like location, temperature, humidity, and motion. Eventually, the buyer gets the provision to check all the recorded information and ensure its credibility and accuracy.
Advantages of Blockchain-Operated Supply Chain
Transparency to establish trust across the entire supply chain
Equal opportunities for suppliers and reward mechanisms for good practices
Automated processes and operations for cost and time efficiency
Complete visibility of products for vendors as well as consumers
Concluding thoughts
Redefining the seafood supply chain is one of the many real-world use cases of Sawtooth. It can make a significant impact on the global supply chain standards. A variety of businesses are exploring blockchain to ascertain the credibility and accuracy of transactions, shipments, and goods, as well as to create funding opportunities. We now need to explore where to head from here to realize the new possibilities created by blockchain.
We are a blockchain application development company with expertise in providing blockchain solutions to a variety of industries. In supply chain management, we can develop blockchain based applications to enable efficient and secure end-to-end visibility and surveillance throughout the supply chain.
Mudit Kumar
28 Aug 2019
Developing a Peer-to-Peer Mobile Payment System with Blockchain
The advent of peer-to-peer mobile payment apps with blockchain has created a new world of cashless, card-free, and pay-contactless transactions. Blockchain app development for cross-industry fintech applications and use cases range from splitting bills, making remittances, and booking tickets to managing daily expenditures.
Blockchain-built fintech applications are set to transform the way we make online payments with the availability of digital wallets, cryptocurrencies, m-commerce apps, and peer-to-peer payment apps. Several next-gen peer-to-peer mobile payment apps now support card-less, cash-less, and in some cases, bank-less transactions.
So let’s have a look around at mobile peer-to-peer payment systems that are proving to be a revolution on a global scale.
Decentralized Peer-to-Peer Mobile Payment App Development
At its core, a peer-to-peer (person-to-person) payment app is a mobile application that enables users to perform electronic money transfers. P2P mobile payment apps have a range of use cases that include:
Making a payment to the merchant/landlord on an installment basis
Making a payment to cab services, including discount calculation
Paying a merchant/landlord in installments
Making a friend-to-friend borrowing request
Splitting dinner bills with friends
Making remittances to people living in other countries
Making payments for utilities, internet, and other services
P2P payments are not only limited to geographical locations, but users can also perform cross-border transactions.
Business Applications Designed to Serve this Purpose
P2P FX (Foreign Exchange)
Person-to-person foreign currency exchange applications aim to bring users together worldwide. They eliminate intermediaries, such as banks, and brokers, which results in up to 90 percent cost savings on international exchange and transfer fees.
P2P Lending Platforms
P2P lending platforms enable users to avail of repayable microloans at lower interest rates than banks. These platforms are more beneficial for investors looking to monetize their funds in fragments.
Also Read: The Impact Of Blockchain Technology On Peer To Peer Lending
P2P Cross-Border Money Payment Application
They offer cheaper transaction provisions as compared to their traditional counterparts. Now, technologies like smart contacts make it possible to make secure payments via a smartphone app.
Business Models of P2P Payment Applications
Peer-to-peer mobile payment solutions vary as per the requirement of the work areas, such as airtime transfers, travel and ticketing, and merchandise and coupons. Their industry applications include fields like retail, travel and tourism, hospitality, logistics, energy, utilities, etc.
Companies looking to develop a mobile-based peer-to-peer money transfer system can consider developing one of the four types of business applications.
Bank-Centric Applications
Several banks are considering deploying mobile payment applications to customers. It ensures that merchants have the necessary PoS (Point-of-Sale) acceptance provision.
Standalone Financial Solutions
These applications provide online P2P/C2B payments with or without checking accounts and debit/credit cards. Generally, these apps come with an integrated wallet. Also, take a look at cryptocurrency wallet development services.
Social Media Platforms
Social media payment solutions enable users to make frequent payments to people they regularly connect with. It is the reason that several payment applications are integrated with messaging apps.
Mobile OS or Device Manufacturer-based Solution
These applications enable money transfers within their product network or ecosystem. In such a payment application, ‘Payment’ is generally a default device feature rather than a standalone app.
Now, it might look complex to develop a peer-to-peer payment app, with so many peculiarities and big players already dominating the market.
However, we have made it simpler with the following steps that you need to consider before developing a P2P payment app.
Reasons to Develop a Peer-to-Peer Payment App Development
Latest Technology Integration
Technological advancements lay the foundation for developing new, innovative business models. They provide efficient solutions for value-adding to consumers and making businesses more self-reliant.
Then, we should consider the following emerging industry-transforming technological advancements.
Real-time Transactions
Real-time transactions or payments (RTM technology) enable the existing payment solutions to achieve faster transaction speed. Also, they provide essential messaging capabilities and immediate updates on transaction status.
Distributed Ledger Technology/Blockchain
DLT-based technology like blockchain and smart contracts facilitate solutions that provide enhanced security and cost-efficiency.
Unified platforms
Migration from legacy and pricey systems to a single blockchain-based platform can provide more affordable payment solutions.
So now let’s explore one use case based on the aforementioned factors in the payment p2p app development.
Peer-to-Peer Payment System | A Real-World Example
Airfox
According to the MIT Technology Review, Airfox is a highly acclaimed startup with revolutionary financial solutions. Airfox aims to develop a new system that serves people who have limited access to banking with reliable, egalitarian, and democratic access to financial services. It is a revolutionary peer-to-peer microloan lending and disbursal system that uses ERC-20 tokens issued on the Ethereum blockchain.
The app facilitates users to make peer-to-peer payments and avail loans. For instance, a user initially deposits its Airfox integrated wallet and conducts payments through the app. Further, the application improves the credit score based on certain predefined parameters, which makes a user eligible for more efficient loans.
Airfox makes use of the following technologies:
Mobile: Users get a complete mobile payment experience
Machine learning: Gathers data from users’ smartphones to generate a credit score
Blockchain: All transactions pass through blockchain, and are also stored in its database
The company aims to create its all financial instruments using blockchain to have anyone worldwide finance their users.
Getting into P2P Payment App Development
When it comes to developing a payment system, security and standardization are the paramount factors. Additionally, preventing fraud and other issues is another way to ensure long-term success.
Design
A decentralized peer-to-peer system must have a strategy in place to set up resource allocation and protection requirements. Particularly, they need to prevent two types of attacks: DoS and storage flooding.
Regulation Compliance
As the fintech market is growing, it also needs to fulfill regulatory demands while also adhering to complex laws.
Features
A focus should always be on how to deliver quality UX to features that can stand the test of time, instead of experimenting with functionality.
Unique ID/OTP
User digital wallet
Notifications
Send/request money
Send a bill/Generate an invoice
Transaction history
Transfer amount to the bank account
Ensuring Network Security with Blockchain
P2P networks are more affordable, easy to maintain, quick, and reliant than centralized systems. However, one thing that hampers their widespread adoption is security. At the same time, it is of paramount importance in online payments. Both data transmission and storage always remain at high risk. It is where blockchain technology comes into play and enables blockchain application developers to deliver the benefits of peer-to-peer networks.
For instance, a blockchain-based payment system can use the Rich Communication Services protocol (RCS) to replace SMSs with the text-messages system that provides phonebook polling and in-call multimedia transmission. A similar protocol has already been tested by a Japanese company SoftBank for P2P transactions between mobile users.
Blockchain application technologies that can be used to further enhance the development of a p2p payment system
NEM (New Economic Markets)
Stellar
Ripple
Smart Contracts
Hyperledger
Wrapping-up
Entering the market of fintech development is challenging, but at the same time, it can be a game-changer. We have the requisite expertise in providing efficient fintech application development services with blockchain technologies. If you're looking to enter the development space of the Fintech market, connect with our blockchain specialists today!
Mudit Kumar
27 Aug 2019
Examining Cross-border Payment Solutions Powered with Ripple Blockchain
The cross-border payments market continues to grow with increasing international commerce, migration, and changing economic trends. Currently, financial institutions like banks have significant dominance in cross-border payments with a market share of 95 percent. However, their payment transfers and services lack transparency, attract high fees, and lead to delays. These long-standing obstacles can be overcome with blockchain technologies like Ripple. Ripple provides cutting-edge mechanisms for customer-centric and innovative payment services. It aims to change the current payment landscape entirely by overcoming traditional pain points or even replacing the existing financial services system.
So, let’s take a look at how Ripple is giving tough competition to conventional competitors like Swift and Western Union in cross-border payments?
Challenges with Existing Cross-Border Payments
Legacy international payment systems are inefficient and complex. Their transactions involve multiple banks across different locations. In addition, there is a lack of transparency about fees and uncertainty on whether cross-border payments will even reach intended recipients.
Small to large businesses complain about different problems with cross-border transactions. Large, established corporations that deal in high-value international transactions have concerns about the lack of transparency in FX (Foreign Exchange) rates. For smaller companies, access to services and high-costs of cross-border payments are major issues.
Given these inefficiencies, traditional international payment systems fail to meet today’s global e-commerce demands for cross-border transactions. They need to provide improved transparency, more speed, and lower costs.
As a response, financial institutions are embracing new methods to expedite cross-border payment efficiency with transparency and reduced operational costs.
Are Existing Cross-Border Payment Systems Inefficient?
Within the current system, there are a few key players who dominate the international money transfer market around the globe.
SWIFT, a messaging system used by correspondent banks, enables financial institutions globally to disseminate information related to financial transactions. Its network consists of more than 11,000 banks. As of now, no other global payments network has been able to reach this number. Essentially, SWIFT doesn’t initiate money transfers but sends payment orders that correspondent banks must settle between themselves. The issue with the system is that it faces a lot of criticism for high fees, low speed, and opacity.
Western Union, a wire transfer system, is the most renowned name in the global remittances industry. The Western Union platform can execute only 32 transactions per second. To increase this number, the company has partnered with Ripple Labs. It is testing Ripple’s cross-border payment tech XRapid.
Blockchain as a Solution
The reason that many financial institutions are adopting blockchain technology is its potential to resolve issues at the infrastructure level. Blockchain applications can provide fast, secure, and cost-effective cross-border transactions using distributed ledger technology. Such applications involve no intermediaries like correspondent banks and clearinghouses and ensure real-time transaction verification.
Addressing Customer Expectations with Ripple Cross-Border Payment Solutions
Ripple is an open-source, distributed ledger technology-based system for instant payments at minimal transaction costs. It makes use of a pathfinding algorithm method to obtain sets of currency swaps that provide the lowest feasible fees for cross-currency payments.
Ripple’s cross-border payments product designed for banks is known as xCurrent. It doesn’t require Ripple’s native token XRP, which makes it possible to process cross-border transactions within seconds at low operational costs. Ripple combines payment messaging with funds settlement. It is a feature that was previously missing for cross-border transactions. Customers who use Ripple can also keep their money in banks or other financial institutions. Its network is continuously growing as more than 200 banks and financial institutions have signed up to use xCurrent. They include major international payment providers that operate in multiple countries, like Banco Santander, American Express, USB, and many more.
Ripple also aims to solve the liquidity problem with the upgraded version of xCurrent system called xRapid. It uses Ripple’s digital asset XRP to replace all Nostro/Vostro accounts. With XRP, banks don’t require to have multiple accounts in different fiat currencies. Besides, XRP transactions take a few seconds and need minimal human interaction.
Also Read: Ripple is now a Wave in e-Commerce as Blockchain Crypto Solutions
Conclusion
Blockchain technology can improve the overall efficiency of cross-border payments. However, its potential remains largely unexplored and requires seasoned application support for large-scale payment infrastructures. Banks can benefit by availing the expertise of blockchain technology providers like Ripple to improve cross-border payments, reduce fraud and settlement time, and speed up transactions.
Mudit Kumar
21 Aug 2019
Analyzing Different Types of Cryptocurrency Wallets
A cryptocurrency wallet is a software program that enables crypto users to buy, sell and store cryptocurrencies. In simple terms, we can compare it with a physical wallet, which stores fiat currencies. However, unlike conventional wallets, it does not store cryptocurrencies. Instead, it holds records of all cryptocurrency transactions on the blockchain network. It uses the concept of public and private keys to enable transactions on the blockchain network.
In this blog post, we have discussed the types of cryptocurrency wallets, their features, and advantages.
Types of cryptocurrency wallets
Hot and Cold Wallets
Before diving into the types of wallets, let’s understand the difference between hot and cold wallets.
Hot wallets become accessible with an internet connection, while users can access cold wallets offline.
In hot wallets, funds are easily accessible, which enables users to make day to day trading or payments. However, since they require an internet connection, they also become susceptible to risks like hacking. The types of hot wallets are desktop software wallets, web wallets, and mobile wallets.
Cold wallets are physical wallets, which users can use offline. However, it also counts as a benefit, since hackers cannot easily access users' assets. Cold wallets don’t come in use frequently as users prefer to use them to hold digital assets for the long-term. Their examples include hardware wallets and paper wallets.
Also Read: The Ins and Outs of Cryptocurrency Wallet Apps Development
Web Wallets
As the name indicates, these are web-based online wallets which are accessible through a URL. They run on the cloud and are accessible from any computing device and any location. Generally, these wallets work on account system, which requires a username and password to login to the wallet. While they provide users with convenient access, they store private keys online, which are in control of a third party.
Advantages:
Quick transactions with instant access to the wallet
Storage, transfer, and management of a range of different currencies
Ideal for small cryptocurrency investments
Easy to access and no installation required
Advantageous for advanced buying and selling options
Mobile Wallets
Mobile wallets are similar to desktop wallets and work as smartphone applications. These are quite convenient as they enable users to transfer cryptocurrencies with QR codes.
They are suitable for daily transactions and payments. However, they may require wallet encryption with a password and backup of private keys as additional security measures.
Advantages:
Provision to use QR code scanning to conduct transactions.
Designed to be used on the go, especially for conducting in-person payments to merchants, individuals, and businesses that accept cryptos
Provide complete access to private keys, which means users are in control of their funds
Desktop Wallets
A desktop wallet is a software that users can download and execute locally on personal computers. Unlike some web-based versions, desktop wallets provide complete control to users over their private keys and funds. Upon encryption, desktop wallets require users’ password every time they run the software.
Advantages:
Support a wide range of assets
Provide additional features like portfolio charts
No need to store private keys on a third-party server
Hardware Wallets
Designed as a hardware device, they are one of the most preferred wallets to ensure the security of a user’s crypto wealth for long term use. Users connect these devices to their computer and mobile via USB ports to execute crypto transactions. To overcome the lack of accessibility, they can directly connect the device to a trading platform, which provides integration capabilities. Currently, most hardware wallets have provisions for setting up PIN code for increased protection.
Advantages
Robust security features
Protection for private keys from malware and hackers
Approvals for transactions occur through the device
Paper Wallets
As the name indicates, paper cryptocurrency wallets do not require the internet and are useful for long-term storage of crypto assets.
Advantages
Not prone to internet-related risks
Concluding Thoughts
Deciding which crypto wallet is best to use depends on business requirements. For instance, whether you need to access your wallet every day, or is it for more long-term use. After obtaining answers to these questions, you can decide which of the above wallets will suit your needs best.
Another aspect of cryptocurrency wallet development is ensuring security with stringent measures like DDoS mitigation, anti-phishing software, two-factor authentication and much more. We will cover them in our next blog post which lists the important security aspects one must consider for cryptocurrency wallet development.
Oodles' cryptocurrency exchange software development services provide flexible and secure crypto solutions to be used in everyday life. Our developers integrate wallets with convenient QR Code, NFC or URL payment options, and implement best security practices to ensure maximum security, and keep assets safe and secure.
Mudit Kumar
19 Aug 2019
Preventing Insurance Frauds with Blockchain Technology
Fraudulent claims pose the biggest challenge to insurers around the globe. As per a 2017 Mckinsey & Company report, five to ten percent of insurance claims are fraudulent. It costs non-health insurers in the U.S more than $40 billion a year. The report suggests that blockchain can provide cross-industry distributed ledgers of external and customer data to identify and prevent fraud. Blockchain application for the insurance sectorcan increase profit by preventing frauds as well as revenues by enhancing under-served, fraud-ridden markets.Blockchain TechnologyIn practice, blockchain does not hinder fraud, but it makes it easier to trace them. In its early days, blockchain technology was predominantly used for secure data storage and value transfer, for instance, in cryptocurrencies. However, its applications have now spread to different industries with the addition of technologies like smart contracts. A blockchain is an advanced form of distributed ledger technology, which can hold records of every key transaction in the network. Blockchain algorithms distribute the ledger simultaneously on several different computers in multiple locations with different owners. It ensures that all transactions occurring in the network appear on all connected nodes. While nodes can see and verify transactions, they cannot alter or change them without consensus. Additionally, a blockchain solution can also record predefined business conditions using “smart contracts.” With blockchain smart contracts, an application can automatically trigger transactions when participants in it fulfill specified conditions. For instance, if a flight gets delayed, it can trigger payments as per stipulated terms and conditions.An Alternative to Centralized Databases?So, do we require blockchain technology to deter insurance fraud, or is it more effective to store all insurance data on a single centralized database? There are two unique advantages that blockchain provides to prevent fraud. First, a blockchain's decentralized validation enables it to operate in distrusted situations. For instance, when there is no consensus on who should be the trusted party to run the centralized database. Second, data replication on the distributed ledger makes manipulation significantly more difficult in comparison to a centralized database. Essentially, the advantage of blockchain technology with smart contract functionality is that insurers no longer need to trust one another. If deployed correctly, it can enable transparent and trustless data exchange between insurers and other agencies. It will significantly increase each insurer's ability to combat fraud in personal and commercial insurance.Also, Check | Redefining Insurance Processes with Blockchain ApplicationsIdentity ManagementBlockchain platforms like Hyperledger Indy can enable insurance companies to create and manage identities and personal information in a more effective way. For instance, if a fraudster claims insurance benefits for a dead person, the insurer can immediately access death certificates stored on the blockchain.Provenance Tracking of Property and AssetsFraudulent jewelry claims cost insurance companies nearly $2 billion a year. However, a provenance tracking platform built on blockchain can track individual gemstones like diamonds right from the mine to end-consumers. In addition, it can disclose the (encrypted) identity and location of each entity involved in the stone's supply chain to all participants. Authenticating provenance is the key to build trust among stakeholders and mitigate fraud. Blockchain can also serve as a platform to digitally issue, manage, and track reports encrypted on the blockchain. Using a private blockchain solution, the records can be made available exclusively to insurance companies that require them.Decentralized ValidationBlockchain technologies have the provision to use different consensus algorithms to confirm and validate transactions and events. For example, a smart contract will trigger a claim if all nodes in the blockchain confirm a specific event using the consensus mechanism, like a delayed flight.Reduced Manual InterpretationAnother important application of blockchain is the removal of human involvement from claims payment processes. Insurance companies cannot deny payouts if an airline flight is late by three hours late. It is because the smart contract will receive flight delay data directly from air traffic controllers and automatically trigger payments if the delay exceeds two hours. Effectively, the combined use of blockchain and smart contracts can automate several critical operations and processes.ConclusionBlockchain applications can eventually reduce insurance fraud by as much as 20% to 40%. However, our blockchain experts at Oodles recommend that blockchain should be combined with other technologies like smart contracts, IoT, and machine learning to prevent fraud in a better manner.
Category:
Blockchain
Mudit Kumar
14 Aug 2019
Blockchain for Healthcare Supply Chain Visibility
Rising global costs and the fragmented nature of the healthcare supply chain create several challenges like visibility, counterfeits, product tracking, and more. The healthcare industry needs efficient solutions that can streamline supply chain operations and processes in a cost-effective manner. Leading businesses are exploring blockchain for healthcare supply chain visibility to achieve efficiencies and gain better control over their supply chains.
This blog post gives a high-level overview of using blockchain for healthcare to achieve transparency and end-to-end visibility.
Supply Chain Visibility
Challenge
Visibility in healthcare is essential to maintain the authenticity of drugs and medical equipment. The authenticity of pharmaceutical products that reach consumers through undefined routes can be questionable.
Pharmaceutical companies need solutions to trace and track product information like ownership records, transaction history, packaging configurations, and storage conditions for efficient and safe product management.
Key visibility drivers in healthcare include the need to:
Deal with counterfeits
Manage product recalls
Ensure offshore manufacturing quality
Manage paperwork and hidden admin costs
Suggested Read: Increasing Importance of Blockchain for Healthcare Development
Solution
A blockchain-based track-and-trace application can enhance visibility throughout the entire supply chain. It can provide several benefits like better operational monitoring, quicker settlements of transactions, and more accurate detection of counterfeit products.
Here are the key benefits of implementing blockchain for supply chain visibility:
Effective tracking of the chain of products, from manufacturers, distributors, and pharmacies to the patient
Complete visibility into product movement and distribution
Significant wastage and cost reduction attributed to low demand with enhanced drug track-and-traceability
Automation of warehousing or distribution activities
Capability to make bulk purchases directly from manufacturers
Check It Out: Emerging Use Cases of Blockchain in Healthcare in 2023
For instance, we can use the NEM blockchain to establish a single version of the truth database to gain end-to-end visibility and control. NEM blockchain-based applications can store interactions, timestamps, and transaction details in a tamper-proof manner on a distributed ledger. They can also make the process of drug shipment handover and proof-of-delivery (PoD) verifiable for all network participants.
Relevant Read: An Overview of NEM Blockchain Development
Looking for a Blockchain Development Company
You can implement blockchain solutions in your healthcare business with the assistance of a blockchain development service provider like Oodles. Our blockchain developers give efficient blockchain-based services to improve healthcare supply chain visibility.
Mudit Kumar
11 Aug 2019
Understanding the Components of NEM Blockchain
The blockchain and cryptocurrency space is abuzz with rapid developments with new platforms and new currencies cropping up frequently. That being said, there are only a handful of platforms that developers and businesses rely on to create blockchain solutions. NEM is one such platform with a currency that has appreciated in value over the past few weeks. Although NEM development involves complexities, they are outweighed by the benefits it provides.
Understanding NEM
NEM, also known as the new economic movement, includes some of the best features of blockchains like Ethereum, and Ripple. The platform promises several efficiencies over other blockchain alternatives. It is a unique platform for developing banking solutions suitable for all financial processes. Interestingly, apart from the financial services industry, NEM has applications in logistics tracking, ICOs, document notarization, and decentralized authentication. The popularity and prevalence of NEM are attributed to its technical features.
Technical Features
Proof-of-Importance:
The algorithm used in NEM is Proof-of-Importance, which shares many similarities with methods like PoW (Proof-of-Work), PoS (Proof of Stake), and Google’s PageRank. This algorithm is used to timestamp transactions. In NEM’s consensus mechanism, the number of coins a user owns and the transaction he/she has made determine the importance of a user. It involves a novel algorithmic mechanism design that encourages users to make more transactions without hoarding NEM coins.
Harvesting:
It is an alternative to mining. The NEM team has designed the harvesting system to sustain the creation of XEM coins, and maintain the integrity of NEM blockchain. If someone conducts a transaction, the first node to address and validate it will notify other nearby users and form a cascade of information. The process is known as “creating a block”. The block will store all records and transactions, similar to other blockchain ledgers.
Traceable:
Although there have been issues with private transactions on blockchain platforms like Monero, NEM provides a different solution to this situation. It makes all transactions on its network traceable. While it may seem like a disadvantage, it is an added benefit that protects buyers and sellers.
Also, Check | NEM Blockchain Platform: Everything You Need to Know
Catapult: NEM Blockchain Engine
Catapult engine is a key update coded from scratch in C++ language. As mentioned on NEM’s website, Catapult can significantly enhance blockchain capabilities to provide applications with greater speed and scalability. NEM’s development team states that Catapult’s functionalities do not feature in any existing blockchains.
Catapult, also known as Mijin v.2, enables unique capabilities by using smart contract applications. In particular, users can create secure digital assets and decentralized swaps.
Catapult also provides an implementation of the expanded accounting system. It lays the foundation to perform aggregated transactions and execute an advanced business logic modeling system.
Using another Catapult feature, users can create multi-level accounts with multi-signature.
Additionally, it also enables the implementation of diverse business algorithms by adding the logic of Yes / No, also known as “nested signatures.”
Aggregated Transactions
Aggregated transactions use several transactions and combine them into one. It creates opportunities for trustless decentralized swaps, automatic cross-chain transactions, and other advanced algorithms. Catapult generates a one-time smart contract to realize these opportunities. The contract executes all transaction components simultaneously when transacting parties approve. According to NEM developers, this functionality is currently implemented only in Catapult.
Account Recovery
Another feature of Catapult is that it enables users to restore their accounts by using multi-signatures of pre-defined third-party accounts (for instance, related to family or friends).
Production and Supply Chain
Apart from regular payment solutions, it serves as a platform for digital information exchange, which includes reports, certificates, and so on. For instance, Catapult-based multi-level, multi-sig accounts can be integrated with automated production equipment and product delivery scanners. So, when a pharmaceutical manufacturer ships products, the transactions get a quality certificate only if the following entries exist in the blockchain:
Date of manufacture
Security check details
Goods delivery details including adherence to storage temperature requirements
Public and Private Networks on NEM
In reality, there are two NEM blockchains in existence. One is the private permissioned ledger, and there is also an open public blockchain at the users' disposal. Both blockchains are interwoven in a way that does not compromise on the stability or throughput of either ecosystem. More specifically, both blockchains can interact with one another without any problems. It enables businesses to develop real-world applications and smart asset systems. Gaining access to both private and public blockchain technology with minimal development is significantly beneficial for different industries.
Anyone can use the public NEM blockchain with API calls. However, for applications that require more privacy, a private version of the NEM blockchain is a better solution. These trusted, private node networks can be used to power anything from loyalty points programs to shipping fleet logistics. It can be done without ever exposing the transaction data to provide speed and security. It is advantageous for organizations that want to use blockchain to scale their existing internal tools, without requiring public blockchain capabilities
Conclusion
All these features and technology innovation are the driving force behind NEM blockchain development that opens up a diverse range of use cases for various fields. We will explain this in our next blog post.
Indeed, NEM offers an innovative system to become a key player in the coming blockchain-powered economy. Above all, the ease of development, flexibility, and unique PoI system make NEM a developer-friendly platform for any company looking to develop public or private blockchain solutions.
Mudit Kumar
06 Aug 2019
IOTA: Exploring Opportunities Beyond Blockchain
Several leading companies have undertaken blockchain initiatives and demonstrated the technology’s ability to streamline processes and save costs. The fact that fortune 500 companies have invested in blockchain technology is a sign that its acceptance is growing. The development and deployment of enterprise-level distributed trust networks with blockchain are one of several advantages it offers to industries.
However, initial blockchain-based applications have met with problems like low speed and high cost of transactions in different use cases. Keeping that in mind, IOTA’s founders established a standard protocol to extend blockchain capabilities, especially in IoT.
What is IOTA?
IOTA is an open-source distributed ledger that does not use a blockchain. Instead, it employs a newly invented model of distributed ledger protocol called the Tangle. This new quantum-proof protocol enables IOTA to deliver advantages like secure, low-cost and fast machine-to-machine transactions, micro/nano-payments, value and data transfers, and other applications.
The role of Tangle
Tangle is the driving force behind IOTA, which is a directed acyclic graph (DAG) based ledger. In DAG-based technologies, there is no requirement for blocks and chains. Instead, one or more previous transactions (tangle requires two-parent transactions) are required to confirm transactions. A direct graph with no directed cycles represents the structure of the network and nodes. It makes a structure that resembles a never-ending tree. (graphic)
How transaction verification occurs?
Instead of assigning a portion of the network the responsibility for overall consensus, be it miners in Proof-of-Work or stakes in Proof-of-Stake, IOTA’s every active node participates in deciding the consensus and transaction validation. As a result, everyone gets an equal say in the network regarding the transaction execution process.
The transaction process follows three steps: first a user signs a transaction using his private key, then MCMC (Markov chain Monte Carlo) algorithm chooses two unconfirmed transactions and verifies if they are conflicting, and finally, the node must solve cryptographic encryption. It means that similar to blockchain, it also employs some Proof-of-Work. Upon completion of the three steps, the transaction gets stored on the network.
Tangle Advantages
By maintaining features of blockchain-like peer-to-peer transactions, and developing on the original DAG technology, Tangle becomes more efficient. Transactions are faster and increasingly reliable because of the multiple confirmations of transactions with the aforementioned mechanisms. Further, as more transactions are made, the network becomes increasingly more secure and scalable. Considering that it requires no blocks, there is no mining as well. Eventually, it provides benefits like feeless transactions, no centralization of control, and no high resources and hardware use.
What does it aim to solve
There will be around 20 billion devices connected by 2020. IOTA wants to maximize the opportunity created by the IoT revolution. The volume of internet-connected devices is increasing every day of the year. Many desktop computers are online 24/7 but do not operate at full capacity. People use these devices to operate relatively menial tasks such as sending and receiving mail, checking online banking, and web browsing. They do not use their machines to their full potential.
This is a key factor in IOTA’s invention. IOTA’s founders believe that its infrastructure can become an efficient platform for owners of connected devices to generate extra revenue by lending other people their unused resources.
In terms of how IOTA works, the long-term strategy is to create machine-to-machine transactions that can communicate with each other beyond desktops. Its founders’ plan is to create a new era of a sharing economy that interacts with a myriad of ‘smart’ devices in use around the world today.
IOTA Applications
IOTA continues to push the boundaries with real-world applications and use cases. Below is a sampling of its use cases that are coming to realization.
Smart City- Taipei
In January 2018, Taipei signed an agreement with IOTA to test its Tangle technology to transform the capital into a smart city. The tests also included TangleID verification and air pollution level monitoring. The authorities opted IOTA to maintain data integrity and increase the trust of users in public services and their government.
Smart Energy
After the IoT ecosystem, IOTA finds its prominent use cases in the energy sector. As Tangle focuses on creating a machine to machine economy, IOTA’s distributed ledger can decentralize power grids and provide efficient energy throughput. For instance, IOTA based smart charging can connect cars and stations and enable them to independently charge themselves.
eHealth
Medical and health records are being digitized rapidly to increase transparency and efficiency for more effective and urgent care, research, and ease of use. Unfortunately, there are concerns about privacy and abuse of data institutions and consumers alike.
IOTA can enable secure data integrity with a distributed ledger of immutable records. It can provide service providers with a platform to make sound decisions using reliable data.
Mobility
Sharing data will create new economies in the transportation industry as technology develops. Cars and other vehicles can act as a digital medium for communicating and transmitting data with other devices, vehicles, and stations
With integrated wallets, cars will pay automatically for parking, tolls, charging stations, and other services. Vehicles might also be used for receiving payment for activities like deliveries, and ride-sharing.
IDOT
The Identity of Things is another major focus and overall vision of IOTA. IOTA applications will 'tag' and identify things using unique identifiers and store their information on Tangle’s immutable ledger.
Eventually, it will create a reputation system for anomaly detection in sensors or nodes. It is one of the important projects that is mentioned in the development roadmap of the IOTA Foundation.
Relevant Reads: IOTA’s Tangle Is Empowering Palm Scanning Identity Verification Technology
Conclusion
IOTA’s team is trying to accomplish future plans and overcome the limitations in its widespread adoption. If the team succeeds, we may witness a technology that advances in parallel with blockchain. Certainly, Tangle has come in as a strong competitor of blockchain technology by extending its capabilities. However, a winner is yet to be decided. Currently, Tangle has not proven itself on a mass adoption scale and remains largely speculative. Traditional blockchains, on the other hand, have a head start in terms of attention and adoption.
Mudit Kumar
01 Aug 2019
Analyzing Stellar Blockchain Solutions for Digital Payments
A decade ago Bitcoin made headlines for its capacity to transform payments and introduced the concept of digital currencies. Blockchain, the underlying technology has since been explored by players in the financial services industry to create new digital currencies and trading exchanges. A variety of blockchain platforms have now emerged to solve various challenges in the financial services industry. One platform that is widely popular for simplifying cross-border transactions is Stellar. Stellar is an open-source blockchain platform for creating digital decentralized payment systems that provide fast transactions in any pair of currencies. With Stellar blockchain app development services, banks, financial institutions, and people can connect through decentralized financial markets for payment based use cases like cross-border transfers and remittances.
Let’s suppose someone wants to exchange USD for EUR. In a traditional currency exchange scenario, the conversion will involve processing fees and considerable time to process. However, Stellar blockchain and its decentralized exchange can find the cheapest possible exchange rates for a currency pair automatically.
How Does Stellar Streamline Transactions?
Stellar blockchain is a network of decentralized servers deployed across the world with a distributed ledger that gets updated every 2-4 seconds among all nodes. When there are more servers, the network becomes more independent. It prevents a single point of failure. So, when one server is down, the network continues to operate, which is different from traditional banking systems.
Traditionally, systems involve coordinated processes and operations, leaving little room for failure at any stage of financial transactions. Stellar blockchain overcomes such limitations by validating transactions uniquely with the Stellar Consensus Protocol.
Also, Read | Stellar Blockchain App Development | A Comprehensive Guide
The Stellar Consensus Protocol
The factor that differentiates Stellar from other blockchain platforms is its consensus protocol. Its consensus algorithm eliminates the need to rely on the entire miner network to validate transactions. The consensus mechanism uses the Federated Byzantine Agreement (FBA) algorithm that enables quick, efficient, and secure processing of transactions. FBA does that by using quorum slices (or a portion of the network) to verify and approve transactions. Each node of the network creates a list of validators that it trusts , called a quorum slice. Together all such slices form a network-wide quorum to ensure that Stellar stays decentralized with no central entity. After the network-wide quorum agrees on a certain version of the ledger, transactions reach their consensus.
The protocol eliminates the need for complex cryptographic mechanisms, and transaction validation happens through a voting process. As a result, Stellar achieves a transaction processing time of about 3 to 5 seconds and increases the speed of network operations by approx. 1,000 per second.
Ledger
Like a traditional database, Stellar’s ledger also records information about all transactions related to every single account on the network. A complete transaction copy of the global Stellar ledger is provided to each server that runs the Stellar software. It servers use a consensus mechanism (FBA) on the ledger to sync and validate transactions.
Stellar anchors
Stellar enables its users to use different types of trading pairs using trusted entities, called anchors. Anchors operate like a bridge between different currency pairs and the Stellar network.
Users make deposits to the anchors. In return, they issue the same amount in the form of credit and assign it to the user account in the Stellar network. Almost all transactions between users in the Stellar network are known as credit exchanges.
Also, Read | Stellar Blockchain: Understanding its Benefits for Payment Solutions
Benefits of Stellar Blockchain as Back-end Infrastructure for Digital Payment Solutions
Accelerated go-to-market time
Stellar provides an alternative to create back-end, both as an account management system and as a payment mechanism. It lowers the cost to launch a new solution, as well as the go-to-market time leading to innovation and specialization. Stellar achieve this by leveraging the scaling economics and continuous development associated with open-source projects.
Reduced costs
With Stellar, an account set-up cost is $.40 and transaction cost, $.0000025. It becomes beneficial for businesses that offer services to small and medium enterprises.
Enhanced access and interoperability:
With Stellar, companies can connect to a network of regulated financial services globally, and make transactions using a modern, instant, and low-cost payment framework. Additionally, it makes any asset or currency tradeable on the network to ensure interoperability between all participants.
Stellar Blockchain in Business
Established companies have already started creating payment services on the Stellar Network.
Being an open-source project , its software integration is licensed under the Apache, version 2.0, with no restrictions on commercial use of the network. However, it may require a blockchain development team that will create and integrate your solution with the Stellar network . According to Stellar.org, the process does not take more than 200 hours of development.
Also Read: Stellar Based Real-World Blockchain Solutions | Scanning the Stellar World
Conclusion
Stellar provides cost-efficient and simplified payment integration solutions , especially for SMEs and startups. Its ability to accept payments in any currency is crucial as it creates opportunities for new financial markets. It is something that traditional payment providers fail to guarantee.
Essentially, Stellar opens new possibilities for both entrepreneurs and users. Thus, if you want to kickstart your financial services venture with a Stellar payment system, connect with us!
Mudit Kumar
29 Jul 2019
Blockchain in Healthcare: Advantages, Use Cases, and Applications
The healthcare industry is struggling with several challenges like counterfeit drugs and inefficient supply chains. It is difficult to track products and determine their authenticity from provenance to hospitals and patients. For the healthcare industry players, it has become critical to resolving issues like traceability and compliance using appropriate technologies.
It is possible to enhance trust between all stakeholders in the value chain with blockchain application development in healthcare. Blockchain is a distributed ledger technology that drives industries to develop applications that achieve efficiency, improve transparency, and establish trust in the network.
How blockchain application development in healthcare tackles known issues
Blockchain application development in healthcare provides enhanced control and visibility to improve supply chain traceability and tackle counterfeit drugs. Moreover, the use of smart contracts automates drug supply chain operations to increase efficiency with significant cost reduction.
Let’s explore how blockchain development in healthcare provides universal access, integrity, security, traceability, and interoperability.
Interoperability
HIS use different set of protocols and standards like CDA, FHI, HL7 2.x to maintain data accessibility across various healthcare organizations. However, it leads to complexities when you want to integrate new systems or platforms. The solution to this problem is blockchain. It solves interoperability related issues by serving as a decentralized database. Permissioned stakeholders from external networks access data through APIs developed with a focus on the standard data format. Blockchain also works seamlessly with existing platforms and protocols to access and store data.
Integrity
Blockchain preserves data integrity across all levels. It prevents healthcare systems from creating multiple instances of obsolete patient data. Once you upload data to blockchain, it cannot be altered for any malicious reasons. Only the patients get permissioned access to data while availing healthcare services.
Security
The healthcare industry has always suffered from data leaks, tampering, and theft, resulting in huge financial losses. Blockchain offers better security than existing healthcare applications. It uses data encryption model with private keys to safeguard data stored on the platform in any form. It permits only receivers to access information content using private keys.
Maintenance Cost
Maintenance cost is another integral problem that the existing healthcare systems are facing. They require maintenance across different operations and need to ensure that all functions run smoothly. Blockchain eliminates this problem with its distributed decentralized network. It ensures that there is no single point of failure. If a node fails to operate, other nodes can fetch data as they also get the same copy of data stored on the network. An additional benefit of having a copy of the database on each node is that information retrieval becomes fast and cost-efficient.
Universal Access
Blockchain provides universal access to data for all its users. It eliminates the dependence on any central authority, which makes universal access feasible. Moreover, regulatory authority can access data for compliance checks and audits.
Blockchain application development in healthcare: Use cases and solutions
Electronic Health Records (EHRs) Management
Blockchain based electronic healthcare records (EHRs) solutions enable secure data exchange among medical communities. They provide the following benefits -
Safeguard patient data and ensure privacy with cryptography and p2p transfer mechanisms
Make any research work done by doctors over their patients’ medical histories visible to all stakeholders
Provide researchers with a common platform to use shared clinical research data for scientific progress
Patient Permission Management
Blockchain enables distributed data ownership with privacy and permission layers. While patients cannot alter specific medical profile data provided by doctors, they can grant full or partial visibility to healthcare stakeholders. For instance, patients can share their complete copy of records with healthcare specialists. Concurrently, they may share only non-identifiable data with scientific research firms.
Drug Traceability
Blockchain makes medical supply chain management more secure and accountable with transparency, immutability, and interoperability. These blockchain attributes ensure smooth interaction between different applications and systems along the supply chain. Also, they enable pharmaceutical companies to register products on the database to trace their movement from provenance to end customers.
Data Security in Clinical Trials
Blockchain reduces data frauds by provisioning the use of specific consensus mechanism and decentralized structure, which protect against hacks or manipulation. With documents’ proof-of-existence and verification-of-authenticity stored on the blockchain platform, stakeholders can ensure data integrity, promote trustworthy clinical trial results, and enhance collaboration in the research community.
Incentivization through Micropayments
Blockchain enables the use of efficient micropayment systems to incentivize patients for their specific behavior with smart contracts. These contracts distribute rewards to patients for completing tasks like maintaining a certain treatment plan or sharing data for clinical trials.
Insurance Claims and Billing
Blockchain can enhance healthcare billing and insurance claim processes. It can prevent health providers from overcharging a patient for services or adding a service without prior consent.
Blockchain also improves insurance claim management by reducing the time from months to a few minutes to process claims. It makes it possible by removing intermediaries and automating all insurance claim processes with smart contracts.
Conclusion
While the use of blockchain in healthcare is still in infancy, we can expect revolutionary improvements in the coming years. Blockchain application development in healthcare has created opportunities to devise new solutions and enhance existing complex processes.
If you’re also considering to develop a blockchain based healthcare application, talk to our seasoned blockchain developers at Oodles. We are a blockchain development company that has developed multiple blockchain applications using several technologies.
It is not necessary to develop healthcare applications with one blockchain technology. Instead, it is more effective to develop them by combining features of other blockchain technologies.
Our blockchain team is adept in working with platforms like Stellar, Hyperledger, EOS, Ethereum, and Corda. We use these platforms to build healthcare systems that have innovative features. We work with our clients as their technology partner to provide guidance at every stage from evaluation to production.
Mudit Kumar
24 Jul 2019
Crowdfunding Your Business Idea with Security Token Offering
ICOs (initial coin offerings) have declined substantially in recent years. Consequently, STOs (security token offering) have paved pathways for regulated, efficient and secure crowdfunding on the blockchain.
Security token offerings are regulated and, in most cases, backed by underlying tangible and intangible assets. They are known for generating regular returns for their issuers while providing stability and liquidity for investors.
What is Security Tokenization?
Security tokenization is the process of materializing a security’s ownership with token issuance mechanisms using distributed ledger technology (DLT). Security token offering enables the tokenization of securities like equities, bonds, or investment funds for trading and other business opportunities. We find these securities everywhere, but they are difficult to transfer or subdivide physically. As a result, buyers and sellers use paper trading or share digital files representing assets in an insecure way. Indeed, they are difficult to transfer and trackback. The underlying assets of a traditional security lack transferability, too. For instance, if the underlying asset is a piece of property, transferring its ownership will require cross-selling. However, with security tokenization, one can share the ownership rights of an asset easily with peer-to-peer trading mechanisms.
Also Read: STO vs ICO Marketing | A Rundown of Difference to Help You Choose the Right Way
Benefits of Security Token Offering
Automation
Security tokens can automate several service functions generally carried out by middlemen. Currently, many levels of intermediation often complicate communication between the security issuer and the investor. However, the security token offering simplifies and automates the processes with smart contracts.
Shared Information and Transparency
Security Tokens eliminate the asymmetry of information that occurs during the ownership transfer of security. Blockchain as a central source of truth makes governance and ownership more transparent and reliable than a traditional private security offering.
Cost-Effective
Traditionally, middlemen charge significant fees for acting as the validator of security transfers. By using blockchain technology and smart contracts, issuers can cut out expensive intermediaries required while offering securities as tokens.
Immutability
Currently, financial institutions rely on centralized, private databases. Here, blockchain shows its value. Once an investor buys tokens on a blockchain, nobody can erase the ownership history. Once data stored on a blockchain, not even a system administrator, can change it. It is highly beneficial during auditing. Investors can validate that their data is genuine.
Use cases of Security Token Offering
Real Estate
Security tokens enable individual and non-institutional owners of real estate to sell shares of their land and further convert it into cash. Token holders earn profits on capital and a certain percentage of the property’s future cash flows.
Raising Debt and Equity
As financial markets have become quite complex, security token offerings give companies an alternative to traditional institutional investors. Their compliance with SEC (Securities Exchange Commission) regulations cuts the trust barrier that traditional ICOs struggle with.
Art Ownership
Having possession of fine art and other assets such as vintage cars highly consider as a status symbol of wealth and luxury, reflecting the owner’s ability to spend a big sum of money. In the year 2016, $56.6 billion was auctioned in art markets. Here, the token issuers and holders benefit from liquidating art assets without institutional auction houses in place.
Fundraising for Charity
Honestly, charities always struggle to gain the public’s trust to distribute their capital. It is quite shocking that only 57% of people give charities their vote of confidence. The transparency of blockchain technology and accurate tracking of funds will facilitate charities to function freely. Charities conduct security token offerings via platforms such as Lottery.com that assures distribution of their member’s donations effectively. Token holders can be quickly updated with how their funds are being utilized at the project level.
Fundraising for Artists and Musicians
A selected group of record labels dominates the music industry that creates 80% of the market. Security token offerings enable individual musicians to fund their tours and projects.
Conclusion: Security Token Offering
With the security token offerings, the traditional concept of ownership transfer has changed drastically. It won’t be wrong if we say that the tokenization of security will play a vital role in money management for many years to come. Check out how Oodles helps you navigate through the complex world of security tokens with its STO development services.
Mudit Kumar
21 Jul 2019
Components of a Blockchain-powered P2P Lending Platform
Blockchain technology serves as an ideal platform to build efficient large-scale decentralized business models. The emergence of decentralized peer-to-peer (P2P) lending is one prominent use case of blockchain in financial services.
Peer-to-Peer Lending
Peer-to-peer lending is the practice of directly borrowing and lending unsecured loans. Traditionally, financial institutions like banks serve as an intermediary to disburse and avail loans. Effectively, it makes peer-to-peer lending subject to third-party limitation and increases the cost and time of a transaction.
Decentralized P2P Lending
In decentralized P2P lending, either third-party is not required, or that the operational costs of third-party services (generally transaction verifying authorities) are quite low. It reduces interest rates for borrowers and increases the earnings of lenders. Furthermore, the decentralization aspect expedites lending procedures and executes them within minutes. It enables a P2P lending system to serve as a unified platform for individuals and businesses to borrow and lend loans easily without involving any intermediary.
In decentralized P2P lending, interest rates and repayment terms are flexible. It results in lower interest rates than what banks and financial institutions charge. However, repayment periods remain shorter than traditional lending.
Decentralized P2P lending lays the foundation for a unified platform where applicants at global level apply for loans at competitive rates. In addition, it executes fast credit checks and KYC/AML ( Know Your Customer and Anti Money Laundering) protocols, with a more holistic view of a user’s capacity to repay. Another major advantage of decentralized P2P lending is it provides anywhere, any time accessibility. Unlike traditional lending, the new decentralized system grants access to anyone with a digital device and an internet connection.
Also Read: Using Blockchain Solutions to Digitize KYC Compliance
Creating a public blockchain-based P2P lending platform
In decentralized P2P lending, blockchain technology provides the platform for secure record-keeping, as well as the creation of smart contracts. It enables a smart contract to execute predefined business parameters, which are essentially computer codes.
For example, a smart contract can execute the payment requests, receive payments, and adjust the due amount automatically. It can even add penalties for late or missed payment without requiring any third-party verification to reduce overhead costs. At the same time, we can embed a smart award system that would adjust credit ratings, and deduct percentages for early loan repayments automatically.
Typically, a peer-to-peer lending platform is not a financial institution (bank/credit union, insurer, or investor) and might bypass most banking regulations. In p2p lending, loans are unsecured and if a lender loses money on the loan, there is no protection as a guarantor (unlike banks, who get government protection for losses). Then, they need to obtain a broker license and registration from an appropriate government agency, like the Securities Exchange Commission (SEC) in the U.S. or the Financial Services Authority (FSA) in the U.K.
Market Risks
A disadvantage of P2P lending is that a lender earns profit through repayments, while the borrower’s gain is immediate. For reducing this, a smart KYC compensation solution provides vital insight into a borrower’s repayment history and score. Also, lenders can offer syndicated loans. In a syndicated loan, several parties collectively lend the money to one person, instead of one person lending to another. It benefits multiple aggregators and aids them in retaining the capacity to offer attractive low-interest loans.
An Overview of a Public P2P Lending Platform
Understand how the technology and the concept would work together with the following overview of public p2p lending platform.
The prototype P2P lending platform uses a decentralized blockchain technology like Ethereum, third-party integrations, and its smart contract technology to enhance the entire process.
An Ethereum based platform can offer loans with a provision to make repayments on any ERC20 currencies. These Ethereum based ERC-20 token contracts combine a decentralized transaction system along with smart contracts coded in EVM (Ethereum Virtual Machine).
Read More: Developing a Peer to Peer Crypto Exchange Platform
A typical loan application process
It takes about 3-4 minutes to process a loan application on the decentralized p2p platform (website). During the process, it creates a blockchain based loan smart contract, containing a unique identifier for the individual and the requested amount. The platform requests the borrower to upload their PII (personally identifiable information) to ensure adherence to local regulations and KYC protocols. It sends this information to multiple verification providers to get a more holistic view of an applicant’s profiles. The resulting score takes into account social media profiles, professional organizations, and verifiable background information on websites to enhance the KYC process. After successful verification and scoring of the information, the platform lists or publishes the loan request for lenders. In a reverse auction system, interested lenders offer the loan to potential borrowers at low competitive interest rates. Further, the provision for lenders to offer syndicated loans reduces the overall risk of decentralized p2p lending.
Smart contracts-powered automated lending processes
The borrower downloads the funds after agreeing to one of the offered loans. It triggers the execution of a blockchain based smart contract loan to autonomously issue payment reminders, collect payments, remit assigned payments to an account, and collect the fees. A blockchain smart contract handles non-payments or default by applying penalties (such as late fees, and higher interest rate) and notifying verification providers about it. It sends a notice to the borrower when the payment time is near and process funds from their wallet through the platform. If payment is late, interest charges increase and get automatically applied to subsequent payments.
Reducing the last market risk of lending
The platform uses Smart Compensation Fund Contract plan to reduce the last major risk of P2P lending, such as default borrower. After each loan application process, it assigns a small payment to the Smart Compensation Fund. The amount gets accumulated fractionally as the volume of loan applications increases. It makes the Smart Compensation Fund serve as a guarantor for lenders, reducing or even eliminating the last major risk in the system. This fee arrangement is applied to cover operational and growth costs and transform tokens into a high-value digital currency.
Concluding Thoughts
The terms of the loan exist within the ledger itself and use smart contracts to automate processes like payment and collection. It provides greater visibility and traceability into the lending environment to comply with financial risk management regulations. Evidently, Blockchain and smart contracts technology lay the groundwork for efficient, secure, and reliable decentralized p2p unsecured lending.
Oodles is a blockchain development company that provide modern blockchain solutions for financial services like syndicate loans, p2p transfers, mutual funds, asset registry and much more. We build blockchain based financial applications that allow the platform stakeholders to analyze business circumstances and make accurate decisions.
Mudit Kumar
14 Jul 2019
Digitizing AML/KYC Compliance with Blockchain
The applications of blockchain technology are moving beyond cryptocurrencies to improve processes in multiple industries. Distributed ledger technology, in particular, is laying the foundation for innovative solutions that improve transparency, enable automation, and save costs. A significant use case of blockchain technology is to fulfill anti-money laundering (AML) and know your customer (KYC) compliance requirements.
Financial service providers like banks and insurance companies heavily invest in resources to enhance compliance programs. Surveys indicate that financial institutions spend between US$60-$500 million annually on AML and KYC compliance processes. These user identity verification measures are generally paper-based, require manual human input, and often result in the duplication of tasks across organizations. Moreover, regulatory requirements in many countries are complex. They impose punitive penalties on businesses for non-compliance. Also, slow transactions speed is another challenge for existing financial services.
Which blockchain platform is appropriate?
Not all blockchain platforms are suitable for all purposes, some are applicable for specific enterprise use cases. In the case of efficient management and exchange of AML and KYC compliance data, private, permissioned blockchain solutions fit best. Key financial industry players have already invested substantial amounts of time, money, and effort in developing private DLT based applications. They have successfully conducted “proof-of-concept” tests using blockchain.
For instance, in June 2018, Synechron and R3 Corda piloted a KYC compliance solution built on DLT. In the test, Corda based solution completed 300 transactions within 39 participants across 19 countries. Institutions, involved as part of the network were able to request access to customers’ KYC data. Further, customers could approve requests and revoke access to personal data as per their discretion. Customers could also update their test data, which was further updated automatically on the DLT platform that all permissioned institutions can access.
Solving inefficiencies in existing KYC/AML processes
Existing KYC/AML processes are inefficient due to the following reasons.
Information asymmetries between financial service providers and regulators
Service providers prepare and submit compliance reports to regulators, which require their employees to review and manually reconcile paper documents. It leads to significant labor costs and the risk of human error. Blockchain-based AML and KYC compliance solution can eliminate such challenges by -
Reducing the use of paper documentation
Reducing the time spent on manually reconciling documents
Enabling fast and efficient KYC data verification processes
Duplication of AML and KYC compliance work
Financial services do not efficiently collaborate with other institutions to share KYC/AML information. They also don’t share information among internal divisions within the same organization. It is a common occurrence in transactions involving multiple banks which require each institution to independently validate customers' KYC/AML data. In addition, some FIs fail to provide a central internal database to maintain a client’s KYC/AML data. As a consequence, some clients re-submit their KYC data (proof of address, identification documents, etc.) on multiple occasions to apply for another service from a different division of the same FI. This recurring replication of KYC/AML diligence makes the process extremely costly, inefficient and slow.
In addition, the duplication of compliance efforts also increases costs related to false transaction investigations, such as the ones flagged for non-compliance with KYC/AML.
Also Read: Blockchain and KYC: The Next Disruptive Step in Decentralization
Inadequate completion and reconciliation of KYC/AML documentation
According to a KPMG report, FIs currently expend 80 percent KYC/AML resources on reconciling documentation. They spend only 20 percent on examining the KYC data and assessing client risk.
By adopting DLT, they can spend human resources on analyzing the risk of the underlying KYC and transaction data. DLT can also automate and streamline collaboration and validation required to maintain KYC data.
How DLT reduces AML and KYC compliance overheads
According to BIS Research, a US-based market intelligence firm, financial organizations reduce administrative costs by 90 percent using DLT in KYC/AML compliance programs.
DLT can eradicate inefficiencies inherent within KYC/AML compliance programs. With a private, permissioned platform built on DLT, financial institutions can share users’ KYC/AML data (with customer consent) among their divisions and with other organizations. Such a platform will be accessible to a group of permissioned parties. Instead of relying on individual and repeated verification processes, DLT enables financial services to use a unified platform of digital distribution, secure and auditable source of user information. DLT can also streamline information asymmetries between institutions and regulators. Permissioned regulators can directly access an institution's compliance system to extract reports. This way, financial systems can demonstrate their regulatory compliance in real-time. It will thus improve transparency with regulators and dramatically reduce compliance costs.
Prior to implementing blockchain-based KYC/AML systems, financial entities must identify and address the following challenges:
Ensuring the Validity of Verified KYC/AML Data Stored on the DLT Platform
As discussed above, blockchain eliminates the duplication of multiple same sets of documents. Although efficient and cost-effective, this system creates the possibility that fraud or mistakes in validating documents will not be detected by other FIs on the DLT platform. This requires that (i) all of the FIs agree to the necessary steps needed before KYC Data is validated, and (ii) substantial trust is established in each of the network’s participants to properly verify client documents.
DLT mitigates this issue by creating a permanent record and audit trail of when and who validated each document and therefore promotes accountability in the system.
Incentivizing the sharing of information between FIs
FIs must be incentivized to share KYC Data on a DLT platform. The more FIs that contribute to the platform, the greater the cost savings for participating FIs.
One emerging solution for incentivizing FI participation on the DLT platform is by paying an FI to validate the KYC Data. FIs that perform the original validation of client KYC/AML Data could be compensated by each FI that accesses and relies upon the validated KYC Data. This motivates participating FIs to both protect client information and to properly verify the KYC Data. If this is not done, an FI could lose out on earning
Concluding thoughts
Organizations need to obtain, process and verify users’ personal information in a quick and efficient manner. At the same time, it is essential to safeguard such information from being hacked and comply with KYC/AML legislation. DLT is a tool that financial institutions can use to fulfill their compliance requirements.
We, at Oodles, provide DLT based custom blockchain application solutions to develop custom decentralized solutions for different efficient financial use cases like KYC, digital identity management, and lending processes.
Mudit Kumar
12 Jul 2019
Evaluating Blockchain Smart Contract Applications in Fintech
Blockchain has transitioned into a medium that various industries are adopting to achieve trust, increase transparency, strengthen security, and enhance efficiency in business operations.
The transition of this promising technology is noteworthy that even key industry players in healthcare, real estate, automotive, insurance, and financial services are moving toward blockchain and smart contract development services to avail solutions that create value in the business network.
What is Blockchain?
Blockchain is a form of distributed ledger technology that provides a secure and efficient platform for storing and maintaining a growing list of transactional data records. Once stored on the blockchain platform and verified through smart contracts, the transactions become immutable and irrevocable. Immutability and irrevocability play a significant role in fintech solutions. With such features, fintech service providers can eliminate risks of data temper, hacks, and threats, create efficiency by removing intermediaries from business operations, and operate a trusted network of peers.
What is Smart Contract?
A smart contract is a computer protocol that automatically executes, enforces, and verifies business rules encoded in a digital contract. When it is being executed, nobody can change, alter, and influence the behavior of the business rules.
Essentially, it is deployed with the blockchain solution to ensure authentic information flow in the network. However, some blockchains provide provisions for changing the smart contract rules as per the mutual consent of all transacting parties. Use of several blockchain based consensus (verification) methods and mechanisms also play a crucial role in the sustainability of the smart contract solution. Their implementation depends on the type of distributed ledger technology and unique business requirements. Some standard DLT based verification methods (consensus algorithms) are proof-of-work, proof-of-stake, byzantine fault-tolerant (BFT), and special notary nodes.
Blockchain, Smart Contracts, and Financial Services
Financial services encompass a wide range of businesses that manage money, including credit unions, banks, insurance providers, consumer-finance companies, stock brokerages, investment funds, and so on.
These services can achieve efficiencies with decentralized or permissioned applications enabled by blockchain smart contracts.
For instance, a blockchain-based smart contract can replace traditional escrow service with a digital automated solution.
Trust
Organizations get features like irrevocability, peer-to-peer transactions, and cryptographic security implementations to ensure trust in transactions, and prevent data modifications.
Verifiability
It has provision to invoke every transaction ever stored on the database for verification and audit scenarios while maintaining immutability.
No intermediaries
Smart contracts eliminate intermediaries from the financial ecosystem to reduce transaction costs, accelerate data transfers, and strengthen security.
Advantages of Blockchain Smart Contracts
Smart contract brings transparency, traceability, process automation, quick and easy contract execution, cost-effective processes. Smart contract help in removing unwanted third-parties and hence the intermediary fee. Third-parties elimination depends on the processes
Here are a few advantages of blockchain smart contracts that are most suitable for banks and other financial organizations.
Features like irrevocability, peer-to-peer transactions, and cryptographic security implementations to ensure trust in transactions, and prevent data modifications
Provision to invoke every transaction ever stored on the database for verification and audit scenarios while ensuring immutability
Elimination of intermediaries from the financial ecosystem to reduce transaction costs, accelerate data transfers, and strengthen security.
Smart Contract Use Case in a Fintech Application
Blockchain developers can code business rules in a smart contract to describe and control every prospective outcome of a transaction. For instance, it can manage what will happen:
If the shipment reaches to the distributor on time?
If there is a delay from the seller’s end?
If the shipment is lost?
If there is a delay due to customs?
If the exchange rate fluctuates in real-time?
A smart contract can execute the exchange of payment if the buyer and seller conditions are met, such as timely shipment delivery. If there is no delivery, a smart contract releases the funds to the involved party’s account.
Smart contracts are most trustworthy and can efficiently move legal contracts on blockchain. They can be partially or fully executed or enforced without human interaction and any bias.
A few additional measures that double the credibility and security of smart contract-based transactions:
Verification procedures KYC and AML
Immediate irrevocability
Automated execution of smart contracts
Now, let’s explore blockchains that provide the platform for creating efficient smart contract-based fintech services:
Distributed Ledger Technology Platforms
Several open-source DLT based platforms like Ethereum Platform, Hyperledger Fabric, and R3 Corda have earned a reputation for providing innovative smart contract solutions.
R3 Corda
Corda is a distributed ledger technology for developing private permissioned solutions for financial institutions like banks and insurance companies. It aims to automate legal prose with a smart contract solution. In other words, it can completely substitute legal paperwork.
Corda’s private ledger technology enables selective permissioned exposure of information about every transaction (and every smart contact) in the network. It strengthens privacy and increases efficiency as the transaction details are not shared with all peers in the Corda network. Instead, they are available only to parties directly involved in a particular transaction.
Corda’s smart contracts also have a provision for creating notary nodes that are established as third party transaction verifiers for business-critical transactions. These authenticated digital notaries can work as public financial regulators, auditors, banks, and other entities.
Ethereum Blockchain
It was the Ethereum Platform that introduced smart contracts as the autonomous agents to the physical world. Ethereum, a public blockchain, uses Ethereum Virtual Machine (EVM) to verify and execute smart contracts. EVM refers to a network of nodes and miners that ensure no one cheats.
The key component that sets Ethereum and R3 Corda blockchain application development apart, is their consensus mechanisms. While Corda uses notaries for transaction verification, Ethereum smart contracts use proof-of-work (PoW) methods. There are also talks about Ethereum smart contracts introducing alternatives like proof-of-stake (PoS) and other mechanisms as well.
What Do We do?
Financial institutions can benefit from blockchain technologies like Ethereum, Corda, or Hyperledger. We, at Oodles, provide blockchain development services to build custom distributed ledger-based solutions for your unique financial services requirements. Our blockchain team develops custom solutions to provide greater control over processes and minimize transaction costs.
Mudit Kumar
11 Jul 2019
Efficient Solutions for Developing a Cryptocurrency Exchange
White label solution, an open-source software code/script, and ready-made white-label cryptocurrency exchange software with customizable components are the most common methods for developing an efficient crypto exchange platform. Each method has its distinct features and benefits that require detailed evaluation for the success of the platform.
In this blog, we have discussed a few features of the most prevalent crypto exchange development techniques. Let's take a look at them:
White-Label Crypto Exchange Solution
Essentially, it is not a development technique but a ready-made platform for cryptocurrency exchange software. Its components like the trading core, backend, and database are copied from one project to another for efficient deployment.
Rapid deployment
As mentioned above, a white-label crypto exchange software solution's trading core already exists, which means there is no need to build anything from scratch. You just need to deploy, install, and configure it in a new network for immediate use.
The more often a solution is used and tested by other businesses, the more stability it provides.
Quick and Easy to Brand
Typically, white-label cryptocurrency exchange software comes fully integrated and ready-made. It makes the branding and launching of an exchange platform efficient by saving time and effort in the research and development phase. The only change that needs to be done is to include your branding elements like color palette and logo.
Cost-Efficient
Developing a solution from scratch requires substantial funds and resources. However, with white-label crypto exchange software, you get a fully-built exchange at a significantly lower cost than full-scale development. Investing in a white-label cryptocurrency exchange is an ideal choice if you want to accelerate your go-to-market strategy to compete with other players.
Time-Efficient
Building a crypto exchange platform from scratch is a complex process. It also delays the product launch and creates challenges for attracting potential investors. It is wise to choose a ready-made exchange solution to ensure the deployment of the platform within five to seven weeks.
Faster Customer Adoption
A white-label crypto exchange solution like Oodles Scaffold gives you the option to avail of a cryptocurrency exchange platform rapidly, so you can immediately reach out to investors. Availing of a prepackaged solution suits those who want to establish their cryptocurrency trading business with minimum development risks quickly.
Open-Source White-Label Crypto Exchange Script
Developing your exchange platform with an open-source script provides the following features:
P2P Exchange
Peer-to-peer transaction models eliminate intermediaries from various business operations. A P2P model-based platform delivers an efficient exchange experience while securing cryptocurrencies and transactions. P2P exchange is an essential feature that is available in several open-source crypto exchange scripts.
Admin Panel
An open-source script-based exchange platform has a user-friendly, flexible, efficient, and secure admin panel. It ensures mass user adoption for your platform since it also enables non-crypto investors to engage in trading.
Security
An open-source script comes with essential built-in security features for secure transactions, deposits, and withdrawals. They employ security practices like internal security audits, network and hardware security mechanisms, KYC (Know Your Customer), AML ( Anti-Money Laundering) checks, and 2-factor authentication for users.
Robust APIs
A robust white-label crypto exchange software API is a core asset that differentiates one crypto trading platform or the whole business from others. A robust API can be regarded as a key functionality of the platform. It is treated independently to provide and consume information from unknown customers. An API should follow the standards required by the client. It must be secure and robust, and able to compute the current market rate for every available coin on crypto exchanges.
Advanced Trading Engine
An efficient order book visualization with a matching engine is a must-have feature, which is already available in open-source exchanges. It stores all transaction records that have ever taken place. It provides a list of orders of buyers and sellers for financial instruments that enable efficient capital flow and transfers among global investors
Oodles Scaffold: A Ready-to-Use Hub of Customizable Exchange Platform Components
Oodles Scaffold is a hub of ready-to-use exchange platform components that can be customized to meet varied business requirements. It enables companies to employ ready-made exchange software, but it also has provision for customizations in the software modules.
With Oodles Scaffold, clients get the complete source code of the solution which makes the auditing a smooth process. They also get several other benefits from both the above-mentioned development methods under one software solution. Essentially, it helps the clients with faster time to value in very less time with cost-efficiency along with reducing the overall ownership cost.
Let's look at how Oodles Scaffold becomes a viable option for quick and efficient cryptocurrency exchange development.
Conclusion
A white-label solution is efficient and cost-effective as it enables investors to offer provide exchange services without heavy technology investments. It expedites your services' branding and selling while streamlining your clients' conversion path. On the other hand, open-source exchange software development provides an advanced solution that is open, free, and easily accessible to everyone.
However, with a ready-made solution like Oodles Scaffold, you get benefits from both crypto exchange development methods. You can build a crypto exchange platform that meets complex business requirements with highly secure and scalable features of both open-source script and white-label crypto exchange solutions. It makes it a viable choice over a white-label solution and open-source exchange script.
Reach out to our crypto exchange developers for more information about our cryptocurrency exchange development services. We consult fintech startups and financial services providers to choose the most suitable option for their business strategy.
Category:
Blockchain
Mudit Kumar
07 Jul 2019
Factors to Consider for Crypto Exchange Development
When starting a crypto exchange business, investors often overlook the pre-development aspects. They directly dive into the development process to beat the competition by immediately launching the platform in the market. As a result, the platform meets with low adoption, below-average performance, and legal issues.
However, by paying attention to the following pre-development steps, they can ensure the platform's success with comprehensive and efficient development.There's also an option available called turnkey exchange software development that enables businesses to run a crypto exchange platform in less than six weeks. With that approach, one does not need to explore the following pre-development process.
Pre-development Factors: Cryptocurrency Exchange Software
Legal counsel and license requirements
It is necessary to understand the legal and regulatory requirements for developing a cryptocurrency exchange platform. You should avail the services of a legal firm that specializes in fulfilling licensing requirements applicable in your regional jurisdiction.
In some countries, crypto exchanges operate without much restrictions and oversight imposed by governments and regulations. However, in countries like the US, exchange operators need to be licensed traders and must comply with the requirements laid down by regulators like SEC and CFTC.
In this situation, consulting an industry-specialist attorney saves you from all the legal headache.
Gather enough capital to support the venture
Assess the approximate cost that will be involved prior to the development of an exchange platform, including expenses related to technology, platform hosting, initial stage legal counsel, government licensing, and initial advertising.
Although you won't need all funds beforehand, ensuring that the venture has enough capital provides a smooth ‘ideation to production' path. It is a mistake that most startups make by defining improper planning and projection. They raise small initial funds to cover the cost of the development process only. It leaves them with no other operational funds until the venture becomes profitable.
Startups also make another mistake of obtaining a license from untrustworthy service providers. Such providers do not mention the obligations and regulatory standards for setting up and maintaining the exchange and charge unnecessarily.
Find a technology solution provider
Hiring an offshore development company than setting up an in-house team can be a cost-effective decision. Cryptocurrency development companies in countries like India charge relatively low and provide full-suite development services with complete tech stack and skilled developers. (benefits)
Oodles is a crypto exchange development company that has no hidden charges or ongoing fees, or commission structures. Clients get complete access to the exchange source code. Some regulators may request a source code audit. Having access to the complete code makes auditing a hassle-free process.
Connect with other exchange platforms to increase liquidity
Smooth liquidity determines the success of the exchange business. If your exchange platform does not operate with an order book and trading activity chart, you may lose potential customers. Instead of simulating these features via dummy accounts within the platform, you can connect it with other exchanges. It aids in increasing the liquidity as the platform operates within a network of exchanges.
Integrate best security processes
Security is another crucial aspect that ensures the widespread adoption and success of a platform. Ensure that your exchange is being built with the best security practices to prevent hacks and cyber attacks. We, at Oodles, develop secure, heavy-duty exchange platforms by implementing securities like hot/cold wallets, 2FA, and encrypted databases, among others.
PR Campaign and Marketing
Often, exchanges exclude the marketing budget from the overall development cost. They rely on free social media marketing. It is important to plan the marketing activities, along with other costs, beforehand to reach a critical mass of traders.
Maintain ongoing legal compliance
It is necessary to maintain legal compliance and follow all laws and regulations proposed by the government and authorities. It not only applies to your exchange's jurisdiction, but also to all foreign jurisdictions from where your exchange users will be trading. A cryptocurrency development company that provides comprehensive services can fulfill your ongoing compliance needs as cryptocurrency laws evolve globally.
Types of Cryptocurrency Exchanges
Understanding the difference between the following exchange platform types is important. Both exchange platforms present different distinctions, advantages, and benefits. Although the development method of these platforms may vary, the pre-development aspects, to a significant extent, remain the same.
Centralized Cryptocurrency Exchanges (CEX)
A majority of the existing exchange platforms falls into this category. It's because they provide better liquidity rates than other types. CEXs generate sufficient capital to sustain platform development with provisions for country-specific regulatory compliance. They enable the exchange of cryptocurrencies for fiat (fiat/crypto pair) and other cryptocurrencies. They don't cut out the middleman (escrow) from the transactions like decentralized exchanges.
Now, CE Cryptocurrency Exchange PlatformXs also implement AML checks and KYC mechanisms for trusted user adoption.
Decentralized Exchanges (DEX)
Decentralized exchanges are based on peer to peer transactions and involve no transaction intermediaries. DEXs benefit users by providing the autonomy to manage funds with secure cryptography-based wallets. They eliminate the role of escrow and execute automated transactions with smart contracts and atomic swaps. DEXs are efficient, secure, and transparent platforms which execute transactions anonymously in a private manner, like blockchain.
Concluding Thoughts
It best to avoid unpleasant surprises while setting up a crypto exchange business. Several countries have established regulations to keep a check on criminal activities involving cryptocurrencies. The services of a competent legal firm will ensure that you can focus on business activities rather than dealing with compliance issues.
If you want to explore the business opportunities in the crypto exchange domain, schedule a call with our technology experts and consultants.
Category:
Blockchain
Mudit Kumar
06 Jul 2019
Cryptocurrency Exchange Platform : Insights Into Essentials
Existing cryptocurrency exchange platforms often find it challenging to cope up with increasing market requirements such as efficient handling of large transaction volumes, advanced user-experience features, and smooth trading experience.
The need of the hour is to develop simple and minimalistic crypto exchange platforms. They must support fast fiat withdrawals to include a large portion of the world population that deals in fiat money. Most importantly, they need to be safeguarded with high-level security to establish trust in the network.
So, let's start with basic aspects to consider while developing a modern cryptocurrency exchange platform.
Cryptocurrency Exchange Platform: Architecture Essentials
The development of a cryptocurrency exchange platform must include these following four components.
1) The trading engine should always be at the core of any exchange. It provides access to the order book, matches buy/sell orders, executes transactions and calculates balances.
2) UI (user interface) or the outlook of your exchange website must be excellent, and user-intuitive. It is a window to how users see your exchange. Also, mobile accessibility should be at the top of the list as the majority of users use their smartphones to access the web. Fast and efficient mobile-optimized exchange platforms experience a better audience adoption rate.
In a nutshell, the UI of the website should enable your users to;
Register and access their account
Deposit, view and withdraw cryptocurrencies and fiat currencies
View existing order book, past transactions, stats, balances, charts, etc
Place sell and purchase orders
Enable access to the support mechanism
3) An efficient cryptocurrency wallet stores and manages cryptocurrencies on the exchange server with maximum security. For any exchange platform to prevent hacks it must have a hot/cold crypto wallet system to diversify risk. (explain wallets in detail)
4) An advanced admin panel is necessary for exchange platforms. It works like business intelligence and management software.
Necessary Admin Panel Features
Alteration of liquidity
Option to edit the spread and trading
Approval of user accounts for trading, after the verification of KYC and other regulatory requirements
Management of currencies like BTC, USD, ETH, etc. and exchange pairs like USD/BTC, BTC/ETH, etc
Crediting fiat deposits, debiting fiat withdrawal requests of users
Security Considerations
Google Two-Factor Authentication
Google 2FA ensures that only valid users get access to the accounts created on the exchange. It requires two-factor authentication at every login and withdrawal request to protect the platform
Encryption and Authorization System
Both encryption and authorization are critical for a cryptocurrency exchange to keep track of user activities on the platform.
Hot Wallet Protection
The use of multiple private keys rather than a single private key prevents wallet attacks.
Robust features
KYC/AML Verification
An exchange should be equipped with AML and KYC Checks, and customer document verification and management system to eliminate frauds.
Strengthened Security
The platform must adhere to security protocols defined by blockchain technology, and enhance the quality and accuracy of data.
API and Liquidity Integration
APIs and liquidity integration ensures that you get regular estimates of trading activities in the crypto market. Also, they provide current trading activities being executed on the website.
Order Book with Matching Engine
It is a dashboard that provides details regarding order payments, balance tracking, withdrawal request, pending transactions, and much more.
Multi-Sig Wallet Configuration
Integrating multi-signature encryption configurations in hot, cold or frozen wallets manage traders' KYC and AML checks for regulatory adherence.
Trade Chart and Market Data
Trade charts provide a comprehensive view of every cryptocurrency on the platform with rational chart visual presentation. Market data reveals information like volume of trades at a specific time.
Provision to Connect with Other Exchanges to Boost Liquidity
Steady and smooth liquidity is a prominent factor that drives the success of an exchange platform. Most of the new exchanges operate without an order book and trading activity chart and keep loosing potential customers. Instead, it is beneficial to connect the platform with external exchanges than simulating these activities using dummy accounts. Overall, it boosts the liquidity and allows the platform to operate within a network of exchanges.
Additional Features of a Crypto Exchange Platform
Extensibility
As the number of crypto users is increasing, the platform must be highly scalable in architecture. It should be modular in design and consist of API layers to integrate third party services.
Utility
Integrating intuitive dashboards with trade charts and market depth charts provides an engaging user experience. It is also important to keep signup and trading processes simple and intuitive.
Advanced Exchange Software
The platform must use highly customizable software with granular user access controls and provide platform setting access from the admin console.
Further, smart contracts automate various exchange processes, which increases efficiency and reduces operational costs.
Looking for a Cryptocurrency Exchange Platform Development Company?
Employing an in-house team of crypto developers is not sustainable as compared to outsourcing crypto exchange development tasks. The benefits of hiring an offshore cryptocurrency exchange software development company are:
It is cost-effective
A dedicated team can evaluate multiple cryptocurrency development platforms to fulfill your business needs
No need to estimate the cost of hiring employees, software, resources, etc.
No need to estimate the time required for developing, maintaining, and continuously upgrading the platform
Category:
Blockchain
Mudit Kumar
05 Jul 2019
Benefits, Architecture & Use Cases of Hyperledger Projects
While entering the distributed ledger technology domain, it is unlikely that you don't get to hear about open source Hyperledger projects. Maintained by the Linux Foundation, they mainly assist in solving the industry-level operational challenges.
Hyperledger: For Enterprise Blockchain Solutions
Although blockchain applications provide diverse industry solutions, they don't fit everywhere. As different organizations have different requirements to satisfy their needs, blockchain cannot serve as a single system. But, Hyperledger provides frameworks and tools to develop blockchain solutions with specific functionality and business rules for every industry's needs.
With Hyperledger Projects Companies Avail These Benefits
Accelerated development
Collaborative environment with clear communication channels reducing research burden for coding or development and enabling quick development of a solution
Improved productivity
Hyperledger greenhouse effect that encourages the use of collaborative research to create more value and productivity
Collaborative method
Collaboration as the priority to avoid the chance of duplication and streamline the overall development. encourages the entire community to work together to achieve interoperability
Better intellectual property handling
Greenhouse architecture consisting of Apache 2.0 license of code and Creative Commons Attribution 4.0 International license to ensure more consistent care of the intellectual property. Both of these licenses safeguard intellectual property and ensure compliance regulations.
Design Architecture of Hyperledger
When a high level of trust in transactions is necessary for an enterprise, private blockchain development provides the required solutions. A permissioned solution restricts anyone to join the network without authorized permission for strengthened security.
When an enterprise requires minimal trust with wide user adoption, a public blockchain solution fulfills its decentralization requirements. A public blockchain network allows anyone to join the network while adding security layers as it expands.
Also Read:Hybrid Blockchain: Bringing the Best of Both Public and Private Blockchains
In this case, Hyperledger projects provide development frameworks and components that easily enable blockchain solutions to meet different enterprise requirements.
Hyperledger projectscover almost every possible use case on the market. They easily meet different enterprise scenarios demanding different functionality and business operations logic that meet their needs. Hyperledger projects provide development frameworks and components that easily enable changes with decentralization, confirmation times, and trust and many other issues.
To cope up with these diverse scenarios, every framework of Hyperledger projects maintains a particular design architecture that includes:
Modular design
Enable developers to efficiently pilot the project without affecting the overall structure of the network.
Extremely secure platform
All projects follow the principles set by the Linux foundation's core infrastructure. Regular audits by security experts of Hyperledger protocols, algorithms and cryptography ensure the security of the network.
Interoperable
Applications and smart contracts are portable for every outside blockchain network to create an interoperable network
Cryptocurrency-Agnostic
All the projects are cryptocurrency-agnostic. They don't use cryptocurrencies or other tokens on their platforms. However, if a corporation wants to have cryptocurrencies in its blockchain, Hyperledger also has provisions for creating cryptocurrencies on the platform.
Hyperledger Use Cases
Now, let's explore some Hyperledger use case examples:
Healthcare
Healthcare is the fastest emerging growing Hyperledger use cases. With Hyperledger, this sector can streamline physician credentialing process, and enable hospitals to check whether their doctors are trustworthy.
But, the process is long and leaves various paper trails behind. Another alarming is drug counterfeit in the medical chain. As a result, not only consumers suffer, it also degrades the reputation of the healthcare industry.
Hyperledger Indy assists here perfectly
The Hyperledger Indy architecture can easily handle the credentialing issue of physicians for hospitals. It provides safer grounds for developing a network where medical schools can create digital credentials of doctors and upload their verification identities
Similarly, drug tracking can speed up along with the process of an insurance claim with Hyperledger.
Information Technology
With blockchain based self-sovereign identities, everyone can get their ID and control the data in it. It can have profound implications for enterprise and provide significant developments in the IT field
Hyperledger Indy architecture fits here appropriately
The Indy offers to create portable self-sovereign identities coupled with its traditional ways, and more security and cryptography. Users can only bring their ID and use it with any distributed ledger system.
Supply Chain Management
Supply chain management is complex, and every single stage of the chain is a hurdle. From manufacturing to the customers' door, tracing the progress of the product along its journey becomes essential. Also, various areas of supply chain deal with transactions that are time-consuming and inefficient.
Hyperledger frameworks for improving supply chain management
Here, Sawtooth becomes helpful in managing supply chains. The stakeholders can create a traceability network with every stage of the chain on the ledger. They can also use IoT sensors to record essential information like location, temperature, and other factors of shipping. Sawtooth also uses a smart contract that enables smooth payments at every stage.
Banking
Banks need PII (personally identifiable information) data such as government ID, annual income, birth dates, passport number, and so on to verify users' credit ratings. On the other hand, the process loan application takes up a lot of time. With every new application submission, users risk their personal information to be misused.
But, a platform developed with Hyperledger Indy would enable every applicant to share only the information that validates their identity to the bank. Its architecture enables any activity that includes the exchange of personal information with banks to be executed instantly.
Instead of exposing their PII, users use zero-knowledge proof that can verify if someone is over 21 age or their tax payment passed by a certain threshold. ZK-knowledge can even verify government IDs and credit card information.
Hyperledger Indy architecture provides any company to develop ledger-based identity solutions for increasing trust between multiple parties. A solution that would take consent before sharing the information, and give full control to users over information.
Other Hyperledger frameworks
Hyperledger Burrow can convert loan applications into automatically executable smart contracts that verify business rules and process the loan instantly.
Hyperledger Frameworks, an Overview
BURROW
Itfollows a modular architecture that provisions for integrating permissioned smart contracts.
FABRIC
It provides a distributed ledger solution with a modular design that enables the development of high-quality applications for any purpose.
INDY
Indy is a distributed ledger platform that consists of various libraries, tools and reusable components helpful in creating decentralized identity-based systems.
SAWTOOTH
Sawtooth is most suitable for running, deploying, and building large distributed ledgers with new consensus protocol – Proof of Elapsed Time.\
Hyperledger Tools, an Overview
CALIPER
A benchmark tool to analyze the performance of any blockchain platform developed with a predefined use case in mind
CELLO
Module toolkit for creating terminating and managing blockchain as a service
COMPOSER
A developmental framework and tool-set for streamlined blockchain application deployment
EXPLORER
Web-friendly viewing for the network components such as nodes, blocks, statistics, transactions, and smart contacts.
QUILT
A business blockchain to increase interoperability between distributed ledger systems with Interledger protocol.
Final Words
We are all living in the digital era where everything is connected. In both personal and business life, people demand to stay connected all the time. However, it requires a private, secure, and trustworthy environment, which Hyperledger projects provide efficiently. It is significant, as we also sense from this post, Hyperledger brings creativity and ease-of-use where blockchain and DLTs are solutions for future needs.
Category:
Blockchain
Mudit Kumar
30 Jun 2019
Efficient Banking Solutions with Blockchain Technology
Blockchain technology is a distributed ledger technology that carries the potential to digitize and accelerate banking processes requisite security mechanisms. It overcomes challenges arising from traditional manual, inefficient, and time-consuming banking practices. It revamps those banking activities by providing the following benefits explained in detail in this blog post.
Efficiency, Transparency, and Security
Blockchain solutions ensure trust, transparency, efficiency, and security in the network with cryptographic mechanisms, P2P transaction methods, and immutable, distributed ledger. Although a distributed ledger enables all participants in a network to view transactions, it does not permit them to modify it without consensus. Thus, eliminating manual efforts required for verification and reconciliation with smart contract technology that can generate an automated audit trail of financial transactions. Also, as a distributed ledger is immutable and irreversible, it eliminates the risks associated with frauds and modifications. It also eliminates the need for intermediaries with immutable transaction logs in real-time.
Implementing Blockchain in Banking Provides?
Single Source of Truth
Today, conventional banking largely depends on manual, paper-based legacy systems to fulfill stakeholders' requirements involved in every transaction. Blockchain provides a shared but encrypted digital infrastructure to expedite transactions, including contractual agreements. For instance, a mortgage loan process requires a string of checks and balances between borrowers, loan officers, underwriters and home buyers. Blockchain can connect all the actors by updating the ledger automatically in a transparent manner.
Reduced Dependency on Intermediaries
Traditional banking transactions occur through a centralized system of authorities and intermediaries. Consequently, payment settlements extend from days to weeks. Blockchain powers smart contracts to eliminate third-parties and enable instant, compliant and transparent payments efficiently, for instance, cross-border remittances and fund transfer.
A high-level overview of the blockchain banking solution that eliminates intermediaries and increases efficiency
Real-time Cross-Border Transactions
Sending money across international borders through traditional means always remains subject to anti-fraud checks, foreign exchange, and fund clearance. Blockchain solutions make cross-border payments efficient with peer-to-peer payment networks and decentralized authentication, all in a compliant manner.
Reduced Fraud Risks and Increased Transparency
Unlike centralized banking ledgers, blockchain decentralizes the stored data with immutability and security mechanisms like cryptography. It does not store data of financial transactions and ownership in one single place. Instead, all stakeholders in a network keep a copy of such data. Subsequently, any fraudulent activity or data breach becomes avoidable and instantly traceable.
Streamlined KYC and Customer Verifications
KYC and other customer verification checks cost the financial services industry on average $50 million, and some financial institutions even spend up to $500 million a year, according to the Thomson Reuters survey. Augmenting these processes with blockchain can enable banks to access customers’ verified information instantly. Further, they can efficiently, securely y share it with third-parties like savings and loan associations, mortgage companies, insurance companies, and brokerage firms with compliance.
Costly Cross-Border Remittances
Currently, according to the World Bank, the global average processing charge of remittances is 7.7% of the transaction value. It has a significant impact on those who want to send money across borders.
Global Cross-Border Remittance System: Current Challenges
Increased de-risking activities
Failure to adhere to regulatory standards
Lack of interoperability
Expensive private remittance channels
An inefficient traditional money exchange system
Companies operating in the remittance industry have begun to use blockchain technology as the backbone of new systems. They are exploring blockchain to overcome challenges such as high costs, high turnaround time, and vulnerability of legacy systems.
Solving the Challenges with Corda
Our blockchain specialists at Oodles use Corda blockchain development services to streamline legacy cross- border payment processes. Corda can optimize the “pipes” through which the majority of cross border money flows. Corda remittance solutions provide the following benefits:
Remove intermediaries, reduce operational costs, and enable minimal involvement of correspondent banks
Provide cheaper and quicker remittance transaction solutions
Improve visibility to information for banks and their customers
Conduct bank to bank direct transfers
Enable secure transactions between banks and access based visibility to data
Reduce the cost of cooperation with correspondent banks and SWIFT messages
An overview of the Corda blockchain-based cross-border remittance solution
Corda at a Glance
Corda is a blockchain enterprise platform specially designed to enhance financial services and develop efficient public and private (permissioned) banking solutions. It addresses various banking challenges and lays the foundation for new revenue streams. On the one hand, it works as a permissioned network to enable a group of organizations to record, manage, share, and synchronize contracts or other information privately. On the other hand, it operates as an open-source platform that financial institutions can use to build public applications on top of it.
Conclusion
Banks can avail multiple benefits with blockchain application development, such as faster syndicate formation, digitized documentation, quicker KYC operations, data integrity and immutability, and much more. Blockchain-based solutions can automate several time-consumption and manual processes, expedite settlement cycles, and eradicate duplication of efforts and intermediaries.
Distributed ledger technologies like blockchain can lay the foundation for a better global banking experience.
How Oodles Can Help?
Oodles has the experience and knowledge required to develop applications and blockchain banking solutions that can simplify complex processes of the financial services industry.
If you’re considering outsourcing your next fintech project either for software development or complete platform development, drop us a query.
Mudit Kumar
28 Jun 2019
Building Education Verification System with Hyperledger Fabric
The processes for verifying educational credentials between recruiting companies and educational institutions are irregular, opaque, and inefficient. Verification services are valuable for pre-employment background checks. They ascertain whether or not a candidate’s educational credentials are genuine. Verification reports are essential for making hiring decisions and testing the honesty and integrity of candidates. Since businesses invest significant resources in hiring competent individuals, effective verification plays a critical role.
Employees misrepresenting their education and experience is a common problem organizations across the globe have to deal with. The presence of a significant number of fake and unapproved institutions further compounds the problem. The need of the hour is to use blockchain development services to build education verification solutions that enhance trust and transparency between job seekers and companies with efficient credential verification systems.
The Solution to Bridge the Gap Between Education-to-Employment Verification
Hyperledger Application Development Services can fulfill the need of stakeholders to exchange sensitive information with trust, security, and transparency.
Hyperledger’s Fabric is a framework that can accelerate and simplify education-to-employment verification processes.
It can enable educational institutions, students, and companies to collaborate and share information using a single secure blockchain-based application.
Why Hyperledger Fabric?
The Fabric enables blockchain developers to build distributed ledger solutions that provide increased privacy, flexibility, and scalability.
It is an extensible blockchain platform that requires no native currency to run distributed applications.
It enables components like consensus algorithms and Membership Service Providers to be plug-and-play for the development of different use cases and trust models.
In particular, the MSP component executes membership services with interoperability across different membership standards and architectures in a permissioned model.
With container technology, it runs smart contracts called "chaincode" for the automated execution of business rules in the system.
The Fabric also can create private permissioned channels that enable a group of participants to create a separate transaction ledger. It is important for private transactions where every participant in the network should not see them but only the permissioned ones.
Also, Check: Compelling Use Cases of Hyperledger Blockchain Applications
Developing an Education Verification System with Hyperledger Fabric
A prototype platform based on Hyperledger can provide various operational benefits for the education-to-employment verification system.
It can establish and maintain self-sovereign digital proof of credentials, including educational certificates and authority evidence of academic achievements.
Concurrently, digital proofs can bear timestamps for seamless integration with existing applications.
It improves data integrity and protects the intellectual property rights of all stakeholders.
A Hyperledger Fabric-based verification system will require an educational institute's private key to sign the content of the certificates and add a signature to it.
It will create unique hash IDs that students, educational institutions, and employers can use to verify the contents of an educational certificate.
As a result, students will use their private keys to manage digital records and ensure consistency of information and certificate contents. Educational institutions can use their private keys to verify and sign digital certificates
Post that, smart contracts and multi-signature will trigger to verify the certificate at each level of authorization.
Finally, the digital certificates will reach students or employees in near real-time.
Also, Explore | Establishing Digital Self-Sovereign Identity System with Hyperledger Indy
System Architecture
The prototype system we discussed above has architecture layers as shown in the image below.
The system uses blockchain as the underlying data storage mechanism.
Hyperledger Fabric (Certificate Authority) enables Authorization services and Chaincode technology executes smart contracts as per the business logic.
Also, it provides various modules, such as authority authentication, student information management, recruitment information, and block information.
The system architecture also provides a web interface, and CLI (command line interface) to be used when it is necessary to customize the system from the bottom.
Fig. 1. Architecture Layers of the Prototype System
Data Flow Diagram
As visible in the image, users can authenticate their identities using a web interface.
Further, they can obtain certificates from Hyperledger Fabric (CA) server with their private keys and passwords.
Users, depending on their authorization, can request a query or edit information related to students or recruitment with the web interface and CLI.
Fig. 2. Data Flow Diagram of the System
System Deployment
Figure 3 shows the basic blockchain network architecture of a prototype solution deployed on Hyperledger Fabric.
The solution uses two types of organizations, educational institutions, and other organizations. Each organization comes with two Fabric-based peer nodes to create the blockchain network. The network has a single-node orderer known as the Ordering services of the solution deployed in Solo Mode.
Also, it uses the Hyperledger Fabric CA server deployed in a single node to provide membership services to educational institutions.
Fig. 3. System Deployment of the Prototype System
You may also like | Analyzing the Food Traceability System Developed by Walmart with Hyperledger Fabric
Conclusion
Hyperledger blockchain development services focus on eliminating a few pain points that currently hamper the education-to-employment verification system.
They address the current information asymmetry existing between employer organizations and educational institutions.
Also, they focus on enabling seamless convergence among students, employer enterprises, and educational institutions with transparency, authenticity, and validity of data.
However, there are many other use cases and applications of Hyperledger Frameworks that can be explored, ranging from education to identity management to healthcare solutions.
At Oodles, we have a team of seasoned blockchain developers who have the skill set to develop enterprise blockchain solutions. They analyze intricate solution requirements to use the appropriate blockchain framework. If you wish to explore the opportunities of Hyperledger app development services in the education sector, feel free to connect with us.
Mudit Kumar
24 Jun 2019
Creating Industrial Permissioned Systems with Hyperledger Fabric
Hyperledger Fabric is a platform that fits best for developing private and permissioned business solutions with distributed ledgers. It enhances the confidentiality, resiliency, flexibility, and scalability of the network with its modular architecture. Hyperledger Fabric enables developers to build private blockchain solutions for organizations looking to set up private consortiums. Unlike public blockchains where anyone can join the network, users have to enroll through Membership Service Provider (MSP).
Hyperledger Fabric Network Model
Its network has features that enable the development of standard customizable enterprise blockchain systems.
Assets: Facilitating monetary value exchange across the network
Chaincode: Reducing the required levels of trust and verification across node types, and optimizing network performance and scalability
Ledger: Encoding transactions for each channel, including SQL-like query provisions
Channels: Enabling multi-lateral transactions with enhanced levels of privacy and confidentiality
Security and Memberships: Authorizing and assigning regulators and auditors as members to detect and trace transactions
Consensus: Enabling network operators to select a consensus method that fits best to represents participants’ existing relationships in the network
Modular Architecture for Development
Hyperledger developers create the application and smart contract
They deploy the application on the server and the smart contract on a peer using DEPLOY
A verified user interacts with the app by sending orders (INVOKE) or retrieving information (Query) through the smart contract
Smart contract executes an event subscribed by the applications
Work Model of Hyperledger Fabric
Its design makes it a truly modular, scalable, and secure foundation for enterprise blockchain solutions. It decouples peers into two distinctive runtimes with three separate roles.
Commiter peers: Commit transactions, and maintain ledger and state
Endorsing peers: Receive, and grant, or deny transaction proposals of endorsements
Ordering peers: Approve addition of transactional events to the database, and communicate with other two peer nodes
Use Cases of Hyperledger Fabric
B2B Contracts
Hyperledger Fabric has the provision for coding business contracts that enable trusted automation of contractual agreements between two or more parties. While information remains ‘public,’ B2B contracts often require privacy control over their sensitive business information. Although confidential agreements are a critical business element, there are situations in which contracts must be discoverable by all participants.
Roles
Contract Participants: Contract other counterparties
Third-party participants: Stakeholders who will guarantee the contract’s integrity
Key Components
Multi-sig contract activation: When one of the counterparties execute their first contract, it goes to the pending activation state. Then, it requires signatures from other counterparties or other third party participants for activation.
Multi-sig contract execution: Some contracts may also need one of many signatures to execute the contract. For instance, in financial trades, a payment instruction execution is possible when the recipient or authentic third-party confirms the shipment.
Discoverability: If a business contract is seeking bids, it must be easily discoverable. Blockchain developers can use Fabric to build smart contracts that have built-in intelligence to evaluate, choose, and honor bids.
Contract execution or atomicity: Atomicity of a contract guarantees that asset transfer will only occur when the recipient has received the payment. If any execution process stops fails, it will roll back the entire transaction.
Contracts to chain-code communication: Contracts must communicate with chain-codes, deployed on the same ledger.
Reusable contracts: Standardize the most used contracts for reuse.
Auditable contract agreements: Provides provisions to third parties for auditing any contract.
Contract life-cycle management: Enables an efficient contract management system to scale the ledger network as some contacts might not be standardized.
Validation access: Only nodes that have validation rights can verify and validate transactions of B2B contracts.
View access: Only accounts with predefined access rights can view and interrogate the B2B contracts as they often include sensitive information.
Manufacturing Supply Chain
Final assemblers, like automobile manufacturers, can form a supply chain network managed by peers and suppliers. It facilitates better management of suppliers and makes them more responsive to various events, such as vehicle recall events. The network protocol must enable supply chain participants to input and track numbered parts produced and used for a specific vehicle. Also, it should have the backward searchability for provenance tracking of goods, which may include other suppliers.
Roles
Final assemblers: Entities that assemble the final product.
Parts Suppliers: Supplier of parts. They can also be assemblers, by assembling parts received from other sub-suppliers, and then sending the product to the final assembler.
Key Components
Payment upon the delivery of goods: Upon receiving of parts, it will require integration with off-chain payment systems to execute payment instruction.
Third-party Audit: The solution must allow all supplied parts to be auditable by third- parties. For instance, regulators may require tracking of the total numbers of supplied parts by a specific supplier for tax accounting.
Shipment obfuscation: It requires balance obfuscation to restrict suppliers from deducing activities of other suppliers.
Market size obfuscation: It obfuscates overall balances to restrict part suppliers from deducing their own market share for negotiating contractual terms.
Validation access: Only nodes with validation access will have the right to validate transactions, such as the shipment of parts.
View access: Only accounts that have view access will have the right to interrogate the balance of the shipped and available parts.
Related Reads
Compelling Use Cases of Hyperledger Blockchain Applications
How Hyperledger Increases Blockchain Adoption In Various Industries
Use cases for additional requirement and scenarios
Single Trade, Single Contract
From the capture of a trade by the front office to its final settlement, the solution will create only one contract. The intermediaries will receive the same electronic contract. Later, counterparties will also use it to validate the trade. Eventually, the securities depository will execute the trading instructions mentioned for settling it. However, in bulk trades, there will be divided sub-contracts that are always linked to the parent contract.
Interoperable Assets
If a company needs 10,000 units of asset B but owns only 5,000 units of asset B, a solution for exchanging assets is essential. Although the existing market may not provide sufficient liquid options to achieve this trade, liquidity between asset A and C will be available. So, instead of market limit settlements on direct trading (A for B), the network chain will connect buyers with buried sellers, determine the best pair, and execute the transaction.
More About Hyperledger Fabric: How Hyperledger Fabric Cultivates Business Interest In Blockchain
Concluding Thoughts
Verifiable identities of the participants is a primary requirement for private industrial networks.
Hyperledger Fabric is best suited for ensuring the identity of participants and the privacy of specific transactions on the network. Fabric provides a modular architecture with permission-based membership services, which require all network participants to have verified identities to access transaction information. It has implications in industries like healthcare and real estate, as they are bound by the data protection regulations. They mandate these industries to maintain data about various participants and their permissions to access various data points.
Fabric provides such permissioned-based membership. Only the permissioned participants get access to the necessary details. Such a data partitioning system developed on the blockchain enables specific data points to be accessible to only the parties that require it. Its modular architecture acts as a foundation for blockchain-based products and applications development with plug-and-play components for private enterprise ecosystems.
Oodles is a Hyperledger development company that has expertise in enabling businesses and startups to streamline their processes with transparent and efficient transactions. Our blockchain team evaluates intricate details of the solutions and use multiple benefits of Hyperledger to fulfill your business requirements. If you’re looking for efficient and effective Hyperledger application development services, connect with our consultants and tech experts.
Mudit Kumar
24 May 2019
Blockchain Application Development for Supply Chain Verification
This article entails how businesses can use blockchain application development to improve authenticity verification in supply chain management.
Authenticity Verification Challenges
A product authentication solution enables each stakeholder in a supply chain to authenticate products easily and securely. It improves distribution channel integrity to provide end-to-end protection against counterfeit products.
However, conventional solutions for product authentication are unable to provide efficient protection against fraudulent activities. The International Chamber of Commerce (ICC) found that pirated products will drain $4.2 trillion from the global economy by 2022. Manufacturers and suppliers need to find a sustainable solution for product authentication to address counterfeiting challenges.
Blockchain application development can provide solutions that efficiently authenticate products in the supply chain.
Enterprises face the following three major challenges with conventional product authentication solutions:
They provide inadequate security if they are easy to use and economical
If they are robust then they require a high level of technical expertise and dedicated hardware to operate
It is difficult to integrate them with enterprise solutions
Technologies like QR codes, 2D codes, and serial numbers are simple and cost-effective. However, it is easy to copy and use the codes and numbers for producing counterfeit products.
Hologram provides covert authentication, but it is useful only for experts. Copycats can trick non-experts easily by creating holograms that are not easy to detect as fake.
Several covert security features like security ink and taggants require trained professionals and expensive hardware to verify authenticity. Technologies like RFID (radio frequency identification) tags have emerged as standard logistic solutions with sophisticated capabilities. But, the high cost and lack of a common platform for mobile verification inhibit the widespread use of RFID tags.
The supply chain management industry is struggling with inadequate resources for efficient authenticity verification. It has solutions that are either easy to use but insecure or secure but uneconomical.
Blockchain technology and smart contracts can overcome such conventional limitations to authenticate products in an easy, economical, and secure manner.
Read About Smart Contract Solutions for On-Demand Car Insurance
Overcoming Authenticity Verification Challenges with Blockchain
Blockchain supply chain management solutions can enable stakeholders to overcome the challenges of data transfer, ownership verification, and privacy. The technology enables provenance validation with greater certainty by simplifying the process of data transfer and transaction reconciliations.
Blockchain and distributed ledgers store immutable records of products like quantity, location, and movement to secure each piece of information. Additionally, it is possible to create verifiable information with smart contracts to enhance data transparency for the benefit of all stakeholders.
Initial data accuracy is an important factor in supply chain management (SCM). Blockchain requires accurate initial data on the product to counter the issues of fraud and inaccurate labeling. The capability of blockchain to store immutable records of every transaction is the basis of efficient authenticity verification in SCM.
A blockchain can maintain chronological records of transactions for easy identification of fraudulent or erroneous activities. It stores the records of transactions by encoding them cryptographically. Replication of data on the entire network makes the record available for any supply chain participant.
The technology establishes trust in multiple data sources by providing visibility over the origin of the data related to a product.
Every product possesses a unique serial number or code for identification. It is possible to store such information on the blockchain as initial data or product ID. Third-party services such as logistics will warrant the addition of unique hash data into the product id on the blockchain.
Stakeholders on the supply chain like distributors and retailers add unique hash data to the product ID successively. It is possible to track the transaction history and product movement by tracking the hash data on the blockchain. It simplifies the process of tracking the provenance details of the product.
The hash data and product ID are immutable and each transaction has a record on the blockchain. It effectively strengthens anti-counterfeit measures. It is also possible for consumers to verify product authenticity with the initial identifier or product id.
Check It Out | Blockchain Applications to Improve Customer Service
Our Blockchain Development Services
We offer blockchain application development using platforms like Ethereum and Hyperledger Fabric. We program smart contracts for adding cryptographic hash data essential for verifying products. Our developers customize the proof-of-work (PoW) algorithm to develop a proof-of-stake (PoS) consensus algorithm for enabling better scalability of the DApp.
We can also develop delegated proof-of-stake (DPoS) or practical Byzantine fault tolerance (PBFT) consensus algorithms to fulfill multiple supply chain requirements. Hyperledger Fabric enables the development of a modular platform that supports the operations of private consortium networks like the supply chain.
Every supply chain has industry-specific requirements. We evaluate several blockchain technologies to fulfill the supply chain requirements of a variety of products. Our subject matter experts assess your business requirements to develop a holistic solution.
Contact our skilled developers to create blockchain platforms that improve the efficiency of supply chain operations while improving authenticity verification processes.
Mudit Kumar
08 May 2019
Blockchain Application Development to Improve Customer Service
An efficient complaint management system is the key to improve customer service. It is a significant unit of business operation that strengthens service delivery and enhances market reputation. An efficient complaint management system functions in several ways:
It facilitates early detection of complaints
Enhances the complaint intake capacity
Accelerates quality response
Supports the business to improve the service to avoid further complaints
The existing complaint management systems focus on strategies like compliance management, promoting a fair consumer financial marketplace and prevention of discrimination. Conventionally, businesses are struggling to manage complaints with:
Databases and networks for reporting capabilities
Incentive programs for customer service employees
Changing products and services based on customer complaints
On the way to achieve these solutions, businesses spend heavily on both human and technology resources. Still, there are lots of rooms to improve customer service. The existing solutions like CRM are not scalable and efficient enough to deliver quality customer service.
A digital platform based on blockchain technology is capable to provide efficient complaint management solutions. Blockchain solutions facilitate business to improve customer service by addressing the multiple roadblocks singlehandedly. Blockchain applications can enhance existing methods to address complaints and reduce cost massively. Such platforms are scalable, secure and integrable with technologies like AI, IoT and big data, that enable effective complaint management.
Read more: Smart Contract for On-demand Vehicle Insurance
Understanding the Requirements of Efficient Customer Management Platform
Gartner identified four focus areas of the operational technologies that improve customer service to enhance the customer experience. These are also the requirements of an efficient customer management platform:
Analysis of customer behavior
Training and motivating customer service professionals
Agility and accessibility of customer service
Integration with technologies like AI, IoT, virtual customer assistance(VCA), and chatbots
These areas take into account the multiple facets of customer experience with the business to enhance customer service. Technologies for speech analysis, customer intelligence, interaction analysis facilitate prediction of customer behavior to enhance early detection of complaints. Consumer messaging apps, customer self-service, and mobile customer service increases the compliant intake capacity of the business. The efforts to train and motivate employees also adds to complaint intake. And, emerging technologies like AI, VCA, and IoT facilitate the further improvement of customer services. A technology that enables execution of these operations will provide an efficient platform for customer service. Such platform functions as an efficient complaint management system. It is also a CRM system with complete synchronization with business operations.
Blockchain Application Development to Improve Customer Experience
A Gartner survey also revealed that 25% of CEOs are confident that blockchain will transform customer experience in a few years. Blockchain technology enhances customer service with its capability as an omnichannel platform for customer management. The platform facilitates the required technical functionalities discussed above for efficient customer management.
Enhancing Predictive Analytics
Blockchain can develop efficient predictive analytics systems. It has the capability to amalgamate the diverse source of data required for behavioral analysis of consumers. The decentralized approach of blockchain provides a broader platform for customer engagement with brands. It is capable to streamline and fragment massive amounts of consumer data compared to conventional technologies. Applications based on blockchain technology like R3 Corda supports developing efficient forecasting algorithms using large datasets. Applications of blockchain include prediction of customer lifetime value, creation of dynamic prices and customer profiling.
Read more: Developing Efficient IoT Blockchain Solutions for Healthcare
Improving Customer Engagement
Blockchain can radically improve the interaction of the business with customers by building strong trust. Data insecurity and mistrust are factors that contribute to consumer skepticism. Blockchain technology addresses the issue by decentralizing data to promote transparency in customer relationship. It becomes a big differentiator for the business by building values like security, equality, and fairness in dealing with customers. Furthermore, smart contracts ensure implementation of strict standards in customer service to avoid discrimination of consumers.
Increasing Agility and Accessibility of Customer Service
Blockchain can transform customer self-servicing as it provides a system where users have control over data. A blockchain platform can enable direct customer connection with the specific department of a business to address their complaints. It can save time and facilitate a faster response to complaints by eliminating the long processes of internal reporting. The technology facilitates peer to peer encrypted messaging that enhance the accessibility of service in a secure way.
AI and Blockchain for Better Customer Service
Blockchain and AI can collect data from multiple-channel in real time to provide insights for better decision making. Businesses can provide customers the detailed information about any product and their origin. AI and blockchain enhance the collection of consumer feedback to improve the quality of service and products. AI and blockchain also enable secure chatbot application that can reduce the response of customer queries significantly.
We create blockchain solutions that function as efficient platforms to provide omnichannel customer experience. To develop solutions that fulfil specific business requirements we need to discuss the expected capabilities of the platform. Consult us to create solutions that provide efficient customer service to enhance market reputation.
Mudit Kumar
06 May 2019
Refining Digital Identity Management with Hyperledger Indy
Digital identity is the information about an individual or organization available on the web. Typically, digital identity includes business-sensitive and personally identifiable data (PII) such as:
Username and password
Purchase history
Date of birth
Social security number
Online search activities, like electronic transactions
Medical history
Digital Identity Management Challenges
Centralized online service providers control and use this user information silo to identify, validate, and track users for availing their services. However, they often exchange data without users’ consent. This user data exists in databases that are vulnerable to hacks. It warrants the need for creating trusted identities with an authentic, global, and self-sovereign digital identity management solution.
Overcoming Digital Identity Management Challenges with Self-sovereignty
The self-sovereign identity model places identity stakeholders (owners, verifiers, and issuers) in control of their sensitive data. It calls for a system that enables these identity stakeholders to manage and disclose selective PIIs individually in a peer-to-peer manner.
Features of a Decentralized Digital Identity Management Solution
The essential features of a systematic decentralized, self-sovereign identity management solution are:
Providing users with control over their digital identities
Sharing only the required information for specific contexts
Reducing the involvement of parties having access to identifiable information
Preventing unnecessary linking of individual information with other systems
Enabling individuals to produce digital identities for different conditions
Establishing a two-way trust mechanism, including system support for users to manage information of service providers
Providing a consistent user experience
Hyperledger Indy-based Solution
Hyperledger Indy provides tools and components to develop a distributed, permissioned solution on a global scale. It makes it possible to develop a system that brings analog IDs under one platform, similar to the real-world wallet concept. It is ideal for programming IoT devices and enabling stakeholders to accumulate digital credentials and authenticate themselves without intermediaries.
Development with Hyperledger Indy
Indy provides solutions to eliminate information silos and fix database vulnerability.
Tools, libraries, and reusable components for creating efficient decentralized identity platforms
Secure, scalable and robust self-sovereign identity management systems
Interoperability across applications and administrative domains
Developing a decentralized identity solution with Hyperledger Indy provides real-time reconciliation and authentication. With comprehensive security features, it replaces multiple usernames and passwords with encrypted digital identities.
The solution enables individual identity owners in a blockchain network to avail these key functionalities.
Accessing and using credentials when necessary
Conducting secure verification of self-sovereign identity
Enabling issuance, control, management and private sharing of credentials with security standard like ZKP (Zero-Knowledge Proofs)
The solution uses blockchain as a trusted repository to establish a secure identity and relationships. Most importantly, it does not store any PII on the ledger.
Benefits with Hyperledger Indy
Self-sovereignty
Indy enables the storage of identities on a ledger with distributed ownership. These identities comprise of proof of existence, public keys, and cryptographic accumulators enabling revocation. It means, no one but only the owner has the right to change or remove an identity.
Privacy
Indy preserves privacy by default as each identity owner in the decentralized, distributed network operates without any friction or intermediary.
Verifiable claims
Indy combines and transforms identity claims resembling credentials like birth certificates, passports, and driving licenses, with multiple efficient mechanisms. For instance, it uses zero-knowledge proof to enable selective disclosure of data required by any particular context.
Improving Digital Identity and Access Management with Oodles
Our blockchain developers are skilled in developing innovative industry solutions using blockchain technology. They have gained experience in various dimensions of blockchain development. Our blockchain team develops solutions that meet the demands of a distributed, permissioned identity solution with point-to-point credentials exchanges.
Mudit Kumar
03 May 2019
Smart Contract Solutions for On-Demand Car Insurance
On-demand motor insurance is the latest innovation in insurance. It provides flexibility to customers for choosing insurance policies that meet their requirements at lower costs. On-demand insurance enables customers to insure specific automobile parts for a specific amount of time. Such insurance services cater to specific customer requirements with significant cost reduction
The key features of on-demand insurance are:
Instant verification of documents
Coverage for days of the weeks or hours specified by the customer
Easy accessibility of insurance services with mobile devices
The above features make on-demand vehicle insurance fast, cost-effective and easily accessible. Let’s take a look at how smart contracts enable on-demand insurance.
State of On-demand Motor Insurance
From a technical perspective, on-demand motor insurance requires a digital platform that provides insurance with a high level of granularity. Users upload images of motor parts they want to insure using the app with proof of ownership as well. Insurance of the motor parts can thus be set up with a few easy steps.
However, several on-demand insurance processes are currently manual. Verification of ownership and authenticity of the claim and identification of motor parts are time-consuming processes. Thus, even if an insurance application occurs in real-time, it takes days for it to become operative.
Blockchain and Smart Contract Solutions
It is possible to accelerate on-demand insurance processes by automating manual tasks. Blockchain technology and smart contract can achieve a high-level of automation for error-free verification of products and users. Smart contracts have the potential to enable on-demand vehicle insurance using sensor data. Here’s how blockchain and smart contracts can improve motor insurance:
Bringing insurance providers, product manufacturers and sellers on a common platform for quick verification of product ownership
Detecting and reducing insurance fraud
Improving data accuracy to bring transparency among parties
Reducing the administrative costs of insurance providers
Apart from these benefits, on-demand insurance with smart contract solutions can lower the cost of policy modification significantly.
Read about:
Three Key Areas To Use Blockchain In Insurance
The Blockchain Revolution In Insurance Industry
Executing On-demand Motor Insurance with Smart Contract
A distributed ledger technology (DLT) based platform can connect users with insurance companies to implement on-demand vehicle insurance in real-time. It will also connect the original seller of the insured product and previous insurers to the on-demand insurance provider. The provider can customize the functioning of the distributed ledger with smart contracts to suit business requirements. Smart contracts can also determine the level of access required by other participants in the insurance process. A permissioned blockchain can authorize product sellers and previous insurers to verify data. It is possible to develop permissioned blockchain by customizing DTL platforms and coding the smart contract for desired operations.
Read about: Overcoming the Challenges of IFRS Adoption with Smart Contracts
Sensors play an important role in the automation of on-demand vehicle insurance with smart contract solutions. A sensor installed on the vehicle sends mobile notifications when any motor part malfunctions. The sensor will also send the barcode or any product ID for verification to the mobile app.
The smart contract will verify the data with the product vendor, previous insurers and the on-demand insurance provider. It will match the data with pre-installed terms set by the stakeholders to check the authenticity of the product. The smart contract will verify and approve a transaction initiated by a user.
Read about: Developing Efficient IoT Blockchain Solutions for Healthcare
The device with the installed decentralized application acts as the ‘Blockchain Node’ for the user. The user initiates a transaction as an on-demand insurance request to the provider. A transaction contains a serial number, product ID, image, barcode or QR code. The data is uploaded on the ledger via the mobile app. The smart contract will approve the insurance request after verifying the data with stakeholders and the insurer. The automated operation is instantaneous as it processes the request in real-time.
It is also possible to develop this process to provide insurance money to users and settle claims instantly. After verifying product data, smart contracts can release insured funds to customers.
A smart contract, DTL and sensors together have the potential for providing new ideas to innovate insurance offerings. On-demand insurance is now popular across the insurance industry apart from automobile insurance. Blockchain and smart contracts can be combined to develop efficient insurtech platforms for on-demand insurance services and products.
Our Smart Contract Solutions for On-demand Motor Insurance
We develop on-demand insurance platform with standard DLT like Hyperledger. Hyperledger Fabric provides the functionality to achieve operational efficiency with automated on-demand insurance. The platform can store the smart contract program written in any language including Solidity. We can also develop decentralized on-demand insurance applications using Ethereum and R3 Corda, which are standard enterprise blockchain platforms. We program efficient smart contracts that automate the operations between various participants in the on-demand insurance process.
According to Capgemini, automated claim settlements with smart contracts can save up to 21 billion dollars for the vehicle insurance industry. Blockchain is emerging as a prime enabler of efficient and cost-saving enterprise operations. We are open for consultation to develop efficient insurtech solutions to implement on-demand insurance platform with smart contract.
Mudit Kumar
03 May 2019
Addressing Student Credit Transfer Challenges with Smart Contract Solutions
Student credit transfer is a critical factor that affects the movement of students between educational institutions. Different educational institutions follow different methods of student evaluation and grading that impede student transfers. Students have to spend a huge amount of money and time to make their academic credentials consistent with universities of their choice. Some institutes require students to attend courses they attended in their previous institutes with negligible deviation. These challenges affect universities too as they deter well-qualified students from applying for admissions.
Educational organizations have been adopting several methods to address credit transfer challenges. For instance, the European Credit Transfer System (ECTS) provides common procedures to guarantee academic recognition in international universities. Several countries around the globe have adopted similar frameworks to facilitate a swift migration of students. However, the frameworks are facing criticism due to their limitations to provide efficient solutions to the challenges of credit mobility.
Knowledge Currency for Efficient Credit Transfer
A novel way to overcome the limitations of student mobility is by considering educational credits as currencies. The idea of Knowledge Currency was defined in Junor and Usher (2008) for seamless academic transfers across the globe. It creates trust among academic systems and institutions on the standards of grading. Institutes can either accept or reject the grading system based on the currency as per their own standards. Knowledge currency sets standards that can be accepted universally by institutions across the globe. Currencies can be awarded to students after completing their course as education credentials. Students can convert currencies to credentials while moving to different universities.
In this monetary analogy to transfer credits, education councils function as financial institutions that can modify the rules of exchanging currencies as per requirements. The participating institutions must come under a common consensus to modify the rules of exchanging knowledge currencies. In this process, credit transfer is comparable to exchanging currencies.
Knowledge currency enhances the efficiency of credit mobility by facilitating mechanisms similar to the foreign exchange market and the adoption of a common currency. Institutes need to agree on the consistency of credits attached to the topics under each subject to implement the system. It also makes the pedagogy more subjective and focussed towards each topic in a subject.
Read more about: Enterprise Blockchain Solutions
Developing Knowledge Currency with Blockchain and Smart Contract Developing Services
According to Tikana 2005, there are three important elements that can implement a seamless mechanism of credit transfer.
Articulation based transfer: Two institutions agree on how the curricula of one institute are transferred to the other
Case by case transfer: Institutes analyze the transcripts of applying students to award credits on a case by case basis
Transfer by program: The whole program is transferred from one institution to another instead of individual courses
Blockchain and smart contract solutions can materialize the first two elements to create an efficient mechanism of credit transfer. Knowledge currency will unify the system to streamline credit transfer based on these elements.
Crypto tokens can implement the idea of knowledge currency. Tokenization is about assigning credits to topics under each subject rather than the subject. The total credit of the subject is the combined credits of the topics under it. Crypto tokens can represent educational credentials that can be transferred and exchanged between institutions.
Read about: Blockchain in Healthcare
A smart contract can be programmed to verify the conditions between institutions based on the predefined agreements of credit transfer. It can transfer credits as crypto tokens as per the conditions in the agreement. Smart contract enables the distribution and synchronization of credits across institutions in the network. It can distribute credits according to the syllabus of the institute where the student is migrating to maintain consistency in the education of students.
A blockchain-based credit transfer platform can replicate the mechanism of educational credits mobility. Blockchain and smart contract can develop efficient credit transfer mechanisms that fit into the operational requirements of credit mobility. The decentralized nature of blockchain facilitates the development of secure databases to provide accessibility of educational transcripts as per institutional requirements.
Creating a Consortium Blockchain
A consortium blockchain is the most preferred platform to implement academic credit transfer. We build consortium blockchain with Hyperledger, Quorum, and Corda. These blockchain platforms have the provision to create a semi-decentralized network of institutions. We program smart contracts to distribute student credits as tokens according to the syllabus of the participating institutes. Institutes must agree on pre-defined terms and conditions to create a network for transferring credits as crypto tokens. New universities can participate in the network after reaching a consensus on these conditions with the existent institutions.
Education establishments are adopting blockchain technology for administrative efficiency to create student-centric learning methodologies. Tokenization of educational credits with blockchain and smart contract will enhance the process of credit transfer. It has the potential to eradicate the challenges arising from incompatible credit transfers. Consult us to create an efficient credit transfer mechanism with blockchain solutions and smart contracts.
Mudit Kumar
29 Apr 2019
Developing Efficient IoT Blockchain Solutions for Healthcare
IoT as a Profit Enabler for the Healthcare Industry
Patient satisfaction, availability of physicians, and seamless operations are the three factors that increase the profitability of healthcare enterprises. Patient satisfaction is dependent on the availability and accessibility of medical amenities. Healthcare operations like medical record management, communication with pharmaceutical suppliers and physicians are necessary to provide patient-friendly healthcare.
Internet of Things (IoT) is transforming the healthcare industry by synchronizing the processes involved in providing quality healthcare. IoT solutions augment connected experiences using information systems and intellectual assets for efficient operations and informed decision making.
IoT and blockchain healthcare solutions have the potential to be a profit enabler in healthcare. The technology can drive patient satisfaction with efficient management of doctors and by facilitating seamless operations. The technology automates medical processes for efficient healthcare services.
The Challenges of Medical IoT Implementation and Their Impacts
A major challenge in healthcare IoT implementation is the lack of data security. The focus of medical IoT is oriented towards monitoring patients and automating tasks with real-time inputs. Healthcare IoT devices are designed to record and transmit patients' vital statistics. There is a possibility of security hacks like zero-day exploit, IoT Botnet and thing hacking. The cyber vulnerability of medical IoT has dangerous implications for patients. Hackers can control a device remotely and use it to access medical data or even harm the patient. It creates challenges for healthcare enterprises to comply with regulations like HIPAA and GDPR.
Lack of infrastructure to support medical IoT devices is another challenge in the implementation of healthcare IoT. IoT devices generate real-time data for which a network infrastructure that provides secure storage and high availability is essential. Legacy healthcare systems are not efficient enough to handle the speed and volume of data generated by IoT devices. It creates a critical operational bottleneck that affects medical processes and patient-oriented health care delivery.
Lack of compatibility and interoperability of IoT devices with healthcare management systems is among the primary challenges of medical IoT adoption. It is difficult to synchronize health management systems with IoT devices as they generate high-velocity data. As a result, a large segment of data generated by these devices cannot be analyzed. Healthcare enterprises, therefore, struggle to use big data to improve quality and reduce operational costs.
Blockchain Solutions for IoT
Blockchain evolved as a standard solution to secure IoT. According to Gemalto, a digital security firm, the “use of blockchain technology to help secure IoT data, services and devices double in a year.” Blockchain technology reduces the security risks of healthcare IoT devices by eliminating a central authority in the network. The technology enables IoT devices to form group consensus to execute transactions according to the pre-defined standards of operation. It automatically quarantines any IoT device that deviates from the standard behavior.
Blockchain enhances the utility of IoT data. Data in a blockchain-enabled network of IoT devices is distributed across the network. It enhances the accessibility of data for authorized devices and users. Blockchain-based healthcare IoT systems make medical data available, auditable, and accountable while maintaining data integrity and confidentiality. The technology segregates data according to their types at the source of generation. It enables efficient management of big data to improve medical processes. Additionally, blockchain facilitates traceability of every operation on the data like deletion and modification.
Blockchain addresses the challenge of interoperability of medical data. An advantage of the technology is its compatibility with existing medical systems like Electronic Health Record (EHR). IoT devices in a blockchain network operate as distributed ledgers to facilitate the functionalities of EHR. The combined network of IoT devices operates as a distributed database where each device replicates the complete data in the network. Internet synchronizes the decentralized database to enable seamless accessibility of data across the network.
Read more about:Blockchain in Healthcare | For Reorganizing Your Healthcare Experience
Developing Blockchain Solutions for Healthcare IoT
Hyperledger Blockchain Application Development Solutions: A technology to develop a decentralized IoT ecosystem should enable three basic capabilities: Peer-to-peer messaging, distributed file sharing, and autonomous device coordination. Hyperledger, a distributed ledger technology, enables these three capabilities in an IoT network efficiently. We develop blockchain solutions to facilitate efficient IoT implementation in healthcare with Hyperledger. Hyperledger enables real-time communication between IoT devices with barcode and RFID tags. We program smart contracts to achieve the desired operation of any IoT device like exchanging information and executing cyclic operations.
Ethereum Blockchain Application Services: We program Ethereum smart contracts to develop a predefined Developing Blockchain Solutions for Healthcare IoTbehavior of any IoT device. Solidity, the language for developing Ethereum smart contracts, can be programmed to automate IoT devices. The technology can facilitate mechanisms to control IoT devices remotely using smartphones. Physicians can use their smartphones to monitor and control the behavior of IoT devices that are connected to the patients. We develop RSA algorithms to create public keys and singular functions. It facilitates fine-granularity of healthcare IoT devices to perform sensitive operations.
Ethereum blockchain can create effective mechanisms to secure IoT devices. Public key and private key can be assigned to each IoT device. Any change in the device is impossible without these keys. The private keys secure health information by providing access only to authorized devices and users on the IoT network.
Apart from Hyperledger and Ethereum, blockchain platform like IOTA can be used to implement efficient IoT networks for healthcare management. It is necessary to evaluate the requirements of thehealthcare enterprise to determine appropriate blockchain technologies. Reach out to us to explore how blockchain and healthcare IoT devices can create efficiencies and improve patient satisfaction.
Category:
Blockchain
Mudit Kumar
12 Apr 2019
Overcoming IFRS Challenges with Smart Contract Development
It is critical for enterprises to standardize their financial processes, especially accounting and auditing to be on par with leading global counterparts. International Financial Reporting Standards, commonly known as IFRS, enable businesses to maintain a global standard for financial reporting. It provides guidelines for businesses to streamline transactions, statements, and reporting to achieve comparability, verifiability, timeliness, and understandability of financial data across the globe. The adoption of IFRS by enterprises requires them to transform their existing local account and audit mechanisms. However, it becomes critical for enterprises to maintain productivity with uninterrupted financial operations during the transformation process.
Existing Challenges
IFRS became an accounting and auditing benchmark with the growing relevance of international business, foreign investments, and cross-border listing. Adoption of IFRS is gradual because enterprises face several technical challenges while implementing the standards in their financial administration. The major hurdles are:
Difficulties in preventing malpractices and external influences like politicization in accounting and auditing
Inconsistent adoption of IFRS due to lack of coordination during the review and enforcement processes
Failure of auditors to create statements that are by the latest IFRS updates
The risk of disruption in existing processes leading to long-term and short-term impacts on business goals
Lack of a technically efficient mechanism to implement IFRS-compliant financial reporting systems
A Digital Perspective on IFRS Implementation
Accounting and auditing have evolved from paper-based repositories to digital applications and frameworks. Enterprises that want to achieve their global objectives require adherence to IFRS with in-depth algorithm customization of financial applications. Strong programming skills are essential for achieving the required level of customization. Additionally, the existing systems that depend on the internet and database technology have technical limitations of obstinacy and centralization. These limitations and the need for complicated programming are critical barriers to developing IFRS-compliant accounting and audit applications.
IFRS provides universal guidelines for accounting and audit that are consistent across the globe. The mechanism to adopt IFRS needs a new technology platform that supports the approach and objective of these standards. The platform must enable synchronization, availability, authenticity, security, and accessibility of data across the networks of financial administrations.
Smart Contract and Blockchain Technology
A smart contract, an application of blockchain technology, is a technical solution to implement IFRS efficiently. A smart contract is a digital version of an agreement or contract, which is self-executable. The mechanism behind this technology is simple. A smart contract executes automatically when the conditions of the parties involved in the agreement match with a predefined set of parameters. These parameters are immutable unless there is a change in the coding of the contract. A new smart contract will replace the existing one to change the parameters of the agreement. Deloitte, in its research, highlighted the impact of blockchain technology in accounting and auditing. The technology has a strong impact on the recordkeeping process, improvement of business models, and changing the role and skills of CPA auditors.
Addressing IFRS Compliance Challenges with Smart Contract Development Services
Implementation of IFRS is about improving the compatibility, verifiability, timeliness, and understandability of financial information in terms of relevance and representation. Blockchain technology revolves around similar parameters of audibility, transparency, and controlled accessibility, in a highly secure environment. The smart contract has the potential to implement IFRS effectively because it addresses the current challenges of its adoption.
The smart contract ensures complete security against external influence. It is a digital implementation of predefined terms and agreements that are immutable. This mechanism can implement the algorithms of accounting and audit in complete adherence to IFRS. Smart contract eradicates the possibility of malpractices and external influence in the adoption of IFRS by automating the process of accounting and auditing. Once programmed to implement IFRS-compliant auditing and accounting processes, the smart contract will self-execute the operations without external input.
The smart contract, together with distributed ledger technology, enables fair and even implementation of the accounting process. It can guarantee consistent IFRS implementation as the mechanism is deployed over the entire enterprise network involved in auditing and accounting. The technology addresses the issue of lack of coordination in enforcing the standards across the entire process of accounting in the enterprise.
The technology streamlines the implementation of the latest IFRS updates across an enterprise. The International Accounting Standards Board (IASB) updates IFRS regularly as per the changing requirements of international businesses. The swift adoption of these changes in the internal accounting processes is not practical with legacy accounting technologies. A smart contract solves this issue by operating as a single mechanism for different accounting processes as per their requirements. Programming the smart contract to perform according to the latest IFRS updates ensures even implementation across every financial reporting in the network of the business.
The fintech industry is gradually adopting blockchain technology. An advantage of implementing blockchain is its compatibility with legacy enterprise platforms. It does not cause any major disruption to existing operations for adopting blockchain. It acts as a secure layer of an encrypted network that decentralizes the data over an existing system. The process of adopting smart contracts to implement IFRS doesn’t lead to major disruptions. It reduces the possibility of negative impacts in the short term while successfully implementing IFRS. Blockchain technology is steadily gaining recognition as the next-generation enterprise technology. It is advantageous for enterprises to align their long-term goals with blockchain.
Blockchain and smart contract development services provide several operational advantages over the existing applications of accounting. Blockchain is the appropriate technology to implement IFRS because of its radical alignment with the objective of the latter. Transparency, accountability, and efficiency are basic advantages of both Blockchain and IFRS.
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Our Smart Contract Development Services for Efficient IFRS Adoption
We can develop smart contracts using any blockchain technology that meets your specific business requirements. Ethereum Virtual Machine is among the most common tools to create a smart contract using the Solidity program for accounting. Encoding the program as per the standards of IFRS will address the adoption challenges effectively. For businesses that are oriented toward fintech, Stellar smart contracts can develop an efficient accounting platform to implement IFRS standards. It is necessary to evaluate specific functionalities of accounting and auditing requirements of the business to select an appropriate blockchain platform. If you are interested in adopting IFRS with digital accounting platforms based on a smart contract, then contact us for a free consultation.
The objective of IFRS is to bring consistency to financial reporting processes across borders. Blockchain solutions like smart contracts provide a secure mechanism to initiate, process, authorize, record, and report transactions. Financial institutions are adopting blockchain solutions aggressively because of their practical advantages in achieving operational efficiency and cross-border transactions. Several enterprises are in the early stages of adoption. Others have implemented partially and many businesses have completely adopted the standards. Implementing blockchain solutions to adopt IFRS makes the auditing and accounting process more efficient and transparent. Blockchain not only makes internal processes consistent but also improves global adoption.
Mudit Kumar
10 Apr 2019
Tracking Counterfeit Drugs With Blockchain Healthcare Solutions
Blockchain application development services provide the pharmaceutical industry with solutions to stop the influx of counterfeit drugs.
Blockchain, by its design, is immutable, reliable, and secure. The implementation of its distributed ledger design across the value chain enables healthcare stakeholders to avoid several challenges like counterfeit medicines.
Entering the War against Counterfeit Drugs
Faulty supply chain management is a critical challenge for any industry. In the healthcare sector, a compromised healthcare supply chain means compromised safety of patients.
Manufacturers: Integrating QR Codes
The process to fight counterfeit drugs starts with a manufacturer adding QR codes after mass-producing them. A QR code carries drug information like name, timestamp, manufacturing details, and expiry dates. It acts as a unique identifier, a long string of letters and numbers, to identify details of a specific transaction on the blockchain.
Logistics: Integrating the Internet of Things (IoT) with Distributed Ledger (Blockchain)
IoT-enabled vehicles equipped with temperature sensors ship them to distributors to enable cold-chain shipping. Further, stakeholders detect anomalies by assessing data produced by the temperature sensors on the blockchain with a mobile or web app. It saves an enormous amount of time and effort taken in auditing the storage conditions of temperature-sensitive drugs.
Distributors: Authenticating and sending drugs to hospitals/pharmacies
Drug distributors check the provenance of medicines and other information using the hash ID stored on the blockchain. They access all the information added by the manufacturers and shipment provider to verify the received drugs digitally. Then, smart contracts execute payments and approve the delivery of drugs to hospitals/pharmacies.
Hospitals/Pharmacies: Collecting and verifying received drugs
Hospitals/pharmacies validate the authenticity of the received drugs with the same immutable information. Upon the approval of drugs by the pharmacist, blockchain finalizes the transactions and ensures a legal trade. Pharmacists use the hash ID or QR code to track received drugs' provenance, or any activity by distributors to counterfeit drugs with a fake ID.
Patients: Validating drugs with QR codes
Patients ensure whether the drugs they have received are safe or not with a blockchain mobile app that scans the QR code. With the hash ID attached to the QR code, they can know everything about a drug, from its source to quality standards.
Blockchain as a Solution
Our Blockchain developers can develop blockchain healthcare applications with several advanced features, such as:
- Nullifying the transactions if the drugs contain fraudulent information
- Prohibiting access to unauthorized individuals in the drug supply chain
- Enabling healthcare stakeholders to track anomalies in the transactions in real-time
- Monitoring every movement of drugs in the chain of custody
Conclusion
Using Blockchain healthcare application development, we can shift the governance model of a drug supply chain to the surveillance net. We can provide a solution using which every stakeholder can track every activity in the supply chain in a transparent manner
Clients looking to solve problems like drug counterfeit, thefts, and shipment recalls can connect with us.
Healthcare blockchain solutions provided by Oodles can empower the entire drug supply chain with tracking and traceability features.
Mudit Kumar
12 Mar 2019
Exploring Blockchain Applications in the Insurance Domain
Developing Blockchain Applications in Insurance
We explore the potential of distributed ledger technology (DLT) like Blockchain to simplify industries and their processes. We strive to expedite the use of blockchain in Insurance globally to form an improved value chain of all stakeholders. Our development experts develop blockchain applications for insurance markets using our different blockchain platforms. It provides better outcomes and new business opportunities with improved efficiency.
Eventually, we provide stakeholders assistance in developing a network of insurance services designed “by the market, for the market.”
Why is Blockchain the Answer?
Transparency, immutability, and security, some of these worlds have become synonymous with blockchain. The revolutionary tech is finding its applications in almost every business niche. Today, we’ll be exploring blockchain applications in Insurance.
Surprisingly, the amalgamation of blockchain and insurance is not only a discussion topic. It has also a high point of conversation among technology providers, insurance providers, and investors.
Blockchain time-stamps transactions with cryptography. Consequently, making it easy for everyone in the network to trace the origin and destination. Also, Blockchain forms as the underlying technology for various applications aimed at benefitting the public. Its features are endless which makes it a trending technology. It is the reason blockchain is finding its use cases in numerous industries. As a result, the demand has gradually surpassed the supply of blockchain developers.
When it comes to the insurance sector, the database is the key. However, technology enthusiasts add up to the confusion by saying that blockchain is a substitute for the database. Instead, it is an internet-based smart database that is more efficient and secure than what we have today.
The fundamental features of blockchain provide a series of benefits to the insurance firms, the likes of which are:
Customer identity and AML
Underwriting
Distribution
Innovative products
Claims handling
Reinsurance
Capital markets
Benefits of Blockchain Applications In Insurance
Blockchain can streamline, modernize, and enhance the siloed infrastructure of the Insurance sector using a shared ledger of common information.
Simplified Operations: Reduces human intervention required to perform reconciliation and fix disputes.
Enhanced Regulatory Efficiency: Allows real-time tracking of the financial activity of regulated entities by regulators.
Reduced Counterparty Risk: Eliminates the need to rely on counterparties to achieve obligations through Smart Contracts.
Reduced Clearing and Settlement time: No need for third parties for verification/validation. Thus, expediting settlements.
Minimized Frauds: Enables complete transaction history and asset provenance maintenance within a single source of truth.
How Blockchain Addresses the Pain Points in the Insurance Sector
Identity Theft
Industry leaders accuse that false claims, fraud detection, and time-consumption in application verification are the issues that hinder flawless operations. Here, blockchain based insurance applications might come as a solution. Blockchain could form a distributed database having both internal and external customer data. Post the successful system implementation and information filling, the platform would automatically verify the various type of documents. Not only would it expedite the entire processes but also aid in reducing human intervention. Eventually, lowering the possibilities of errors.
Decentral Data Repository
Be it any business niche or industry, one of the primary concerns lie in data security. Various current data security systems, whether in banking, insurance, or healthcare, are vulnerable to threats and hacks. You might have also heard numerous cases of data hacks and breaches.
Here, blockchain can emerge as the solution. Unlike traditional systems, blockchains do not have central repositories that save data. Instead, a blockchain network of distributed nodes accommodates it. It means anyone on the chain can view the transactions. Also, making any alterations to data require changing all previous blocks of information or the majority of the network consensus. Thus, making the system safe and secure. Furthermore, blockchain uses the means of military-grade security mechanisms to encrypt information. Thus, advancing the anonymity factor.
Cost-Effective Opportunities
A report by PwC emphasizes that blockchain, with its unique attributes, can make data processing more efficient and reduce fraud. Overall, it could remove 15-20% of overheads incurred during the insurance process and save around $5-10 billion.
Also Read:
The Blockchain Revolution In Insurance Industry
Blockchain Applications in Insurance Verticals
Initially, we focussed on the overall blockchain’s benefits in the insurance sector. Now, let’s understand how does blockchain enhances other domains of insurance.
As we know, it is quite messy and a cumbersome process to get the insurance claim. To streamline this, we require an efficient, interconnected system. Here, blockchain based insurance applications can help catalyze the complete process of the insurance sector. Here’s how it is possible:
Healthcare Insurance
Blockchain aims to address the shortcomings of contemporary data management systems of the healthcare sector. Blockchain based healthcare solutions improve the level of patient-care by interconnecting all the medical facilities, insurers, physicians, patients, etc. Additionally, they also streamline the complex processes by saving all the data in a central repository.
Automotive
Blockchain can be beneficial for the automotive industry in two ways. First, it can form an interconnected ecosystem of all the users and service providers. With the help of a shared ledger, all the information can get readily available. Thus, helping auto insurers in lowering risks and frauds. Second, using blockchain smart contracts, insurers can fasten the claim processing.
Life Insurance Sector
Although life insurance seems easy and simplified, the process of getting a claim is a daunting task.
During the process, applicants face numerous questions, innumerable paperwork, and money drainage. However, with blockchain based insurance applications, agencies can make things straightforward. By forming a consortium of government agencies, medical facilities, etc. blockchain can make all information available at the disposal. Additionally, insurance firms can choose to develop smart contracts to automate payouts to respective beneficiaries.
Mudit Kumar
05 Mar 2019
Public and Private Blockchain | an Analogy to Help You Choose the Best
Various industry verticals are opting for distributed ledger technology (DLT) and its other types. DLTs help organizations achieve speed, reduce cost, and enhance security within the ecosystem.
Organizations willing to adopt blockchain often find themselves in a precarious situation. Here, a thorough evaluation of business needs is necessary before stepping into the development process. Vetting blockchain applicability within the business helps determine whether to embrace the public or private blockchain development. Also, visit our blockchain app development services to explore blockchain's potential in your business.
Public and Private Blockchain: An Overview
Public Blockchain
‘Public’ blockchain is one of the preferred application development models, which allows unlimited participants to view and control economic actions.
Along with increasing transparency in transactions and operations, it enables anyone to join the network. Touted as the original intent of blockchain technology, it aims to create a distributed system of nodes.
Another aspect of public blockchains is smart contract solutions. A smart contract enables flawless and authentic transactions in a blockchain network and eliminates the need for any central authority.
Private Blockchain
‘Private’ blockchain requires an invitation to join. Companies eager to conduct business with limited members can gain numerous benefits of embracing private blockchain development.
Private blockchain development solutions provide faster transactions and other added advantages compared to other blockchains.
Also, Check | Multichain for Private Blockchain: For Institutional Finance Sector
Exploring the Aspects of Public and Private Blockchain Development
Public Blockchain Development
The public blockchain is preferable for firms that require more transparency and want to gain the trust of a larger audience.
Cryptocurrencies like Bitcoin, Litecoin, and Ethereum use public blockchain.
Public blockchain development services help build trust. They are open, and anyone can become a member of the ledger. Also, anyone in the system can view and verify transactions.
Nodes in a public blockchain contain as much transmission and power as others. Not does it only make them decentralized but also thoroughly distributed.
For verifying a transaction, every constituent node authorizes it through the consensus mechanism. Subsequently, we can add the transaction record to the chain.
Public blockchain app development provides peers with incentives to promote participation in the network and authenticate transaction requests.
Private Blockchain Development
It suits best for organizations looking for a limited than multi-purpose, and want to achieve control over their business transactions.
To access the private blockchain, it requires to get the invitation first from the network enabler.
After the acceptance of the invitation, the new participant can contribute toward the maintenance of the blockchain in a restricted network.
Although private blockchain contains various benefits of DLT, it does miss out on some distributed characteristics of the public blockchain model.
The network enabler we talked about determines the limit to which participants can see and verify transactions.
Businesses wanting to go for private blockchain development may find the intra-business method more efficient. It is beneficial for the companies that don’t want any outsider to join the chain.
In this way, it restricts data access to only identified individuals on a requirement basis. With only a few participants in the chain, the ledger enables quicker transactions and efficient operations through simpler consensus mechanisms.
For instance, a private blockchain application development would be more suitable for pharmaceutical companies. It’s because pharmaceutical business operations involve drugs and medicines passing through the supply chain from the manufacturer to the distributors.
Public and Private Blockchain, What to Choose?
As the security methods of public blockchain get strengthened, their value increases, and consequently, lessen the use of private blockchain.
However, when it comes to limiting access to a few individuals or groups of organizations, a private blockchain is the right choice.
As also mentioned earlier, thoroughly analyzing needs and goals contribute to a better business decision. Whether the company needs the openness that a public blockchain brings? Or want a more restricted business environment? Answers to these questions can help in assessing the right choice, public or private blockchain.
The bottom line is, organizations preferring anonymity can opt for private blockchain. And, those don’t prefer anonymity and want more transparency and trust across transactions and operations may go for a public blockchain.
Eventually, considering the utility aspect of the organization help make a better decision.
Also Read: Hybrid Blockchain: Bringing the Best of Both Public and Private Blockchains
Concluding Thoughts
Choosing to develop private blockchain allows institutions to tailor it as per their data needs. On the other hand, businesses requiring stringent data policies can implement a public blockchain ledger. Businesses can take services of a blockchain application development company that offers both types of blockchain development.
Mudit Kumar
28 Feb 2019
STO vs ICO Marketing | An Analalogy to Help You Choose the Right Way
In the dynamic world of cryptocurrency development, fundraising methods have evolved significantly to meet the diverse needs of projects and investors alike. Two prominent methods that have garnered substantial attention are Security Token Offerings (STOs) and Initial Coin Offerings (ICOs). Understanding the differences between STO and ICO marketing is crucial for businesses aiming to secure the right kind of investment while ensuring compliance and maximizing reach. This comprehensive guide delves into the nuances of STO and ICO marketing, highlighting their distinctive features, benefits, challenges, and strategic approaches to help you choose the most suitable path for your blockchain project.Understanding ICOs and STOsBefore diving into the marketing strategies, it's essential to grasp what ICOs and STOs entail.Initial Coin Offerings (ICOs)ICOs emerged as a revolutionary method for blockchain projects to raise capital by issuing digital tokens. These tokens often represent utility within the project's ecosystem, granting holders access to services or products.Key Characteristics:Utility Tokens: Typically, ICOs issue utility tokens that provide access to the project's platform or services.Regulatory Landscape: ICOs operate in a relatively unregulated environment, which can lead to increased risks for investors.Accessibility: ICOs are generally open to a wide range of investors, including the general public.Security Token Offerings (STOs)STOs, on the other hand, represent a more regulated approach to token issuance. Security tokens are designed to comply with securities laws, offering investors ownership stakes, dividends, or other financial benefits.Key Characteristics:Security Tokens: These tokens represent ownership in an asset, company, or revenue stream, aligning them with traditional securities.Regulatory Compliance: STOs adhere to stringent regulatory requirements, enhancing investor trust and protection.Targeted Investors: STOs are often aimed at accredited or institutional investors due to regulatory constraints.Also, Read | Crowdfunding Your Business Idea with Security Token OfferingKey Differences Between STO and ICO MarketingThe marketing strategies for STOs and ICOs differ primarily due to their distinct regulatory environments, target audiences, and token functionalities. Here's a detailed comparison:Regulatory ComplianceICOs:Minimal Regulation: ICOs generally operate with fewer regulatory hurdles, allowing for broader marketing campaigns without stringent compliance checks.Risk of Scams: The lack of regulation can attract fraudulent projects, making it challenging to establish credibility.STOs:Strict Compliance: STO marketing must adhere to securities regulations, necessitating transparent and compliant communication strategies.Enhanced Credibility: Compliance with regulations can enhance trust among investors, positioning the project as legitimate and secure.Target AudienceICOs:Broad Audience: ICOs target a wide range of investors, from retail participants to crypto enthusiasts.Community-Driven: Marketing often focuses on building a strong community and leveraging social media to engage potential investors.STOs:Selective Audience: STOs typically target accredited investors, institutional players, and venture capitalists who seek regulated investment opportunities.Professional Networks: Marketing strategies may involve networking within professional circles, attending industry conferences, and leveraging partnerships with financial institutions.Token FunctionalityICOs:Utility Focused: Marketing emphasizes the utility and functionality of the tokens within the project's ecosystem.Value Proposition: Campaigns highlight how the tokens solve specific problems or offer unique services to attract users and investors.STOs:Investment-Oriented: Marketing highlights the financial benefits, such as dividends, equity stakes, or profit-sharing mechanisms.Risk Mitigation: Communication focuses on the security and regulatory compliance of the tokens, addressing investor concerns about safety and legitimacy.Marketing Channels and StrategiesICOs:Social Media: Heavy reliance on platforms like Twitter, Telegram, Discord, and Reddit to build communities and engage with potential investors.Content Marketing: Blogs, whitepapers, and video content are used to explain the project's vision, technology, and token utility.Influencer Partnerships: Collaborations with crypto influencers and thought leaders to amplify reach and credibility.STOs:Professional Platforms: Utilization of LinkedIn, financial news outlets, and industry-specific forums to reach institutional investors.Webinars and Seminars: Hosting educational events to inform potential investors about the benefits and compliance aspects of the STO.Partnerships with Financial Institutions: Collaborating with banks, brokerage firms, and regulatory advisors to enhance legitimacy and reach a professional investor base.Also, Check | Initial Liquidity Offering | A New Model for Raising CapitalDeveloping an Effective STO Marketing StrategyGiven the regulated nature of STOs, crafting an effective marketing strategy requires meticulous planning and adherence to compliance standards. Here's a step-by-step approach:1. Define Clear ObjectivesEstablish what you aim to achieve with your STO. Objectives may include raising a specific amount of capital, targeting a particular investor demographic, or enhancing brand credibility within the financial sector.2. Ensure Regulatory ComplianceEngage legal experts to navigate the complex regulatory landscape. Ensure all marketing materials comply with securities laws to avoid legal repercussions and build investor trust.3. Develop a Strong Value PropositionClearly articulate the financial benefits of investing in your STO. Highlight aspects such as revenue-sharing models, equity stakes, or other returns that differentiate your offering from traditional investment vehicles.4. Build a Professional Brand ImageMaintain a polished and professional online presence. Invest in high-quality website design, transparent communication, and consistent branding to appeal to institutional investors.5. Leverage Content MarketingCreate in-depth content that educates potential investors about your project, the benefits of security tokens, and the regulatory safeguards in place. Utilize whitepapers, detailed reports, and case studies to provide comprehensive information.6. Utilize Professional NetworksTap into established financial networks and platforms to reach accredited investors. Participate in industry conferences, webinars, and networking events to build connections and showcase your STO.7. Implement Targeted AdvertisingUse targeted advertising on professional platforms like LinkedIn and financial news websites to reach your specific investor audience. Tailor your ad content to resonate with the priorities and concerns of institutional investors.8. Foster Investor RelationsMaintain open and transparent communication with investors throughout the fundraising process. Provide regular updates, detailed reports, and responsive support to build long-term trust and credibility.Also, Discover | Getting Started with INO Initial NFT OfferingDeveloping an Effective ICO Marketing StrategyICOs, benefiting from a more flexible regulatory environment, can adopt a more diverse and community-driven marketing approach. Here's how to structure an effective ICO marketing strategy:1. Build a Robust Online PresenceCreate a comprehensive and user-friendly website that clearly explains your project's vision, technology, and the utility of your tokens. Ensure it includes detailed whitepapers, roadmaps, and team information.2. Leverage Social Media PlatformsEngage with potential investors on platforms like Twitter, Telegram, Discord, and Reddit. Regularly post updates, engage in discussions, and build a vibrant community around your project.3. Utilize Content MarketingProduce engaging content such as blogs, videos, infographics, and podcasts to explain your project's unique value proposition and technological innovations. Share success stories, use cases, and industry insights to attract interest.4. Partner with InfluencersCollaborate with well-known crypto influencers and thought leaders to amplify your reach. Influencer endorsements can significantly enhance your project's visibility and credibility within the crypto community.5. Conduct Airdrops and Bounty ProgramsImplement airdrops and bounty programs to incentivize participation and spread awareness about your ICO. These programs can help in building a loyal community and encouraging active engagement.6. Host Webinars and AMA SessionsOrganize webinars and Ask Me Anything (AMA) sessions to interact directly with potential investors. These events provide opportunities to answer questions, address concerns, and build trust with your audience.7. Implement SEO StrategiesOptimize your website and content for search engines to increase organic traffic. Use relevant keywords, meta descriptions, and backlinks to improve your search engine ranking and visibility.8. Utilize Paid AdvertisingInvest in paid advertising on crypto-specific platforms, Google Ads, and social media to reach a broader audience. Targeted ads can help in attracting investors who are actively searching for new opportunities.Also, Discover | Initial Game Offering (IGO) Launchpad DevelopmentChoosing the Right Marketing Approach for Your ProjectSelecting between STO and ICO marketing strategies depends on several factors, including your project's nature, regulatory considerations, target audience, and fundraising goals. Here's a guide to help you make an informed decision:When to Choose ICO Marketing:Utility Token Projects: If your project issues utility tokens meant to provide access to services or products within your ecosystem.Wide Investor Base: When aiming to attract a broad range of investors, including retail participants and crypto enthusiasts.Flexible Regulatory Environment: If you prefer a less regulated approach to fundraising and are prepared to manage the associated risks.Community Engagement: When leveraging community-driven marketing strategies to build a strong, engaged user base.When to Choose STO Marketing:Security Token Projects: If your tokens represent ownership in an asset, company, or provide financial benefits like dividends.Regulatory Compliance: When prioritizing adherence to securities laws to enhance investor trust and reduce legal risks.Targeted Investor Base: If your goal is to attract accredited investors, institutional players, or venture capitalists.Long-Term Investment: When seeking investors interested in long-term financial returns and stability.You may also like | Everythig You Need to Know About IEOs or Initial Exchange OfferingCase Studies: Successful STO and ICO Marketing CampaignsSuccessful ICO Marketing: Ethereum's ICOEthereum's ICO in 2014 is one of the most notable examples of successful ICO marketing. By clearly articulating its vision to build a decentralized platform for smart contracts, Ethereum attracted over $18 million in Bitcoin from a global community of investors. Key elements of its success included:Clear Vision and Utility: Ethereum's whitepaper effectively communicated the potential of smart contracts and decentralized applications.Strong Community Engagement: Active participation on forums, social media, and developer communities fostered a loyal and supportive investor base.Early Adoption by Developers: By encouraging developers to build on its platform, Ethereum created a robust ecosystem that added intrinsic value to its tokens.Successful STO Marketing: tZERO's STOtZERO, a blockchain-based trading platform, conducted a successful STO by issuing security tokens representing equity in the company. Their marketing strategy focused on:Regulatory Compliance: Ensuring full compliance with securities laws, which enhanced credibility and trust among institutional investors.Professional Branding: Maintaining a polished and professional image through high-quality marketing materials and a user-friendly website.Targeted Outreach: Engaging directly with accredited investors and financial institutions through professional networks and industry events.Transparent Communication: Providing detailed information about the company's financials, governance, and token benefits to assure investors of the investment's legitimacy and potential returns.You might be interested in | Initial DEX Offering | IDO | The Future of FundraisingMeasuring the Effectiveness of Your Marketing CampaignRegardless of whether you choose STO or ICO marketing, measuring the effectiveness of your campaigns is essential to ensure you achieve your fundraising goals. Key performance indicators (KPIs) to consider include:For ICO Marketing:Token Sale Progress: Tracking the number of tokens sold against the fundraising goal.Website Traffic: Monitoring the number of visitors to your website and their engagement levels.Social Media Metrics: Analyzing follower growth, engagement rates, and sentiment on platforms like Twitter and Telegram.Community Growth: Assessing the expansion of your community on forums and messaging platforms.Conversion Rates: Measuring the percentage of engaged users who convert into investors.For STO Marketing:Investor Outreach: Tracking the number of accredited investors and institutional inquiries.Compliance Adherence: Ensuring all marketing activities comply with relevant regulations and do not attract legal issues.Engagement with Professional Networks: Measuring participation and interest from professional and financial networks.Brand Credibility: Assessing the perception of your brand's professionalism and trustworthiness within the investor community.Fundraising Milestones: Monitoring the achievement of fundraising targets within specified timeframes.Best Practices for STO and ICO MarketingBest Practices for ICO Marketing:Transparency: Clearly communicate project details, including risks, to build trust with investors.Engagement: Actively engage with your community through regular updates, AMAs, and interactive content.Content Quality: Produce high-quality, informative content that educates potential investors about your project.Legal Considerations: While ICOs are less regulated, it's still prudent to seek legal advice to mitigate risks.Innovative Incentives: Use airdrops, bonuses, and referral programs to incentivize participation and investment.Best Practices for STO Marketing:Regulatory Compliance: Prioritize compliance with securities laws to protect your project and investors.Professionalism: Maintain a professional image through polished marketing materials and clear, concise communication.Targeted Outreach: Focus on reaching accredited investors and institutions through appropriate channels.Detailed Documentation: Provide comprehensive documentation, including whitepapers, financial reports, and legal disclosures.Long-Term Strategy: Emphasize the long-term value and stability of your security tokens to attract serious investors.You may also like to discover | The Increasing Importance of Initial Exchange Offering (IEO)Future Trends in STO and ICO MarketingThe landscape of STO and ICO marketing is continually evolving, driven by regulatory changes, technological advancements, and shifting investor preferences. Here are some emerging trends to watch:Increased Regulatory ScrutinyAs governments and regulatory bodies continue to tighten regulations around token offerings, both STOs and ICOs will need to adapt their marketing strategies to ensure compliance and avoid legal pitfalls. This will likely lead to more standardized practices and greater emphasis on transparency and investor protection.Integration of Advanced AnalyticsThe use of advanced analytics and data-driven marketing strategies will become more prevalent. Projects will leverage big data, machine learning, and AI to better understand investor behavior, optimize marketing campaigns, and enhance targeting precision.Enhanced Investor EducationWith the complexity of blockchain technology and tokenomics, there will be a greater focus on educating investors. Marketing campaigns will increasingly incorporate educational content to help potential investors make informed decisions.Rise of Decentralized Marketing PlatformsDecentralized marketing platforms that operate on blockchain technology will emerge, offering transparent, efficient, and secure ways to conduct marketing activities. These platforms may provide new tools for community engagement, content distribution, and performance tracking.Hybrid OfferingsWe may see the rise of hybrid offerings that combine elements of STOs and ICOs, offering both utility and security token features. Marketing strategies for such offerings will need to address the benefits and functionalities of both token types to attract a diverse investor base.Also, Read | Raising Funds through ICOs | Launch your Business in less than no timeConclusionChoosing between STO and ICO marketing hinges on your project's specific needs, regulatory environment, and target investor base. ICOs offer a more flexible and community-driven approach, ideal for projects seeking broad participation and rapid fundraising. In contrast, STOs provide a regulated, secure, and credible method for raising capital, appealing to institutional investors and those seeking long-term financial benefits.By understanding the fundamental differences between STO and ICO marketing, businesses can craft strategies that align with their goals, mitigate risks, and effectively reach their desired audience. Whether you opt for the broad appeal of an ICO or the regulated reliability of an STO, a well-executed marketing plan is essential to the success of your fundraising efforts and the growth of your blockchain project.Frequently Asked Questions (FAQ)1. What is the main difference between STOs and ICOs?Answer: The primary difference lies in regulatory compliance and token functionality. STOs issue security tokens that comply with securities laws and represent ownership or financial benefits, targeting accredited investors. ICOs issue utility tokens that provide access to a platform or service, operating in a less regulated environment and targeting a broader audience.2. Which is more secure, STOs or ICOs?Answer: STOs are generally considered more secure due to their adherence to securities regulations, which provide legal protections for investors. ICOs, operating in a less regulated space, carry higher risks of fraud and lack the same level of investor protection.3. Are STOs more expensive to market than ICOs?Answer: Yes, marketing STOs typically involves higher costs due to the need for professional branding, legal compliance, targeted outreach to institutional investors, and comprehensive investor relations efforts. ICOs, while also requiring significant marketing investment, often focus on broader and less regulated marketing channels.4. Can a project use both STO and ICO marketing strategies?Answer: While theoretically possible, using both strategies can complicate regulatory compliance and dilute the project's focus. It's generally advisable to choose one approach based on the project's goals, token functionality, and target investor base to ensure clarity and effectiveness in fundraising efforts.5. How do regulatory requirements affect STO marketing?Answer: Regulatory requirements necessitate that STO marketing is transparent, compliant, and targeted towards accredited investors. This involves providing detailed disclosures, adhering to securities laws, and often limiting marketing activities to specific channels that cater to professional and institutional investors.6. What are the typical investors for STOs and ICOs?Answer: STOs typically attract accredited investors, institutional investors, and venture capitalists who seek regulated and secure investment opportunities. ICOs, on the other hand, target a broader audience that includes retail investors, crypto enthusiasts, and early adopters interested in utility tokens.7. How important is community engagement in ICO marketing?Answer: Community engagement is crucial in ICO marketing as it helps build a loyal and active investor base, fosters trust, and encourages word-of-mouth promotion. Engaging with the community through social media, forums, and interactive events can significantly enhance the success of an ICO.8. What role do whitepapers play in STO and ICO marketing?Answer: Whitepapers are essential in both STO and ICO marketing as they provide detailed information about the project, including its vision, technology, tokenomics, and roadmap. For STOs, whitepapers must also address regulatory compliance and the financial benefits of the security tokens, while for ICOs, they focus more on utility and platform functionalities.9. Are there any hybrid models combining STO and ICO features?Answer: While not common, some projects explore hybrid models that incorporate features of both STOs and ICOs. These models aim to offer utility tokens with certain security-like benefits, but they must navigate complex regulatory landscapes to ensure compliance with securities laws.10. How can a project decide between an STO and an ICO?Answer: A project should consider factors such as the nature of the token (utility vs. security), target investor base, regulatory environment, fundraising goals, and long-term objectives. Consulting with legal and financial experts can help determine the most suitable approach based on these considerations.If you are looking for experienced STO or ICO development/marketing services, connect with our blockchain development team to get started.
Category:
Blockchain
Mudit Kumar
27 Feb 2019
Blockchain Development in Singapore: An Emerging Trend In Technology Landscape
Blockchain, the underlying technology of cryptocurrencies, is now in every industry.
Companies representing different industries are adopting blockchain development services to achieve transparency, security, and trust in the ecosystem.
With Australia and Canada, Singapore is also becoming one of the leading countries for blockchain app development services.
According to the PWC report, 82% of executives participated in the survey reported that blockchain development in Singapore is expediting. Also, the rest 13% of them said that they have already opened their initiatives to the market.
So, read on to know the prominent initiatives revolving around blockchain development in Singapore.
Blockchain Development in Singapore
Education
Blockchain applications are enabling employers and universities to verify the qualifications of students or employees using smart contracts.
A public institution for higher learning in Singapore called Ngee Ann Polytechnic (NP) uses blockchain to authenticate the NP’s diplomas. It is the first educational institute in Singapore using blockchain to enhance their processes.
With such a transformation, employers can request a student to show the Blockchain ID. They can use this blockchain ID to retrieve students immutable academic records and education history stored on the blockchain.
National University Singapore is providing classes on the blockchain technology to the students and has partnered with IBM. All this is being done to get a curriculum about the distributed ledger technologies.
Airline Industry
Singapore is among those countries which are exploring the potential of blockchain in the airline industry. The reason for this rapid adoption is quite significant. The blockchain is enabling stakeholders involved in air travel to access up-to-date and authentic details regarding departures, delays, and arrivals.
Krishflyer is a Singaporean Airlines. It has switched its loyalty and payment program to the blockchain. Now, it uses its digital wallet for transactions.
Government/ Public Sector
From voting to health record management, taxation to welfare payments, governments around the globe are thinking about blockchain. The countries are exploring ways to integrate it with their administration to revamp various operations.
Soon, we can see Singapore walking in the footsteps of countries like Estonia or Georgia.
As per reports, the Public Service Division has stated that the Singapore government could use blockchain for numerous things. It would use it; to verify a vendor’s track record on Gebiz (A one-stop e-procurement portal of Singapore Government), track public officers’ activities, and enhance or even change the auditing processes.
The customs authority in Singapore has developed a national trade platform (NTP) using the blockchain technology. This platform would connect community systems, platforms, businesses, and government systems.
This blockchain based trading platform might replace the existing TradeNet and TradeXchange platforms used for logistics and trading.
Another project is Project Ubin. It is in its second phase. Launched by the Monetary Authority of Singapore (MAS), the project conjuncts various financial institutions and technology partners.
Using the DLT, the project has piloted interbank payments. Currently, under the project, the evaluation is underway to find out how to use crypto-tokens as virtual Singapore dollars.
If blockchain and cryptocurrency payments solutions experience widespread adoption, it could simplify settlements in financial services, such as for cross-border trading and payments.
We are a blockchain development company having expertise in custom blockchain solutions, smart contracts, and other blockchain development services.
Mudit Kumar
26 Feb 2019
EOS Blockchain: Is It a Better Investment for DApp Development
This article entails a brief analysis of the EOS blockchain advantages over Ethereum for dApp and whether businesses can use its smart contract development services for their decentralized applications or not.
EOS Blockchain
EOS is an open-source blockchain platform for decentralized application (dApp) development. Given the EOS advantages over Ethereum, crypto enthusiasts are considering EOS.IO as a suitable and efficient blockchain for dApp development.
EOS provides blockchain developers with an easy solution for application hosting, executing smart contracts, and other operating systems like services.
EOS is giving tough competition to its adversaries. It’s because of the speculation of EOS as a centralized bank. Or the blockchain wants to achieve the top spot in the list of most promising blockchain projects. Although its previously exposed vulnerabilities and other technical issues halted its adoption for a while, EOS didn’t have a hard time.
This blockchain always seems to be in news and therefore it is not fading from the mainstream.
Now, let’s move on to the EOS advantages for decentralized application development and find out whether is it really the "Ethereum Killer."
Also, Visit: Why EOS Is Being Called the “Ethereum Killer”
EOS Advantages over Ethereum
Best Crypto Project According to GitHub Commits
Investors and traders use GitHub activity to track potential investments. GitHub commits are an easy way for investors to find out the recent updates to a codebase. And, it also helps in measuring the progress in development concerning the cryptocurrency roadmap.
Fast, Cheap, and Highly Scalable Blockchain Operating System
Visa processes more than 20,000 transactions per second (TPS). Also, currently, most of the smart contract development platforms can manage only 100 TPS. As per the claims, EOS can manage up to 4000 TPS with the goal to reach TPS in millions in the future.
Explore More: Why is EOS blockchain the Best Platform for Commercial-Grade DApps
Features like Anti-Theft and Freezing
EOS involves no mining process. It gives the block producers added flexibility. It prevents bad actors to do anything malicious. Additionally, unlike other blockchains, it is possible to restore control of your account with EOS if you’ve lost your keys.
Not only this but also if someone alerts about a bug in a dApp, EOS freezes such accounts once it achieves a 15/21 vote agreement among the block producers.
Another advantage is that it allows updating the code of an improper or faulty contract without involving hard forking.
Decentralized Exchange Development on EOS Blockchain
Eosfinex boasts of being the world’s first high-performance decentralized exchange. It shared the plans for developing a decentralized exchange on EOS. The reason to choose EOS for development is that the platform provides a transparent and trustless method for cryptocurrency trading.
Decentralized Wikipedia Development on EOS using EOS Storage
The EOS Github has listed a document about EOS storage. Developed using IPFS, it explains a decentralized storage solution. EOS dApp development could utilize this document to decentrally store data without involving any third party.
In reality, Wikipedia co-founder is planning to develop Everipedia using EOS. According to him, after analyzing all possible solutions available, he finds EOS is way better than Ethereum for his project.
Check It Out: EOS Blockchain | A Beginner’s Guide to DApp Development
Conclusion
EOS blockchain is promising a future with more business opportunities. If you are interested in utilizing this platform for your business then you require the right service partner. Oodles can assist you in achieving your desired solutions using the EOS blockchain. Contact our EOS developers to start your blockchain journey today.
Mudit Kumar
25 Feb 2019
Why Develop a DApp | Is It Better Than A Traditional Web or Mobile App
How long would it take for blockchain technology to experience mass adoption like the internet?
Why are DApps becoming more popular than traditional apps?
Why develop a DApp?
Well, it’s quite hard to answer all these questions in one go.
However, given the recent advancements in the blockchain development arena, we may be able to see blockchain applications and use cases revamping the world around us soon.
And, we, at Oodles, also believe that the distributed ledger technology is not going anywhere soon.
One of the types of DLT, blockchain is becoming a source of value by providing businesses with enhanced security, transparency, and data storage.
Additionally, there was another technology advancement in the blockchain ecosystem in 2015, the launch of Ethereum.
It is open-source and offers an innovative way of developing decentralized applications (DApps).
If you develop a DApp on the blockchain, it functions decentrally without involving an intermediary.
In general terms, you need a suitable, open source blockchain platform like Ethereum, Hyperledger, TRON, or EOS to develop a DApp.
If You Develop a DApp, You Get These Practical Business Benefits
Alongside increasing transparency and security, a decentralized application for your business can also increase transactions, bring more customers, and lower costs with juridic and accounting personnel.
24/7 Transactions and Deals
A DApp equipped with a blockchain smart contract can manage transactions or even conclude deal automatically at any time. And not in only business hours.
Lower Costs
After the blockchain DApp development, the processes get automated and self-executable. It means if involved parties in a transaction meet the terms and conditions of a contract, it needs no accounting staff or lawyers.
Business Growth
As DApps enhance your operational performance, the business can experience more transaction volume and customers.
Immutability
A DApp developed using an open source blockchain platform makes it tamper-proof and immutable. Thus, iincreasing security and preventing frauds.
Another Blockchain Platform For Scalable DApps and Swift Transactions: Credits Blockchain Platform
How Are Blockchain Platforms Like Ethereum and TRON Making DApps More Popular?
Unlike the first cryptocurrency Bitcoin, developed specifically for digital payments, Ethereum aims to facilitate the token and applications development in its blockchain network.
From cryptocurrency development to blockchain based smart real estate contracts, you can develop almost any type of custom blockchain project on Ethereum. Not only this but also build projects that can enhance your business performance.
Such a combination of DApps and blockchain can provide almost every type of business with significant gain. Thus, we are saying DApps are not going anywhere.
You May Be Interested In This Article As Well: Why is EOS blockchain the Best Platform for Commercial-Grade DApps?
Closing Thoughts
If you want to develop a DApp on Ethereum or TRON, there’s no need to acquire an in-house team.
By finding the right DApp development company or custom blockchain development firm like Oodles, you can have your stand-out customizable decentralized application. Not only would it add leverage to your business but also take it to new heights.
Being a rapidly growing blockchain application development company, we think that DApps based on blockchain can provide the best solutions for business’ operational bottlenecks.
Mudit Kumar
22 Feb 2019
Blockchain Smart Contracts in Real Estate: A Long-Awaited Breakthrough
Blockchain is gradually taking over the business world by storm. After cryptocurrency success, blockchain is making its way into other industries like healthcare, real estate, finance, gaming, social media, and so on.
The unprecedented rise of cryptocurrencies in the last decade has paved a new path for various industry verticals. Using the attributes of blockchain like transparency, immutability, and decentralization, they are improving their financial transactions and operations. Thus, eradicating complexities from the most fundamental day-to-day operations.
The innovative concept of blockchain is significantly reaching the masses. It is steadily impacting various areas of life, including the complex real estate landscape.
For instance, issues like lack of transparency and data redundancy in the rental agreements’ processes require immediate changes.
Considering the daily dealings of real estate companies with contracts, “smart contracts” were need of the hour and indeed, a much-awaited breakthrough.
However, interestingly, a computer scientist named Nick Szabo conceived the concept of digital contracts over 20 years ago.
He proposed that the real estate industry requires smart contracts. Because in a real estate office, numerous people deal with disagreements due to agreements created informally, such as those based on people’s selective memory.
Nonetheless, if your wallet comes integrated within a smart contract implemented especially for such deals, it is immutable and fixed.
In that case, either you’re in, or not. Here, trust is getting automated.
Industry giants, those knowing the power of blockchain based smart contracts, are bringing this topic up for discussion from scratch.
What Are Blockchain Based Smart Contracts in Real-Estate?
Essentially, a smart contract deployed over a blockchain platform is a legit digital agreement system. In which, clauses get automatically executed without involving any intervention of the third party.
Due to blockchain’s decentralized feature, the mentioned terms and conditions are explicitly transparent.
Also, smart contracts allow tokenizing a property, thus, providing value to the token of the respective asset.
Another significant advantage of smart contracts over physical alternatives is the opportunity for automatic execution of contract verifications and rental agreements.
What Can We Accomplish with Blockchain Based Smart Contracts in Real Estate?
Rent Agreements
Approval and verification are two of the most time-consuming processes in rental agreements. It gets cut down into two steps. Real estate and bank fees get eschewed due to two-party involvement.
Rent Payment
The secure blockchain technology backs up a clear and rigorous schedule for timely rent payments.
Establishing a Security Deposit:
Following the deposit clauses mentioned in the contract, damage charges obtained at the end of the lease.
Open House Hosting
With the help of Smart Lock Technology, you can allow a tenant to visit your property by connecting the smartphone to the lock of the door to open it.
Also Read: How Blockchain Can Influence Real Estate Investing
Real-world Smart Contracts Solutions Presented by Oodles
Given the ongoing advancements and evolvement of the automation process, Oodles Blockchain can help you develop your version of a smart contract.
At Oodles, smart contract experts ensure that the process of transitioning a traditional contract to digital contract is efficient and effortless.
If you integrate a blockchain based application of an autonomous system like the mentioned above, it can benefit in many areas of the business.
Mudit Kumar
21 Feb 2019
Blockchain Q and A | Finding Answers That You Always Wanted to Know
A wise man doesn’t seek the right answers, he seeks the right set of questions.” — Claude Levi-Strauss
Blockchain has succeeded in getting the attention of many businesspeople and technologist alike.
Although its applications are far-reaching, many people are skeptical about how it will directly benefit them. Since blockchain is a nascent technology, people still have got many questions.
Truth to be told, after the Bitcoin buzz, we also had questions regarding the success of blockchain. However, now we, at Oodles, think that blockchain is leaving a mark for itself on the digital world with untouched possibilities that various industries can leverage.
For those who still have doubts, here are blockchain questions and answers we gathered while consulting with clients and speaking on technology panels.
Blockchain Questions and Answers
Why Blockchain is Getting Attention in Mass Media and What it Means to You?
Blockchain, after cryptocurrencies, is getting attention for providing a single source of truth among organizations that mainly deals in big data (for instance, logistics information, invoices, etc.).
Applications of Blockchain can enable the integration of previously siloed organizations or simpler integration services.
For instance, businesses dealing in supply chains can use blockchain based supply chain solutions to track materials from suppliers seamlessly.
Also, fintech businesses can use blockchain based fintech solutions to keep endless track of financial transactions. Additionally, such supply chain solutions can automatically employ smart contracts among involved parties, making transaction error-free and flawless.
Are There Any Real-World Examples of Blockchain?
This question is the result of failed online advertisement and word-of-mouth. Even after numerous real-world examples, people are still not able to see the real-world use of blockchain around them.
Recently, Walmart asked its suppliers to leverage blockchain for improved supply chain management system. Interestingly, if you remember the E. coli outbreak in the United States in 2006 may know how much time it took the industry to find out the source of the bacteria, found in spinach to a specific farm.
The outbreak affected nearly 26 states and represented a loss of trust and revenue.
However, now with blockchain based supply chain system, similar to one being used by Walmart, we can trace the source of food in seconds.
Some More Real-World Blockchain Use Cases?
Blockchain use cases are everywhere. The technology is disrupting almost every industry. For instance, Kodak is utilizing blockchain for digital rights management. Intel’s Sawtooth project enhances tracking seafood in the supply chain. Everledger tracks diamonds. Etherisc is working on event-based automatic insurance payouts. Numerous healthcare companies are exploring EHRs (Electronic Health Records) and other applications based on blockchain. Fintech organizations are tapping into blockchain for quick and safe international money transfers, escrow and raising capital.
Is Developing a New Cryptocurrency a Must For Blockchain Application Development?
Definitely, not!
Although blockchain and cryptocurrencies relate to each other, there is no such obligation for developing a new cryptocurrency for blockchain application development.
Cryptocurrencies like Bitcoin and Ethereum are the means used to store and exchange value. While many people consider cryptos an alternative to fiat currencies, others see them as a store and exchange of value.
Blockchain is the technology that power cryptocurrencies. For instance, Bitcoin, the first cryptocurrency, has blockchain as its underlying protocol.
Are There Any Legal Constraints in Blockchain Application Development?
In the United States, the SEC considers cryptos as securities. If you develop a blockchain solution that uses cryptos, it may require you to evaluate the process and implications considering the SEC registrations.
On the flip side, the IRS sees cryptos as property. If you're indulging in crypto trading, you will need to file income tax on any appreciation of the assets. Eventually, when developing a consortium blockchain, make sure you are not creating an environment of price fixing and collusion.
Also Read: How Private Blockchains Can Help Companies Quickly Become GDPR Compliant
The Significance Of Blockchain In GDPR Compliance
Are There More Types Of Blockchains?
There are public blockchains like Ethereum, as well as permissioned blockchains, such as Hyperledger, Corda and many others.
Anyone can become a network member in public blockchains. Permissioned blockchains intend to serve a specific number of parties typically found in an enterprise ecosystem.
Is Blockchain Dealing with Any Pitfalls?
Yes, there are some pitfalls.
Firstly, it’s a nascent technology. The original blockchain implementation is 10 years old only, while Hyperledger and Ethereum are only three years.
To conclude, the existing state of blockchains is roughly comparable to the state of the internet.
Although blockchain is a promising technology, to be universally useful, it will have to evolve.
In a Blockchain Database, Who All Can See Transactions?
It depends on the type of blockchain. For instance, with public blockchain like Ethereum, everyone on the network can see every transaction. For most enterprise use cases, it might not be the right implementation.
A permissioned blockchain framework like Hyperledger Fabric allows a much more fine-grained level of authorization.
Blockchain Questions and Answers | The Summary
We hope this article of blockchain questions and answers has succeeded in explaining important things revolving around blockchain.
The bottom line is, the technology can positively impact not only businesses but the world at large.
However, blockchain is still in its initial phase of adoption. Only time can tell us what will become of blockchain technology.
Mudit Kumar
20 Feb 2019
The Best Cryptocurrency Wallet List for Secure Storage
If you've just stepped into the crypto world by purchasing your first few cryptocurrencies, you might be looking to know which type of cryptocurrency wallet to choose to store them.
For seasoned crypto enthusiasts, this task is nothing.
However, a newbie who's interested, it can be quite daunting.
In general, there's no hard and fast rule for it.
In reality, it depends on your preferences.
Still, here are some tips on how to choose the best cryptocurrency wallet.
Firstly, let's know what's a cryptocurrency wallet.
In a nutshell, a cryptocurrency wallet refers to a software program that stores your public and private keys which enable the sending and receiving of cryptocurrencies at the press of a button.
Although calling it a cryptocurrency wallet would be a misnomer as it doesn't store your crypto coins, it enables you to interact with the blockchain during transactions.
There is one important thing to consider that a person gets three ways to store their cryptocurrencies: software wallets, hardware wallets, and custodial wallets.
Also, you need to think about storage, which can be either cold or hot.
Hot storage means you choose to store your coins online that may be prone to hacks, whereas cold storage means taking a person's crypto coins and keeping them securing offline.
How to Choose the Best Cryptocurrency Wallet, what are the Types and their Usability?
Custodial Wallets
These wallets get generally used to store your private keys through a third-party.
If someone is a newbie in the crypto world, it's recommended to use a custodial wallet.
Hong Kong-based Bitfinex and San Francisco-based cryptocurrency exchange/trading platform are instances of custodial wallets. And, the wallet comes integrated with these platforms, thus, no need for resorting to other types.
If we talk about the merits of a custodial wallet, a user doesn't need to ponder over remembering their private keys: they only need to remember their login details to access the platform.
Also, it offers quick and easy management of funds.
On the contrary, the bane of a custodial wallet is that it doesn't provide its users with complete control.
However, they certainly offer a high level of security in comparison to others.
Typically, custodial wallets are also hot wallets.
Software Wallets
Based on computer programming, this type of wallet is accessible anywhere.
Mainly, they are available in three formats; desktop, online, and mobile, they are intuitive and provide a myriad of options on the device you use more.
Let's breakdown the types to understand in a more comprehensive manner.
Desktop wallets
The main advantage of a desktop wallet is that you can store it on your laptop or PC. Don't depend on a third-party and provide users with complete access and control to their funds.
However, if we talk about security, it solely depends on an individual's due diligence.
So, if a person's device doesn't have the latest security procedures in place and isn't protective enough against hacks and viruses, it could result in the loss of valuable coins forever.
Mobile wallets
Mobile wallets function through an application on your phone along with providing quicker and easier access when required.
A person's private keys get stored on the application to enable the purchases through the phone.
With the increasing use of smartphones, the use of mobile crypto wallets may experience a steady rise in their adoption.
Online wallets
They are web-based cryptocurrency wallets, accessible from anywhere and on any device.
One of the most convenient types of a cryptocurrency wallet: an online wallet comes with one disadvantage, third-party stores your private key.
Hardware wallets
With crypto coins stored offline, a hardware wallet is one of the most secure ways to store your cryptocurrencies.
Similar to a USB device, a hardware wallet refers to a physical device. Its sole purpose is to store a person's private and public keys.
As you don't need to connect it with the internet unless a transfer needs to be done, there's no chance of it becoming vulnerable to hacks and threats.
Using a hardware wallet is quite easy. Just plug it into your computer, enter the pin, and start transferring or receiving required currency.
In case if it gets lost, you can still upload your funds to a new device using the seed words that come along with the hardware wallet, also used to restore funds.
To conclude
If you want to choose the best cryptocurrency wallet, firstly, outline your preferences, as there's no clear answer.
Eventually, it comes down to what you need the most; convenience, security or ease of use.
Your requirements such as how you utilize your cryptocurrencies, how much you own, and how you plan on storing it, play a crucial role when you set out to choose the best cryptocurrency wallet.
So, we advise you that perform the due diligence to make sure that the one you choose is the best cryptocurrency wallet.
A few important reads:
Blockchain Wallet Developer
Blockchain Wallet Development
Blockchain Wallet Development Services
Mudit Kumar
18 Feb 2019
Empowering Digital Identity Management With Blockchain
Imagining a Safe, Reliable, and Secure Blockchain-Based Digital Identity Management
An identity management system using blockchain technology can provide numerous benefits to the stakeholders of a system.
Blockchain digital identity management can enable us to become the owner of our own data.
Then, there's no need to gather and store data attributes in a centralized manner, and no single party needs to verify our identity. It is we who would decide what identity and data attribute we want to share with an organization.
Blockchain is increasingly becoming relevant across several industries due to the attributes it provides, such as transparency, security, and many more.
Hence, we, at Oodles, believe that blockchain digital identity management is all set to transform the current landscape of identity management as well, in a highly secure and transparent manner.
You may also want to read | Blockchain for Advanced and Secure Digital Identity Management
The Existing System is Neither Reliable nor Secure
Always, for any authentic work, we get asked to identify ourselves through multiple government-authorized IDs such as Voter IDs, Passports, Pan Cards, and so on.
Sharing multiple IDs could lead to data breaches and privacy concerns.
This is where the blockchain, through its decentralized network architecture, finds its way to pave the path to a self-sovereign identity that assures and forms privacy and trust.
It helps create a self-sovereign system where identity documents get secured, verified, and approved by permissioned participants.
Now, let's read further to see how blockchain digital identity management would work and serve the masses.
Also, Explore | Digital Identity Management with Hyperledger Projects
Use-cases of Blockchain Digital Identity Management
Loan Approval
If you've ever gone to apply to a bank, then for sure, you must be aware of the hassles (processes) that one goes through.
Generally, we need to provide multiple identity documents and manually complete the verification process.
Possibly, it consumes more than weeks to process the loan or credit.
However, blockchain digital identity management could expedite the process by sharing relevant information within seconds.
Eventually, we won't require to maintain different IDs, and the cost, as well as efforts, could also be hugely reduced.
Also, Visit | Defi Lending and Borrowing Platform Development
Immigration
There are numerous clearance and security checks at an airport that a traveler needs to go through along with carrying a passport and a bag of full a specific set of documents.
From booking a ticket to passing security checks, and moving to a new country, an individual can escape all the processes and present a universal blockchain-based identity.
If a person possesses a decentralized identity, he would not have to undergo complicated security checks and other processes.
So, blockchain-based identity management could streamline processes for both travelers and authorities.
Must-Read | Empowering Decentralized Identity Management with Hyperledger Indy
Legal Procedures
While dealing with any legal process, we submit numerous types of identity proofs. They include address proof, proof of age, proof of occupation, and similar other documents.
With blockchain digital identity management, we might not need to carry multiple documents wherever we go.
Legal entities like governments can ease the verification process of an individual with a single blockchain-based identity.
Therefore, a thorough background check is not needed.
To learn more about blockchain and other emerging technologies in-depth, visit our market insight page.
Mudit Kumar
15 Feb 2019
Creating a Blockchain Based Identity Management System
Blockchain based identity management puts individuals back in control of their identitiesToday, the internet fails to provide a sufficient identity protocol for distinguishing people and institutions.Consequently, there was a need for service providers to build and maintain their databases of user information. It's a costly solution for them, as well as the information gets duplicated across different providers. Also, it gets difficult to secure it, given the recent large-scale personal data hacks globally. And, it becomes tedious for users who need to recall numerous credentials for different services.Moreover, personal information could be processed for profiling, data mining, and exploitation without users' consent.An Overview of Identity ManagementIdentity management simplifies the user provisioning process. It enables new users to get access to online services, as well asde-provisions users to ensure that only authentic users get access to services and data.1) Independent IDMMost of the identities available on the internet follow the centralized model of storage and verification. A single entity owns and manages users' credentials.However, these independent identity repository models are full ofdeficiencies. Users won't even get to know whether their identity record has been revoked or misused by the identity provider.2) Federated IDMFederated identity management systems can give authorization and authentication capabilities encompassing organizational and system divisions.This system needscontractual agreements on data ownership. An agreement stating that individual identities at one provider have been recognized by other providers.This approach, however, is relatively quite complex. The implementation requires proper agreement and a trust relationship between online services.3) Self-sovereign IDMA self-sovereign identity system enables users to control their own digital identity. People and businesses get the power to store their identity data ondevices of their choice. Since it is free from any individual silo, itgives users full control, security, and full portability of their data.From a Service Provider's StandpointIt is becoming inevitably complicated to manage and authenticate users as passwords and personal identity information gets traditionally stored in a centralized server. It opens gates for hackers to achieve their malicious goals by stealing, misusing, or manipulating these data.Hence, service providers need to have stronger mechanisms, by incorporating multiple factors authentication for access androbust encryption, which may in the future complicate the system.Thus, new authentication and identity management framework are needed to be employed.Blockchain-Based Identity Management SolutionsHere's a summary of state-of-the-art blockchain-based identity management solutions.Whether it'sthe Internet of Things (IoT), social networking, industrial Internet, or payment gateway system, authentication is one of the key components of any trustworthy online system, which needs to handle sensitive data or transactions.The process of authentication must be transparently visible to users.A typical authentication method should be reliable, efficient, and adequate for verifying data credentials while protecting users' privacy.The current identification ecosystem is complex and full of middlemen. Also, service providers are investing billions in systems and infrastructure to make them compliant with data security regulations.However, as of today, the challenges still persist in managing a user's identity, authentication, and authorization.In the year 2018, there was a massive data leak in Malaysia involving 46.2 million mobile users.And in 2019, over 220,000 organ donors' personal details were leaked through government official databases in Malaysia. Wrong hands may have reached critical information like their personal details, identity card numbers, addresses, and mobile phone numbers.Data vulnerabilities have caused users to deal with identity theft and breaches. The bottom line is server-centric identity management model has deficiencies.Also Read:IOTA's Tangle Is Empowering Palm Scanning Identity Verification TechnologyBlockchain Technology in Digital Identity ManagementWe all know about Bitcoin, Ether, and numerous other Cryptocurrencies. These cryptos enable people to anonymously execute reliable and safe digital payments and transactions.The underlying mechanism of these cryptocurrencies is blockchain technology; a decentralized database. It can record all transactions since their beginning.Contrary to a central network such as a bank or government, the entire network continuouslyverifies the integrity of those transactions.Subsequently, users don't need to rely on a central entity.The guarantee of security gets determined by the strength and computing potential of the entire network participating in the blockchain.Being an immutable distributed ledger,Blockchain verifies and ensures thatthe users, transactions, and messages are valid. The authentication process gets conducted usingsmart contracts. A smart contract getswritten and deployed to the blockchain. It self-governs itself within a set scope of actions, along with removing the need for a third party for validation.Is Blockchain the Answer?The ideal fix could be a ‘blockchain-based self-sovereign identity.' A new form of blockchain-based identity management, owned and controlled entirely by each individual user in the decentralized network.Such a solution would have an individual's consolidated digital identity information as well as their verified attributes, which will get cryptographically signed by numerous trusted issuers. In a nutshell, this new mechanism would disrupt the current identity management and authentication solutions by laying the foundation for a more promising and secure platform.Blockchain-based self-sovereign identity management and a decentralized solution developed using Distributed Ledger Technology (DLT) could help address these challenges.Undeniably, the blockchain and DLT is an ingenious inventions.Still, blockchain technology remains one of the most underestimated technologies of the time.It was just the surface we've scratched. So, we thought of preparing another article for blockchain based digital management. The next analysis talks about the radical changes to come after blockchain's entry in the digital identity management landscape. It highlights some of the prominent use cases and applications of blockchain that can revolutionize the way we share, use and protect our identities, not only over the web but also in the real world.A few essential readsGroundbreaking Applications of Blockchain and CryptocurrenciesBlockchain-enabled Social Media Marketing– Rise of a New MarketplaceSmartphones as the next foundation of Blockchain TechnologyHybrid Blockchain: Bringing the Best of Both Public and Private Blockchains
Category:
Blockchain
Mudit Kumar
14 Feb 2019
Turnkey Cryptocurrency Exchange Software | A Boon for Crypto Investors
Turnkey Cryptocurrency Exchange Software
A ready-made solution for instant launching of your Crypto Exchange Platform Software
Looking to start your cryptocurrency trading exchange platform? Then, ready-made solution or turnkey Cryptocurrency Exchange Software is a choice which you can use for enabling trading of digital currencies.
With a new turnkey trаding platform, you'll get a powerful matching engine. It will enable you to list unlimited trаdable assеts including digital аssеts, fiat currencies, fоrех, and еquitiеs, etc.
Also, you can customize the user interface, matching engine and all other parts of our turnkey solution.
Such cryptocurrency exchange solutions are made available by only a few of the best blockchain technology companies.
The idea of 'Turnkey Cryptocurrency Exchange Software' is developing with the rise of new blockchain development projects. Projects that endeavor to build their very own cryptocurrency exchange platform to trade crypto assets in the global market in less time and reduced cost.
Benefits of Turnkey Cryptocurrency Exchange Solutions
High probability ROI
Quick and secure deployment
A reasonable choice when there’s limited technical expertise to build your cryptocurrency exchange platform.
In the long run, the work cost decreases to a great extent.
Helps shift the aim from technical to business oriented.
Rather than being built from scratch, ready-made codes are used for rapid prototyping.
Costs less than a few coffee cups at 'Starbucks,' probably.
Take a gander at all these advantages. Who wouldn't want to have such an excellent ' Ready-made Cryptocurrency Exchange Software' after getting all these benefits in such a competitive market?
Here’s a brief description of a Turnkey Cryptocurrency Exchange Software that’s developed at Oodles by our skilled crypto and blockchain developers.
Oodles Scaffold, a Turnkey Cryptocurrency Exchange Software
We, at Oodles Blockchain, an India-based Blockchain Technology Company, offer ready-made Cryptocurrency Exchange Solution that's coupled with features like
SegWit
Multi-currency
Multi-signature trading platform
Exchange platform for trading cryptocurrency and digital assets.
The solution provides an increased level of security including DB encryption and 3-point architecture. Turnkey Cryptocurrency Exchange Software Solution developed by us would accept prominent fiat currencies such as Euro and USD.
Also, it deals in cryptocurrencies such as Ethereum, Bitcoin, XRP, Litecoin, Bitcoin Cash, Ripple, etc.
And, has a dynamic order book that makes it very easy to add and remove any particular cryptocurrency as per your need.
Oodles Scaffold not only offers crypto-liquidity by integrating with other cryptocurrency exchanges but also provides with a few advanced features like FireBase and BIP-32.
What's Oodles Scaffold?
Oodles Scaffold is the end of your search to develop an enterprise-grade in no time and less cost (told you, it may cost less than a coffee cup). With it, there’s no need to develop your project from scratch. It can be tweaked to match your requirements in very less time.
Oodles Scaffold’s Turnkey Cryptocurrency Exchange Platform comes equipped with:
Admin Console
Block Confirmation Tracking
ERC20 compatibility
UI/UX Branding
Enhanced KYC Verification
Why Oodles Scaffold?
Quick Development, and Reduced Time and Cost
It will guarantee the quick-paced development of your blockchain projects within limited time-frame. Oodles Scaffold will give you a chance to save a fortune that you may be spending if you choose to build your project from scratch.
Also Read: Cryptocurrency Exchange Software: Everything You Need to Know About it
The Most Comprehensive Guide Ever to Starting Your Crypto Exchange Business
Mudit Kumar
13 Feb 2019
Understanding Blockchain-Based ICO Services
Blockchain-based ICO services (ICOs) are an innovative way for businesspeople to gather capital for their early-stage enterprises, for customers to acquire rights to underdevelopment products or services, and for investors to enter a new asset level.
By leveraging blockchain-based ICO services, an issuer utilizes the blockchain or DLT (distributed ledger technology) to develop a new cryptocurrency.
Then, he sells the new digit coins or tokens to support the project.
Creating new crypto tokens on top of an existing blockchain platform (e.g., Ethereum or Waves) is quite easy, which has led to a huge increase in blockchain-based ICO services and campaigns in recent years.
Countries like Singapore, Switzerland, and Malta have adopted it as an innovation. They have heavily promoted themselves as the right place for blockchain-based ventures, as well as FinTech companies.
The settings of blockchain-based ICO services are quite different from standard capital-raising settings. The description of the underlying blockchain architecture in white papers helps make the disclosures credible, despite the absence of regulation or enforcement.
Why Blockchain-based ICO Services
A blockchain is a distributed ledger, essentially a chain of information blocks used to store transaction records that get automatically saved across a network of nodes (Computers).
It uses military-grade cryptographic techniques and a consensus mechanism to validate data to add it into a new block and eradicate discrepancies across the network, thus, removing the requirement for any central control or trusted third party.
Blockchain's decentralized feature means no party can control its platforms, including the founders/creators. The tokens are used as a means to reward the founders and everyone else involved in the creation and maintenance of the open-source platforms.
Any node within the network can participate and become a member of open-source blockchain platforms without permission (i.e., “permissionless”). And then, help verify new data in return for tokens.
Bitcoin was the first well-recognized application of such a public, decentralized blockchain platform; so is Ethereum.
On the contrary, some ICOs are likewise crowdfunding campaigns as they utilize a private “permissioned” blockchain structure. As a result, the founders can control the investments and choose what records can be annexed to the blockchain.
Hence, whether an ICO is based on a decentralized blockchain well-recognized application platform or not is a vital signal for investors.
Also, the terms and conditions of the ICO token sales, as well as the rights and responsibilities of the token owners and insiders, can be written into automatically executing “smart contracts." For instance
the maximum number of tokens for sale in an ICO
The schedule of future token issuances
And token voting rights can be encoded into the blockchain platform.
Hence, ICO issuers can make credible commitments to investors using their blockchain platforms.
Some Key Features of an ICO Campaign Developed Through Blockchain-based ICO Services
Typically, refers to the distribution and sale of utility tokens.
Owning tokens does not imply that an investor has got the right to vote on the direction of a project, though, the investor community can significantly impact and give their insight throughout a project’s lifecycle.
Prior to the sale, it involves the creation of an infinite number of tokens with clearly defined allocations for the distribution (Token Economics’ or ‘Tokenomics’) supported by a clearly structured roadmap.
Token prices are usually established by the anticipated demand for the product or service and the issuers based on Tokenomics.
There are multiple rounds of fundraising.
Early investors gain more rewards equipped with tokens as an incentive.
The campaign ends once the tokens put up for sale get completely sold off or if the minimum amount of funding set for the project (called the ‘soft-cap’) is achieved.
Crypto exchange listing platform frequently follows ICO campaigns, to enable token trading in the open market.
Suggested Read | Raising Funds through ICOs | Launch your Business in less than no time
Have a blockchain-based project in mind? Connect with our blockchain developers today!
Mudit Kumar
12 Feb 2019
The Emergence of Stable Coins: An Alternative to Cryptocurrencies
Over the last couple of years, it's been a ride of high volatility for cryptocurrencies.
After the rise of cryptocurrencies, several industries have felt the FOMO and rushed toward adapting their use cases instantly.
However, despite the boom in 2017, there are numerous unresolved issues in the crypto world hampering its adoption on a global scale.
After a slight crash in 2018, cryptocurrencies' potential has got hampered on a macro level as well.
So, crypto enthusiasts now look up to the Stable Coin- a new innovative method of digital currency whose value gets backed up by another asset - as the alternative to the crypto world's issues.
If this is the case, then, we need to look at which type of digital currency applications can Stable Coins enable?
Issues with the Current Cryptocurrencies
High Price Volatility (A prominent factor that is both the driving and the lacking aspect of public trust in cryptos as a trustless and reliable currency alternative).
Improper Regulatory Frameworks (for successful guidance to their widespread adoption)
Considered as Speculative Investment
Achievements of real-world assets like fiat currency and precious tangibles that appear elusive to cryptocurrency: durability and a history of trust, to a certain extent.
These aspects are the real and lasting value of a currency in the world. Digital currency models, across both trading and storage, must strive to achieve.
Undoubtedly, it's a challenging proposition, but achievable.
As per an Annual Economic Report by the BIS, an association of the world's central banks, ceaseless events of a stable currency are much more of an exception than the norm.
In reality, history has become a graveyard of currencies due to unstable trust.
Museums around the world specifically dedicate whole sections to such graveyards.
For instance, the British Museum has devoted its room 68 to display shells, stones, tobacco, numerous coins and pieces of paper that are no more acceptable due to their lost acceptability as an exchange medium.
The Emergence of the Stable Coins as the Alternative:
The Stable Coin - a new method of cryptocurrency that get pegged to another value-based asset like a fiat currency, any other cryptocurrency or precious metal- theoretically signifies the crypto market's answer to above questions (issues).
You can consider the Stable Coins as the reliable, low-risk crypto-coins.
Their core strength is their ability to transfer and store efficiently rather than expanding wealth.
Also, they are also interconnecting traditional and digital currency.
Types of Stable Coins
Collateralized
Uncollateralized/algorithmic
Value-based real-world assets (fiat or commodities) or other cryptocurrencies are the supporting mechanisms of Collateralized Stable Coins, while uncollateralized Stable Coins are algorithmically pegged.
For making a coin stable, an equivalent value in the form of the US dollars or any other real-world assets is put in a bank aside. A centralized financial organization helps foster and maintain trust. It means these value-based coins should be available to be redeemable for their related assets. Also, the coins must not be created and disseminated if they don't hold true.
The most widely accepted real-world asset-backed Stable Coin is Tether. It holds an overwhelming percentage of the total capitalization of this market.
Except for the bitcoin, other cryptocurrencies back the crypto-collateralized coins.
Due to less stability of cryptocurrencies than real-world assets, crypto-collateralized coins get over-collateralized.
A U.S. dollar pegged stable coin would be pegged in US$1 for one stable-coin, whereas an ethereum backed stable-coin would get pegged in US$2 worth of Ethereum for the Stablecoin worth of US$1. It is to secure stability even with frequent fluctuations.
Another type of these coins is uncollateralized or algorithmic Stable Coin. They are completely decentralized and stabilized using algorithms dictating their value.
These algorithms control value and stability through maintaining the uncollateralized stablecoins' supply--decreasing and increasing it as required.
The Current State
Consistent and precise pegging and backing by associated assets will determine whether these coins are or can become truly 'Stable.' It's these factors that will tell whether these coins will be the latest crypto craze or the legitimizer of cryptocurrency.
Stablecoin projects have successfully raised approx. US$350 million in investment capital. They have been successful in attracting attention from financial companies within and outside of the crypto business. Not only this but established crypto exchange platforms have also begun embracing Stable Coins.
The Conclusion
If stablecoins can achieve true stability, they could unlock the potential of the cryptocurrency domain and help in the widespread adoption of its application and impact.
Mudit Kumar
11 Feb 2019
Application Development using The Emerging Tech Trends 2019
Today, numerous technologies and innovations are on the brink of making significant differences in our modern society. Oodles Blockchain strives to leverage the technologies and inventions that contain the potential to turn visions into reality. Technologies that are yet to be widespread but already showing signs of reaching the next level.
The Blockchain Technology
The Blockchain is the most discussed technology in the recent decade. Blockchain, an application of distributed ledger technology (DLT), is an unchangeable, distributed (write once and read-only) ledger used to record digital transaction shared peer-to-peer between different parties within the network.
The core strengths of its ecosystem are networked immutability and data uprightness.
Compliance When Blockchain is the underlying technology, application development on top of a platform allegedly conform to many privacy and regulatory compliances.
Why Blockchain for Enterprise Application Development
Users of blockchain based applications can share whatever information with anyone they want with no data corruption or tampering worries, as Blockchain is immutable and distributed.
As a user, you can oversee, along with allowing access, how they are using your data. You can specifically authorize any particular personnel or organization to access your information.
Java with Spring Boot
Built on the top of the Spring framework, Spring Boot facilitates easier configuration of production-grade Java-based Applications. Numerous reasons signify why Java with Spring Boot is one of the most preferred programming languages for developing blockchain based application and blockchain app development services.
Compliance According to the Open Web Application Security Project (OWASP), there are a few critical security perils need to be taken into account for the secure development of a web or mobile app.
Java has numerous security frameworks that help secure an application’s development process. These include:
JAAS: It’s a security API, having a set of Java packages, especially intended for user authorization and authentication.
Spring Security: It’s a customizable framework used to deal with access control (authorization) and authentication complications in the enterprise applications written in Java.
OACC: It’s an application security framework. It’s designed for access control involving great attention to detail (object level).
Advantages of Java
Cross-Functionality and Portability
Distributed and Object-oriented
Multithreading Support
Multimedia and Network Support
Why Java for Blockchain Application Development?
Java, designed to use as few implementation dependencies as possible, is an easy and scalable programming language for efficient web app development. It allows coders to write the code once and use it anywhere for achieving cross-platform portability.
Explore More | Best Blockchain Programming Languages 2019 | Updated List
Java also utilizes memory management which helps in better administration of the effectiveness and speed of the web application. Subsequently, it provides multi-threading for quick response time, lesser glitches, various operations, and high-grade performance.
AI and ML (Artificial Intelligence and Machine Learning)
Artificial Intelligence is an innovative idea that allows machines to execute actions in a way that we can consider as ‘smart.'
And,
A branch of AI, Machine Learning is the concept of providing machines with access to data and allowing them to learn for themselves.
A few applications of AI
Machine Learning
Neural Network
Deep Learning
Cognitive Computing
Natural Language Processing (NLP)
Computer Vision
Compliance Cognitive resources like AI and ML are successfully turning science fiction into real-world solutions.
However, developers working on cognitive tech to develop into software must keep an eye to security risks to data along with being conformed to privacy and data regulatory compliances.
Developers, at Oodles, do that by:
Risk Assessments
Monitoring Regulatory and Legal Developments
Conducting Analyses in Regulatory Application Environments
Engaging counsel to ensure appropriate addressing of contractual arrangements with sources of the data.
Why AI and ML for Blockchain Development Services
AI significantly reduces time consumption to perform a task by enabling multitasking and reducing the workload for existing resources.
AI offers the following benefits to innovators like Oodles Blockchain and other technology service providers all around the world.
Performs previous complex tasks without cost outlays
24x7 active with no downtime and breaks
Enhances the capabilities of differently abled individuals
Improves decision-making
Lower the training and operation cost
Augment work efficiency
Data Analytics
Data analytics is the concept of examining, purifying, transforming, and modeling data with to extract relevant information, notify consequences and encourage decision-making.
Compliance It’s crucial that companies implement necessary security solutions to satisfy various compliance mandates, such as the Data Protection Directive, Data Protection Act (DPA), Quality Improvement Act (PSQIA), and HITECH Act.
Advantages of Data Analytics Big data analytics in numerous industries like healthcare, fin-tech, real estate, etc. has potential in abundance.
Not only can it enhance IT effectiveness and efficiency but also help us optimize several clinical methods.
Why Data Analytics in Blockchain Application Development Ecosystem
Data Analytics, or simply Big Data, can discover demographic groups and enable us to make decisions for optimized outcomes.
Have a blockchain project in mind? Connect with our blockchain developers to get started.
Mudit Kumar
06 Feb 2019
Comprehending Open Source Blockchain Platforms for DApps
Blockchain came into existence with the rise of cryptocurrencies, and vice-versa. However, the blockchain technology has gone beyond its use as the underlying mechanism of digital currencies.
Today, blockchain facilitates a wide variety of industries like data management, e-commerce, energy, online voting, e-governance, gaming, etc.
A few commercial, open source blockchains provide the platform for developing decentralized applications. A blockchain based DApp needs to achieve these following requirements to be called a DApp.
- Provide a distributed transactional database
- Provide user verification labels for active participants
- Transaction verification on an active ledger for approval
For developing a smart blockchain based DApp, we must use a transaction and ledger model.
Best Open Source Blockchain Platforms for DApps Development
Ethereum
One of the most used Open Source blockchain platforms for DApps development Ethereum is blockchain based decentralized platform intended for creating 'smart' smart contracts; applications that run as programmed without any censorship, downtime, fraud or third-party intermediaries.
Ethereum has its crypto coin called Ether, which blockchain application developer use to pay transaction fees and services on the ethereum network.
Following are the components that make up the Etherum network.
EVM: Every node within the Ethereum network runs an EVM (Ethereum Virtual Machine) and carries out the same instructions.
Smart Contracts: One of the most critical components of Ethereum, these are high-level coding abstractions integrated into EVM byte code and executed on the Ethereum Blockchain. Developers use various programming languages like Solidity, LLL, Mutan, and Serpent to program smart Contracts.
Applications: Ethereum boasts of more than 50 percent of the market share of DApps with around 250 active DApps used for numerous applications like stock market predictions, digital signatures, gaming, social media, etc.
Scalability: It utilizes 'Merkle Trees' for scalability and optimizing transaction hashing.
Hyperledger
Hyperledger, one of the most popular open source blockchain platforms for DApps, is a collaborative project maintained by the Linux Foundation.
It proposes to expedite the cross-industry collaboration by providing blockchains and distributed ledgers. It also focuses on improving the reliability and performance of these systems to make them capable of being adaptable for global business transactions within major finance, technology, and supply chain companies.
Hyperledger Frameworks:
Sawtooth
Iroha
Fabric
Burrow
Also, there are some Hyperledger Tools:
Caliper
Cello
Composer
Explorer
Quilt
EOS Blockchain
EOS.IO, a unique blockchain-powered platform, mainly focuses on decentralization.
Blockchain Developers use EOS to develop and deploy enterprise-grade Decentralized Applications.
A Cayman Islands Company is the owner of EOS blockchain platform. With EOS blockchain, developers can code the DApp according to the specific needs.
EOS makes use of the delegated Proof-of-Stake (DPoS).
Owing to the DPoS consensus mechanism, EOS can handle much more transactions than others like ethereum.
Also Read: A Comprehensive Guide to Know Everything About EOS (Blockchain Guide For Experts+Beginners)
TRON
TRON, intended for the development and establishment of entirely decentralized infrastructure, is an exciting project.
It has an enormous blockchain-based operating system which provides high-level support of throughput, scalability, and availability for all public blockchain apps in the TRON network.
TRON came into existence to address high transaction fees and low transaction throughput times of cryptocurrencies like Bitcoin and Ethereum.
Also Read: TRON: An Elementary Beginner’s Guide to Know Everything About it
Corda
Corda is one of the unique open source blockchain platforms for DApps development, facilitating financial agreements supporting smart contracts.
What makes Corda a unique blockchain platform is that it provides global interoperability of public networks that have the privacy of private networks. Corda allows sharing transactional data only with participants that need it, thus, ensuring minimal information leaks.
One of the most preferred open source blockchain platforms for DApps and smart contracts, Corda provides a gateway to an ecosystem of completely interoperable decentralized applications for commerce and finance. These are known as CorDapps.
Mudit Kumar
05 Feb 2019
Exploring Blockchain-Based Healthcare Applications
Blockchain-Based Healthcare Applications
Initially, you may have considered blockchain just a piece of IT jargon or another buzzword. You've got it wrong!
Blockchain is now a breakthrough technology that we at Oodles expect to bring disruption across numerous industries in the coming years.
Blockchain Technology
It's a new efficient and secure way of storing and sharing data in a transparent and unalterable way. It uses the means of military-grade security mechanisms like Cryptography to achieve data immutability and transparency.At its core, blockchain is a shared system that can efficiently record and store transaction records. Essentially,it is a distributed, unchangeable digital ledger of P2P (peer-to-peer) transaction records forming up of chained transaction blocks. There is no central authority; each participant in the network can view the transactions.
In a nutshell, blockchain is like a spreadsheet in the sky, that all banks around the world will have a copy of it.
Blockchain technology is a technological tour de force.” —Bill Gates, co-founder of Microsoft, investor, and philanthropist
Whether it's the financial world, healthcare or any other sector, you would probably experience the consequences yourself soon enough.
You May Also Like | Transforming These Industries with Blockchain-Based Applications
Blockchain-based Healthcare Applications | Enabling Secure and Efficient Healthcare Data Exchange
Blockchain, along with everything else, intends to mend your Healthcare experience in revolutionary ways.
Using Blockchain for the healthcare sector can provide us with a decentralized, automated third-party system using which we can transfer medical data freely and securely.
From discovering demographic trends to making EHRs (Electronic Health Records), blockchain can optimize real-time data through its vast connectivity.
Patients can easily send records to anyone they want without worrying about data corruption or tampering, as Blockchain is immutable and distributed.
Likewise, medical records added to the blockchain will be completely secure.
The patients can oversee how medical institutions are using their medical data. They can specifically authorize any individual to access their medical information.
Bed occupancies in emergency rooms, remote and accurate monitoring of health, inventory, patients, staff, and medical device availability - the tracking of these items is improvable using Blockchain in Healthcare and IoT.
Blockchain-based Healthcare applications may not be the panacea for all Healthcare ills but…
Population Health Data
Population health data refers to the medical information of a specific demographic. The challenges faced are data interoperability, shareability, and security.
Using blockchain technology, better data and sharing of population health data can enable improved care delivery encompassing diverse populations.
With data analytics, new technologies like AI and ML can be integrated to discover broader perils of population health.
Also Read: Secure and Efficient Healthcare Data Sharing (POC) using Corda Blockchain
Prescription (Drug) Traceability
Data in blockchain is unalterable. If any information related to a prescription issuance or drug production, shipment, etc., is added, it becomes almost impossible to change it.
Thus, eliminating counterfeit/misused prescriptions and drug circulation.
Also Read:Tracking Counterfeit Drugs With Blockchain Healthcare Solutions
EMR (Electronic Medical Record)
Blockchain can support the complete lifecycle of a patient's EMR along with providing robust security and flawless auditability and eradicating needless administrative units.
Also Read: Augmenting the Management of EHRs (Electronic Health Records) with Blockchain
Public Health
Regulatory organizations can have a distributed stream of de-identified patient information to help medical authorities identify the pandemics or threats beforehand.
Data Security
Blockchain can smartly safeguard patients' information by preventing unauthorized individuals access to information.
Health Data Accuracy
With Blockchain, the efficiency of the treatment given can get improved with leaps and bounds.
Health Data Interoperability
Any healthcare-related facility regardless of its location can utilize digital medical records.
Clinical Trial Results
Blockchain can bring improved transparency and accountability in clinical trial reporting processes by systemizing all trials correlated with a published study.
Also Read: Can Blockchain Solutions Address Challenges of Clinical Trials
Key Takeaways
While it's unlikely that technology would substitute doctors entirely, Blockchain-based healthcare applications provide a secure platform to access healthcare facilities readily.
In the world of the Internet of Things (IoT) and wellness, Blockchain enables us to build on "collective intelligence" or Data IQ to form a patient-centric care model of the future.
Thanks to Artificial Intelligence, Blockchain, and IoT, all participants in a healthcare network can benefit from the resulting cost-reductions, transparency, and efficiency.
Category:
Blockchain
Mudit Kumar
04 Feb 2019
Exploring Stellar-Based Real-World Blockchain Solutions
Oodles Blockchain feels proud to announce that it now leverages Stellar to develop Stellar based real-world blockchain solutions!
Similar to Fintech, many industries face serious challenges around security, privacy, performance, and scalability.
As we’ve been continuously exploring effective blockchain solutions to real-world problems, it’s necessary to work with the right partner that can help us realize our vision. Stellar Blockchain is the platform in particular that caught our eyes.
As a leading cryptocurrency and blockchain development company, Oodles Blockchain is working on to create transforming blockchain based solutions that can change everything of value as we know it.
So, without further ado, let’s look at the most prominent reasons to develop Stellar based real-world blockchain solutions.
Stellar’s consensus model intends to serve the real-world problems
The Stellar Consensus Protocol (SCP) exactly coordinates with real-life business arrangements.
Based on the architecture of the internet, the SCP employs a Federated Byzantine Agreement (FBA) model to reach the decentralized consensus. Thus, eliminating any gatekeeper and central authority.
Anyone with an internet connection can join the Stellar universe.
In this universe, similar to the real world, participants get the ability to choose who they want to trust to share the information.
For validating a transaction, participants in it do not require the complete network to agree. It’s only the other members that it cares about.
Each participant, and the ones it trusts forms up what’s exclaimed as ‘Quorum Slice.’ Participants can join multiple slices. And, if the slices are overlapping, it refers to as ‘Quorum Intersections.’ These intersections are the reason it has become possible to create a stable and secure system-wide consensus.
Transfer money as if you’re sending an email
Instead of utilizing a long, hard-to-remember alphanumeric string as your address, Stellar allows using an email address or other short aliases depending on your use case.
Imagine the time when mail providers will come integrated with Stellar. Then, they’ll be able to automatically connect a wallet address to each user’s email ID.
Envision the straightforwardness and inexpensiveness of sending money across the world to anyone using their email address!
Also Read: Will 125 Million Airdrop Impact Stellar Price? Stellar Blockchain Solutions Pace Up
Security
For large, as well as small, enterprise businesses, it is a must to secure transactions through necessary precautions.
Stellar prevents bad actors from reaching the attack-surface by not using a Turing-complete system.
Stellar offers improved functionality. It saves from threats due to its design and provides an efficient payment system and means of exchange.
Liquidity
Stellar is an excellent blockchain project that addresses major challenges to fundraising, such as access to liquidity and capital.
Stellar’s system comes equipped with a built-in decentralized exchange. It means you can enable the trading of tokens moment they are created.
It’s expected that Stellar’s decentralized exchange would provide an all-inclusive equitable ecosystem.
Documentation & Support
Stellar’s boasts an amazing documentation and community support. The docs are precise, informative, and easy to understand.
Stellar’s Slack channels are home to some of the Stellar developers and other members of the community. They are often found holding lively discussions and are always ready to lend a helping hand.
Consequently, it makes troubleshooting a breeze. And, significantly, demonstrates why some of the reputed and largest banks and financial institutions globally are moving toward adopting Stellar based real-world blockchain solutions.
The Right Focus
Stellar is a combination of cost-effectiveness, high speed and focus continual developments.
However, it takes some transactional charge to prevent denial of service attacks.
During the tests with Barclays, Deloitte, and IBM, it has been proven that Stellar can safely accomplish up to 1,000 TPS, while the confirmation averages 3–5 seconds.
Stellar proves that it can do everything that a modern blockchain does, by providing a robust, secure, and functional distributed ledger.
Final Words
Stellar aims to propel global financial access with cutting-edge innovation.
While other blockchain platforms may be far from addressing today’s problems, Stellar based real-world blockchain solutions shine.
Mudit Kumar
01 Feb 2019
Setting Up EOS Node: An Easy Guide to EOS Testnet Setup
EOS is becoming a popular platform for blockchain application development. Its high scalability enables it to process a large number of transactions quickly. Moreover, these transactions are validated by EOS nodes. These nodes produce blocks containing valid transactions. This blog is a guide to setting up EOS Node in simple steps.
EOS Blockchain
EOS is a blockchain (and a coin) used to build 'smart' smart contracts like Ethereum but it's much faster than it.
Any user who wants to use the EOS platform for creating an account, transferring a token, and issuing a token must have an EOS token to successfully perform the aforementioned actions.
Furthermore, every user on the EOS blockchain platform holds an amount (in EOS ) for stake network bandwidth, net usage, and RAM.
So, only an existing user could create a new user as they purchase above- defined asset and gives them to new users (for independent EOS wallet).
Explore More: EOS Blockchain | A Beginner’s Guide to DApp Development
Steps To Setting Up EOS Node
Here's a guide that has steps for setting up the EOS Node jungle2 testnet.
For setting up EOS Node (Testnet), follow this step
create and folder
mkdir /opt/EOSIO
cd /opt/EOSIO
git clone https://github.com/eosio/eos --recursive
cd eos
git checkout v1.5.2
git submodule update --init --recursive
./eosio_build.sh -s EOS
./eosio_install.sh
This may take a while so don't panic.
Now, copy the old version.
mkdir /opt/bin
mkdir /opt/bin/v1.5.2
cp /opt/EOSIO/eos/build/programs/nodeos/nodeos /opt/bin/v1.5.2/
cp /opt/EOSIO/eos/build/programs/cleos/cleos /opt/bin/v1.5.2/
cp /opt/EOSIO/eos/build/programs/keosd/keosd /opt/bin/v1.5.2/
ln -sf /opt/bin/v1.5.2 /opt/bin/bin
Now, update the source version.
cd /opt/EOSIO/eos
git checkout -f
git branch -f
git pull
git checkout v1.5.2
git submodule update --init --recursive
./eosio_build.sh -s EOS
./eosio_uninstall.sh
./eosio_install.sh
mkdir /opt/bin/v1.5.2
cp /opt/EOSIO/eos/build/programs/nodeos/nodeos /opt/bin/v1.5.2/
cp /opt/EOSIO/eos/build/programs/cleos/cleos /opt/bin/v1.5.2/
cp /opt/EOSIO/eos/build/programs/keosd/keosd /opt/bin/v1.5.2/
ln -sf /opt/bin/v1.5.2 /opt/bin/bin
The environment of EOS has been set up successfully.
Now, we will set up the EOS jungle testnet.
mkdir /opt/Jungle2Testnet
cd /opt/Jungle2Testnet
git clone https://github.com/EOS-Jungle-Testnet/Node-Manual-Installation.git ./
Suggested Post: Why is EOS blockchain the Best Platform for Commercial-Grade DApps
Creating an EOS Account
For setting up the EOS Node, we need an EOS account. We can create an EOS account from here and click Create account.
The above link needs an account name and public key. You can find a unique account name and private key from this link.
Now, edit config.ini file that is present in the folder
/opt/Jungle2Testnet
And update that file following these details.
# update here your producer name and that key
producer-name = oodlestest24
signature-provider = pub-key=priv-key
http-server-address = 0.0.0.0:8888 # your node address
p2p-listen-endpoint = 0.0.0.0:9876
p2p-server-address = *************:9876 # your public ip
chain-state-db-size-mb = 16384
reversible-blocks-db-size-mb = 1024
contracts-console = true
p2p-max-nodes-per-host = 100
wasm-runtime = wabt
http-validate-host = false
verbose-http-errors = true
abi-serializer-max-time-ms = 2000
access-control-allow-origin = *
# access-control-allow-headers =
# access-control-max-age =
# access-control-allow-credentials = false
# https-private-key-file =
allowed-connection = any
# allowed-connection = specified
# peer-private-key = ["!!NEW_KEY_PUB!!","!!NEW_KEY_PRIV!!"] #create new key for private peers
# peer-key = "!![PUBKEY]!!"
max-clients = 150
connection-cleanup-period = 30
network-version-match = 0
sync-fetch-span = 2000
enable-stale-production = false
max-implicit-request = 1500
pause-on-startup = false
max-irreversible-block-age = -1
txn-reference-block-lag = 0
mongodb-queue-size = 256
# mongodb-uri =
plugin = eosio::producer_plugin
#plugin = eosio::producer_api_plugin
plugin = eosio::chain_plugin
plugin = eosio::chain_api_plugin
plugin = eosio::history_plugin
plugin = eosio::history_api_plugin
max-transaction-time=1000
#EXAMPLE peers please check last one on http://monitor.jungletestnet.io/#p2p
p2p-peer-address = jungle2.cryptolions.io:9876
p2p-peer-address = jungle2.cryptolions.io:19876
p2p-peer-address = jungle-p2p.eosio.cr:2086
p2p-peer-address = peer.jungle.alohaeos.com:9876
p2p-peer-address = 145.239.133.201:9876
p2p-peer-address = 35.165.133.251:8888
p2p-peer-address = jungle.eosgen.io:9876
p2p-peer-address = jungle.eosn.io:9876
p2p-peer-address = 18.223.252.15:9876
p2p-peer-address = 49.236.137.37:9990
p2p-peer-address = jungle.eosmetal.io:19876
p2p-peer-address = jungle2-eos.blckchnd.com:9876
Now, save the above file. Then, you need to use two port:
1- 8888 for eos blockchain-communication
2- 3000 for your eos wallet
For starting the wallet port, type the following commands:
cd /opt/Jungle2Testnet
./Wallet/start_wallet.sh
For starting the node, type the following command:
./start.sh --delete-all-blocks --genesis-json genesis.json //
This command will fire only once. If you use this command another time
then it will delete all downloaded blocks.
Now, you can check your node information by cleos command or use this link that is running your local system.
You will get the following response by command ./cleos.sh get info :
{
"server_version": "3fddb727",
"chain_id": "e70aaab8997e1dfce58fbfac80cbbb8fecec7b99cf982a9444273cbc64c41473",
"head_block_num": 11365262,
"last_irreversible_block_num": 11364934,
"last_irreversible_block_id": "00ad6a4636dacefa87c2aa086c9aa361b6c9899b02ed0e4435682f5d7a1c3d69",
"head_block_id": "00ad6b8e5c191fd7ea0c97106779ba56b4eb176cecc85e712d369b4049b736c3",
"head_block_time": "2019-01-30T06:03:17.500",
"head_block_producer": "mosquitometa",
"virtual_block_cpu_limit": 200000000,
"virtual_block_net_limit": 1048576000,
"block_cpu_limit": 192625,
"block_net_limit": 1048352,
"server_version_string": "v1.6.0"
}
By browser
http://localhost:8888/v1/chain/get_info
This will return the node info.
Now, the setup is complete and it will take time for syncing all blocks that depend on block height.
Import EOS Account
Now, you need to import your EOS account that is present in the EOS blockchain. Firstly, you need to create a default wallet.
cleos Wallet Create
It will generate a default wallet and give you a password. Store that password securely.
Now, import your existing wallet into this wallet. Use the following command:
cleos wallet import ********* (paste here your private key)
cleos Wallet Keys
It will show wallet keys.
For another cleos command, you can check this link
https://developers.eos.io/keosd/v1.3.0/reference
For integrating EOS in java you can use this link
https://github.com/EOSEssentials/eos-java-rpc-wrapper
Also, Read | EOS Blockchain: Is It a Better Investment for DApp Development
Set-up of main-net EOS after setting up EOS Node Testnet
Firstly, set up the environment from the main-net EOS by following this link. Sometimes it is difficult to set up the main net because of its syncing issue. So, there is a shortcut to set up the EOS main net.
But, there are some limitations in it because here we are going to use the snapshot for the current date. So, it will start syncing from the current data. It means that we haven't held the old data block (it means we don’t have any record of previous-date).
If you don't need the previous transaction info, use this process to set up the mainnet:
cd /opt/EOSmainNet
rm -rf state
# Download the latest snapshot
wget $(wget --quiet "https://eosnode.tools/api/snapshots?limit=1" -O- | jq -r '.data[0].s3') -O snapshot.tar.gz
# Uncompress
tar xvzf snapshot.tar.gz
# Start the chain and sync from the provided snapshot
./start.sh --snapshot "$(ls -t snapshots/*.bin | head -n1)"
# Tail the logs to watch the sync in all its glory
tail -f log.txt
Furthermore, you can check other date snapshots from this link.
Conclusion
You can set up the EOS blockchain node following the above steps. If you are looking for assistance in developing EOS-based applications, then avail our services. Contact our blockchain developers to develop a range of fast, secure, and efficient solutions.
Mudit Kumar
31 Jan 2019
RippleNet | For a Single, Connected Global Payment Network
The Current Scenario of Payment Networks
Today's global payment systems fail to address lacking efficient inter-connectivity to serve the needs of today's customers. They deal with pain points like limited transparency, low speed, and high cost- stemming from the absence of a single, global payment network.
Consequently, it has moved businesses and consumers away from banks towards Fintech providers. It is because the latter is much adequate and efficient in meeting consumers' payment and banking needs.
What opportunities does Ripple offer to Banks?
RippleNet provides a single, frictionless blockchain platform for conducting cross-border payments.
Financial institutions like Banks can use it to conduct payments using its distributed financial technology, which provides real-time messaging, clearing, and settlement of transactions.
By adopting the technology of RippleNet, banks get robust connectivity, standardized technology, and necessary data attachments with each transaction.
It's the Ripple's distributed financial technology that outruns today's complex infrastructure by lowering transaction costs and expediting speed with end-to-end visibility.
RippleNet's ecosystem of participants is categorized into two groups; network users (corporates, consumers, and others) and network members (payment providers and banks).
Read more: Ripple and Stellar are ready to take over the Traditional Banking Systems
Network Members
Banks leveraging RippleNet can drive new user acquisition and provide enhanced services to current customers. They can process payments for corporates and consumers. Also, some could process payments for other banks as well as provide them with liquidity.
Payment Providers leveraging RippleNet can enable supply liquidity and increase payout reach for banks to expand their payment volumes.
Network Users
Platform businesses fall into this category. They can send disbursements of high volume and minimum value to a worldwide network of merchants, suppliers, and employees.
Corporate treasury departments can enable sending large disbursements using RippleNet across their worldwide supply chain to achieve improved capital efficiency, control, and visibility.
Banks and Payments Providers, which only want to send payments, rather than processing them, could leverage RippleNet. In turn, they can overcome the high costs and limitations of correspondent banking.
Consumers can use RippleNet's single, global payment network to send cross-border payments, through their payment provider or bank for a real-time and cost-efficient option.
Also read: Ripple XRP Breaks into the EU, Exchange App Development to Hit Hikes
Ripple for Banks
Today's customers want the ability to send global low-value payments in real-time and on-demand- not only to banking networks but also to developing fintech applications and networks (the latter may require cryptocurrency wallet development).
The conventional system and today's infrastructure push banks to execute payments in batch, which results in lengthy settlement times, poor customer experience, and high processing costs.
RippleNet: On-demand, Efficient Payment Infrastructure
Using Ripple for Banks can help connect those siloed networks via an open, neutral protocol called Interledger Protocol (ILP). Subsequently, it would bring efficiency to financial settlement time by allowing real-time settlements along with ensuring transaction certainty and eliminating settlement risk.
RippleNet also provides data-rich messaging between transacting participants- providing a real-time payment experience to end-users.
Also Read: Examining Cross-border Payment Solutions Powered with Ripple Blockchain
xCurrent
Ripple's software called xCurrent allows banks to stand out by providing them with innovative cross-border payment services at low-cost settlements.
xCurrent, designed to match the requirements of banks, fits perfectly within their existing issues, information security framework, and compliance.
RippleNet's standardized technology, xCurrent, is also the first global real-time settlement system (RTGS). It enables banks to message, clear and settle their transactions with improved transparency, increased speed, and efficiency across RippleNet's global network of payment providers and banks.
The solution is developed around ILP. As mentioned earlier, Interledger Protocol (ILP), which connects siloed networks via an open, neutral protocol, enables interoperation between payment networks and different ledgers.
xCurrent offers an end-to-end, cryptographically secure payment process equipped with transaction immutability and information layoffs.
xCurrent, designed to serve banks' demands, complies with their risk, policy and compliance requirements. Due to software architecture, it also reduces business disruptions and integration overheads.
Oodles is a blockchain development company having experience in building blockchain solutions for different industrial use cases with platforms like Ripple, Stellar, and more.
Mudit Kumar
30 Jan 2019
IOTA for IoT | Revolutionizing the Network of Connected Devices
The Internet of Things refers to the future network of internet-connected physical devices like home appliances, cars, etc. that users manage and control with a digital watch, mobile, desktop, or tablet. Essentially, IoT makes the idea of smart homes, smart cities, intelligent transportation, and smart grids a reality.
IOTA is a next-gen distributed ledger technology designed in Germany. Its associated cryptocurrency is MIOTA (Mega IOTA or Millions of IOTA). It mainly aims to revolutionize the space of the Internet of Things (IoT).
IOTA for IoT aims to:
Support the fourth industrial revolution) and effectively form its backbone
Lay the foundation for real-time, secure and efficient transactions between internet-connected machines
With machine to machine communication in mind, it aims to be the go-to currency for transactions within the IoT ecosystem.
The mechanics of IOTA
IOTA is slightly different from the legacy blockchain platforms. It uses an inventive technology called the 'Tangle.' It is a unique data structure that uses the Directed Acyclic Graph or DAG.
Important Reads:
How IOTA is Reimagining the Blockchain for the Internet of Things
Top 5 Technological Advantages Of IOTA For Industries
What is Tangle?
For more detailed information on Tangle, visit this blog. However, here's a quick review of the significant aspects of Tangle
It has no chain
It has no blocks
And no miners, too - it doesn't require mining
IOTA employs a unique distributed ledger architecture, which makes it 'Blockless.' The method to achieve consensus in IOTA is also different. It uses a type of 'Proof of Work.'
Why is IOTA different from others?
From a high-level perspective, IOTA and the associated Tangle technology have four significant features that make it better than other blockchain platforms.
Scalability
IOTA scales as the number of transactions increases. Each transaction needs the sender to verify the last two transactions on the Tangle. So, the more users send the transactions, the more they get confirmed. It runs establishes a low difficulty 'PoW' to verify transactions, which is only a series of mathematical problems.
Swift Transactions
The more the transactions, the less time it takes to confirm each transaction.
Free-of-charge:
Tangle eliminates the need for miners. It reduces the cost of transactions on IOTA to almost zero.
Static Money Supply
The total numbers of MIOTA that'll ever come into existence were already created in the genesis block. The total digital currency supply of IOTA is 2,779,530, 283.
IOTA for IoT will it win?
The ICO of IOTA and was so large that it initially crashed the exchange platform of Bitfinex for almost half a day.
Given to this excellent start, IOTA does contain prominent differentiating characteristics that would help it in the longer-term.
Everyone knows bitcoin’s scalability problems and slow transaction confirmation times because of its rapidly grown user base.
More info: How IOTA’s Tangle Gives a Stiff Competition to Its Adversaries
On the contrary, in IOTA, confirmation would process slowly when the network is small. However, it could even approach zero as the user base expands in size. To put simply, as the transactions in IOTA increases, Tangle's capacity to handle and confirm transactions get increased.
The bottom line is that the internet of things ecosystem would be massive, which could likely change the world as we know it today.
If IOTA and MIOTA work well with IoT, there's no stopping for IOTA.
Mudit Kumar
29 Jan 2019
Using TRON Blockchain over Ethereum for Innovative DApps Development
TRON Blockchain for Innovative DApps Development
TRON is an exciting project aimed toward the development and establishment of a completely decentralized infrastructure and indeed, the internet.
The TRON Protocol boasts being one of the largest blockchain-based operating systems in the world. It has high public blockchain support of scalability, throughput, and availability for all DApps in the TRON ecosystem.
High transaction fees and low transaction throughput times of cryptocurrencies like Bitcoin and Ethereum in their subsisting state aren't scalable enough to propel their widespread adoption. Thus, TRON came into existence as an innovative solution to these incessant scalability issues.
What is a Decentralized Application?
A Decentralized Application operates without depending on a centrally trusted party.
A DApp allows direct interaction/agreements/communication between end-users or resources without requiring an intermediary.
Also Read: Why is EOS blockchain the Best Platform for Commercial-Grade DApps
The Underlying Mechanism of TRON Blockchain
TRON Blockchain has several modules in its core layer, such as smart contracts, account management, and consensus.
TRON implements a stack-based virtual machine an optimized set of instructions.
For better DApp Development Services, Smart Contracts get written in Solidity, along with future support of other advanced languages.
Additionally, TRON relies on the Delegated Proof of Stake (DPoS) consensus method to meet its unique requirements.
TRON DApp Development
Blockchain Developers get the opportunity of developing a wide variety of decentralized applications and customized crypto wallets on TRON.
Since Smart Contracts are deployable and executable on Smart Contracts, the possibilities of utility applications are endless.
TRON Virtual Machine (TVM)
Developed for TRON’s ecosystem, the TVM refers to as a lightweight, Turing Complete Virtual Machine.
It connects seamlessly with the subsisting development ecosystem and provides developers around the globe with an opportunity to develop custom-built effective, accessible, solid, safe, and scalable blockchain system.
TVM applies the theory of Energy. Distinctive from the Gas method on EVM, smart contracts and transaction operations TVM are free of charge, and it squanders no TRX.
Consensus Mechanism
The TRON consensus method embraces a unique Delegated Proof of Stake system in which 27 Super Representatives (SRs) generates blocks for the network.
TRON’s DPoS system enables such an innovative consensus method that provides around 2000 TPS compared to Ethereum’s 15 TPS and Bitcoin’s 3 TPS.
Decentralized Application Development
APIs
Blockchain developers can choose from 60+ HTTP API gateways offered by the TRON network for communicating with the network via Full and Solidity Nodes.
Not only that but TRON also offers TronWeb, a complete JavaScript library consisting of various API functions. It allows developers;
Deploy Smart Contracts
Modify the blockchain
status
Query blockchain and contract information
Trading on the DEX (Decentralized Exchanges), etc.
Networks
TRON Blockchain can be launched on a Shasta testnet as well as a Mainnet.
Blockchain developers can connect to the network by communicating via TronStudio, disposing nodes, or employing APIs through the TronGrid service.
The TronGrid service
It comprises of load balanced node clusters treated on AWS servers globally.
When decentralized applications development increases and API call volumes expand, TronGrid handles the expansion in API traffic.
Also Read: Developing A DApp: The New Way of Making A Decentralized World
Development Tools
An innovative suite of development tools is available when using TRON for DApps which allows developers to develop fast and scalable DApps.
TronBox
It refers to as a framework used to enable developers to experiment and execute Smart Contracts via the TronWeb
API.
TronGrid
A hosted API and load balanced service, TronGrid enables blockchain developers to enter the TRON network without executing their node itself.
TronStudio
It is a complete Integrated Development Environment (IDE). It allows blockchain experts to compile, deploy, and debug Smart Contracts written in Solidity.
TronStudio also has an internal entire node, which allows creating private local circumstances for Smart Contract testing before its deployment.
The TronWeb API library
It helps connect blockchain developers to the network through a wide array of HTTP API calls covered in JavaScript.
Conclusion
TRON blockchain is a scalable operating system that employs inventive methods for addressing issues experienced by standard blockchain platforms.
With over 2 million TPD (transactions per day), over 700K TRX accounts, and exceeding 2000 TPS, TRON Blockchain may outrun Ethereum soon. Compared to other platforms, it has enabled a better community for democratized DApp development.
Mudit Kumar
28 Jan 2019
Hedera Hashgraph vs Blockchain: A Thorough Comparison
Hedera Hashgrpah has come into existence as Blockchain's adversary. And now, people are asking whether Hedera Hashgraph will soon rival Blockchain to be the next game-changer in the world of crypto.
The unprecedented rise of this nascent technology is due to the limitations of blockchain technology. Although blockchain is still the most well-known distributed ledger technology at present, there are a few aspects that need to be improved. Hedera Hashgraph intends to fill in those gaps.
Hedera Hashgraph?
Hedera Hashgraph refers to another improved variation of distributed consensus. Similar to the blockchain, it's a P2P platform that eliminates the need for intermediaries to process transactions of tangible and intangible assets.
As per the official website of Hedera Hashgraph, the platform can efficiently manage thousands of transactions within seconds.
Also, it's able to validate approximately one million signatures per second.
The technology proposes the fact that a small group of people cannot control the consensus order of transactions. It's a feature missing from most of the DLTs (Distributed Ledger Technology) but is necessary for subsisting applications.
Hedera Hashgraph utilizes aBFT (asynchronous Byzantine Fault Tolerant). It means if a system is asynchronous Byzantine Fault Tolerant, it can reach consensus even if malicious participants control the network and modify messages.
You may also like | Hedera Hashgraph | Moving Beyond Blockchain
The Hedera Hashgraph consensus method does not use a leader format, allowing it to be resilient to DDoS attacks intended at leader nodes or small-scale subsets of nodes.
Due to Byzantine fault tolerance, all transactions on the platform get validated when more than two-thirds of nodes get awakened of the transaction in place.
Thus, it's being considered a better and safer ecosystem than the distributed ledgers of the blockchain.
Swift Conduct of Transactions
Due to the Gossip protocol, Hashgraph has become a much faster technology. It does that by optimizing messages and minimizing communication.
While Bitcoin can process five transactions per second and Ethereum allows for fifteen per second, Hashgraph can execute thousands of transactions per second, making us realize how faster the blockchain can be.
Open Source vs Patented DLT Platform
Being open source, anyone with an internet connection can use Blockchain. Thus, it boasts a wider community that keeps contributing towards its development, with decentralization being at its core defining attribute.
Hashgraph, however, has a patented algorithm. It means it gets maintained by Swirlds. Any new invite would depend on and go through Swirlds.
Both technologies allow building decentralized applications on top of them either in public or private forms. It means anyone can become a participant in their public version. While blockchain's public version, for instance, is Ethereum, Hashgraph has the only public version called Hedera Hashgraph.
Mining Process
Within the blockchain network, a miner has the authority to choose the order of occurring transactions. It could delay the transactions by placing them in future blocks or prevent them from getting into the system completely.
Nonetheless, Hashgraph comes with consensus time stamping, thus, offering a fix to this solution.
The time stamping doesn't let users affect the order of transactions by denying authority to manipulation.
Consensus Mechanism
The blockchain is a type of distributed ledger technology coded to record transactions in an immutable manner.
On the other hand, Hashgraph claims to propose a more effective and superior data structure. The structure intends to fix the issue of consensus mechanism, a persisting issue blockchain is currently dealing with.
Blockchain uses PoW (Proof-of-Work) to achieve consensus. In PoW, every node within the network must agree on the order of occurring transactions. Thus, limiting the number of potential blockchain-based applications.
On the contrary, Hashgraph uses a unique algorithm to eliminate the shortcomings of the blockchain. It implements a 'Gossip about Gossip' protocol. Through this protocol, nodes exchange information with other nodes in the network to create the Hashgraph data structure. Nodes do it by sending signed information about existing and previous transactions to random nodes, called neighbors. The neighbors then analyze this information and distribute it to other nodes. The process continues until the information doesn't reach every node.
For more info about Consensus Methods: A Comprehensive List of Best Blockchain Consensus Algorithms 2019
Final Words
As we mentioned Hashgraph is a nascent technology, it hasn't achieved the same level of community support that blockchain has got. Though, possibly, it could possibly address the shortcomings of blockchain technology. Just as the blockchain is going through, Hashgraph would also need to pass certain levels of growth and maturity to bring its potential to the fore.
Mudit Kumar
24 Jan 2019
Expert Recommendations to Hire the Best Blockchain Developers
Blockchain is growing exponentially in the digital space. It has started to make significant transformations for not only cryptos but a wide variety of industries as well.
As more and more companies look forward to adopting blockchain, the demand for qualified and skilled blockchain developer grows amazingly.
In reality, the demand is taking over the supply. Now, only after ten years of invention, it's becoming hard to get your hands on real blockchain experts who can create an ICO smart contract, launch an EOS based DApp, or devise an MVP for a blockchain project.
In this blog, we have outlined recommendations on how to find and hire the best blockchain developers or development company for your project.
Choose the right process of working together (Cooperation Model)
Mainly, you get two option to hire the best blockchain developers;
onboarding
outsourcing
Most organization prefer choosing the outsourcing model over hiring an in-house team. It because of the distinct advantages: time-saving, cost-effective, better quality, and the like.
Having an in-house team of blockchain developers solely to develop one project is not a feasible option. Then, it would be forming a company from scratch; you will need to interview numerous blockchain developers, arrange resources for the development, pay them for even sitting idle and whatnots.
However, opting an outsourcing blockchain development company can be a better option. You can sigh with relief and focus on your business aspects of the project, instead of getting indulged in the coding.
Know what you need beforehand
Before setting out to hire the best blockchain developers, ensure you have outlined your project's objective and the end-product.
Then, sit with a particular team, business analysts, PM, and the technical architect and thoroughly discuss your idea and requirements with them. Only specialists that will be working on the project would be able to help you determine the budget, the number of developers, and the scope you require to help reach your project to realization.
It's one of the crucial steps of hiring blockchain developers, because, for instance, creating an ICO smart contract, devising an MVP, or developing any blockchain related project development would require a completely different amount of time, money, efforts, and team size.
Skills the Best Blockchain Developers Posses
Regardless of the type of project, it requires a specific set of basic skills that every qualified blockchain developer must have.
So, let's take a gander at the skills blockchain developers should be equipped with, and ensure you hire the best of all.
Programming Fundamentals
A proper understanding of the basics of standard programming languages like Python, Simplicity, C, C++, Javascript, Java, OOPS concepts, Node JS, etc., is necessary. However, lately, two languages are also being used for blockchain projects development- RUST and GO.
Due diligence is a must before choosing the programming language based on the specifics of your project for hassle-free development.
Experience in the Blockchain Development
The blockchain programmers need to be proficient in working with DLTs (Distributed Ledger Technologies). A portfolio of successfully developed DApps, Blockchain MVPs, etc. could help in the better assessment of their expertise and experience in the blockchain development landscape.
Can they Properly Encrypt and Ensure Security?
Any blockchain developers around the world should be expert in encryption and decryption principles, the fundamental part of any blockchain product development. Indeed, it's better to outsource development of your project to the teams already working on blockchain projects.
The Cost to Hire the Best Blockchain Developers?
The actual cost estimation for blockchain development depends on the project scale and the end-product. It can vary vastly for EOS DApp Development and a full-service crypto exchange development.
Moreover, it also depends on the experience of the team and location. If we consider the US market, the cost of development is a bit higher. However, choosing an offshore blockchain development company in India or Europe can help you cut some cost.
Eventually, the wise words are that do evaluate the team you're hiring thoroughly and pay heed to its portfolio, language proficiency, timezone, reporting policy, cultural differences, etc.
Mudit Kumar
23 Jan 2019
Blockchain for Smart Intellectual Property Rights Management
In this blog, we are discussing the gravitas of blockchain business solutions in intellectual property (IP) law and management. We will be talking about some pain points and the viability and time restrictions of implementing and adopting this technology.
Intellectual Property Rights
Law firms are increasingly looking to adapt to change and innovation within their business operations. Now, various clients want a technology that can positively impact intellectual property management.
In recent years, there has been an explosion in IP activity resulting in firms putting time into administrative, non-billable tasks to achieve client requirements.
Related Post | Intellectual Property Rights Management with Blockchain
The Challenges
As per a survey by CPA Global of around 400 IP professionals, IP law firms are facing the following key challenges:
Gradual business growth
Obscure customer service
Profitability
These challenges require time to tackle but IP lawyers don't have time. Additionally, if they depend on manual development, these challenges may remain challenges for a prolonged period.
Check It Out | How Decentralized Science (DeSci) can Transform Modern Science
The Solution: Blockchain-based IP Ledger
Blockchain records transactions in a distributed ledger. The ledger stores the transactions conducted between two or more parties forever without a middleman's involvement to validate transactions.
Mainly created to bolster the development of cryptocurrency in 2008, blockchain now has wider implications for numerous prominent industries including IP.
Blockchain provides accuracy because the copy of a transaction resides on numerous nodes (computers) globally. Interestingly, each new block in the blockchain contains a copy of the previously added block, making information visible to everyone. Moreover, the whole system is made secure using military-grade cryptography.
Suggested Read | Blockchain Applications in the Automotive Industry | Advancing Innovation
The Benefits of Blockchain in Intellectual Property Law and Management
Businesses can apply blockchain in intellectual property law and management in various scenarios. It can reduce time consumption on administrative tasks and help maintain IP record accuracy.
Let's take idea generation for instance.
When given the task to protect an inventor's idea, law firms require to defend the client as the first person to create IP for that.
Blockchain-based solutions can eradicate ownership issues. They allow organizations and individuals to identify and validate their innovation and keep a safe record within a blockchain.
Blockchain-based applications can provide an accurate ownership record of IP assets. With such applications, the IP industry can improve on being more effective in interrogating, rather than using existing methods available. A blockchain-based application can effectively remove any complications surrounding who was the first to develop an idea.
Also, users can create licensing agreements digitally and record them safely via the blockchain itself.
Along with numerous advantages, blockchain gives users the ability to store an initial idea on it and then update it and form a geographical scope. Law firms who would be using the same blockchain can access the process of protection and update the blockchain respectively. Thus, significantly decreasing complexity and promoting more companies and individuals to protect their ideas.
Also, Check | The Emergence of Blockchain Applications in Manufacturing
Adoption of Blockchain in Intellectual Property
The widespread adoption of blockchain could bring transformative changes in the processes of IP firms. Though, the process of blockchain adoption is complex and will take time.
Early adoption of blockchain in intellectual property law would likely mean company-wide blockchains to allow inventors to collaborate more efficiently. Researchers around the world could collectively cooperate for a company, bolstering each other by appending others' work via a blockchain application.
Further, global IP firms could begin adopting the blockchain to expedite the 'Idea Protection' process and allow inventors to assert their possession of IP assets.
If you need to develop a blockchain-based platform to manage IP rights, then our blockchain experts can assist you. Contact us today to get started.
Mudit Kumar
22 Jan 2019
Exploring Simplicity for Smart Contract Development
Simplicity is the answer to the problems faced when creating sophisticated smart contracts in the blockchain ecosystem. Before this, various blockchain programming languages have to resort to tradeoffs between reliability and expressiveness; smart contracts experts could either create a complex but unreliable smart contract, or a standard but a reliable one.
With this unique programming language, developers can seamlessly structure sophisticated smart contracts and rest assured of their outcomes.
Simplicity is mostly compatible with open source, sidechain-capable blockchain platforms. It means blockchain developers building sidechains or independent blockchains can yield the benefits enabled by it.
As an implementation of such a blockchain, the liquid network would also bolster Simplicity; welcoming engaging applications for Liquid users, like vaults, trust-minimized escrow, and other Smart Contracts.
The blockchain technology is vast and complex, and thus, poses several limitations that make common blockchain programming languages inapt;
All users in the network must come to agree to the computation in all settings.
Participants in a smart contract must be awakened of all outcomes for all possible inputs to a program beforehand.
All users must have the ability of denial of service attacks that would absorb superfluous memory or calculation time.
Participants in a smart contract must comprehend the values of their program execution for all possible figures beforehand.
Subsisting blockchain programming languages created specifically for blockchains, like Ethereum’s EVM, still persist with challenges.
Lately, an EVM upgrade collapsed during testing of execution due to disagreements of implementations on the result of a calculation.
But this language intends to present the versatility and expressiveness for whatever calculations you require along with enabling you to confirm the security, safety, and values of your Smart Contracts.t
What is Simplicity?
A low-level machine model, Simplicity is the best programming language for blockchain-based smart contracts. It gets described through its implementation in the Coq proof assistant.
The interesting fact is that the core language itself is quite simple that you can fit (write) it on a T-shirt – the unpretentiousness of a language does not mean to translate to the unpretentiousness of development as well.
Why? Here are a few reasons for this:
Essentially, blockchains require a different programming model than regular programming.
Blockchains are intended to confirm and validate the computation, and not to do the computation.
Here, a subtle distinction lies, however, an imminent one because arbitrary code execution verification is possible, without requiring Turing-completeness.
Once disposed of, a smart contract becomes immutable.
Simplicity handles this difficulty by enabling users to construct formal proofs of correctness for a Smart Contract.
A low-level language for direct execution, Simplicity is more related to assembler language than to Java or Python.
Ultimately, you can expect users to code their contracts in higher-level languages, later to be compiled to Simplicity.
Mudit Kumar
21 Jan 2019
Simplicity: For Creating Highly Promising & Sophisticated Smart Contracts
Simplicity is the answer to the problems faced when creating sophisticated smart contracts in the blockchain ecosystem. Before this, various blockchain programming languages have to resort to tradeoffs between reliability and expressiveness; smart contracts experts could either create a complex but unreliable smart contract, or a standard but a reliable one.
With this unique programming language, developers can seamlessly structure sophisticated smart contracts and rest assured of their outcomes.
Simplicity is mostly compatible with open source, sidechain-capable blockchain platforms. It means blockchain developers building sidechains or independent blockchains can yield the benefits enabled by it.
As an implementation of such a blockchain, the liquid network would also bolster Simplicity; welcoming engaging applications for Liquid users, like vaults, trust-minimized escrow, and other Smart Contracts.
The blockchain technology is vast and complex, and thus, poses several limitations that make common blockchain programming languages inapt;
All users in the network must come to agree to the computation in all settings.
Participants in a smart contract must be awakened of all outcomes for all possible inputs to a program beforehand.
All users must have the ability of denial of service attacks that would absorb superfluous memory or calculation time.
Participants in a smart contract must comprehend the values of their program execution for all possible figures beforehand.
Subsisting blockchain programming languages created specifically for blockchains, like Ethereum’s EVM, still persist with challenges.
Lately, an EVM upgrade collapsed during testing of execution due to disagreements of implementations on the result of a calculation.
But this language intends to present the versatility and expressiveness for whatever calculations you require along with enabling you to confirm the security, safety, and values of your Smart Contracts.t
What is Simplicity?
A low-level machine model, Simplicity is the best programming language for blockchain-based smart contracts. It gets described through its implementation in the Coq proof assistant.
The interesting fact is that the core language itself is quite simple that you can fit (write) it on a T-shirt – the unpretentiousness of a language does not mean to translate to the unpretentiousness of development as well.
Why? Here are a few reasons for this:
Essentially, blockchains require a different programming model than regular programming.
Blockchains are intended to confirm and validate the computation, and not to do the computation.
Here, a subtle distinction lies, however, an imminent one because arbitrary code execution verification is possible, without requiring Turing-completeness.
Once disposed of, a smart contract becomes immutable.
Simplicity handles this difficulty by enabling users to construct formal proofs of correctness for a Smart Contract.
A low-level language for direct execution, Simplicity is more related to assembler language than to Java or Python.
Ultimately, you can expect users to code their contracts in higher-level languages, later to be compiled to Simplicity.
Mudit Kumar
21 Jan 2019
Cryptocurrency Exchange Software: Everything You Need to Know About it
The Mechanics of Cryptocurrency Exchange Software Platform
Getting started with crypto trading business without a cryptocurrency exchange platform is unthinkable. A cryptocurrency exchange platform is a digital marketplace where you allow users from the globe to buy, sell or trade in multiple cryptocurrencies as well as fiat currency. Providing users with a Crypto Exchange platform is a rapidly growing business idea. It bolsters them in setting off their crypto wheels in motion without friction. As per the Coinmarketcap, 208 Crypto Exchanges are operating online currently that support active trading. Surprisingly, the combined 24-hour trade volume of the top ten is over $6.5 billion.
Types of Crypto Exchange Software Platforms
Centralized Exchanges (CEX)
Improved liquidity rates than other exchanges
Enough capital for updating and developing the trading platform to match clients requirements
Compliant with government laws than other exchange models
Already implementing the government’s anti-money laundry acts (AML), as well as Know Your Customer (KYC) user requirements.
Faster transactions due to their optimized trading platform
Decentralized Exchanges (DEX)
No need of a middleman to use the platform
Reduced transaction costs and trading fees
Execute trades on a peer-to-peer basis
Provide the user with the autonomy to control their funds.
Transactions are secure, private, anonymous, and transparent.
Hybrid Exchanges
Next generation cryptocurrency exchange
Combines the startling aspects of both centralized and decentralized exchanges
Aims to provide the liquidity of CEX along with the anonymity of DEX
Probably the cryptocurrency exchange of the future
An excellent example of a centralized and decentralized blend
Cryptocurrency Exchange Software Platform Development For Different Business Sizes
As per the organization size and their business processes, our crypto exchange developers help us provide cryptocurrency exchange development services customizable according to the specific business needs.
Also Read: The Most Comprehensive Guide Ever to Starting Your Crypto Exchange Business
Following the complexities that come associated with the client organization we work with, we allocate utilization of different advancements for respective cryptocurrency exchange software platform.
SMEs > Angular & NodeJS
Startups (New Businesses)> Ruby on Rails
Enterprises> C++
Cryptocurrency Exchange Software Development – Taking a Gander at Different Order Types
For launching a successful cryptocurrency exchange platform, it is imperative for you to understand the order types.
Market Order
Allows your users to trade digital currencies at current market prices. They can set a market buy or sell to keep safe themselves in today’s highly volatile market.
Limit Order
Enable users to trade cryptocurrencies by ordering on the expectation that someone else’s market order would fulfill it. The user gets to set a ‘limit buy’ or ‘limit sell’ option.
Stop Order
It's a conditional market order in which users sell their order after reaching a listed price. Users can set a Stop Buy or Stop Sell/Loss while assuring prudent actions.
Copy Order
It's an order in which users get updates on the leading crypto-traders and copy their trades. It assists newbies in trading cryptos efficiently. Also, the top order would get incentivized as per the earnings of the copied trader.
P2P Trading
The Peer to Peer trading provides buyers and sellers with the negotiation options before they transfer the coins. Here, escrow service ensures coin safety. Upon the agreement between the seller and buyer, the transaction gets completed.
Buy Stop Order
When the stop price is around or lesser than the market price, buy stop order or stop-loss order can get placed. It protects the profit on a cryptocurrency in the cryptocurrency exchange or limits a loss.
Security Vulnerabilities that must be covered under Cryptocurrency Exchange Platform Development
Google Two-Factor Authentication
Google 2 Factor Authentication implemented on every login and withdrawal to ensure that a valid user is accessing the account.
Demand Encryption and Authorization
For checking the activities of a user, the activity request gets encrypted at the client-side. Then, it goes for authorization on the server-side. Both encryption and authorization are musts for a cryptocurrency exchange development.
Hot Wallet Protections
To prevent wallet attacks, we integrate multiple private keys rather than a single private key that might be vulnerable to hacks.
Software Vulnerabilities
We execute a method, using which, the request by a user from anywhere gets encrypted with salt and body. Further, when the request gets decrypted at the exchange, both salt and body get a match. If it matches, the system proceeds with the request, otherwise not.
Cryptocurrency Exchange Software with Robust Features
KYC/AML Verification
Get thorough KYC verification authority over the traders’ registration timing. AML supportive system, customer documents management, and document verification.
Accurate Security
We possess an exchange software solution that reduces the website development time, adheres to blockchain security protocols, and improves the quality and accuracy of data.
API and Liquidity Integration
It provides irregular estimates of the activities of the trading on the crypto market. And enables you to comprehend current trading activities executed on the website.
Order Book with Matching Engine
It consists of the dashboard for order payments, matched order and relevance, balance monitoring, withdrawal request, and unfinished transaction details.
Multi-Sig Wallet Configuration
Enables your cryptocurrency exchange to manage traders KYC and AML checks for regulatory adherence. Also, it allows integrating multi-signature and encrypted hot wallet, cold wallet and frozen wallet.
Trade Chart and Market Data
Get a comprehensive view of every cryptocurrency from an overall level on rational chart visual presentation, as well as, a thorough grasp of the market provided with the volume of trades at that specific point of time.
Added Attributes of a Cryptocurrency Exchange Software Developed by Oodles Blockchain
Extensibility
High-level scalable platforms
API Layer for 3rd party services integrations
Modular Designing
Custom-tailored platform for specific features
Utility
Unique User Experience as a result of our Intuitive Dashboards, Trade Chart, Market Depth Chart, etc.
Intuitive signup and trading process
Custom Themes by Oodles Blockchain UX/UI specialists
Security & Assurance
Comprehensive vulnerability evaluation
Decentralized ledger technologies for improved security
Two-Factor Authentication and Alerts
A dedicated in-house team of security professionals
Decentralized Exchange/Cryptocurrency Exchange Software
Smart Contracts deployment for business process automation
Highly Customizable platform
Granulated User Access Controls
User-friendly platform settings access from Admin console
Get Your Hands on Next-Gen Cryptocurrency Exchange Software Developed by Oodles Blockchain for a Unified Trading Experience Globally
Oodles Blockchain is one of the early adopters of Cryptocurrency and Blockchain. Exploring and embracing cutting-edge technologies is part of our DNA. We help businesses grow with cutting-edge Blockchain and AI/ML technologies.
Launch your own Cryptocurrency Exchange in no time using Oodles Blockchain' Crypto Exchange Development Services. Also, get a turnkey solution for instantly getting started with your Exchange Platform. Make the most of a wide array of listings of cryptocurrency available under our software platform.
A few insightful reads about Crypto Exchanges:
Using Artificial Intelligence to Build Cryptocurrency Exchange App
Exchange Development | Insights to Mass Adoption of Cryptocurrency
Cryptocurrency Exchange Solutions as Public Utility
Exchange Application Development
Cryptocurrency Exchange Platform
Cryptocurrency Exchange Development
Mudit Kumar
17 Jan 2019
NASA and Aerospace Industry are Resorting to Blockchain Solutions
The Rise of Blockchain in Aerospace
After persuading various industries and business sectors through its potential, blockchain solutions development is presenting itself as a breakthrough technology in the aerospace landscape. Now, the civilian space program, as well as aeronautics and aerospace research agency, NASA, is warming up to blockchain technology. The agency is working on ways to embrace blockchain into its next-gen systems. J. Reisman, an aero-computer engineer at the NASA Ames Research Center, believes that blockchain-based applications and communication systems could help in the prevention of spoofing and denial of service attacks on the US air-traffic control system.
The Automatic Dependent Surveillance-Broadcast (ADS-B) system would probably go live by the end of 2020. However, Reisman states that the system is prone to hacks and cyber attacks. ADS-B is not sufficient enough to protect the positions for aircraft and the flight plans, thus, opening up an array of potential complexities. Blockchain could be the answer. And, NASA is not a single organization trying to explore blockchain to solve complex issues in the aerospace sector.
NASA sees Blockchain in Aerospace as the Panacea
NASA's Reisman thinks that open-source permissioned blockchain solutions could be the right solution to ADS-B's vulnerabilities. A permissioned blockchain platform would enable efficient and secure communication between Operations Support, Air Traffic Services, or other authorized entities, along with eradicating the risk of unauthorized entities gaining access.
The platform Reisman proposes would use "smart contract support, certificate authority, and higher-bandwidth communication channels" to ensure safe communication between aircraft and authorized participants.
Honeywell is already exploring the Blockchain
Honeywell, an established manufacturer of aircraft parts, recently started selling its aerospace parts through a company-owned website.
The amazing this is their new online web portal is blockchain-based. It's because the company believes that blockchain is likely to play a crucial role in the business of aerospace parts.
As per Lisa Butters, an employee of Honeywell aerospace, less than 2.5% of aerospace components transactions get conducted online. Now, Honeywell aims to set the standard for the distribution with their new blockchain-based platform.
According to Artem Orange, the CEO of Aeron, the aviation sector is complicated. There is almost no to little room for violations. Without the blockchain technology implementations, the industry is effective, safe and secure. It means that it would be difficult to determine the use case for blockchain technology in Aerospace. Nonetheless, the blockchain-based decentralized applications used by Honeywell and Aeron are
a good instance of how it can be applied effectively and efficiently.
Also Read | How Global Defence and Aerospace Companies Can Use Blockchain To Improve
A myriad of Use Cases for Blockchain in Aerospace
Recently, the crypto world is showing signs of being a highly volatile market. As priced experienced sudden drops, people became more than pessimistic about their future aspirations. However, Blockchain has shown significant signs that a promising technology can pave its way into established industries, and cause disruption that can help everyone.
While cryptocurrencies aren't quite popular among the general population as blockchain is in big businesses. Indications that say cryptos usage is rising, though not as quickly as the blockchain.
Indeed, where fiat currency has failed to serve the masses, cryptocurrency solutions have come to fill in the gap.
As blockchain succeeds to make a way into more industries, it's likely with Blockchain backing, cryptos included, would gain immense popularity.
Which cryptocurrencies will become mainstream from blockchain adoption is hard to determine, but probably, some of them would become global reserve assets in the future.
Mudit Kumar
16 Jan 2019
Why is EOS blockchain the Best Platform for Commercial-Grade DApps
Introduction to EOS Blockchain Platform: Perhaps the Best Choice for DApps
EOS.IO is one of the latest and unique blockchain-powered platforms. Mainly focused on decentralization, Blockchain Developers use it to develop and deploy Decentralized Applications. Created by Block.one, a Cayman Islands Company holds the ownership of this platform. Based on smart contracts, developers can opt EOS blockchain to define the characteristics of their dApp. Using EOS blockchain, they can code their DApp as per the requirements.
However, the blockchain technology has the issue of scalability.
EOS blockchain platform claims to fix this issue for good.
In comparison to the scalability of the existing employed worldwide financial framework like VISA, the scalability of the prominent blockchain platforms like ethereum is quite low.
VISA can process thousands of transactions on its network per second (TPS). However, for bitcoin and ethereum, this number is still below 100.
So, if millions of people are using a decentralized application developed on a decentralized platform, its scalability must be in the upper end.
EOS blockchain aims at this issue. It wants to make its platforms suitable for development of commercial-scale decentralized applications.
How does EOS blockchain platform do that?
EOS applies a unique consensus algorithm at its core.
Instead of deploying standard consensus algorithms like Proof-of-Work (PoW), EOS makes use of the delegated Proof-of-Stake (DPoS).
Owing to the DPoS consensus mechanism, EOS can handle much more transactions than others like ethereum.
What is Delegated Proof-of-Stake (DPos)?
EOS deploys the Delegated Proof-of-Stake (DPoS) at its core, allowing it to forms blocks within 0.5 seconds.
For obtaining irresistibility, the platform also uses asynchronous Byzantine Fault Tolerance (aBFT) along with DPoS.
Altogether, these frameworks ensure that the transaction irreversibility is within less than one second.
In contrast to the traditional PoS, where the token holders cast their vote for the confirmation of the blocks, the token holders decide to vote for block producers in the ecosystem of DPos.
Now, the block producer group, capable of achieving the largest number of votes, votes and organizes the creation of the blocks.
The initial step of the BFT-DPoS combination is the assortment of the group of block producers. The selection gets conducted on the basis of some pre-defined commands. Then, the top 21 block producers get selected through constant voting conducted by the EOS token holders.
After the selection of the group, the next aspect is achieving consensus between the block producers.
Disagreements get settled within this group of block producers through voting.
It requires two-thirds (2/3) votes to get an agreement; 15 block producers need to agree on something to call it final. Then, it can be considered irreversible.
The method of producing block also gets taken into consideration. All the block producers agree on the method in which the blocks will get produced.
For producing a block, a block producer in the EOS ecosystem get 0.5 seconds. If a producer fails to create the block in the given time, it gets skipped.
The longest chain in the group gets regarded correct. If a block producer finds a longer chain than the rest, he shifts to that chain.
Transactions also get confirmed in the EOS ecosystem.
All the transactions carry the header hash of the terminal block in the chain. If the terminal block is not available in the chain, the transactions get considered as incorrect.
Who is in Competition?
Competition in the blockchain world is cut-throat. Numerous decentralized application development platforms are getting launched with each passing day.
However, EOS blockchain platform has significantly managed to announce its place in the upper league. It has a direct competition with Ethereum (one of the biggest platforms in the blockchain arena), NEO and Cardano, and thus, is being called the 'Ethereum Killer.'
So, now we'll have to wait and watch who wins this race of becoming the most prominent blockchain development platform for Scalable and Fast DApps in the next few years.
Mudit Kumar
15 Jan 2019
Why Invest in Ripple, The Fastest Growing Virtual Payment Solution
Today, the global economy and the digital world are growing rapidly. Because of that various disruptions are happening in these two domains, causing businesses and traditional institutions to change the way they operate. And, now the issue that is all the rage and on the brink of disruption is traditional payment solutions. They are soon to be replaced by virtual payment solutions.
Governed by cryptography, the decentralized, distributed ledger technologies like Blockchain is offering numerous prominent advantages over fiat currency and traditional payment systems.
Why are we focusing on virtual payment solutions today? It's because of Ripple, representing the next-gen of blockchain technology, that has so much to offer. RippleNet specializes in almost every significant attribute of a blockchain network, such as swift transactions, improved transparency, low transaction fees, etc.
Ripple addresses the challenges that some of the existing blockchains fail to do. Its primary aim is to provide a secure and integrated global payment solution.
The problem begins with today's global payment systems. Most of the enterprises lack in having a decent infrastructure, wherein the networks fail in providing the necessary features, including sufficient inter-connectivity to serve the demands of the international users.
In a nutshell, the current networks either are inefficient in proper regulations or are ineffective at handling the obstacles involved in cross-border payments.
Whether it's the high processing fees or improper servicing facilities, the incompetencies of the existing global payment networks are driving brands and consumers away from centralized systems and banks to Fintech providers like Ripple and Stellar, which are adept at handling such issues at hand.
Being among the top blockchain platforms, Ripple has presented itself as a viable digital investment option for domestic as well as cross-border transactions.
Also Read: A Step-by-Step Guide To Know Everything About Ripple
Revamping Cross-border Payments with RippleNet
Similar to Stellar blockchain development, Ripple also strives to eradicate barriers within the current global payment systems.
Being one world’s leading global payments networks, RippleNet gives a seamless user experience for global payments. In contrast to numerous other institutions that are a result of many disparate technologies, unstandardized communications, and centralized systems, RippleNet is an individual entity formed of a network of banks that allow transactions via Ripple’s distributed blockchain technology.
The quickly developing ecosystem of RippleNet could be segmented into two sections, network users or the consumers and the network members or the payment providers.
The network members or the payment providers, also known as the enablers. They consist of banks and centralized businesses willing to process transactions for corporate firms and customers.
It makes apparent that the banks would likely capitalize on RippleNet to grow their servicing schemes in the future soon.
On the contrary, the network users, also called the originators, comprise of the blooming businesses corporate treasury, alongside the consumers.
RippleNet's decentralized system is based on the contract between the Ripple executives and other network members, who dispose of the corresponding blockchain system, besides adhering to the standard set of payment regulations. The network’s members, particularly the banks, profit considerably well from the powerful connectivity, regulated technology, and payment execution methods.
Ripple’s avant-garde financial technology leaves behind its adversaries in terms of adequate down payment charges, processing fees, and transparency. Thus, guaranteeing prompt transactions across the globe.
About Oodles: We build fintech applications with blockchain technology platforms like Ripple and Stellar to provide fast, reliable, and low-cost payments. Using these platforms, we build blockchain solutions that range from simple smart contracts to complex payment infrastructures
Mudit Kumar
14 Jan 2019
Credits Blockchain Platform: For Scalable DApps and Swift Transactions
Credits Blockchain Platform
Credits is a public, fast, and completely decentralized blockchain platform with Turing-complete smart contracts.
The beta version released in March 2018, with the mainnet platform released in June 2018, Credits Blockchain platform is an innovative technological platform for the development and execution of blockchain technology and smart contracts based decentralized applications.
During the first stage of the Credits Blockchain Platform load test, its transaction speed reached 1.3 million transactions per second.
Credits Node
A Node refers to as a client-side application installed on the user equipment. The Node performs the storage and processing of transactions, the deployment, and confirmation of the smart contract conditions, and provides data upon the request.
Credits Monitor
It is a blockchain explorer that contains current and previous transactions, as well as smart contracts on the network.
Explore your transactions history
Credits Monitor is a multifunctional web-based tool used to monitor the transaction history of all network members, circulation of nodes globally and gathering of general statistics.
The number of network nodes
Details of the execution of the transactions
Transactions details of a specific account
Information about the smart contract
Transactions list for the specific smart contract
Performance and status of smart contracts
Credits Wallet
Credits Wallet enables you to transfer currency to other network members (CS internal currency or tokens) without requiring to install the Network Node and use existing smart contracts available in the network registry.
Written in Java, this electronic wallet is accessible using public and private keys.
Attributes of Credits Blockchain Platform
Developments undergoing the patenting:
New Credits Decision Consensus Algorithm
Credits Blockchain uses a completely unique consensus and decision method based on data processing and multiple validations with strong implementation solution.
Credits Transmission Data Protocol
It offers an innovative high-speed data Transmission Protocol within a decentralized network. That is capable of executing transactions from 0.1 sec per transaction.
Credits Data Validation Algorithm
Based on high-security cryptography algorithms, it gives a different block and transaction validation and confirmation solution.
Latest characteristics
The blockchain platform is open source with self-sufficient smart contracts.
It aims to create services for blockchain systems using self-automatic smart contracts with a public data registry.
Speed: Transaction processing speed around 0.1 seconds
Fees: Approx. 0.001 USD
Volume: 1.3 Million transactions per sec
Credits Blockchain Based Applications and Solutions
Develop decentralized applications and services using Credits blockchain solutions.
Smart contracts
Autonomous solutions
Run as per the method and the requirements specified in the program
Execute any external or internal commands and actions
Make offline actions on a cycle, schedule, event or on call by the user
Credits advantages
The complete Turing programming language of smart contracts.
Connect external systems to a smart contract.
The smart contract’s language backs loops and task scheduling.
Storing data on the blockchain
Superfast writing and reading information
Access from the API Distribution or Credits client software between numerous nodes.
Data encryption and its hiding gets written to the blockchain*
Credits Blockchain Platform features
Store information in a network having decentralized administration
Store information with guaranteed invariability
Store information open or personal data encryption
Store data with free or exclusive access to information
Financial assets issuing
A single, adaptable solution inner and outer of the platform
Efficient moving of assets between accounts and products
Implement any algorithms of the asset operation with smart contracts
Mudit Kumar
09 Jan 2019
Will Tether Controversy Impact Enterprise Blockchain Development Services
A single reason to be skeptic can bring down a hundred reasons to believe in an idea. Enterprise Blockchain Development Services, growing as a large multi-billion dollar industry, has a similar connection with the likes of Tether, apparently a black sheep in the cryptocurrency industry. Tether is the second most popular digital currency. The reason behind its popularity is its promise of “stability” in the cryptocoin market, which is also the beginning of the controversies surrounding it.
Tether Blockchain is based on Omni Layer mechanism. The blockchain platform uses the Bitcoin blockchain to create new asset on its own blockchain. Omni Layer is a protocol developed to handle the complexities of financial functionalities in cryptocurrencies. Controversies surrounding cryptos like Tether has a strong impact on the perception of the technology behind it. Thus, Enterprise Blockchain Development Service and the overall industry falls under radar of skepticism.
What Makes Tether Blockchain Controversial
The founders of Tether Blockchain has been claiming that this currency is not subjected to fluctuations in the market. The primary USP of the coin was its “Stability” aspect. As claimed, the value of this currency is meant to mirror the value of US Dollars, which implicates, it can be used to replace dollars while trading on exchanges. The mechanism of Tether blockchain, supposedly, converts legal tenders like Euro, Yen, Dollars, into digital currencies. Tether founder Ludovicus van der Velde strongly claims that Tether is backed by enough USD reserves, exceeding the total of the currency distributed in the market.
Further Readings:
Tackling the Flaws of Ethereum.
Decoding the DAO Episode.
Controversial Cryptocurrency and Enterprise Blockchain Development Services
The controversy is in the fact that investors are not buying van der Velde’s claims. Also, certain credible market research alleged that Tether has played a strong role to hike the price of Bitcoin, the primary cryptocurrency. Such a scenario brings a strong skepticism in the adoption of blockchain and its utility. This aspect is also the reason blockchain technology should align as a technical utility rather than the basis of cryptocurrencies. It is necessary for the industry to boost up a massive drive to popularize enterprise blockchain development services in enterprises and industry sectors, parting away from its identity with digital money.
Further Readings:
Exploring the Vulnerabilities of ICO.
How to Invest in Cryptocurrencies Wisely.
Blockchain Development Services as the Solution
G20 Summit 2018, established cryptocurrencies as “assets” rather than money or currency. Being claimed as an asset, they become something which can be traded for money, but not money itself. This is the appropriate way to deal with the conundrum of perception of cryptos, projecting them rather than technologies that solve real-life problems and practical issues in the internet ecosystem. Apart from regulating the digital currency market, strengthening blockchain development service as a new revolution in business and industries will reduce skepticisms on the technology. This will boost the adoption of blockchain in the business landscape and industries. As blockchain will transform as a dominant technology, together with larger regulations and transparency in the cryptocurrency landscape, the market, in general, will improve massively.
Tether became controversial because of its claims and its role in Bitfinex to buy the largest cryptocurrency. There is a subtle connection between such contentions and adoption of the technology behind these currencies. Thus, Tether has a subtle impact in popularity of Blockchain technology, the underlying mechanism of cryptocurrencies. Blockchain Development Services and blockchain applications in use cases other than currencies is helping to stabilize the industry.
Mudit Kumar
08 Jan 2019
NEM Blockchain Platform: Everything You Need to Know
In this blog, we have tried to describe how NEM is one of the best blockchain platforms. We have tried to explain why we call NEM blockchain development services the best-of-breed solution playing an equally important role as blockchain technology and setting a new standard for it.
What is the NEM Blockchain Platform
It has been around more than two years since the NEM blockchain platform came into existence. Its primary aim was to uncover the potential of blockchain technology and quickly allow application development on top of the platform.
Most of the blockchain initiatives focus on the blockchain ledger, all having subtle variations and different flavors in their execution process. While NEM takes an entirely different approach.
NEM emphasizes not only the functionalities and features of a powerful blockchain but also incorporates other equally important elements like:
allowing any development solutions to be executed on top of it;
an abstraction layer having a complete suite of APIs that enables the ease of integration, thereby reaping the blockchain ledger benefits;
and scalability
Related Post: Relevance of NEM in Enterprises, Consulting NEM Blockchain Consultant
NEM Blockchain Platform Aims to Achieve
Today, we are facing operational risks and inefficiencies. The plurality of systems and disjointed monolithic systems within financial organizations only intensify these issues.
It has been an everlasting issue. With an aggravated impact each passing year, financial offerings and services get added to the central banking mechanism.
Here, blockchain comes as a possible long-term solution that enables:
Reduced costs
Improved efficiency
Settlement finality
Increased efficiency of compliance efforts
Greater traceability and audibility
Enhanced structured processes
Eliminate multiparty dependencies on local and global transactions.
By providing a blockchain platform that can meet all the above needs, any financial institution would experience the benefits immediately. NEM is such a blockchain platform.
Also, Read: A Consolidated List of Best Open Source Blockchain Platforms
Smart Contracts Development on NEM Blockchain
Existing models of smart contracts cost financial organizations billions of dollars to devise the infrastructure over time. Also, transcribing that to a new platform would incur more risks, time, and resources.
NEM addresses this and approaches it in another manner.
The approach is to keep a smart contract as an external component, either centralized or decentralized. The outputs of such smart contracts would then enter their transaction details into the database using a secure transaction process.
Also, Visit: Adoption Value of Smart Contracts for Enterprises
NEM Blockchain Platform was launched to provide a platform that is:
Inexpensive and easy to deploy with minimal time, risks, and resources.
Allows a financial institution to execute business as usual but with minimal complexity. Thus, enabling organic growth and development.
A blockchain platform with numerous ledgers for various use cases- mutually restricted or not- meanwhile, enabling frictionless transactions between databases.
Has a single abstraction layer for all the databases for easy integration into any current central banking system and solutions.
Enables seamless cross-platform payments, transactions, and settlements through direct transactions. Meanwhile eliminating the need to implement costly, standards and protocol-based messaging systems.
Suggested Read: The Future of Streaming is Decentralized Blockchain Solutions
Catapult
Launched in March 2015, Catapult is an extension of the NEM blockchain. It is the successor of Mijin. It is set to develop a new design standard in the blockchain domain.
Tech Bureau introduced Catapult in various stages, beginning in the Q1 of 2017. Mijin is the predecessor of Catapult.
Catapult aims specifically to allow the addition of more features and functions to bolster the financial sector. Financial services can benefit from application-specific servers in a decentralized environment.
If you are interested in developing projects on the NEM blockchain, then skilled developers at Oodles can help you out. Contact us today to get started.
Mudit Kumar
08 Jan 2019
NEM Blockchain Consultant | NEM's Relevance in Enterprises
What is NEM Blockchain
Launched on March 31, 2015, NEM Blockchain is among the most popular financial and enterprise blockchain platforms. Its relevance broke into the global landscape introducing several new concepts and mechanisms like proof-of-importance algorithms and coexistence of multiple ledgers in a single blockchain. A unique property of this blockchain that allows representation of any asset or currency as NEM Smart Assets made its adoption stronger in enterprise ecosystem. Although more concentrated in Southeast Asian geographies, NEM is aggressively foraying into global businesses. Thanks to the constant emphasis of NEM blockchain consultant in establishing the technology in enterprises ecosystem.
NEM for Enterprise Blockchain
NEM Blockchain is considered as an effective technology to operate many business processes in several industry verticals. The company is focussing primarily on the use-cases of the technology in Finance, Business Management and in Decentralized Organizations. NEM creates a seamless interface between Public and Private blockchain. It allows transferring tokens and files through both internal and external network of an enterprise. NEM Blockchain consultant and development services are focussing more on rendering more effective use cases of the technology as its development process is easier than other blockchain and distributed ledger technologies.
NEM assists in real-time accounting. Apart from featuring the basic advantage of blockchain like optimal transparency in transactions NEM Blockchain makes it easier to operate many critical processes easily and effectively. Operations like KYC Verification, Inspections, Logistics, and Certificate Issuance becomes cost-effective using this technology. NEM Blockchain consultant and development companies are working on developing more use cases of this technology for its better implementation.
Relevant Readings:
Dow Jones Companies and NASDAQ Blockchain Integration.
The scope of Tron in FinTech.
Impact of Stellar Air Drops.
Legal Aspects of Smart Contract Deployment.
NEM Blockchain Consultant
NEM is growing as a multi-dimensional technology in several industries. NEM Blockchain consultants and developers found the Apostille functionality of NEM as a unique application of this blockchain as a social media. While simplicity in developing the technology is emerging as good assistance in its enterprise adoption.
Additionally, NEM Foundation is through new partnerships and alliances across the globe, including those with governments and large public entities. Official sources of NEM Foundation are putting much efforts to expand the technology across countries. The foundation is working “to show programmers and business operators the great benefits that NEM has to offer”, an official Twitter post revealed.
Altcoins are struggling in the bearish market since an almost a year. However, XEM, the NEM Cryptocurrency, resisted the November slump in 2018, surging with a positive sign. The adoption of this technology in new markets and regions is a reason for its survival even when most altcoins are sliding in negative zones. Its breakthrough in Latin America in countries like Venezuela and Columbia are creating anew stir. While a strong foray in the petroleum industry is bringing up a strong prospect of the technology in Blockchain consultancy and development industry.
Category:
Blockchain
Mudit Kumar
07 Jan 2019
Deploy Hyperledger on AWS | Hyperledger Development and Cloud
This article entails a simple plan to deploy Hyperledger on AWS (Amazon Web Service). Businesses usingHyperledger application development servicescan consider these points to streamline their deployment processes.AWS for Hyperledger Application DeploymentCloud deployment of applications is now a common practice and it almost transformed into a regular operation in the enterprise ecosystem. Many businesses are using the cloud services of AWS (Amazon Web Service) for their applications.Blockchain application deploymenton the cloud became the most sought-after technique with blockchain technology becoming the latest buzz. Hyperledger, backed by Linux, IBM, and other such tech giants, offers several standard enterprise-grade decentralized ledger platforms. AWS provides official documentation to deploy Hyperledger. However, many developers find the information fuzzy and inadequate. AWS has not developed a special environment to fit Hyperledger specifically. Developers believe that treating Hyperledger like other general web applications while deploying on AWS makes things a lot more uncomplicated. Amazon's AWS blockchain template for Ethereum andHyperledger Fabricprovides the module to deploy the applications based on these platforms. Following the general deployment model to deploy Hyperledger on AWS is the most effective way. Explore More |Hyperledger Use Cases | Unlocking New Opportunities in 2023AWS Blockchain Template for Hyperledger FabricEnabling Amazon EC2 instance, AWS created the template to launch private Hyperledger Fabric. It also allows the deployment of additional components of Hyperledger. According to Amazon, enterprises can focus on the use case and operation of the application. They don't have to spend time and energy in manual setup using managed and certified CloudFormation templates. Hyperledger on Amazon is deployed directly as an EC2 Instance running Docker. The network is created on the Amazon Virtual Private Cloud (VPC) of the enterprises. It allows using cloud subnets and network Access Control Lists. Creating the EC2 Instance is the primary method of deploying Hyperledger on AWS. Check It Out |Best Hyperledger Projects for Enterprise Blockchain SolutionsDeploy Hyperledger on AWSAWS Blockchain Template supports the deployment of Hyperledger Fabric which enables blockchain application development. It also enables to control of the permission and access rights on the blockchain application. Hyperledger Fabric uses Chaincode as its basic operation. It is the smart contract mechanism, which is written in the Go language. Hyperledger enables private network development by limiting the number of peers that can participate in the network. Businesses have to use a docker-local container to deploy Hyperledger on AWS. Hyperledger Fabric is deployed on a single EC2 instance. AWS Blockchain Template creates this instance with Docker, launching the network using the container on that instance. Along with the network, Hyperledger Explorer is also launched to access the data on the blockchain. A PostgreSQL server container stores Hyperledger Explorer. Amazon provides detailed information on the process in its official documentation. Suggested Post |Why Choose Hyperledger for Your Business | Use Cases InsideA Simple PlanAWS makes deploying Hyperledger Fabric easy. An enterprise first needs to evaluate the technical requirements of the blockchain network to fit into its operations and processes. AWS develops the system as per the requirement of the number of peers, gateways, and other such parameters. It will define the number of EC2 Instances required to support the system. The basic network in the EC2 container has one order server and three organizations with a single peer service. Enterprises will need several such Instances as per the number of peers and older servers.Also, Read | Unlocking the Power of Blockchain with AWS Managed BlockchainPoints to RememberThere are certain points to remember to deploy Hyperledger Fabric on AWS. Here are the most important ones:The user or group in the AWS Blockchain Template should have permission to work on all services.As Amazon has several regional servers, the key to the EC2 Instance should be for the same location as the instance. In AWS, the blockchain is made 100% available by creating access nodes for the same Instance from multiple locations.It is necessary to obtain permission to use Amazon S3 and Amazon ECR, which are the Cloud Space (or Simple Storage Service) and Container Registry.Also, Visit | Accelerating Business Efficiency with Hyperledger DevelopmentIs IBM a Better Option for HyperledgerMany developers believe IBM Cloud is a better option compared to AWS when it comes to Hyperledger deployment. IBM is an official partner supporting Hyperledger with a massive contribution towards its development. The IBM blockchain platform is based on Hyperledger Fabric offering the easiest way to develop applications. IBM also offers several options to deploy Hyperledger Fabric. Still, Amazon has advantages in terms of expandability and usage of cloud services. If you want to develop an application on the Hyperledger platform, then contact ourHyperledger developerstoday.
Category:
Blockchain
Mudit Kumar
04 Jan 2019
Compelling Use Cases and Applications of Hyperledger Frameworks
Several industries can streamline and enhance their legacy processes with blockchain-enabled features like reduced risk, and increased time and cost-efficiency. They not only can optimize operations efficiency but also form new innovative revenue models.
Blockchain as the Panacea
Every business transaction involves intermediary authenticators, for instance, banks or credit card companies, between the buyer and seller. It causes friction, and delays as well as a leaves a central point of failure for hackers.
However, blockchain can prove to be a panacea for such issues. Blockchain records transaction details in a tamper-proof with permissioned data access and control. It provides a platform to exchange value, including invaluable information and transactions, with security, transparency, and no intermediary dependence.
Hyperledger Frameworks: Revolutionizing Industries
Banking: Loan Applications
Before lending loans to applicants, banks collect their personally identifiable information (PII) like DOB, annual earnings, government ID, passport number, and the like. While gathered for identity verification, they also use PIIs to assess applicants credit rating. Besides, regulatory authorities require certain PIIs to be shared with them, for instance, money laundering and other fraud checks. But, the issue arises when banks hold chunks of PIIs in centralized servers. It exposes users' information to hacks and makes them a juicy target for hackers.
Applying a loan isn’t much pleasure for borrowers, too.
The process is interfering and tedious and involves several steps of authentication for each fresh application.
Enhancing the Process with Hyperledger Indy
Hyperledger Indy offers a unique identity solution in such use cases.
With Indy, loan applicants can share particular information the banks require to make a decision, in a way that assures truth, creates confidence in the lender and settles obligations from regulators.
Anyone trying to apply for a loan can submit their applications to 100 different lenders in milliseconds. That's too without sharing any sensitive data into a possibly hackable database.
Instead of revealing any PII, applicants can use zero-knowledge proofs for validating that:
They are above the minimum age limit,
Their income on last year’s taxes surpassed a particular threshold,
They have a valid government ID number
And, that their credit score reached a set threshold within the
past week.
Solid, distributed ledger-based identity builds a worldwide source of truth, which addresses value to many parties.
Applicants can show their consent, and everyone can come to an agreement on when and how it was given.
Also, banks can conform to ordinances and present a changeless audit trail.
Consequently, the market can operate flawlessly: Banks can offer loans with trust and confidence. And, applicants can adequately protect their PII.
Alternative Hyperledger Blockchain Applications to Increase Strength
This use case of Hyperledger Blockchain Applications can be more compelling if we add strengths of other Hyperledger projects.
For instance, Hyperledger Burrow can convert loan applications into smart contracts and connect them with strong identities as a seamless next step.
And Hyperledger Fabric can encourage a membership system by associating to the pre-existing, self-sovereign identification on the loan application.
Healthcare: Providing Physicians with Credentials
Although the applicabilities of Blockchain in healthcare are being explored, one sure shot is that the technology promises to reduce complexity in one of the modern medical practices called credentialing.
Hospitals make use of the credentialing process to ensure that the assigned physicians are competent and trustworthy.
In a nutshell, credentialing is the hospital’s way of ensuring “due diligence’’ on a physician.
But, today, this process has grown into a huge burden, both on the physician appealing for affiliation and the hospital that must examine the applications.
Using Hyperledger Blockchain Applications to Streamline Credentialing
Credentialing can become a good use case for Hyperledger blockchain technologies, which can help simplify and enhance every step of the process.
Hyperledger Indy offers off-the-shelf solutions. One notable specialty: Indy achieves the intended W3C standards for provable claims, bolstering the pairwise exchange of selected credentials.
In usage, it would work this way:
A physician asks proof of graduation from their medical institution.
The medical institution puts a digital credential on the blockchain on behalf of the practitioner, where it’s considered accurate and tamper-proof.
A hospital can reach the blockchain to confirm the physician’s credential, with no obligation to talk to the medical institution directly.
The physician can display only the particular credentials the hospital need, and nothing else.
Such an implementation of provable claims protects the physician’s privacy, reduces time and energy for everyone concerned, and enhances the entire process. Indeed, it provides a better way to manage medical credentialing.
Mudit Kumar
02 Jan 2019
Exploring Applications of Blockchain and Cryptocurrencies
Applications of Blockchain and Cryptocurrencies
Cryptocurrencies are widely popular as trading assets. However, when used with blockchain beyond their use as digital currencies, cryptocurrencies offers several innovative uses in various sectors including housing, energy, and personal finance. So, let's get acquainted with five revolutionary applications of Blockchain and Cryptocurrencies.
1) Cryptocurrencies bolster cost-effective global money transfers
Usually, for customers, the cost of bank-to-bank money transfers depends on a few factors, such as costly transaction charges, exchange rates and the constraints of geography.
As per a recent study by the World Bank, the average cost of making a single bank transaction for a private client can go up to 5.5 percent of the total transfer amount. Also, cross-border payments can take more than five working days.
While the state of money transfer is the same, some companies are utilizing digital tokens to expedite the process along with reducing costs.
For instance, Ripple, a California based company, has gathered a $300 million fund. It will use these funds to pay companies to use XRP for cross-border money transfers.
Recently, the company announced the introduction of its new programme called Xspring. With this programme, it will pay developers to write code software with an aim to using XRP.
This year, several established money transfer companies, such as MoneyGram and Western Union, announced the use of pilot programmes using XRP.
Important Reads:
Cryptocurrency Payments Solutions: 5 Reasons You Should Start Today!
Ripple: For Making Lighting Fast Cross-Border Payments
How Blockchain Is Revamping The Cross-Border Payments
2) Blockchain-based voting to combat electoral fraud
Although cryptocurrencies like Litecoin and Ethereum may have succeeded in changing our perception about money, their impact has not reached in other, less obvious, sectors such as non--profit organizations striving to protect and increase voter participation in democracies.
For instance, a new startup called Sovereign, maintained by a group named Democracy Earth, introduced the use of the blockchain technology to provide users with more transparency and flexibility in how they cast their votes. People are calling it a kind of 'liquid democracy.' It allows users to highlight their views on particular issues and then cast their vote to someone they think is eligible. This blockchain based voting application uses blockchain platform like Ethereum to generate a defined number of tokens used as 'votes.'
These are then allotted to registered participants who can cast their vote as part of institutions on a network of, for instance, political parties or organizations run as co-operatives.
A few more reads:
The Rise of Blockchain in Voting: Thailand Held the First E-Voting
Voting: One Place Where Blockchain Can Really Show Its Potential
3) Blockchain in Green Energy Trading
A notable benefit of distributed, decentralized ledger technologies is present in Brooklyn, New York, where a project is collaborating with numerous homeowners to install solar panels as a section of a standalone network.
Technology startup LO3 Energy runs the Brooklyn Microgrid. It allows residents to become self-sufficient for their energy production. Additionally, it also enables them access to a trading platform where they can trade their extra electricity to buyers in the group.
Currently, Brooklyn Microgrid has around 50 participants in the group. However, its modest start is only a part of a larger concept that aims to form a countrywide P2P energy trading system using the blockchain technology.
Not only this but companies around the globe like LO3 Energy are developing new blockchain networks that will increase the adoption of decentralized energy systems.
In Australia last year, Power Ledger launched a blockchain-based electricity trading market for a housing community in Perth.
In Bangladesh, where the majority of the population don't have access to power, ME SOLshare is providing rooftop solar panel systems to create a trading network.
The idea is to create a network where consumers can trade their extra electricity, which will be purchased by businesses and homeowners in small amounts through a mobile phone.
4) Blockchain technology helping the homeless
With $5 million awarded by the Mayor’s Challenge programme and sponsored by Bloomberg Philanthropies, Austin in Texas is working on a new pilot blockchain platform which will gather and confirm the identification and other necessary records of homeless people.
Currently, in Austin, there are around 2,000 homeless people with numerous residents in different stages of access to hollow housing.
Organizers expect the city will be able to replace paper documents like social security cards, which can get lost or damaged, with electronic encrypted documents.
The MyPass programme allows social services workers in the field to use their smartphone to confirm the identity and details of a person without requiring him to come to the office.
MyPass also enhances the ability to provide more transparent, integrated and comprehensive donations.
The blockchain-powered records will validate the integrity and store credentials of earlier accepted aid, as well as details of physical and mental care.
In conclusion:
These were only a bunch of applications of Blockchain and Cryptocurrencies, and it's the surface we scratched. The possibilities offered by blockchain and cryptos are yet to be explored. For instance, applications of blockchain and cryptocurrencies are finding their use in Healthcare, Charity, Real-Estate, Automotive, etc. However, thorough research and due diligence are musts.
If you want to know more about the applications of blockchain and cryptocurrencies, or thinking of adopting this relatively new technology to upgrade your business and stand along industry-leaders, do reach us for a free-of-cost consultation.
Mudit Kumar
31 Dec 2018
Cryptocurrency Layoffs, Will IOTA and Ripple Develop Blockchain Solution?
Layoffs are evident when profits are not encouraging. The cryptocurrency industry appears to be experiencing a similar trend lately. The industry needs to concentrate on providing the space to get out of this situation by developing blockchain solutions.
Layoffs Became the Latest Thing in Cryptocurrency: What’s the Implication
Steemit, a top cryptocurrency firm laying off 70% of its employees is waving a red flag. While ConsenSys, the Blockchain Social Media is ready to get rid of 13% of its workforce, confirming the alert. Steemit put it straightforward citing the continuous bear market of more than 9 months as the reason.
And, ConcenSys is “restructuring” itself. This situation implicates a strong drift.
Why IOTA and Ripple Must Develop Blockchain Solution
IOTA and Ripple are two different use cases of blockchain technology. However, they are both evolving to transform as distributed ledger technologies. DLT is gradually turning into the next stage of blockchain app development.
It is easier to develop solutions by leveraging the technology as a distributed or decentralized ledger rather than just blockchains. Blockchain can be understood as a type of decentralized ledger technology that can store data only in the form of a chain. Meanwhile, DLT encompasses a broad range of architectures including Directed Acyclic Graphs and Hybrids.
Entities like IOTA, Ripple, Hyperledger, and such technologies with strong market positions must steer stronger in technologies like DLT and use cases of blockchain to take the lead.
Explore More | About Positive Prospects of Ripple XRP
IOTA Prices and Impacts on IoT
IOTA is among the most popular cryptocurrencies. Although is no better growth prospect for this currency as well, its substantial applications in the IoT landscape will make it a preferred technology.
IOTA, catching the trend to develop blockchain solutions, is expected to gain strong adoption soon being the blockchain technology for IoT. It is set to grow as a blockchain application, rather than a cryptocurrency.
At the beginning of this year, IOTA faced backlash from experts for not upgrading itself in the tech vertical. Now, after less than a year, it grew as a technology; aggressively foraying into the Internet of Things ecosystem as a “zero-fee” transaction mechanism.
Its recent endeavor to remove the Coordinator is a critical step towards aligning itself with Decentralized Ledger Technology. As IOTA is growing as a technology, it will impact positively MIOTA's price in the future.
Check It Out | How IOTA Technology Secures the Internet of Things Ecosystem
Ripple's XRP Price and Payment Solutions
The price of XRP is following the same pattern as other currencies, even if it catches slight bullish trends in times. As IOTA is focussing on technology upgrades, Ripple is transforming to develop blockchain solutions as its mainstream business. However, it is following a different approach.
Ripple is entering new markets intending to standardize the blockchain ecosystem in terms of both currencies as well as technology use cases. Recently, Ripple, NEM, and a few notable tech companies created the European Blockchain Association which aims to regulate the cryptocurrency industry.
Ripple, being a payment solution, is trying to scale up as a standard payment authority using decentralized ledger technology. It has successfully created strong partnerships with authorities around the globe while entering their markets.
Thus, following the trend, Ripple XRP has strong prospects as a currency. Although it might be not a bullish investment option, XRP is here to stay relevant for a long time.
Suggested Post | Ripple: For Making Swift and Fast Cross-Border Payments
Conclusion
Instead of solely relying on blockchain as a currency, IOTA and Ripple should actively invest in research and development to develop blockchain solution that can address real-world challenges. These technologies should explore innovative use cases of blockchain and transform the technology to fit into the requirements.
If you are interested in developing a blockchain-based project, then connect with our blockchain developers.
Mudit Kumar
29 Dec 2018
Tron Impact on Financial Software | Crypto Development Firm
Financial software and applications are among the most common utilities in business operations. The Internet has been the basis of Banking and Accountancy, becoming an integral entity of FinTech. However, with growing realms of the financial world, especially as a cross-connected industry and due to increasing bulk of micro-transactions, existing financial technologiesare proving as limited utilities with systematic bottlenecks. Against this backdrop, Blockchain Technology and Cryptocurrency brought a revolution in the FinTech Industry. A trend of Cryptocurrency Development Firm played a major role in the global finance ecosystem. Along with it, Technology like Tron is integrating DApps mechanisms in enterprise infrastructures. State of Cryptocurrency Development FirmIn the recent G20 Summit held in Buenos Aires, global leaders came with concrete ideas to standardized Cryptocurrencies. Economies and authorities across the globe conceded with the idea to develop regulated markets for these new type of asset. Terming them as “digital assets” rather than currencies, several authorities are trying to bring a common and standard platform to utilize cryptocurrencies. A roadmap was created for a completely regulated market of cryptocurrencies, which is seeking to attain the objectives by the next two years. Any cryptocurrency development firm can create new technology and disrupt the market. This makes market regulation of cryptos a the need of the hour. Digital transaction of money is integral to financial systems and is not possible to bypass the trend. Furthermore, cryptos are not just financial assets, they are the basic technologies which has far more utility than just being a medium to transfer value. Thus, authorities have no other way, but to embrace this technology as an evolution of the financial system. Impacts in Financial Software MarketRelevant market researches suggest that 33% of bankers will be adopting blockchain or decentralized ledger technology by 2019. Adoption of crypto-based transaction mechanisms is catching up the fire in the banking and finance sector. Interestingly, American Express is among the top companies to copyright the largest number of blockchain technologies in the FinTech sector. Several cryptos related to payment systems like Ripple and Stellar are creating their niche technologies in global banking ecosystem. Apart from leveraging blockchain technology for payment systems, banks are also using blockchain as non-payment technologies aggressively. A platform like Hyperledger is becoming a leading technology to develop enterprise-grade distributed ledger applications.How Tron will Impact as CryptocurrencyTron is the cryptocurrency with a significant contribution towards decentralization of the internet. Only after six months of its market breakthrough, the currency surpassed 1 million active users by the end of December 2018. Transaction of TRX, Currency behind Tron exceeded 3 million in a short span of time, making it the most popular cryptocurrency in recent times. Although altcoins in the market had a dim performance, Tron is showing no signs to stop its advances. It had a number of breakthroughs in the global ecosystem. Tron was based on ETH or Ethereum Blockchain, in its initial stages. However, it surpassed Ethereum in terms of DApp usage being more scalable. Tron is set to have a strong impact due to its efficiency as a DApp platform. Tron launched the TRX Accelerator, which is expected to take the currency to new heights by funding the creation of apps. As per the roadmap, by January 2019, Tron will release “Tron Puppies”, which will allow gamers to use the currency for online gaming. Also, integration of zk-SNARKS will enable the seamless transfer of coin in private and anonymous mode. This will boost its popularity as well as use cases. Read More About Tron:Tron: A Beginners Guide.Tron Price Prediction. Prospects of Tron in Financial Software MarketThe upcoming accelerator program will have a strong impact to establish Tron as a primary DApp platform. Per its CEO, the program being stable, more efficient and involving low fees, will bring more developers to the technology. Tron will impact the financial software market due to his amicable adoption. Tron was the cheapest platform to trade cryptocurrency, and now it has totally scrapped associated transactions fees. As expected, Tron will become more popular as a platform for decentralized app development. Being a free platform, it has a strong prospect in the financial software market. Tron is successful to gain strong credibility in the market. Its popularity will boost DApp development while pushing forward the trait of decentralization of the internet. Cryptocurrency Development firm developing new technologies and Decentralised Ledger platform like Tron has impacted the FinTech sector bringing the fundamental changes in global financial markets.
Category:
Blockchain
Mudit Kumar
28 Dec 2018
Cryptocurrency Payment Solutions : 5 Reasons to Start Today
Although there's a rapid increase in the number of fiat-based payment processors equipped with a variety of tools and payment methods, adding cryptocurrency payment solutions into the mix (in your business) can provide consumers and merchants with unprecedented benefits. Some of the benefits you can gain by allowing to pay in cryptocurrencies are simplicity, privacy, lower overall cost, security, and an increased level of control over funds.
Reasons to use Cryptocurrency Payment Solutions/Methods
Once you've integrated Cryptocurrency Payment Solutions, it can offer numerous ways to earn interest with almost little or no effort and help protect users' sensitive data and hold on the go 24/7.
1. Minimal Fees
Not long ago, cash was king. Financial institutions used to incentivize people to keep cold hard cash in their coffers.
Today, banks of all types, including debit and credit cards, charge users for their services - money that goes in vain and gives no benefits, nevertheless, there's some interest earned.
Wondering how minimal is the interest we earn and get charged for their services, here's a rundown of some fees:
ATM fees, Merchant fees, debit & credit card fees, checking account fees, paper fees, overdraft fees, check fees, transfer fees, change fees, charge-back fees, foreign transaction fees, minimum balance fees, inactivity fees, false decline fees, etc.
On the contrary, cryptocurrency payment gateways like Coinpayments and Bitpay charge between 0.5% to 1%/transaction.
Mostly, a crypto account (a digital wallet where your cryptocurrencies get stored and used) is entirely free. Also, unless you choose to invest in crypto hardware wallets or prepaid cards, except for the transaction fee, using cryptocurrencies as money is free.
2. Sensitive Personal Information
Financial institutions, as well as retailers and service providers, always have access to their customers' personal and financial information.
Details such as our name, address, employers, net worth, investment, assets, social security number, account balances, credit line, credit score, and transaction history, as well as everything we do and buy, include our professional, personal, and financial data sets. Using traditional financial institutions and conventional fiat currency, our privacy is no longer private.
Cryptocurrency transactions present an option by curbing the amount of transaction data to numbers popularly known as cryptocurrency wallet addresses and transaction IDs used to confirm that a wallet-to-wallet transaction was conducted. A cryptocurrency payment solution acting as a third party might require your name (your shipping address to deliver physical goods), but other information remains private as long as you don't proceed with connecting your bank or credit card account and start transacting solely in altcoins.
3. Global Use
Cryptocurrencies are a borderless method of exchange that enables users to make instant and cost-effective transactions across the world. You don't have to wait, no international fees are charged, and no restrictions as to who can or cannot transfer funds to whom, and when or where those funds can be accessed. An Internet-enabled device is required to provide someone, without access to a banking institution, an alternative solution using which they can safe-keep their funds, pay bills, earn income, make purchases, and do business.
Another benefit of using cryptocurrencies while traveling is that it can be used as a remote source of emergency reserves accessible without an ID, a bank account, a wire transfer, or even a personal computer, but only a smartphone.
4. Simplified E-commerce
Enabling cryptocurrency payment solutions online has never been easier.
Shopify and Etsy retailers can choose to accept BTC, BCH, and altcoins.
Woocommerce and Easy Digital Downloads merchants can use WordPress plugins like Mycryptocheckout for payments.
And then there's Shapeshift which provides customers the option to pay in multiple cryptocurrencies.
Shapeshift comes integrated with cryptocurrency payment solutions like Bitpay and Coingate which are equipped with cryptocurrency wallets like Coinomi and Keepkey.
Besides, there is Purse.io, an online platform where users can purchase things from Amazon and pay in cryptocurrency and it is also integrated with Shapeshift, likewise Magento and Openbazaar.
Providing the option of cryptocurrency payment solutions is super simple and quick. You just need a cryptocurrency development company offering crypto payment gateway development and integration services.
5. No Chargebacks to Avoid Fraud
Sadly, some buyers purchase, accept the items they ordered and, probably, even use them only to withdraw their payment. They can do this as payments in fiat currency are not instant.
On the other hand, with cryptocurrencies, things are not the same.
Once you've conducted a transaction, there is no turning back.
Funds go from one wallet to another, the transaction gets recorded and can't be reversed.
However, a customer can return an item and request a refund by directly getting in touch with the vendor. They can. They need to place an order, make payment, receive it, and then request the vendor to provide the sum they paid back to their account.
Chargebacks are intended to deter fraud and still, they frequently achieve the very opposite.
In this example, cryptocurrency operates the same way as fiat money. After you've got the item you paid for with money, you can't visit the store with a degraded or used item and ask for money back.
A few more relevant reads:
Ripple: For Making Lighting Fast Cross-Border Payments
How Blockchain Is Revamping The Cross-Border Payments
The Ins and Outs of Cryptocurrency Wallet Apps Development
Cryptocurrency Development Services
Cryptocurrency Development Solutions
Category:
Blockchain
Mudit Kumar
27 Dec 2018
Dow Stock Companies and NASDAQ Rising to Integrate Blockchain Technology
Although Stock Market witnesses miraculous growth in certain times, they are not exactly, “miracles”. There is a strong reason behind every bullish market as well as those bear times. Blockchain Technology emerged as a solution in stock trading and exchange mechanisms. It impacted not only technology behind exchanges, but also the market. At the beginning of the second quarter of the year, several Dow Stocks were riding on Blockchain technology, while the NASDAQ showed a green signal to integrate blockchain technology. The latest surge in Dow Stocks does not seem to have any connection with Blockchain, but the technology market is a huge contributor.
Bullish Dow and NASDAQ
This time the Dow Jones magic after post-Christmas sales is not a wonder, electronics, and technology are posed as the reasons for this historic bounce back. The average growth of 1,086 points, reaching the rate of 4.98% is the highest point gain so far in history. The interesting aspect is, the bullish force followed a near-death bear market. NASDAQ pulling up by 5.8% marked the victorious ending against the long bear market. Tech Stock was the leading bull supported by Amazon, Facebook, Netflix, and Apple. Google also had a fair share. The highest was from Amazon at 9.5%, which recently launched the Quantum Distributed Ledgers. However, it was only holiday season sales that drove Amazon during Christmas.
Blockchain Connection of Dow Stocks
Throughout 2018, several US multinational companies invested heavily to integrate Blockchain technology. Their impact in the Dow Jones Industrial Average was strong. These large entities were either testing blockchain applications or filing the patents involving this technology. Among the giants, IBM was a latecomer in the Cloud Computing party, but it arrived early in the Blockchain sphere. In the first quarter of 2018, it partnered with Moller-Maersk to develop a blockchain application. Lately, in September, IBM partnered with Stellar as a payment mode in its blockchain for Banking networks. American Express and Cisco are two other big names in Dow Jones, backing blockchain technology.
In September, McDonald came with a collaboration with Omise to integrate blockchain technology as a payment gateway. Another giant in Dow Jones, Boeing filed a patent for an onboard in-flight GPS receiver. The company believes both manned and unmanned flying vehicles will use this technology. Merck, that sells pharmaceuticals worth USD 1 Trillion a year developed a real-time tracker of drug delivery using blockchain. Large companies in Dow Jones has a certain impact of blockchain in their businesses. This means, blockchain adoption is now a standard trend in global business, and it will impact stock prices strongly in near future.
Also Read:
Citi & Alibaba Joining hands with Linux Based Hyperledger.
Government Shutdown and Its Impact on Cryptos Price.
German Logistic Giant Embraces Blockchain Technology.
Ripple Breaks Into EU to Regulate Cryptocurrency Market.
The Positives of Recent G20 Summit on Blockchain.
Integrate Blockchain Technology- NASDAQ’s Mantra
The second largest stock exchange, NASDAQ, adopted blockchain technology for its internal transaction. The financial giant also supported its external entities using the technology. NASDAQ first integrated blockchain technology to secure both creation and transfer of its shares for privately held companies. It used blockchain for the first time in Nasdaq Private Market. Gradually, it started a collaboration with Citigroup for an integrated payment solution to trade securities across the borders. The exchange believes Blockchain integration can improve many operations such as KYC audits and also assist efficiently in reducing frauds.
In contrast to Bullish Dow Jones Stocks and NASDAQ, Cryptocurrency market is still sleeping. There is no positive trend in the segment, even if the stocks market in the US soared up high. The best crypto rally was from Ethereum Classic, ranked 17th on the basis of market cap. The cryptocurrency had a surge of 10.31%. The state of stocks shows that the market is riding on blockchain technologies rather than cryptos. Cryptocurrencies are not bullish in trading exchanges, but companies adopting blockchain technologies have a strong growth prospect. The recent surge in Dow Jones is an optimistic trend after quite a low. This is a call for a strong US market, backed with technology as well as business.
Mudit Kumar
26 Dec 2018
Best Blockchain Platforms For 2019 That You Can’t Afford To Miss
In this article, we will be discussing the best blockchain platforms for blockchain application development in 2019.
Best Blockchain Platforms for 2019
Here is a list of the best blockchain platforms that you cannot miss in 2019:
Ripple
Ripple is best known for cross-border payment solutions. It offers a global financial settlement service for banks by allowing them to transact directly and quickly across national borders.
Thus, Ripple is more focused on large institutions rather than individual users. Its sole aim is to facilitate large financial institutions with an easy and reliable way for cross-border payments.
Not only this, but it also has partnered with some of the established banks globally.
Now, more and more financial institutions are moving toward adopting the Ripple protocol, making it one of the most sought-after blockchain platforms for 2019.
The institutional support from around the world and the fact it’s exempted from SEC are the reasons we believe that XRP may survive in this altcoin bloodbath.
Suggested Post | Ripple: For Making Swift and Fast Cross-Border Payments
EOS
EOS is being called ‘the Ethereum Killer’ and is one of top latest blockchain platforms for 2019. It addresses a few shortcomings of the Ethereum network.
For example, to develop a decentralized application (dApp) on the Ethereum blockchain platform, you need a proper understanding of Solidity. Developers use this programming language for executing smart contracts. Though, it has become a barrier to using the Ethereum Network.
EOS fixes this by providing database and account management services to developers and doesn’t require programming knowledge.
Read More About EOS Blockchain: A Comprehensive Guide
EOS also offers a few other technological advantages.
For instance, it’s way faster and more scalable than Ethereum. While Ethereum requires users to contribute gas to use the network, transactions on the EOS blockchain are free-of-cost.
You cannot mine EOS directly. Being an ERC-20 token, it’s not mineable.
Also, the EOS blockchain uses the DPoS (delegated Proof-of-Stake) consensus algorithm and not the mineable PoW (Proof-of-Work) likewise Ethereum and Bitcoin. The difference between the PoS and DPoS is that the latter utilizes a voting system to select network delegates and assigns them the work of keeping it secure.
Eventually, EOS completed a successful token sale. Now, it has acquired the capital to develop to its full potential.
These are some of the reasons why we think EOS is going to be a profitable investment in 2019 and further.
You May Also Like | EOS Blockchain | A Beginner’s Guide to DApp Development
Stellar
Contrary to what Ripple offers, Steller aims to provide a fast, efficient, and cost-effective cross-border payment solution to individuals.
Currently, companies like Paypal dominate the online payment sphere. They charge around five percent per transaction. In contrast, Steller offers five seconds transaction speed and low fees.
For instance, the Tempo remittances application built on the Steller Blockchain can process approx. 600,000 transactions for only 0.01 USD. Above all, it uses the Steller consensus protocol instead of PoW verification. It means that it doesn’t have to deal with the energy consumption problem.
Steller is currently establishing with tech companies like IBM. Thus, presenting itself as a potential investment in the crypto world.
Check It Out | Stellar Blockchain Use Cases | A Quick Explainer
Monero
Monero is a privacy token and the most preferred for darknet markets, which’s why Coinbase hasn’t added it and may not be adding it any time soon. Equipped with reliable transaction schematics, it uses Ring Signatures and Stealth Addresses created on an ad-hoc basis to make private transactions.
Founded on the principles of privacy and decentralization, which are central to the original cryptocurrency concept, Monero has grown strong community support.
Also, Visit | An All-Inclusive Guide To Know Everything About Monero (XMR)
IOTA
IOTA offers an easy, fast, and secure way of exchange to IoT users and allows them to buy and trade datasets easily.
Unlike other cryptocurrencies, IOTA doesn’t use blockchain technology. It uses a transforming transactional settlement and data transfer method called ‘Tangle.’ And, its transactions are based on ‘DAG’ (Directed Acyclic Graph).
Explore More | IOTA: Exploring Opportunities Beyond Blockchain
So, these were the best blockchain platforms for 2019. These are expected to create enough buzz in the year 2019 as well.
Interested in developing a blockchain-based project? Connect with our blockchain developers to get started.
Mudit Kumar
26 Dec 2018
The Ins and Outs of Cryptocurrency Wallet Apps Development
If you want a rundown of what the cryptocurrency wallet app development entails and how much would it cost from scratch, firstly, let's brush up your basics.
What is Cryptocurrency?
It's been around ten years since cryptocurrencies came into existence. Many of us already know the bread and butter of cryptocurrencies.
However, those who don't have an idea, here's a simple explanation that has no sophisticated words and process.
"Cryptocurrencies are limited entries in a digital ledger that no can change until specific conditions don't meet. That's how we can explain any currency in the world."
The rapid cryptocurrencies development and adoption have brought it on the same platform as fiat currency.
Cryptocurrencies, similar to their fiat counterparts, require a digital wallet to be stored and transacted.
Cryptocurrency/Blockchain Wallets?
For storing cryptocurrencies, blockchain development companies develop blockchain based secure digital wallets used to store, send and receive them.
Growing alongside the increasing numbers of cryptocurrency enthusiasts and traders is the use of cryptocurrency/blockchain wallets to protect users' crypto money.
If you don't believe it, here's a graph that demonstrates the increased use of blockchain based cryptocurrency wallet users globally from Q1 2015 to Q3 2018.
It also the reason which has resulted in pushing Fintech enthused businesses to add Blockchain based crypto wallets as a part of their business and revenue model.
Now, let's move a step further and know the different types of Crypto Wallets.
Varieties of Crypto Wallets
Web Wallets
Mobile Wallets
Desktop Wallets
Hardware Wallets
Paper Wallets
When talking about the types of crypto wallets, that leads the category given their popularity are Mobile Wallet App and Web Wallet Apps.
These crypto wallet apps not only allow users to store the digital currency but also enable them to transact money with other users.
The speculations behind this growing popularity of Cryptocurrency Mobile Wallet are:
Accessibility
By providing the option to use the crypto wallet on a device that stays with you always, it becomes convenient to transfer money or simply check the balance on the go.
Store and Maintain Various Cryptocurrencies
Cryptocurrency/Blockchain Wallet Apps offer the benefit of storing and trading various digital currencies without having to requireswitching between screens or devices. Also, it allows a single app to operate as a platform to remain aligned with your digital currency portfolio status.
Increased Protection
Cryptocurrency Mobile Wallet Apps come equipped with numerous superior security algorithm. Plus, since the wallet remains with you at all times, the risk of theft or damage is minimal to none.
Now, let us give our concentrated focus on the aspects you would need to work around and invest in to get your own Cryptocurrency Wallet App developed.
Highlights of Cryptocurrency Wallet Apps
Permission
Although known to be one of the most common features of a mobile app, if we talk about cryptocurrency wallet apps, the authorization stage is of utmost importance.
In the feature, users sign up or fill in a form with their private keys to access their Crypto wallet.
Since it is the first step where the private keys will be used, the authorization feature should have a proper and thoroughly-tested security protocol in place.
One concrete way to make your app hack-proof right from its first onboarding stage is to integrate Google Two Factor Authentication.
By integrating two-step authentication, you add an additional security layer which is generally missing in standard non-crypto based apps.
Addresses' List
The feature aims at expediting the whole transaction and making it convenient by providing the users with a mode to maintain the addresses they often use to send or receive digital currencies.
Push Notifications
With the push notification, the admin can notify the crypto wallet app users about their digital currency price, success & failure of the transaction, address addition, etc. With it, users can stay up-to-date with all of their account activities in real-time.
Paper Wallet Import
A number of mobile wallet apps also provide the option to scan the paper wallet using the QR Code. And further, add keys to the wallet of the app to execute a transaction. Then, the scanned information can be utilized to send and receive money.
Transaction Trait
The core idea of Blockchain is to revolutionize the future of digital transactions. Thus, the crucial part of cryptocurrency wallet apps is its transaction feature. Therefore, it is important that this section of the app is 100% secure, hack-proof and flawless.
Developing cryptocurrency wallet apps, equipped with all these features, from scratch would need the backing of a technology combination developed and combined in a way that that would deliver a scalable, fast, and hack-proof solution. That's why choosing the right technology stack is crucial as it plays a vital role in stabilizing cryptocurrency wallet apps development costs.
Tech Stack for Cryptocurrency Wallet Apps Development
C++
JavaScript
Python
PHP
Node
Swift
Chain
Ethereum
Litecoin
Ripple
IOTA
Even after having the backing of a robust tech stack, certain challenges always occur when developing a blockchain-powered cryptocurrency wallet.
Challenges in the Cryptocurrency Wallet App Development
Speed of transactions
One of the biggest concerns with cryptocurrency wallets is their slow transaction speed.
The reason is, a transaction gets processed after 5 to 6 confirmations from the chain.
Oodles Blockchain Solution
The cryptocurrency wallet we create offers the facility to be confirmed with 0 to 3 confirmations from the chain. Also, we can make use of the lightning network, sidechain, and batch processing to decrease the transaction speed.
Hacks and security threats
The most crippling issue with blockchain wallet application development is security threats and hacks.
Oodles Blockchain Solution
We strive to follow strict standard encryption and decryption mechanisms along with developing both hot and cold wallets to lower the hacks to the minimum to none.
Also, we follow the two-factor authentication to identify the user. It helps in limiting security breaches further.
Inevitable Third-Party Dependence
Cryptocurrency integration in business requires a third-party inclusion, no matter how decentralized the whole system is. Also, cryptocurrency payment gateways, eventually, rely on other exchanges or counterparts to get access to the markets.
Oodles Blockchain
We use the decentralized exchange network to offer conversion features using cryptographically secure methods so that users don't get exposed to counterparty associated risk.
Category:
Blockchain
Mudit Kumar
24 Dec 2018
Blockchain Supply Chain Development: Solving the Keys Issues
Even brands like BMW with tons of experience in the market staggered facing massive issues of Supply Chain Management. A total impasse in business processes, in manufacturing, in distribution and sales; are not new to entities that fail to address the shortcomings in their Supply Chain. Blockchain Supply Chain Development is gradually gaining grounds due to its relevance in solving the issues in the system. Large corporations and operations are adopting Blockchain based supply chain solutions for efficient management of their systems. This includes a project like China’s OBOR and manufacturers like Renault.
Supply Chain Management is capable to bring competitive advantage in business. It incurs multiple solutions in the complete set of operations from procuring the items to manufacture to distributing products to the Point of Sale. However, as the business ecosystem has grown complex, with the integration of multiple stakeholders, sub-entities, third-parties and partner corporations, management of the supply chain has also become a hectic and error-prone process. Thus, growing complexities and size of businesses are rendering more hurdles in the process of supply chain management.
The Key Issues in Supply Chain Management
Globalization, the dynamism of the markets, maintaining quality and following compliances are the holistic problems in the supply chain industry. Globalization made it possible for large organizations to depend on multiple economies across the globe to run their operations. For instance, manufacturing is done in countries with cheap labor, while the raw material is supplied from other nations. Seamless Cross-border transaction forms a critical part of multinational businesses. Thus, large market entities face compliance issues, logistics lacunas, the need for adaptation to different cultures. Existing supply chain infrastructures are becoming increasingly lackadaisical to address these issues.
Market dynamics have become complicated and highly demanding for manufacturers. While product life cycles are becoming shorter, the need for upgradation and innovation is pushing companies to find faster supply chain solutions. As the market is changing faster with higher demands of consumers, fulfilling the requirements on the supply side is demanding an overhaul of the supply chain process. Above these, maintaining regulatory compliances and keeping up with the expectations of consumers increases the pressure on manufacturers to respond quickly and efficiently in the market.
Blockchain Supply Chain Development as the Solution
Blockchain technology can address all of the major issues in supply chain management. Supply chain development with blockchain can create a cross-cultural community driven by corporate objectives across the globe. It can render stronger connectivity among the entities in the organization, apart from connecting the third parties and partner organizations. The blockchain is now the most effective technology for cross-border transactions and information sharing. As blockchain is secured cryptographically, record keeping and transactions are the two most effective use cases of this technology. Promoting data transparency across the network, blockchain and distributed ledgers can create a common platform for all stakeholders to collaborate in the supply chain. This technology achieves streamlining and seamless flow throughout the process.
Blockchain Supply Chain development will automate and make operations faster. It will stop the need for third-party auditing and authorizing elements in any transaction by creating the “trustless” system it relies on. This will also reduce paper-based transactions while promoting transparency and access to information. It is helpful in faster logistics and movement of goods across the border by reducing the time to gain authorization.
Blockchain offers the following advantages in supply chain management.
Boosting Connectivity between hundreds of entities in the supply chain.
Automate the process and operation.
Improve traceability of products, transactions, and operations.
Achieve real-time management and monitoring.
Create a credible interface with the customer.
Several top logistics companies, including DHL, are embarking on blockchain solutions. Distributed Ledgers, together with this technology is creating a strong mechanism of supply chain management. Also, the integration of technologies like IoT together with Blockchain is creating new solutions. Supply Chain is through a technological overhaul and Blockchain is emerging as the basis of this restructuring.
Mudit Kumar
24 Dec 2018
Hyperledger Brings Citi, Alibaba, and Others Together
Hyperledger Expanding its Horizons
Hyperledger, the open source Distributed Ledger Technology, lately inked collaborations with more than 12 major global brands. The company brought in Alibaba Cloud, Citi, Deutsche Telekom, and several other big names into their technology integration. This recent stride will impact Hyperledger Blockchain Development services strongly as a prominent Distributed Ledger technology in the enterprise sector.
Per Brian Behlendorf, Executive Director at Hyperledger, the growing “community reflects the increasing importance of open source efforts to build enterprise blockchain technologies across industries and markets”. Behlendorf said the latest breakthrough with several global brands is a “showcase” of the “widening interest in the impact of DLT and Hyperledger.”
What Big Brands Expect
Hyperledger being an open source distributed technology platform is setting innovative ways to operate business processes. Most of the brands in the recent collaboration are either Blockchain Service Providers or Cloud Services. Utilizing Hyperledger Blockchain Development services they will expand their services. These brands are expecting to develop new technologies leveraging distributed ledgers and Hyperledger frameworks to assist in their business dynamics.
YI Li, from Alibaba Cloud, wants to increase their market share through Hyperledger, being a BaaS provider. While Citi Groups Beth Devin believes, Hyperledger will help the financial company to “advance” their “exploration.” Citi is working on new technologies based on Distributed ledgers. Meanwhile, Deutsche Telekom is focussing on use cases such as Identity Management and confidentiality aspects like multi-stakeholder environment.
More About Hyperledger Applications:
Top Advantages of Using Hyperledger Solutions.
How Hyperledger will Assist in Disaster Management.
2019 Trends in Hyperledger Blockchain Development Services.
Hyperledger Application in IoT Landscape.
The Boost in Hyperledger Blockchain Development Services
Hyperledger is a Distributed Ledger Technology platform for multiple frameworks and platforms to develop enterprise-grade applications. It is the Blockchain vertical of Linux, with primary collaborations from IBM and SAP. Hyperledger Blockchain Development Services is backed by all its collaborators, as they contribute to creating open source platforms to utilize them in their own particular use cases. Hyperledger Projects has contributions from developers across the globe. The community develops and maintains the code for the frameworks and tools. The member contributors also govern, apart from providing assistance in developing existing as well as new tools.
Hyperledger now has five primary frameworks and five tools to create distributed ledger applications. Hyperledger Fabric is one of the most popular frameworks for developing enterprise-grade solutions. Lately, Hyperledger developed Project Ursa, which is an open source Cryptography Library. This Library will assist in the development of any blockchain application using other platforms along with Hyperledger. Featuring modularity, security and cross-platform compatibility, Project Ursa has an objective to avoid duplication of codes and to offer experts review of codes. The library is expected to standardize Cryptographic algorithms and codes in the blockchain industry.
Read: How Hyperledger Fabric Cultivates Business Interests.
The Roadmap for Hyperledger
The collaboration of Alibaba Cloud and Hyperledger indicates a clear roadmap to cloud compatibility of Hyperledger in a short time. Contributions from Citi and Deutsche Telekom is ensuring strong Hyperledger based frameworks for the FinTech industry. Other members of the latest collaboration include Guangzhishu Technology, KEB Hana Bank, HealthVerity, Guangzhou Technology Innovation Space Information Technology, MediConCen, Xooa, BlockDao, and Techrock. Presently, Hyperledger has more than 260 members.
With its increasing consortium, Hyperledger is developing as a new standard for Decentralized Ledger application development. On-Demand Data Retrieval and Modular Structure are the most effective advantages of Hyperledger Blockchain. Permissioned-Blockchain has been one of the prime product based on this technology, which is now the new buzzword in enterprise infrastructure to replace conventional IT frameworks.
Mudit Kumar
21 Dec 2018
Develop Smart Contract based on Quantum Computing
What is Quantum Computing?
Quantum Computing is considered as an increasing threat to Blockchain Technology. However, it can be also the game changer in securing the latter. Quantum Computing is based on quantum mechanics. Leveraging the technology to develop smart contract and blockchain applications is the strongest way to tackle its increasing threat. Quantum Computers are different from conventional digital computers, which are based on binary digits. While digital computers process in terms of two defined states of 0 and 1, quantum computers works on a quantum bit. Quantum Bits are understood as Superposition of states, also known as Qubits.
Quantum Computing Believed as a Threat to Blockchain?
Quantum Computers have much higher computational powers compared to conventional ones. This makes them perfect to solve large and complex cryptographic problems. It finds cryptographic keys using Shor’s Algorithm, deciphering the complex factors. This prowess is the reason for a strong conviction that Quantum Computing is emerging as a threat to blockchain technology, for the latter is entirely based on cryptography. However, contrastingly, this technology can also develop the most secured blockchain and to develop Smart Contract. Several enterprises have already started developing blockchain application using quantum technology.
Changing the Game Changer
The objective is to develop an encryption, secured enough, such that even the strongest quantum computer cannot breach it. Blockchain uses Public Key Cryptography to secure the identities of senders in transactions and render security to records in its ledgers. Hashing is the most common technique in blockchain to secure information of transaction records. In this method, large digital information is combined with cryptographic functions to mask the information. Hash functions also combine the encrypted information with digital signatures to ensure data integrity. The only way to secure hash functions from quantum computers is to develop them using the same technology.
Read More: How Quantum Computing will Secure Blockchain.
Read More: The New Amazon Quantum Ledgers.
Read More: AI and Blockchain for Innovative Solutions
Develop Smart Contract with Quantum Computing
If quantum computing is a threat to blockchain, the same technology can be used to develop quantum blockchains. Quantum Computing can generate stronger Hash Functions, which require massive computational power to work on. Thus, stronger is the encryption by quantum computing, it would need stronger quantum computers to decrypt. Using such quantum-enabled encryption, Smart Contracts can be made unhackable even with other strong quantum computers.
Apart from this massive security, quantum computing offers another advantage. Quantum Computing has the property of entanglement in time and space. It means any bits or information in a quantum space will automatically entangle in time and space. Without the proper cryptographic key, it is would be almost impossible to track down the information in a previous block. The information would not even exist in the form they were fetched in the ledger. Only the hash function that decrypts it can encrypt it. Thus, a quantum Smart Contract is completely tamper-proof. Such technology will ensure that episode like the DAO Hard Fork never arrives again.
Although Quantum Blockchain and Smart Contract are not yet developed, several enterprises are already using quantum computing to secure blockchain applications. This trait will gradually evolve towards developing quantum blockchain. Blockchain could possibly replace the internet someday, and in far future, the technology itself could turn into a quantum-based mechanism.
There is a strong possibility of a quantum web, which is extremely secured compared to that of today’s internet, while quantum computers replace conventional devices. The idea seems utopian, but was not internet utopian centuries before?
Mudit Kumar
20 Dec 2018
Top Conclusive Blockchain Predictions for 2019
This article entails a thorough list of the most reliable blockchain predictions for 2019 so that you can avail yourself of the right blockchain app development services.
Conclusive Blockchain Predictions for 2019
The days are growing shorter, and we can't help but focus on an all-new 2019, and the latest tech trends in store for us. One of the rapidly growing technologies we'll be talking about today is blockchain.
Blockchain has become a key technology for enterprises and organizations requiring trustless transactions and secure record storage. With blockchain solutions, enterprises can track transaction activities with improved security and confidence.
On the other hand, blockchain adoption is also gaining significant traction in enterprise environments. The first thing enterprises should consider is the overestimation of the impact of blockchain technology on your organization 'immediately,' but they can be bullish on the mid to long-term prospects.
All in all, there are significant indications that blockchain adoption by enterprises will continue to grow in 2019 as well.
Suggested Read | How Hyperledger Increases Blockchain Adoption In Various Industries
Blockchain Predictions for 2019
Here we have outlined seven future blockchain predictions for 2019:
Blockchain Meets the Internet of Things
As per a report by International Data Corporation, numerous IoT companies will be resorting to Blockchain Development Services to incorporate blockchain technology and solutions with their business sphere and products.
According to IDC, 20% of IoT deployments and developments will have blockchain technology or services installed by 2019.
With the help of blockchain-based IoT products, we will be projecting toward improving services and thus, increasing sales. Already, numerous digital startups are looking to gain some traction in this niche. We expect that the domain will likely grow in 2019.
Why are we talking so much about blockchain? Because it is a decentralized and distributed system. It offers a secure framework for creating a smooth flow of communication between IoT devices.
Explore More | Blockchain, AI, and IoT for Advanced Business Solutions
Widespread Adoption of Blockchain
As per Deloitte's Global Blockchain Survey 2018, 40% of respondents suggested that they would be investing at least $5 million to incorporate blockchain technology within their organizations by 2019. According to the same survey, 74% of respondents find that blockchain is highly likely to bring significant benefits to their companies.
Trading on Cryptocurrency Exchange Platforms
Recently, Cryptocurrency Exchange Platforms amassed notable popularity and grown exponentially. It has become in trend to an extent where even a single tweet or a public announcement by the CEO of any top crypto exchange platform can hugely impact the price of particular cryptocurrencies.
Such an event happened a few weeks ago when two of the leading crypto exchange websites Binance and Coinbase publicly supported the Bitcoin Cash hard fork just before the chaos it created during mid-November.
The bottom line is that as cryptocurrencies continue to grow in their popularity, so will crypto exchange software as well as their development services.
It's one of the blockchain predictions for 2019 that will make even this year no exception.
Also, Visit | Building Blocks to Develop a Robust Cryptocurrency Exchange
Cryptocurrency and the Gaming Space
Numerous startups using crypto tokens and launching blockchain-based video game-related services.
For instance, a Singapore-based startup Bountie aims to launch an online gaming platform. The unique concept of the game is that it will reward gamers with cryptocurrencies for the time they spend playing games on it.
Further, players can trade those coins with a new game, merchandise, etc.
However, as for now, blockchain-based gaming platforms would need more research and development. Some are scheduled to be released in 2019.
The boom of blockchain-based gaming and cryptocurrency development is the blockchain prediction for 2019, in which blockchain enthusiasts can invest without any hesitation.
Check It Out | Redefining The Gaming Industry with Play-to-Own Model
Governments will be more open to Adopting Blockchain
The concept of the digital, immutable, and shared database and its various security features have forced governments to consider incorporating it for data storage on such a system.
For instance, Estonia has already begun using blockchain technology with X-Road. It's a decentralized database used to store the credentials of all citizens.
Decentralization will Rule
Cryptokitties is the first Ethereum-based dApp (Decentralized Application). The game was played to collect and breed digital cats.
Crypokitties failed to achieve the expected popularity, but it did bring an idea that caught the attention of blockchain developers. Developers were quick to realize the potential of the Ethereum network and dApps in general.
Also, Check | A Comprehensive List of Top dApp Development Platforms
Blockchain will Cause Disruption in Various Industries
Over the internet, the word 'blockchain' is mainly associated with ICOs, Bitcoin, and everything surrounding cryptocurrencies.
Although it is one of the numerous blockchain applications spreading like wildfire, the Fintech sector is one area where Blockchain has caused the most disruption.
Not only this but the supply chain and logistics (shipping) industry have also profited from it. With blockchain-based supply chain development solutions and services, you can track data related to shipping and goods transportation via an immutable public ledger system.
Other industry sectors moving toward blockchain adoption include cybersecurity, insurance, healthcare, etc.
So, it's safe to say that industry disruption by blockchain is one of the right blockchain predictions for 2019. We shouldn't be amazed to see blockchain virtually taking over almost every industry.
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The Bottom Line
After thorough research and data gathering, we have prepared this list of the most reliable blockchain predictions for 2019. It has now become significant that 2019 is also going to be Blockchain's year. It will revolutionize business operations for various industries. However, global adoption would require a great deal of effort and time. Further, amidst all the cryptocurrency and blockchain predictions for 2019, there's one thing that we know for sure - crypto and blockchain adoption is rapidly growing. Indeed, be ready for a decentralized world, a world that'll be run by blockchains.
Interested in developing a blockchain-based solution? Connect with our blockchain developers.
Mudit Kumar
20 Dec 2018
A Consolidated List of Blockchain Use Cases
It seems like the world is experiencing a radical paradigm shift. It is gradually moving from the "internet" to the "blockchain." Soon we may see many industries operating their businesses on the blockchain using blockchain development services. In this blog, we explore a few crucial use cases and applications of blockchain across industries in 2019.
Most Influential Blockchain Use Cases in 2019
Cross-Border Payments with Blockchain
The world has shaped quickly. Along with it, the technology has expanded manifold. However, the issues related to cross-border remittances are still the same.
If you've ever tried to initiate an international money transfer, you may know how complex the process is.
But with the invention of blockchain technology and cryptocurrency, there is a fix to this complex problem developing a cross-border remittance app based on blockchain technology can be one of the perfect fintech blockchain use cases in 2019. It's a thriving sector where blockchain technology has shown immense potential.
Many blockchain platforms like Ripple and Stellar are providing faster cross-border payment solutions cost-effectively.
The market for cross-border payments is vast and can fit in many big players for each country.
A relatively new fintech idea or startup in the blockchain sphere can prove to be quite beneficial for every venture capital funding company in the world.
For instance, to start with, you can enable cross-border money transfers between 2 countries. Then, after perfecting the platform, you can expand to numerous countries and initiate required tie-ups.
Also, Explore | Exploring Stellar Blockchain in Cross-Border Payments
Supply Chain Management Development
Effective supply chain management is one of the most critical sections for any industry that uses even the smallest form of the supply chain.
The surprising fact is that even after so much revolution in many industries, especially in their business operations, the legacy industry has not seen any significant disruption in recent years.
The industry is in dire need of reformation. There are many areas within the supply chain where there's a need to increase transparency, accountability, and traceability.
The answers to all these questions lie in the "distributed ledger technology" the concept on which blockchain works. Using blockchain supply chain solution development, companies can address these issues effectively.
Using blockchain-based supply chain solutions, we can bring in a robust provenance in the supply chain. With it, we can trace any mistake within a process to its origin instantly and correct it accordingly. Indeed, a decentralized SCM system can make up for one of the best blockchain use cases in 2019.
Also, Check | NFT Integration for Remodelling Supply Chain Processes
Crowdfunding Platform Development
The entry of the blockchain has given birth to many new phenomena in recent years. Crowdfunding is another idea that has become quite common due to blockchain and cryptocurrency development. New projects and startups have started to resort to the public for investment instead of following the standard VC method of funding.
This is because a decentralized crypto-based crowdfunding platform offers many merits over the traditional one.
Running on a blockchain, you can execute a consensus method to assess which project will be appealing to the masses.
The same result can also help bring in the group effect to the entire funding mechanism. Thus, bolstering projects in reaching their funding aims quickly.
Also, a crypto-based payment solution can be used as an excellent revenue channel using which you can launch and disperse your crypto tokens.
So, decentralized crowdfunding can also be one of the high-ROI blockchain use cases in 2019.
Also, Check | Developing an Advanced Crowdfunding Platform with Blockchain
Decentralized E-commerce Marketplace
A decentralized multi-vendor e-commerce platform can become a disruptive idea to start the year in 2019.
E-commerce has always been at the core of the internet which has gone through numerous effective changes. However, it also has some issues like transparency, discriminative pricing, intermediaries, etc. which are stopping its widespread adoption.
Therefore, one of the most significant transformations in this sphere can have a decentralized model.
A decentralized e-commerce market can connect the vendors to the buyers along with removing the work of any middleman. Subsequently, products can be priced relatively low.
For attracting a myriad of the audience toward your marketplace, a robust provenance can be established on products. It will allow your customers to check the origin and the journey of the product they recently bought or are about to purchase.
In addition, you can also employ a cryptocurrency-based payment solution on your e-commerce platform. This way vendors can directly receive payment in their wallets sent by customers. To ensure the security and smooth flow of payments, you can also put a strict escrow smart contract in place.
It can be one of the most alluring blockchain use cases in 2019 for investing. It will not only allow running a decentralized e-commerce platform but will also enable payments in crypto tokens. Thus, democratizing the market and reducing the use of fiat currency, are the two factors that the whole world is trying to embrace.
Also, Read | E-commerce Development in the Metaverse
Cryptocurrency Exchange Business
It's the most profitable business of all in the blockchain landscape.
Why we are calling it " decentralized?" It's because you can get your cryptocurrency exchange platform developed and run it without much hassle (unlike centralized exchange).
By having crypto exchange software, you are no longer required to worry about money-draining server fees, as the whole exchange system will run on clients' browsers once loaded. Also, there's no need to worry about security as the cryptocurrencies get exchanged directly between customer's wallets. In a nutshell, nothing gets stored on your servers.
So, it's another vertical of the blockchain sphere that promises to become one of the top blockchain use cases in 2019.
Also, Explore | Customization Options in White-Label Crypto Exchanges
Blockchain-based Gaming Platform
Whenever a new technology begins disruption, it starts with the gaming space (AI, VR, IoT, etc.). Similarly, the blockchain is ready to enter the gaming for a radical change again.
It was the gaming sector that first launched virtual coins even before the cryptocurrency rage. The market and interest size for gaming in the digital space is growing parallel with the internet.
With a blockchain-based gaming system, one can develop streams like "crypto mining" on the users' computers when the game is being played.
You may also like | Game On! Mastering Web3 Game Development
Decentralized Video and Content-Sharing Platform
With the media tokens, the entire web content-sharing system is getting tokenized. From picture-sharing sites, and blogs to any media platforms, the tokenization idea is gaining significant traction.
Indeed, it's the perfect time to set out a YouTube-like video-sharing platform that will run on a blockchain. After the launch of the decentralized video-sharing system, the recurring infrastructure fees would be reduced.
Such a gaming ecosystem can be made using a blockchain platform like Steem. It will reward miners to lend their computing resources to store the videos. And, a part of the could be used to provide users with incentives to upload videos. Also, you can incentivize the viewers to make them come back again to the platform frequently.
Of all these blockchain use cases in 2019, a decentralized content-sharing platform could completely change your fortune.
Suggested Read | Blockchain-based Streaming Solutions Development
Decentralized File Storage Platform
Unquestionably, the DLTs are going to give the industry stiff competition.
A decentralized Dropbox platform is one of the innovative blockchain use cases in 2019.
With such a business model in place, you can expect a big miner's crowd ready for hosting files. Further, for the resources they share, you can reward them with cryptos.
You can gather many users to use your decentralized file storage system as the fee will be comparatively lower than other services due to the complete cut of server fees.
By providing industry-grade security and encryption arrangements, you can make your blockchain-based file storage system a big hit.
Also, Check | How to Use IPFS with Ethereum
Conclusion
Experts predict that blockchain is now not only a trend but the new internet.
The advantages presented by this distributed ledger technology are abundant. Most importantly, every business category in the world can utilize its perks.
Significantly, some of the most complex issues in the technology space can be fixed using blockchain-based solutions.
From security, effective governance, and accountability to collective wisdom, transparency, traceability, etc. the blockchain has an answer to everything. So, why not invest in one of these blockchain use cases in 2019?
If any of these blockchain use cases trigger a business query, and you're looking for detailed information, directly connect with skilled blockchain developers.
Mudit Kumar
19 Dec 2018
Neo or Ethereum, Create Smart Contract in Python Programming
Smart Contract Programming
The primary characteristics of Smart Contract are self-verifying, self-executing and tamper-resistant. Technically, smart contracts are the program that executes a set of predefined terms and conditions on the type of information or the input. However, they can be complex, when developed to achieve much more than just executing agreements. To create Smart contract in python programming is one of the simplest and also considered as one of the easiest. However, languages are Java and C++ are also strong choices. Above it, cryptographic language like Simplicity and Solidity, are also emerging as a dominant trend.
Ethereum and Neo are two popular platforms to develop a smart contract. Ethereum supports smart contract and decentralized application as its fundamental application. It created the first smart contract, gaining the most popular as an open source blockchain platform to create decentralized applications. Neo, on the other hand, is dubbed as “Chinese Ethereum”. It is almost similar to Ethereum with equal capabilities. They differ only in programming, scalability, and philosophy behind their objectives.
Read: Understanding zk-SNARK.
Read: Best Blockchain Programming Languages for 2019.
Read: Is Python the Best Option for Blockchain Development?
Create Smart Contract in Python at NEO Platform
Neo Smart Contracts has the features of expandability, high performance, and certainty. It supports the creation of three types of basic contracts: Validation Contracts, Function Contracts, and Application Contracts. The NEO Virtual Machine uses low resources and it is perfect to develop smart contracts with fewer procedures. To create smart contract in Python on this platform combines the advantages of the language in the development. It has an optimized cryptographic algorithm and supports to handle complex data structures to create smart contracts. NEO Smart contracts support high concurrency and dynamic partitioning. This feature, when combined with its low-coupling design procedure, creates highly scalable smart contracts.
Although NEO supports the development of its smart contracts using any language, it provides a broad approach to create smart contract in python programming. It introduced the Neo-Python Project, which is becoming popular. Being quite new, the project still has limited support for complex structures. Neo developers are working on further scalability of the language in the platform.
Python is not Advantageous for Ethereum Smart Contract
Python is open source, a strong and large community of developers backs it. Its user-friendly Data Structure is the primary advantage not only to develop smart contract but also in the creation of distributed ledgers as well as blockchains. Python Data structure supports fast runtime and has high-level data typing, which reduces the code considerably. It is one of the strongest reason for developers to use Python programming in smart contract development.
Although it is possible to create Ethereueal smart contract using Python programming, the former does not promote the latter. Ethereum rather focuses on Solidity to create smart contracts on its platform. Solidity is the Ethereum-specific programming to create smart contracts and decentralized application. Clearly, Solidity is the first choice to create Ethereum smart contracts rather than python. However, Python has use cases in distributed ledger development and other application of Ethereum platform.
Read: Ethereum vs Hyperledger: Smart Contract Development.
Read: Ethereum Development for Blockchain Application.
Python Smart Contracts for Neo or Ethereum?
Python is a good choice to start with Neo Smart Contracts. For Ethereum, it is used because of its generalized advantages. The language is highly scalable, but concise is favorite for any developer. They use it in developing Ethereum smart contract development for a first-hand experience. However, it cannot offer the advantages of Solidity. Neo Smart Contracts has strong support for Python. The language has strong prospects in Neo-ecosystem.
Explore More About Smart Contracts Development.
Mudit Kumar
19 Dec 2018
Why Go for Java for Ethereum Blockchain Development
What comes to your mind when someone says Java? If nothing, you may think "old." Although, others might say it sturdy, reliable and safe. And for Oodles Blockchain, Java means "enterprise."
Undoubtedly, Java is a versatile and popular programming language.
Java for Ethereum based blockchain app development
It may be a surprising choice for developing something as cutting-edge as an Ethereum based project (choosing java for Ethereum App Development).
We, at Oodles Blockchain, prefer to choose Java for Ethereum to achieve our vision of building performant Ethereum blockchain-based applications.
Java is a logical fit for blockchain development companies due to significant reasons. From the maturity and size of its community to more Ethereum specific and technical reasons like maintenance, extensibility, and speed are some of the factors that make it the best programming language for developing large Ethereum based applications.
Java boasts a large community and has staying power
When a blockchain development service provider decides to use Java for Ethereum applications to meet enterprise needs, the maturity and size of the Java ecosystem make this decision a no-brainer.
As an open-source project, it attracts a large community of developers who contribute to our work.
According to Oracle's estimation, there are more than ten million Java developers. And the language 's share among various job postings on job portals highlights that enterprises are still reliant on it and actively building with it.
Although high-level programming languages like Python has gained significant traction lately, Java's share in the developer community has not got affected much.
Java also has staying power, which is a product of the maturity of the ecosystem.
There are monitoring and deployment tools like Java Mission Control or JMX widely available and thoroughly understood. Thus, making the lives of anyone working on applications quite simple.
You can integrate almost anything into a Java Stack using Camel or the Spring Framework.
And even though blockchain is a breakthrough invention, there are IT environments that are full of hoops that you need to jump through to deploy tools in production. That's why the availability of these options for the integration in existing applications is a critical factor to expediting the adoption along with not getting stuck in red tape.
Runtime management, logging, and GC tuning are time-taking and tedious to build processes around, and only a few enterprises would want to use Docker to get around these obstacles.
Also Read:: Best Blockchain Programming Languages 2019 | Updated List
Easy Maintenance
Not only this, it has Ethereum-specific reasons as well. Java may require more coding up-front, but it will eventually help in saving time and effort in the long run. It's because Ethereum clients are large, complex applications. Refactoring and maintaining code is feasible with a typed and static language like Java.
Java Virtual Machine (JVM) provides with the flexibility to take benefits of other options, such as using Kotlin or Scala.
Also, it enables code portability and is supportable with a variety of platforms including mobile, desktop and embedded.
Java has Speed
Java can be as fast as other languages like GO or C and much faster than Python or Ruby due to its mature just-in-time (JIT) and modern Garbage collection (GC) algorithm. These elements are necessary for an application that needs higher throughput.
Indeed, high-performance enterprise apps like Kafka and Apache Cassandra run on Java. It proves its case as a language of choice for the development of large, distributed systems.
Offers Pluggability Support
A core feature of developing blockchain based apps in Java is its pluggable architecture. It can be called the bread and butter of Java - you will find almost anything in its library, including various cryptographic constructs.
Even though there's the up-front cost of well-structured code, Java libraries, the strong typing, and mass adoption of class hierarchies/interfaces provide with a pluggable architecture.
Meets future certification needs
In the enterprise space, the area where pluggability matters the most at the code-level is cryptography. Java has already invested in the certification of cryptographic modules, and most JVMs. Further, as enterprises get determined to implementing blockchain in production environments, critical questions will mount around the constructs used and whether they adhere to the cybersecurity standards like NIST. So, as industry evolve and cryptography security is broken, being able to plug new constructs in will be an ongoing benefit.
Mudit Kumar
18 Dec 2018
US Government Shutdown | Impact on Crypto Prices and Blockchain
Government shutdowns, while primarily political and fiscal in nature, have far-reaching impacts on global markets, including the cryptocurrency development sector. The uncertainty they generate affects financial systems, investor sentiment, and the broader blockchain ecosystem. This article explores how government shutdowns influence cryptocurrency prices, the resilience of blockchain technology, and the role decentralized systems play during economic and political upheavals.How Government Shutdowns Impact Cryptocurrency PricesUnlike traditional markets, cryptocurrencies operate in a decentralized ecosystem, immune to direct government control. However, the interconnectedness of financial systems means that government shutdowns can indirectly affect the crypto market.Increased VolatilityImpact: Shutdowns create economic uncertainty, prompting speculative trading in cryptocurrencies.Example: Bitcoin (BTC) often experiences price surges during periods of economic instability as investors seek alternatives to fiat currencies.Safe Haven Status of CryptocurrenciesBehavioral Trend:Investors may turn to cryptocurrencies like Bitcoin or Ethereum as a hedge against fiat currency instability.Comparison: Similar to gold, cryptocurrencies are viewed as stores of value during economic uncertainty.Disruption in Regulatory OversightScenario:Regulatory agencies, such as the SEC or CFTC in the U.S., may pause operations during a shutdown.This could delay crypto-related regulatory actions, such as ETF approvals or investigations.Outcome: The lack of regulatory clarity can lead to speculative price movements, either positive or negative.Impact on StablecoinsStablecoins and Fiat Dependence:Shutdowns affecting fiat currency systems could impact stablecoins like USDC and Tether, which rely on fiat reserves.Potential Effects:Erosion of investor trust if fiat reserves face scrutiny due to halted government operations.Also, Read | Global Government Perspectives on Blockchain TechnologyThe Resilience of Blockchain Technology During ShutdownsBlockchain technology, as a decentralized and immutable ledger, remains largely unaffected by government shutdowns. This resilience is one of its core strengths, offering stability in times of centralized system failures.Key Features Supporting Blockchain Resilience:Decentralization:No single point of failure ensures continued operation even during government disruptions.Transparency:Real-time tracking and auditing capabilities remain operational, irrespective of external factors.Global Accessibility:Blockchain systems operate globally, independent of localized shutdowns.Blockchain Applications During Government ShutdownsFinancial TransactionsUse Case:Cryptocurrencies can serve as an alternative means of transaction when traditional banking systems face delays or disruptions.Example:Cross-border remittances via blockchain eliminate the dependency on centralized financial institutions.Supply Chain ManagementImpact of Shutdowns:Delays in customs and logistics due to government services suspension.Blockchain Solution:Real-time tracking of goods and automated contract execution ensure minimal disruption in supply chains.Decentralized Identity and VerificationChallenge:Shutdowns may hinder services like passport issuance or identity verification.Blockchain Role:Decentralized identity systems provide secure, verifiable credentials without relying on centralized authorities.Crisis ManagementScenario:Government aid distribution may halt during a shutdown.Blockchain Implementation:Smart contracts can automate aid disbursement, ensuring transparency and efficiency.Also, Check | Blockchain- How Governments Can Use It For TransparencyImpact on Blockchain-Based BusinessesGovernment shutdowns can create unique challenges and opportunities for blockchain-based businesses:Challenges:Regulatory Delays:Approval processes for blockchain projects or crypto-related financial products may stall.Investor Hesitation:Prolonged uncertainty could deter venture capital investments in blockchain startups.Opportunities:Adoption Growth:Businesses and individuals may turn to blockchain solutions as a reliable alternative during disruptions.Increased Trust in Decentralization:Shutdowns highlight the vulnerabilities of centralized systems, driving interest in blockchain's decentralized nature.Case Studies: Government Shutdowns and Crypto Price MovementsU.S. Government Shutdown (2018-2019)Duration: 35 days, the longest in U.S. history.Crypto Market Impact:Bitcoin's price experienced minor fluctuations, rising slightly during periods of heightened uncertainty.Stablecoins like Tether gained traction as a hedge against traditional market instability.Greece Financial Crisis (2015)Scenario:Although not a shutdown, the banking crisis saw increased interest in Bitcoin as citizens faced capital controls.Outcome:Bitcoin's price surged, demonstrating its utility during financial system disruptions.Also, Explore | Building a Decentralized Voting System with Solidity and HardhatHow Businesses Can Leverage Blockchain During ShutdownsEmergency Financial SolutionsEnable peer-to-peer payments via cryptocurrencies to bypass banking system disruptions.Decentralized Supply Chain NetworksUse blockchain for transparent and efficient management of goods and logistics.Smart Contract AutomationAutomate business operations to ensure continuity even during government service halts.Future Implications: Will Cryptos and Blockchain Outperform During Shutdowns?As governments grapple with budgetary challenges, cryptocurrencies and blockchain technology are poised to play a critical role in mitigating economic disruptions.Key Takeaways:Adoption Growth:Prolonged shutdowns could accelerate blockchain and crypto adoption across industries.Policy Evolution:Governments may consider integrating blockchain into their infrastructure to enhance resilience.Investor Confidence:Cryptocurrencies may solidify their position as a safe haven asset.You may also like | Developing a Decentralized E-Voting System with BlockchainFAQs1. How do government shutdowns affect cryptocurrency prices?Government shutdowns create economic uncertainty, often leading to increased volatility in crypto markets as investors seek alternatives to traditional assets.2. Can blockchain operate during a government shutdown?Yes, blockchain networks are decentralized and operate independently of government systems, ensuring continued functionality.3. Are stablecoins impacted by government shutdowns?Stablecoins reliant on fiat reserves may face scrutiny or trust issues if fiat systems are disrupted.4. How can businesses use blockchain during a shutdown?Blockchain can automate operations, facilitate financial transactions, and provide decentralized solutions for supply chain and identity verification.5. Is cryptocurrency a safe haven during economic instability?Cryptocurrencies like Bitcoin are often considered safe havens due to their decentralized and deflationary nature.ConclusionGovernment shutdowns highlight the vulnerabilities of centralized systems, creating an opportunity for blockchain technology and cryptocurrencies to demonstrate their resilience and utility. While shutdowns can indirectly affect crypto prices through market sentiment and regulatory delays, they also underscore the importance of decentralized alternatives.Businesses and investors must recognize blockchain's potential to provide stability and innovation during uncertain times. By leveraging blockchain technology, the global economy can become more robust, efficient, and adaptable to challenges like government shutdowns. If you are looking for cryptocurrency development, connect with our blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
18 Dec 2018
Deep Diving Into zk-SNARK
In the previous blog “An Introduction to zk-SNARK’s”, we briefly describe what it is and followed it with a use case where and how it can be applied.
In this blog, we will dig into the technical aspects of zk-SNARK. We’ll first see what properties a zk-SNARK proof constitutes and the process involved in the generation of zk-SNARK proof.
There are certain properties a proof must satisfy to be called zk-SNARK, which are listed as below;
Completeness
This property states that “if the statement is true, and the prover and the verifier are trusted (honest), the proof is accepted."
Soundness
This property states that “if the statement is false, then the cheating prover cannot convince an honest(trusted) verifier that the statement is true except some little probability."
In addition to the two main properties listed above, a zk-SNARK also needs to be:
Zero Knowledge
This means that the verifier does not learn anything about the statement, apart from being either the statement is true or false.
Succinct
This means that the size of the proof should suffice its size so that it can be proved in milliseconds.
Non-Interactive
This means that there should not be any back and forth communication between a prover and a verifier, to enforce that only one set of essential information is sent to the verifier at once.
Argument
The argument passed for generating a proof must be soundproof, soundness holds against a prover that leverages polynomial time, i.e. it guarantees bounded computation.
Of Knowledge
This means that the proof cannot be constructed without the access to the witness.
Here witness is defined as the private input needed to prove the statement.
All the property listed above constitute a zk-SNARK i.e, Zero-Knowledge Succinct Non-Interactive Argument of Knowledge.
Now, after establishing the properties of what a zk-SNARK proof must constitute, let us examine how these proofs are generated:
To generate a zk-SNARK, it essentially involves processes described as below :
Computation
The very first step involved in the generation of a zk-SNARK is to turn the proving statement into an equivalent Algebraic Expression.
Let us assume that we obtained following algebraic expression (a + b) * b * c
Arithmetic Circuit
The next step is to create an Arithmetic Circuit for the evaluation of computational expression obtained in the first step.
An Arithmetic Circuit is similar to a Boolean Circuit where a program is compiled down to a single discrete step consisting of very basic atomic arithmetic operations such as addition, multiplication etc.
Below is a figure depicting how the Arithmetic Circuit would look like for the expression listed in the first step:
Rank-1 Constraint System (R1CS)
If we look at the above figure, we can assume that the values A, B, and C are traveling in a certain direction, i.e from left to right. As the name suggests an R1CS is responsible for checking whether the value travels correctly or not.
Quadratic Arithmetic Program (QAP)
If we see an R1CS, it has to check many constraints, almost one for every wire. Although our version of R1CS is very basic and simple, however in a practical scenario the computed arithmetic expression is much more complex resulting in a complex R1CS, which becomes time-consuming to check.
To minimize this, we can bundle these constraints into one which uses a representation of the circuit known as Quadratic Arithmetic Program (QAP). Now the constraints that need to be checked is among polynomials, so we only need to check if two polynomials match at a randomly chosen point.
Now if someone has knowledge about the randomly chosen point, they can fake a polynomial which is invalid yet will be able to satisfy QAP. To overcome this zk-SNARK uses a couple of sophisticated techniques such as homophobic encryption and elliptic curve pairing which are used to randomly verify polynomials, without any knowledge of which point is used to verify.
The processes described above is aimed at aware readers about the high-level view involved for the generation/verification of zk-SNARK. In a practical scenario, the above processes involve in-depth cryptographic and arithmetic operations to maintain utmost discretion and satisfy all the properties described in the first section of this blog.
Also Read: Cryptocurrency Layoffs, Will IOTA and Ripple Develop Blockchain Solution?
Why Choose Solidity for Creating Ethereum Smart Contracts
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5 Blockchain Trends in 2019 set to Impact Hyperledger Development and Consulting
Ripple and Stellar are ready to take over the Traditional Banking Systems
Mudit Kumar
14 Dec 2018
Why Choose Solidity for Creating Ethereum Smart Contracts
Writing and deploying Ethereum based smart contracts is becoming easier with the object-oriented language called Solidity. Thus, Blockchain developers have begun to make use of solidity for Ethereum Smart Contracts extensively.
What is Ethereuem?
Unquestionably, you've heard of the blockchain technology and its potential to be the gamechanger. Blockchain technology came before Bitcoin when introduced in 2008.
Ethereum is a decentralized blockchain based platform that keeps smart contracts stable. It enables blockchain developers to develop decentralized applications (DApps) which protect against fraud and hacks and eradicate third parties.
Moreover, the decentralized Ethereum blockchain makes every node within the network its server, without requiring any central authority.
It means that every transaction gets secured using a hash, which only existing network nodes can sign.
Ethereum's blockchain follows a similar concept to bitcoin's, which means it's a distributed ledger of transactions histories.
Also Read:
Decoding DAO | Ethereum Smart Contracts at Work
Ethereum Smart Contracts: Best Use Cases Of The Second Generation Blockchain
Now, let's get deeper into Ethereum's principles
Considering Ethereum and Bitcoin having similar ecosystems, let's draw a classification chart which presents their differences. While Bitcoin uses unspent transactions to assess how many coins nodes have, the Ethereum network takes accounts. Understand it with this picture.
Contrary to Bitcoin, the Ethereum blockchain can communicate with smart contracts as well as their deployment.
So, to read or execute any contracts, blockchain developers trigger the Ethereum Virtual Machine (EVM). EVM works as an engine of the network, which validates transactions (along with contract-creation transactions),
ensures security, and assures that the Smart Contract work similarly on each node.
The boons of using Ethereum for Blockchain development
As we continue to understand the cryptomarket, Ether comes second after Bitcoin as a cryptocurrency in use worldwide.
Even though it came into existence after five years of Bitcoin, Ehtereum has tasted unprecedented success. Here are a few reasons to understand, why?
Its widespread adoption::
Jeremy Allaire, co-founder, and CEO of FinTech predicts that Ethereum has the potential to take over the internet someday.
According to Allaire, Ethereum is one of the reasons for Blockchain's popularity in the internet sphere. Ethereum has opened a market for new opportunities. It enables the smooth development of DApps (decentralized applications) as well as provides the ability to issue tokens.
Also, new frameworks of financial-contract development now seem feasible with Smart Contract technology.
Cost-effective::
Likewise Bitcoin's mining, it's the nodes on Ethereum blockchain that mine Ether (Ethereum's Cryptocurrency). Ether is the fuel of the system. As soon as the NP-class problem gets solved by the miners, Ethereum sets a fee (gas) to allow the addition of the solved transaction to the blockchain.
Although the gas price per operation remains fixed, it does fluctuate as per the market conditions. By spending more gas, you can significantly decrease the confirmation time taken for your transactions. It's because miners prioritize transaction with higher gas amounts in the transaction pool.
Time-Consumption::
While Bitcoin's block-mining time is approximately ten minutes, Ethereum takes only fourteen seconds to mine an Ether block.
Although parties involved need to get 30 confirmations of the transaction to get Ether, time consumption is comparatively quite low.
Overall, Ehtereum presents itself as a sophisticated platform for decentralized applications and smart contracts development.
Smart Contracts::
For making the Ethereum ecosystem live and functioning, developers resort to writing Smart Contracts.
Developers write functions and commands that get activated, self-executable, and deactivated as per certain pre-determined conditions.
In a nutshell, a Smart Contract refers to as a set of codes that works like a self-executing computer program, along with eliminating the use of intermediaries.
In general, the issue with a tradition treaty law is security, which Smart Contracts help ensuring.
In blockchain, a Smart Contract is a digital asset which is deployed to store, receive and execute payments and funds.
Briefly, smart contracts run on the Etheruem blockchain with their address and balance itself. One of its functions sends and receives money. And when a Smart Contract gets its function trigger, it gets activated.
Implementing Smart-Contract::
In Bitcoin, Smart Contracts get written in C++ or Java programming languages.
Here, the Smart Contract works as payment channels, multi-signature accounts, or a multi-party lottery having no operator.
Sidechain is a technology that makes RootStock, a similar platform to Bitcoin.
A Smart Contract written for RootStock is in the same league as to a Smart Contract on the Ethereum Blockchain.
Solidity Programming Language
Originated by Gavin Wood in 2014, Solidity has become the most preferred choice (programming language) of Ethereum developers for writing Ethereum Smart Contract creation.
However, JavaScript, C++, and PowerShell do have some influence on its development.
Solidity is a statically-typed, Turing-complete blockchain programming language.
For Ethereum Virtual Machine to read Solidity, its compiler turns it into bytecode.
If you have some expertise of writing code in an object-oriented language, it won't be much hassle to start using Solidity which is a contact-oriented language. It's because of the similarity between the contract and the OOP class.
[caption id="attachment_3007" align="alignnone" width="700"] Source:: https://applicature.com[/caption]
By utilizing its features, blockchain developers can create blind auctions, multi-sig wallets, crowdfunding events, and the like.
It's worth mentioning that Solidity remains constrained in string function.
As per the solidity documentation, it would be better to use bytes for raw-byte data, arbitrary-length, and string for arbitrary-length string data. And, if possible, reduce the length and make use of bytes1 to bytes32, as they are comparatively cheaper.
Using Solidity for Ethereum Smart Contracts::
As mentioned above, Ethereum Virtual Machine (EVM), Ethereum’s ecosystem for executing transactions and smart contract code validation, runs smart contracts through each node. Let’s examine it in details that how a relatively young programming language Solidity for Ethereum smart contracts should be structured.
The first line in the contract highlights the Solidity compiler version employed for drafting this code. “Pragmas” are the direction for the compiler code execution method.
pragma solidity ^0.4.24;
In the further lines of code, we assign that this is a smart contract for token creation. Set token balance mapping (key -> value pair); the key is referred to as an ETH address, and its value is displayed by a token balance. The instructions you see will store the balance of each token holder:
contract ERC20StandardExampleToken {
mapping (address => uint256) balanceOf;
The following action is to establish the complete amount of tokens you are willing to circulate:
uint256 public totalSupply;
“String” commands will arrange the name of your token and its representation. The token’s representation is shortened from the name. None of them is unusual; consequently, there is a chance of finding two tokens of the identical name. The only element that differentiates one from the other is their respective ETH address.
string public name;
string public symbol;
The “constructor” function is a sort of entry. It runs the contract when deployed to the blockchain.
constructor
uint256 _totalSupply,
string _name,
string _symbol
) public {
Now, designate values from a constructor to the smart contract local variables:
totalSupply = _totalSupply;
name = _name;
symbol = _symbol;
Then, place the balance of the contract creator to _totalSupply. After the line presentation below, the proprietor of the contract will get the accumulation of tokens on his/her balance:
balanceOf[msg.sender] = totalSupply;
}
When performing the ERC-20 token standard, the “transfer” function requires to produce 2 parameters: _to (for the token receiver) and _amount (for the number of tokens that need to be transferred):
function transfer(address _to, uint256 _amount) public {
The “require” statement obliges for verifying that the receiver is not a zero address, and the quantity of tokens for transfer is greater than zero:
require(_to != address(0));
require(_amount => 0);
balanceOf[msg.sender] = balanceOf[msg.sender] - _amount;
balanceOf[_to] = balanceOf[_to] + _amount;
}
}
For any help, queries or suggestion, contact us here.
A few more reads:
Setting up Ethereum Tester for Blockchain Testing | Blockchain Developers Guide
An Easy Guide to Connecting the Ethereum Wallet to a Private Blockchain
Ethereum is outlining a bright future for a Blockchain-powered World
Ethereum vs Hyperledger: Which One is Ideal for Smart Contracts Development
Hire The Best Ethereum Developers Using These Tips
Mudit Kumar
13 Dec 2018
Hyperledger Blockchain Application in Earthquake Response
The recent earthquakes of Tennessee and Georgia have stronger implications. Although the US has enough resources, it is time to seek new options for disaster management, especially in relief delivery and creating public alerts. Blockchain Technology like Hyperledger and IoT innovations could be of much assistance. Hyperledger Blockchain Application and Internet of Things in disaster management will maximize the efficiency of conventional systems while minimizing the requirement of resources.
Since the beginning of this December, the United States is being hit by three major earthquakes. The 6 December earthquake in Alaska had back-to-back tremors with magnitudes of 7.7 and 5.4. Even the aftershocks of the tremors came up more than 10 times shaking the icy land. This natural disaster again hit the US in Tennessee and Georgia on December 12 with around 4.4 magnitude. Even if Tennessee is known to have frequent earthquakes, occurrences of such tremors might be an indication of stronger disasters ahead. The US also deal with yearly Hurricanes, ravaging the country from corner to corner. Solutions like Hyperledger Blockchain application and IoT can create better and more efficient mechanisms to handle the situations.
Blockchain Solutions and IoT in Disaster Management
The efficiency of blockchain solutions and Internet of Things in disaster management is a highly investigated subject. IBM has been actively working to leverage the advantages of Cloud, Internet of Things, Artificial Intelligence and Blockchain in disaster management. The Call for Code initiative is a project with an investment of USD 30 million over the next five years beginning from mid-2018. IBM has a strong contribution in Hyperledger Blockchain Application and the technology has massive potential.
Blockchain and IoT can help in disaster management at several major fronts. The primary ones are Building Transparency among different groups, cross-border aids, building Insights into relief initiative, fast communication, and on-time follow up. Distributed Ledger Networks can be effectively used in building transparency among the entities involved in relief works. Blockchain can build a shared network among Government, medical suppliers, transport services, the affected people, food providers, shelter providers, and communication services. This network can work as the central system to manage communication and delivery.
Read More: Blockchain in Military and Defence.
Read More: Blockchain in Public Governance.
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Read More: Blockchain in Automotive Industry.
The Advantage of Hyperledger Blockchain Application and IoT
Hyperledger Blockchain Application can be used to developed distributed ledgers. Several entities related to disaster management will participate in such networks to update information and their status of operations. This will help each participant in the chain, including the victims of the disaster, to track the progress of relief works. Such an application will work as the central vigilance system accessible to every participant. People will be able to track relief materials and know the accurate time to receive them. Its interoperability with IoT offers a massive advantage.
Another major issue distributed ledgers can eradicate in the time lag due to record keeping of aid and relief materials. Hyperledger blockchain solutions and connected devices can automate record keeping by completely eradicating third-party authentication services and creating a shared database built on mutual trust of tracking sensors. This will impact execution time, reducing it by a large factor.
Additionally, a common issue in disaster management is the inability to update information about the exact processes and tasks involved in the evacuation of victims, search and safety precautions. Often military services are involved in relief work and there is no mechanism to track the processes and situations they go through. Such information is crucial in decision making and to improve the state of relief works. Hyperledger Blockchain Applications and connected devices will assist in information collection by the military and other relief agents.
Also, blockchain and distributed ledgers based on Hyperledger and IoT will increase the privacy of victims. Sensitive information recorded in the blockchain can be blocked from public purview or made inaccessible to parties not related to it. Distributed ledgers and Permissioned Blockchain can be used to achieve such objectives effectively.
Read: The Latest Hyperledger Library.
Read: Hyperledger Trends to Watch in 2019.
Read: Hyperledger and IOTA Nexus.
The interoperability of Hyperledger with IoT offers a massive advantage to Hyperledger Blockchain Application. Exploring blockchain solutions with technologies like IoT can create efficient systems. Disaster management needs quick and effective responses. Blockchain technology will impact positively in both of these aspects.
Mudit Kumar
13 Dec 2018
Ripple and Stellar Blockchain Solutions in Banking
CIOs and CTOs from different industries believe that blockchain certainly has the potential to enhance and optimize business processes and operations. They think that it can revamp processes, governance systems, and value exchange for a variety of businesses and industries. Currently, the industries that are most open to adopting blockchain technology are Banking and Fintech. Using blockchain, they are looking to create faster and cheaper global trading gateways with no dependence on intermediaries.
Remodelling Traditional Banking with Stellar and Ripple Blockchain
At the core of this new banking revolution, there are two prominent blockchain platforms, Ripple and Stellar.
These two blockchain platforms are bridging the gap between DLTs (distributed ledger technologies) and the existing financial architecture.
Promoted as the "future of finance and banking," Ripple and Stellar are creating blockchain based financial systems to address the problems the industry faces today.
Ripple's Roadmap: Revolutionizing the traditional banking system with decentralization
When Ripple was launched in 2013, its goal was to develop scalable, low-cost, and fast financial transactions processing solutions for banks globally. Surprisingly, after only one year of its launch, the blockchain startup bagged Fidor Bank as its first client. The Munich-based bank employed Ripple's payment processing system for its regional and international customers. Since then, Ripple Foundation has been collaborating with numerous financial entities and banks to provide decentralized payment solutions. It has partnered with Arabs where it got approval for an international payment deal with UAE Exchange for implementing a decentralized cross-border payment solution.
Also, the Saudi Arabia Monetary Authority, Arab's central bank, has permissioned Ripple to enable regional banks to beef up their payment processing capacities. It has asked to revamp domestic and international payments through xCurrent, a Ripple blockchain-based cost-effective, and transparent remittance settlement solution.
In November 2018, Ripple came into partnership with one of the prominent banks in Brazil called Bradesco. The cooperation enables the bank to execute seamless financial transactions within its 5,300+ branches and over 38,000 ATMs. The partnership also brings on the table the Brazil-Japan cross-border payment corridor, with industry giants like Mitsubishi and MUFG entering the pact.
In October this year, 60 Japanese banks controlling over 80% of banking assets in the country agreed upon using Ripple's Money Tap mobile app.
Ripple is being tagged as the blockchain technology that is gradually taking over SWIFT and VISA. Indeed, it is apparent with Ripple's rapid adoption by established financial institutions.
At the beginning of 2018, Ripple had partnered with 75 banks that were using its DLT solutions. Some of them include IndusInd Bank, PNC Bank, Banco Santander, BBVA, Akbank, Bank of America, and Standard Chartered, among many others.
Stellar's plan to enter the traditional banking and finance
Stellar is a blockchain technology-based platform for providing fast, efficient and secure financial transactions.
Stellar aims to advance global financial literacy, inclusion, and access by enabling fast and secure P2P (peer-to-peer) cross-border payment transactions.
You may think that Stellar moves might through traditional banking out of business but this is not the case. Indeed, the Delaware-based company is looking to work together with the traditional financial and banking system.
Instead of eliminating the processes and reinventing the wheel completely, it is focusing on collaborations with existing banks to realize its goals.
During the Exponential Financial conference held in Johannesburg South Africa in 2016, the CEO of corporate and investment banking at Barclays Africa, Stephan van Coller, discussed how the finance giant is piloting a distributed ledger system with Stellar's payments rails. The pilot program involved sixteen to eighteen years old students. It researches how smartphones can come in use as day-to-day payment solutions for the rapidly growing African population.
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Recently, in October 2017 Stellar partnered with IBM to create a Blockchain World Wire (BWW). It's a distributed ledger system aimed to provide interbank transfers and cost-effective global payment systems.
Since the launch, BWW is being considered as a SWIFT replacement in the global payment scene by some industry enthusiasts. Not only this but Stellar also partnered with Deloitte Digital Bank to create a state-of-the-art, cost-effective banking system for the financial domain.
What established Stellar's place as a Blockchain platform penetrating through traditional banking is its acquisition of Chain. Chain is a San-Francisco based blockchain based startup. Its work is to build distributed ledger technology solutions for the financial system. Apart from its powerful presence in this industry, Chain boasts of having prominent investors like Citi Ventures, Visa, and Nasdaq.
Stellar's aim is to create cost-effective, high-performance, and modern financial systems for both individuals and businesses. However, it aims to do with a slightly different approach. Instead of reinventing the wheel through decentralization, Stellar works together with the existing financial system to develop decentralized solutions that can serve the needs of today's consumers.
Concluding Thoughts
Significantly, both the blockchain platforms have gained significant traction and established a stronghold in the digital payment solution space. Banks and financial institutions around the globe are developing payment solutions with Stellar and Ripple blockchain with an aim to increase efficiency and security in transactions.
Mudit Kumar
12 Dec 2018
5 Blockchain Trends in 2019 set to Impact Hyperledger Development and Consulting
Hyperledger is a collaborated project to develop blockchain based distributed ledgers. Being a collection of blockchain technologies, frameworks, and tools, it is emerging as a strong choice to develop enterprise-grade applications. Within two years of its release since December 2015, Hyperledger Development and Consulting grew as a trend in blockchain landscape. Apart from being a core technology, Hyperledger is also a standard organization. Being the blockchain initiative of Linux, it is open-source technology, but it is the endeavor of supporting giants like IBM, SAP, and Intel, which is gradually transforming it as a standard choice of enterprise blockchain applications.
2018 was a crucial year for Hyperledger. In the year, the technology grew with more frameworks to support different use cases of blockchain. It developed as a distributed ledger technology, moving away from blockchain traits with releases of several unique tools to develop specific applications. The upcoming year of 2019 will be crucial for Hyperledger both as a technology as well as an organization. Here are the top 5 trends to watch in Hyperledger Development and Consulting in 2019.
Increasing Use cases in Business Application
Hyperledger based solutions will find more critical integration in enterprises. As businesses are searching for new use cases of blockchain, their confidence on technologies like Hyperledger is increasing. Thus, use cases of hyperledger will increase, while, more tools and frameworks are expected to emerge in 2019. Hyperledger is set to focus on diversifying its products to fulfill the objectives of more distinctive operational processes. This will also impact on more relevance of Hyperledger Development and Consulting.
Read About: Latest Development in Hyperledger.
Scaling the technology to solve more precise problems in the business blockchain
Hyperledger Distributed Ledger Technology is being used more as a shared database in the current industry. There are conventional issues in the enterprise landscape, which are being addressed by technologies like Artificial Intelligence. Hyperledger community is constantly endeavoring to augment the adoption DTL as a generalized tech trait to solve conventional issues. In 2019, the technology will scale up to encompass more industries as well as impact more technology such as AI and IoT.
IoT Emerging in Hyperledger Development and Consulting
IBM is working aggressively to use blockchain technology in use-cases of the Internet of Things. The emergence of IoT and Blockchain as integrated solutions will impact the operations of sectors like international trade and collaborated global research where mutual trust plays a critical role. Hyperledger Development and Consulting will involve the use cases of distributed ledger technology in IoT Infrastructures in the coming times, as automation is set to reach higher grounds in 2019.
Read More: About IoT, IOTA and Hyperledger Fabric.
Interoperability of Hyperledger DLTs and Artificial Intelligence
Encryption and Tracking are the major impacts of Blockchain in AI sphere. Using cryptographically encoded AI, they can be developed as unhackable intelligent systems. Furthermore, implementation of Blockchain technology in AI will assist in tracking the decision making process machines. 2019 will be a year of intensive AI development. Alongside blockchain based technologies, AI is emerging as another buzzword in enterprise landscape. Blockchain is gradually impacting every parallel technology and AI has massive space for distributed ledger technology like Hyperledger.
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Explore: Hyperledger Services.
More Alliance of Hyperledger
deHyperledger frameworks and tools are developed by experts from its consortium members. For instance, Hyperledger Burrow is a product developed by Monax and Intel; Hyperledger Fabric, the flagship product, is from Linux, IBM, and others. In 2018, Hyperledger partnered with global tech giants like Cisco. In 2019, more such partnerships are to materialize.
Hyperledger will have another year of intensive growth as the roadmap of 2019 is stronger for Hyperledger. The community is growing with new members from both core technology and business sectors. The organization is also expanding with collaborations with authorities to increase its adoption and development. 2019 will be a year of stronger integration for Hyperledger with the global enterprise ecosystem.
Suggested Read | Application Development using The Emerging Tech Trends 2019
Mudit Kumar
11 Dec 2018
Internet of Things as the Nexus of IOTA and Hyperledger Fabric
The most interesting facet of blockchain is its effective implementation in futuristic technologies like AI (Artificial Intelligence) and IoT (Internet of Things). Hyperledger Fabric are emerging as standard DLT implementations in public as well as enterprise blockchain adoptions. Meanwhile, IOTA, being the designated DLT for IoT is transforming as the Blockchain avatar for the new connected ecosystem.
Blockchain Vs Big Data
The radical adoption of Blockchain made it the most aggressively emergent technology in the current tech landscape. Data Supremacy and Big Data will become bygones with the pragmatic approach of blockchain technologies. Per experts, Big Data is now more about the Velocity of processing rather than the two other Vs of Variety and Volume. This is due to the emergence of Blockchain, which will render Centralization of data as an obsolete idea in near future. Blockchain structures data at its origin, making users the authority of their own data.
IOTA as Blockchain’s Avatar for IoT
Internet of Things is emerging as a massive system as a source of Big Data, with innumerable nodes and exponentially increasing transaction records. While the networks of connected devices are beginning to grow, it is set to create another massive volume and variety of data. In this data conundrum, Distributed Led are emerging as standard DLT implementations in public as well as enterprise blocger Technology again emerged as an effective solution. IOTA, the unique DLT for IoT is transforming the Data landscape of IoT making them distributed across the network. A Reddit user correctly defined it with an analogy of loading a luggage in an empty train. The luggage is always on the train, but it can be opened and seen in every station. Similarly, as a device is connected to the IOTA network, transaction data is stored in Tangle and it is verified in each subsequent transaction.
Read: Security Prospects of IOTA.
Hyperledger Fabric Solutions: The Plug N Play DLT
While IOTA is the DLT for smart devices, Hyperledger Fabric Solutions are the Distributed Ledgers with an efficient model of implementation. The modular structure of Hyperledger based applications features Plug and Play, which enables its easy integration and disintegration with large applications. Hyperledger based applications have a modular structure, and it is efficient for the development of massive blockchain architectures. The technology automates the consensus process by leveraging Practical Byzantine Fault Tolerance(PBFT) protocols. The central mechanism of this consensus algorithm is the verification of a certain number of transactions. The functioning does not require large computation power and validation time.
Read: Hyperledger Introduces Global Cryptography Module.
The DLT Nexus of IOTA and Hyperledger Fabric
IOTA applications and Hyperledger Fabric solutions follow different models of operations but based on DLTs, they have the scope to work in tandem. IBM developed a hyperledger based solution for IoT application and Fujitsu is working on both of the technologies. A combined use case of both IOTA and Hyperledger Fabric is not yet materialized. Both of these are understood to fit in their own diversified use cases. But an application based on both IOTA and Hyperledger Fabric can develop highly efficient solutions for permissioned IoT devices. While IOTA is a public platform for micro-transactions between smart devices, Hyperledger Fabric can create automated and permissioned blockchain applications for device-based networks.
IoT as the Smartest Tangled Ecosystem
Technically, IOTA and Hyperledger Fabric Solutions have a massive grey area when mulling their prospects together in a combined blockchain based IoT system. Such an application is yet to emerge, but there is a strong possibility of Hyperledger applications in massive IoT infrastructures. In such solutions, IOTA can handle the micro-transactions between connected devices, while Hyperledger Fabric will facilitate the integration of large infrastructures. Massive IoT ecosystems are imminent and integrated Distributed Ledger Technology will encompass the internet landscape. Against this backdrop, IOTA and Hyperledger will both emerge as efficient DLTs. The objective is not to compliment the technologies but to combine them.
Mudit Kumar
10 Dec 2018
Project Ursa to Build Your Own Hyperledger Solutions
Recently, Hyperledger approved Project Ursa, which is a Modular Cryptography Software Library. This stance is an evolution of Hyperledger to have a stronger foundation as a blockchain development platform. As per the Technical Steering Committee, the Library was created because Hyperledger is through a phase of “sophisticated cryptographic implementation”, growing as a large and complex blockchain solution. With the new library, it will be now easier to build your own hyperledger solutions and blockchain applications.
As Project Ursa has an objective to materialize a better and more secure blockchain ecosystem, Hyperledger will turn into a strong platform for developing enterprise-grade applications. Project Ursa developed the shared library as a collaboration platform, which will let developers work on their projects on a common platform rather than using separate protocols.
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Project Ursa: New Cryptography Library
As per Hart Montgomery, the key person at Project Ursa, the new Cryptographic Library will render changes in the approach to build your hyperledger solutions. Ursa is supposed to make development “less likely for less experienced people to create their own less secure implementations”. Citing Ursa as a “modular, flexible cryptography library”, Montgomery said it will make using and implementing Hyperledger “much safer and easier”, especially in creating Distributed Ledger Projects. An interesting aspect of the new module is its interoperability. Ursa can be used in developing any permissioned or private blockchain application apart from those based on Hyperledger technologies. The whole software is developed using Rust Programming.
Ursa comprises two modules. The first is in “Plug and Play” mode, while the second, named Zmix requires total integration with the project. The first module incorporates standard libraries and implementations. While, Zmix has complicated cryptography protocols, which are rarely used in general applications. This module focuses on larger algorithms including Smart Signature and Zero knowledge-related cryptographic protocols. The new set of complicated algorithms is an evolution of the Hyperledger ecosystem, which is beginning to be used in complicated and large blockchain applications. The module will assist in solid implementations of other blockchain projects apart from those in Hyperledger.
Also, Read: Amazon's Foray into the Blockchain Industry.
Build Your Own Hyperledger Solutions
The new cryptography library is expected to enhance security. Ursa will simplify the process of hyperledger as well as other blockchain application development. Montgomery posed it as a means to “avoid wasted work on duplicate projects.” The library will be of great assistance to building your hyperledger solutions as blockchain developers will be able to modify the schemes of cryptography using simple configuration files. Also, Ursa’s usage will enable developers to get their cryptographic codes reviewed by experts.
Montgomery believes “Modularity will be the natural evolution of DTL Platforms.” Ursa will transform cryptographic implementations into modular abstractions. This will enable easier methods to build your hyperledger solutions and new blockchain projects. Creating a modular platform will let developers access well-implemented and tested cryptographic codes. In Montgomery's words, the library will have “implementations of newer and fancier Cryptography.”
Also, Read: AI in Developing Cryptocurrency Exchange.
Linux Reinventing Blockchain Development with Modular Taste
Ursa is not only for Hyperledger-based applications. The library is for Blockchain development as a whole. Developers can use Ursa to create enterprise-grade and industrial open-source blockchain projects. Through Ursa, Linux is trying to standardize the blockchain development industry as it has been largely fragmented. Such an ecosystem creates vulnerabilities for the whole technology domain, as blockchain development is considered an independent way to create solutions.
Large Cryptographic programs are complex and it is more than just tough to correct a glitch in implementations. Standardization of development algorithms will streamline the industry to develop better applications. Ursa is an evolutionary trait of the Blockchain Development industry through Hyperledger and Linux.
If you are looking to leverage Hyperledger's potential to build your project, connect with our skilled Hyperledger developers to get started.
Mudit Kumar
10 Dec 2018
German Logistics Opt for Blockchain based Logistics Systems
It seems like blockchain is becoming unstoppable. Even after the burst of the Bitcoin bubble, it's still a reliable technology. According to a recent survey, a notable portion of German Logistics managers anticipates that blockchain supply chain development services and blockchain based logistics systems could become the force that will revolutionize the logistics and supply chain sector.
Although the survey wasn't aimed at gathering blockchain-specific stats, 35% of the respondents identified the vitality of blockchain technology. 33% said that Big Data is vital for logistics, an area where blockchain is poised to rule and excel.
Even though the blockchain is not the only Big Data solution, it does have the potential to be the foundation for a new world of global logistics.
Big data is huge chunks of data. It relies on AI (Artificial Intelligence) to extract the necessary information from the piles of data. It wouldn't be possible for a human to execute such a task. Here, the blockchain could be the database that enables global trade information to be recorded massively.
Blockchain-based Logistics Solutions
As per the survey, most of the respondents found that blockchain is becoming a necessity for the collaboration process. It's the section where there is an unprecedented amount of efficiency waiting to be explored.
For decades, shipping management has remained opaque with records being kept on paper, making research a difficult task, even for a large-scale company.
For instance, a company is looking to finance a product that is in another country and has shipped it to them.
With the existing system, it could take weeks to push through.
On the other hand, with blockchain-based supply chain solutions, where the buyer is located, who has financed the product, and how the goods are being shipped to that country, several different entities can be recorded in the transaction.
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How Blockchain-based Supply Chain Solutions Help?
A company could employ a blockchain and smart contract-based trade finance platform to secure a loan for the product it wants to purchase, and the bank that's lending the credit could use that same platform to release the payment to the seller.
Instead of receiving the products at the port, a Blockchain and IoT-powered scanner could verify that goods have left the shipper's warehouse, and release payment via a blockchain-based smart contract.
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All the information about the whole process can be stored on one shared blockchain ledger. Also, as the goods reach the other country, IoT sensors can help track their every movement from checkpoint to checkpoint.
As the goods are sent from one shipping company to another, those IoT sensors would verify the payment for the services, without requiring any human interaction.
Eventually, if everything goes well, then, the goods would reach their destination, at that time the buyer would incur the debt from the bank that has financed the trade, as the goods reach their legit possession.
Unquestionably, there would be a requirement of provisions for unexpected situations.
In general, modern blockchain-based logistics systems would provide every involved with benefits that would incentivize a shift toward improved use of technology, and cost-effective methods.
Also Read:: Most Influencing Blockchain Use Cases for SCM (Supply Chain Management)
How are Big Players yielding the benefits?
Some of the world's leading shipping companies are heavily investing in blockchain-based logistics systems. Also, numerous port operators are developing blockchain-based logistics systems that would track the products as they are shipped from the port. It will greatly enhance tracking and the customs process.
Companies dominating trade finance are exploring blockchain-based systems. Ping-An has begun using a blockchain-based platform for regional trade finance in mainland China.
For more information about blockchain-based supply chain solutions, connect with our skilled blockchain developers.
Mudit Kumar
07 Dec 2018
Build Private Blockchain Following George Glider’s Guide
Technology Evangelist George Gilder is among the new world harbingers in technology and how it has been impacting the society. Since decades, his insights have been the basis of pathbreaking developments in information tech. His latest book “Life After Google” was released at the beginning of 2018. In the book, he established Blockchain as the ultimate salvager of humanity from the clutches of data monopoly of big tech giants. It is futuristic to build private blockchain following his dictums. It is because his verdicts focus on new insights like the developments in quantum computing, which are posing a real threat to the Blockchain ecosystem.
Glider divulged several criticalities of the present internet ecosystem, which has penetrated deep into our lives and society. Posing Blockchain technology as the emergent trait, which has the potential to bring “Data Democracy”, Glider believes it will ultimately bring a new economy. However, traits like Quantum Computing brings forth a twist in this development. Quantum computers are emerging as a critical vulnerability for blockchain ecosystem, as they have the prowess to attack the security aspects of this technology.
Glider’s Prediction and Impact of Quantum Computing on Blockchain
Glider predicted Cryptographic building blocks are enough to secure the internet and private blockchain networks at present. But, he also predicted, a strong quantum computer in future can attack such systems by producing random keys to match with the hash functions of the blockchain. Hash functions are the basis of public-key encryption, which is the foundation of security features of the blockchain.
Above this, the emergent trend to build private blockchain applications for enterprises and public utility is not oriented towards addressing this potential lacuna. A quantum computer has the power to attack blockchain based application. Against this backdrop, this facet is posing another exigency. As Blockchain is growing as the core concept behind a plethora of technologies, the ecosystem build on blockchain is under a serious security vulnerability.
Read: How AI can Impact Cryptocurrency Exchange Development.
Read: Hard Forking a Blockchain to Build an App.
Build Private Blockchain Secured by Quantum Keys
The solution to the threats posed by Quantum Computing is to build private blockchain secured by quantum keys. Although there could be many other solutions, the immediate way to address the issue is to generate hash functions and encryptions based on quantum technology. Quantum Computing must be used to create the encryption algorithm of the blockchain. Such encryption techniques are adequate security features to tackle quantum computing cyber attacks. The solution is already being leveraged by several financial institutions and private cloud carriers. Installing quantum random-key generator is now a new standard to build private blockchain applications.
If There is a Will, There is a Way
If Quantum Computing can be used to attack blockchain, the same technology can be also used to defend it. George Glider showed the pathways to the possible vulnerability in blockchain and the technology community came up with effective solutions. Glider’s insights on microchips were the basis of Moore’s Law. Now his insight into the future of blockchain worked as a precaution against a serious forthcoming vulnerability. The blockchain community of developers must leverage quantum-based security algorithm to develop an application. Quantum Computing will certainly gain strong relevance in the Blockchain Industry.
Mudit Kumar
07 Dec 2018
How to Start a Crypto Exchange Business | A Comprehensive Guide
It's highly likely that if you have decided to read this blog, you know what's is a cryptocurrency exchange. Now, you may want to start your cryptocurrency exchange but don't know where to start. Then, this guide may help you out and give a clear understanding of a few vital factors that can't be missed during cryptocurrency exchange software development.
This article will clarify the things you need to take into consideration before launching/developing your cryptocurrency exchange. You will get to know how the internal architecture of an exchange platform software should be structured and most importantly, where to head to get the right exchange software.
Beginning with cryptocurrency exchange software development?
When starting a crypto exchange software business, the following are the basic steps you need to consider. Let's deep dive into each step of Cryptocurrency Exchange Software Development
a) Determine the Place Where You Want to Operate Your Business
Whether you're thinking of operating globally or want to focus regionally, you will need to get certain licensing and approvals to run a crypto exchange. Laws may vary depending on the place. Thus, consult with a legal expert regarding the approvals and compliance with local rules and regulations.
b) Comprehend the Regulations of Your Area
Cryptocurrency word has become so big that almost all governments require crypto exchange business owners to be compliant with KYC (Know your customer) norms.
It is required to eliminate the chances of money laundering.
So, make sure you stick to the region's KYC norms and execute a good customer verification procedure on your exchange.
Also Read: Does GDPR Bring Cryptocurrency Services To A Halt
c) Partner with a Bank or a Payment Processor
You may also need to partner with a bank or payment processing provider to enable payments via fiat currency.
Choose a bank that offers a host of online facilities is a good choice.
It's relevant when operating in a developing or under-developed country where the majority of banks do not provide the facility to process an instant bank transaction online.
Processing transactions in such countries may take several days for settlement.
Hence, partnering with a bank providing fast clearance and settlement time of funds will be convenient for your customers.
d) Employ a Transaction History and Liquidity on the Exchange
Any cryptocurrency exchange requires liquidity to operate smoothly.
It's because customers feel skeptical to place orders or deposit funds when they don't see a complete order book and trading activity.
Here are three ways to kick-start your liquidity::
Trade validation
Simulate trading activity within your exchange platform by selling and purchasing between two artificial accounts.
Employ an API interface that can connect your cryptocurrency exchange with another working exchange.
Join a network of crypto exchanges like Trust-deposit. It ties together the liquidity of all exchanges in the network. The larger the network, the better the liquidity.
e) Use the Best Security Services
Any exchange must have top-notch security in place for ensuring the security of both the exchange operators and traders.
Also, it should be applied to your customers' private data which involves their KYC information and bank information. Indeed, security concerns should be at the priority.
f) Provide Customer Support
Eventually, customer support is a must if you want your exchange business to be successful. The staff will handle the KYC request, answer users' complaints, and process the deposit and withdrawal of fiat currency.
The architecture of a cryptocurrency exchange platform solution
A cryptocurrency exchange software development would be incomplete without these four different components working together::
1) First is the trade engine. It should be at the core of any exchange. Its work is to access the order book, matching buy/sell orders, executing transactions and calculating balances. So, begin with ensuring that you have a working trading engine in place before anything else.
2) The second most important thing is the UI (user interface) or the outlook of your exchange website. The UI is something how your users will see your exchange. The UI of the website needs to be user-friendly and intuitive. It needs to be mobile-friendly as most of your users will be accessing your website through their smartphones.
A dedicated mobile app for users would make the exchange more efficient and may also enhance the trading engagements. In a nutshell, the UI of the website should enable your users to;
Registration and access to the account.
Deposit, see and withdraw cryptocurrencies and fiat currencies.
View existing order book, past transactions, stats, balances, charts, etc.
Place sell and purchase orders.
Enable access to the support mechanism.
3) The third is the cryptocurrency wallet. A crypto wallet acts as a daemon to store cryptocurrencies on the exchange server.
It requires maximum security as all the cryptocurrencies are stored in it.
For any exchange to be safe from hacks must have hot/cold wallet system to diversify risk.
The hot wallet is the crypto gateway of the exchange platform. It enables the users to withdraw their digital coins and send them to the external wallets without requiring the approval of the exchange owner.
A cold wallet is where you can store the rest of your coins. It's completely offline and let nobody access your leftover coins even in case of any hacks. Thus, it's advised that always keep a certain amount of coins and lock away them in your cold wallet.
Know more about cryptocurrency wallets
4) The fourth and most important component is to have an admin panel. It's equivalent to business intelligence and management software.
The functions an admin panel must have are;
Alteration of liquidity
Option to edit the spread and trading
Approval of user accounts for trading, after the verification of KYC and other regulatory requirements.
Management of currencies like BTC, USD, ETH, etc. and exchange pairs like USD/BTC, BTC/ETH, etc.
Crediting fiat deposits, debiting fiat withdrawal requests of users.
In conclusion, these four components should be at the core of any cryptocurrency exchange software.
Getting your cryptocurrency exchange software development done the right way
In general, there are three options for cryptocurrency exchange software development which you can opt for. However, the best one is the following.
Hire an offshore cryptocurrency exchange software development company
Employing an in-house team of crypto developers could prove to fund draining as there will be a permanent team. Even if the website is not tasting success, you will need to pay them. So, to avoid this unfortunate situation, hire an offshore cryptocurrency exchange software development team. Then, you'll not need to ponder over other things and concentrate on making your exchange more efficient and worldwide.
The benefits of hiring an offshore cryptocurrency exchange software development service provider
Trade validation
Comparatively low pricing
An experienced team of crypto developers having expertise in greater depth.
No need to determine the programming language, they know which works best.
They will ensure that your crypto exchange software is compatible with various payment processing providers or banks for securing payment transactions within your exchange.
No need to estimate the cost of hiring employees, software, resources, etc.
No requirement of time estimation of developing, maintaining, and continuously enhancing the software as these are already determined.
So, you can save yourself from finding answers to all these different factors.
In Conclusion
It was our beginner's guide to starting your cryptocurrency exchange business.
We hope, you've got the answers to some questions that would be amounting when you first thought about it.
Even if you have any questions, queries, counter-intuitive or suggestions, directly connect with us.
Mudit Kumar
06 Dec 2018
Using Artificial Intelligence to Build Cryptocurrency Exchange App
AI power to Build Cryptocurrency Exchange App
Artificial Intelligence is the technology that enables machines to take the most appropriate decision as per the inputs to its system. Broadly, it is the technology that makes machines act like human beings. AI comprises numerous techniques implemented to make machines improve their responses by “learning from their own experiences” without human intervention. Neural Network is a primary mechanism behind this technology. While AI-powered Cryptocurrency Exchanges are now emerging trait in blockchain industry, leveraging techniques like neural networks to build cryptocurrency exchange app can lead to the creation of robust and futuristic platforms without any lackadaisical aspects.
Each programming language to build cryptocurrency exchange app has its own pros and cons. Although Python is considered the most appropriate language, it is found to be a slow option. Developers complain Python is five times slower than Java. Coding structure and syntax used in Java comes up as hectic tasks to deal with. New languages like Erlang, Go, F#, are being used, but they restrict themselves in terms of scalability. And the basics like C++ becomes limited to implement new features in the exchange. However, any programing language can be used alongside Artificial Intelligence-based techniques.
AI can provide the strongest algorithmic model to develop a trading platform. The technology can be employed in the mathematical modeling of the exchange. AI-powered Mathematical Model, in return, creates a strong Algorithmic trading model. The organizational structure of the exchange can be determined by efficient mathematical modeling. This structured model of the exchange can be implemented by using any appropriate programing language.
Breaking down a Cryptocurrency Exchange App
Although a cryptocurrency exchange can have many features and innovative aspects, it comprises the basic blocks that assist in seamless trading. The display and information on the UI help to make accurate decisions. The fundamentals of an exchange can be divided to -- an ordering panel, a panel for comparison of currencies and the history charts, which helps in forecasting and market prediction. In AI-powered exchanges, the technology is used for accurate prediction and forecasting as per historical trends and traits. To build a cryptocurrency exchange app, these basics are to be developed with utmost caution.
Read: Exchange Development to catch fire in Europe.
Read: Amazon Forays into Blockchain Industry.
Mathematical Modelling for User-friendly Workflow
Using AI to develop exchanges is like leveraging the advantages of the technology beforehand in the platform to provide advanced features for users. Leveraging AI-powered Mathematical Modelling will help to create an accurate roadmap for developing an exchange application. AI engines can work on large data sets to simulate the trading behavior of consumers both across time and platforms. Datasets fetched by AI engine can be used to determine the parameters to implement in the platform. Mathematical modeling can solve complex market models and set an effective algorithm for a comprehensive workflow. This will offer a seamless experience to consumers making the platform highly user-friendly. AI-based mathematical modeling can impact the development of statistical monitoring and infographics positively in the exchange.
Apart from implementing AI in the exchange application, AI should be leveraged from the scratch to develop such platforms. This will ensure a strong integration of AI in the application. An efficient implementation of AI will ensure maximum utilization of its features in decision making for both the platform as well as its users. The best way to implement AI in exchanges is to use AI in developing them.
Mudit Kumar
06 Dec 2018
Tron: An Elementary Beginner's Guide to Know Everything About it
Tron is one of the latest additions in the blockchain landscape. It's a blockchain-based DApp (decentralized application) and smart contract platform developed to create a unique digital entertainment ecosystem.
Tron blockchain aims to remove the need of a middleman or intermediary between content providers and content consumers through the potential of the blockchain.
Tron's ICO (Initial Coin Offering) campaign ran from August 3rd to August 24th, 2017. The platform was officially launched on 9th September 2017. The project is being bolstered by some notable members of China's business community as well as some blockchain industry enthusiasts.
Thinking of launching your own ICO campaign, read this guide.
In this blog, we'll be taking a look at how Tron Blockchain stacks up against its adversaries and the current status of the project
The Tron Protocol is based on the blockchain operating system, developed especially for smart contracts and DApps along with a focus on social networking, entertainment, and gaming.
Tron blockchain also offers a content sharing system and an online television platform.
The Tron foundation emphasizes that its principles are fairness, transparency, and openness. It also follows the Berners-Lee-inspired principle of aiding people instead of raising profits for specific groups.
It is the reason Tron's ICO campaign in the mid-2017 successfully raised a mammoth $80 million in very less time.
So, now let's take a gander at the underlying technology of Tron, how the platform functions and what solutions it brings to the table.
The tech behind Tron Blockchain
The Structure of Tron Platform
Tron supports smart contracts coded in JavaScript and comes equipped with an ABCI (application Blockchain Interface). It's an interface that draws the boundary between the replication engine (the blockchain) and the state machine (the application).
Tron uses a graph database that enables its platform to store the entire network, its structure, and data. Thus, enabling fast path-finding and search capabilities.
It also ensures fast processing and provides an easy-to-update platform. These are crucial traits that keep Tron scalable in this competitive domain.
The Ecosystem for Content Sharing
Tron works on some of its core values that must always be followed.
Users generating data will always have fundamental ownership of it. Also, anyone contributing to the Tron ecosystem is liable to get profits proportionally.
Additionally, in favor of interest, all sort of contributors get the same value and time invested.
In a nutshell, if users using the Tron protocol generate new shareable content, they can directly send it to the Tron blockchain. Each response such as share, clap, or like give some rewards to the creator that get compensated in the form of TRX, the Tron platform's currency token.
Essentially, Tron aims to eliminate the big companies acting as middlemen (Google, YouTube, Spotify, Apple, etc.) who keep a slice of the content creators and providers' rewards.
Tron Virtual Machine
Tron Virtual Machine (TVM) has been designed to be Tron's television DApp. It's decentralized and fast, with almost little to no buffering or loading.
TRX
It's the Tron network's currency. It can be earned, spent and used for several services such as posting videos, ride sharing, buying and selling coffee.
Similar to how the Ethereum network platform issues ERC-20 tokens for DApps, Tron generates Tron 20 tokens for its DApp partnerships. By allowing many different company coins to be traded on its protocol, Tron enables individual content publishers and users to communicate directly with each other without any hassle of converting one currency into other. TRX remains the medium of exchange.
Learn about DApps development here.
UTXO Design
The Tron Blockchain platform is based on the UTXO-based trading model used by many other blockchains like Bitcoin. UTXO is an acronym for Unspent Transaction Output. In a UTXO database, completely validating nodes uses UTXO to assess whether transactions are valid or not. All inputs to a transaction get stored in the UTXO database to validate the database.
Consensus Method
Tron blockchain utilizes a multistep consensus method whose final step is quite similar to Proof-of-Stake (PoS).
Tron's currency TRX can be locked away to gain Tron Power (TP). TP provides users with upward mobility in the Tron's ecosystem through higher status and voting rights on the network. The longer a user holds (lock away) his TPs, the more he can earn.
Tron's Advantages
Data property rights
The most prominent factor in Tron's vision and the reason for its appeal is that it allows the users to have the ownership rights of their data and content.
Transaction speed
Tron Blockchain is superior to Ethereum when it comes to transaction speed, and significantly from its other rivals as well. Its mainnet has an estimated fast rate of 10,000 transactions per second (TPS), while Ethereum processes 25 TPS.
Ultra-low to no transaction fees
Another advantage of choosing Tron over other network protocols is that it charges nothing for transferring your currency from one account to another.
Popularity
TRX is already quite famous in the cryptocurrency domain owing to the buzz created by its owner, Justin Sun, and its huge community of blockchain enthusiasts. It's listed on 43 cryptocurrency exchange platforms and supports seven fiat currency trading pairs. Not only this but it already had 100 million potential users even before its official launch.
Powerful Extensibility
Provided Tron's goals and design, it has the support of a wide array of DApps encompassing a wide range of different uses.
Personal ICO
Tron allows its users to set out their ICO campaigns by providing digital assets individually.
Know more about ICOs
Java vs Solidity
As mentioned earlier, Tron's platform scripting is coded in JavaScript, which is a global language for the web. On the other hand, other platforms like Ethereum uses Solidity, a complex language specifically used for programming.
Conclusion
Out of numerous cryptocurrency platforms in existence, Tron seems to be the most ambitious one. Within a short span of time, it has garnered significant fundings and evoked quite a lot of interest. What Tron lays out with such potential will unfold in the future, but it has surely attracted many eyes. Tron can become the game changer where there'll be a need for a decentralized protocol for online content, entertainment, and commerce.
Mudit Kumar
05 Dec 2018
Ripple XRP Breaks into the EU, Exchange App Development to Hit Hikes
As Ripple XRP is emerging as one of the strongest cryptocurrencies, its foray into the new market of EU with an organized system will improve the allied sectors. Exchange App Development, being integrated with cryptos, will definitely hit a hike. Ripple recently collaborated with NEM, the Distributed Ledger Company, to create a new association called “Blockchain for Europe”. The two companies are aggressive to move ahead in the European market with a vision to unify the blockchain ecosystem in the continent.
With this, blockchain technology is set to gain a strong ground across European Union. After the US and the South Americas, regulators in the EU finally took the side of Blockchain and Cryptocurrency. Ripple’s move is after Cryptos received a positive response in the recently concluded G20 Summit. Although the roadmap of the partnership was created before, developments in G20 reinforced Ripple’s idea of Blockchain for Europe Association.
What is EU Blockchain Association?
EU Blockchain Association is formed as the unified platform for all blockchain based players in the European Union. Ripple and NEM announced that the foundation will safeguard the interest of blockchain and cryptocurrency business. Apart from regulating, the association also promises to promote Blockchain and Distributed Ledger Technology. Per Dan Morgan, Ripple’s head of regulatory relations, Policymakers in Europe should “capture the benefits of both digital assets and blockchain technology”. Furthermore, this is the right time to get into the business and develop an appropriate regulatory framework. Blockchain for EU is setting the undertone for the same.
A Balance in Demand and Supply
Ripple and NEM will certainly seek the advantages for Blockchain Industry from the perspective of enterprises. However, there is a strong need to safeguard the interests of consumers as well. Blockchain for EU will work as the combined platform for regulators as well as the industry players to bring out the best in both demand and supply sides. The association will push forward the agenda of a legal framework, keeping a balance between the expectations of buyers and that of enterprises.
Read: How to Evaluate if a Cryptocurrency is Genuine?
Read: What to do when you find a Cryptocurrency is a Scam?
How will it impact Exchange App Development
A regulatory framework will increase the confidence of consumers on cryptocurrencies. There are no probabilities of fraud and scams in a regulated market. The latest progress in the EU and the headway of Ripple and NEM will impact several businesses in the Industry. Exchange App Development will become a prominent trend as a result of upcoming regulations. There are two major reasons for this:
A regulation will finally arrive for Crypto-Exchanges as well. There is a strong probability that the new exchanged will have to follow guidelines making the industry transparent. This will allow only authentic players to involve in cryptos market, attracting genuine investors and investments in the exchange development sector.
As an after-effect of regulation, market demand for cryptos will increase. Consumers will have more confidence in cryptos, which will bring more investments. This will render a strong growth in the number of crypto-exchanges.
Read About: Cryptocurrency Exchange as Public Utility.
Exchange App Development Will be a Trend
Upcoming regulations will bring more crypto-exchanges based in EU. More exchanges will arrive in the market as the demand for cryptos will be higher. However, such enterprises should follow innovative traits to offer attractive options to consumers. Also, offering incentives and better profit to the consumer will become a trend to gain an edge in the competitive market. Cryptocurrency Exchange App Development is to gain better traction in the European IT landscape as a result of the improving system.
Mudit Kumar
05 Dec 2018
The Recent Instigations are going to make Ripple (XRP) future More Bright
Ripple has been sending ripples for a while in the cryptocurrency landscape. It has become one of the most popular cryptocurrencies in the last few years.
While the massive fluctuations in the cryptocurrency market are due to the predominance of big guns like Bitcoin, Ripple's XRP seems to be catching up lately.
The digital currency that began its journey as a blockchain transaction protocol offering speedy transaction capability in exchanges at cost-effective prices now stands at the second spot on Coinmarketcap.
The XRP holders are now keenly waiting for the initiation of various projects that are in Ripple's pipeline for several months. A few of these projects include acceptance of XRP as a legit digital currency for cross-border payments by MoneyGram and Western Union, introduction of XRP by Santander Bank, and the like. After the realization of these recent developments in Ripple, trading is likely to become more convenient and alluring for XRP users.
One of the prominent reasons these projects are in Ripple's pipeline is some recent developments in Ripple Ecosystem.
Cobalt Algorithm Implementation:
This algorithm was first launched by Ethan MacBrough. He's a Ripple employee as well as a famous crypto-architect.
The aim to create such an algorithm is to expedite the transaction speed to a certain extent.
On 27th March 2018, Ripple's development team officially announced the implementation of this unique algorithm.
So, what benefits Cobalt Algorithm will bring to the table for XRP users.
a) Amazingly fast cross-border transactions
The implementation of Cobalt Algorithm will mitigate the cross-border transaction time to nearly 1 second. Previously, the time of execution of transactions was approx two to three seconds.
Therefore, this implementation is supposed to increase the Ripple protocol's speed by around 75%. Thus, accordingly, increasing the number of overall transactions as well.
b) Improved Stability
As per Ethan MacBrough's paper, the Cobalt algorithm would run in networks having no global agreement on the participants of a particular transaction along with non-uniform trust.
c) Eradicating transaction stoppage
Cobalt algorithm implementation would eliminate the occurrence of any halt in a transaction. It means the transaction process would never come to a halt even if there's a transmission delay.
In the case of transmission delays due to improper consensus voting, the process may slow down a bit but won't stop completely.
This Cobalt algorithm implementation would also enhance the financial security of Ripple, and protect from hackers and malware.
Partnership with Hyperledger:
Recently, Ripple partnered with the Hyperledger Consortium on 28th March 2018.
Hyperledger is a collaborative effort and a blockchain consortium supported by the Linux Foundation that's known for developing new, distributed ledgers.
With this partnership, the cryptocurrency and blockchain developers around the world would have access to the Interledger Protocol or ILP.
Previously, ILP was operable on the traditional JavaScript algorithm which was later retooled and enhanced by Ripple.
This partnership will bring positive results. It would not only increase Ripple (XRP) price but also expedite the process of blockchain application development.
The bottom line::
With these two important projects along with several other yet to begin, Ripple (XRP) future seems shining bright.
Even though the whole crypto-market sometimes acts like a giant bubble, Ripple would be able to satisfy its users in the future. These recent developments in Ripple; the Cobalt algorithm implementation and the partnership with Hyperledger would only make XRP cryptocurrency and Ripple's protocol (Hashtree) even more reliable.
To know more thoroughly about Ripple, prefer this blog links:
Ripple is now a Wave in e-Commerce as Blockchain Crypto Solutions
Why CTO Stefan Thomas Resigned? Is Ripple XRP Token through a Rift?
Most FAQs And Their Answers For Understanding Ripple & The XRP Ledger
Ripple Vs IOTA: Which Is A Better Blockchain Solution
Ripple: For Making Lighting Fast Cross-Border Payments
A Step-by-Step Guide To Know Everything About Ripple
Mudit Kumar
04 Dec 2018
Amazon Quantum Ledger will Intensify Blockchain Based App Development
Amazon lately announced a new Blockchain service at its AWS Re-Invent 2018 Event. Offering another pathway of development in this technology, the tech giant introduced its platform as a managed service for creating and managing scalable blockchain networks. As per reports, this new platform will simplify the operations in running blockchain applications. With such solutions, blockchain based app development will intensify across the industry. Amazon is known to develop highly robust technologies with competitive price strategy. In the same way, AWS revolutionized Cloud Computing and Storage Management, this new Blockchain service will come up as a massive boost in the Blockchain based app development industry.
What is Amazon Quantum Ledger?
Amazon named its new service as Quantum Ledger Database (QLDB). With the launch just before a couple of days, it became a buzzword across the technology community as Managed Blockchain. The service provides Managed Ledger Databases, which will store cryptographically verifiable transaction logs. These logs are immutable, rendering the basic features of Blockchain. QLDB is an enterprise database solution for blockchain transactions. These databases support languages aligning with SQL. The Ledger Database will store the blockchain transaction logs by replicating them, which can be queried later on. Per Amazon, the Quantum Ledgers is easy to use as it simplifies complex operations to few clicks. It is configured using a user-friendly wizard.
Read: The Emerging Trend of Decentralized Mobile Apps
What’s New In Amazon Quantum Ledger?
Breaking into the Blockchain industry Amazon introduced QLDB as a robust enterprise platform. Although the company showcased the service comparable with other such blockchain services in the market, QLDB is marked with distinct features. The distributed ledger is customized for enterprise usage. As it is scalable and easy, this database will support the blockchain industry to develop more complicated applications. The features are developed to back large blockchain based app development. The following are the features of QLDB.
Amazon claims QLDB has much greater capacity than existing solutions. In the release event, it claimed that the new database will execute up to three times more transactions compared to other such services.
QLDB is serverless. It implies it can scale up as per the requirement of the blockchain application. This feature renders the service in a pay-per-use model. The more space an application need, the more user pays.
Meanwhile, the cost automatically becomes less as user frees up space in the database. Also, its serverless quality reduces the set of operations to manage it.
Being supported with API based mechanism, QLDB is deemed user-friendly. This database is based on a flexible data model.
Transaction logs in QLDB are called journals. The journals tract each change and transaction in the blockchain. They are verifiable making each transaction history completely traceable.
Read About: An Introduction to Enterprise Blockchain Development
How will QLDB Impact Blockchain Based App Development
A year before, Amazon denied to get involved into Cryptocurrency through AWS. However, in a years time, the technology behind cryptocurrency changed to a fundamental undertone in the enterprise web application domain. After IBM and Microsoft, Amazon’s entry into the industry was imminent. With this, BaaS, Blockchain as a Service is gradually becoming the next tide in enterprise technology.
Blockchain as a Service, BaaS applications are basically transforming cloud-based servers to distributed ledgers. Therefore, blockchain is now gradually migrating into the cloud sphere. This trend will have a positive impact on Blockchain based application development as the platforms to develop such applications are now scalable and available on demand.
Mudit Kumar
04 Dec 2018
Latest G20 Summit has Good News for Cryptocurrency Development
US President Donald Trump, Russian strongman Vladimir Putin, and Middle East Barron Mohammed Bin Salman became the top news at the latest G20 Summit 2018 Buenos Aires, but a major winner was Cryptocurrency. Apart from other crucial discussions, the decision on cryptocurrency was substantial. Bullish claims and support towards crypto coins materialized a proposal to regulate the sector. This key step will have a strong impact on cryptocurrency development and similar activities such as crypto exchange development.
Two Major Conclusions
Per reports, leaders in G20 Summit agreed to start working on a new international taxation system for cryptocurrencies. There was a consensus on a taxation system for cross-border electronic payment services that would also regulate the market. A joint declaration was signed to regulate crypto-assets for anti-money laundering.
The major decision was to form the regulation aligning with the standards of Financial Action Task Force, FATF. The Leaders agreed to consider further responses on the matter. Following a roadmap, a consensus-based system was formed in Buenos Aires to address the impact of the digitized economy on an international tax system. This committee will update their developments in 2019 G20 Summit in Japan. Finally, the concluding report will be published in the 2019 Summit in Riyadh.
Another conclusion in the meeting was the identification of cryptocurrency as an asset, rather than as a currency. This consensus will subject crypto coins to capital tax. Klaas Knot, president of De Nederlandsche Bank NV terms currencies as assets or tokens saying they do not satisfy the three major roles of money in the economy. He believes tokens and digital coins are definitely not currencies.
Such developments have broader implications. Being termed as assets rather than money, now cryptocurrencies are recognized to have multi-dimensional values. Clearly, being used as technologies, value transfer, exchange values and as a medium of cross-border payments, cryptos has integrated as an irreplaceable entity in the global financial system.
Read: Exchange Development to catch fire in Europe.
The Positives on Cryptocurrency Development
Although, G20 leaders proposed the regulation as a stride to curb anti-money laundering Cryptocurrency was finally recognized as an infallible outcome in the world financial landscape. Authorities of some nations, including India and China, find cryptocurrency a difficult subject to handle. These countries have strict regulations against the circulation and usage of such digital currencies.
However, in contrast, most western nations are in strong favor of crypto coins. Greatest supports are from the US as well as the North American block. Several conclusions were derived, as many top leaders in the financial world commented on core issues related to cryptos. Governor of Central Bank of Argentina found these discussions “very productive”. He also agreed “that everybody left very pleased.” The positives will have a good effect on cryptocurrency development, making it mainstream in the technology development industry.
How will it Impact Cryptocurrency Development
Cryptocurrency being deemed as an asset rather than a currency will have strong ramifications in cryptocurrency development. As an asset, they now have more value than being the only medium of exchange. Blockchain technology will have to gain major relevance with such upshots. This will generalize this technology for industries and business setting a major trend of its adoption.
Also, with transparent and effective regulation, cryptocurrencies will gain mass adoption, breaking barriers even in nations they are not supported now. Use of cryptos will increase and it will gradually turn as a universal asset in the digital economy. As Jack Dorsey predicted, it “will become the world’s single currency in 10 years or fewer.” Therefore, cryptocurrency development is set to be the next trendsetter in the tech sector.
Mudit Kumar
03 Dec 2018
Implications of BCH Hard Fork on Developing Blockchain App
The latest BCH (Bitcoin Cash) Hard Fork has a strong message for the blockchain community. It is a lesson to develop blockchain apps with long-term perspectives. BCH, one of the fastest-rising cryptocurrencies, hard forks its blockchain twice a year as a protocol for intended upgrades of the technology.
The blockchain is split into two currencies, BCH, the existing one, and BSV, the new currency. The two new coins are; the original BCH, also known as BCH ABC, and SV, the new one, depicting the abbreviation of Satoshi Vision.
Hard forking not only accomplishes a set of technical priorities but also the dynamics of business and economics of cryptocurrencies.
Such development in the industry has a strong impact on users in terms of profit or investment returns. Also, their implications are substantial for developers and technologists. Ahead of the hard fork, there were serious trends in the market.
Technical Differences
In terms of technical specifications, the two chains have differences. A major difference is the block size of SV, which is 128MB, much larger than that of ABC.
Additionally, the two blockchains have different protocols. ABC runs on a protocol that is non-backward compatible. After the fork, the chain introduced two new operation codes. Also, canonical transaction ordering is introduced in the chain.
In contrast, the SV follows codes similar to that of Satoshi Nakamoto, the original creator of Blockchain.
The Background and Aftermath of BCH Hard Fork
There are two sides in the community now, the ABC supporters on one and the Satoshi Version supporters on the other.
Both sides have strong opinions growing as the reasons for the permanent divide.
The original chain, BCH ABC has the support of the original developers. The original community is now collaborating with Bitmain, a strong corporation with massive mining power. With the support, the chain is set to fulfill its technology requirements.
On the other hand, the new Satoshi Version is backed by Coingeek, a mining organization with substantial hash power.
Hard Fork’s Lessons to Develop Blockchain App
In terms of business prospects, both the old and the new currency has almost equal support.
Most of the top currency exchanges are listing both currencies with equal priorities, even if SV has fewer supporters. Some experts believe ABC has better market recognition as the dominant chain.
Roger Ver, CEO of the original company posed strong skepticism on SV, saying he “really don’t know how long SV is going to last, it may last for years to come or it may disappear after a couple of days.”
Such development in the cryptocurrency industry establishes the fact that the sector is quite volatile. This has a strong message for technologists who develop blockchain apps from business perspectives.
A blockchain creates its own roadmap as per user demands and subsequent upgrades. A long-term vision is an utmost necessity to create a cryptocurrency with strong market prospects.
As the business implication of a blockchain is integrated with its technical background, mechanisms, and protocols supporting a cryptocurrency must be scalable enough to meet the demands of market dynamics.
Need more insights about the blockchain development space, explore our market insight section and stay updated with the latest developments.
Mudit Kumar
30 Nov 2018
A Comprehensive Guide to Understanding zk-Snark
In the world where the internet is evolving around Blockchain and Social Media, user privacy has become a major concern due to increased awareness regarding control over personal data. With the passage of a revolutionary regulation in the European Union named General Data Protection Regulation popularly known as GDPR, each online service provider is trying to find ways to comply with the regulation.
Also Read: How to Become GDPR compliant with Private Blockchains
What is zk-Snark?
One such concept which is popularly applied to achieve user privacy in the world of Blockchain is Zero-Knowledge Succinct Non-Interactive Argument of Knowledge popularly termed as zk-SNARK.
zk-SNARK is a process for construction of proof (secret key for example) wherein one can prove that they are in the possession of something without actually revealing it. Sounds crazy, right? If you are scratching your head right now, don’t worry I did that too when I read about it the first time.
Let’s dig deeper into the part where it says, “proving that they are in possession of something without revealing." So the principle of zk-SNARK’s is summed up in the word “prove." So to prove that we have the possession of the secret, we just need to produce the required cryptographic proof generated from zk-SNARK.
Let’s take an example to see how the principle of zk-SNARK can be applied to prevent user’s privacy. Suppose Alice needs to transfer some funds from her account, so she calls the Bank’s customer center. Let’s see how the conversation plays as of today:
Customer Representative: “ Hello, I’m Bob, How may I help you today?”
Alice: “Hello Bob, I need to transfer x amount to the yz account number.”
Bob: “I’m happy to help you with this Alice. However, first I need you to answer some questions so as to validate that I’m actually speaking with Alice.”
Alice: “Sure Bob.”
Bob: “Please tell me your middle name and SSN number?”
** Bob asks all the personal information from Alice and crosschecks with the bank records to confirm Alice’s identity.
Alice : *Alice provides all the necessary information*
The fundamental problem in the above setup is that she was asked to prove her identity. Alice needs to provide all her personal information to Bob which now lies with the sole discretion of Bob as to how he uses it.
If we see, the need to share personal data arise because one needs to validate their identity. So what if we deduce some other way wherein we do not need to share our personal information, instead we share some cryptographic proof of our information.
Let’s consider the below example and analyze how we can validate the identity of Alice without having to ask for her personal information.
There are four key actors in our example:
Alice: The prover.
Bank: The verifier.
Bob: Bank’s Customer Service Representative.
Digital Identity Information Data Provider.
In this case, The Bank and The Digital Identity Information Data Provider will be the trusted third party setup required to setup and verification of zk-SNARK program.
Let us assume that Alice has already registered with the Digital Identity Information Data Provider which stores all the private information of Alice in a cryptographic form and, in return, the application generates a secret key (PIN) and provides it back to Alice.
Alice opens the bank application and navigates to contact us section.
Instead of directly connecting the call to a Customer Representative (Bob), to establish the identity of Alice and to validate Alice’s claim, she is redirected to Digital Identity Information Data Provider, wherein she’s asked to enter her SSN, DOB, etc., and finally while submitting the information she’s asked to enter the PIN which she received during registration. The application then matches the information with the cryptographic proof and if it is correct, it sends the response to the bank, validating Alice’s identity.
After getting a positive response to Alice’s identity the call is connected to Bob.
So if you see the above scenario, there was no exchange of personal information between Alice and Bob yet the identity of Alice was proven without any sensitive information being passed to Bob.
The above example just presents the overview, typically a use case where zk-SNARK’s can be applied. For practical information, the trusted setup parties would be created over a Blockchain based network so as to incur transparency.
The concept described in this blog will allow the user to have a full control over their data and minimize data leakage without hindering the smooth transaction process that is already in place.
A key area where zk-SNARK can still be improved is by removing the need of a third party required for generating Zero Knowledge Proof. There is still a lot of research going on in zero-knowledge cryptography and once such concept that has come out is zk-STARKS.
In the next blog, we will dig into the technical aspects of zk-SNARK. We’ll see what properties a zk-SNARK proof constitutes and we’ll also see the process involved in the generation of zk-SNARK proof.
Mudit Kumar
30 Nov 2018
Will IOTA Blockchain Solution Secure Internet of Things Ecosystem?
Internet of Things means the network of interconnected electronic devices. Here, “Things” are referred to “Smart” devices interconnected via the Internet. They inter-communicate to carry on their activities uninterrupted, with or without human intervention. Blockchain Solution emerged in this ecosystem as IOTA, a distributed ledger technology for interconnected smart devices. Since IoT remained vulnerable to security attacks being an amalgamation of many devices, data safety has been as a major issue in the technology. Now IOTA is emerging as a beacon of security solution being a cryptographically secure mechanism.
Understanding Internet of Things
IoT is a futuristic technology. Its immense potential has lead both the business and the consumer community to aggressively adopt the trend. Its demand is increasing with augmenting use cases in domestic, enterprise and business landscape. IoT is popular for its attractive features. Blockchain Solution added another strong prospect into this technology.
Here is a simple example of how IoT works. Suppose, a slot for eggs is set in a refrigerator. This smart refrigerator ‘sense’ the gradual decrease in the number of eggs. When the refrigerator finds the depletion is reaching a lower threshold, it automatically set up an order in the local shop or an online portal for a measured number of eggs. Hence, without human intervention, eggs reach the fridge. IoT can make the coffee maker start brewing the evening cup of cappuccino at home right when you set the destination in your car way back from office.
Security in IoT Ecosystem
Apparently, an IoT system has several nodes or interconnected smart devices. These devices are of contrasting types, serving different objectives. A device could be a nail-sized sensor to a large smart car. Each electronic equipment in a house can form a network, which can be connected to another network in some other location. IoT can form large networks of innumerable smart devices combining smaller networks, working in full synchronization with one another. By 2020 there will be 20.4 billion interconnected devices across the globe and IoT is gradually encompassing them.
However, lest a large network, even a smaller one with a handful of devices is completely vulnerable to security hacks. This is the reason blockchain solution is becoming relevant in this technology. The network could be accessed via any potentially vulnerable device. A small glitch or a bug in a particular component is enough to break into the whole system. This open exposure to attack has raised strong skepticism on IoT. There are multiple dimensions of security threats in the system. Here, it is difficult to keep track of any potentially vulnerable device. Additionally, the determination of the nature of the attack is tough. Attackers can disguise using any technology or use any technique to break into the system.
IOTA Blockchain Solution
IOTA, in reality, is not a Blockchain Solution. The underlying technology of IOTA is Decentralized Acyclic Graph, which has a network like structure, in contrast to the chain-like structure of blockchain. The technology is built with the primary objective of becoming the secured and decentralized internet only for smart devices in the IoT ecosystem. The intention of its founders is to create a public network for IoT, enabling micro-transaction of its unique cryptocurrency called the mIOTA.
Know More about IOTA Distributed Ledger
IOTA Securing IoT
There are certain differences in how a conventional blockchain works to that of the IOTA network. To confirm a transaction on IOTA network, a node has to confirm two previous transactions. Thus, any request from an IoT device will have to confirm two previous transactions with other nodes or devices in the system. It means, the device will verify two previous addresses of the previous transactions. Therefore, at device level, IOTA can secure any network strongly. Tangle, the technology of IOTA network uses several techniques to secure transactions.
The Approval mechanism creates a cumulative weight in any device. A device in the network verifies the previous transactions to approve an incoming one. The algorithm of verification is called Tip Selection. The weight of a node increases as its number of approvals increases. Therefore, the more a device is secure in the system, the more will be its weight as well as the probability of approval of an incoming transaction. Above it, a device or node in the system requires to solve cryptographic puzzles before approving a transaction.
The most recent development in security measures of IOTA is the Coordinator, a system to validate any transaction. This system brings Consensus mechanism, the security aspect of blockchain into IOTA. In Coordinator, a transaction is to be validated by the entire network after the first individual approval. Security in IOTA grows stronger with the increasing number of devices because each of the connected devices will add up to the approval mechanism increasing the number or required approvals. In Tangle technology, any node without a single approval is blocked from the network automatically.
Explore our Enterprise Blockchain Solutions.
Prospects of IOTA in Internet of Things
Although IOTA is with certain vulnerabilities, it is the strongest blockchain solution to secure IoT. In fact, it is the best option for technology. Being a device based cryptographic network, it is with ingrained security features for electronic equipment. Furthermore, IOTA is evolving not only as the most secure communication protocol for machines but also as a financial infrastructure.
Mudit Kumar
29 Nov 2018
How Decentralized App Popularity Can Impact Tron Price
Decentralized Applications in the Entertainment Industry
Earlier this year, technology chief of Ripple, Stefan Thomas, parted away from the crypto-giant to create a new platform based on Interledger technology. Known as Coil, this platform provides real-time incentives to content creators on the network. Blockchain-based Decentralized Applications is a new entrant in the entertainment and online content industry, but its foray is stronger than any other disruptions in the media industry before. Apart from this, Cryptocurrency like the BAT, Basic Attention Token, created by Brendan Eich is gaining good traction in the Digital Advertising industry. Such initiatives are creating an amicable environment for content creators.
The emergence of Decentralized Applications in the entertainment industry is beginning to have a strong impact. Tron, the blockchain technology for content producers and creators is gradually emerging as a big name. Other blockchain based platforms such as the Steem and Vevue are offering ways to monetize online content, but Tron is backed with multidimensional facets to support itself technically as well as in the industry from business perspectives. Additionally, celebrities are beginning to realize the potential of blockchain based technology as a business avenue. In near future, it is certain that content-based technology like TRX will gain greater relevance. It will impact Tron price strongly, and Tron’s adoption is likely to hit a mainstream in media and entertainment industry.
TRX Technology Removing Middleman
Founded in September 2017 by Tron Foundation, TRX Technology eliminates the third party involved in distribution and marketing of creative content. With the rise of platforms like YouTube and Netflix, content creators found a lucrative way to earn through their content, especially from videos, music, and arts. In this ecosystem, digital advertisement plays a pivotal role as the only revenue source for both content creators as well as the third party platforms. Blockchain-based technology decentralizes this system by replacing the publisher platform that usually has a good share in the revenue distribution model. Elimination of middleman is the primary aspect of this platform.
Tron is a public blockchain network. Using peer-to-peer network technology, it enables content creators to earn directly from viewers accessing their content. This technology improves the overall market by reducing the cost for viewers on one hand, and increasing revenue generation on the other. As there is no centralized third party involved in the process, users pay content creators directly using the token called TRX.
TRX DApp Adoption will impact Tron Price
TRX Technology offers several advantages to Content Creators. It was built on Ethereum blockchain in its initial stages. However, launching the Tron Virtual Machine, it created the new avenue of developing independent Decentralized Application. At present, TRX Price is competing with Ethereum and other top cryptocurrencies. The technology is promising immense possibilities stepping up with new developments in a short time. Tron Foundation also launched their own main-net recently. Thus, Tron price prediction is following a strongly positive path. Industry experts believe TRX is set to reach three times of its original starting value by the beginning of 2019.
Additionally, with strong growth perspectives, its value is set to reach 4$, increasing by more than 16 times of its initial price in the next five years. This will be backed by its own creation, the new Web 3.0, the decentralized web, which is deemed as the next big thing in the technology landscape. Web 3.0 could bring new revenue generation and distribution model in the market. While some cryptocurrencies are impacting the market by partnerships and free distributions, Tron TRX is depending on technology upgradation and user utility as its market breakthroughs.
Mudit Kumar
28 Nov 2018
AI and Blockchain: How these top tech augment each other
How do the two most revolutionary concepts like Blockchain and Artificial Intelligence complement each other? In this article, we discuss the merits of using blockchain alongside blockchain for improved security and better results.
Blockchain has created such a buzz in the tech scene that almost every technology enthusiast wants to know more about it. Not only has it brought a rage of cryptocurrencies, but also is about to revolutionize various industries like Healthcare, Education, E-commerce, and the Digital Space, by bringing the concept of decentralization to realization. And the focus of blockchain development companies is now on integrating AI with blockchain to expedite its widespread adoption in the world.
Blockchain technology::
The blockchain is a distributed ledger that stores all transactions in a digital and decentralized manner. It uses chronological order to store the complete transaction details in blocks.
Each connected computer to the network is called a node. As the blockchain is distributed, a copy of the blockchain automatically gets downloaded on each node. Thus, all nodes get access to the database, but the contents remain encrypted.
Let's understand it with a simple explanation here:
When someone makes a transaction request, it gets broadcast to a P2P (peer2peer) system of nodes.
The network of nodes verifies the transaction using cryptographic algorithms.
This transaction gets combined with others to form a block of information.
The newly added block gets added to the current block in a way that it stays connected to the previous block.
The transaction is now concluded.
Artificial Intelligence::
Machines and computers are of no use until humans induce them with programs and software to make them run as per the instructions. Artificial intelligence is one of the latest phenomena, science, or technique in which machines are programmed to act like humans. They are coded to take independent decisions.
How do AI and blockchain go hand in hand?
Conceptually, both AI and blockchain have different characteristics. AI is centralized, and its results depend on the probability. The intermittent black box (complex algorithm process) is placed between the input and output and is usually not revealed.
On the other hand, the data in a blockchain remain decentralized and transparent. Whatever data you store on a blockchain stays secure and unaltered due to the use of cryptography. Blockchain ledger timestamps all of the stored data and then is distributed among the nodes or participants.
AI and blockchain can uplift each other and help in getting better outcomes.
AI and Blockchain, for Data effectiveness through Security:
AI works on data correctness to master its algorithm and final results.
Blockchain keeps data secure ensuring no data tampering. Then, encryption is used in a way that makes data stored in a blockchain unalterable. This secure data means 'data correctness' which helps create better AI models and provide better results.
With this organized data, blockchain creates new markets for transparent data exchange. And thus, helps in providing extended data access and an improved data monetization model.
Blockchain for wide-range data accessibility::
Artificial Intelligence depends on data. Nonetheless, only a handful of established corporations like Google, Microsoft, or Facebook have access to their data. This data is not revealed to the outer world.
But the blockchain, being a peer-to-peer connection, allows anyone to access data available on the network, thus, making the availability within everyone's reach easily.
Improved data management::
As for now, AI follows the concept of a centralized database. It means, in case of an accident, data might get altered, lost, or corrupted.
However, when we blockchain, the gets stored in millions of nodes. Data in multiple copies means it won't ever be lost.
Data sharing and scalability::
Expecting better results from AI means it requires chunks of correct data.
Blockchain can help AI store and process that chunk of correct data, thus creating a scalable blockchain ledger. Unquestionably, it a tough task but worth exploring.
With blockchain, we can share and sell data in a secure manner. Further, various data exchanges to securely trade data help get more data inputs to the AI-based machines.
AI's Dependency on Blockchain::
Although blockchain has immense potential, it does have some pitfalls, which can be overcome by the effective use of AI.
One of the issues with blockchains is mining. It consumes a lot of money and energy to mine. Here, AI can help optimize energy consumption and lower the investment cost in mining hardware.
The blockchain is growing speedily. 1MB is being added every 10 minutes. AI can help enhance the blockchain by removing unnecessary data.
Blockchain security can be improved by AI deployment.
If the blockchain data is sold to a company, tracking how that company is using it, granting access, and other things can be possible with AI.
AI and blockchain are the two most trending technologies in the digital landscape. Both contain the immense potential to become the path-breakers when used together.
Mudit Kumar
27 Nov 2018
Analyzing Stellar Blockchain Solutions and Stellar Price
Why did Stellar Give Away Free Lumens?
By the second week of November, Stellar Development Foundation and Blockchain Wallet partnered for the so-called “Largest Ever Airdrop of Coins”. It was a massive initiative of distributing US $125 million worth of XLM, Stellar Lumen, the cryptocurrency based on Stellar Blockchain. Each user signing up for the Blockchain wallet for the first time will receive US $25 worth Stellar Lumens. Although this is a small amount, this is adequate to start with Stellar Blockchain Solutions development.
Jack McCaleb, co-founder of Stellar, believes such “airdrops are central to creating a more inclusive digital economy.” He clarified Stellar is giving free Lumens, despite its high market value as an invitation to communities to design the services they need. This airdrop is imperative to pace up Stellar Blockchain Solutions. However, will it impact Stellar price? What will the impact of such free distributions on investors in Lumen?
Lumen Price and Stellar Blockchain Solutions
Currently, Stellar price is around US $0.199, which is low compared to many other crypto coins. However, after a week of the latest airdrop, Stellar entered the league of top fives. Lumen’s popularity also crashed Bitcoins Cash making to head down below the top fives. Additionally, Stellar debuted in the middle east market in the middle of this year in July. The company is working on a strong strategy to become a cryptocurrency giant. Furthermore, the Stellar Blockchain Solutions as payment technologies are becoming a preferred choice for many large and mid-level enterprise. Against this backdrop, airdropping the coin will increase its market cap significantly. With increasing market cap, Stellar price will gradually rise, offering better incentives to investors.
Cryptocurrency investors are well acquainted with the market rivalry between Ripple’s XRP and Stellar. While Ripple is expanding its market, by this airdrop, Stellar, in fact, is partnering with Blockchain creating a market ecosystem. Clearly, Stellar wants Blockchain to become the universal system in cryptocurrency landscape. The company wants to gain mainstream adoption and drive both its new and old users. Peter Smith, CEO of Blockchain says “free tokens is a great way to boost” mass adoption. He is also focussing on the airdrop strategy to let global users know Steller's strong features like low-cost, instantaneous and scalability in use cases.
Probable Impact of the Free Giveaway
Stellar is an open source and decentralized platform and it gains an edge over similar other systems like the Ripple due to these facets. As a payment mechanism, it is an efficient micropayment system for cross-platform transactions. Any pair of currencies can be swapped over the blockchain. Stellar has a strong perspective of becoming a universal payment blockchain for transferring cross-asset values.
A popularity of this platform will put a thrust on Stellar Blockchain solutions. The recent airdrop will distribute XLM to 5 million more users. The market of the coin will increase by this number. A good portion of this new users is expected to use the currency to develop Stellar blockchain as payment solutions. Thus, apart from increasing transaction of the currency, the technology will also gain significant popularity.
Mudit Kumar
27 Nov 2018
What makes Blockchain Development in Python a Viable Decision
The blockchain is now getting significant traction and becoming a disruptive technology that has recently appeared on the tech scene. You will not only find it underlying Bitcoin and other cryptocurrencies but also in other prominent sectors like finance, Internet of Things applications, healthcare, and even governments.
Blockchain at a glance:
At its core, blockchain is a distributed ledger that enables digital transactions between two or more parties without involving an authoritative mediator.
You may think of it as a simple concept, but blockchain holds significant implications for organizations ranging from governments to banks or even unexplored markets.
Although blockchain developers write blockchain applications in C++, many data scientists turn to other blockchain programming languages for developing their blockchain solutions.
While there are numerous blockchain programming languages, Python is one of the most worthwhile for developing a blockchain application or project.
Let's look at some of the prominent advantages of Blockchain development in Python:
1- A state-of-the-art and non-complex language
It's been more than two decades Python came into existence. Now its spot in the technology landscape is growing more stronger.
Python has always got enough support from the community of passionate developers. And thus, has been able to evolve as a language which guarantees stability and reliability.
It's a programming language that holds a bright future. So, rest assured that your application will be built using a programming language which won't become obsolete in the future soon.
Also, Python offers a gentle learning curve that makes it quite easy for developers to comprehend within a sound time-frame. Not only this but it also allows wannabe blockchain developers to contribute to projects in comparatively less time.
2- Considered unadorned and minimalistic
There are two underlying concepts of Python, simplicity, and minimalism. Its simplicity is because of the different features it carries. One of those is, for instance, in Python, white spaces indicate code blocks, and developers using it don't need to ponder over adding curly brackets and keywords. They can begin Blockchain development in Python without having to write a lot of coding.
3- Python is in trends
Take a gander at this year's TIOBE index, and you can find Python standing at the third spot among all programming languages. And the index signifies that Python is here to stay, given its continually growing popularity.
In reality, if you're looking to hire blockchain developers for Blockchain development in Python, you'll have an easy time appointing your project team as there is a myriad of developers who specialize in Python. However, easy access to Python experts won't be enough. The growing popularity of the language also means that team you've built would need to take advantage of Python's vibrant community, that shares knowledge and builds useful libraries.
Also Know: How To Create An Application Using BigchainDB in Python
4- Run it compiled or uncompiled
Opposite to C++, Python is a language that comes scripted and doesn't require compilation to become comprehending for machines, making blockchain development in Python an easy process.
Let's understand this with a simple scenario. Imagine executing an application and noticing a bug in it. If you've used a compiled language, to fix it, you would need to halt the application on production, return to the source code, fix the bug, recompile the code and re-run your application.
On the other hand, in Python, all you require to do is fixing the bug and restarting your application- no need to recompile the code. And that's how it offers this massive advantage in building blockchains.
Translating code while in progress can adversely impact the performance of scripting languages. Therefore, Python comes with the option of pre-compiling code along with numerous other techniques that expedite it, giving developers an edge while working in Blockchain.
5- Free packages for Blockchain Development
Another advantage of using Python in the Blockchain project is that it provides developers with a hub of free packages to them code more efficiently. Here's a complete list of libraries it offers.
Blockchain Development in Python:
Blockchain has some specific requirements when it comes to language and code.
In general, when opting for a programming language to develop a blockchain project, you need to ensure that it is secure, scalable, and performant.
You need to have an advanced language to ensure the safety of blockchains- turn to Python.
Since blockchain is a distributed ledger, anyone can add to it. Then, your network and code must have the ability to deal with a growing query list. Python has got that covered. Eventually, a blockchain application needs to permit anyone to add to the chain without processing these transactions in parallel. For that, you need a versatile and speedy language-and that's why you should go for Python.
Implementing Blockchain:
Python enables developers to write a simple blockchain application in less than 50 lines of code.
First, we need to outline how the block would look. Blockchain stores each block with a timestamp and an index. Blockchain integrity is paramount, and thus, ensure it using a cryptography hash of the block's index, data, timestamp, and a previous block's hash or the genesis block's.
Python could prove to be handier if you're trying to develop an Internet of Things use case. The language makes the process of building blocks with relevant information and syncing them together much simple.
If you've any query about Blockchain development in Python, reach out to us, and we'll be at your disposal.
Mudit Kumar
26 Nov 2018
Ripple is now a Wave in e-Commerce as Blockchain Crypto Solutions
In the recent Swell 2018 conference, former Chief Product Officer of e-Bay R.J. Pittman evaluated the eminence of Ripple and its technology in the e-Commerce industry. Per the technologist, this particular blockchain will come up as the most appropriate mechanism to address several lacunas related to payments and transactions in the industry. Pittman projected Ripple’s technology as the future of payment systems. He pointed out xCurrent and xRapid to possess the imperative traits that effective payment systems should have. Posing the emergence of a highly competitive market, Ripple based blockchain crypto solutions are believed to offer adequate features to make business streamlined in terms of financial transactions.
Read: About Ripple's Technology
The fuzzy eCommerce Ecosystem
Presently, online payment methodologies in e-Commerce are struck in the bottleneck due to several critical aspects. The internet is failing to offer adequate scalability and the proper infrastructure. Growing user bases and the burgeoning transactions are making tracking and supervision of payment transactions a tough task. The existing web technologies are proven deficient, turning as obsolete methods. Blockchain crypto solutions offer a new dimension in digital payment technology. It is possible to eradicate each critical situation in the conventional system.
In the eCommerce landscape, as Pittman explained, Ripple based payment technologies and blockchain crypto solutions will bridge the information gap between buyers and sellers. Information about shipments and product delivery are the priorities for buyers. While information of a payment processing, the pathways of payments and confirmation of the transactions are the priorities for sellers. Many a time, buyers and sellers are not sure if a transaction was successful. Thus, the platform fails to fulfill its objective completely, relying on several allied systems, third parties, and authenticators.
An eCommerce platform is unable to support seamless information delivery throughout the lifecycle of a product sale. The involvement of additional stakeholders like merchandisers and the supply chain renders more complications in the whole process. Achieving transparency become a utopian idea with massive fuzziness in the operational mechanism.
Read: Blockchain Revolutionizing Supply Chain Management
Ripple Blockchain Crypto Solutions will Revolutionize eCommerce
Distributed Blockchain Ledgers is the emerging game changer in the eCommerce industry. This technology will streamline the allied processes in e-Commerce and facilitate an improvised transaction mechanism. Blockchain Crypto Solutions such as Ripple will enable to render effective integration of buyers and sellers from across the globe. E-Commerce with a global presence will have a special advantage in tracking financial transactions as blockchain support a seamless cross-border transaction. Ripple based platform will make financial transactions, transparent especially intercontinental payments. The technology has the potential to completely restructure the payment mechanism in the eCommerce industry. It will innovate credit settlements and effectively remove the flaws in conventional payment systems.
Risk has been always a strong factor in the enterprise landscape. Being hit by disruptions, many businesses are skeptical in the adoption of blockchain technology. However, the time now is to move on from the limitations of conventional methods and leverage the advantages of futuristic traits. Ripple, being a payment protocol has set its relevance in eCommerce. Similarly, other blockchain based technologies like Smart Contract are transforming industries.
Mudit Kumar
26 Nov 2018
ERC-20 Token Contracts: Everything You Need to Know About
silyThis article gives insight into ERC-20 token contracts, how they are a key component of Ethereum blockchain application development and more. First, let us understand about Ethereum blockchain.
Ethereum
According to Coin Market Cap, Ethereum stands at the second spot in terms of price and market capitalization.
Ethereum is also a blockchain technology-based platform.
Ether is the native cryptocurrency on the Ethereum network. However, users can also trade other crypto tokens on the network.
These tokens refer to digital assets that represent physical assets as well. In other words, crypto tokens are similar to smart contracts that leverage the Ethereum blockchain.
The Ethereum network is quite synonymous with smart contracts and standardized tokens also known as ERC-20 token contracts.
Suggested Read | Assessing the Advantages of Ethereum Blockchain Solutions for Enterprises
Understanding Token Contracts
Before getting into ERC-20 token contracts, it's important to understand token contracts first. In a nutshell, these token contracts are smart contracts that contain account addresses and the balances in those accounts.
Essentially, the balance in smart contracts represents the value often set by the creator of the contract. So, the unit of the balance in the contract is what we know as a token.
For achieving transparency and accountability in transactions, the token contract automatically updates the balances of the two accounts involved after every token transfer.
It's vital to note that contracts can change the supply of tokens. Thus, you can increase tokens by minting new ones or decrease them by burning the current token. Burning existing tokens requires sending them to an unknown private key, often known as the Zero address.
Also, Check | Adoption Value of Smart Contracts for Enterprises
Knowing ERC-20 Token Contracts
Known as Ethereum-based tokens, ERC-20 token contracts are created using the ERC-30 standard protocol. One common example of a protocol is HTTP (Hypertext Transfer Protocol). Yet most people don't have an idea that it's the protocol used to power the internet.
Likewise, ERC-20 states the commands that a token must implement. It is a simple specification that requires a token to follow. So, a token developed on the ERC-20 standard qualifies to be called an ERC-20 token.
It's the ERC standards' key functions that ensure trading a token on exchanges. Some of these functions consist of balance inquiry for an individual address, monitoring the whole supply of the tokens, and sending the tokens from one address to another.
Thus, it becomes easy to add the tokens to an exchange platform. However, before the development of the ERC-20 protocol, most tokens were developed using different functions. Consequently, to trade two tokens, it was required that the traders familiarize themselves with the intricacies of each token involved.
But, when developing an exchange platform, on which users can easily trade these tokens, would involve major complexities. Essentially, the key role of the ERC-20 protocol is to bring more uniformity, lower the risk in developing tokens, and enhance the liquidity of tokens.
Check It Out | ERC-20 Token Standard | Development Essentials
ERC-20 Functions
The functions incorporated in ERC-20 tokens include checking the balances of accounts and verifying and sending cryptos from one address to another. The 'transfer' option enables one to send tokens from one address to another.
Moreover, the receiver does not confirm any checks. It means that token senders must perform their due diligence to verify the correctness of details. It is important to know that when dealing with smart contracts, the 'transfer' function cannot suffice itself.
Hence, the 'approve ' function comes to the fore.
For instance, person A executes a contract on a blockchain network. The contract requires the execution of five tokens. Person B wants to get into the contract and has 20 tokens in his address. In this case, approval and transferring would require to be used jointly.
First, person B would provide his address approval to enable the transfer of 5 tokens to A's address. It's called the allowance. After the allowance, person B can transfer the tokens to A and get into the contract to execute it.
The 'balance of' function enables one to see the balance of an individual address. Anybody can view the balance of any particular address as a blockchain is a distributed public ledger. However, it's not possible to know the owner's details the address since blockchain doesn't store personal information.
Also, Read | Ethereum: The Platform That Brings Blockchain Into The Mainstream
The Bottom Line
ERC-20 standard has helped in eradicating a host of intricacies and risks in token development. Nonetheless, ERC-20 has its flaws and that's why the ERC-223 proposal offers other functions that can enhance the ERC-20 protocol. However, ERC-223 is incompatible with ERC-20, meaning blockchain developers will need to keep on using the latter.
Need assistance in developing and issuing smart contracts on the Ethereum blockchain? Contact our blockchain developers to start your project.
Mudit Kumar
26 Nov 2018
Ethereum Cryptocurrency Exchange Flaw Exposed
Gas Token, the exchange currency of Ethereum, has been discovered to harbor a significant flaw, posing a severe threat to Ethereum exchanges and users alike. This vulnerability, exposed by an exchange development company, enables hackers to drain substantial reserves from exchanges through payments for massive computations. For more information about blockchain and Ethereum, visit our Ethereum blockchain development services.
The Nature of the Flaw
The flaw resides in the ability of Gas Tokens to be transferred to random addresses, allowing attackers to exploit this feature to implement computations on the account of the transaction originator. This loophole can be leveraged by attackers to withdraw funds from exchanges or users, potentially resulting in massive financial losses.
Attacker's Strategies
Attackers can exploit the flaw by initiating transactions without setting limits on the amount of Gas Tokens involved. By using a fallback function, attackers can withdraw funds from exchanges, with the computation costs paid from the exchange's wallet. This technique enables attackers to siphon off significant amounts to multiple accounts, leading to substantial losses for the exchange or user. Additionally, attackers can also mint Gas Tokens using funds from users or Ethereum exchanges.
Also, Explore | Biggest Upgrade of Ethereum, Dencun (Deneb-Cancun) Explained
Entities Vulnerable to the Attack
Exchanges or users who fail to set limits on Ethereum transactions are vulnerable to this attack. Any entity processing transactions, including Decentralized Exchanges and Relay Services, remains unaffected. However, the vulnerability extends beyond Ethereum to Ethereum-based tokens such as ERC-20 and ERC-721, leaving any entity initiating transactions without predefined limits exposed to this bug.
Impact on Ethereum Cryptocurrency Exchanges
Ethereum exchanges lacking limitations on transaction types face heightened vulnerability, as they can be compelled to send currencies to smart contract addresses instead of wallets. This scenario increases the risk of substantial losses, as smart contracts could be exploited to drain computational power. The widespread adoption of the Ethereum blockchain exacerbates the risk, placing numerous stakeholders in jeopardy.
You may also like | Exploring Token Standards Beyond Ethereum
The Current State of Ethereum
Ethereum stands as one of the most popular blockchains for application development, with a significant volume of transactions worldwide. Despite its popularity, the vulnerability poses a considerable threat to the industry, impacting various sectors such as social media and supply chain management. Notably, Decentralized Exchanges and ICOs based on ERC-20 Tokens are particularly affected, with Ethereum-based tokens like EOS, Tron, and OmiseGo witnessing significant transaction volumes.
Defensive Measures
To mitigate the risk posed by the flaw, experts recommend implementing a reasonable Gas limit on withdrawals, with a minimum limit of 21,000 gWei for Ethereum transactions. Exchanges are advised to exercise caution when transacting with random addresses and implement additional measures such as KYC procedures. Furthermore, continuous monitoring of Gas transactions on withdrawal is crucial, with some cryptocurrency exchange developers already taking proactive steps to address such vulnerabilities.
Connect with our skilled Ethereum developers for more information about Ethereum blockchain development.
Category:
Blockchain
Mudit Kumar
23 Nov 2018
Understanding the Blockchain and Decentralized Consensus
There's no doubt that there's a shift in approach. We are now focusing on, from one cryptocurrency to multiple cryptocurrencies based applications developed on top of the blockchain technology.
In this blog, we will analyze the prospective influence of the blockchain technology on software developers and why should it matter the most to them.
In a nutshell, we can only say that blockchain is the new database and wannabe blockchain developers are all set to rewrite it.
However, you must know that the underlying technology or mechanism of blockchain is quite similar to a standard database. It only differs the way we interact with the database.
For software developers, the blockchain technology has the potential to cause a paradigm shift in the way software engineers will write software applications in the future and has become one of the most significant concepts that demand to be understood thoroughly. We need to comprehend the unexplored ideas; how they relate to each other in this latest computer paradigm that's getting untangled in front of us; credible computing, decentralized accord, smart contracts, and proof of work/state. This computing paradigm can't be ignored as it will play the role of a catalyst for the development of DApps (Decentralized applications).
Decentralized applications are going the lay the foundation of a decentralized world at legal, business and governance levels. There is a group that's behind decentralizing everything and wants to hand over the power to the edge of the networks. So, be prepared to comprehend these ideas.
So, let's understand, what's Decentralized Consensus.
Decentralized consensus breaks the age-old centralized consensus method, where one central database dominates the transaction power.
On the other hand, the decentralized consensus, on which the Bitcoin protocol is based, moves the authority and credibility to a decentralized virtual network. And, enables its nodes to regularly and sequentially record transactions on a public network by building a unique chain, which we know as Blockchain.
Each next blockchain contains a 'hash' (a unique fingerprint) of the antecedent code; therefore, cryptography (via hash codes) is utilized to safeguard the verification details of the transaction source and eradicates the need for an intermediary.
The excellent combination of Cryptography and Blockchain ensures that no single record is replicated recording of the previous transaction.
We can think of this consensus method as the foundation layer of a decentralized architecture. In a nutshell, it can be called the basis for the key protocol that dominated blockchain's operations.
Liked this blog? You can read more here. You can also drop any suggestion or query related to blockchain services.
Mudit Kumar
23 Nov 2018
Python Blockchain Programming to Gain an Edge over Others
Although there are specific languages like Solidity and Simplicity to develop Blockchains, in general, any Object Oriented Programing Language can create a blockchain. As there are many options under this broad category, it is a bit daunting to decide the best programming language that complies with the majority of the requirements of a blockchain. To evaluate the best option one needs to realize the contrasting difference of a blockchain to that of conventional software and applications. Python blockchain programming has certain advantages including that of creating "unmistakable" codes.
Blockchain Programming: Contrasting Aspects
The Internet is programmable information. The blockchain is programmable scarcity.-Balaji Srinivasan, CTO, Coinbase
In terms of its architecture and functioning, a Blockchain is comparable to a Data Structure rather than a software or application. The prime feature of blockchain coding is being effective to handle data in bytes rather than bulk chains of instructions. Each transaction in a blockchain is immensely important so is, its every line of code. A blockchain programming need not be long lines of unending codes like conventional software. Even a code less than a hundred lines is enough to create a blockchain.
An important aspect of reliable blockchain development is the emphasis on security. Simpler the coding, stronger the program. This is due to generic eradication of fuzzy and long codes, that has a possibility of behaving anomalously. Some code might turn up as potential bugs leaving leeway for attacks and hacks. Blockchain cannot afford any bugs, as security is among the paramount reasons for its adoption.
Another important aspect of blockchain programming is scalability or performance. In blockchain development, scalability is synonymous with performance because the platform is supposed to be the basis of unlimited applications over it. A blockchain is developed to attain unlimited possibilities in the long term even if it has specific objectives in the short run. Scalability of the programming behind the blockchain will determine the contrasting use cases of the technology, thus, becoming the prime parameter of performance. In the wake of faster networks, strong blockchain platforms are inevitable.
What makes Python Different
The joy of coding Python should be in seeing short, concise, readable classes that express a lot of action in a small amount of clear code -- not in reams of trivial code that bores the reader to deal. -Guido van Rossum
A majority of blockchain developers prioritize Python as the most preferred language. Python is a relatively new language compared to C++ or Java. Simplicity is a major characteristic of this language, making it the new basis for developers. Guido van Rossum created Python in 1991 with a sole objective to develop a simple and minimalistic programming language. It is free of complex syntax, and developers using it need not worry about the structure.
Since Python is open source, it is evolving to comply with the requirement of new technologies. It has huge libraries growing every day transforming it gradually as the most popular universal coding language. Because of the unique fundamental nature of Python as a coding language, it has certain advantages over other languages for private blockchain development as well as open networks.
Advantages of Python Blockchain Programming
Python is easy, reliable and the language with the strongest performance parameter for general blockchain solutions. Apart from general advantages, there are several specific advantages of Python blockchain programming.
A Blockchain may be public or private but has to be always open for its peers. Also, blockchain startups are looking out for the mass participation of general users. Therefore, a blockchain network is developed such that it is able to handle any growing list of peers and queries. Python makes it is possible for a blockchain to allow adding new query lists without running parallel transactions for the same.
Python is a futuristic language. Its alignment with technologies like the Internet of Things, Big Data and AI gain the edge for blockchain development. It is possible to cut short hundreds of lines of coding to deal with IoT in blockchain using a single line of Python code. Thanks to its large and burgeoning libraries. Apart from making blockchain development simple and short, it naturally aligns the technology with other emerging tech traits.
Even less than 50 lines of Python codes are enough to create a simple blockchain. This language is the easiest way to develop cryptographic hash functions, timestamps, and data. Thus, blockchain using Python has strong integrity. Additionally, the language supports fast development.
Python offers special packages for blockchain development. There is a list of libraries in the language solely for its development.
Python blockchain programming has many advantages, but many established blockchains are still running on platforms like C++ and Java. However, Several major platforms, including Ethereum are adopting Python. Satoshi Nakamoto used C++ for Bitcoin blockchain, but Python is opening up new was to adopt the technology.
Mudit Kumar
22 Nov 2018
Setting up the Ethereum Tester for Blockchain Testing
Testing Blockchain Applications
Blockchain contains the list of records in a chain of blocks that are made secure using cryptography. Each block comes with a unique cryptographic hash for previous blocks also validates and allows seeing transactions details between two or more participants. The blockchain is managed through the P2P (peer-to-peer) network for addressing a protocol and creating new blocks of information.
The testing of the application takes place based on the functionality of Blockchain, which the test engineer does, such as:
Functional testing
Integration testing
Performance testing (Jmeter tool required)
Security testing
Ethereum Test Tools (to execute the code)
Ethereum Tester:
Some codes are executed to check the cases. Please, click on the link Ethereum Tester, it provides a tool for testing the Ethereum blockchain based applications.
Input/output Data Format:
The Ethereum library utilizes this format:
Hexadecimal values are referred to as the text strings, not bytes.
The address comprises of mixed-alpha characters which verify the checksummed address, specified by EIP-55.
32-byte of hashcode is hexadecimal encoded.
Numeric values will be providing integer portrayal
Block Number:-
The parameter will undertake the given value.
'latest':- for newly mined block
'pending':- for existing un-mined blocks
'earliest':- for genesis blocks
Installation code:- pip install eth-tester
Development code:- pip install -e . -r requirement-dev.txt
Execute the code for testing:-py.test tests
Otherwise, install tox to execute the test suite.
Ethereum tester API utilized for automated scripts:-
1) eth_tester.EthereumTester (backend=None, validator=None,
normalizer=None, auto_mine_transactions=True, forks_blocks=none)
2) backend: The backend chain that's being used.
3) validator: The validator used.
4) normalizer: the normalizer used.
5) auto_mine_transactions:
Transactions automatically:
-allow auto mine transactions
-disallow auto mine transactions
6) fork_blocks:- Several Block number will be activated consisting of block network.
Transaction sending:-
1) from:- the address of the account being used to sending the transaction details (hexadecimal string).
2) to:- the address of the account being used to receive the transaction.
An empty string will be used to switch towards contract creation (hexadecimal string).
3) gas:- to set the gas limit for transaction detail executed (integer).
4) gas_price:- fix the price per unit of gas in wei that'll be paid for the transaction details executed (integer).
5) value:- the number of ether in wei sent to others which give the transaction details (integer).
6) data:- gives balance details of the transaction (hexadecimal string).
For any suggestion or query, directly reach us, and you will find us at your disposal with the most appropriate solutions.
Mudit Kumar
22 Nov 2018
An Easy Guide to Connecting the Ethereum Wallet to a Private Blockchain
How to Connect Ethereum Wallet to a Private Network
Mist and Ethereum wallets are the tools offered by the Ethereum group to manage Ethereum accounts. Connect the Mist and Ethereum with the testnet/mainnet blockchains to test the network functionality and develop smart contracts.
However, let's understand the difference between Mist and Ethereum
Mist
Mist can be referred to as the browser for DApps (decentralized web apps). What Google Chrome and Mozilla Firefox are for the web 2.0, the Mist browser is for the web 3.0 (completely decentralized).
Still, in its initial development, Mist is not preferred for visiting untrusted DApps (decentralized apps) until the due diligence is conducted. The latest release of Mist enables you to access any Ethereum based decentralized applications with the Mist browser.
Ethereum Wallet DApp
All other releases than 'Mist' can't be referred to as Mist releases. In reality, they are a bundle of Mist Browser with a single decentralized application: the Ethereum wallet, also called as the Meteor DApp wallet.
Thus, these releases are known as Ethereum Wallet as it only gives a bundle of the Mist Browser with a single DApps: the wallet.
Mist and Ethereum wallet, both are run as full nodes, so that they connect with the Blockchain through Go ethereum executable for staying synchronized with the network, instead of as light nodes which are connected through an online service that runs its own geth executable. Both Mist and Ethereum wallet gives the alternative to connect to the testnet/mainnet blockchain along with the mining option, though, only available on the testnet.
In this blog, we'll be focusing on the Ethereum wallet to enable a connection with a geth instance to connect to a private blockchain.
Following are steps to Connect Ethereum Wallet to a Private Network
To connect Ethereum Wallet to a Private Network, try connecting to a local geth instance without tweaking the code of the wallet. Now, create a clone of the given repositories:
1) Mist: https://github.com/ethereum/mist.git
2) Ethereum Wallet: https://github.com/ehtereum/meteor-dapp-wallet.git
Please, remain synced with the stable branch, also called the master branch.
After the installation of the related tools, try connecting to a local node streaming on a private blockchain network.
//Start Geth in a private network setting -
geth --datadir localNode --networkid 12345 --rpc --rpcapi miner,admin,net,txpool --rpcport 8001 --port 8002 console
//Run the electron wallet app to connect with the private network geth
electron . --mode wallet --rpc localhost:8001
//or connect through IPC communication
electron . --mode wallet --rpc pathToLocalNode/geth.ipc
Change the Source code to execute the Ethereum wallet forthwith on the private blockchain.
a) In mist/modules/Setting.js
//Setting the localNode ipc path for Ubuntu
ipcPath += 'pathToLocalNode/geth.ipc'
b) In mist/modules/Ethereum.js
//Using our local geth instance and other private blockchain params , change the args parameter to this
args = ['--fast','--datadir',pathToLocalNode , '--networkid' , 12345
Later, now you can test the private blockchain connection by running the electron application in the wallet mode and the move further to build the binaries.
Now, if you've any suggestions or queries regarding this blog, or want to explore more about Ethereum blockchain application development services, connect with us and find us at your disposal in no time.
Mudit Kumar
21 Nov 2018
Why CTO Stefan Thomas Resigned? Is Ripple XRP Token through a Rift?
Ripple XRP Token is all Good
Well, the good news is: XRP is not through any rift. Former CTO of Ripple, Stefan Thomas just has another plan to contribute towards the cryptocurrency ecosystem. In fact, this move is also an evidence of the ever-evolutionary trait of Distributed Ledger Technology. Thomas moved away from an emerging technology such as XRP Ledger, which has strong prospects in the industry, especially, in FinTech. This is because, as a former CTO he understood a critical aspect of XRP Ledger as being strongly oriented towards the enterprise use cases apart from emphasizing more on Ripple XRP Token as a digital asset. This is a strong advantage for Ripple as an efficient decentralized ledger for enterprise use. Still, Thomas is diving into his own foresightedness.
Thomas in an interview mentioned that Interledger, the DLT developed by Ripple makes payment “more efficient for banks, payment service providers, their customers, corporates and so on.” Although he acknowledges the fact, Thomas believes Inteledger can be leveraged in other use cases as well, especially, in a new class of online communication. He created Coil, the new Interledger based technology, with an objective to use it in new use cases. In a podcast, his new team at Coil mentioned content monetization on websites as the major prospect. Apparently, the team wants to replace the existing advertising model in the internet landscape. As explained on the podcast, the platform will also monetize artworks and other online assets.
What exactly is Coil?
Holistically, Coil provides content creators on the internet the platform to monetize their works efficiently. Thomas rightly understood, in this era of Netflix and Spotify, “it’s actually very hard right now to make money on the web” for small content creators. Thus, Coil allows readers, watchers, and listeners to make micropayments as contributions towards the original content creators.
Several platforms like the Brave by Mozilla founder Brendan Eich and Patreon, are in the same business. However, unlike them, Coil allows real-time payments. This will allow content creators to find innovative business models to earn on the internet. The platform enables downloading or uploading a file, sending SMS and stream music. These activities require a fee, which is provided to creators. A creator’s website receives the money instantly from any user viewing their content through an API called Web Monetization. This new platform is a truly innovative use case of Inter Ledger, which Stefan Thomas created for Ripple.
Interledger as a Router for Payment Systems
The underlying technology behind Coil is Interledger. Ripple describes it as “an open protocol suite for sending payments across different ledgers.” Interledger has an open architecture and is enabled with minimal protocol, making it possible for small systems to play their roles. The protocol is comparable to routers on the Internet for transferring money. As a protocol, Interledger is the set of standards for payments across networks of financial services and banks. Using this protocol, banks can connect via ledgers to transfer money, thereby removing a third party or a central authority from the system. Ripple uses this protocol to enable transactions between banks and financial enterprises.
Know about Ripple XRP Tokens here: A Step-by-Step Guide To Know Everything About Ripple
Prospects of the likes of Ripple XRP Token
Ripple XRP Token is through a major hype, but a creator of Interledger, which is the underlying technology behind Ripple, breaks away from the tech firm to create a separate payment system. Although such a trend in the business ecosystem is not new, Stefan Thomas broke into the landscape utilizing decentralized ledger technology as a payment system. Thus, Distributed Ledger is emerging as an effective technique for financial transactions. With no requirement of a third party or any mediator to authenticate a transaction, ledgers are now the most efficient solution for cross-border transactions.
DLT is successful as a payment solution because it supports faster processing, easier reconciliation and better transparency on fees. The technology is a game changer in the financial industry. Gradually, it is transforming as a public utility for individual user-oriented microtransactions. This leap from enterprise to the public landscape will open more use cases of the distributed ledgers, becoming another face of the Internet.
Mudit Kumar
21 Nov 2018
Blockchain Distributed Ledgers are Inveitable
As nations globally focus on upgrading from 4G to 5G, China is already pioneering 6G technology, aiming for readiness by 2030. With plans underway since 2020, China's ambitious move seeks to catapult data transfer speeds to 1 Terabyte per second, promising unprecedented advancements over 5G's 5 to 10 GBPS. This leap forward will significantly impact blockchain development services.
The Current Data Landscape
Described by Cisco as the "Zettabyte Era," our era sees mobile data traffic projected to soar sevenfold from 2016 to 2021, reaching a staggering 48.3 exabytes per month by 2021. This surge reflects the exponential growth in data creation, with a daily output of 2.5 Quintillion bytes. This data deluge encompasses commercial, non-commercial, and user-generated content across various online platforms, fueled by services like Google and Uber.
The Storage Challenge
This data explosion underscores the critical importance of robust data storage infrastructure. By 2019's end, global spending on data storage is forecasted to surpass $51 billion, driven by enterprises such as Uber, Facebook, Amazon, and Google. Yet, the current centralized server model faces scalability challenges, compounded by the impending data deluge from 5G and 6G technologies.
Also, Check | How UAE is Harnessing the Power of Blockchain
The Role of Blockchain-Distributed Ledgers
In response to these challenges, blockchain-distributed ledgers offer a compelling solution. By decentralizing data storage, they alleviate the strain on centralized servers and empower users and enterprises to own and manage their data securely. Technologies like IOTA, aligned with the Internet of Things (IoT), exemplify the potential of decentralized ecosystems to revolutionize data storage and democratize access to information.
Also, Check | The Rise of Neobanks on the Blockchain
The Future of Data and Technology
As we anticipate the transformative impact of 5G and 6G, blockchain-distributed ledgers emerge as indispensable tools for navigating the evolving data landscape. By harnessing the power of decentralization, these technologies promise a future of data democracy, sustainability, and innovation, ushering in a new era of information exchange and collaboration.
For more information about blockchain or to develop a project on distributed ledger technology, connect with our skilled blockchain developers.
Category:
Blockchain
Mudit Kumar
20 Nov 2018
Raising Funds through ICOs | Launch your Business in less than no time
If you have outlined an idea and trying to develop your startup by executing it, the biggest challenge is to get appropriate funding. A new trend in Blockchain called ICO (initial coin offering) is a new effective way that allows companies to pre-sell access to their services as a method to gather the fund and expedite the development of those services.
Raising Funds through ICOs
In an ICO campaign, companies create a token (for more info, read ICO token development) that enables the holder to access products, subscriptions, and services from the new startup.
The ICO enables startups to sell those tokens before they launch their company, as a means of fundraising. It lays the foundation for companies to gather large amounts of seed capital from investors, therefore, democratizing startup funding.
ICO can prove to be an effective way to collect capital for your business idea. However, it involves a few things that need to be taken into consideration for success, such as community building, foresight about regulatory compliance, and technical expertise. If you're ready to take on these challenges, the payoff can be quite inspiring. Not just in gathering capital, but also in creating an effective community of supporters around your business idea.
Disclosure: Oodles Blockchain is a blockchain development company with excellence in developing and launching ICO campaigns for startups. We think that ICOs are racing ahead of VC Fundings and is an efficient model for the initial stage of fundraising. Also, we believe that ICO campaigns could not serve every sort of business. In this article, you'll get an understanding of whether raising funds through ICOs is right for your business or not.
Read this comprehensive guide to know what are the five ways through which entrepreneurs gather funds for their business ideas.
Raising funds through ICOs. How do an ICO works?
ICO can be referred to as a type of crowdsale. In an ICO campaign, a startup creates digital tokens to incentivize its participants in a crowdsale, in return for cryptocurrencies like Ethereum or Bitcoin.
So, once your startup hits its fundraising objective, the distribution of tokens gets automatically executed to the participants in the sale. If in case, the company fails to achieve its goal, the participants get back their funds back.
A) Ensuring Usability:
The aim of the newly created tokens depends on the type of the startup that runs an ICO.
However, these tokens must have some utility within the new startup.
Further, the participants should be able to utilize these tokens for buying products, gain access to services, or otherwise transact with the startup; these token are not the shares of the company. Crowdsale participants can't be called equity partners in the new company, but investors.
ICO campaigns are developed and run on the blockchain. Blockchain technology ensures the security of digital tokens, prevent forgery and double spending. While still in infancy, raising funds through ICOs has become a trend in the recent time. In 2017, ICO campaigns gathered more funds for startups than VC Fundings.
b) Exchange of tokens:
When the ICO gets ended, most companies prefer to list their newly created tokens on a few cryptocurrency exchanges. Thus, enabling more and more users to exchange their token received during the ICO campaign. Also, it helps create a demand for your developed product.
Read more about Cryptocurrency Exchanges and how to develop them.
If your ICO has a reserve of tokens allocated especially for development, listing your tokens on exchanges could make them more worthy. So, not every company requires raising funds through ICOs. But for those companies where it seems feasible, launching an ICO campaign is one of the most eminent ways of getting
Setting out to raising funds through ICOs
Launching an ICO campaign require foresight and due diligence. Firstly, you'll need to outline your timeline and roadmap for your new startup. Further, you'll be required to provide the details of your company and its services and products. These details will be consolidated in a white paper to be reviewed by the participants in the crowdsale.
ICO marketing is another phase that plays a crucial role in the success of a campaign. You'll also need to think about advertising and PR to advertise your name out there in the world in such a crowded ICO market.
To begin with, you need to hire a blockchain develope who has expertise in creating ICOs. However, if you choose a blockchain development company offering comprehensive blockchain development services including whole ICO process; Drafting of WhitePaper, Planning and Strategy, Best Marketing Solutions, Coin Development, etc. As well as token listing on exchanges.
The Bottom Line
ICO lays the foundation for launching bold ideas. Some Blockchain based ICO projects have even raised millions of dollars in 2017. ICO is an effective way as it helps to build a strong foundation for future development. And, along with the funding comes an active community of individual investors.
So, not every company requires raising funds through ICOs. But for those companies where it seems feasible, launching an ICO campaign is one of the most eminent ways of getting fundings for your new startup or business.
Mudit Kumar
20 Nov 2018
IOTA Distributed Ledger | Tangling with Tangle
IOTA describes itself as a “Permissionless Distributed Ledger for a new Economy”. The technology is directed towards integrating the Internet of Things(IoT) and Web 3.0 with the human-induced financial ecosystem to create a mechanized or automated economy. IOTA Distributed Ledger technology introduces itself as ‘Permissionless’ because it is promising a decentralization, unlike Blockchain.
IOTA poses the existing Blockchain as being hit “with sluggish transaction times and skyrocketing fees”. It is true that parts of blockchain are being centralized and the strongest authority has shifted to a handful of players in the system. This is also the reason for independent technologies and altcoins mushrooming in the decentralized cyberspace. IOTA Distributed Ledger is another significant evolution in this landscape.
Tangle’s Tango with Tech Giants
Per the latest reports, around 7 billion IoT devices, excluding smartphones, laptops, and tablets, are in use. While the number of connected devices soared up to 17 billion. With the growing landscape of the internet and interactive devices, IoT is the major technology trend. On the other hand, as a revolution in the cyberspace, distributed ledger technology was bound to converse with IoT. Against this backdrop, IOTA Distributed Ledger development came up as a strong competitor of established cryptocurrency in the market because of its technical viability.
IOTA has been partnering with technology providers one after another. Its most relevant cooperation include those with Bosch, Volkswagen, and Fujitsu. Such partnerships are securing technology as an upcoming trend in the blockchain scenario. Top manufacturers are adopting Tangle, the underlying technology behind IOTA, as they are evaluating it as the appropriate distributed ledger technology development fitting into their needs. In parallel, such partnerships are materializing as technology amenities and upgrades in the consumer world.
Adoption of IOTA Distributed Ledger
For instance, an IOTA based electric car smart charging station was established in the Netherlands in April. It is developed in partnership with ElaadNL, a Netherland based electric car charger company. Per Onoph Caron, the company’s managing director, the charger has “the ability of using real machine to machine communications and micropayments, with the use of IOTA as a secured layer for these payments and data. Caron believes “DLT-technology might become a widespread thing in the near future”.
Diverse verticals are adopting IOTA as communication, distribution, and data security infrastructure. Bosch is using IOTA Tangle in its new sensor the Cross Domain Development Kit, which is expected to take machine-to-machine communication in automation to a new level. While Volkswagen is using the technology to secure information transfer from vehicles to vehicles on road. The technology hit sectors such as Biometrics, Data Storage, Identity Management, Micropayment and even verticals like waste management and Clean Energy. IOTA grew as a strong and reliable cryptocurrency. It has the potential to become a public utility in coming times.
Prospects of IOTA Distributed Ledger
Owing to the current landscape of data proprietorship Bosch rightly mentioned that “Data is limited to the control of a few entities and are not available to the broad masses”. Decentralization came up as an effective way to neutralize this condition as Bosch commented that “IOTA presents a counterpart to the status quo with their Data Marketplace”. Thus technology such as IOTA, as an open decentralized distributed ledger is sure to gain adoption in upcoming times.
Elimination of transaction cost and processing time reduction are the major advantages of IOTA. This two aspects grew as the increasing criticalities of Blockchain technology. Now IOTA’s Tangle is providing a strong alternative to the blockchain. However, it does not mean that there is no skepticism about it. Every technology promises massive impacts in the real world. In fact, the effects they produce as innovations, both short-lived and the enduring ones, comprise the overall impacts that matter in the real world.
IOTA is on the process of securing its future partnering with tech giants. This approach is useful because integration to new tech applications will not let Tangle to become a redundant technology anytime in near future. Above all, IOTA being adopted only because it is offering the most effective alternative to be in tandem with the futuristic and inevitable technology such as IoT.
Mudit Kumar
20 Nov 2018
Cryptocurrency Exchange Solutions as Public Utility
Cryptocurrency exchanges serve as vital platforms for trading and dealing in digital currency, facilitating transactions with other assets in exchange for cryptocurrencies. As digital money continues to reshape the global financial landscape, these exchanges play a crucial role in supporting the distribution and adoption of cryptocurrencies. Providing cryptocurrency exchange solutions has emerged as a burgeoning entrepreneurial trend, with both market leaders and newcomers venturing into the sector.
Types of Exchanges
Cryptocurrency exchanges can take various forms, including brick-and-mortar establishments or entirely online organizations. These platforms facilitate the storage and exchange of digital currencies among users. Some exchanges operate as peer-to-peer trading platforms without a central authority, known as Decentralized Exchanges.
Also, Read | Layer 2 Solutions for Crypto Exchange Development
Current Adoption in the Public Sector
While digital currency and cryptocurrency exchange platforms have largely been considered private-sector affairs, there is growing interest in their potential utility within the public sector. Blockchain technology, the underlying framework behind digital currencies, is gaining popularity in government and corporate sectors. Cryptocurrency exchanges, with their untapped potential for various utilities, have the potential to become significant public utilities.
Western Countries
In many Western countries with well-developed cybersecurity and monitoring systems, cryptocurrencies have been adopted as legal tenders. Nations like the US, EU, Australia, Canada, and South American countries are open to the new financial system, although governments may not directly invest in exchanges. However, central banks and financial authorities in these countries often maintain units specifically dedicated to cryptocurrencies, overseeing exchanges and monitoring transactions.
Asian Countries
On the other hand, countries like China, Russia, and India remain skeptical of cryptocurrencies, despite hosting major ICOs and currency exchanges. Regulatory challenges have hindered adoption in these regions. However, the unique features of cryptocurrencies, such as peer-to-peer transactions, lack of third-party mediation, and transparency, are compelling public authorities to explore their potential utility.
You may also like | Customization Options in White-Label Crypto Exchanges
Cryptocurrency Exchange Solutions as Public Utilities
Although the digital currency has yet to achieve mass adoption, experts believe that its potential, along with that of blockchain technology, is significant. However, regulatory hurdles must be overcome for these frameworks to gain prominence as public services. While terms like blockchain and cryptocurrency may still be mysterious to the general public, their understanding is expected to evolve, much like the understanding of computers in the 1980s. Cryptocurrency exchanges have the potential to serve as vital public utilities, but regulatory bottlenecks must be addressed to realize this potential fully.
If you are looking to develop a crypto project and seeking appropriate development services, connect with our crypto developers for assistance.
Mudit Kumar
19 Nov 2018
Testing Blockchain-based Applications for 100% Success
Blockchain has been often discussed within the context of cryptocurrency development and financial services. However, the technology has much more potential. It has a broad spectrum of applications in various industries like healthcare, automotive, donation, real estate, etc. One of among its many technologies is a Smart Contract. It is a digital protocol used by entities to enable the secure exchange of information with no intermediary involvement in a way that's both verifiable and trackable.
Blockchain offers endless opportunities for business. A few applications of the blockchain.
AXA insurance uses a blockchain based app to process payouts.
The country of Georgia uses blockchain technology to validate and store land property rights.
Projects like MicroGrid in Blockchain even utilizes blockchain for controlling electricity consumption and availability.
All of these significant and viable blockchain implementations pushes the blockchain adoption forward to a global extent.
Further, the hype and pressure created by the success of blockchain only intensify some businesses' FOMO- the fear of missing out. Many think that they could be missing out on the benefits of using blockchain for their organizations.
Hastily, it pushes them to head right into blockchain projects. And thus, creating a lot of problems.
As blockchain is relatively novel in the IT landscape, many development teams don't have enough experience in testing blockchain-based applications. Additionally, along with being costly, there's a scarcity of advanced skills in the domain.
So, how can these new companies eliminate these risks? The answer is blockchain testing.
Testing blockchain based application or any other software rigorously and comprehensively can ensure their quality and lower the risks associated with lack of skills or inexperience in blockchain development services.
The very nature of blockchain makes it almost impossible to tamper with data that has been already stored in it.
For instance, the Bitcoin base layer transactions can't be reversed and are final.
Consequently, imagine not being able to make a chargeback on fraudulent transaction commands from your bank.
In a nutshell, blockchain testing is like ensuring that every transaction in all of the bank's history is authentic, in advance.
In this article, we'll be taking a gander at the ins and outs of testing blockchain based applications.
However, given the nature of existing blockchain based applications, many of the ideas and concepts will be focussed on cryptocurrency development. Still, can be applied to other domains.
The fundamental tools for blockchain testing:
Testing can only be done using tools, especially when it comes to testing blockchain based applications. If you're giving the responsibility of ensuring the success of your blockchain based project through testing to a blockchain development company, and it doesn't have an appropriate procedure and right set of tools, rest assured, you're likely to fail.
So, let's start with the basics.
Testnet for blockchain:
The Testnet refers to an alternative Bitcoin blockchain, used for testing. Testnet coins are separate and distinct from actual bitcoins and don't carry any physical or virtual value.
Ethereum Testnets:
There are a few options available in this category.
However, let's take a gander at top three of them: Rinkeby, Ropsten, and Kovan.
The most recommended is Ropsten due to its architecture. It closely corresponds to live Ethereum mainnet. Being a trade-off, it's vulnerable as its authentication process is similar to that of Ethereum, therefore, is susceptible to spamming.
On the other hand, Kocan and Rinkeby have better performance. However, these only bolster diminutive chain data sizes. And, can't support the actual mining process of ether, which may result in affecting the testing routines.
Frameworks for testing blockchain based applications
There are some particular frameworks for testing blockchain based application thoroughly and comprehensively. Most of these frameworks allow a tester to run everything locally along with providing complete control over most of the activities in the network.
Ethereum Tester, a straightforward testing library, is available as a Github Repo. It's open-source, and its setup is quite noncomplex. It comes with decent API support for forks mining, as well as other critical testing functionalities.
BitcoinJ, an excellent Java-based framework for bitcoin-based applications, allows a tester to interact directly with the real BTC network and test transactions. It doesn't even require a download of standard BTC core files from Bitcoin.com to begin utilizing it. There's also a user discussion forum if you found stuck yourself in a tricky situation.
Populas carries Ethereum test functionality baked in the for a particular group of features for test contract deployment. Built around the py.test framework, makes its implement quite easy.
Truffle has become a renowned name for Ethereum developers. It has numerous exciting features, one of among many is automated contract testing.
Embark is a framework focuses on the development of decentralized applications (DApps) that involve running on multiple computers or nodes.
IBM Hyperledger is an open source tool that enables testers to model and test blockchain project involving a minimal set of tools: Docker and a browser.
It is done through Hyperledger, a framework used for facilitating blockchain based application development comprising of a modeling language, a UI (composer), a command-line interface. It bolsters interactive testing, automated system tests, and automated unit tests.
Standard types for testing blockchain based applications.
Now we have got a basic understanding of the types of environments used for testing blockchain apps, let's move further to know more thoroughly about the actual tests, and a few testing standards.
Functional tests:
It could be possible that your blockchain project is relatively new and unique. It's also possible that you could incorporate a feature that hasn't been entirely assessed and implemented before. Here, doing functional testing could prove to be your 'sanity check' to ensure that everything is working fine.
Security tests:
Blockchain thrives in Fintech and banking applications. For them, it's a must to test authorization and authentication method. Their ability to withstand service denial attacks or different illicit origins is vital for ensuring stability and security.
Integration tests:
Your blockchain project will be required to perform in multiple environments with various systems integrated, for example, a customer-centric UI. Thus, it's a must to test the solidity and performance of these inter-system connections.
Performance tests:
Before deploying the project or application, testing the network ability to transactions and its size is crucial. It helps in identifying the bottlenecks of software and hardware in advance.
Peer & node tests:
Validating that a consensus between a transaction and nodes is appropriately sequenced within the network could help ensure its productivity and stability for the end user.
Some of these scenarios of testing blockchain based applications can be summed up by a set of simple questions or user queries. Such as, what happens when there's an invalid input? How does the application execute a long stream of varied (invalid/valid) inputs? How will it manage inaccurate behavior or execution errors? How will it support and validate access?
Niche expertise:
None of these testing methods matter if the team handling this part is incompetent. So, it's wise if you opt a Blockchain development company which offers comprehensive blockchain development services, including QA testing.
A blockchain company having an in-house team of QA testers and consultants can end your search and ensure that your project is thoroughly tried and tested to serve the world.
Mudit Kumar
19 Nov 2018
Are ICO campaigns Racing Ahead of Venture Capitalist Funding
Initial Coin Offerings (ICOs) have become a popular fundraising mechanism in the blockchain and cryptocurrency development ecosystem, challenging traditional venture capital (VC) funding. By leveraging blockchain technology, ICOs offer businesses a way to raise capital directly from investors worldwide without relying on intermediaries. As this decentralized model grows in popularity, the question arises: Are ICO campaigns outpacing venture capitalist funding?This article explores the rise of ICOs, their advantages and limitations compared to VC funding, and their implications for businesses and investors.Understanding ICOs and Venture Capital FundingWhat Are ICOs?An Initial Coin Offering (ICO) is a blockchain-based fundraising method where companies issue digital tokens to investors in exchange for cryptocurrencies (like Bitcoin or Ethereum) or fiat money. These tokens may represent utility, equity, or other rights within a specific platform or ecosystem.What Is Venture Capital Funding?Venture capital funding is a traditional model where startups raise funds from institutional investors or high-net-worth individuals. In return, investors receive equity or convertible debt in the company.Key Differences Between ICOs and Venture Capital FundingFeatureICOsVenture CapitalAccessibilityOpen to global investors with minimal barriers.Limited to accredited investors and institutions.OwnershipTokens grant access or utility, not equity.Investors typically receive company equity.RegulationOften operates in regulatory grey areas.Heavily regulated with stringent compliance.SpeedFaster fundraising due to automation.Lengthy due diligence and negotiation processes.IntermediariesEliminates intermediaries using blockchain.Requires lawyers, advisors, and VCs.Also, Check | STO vs ICO Marketing | A Rundown of Difference to Help You Choose the Right WayThe Rise of ICO CampaignsAccessibility and InclusivityICOs enable anyone with an internet connection and cryptocurrency wallet to invest in projects, democratizing investment opportunities.In contrast, VC funding is often limited to accredited investors, excluding retail participants.Faster FundraisingICOs streamline the fundraising process by using smart contracts to automate token issuance and payments.Companies can raise millions within days or even hours during a successful ICO campaign.Global ReachICOs leverage blockchain's decentralized nature, attracting investors worldwide without geographical restrictions.VC funding, however, is often confined to regional investors or specific markets.TokenizationICOs introduce token economies, where tokens can represent utility, voting rights, or revenue sharing within a project.Tokens are often tradable on cryptocurrency exchanges, offering liquidity to investors.Marketing and Community BuildingICO campaigns often rely on community-driven marketing through social media, forums, and influencers.VCs focus on building long-term partnerships and networks rather than public campaigns.Also, Explore | Understanding Blockchain-Based ICO ServicesAdvantages of ICOs Over Venture Capital FundingLower Barriers to EntryICOs eliminate the need for lengthy negotiations and compliance hurdles.Startups can directly approach investors without traditional gatekeepers.Decentralized OwnershipToken holders typically do not demand control over company operations, allowing founders to retain decision-making power.Early LiquidityTokens can be traded immediately after the ICO on exchanges, providing early liquidity to investors.VC investments, by contrast, require years for an exit through acquisition or IPO.Cost EfficiencyICOs save costs by eliminating intermediaries like banks, lawyers, and brokers.Also, Explore | Are ICO campaigns Racing Ahead of Venture Capitalist FundingChallenges Facing ICO CampaignsRegulatory UncertaintyICOs often operate in unregulated or lightly regulated environments, exposing projects to legal risks.Many jurisdictions classify ICO tokens as securities, requiring strict compliance.Scams and FraudThe low entry barrier has led to fraudulent ICOs, where unscrupulous projects exploit investor trust.Vetting ICOs for legitimacy is a significant challenge for investors.Lack of AccountabilityUnlike VCs, ICO investors typically have no direct influence on company operations or strategy.Market VolatilityICOs are tied to the cryptocurrency market, which is highly volatile, impacting token value and investor confidence.Venture Capital's Resilience in the Face of ICOsDespite the rise of ICOs, venture capital funding continues to thrive, offering distinct advantages that ICOs struggle to match:Strategic PartnershipsVCs bring industry expertise, mentorship, and valuable networks to startups.These partnerships often play a crucial role in long-term growth and success.Robust Due DiligenceVCs conduct comprehensive evaluations, ensuring only viable projects receive funding.This rigorous vetting process minimizes the risk of failure.Stronger Legal FrameworksVC investments are governed by clear legal agreements, ensuring investor rights and recourse.Long-Term CommitmentVCs invest for the long haul, often staying involved for 5-10 years.ICO investors may lack the patience or incentive for long-term commitment.Also, Discover | Wise words for cryptocurrency buyers– Exploring ICO Token DevelopmentICOs vs. VCs: A Competitive or Complementary Relationship?While ICOs and VCs are often seen as competitors, they can complement each other in several ways:Hybrid Fundraising ModelsStartups can use VC funding for early-stage development and ICOs for scaling and community building.Tokenized EquityCombining tokens with equity offerings bridges the gap between traditional and blockchain-based fundraising.Enhanced Investor ConfidenceVC backing lends credibility to ICO campaigns, attracting retail and institutional investors.Real-World Examples of ICO Success StoriesEthereum (ETH):Raised $18 million in its 2014 ICO and became the second-largest cryptocurrency by market cap.Filecoin (FIL):Raised $257 million during its ICO, demonstrating the potential of blockchain for decentralized storage.EOS:Conducted a year-long ICO, raising over $4 billion for its blockchain ecosystem.You might be interested in | Understanding How Anyone can Launch an ICO PlatformThe Role of Regulation in Shaping ICOsRegulation will play a critical role in determining the future of ICOs:SEC and Securities Classification:Many tokens are considered securities under the Howey Test, requiring compliance with securities laws.Global Standards:Countries like Switzerland and Singapore have created ICO-friendly regulatory frameworks.Investor Protection:Regulation can enhance transparency and reduce fraud, building trust in ICOs.Future Trends: What Lies Ahead for ICOs and VCs?Institutional AdoptionAs regulations mature, institutional investors may enter the ICO space, boosting credibility.Tokenized Venture CapitalVCs may adopt tokenized equity models, combining blockchain technology with traditional practices.Cross-Border CollaborationGlobal blockchain projects will foster partnerships between VCs and ICO campaigns.Improved TransparencyDecentralized identity and blockchain analytics will enhance the trustworthiness of ICOs.You may also like | How Businesses Can Use ICO As A Marketing ToolFAQs1. What is the primary difference between ICOs and VC funding?ICOs raise funds through token sales, often without granting equity, while VCs invest in exchange for company equity or convertible debt.2. Are ICOs regulated?ICOs often operate in regulatory grey areas, but jurisdictions like Switzerland, Singapore, and the U.S. have introduced specific guidelines.3. Can ICOs replace venture capital funding?While ICOs offer unique advantages, they are unlikely to replace VC funding entirely. Instead, they can complement traditional fundraising models.4. How can investors identify legitimate ICOs?Investors should assess project whitepapers, team credentials, partnerships, and regulatory compliance before investing.5. What are the risks of ICOs?Key risks include regulatory uncertainty, market volatility, and potential fraud.ConclusionICOs and venture capital funding represent two distinct yet complementary approaches to fundraising. While ICOs excel in accessibility, speed, and global reach, VCs bring strategic value, expertise, and long-term support. The future of fundraising may lie in hybrid models that combine the best of both worlds, leveraging blockchain technology to create innovative, efficient, and transparent financial ecosystems.As blockchain adoption grows and regulations evolve, businesses and investors must stay informed to navigate the opportunities and challenges of this dynamic landscape. If you are planning to develop your crypto or token and launch its ICO campaign, connect with our team of crypto developers and marketers to get started.
Category:
Blockchain
Mudit Kumar
16 Nov 2018
Exchange Development | Insights to Mass Adoption of Cryptocurrency
Cryptocurrency has the potential to completely replace other forms of digital money. The idea of a world without physical money is not just utopian but also a possible solution to many current issues. While every bit of digital money is traceable, it does not guarantee the actual identity of a person. Cryptocurrency promises to achieve certain objectives that are difficult in a centralized and undemocratic internet ecosystem. Consequently, crypto exchange development for digital currencies is growing as a prominent industry and is set to become a dominant trait in the future.
From Trustlessness to Trust
Anonymity is the strongest dilemma in regulating the cryptocurrency ecosystem within the financial world. However, this issue will not diminish its popularity anytime soon. The key advantage of this system is the utility of “trustlessness.” There is no intermediary between entities conducting transactions, meaning no third-party authority is required to validate any transaction. This mechanism eliminates the need for a validating party, cutting costs, time, and resources in any transaction.
However, this does not mean the cryptocurrency landscape is entirely secure. The DAO episode exposed vulnerabilities in this technology, but it also laid the foundation to avoid such roadblocks in the future.
You may also like | Everything You Need to Know About Crypto Exchange Marketing
The Current State of Cryptocurrency
A recent report by Morgan Stanley stated that Bitcoin, the largest cryptocurrency, is now traded more against digital assets. The market is waiting for the “next technological development” that will increase the adoption of the underlying asset or derivatives of cryptocurrency. Blockchain technology as a currency utility is now stable, and new technological breakthroughs are expected to drive a surge in adoption. As technology develops gradually, cryptocurrencies will align for mass adoption, making exchange development with innovative ideas a significant thrust.
You may also like | Customization Options in White-Label Crypto Exchanges
Expert Opinions on Cryptocurrency
Economists are increasingly supporting cryptocurrency. Aleh Tsyvinski from Yale University predicts that cryptocurrencies will transform, fulfilling needs different from traditional asset classes like stocks, commodities, and traditional currencies. Blockchain is also gaining adoption beyond its utility in cryptocurrency.
Conversely, Thomas Frey from the DaVinci Institute argues that “cryptocurrencies are still too geeky.” He compares it to how computers were perceived in the 1980s, suggesting that people don’t need to understand how they work, but what they do. The relevance of cryptocurrencies in micropayments, transferring large sums of money, and overseas transactions will make them a significant foundation for other technologies. This backdrop will boost the relevance of currency exchanges and platforms, making exchange development services a profitable and growth-oriented industry.
Also, Explore | Layer 2 Solutions for Crypto Exchange Development
Exchange Development as an Emerging Industry
Several major global events have recently backed this technology. Columbia announced a five-year tax exemption for any blockchain-based startup, fully supporting cryptocurrencies. Coinbase, the largest crypto exchange in the US, will join the Bitcoin Exchange Traded Fund (ETF). These developments indicate that cryptocurrency will play a stronger role in the global financial landscape. As an industry, this trend will support exchange development services and companies, promoting the adoption of currencies in various formats.
Conclusion
Cryptocurrency holds immense potential to revolutionize the digital money landscape. Despite current challenges and the need for further technological advancements, its trustless nature, growing adoption, and increasing support from economists and governments highlight its promising future. As a result, the exchange development industry is poised for significant growth, aligning with the evolving financial ecosystem.
Interested in developing a crypto exchange? Connect with our crypto exchange developers.
Mudit Kumar
16 Nov 2018
Enterprise Blockchain Development | Nut & Bolts
What is Blockchain?
Broadly, blockchain is the cryptographically secure portion of the internet. Its decentralized nature is in contrast to the fundamental aspects of the internet, which is, centralization of data storage and the role of centralized servers. This is a system of decentralized ledgers that distributes information throughout the network. Enterprise Blockchain development is a section of the blockchain network, which is again similar to that of the internet.
When blockchain debuted in the cyberspace it was designed to offer complete access to anybody. From a perspective of security, Blockchain aligns with the dictum: “Openness is the best Defence.” The network is supposed to be publicly accessible as anyone can run a full node and start mining, make transactions, can review and audit the blockchain. In this technology, there is no requirement of a third party authentication entity. The strongest aspect that makes a blockchain secured is its in-corruptible decision making.
As long as Internet is active, a distributed ledger is accessible to its owner along with information in it. However, as the technology evolved as Decentralized Applications for a specific purpose, Enterprise Blockchain development evolved gradually along with it.
What is Private Blockchain?
While functionalities of any general blockchain are accessible publicly, Private Blockchain does not offer this amenity. Compared to public blockchain, private blockchain is opposite. Only permitted members have full access to every functionality of the chain. Here, it is possible to select particular members of the blockchain to access unique functionalities. For this features, private blockchains are deployed by enterprises for internal operations.
Even if the comprising ledgers are decentralized, Enterprise blockchain development is similar to conventional web application. This is because, the owner of any private blockchain is a person or a business entity. Only the owner has the rights to override or delete any command. Private blockchains are comparable to cryptographically secured databases. This type of blockchain is offering an effective alternative to web applications. In fact, any blockchain application for internal operations of an organization is always a private blockchain. They are with their own advantages and disadvantages.
What makes Private Blockchain different from Blockchain?
Clearly, a private blockchain has several differences to public blockchain. Being owned by an entity, it is a decentralized but selectively accessible network. Here are some differences between Private and Public Blockchain.
Public Blockchain does not have any authority. Once it is deployed on the internet, any body can be a member by accessing a new ledger. Such a member has full rights equal to any other member on the network. Private Blockchain is owned by an entity, which is the absolute authority of the network. Such privately owned blockchains are open to only invited members or to members with predefined access. Members in a private blockchain cannot have equal rights as the owner unless approved by the later, by overriding the code.
In public blockchain, anybody can start mining, anybody can audit and make a transaction. In contrast, private blockchain is not openly accessible. Only selected members with special privileges and rights can audit a private blockchain.
Private or Permissioned blockchains are faster compared to public blockchain. They don’t require a large amount of energy, which has been a prime lacuna of public blockchain. Thus private blockchains are cheaper to maintain compared to public. Also, Enterprise blockchain development is a cost-cutting solution.
In public blockchain, anybody can edit the code to reach a consensus. Thus, they are open source. But private blockchain has secured codes, which only the owner can change.
Permissioned blockchain is comparable to conventional web applications with a central authority, but public blockchain is opposite to traditional ecosystem of the internet.
Processes of Enterprise Blockchain Development?
Private blockchain development have several approaches. The three top ways to develop a permissioned blockchain are:
Forking a Public Blockchain
A portion of public blockchain can be used to create a private blockchain. Public platforms like Ethereum and Bitcoin is forked by adding a Certificate mechanism. This mechanism is developed to add blocks with a special signature. Such special signatures are offered in only the mining nodes belonging to the forked portion of the public blockchain. This system transform a part of public blockchain to a private blockchain.
Using a Pre-developed Blockchain framework
There are several independent blockchain frameworks including Hyperledger Fabric, MultiChain, and Interledger, that create private blockchains. Simple APIs, Command Lines are used to implement such private networks. These frameworks are open source.
Using platforms specifically for Private Blockchain.
Platform like R3 Corda is specifically developed to create private blockchain. These platforms can produce independent and customized ‘Decentralized Ledgers’, which are used as permissioned blockchain.
Common Traits & Technology
Creating a private blockchain starts with the Genesis Block. This is created by forking a blockchain, which is a process of splitting an existing chain. The ledgers for the private blockchain is built above the Genesis block or the very first block of the new perspective chain. The second block above it will have the reference to the first block by a Hash Function, the third will have the reference to the second and so on. A prescribed command runs on the terminal of the developers. This command contains the part of the data directory and the network identifier. There are several Network Identifiers, pre-defined by different blockchain technologies.
In a private Ethereum Blockchain, Externally Owned Accounts (EOA) and Smart Contract Accounts (SMA) are created. The EOAs store information of each new members of the chain, while, SMAs store the Smart Contract, which are the terms and conditions to connect to a new block. Also, in Ethereum blockchain, commands from developer’s end can initiate mining.
Enterprise Blockchain Development is basically for enterprises. They are corporation level blockchains which are secured and reliable enough to perform as mechanisms of internal process operations. Performance, Security, Integration to existing frameworks and Resilience are the parameters that define the success of a private enterprise blockchain. These blockchains support automated monitoring, confidentiality as well as enforce transparency in the system. Although similar to conventional web applications, for these ingrained features private blockchain is transforming as a prime adoption for enterprises.
Mudit Kumar
16 Nov 2018
Enterprise Blockchain Development | Nut & Bolts
What is Blockchain?
Broadly, blockchain is the cryptographically secure portion of the internet. Its decentralized nature is in contrast to the fundamental aspects of the internet, which is, centralization of data storage and the role of centralized servers. This is a system of decentralized ledgers that distributes information throughout the network. Enterprise Blockchain development is a section of the blockchain network, which is again similar to that of the internet.
When blockchain debuted in the cyberspace it was designed to offer complete access to anybody. From a perspective of security, Blockchain aligns with the dictum: “Openness is the best Defence.” The network is supposed to be publicly accessible as anyone can run a full node and start mining, make transactions, can review and audit the blockchain. In this technology, there is no requirement of a third party authentication entity. The strongest aspect that makes a blockchain secured is its in-corruptible decision making.
As long as Internet is active, a distributed ledger is accessible to its owner along with information in it. However, as the technology evolved as Decentralized Applications for a specific purpose, Enterprise Blockchain development evolved gradually along with it.
What is Private Blockchain?
While functionalities of any general blockchain are accessible publicly, Private Blockchain does not offer this amenity. Compared to public blockchain, private blockchain is opposite. Only permitted members have full access to every functionality of the chain. Here, it is possible to select particular members of the blockchain to access unique functionalities. For this features, private blockchains are deployed by enterprises for internal operations.
Even if the comprising ledgers are decentralized, Enterprise blockchain development is similar to conventional web application. This is because, the owner of any private blockchain is a person or a business entity. Only the owner has the rights to override or delete any command. Private blockchains are comparable to cryptographically secured databases. This type of blockchain is offering an effective alternative to web applications. In fact, any blockchain application for internal operations of an organization is always a private blockchain. They are with their own advantages and disadvantages.
What makes Private Blockchain different from Blockchain?
Clearly, a private blockchain has several differences to public blockchain. Being owned by an entity, it is a decentralized but selectively accessible network. Here are some differences between Private and Public Blockchain.
Public Blockchain does not have any authority. Once it is deployed on the internet, any body can be a member by accessing a new ledger. Such a member has full rights equal to any other member on the network. Private Blockchain is owned by an entity, which is the absolute authority of the network. Such privately owned blockchains are open to only invited members or to members with predefined access. Members in a private blockchain cannot have equal rights as the owner unless approved by the later, by overriding the code.
In public blockchain, anybody can start mining, anybody can audit and make a transaction. In contrast, private blockchain is not openly accessible. Only selected members with special privileges and rights can audit a private blockchain.
Private or Permissioned blockchains are faster compared to public blockchain. They don’t require a large amount of energy, which has been a prime lacuna of public blockchain. Thus private blockchains are cheaper to maintain compared to public. Also, Enterprise blockchain development is a cost-cutting solution.
In public blockchain, anybody can edit the code to reach a consensus. Thus, they are open source. But private blockchain has secured codes, which only the owner can change.
Permissioned blockchain is comparable to conventional web applications with a central authority, but public blockchain is opposite to traditional ecosystem of the internet.
Processes of Enterprise Blockchain Development?
Private blockchain development have several approaches. The three top ways to develop a permissioned blockchain are:
Forking a Public Blockchain
A portion of public blockchain can be used to create a private blockchain. Public platforms like Ethereum and Bitcoin is forked by adding a Certificate mechanism. This mechanism is developed to add blocks with a special signature. Such special signatures are offered in only the mining nodes belonging to the forked portion of the public blockchain. This system transform a part of public blockchain to a private blockchain.
Using a Pre-developed Blockchain framework
There are several independent blockchain frameworks including Hyperledger Fabric, MultiChain, and Interledger, that create private blockchains. Simple APIs, Command Lines are used to implement such private networks. These frameworks are open source.
Using platforms specifically for Private Blockchain.
Platform like R3 Corda is specifically developed to create private blockchain. These platforms can produce independent and customized ‘Decentralized Ledgers’, which are used as permissioned blockchain.
Common Traits & Technology
Creating a private blockchain starts with the Genesis Block. This is created by forking a blockchain, which is a process of splitting an existing chain. The ledgers for the private blockchain is built above the Genesis block or the very first block of the new perspective chain. The second block above it will have the reference to the first block by a Hash Function, the third will have the reference to the second and so on. A prescribed command runs on the terminal of the developers. This command contains the part of the data directory and the network identifier. There are several Network Identifiers, pre-defined by different blockchain technologies.
In a private Ethereum Blockchain, Externally Owned Accounts (EOA) and Smart Contract Accounts (SMA) are created. The EOAs store information of each new members of the chain, while, SMAs store the Smart Contract, which are the terms and conditions to connect to a new block. Also, in Ethereum blockchain, commands from developer’s end can initiate mining.
Enterprise Blockchain Development is basically for enterprises. They are corporation level blockchains which are secured and reliable enough to perform as mechanisms of internal process operations. Performance, Security, Integration to existing frameworks and Resilience are the parameters that define the success of a private enterprise blockchain. These blockchains support automated monitoring, confidentiality as well as enforce transparency in the system. Although similar to conventional web applications, for these ingrained features private blockchain is transforming as a prime adoption for enterprises.
Mudit Kumar
16 Nov 2018
Decoding DAO | Ethereum Smart Contracts at Work
Blockchain ecosystem is interesting enough as a new disruption in the technology landscape. It is different from other technologies from the perspective of its massive impacts in multiple industry verticals. While the Internet grew as an industry of its own bringing arrays of business and diverse sectors, Blockchain revamps this spree, apart from a gradual takeover of the load from the internet ecosystem. Cryptocurrency grew as a vast dimension in the blockchain ecosystem, creating a new entity in the business landscape. Another major disruption is the Decentralization spree, which erupted along with Blockchain technology. Ethereum Smart Contracts, on the other hand, is creating a unique vertical.
What is The DAO?
The DAO, Decentralized Autonomous Organization, was also such an eruption in the business and corporate ecosystem. It was primarily an effect of Blockchain’s feature of Decentralization. It is no longer in existence, but the episode had a strong impact on the cyber ecosystem. The DAO was a form of Venture Capital Fund. It was investor directed and its objective was to provide a new business model, featuring Decentralization as the primary aspect. The DAO was based on Ethereum Smart Contracts blockchain.
What you should know about DAO
Although Ethereum is now working on a revamped structure of the DAO, it is technically not different from the previous one, which was released in May 2016, although the objectives and operation are not similar. Here are some interesting facts about The DAO of 2016.
The DAO had no conventional management system or hierarchy. The Organization, although a multinational, had no directors or centralized management.
The Code of DAO was open-source. Means, anyone can contribute to its development.
The organization was not based in any state or country. However, it was global and it was not under the jurisdiction of any national administration.
The DAO recorded the largest crowdfunding in history. Within 21 days, the organization had a funding of US$ 150 million from more than 11,000 investors across the globe.
On June 17, 2016, in within 50 days of its launch, the DAO was attacked by a user gaining control over about one-third of its asset. About US$ 50 million was under the siege of the dubious user.
The DAO was finally inoperational, but Ethereum is still a pertinent cryptocurrency. The loss of US$50 million impacted the Ethereum ecosystem permanently.
Although the pertinence of smart contracts as digital currency lost its glamour, the technology is now gaining relevance in other verticals as decentralized applications or DApps for specific purposes. The specialty in Ethereum Smart Contracts is, it is suitable to use in the creation of general decentralized applications that are not cryptocurrencies. They are active in the legal industry.
The aftermath of The DAO attack
US$50 million of the DAO attack was not lost. The fund was put into an account and was on hold for 28 days. The community hard-forked the Ethereum network and the funds of The DAO was moved to a recovery address. Owners of the currency could exchange back their funds as Ethereum. There was a division of opinion in the community and suggestions of re-appropriation, shutting down and also opposition to hard forking came up. The original blockchain of Ethereum is still on use as Ethereum Classic.
After the attack, The DAO lost its credibility and it was delisted from trading and token exchanges. The US Securities Exchange also posed that DAO tokens led to possible violations of securities law. However, after investigation, it was found that the DAO was not a violation of the law.
Ethereum Smart Contracts and DAO as a Democracy
The basis of Decentralization is the mechanism on which the concept runs. This mechanism is Smart Contract. It is the translated version of a standard contract to cryptographically encoded codes. These contracts are meant to execute the tasks exactly as encoded. Ethereum is now posing the use of Smart Contracts as the building blocks of a “Democracy on the blockchain.” One can become a member of the DAO by deploying a Contract on the blockchain.
Ethereum’s idea is to transform Decentralization as a Democracy through Smart Contracts. In the new ecosystem, any member can propose a vote in support or against a proposal. This is done through an Ethereum transaction in the form of a contract. In a predetermined time when certain numbers of members have voted, the proposal is executed. After execution, the contract counts the votes. The transaction will execute only if there are enough votes in favor of it. In this ecosystem, Ethereum Virtual Machine (EVM) executes the Smart Contracts by transforming them to ‘bytecodes’.
The DAO episode of 2016 exposed the critical nature of Blockchain, but the system claimed complete transparency and decentralization. It operated as a Hub to disburse funds to projects. The profits from the investments were given back to the investors or stakeholders of the currency. The DAO is still a promise of a revolution in the financial as well as business landscape. Ethereum Smart Contracts being the underlying principle of decentralization, it is becoming a mainstream technology.
Mudit Kumar
15 Nov 2018
Exploring the First-Ever Blockchain-Based Voting in Thailand
Thailand has become one of the first and few countries to use blockchain for voting. Thailand's Democrat party employed Zcoin Blockchain for executing a live e-voting. It happened from 1-9 November 2018. This revolutionary step made Thailand the first country in the world to use the blockchain technology on a large-scale project like voting.
During the election, more than 1,20,000 people cast their vote. The former Thai prime minister Abhisit Vejjajiva won with the margin of 67,505 votes. He was competing against his adversary, Warong Dechgitvigrom. He received 57,68 votes.
How did the Blockchain-based Voting in Thailand Take Place: What was the Tech Used?
There were two ways used that allowed members to join the blockchain-based voting in Thailand.
- First, there were voting stations installed, equipped with a Raspberry Pi-based voting system.
- Second, they used a blockchain-based application called D-Elect. The application directed voters to submit their photo identification as proof.
Further, a decentralized and distributed file system able to store huge chunks of data called IPFS was used to store all the voting information. Then, these IPFS (interPlanetary file system) hashes were sent to get stored on the coin Blockchain technology.
After the successful event, the founder and the lead developer of Zcoin, Poramin Insom issued a public statement.
"I feel proud that our innovation, Zcoin, has got to play a crucial role in making Thailand the first country to use the large-scale e-voting based on blockchain technology. We are overwhelmed with what we saw as greater voter participation and transparency."
Further, he quoted stating in an online post:
"The election received around 127,479 votes, cast from all over Thailand. And, to the best in our knowledge, it was the first blockchain technology based mobile application used in a political election of such large scale."
>To ensure the security of the voting information, Shamir's Secret Sharing Scheme was applied. It required multiple keys to access any system. For voting, this scheme required multiple custodians whom responsibility to decrypt the voting information. For successfully executing this, five custodians got elected, each of them representing each candidate.
Undoubtedly, the unprecedented success of blockchain based voting in Thailand has laid the foundation for widespread blockchain technology adoption.
Thailand being the first country to allow the use of blockchain technology through an app for a political event strongly suggests that there's a myriad of opportunities for other countries as well.
Are other countries open to Blockchain?
Unquestionably, it's not just Thailand who is open to blockchain adoption for public welfare.
In other news, West Virginia decided to use a blockchain-based application developed by a blockchain app development company, and pilot tested it for midterm federal election. The major highlight was that it allowed military personnel to cast their vote through the mobile app even if they are residing abroad.
The app relied on facial recognition technology to detect faces of the voters using the previously submitted photo identifications during the registration. It determined the security is top-notch and unmistakable, even though the voters were living in different places around the world.
Swiss City rug also performed a pilot test. It used blockchain technology for Municipal voting using smartphones.
It defines that, with blockchain based mobile applications, anyone who knows how to access a smartphone can, from the comfort from their home, cast a vote. It does not only increase the numbers of voters living in remote areas but also enable transparent voting.
Still, a few governments are skeptical about the use of blockchain in Voting for a couple of reasons:
- Complexity in comprehending and implementing the technology
- The risk of security breaches
- And its decentralized nature
Since its conception, blockchain always has received mixed views, while some criticize the technology other consider it as 'the new internet.'
Also, Check | Developing a Decentralized E-Voting System with Blockchain
Conclusion:
Numerous industries have ushered in the blockchain technology, such as healthcare, finance, automotive and other business sectors. And thus, many companies are trying to race ahead of the competition by hiring the best blockchain development services, considering the rise in its demand. This time it's political landscape, next time it could be some more intriguing.
As a leading blockchain app development company, it was our view about the latest success of Blockchain based voting in Thailand. Do stay in touch with Oodles Blockchain for more interesting blockchain market insight, or contact us for any blockchain related suggestion or query.
Mudit Kumar
15 Nov 2018
Multichain for Private Blockchain: For Institutional Finance Sector
Multichain is an enterprise, off-the-shelf blockchain platform, designed especially for the creation and deployment of private blockchains, either within or between institutions.
Its prime objective is to tackle a key obstacle related to the deployment of blockchain technology in the organizational finance landscape. It does so by providing the control and privacy needed in an easy-to-use package. Similar to the Bitcoin Core Software from which it's originated, Multichain also supports Windows, Linux and Mac servers. It provides a simple API and command-line interface.
In the next few subheadings, we highlight some of the features and uses cases of Multichain for Private Blockchain Development.
Multichain for Private Blockchain Development:
Multichain tries to fix the problem occurring within the aspects like mining, privacy, and openness using integrated management of user permissions.
It has three core aim: (a) to restrict and ensure that the activities on the blockchain are only visible to the chosen participants, (b) to enable control over for which transactions should get permitted, and (c) to simplify mining without using the PoW consensus algorithm and its related costs.
One of the prime advantages of using Multichain for Private blockchain development is that it solves the problems relating to scalability, as the participants manage and control the maximum block size. Further, as a closes system, the blockchain will only consider the transactions related to the participants and which are their interest.
To comprehend the permissions in Multichain, we set out by understanding that all cryptocurrencies maintain security and identity via public key cryptography. In which, users generate their private keys and never show them to other participants. Each key comes with a mathematically created public address which. This address represents an identity for receiving funds. When you send it to a public address, the funds can only be spent when the address holder uses his private key to 'sign' a new transaction. In a nutshell, access to a private key means is equivalent to ownership of any funds for which it's created to protect.
Apart from the control to access funds, such type of cryptography allows any message to be signed by a participant to validate that they are the owner of the private key and that it's corresponding to a particular address.
Multichain uses this characteristic to limit blockchain access to a set of permitted users. It does that by expanding the 'handshaking' process that takes place when to blockchain nodes connect.
- Each node shows its identity as a public address on that permitted users' list.
- Each node validates that the other's public address is available on its own version of the permitted list.
- Each node sends a message that challenges the other party.
- Each node revert with a signature of the challenge message, validating the ownership of the private key corresponding to the public address they have sent.
If a node is not satisfied with the outcome, it halts the P2P connection.
The concept of connecting permissions to public address can be expanded to various other operations on the network.
For instance, the permission to send/or receive transactions can be limited to a provided list of addresses, as the transactions show the addresses of both the sender and the recipient.
In Multichain,
all rights are given and revoked using the transactions on the network containing special metadata. Automatically, the miner of the first 'genesis' block gets all rights, including admin privileges to manage other users' rights. The admin enables other users in the transaction whose results contain those users' addresses along with metadata highlighting the privileges conferred. Upon changing the admin and mining rights of other users, and extra limitation is placed, in which the lowest proportion of the concurrent admins must vote to execute changes. These votes get registered by each admin using a separate transaction, with the change proposed once enough consensus is achieved. Since any change or modification to privileges is incorporated in the metadata of transactions, they disseminate quickly to all nodes within the network, creating consensus regarding the existing situation of the play.
Mudit Kumar
15 Nov 2018
Smart Contracts Blockchains transforming Legal Landscape
In plain words, Contracts that are smart enough are Smart Contracts. It is similar to phones that are smart enough being known as Smartphones. ‘Smart’ here, means an automated and independent process capable of making its own decision to accomplish a task it is meant to do when exposed to external conditions. Smart Contracts is the functioning mechanism of Distributed Ledger Technology(DLT), which is the underlying science behind Blockchain. It is understood as a system that keeps the record of transactions of digital assets. In such a system, the information and transactions are recorded at the same time in multiple places, called Ledgers. Chain of such ledgers is called a Blockchain or Smart Contracts Blockchains.
Technicalities of Smart Contracts Blockchains
Blockchain comprises of distributed blocks. A Blockchain network increases its size adding new blocks or ledgers to the existing chain. Such ledgers contain a cryptographically encoded code, which defines the set of rules for that particular system or the Smart Contracts Blockchain. This set of encoded rules are replicated in each block. The authenticity of these codes, if they changed or got corrupt at a point of time, is verified by the network of computers connected to the chain. This set of codes is called the Smart Contract. Here, Contract implies to the set of guidelines that a new block should follow to be a part of the network. There set of rules is comparable to legal contracts or agreements between two parties in the physical world. Being translated to the digital world, they transform as Smart Contracts.
Smart Contracts & Techno-Legality
The ingrained nature of Smart Contracts made it an alternative to the physical legal system. The pertinent argument of “Can Computer Codes replace Law” is a burning topic in technology. Apparently, this technology has the prowess to replace lawyers and countermand the need for conventional legal systems with digital interference. The advocates of Smart Contracts Blockchains comprise of legal experts and technologists. It is emerging with a serious approach, overhauling the conventional system. A recent example is the new ICO startup Matteruem, a London based company providing a way to gain legal title over any physical object, asset or property.
Accord Project
Smart Contract came up a significant way ahead of being only associated with cryptocurrency. It is transforming as an established framework digitizing the legal process of the physical world. In this metamorphosis, the technology is being through a process of evolution, with impacts from several legal verticals. Such a vertical is Accord Protocol. This is the set of protocols for smart legal contracting. These protocols are being developed by the Accord Project. This organization recently partnered with IEEE techno-legal contracts for Smart Contract Applications.
Accord Project is an open source technology, developing the standards for Computational Contracting. It is backed by leading technology giants like Hyperledger, legal firms and global organization like International Association for Commercial and Contract Management(IACCM). Accord Project is creating an array of cross-industry blockchain based technologies and smart contracts blockchains.
Legal Contracts are now in PDF and paper format, Accord Project extracts the information from such documents creating Smart Contracts. These Smart Contracts are self-managing in the sense that they can update its response as per the input of conditions. Initiatives such as the Accord Project is aggressive in creating a new vertical of Techno-legality.
Matteruem
Another emerging ICO is Mattereum, as mentioned before. Mattereum claims to as the technology that will bridge the gap between digital Smart Contracts and physical legal contracts. The white paper described it as a “commercial infrastructure to turn smart contracts into legal contracts”. Interestingly, the team has Ian Grigg, the inventor of Ricardian Contract. While Smart Contracts is an automated process to work on an agreed contract, Ricardian Contract captures the intent of agreements between the parties.
ICO like Mattereum is taking the techno-legal industry to new heights. Smart Contract being the underlying technology, is building up concepts like Artificial Lawyers, Automated Legal Systems and other such cutting-edge innovations. This technology forayed into the vertical dominated by the human with both its advantages and lackings. Although technology cannot have a sense of justice, Smart Contracts created a stringent and incorruptible legal framework.
Mudit Kumar
14 Nov 2018
Blockchain Based Solutions |The Scions of The Internet
The origin of the internet is as old as computers, dating back to the 1950s. Like other revolutionary technologies, the internet evolved from basics like networking, making headways to complicated protocols. It grew as an empowerment today, as a lifeline of communication, business and daily necessities for billions around the globe. Internet is now the crux of technology, which transformed as the foundation of many other dimensions like Big Data, Cloud Computing, and most recently, Blockchain solutions.
While Big Data and Cloud Computing evolved as massive technological disruptions, Blockchain solutions are now evolving as a significant facelift of the internet. Although the technology gained initial popularity as the basis of cryptocurrency, its metamorphosis as the future of internet application is taking shape eventually.
Cryptocurrency- Birth of Blockchain based solutions
Blockchain technology is only a decade old, supposedly originating in Japan. As records mention, Blockchain was invented by Satoshi Nakamoto as a public ledger system to store the currency called Bitcoin. The latter is a digital asset and a medium of exchange. It is the first among Blockchain based solutions. This digital asset uses strong cryptography to secure its transactions, hence, gaining the moniker as Cryptocurrency.
Blockchain is a solution to a pertinent problem in digital cash transactions called Double Spending. It is possible to corrupt a digital token by duplicating its underlying digital files. Such duplicate tokens can let online transactions occur multiple times for the same amount of money, creating fake records of new currencies. It is similar to the creation of counterfeit money in the physical world.
Prevention of Double Spending has two approaches: Centralization and Decentralization. In Centralization, a third party verifies if a token is on use. In Decentralization, strong cryptographic techniques create a system of distributed-ledgers. This system of distributed-ledgers is Blockchain.
Differences between Blockchain & Internet -- Is Blockchain different from the Internet?
On the onset of Blockchain’s popularity, a general understanding of the technology is necessary. A key aspect is its comprehension in light of the Internet. While Blockchain is different from how the internet works, it is not different from the internet, in terms of its origin or existence. Blockchain is different, but not separate from the Internet. So how Blockchain based solutions are different from the internet?
Applications on the internet are centralized, but decentralization is the basic aspect of Blockchain. Centralized servers store everything on internet., Servers are physical devices that store digital information. A wired or wireless connection connects them to devices creating a vast network of the internet.
In contrast, Blockchain does not need centralized servers because here information is distributed across the network equally. It is a peer-to-peer network creating a distributed computing system. Information on any transaction is in each ledger, which are individual blocks in the network. This is the primary difference between the Internet and the Blockchain.
However, Blockchain does not exist separately from the internet. It is a section of the internet that is secured cryptographically so that the information distributed in the system is accessible only to its exclusive users.
Unique aspects of Blockchain
The basic features of decentralization and cryptography provide many unique characteristics to Blockchain technology. The major facets of Blockchain are immutability, being anonymous yet public and constant verifications.
Blocks in the chain are immutable; it is impossible to copy or alter a block because it is integrated into the previous block. Any attempt to change the block will lead to a mismatch in identities with the previous block, securing the information. Thus, tempering a block is not possible as it means attacking the complete chain.
Each block of a blockchain is anonymous. Only the owner of the ledger has complete control over the information in the block. But, any user can verify if a transaction on the block is true or authentic by mining. Only the information regarding an exchange between users is shared in the system. What is exchanged is only known to the two parties between which exchange occurs.
Verification of transactions happens every 10 minutes in Blockchain through mining. This makes this technology secure and incorruptible.
Other facets are making Blockchain a unique technology. Verification of transactions does not need any third party, blockchain based solutions are open to anybody and it does not require any permission to enter a public distribution system. These aspects are contrasting to that of the internet.
Blockchain based solutions as the New Alternative
With several special features, Blockchain app development offerings are now emerging as an alternative to conventional internet applications. Industries are gradually adopting Blockchain technology for its ingrained advantages. It evolved much more than being only a cryptocurrency. Apart from the corporate sector, public sectors are also using this actively. Several advanced countries are now implementing Blockchain as public utilities.
The shift from conventional internet applications to blockchain based applications is drastic. Blockchain is imminent in current as well as in the upcoming landscape of technology.
Mudit Kumar
14 Nov 2018
Blockchain Consensus Algorithms 2019: A Comprehensive List
For anyone to effectively embrace blockchain technology, it's a must for them to fathom how the system works with other aspects. It's necessary to comprehend that a blockchain has various elements that can be more than just a process-enhancing technology. Blockchain consensus algorithms or protocols are one such aspect that many blockchain developers have tried to explore.
These mechanisms are the engine for blockchain business solutions since they provide a way to ensure transaction authenticity. Without having a proper understanding of blockchain consensus algorithms, it's almost impossible to implement a new service model on the blockchain. This article gives you a brief about these algorithms and their different types available in 2019.
Understanding Blockchain Consensus Algorithms
Blockchain consensus mechanisms work according to a set of pre-determined guidelines that enable communication among network nodes to reach a consensus. As we know that blockchain has no central authority to oversee it or to guide its operations. So, there's a need for a consensus method to prevent data manipulation or tempering on distributed databases.
In blockchain app development, blockchain app developers must know that blockchain operates as a decentralized network with no database admin. If anyone wants to enter the system, they need to become a node by creating a server and joining the blockchain. Further, members within the network will need to agree to make a decision.
Types of Consensus Protocols
Comprehending different types of consensus mechanisms is necessary for enterprises to develop blockchain solutions. Additionally, they need to know their working and implementation within a distributed system.
Here is a list of the types of blockchain consensus algorithms available in 2019:
PoW (Proof-of-Work)
Proof-of-Work is one of the most popular of all consensus protocols available in the crypto world. It's the first-ever method adopted as a consensus protocol for blockchain, specifically Bitcoin.
The consensus works by enabling the miners to add new blocks of information (transactions) to the blockchain. However, only those miners who have found the hash first can add new blocks. It's basically like incentivizing miners for their job.
The miners need to have a high hash rate to calculate the hash, thereby, making the mining a highly computation-intensive process.
PoS (Proof-of-Stake)
Contrary to the consensus process of PoW, proof-of-stake asks participants to put their cryptocurrencies at stake. Instead of miners, PoS utilizes validators whose work is to handle the stake of coins. A higher number of crypto at stake means that more participants would be able to add new blocks to the blockchain.
Unlike PoW, PoS doesn't incentivize network members for staking. Here, validators get the transaction fees as their rewards. So, when it comes to token-based investments, PoS is the most widely accepted consensus mechanism by many blockchain platforms. These platforms mainly deal with crowd-sale funding because of their low energy-intensive nature.
DPoS (Delegated Proof-of-Stake)
In this blockchain consensus algorithm, delegates (witnesses) handle and perform various operations for maintaining the network, including timestamping transactions and validating signatures.
Here, it operates by enabling users to select delegates by voting. In comparison to PoS, DPoS aims to provide users with more ownership and influence within the network. The protocol allows them to cast their votes to in or out of whoever they choose.
Though many blockchain enthusiasts consider DPoS as a semi-decentralized network, it's well-known for its scalability feature. When we compare PoS and PoW, DPoS offers an improved version for blockchain mobile app development companies in terms of scalability. Also, it enables users to vote on tweaking or changing the parameter of the network.
PoA (Proof-of-Authority)
Like DPoS and PoS, PoA empowers the validators - a set of pre-determined authorities - to generate new blocks of information and manage the blockchain. It's another blockchain consensus algorithm that possesses some centralized elements due to its pre-determined trust system.
Here, blockchain developers are required to have valid and verified accounts so that they can get their transactions validated. Although PoA is highly centralized, it's also quite fast and scalable.
What Oodles Blockchain Offers Here
We are a blockchain development company, offering its blockchain development services globally. Being early adopters of blockchain technology, we have gained expertise in the blockchain development landscape. Thus, we excel in utilizing these blockchain consensus algorithms so that we can deliver the best blockchain solutions.
If you wish to utilize blockchain solutions, then contact our blockchain developers to start your project.
Mudit Kumar
13 Nov 2018
IOTA's Tangle Is Empowering Palm Scanning Identity Verification Technology
IOTA is a not-for-profit organization aimed at developing the blockchain and increasing its adoption with the growing Internet of Things (IoT). And thus, it has led to the conception of the slightly different technology from blockchain called IOTA's Tangle. It's a distributed ledger technology (DLT), designed precisely for IoT environments and applications.
Although IOTA stands for small amounts, the team behind it is working to develop the components required for entire cities to run within a technological mesh.
Here are some features of the system they're currently working on to develop:
Uses open-source protocol
Allows interaction between machines
Facilitates secure data transfers
Provides instant and fee-less payments
However, without any human interaction, imagining smart cities would be impossible. So, it will require secure and convenient ways for humans to operate these interconnected pieces of machinery surrounding them.
IOTA Tangle based Power Palm Scanners:
A recent blog published on the website of IOTA revealed that Tangle is getting used to empower a 'new biometric authentication system.' The system will be able to identify a person by reading the patterns of their palm veins.
The company that's developing such a system is IAMPASS. It's a Singaporean company managed by a team of technology enthusiasts who are developing decentralized, tangible products that can be used by anyone.
Here's a diagram that shows the benefits of IAMPASS's vision. Rather than your personal, sensitive information obtained by a myriad of centralized organizations- who may sell the information to unknown third parties for profit- your information will be safely stored using the Tangle DLT.
[caption id="attachment_2548" align="alignnone" width="730"] Source: IOTA Blog[/caption]
[caption id="attachment_2549" align="alignnone" width="730"] Source: IOTA Blog[/caption]
After your palm veins print got scanned, a unique digital blockchain based identity will get created. Further, you can provide access to your data with parties you want using your palm scanning.
The advantages of using this system will also extend to including building access, electric car charging, and high-grade security places like airports by providing an immutable distributed ledger available to be reviewed when required.
In the past, biometric technology ( think of fingerprint scanning) has caused to raise inquisitive eyebrows, because nobody gets to know that what the collecting agencies are going to do with fingerprints.
For years, we have glanced over as these agencies were centralized, and that has always been the norm.
However, gradually, the world is moving toward decentralization. Distributed ledgers are reinventing databases, and thus, palm scanning makes more sense.
Not only does distributed ledger technology cause biometric to become more appealing for end-users, but the businesses also could get benefits as the outdated fees charged by the elimination of third-party security services.
Also Read Our Most Read Blog: Top 5 Technological Advantages Of IOTA For Industries
IOTA's co-founder Dominik Sciener outlined his excitement that occurred with this partnership in his announcement post:
Secure identity is still one of the persistent unsolved problems today. The tedious processes of identifying, verifying and authenticating have been causing significant tractions for service providers and users worldwide. It is the reason for our excitement. IAMPASS uses Proof of Concept and IOTA's permissionless distributed database to make portable identities.Tangle And, provide users with access and ownership over their data.
He also emphasized that real-world applications like this one are a must if the blockchain technology wants to experience global adoption like the internet. For an organization or industry that requires to manage both machine ID and humans on a mass scale, the fee-less transactions of IOTA's Tangle are necessary.
Mudit Kumar
12 Nov 2018
Blockchain in Everyday Life: How it Benefits the Life Around us
Blockchain gained traction when the pseudonym Satoshi Nakamoto created the first Bitcoin back in 2009.
Since then, this decentralized technology has been viewed by many as quite complex as well as complicated.
However, when one starts to explore it and tries to find how it works, the concept becomes quite intriguing. Although the technology is in its infancy, it has become useful in various sectors where securing data is a must, without involving a third-party.
Therefore, industries like banks, insurance, food supply, property registration, etc. are utilizing its efficiency and reliability. And thus, blockchain experts believe that technology will experience spikes in its use in our everyday life.
Here's a brief overview of what is this technology, and how we can use Blockchain in everyday life.
The Blockchain technology:
Blockchain refers to as a decentralized chain of blocks connected using complex computer algorithms. These blocks are nothing but our standard computer (also referred to as nodes). Continuously, these connected nodes pass information to the next node which verifies the data sent to it.
It's the miners who manage these nodes and confirm and verify data sent by blockchain users through complex computer cryptographic algorithms.
Moreover, cryptographers study cryptography to write and decipher computer codes generated on a given platform.
The main advantage of using blockchain technology is that it proposes the idea of decentralization, thus, eliminating the need of an intermediary. A peer-to-peer system manages everything recorded on the blockchain. It means that whoever is using the platform can easily see the stored data. In addition to it, each transaction stored on it is permanent and has with it a high degree of certainty that it cannot be altered or changed.
Using Blockchain in Everyday Life:
Companies are finding ways to implement blockchain in everyday life. They are looking for ways to use blockchain in daily lives, such as in industries like government, identification, mobile payments, waste management, energy, and the food industry. Expert Blockchain Development Companies are exploring and refining it every day to help engage more investors for such a transforming technology.
So, here are some intriguing projects based on the blockchain in everyday life that entrepreneurs are inventing or already in the process of implementing them.
Blockchain In Everyday Life:
To transfer money overseas securely:
Alibaba, a Chinese internet giant, has developed a system for their Filipino employees to enable quick, safe and secure money transfer to their families residing in the Philippines. The money will pass through the blockchain which will waver any transaction fees charged to the clients. With this system, the company aims to eliminate the bureaucracy behind sending money overseas as required by banks.
Also Read: How Blockchain Is Revamping The Cross-Border Payments
You only need a specific mobile application connected to a blockchain platform to make transactions easily. Also, you can make payments in cryptocurrency.
Since cryptocurrencies are virtual currencies, you can exchange them to Fiat currencies (such as Dollars, Euros, etc.) depending on the requirement of the recipient.
To allow new identities to refugees:
Nowadays, many people are moving from one country to another in the quest for a better life, especially many traveling to western countries with no valid documentation. Most refugees are from war-zone countries or subjected to other misfortunes, and they do not have proofs which can verify who they are.
Blockchain has come up with an answer to this question.
A Finnish immigration service now offers to prepay their Mastercard. Being developed by Helsinki-based Startup called MONI, it will ensure that all refugees have their digital identities, by using a set of records of financial transactions stored on a blockchain.
Not only this, the government in Moldova is working on to use blockchain for digital identity management using blockchain, to help identify children living in rural areas. The government will be using this system to prevent traffickers from smuggling these children across borders.
To pay for parking tickets:
A New York City councilman, Mark Levine submitted a bill to the council committee to start accepting cryptocurrencies as a mode of payments for fines and parking tickets. The concept came in light when they observed that a lot of Americans have access to digital wallets filled with cryptocurrencies (a digital currency (Altcoins), accessed through a blockchain). One can trade these cryptocurrencies on a blockchain-based crypto exchange platform to earn more and use them as payments.
So, if such an alternative payment system gets launched, people violating road rules will have the option to either pay in cryptocurrencies, or in FIAT currencies issued by the government.
Online stores accepting cryptocurrencies as a means of payment:
Blockchain has seen its most widespread use as a means of payments. And, with time, companies have started understanding its potential and value, and hence, accepting cryptocurrencies as a means of payments. Famous online stores like Microsoft, PayPal, Expedia, and Shopify have started accepting altcoins. It could not only hugely reduce the use of traditional methods of payments but also provide an opportunity to those people who want to pay in cryptocurrencies.
To establish a secure supply chain:
Food contamination or mislead purchase of products has become usual these days. Over the internet, every day we can read about new scams and scandals by food companies, such as selling food containing harmful chemicals or misleading customers to buying horse meat instead of beef. It's a situation created by opaque supply chains. An end-user doesn't know a thing about the products he's buying, that how was it created, what were the materials used, who were handling the transportation or how has it been transported and numerous similar unanswered questions.
To tackle this situation, blockchain has a solution, that's blockchain based supply chain solutions. Various companies are looking to develop decentralized supply chains to validate products being sold in the market. A company based in the UK has developed a system in which it created full profiles of companies it works with, including information like their sold products, history of the company and ownership. Using this information, clients purchasing the product will have a complete view of the history of the product as well as the company that manufactured it.
Conclusion:
With the above examples of using Blockchain in everyday life, it becomes significant that it's ready to invade our daily living patterns and things around them.
Though the tech is still evolving, cryptographers, blockchain developers, and IT specialists are leaving no stone untouched to ensure that it grows steadily and exponentially.
Now, it's the society that needs to step forward and learn more about what this technology offer.
To know more about blockchain, its applications, market insight, and use cases, you can visit our website.
Do share your views on this blog as well as the technology in comments.
Mudit Kumar
05 Nov 2018
Ethereum is outlining a bright future for a Blockchain-powered World
Joseph Lubin, the co-founder of the open-source distributed computing system called Ethereum, has laid out plans for a new generation of more trustworthy internet sphere.
Joseph Lubin is now a part of a group of blockchain leaders, including his company ConsenSys.
The company is thrashing out details of the so-called Web 3.0 that promises to allow a wide array of agreements to process in a digitally automatic manner.
When talking to The Australian Financial Review after the Sibos conference in Sydney, Mr. Lubin said that Web 3.0 is different from the current internet arena as its core pillars are security, trust, identity, and user control.
He said," we are creating a whole new transactional infrastructure for people, aimed at forming trust mechanisms and guaranteed execution."
Joseph is a former Goldman Sachs banker who developed the Ethereum Public Blockchain to improve on the one underpinning of bitcoin blockchain by allowing the execution of Smart Contracts to automate various business processes.
He proposed that Ethereum was a natural progression of the World Wide Web's first protocols that enabled images, static text, and hyperlinks.
Web 2.0 was the next addition to the initial online experience. It created e-commerce, mobile, interactivity, and social media and transformed our daily lives and society. However, Mr. Lubin discussed it shortcomings as well that included no native monetary nor identity construct and a lack of embedded security.
Rapid Development:
New distributed ledger technology - which other blockchain developers such as Digital Asset, Hyperledger, R3, and JP Morgan's Quorum are also creating and fighting for the new market- will likely develop efficiencies for business when information can be made credible and authentic without having any centralized verification.
Also, it will open up a new landscape of business models - many of which ConsenSys is already focusing. The company described itself as a "venture production studio," aimed at creating and developing scalable tools, enterprise software products based on the Ethereum Blockchain, and disruptive startups.
The global banks and technology giant are keeping a close tab on the emergence of this blockchain-powered internet. And it's expected to hit other trusted intermediaries as well, such as lawyers, custodians, and stock exchanges.
'Liberties' like Facebook
According to Mr. Lubin, corporations are exploiting the liberty of defining identity constructs to serve their business models. Thus, resulting in treating people like their product.
"At worst, they have been turning the internet into a dopamine slot machine. In which, we're clicking and liking every time. Where they relentlessly fed images, videos, and texts designed to keep us hooked with our phones and laptops - so they can sell us infinitely," he added.
He emphasized that he aims to provide users with better control over their identity, and information. A place where "people could form their sovereign and self-identity." He said that the blockchain is the perfect alternative for that.
The rise of Ethereum:
Ethereum helps prevent digital assets from counterfeits and create them natively.
When asked about how Ethereum will be rolled out in mainstream markets, Mr. Lubin directed toward tokenized securities, crypto commodities & bonds, standards for fungible & non-fungible tokens, amortized insurance and atomic swap protocols.
JP Morgan is building its Quorum network on top of Ethereum's public code, while Commonwealth Bank used Ethereum to launch its recent bond-i (a blockchain-based new debt instrument) for the world bank.
Santander has also used Ethereum to devise a new interbank payments network that ConsenSys is developing, the Monetary Authority of Singapore has tested the technology.
Ethereum is only three years old, it's not operating at as fast as required according to modern market infrastructure, but it's still improving.
Ethereum is experiencing billions of dollars of trade clearances and settlements instantly every day. The platform is trying to get better and better by using cryptography to encrypt and validate the information.
Decentralized Banking:
Ethereum allows the trade of Ether. Different from bitcoin, the token comes in use to run programs and capture data on the network - alike the fuel in an economy.
According to Mr. Lubin, banks need to be ready for a system where customers will have full authority and effectively become their bank itself, using services from an array of providers tailored to them.
Mudit Kumar
02 Nov 2018
The Most Comprehensive Guide to Smart Contract Deployment
Smart contracts represent one of the most transformative innovations to emerge in the blockchain and cryptocurrency space. Smart contract development allows developers and businesses to automate agreements, streamline processes, and minimize the need for intermediaries—ultimately unlocking new efficiencies and expanding the possibilities of decentralized applications (dApps). Deploying a smart contract is the process of placing the code for these automated agreements onto a blockchain network so that it becomes publicly accessible, immutable, and self-executing according to its coded rules. Despite sounding straightforward, smart contract deployment can be a nuanced, challenging, and intricate process that requires both conceptual understanding and practical know-how.This blog post provides an in-depth exploration of everything you need to know about smart contract deployment. From the core concepts underlying smart contracts, to best practices and deployment tools, to security considerations and frequently asked questions, this comprehensive guide walks you through every step of the process. Whether you are new to blockchain technology or an experienced developer exploring advanced smart contract frameworks, this post will help you level up your knowledge and confidently prepare for the journey of smart contract deployment.By the end of this article, you will:Understand what smart contracts are and why they matter.Recognize the various blockchain platforms that support smart contract deployment.Learn how to write and test smart contracts using popular languages like Solidity.Explore multiple deployment strategies and tools, including Truffle, Hardhat, Remix, and more.Gain insights into security concerns and best practices to mitigate risks.Review real-world examples of use cases and discover how to take your project to a production environment.Get answers to some of the most frequently asked questions around smart contract deployment.Let's dive into the world of smart contracts and learn how to deploy them effectively, safely, and in a way that best suits your specific needs.What Are Smart Contracts?Smart contracts are self-executing programs or pieces of code that run on decentralized networks such as Ethereum, Binance Smart Chain (BSC), Polygon, and others. Unlike traditional agreements, which rely on external enforcement, smart contracts enforce the terms and conditions automatically once predefined criteria are met. They remove the need for intermediaries—lawyers, banks, and other third parties—to guarantee the fulfillment of contractual obligations. Instead, the code enforces the rules, drastically reducing costs and potential points of failure.Key Aspects of Smart ContractsImmutability: Once deployed, a smart contract's code generally cannot be altered, ensuring the rules remain consistent and transparent. Transparency: Anyone can view the publicly deployed contract's source code (if published) and track its execution on the blockchain. Automation: Smart contracts run automatically when triggered by blockchain transactions or certain events. Trustless Execution: Participants do not need to trust each other; the contract's code is the ultimate authority. The concept of a “smart contract” was first proposed by Nick Szabo in the 1990s, long before blockchain technology gained widespread attention. However, it wasn't until the creation of Ethereum in 2015 that smart contracts saw practical, large-scale adoption. Ethereum was the first blockchain to offer a “Turing-complete” programming environment, enabling developers to create complex decentralized applications. Soon, other platforms followed suit, providing new smart contract capabilities and broadening the development ecosystem.Also, Read | Creating Cross-Chain Smart Contracts with Polkadot and SubstrateWhy Deploy Smart Contracts?Deciding to deploy a smart contract is often motivated by the desire to leverage the unique benefits blockchain offers: decentralization, transparency, and automation. Smart contracts introduce efficiency gains and can be used to tokenize assets, manage permissions, create dynamic financial applications, and more. Here are some common reasons why organizations and developers choose to deploy smart contracts:Eliminating Intermediaries: By coding logic directly on a blockchain, you remove or reduce the need for third parties, diminishing both costs and potential delays. Enhanced Security: Well-audited, properly built smart contracts can provide tamper-proof execution. Once deployed, the code becomes transparent, immutable, and resistant to censorship or shutdown. Cost-Effectiveness: While the initial deployment and transaction fees vary, ongoing operational expenses can be lower than maintaining complex server infrastructure or paying intermediaries. Trustless Environment: Parties in the agreement do not need to trust each other, as the contract's code is the deciding entity. This is particularly beneficial in multinational or multi-stakeholder scenarios where trust can be difficult or expensive to establish. Global Reach and Accessibility: Deployed on public blockchains, these contracts can be accessed from anywhere, making them a suitable foundation for distributed applications and services. In addition to these core advantages, the rapid growth of DeFi (decentralized finance), NFTs (non-fungible tokens), and DAOs (decentralized autonomous organizations) has continued to drive interest in smart contract development and deployment. With the evolving landscape, it is likely that new and creative use cases will continue to emerge.Popular Blockchains for Smart ContractsThough Ethereum is the most well-known blockchain for smart contract deployment, it's certainly not the only one. The blockchain ecosystem has matured considerably, and many alternative platforms now offer distinct advantages such as faster transaction speeds or lower fees. Here are some major blockchains that support smart contracts:EthereumEthereum pioneered the Turing-complete smart contract environment and continues to hold the largest developer community, largest ecosystem of decentralized applications, and highest total value locked in DeFi projects. Its native currency is Ether (ETH), which is used to pay “gas” fees for contract executions. Ethereum provides a robust ecosystem, but it has historically faced challenges with high gas fees and network congestion. The transition to Ethereum 2.0 aims to alleviate many of these issues.Binance Smart Chain (BSC)Developed by Binance, BSC is Ethereum Virtual Machine (EVM)-compatible, allowing Ethereum smart contracts to be easily ported to or built on BSC. It often offers lower transaction fees and faster block times compared to Ethereum, making it popular among certain DeFi and NFT projects. However, it is criticized by some for potential centralization due to its limited set of validators.PolygonPolygon (formerly Matic Network) is a layer 2 scaling solution built on top of Ethereum. By providing faster transactions and lower fees than Ethereum's main chain, it helps developers create scalable decentralized applications. Polygon's interoperability with Ethereum makes it a popular choice for projects seeking to reduce operational costs without sacrificing the Ethereum ecosystem's benefits.SolanaSolana is known for its high throughput, claiming to handle thousands of transactions per second (TPS). It uses a different approach from Ethereum's EVM and relies on a mechanism known as Proof of History (PoH). Smart contracts in Solana are typically written in Rust, making it an attractive option for developers experienced with that language.AvalancheAvalanche is another high-performance blockchain that supports multiple virtual machines, including the Ethereum Virtual Machine. It offers sub-second finality and can be configured with different consensus mechanisms. Developers often choose Avalanche for its flexibility and potential speed.FantomFantom is a fast, scalable, and EVM-compatible blockchain that uses a leaderless Proof-of-Stake protocol. It focuses on near-instant transfers and higher throughput, making it a potential platform for various DeFi projects.These are only a handful of the many emerging platforms. The choice of blockchain often depends on factors like transaction fees, developer tooling, community support, consensus mechanisms, decentralization preferences, and more. No platform is universally the “best”—the decision is always context-dependent.Also, Check | Optimism Platform: Developing and Implementing Layer 2 Smart ContractsFoundations of Smart Contract DevelopmentBefore you can deploy a smart contract, you need to create one. Smart contract development typically involves the following phases:Planning and ModelingChoosing a Language and FrameworkCodingCompilation TestingDeploymentPlanning and ModelingYour first step should always be to carefully plan what your smart contract is supposed to do and how it will fulfill those goals. Ask yourself:What core functionality does it need?How will users interact with it?What data will it store and how?Which blockchain environment is most appropriate?What are the security implications?Sketching out state diagrams, event flows, and user interactions can help you conceptualize your contract's structure. Establishing clear acceptance criteria is also crucial, because once deployed, altering a contract's logic can be cumbersome (or impossible) without advanced upgrade patterns.Choosing a Language and FrameworkEthereum's primary smart contract language is Solidity, though newer languages like Vyper (a Pythonic approach) are also used. For alternative blockchains, you might use Rust (Solana), C++ (EOS), Go (Hyperledger Fabric), or other languages. The choice typically depends on the platform's recommended or native language and your development background.Many frameworks facilitate the development and deployment of smart contracts:Truffle (Ethereum & EVM-compatible) Hardhat (Ethereum & EVM-compatible) Embark (Ethereum & EVM-compatible) Anchor (Solana) Brownie (Python-based, Ethereum & EVM-compatible)Each framework has its unique strengths, supporting tasks like compiling, testing, local blockchain simulation, migrations, and contract interaction scripts.CodingWhile coding, developers use the chosen language (e.g., Solidity) to write the smart contract's functionality. For instance, in Solidity, you define contract classes, specify functions, and manage state variables:<pre><code>pragma solidity ^0.8.0;
contract MyContract {
uint public storedData;
constructor(uint initialValue) {
storedData = initialValue;
}
function set(uint x) public {
storedData = x;
}
}
</code></pre>This simple example demonstrates how to store and update a value. Real-world smart contracts will likely have more complex logic, with multiple state variables, event emissions, and possibly external calls.CompilationOnce written, your smart contract code must be compiled into bytecode to run on the chosen blockchain's virtual machine. Tools like the Solidity compiler (solc) handle the process, converting your high-level language code into low-level instructions. Frameworks such as Truffle or Hardhat automatically configure the compiler settings for you and generate artifacts that can be deployed.TestingTesting is a fundamental step in your development process. You'll typically run unit tests, integration tests, and possibly property-based tests against a local or test blockchain. Testing ensures your contract behaves as expected under various conditions. Common libraries like Truffle's built-in testing framework (with Mocha/Chai) or Hardhat's testing environment (with JavaScript or TypeScript) streamline this process.DeploymentFinally, you'll proceed to deployment once you are confident in your contract's correctness. This involves sending a transaction (with your compiled bytecode) to the blockchain network, funded by your account's native cryptocurrency (gas fees in Ethereum, for example). After the deployment transaction is mined and confirmed, the contract receives a unique address on the blockchain, enabling anyone to interact with it subject to its encoded rules.Also, Discover | How to Scale Smart Contracts with State ChannelsTools and Frameworks for DeploymentMany specialized tools exist to make the deployment process more efficient, reliable, and aligned with DevOps' best practices. Here is a look at some popular smart contract deployment tools:Truffle SuiteTruffle is one of the oldest and most comprehensive Ethereum development frameworks. It offers:Truffle (command-line tool): For compiling contracts, running migrations, testing, and deployments. Ganache: A personal blockchain for testing and development.Drizzle: A collection of front-end libraries for building dApps. Truffle allows you to write migration files, which are essentially scripts that specify how and in which order your contracts get deployed. You can easily migrate to local test networks (e.g., Ganache), official testnets (e.g., Ropsten, Goerli), or the mainnet.HardhatHardhat is another widely used Ethereum development environment. It has:A powerful task runner that can be customized. Built-in support for a local development network. Extended debugging capabilities (e.g., console.log in Solidity). Plugins for integration with other tools like Ethers.js, Waffle, TypeChain, and more. Hardhat's flexible plugin architecture and improved debugging tools have made it a favorite among many modern developers.Remix IDERemix is a browser-based IDE for writing, testing, and deploying Solidity smart contracts. It is straightforward and requires no installation. Remix integrates a web-based compiler, built-in testing features, and direct deployment to networks like Ropsten, Ethereum mainnet, or local blockchains. It is particularly useful for smaller projects, educational purposes, or quick prototyping.BrownieBrownie is a Python-based framework for Ethereum smart contract development. It uses the Pytest framework for testing and integrates seamlessly with web3.py. If you are more comfortable with Python than JavaScript, Brownie offers a powerful alternative.AnchorFor Solana, Anchor is the go-to framework. It simplifies Rust-based Solana program development and includes a testing framework that simulates execution on a local Solana cluster.Other Notable MentionsEmbark: An older framework focused on full-stack DApp development. OpenZeppelin CLI: Provides tooling for deploying and managing upgradeable smart contracts, especially beneficial for enterprise-grade projects. Each tool has its strengths and weaknesses. Selecting the right one depends on your language preferences, the blockchain you target, the complexity of your project, and personal comfort with the toolchain.Also, Explore | Build a Secure Smart Contract Using zk-SNARKs in SolidityPre-deployment ChecklistDeploying a smart contract is an irreversible operation once it is on a public network. You cannot simply take it down or modify it at will. Therefore, careful preparation is critical to mitigate potential issues and ensure your contract functions as intended. Below is a handy checklist you might consider before final deployment:Thorough Testing: Have you tested the contract thoroughly in your local environment, testnets, or using ephemeral blockchains (e.g., Ganache)? Code Review and Audits: Have peers or professional auditors reviewed your code for logical errors, vulnerabilities, or inefficiencies? Version Control and Documentation: Is your smart contract code version-controlled (e.g., Git) and well-documented? Cost Estimation: Have you estimated gas costs for deployment and function execution? Are you prepared to pay the required fees? Network Selection: Do you know whether to deploy on a mainnet, sidechain, or layer 2 solution? Have you tested the correct environment? Access Controls and Permissions: Have you restricted certain functions to authorized accounts or roles only? Fallback Mechanisms: Do you have a plan or fallback if something goes wrong? For instance, do you need an upgradeable contract architecture? Final Parameters: Have you set any final configuration values, such as initial supply in a token contract or addresses of external oracles? This pre-deployment preparation can significantly reduce the risk of costly mistakes in production.Testing and AuditingSmart contract testing is vital. Because deployment is often permanent, a single bug can lead to catastrophic consequences—loss of user funds, locked tokens, or complete compromise of your system.Types of TestingUnit Testing: Involves testing individual functions or small modules in isolation. Integration Testing: Tests interactions between multiple contracts or modules. End-to-End Testing: Testing the entire workflow of your application, from front-end to blockchain transactions. Fuzz Testing / Property-Based Testing: Random inputs are fed to your contract to detect potential edge cases or unexpected behaviors.Security AuditsA security audit is an extensive review of your smart contract code by a specialized firm or experienced auditor. They look for:Re-entrancy attacks Integer overflow/underflow (less common with Solidity 0.8+ but still relevant) Unauthorized access to privileged functions Logic bugs and faulty assumptions Gas optimization opportunities While audits can be expensive, for high-stakes projects (especially those that manage significant funds), the cost is justified. Post-audit, you will often receive a report detailing found vulnerabilities and recommendations for fixing them.Formal VerificationFormal verification employs mathematical methods to prove or disprove the correctness of your contract's logic. Though more complex and not always required for every project, formal verification can be beneficial when dealing with mission-critical, high-value contracts like stablecoins or large DeFi protocols.You may also like | Multi-Level Staking Smart Contract on Ethereum with SolidityDeployment Process ExplainedWhile the specifics may vary depending on your chosen framework or blockchain, the core deployment process generally looks like this:Compile the Contracts: Use your framework's compiler to transform Solidity (or any other language) code into bytecode. Configure Deployments: Adjust the deployment scripts to specify which contracts to deploy, the parameters for constructor functions, and the network to deploy to. Fund the Deployer Account: Ensure the account that will send the deployment transaction has sufficient cryptocurrency to pay for network gas fees. Run the Deployment Command: In tools like Truffle, this might be `truffle migrate --network mainnet`. In Hardhat, you might run `npx hardhat run scripts/deploy.js --network mainnet`. Verify Success and Note the Address: Once mined, you will receive a transaction hash and contract address. Verify on a block explorer (e.g., Etherscan, BscScan) to ensure the contract is live. Optional Verification of Source Code: Tools like Hardhat or Truffle can automatically help you verify your source code on Block Explorers. Verification improves transparency and trust, as users can see the exact code compiled and deployed.Below is an example Hardhat deployment script in JavaScript for a simple token:<pre><code>const { ethers } = require("hardhat");
async function main() {
const MyToken = await ethers.getContractFactory("MyToken");
const myToken = await MyToken.deploy("My Custom Token", "MCT", 1000000);
await myToken.deployed();
console.log("MyToken deployed to:", myToken.address);
}
main()
.then(() => process.exit(0))
.catch(error => {
console.error(error);
process.exit(1);
});
</code></pre>Running `npx hardhat run scripts/deploy.js --network mainnet` will deploy the MyToken contract to the specified network, given that you have properly configured the network settings in your Hardhat config file and funded the deployer wallet.Best Practices and Security ConsiderationsUse Standardized LibrariesLeverage well-reviewed, open-source libraries like OpenZeppelin for ERC-20, ERC-721, and other token standards. These libraries have been battle-tested by the community and significantly reduce the chance of introducing vulnerabilities.Keep Code SimpleSmart contract code must be secure and minimal. Complex logic can open doors to exploits and increase the difficulty of auditing. Always aim for simplicity and clarity.Principle of Least PrivilegeRestrict functions so they can only be executed by authorized roles. Avoid leaving default “owner” powers in production if they are not necessary.Upgradeable Contracts (If Needed)Immutable smart contracts are the norm, but if you anticipate needing to fix or add features later, consider using proxy or upgradeable contracts. This approach can add complexity and security considerations, so weigh the trade-offs carefully.Monitor and MaintainDeploying a contract does not mark the end of the journey. Continuously monitor on-chain activity, check for anomalies, keep the private keys of privileged accounts secure, and respond quickly to any discovered vulnerabilities.You may also like | How to Write and Deploy Modular Smart ContractsReal-World Use Cases and ExamplesSmart contract deployment has practical applications across various industries:DeFi (Decentralized Finance):Lending platforms, decentralized exchanges (DEXs), yield farming protocols, stablecoins, and derivatives all rely on complex smart contracts to handle billions of dollars in assets with minimal human intervention. NFT Marketplaces:Creating and trading non-fungible tokens representing art, collectibles, gaming items, and virtual real estate. Ethereum-based platforms like OpenSea, Rarible, and Foundation popularized NFTs, but other chains also support them. DAOs (Decentralized Autonomous Organizations):Governance structures are coded as smart contracts that enable stakeholders to vote on proposals and manage shared treasuries in a decentralized manner. Supply Chain and Logistics:Using blockchain to track goods, ensure authenticity, and automate processes such as payments once shipping conditions are met. Gaming and Metaverse Applications:Enabling in-game economies, ownership of digital items, and metaverse assets (land, avatars, clothing) on the blockchain. Identity and Access Management:Issuing verifiable credentials, managing permissions, and authenticating users in trustless environments. Tokenization of Real-World Assets:Real estate, stocks, precious metals, and other assets can be tokenized as ERC-20 or other token standards for fractional ownership and easy global transfers.When deploying real-world projects, you must carefully consider user experience, regulatory implications, privacy, and various other non-technical constraints. Smart contracts are only one piece of the overall puzzle.Also, Discover | How to Create a Smart Contract for Lottery SystemFAQ (Frequently Asked Questions)Q1: Do I always need to pay gas fees to deploy a smart contract?A: Yes, on public blockchains like Ethereum, you must pay gas fees using the network's native currency (ETH on Ethereum). The amount varies depending on network congestion, contract complexity, and size.Q2: Can I edit or remove a smart contract after deployment?A: Typically, no. Smart contracts on most public blockchains are immutable once deployed. You can code upgrade mechanisms into your design—using proxy patterns or upgradeable frameworks—but the base concept of immutability remains unless you explicitly implement an upgrade approach.Q3: How do I choose between Ethereum and an alternative chain?A: Consider transaction fees, network throughput, community support, developer tools, and your project's specific needs. Ethereum boasts the largest ecosystem, but other chains may offer lower fees or faster transaction times.Q4: What about private or permissioned blockchains? A: Private or permissioned blockchain networks—like Hyperledger Fabric or Quorum—allow more control over who can join and validate transactions. These are often used by enterprises for internal processes. They also support smart contracts (called “chaincode” in Hyperledger), but the trust model differs from public networks.Q5: How secure are smart contracts? A: Smart contracts can be secure if designed and tested properly, but they're not inherently risk-free. Exploits can and do happen. Thorough testing, code reviews, and security audits are essential.Q6: Are there ongoing costs after deployment? A: Storing data or executing functions in a deployed contract requires transaction fees. If other users call the contract, they pay for the gas. If your dApp or your backend calls it, you pay. You won't pay recurring fees for the contract's existence per se, but any interactions have transaction costs.Q7: Can I use open-source contracts for my project? A: Yes. Many reputable smart contract libraries (e.g., OpenZeppelin) are open-source and can be integrated into your project. Always review and confirm the library's security track record and license before adoption.Q8: How do I verify my smart contract on a block explorer? A: Most blockchain explorers have a verification feature. You typically provide the source code, compiler version, and optimization settings used during compilation. Tools like Hardhat or Truffle can help automate this process.Q9: Do I need a full node to deploy a smart contract? A: Not necessarily. You can connect to a public node (e.g., Infura for Ethereum) or a managed service. If you're developing, you may use a local blockchain emulator (e.g., Ganache) for testing.Q10: What's the difference between a testnet and a mainnet? A: A testnet is a blockchain used for testing (like Ropsten, and Goerli for Ethereum) with no real monetary value, allowing developers to experiment without incurring high fees or risking real funds. A mainnet is the official live network where transactions have real financial consequences.Also, Read | How to Access Private Data in Smart ContractsConclusionSmart contract deployment is both an art and a science. It begins with understanding the fundamental concepts of decentralized technology, exploring viable blockchains, and mastering the languages and tools necessary to code self-executing agreements. From there, you need to thoroughly test, audit, and manage your code, ensuring it meets the highest standards of reliability and security before committing it to an immutable network.Key takeaways from this guide include:Smart contracts offer trustless execution, transparency, and immutable logic. Ethereum introduced the concept of Turing-complete smart contracts, but many alternative blockchains now exist, each with unique trade-offs.Effective development tools (Truffle, Hardhat, Remix, Brownie) streamline the coding, testing, and deployment of contracts. A pre-deployment checklist and thorough auditing can help prevent costly mistakes. Security best practices—including code simplicity, least privilege, and the use of well-tested libraries—are crucial for safe smart contract deployment. The real-world applications of smart contracts are vast—spanning finance, identity management, gaming, supply chain, and more. As blockchain technology matures, deploying a smart contract increasingly resembles standard software deployment—yet important differences remain. Immutability, decentralized governance, and the public nature of blockchains mean that every step must be approached meticulously. By following best practices, leveraging the right tools, and nurturing a deep understanding of smart contract security, you can confidently deploy code that drives truly decentralized applications and helps shape the future of digital innovation.Smart contracts stand as a testament to the power of trustless, transparent, and automated systems. Whether you are creating a new token, building a sophisticated DeFi protocol, or simply experimenting with blockchain technology, your journey toward deploying a smart contract is an important step into a broader landscape of possibility. With that in mind, continue to learn, experiment on testnets, engage with the community, and adopt best practices. The result will be robust, secure contracts that deliver value to users and help pave the way for widespread blockchain adoption.Now, armed with this comprehensive guide, go forth and deploy your next smart contract with confidence. The world of decentralized applications awaits! If you are looking to build your decentralized project, connect with our experienced smart contract developers to get started.
Category:
Blockchain
Mudit Kumar
02 Nov 2018
Real World Blockchain Applications and Use Cases
In layman's terms, it's a distributed ledger, and everyone in the network can have a copy of it Everyone who has a copy can add new records of transactions to this database. However, they cannot change the history that is already in there. It makes a blockchain a great alternative to store data transparently as everyone gets to see what's in it. Visit blockchain development services to explore the latest applications and use cases of the technology.
Application of Blockchains
Cryptocurrencies
When Bitcoin was launched in 2008, it allowed people to make transactions with one another without having to trust any third party like banks. Since then, over 1600 different cryptocurrencies have been created.
Also, Check | Blockchain beyond Cryptocurrencies.
Automotive
You might be aware of the odometer fraud.
By tweaking the odometer, someone can make a car (or any mode of transportation) appear to be newer and less worn out, resulting in buyers paying more than the actual worth of a vehicle.
Although the government tries to tackle this issue by gathering the milage of cars when they conduct a safety inspection, that's significantly not enough.
Solution: We can replace the standard odometer with smart ones connected to the internet. Such odometers will write the mileage of the car to a blockchain in a distributed, transparent, and immutable manner.
Thus, creating a secure, digital certificate for each car. As we are using a blockchain, no one can tamper with the data, and everyone can see a vehicle's history.
Also Read: Blockchain Becoming the Panacea for Automotive Challenges
Indeed, such blockchain application is being already developed by Bosch's IoT lab and is currently in the pilot test stage. They are testing it on a fleet of 100 cars in Switzerland and Germany.
So, blockchain applications are good at keeping track of things over time.
Notary
Apart from the odometers, you can keep track of things like intellectual property or patents. You can even use a blockchain as a notary. A notary is someone who confirms and verifies signatures on legal documents.
However, we can use a blockchain for it.
For instance, an online website stampd.io allows adding documents to the Ethereum or Bitcoin blockchain. Once added, you can have permanent proof that you created that at a certain point in time. Much like a notary, although currently, blockchains aren't on the same level as traditional notaries from a legal perspective.
Also, Explore | Citigroup Collaborates with Ava Labs for Tokenization PoC
Voting
Today, people vote either on ballot papers or EVM machines that are running proprietary software.
Voting on paper is an expensive process and costs a lot of money. Also, electronic voting has security concerns.
In recent years, we've seen countries moving away from digital voting and adopting paper again as they fear that electronic votes can get tempered or influenced by hackers.
Solution: Instead of paper, we could bring into use blockchains to cast and store votes.
Such a system could prove to be transforming as everyone could see and verify the voting count for themselves as well as it would make tampering with votes or the system almost impossible.
The Swiss company Agora has already started working on such a system, and it's going to be completely open-source. But there's a myriad of challenges.
First, you have to be able to identify and verify voters without compromising their privacy.
Secondly, if you provide people the ease to vote from their computers or phones, it's important to consider the fact that those could be made infected with malware designed to tamper with the voting process.
And lastly, such a system needs to withstand denial-of-service attacks as it could make the whole thing unusable.
Unquestionably, a tough nut to crack but if it becomes a reality, it could lay the foundation for a more transparent, safer, and practical voting system.
Let's move further to another area where blockchain applications can make enhancements:
The food industry
The industry could use blockchain technology to track food products from the moment they have been harvested to when they reach the hands of customers. There's a dire need to keep an eye on the foods we're consuming as almost half a million people die because of food-borne diseases. It's due to the time it takes to isolate the food that's causing harm.
Blockchain could help us to create a digital certificate for each piece of food, keeping a complete record of where it came from and where it has been.
It can have answers to questions like:
Where was the food harvested/processed?
How has it been transported?
What batch does it belong to?
Who has been in contact with it?
Was it kept at the appropriate temperature?
When was it sold?
So, on the detection of contaminated food, we can easily trace it back to its origin and notify other people who bought the same batch of it.
Walmart and IBM have partnered to devise such a system which allowed them to track the origin of a box of mangoes within a few seconds, compared to days or weeks using a traditional food tracking system.
A similar system could be applied to other industries as well. We could use it to track regular products and tackle counterfeit goods by enabling anyone to validate whether or not the product has come from the manufacturer you think it has.
Another use would be to trace packages and shipments by using a blockchain. That's something container shipping giant, Maersk and IBM are working on; creating a decentralized ledger to help make the global trading of goods more efficient.
Alright, we have analyzed how blockchain applications keep track of information and verify its integrity.
But blockchain's potential can be unlocked if we add Smart Contracts to it.
Also, Read | Blockchain Solutions: The Panacea For The Food Industry Problems
Blockchain in Insurance
Insurance companies could use Smart Contracts to verify claims and execute payments.
With smart contracts, we can secure our data on a blockchain.
For instance, they can enable us to store our medical records on a blockchain and only provide access to doctors by approving with a digital signature.
Similarly, you could record personal information and choose what data you want to reveal.
For example, ordering alcohol in a bar would require you to prove that you're over the legal drinking age, and with smart contracts, you can deliver the proof without revealing anything else.
Or think about collecting royalties for artists. A streaming service could set up two smart contracts: one where users send a monthly subscription to and another that keeps track of what the user has listened to. At the end of each month, the smart contract that holds the subscription fee can automatically release money to artists, based on how many times their songs have listened.
Also, Explore | Blockchain Use Cases for Supply Chain Management
In Summary
So, these are the ways blockchain applications can come into use in the real world.
The blog covers only the basics of how blockchain applications can be used, and it's by no means a complete list. That would make a very long blog as there is so much happening in this space.
Let me know in the comments below what your favorite application of blockchain technology is. Also, if you are interested in developing your project using blockchain technology, connect with our blockchain developers to get started.
Mudit Kumar
01 Nov 2018
Smart Contract Technology will revolutionise Military and Defence sector
Decentralized Smart Contract technology is emerging as an undertone of next-gen IT infrastructure. After banking and finance sector leveraging distributed ledgers to secure operations, now, other sectors are aggressive to implement this technology. One such vertical is defense and military applications. Smart contract technology in defense will revolutionize the sector. Top agencies including DARPA, and US Navy have caught the bandwagon. Not only in the US, this technology is also gaining global grounds. NATO is also ready to invest on it. Defense and military sector has integrated IT as a salient tool with advances in drones, smart weapon systems, and active monitoring.
Smart Contract technologies like blockchain impacted several aspects of military and defense. Real-time data collection using drones, decentralization of weapon control, military supply chain management can become highly optimized and effective using blockchain.
Combining AI & Blockchain
In the current landscape of defense technology, AI is gaining grounds. However, a rational use of technology in military barred AI from gaining more grounds. Google abandoning project MAVEN is a good stride for humanity. Distributed ledger based technology, on the other hand, is gaining strong pertinence for not only technical advantages but also for the reason that dropped MAVEN.
However, AI and blockchain-like technology can create unique solutions. For instance, AI and Blockchain powered drones has the potential to solve data recovery after destruction. As drones are employed in highly critical areas, they are destroyed often while on an operation. Connecting AI-powered drones with blockchain based network will enable real-time data collection and save the record, eradicating any possibility of data loss.
Decentralization will enable coordinated weapons control
Weapon systems are massive and they need a strong coordination. Form autonomous drones to battleships, from a wearable gadget to high-tech robotic weapons, all require a reliable real-time coordination. Such network requires stringent security and unbreakable protocols to run. Distributed ledger based technology and smart-contracts will create an immutable chain of data, which cannot be hacked. Individual players can connect to the same grid to work on real time coordination.
Also, Explore | Blockchain Military Applications: The High-End Tech For Armed Forces
Smart contract technology will strengthen real-time military supply-chain management
Blockchain-based smart contract technology has the potential to create a real-time supply chain in weapon administration. Blockchain is gaining a rapid adoption in governance, which can replicate in supply-chain management in the military as well. Distributed ledgers can let all roles in the chain to implement their parts in tandem with other stakeholders in real-time. Such chain will effectively work during an emergency period. Such decentralized networks will connect each weapon on the grid to administrations. This will augment the process of servicing and maintenance of high-tech weapons. Suppliers in the chain will know the requirement to replace any damaged part or machine in the weaponry on real-time. Thus, military logistics, procurement, and supply operations will enhance using decentralized applications.
Decentralized ledgers and smart contracts are emerging technologies. Blockchain-based technology has the potential to create innumerable innovative applications for defense, military, and security. SaaS Development, web-based applications are now pertinent in this industry. These systems will enhance dynamically with decentralization. Distributed ledgers are foolproof, immutable and uncollapsible, which make them apposite for military applications.
Mudit Kumar
01 Nov 2018
Digging the Potential of Blockchain Technology in Governance
In any application for public governance, security and performance are the prior requirements. Blockchain Technology in governance can materialize stringently secured decentralized apps, but in the performance parameters, the technology limits itself. Public ledger systems can supersede current IT infrastructures supporting government apps and interfaces that act as touchpoints for public service distribution. In fact, the ingrained aspects of blockchain as shared, transparent, easily accessible, and a highly secured network, makes it a practical tool for e-governance. Another important aspect is the low cost of maintenance, as this structure is self-sustaining and uncollapsible.
Several nations including China is aggressive in implementing blockchain technology as innovations in e-governance. Even if an evaluation of such systems would be a bit earlier, these infrastructures are posed to perform more effectively than previous systems. Several verticals of government operations like elections, tax-paying, land-registration, business registration, and others can undergo massive facelifts using blockchain-based infrastructures.
Moreover, Blockchain technology in Governance can render substantial advantages over the current state of government service delivery. To deliver special services like pension, allowances, grants, or subsidies, digital public ledgers can act as a transparent, reliable, and secure system.
Blockchain Technology in Governance will improve public service delivery
Digital governance is like an interface for the public to access government services. In the current scenario, e-governance is based on websites and databases that make information accessible to the public. Government portals support filling online forms, creating private profiles on centralized databases and share as well as access information.
But, the technology backing such systems is not scalable to offer enough participation of the public in governance. Information is stored in databases, and the authority is centralized. This limits the sense of participation and hence a sense of responsibility in public. In the current ecosystem of e-Governance, portals are limited as information sharing platforms.
On this backdrop, blockchain technology in governance is emerging as new empowerment for the public as well as the administrations. This technology can run in synchronization with systems like SSN in the United States and ADHAAR in India. If each unique identification number is associated with a unique ledger, each citizen will be connected to a common grid or network. Interestingly, only blockchain technology has the right set of technical parameters that can implement such a network. This network could be nationwide, and at the same time, nation-specific. Also, smaller units such as states, provinces, and even villages can implement private DApps programmed to integrate with other similar grids.
Blockchain as a Public empowerment
Each citizen will have proper access to their own information as they will be stored in respective ledgers. Any Government department can access information with adequate transparency. This would empower citizens in the sense that has the proper information about the department accessing their data and the reason behind it. In fact, blockchain will empower citizens such extent that departments would need consensus from owners to access data. The technology is true empowerment in terms of data protection and privacy. Blockchain has the potential to eradicate possibilities of unauthorized spying completely.
Blockchain empowering Government
On the other hand, Blockchain technology will let the Government have a proper account of each transaction related to each citizen. As records of each person are stored in their own ledgers, every information would be traceable and accessible with the permission of the user. This would organize information about citizens in a proper format across the system. Also, it would ensure that all information related to a person is on a particular, and unchangeable address. This aspect, in return, will make data collection, audits and survey more effective, easier and faster.
Blockchain technology has the potential to be the primary instrument of public governance. The need is only to realize and start implementing. Verticals like the healthcare industry, finance, and supply chain management are using this with optimal results. However, Blockchain does have its own limitations, which will require innovation in the concept or the strategy to implement. Administrations can start with small-scale decentralized apps for local use at village or municipality level. Such a network would grow integrating with similar applications. This will create macro-level networks with millions participating in governance with equal rights and opportunities.
Mudit Kumar
31 Oct 2018
Blockchain Applications becoming the Panacea for Automotive Challenges
Terms like Ethereum, Litecoin, XRP, etc., are no longer unfamiliar to most of the Internet users. The cryptocurrencies are dominating the Fintech industry as they provide a way for safe digital transactions for all involved parties.
One most important use of cryptocurrencies other than different forms of investments is an ICO (Initial Coin Offering) campaign in which the investing party buys a newly created altcoin or digital token to seek higher returns.
While everyone is familiar with what these altcoins are, a few know about the underlying mechanism that makes them so secure and stable.
Blockchain- The Digital Safety Hack
Most of the cryptocurrencies operating in the digital word work on the concept of blockchain technology. In simple words, a blockchain works similar to traditional ledgers. However, the key differentiator is their physical and digital presence, and that blockchain is an immutable, distributed ledger having no central authority.
Blockchain uses small blocks to store cryptographically coded and connected data. Thus, ensuring the security and privacy of concerned users.
These blocks bear time stamps of when a transaction or trade is happening and the data, which can be terms or agreements that need to be fulfilled by the exchanging parties. Once you entered the data, it's made permanent, unalterable and verifiable. The feature that brings technology into the mainstream is its quality to diminish the chances of any third-party involvement on personal records as it promotes the idea of decentralization.
Another distinctive feature of blockchain is its applications in various industries. Not only the Fintech world is embracing it and reaping benefits from it, but the automotive sector is also exploring the possibilities.
Use Cases of Blockchain based Automotive Solutions
Improved verification and Processes
KYS (Know Your Supplier):
Blockchain based automotive solutions can capture, store and verify supplier details, using outside information. That's even before the supplier delivers services to automotive companies. Once validated, a supplier contract can get executed on a blockchain and payments made when a product or service gets fulfilled. Also, you can provide data 'off-chain,' for supporting supplier performance and for giving information about future contractual agreements.
Trace, Verify and know Provenance of Parts:
Blockchain based automotive solutions can capture, store and update information on vehicle parts including spare parts. Thus, enabling the service center, car manufacturer and customer to know the provenance and trace the origin of spare parts through the supply chain to the original manufacturer location and date.
Improved Supply Chain:
Blockchain based automotive solutions can provide an end-to-end supply chain solution that can enable automotive companies to order and sell, track and pay for products or goods once delivered at their destination. With smart contracts, documentation would be updated, viewed, and validated by involved parties on the blockchain. Those parties can also initiate seamless payments throughout the process based upon the terms and conditions coined in the agreement (such as between seller and customer authorities, seller and shipping company and between buyer and seller).
In addition to it as an extension, connected IoT sensors and smart devices could help assess the condition of containers and other necessary information recorded on the blockchain and inform in advance of final settlements such as if goods have got damaged.
Targeted Recall:
Blockchain based automotive solutions can enable car manufacturers to find vehicles containing defective spare parts, and therefore can make targeted recalls or issue service bulletins for those vehicles. It could result in fewer hassles for customers as well as lower the recall costs for the process. Not only this but this application would also monitor the status of the recall. For example, repaired vehicles or vehicles repaired by the dealer, and which need to send for regulatory reporting to the government.
Effective Management of Vehicles and Incentives:
Customer and dealer incentivization:
Blockchain based automotive solutions can record dealer and customer purchases and issue loyalty points. Those points can be redeemed and used as a currency within the loyalty network of an OEM (Original Equipment Manufacturer).
Also Read: Blockchain Smart contracts Are The Future
Replace Physical Log Book:
Blockchain based automotive solutions can securely store, update, trace and share vehicle data across OEMs and with external entities in real time. The vehicle database could include information such as a car's maintenance and ownership details and enable OEMs and other involved parties to view and edit the data to the blockchain. Users would be able to receive payments through the global database for services rendered, such as for repairing a vehicle, buying and selling of carriers or their data to third parties. And thus, replace the physical log book.
On-demand Mobility Services and Ride-Sharing:
Blockchain based automotive solutions can record and execute agreements and payments transactions. It will enable vehicle owners to monetize trips.
The solutions would enable interconnection between smart vehicles, car sharing providers and the end-users in a more secure way. End-user and car sharing providers would register themselves on the blockchain and exchange data securely and seamlessly. Such data could be the vehicle location, agreement terms (insurance details, cost per mile), keys to unlock the car, and user payment details.
Also, the solution would execute all payments following completion of a ride and update all details with a history of that trip.
Summary:
It was an analysis aimed at identifying prospects where, in both the traditional and future automotive industry, blockchain technology could hugely impact.
Given the rapid adoption of blockchain across various industries, it's possible that within one or two years, blockchain could become the panacea for many of the challenges faced by the automotive sector.
The analysis in this blog can be used to help understand the potential value of blockchain applications for businesses. Those who are new to the technology could experiment with one or two opportunities.
Mudit Kumar
31 Oct 2018
Blockchain technology in Healthcare: Unleashing untapped potential
Blockchain technology in healthcare has the potential to revolutionize the industry. Although its direct impact in medicine and surgery is not than relevant being primarily an IT mechanism, it will proffer substantial change in the use of internet in healthcare management today. Especially, the concept of shared databases will undergo massive revamp in terms of the supporting technology behind it.
In current IT landscape of Healthcare industry, ERP, CRM, shared databases, as well as devices, have been playing crucial roles. Integrating blockchain technology into the existing IT ecosystem in this sector could solve several major lacunas. These are 'shared-systems' where each and every user participate equally in terms of information sharing. This technology is built on the internet infrastructure as ledgers or blocks associated with each user. Each block is accessed via a node, which is nothing but the interface for the users to access their own ledgers. This node could be a device or a DApp installed in the device. Such a system can effectively integrate with any Electronic Health Record (EHR) system or can even replace them.
What could blockchain technology in healthcare solve?
Practically, blockchain technology in healthcare can solve the critical lacunas in the existing EHR ecosystem. Interoperability, security and hectic management, as well as user experience, are found as the major issues in EHR systems. A shared, simple and transparent mechanism, which is secured enough can eradicate these issues completely. Blockchain technology, in this regard, can be developed as a panacea.
Tackling Interoperability
David Ratto, critical care specialist from Southern California, the US, lack of interoperability is a major challenge in EHRs. He says “data must be available and needs to be seamlessly transferred from one source to the next.” He wants all vendors as well as participants in the EHR to meet interoperability standards. Apparently, EHRs are not able to meet the demands of the industry in technical fronts. The issue exists because of differences in data type and their incompatibility throughout the access nodes of the EHR.
There is a technical bottleneck in EHR, as they are basically platforms built on general technology similar to databases and ERPs. The technology is unscalable as it can support limited formats of data and information types. While medical records comprise much more than just text, images, and videos, to integrate more functionalities EHR will come up and more complex systems. They will also become more cumbersome to manage.
Blockchain-based EHR would be easy to manage and user-friendly some to manage as well as use. DApps have already become the latest trend for developers. If each hospital connects with the chain system of supply to demand involving each stakeholder in the ecosystem, it would solve the interoperability issue in EHR based systems. A DApp helps to achieve this.
Blockchain application provides access to all stakeholders in the system in real-time with no restrictions in data types across the network. Ledgers with smart contracts following data sharing protocols for each stakeholder in the healthcare supply chain, including patients, medical practitioners, researchers medical suppliers and administrators will ease out operation bottlenecks massively.
Blockchain technology in healthcare can develop secured EHR
Blockchain technology is the forerunner in handling security threats. With increasing loads of data in EHR, managing privacy have become a critical task for hospitals. Furthermore, most EHRs are prone to hacking and cyber theft. Critical medical information, research data, falling into wrong hands can do massive damage. It can affect, patients as well as healthcare providers. Against this backdrop, decentralized applications based on blockchain can solve the issue. There is no probability of data theft and privacy infringement in blockchain based systems.
Blockchain-based EHR would be easy to manage and user-friendly
The complicated workflow of EHRs makes them confusing. This is per Matthew Ernst from Jefferson University. He believes, existing EHRs can get staff “overwhelmed”, turning down their productivity levels. There are reports of considerable dissatisfaction at EHR. Existing systems are not user-friendly. Using blockchain based systems can develop simple and plain interfaces without much technical complexity. Such systems can fulfill the objectives of information sharing with limited or total access bypassing even the cost of hectic management.
Conventional EHR systems hit the roadblock with limited technology. Using blockchain as the underlying technology, the ecosystem will have a relevant and useful facelift. Blockchain is being adopted in major industries like finance, advertisement, and supply chain management breaking with grand outcomes. Healthcare industry will reap the benefits of this disruption soon.
Mudit Kumar
30 Oct 2018
Blockchain Powered Social Media Marketing- Rise of a New Marketplace
If you're a social media manager providing your services to businesses or a business owner wanting to expand customer reach, you need to be ready as Social Media is about to experience a paradigm shift.
That cause of disruption is going to be the blockchain technology. Though the technology is already showing signs of reforming many industries, social media is the next to feel the ramifications of transformation caused by blockchain development.
Blockchain and Social Media
Presently, companies are using social media platforms to build their brands, such as Facebook and Twitter. They need to realize that all those efforts and investments of time may have been for naught. Blockchain application development services for Social Media are laying the foundation for revamped platforms which will change the way consumers and businesses use them. Indeed, social media marketing is likely to go through an upheaval.
If you want your business to be future-ready, prepare yourself for blockchain-enabled social media marketing, and follow these trends of blockchain development in social media marketing to stay ahead of your competitors.
Applications of Blockchain-enabled Social Media Marketing
Digital identities
There's an increase in the demand for verified online identities. Due to massive bot problems on social media platforms like Facebook and Twitter, businesses are finding ways for targeted customer outreach to increase their marketing ROI. The ease of connecting with identified and verified consumers via blockchain technology and Smart Contracts is attracting business owners who want to focus on customers they know, instead of marketing into the black hole of social media and PPC ad impressions.
Verified Users and Marketplaces
Alike the verified identities will push the need for blockchain-enabled social media marketing services, so will the verified marketplaces and organizations. Markets are already adopting new technologies to address user-based needs. It will continue as blockchain technology becomes mainstream and business owners understand the opportunities it can bring. The ability to operate in a marketplace where only verified groups and companies that you know are already showing interest in what you're offering could reduce marketing efforts along with increasing your ROI.
Crypto and Blockchain Based Social Media
The amalgamation of cryptocurrencies and blockchain-enabled social media marketing services is another excellent instance of the future of social media. If DApps become commonplace, users of social media will be able to choose platforms on which they want to network. Providing users with the ability to earn cryptocurrencies for their activities would attract a myriad of them to platforms that offer incentives for making contributions to them.
Let's understand this with a simple instance- think of the time that users spend on social media networking sites like Facebook, Twitter, Instagram, etc., and if each time they post earns them a small amount of a cryptocurrency. A crypto-enabled social media world is quite intriguing indeed.
Smart Contracts to Prevent Frauds
Smart Contracts and blockchain technology are also ready to influence the distribution of fake content over social media. The digital world is full of inappropriate content to spambots. Using blockchain-based supply chain solutions, we can make the future of social media and content distribution more secure; verified online identities and information and the traceable spread of data will help make it safe.
Also Read: Steem Blockchain To Revamp Conventional Online Apps Publishing
In Summary
Blockchain-enabled social media marketing services could have a dramatic shift in the use of popular social media platforms like Snapchat, Facebook, Instagram, Pinterest, etc.
Those who will become the early adopters of these new blockchain-enabled social media will benefit the most. The sooner you realize the power of blockchain-enabled social media, the sooner you'll be able to reap the benefits and be able to bend your existing business process to embrace this new reality.
Mudit Kumar
30 Oct 2018
Wise words for cryptocurrency buyers-- Exploring ICO Token Development
A real DApp ICO is similar to an IPO. ICO Token Development is the creation of cryptocurrency DApps. Public can invest in such ICOs in the same way shareholders invest in shares stocks. However, there is always a risk in any time-dependent investment. Apart from this, scams are rampant in the internet ecosystem, especially, when a vertical involves loads of money. ICO industry is also marred with such malicious aspects. It necessary for investors to be cautious while planning a big buy. Prospective investors in ICO should know if the currency is worth buying, and more importantly, if it is authentic.
Checking the background of ICO Token Development
Interested consumer needs to check the background of ICO Token Development of the particular cryptocurrency. It is necessary to know a bit of technology related to blockchain, ICO, and how transactions are occurring in the market. An effective way to start researching a DApp ICO is to find relevant publications about it. White-Papers, research documents and technical information about the DApp are the most important.
Since blockchain technology is open source, ICO Developers make their codes available online on platforms like GitHub. After finding white-papers and codes, users need to verify if they are correct and not plagiarized. A real ICO token development is backed by a unique code, which is logical and of course strong enough to support the objectives and functioning of the DApp. Evaluating white-papers provide a strong gist of the technical feasibility of the DApp.
White Papers and research documents also describe the background of an ICO. Blockchain technology offers an innovative solution to many real-life problems. This technology is the new face of secured and transparent internet, based on powerful encryption. The objective of an ICO is not only to offer an investment opportunity but to make an industry easier. The first ICO, Bitcoin was created to make financial transaction secured and transparent.
ICO like BAT, Basic Attention Token, created by Brendan Eich, addresses many practical issues in the digital advertising industry. This facet of a cryptocurrency DApp is a parameter to evaluate the ICO. Users must evaluate if an ICO is relevant as per its objective. If this objective is relevant enough, it would certainly grow in the industry.
Sometimes common sense is enough
ICO is practically a company. It is supposed to have a proper team with proper designations. If a single person is playing different roles, if the CEO of the ICO does not have a proper identity or reputation, or there is no information about the background of the company, the ICO is probably a scam. There were instances where the CEO of an ICO endorsed by top celebrities did not even exist. It was found that the company was a fraud.
Other few signs indicating a probable ICO fraud are general aspects like over endorsement, hyped in social media, and guaranteed profit. Any cryptocurrency that promises good returns has hired professionals to endorse are creating a buzz over the internet need more stringent scrutiny. Investors should realize no ICO can guarantee a profit since it is dependent on its adoption as a technology. There were popular ICOs, which were later found to be Ponzi schemes.
ICOs are powerful innovations that fulfill certain criteria. Real cryptocurrencies are not tough to understand. They have the proper background, technology, and a community behind them. However, cryptocurrencies are not different from IPOs or public shares that depends on the market as well as the technology. As shares can get massive profits, so are cryptocurrencies. Similar to share stock investors, ICO buyers should also research properly before investing in any digital currency.
Mudit Kumar
30 Oct 2018
Understanding How Anyone can Launch an ICO Platform
After Bitcoin and Ethereum hit the financial ecosystem as blockbusters from the digital world, the term cryptocurrency became a hot topic across the globe. People who bought a bitcoin years ago practically emerged as millionaires. Especially, after several nations legalized cryptocurrencies as a legal tender, the market could not but have an outburst. Everyone has become interested in digital money. As it transformed into a craze in the general market, an industry emerged to fill up the gap in supply. This market segment is ICO, meaning Initial Coin Offering, and is paving the way for innovative fintech blockchain solutions. It is growing parallelly, as any blockchain expert can launch an ICO platform.
Simplifying ICO
ICO means launching a new type of crypto-currency or coin in the market. These are available for exchange with Bitcoin or Ethereum. More appropriately, it is the launch of a new coin that can be exchanged for Bitcoin.
Now the question is: why to exchange? It is because they are promising better growth in terms of returns over time. ICO, here, can be compared to IPO (Initial Public Offering), in financial terms.
IPO means a private company entering the public domain and selling its shares. If the company grows in financial terms, the value of shares gets higher. This means that its shareholders will gain profit out of the shares if they sell them at a higher value.
Suggested Read | STO vs ICO Marketing | A Rundown of Difference to Help You Choose the Right Way
Many experts mushroomed with their uniqueness to launch an ICO platform. The process is similar to ICO. Anybody can create a dApp (decentralized application) and put it on sale online, the general process to launch an ICO platform.
Such dApps are cryptocurrencies that are exchanged for Bitcoins or Ethereum. They are bought for the same reason people buy an IPO share. Against this backdrop, any dApp ICO is a profitable venture for dApp application developers. This, in conjunction with the popularity or craze for cryptocurrencies as an investment, creates another side of the story: the ICO Scam.
Also, Discover | dApp Development | Your Guide to Decentralized Applications
Can anyone launch an ICO platform as a Scam?
Technically, a real ICO platform cannot be a scam, but there could be a scam portraying a fake ICO. Since releasing a dApp does not require any stringent authentication, anybody can claim their dApp will provide good returns if bought. However, it is just a claim and the ICO could just vanish with all the Bitcoins or Ethereum its customers bought it for.
Investors or the public who put money on it will lose every penny and no authority could turn to complain. This is a great risk and such mishaps have already occurred in the industry.
Many ICOs, that seemed to be profitable for months can disappear taking away all the Bitcoins people used to buy them. Such ICOs could even woo celebrities to achieve their objective. There were relevant reports that exposed the risk. This is what an ICO scam looks like.
Check It Out | Raising Funds through ICOs | Launch your Business in less than no time
What can the General Public do in this Scenario?
Well, intuition is not enough! Anybody planning to invest in a dApp ICO should follow certain steps cautiously. They should be sure that the ICO is not a scam. There are several ways to know it following some general signs and getting a bit technical with the industry.
In a nutshell, before investing, the investors should have a proper background check of the industry as well as the ICO they are planning to invest in. In any investment, risks are certain. But apart from being victimized, it is also a responsibility for each one of us to not let evil plans succeed.
Explore ICO development with our team of skilled blockchain developers. Connect with us to kick-start your venture.
Mudit Kumar
29 Oct 2018
IOTA's Pros and Cons: Getting To The Bottom of the Technology
IOTA and Tangle are two complex concepts to wrap your head around at first glance, especially when compared to typical blockchains. However, the boons offer a myriad of data for blockchain development companies willing to stick with the technology. One of the basic concepts of IoT (Internet of Things) is to provide cost-effective sensors. These sensors gather data about our devices and the world around us. They make that information available to us within just a few clicks. With time, the amount of IoT sensors providing data over the internet will count in trillions. IOTA reimagines the world of IoT. This article gives you a comprehensive analysis of IOTA's pros and cons. But first, let's understand some basic terminology.
Terminology
IOTA
It's both an institution as well as a cryptocurrency.
Tangle
It's a distributed database and protocol used to store immutable and cryptographically secured data and transactions. Tangle stores all IOTA transactions. It's important to understand that Tangle is not a blockchain or is based on its technology in traditional terms.
Explore More: How IOTA is Reimagining the Blockchain for the Internet of Things
Technology of Tangle
It uses DAG (Directed Acyclic Graph) to highlight individual transactions.
[caption id="attachment_2434" align="alignnone" width="730"] source: https://zhuanlan.zhihu.com/p/31764777[/caption]
Upon a closer look at the graph, you'll notice that each transaction represents exactly two more of them to the left.
Today, we're talking about the fundamental structural differences between the Tangle and blockchains that give rise to the former's pros and cons.
Check it Out | Ripple Vs IOTA: Which Is A Better Blockchain Solution
Pros
Transaction Fees
There are no transaction fees. To write to the tangle, you need to perform PoW (Proof-of-work) on two other transactions.
There's no need for 'GAS' or to 'tip' miners to expedite the process of transaction execution. 'Mining' is not even a thing for the tangle.
Micro-payments
As there are no transaction fees, you can efficiently send as little as one IOTA, which is currently worth $0.0000016 to anyone.
While it is not the case with other blockchains, they can have transaction fees.
For instance, late last year, if you wanted your bitcoin transaction within 24 hours, it would cost around $20 worth of transaction fees during peak load. Thus, bringing us to the next time.
Scalability
One of the fundamental bottlenecks for most blockchains is the issue of scalability. Normal blockchains consume a lot of time to achieve consensus by building new blocks.
For instance, the Bitcoin blockchain can handle 7 transactions per second, and Ethereum, around 20. But, Tangle is experiencing huge transaction spikes, in hundreds per second.
Not only this but it can theoretically scale infinitely as the larger the number of devices writing data the faster the network becomes.
Lightweight
Tangle technology enables devices having low computing power, like a toaster, to write data to the Tangle. And therefore, perform PoW in less time.
Data Marketplace
Access to quality data is one of the limiting factors for AI (artificial intelligence) and machine learning. IOTA is a powerful concept that can resolve this issue.
IOTA offers you the ability to sell data. It provides people with the ability to subscribe to that data for a few bucks.
Quantum-secure
Generally, a common criticism of blockchains is related to the use of quantum computers. If we use those computers, they can be billions of times more capable of running hashing algorithms than traditional systems.
Consequently, it will be easy for a quantum computer to achieve a 51% attack to hack a typical blockchain network.
Contrarily, IOTA is 'quantum resistant' as it uses 'trinary' or balanced ternary computation instead of standard binary computations by normal computers.
Read More Technical Advantages of IOTA For Industries
Cons
Smart Contracts
One of the drawbacks of IOTA/Tangle is that smart contracts don't exist here yet. If you want to develop a dApp with IOTA, it might not be possible.
However, the IOTA foundation is actively working to fix this, by building a smart contract layer on top of the IOTA core.
A Conclusion of IOTA's Pros and Cons
When talking about IOTA's pros and cons and given its uses in data science, IoT, and blockchain, the technology is attracting a lot of attention. Indeed, we can imagine billions of sensors streaming data to the Tangle.
Users will be able to subscribe to relevant data streams to build top-class machine-learning algorithms based on large data sets. Even new AI startups can subscribe to data streams as they might not have access to any data.
For more information, you can contact our subject matter experts.
Mudit Kumar
29 Oct 2018
How different is a Mobile App for DApp Development Experts?
Decentralized Applications or DApps are the blockchain apps built for a specific objective in contrast to common mobile or web apps. DApp development experts follow unique procedures to create these apps. Their basic mechanism of operation, as well as usage, make them different to traditional applications. While they can be both web or mobile based, similar to their counterparts, mobile-based DApps are gradually becoming popular, especially after blockchain debuted in the mobile device ecosystem.
The current understanding of mobile apps is as apps running on Android, iOS or other platforms. They are the interface to access a service or data on the internet. Decentralized Apps run on Android devices, but to gain access to such application, users would have to be a part of the blockchain. Although blockchain runs over the internet, it is a secured network that is accessible only to users within the closed group. This is the primary aspect that separates DApp development experts from traditional app developers.
DApp Development Experts: Decentralization Vs Centralization
The ‘D’ in DApp stands for decentralization? This word signifies one of the most important features of the technology behind such apps. As mentioned, the basis of a decentralized app is the blockchain. Blockchain is a certain portion of the internet, with intensive and strong cryptography and are comparable to connected and distributed databases throughout user bases. In here comes the concept of decentralization in opposed to centralization.
[caption id="attachment_2415" align="aligncenter" width="730"] Although blockchain is created over the internet, it has the basic difference of being distributed in contrast to the former.[/caption]
Any application on the internet, keeping aside blockchain is connected to a central database. Any user using such application connect to such a centralized system for transactions. This central database also contains the information about users and any transaction. In contrast to this mechanism, blockchain apps are connected only to the network, as there is no central server. In this ecosystem, user transaction completes at each node, referred as a ledger, which contains information and access data belonging to the user. It is not possible to delete such a node from the network unless DApp development experts, who created the blockchain, pre-programmed it to do so. Such nodes(ledgers) are connected to the chain or network through smart-contract.
Therefore, information on a blockchain is distributed throughout the network with each user completely controlling their own data. This makes a DApp completely decentralized in contrast to traditional applications.
Incentivising Open-Source development
Not all conventional applications are open-source. Although there are many open-source applications, they don’t ensure any incentives to developers. Linux based applications are open source and are based on strong communities. Still, there is no definite process of engagement, which is basically due to lack of a structured policy or mechanism to incentivize users. Android or iOS mobile applications are private apps available as products. Developers employed specifically for the purpose to create them. Also, any developer can create and put them on online app stores like Google Play Store or iPhone Apps store. While DApp development experts
Blockchain, the basis of DApp, is based on the decentralization. Bitcoin, the first DApp is basically a mechanism to decentralize money. Although most of DApps today are cryptocurrencies, all DApps does not have to be necessarily cryptocurrencies. The ledger system and smart-contracts can create decentralized applications that behave similarly to a shared database. However, from perspectives of incentives, any DApp developer can earn by creating a blockchain application as a cryptocurrency directly. Many blockchain platforms have DApps as non-cryptocurrencies. For instance, Walmart, Maersk, Deloitte, and others have been using DApps for monitoring, tracking and other objectives.
[caption id="attachment_2423" align="alignnone" width="730"] The emerging trend of DApps, with both cryptocurrencies or non-cryptocurrencies, will put further emphasis on decentralized application development.[/caption]
From user perspectives
From user perspectives, DApps are specific to people interested in cryptocurrencies. However, DApps are also other general purpose applications. In this context, the concept of smart-contracts has been of great effect. In the current digital landscape, non-cryptocurrency DApps are not that popular among users, even if corporations are using the technology to optimize their internal processes. Compared to traditional apps, DApps emerges with different user experience as well as usage. Several blockchain-based mobile phones are coming up as a disruption in the market. Even portrayed as wallets for crypto-currencies they are the physical nodes to access a ledger on the blockchain. This will open up unlimited possibilities in the future of blockchain.
The emerging trend of blockchain and DApps, including both cryptocurrencies or non-cryptocurrencies, will put further emphasis on decentralized applications for both mobile devices and computers. Around 3.8 million mobile apps listed on various app stores as of now. And, less than 2,500 DApps built on blockchain platforms like Ethereum, EOS and POA Network. The number of the latter is increasing sharply. This upward trend of DApp development will create stronger networks of blockchain over the internet. The count of DApps is still negligible but it is growing faster each day.
Mudit Kumar
29 Oct 2018
Creating An Application Using BigchainDB in Python
BigchainDB is a development platform that has blockchain properties such as decentralization, permanence, proprietor controlled resources, etc., and database properties such as high exchange rate, low inertness, ordering and questioning of organized information. It was first discharged—open source—in February 2016 and has been enhanced continuously from that point forward.
BigchainDB can serve a myriad of use cases. Wherever there is a requirement for immutable data highlighting digital assets, BigchainDB can come in use. There are numerous industries which can use BigchainDB features for their benefits. In this blog, we will be creating an application using BigchainDB in Python.
To use BigchainDB we need to install BigchainDB driver for this command
pip3 install -U bigchaindb-driver
To connect with BigchainDB we use url that is
bdb_root_url = 'http://localhost:9984' # this is your local set up BigchainDb url
If you have not set up Bigchaindb locally then you can use BigchainDB testnet url that is
bdb_root_url = ‘https://test.bigchaindb.com’ # this is testnet url of BigchainDB
If we use testnet url then we will pass
App_id & app_key that we will find after signup on url
https://testnet.bigchaindb.com/
2. To connect with BigchainDB
We will import this class
from bigchaindb_driver import BigchainDB
Add appi_id & app_key in header of url like this
bdb = BigchainDB(
'https://test.bigchaindb.com',
headers={'app_id': 'da9c76b6'
'app_key': '34f1acaf209503732a3521afb184560a'})
3. Create private key & public key.
Import this class to create private key & public key
from bigchaindb_driver.crypto import generate_keypair
& create by this method
user1, user2 = generate_keypair(), generate_keypair()
3. Code of creating asset .
from bigchaindb_driver import BigchainDB
from bigchaindb_driver.crypto import generate_keypair
user1, user2 = generate_keypair(), generate_keypair()
bdb = BigchainDB(
'https://test.bigchaindb.com',
headers={'app_id': 'da9c76b6',
'app_key': '34f1acaf209503732a3521afb184560a'})
Test_asset = {
'data': {
'test22': {
'serial_number': 'abcd123412',
'manufacturer': 'bkfabahr'
},
},
}
Test_asset_metadata = {
'country': 'india'
}
prepared_creation_tx = bdb.transactions.prepare(
operation='CREATE',
signers=user1.public_key,
asset=Test_asset,
metadata=Test_asset_metadata
)
fulfilled_creation_tx = bdb.transactions.fulfill(
prepared_creation_tx,
private_keys=user1.private_key
)
sent_creation_tx = bdb.transactions.send_commit(fulfilled_creation_tx)
print('create')
print(sent_creation_tx)
txid = fulfilled_creation_tx['id']
b = bdb.transactions.get(asset_id=txid)
print('b')
print(b)
Response-> after successfull run code
create
{'asset': {'data': {'bicycle': {'manufacturer': 'bkfab', 'serial_number': 'abcd1234'}}}, 'id': 'd7fb62d90f1c67861e520cffeb6e7c6a62ed3b7ba335ebfc784c8baba46592a0', 'inputs': [{'fulfillment': 'pGSAIIg31Ki3DZbYOAZMnBmVgV0-hfy_xeDiz9d83I6jBmxagUBKbgqZksjvhMAeyGPSHNDnIjBqmgM8qVdy641Z0PQNB27dbZNYsnGac2fgzkZxXyDx6YqBx1WNCG-wT8BCTokL', 'fulfills': None, 'owners_before': ['AAjpnRqzJRhS8xpQsXNLV1hdaB8gUwgE41qJhinfGtqw']}], 'metadata': {'planet': 'earth'}, 'operation': 'CREATE', 'outputs': [{'amount': '1', 'condition': {'details': {'public_key': 'AAjpnRqzJRhS8xpQsXNLV1hdaB8gUwgE41qJhinfGtqw', 'type': 'ed25519-sha-256'}, 'uri': 'ni:///sha-256;oFneJQzJm7Nq5k786xXdDRUCd-48WFQ1HLlkyojar3M?fpt=ed25519-sha-256&cost=131072'}, 'public_keys': ['AAjpnRqzJRhS8xpQsXNLV1hdaB8gUwgE41qJhinfGtqw']}], 'version': '2.0'}
4. Transfer Asset ownership.
We are transfer previously created transaction
transfer_asset = {
'id': asset_id
}
output_index = 0
output = fulfilled_creation_tx['outputs'][output_index]
transfer_input = {
'fulfillment': output['condition']['details'],
'fulfills': {
'output_index': output_index,
'transaction_id': fulfilled_creation_tx['id']
},
'owners_before': output['public_keys']
}
prepared_transfer_tx = bdb.transactions.prepare(
operation='TRANSFER',
asset=transfer_asset,
inputs=transfer_input,
recipients=user2.public_key,
)
fulfilled_transfer_tx = bdb.transactions.fulfill(
prepared_transfer_tx,
private_keys=alice.private_key,
)
sent_transfer_tx = bdb.transactions.send_commit(fulfilled_transfer_tx)
print('sent_transfer_tx')
print(sent_transfer_tx)
Response are like this of transfer asset ->
{'asset': {'id': 'd7fb62d90f1c67861e520cffeb6e7c6a62ed3b7ba335ebfc784c8baba46592a0'}, 'id': '0ee2929a01e949fe051d1cfaaa643556e6f5caef5d9fb932dae241a9efe98f65', 'inputs': [{'fulfillment': 'pGSAIIg31Ki3DZbYOAZMnBmVgV0-hfy_xeDiz9d83I6jBmxagUB3Lj4-f5VhdYkiMLuWDrUhctY-_wQVvOcCdtLy0o7zaMGl-rPmx8k0wK0WXdz-24gkOqqDkJh9fp8uB7RQkNIB', 'fulfills': {'output_index': 0, 'transaction_id': 'd7fb62d90f1c67861e520cffeb6e7c6a62ed3b7ba335ebfc784c8baba46592a0'}, 'owners_before': ['AAjpnRqzJRhS8xpQsXNLV1hdaB8gUwgE41qJhinfGtqw']}], 'metadata': None, 'operation': 'TRANSFER', 'outputs': [{'amount': '1', 'condition': {'details': {'public_key': '7STQGzddjH2RiiQEedxatVuoi7CqV7NbPPWRxaubaTke', 'type': 'ed25519-sha-256'}, 'uri': 'ni:///sha-256;JpyXA6_WsPe-MEyBTchq0XVGsqBR_BnmF1fZI0PD8Qc?fpt=ed25519-sha-256&cost=131072'}, 'public_keys': ['7STQGzddjH2RiiQEedxatVuoi7CqV7NbPPWRxaubaTke']}], 'version': '2.0'}
5. Get transaction details
Code of get transaction details
from bigchaindb_driver import BigchainDB
from bigchaindb_driver.crypto import generate_keypair
bdb = BigchainDB(
'https://test.bigchaindb.com',
headers={'app_id': 'da9c76b6',
'app_key': '34f1acaf209503732a3521afb184560a'})
print('txid')
b = bdb.transactions.get(asset_id='d7fb62d90f1c67861e520cffeb6e7c6a62ed3b7ba335ebfc784c8baba46592a0')
print('b')
print(b)
Response are like this
[{'inputs': [{'owners_before': ['AAjpnRqzJRhS8xpQsXNLV1hdaB8gUwgE41qJhinfGtqw'], 'fulfills': None, 'fulfillment': 'pGSAIIg31Ki3DZbYOAZMnBmVgV0-hfy_xeDiz9d83I6jBmxagUBKbgqZksjvhMAeyGPSHNDnIjBqmgM8qVdy641Z0PQNB27dbZNYsnGac2fgzkZxXyDx6YqBx1WNCG-wT8BCTokL'}], 'outputs': [{'public_keys': ['AAjpnRqzJRhS8xpQsXNLV1hdaB8gUwgE41qJhinfGtqw'], 'condition': {'details': {'type': 'ed25519-sha-256', 'public_key': 'AAjpnRqzJRhS8xpQsXNLV1hdaB8gUwgE41qJhinfGtqw'}, 'uri': 'ni:///sha-256;oFneJQzJm7Nq5k786xXdDRUCd-48WFQ1HLlkyojar3M?fpt=ed25519-sha-256&cost=131072'}, 'amount': '1'}], 'operation': 'CREATE', 'metadata': {'planet': 'earth'}, 'asset': {'data': {'bicycle': {'serial_number': 'abcd1234', 'manufacturer': 'bkfab'}}}, 'version': '2.0', 'id': 'd7fb62d90f1c67861e520cffeb6e7c6a62ed3b7ba335ebfc784c8baba46592a0'}, {'inputs': [{'owners_before': ['AAjpnRqzJRhS8xpQsXNLV1hdaB8gUwgE41qJhinfGtqw'], 'fulfills': {'transaction_id': 'd7fb62d90f1c67861e520cffeb6e7c6a62ed3b7ba335ebfc784c8baba46592a0', 'output_index': 0}, 'fulfillment': 'pGSAIIg31Ki3DZbYOAZMnBmVgV0-hfy_xeDiz9d83I6jBmxagUB3Lj4-f5VhdYkiMLuWDrUhctY-_wQVvOcCdtLy0o7zaMGl-rPmx8k0wK0WXdz-24gkOqqDkJh9fp8uB7RQkNIB'}], 'outputs': [{'public_keys': ['7STQGzddjH2RiiQEedxatVuoi7CqV7NbPPWRxaubaTke'], 'condition': {'details': {'type': 'ed25519-sha-256', 'public_key': '7STQGzddjH2RiiQEedxatVuoi7CqV7NbPPWRxaubaTke'}, 'uri': 'ni:///sha-256;JpyXA6_WsPe-MEyBTchq0XVGsqBR_BnmF1fZI0PD8Qc?fpt=ed25519-sha-256&cost=131072'}, 'amount': '1'}], 'operation': 'TRANSFER', 'metadata': None, 'asset': {'id': 'd7fb62d90f1c67861e520cffeb6e7c6a62ed3b7ba335ebfc784c8baba46592a0'}, 'version': '2.0', 'id': '0ee2929a01e949fe051d1cfaaa643556e6f5caef5d9fb932dae241a9efe98f65'}]
6. To Check tranaction have successfully send or not !
from bigchaindb_driver import BigchainDB
from bigchaindb_driver.crypto import generate_keypair
bdb = BigchainDB(
'https://test.bigchaindb.com',
headers={'app_id': 'da9c76b6',b
2523
'app_key': '34f1acaf209503732a3521afb184560a'})
b = block_height = bdb.blocks.get(txid='d7fb62d90f1c67861e520cffeb6e7c6a62ed3b7ba335ebfc784c8baba46592a0')
print('Block Number')
print(b)
Response -> this will show block number thats hold the transaction details
Block Number
2523
Source: https://docs.bigchaindb.com/projects/py-driver/en/latest/usage.html
Mudit Kumar
26 Oct 2018
Why EOS Is Being Called the "Ethereum Killer"
A few months back, Ethereum has been enjoying its supremacy and monopoly when it came to creating DApps and Smart Contracts on a blockchain. However, as a few projects grew and moved out of the Ethereum Mainnet to their Mainnets, it increased the competition for developing DApss and other projects on top of those.
Ethereum's network was facing congestion and scalability issues. Thus, a lot of projects preferred these newer blockchains. One such competitor that is giving stiff competition to Ethereum is EOS.
Although when comparing these two, EOS does provide some advanced features and advantages, still there are some places where Ethereum precedes.
EOS, the "Ethereum Killer."
Ethereum Blockchain is one of the world's leading networks for developing decentralized applications. However, now it seems like that the EOS network is gaining significant traction.
As per the report from dappradar.com, approx. 13 decentralized applications have experienced more than 300 users between 17 to 18 September 2018, out of those, seven on EOS and six on Ethereum.
Firstly, let's understand the difference:
Ethereum is a blockchain-backed distributed computing platform. It's an operating system that bolsters Smart Contract Development Services. It utilizes a decentralized system Turing-complete virtual machine called the EVM (Ethereum Virtual Machine), to allow scripting using a global network of public nodes.
Ethereum's internal pricing method called 'GAS' gets used to eliminate spam and disburse funds over the network.
Ethereum uses a PoW (Proof-of-Work) consensus algorithm. It has the features of being the first powerhouse in the landscape of Smart Contract Services and decentralized applications (DApps). However, recently, it has been facing criticism for its costly transaction fees in this competitive market. Lack of scalability in low transactions, latency in transaction completion (approx. 6 minutes to confirm transactions), and the minimum percentage of network transactions obtained from applications are some other reasons for its criticism.
On the other hand, developers are finding their solutions to all these issues in the EOS blockchain, such as scalability. It utilizes a delegated PoS (Proof-of-Stake) protocol. In a nutshell, this protocol works like a system of assigned delegates and is in charge of validating transactions.
Although there are numerous blockchain-based platforms to facilitate DApps, EOS focuses that hampers blockchain adoption and attempts to fix the issues like speed, flexibility, and scalability.
Want to know everything about 'EOS Blockchain,' here's a comprehensive guide for Expert + Beginners.
The distinctions that make them each other's competitors are as follows:
Scalability:
EOS can execute transactions in one second. It has a throughput of up to 6,000 transactions/second.
While on the other hand, many times the Ethereum network has got jammed as it has maxed out the number of transactions per second limit.
Transaction fees:
EOS is famous for its zero transaction fees. Rather than charging fees, executing a Smart Contract requires you to stake tokens. You immediately receive those tokens back after the execution.
DApp developers can decide whether they want to stake their tokens for their users or if the users need to stake theirs.
Ethereum asks for burning ETH (gas) to execute smart contracts. And the amount of gas that needs to be burned depends on the cluttering of the network as well as how complex is your contract.
The Bottom Line:
EOS has a long path to survive and win. If Ethereum fails to improve on its weak points, EOS will likely become the most preferred choice of Ethereum developers, which they could use in developing consumer-grade applications.
Although, the long-awaited Constantinople upgrade is expected to be launched soon. It may change a lot of things for Ethereum as well.
Meanwhile, we need to wait and watch, as such battles won't be overnight.
Mudit Kumar
26 Oct 2018
Decentralized Mobile App Development is Disrupting the Digital Space
When we refer to mobile applications, we mean a functionality on mobile devices to access a certain service on the internet. It is an interface of the service customized for mobile usage. Therefore, apps are oriented towards online services, which are basically, centralized. Data transaction on conventional apps is done via the server, which is a centralized system to store all information as well as to store considerable segments of the mechanisms to deliver them. This mechanism is the programming behind any application. This fundamental aspect does not change in decentralized mobile app development.
Mobile app developers create apps using languages such as Java, C, C++. iOS apps are created using Swift, Object Pascal, and Objective C. There are also other languages and a whole system of Integrated Development Environments (IDE) to develop mobile applications. Even though there are diversified development platforms, the basics of a mobile application are to serve as an interface to internet applications or services on mobile.
The emergence of the blockchain technology
Blockchain is a whole new ecosystem separate from the internet, although it runs on the internet. While the basis of the internet is centralization, blockchain is based on decentralization. A distributed database is the primary feature of this technology. Blockchain can be considered the opposite of what the internet is in terms of information and data transactions as well as storage. This technology is creating its array of secured networks within the internet, which are separate from each other. The ecosystem can be imagined as a large number of separate and unconnected webs, each webs representing a unique blockchain. Thus, blockchain-based app development is gradually becoming popular.
Blockchain ecosystem in mobile app development
The blockchain ecosystem is growing faster and the technology is being adopted gradually in several verticals. It could grow as the next technology similar to the internet, but with the basic features of decentralization and cryptography. With its emerging relevance, Decentralized Mobile App development, or decentralized blockchain app development is becoming a trend for developers. As projected, the market of DApps will grow to an industry worth the US $1000 billion by 2020. This is the reason for developers’ augmenting interests in this field. Also, the vice-versa is true. A gradual increase of interests will also play its part to reach this figure, or even surpass it.
Why blockchain apps are relevant
Apart from the trend, developing blockchain apps is also the need of an hour. Decentralized application services are being offered by various blockchain developers. Decentralized mobile app development is beginning to grow as a movement against the backdrop of rising threats of data privacy. Another notorious trouble it handles is the issue of transparency; the way big internet giants treat user data. As Dapps promise to keep user information under complete control of their own, they would be certainly popular. The adoption of decentralized mobile app development will be higher in upcoming times due to this facet.
[caption id="attachment_2392" align="aligncenter" width="730"] David Johnston propounded Johnston’s Law that says, “Everything that can be decentralized, will be decentralized.”[/caption]
The 2014 quote of Johnston’s Law is now gaining relevant grounds. “Everything that can be decentralized will be decentralized”, is now the strongest mantra for DApp development experts. Starting with Bitcoin, the first DApp, the industry has grown with innumerable prospects in almost every possible verticals. Blockchain has started penetrating business, governance, and industries as the internet did a decade ago.
DApps is the future of both mobile and web applications. There are strong reasons for backing this idea. Apart from being distributed and transparent, DApps are flexible and resilient. Above all, a superior incentivization structure supported by cryptocurrencies is too appealing to be sidelined. DApp Fund CEO, David Johnston predicted that DApps “will someday surpass the world’s largest software corporations”. The propounder of Johnston’s Law also pointed out the advantage specifics of decentralized applications as utility, user-base and network valuation. Decentralized mobile app development is based on the ideology behind this law.
Decentralized mobile app development as money miner
Compared to the conventional mobile app, DApp is always a profitable model for developers. Since the fundamental of the latter is based on tokens or currency, any contributor can benefit from the network. Furthermore, the open-source model of these apps let any Decentralised mobile App development by anybody a profitable venture. This ensures strong growth in the developmental aspects of DApp platforms. No developer who contributed can go unrewarded in this ecosystem.
[caption id="attachment_2393" align="aligncenter" width="730"] Satoshi Nakamoto, the first DApp developer who created Bitcoins, might have a net worth of more than 6 Billion dollars.[/caption]
DApps are developed using smart contract programming languages. In this technology, the whole blockchain behaves like the database, in contrast to conventional server-based databases in the internet ecosystem. While apps use APIs to connect with the internet, DApps use smart contracts to integrate with the blockchain. This basic difference in development creates an infrastructure, which is vastly distinctive to the internet. Decentralized mobile app development depends on these protocols to connect with the blockchain.
A smart contract is a set of predefined protocols that need to be fulfilled by the DAapp to integrate with the blockchain. Once these conditions are fulfilled, a token can be issued. This token is stored on the DApp as its value. In this process, a whole infrastructure of self-sustaining DApp develops, providing incentives to every developer in the network. Also, apart from being a profitable venture, DApps offer a secure alley to developers with strict authentication processes. Such apps can never fail unless they are pre-programmed to do so. A DApp, once created, will always exist.
Decentralized application development services are the next trend
DApps are to grow and the sharp rise is just beginning. However, certain limitations make it lackadaisical. The primary roadblock of DApps is their low capacity to execute transactions at a time. Compared to traditional apps, decentralized apps cannot fulfill the requirement of real-time businesses that deal with millions of customers. Now, for DApp developers, this aspect has transformed as a mammoth task.
Conventional mobile apps beat DApps only in capacity parameters of handling executions. Apart from this limitation, they are ready to handle verticals that prioritize security and transparency. While developers are trying to provide leeways to the problem, blockchain is growing as a parallel ecosystem to the internet. In the mobile industry, several blockchain based smartphones are on pipeline to hit the market. Along with it, mobile DApp development will dig deeper grounds in the coming times, becoming the next technology buzz.
Mudit Kumar
26 Oct 2018
A Compact Guide To Setting Up a BigChainDB Network
Bigchaindb is a Decentralized (immutable) database and a combination of both traditional distributed Databases & traditional blockchain databases. Basically, the BigchainDB network stores data in blocks like blockchain stores data of transactions.Hypothetical Requirements of a Blockchain databaseIn any organization, the data of a user remains in any Centralized database like (MySQL, MongoDB, etc). So, here the organization will have full control of all data to easily modify it (the data is mutable). Due to this, the BigchainDBnetwork community created a distributed database that stores data in a Decentralized (immutable) database like blockchain. Due to immutability, no one can modify data, only the owner of that data can change the ownership. The owner of that data will have a private key to change the ownership. If the owner wants to give ownership to another user then it simply makes a transaction like a blockchain and gives ownership to another user.FeaturesBigchainDB is open source: It means anyone can use the platform without any third-party interference and gives full documentation about how to use it. Its official driver is present in PYTHON, JAVASCRIPT.BigchainDB node is a machine running BigchainDB server and related software. Each node is under control by any single person or an organization.BigchainDB is decentralized that means no one can own and control all things, so there is no single point of failure.Each node of BigchainDB is controlled by different persons or an organization.BigchainDB is immutable. Thus, no one can change data after inserting it into the blockchain.All data is copied to several different places (BigchainDB node holder). It means it is impossible to change the same data of all BigchainDB node holders.BigchainDB server uses Tendermint for consensus and transaction replication. Tendermint is Byzantine Fault Tolerance(BFT).Using BigchainDB with MongoDB, a BigchainDB node user can use the MongoDB query engine to search for all sorted data. Like all transaction assets and metadata (we can use easily MongoDB query in Bigchaindb).User permission: With BigchainDB, only a valid owner of an asset can create and transfer assets. It means only owners can transfer assets as, during the transfer, Bigchaindb uses owners' private keys.BigchainDB key: BigchainDB provides a user with a private and public key. The private key is for creating and transfer assets, while the public key is for receiving resources.We are going to setup Bigchaindb network in ubuntu 16.04
1- first of all we will take pull code of Bigchaindb project from github
$ export GIT_BRANCH=master
$ curl -fOL https://raw.githubusercontent.com/bigchaindb/bigchaindb/${GIT_BRANCH}/pkg/scripts/stack.sh
Now we will open file with command
bash stack.sh -h
That looks like
$ bash stack.sh -h
Usage: $ bash stack.sh [-h]
Deploys the BigchainDB network.
ENV[STACK_SIZE]
Set STACK_SIZE environment variable to the size of the network you desire.
Network mimics a production network environment with single or multiple BDB
nodes. (default: 4).
ENV[STACK_TYPE]
Set STACK_TYPE environment variable to the type of deployment you desire.
You can set it one of the following: ["docker", "local", "cloud"].
(default: docker)
ENV[STACK_TYPE_PROVIDER]
Set only when STACK_TYPE="cloud". Only "azure" is supported.
(default: )
ENV[STACK_VM_MEMORY]
(Optional) Set only when STACK_TYPE="local". This sets the memory
of the instance(s) spawned. (default: 2048)
ENV[STACK_VM_CPUS]
(Optional) Set only when STACK_TYPE="local". This sets the number of VCPUs
of the instance(s) spawned. (default: 2)
ENV[STACK_BOX_NAME]
(Optional) Set only when STACK_TYPE="local". This sets the box Vagrant box name
of the instance(s) spawned. (default: ubuntu/xenial64)
ENV[STACK_REPO]
(Optional) To configure bigchaindb repo to use, set STACK_REPO environment
variable. (default: bigchaindb/bigchaindb)
ENV[STACK_BRANCH]
(Optional) To configure bigchaindb repo branch to use set STACK_BRANCH environment
variable. (default: master)
ENV[TM_VERSION]
(Optional) Tendermint version to use for the setup. (default: 0.22.3)
ENV[MONGO_VERSION]
(Optional) MongoDB version to use with the setup. (default: 3.6)
ENV[AZURE_CLIENT_ID]
Only required when STACK_TYPE="cloud" and STACK_TYPE_PROVIDER="azure". Steps to generate:
https://github.com/Azure/vagrant-azure#create-an-azure-active-directory-aad-application
ENV[AZURE_TENANT_ID]
Only required when STACK_TYPE="cloud" and STACK_TYPE_PROVIDER="azure". Steps to generate:
https://github.com/Azure/vagrant-azure#create-an-azure-active-directory-aad-application
ENV[AZURE_SUBSCRIPTION_ID]
Only required when STACK_TYPE="cloud" and STACK_TYPE_PROVIDER="azure". Steps to generate:
https://github.com/Azure/vagrant-azure#create-an-azure-active-directory-aad-application
ENV[AZURE_CLIENT_SECRET]
Only required when STACK_TYPE="cloud" and STACK_TYPE_PROVIDER="azure". Steps to generate:
https://github.com/Azure/vagrant-azure#create-an-azure-active-directory-aad-application
ENV[AZURE_REGION]
(Optional) Only applicable, when STACK_TYPE="cloud" and STACK_TYPE_PROVIDER="azure".
Azure region for the BigchainDB instance. Get list of regions using Azure CLI.
e.g. az account list-locations. (default: westeurope)
ENV[AZURE_IMAGE_URN]
(Optional) Only applicable, when STACK_TYPE="cloud" and STACK_TYPE_PROVIDER="azure".
Azure image to use. Get list of available images using Azure CLI.
e.g. az vm image list --output table. (default: Canonical:UbuntuServer:16.04-LTS:latest)
ENV[AZURE_RESOURCE_GROUP]
(Optional) Only applicable, when STACK_TYPE="cloud" and STACK_TYPE_PROVIDER="azure".
Name of Azure resource group for the instance.
(default: bdb-vagrant-rg-2018-05-30)
ENV[AZURE_DNS_PREFIX]
(Optional) Only applicable, when STACK_TYPE="cloud" and STACK_TYPE_PROVIDER="azure".
DNS Prefix of the instance. (default: bdb-instance-2018-05-30)
ENV[AZURE_ADMIN_USERNAME]
(Optional) Only applicable, when STACK_TYPE="cloud" and STACK_TYPE_PROVIDER="azure".
Admin username of the the instance. (default: vagrant)
ENV[AZURE_VM_SIZE]
(Optional) Only applicable, when STACK_TYPE="cloud" and STACK_TYPE_PROVIDER="azure".
Azure VM size. (default: Standard_D2_v2)
ENV[SSH_PRIVATE_KEY_PATH]
Only required when STACK_TYPE="cloud" and STACK_TYPE_PROVIDER="azure". Absolute path of
SSH keypair required to log into the Azure instance.
-h
Show this help and exit.
Run with Docker->
Now if you don't need to change configuraton of bigchaindb & run it on docker with 4 node BigchainDB network then run simply by this command.
sudo bash stack.sh
After successfully exceution of above command the Bigchaindb network has been start
You can check it with command.
docker ps | grep bigchaindb
Run on local->
For local system you must setup some dependency so run this command
vagrant plugin install vagrant-cachier vagrant-vbguest vagrant-hosts vagrant-azure
To run Bigchaindb on local system use this code in
bash stack.sh -h file.
$ export STACK_TYPE=local
# Optional, since 4 is the default size.
$ export STACK_SIZE=4
# Optional, default is 2048
$ export STACK_VM_MEMORY=2048
#Optional, default is 1
$ export STACK_VM_CPUS=1
#Optional, default is ubuntu/xenial64. Supported/tested images: bento/centos-7, fedora/25-cloud-base
$ export STACK_BOX_NAME=ubuntu/xenial64
#Optional, repo to use for the network deployment
# Default: bigchaindb/bigchaindb
$ export STACK_REPO=bigchaindb/bigchaindb
#Optional, codebase to use for the network deployment
# Default: master
$ export STACK_BRANCH=master
#Optional, since 0.22.3 is the default tendermint version
$ export TM_VERSION=0.22.3
#Optional, since 3.6 is the default MongoDB version.
$ export MONGO_VERSION=3.6
$ bash stack.sh
After edit above code you can run simply command
sudo bash stack.sh
After successfully exceution of above command the Bigchaindb network has been start
You can check it with command.
$ ps -ef | grep bigchaindb
This will show port number of bigchaindb that's are running.
There are another method for setup Bigchaindb node with Ansible
For set up Bigchaindb node with ansible we follow this method.
1-> take clone of Bigchaindb project.
$ git clone https://github.com/bigchaindb/bigchaindb.git
For install project related dependency we navigate to this folder of project
$ cd bigchaindb/pkg/scripts/
$ bash bootstrap.sh --operation install
This script install dependency related your OS.
For run on local system
We will change some file of project
First of all we will go this directory
$ cd bigchaindb/pkg/configuration/hosts
Now edit all file of project
# Delete any existing configuration in this file and insert
# Hostname of dev machine
<HOSTNAME> ansible_connection=local
For update configuration we will edit fie
$ cd bigchaindb/pkg/configuration/vars/stack-config.yml
& paste this code in file
---
stack_type: "local"
stack_type: "1"
Now we will go this directory of project
$ cd bigchaindb/pkg/configuration/
& run projcet by this command
$ ansible-playbook bigchaindb-start.yml -i hosts/all --extra-vars "operation=start home_path=$(pwd)"
This will take some time because its setup project related dependency
After successfully run above command
You will check that process with command
$ ps -ef | grep bigchaindb
Refference ->
https://docs.bigchaindb.com/projects/contributing/en/latest/dev-setup-coding-and-contribution-process/index.html
Category:
Blockchain
Mudit Kumar
25 Oct 2018
Smartphones as the next foundation of Blockchain Technology
Finally, blockchain is ready to disrupt the smartphone industry. In later months of 2017, a couple of new smartphones emerged with considerable deviation in their underlying concept. Along with BitVault, which is dubbed as the “World’s first blockchain smartphones”, Finney debuted the market. Finney devices from Sirin Labs runs on Shield OS. This phone is developed to “inherently support” any application based on blockchain.
Another contender in October 2017, Pundi X, emerged with its own ecosystem of device, cryptocurrency and blockchain network. The Indonesia based company made the world’s first blockchain based voice call from its device, which they called the XPhone. This smartphone runs only on Function V, which is their own blockchain.
Even if micro-players in smartphone industry compared to tech giants like Apple or Samsung, these devices were enough to trigger a whole new trend. And this fact is now substantiated with HTC’s Exodus 1. HTC stepped further announcing its flagship product Exodus 1 as “Blockchain Smartphone”. Interestingly, in a bid to clarify the stance, HTC made it accessible to consumer strictly via cryptocurrencies. It was tagged with a price of 0.15 Bitcoin. By October 2018, it was priced at 0.78 Bitcoins.
Phil Chen, Decentralized Chief Officer at HTC, stated the reason to use blockchain devices as the need “for everybody to own their own keys”. Per Chen, when users start owning their own keys, it will enable them to own their own digital identity and thereby, owning their own data. This could be the Holy Grail to achieve marketing targets. Let’s not forget the mayhem, which the need of ‘Data Privacy’ is creating in current times, dominated by Social Media. Although, user data protection in the backdrop of Social Media and the emerging trend of blockchain seems poles apart, the emerging ecosystem of blockchain in conjunction with data privacy is clearly apparent.
The current differentiators
Exodus 1 by HTC
So what makes blockchain based smartphones different? Exodus 1 is built to run DApps and it is based on Android Oreo 8.1 OS. This phone is specifically designed to be used as the primary transaction point for cryptocurrencies. In its initial phases, now, the phone’s objective is projected towards protection of crypto-keys. It can be used to track user’s Bitcoins and Ethereum. Thus, in plain words, Exodus 1 is only for users interested in cryptocurrencies and blockchain.
Finney from Sirin Labs
On the other hand, Shield OS developed by Sirin Labs is designed to support payments apps supported by SRN Token. Finney devices support any blockchain based application including P2P resource sharing, cold storage crypto wallet, encrypted communication, trading platforms, and secure exchange access.
BitVault by VVDN Technologies
While, BitVault developed by VVDN Technologies as based on a private blockchain network. This smartphone is based on third-party Independent Multilayer Security. Features like voice calling, messaging and document sharing is supported on a private network formed by connecting similar BitVault devices. It means, these phones will create their own secure networks, which is completely inaccessible to others. Users need biometric scanning to access these devices, hence their own secured networks. Currently, BitVault phones do not support any application other than their own.
XPhone by Pundi X
An XPhone behaves like a node of Function X ecosystem. Each device has a unique address and a private key. It allows complete decentralization within its network.
Are Blockchain Smartphones similar to Android devices?
Following the traces of the handful of blockchain based smartphones so far, we can categorize them into two types: Those that run on Android OS, and those that run on their own blockchain based OS. Devices that run on Android are backed with technology that supports blockchain. Capability to run DApps is what that differentiates them from other common smartphones. Currently, HTC Exodus 1 and Finney are such smartphones.
XPhone and BitVault are in the second category, based completely on blockchain OS. Their use is restricted only to users connected to similar networks. These phones are now primarily deemed to be used as special devices to use cryptocurrencies and DApps.
XPhone, BitVault, Finney & Exodus 1 are the top blockchain based smartphones introduced until now.
What is special about the prospects of Blockchain Smartphones?
Privacy, security and compatibility with DApps are the basic advantages of blockchain based smartphones. Of these, the first two aspects are spearheading the recent trend of these new devices. In verticals like business, DApps are emerging gradually as preferred options. The current ecosystem of mobile devices is getting messier with increasing threats of data thefts. On this backdrop, blockchain based smartphones seem to be the panacea. However, the scope is not that easy. It is because, blockchain, the underlying principle is massively different from how internet works.
Blockchain is a whole new ecosystem and smartphones have developed only as an extension of a new node. These smartphones will emerge as the interface or point of interaction for blockchain users. The development is at nascent stage and two of those pioneer devices specifically emerged as transaction points for cryptocurrencies. The latest entrant, Exodus 1 is also being claimed as the starting point of blockchain ecosystem for users. Therefore, blockchain smartphones are building the second foundation of the blockchain infrastructure. Developing as the next basis of blockchain ecosystem, smartphones might even create a parallel network to internet.
Blockchain Smartphones will augment and strengthen the usability of blockchain technology. Now the question is: Are completely blockchain based devices or OS necessary, if common Android based devices support DApps? This would be defined primarily again by the usage of blockchain based applications and adoption of this technology. Therefore, at this point, the prospects of blockchain Smartphones and blockchain technology are strongly interdependent.
Rest assured, blockchain Smartphones based on Android or other popular OS will be a good hit in the market, provided, manufacturers keep up the tandem with the current state blockchain. Certain reports claimed HTC Exodus 1 has already surpassed pre-order, even if it is almost equal to the new iPhone X, touching almost US $1000. This means, blockchain Smartphones are more than just the next big fad, it is a certain disruption in the industry.
Mudit Kumar
25 Oct 2018
A Walkthrough of Blockchain Development Service Benefits
Blockchain development service benefits not only enterprises or businesses but the holistic use of technology. In the last few years, the internet and technological advancements have also made money transactions more convenient than ever. But, the transferred financial assets move through conventional systems. So, they connect to correspondent houses, clearing houses, and centralized depository systems. Then, it becomes a time-consuming process as funds take many days to reach an account or a stock trade to settle. Here, blockchain development services can benefit this traditional banking system.
Understanding Blockchain Development
It has become redundant to explain blockchain technology after the boom of cryptocurrency. However, let's understand it with a simple explanation.
Blockchain is the underlying technology behind Bitcoin. It uses a P2P (peer-to-peer) network of computers to verify transactions.
In a nutshell, blockchain is a data structure to create and share a distributed database of transactions among computer networks. This database can be tangible and intangible assets.
As for now, blockchain technology is predominantly being used in the finance and banking sectors.
Organizations Leveraging Blockchain Development Service Benefits
US Federal Reserve: They are working on developing a digital cash system using the blockchain in cooperation with IBM.
Deutsche Bank: Examining the use cases of blockchain in trade processing, currency settlement, derivate contracts, etc.
Barclays Bank: Forming dedicated labs in London for blockchain entrepreneurs, businesses, and coders.
Citigroup: Working on implementing a DLT (Distributed Ledger Technology) using blockchain and a pilot test currency called 'citicoin.'
Nasdaq: Using its financial framework, Nasdaq has opened its blockchain development services to above 100 of its market operator clients.
It was a general overview of what's blockchain technology and how giant corporations use it globally to enhance and simplify various processes.
Blockchain Beyond Cryptocurrency
Blockchain in cryptocurrencies like Bitcoin is an oblivious reason. But, the potential of blockchain is unprecedented.
Its uses in other various applications and business transactions include order tracking, banking and finance, healthcare, real estate, supply chain management, e-learning, online shopping, travel and tourism, renewable energy, contract validation, and more.
However, to enter the blockchain market, leverage blockchain development service benefits from a top blockchain development company. It will make you can stay ahead of the competition.
Industries with the Potential for Blockchain Application Development
Real Estate
Banking and Finance
Automobile and Transportation
Government
Healthcare
Online Shopping
E-learning
Insurance
Trading
Warehouse
If you're operating in one of these industries, then no doubt, blockchain development services can help you grow exponentially in this landscape.
How Blockchain Development Services Benefit Businesses
Reliable Systems
When we build data structures using blockchain, it enables us to make and validate transactions without involving any third party. Thus, reducing the risk of fraud and backdoor transactions, and unauthentic transactions.
Also, modifying historical data is only perceivable when one has a big team working concurrently at various data centers. This way, it hugely reduces the chances of tempering data and forms a robust ecosystem.
Transparent System
Data in the blockchain is known for being complete, accurate, tamper-proof, and consistent with all the members within the network. So, users get control of all their transactions and information using DLT.
Lightening Fast Transactions
Physical markets having digital documentation also take time for transaction execution. Interbank transactions also consume a lot of time for clearing and time settlement.
Here, blockchain can make this a 24/7 process along with reducing transaction time to seconds.
Instant remuneration could entirely reform an industry such as energy and transportation. Thus, saving a fortune by decreasing back-office work and automation.
Blockchain is the new internet and you can use it for enhancing your business processes. Oodles can be your right service partner. Reach us for blockchain development services.
We have the best team of blockchain developers to look after development projects. We can make your journey smooth in the blockchain world through our deft expertise in this tech.
Mudit Kumar
24 Oct 2018
How Hyperledger Increases Blockchain Adoption In Various Industries
Blockchain Technology is a revolution that ha more application than we can think of, and it's the surface that we've scratched yet. Numerous Blockchain projects at its core such as Ethereum, Hyperledger, and Bitcoin.
In simple words, created and designed by Linux Foundation, Hyperledger isn't an implementation of the blockchain, but, merely a collaborative development of a group of applications on how blockchain's distributed databases should work within a trusted network.
It is an open source, collaborative project. Its core objective is to enable cross-industry collaboration with an aim to enhance the reliability and performance of the systems.
Read More: How Hyperledger Fabric Cultivates Business Interest In Blockchain
There are several versions of Hyperledger Implementations.
- Hyperledger fabric is created and executed from IBM
- Sawtooth Lake, from Intel
- Corda, from R3 Consortium
-Iroha from Soramistu
Frameworks:
Fabric:
Intends to develop a solution or application with Modular architecture at its core. It enables the characteristics of the said architecture to be more influencing like membership services, plug-and-play, and much more.
Iroha:
It's a business blockchain framework created to be simple to incorporate into projects that ask for DLT (distributed ledger technology).
Sawtooth:
It's a platform intended for developing, executing and running distributed ledgers along with a consensus method and Proof-of- Elapsed Time.
Burrow:
It's a permissible Smart Contract generator to enable the Smart Contracts to be written using the specifications of EVM (Ethereum Virtual Machine).
Indy:
It offers tools, components, and libraries to provide with digital identities on shared databases.
Benefits of using Hyperledger in Modular Projects:
-Easy modification of components present in the ledger
- Extreme reuse of components or building blocks
- Rapid Experimentation
- Open source code base
- Cross-Border Payments
Read this blog for knowing Hyperledger Use Cases In various industries.
Although cryptocurrency payments are gaining traction, fiat currency payments are still working as the engine for the banking sector.
There are various concerns in payment processing such as separate records for separate transactions, along with being prone to errors and paper-intensive including the need for a middleman.
For fixing all these issues, a global team has come forward to enhance cross-border payments. They have built a PoC using the foundation of Hyperledger Fabric, that's designed to improve and optimize payment instructions, native assets, transaction history and details, foreign exchange and verification onto a single integrated network.
Mudit Kumar
23 Oct 2018
Immersing AI In Blockchain For Unprecedented Results
Arguably, Blockchain and AI (Artificial Intelligence) are the most trending technologies in today's digital world.
Expectedly, the blockchain market is going to expand from a value of $210 million in 2016 to $2.3 billion by 2021, as per a report by Statista. On the other hand, Adobe finds that the jobs requiring AI expertise have spiked 450% since 2013.
The qualities of AI and the cryptographic security of blockchain technology combined are laying the foundation for a better future. But, how can AI in Blockchain benefit each other by working together?
Understanding AI and Blockchain:
In the last few years, Google search results data shows that searches for 'Blockchain' have increased by 250%.
The blockchain is a uniquely secure way of conducting business transactions online, with impenetrable ownership records.
The blockchain is the technology that allows transferring of digitized ownership in a decentralized manner, that's even without requiring excess paperwork and approvals of centralized authorities like the New York Stock Exchange.
While Blockchain is a new player on the scene, Artificial Intelligence has been around almost for decades in various forms. However, in the last few years, AI's potential is being realized by different industries.
AI's work is to replicate human intelligence for swift and efficient intuitive decision-making.
It's a technology that automates processes in manufacturing and makes up for tedious customer-facing troubleshooting scenarios. Thus, helping computers to run actions without any specific programming.
With AI in Blockchain, we can automate predictive analytics, and enable computers to extract large datasets for accurate and informed decisions.
Diligent Encryption with Artificial Intelligence:
Undoubtedly, Blockchain is secure, but some of its applications and further layers (The DAO, Mt Gox, Bitfinex, according to Medium) might not.
The term machine learning has showcased excellent strides in the recent few years. It has helped AI to supply secure application deployment - making all of a blockchain's components safe and secure.
AI is also expeditely becoming capable of creating algorithms with Big Data while being in an encrypted state. Eventually, it means that you get the ability to manage data in a way that there's no need to unencrypt it. Therefore, guaranteeing that your data is safe at all times.
Smart AI-enabled Blockchain Development Services:
Proper execution of blockchain on conventional computers requires an abundance of processing power, due to the inexplicable instructions of how to get them done and their encrypted nature.
However, with the adaptability of AI in Blockchain, the 'Brute Force' approach of managing blockchain is being replaced by a more subtle and delicate manner, which intelligent machines are capable of applying.
Consequently, it will help in running a machine learning-oriented algorithm more efficiently. In the past, this would be a tedious process, but today machine learning is capable of instantly adjusting itself according to the task and providing results.
The richness of calculations that AI can bring into blockchain management is another characteristic that drives attention. Humans are prone to errors and slower in calculations, making Artificial Intelligence more appealing for handling blockchain technology efficiently.
The Boons of Bringing AI in Blockchain:
The advantages of AI and Blockchain synergy aren't only beneficial for the latter. Even blockchain technology can bring various advancements to Artificial Intelligence.
Notably, blockchain can hugely increase the trustworthiness of AI technology. It means that AI will be able to explain its thought process clearly through an impenetrable chain of information blocks.
Not only this but blockchain can also reduce the perils related to AI's handling of sensitive data.
In this scenario, AI-integrated blockchain-based smart contracts are a suitable example.
Smart Contracts: They're used to secure agreements online, whether they're regarding online purchases, employment, or even housing. For example, companies have started using AI integration blockchain-based real estate services to enable investors to take ownership of real estate assets using the application.
The bottom line is that AI will become the driving force behind Smart Contracts, while blockchain is the tool to ensure the security of its contents. However, it's the surface we have scratched. There are more advancements to be expected to come from the integration of these two transforming technologies.
Mudit Kumar
22 Oct 2018
How IOTA's Tangle Gives a Stiff Competition to Its Adversaries
IOTA is gradually becoming the buzz in the blockchain world. The team behind IOTA is working on delivering the technology that can fix "real life" problems. That's how IOTA has launched their first IOTA Charging Station for electric vehicles, in cooperation with Elaad. Fully operational in the Netherlands, the station is open for public use. However, IOTA charging stations aren't the only invention made by IOTA team- there's a lot more to discuss.
Thus, we've listed all the reasons in this blog which make IOTA's Tangle Technology way ahead of its competition.
IOTA's Tangle:
Although IOTA is more active in the arena of blockchain-based operations, providing a scalable platform that can help increase the blockchain adoption across different industry scales, IOTA's technology called Tangle is giving stiff competition to its adversaries in the technological sense.
What differentiates the Tangle network and a standard blockchain-based network is the fact that the former can even work on large-scale projects more efficiently. And that's how IOTA identify with an increased level of innovation when it comes to bringing technological advancements in the world of Blockchain and decentralization.
IOTA, for making payments:
It has now become clear that blockchain-based transactions for tangible and intangible assets are also a good choice when making global payments, especially when compared to the traditional way of the same.
IOTA has made a protocol for Tangle that enables faster transactions. They have made Tangle act in a way that the more users are using the network, the faster the execution of transaction happens on it. That way, IOTA prevents from traffic jams and extended transaction time. In addition to this, the confirmation time on IOTA's Tangle is also hugely reduced, while other platforms process a transaction in double-digit number time.
While 20 seconds are still quite fast than waiting for 2-5 days with the traditional way of making transactions, it's still slow with regards to blockchain technology standards. Consequently, IOTA solves this double-digit processing time with Tangle technology.
IOTA, for Little to No-Fee Micro-Payments:
When it comes to flawless user-experience for micro-payments, IOTA can process small payment transactions without applying any fee. That is how IOTA's designed to "Ask" for a low charge or no-fee at all where applicable.
Most of the networks fail to process small payments the way IOTA does. So, Tangle technology wins this round as well while racing ahead of its competition.
IOTA and Scalability:
Scalability is probably the biggest problem for most of the blockchain-based platforms, while IOTA's Tangle has no problem with it.
Tangle becomes faster with the increasing numbers of users and transactions through its decentralized platform. Other blockchain platforms face this problem of jammed traffic due to their non-scalable ecosystem.
Due to the increased scalability, IOTA makes it easy to apply changes and modification to the system. Therefore, making it a highly scalable and easily modifiable platform, which is the need of the hour for facilitating future updates and technological advancements.
IOTA, to make an improved world of IoT (Internet of Things)
IOTA is not only a suitable alternative for payments and a platform for faster transactions on a global scale. IOTA, with its advanced technology that brought the Tangle into existence, has a shining future in the Internet of Things as well.
It's because the users of MIOTA can use this innovative technology for hassle-free IoT integration. They can use IOTA for flawless M2M (machine-to-machine) transactions.
IOTA's charging station for electric vehicles is a perfect example of how IOTA serves to all purposes related to the Internet of Things. Tangle aims for safety, integrity, and protection of its users' information and data. Eventually, making M2M communicate better than ever.
Mudit Kumar
18 Oct 2018
Top Blockchain Development Platforms for Blockchain Success
If you're thinking of developing enterprise blockchain applications or want to leverage the power of Blockchain to disrupt the world with your innovative idea, you will need one of the popular blockchain development platforms to ensure success.
Here's a rundown of some of the best blockchain development platforms that we use to develop your blockchain solutions.
Top Blockchain Development Platforms that Oodles Technologies Uses
We have an in-house team of skilled blockchain developers who relentlessly work on the latest, groundbreaking technologies. They aim to bring you the best blockchain development solutions for your specific business endeavors. Subsequently, it allows them to offer best-in-class development services for all prominent operations in the Blockchain industry.
Here's a short preview of the blockchain Development Platforms and technologies we leverage to bring the best to the table.
BigchainDB
BigchainDB, an immutable, decentralized data storage software, works like a ledger having characteristics similar to Blockchain. By utilizing query functionality and built-in asset support, BigchainDB provides low latency and high throughput.
Benefits of Using BigchainDB for Business:-
Decentralization:
With BigchainDB, there's no need for an intermediary and third parties. There's no single point of failure. You can use it to get a P2P network that has maximum transparency. Each node can have a permanent copy of the ledger.
Query Support:
BigchainDb uses powerful query functionality that allows running any MongoDB query, such as assets, metadata, and transactions. Maintained by MongoDB, it's also excellent in reducing latency and speeding up the consensus process.
Customization:
With it, you can have a customized private or permissioned blockchain network equipped with features like transparency, immutability, and scalability. Not only this but it also allows the setting of permissions at the transaction level, therefore, enabling the managed distribution of responsibility and tasks.
Hyperledger
Hyperledger, an open-source project, is famous for offering cross-industry blockchain technologies. Maintained by the Linux Foundation, it could become the future of decentralized blockchain development. Hyperledger Project bolsters DLTs (distributed ledger technologies) and allows us to develop enterprise-grade permissioned, public networks.
Benefits of Hyperledger:-
Scalability:
Hyperledger brings scalable software solutions that involve minimum complexity. It makes the applications well-adaptable to any tweaks in the consensus method or ledger.
Security:
Developing web and mobile applications using Hyperledger frameworks makes them highly secure as they get backed using Cryptography.
Ethereum
Ethereum is a decentralized blockchain platform that incorporates a Smart Contract functionality. It enables us to create avant-grade DApps with no third-party interference.
Key features of Ethereum:-
Smart Contracts:
Ethereum allows running Smart Contracts on top of it. A Smart Contract is a self-executable computer protocol that's used to enforce the negotiation of pre-defined terms of an agreement between two or more exchanging parties.
DApps:
Ethereum is mainly famous for letting developers create Smart Contracts and Decentralized apps. A Dapp uses blockchain technology and issues a crypto coin to incentivize users for any purchase or other transactions.
Removes Intermediaries:
Apps developed using the Ethereum blockchain are referred to as DApps. Such apps don't require a central system or intermediary to run smoothly. Entities can use DApps to cut down on development costs and to bring transparency within the network.
Multichain
Multichain can be used to establish Private Blockchains to use within an organization for enabling frictionless financial transactions. Multichain is capable of processing as many as 1,000 transactions/second. It also offers a simple API and command line interface to let developers set up and preserve the chain.
Advantages of Multichain:-
Unlimited Assets:
With Multichain, you get support for multi-party transactions and multi-asset.
Data Streams:
Multichain offers required support for data encryption, data sharing, and timestamping. It also allows the creation of unconstrained data streams and time series coupled with multiple values.
Speed and Efficiency:
Enables developers to expedite the development process so that its users can create new blockchains to operate efficiently within a network.
Category:
Blockchain
Mudit Kumar
17 Oct 2018
Best Three Resourceful Blockchain Based Smart Contract Platforms
A standard vending machine that you may find almost everywhere- it's a perfect example of how a smart contract works. You choose what you want, put in the cash and the machine delivers the product you have chosen.
Same applies for the most exchanges in life. You need to visit a lawyer or a notary to pay their fee for what they give you as a document. It isn't the case with Smart Contracts.
Likewise in traditional contracts, there are agreements, terms, and penalties in Smart Contracts. However, unlike the conventional methods: Smart Contracts can automatically allot penalties to defaulters.
There are numerous types of Smart Contract on offer and choosing the best out of those can be tedious, especially if you recently entered the world of crypto investments. So, here's a list of our top 3 blockchain based smart contract platforms below:
NEM:
NEM is a decentralized, P2P network based on blockchain technology. Conceptualized in January 2014 and introduced in March 2015, the platform allows third parties to build applications like cryptocurrencies and crowdfunding tokens. We can consider NEM as a Hybrid blockchain that consists of both the private and public blockchain.
What sets it apart from other blockchains is that it doesn't use Proof-of-Stake or Proof-of-Work to verify transactions. Instead, it uses proof-of-importance consensus method. Proof-of-importance similar to proof-of-stake saves a lot of energy. Unlike the proof-of-work consensus, each transaction conducted on the NEM network gets completed using one hundred times less power than used on the Bitcoin Network.
NEM's next-gen blockchain not only has the mentioned benefits but it has several other features like multi-signature accounts, messaging, mosaics, privacy scaling and the fact that every NEM community participant can suggest developments and updated. Also, $XEM is cost-effective and easy to transfers. It has only a 0.1% transaction fee. It means that it would cost you only $1.0 for transferring $100 worth of $XEM.
NEO:
NEO is one of the most recognized blockchain based smart contract platforms in all of China and Asia. NEO as a platform brings on the table the opportunity to execute trustless Smart Contracts. It means that along with being used for financial dealings, it can also perform as a platform for more complex transactions.
However, there are a few notable features that set it apart from Ethereum.
It makes it quite easy for developers to write languages. Thus, NEO's Smart Contracts are easy to write.
Instead of using the power-hungry PoW (proof-of-stake) consensus algorithm that Ethereum and Bitcoin use, NEO uses a proof-of-stake system with delegated Byzantine Fault Tolerance (dBFT).
Cardano:
Similar to Ethereum, Cardano's platform has a cryptocurrency (ADA), and it's possible to execute smart contracts.
Cardano has some unique features that make it an "Ethereum Killer," and differentiate it from other blockchain based smart contract platforms. Firstly, it's a blockchain project developed on peer-reviewed research.
Second, the Ouroboros, the Cardano's proof-of-stake extracting method, is another feature that helps it make the competition more fierce. The PoS extracting algorithm helps it eradicate the need for power-hungry PoW method. This approach can be considered as safe as the PoW systems and consumes a lot less energy.
Mudit Kumar
16 Oct 2018
Blockchain Applications In Automotive: A Wave of Opportunities
While the blockchain has been more a matter of hype than at-scale applications, the technology has for sure experienced rapid development in the last few years.
Developing blockchain automotive solutions not only offers vehicle manufacturers numerous advantages but also enables other departments within the automotive ecosystem to utilize its potential. The technology can bring self-driven cars into the mainstream. It also can connect efficient commercialization of the developing automotive industry and bring transparency and trust between sellers and buyers.
Use Cases and Applications of Blockchain in Automotive
Tracking and Provenance
What sets most automotive companies apart is the customer's trust in the quality of their products and the brand. By developing blockchain applications for automotive, companies can have a digital ledger to track each product's development process, such as the source of raw materials, their maintenance history, how and where the product got manufactured, and much more.
Similarly, each component of the product, including production data and design quality, can be easily tracked using blockchain technology-based automotive solutions.
Not only this but also the authenticity, purchase history, provenance, trading, and licensing can all be protected using blockchain. It will allow multiple supply chain partners to corroborate the quality of being authentic of their products.
Also Read: How Blockchain Technology Could Refuel The Automotive Industry
Insurance, Leasing, and Other Services
If we want our vehicles to become 'smart,' all services and their underlying business frameworks need to be reworked as a whole using blockchain.
As all transactions happening on the blockchain are safely recorded and verified, the future of car leasing and insurance can be changed to enhance.
In a nutshell, insuring a vehicle can be turned into a more on-demand and dynamic process. Future insurance policies would work according to the real-time vehicle data provided. With smart contract development, a vehicle would have its insurance policy written and executed on blockchain only.
Likewise, a leased vehicle would manage all contractual transaction requisites using smart contracts applied to it.
Consequently, monthly leasing payments will be enforced in transportation, and upon payments fail, these would automatically decline the service.
Also, Read | How the Automotive Industry is Getting into the Metaverse?
Supply Chain and Business Processes
To manage the manufacturing process, the automotive sector uses many ERP and operational systems.
These systems communicate with numerous other systems downstream and work on several data feeds to execute their actions.
Eventually, it ends in bloating the size of the IT team that conciliates between these various systems thus, increasing complexity in the IT landscape.
Blockchain applications for automotive address this situation by reducing the risk of two or more systems using outdated or contradicting information by applying the method of a single source of information, in real-time. It also diminishes the need to have alternative systems required to reconcile any inconsistencies between systems.
Subsequently, systems and people can work more efficiently and, therefore, act faster with more confidence.
Also, Read | Drive Your Automotive Business Ahead with Blockchain Solutions
Conclusion
Blockchain applications for the automotive Industry can significantly streamline its cumbersome and complex processes. It can alleviate the need for compliance and regulatory approvals.
However, it's the CIOs, CFOs, and CTOs who have to make a strong business use case for implementing blockchain applications in the automotive arena.
The technology is ready to prepare vehicles for an upcoming advanced future where they would interact with it in many different ways.
Connect with our skilled blockchain developers to plan, strategize, and launch your unique blockchain-based automotive initiative.
Mudit Kumar
15 Oct 2018
An Exhaustive Guide to Real World Smart Contracts Use Cases
In the constantly evolving landscape of blockchain technology, smart contract development stand out as one of the most significant innovations. Businesses across various industries are increasingly exploring how smart contracts can streamline operations, reduce costs, and create new revenue opportunities. From supply chain management to insurance, real-world implementations demonstrate how transformative this technology can be. In this comprehensive blog post, we will look at what smart contracts are, why they are important in a business-to-business (B2B) setting, and how they are applied in different sectors. We will also address frequently asked questions (FAQs) to provide a holistic understanding of this emerging field.What Are Smart Contracts?Smart contracts are self-executing contracts with the terms of the agreement directly written into code. The code and agreements exist across a decentralized blockchain network. Once a predefined condition in the contract is met, the corresponding action is automatically executed without the need for intermediaries.Key Characteristics of Smart ContractsAutonomy: Smart contracts operate automatically once the conditions encoded are satisfied, minimizing human intervention.Transparency: All participants in the blockchain network can view the code and terms of the contract, reducing the risk of disputes.Immutable: Once a smart contract is deployed on the blockchain, it cannot be changed or altered without consensus from the network participants.Security: Built-in cryptographic mechanisms ensure high security, making tampering nearly impossible.Cost-Efficiency: By removing intermediaries and automating workflows, smart contracts can significantly reduce transaction and administrative costs.Smart contracts rely on the trustless nature of blockchain technology. Instead of relying on a single central authority, transactions are verified by multiple nodes on the network, ensuring no single entity can unilaterally alter a contract's outcome.Also, Read | Creating Cross-Chain Smart Contracts with Polkadot and SubstrateWhy Smart Contracts Matter in B2B EnvironmentsThe B2B world is often characterized by complex, multi-party transactions that demand high levels of trust, security, and compliance. Traditional contract-based processes can be time-consuming and prone to human errors, leading to high operational costs. Smart contracts address many of these pain points by:Streamlining Workflows: Automated contract execution reduces the need for back-and-forth communications, lowering overhead and shortening transaction times.Reducing Fraud & Errors: Since all rules and transaction logs exist on an immutable ledger, the risk of data manipulation or fraud is significantly minimized.Enhancing Collaboration: Blockchain-based smart contracts facilitate a transparent environment where every transaction is visible to authorized parties. This encourages a more collaborative approach among different stakeholders in a supply chain or partnership.Increasing Accountability: By recording all actions on a shared ledger, businesses can enforce accountability and traceability, making audits simpler and more accurate.Facilitating Global Operations: Blockchain technology is borderless, which allows companies to partner globally without worrying about discrepancies in contract law across different jurisdictions.From manufacturing and logistics to financial services, businesses in various industries are discovering the unique advantages of integrating smart contracts into their operational processes.Also, Check | Optimism Platform: Developing and Implementing Layer 2 Smart ContractsReal-World Applications of Smart ContractsIn this section, we will explore some of the most prominent real-world use cases for smart contracts. We will delve into various industries, examine specific scenarios, and highlight the value smart contracts bring to each domain.Supply Chain ManagementEliminating Intermediaries and DelaysTraditionally, supply chains involve numerous intermediaries—from suppliers and freight forwarders to customs officials and retailers. This leads to complex documentation, paperwork delays, and potential errors. Smart contracts can automate many of these steps:Purchase Orders and Payments: A smart contract can automatically trigger payment once goods reach a specified location or meet certain quality standards.Automated Compliance: Regulatory requirements (for instance, temperature control conditions for perishable goods) can be coded into a contract, so shipments are flagged if conditions are not met.Enhanced TraceabilityWith smart contracts on a blockchain, each stage of a product's journey—manufacturing, transportation, warehousing, and final delivery—can be recorded immutably. This data is invaluable for:Recall Management: In the event of a product recall, businesses can swiftly identify affected batches, saving time, cost, and potentially lives (in the case of pharmaceuticals or food).Ethical Sourcing: Companies can track the origin of raw materials, ensuring ethical sourcing that meets environmental and labor standards.InsuranceAutomated Claims ProcessingInsurance claims often involve multiple checkpoints: claimant submission, manual review, verification of coverage, and payment disbursement. Smart contracts streamline this workflow:Smart Policies: Policies can be embedded with parameters that check coverage and trigger payouts automatically. For example, parametric insurance (commonly used in agricultural or weather-related coverage) uses data such as rainfall or temperature thresholds to confirm and disburse payment without human intervention.Fraud Reduction: An immutable record of interactions helps insurers combat fraudulent claims more effectively.Cost Savings and EfficiencyReducing manual overhead and the time spent on claims processing can significantly lower administrative expenses for insurers. These savings can be passed on to policyholders in the form of lower premiums, creating a competitive advantage.Real EstateSimplifying Property TransactionsReal estate transactions typically involve brokers, lawyers, banks, and notaries, leading to high fees and slow processes. Smart contracts cut through the complexity:Automated Escrow Services: Funds are held in a smart contract until certain conditions—like property inspections or title transfers—are met, eliminating the need for third-party escrow services.Title Management: Digitalized and tokenized property titles can be transferred instantly, decreasing paperwork and legal costs.Fractional OwnershipSmart contracts also open up new investment opportunities in real estate by facilitating fractional ownership. Multiple investors can collectively own a share of a property with minimal administrative overhead. The distribution of rental income or proceeds from a sale can be automatically handled by a smart contract, boosting transparency and trust among stakeholders.Also, Discover | Emerging Smart Contracts Use Cases in 2025 | UpdatedFinancial ServicesStreamlined Cross-Border PaymentsInternational payments can be slow and expensive due to multiple banks and clearinghouses. Smart contracts reduce these barriers:Real-Time Settlements: By automating the release of funds once specific conditions are met, smart contracts help achieve near-instant settlements.Reduced Transaction Fees: Lower operational costs mean financial institutions can offer more competitive rates, attracting more customers and fostering trust.Automated ComplianceIn regulated industries like finance, compliance is crucial. Smart contracts can be programmed to ensure that all transactions meet regulatory requirements, flagging any that do not. This feature can drastically reduce compliance-related risks and fines for financial institutions.HealthcareSecure Data ManagementMedical records are highly sensitive, and healthcare providers must comply with stringent privacy regulations like HIPAA (Health Insurance Portability and Accountability Act) in the U.S. Smart contracts enable:Encrypted Access Control: Only authorized personnel can access patient data, and any access request can trigger an immutable record of that event.Patient Consent Management: Smart contracts can store patient consent forms and automatically verify permissions for data sharing among providers.Optimized Billing and Insurance ClaimsHealthcare billing is often opaque and prone to errors. Smart contracts can automate the validation of insurance coverage, reduce billing errors, and ensure timely payments to healthcare providers.Governance and VotingTransparent ElectionsSmart contracts can be employed for secure, transparent voting systems at a corporate or government level:Immutable Votes: Once a vote is cast, it cannot be changed or tampered with, significantly reducing voter fraud.Instant Tallying: Results can be compiled automatically, lowering administrative overhead and providing immediate outcomes.Automated Grants and Funds AllocationIn public governance, funds allocated for specific programs can be tied to smart contracts that release money only upon meeting certain milestones. This ensures taxpayer funds are used as intended, increasing transparency and accountability.Also, Check | Revolutionary Smart Contract Use Cases on Blockchain | Updated 2025Intellectual Property Rights and Royalty ManagementOwnership VerificationCreators often face challenges proving ownership of their work. Smart contracts offer:Timestamped Registrations: By storing content on a blockchain, creators have an immutable, timestamped record proving ownership.Automated Royalty Payments: Royalties can be distributed automatically whenever a piece of intellectual property is sold or used.Streamlined LicensingSmart contracts can encode licensing agreements, enabling automatic renewal or termination based on predefined conditions, greatly simplifying the negotiation process for B2B licensing deals.Energy and UtilitiesPeer-to-Peer Energy TradingWith the rise of renewable energy sources like solar panels, households and businesses can sell excess energy back to the grid. Smart contracts facilitate peer-to-peer trading:Automated Micro-Payments: Energy producers get paid in real-time for the surplus energy they feed into the grid, while consumers can buy energy more affordably directly from small producers.Demand-Side Management: Utilities can implement dynamic pricing, automatically adjusting rates based on consumption patterns and grid load.Transparent Carbon CreditsSmart contracts can also manage the distribution and trading of carbon credits. Once a company meets certain greenhouse gas reduction targets, credits are automatically issued and verified. This system reduces administrative overhead and boosts credibility in carbon offset markets.Overcoming Challenges in Smart Contract AdoptionWhile the potential of smart contracts is undeniable, businesses must address several challenges to maximize their benefits:Security Concerns: Coding errors or vulnerabilities can be exploited by bad actors. Continuous auditing and best coding practices are essential.Regulatory Ambiguity: The legal status of smart contracts varies by jurisdiction. Enterprises should consult legal experts to ensure compliance.Integration Complexities: Many business processes run on legacy systems, which may not easily integrate with blockchain-based smart contracts.Scalability: High transaction volumes can strain some blockchain networks, leading to increased costs and slower transaction times.Lack of Standardization: Diverse blockchain platforms exist, each with different standards and protocols. This fragmentation can complicate interoperability between systems.Addressing these hurdles often involves a combination of technological solutions (e.g., Layer-2 scaling), strategic partnerships (with blockchain experts or consortiums), and robust governance frameworks.Also, Explore | How to Scale Smart Contracts with State ChannelsBest Practices for Implementing Smart Contracts in B2BBusinesses aiming to leverage smart contracts should consider the following best practices to ensure success:Define Clear Use CasesFocus on solving specific business pain points, such as streamlining document verification in the supply chain or automating claim settlements in insurance.Choose the Right Blockchain PlatformPlatforms like Ethereum, Hyperledger Fabric, and Corda each have their own strengths. Evaluate network speed, cost, privacy, and existing ecosystem support before selecting one.Conduct Thorough AuditsRegular code reviews and third-party audits are critical for identifying and resolving vulnerabilities early.Establish Governance ModelsSet clear policies on who can deploy contracts, how updates are managed, and how disputes are resolved. This is particularly important when multiple enterprises share a single blockchain network.Pilot ProjectsStart with small-scale pilot projects to gather data, refine processes, and measure ROI before a full-scale rollout.Invest in Talent and TrainingHaving skilled professionals—blockchain developers, smart contract specialists, and tech-savvy project managers—on the team is essential for a smooth integration.Collaborate with Legal ExpertsWork with legal professionals experienced in blockchain technology to navigate contracts, IP rights, and jurisdictional issues effectively.By adhering to these guidelines, companies can mitigate risks and accelerate the realization of smart contract benefits.You may also like | Build a Secure Smart Contract Using zk-SNARKs in SolidityFrequently Asked Questions (FAQ)1. Are smart contracts legally enforceable?Smart contracts are legally recognized in several jurisdictions, but the legal landscape is still evolving. Some countries and states (for example, certain U.S. states like Arizona and Vermont) have passed legislation acknowledging the legality of blockchain-based records and signatures. However, enterprises should consult with legal experts to ensure compliance in their specific jurisdictions.2. Can I modify a smart contract after it has been deployed?One of the core features of smart contracts is their immutability. Once deployed, the code cannot be altered unless there is a mechanism for upgrades (such as proxy contracts or modular smart contract architectures). In such designs, upgradeability is built in from the start, but it requires careful consideration to balance flexibility with security and decentralization.3. What happens if a bug is found in a smart contract?Bugs in smart contracts can lead to financial losses or system malfunctions. Hence, rigorous testing, external audits, and code reviews are vital. If a bug is discovered post-deployment, possible solutions include implementing an upgradeable contract (if previously designed that way) or using community or centralized governance mechanisms (depending on the platform) to address the issue. Remediating a bug can be complex and sometimes may require consensus from the network participants.4. Do all smart contracts require a public blockchain?Not necessarily. Public blockchains like Ethereum provide a transparent environment, but many businesses opt for private or permissioned blockchains (e.g., Hyperledger Fabric, Corda) where the network participants are known and vetted. The choice depends on the use case and the level of privacy, scalability, and control required.5. How do I get started with smart contracts?Starting involves several steps:Identify Use Cases: Determine where automation and trustless execution can create the most value for your business.Select a Platform: Evaluate platforms based on speed, cost, privacy features, and community support.Prototype: Develop a proof of concept (PoC) or minimum viable product (MVP).Test & Audit: Thoroughly test the contract with test data and conduct professional audits.Deploy: Roll out the contract in a controlled environment before moving to full-scale production.6. How secure are smart contracts?Smart contracts benefit from blockchain's cryptographic security, but they are only as secure as the code written. Common vulnerabilities (like re-entrancy attacks on Ethereum) can be mitigated by adhering to best practices, using established development frameworks, and performing routine audits.7. What are the costs associated with deploying and running smart contracts?Costs vary depending on the blockchain network. In public networks like Ethereum, gas fees can fluctuate significantly. For private or permissioned networks, operational costs might come from infrastructure, maintenance, and licensing fees. Additionally, businesses should budget for security audits, ongoing development, and potential upgrades.ConclusionSmart contracts represent a groundbreaking technological leap in contract execution and multi-party collaboration. Their self-executing, trustless, and transparent nature aligns perfectly with the needs of modern B2B environments, where efficiency, security, and compliance are paramount. By providing automated workflows, reducing administrative overhead, and improving fraud detection, smart contracts offer a compelling business case across numerous sectors—from supply chain management and insurance to real estate, finance, healthcare, and beyond.However, implementing smart contracts is not without challenges. Issues such as regulatory uncertainty, scalability concerns, and integration with legacy systems can act as roadblocks. Nonetheless, these hurdles are being actively addressed through advanced tooling, consortium-driven standards, and progressive legal frameworks. Businesses that embrace smart contracts stand to gain a competitive edge by optimizing processes, lowering costs, and opening new avenues for innovation.Whether you are a startup looking to disrupt a traditional industry or a large enterprise aiming to improve efficiency, connect with our smart contract developers to get started with smart contract development can be a powerful tool.
Category:
Blockchain
Mudit Kumar
12 Oct 2018
How To Become The Digital Advertising Industry Leaders With Blockchain Technology
Blockchain in Digital Advertising:
In the concurrent scenario of the digital advertising industry, people are under the obligation of the marketer. Generally, they have little or no control over their data. When they access the web, their data is gathered and stored for further use. This lack of control is leading toward widespread concerns about digital marketing security. People are increasingly finding it hard to keep the information safe and limited that they share on the web. The private information freely in access to businesses is becoming a matter of concern for the general population active on the internet.
On the other hand, for marketers, the concerns are mounting as well.
How does the blockchain fix these issues and help grow digital advertising?
Blockchain technology contains the potential to turn the current digital advertising landscape on its head. It can act as an inadvertent regulator for this industry.
Currently, the digital advertising model requires a central middleman, such as trusted media sites like Facebook and Google, to facilitate the buying and selling of advertisements. Blockchain can break this model and provide a much better way. It can allow an advertiser to buy and sell from the users directly. Brave uses its 'Basic Attention Token' (BAT) to enable advertisers to pay for viewing their ad to the user directly.
The amount is calculated by monitoring the 'mental effort' of a user. Thus, forming less advertising spend for a brand and creating a better experience for their users.
There's another app that's revolutionizing the advertising landscape.
Blockstack, an open source project that enables users to access the website while safeguarding their security and privacy.
The service runs on the blockchain, which enables it to provide users with read/write permission to their data. The information then gets encrypted on the personal device, eliminating the need to have a middleman. Consequently, Blockstack users can access the content they wish to see, without receiving the unwanted targeted advertising. Thus, giving back the power to the consumer.
By removing the identity details of a consumer from the purchasing funnel, the privacy information will no longer be freely available to marketers searching for lead generation.
Also Read: How Blockchain Implementation Transforms Digital Marketing
The consumer will gain control. Marketers will generate stronger leads.
Increased consumer access and control to data doesn't necessarily mean that it will reduce customers. Instead, users will have the power to decide when to whom, for how much time their information should be available. Then, people will be available to trade their information. It will help them yielding greater autonomy of information. But the benefits don't limit to the customer only. Marketers will be able to take advantage of this model. Although the number of leads could be lower, the quality leads will undoubtedly increase.
Already, companies have grasped this idea. Snovio, the first blockchain-based lead generation service, allows customers to trade personal information by exchanging SNOV tokens.
The exchange platform provides users with increased authority and control over the use of their data, along with creating a big dataset of up-to-date, quality leads.
The database is developed using the model of crowdsourcing data gathering. So, its growth wholly depends on the users who wish to contribute. To attract more users, providing financial incentives will work as an inclination factor.
The enter of Blockchain in Digital Advertising is ready to flip the standard of digital advertising models to cause a paradigm shift in power from the marketers to the consumer.
The Bottom Line: Blockchain In Digital Advertising
In a few years, it will become significant that Blockchain is here to stay. Whether or not marketers will adopt it globally is no longer a question of if, but when. The current advertising market's infatuation with blockchain technology signifies that this process has already started.
In a nutshell, the early adoption of blockchain in digital advertising is going to play a crucial role in the success of any future marketing strategy.
If you want to understand and know more about Blockchain, here’s a list.
1: Implement Blockchain Technology Into Your Business Without Spending A Fortune
2: Hybrid Blockchain: Bringing the Best of Both Public and Private Blockchains
3: How Blockchain Helps Transform the Supply Chain and Logistics Industry
4: 4 Uses for Blockchain the Automotive Industry is Using Today
5: A Comprehensive List of Best Blockchain Platforms To Watch Out in 2018
Mudit Kumar
11 Oct 2018
How Decentralized Apps Are Creating Business Opportunities
The estimated value of the blockchain industry, as of 2018, is around $548 million. In 2016, it was approx. $210 million.
There's a significant growth in the last two years, and we expect that it will continue its exponential growth. It's because blockchain isn't only for cryptocurrency development as many people think.
Blockchain app development services have got much more potential than this. It's now ready to reform numerous industries.
Then, Why Are We Talking About Decentralized apps?
'Blockchain' is the technology that underlies Decentralized apps.
Bitcoin, which's introduced to decentralize all aspects of money, is only an instance of a DApp.
Similarly, Dapps have opened the doors of possibility for a newer and more exciting world.
In this world of Decentralized apps, the aim is to making everything decentralized as Bitcoin's Blockchain did for currency.
Decentralized apps (DApps) are open source applications. They run on a peer-to-peer (P2P) network of computer. Such apps are a sort of software program that's designed to exist on the internet in a way that no single entity controls it.
They cannot be shut down or have any downtime.
These apps are creating various opportunities for businesses to grow.
Businesses need to be aware of this developing technology. They can use DApp for accepting payments, cloud storage, crowd-sourcing, and much more.
The Criteria for Developing a DApp:-
To be considered a DApp, the application must follow these three models:
Open Source:-
First, the app needs to be open source. It must be freely available for everyone and should be capable of being tweaked or redistributed.
Decentralized:-
Second, the app must be decentralized. When being developed, it must have to incorporate the use of blockchain and cryptographic technology. Also, it will require a form of cryptocurrency or crypto-token to incentivize the users.
Consensus Model:- Third, the app must have a consensus mechanism built in it for security.
If the app follows this criterion, you can consider it a DApp.
Three use cases of Decentralized apps for businesses:-
1- A suitable alternative to costly cloud storage
If you are a business looking to use less expensive cloud storage services, DApps are the answer. Siacoin is a DApp (a blockchain cloud storage app) that utilizes unused hard drives space from all over the world to provide storage centers.
There are approximately 1.8 billion people who use cloud storage services. The benefit of Decentralized Cloud Storage Services is that they cost 90% less than the traditional cloud storage providers with one terabyte of space priced at $2/month.
Each file of a user will be encrypted. They can have complete access and control over their encryption keys. In addition to this, third parties cannot have access to users data. Thus, providing users with the utmost privacy.
2- Security and Identity Management:-
Identify protection over the internet is an important issue that we cannot overlook.
In 2016, FCC received fraud-related complaints, out of which 66% were related to identity thefts. DApps can fix this issue. Such DApps include solutions like multi-factor authentication, ICO protection, secure login, and document verification.
A DApp that uses these factors can prove to be quite beneficial as it can be used to secure the identity of employees of a company. Not only this, but it can also be helpful for validating contract workers or freelancers if you provide third-party or outsourcing services.
Secure registration and login will ensure that authentic individuals access to the web or mobile apps. For instance, CRM software contains sensitive data that must be kept confidential.
3- Invoicing and BI (Business Intelligence):
The array of possibilities with DApp is wide. It can even influence the world of invoicing.
A blockchain-based decentralized invoicing system can be reduced the time it takes to get paid by releasing funds when the customer pays. It helps businesses to manage their expenses efficiently as they won't have to wait for too long to have invoices paid anymore.
Such a system can also provide its users with access to large data sets and analytical tools to effectively use the data.
Conclusion:
The blockchain technology has become a rage these days. It's continually evolving and being used to offer new services. DApps are also part of its evolution, creating secure and open source software for everyday business and users. While DApps are still in infancy, they certainly have Oodles of potential. That said, any modern business should not hesitate to adopt this transforming technology.
Mudit Kumar
10 Oct 2018
Influencing Blockchain Use Cases for Supply Chain Management
If you are an avid blockchain reader, you may think that technology is going to reform almost every business area by next Monday. That's not going to happen. However, there are a few areas, such as financial services, Healthcare, Supply Chain, etc., that can certainly be enhanced.
Today, we're talking about blockchain use cases for supply chain management, which is one of the most vital areas for any business.
According to the shipping giant Maersk, a few problems within the supply chain processes need to be solved. For instance, one shipment of refrigerated good when is on the move from East Africa to Europe may pass through min. 30 people and organizations, along with involving more than 200 interactions among them.
Here, blockchain technology-based solutions can help ensure provenance and provide traceability across the entire supply chain. It will provide help in preventing counterfeits and ensure safety. Not only this but the technology will also allow manufacturers, suppliers, and end-users to gather data, analyze trends, and do predictive monitoring.
Here's a list of a few blockchain use cases for supply chain management.
Coffee Production:
The coffee supply chain is ready for reform. It's significant that coffee production is fragmented- mostly grown in developing or remote areas, prices are unpredictable, and climate change is another factor that threatens coffee-growing regions, as per the report by Inbound Logistics. Apart from this, human rights organizations have long brought abuses of laborers. Certainly, blockchain solutions can't solve all of these issues, but it can bring efficiency and transparency to the coffee supply chain.
For instance, Bext360 has incorporated blockchain technology to monitor every element of the global coffee trade- from farmers to consumers- and thus, boosting supply chain productivity, according to Bitcoin Magazine.
After tests in Uganda, California, and Ethiopia in 2017, it's in use for at least one coffee producer. Ireland's Moyee Coffee serves specialty coffee to online subscribers, offices, and independent retailers. It expects to make all coffee blockchains traceable by the end of 2018.
Significantly, it becomes one of the most prominent blockchain use cases for supply chain management.
Seafood Verification
It is unlikely that you haven't heard about mislabeled seafood. Despite all the news back in 2016, it's still going on. Blockchain technology can help in tracking fish and other seafood from provenance to market. For that, a few projects are underway. Let's have a quick look at two-
Pacific Tuna Project: The Blockchain Supply Chain Traceability Project aims to track down tuna from vessel to market.
The efforts, mainly focusing on the Pacific Islands Tuna Industry, intends to eliminate illegal fishing and human right abuses.
Sawtooth's Plan: Originally developed by Intel, Hyperledger Sawtooth is a platform consisting of various blockchain modules. It's one of the most significant features is its consensus model- it allows users to reach a consensus, even when the counterparties don't know each other.
In April 2017, Sawtooth demonstrated, how we can tag seafood with sensors to transmit time and location data to the blockchain, providing buyers with access to complete details of the food's provenance.
Food Safety Concerns:
Due to a lack of data and traceability, many food concerns, such as cross-contamination, the spread of foodborne illness, as well as the economic overhead of recalls and unnecessary waste, get worse. Moreover, it can be quite tedious to track down the source of contamination - or the place where a product got contaminated.
In cooperation with Dole, Golden State Foods, Driscoll's, Kroger, McCormick, and Company, Mclane Company, Nestle, Tyson Foods, Walmart, and Unilever, IBM has joined a consortium in which they will determine how the worldwide global supply chain can benefit from blockchain.
Pharmaceuticals:
Drugs: Many medications - mainly biologics- need to be kept in a particular temperature zone.
Certain medications, when being shipped from a manufacturer to one warehouse to another warehouse, require to be kept in a fixed temperature zone and range.
With blockchain solutions for the healthcare industry, we can program it, and it will trigger an alert when the temperature gets too high or too low.
Blockchain can do way more than monitoring and verification. It can help look after medications from provenance to consumers. And, as all the processes and checkpoints will be on the blockchain, the manufacturer or the shipper can identify and fix troubling spots.
Fraud Elimination
Blockchain will not only bring transparency, but it will also help in reducing fraud for pharmaceuticals, as per the report by Deloitte. That's for sure huge: The counterfeit drug market size all over the world is around $75-200 billion, reported by blockchain analyst Prableen Bajpai. The current state- a complex and opaque supply chain- is exacerbating the problem. The immutability feature of blockchain technology offers a basis for the traceability of drugs from manufacturers to end-users. It can also identify where the supply chain is breaking down.
Blockchain use cases for supply chain management: Disrupting and transforming:
These blockchain use cases for supply chain management in various industries are only the surface we've scratched.
In a nutshell, blockchain-based supply chain solutions have the potential to rebuild the supply chain and transform the way we grow, produce, market, buy and use goods. Overall, the increased transparency, traceability, and security of the supply chain processes can lay the foundation for a better future. It can make our economies safer and more reliable by supporting authenticity and credibility and preventing the use of unethical practices.
Mudit Kumar
09 Oct 2018
How IOTA is Improving the World of the Internet of Things (IoT)
IOTA, an open-source distributed ledger, represents a significant advancement in blockchain technology. With successful partnerships established with industry giants such as Bosch, Fujitsu, and Volkswagen, the platform is poised to redefine the world of IoT (Internet of Things), including applications in autonomous vehicles, using blockchain app development expertise.
Revolutionizing IoT with IOTA's Tangle Technology
eToro's Support
Recently, eToro, a prominent social trading network, added support for IOTA on its platform. However, the true highlight remains IOTA's strategic partnerships with leading manufacturers worldwide.
Also, Explore | Top 5 Technological Advantages Of IOTA For Industries
IOTA's Technological Advancements
In 2018, IOTA showcased numerous technologies with real-life applications, appealing to industry leaders like Vitalik Buterin.
Bosch's Adoption of IOTA
For example, Bosch introduced its Cross Development Kit (XDK) in late 2017, a programmable sensor device leveraging the platform's Masked Authenticated Messaging for IoT use cases.
Volkswagen's Collaboration with IOTA
Volkswagen, a key player in the automotive industry, demonstrated a Proof-of-Concept (PoC) at CEBIT 2018, showcasing plans to integrate Tangle technology into its vehicles for seamless updates and future advancements, particularly in autonomous driving.
Fujitsu's Embrace of IOTA
Similarly, Fujitsu, a leading Japanese company, is integrating IOTA's Tangle into its manufacturing processes to enhance efficiency. Fujitsu's Industry 4.0 Competence Center is poised to introduce the platform as the new protocol standard, recognizing its potential to revolutionize industrial processes.
You may also like | How IOTA is Improving the World of the Internet of Things (IoT)
Real-World Applications of IOTA
Dr. Rolf Werner of Fujitsu highlighted the pls potential at HMI 2018, emphasizing its role in smart factories and secure supply chain monitoring. The technology offers decentralized and secure applications applicable to various real-life scenarios, including supply chain monitoring and secure identity management.
Ongoing Collaborations and Future Outlook
The platform's progressive partnerships with industry leaders instill confidence and have garnered interest from projects like Oyster Pearl (PRL). Currently, IOTA's MIOTA coin is traded at 0.54%, reflecting growing interest in its potential.
Also, Read | IOTA: Exploring Opportunities Beyond Blockchain
Blockchain Consulting Services
As a leading blockchain application development company with over a decade of experience, we specialize in leveraging Tangle technology for innovative IoT projects. If you're considering investment in the IoT space, our blockchain developers can provide valuable insights and guidance.
Mudit Kumar
08 Oct 2018
Cost-Efficient Blockchain Implementation in Business
This guide outlines strategies, best practices, and actionable steps to achieve cost-efficient blockchain integration that drives business success. Disclaimer: The content provided is for informational and educational purposes only. It is not financial, legal, or technical advice. Always consult with professionals like Oodles Blockchain, a blockchain development company, before implementing new technology solutions in your business.Cost-Efficient Blockchain Integration for Your Business SuccessBlockchain technology has evolved from its cryptocurrency origins to become a transformative tool for businesses across industries. When implemented correctly, blockchain can enhance security, transparency, and efficiency—all while potentially reducing costs over time. In this guide, we explore how your business can integrate blockchain technology cost-effectively, ensuring that you achieve measurable success without overextending resources.Understanding Blockchain Technology in BusinessWhat Is Blockchain?At its core, blockchain is a decentralized digital ledger that securely records transactions across multiple computers. Key characteristics include:Immutability: Once data is recorded, it cannot be easily altered or deleted.Transparency: Transactions are visible to all participants, increasing trust.Decentralization: No single entity controls the ledger, reducing vulnerability to fraud.Why Blockchain Matters for BusinessesFor businesses, blockchain offers several strategic advantages:Enhanced Security: Cryptographic techniques protect sensitive data.Operational Efficiency: Automated smart contracts reduce manual processing and administrative overhead.Improved Traceability: Supply chains and financial transactions can be monitored in real time.Cost Reduction: Over time, reduced reconciliation, fraud, and error management costs can yield significant savings.By understanding these fundamentals, decision-makers can better assess how blockchain aligns with their strategic goals and operational needs.The Importance of Cost-Efficiency in Blockchain IntegrationBalancing Innovation and Budget ConstraintsWhile blockchain promises significant benefits, the initial integration can be resource-intensive. Achieving cost efficiency means:Minimizing Upfront Investment: Reducing initial hardware, software, and training costs.Maximizing ROI: Implementing solutions that drive long-term operational savings.Optimizing Scalability: Building systems that can grow with your business needs without incurring disproportionate additional costs.Key Cost ConsiderationsWhen planning blockchain integration, consider these factors:Platform Selection: Public, private, or consortium blockchains each have distinct cost and operational implications.Development and Maintenance: Evaluate the costs of in-house development versus partnering with technology providers or leveraging open-source solutions.Training and Change Management: Investing in employee training is essential to ensure smooth adoption and ongoing maintenance.Regulatory Compliance: Budget for legal and compliance advice to navigate the evolving regulatory landscape.Strategies for Cost-Efficient Blockchain IntegrationA. Define Clear Business ObjectivesBefore embarking on a blockchain project, outline your key business goals:Identify Pain Points: Determine where blockchain can resolve inefficiencies (e.g., reducing fraud, streamlining supply chains, or enhancing data security).Set Measurable Outcomes: Define what success looks like in terms of cost savings, speed, and improved transparency.B. Choose the Right Blockchain PlatformSelecting the appropriate platform can significantly affect both costs and performance:Public Blockchains: Ideal for transparency and decentralization, though they may incur higher transaction fees.Private or Consortium Blockchains: Offer greater control and lower fees, making them suitable for enterprise applications where privacy is paramount.Hybrid Approaches: Combine public and private elements to balance security, transparency, and cost.C. Leverage Open-Source Solutions and Existing FrameworksUtilizing mature, community-supported tools can help avoid reinventing the wheel:Frameworks and SDKs: Platforms like Hyperledger, Ethereum (using Solidity), or Corda offer robust frameworks with active developer communities.Cloud-Based Blockchain Services: Consider blockchain-as-a-service (BaaS) options from providers such as IBM, Microsoft, or Amazon Web Services to reduce infrastructure costs.D. Adopt a Phased Implementation ApproachRolling out blockchain integration in stages can help manage costs and minimize risk:Pilot Projects: Start with small-scale pilots to test functionality, gauge performance, and refine processes before full-scale deployment.Incremental Rollout: Gradually extend blockchain applications to additional processes or departments, ensuring each phase meets performance benchmarks.Feedback Loop: Use pilot outcomes to adjust your strategy, focusing resources where the impact is greatest.Best Practices for Reducing CostsOptimize System IntegrationIntegrate blockchain solutions with your existing IT infrastructure to avoid costly overhauls:Interoperability: Choose platforms that can easily communicate with current systems (ERP, CRM, supply chain management software).API-Driven Development: Use APIs to connect blockchain systems with legacy databases, ensuring smooth data flow and reducing duplication of effort.Focus on Scalability and FlexibilityDesign your blockchain solution to grow with your business:Modular Architecture: Build a system where components can be added or removed based on evolving needs.Cloud Scalability: Leverage cloud infrastructure to dynamically adjust computing resources as transaction volumes change.Invest in Employee Training and DevelopmentA well-trained workforce can maximize the benefits of blockchain integration:Ongoing Education: Provide continuous training to keep staff updated on new features and best practices.Cross-Functional Teams: Establish teams that combine IT, operations, and business expertise to ensure alignment with strategic objectives.Monitor Performance and Conduct Regular AuditsEstablish metrics and regular evaluations to ensure your blockchain solution remains cost-efficient:Performance Metrics: Track key indicators such as transaction speed, error rates, and operational costs.Security Audits: Regularly assess your system for vulnerabilities to avoid costly breaches or downtime.User Feedback: Solicit feedback from both internal teams and external partners to identify areas for improvement.Overcoming Common ChallengesInitial Investment and Resource AllocationWhile blockchain integration can be cost-effective long-term, the initial setup may require substantial investment:Solution: Prioritize projects with clear ROI and secure incremental funding based on pilot successes.Regulatory and Compliance IssuesNavigating regulatory landscapes can be complex:Solution: Engage legal and compliance experts early in the project to ensure all blockchain applications meet local and international regulations, thereby avoiding future penalties or redesign costs.Integration with Legacy SystemsExisting systems may not easily support blockchain technologies:Solution: Invest in middleware or API solutions that bridge blockchain networks with legacy systems, allowing for gradual integration rather than complete system overhauls.Real-World Examples and Case StudiesExample 1: Supply Chain OptimizationA global manufacturing company integrated a private blockchain to track raw materials. By replacing manual data entry with automated, real-time updates, the company:Reduced administrative overhead by 30%.Improved traceability, minimizing fraud and errors.Achieved quicker dispute resolution with transparent data logs.Example 2: Financial Services TransformationA mid-sized financial institution adopted a hybrid blockchain solution for interbank settlements:Lowered transaction fees by leveraging a private ledger for internal transactions.Enhanced compliance and reporting with immutable audit trails.Realized faster settlement times, improving cash flow and customer satisfaction.These examples underscore that careful planning, strategic platform selection, and phased implementation can lead to significant cost savings and operational improvements.ConclusionCost-efficient blockchain integration is not just about minimizing expenses—it's about strategically aligning technology with your business objectives to drive sustainable success. By defining clear goals, choosing the right platform, leveraging existing resources, and adopting a phased implementation strategy, businesses can unlock the transformative benefits of blockchain without incurring prohibitive costs.Key takeaways include:Clarity of Objectives: Understand what problems blockchain is solving for your business.Strategic Platform Selection: Evaluate public, private, and hybrid options based on your unique needs.Phased Implementation: Start small, iterate, and scale gradually to manage costs and risk.Employee Training and Integration: Invest in your team and ensure seamless integration with existing systems.Continuous Monitoring: Regular audits and performance tracking will help maintain cost efficiency over time.Embracing blockchain technology in a cost-efficient manner can be a game-changer for your business, paving the way for enhanced security, transparency, and competitive advantage in an increasingly digital marketplace.For further insights and technical resources, consider exploring:IBM BlockchainHyperledger ProjectMicrosoft Azure Blockchain ServicesBy staying informed, engaging with industry experts, and adopting best practices, you can successfully integrate blockchain technology to support your business's long-term success.As technology and regulations continue to evolve, we recommend ongoing research and consultation with trusted blockchain developers experts to ensure your blockchain strategy remains current and effective.
Category:
Blockchain
Mudit Kumar
04 Oct 2018
Three Reasons Why Developing Countries Are Moving Toward Cryptocurrency Development
Cryptocurrency Development in Developing Countries
Cryptocurrencies are not only transforming the digital world, but they are also helping developing countries to strengthen their financial ecosystem. They are making the global transaction scene easier and safer. And the blockchain technology that brought them into existence is being seen as the 'New Internet' for various reasons.
Many believe that cryptocurrencies are another way for wealthy investors to become rich. The reality is that many people in developing countries are joining global commerce in ways that couldn't have been possible before.
The most prudent advantages that Cryptocurrency Development in developing countries offers are the increased ability to send or money anywhere in the world, increased access to assets (tangible and intangible), improved access to digital wallets, and enhanced transparency within digital transactions. The transparency factor is what developing countries are missing currently.
Let's find out how cryptocurrency development in developing countries is approaching toward a better future:
1. Improved Access to Banking
The first factor that helped cryptocurrencies garner a huge success is the simplicity and ease of access they provide general population to the banking.
The World Bank estimation tells that more than two billion people around the world don't have access to banking services. There are many reasons, most of which have come from poverty. But, the most significant is that these people have improper access to the Global Commerce. That's where cryptocurrency and its development services come into play.
There are now many applications that enable users to access a cryptocurrency wallet and use it for banking and investing, even from their mobile devices. Mobile devices have increased in developing countries more rapidly than banking services. That's the reason cryptocurrency development services are flourishing in those countries as they provide crypto mobile app development services as well.
2. Increased Transparency
Out of all the obstacles that hinder the development of developing countries the most persistent are the lack of transparency in the financial system and corruption in governance. Improper bureaucracy and corruption expand the ever-growing gap between the rich and the poor.
Above that, the money issued for the public interest doesn't reach to the masses on a regular basis.
The blockchain technology that bolsters the cryptocurrency development comes with technology that makes corruption nearly impossible. The blockchain refers to as an immutable ledger where every transaction history on the network get stored and recorded using cryptography, which is one of the safest ways for securing anything on the internet. It means every transaction is public on a distributed or shared ledger and nobody can alter that.
Thus, the increased level of transparency makes suspicious activities hard to go unnoticed, while also allowing users to conduct safe transactions.
3. Increased Greater Social Mobility
In spite of being called stereotype; another game for the riches only, cryptocurrency offers a new way to global income equality.
One of the setbacks to social mobility in developing countries is corruption. However, as we mentioned, the issue is being tackled ferociously by cryptocurrency development services and the blockchain technology services.
It's because unlike conventional banking, in crypto banking, there's no requirement for any physical presence at any specific location. In layman's words, you require an internet connection and a cryptocurrency wallet.
Looking to develop a cryptocurrency wallet, we might trigger a business query.
Cryptocurrencies are a great way to provide people with accessibility, clarity, and transparency, the most important three things that often fall short in supply in developing countries.
Conclusion:
Cryptocurrency Development in developing countries is offering an alternative solution to the problems that come with traditional banking services.
These alternatives have spanned to countries of all levels that seek economic development. With above-mentioned points, it's clear that developing countries should strive more to make use of cryptocurrency to improve their finance system, if not everything.
Mudit Kumar
03 Oct 2018
Top Features of IOTA to Expedite Blockchain and IoT Adoption
In the recent decade, we have experienced the unprecedented rise of Blockchain technology as it offers P2P transactions of assets without needing to involve any middlemen or geographical barrier. While the transaction speed and fee associated were power points of prominent blockchain projects, the current scenario of adoption has shown that both factors are substantial and quite slow due to the congestion of the network.
The answer to most blockchain projects to this is a process called 'scaling.'
IOTA is a blockchain-based project that eradicated the scalability issues by offering its own distributed ledger, which is a bit different from the standard blockchain.
Designed to empower machines and humans, IOTA improves their participation in flourishing new permissionless economies. Get a proper understanding of IOTA blockchain in our introductory article.
IOTA has a few advantages that set it apart from other blockchain projects. Such as high scalability, secure data transfer, low resource requirements, offline transactions, and many more.
So, here's a list that describes top 3 features of IOTA. Those are known for providing IOTA with an edge for real-world applications.
Learn how we are using IOTA to redefine the IoT landscape, click here.
Potential for Unlimited Transactions per Second
First, to understand the practical applications of IOTA, it's necessary to comprehend the technological trends, IoT (Internet of Things). IoT refers to as a technological advancement whereby machine (like cars, phones, refrigerators, watches, or any electronic or software-based device) communicate and exchange data with each other without any human involvement, which results in improved efficiency and economic growth.
The whole concept of IoT is to connect the physical world with the web world and enable technological devices to transfer data with each other without any human interaction.
Today, the exchange of data and information often is associated with payments. And, for IoT to become a reality, it's a must to provide a platform that can enable M2M (machine-to-machine) payments. That's where IOTA comes into play. IOTA's designed whereby the more transactions on the network, the more the network processes.
Currently, the IOTA network can process between 13 to 1,500 transactions per second. This unique scalability is one of the top features of IOTA.
Indeed, we can say that very soon everything is going to be "smart." And the platform capable of seamless microtransactions to make this real can be seen in the form of IOTA. Therefore, the future of IoT is in the hands of IOTA.
The Tangle Technology
Another one of the top features of IOTA is its Tangle technology, which is different to the Blockchain. Tangle has some similar features of blockchain like a distributed ledger and secure transactions, but it doesn't use blocks to store information.
Tangle is a specific type of directed graph that holds transactions and uses the Directed Acyclic Graph (DAG).
In a standard blockchain, transactions get stored in blockchain and then get verified by miners. In Tang-tole, they get represented as a vertex in the directed graph. And, to move ahead with this verification, the transaction on the network selects two previously added transactions to approve. Thus, adding new edges to the graph.
Sufficiently large quantum computers have got discovered that could effectively handle problems that need trial and error to find a fix. An instance includes finding a random number, also called a 'nonce,' to generate a bitcoin block. It makes the security of bitcoin transactions vulnerable as no single entity can mine blocks any faster than anyone else.
However, the algorithm used in the current IOTA implementations has got structured such that the time to finding a nonce is less than the time required for other tasks prudent to issue a transaction.
Thus, the efficiency gain of the ideal computers might not expose Tangle to security risks. In simple words, blockchain may get hacked using large quantum computers (if developed in the future), but Tangle would not.
Zero Fee Transactions
As there are no miners in the IOTA's ecosystem, there's no fee associated with transactions. Users are verifiers. And as mentioned above, the more the numbers of the users, the faster the transactions. New transactions occurring in the network validate previous ones so, ultimately, the fee for sending funds is zero.
Conclusion
It's touted that the Internet of Things will make everything 'smart.' Now, what's required is an ecosystem to empower this economy. The Tangle technology, though in its growing phase, demonstrates potential to influence how transactions would happen in the world.
With these three top features of IOTA, it's likely that it's here to stay and has the potential to become an integral part of the future.
Mudit Kumar
01 Oct 2018
An All-Inclusive Guide To Know Everything About Monero (XMR)
Originated in April 2014, Monero (XMR) is a cryptocurrency that aims for privacy and untraceability. It makes use of Ring Signatures, Ring Confidential Transactions, and Stealth Addresses to hide the transaction details, such as the sender, receiver and amount. While Monero is getting utilized for applications on the darknet, its privacy significance is vital for personal security and currency fungibility. Monero aims to become a digital currency which has the anonymity of cash, and that's private by default. When someone uses Monero to buy something, the recipient doesn't have to know about the sender or where he received the money. The transaction history remains completely private. In addition to its focus on privacy, Monero is open source as well. It means that anyone can use and access the platform free-of-cost. The transparency feature of Monero is the most prudent asset in the hunt for privacy.
What does Monero offer that other cryptocurrencies don't?
Monero has become one of the leaders of a privacy movement in the crypto world. The motive is to ensure the use of cryptocurrency however you want, without fearing your transaction history being tracked or exposed. Privacy isn't irrelevant. Even for the most law-abiding citizens, there are numerous reasons you may want to keep business or personal payments and purchases private.
In response to privacy and traceability concerns in Bitcoin, Nicolas van Saberhagen created the CryptoNote protocol for managing public addresses on the blockchain opaquely to secure users from traceability. The first cryptocurrency was Bytecoin that implemented this new protocol in 2012. With the time, its code became well-optimized, and by 2014, gained significant traction as a privacy currency. However, initially created as a test coin for academics, nearly 80% of its total coin supply was already mined, making it problematic for its scalability and widespread adoption.
Monero is a hard fork of Bytecoin that started in 2014. It fixed the coin supply problem and other issues of Bytecoin. It utilizes the CryptoNote protocol in the form of CryptoNight POW hashing algorithm to make it difficult for mining by specialized computers. Preferably, CryptoNight is best for standard CPUs to power the POW (Proof-of-Work) which leads to a more equal and distributed mining community on Monero.
Monero makes use these three; Ring Signatures, Stealth Addresses, and Ring Confidential Transaction, to ensure the condition of being anonymous and untraceability.
Stealth Addresses: For Providing Recipients With Privacy
Dissimilar to Bitcoin, with Monero you don't receive assets at your open, public address. Instead, when a user sends your Monero, they put the funds in another anonymous account and lock that record with a secret passphrase which no one but only you can find. Subsequently, your Monero gets never connected with your public address.
Each transaction on Monero includes making one of these new anonymous accounts. Monero calls these newly created accounts stealth addresses. The thought behind the stealth address is to make a layer of anonymity between your public address and the Monero you claim. These addresses on the publicly accessible Monero blockchain are stealth addresses, so personally identifiable data remains off the blockchain inside and out.
On the off chance that all my Monero is put away in stealth addresses, how would I know the amount Monero I have?
Each time you dispatch Monero, your wallet will filter the blockchain for stealth addresses created for you. These stealth addresses have been cryptographically planned so you (and no one but you) can identify them utilizing something many refer to as your "private view key." Running your private view key and other data about every transaction through a cryptographic calculation, your wallet reviews each new stealth address on the blockchain. Notwithstanding, other individuals who don't have your private view key won't be able to tell who that transaction meant for.
When you need to spend your Monero, you'll utilize an alternate "private spend key" to open the stealth address and approve the spending.
Ring Signatures: Disguising Senders
Stealth addresses take care of a lot of issues of traceability and obscurity, yet one noteworthy problem remains. Since the individual who sent you the Monero, in any case, thinks about the stealth address (since they made it), they'll be able to tell when you spend those assets on something else. We require an approach to camouflage the transactions you make.
Monero's answer is known as a Ring Signature. The fundamental idea includes gathering a group of conceivable senders together and approving the transactions together.
Imagine Alex needs to send Monero to Betty. Alex would haphazardly choose a few other stealth addresses to where the assets could conceivably originate from. The Monero calculation at that point combines these transactions, recording various exchanges and potential senders on the blockchain. Even though the owners of these stealth addresses are not on the web, their wallets continually appear to be exchanged with a specific end goal to mask real transactions.
For Alex's situation, blending more addresses into the transaction makes it harder to follow, however, since more mixing would require more computing power. In addition to it, if he raises the mixing rate, he'll need to pay higher charges. Generally, there's no significant reason to mix more than four addresses with a specific end goal to ensure anonymity.
With all the mixing, it appears to be likely that somebody will have the capacity to misuse the framework and spend a similar coin twice. Be that as it may, Monero executes an innovation known as a key image to anticipate such a double spend. The key image consolidates Betty's one-time public address with Alex's one-time private key for that stealth address. The aftereffect of the cryptographic calculation is a proof that the one-time private key used to sign the transaction has not been utilized previously, without uncovering which private key in the ring of transactions approved the spend.
The idea of Ring Transactions turns out to be particularly intriguing when you consider that your assets could be mixed in with different transactions on the system. In fact, with a huge number of transactions every day, it's possible your assets will be mixed into different transactions almost all the hours of the day and night. The general impact of transaction mixing is it would seem that everybody is making transactions constantly, making it almost difficult to track the genuine transactions through all the clamor.
Ring Confidential Transactions: To Hide How Much Was Sent
Ring Confidential Transactions (Ring CT) are a development of ring signatures for Monero. Shen Noether initially proposed the thought for Ring CT in a 2015 white paper as an approach to hide the amounts in each transaction. Noether contended that despite the fact that transactions are anonymous, they could still be connected together utilizing analysis of the transaction amounts.
His Ring CT arrangement includes utilizing cryptography on the transaction data and key sets of the members to hide amounts, starting points, and goals at the same time. The cryptography behind this procedure is known as Multilayered Linkable Spontaneous Anonymous Group Signatures (MLSAG). For a point by point clarification of how MLSAG functions, you can survey the white paper.
Adoption, Growth, and User Base
As of December 2017, Monero is the ninth most significant digital money on the planet by market cap. Between December 2016 and December 2017, Monero has seen a 37x increment in valuation.
Monero's untraceable money makes blacklists inconceivable, prompting more noteworthy trust in the cash itself, not in each coin's transaction history. Monero is likewise chipping away at another innovation known as Kovri to hide the IP locations of nodes on the system. This includes more prominent untraceability and surpasses current covering advancements like Tor and VPNs. Kovri utilizes layered encryption to hide the information clients are sending. Utilizing Kovri to interface with the Monero system will come default in its future discharges.
Mudit Kumar
28 Sep 2018
Smart Contract Applications That SMEs Are Using For Their Expansion
Recent advancements in the Blockchain technology has led to the development of the cryptocurrency landscape and Smart Contract services. Now, they support the global economy by eradicating the complexity in cross-border payments and digital transactions. As per the report by Market Research Future, Smart Contracts market is likely going to experience a compound annual growth rate of 23 percent and surpass $300 million by 2025.
Although it's an exciting thing for corporations working on an international level, SMEs are still finding it hard to identify practical Smart Contract applications.
Regardless of these reservations, possibilities for SMEs (small and mid-sized) to leverage the potential of Smart Contracts are in abundance. Here' what they need to know:
Smart Contracts Explained:
Even the most fundamental contract needs a broker or a lawyer for a thorough oversee and its completion. Also, meeting the terms of an agreement requires additional actions like invoicing, delivery scheduling and payment.
Here, the role of Smart Contracts is to eliminate the middlemen and enable parties to define their terms and agree upon the same.
Initially, we register the Contract with a database and legally clear it as valid. Using Smart Contract development services, each phase of the contract is made automated and triggered to execute as a specific event occurs.
For instance, upon the successful delivery of a product, the payment will be automatically paid without requiring to send an invoice. With Smart Contracts Services, organizations won't need a broker or a lawyer and get the freedom to agree on the terms they have defined. Subsequently, this will result in fast, accurate and secure global transactions along with reducing the time and operational expenses.
Practical Smart Contract Applications:
Smart Contracts can enhance the operations/processes of nearly every small business. Here are a few practical Smart Contract applications:
Automated payments:
Like many small businesses, yours also requires a clients' credit card information on file for automatic payments. With Smart Contracts, you can ensure that you offer them better data protection.
The blockchain technology-based smart contracts can help SMEs to make their clients' financial information more secure. It will create a level of trust and confidence between an organization and its customers, and set you above your competition. Indeed, Smart Contracts can be seen as the most secure way to make digital transactions, and as a contract ledger that automatically records what and when you paid for.
Engagement contracts:
If you own a consultancy firm, event management company or even child care, using Smart Contract services can keep everyone on the line clear on what, when and how you are going to deliver what you've promised as well as how much and when you'll get paid for it. Do a segmentation of the project into separate units to create a Smart Contract that identifies when the defined terms of the unit meet: to automatically trigger payment. Altogether, it will help in improving customer experience/satisfaction and your cash flow.
Real estate:
If you own a real estate business, smart contracts can prove to be a better alternative for improved transaction processes. The complete transaction, from escrow to completion, everything can be managed without requiring the parties to be present at different steps. Each step of the buying/selling process can be efficiently managed that includes title clearance and registration and closing costs. Once the buyer pays the purchasing prices, either through a mortgage company or in full, he receives the deed. It also has increased the rise of mortgage companies incorporating Smart Contracts Applications to manage the financing.
Employment contracts:
Joining a smart employment contract means that your employees will be aware of what they may get demanded and what compensation they're likely to receive. This increased level of transparency will help keep you and your staff on the same page. Also, wages can be executed using the contract itself, such as with requirements that certain hours need to be completed in the system before pre-defined funds can get released into an employee's account. Not only this but also the contract can be modified to indicate promotions and alterations in responsibilities. All this can be tracked to monitor an employee's performance and professional growth.
Supply chain management:
Hardly there's an area within a business where smart contracts can't help to improve it. They can enable you to communicate and coordinate with your suppliers more effectively. When each step is automatic, including payment, you would have everything in place. When your supplier uses smart contracts with other suppliers, the entire system could have a smooth and efficient run, thus, saving time and money for everyone.
Creating smart contract applications:
For many SMEs, another issue is the creation and registration of Smart Contract applications. Most of those get written using Ethereum Blockchain (Etheruem programming language) which only a bunch of owners want to learn. However, there are resources available to help you out. We are a Smart Contract Development Company. We can help you develop a traditional contract into a registered, enforceable Smart Contract.
Mudit Kumar
27 Sep 2018
Most FAQs And Their Answers For Understanding Ripple & The XRP Ledger
The crypto market is going crazy over Ripple and XRP. It has a now reached a fever pitch. And because of that, people are coming up with questions about the company, how can it be used, where to buy it and the digital asset.
So, to eradicate any misconceptions about Ripple and XRP, here's a compact guide that has answers to eight of the most frequently asked questions. However, it's still in the development stage. As the development processes, this list will be updated regularly.
1. How to buy XRPs?
You can buy XRPS on more than 60 digital asset exchanges globally, some of them are listed on this page. Do remember that every exchange has a different process for buying XRP.
In case if you have already bought XRP from an exchange and have questions about your purchase, you need to reach out the respective exchange directly.
For maintaining a healthy XRP market, Ripple considers having XRP listed on top online asset exchange its top priority, so that it can make it broadly accessible globally. Ripple has deployed resources to fulfill the initiative. So, you can expect current developments moving toward forming global liquidity.
2. What are XRP, XRP Ledger, and Ripple?
XRP refers to digital asset native to XRP Ledger. While XRP Ledger is a distributed, open-source ledger. Ripple is a private company.
3. Which financial institutions decided to adopt XRP?
During May 2018, MercuryFX, MoneyGram, IDT, Western Union, Cuallix. Currencies Direct and Viamericas- eight leading payment providers- have decided their pilot use of XRP in payments using xRapid to bring liquidity solutions for cross-border payments. The pipeline of financial institutions for Ripple is growing. They are interested in incorporating XRP in their payment flows.
4. Is XRP secure enough? Do I need an exchange to use it?
The XRP Ledger is a platform where XRP transactions happen and get recorded. The software that runs the ledger is open source. It executes continually on a distributed network of nodes controlled by various organizations. Since the ledger's inception, the team keeps working on to make it more resistant and resilient to an SPF (single point of failure) through decentralization.
To buy XRP, you will need an exchange or gateway and require a digital wallet to store those.
5. Is the XRP Ledger centralized?
It's one of the continuous misconceptions with the XRP ledger. Centralization means that a single entity holds the authority to control the ledger. While Ripple only contributes to the open-source code of the XRP ledger, it doesn't own, administer or control the ledger. The XRP is a decentralized ledger. Even if Ripple ceased to exist, the XRP ledger would exist anyway.
Ripple supports the XRP ledger for various reasons. One is to contribute to the long-term strategy to promote the of XRP as a liquidity tool for Fintech. Decentralizing the XRP ledger is a continuous process that has started during its inception.
These efforts are put to encourage the XRP ledger's enterprise-grade robustness and resiliency, which may lead to XRP's continued use as the top digital asset for payments.
6. Which wallet should I use?
You need to conduct your own due diligence before trusting any third party or third-party technology.
7. Does Ripple hold the right to freeze XRP transactions? Can it view or monitor transactions?
No entity holds the right to freeze XRP, including Ripple. All transactions on XRP Ledger are open to the public.
8. Does Ripple create XRP?
The answer is no. Ripple is a private company that only contributes, it didn't create XRP; 100 billion XRP were existing before Ripple was formed. After the inception of Ripple, the creators of XRP gave in a significant amount of XRP to Ripple.
Mudit Kumar
24 Sep 2018
Most FAQs And Their Answers For Understanding Ripple & The XRP Ledger
The crypto market is going crazy over Ripple and XRP. It has a now reached a fever pitch. And because of that, people are coming up with questions about the company, how can it be used, where to buy it and the digital asset.
So, to eradicate any misconceptions about Ripple and XRP, here's a compact guide that has answers to eight of the most frequently asked questions. However, it's still in the development stage. As the development processes, this list will be updated regularly.
1. How to buy XRPs?
You can buy XRPS on more than 60 digital asset exchanges globally, some of them are listed on this page. Do remember that every exchange has a different process for buying XRP.
In case if you have already bought XRP from an exchange and have questions about your purchase, you need to reach out the respective exchange directly.
For maintaining a healthy XRP market, Ripple considers having XRP listed on top online asset exchange its top priority, so that it can make it broadly accessible globally. Ripple has deployed resources to fulfill the initiative. So, you can expect current developments moving toward forming global liquidity.
2. What are XRP, XRP Ledger, and Ripple?
XRP refers to digital asset native to XRP Ledger. While XRP Ledger is a distributed, open-source ledger. Ripple is a private company.
3. Which financial institutions decided to adopt XRP?
During May 2018, MercuryFX, MoneyGram, IDT, Western Union, Cuallix. Currencies Direct and Viamericas- eight leading payment providers- have decided their pilot use of XRP in payments using xRapid to bring liquidity solutions for cross-border payments. The pipeline of financial institutions for Ripple is growing. They are interested in incorporating XRP in their payment flows.
4. Is XRP secure enough? Do I need an exchange to use it?
The XRP Ledger is a platform where XRP transactions happen and get recorded. The software that runs the ledger is open source. It executes continually on a distributed network of nodes controlled by various organizations. Since the ledger's inception, the team keeps working on to make it more resistant and resilient to an SPF (single point of failure) through decentralization.
To buy XRP, you will need an exchange or gateway and require a digital wallet to store those.
5. Is the XRP Ledger centralized?
It's one of the continuous misconceptions with the XRP ledger. Centralization means that a single entity holds the authority to control the ledger. While Ripple only contributes to the open-source code of the XRP ledger, it doesn't own, administer or control the ledger. The XRP is a decentralized ledger. Even if Ripple ceased to exist, the XRP ledger would exist anyway.
Ripple supports the XRP ledger for various reasons. One is to contribute to the long-term strategy to promote the of XRP as a liquidity tool for Fintech. Decentralizing the XRP ledger is a continuous process that has started during its inception.
These efforts are put to encourage the XRP ledger's enterprise-grade robustness and resiliency, which may lead to XRP's continued use as the top digital asset for payments.
6. Which wallet should I use?
You need to conduct your own due diligence before trusting any third party or third-party technology.
7. Does Ripple hold the right to freeze XRP transactions? Can it view or monitor transactions?
No entity holds the right to freeze XRP, including Ripple. All transactions on XRP Ledger are open to the public.
8. Does Ripple create XRP?
The answer is no. Ripple is a private company that only contributes, it didn't create XRP; 100 billion XRP were existing before Ripple was formed. After the inception of Ripple, the creators of XRP gave in a significant amount of XRP to Ripple.
Mudit Kumar
24 Sep 2018
Steem Blockchain To Revamp Conventional Online Apps Publishing
The Steem Blockchain is a unique ecosystem based on the blockchain technology. It incentivizes content authors and curators for creating value over the platforms and apps that come out from its infrastructure. Based on the Smart Media Tokens (SMT), it enables a publisher to generate revenue for their content through tokens.
Steem Blockchain-based applications:
With the added advantage of being developed on top of the Steem Blockchain, here are a few apps that proved extremely useful as of now. Deciding whether these applications will taste success in the long run or not is difficult. However, their success in this short-term can be a signal of a long-term revolution in the online publishing world.
DTube (YouTube)
Dtube can be called the replica of YouTube that's developed on top of the Steem Blockchain.
Similarly, you can create your channel and start uploading videos on it. The distinction between both the platforms is the way the monetization happens. While the monetization on YouTube is through the ads that Google and its partners share equally. On Dtube, you earn money from the community through upvotes you get on the uploaded videos.
DLive (YouTube Gaming)
Currently, DLive is mainly being used to play online video games, similar to YouTube Games. However, you can monetize for many other things on it. For instance, you can upload a video, create a channel and broadcast live.
Steepshot (New Instagram)
Everyone is familiar with Instagram around the globe. The Steepshot app does the same. It replicates the experience of Instagram. In a nutshell, as per the likes and upvotes, you get to monetize your content.
Busy.org ( Similar to Medium)
Busy.org can be called an alternative to Steemit to understand the Steem Blockchain. It has an interactive interface, is way more intuitive and incorporates a few features that aren't available on Steemit. It can be referred to as the Medium of the Steem Blockchain as it has quite similar editing features.
Long-term growth
If platforms like Steem Blockchain and Steemit fail to grasp a stronghold and don't achieve a sustainable growth, they may not get success in this competitive market. However, we can be positive about their future growth for one reason, if only these apps are developed having the requisites (feedbacks) of their users. Then, it could be possible that one of those apps might disrupt the existing social media scenario. If that's the case, we may soon move toward the next big transformation in the online publishing world and chances are, they will come out from the Steem Blockchain.
The Bottom Line
The way blockchain technology has tasted success in the recent years, there's a rapid increase in new business models. One influencing application is the Steem Blockchain. It's a protocol that enables online publishers to monetize their online content. This model may prove to be more balanced compared to other, such as Instagram or Facebook and sustainable due to its decentralized nature.
The mentioned Steem Blockchain based applications aren't only unique experiments, they also have proved to quite successful. However, there are more challenges to come, but it's good to see exciting alternative business models springing up in the online publishing landscape.
Mudit Kumar
21 Sep 2018
Hybrid Blockchain : Converging Public and Private Blockchains
In today's rapidly evolving digital landscape, businesses are continuously seeking innovative solutions to balance transparency, security, and performance. One such innovation that is gaining significant traction is the hybrid blockchain—one of the emerging blockchain development services that converges the strengths of both public and private blockchains into a single, versatile platform. In this blog, we will explore the fundamentals of hybrid blockchains, their technical architecture, benefits, challenges, and use cases. We will also provide actionable insights for enterprises looking to harness this technology to drive digital transformation and competitive advantage.IntroductionBlockchain technology has revolutionized the way data is recorded, secured, and shared across networks. Public blockchains such as Bitcoin and Ethereum have demonstrated the power of decentralization and transparency. On the other hand, private blockchains offer enhanced security, control, and performance for enterprise applications. However, these two models have inherent trade-offs that often force organizations to choose one over the other.Hybrid blockchains bridge this gap by combining the best attributes of both public and private blockchains. They enable organizations to leverage the immutable and transparent nature of public blockchains while maintaining the privacy and scalability of private networks. This convergence creates a flexible, robust, and adaptable platform suitable for various business applications—from supply chain management and finance to healthcare and digital identity.What is a Hybrid Blockchain?A hybrid blockchain is a distributed ledger technology that integrates the features of both public and private blockchains. It allows an organization to control who can access the network (private aspect) while still benefiting from the decentralization and transparency provided by public blockchains. This duality enables businesses to customize the blockchain environment according to their unique requirements and regulatory landscapes.Key CharacteristicsSelective Transparency: While sensitive data remains confined within a private network, non-sensitive information can be recorded on a public ledger, ensuring transparency and auditability.Controlled Access: Organizations can define permissions and control which participants have access to the blockchain, enhancing data security and privacy.Interoperability: Hybrid blockchains often support interoperability between different blockchain networks, facilitating seamless integration with existing systems and cross-chain communications.Scalability and Performance: By segregating sensitive operations from public processes, hybrid blockchains can optimize performance and scalability, addressing the limitations often encountered by purely public networks.Also, Read | The Emergence of Hybrid Crypto Exchange DevelopmentThe Convergence of Public and Private BlockchainsUnderstanding the convergence requires a clear look at the strengths and limitations of both public and private blockchains.Public BlockchainsStrengths:Decentralization: Public blockchains operate on a fully decentralized network, eliminating the need for a central authority.Transparency: All transactions are visible to the public, which enhances trust and accountability.Immutability: Once recorded, data on a public blockchain cannot be altered, ensuring a high level of data integrity.Limitations:Scalability: High transaction volumes can lead to network congestion and slower processing times.Energy Consumption: Many public blockchains, particularly those using Proof of Work (PoW), consume significant amounts of energy.Limited Privacy: The transparent nature of public blockchains can be a drawback when handling sensitive or confidential information.Private BlockchainsStrengths:Privacy and Confidentiality: Private blockchains restrict access to authorized participants, ensuring sensitive data remains secure.High Performance: With fewer nodes and controlled access, private blockchains can achieve higher transaction speeds and efficiency.Customization: Organizations can tailor private blockchain protocols to meet specific business needs and regulatory requirements.Limitations:Centralization Risks: With control centralized to a limited group, private blockchains can be more vulnerable to internal manipulation.Limited Trust: The absence of a fully decentralized network may reduce the level of trust among external stakeholders.Interoperability Issues: Private blockchains may face challenges integrating with other blockchain networks or legacy systems.How Hybrid Blockchains Bridge the GapHybrid blockchains merge these two paradigms by creating a system where sensitive data is managed privately while public data is shared openly for transparency. This design ensures that enterprises can enjoy the trust and security of decentralized networks without sacrificing the performance and confidentiality that are critical for business operations.Also, Explore | Getting Started with Hybrid Smart Contract DevelopmentTechnical Architecture of Hybrid BlockchainsThe architecture of a hybrid blockchain is designed to balance the dual requirements of privacy and transparency. Here, we delve into its key technical components and how they function together.Dual-Layer StructureHybrid blockchains typically consist of two interconnected layers:Private Layer:This layer handles sensitive data and business logic. It is accessible only to authorized participants and is optimized for high performance and security. Enterprises can implement complex permission structures, ensuring that only vetted entities can access or modify confidential information.Public Layer:The public layer is used for operations that require transparency and decentralization. Non-sensitive data, such as audit trails and transaction logs, are recorded here to provide verifiable evidence of activity. This layer leverages the security and immutability of public blockchains, often through mechanisms like digital signatures and cryptographic proofs.Interoperability ProtocolsInteroperability is a cornerstone of hybrid blockchains. Advanced protocols and bridging mechanisms allow seamless data exchange between the private and public layers, ensuring that information flows securely and efficiently. These protocols often include:APIs and SDKs: Tools that facilitate the integration of hybrid blockchain components with existing enterprise systems.Cross-Chain Communication: Mechanisms that enable hybrid blockchains to interact with other blockchain networks, enhancing the overall ecosystem's functionality.Smart Contracts: Self-executing contracts that automate processes across both private and public layers, ensuring consistent enforcement of rules and policies.Consensus MechanismsHybrid blockchains may employ a combination of consensus mechanisms tailored to each layer's requirements. For the public layer, proof-of-stake (PoS) or other energy-efficient consensus algorithms are commonly used, ensuring robust security and scalability. In the private layer, consensus can be achieved through more centralized mechanisms that offer faster transaction finality and higher throughput.Security and ComplianceHybrid blockchains are designed with robust security features to protect sensitive data while ensuring regulatory compliance. Key security measures include:Encryption: Data is encrypted both in transit and at rest, preventing unauthorized access.Access Controls: Multi-factor authentication, role-based access, and other control mechanisms ensure that only authorized users can interact with the private layer.Audit Trails: Comprehensive logging and traceability features are built into the system, enabling real-time monitoring and compliance audits.Also, Check | A Guide to Understanding Hybrid Crypto Exchange ModelBenefits for BusinessesHybrid blockchains offer a plethora of advantages for enterprises looking to leverage blockchain technology while maintaining control over sensitive data.Enhanced Security and PrivacyBy segregating sensitive data into a private layer, businesses can protect confidential information from exposure while still benefiting from the transparency of public blockchains. This dual approach significantly reduces the risk of data breaches and unauthorized access.Improved Scalability and PerformanceHybrid blockchains can handle high transaction volumes by optimizing each layer for its specific purpose. The private layer can be fine-tuned for performance, while the public layer ensures transparency without overwhelming the system. This results in a more responsive and scalable platform that can grow with business needs.Regulatory ComplianceMany industries face stringent regulatory requirements regarding data privacy and security. Hybrid blockchains enable organizations to meet these requirements by keeping sensitive information private and under strict control, while still providing a public audit trail for regulatory reporting.Cost EfficiencyBy reducing the need for extensive computational resources in the public layer and optimizing the private layer for performance, hybrid blockchains can offer a more cost-effective solution compared to purely public blockchain networks. Lower transaction fees and improved efficiency translate to significant operational savings for businesses.Flexibility and CustomizationHybrid blockchains provide unparalleled flexibility, allowing organizations to tailor the platform to their unique requirements. Whether it's customizing consensus mechanisms, implementing specific access controls, or integrating with legacy systems, hybrid blockchains can be molded to fit a wide range of business applications.Also, Discover | Types of Blockchain and their Importance in the Digital WorldUse Cases and ApplicationsHybrid blockchains are versatile and can be applied across various industries. Here are some prominent use cases:Supply Chain ManagementIn supply chain applications, hybrid blockchains enable end-to-end tracking of goods while maintaining data privacy for proprietary information. The public layer provides transparency for stakeholders and regulators, while the private layer secures sensitive details like pricing, supplier contracts, and proprietary processes.Financial ServicesFinancial institutions can leverage hybrid blockchains to enhance transaction security, reduce fraud, and streamline compliance processes. For example, private transactions such as loan agreements and credit histories can be stored securely on the private layer, while public records of transactions and asset transfers ensure transparency and accountability.HealthcareIn the healthcare sector, patient data must be kept confidential, but there is also a need for verifiable audit trails to ensure data integrity and compliance with regulations like HIPAA. Hybrid blockchains allow healthcare providers to securely store sensitive patient information while maintaining a public ledger for treatment records, consent forms, and compliance audits.Digital Identity ManagementHybrid blockchains offer an ideal solution for digital identity verification systems. Sensitive personal information can be managed within a private layer, while the public layer is used to record and verify identity proofs. This approach helps prevent identity theft and fraud while ensuring that the identity verification process is transparent and trustworthy.Enterprise Resource Planning (ERP)Businesses can integrate hybrid blockchain solutions into their ERP systems to enhance data integrity, streamline operations, and improve supply chain transparency. By leveraging the dual-layer architecture, companies can keep internal processes confidential while providing an immutable audit trail for external stakeholders and auditors.You may also like | How to Develop a Layer 1 BlockchainImplementation StrategiesImplementing a hybrid blockchain solution requires careful planning, robust technical expertise, and a clear understanding of business objectives. Here are some key steps for a successful implementation:Define Objectives and RequirementsBegin by identifying your organization's specific needs. Determine which data and processes require confidentiality and which would benefit from public transparency. Engage with stakeholders across departments to gather detailed requirements.Choose the Right Technology StackSelect a blockchain platform that supports hybrid functionality. Evaluate platforms based on scalability, interoperability, security features, and ease of integration with your existing systems. Consider partnering with experienced blockchain development firms if needed.Design the ArchitectureWork with technical experts to design a dual-layer architecture that meets your needs. Define the roles and responsibilities of each layer, select appropriate consensus mechanisms, and establish interoperability protocols between the private and public layers.Develop and Test the SolutionLeverage agile methodologies to develop the blockchain solution in iterative phases. Begin with a pilot project to test key functionalities, ensure security, and gather feedback. Conduct comprehensive testing, including stress tests and security audits, to validate the system's performance and resilience.Deploy and IntegrateOnce testing is complete, deploy the hybrid blockchain solution in a controlled environment. Integrate with your existing enterprise systems and establish processes for data migration, user onboarding, and ongoing maintenance.Monitor and OptimizeAfter deployment, continuously monitor the performance of the hybrid blockchain. Use analytics tools to track transaction speeds, error rates, and security incidents. Be prepared to optimize configurations and update the system as your business needs evolve.You might be interested in | Unveiling the Potential Layer 3 Blockchain DevelopmentChallenges and ConsiderationsWhile hybrid blockchains offer numerous benefits, organizations should also be aware of potential challenges:Complexity: The integration of public and private layers can introduce technical complexity. Robust project management and technical expertise are required to ensure smooth implementation.Interoperability: Seamless data exchange between layers and other systems can be challenging. Effective use of APIs, SDKs, and standardized protocols is crucial.Regulatory Uncertainty: The regulatory environment for blockchain technology is still evolving. Businesses must stay informed about legal changes and adapt their solutions accordingly.Security Risks: While hybrid blockchains enhance security, they are not immune to threats. Continuous monitoring, frequent audits, and comprehensive risk management strategies are essential to mitigate vulnerabilities.Future TrendsThe landscape of hybrid blockchain technology is dynamic, with ongoing advancements that promise to enhance its capabilities further. Some emerging trends include:Modular Blockchain Architectures: Future developments may see more modular designs that allow businesses to plug-and-play various blockchain components, enhancing flexibility and reducing implementation time.AI and Machine Learning Integration: The integration of AI can further enhance blockchain security, optimize consensus mechanisms, and provide predictive analytics for better decision-making.Quantum-Resistant Cryptography: As quantum computing evolves, the adoption of quantum-resistant algorithms will become increasingly important to safeguard hybrid blockchains against future threats.Greater Interoperability Standards: The development of universal standards for blockchain interoperability will facilitate seamless integration between diverse blockchain networks and traditional IT systems.Discover more | Layer 0 Blockchain Development | The Foundation of the FutureFrequently Asked Questions (FAQ)Q1: What is a hybrid blockchain?A1: A hybrid blockchain is a distributed ledger that combines the features of public and private blockchains. It allows sensitive data to be kept private while leveraging the transparency and decentralization of public networks for non-sensitive information.Q2: How does a hybrid blockchain ensure data privacy and transparency?A2: Hybrid blockchains use a dual-layer architecture. The private layer stores sensitive data and enforces strict access controls, while the public layer records non-sensitive data, providing an immutable audit trail and ensuring transparency.Q3: What are the key benefits of implementing a hybrid blockchain for enterprise applications?A3: Hybrid blockchains offer enhanced security and privacy, improved scalability and performance, regulatory compliance, cost efficiency, and the flexibility to customize the platform for specific business needs.Q4: How does a hybrid blockchain facilitate interoperability between different systems?A4: Through the use of advanced interoperability protocols, APIs, SDKs, and cross-chain communication mechanisms, hybrid blockchains can seamlessly exchange data with other blockchain networks and traditional IT systems.Q5: What industries can benefit most from hybrid blockchain technology?A5: Industries such as supply chain management, financial services, healthcare, digital identity management, and enterprise resource planning can greatly benefit from the enhanced security, transparency, and scalability provided by hybrid blockchain solutions.Q6: What challenges should businesses be aware of when implementing a hybrid blockchain solution?A6: Businesses should consider the technical complexity, interoperability issues, evolving regulatory landscape, and the need for continuous security monitoring and risk management.Q7: How can I get started with implementing a hybrid blockchain in my organization?A7: Start by defining your objectives and requirements, select a technology stack that supports hybrid functionality, design a robust architecture, and work with experienced blockchain developers. Pilot testing and continuous monitoring are essential to ensure a successful implementation.ConclusionHybrid blockchains represent a transformative approach to combining the best of both public and private blockchain technologies. By allowing businesses to maintain control over sensitive data while benefiting from the decentralized, transparent nature of public networks, hybrid blockchains offer a versatile and powerful platform for modern enterprise applications.As organizations navigate the digital transformation journey, the need for secure, scalable, and cost-effective solutions becomes paramount. Hybrid blockchains not only address these needs but also open up new possibilities for innovation in areas such as supply chain management, finance, healthcare, and digital identity.Implementing a hybrid blockchain requires careful planning, robust technical expertise, and a clear understanding of business objectives. However, the benefits—ranging from enhanced security and regulatory compliance to improved performance and interoperability—make it a compelling choice for enterprises seeking to harness the full potential of blockchain technology.By embracing hybrid blockchain solutions, businesses can achieve a competitive edge, drive operational efficiencies, and unlock new revenue streams in an increasingly digital and interconnected world. The future of blockchain is not about choosing between public or private—it's about leveraging both to build more resilient, adaptable, and innovative systems.Note: This article is intended to provide an in-depth technical overview and practical insights into hybrid blockchain technology. For tailored advice and further consultation on implementing hybrid blockchain solutions in your organization, please consider engaging with experienced blockchain experts and specialized blockchain consultants.
Category:
Blockchain
Mudit Kumar
19 Sep 2018
Busting the Blockchain Myths and Interpreting Its True Potential
There has been so much uproar about the unprecedented potential of Blockchain technology, but there is so much confusion as well. Some folks think that blockchain can be used only with Bitcoin and other cryptocurrencies. Or that it’s only used to execute nefarious, anonymous online transactions.
Blockchain along with the artificial intelligence, internet of things and fog computing is ready to revolutionize and transform various sectors. If we bring these four technologies together, they can give rise to new business models and offer latest value propositions along with solving long-standing issues with security and transparency in transactions that involve various parties and large chunks of data.
To comprehend the real potential of the blockchain, we must work toward presenting the true definition of the technology. Also, need to dispel some of the common blockchain myths, and lastly, assess some of its most attractive powerful use cases.
What is Blockchain?
Blockchain is a decentralized database system that enables a disseminated set of computing systems to verify that a transaction between various parties is authentic.
Since the ledger distributed among all participants in a transaction exists in numerous places simultaneously, it becomes difficult to temper or manipulate entries and data without being suspicious. Thus, what makes blockchain so important is its quality to automate transparency and trust among all parties involved in it.
One of the most powering innovations in the blockchain landscape is the reimagination of the smart contract. Smart Contracts are not new, they have existed for decades. However, they’re now being reinvented to automate and operate business operations in a completely decentralized form, enabling shared medium of engagement, conduct, and business operations to be enforced ecosystem-wide and automated. Smart Contracts are the reason blockchain serve beyond cryptocurrencies.
Blockchain Myths:
Myth: Blockchain is equivalent to Bitcoin.
Truth: Because earlier Blockchain technology has been bookkeeping for bitcoin, many people equate both or believe that it can only serve the crypto world. Well, it’s true that both technologies originated together. But the scenario has taken a shift. Now cryptocurrencies are one of many applications that currently run on top of the blockchain.
Myth: Blockchain is anonymous and public.
Truth: Blockchain for Bitcoin is one of the most well-known examples of a public, permissionless network that allows anyone to join. Many cryptocurrencies make use of this type of blockchain technology because it enables all parties to track, verify and agree upon transactions, even if the individual participants are anonymous. However, this is only the surface we’ve scratched and busted one of the most common blockchain myths. Another model is a private, permissioned blockchain that’s setting out to see an uptick in global adoption. Some big organizations- including Walmart, Microsoft, and JP Morgan, among others- have begun deploying networks in which only trusted entities may participate. With a private, permissioned blockchain model, a company can use protocols to realize consensus and to validate and form blocks in the blockchain. Such a model can enable thousands of transactions per second and provide granular governance and authority to oversee records.
Myth: A Blockchain Database is not alterable.
Truth: As mentioned earlier, all involved parties have transparent access to transactions stored in the blockchain ledger and each block is chained to its previous block. This visibility and transparency into a single point of truth make it quite difficult, if not impossible to manipulate at scale. However, with this said, there’s still a lot of work to be done to ensure that blockchain networks are safe and secure end to end. It begins with making sure transactions and data stored in the blockchain ecosystem are not prone to manipulation. Also, the infrastructure that the blockchain network gets arranged on should have the necessary protection in place. In a nutshell, in the blockchain, you are only as powerful as your weakest link. If the integration point gets compromised, the whole blockchain ecosystem could be at risk.
Myth: Blockchain beyond cryptocurrency is mainly applicable to the finance sector.
Truth: Another one of the common blockchain myths when finding the potential of it in various industries, focuses on the Fintech industry. In fact, various use cases for the technology are coming into view almost daily across different organizations. Here are a few:
Preventing counterfeiting in supply chains:
Companies are preparing to campaign against counterfeiting by utilizing private blockchain solutions throughout their supply chain systems. By having a unique digital identity for each component or product, they can trace the chain of custody, provenance, and transfer of ownership for increased transparency and visibility. Not only this, using a blockchain ledger, supply chains can enhance food safety measures and pinpoint the origin of tainted goods.
Efficient Management of Health Records:
There are countless cases where death occurs due to medical errors, especially those the results of medical providers not having a proper understanding of a patient’s medical history. By micro-managing health records in a private blockchain solution, medical experts can ask for permission to access a patient’s medical record to work for their specific purpose and store transactions on a decentralized permissioned ledger. It may help in preventing critical mistakes such as different medical professionals prescribing inconsistent or conflicting medications.
Streamlining data privacy:
A few significant large-scale breaches like those at Yahoo and Equifax indicated that information about you is vulnerable when being stored in online databases.
With a combined digital identity model stored on a blockchain database, individuals can have more control over their personal and medical information, providing businesses permission to access only the optimum amount of required information and enjoying the ability to know who is viewing their information and why.
Blockchain Myths: Conclusion:
These were only a few ways where blockchain shows its real potential to transform and disrupt industries, positively improve the global economy and even save lives. An array of blockchain use cases are in their proof-of-concept stage, but when combined with other transforming technologies like IoT, AI, and Fog computing, the possibilities to bring unprecedented business value is nearly boundless.
Mudit Kumar
14 Sep 2018
EOS Blockchain: A Comprehensive Guide
You may have heard the buzz around the EOS blockchain. Possibly, you would be looking for more information about it. And, would've taken a gander at other guides but didn't seem to understand it.
No worries, we have got you covered! Today, I am explaining everything you wanted to know about EOS in the simplest way possible. This comprehensive guide about the latest EOS blockchain will not only help crypto enthusiasts but also be knowledgeable for beginners as well.
This guide will include everything from how the project was initiated to how the technology works. I will also use some real-world examples of EOS Blockchain and cryptocurrency if you're lucky enough to reach the bottom of the guide. I expect that by the end of the reading of this guide, you would be an expert in EOS blockchain.
As a matter of fact, 'EOS' in real terms is 'E-OS.'
So, let's move on to more important things and find out the answer to 'What is EOS.'
What is EOS
EOS is the latest addition to blockchain projects to enter the competitive market of cryptocurrency. It aims to build a network that has the potential of processing millions of transactions per second. In fact, due to a few reasons, its ICO (initial coin offering) was quite interesting.
An ICO campaign is one of the effective ways for new cryptocurrency projects to raise funds. Instead of fiat currency, an ICO raises money using a popular cryptocurrency like Ethereum or Litecoin.
EOS Blockchain: Objective (1)
The primary objective of EOS is to help create a decentralized blockchain that can execute fast and feeless transactions. EOS will not only allow smart contracts to get assembled on top of it but will enable developers to release DApps as well. EOS also wants to develop a platform that runs like an operating system, making it extremely easy to use.
Decentralized applications can be called the future of the Internet. There are now over a thousand of them available on different blockchains.
An instance of a DApp that could run on an EOS blockchain is a decentralized form of Facebook, where nobody has the authority to control the network and permission to access your personal information. To know more about a DApp, click here.
If a tangible or intangible asset is decentralized, it means that no single person or entity can gain control over it.
EOS Blockchain: Objective (2)
Another goal of EOS is to be able to execute millions of transactions within seconds. It might fix a big problem. Although other blockchains can recognize and execute smart contracts, none of them can process them with speed. For instance, even though Ethereum is one of the most popular Smart Contract blockchains, it is only able to handle 15 transactions per second.
Why is the transaction speed such a big problem? Well, get an idea of it with the following example:
Approx. 52,000 Facebook likes happen every second and every single like can be known as a separate transaction that you don't ever see.
Then comes the finance sector that requires to process more than 100,000 transactions per second.
Here, you can see the need for millions of transactions per second, making EOS a perfect alternative for these types of industries.
EOS Blockchain: Objective (3)
Another solution that EOS is trying to find is the issue of usability. For instance, both BitShares and Steem can execute around 100,000 transactions per second and utilize smart contract technology. However, it's quite challenging for developers to incorporate basics such as task scheduling and account recovery.
By utilizing an operating system protocol, EOS will allow developers to insert these core functions.
So, now we know what the EOS team is trying to attain, and the next part highlights how the technology works.
How does the EOS work
EOS, like many other smart contract blockchains, is being referred to as the 'Ethereum Killer.' It means that it can do whatever Ethereum can but in a more enhanced and improved way. So, the comparison of these two may make it easy to understand their work.
As we know, both EOS and Ethereum are capable of hosting decentralized applications, which get supported by smart contracts. However, the significant distinction lies in the amount that each network can process at any given time.
It can be known as 'Scalability' which is one most vital things to consider while assessing the potential of a blockchain.
[caption id="attachment_2030" align="alignnone" width="730"] Source: Steemit[/caption]
Ethereum still processes about 15 transactions every second, which can be the main obstacle that hinders its global adoption. However, it hasn't been completely developed yet, but the EOS team is working on increasing this number to over a million.
Why EOS is an 'Ethereum Killer'
The reason Ethereum fails to process a myriad of transactions is the way it handles data- each block stores only limited information. For instance, think of an empty shipping container that has a capacity of two thousand boxes. And, because of the container's size, it won't be able to fit more boxes.
In Ethereum, not only each block carries 15 transactions, it takes a lot of time for it to reach its destination.
The technology that bolsters this data process is known as Proof-of-work (PoW). They are known to be sluggish, costly, and unsuitable for the environment.
Proof-of-Work (PoW) is a sort of consensus model. There are better alternatives available in the market, such as Proof-of-Stake and Delegated-Proof-of-Stake.
The team of Ethereum is trying various things to fix this issue-such as off-chain transactions or sharding. But, they haven't implemented a solution yet.
As mentioned, instead of using PoW like Ethereum, the EOS blockchain will be using a new consensus model called Delegated-Proof-of-Stake (DPoS) and may succeed in solving the problems that Ethereum tries to fix.
Here's a simple way to understand DPos, even if you don't have any previous knowledge of blockchain technology:
Imagine that it will take two hundred people to help verify each transaction happening on the blockchain. These people will be called 'Witnesses.'
As we know blockchain is decentralized, EOS investors, not a central authority, will vote for who they think should become a witness.
But, the potential of your vote will depend on how many EOS you have, which is called 'stake.' The more coins are on stake, the more power your vote will have.
The work of two hundred witnesses is to secure the network and get paid for completing the task.
Also, lots of backup witnesses wait for their turn to secure the blockchain so that they can get paid as well.
If a witness fails to fulfill this task, he can be voted out of the network. It will provide the backup witnesses a chance to take the job.
It will help lay the foundation for a more effective system, allowing fast, cheap, and environmentally efficient transactions.
Ethereum, however, requires every node (individual computer) connected to the network to reach an agreement before confirming a transaction. Thus, a transaction on Ethereum takes a while to reach its destination.
A node (or computer) provides support for running a blockchain network. By giving up the computing power and connecting to a network, anyone can become a node.
Another advantage that the EOS blockchain brings is that it will be possible to freeze transactions with it. But, why is it so important?
It's because you surely would have heard of the famous DAO hack. Somebody stole $50 million worth of Ethereum coins in the year 2016. If the Ethereum blockchain had the DPos consensus model backing up its transactions, the attack could have been prevented.
EOS Coin (Cryptocurrency)
Like any other blockchain, EOS also has its native cryptocurrency, called EOS.
When using the Ethereum blockchain, you need to pay some amount as transaction fees. It's called GAS, and as more and more people use the network, it gets more and more expensive.
This concept is the reason Ethereum becomes unusable on a global level as it won't be worthy to make small transactions. When people need to use the network, they will have to rent EVM (Ethereum's Virtual Machine), which requires a transaction fee.
The EOS is a bit different though. Instead of 'renting' computing power, its coin holders get ownership of the network.
In simple words, if you own a 15% stake in EOS coins, you would own 1% of the network. It means you would have 1% of the required computing power to execute the transaction. Thus, transactions on EOS are fee-less.
The EOS coin works the same way as any other cryptocurrency- you send, hold, and receive funds between crypto wallets. It makes it an effective payment system as you can make transfers to anyone around the globe for free, within a few seconds.
The Bottom Line
So, now I end this comprehensive guide to thoroughly knowing "what is EOS?" If you had the patience to read this from the beginning to the end, you would have gotten a great understanding of what EOS tries to achieve, why the project was initiated, how the technology works, and why the EOS cryptocurrency is valuable.
Indeed, we can say that it has the potential to become one of the most used blockchains in the future, with fast, free, and scalable transactions. Probably, EOS could be the real Ethereum killer.
Do you think it can reach its target of millions of transactions per second? So, drop your views in the comment section and let us know what you think.
Oodles' Blockchain is a step towards leveraging the potential of Blockchain and helping transform this complex world. In case this blog has failed you to tell things about the EOS blockchain you wanted to know about, contact us for a free-of-cost consultation and find us at your disposal.
Mudit Kumar
12 Sep 2018
Key Cryptocurrency Exchange Features for Definite Success
From ambitious millennials to prominent financial institutions, everyone is scrambling to learn more about the world of cryptocurrencies because of the new possibilities they bring to the digital sphere. More importantly, they are looking for ways to cash in on the Crypto Mania. It includes developing a high-quality cryptocurrency exchange as well.
As the cryptocurrency sphere grows and its widespread adoption expands, more people will be looking for platforms they can use to begin buying and selling of assets. There are a few features one need to consider while developing a cryptocurrency exchange platform for definite success.
Here are six interesting points you must consider while choosing a cryptocurrency exchange platform:
1. Validness and security
It is paramount to do research to have a legitimate and secure platform. The early case of Mt. Gox and the latest hacking of Coincheck should be considered as warnings to prospective crypto traders to ensure the exchange’s security protocol.
Today, one of the significant problems in the cryptocurrency landscape is pump-and-dump plans. Exchanges are accountable for the prevention of this fraud. That’s where tokens come into play. It should be the exchange’s responsibility to prevent frauds with the help of tokens.
2. The process of purchase
The process for buying cryptocurrency varies as per platforms. A few exchanges require deposits by bank transfer, some ask for PayPal, some only acknowledge credit and debit cards, and some exclusively utilize cryptographic money for purchases.
However, if you don't have any cryptocurrency before entering an exchange/trade, it is necessary that you pick a platform that considers fiat currency so that you can be eligible to enter the market. Also, it’s important to take note of how much time purchases take to complete. A few exchanges process transactions in a flash while others can take days or weeks.
3. Exchanging platform, P2P trade, or dealer
There are three main types of digital exchanges. And, you must comprehend what are they before choosing one.
Trading platforms are the most popular of all, such as Binance and Coinbase. They are marketplaces where you can submit purchase or sell orders for Cryptocurrency. Every user only has an interaction with the platform. In addition, there’s some cost for each transaction.
P2P exchanges, for example, Cointal, connects purchasers and buyers to cooperate directly, depending on the agreement of both parties on any given transaction. P2P exchanges help alleviate network congestion and ensure a protected, trustless framework for the exchange of cryptocurrencies.
4. Transaction Fees
The fee structure of transactions varies according to different exchanges. It’s important to consider the fee for transactions before choosing a cryptocurrency exchange platform. Some exchanges provide users with various discounted fees. It happens when an exchange-owned token is being used to complete transactions. While others only charge a fee on sales, allowing fee-less purchases.
5. UI/UX
For an average cryptocurrency investor, a standout amongst the most imperative viewpoints is the UI and functionalities. An instinctive interface and excellent user experience help users activities on the exchange to become more informed and efficient. User experience can be a matter of subject as different people indulge in with different interfaces.
Still, the exchanges with the "best" user experience are more likely to see the largest growth in exchange volume in the coming years. As an exchanges’ esteem is largely attached to its user numbers, an exchange can boost numbers of its users and transactions through their enhanced customer experience.
Weighing All Factors
When looking for a cryptocurrency exchange, do balance these different considerations. In a nutshell, try to thoroughly comprehend all your options and think about how you can spot the exchange that will be the most suitable in the long-run.
Oodles' Blockchain is a leading blockchain development company having expertise in developing Cryptocurrency solutions, exchange and trading platforms, smart contracts, private blockchains and much more. If you are looking to develop a cryptocurrency exchange that includes all the above-mentioned features, do connect with us for more information.
Mudit Kumar
10 Sep 2018
Cryptocurrency Exchange Platform Development at Oodles
There's a big reason to rejoice for every user involved in cryptocurrency exchanges. The first cryptocurrency exchange bolstered by a bank is operating successfully. The platform is called VCTRADE, based in Japan. On the flip side, there are people who say that these exchanges are hurting the industry. To properly comprehend the prevailing issues, having a basic idea of the same is a must. In a nutshell, cryptocurrency exchanges allow the exchange of crypto-crypto, crypto-fiat, and vice versa. The prices of the coins and tokens are set depending on the actions of buyers and sellers.
Understanding the limitations of centralized exchanges:
The cons of centralized exchanges are:
Drainage of monetary resources- To improvise on the coin technology, a coin is required to shell out a large sum of money.
Pay-to-play model- It has hugely impacted centralized exchanges. It refers to the condition in which money gets exchanged for services. Consequently, one will need t pay to stay in the game.
They need to deal with volume problems- Because of large volumes of transactions, the centralized exchanges fail to cope with it.
Prone to hacks- There are countless instances of hacks and, in most cases, the exchanges did not put any effort to pay back their customers.
The core of the traders has always been to generate more revenue through these platforms. The major problem is that these cryptocurrency exchanges often become a way of profit-making. Instead, we need to make use of the advancement in technology.
To tackle these obstacles and make it worthwhile for the traders, Oodles' Blockchain offers a unique development solution for centralized exchanges.
Oodles' Blockchain: A Leading Blockchain Service Provider
We have been undertaking altcoin exchange scripts with customizable options and have made a long client portfolio. We are best known for developing reliable, scalable, and secure cryptocurrency exchange software that are completely white-label solutions. Some of the attributes that help us stand apart are:
Exchange platform
Wallet integration
Order matching
Fund management
Connection to an external exchange
Escrow system and more
Our team of cryptocurrency developers mainly focuses on wallet security. Therefore, the crypto wallets developed by us consist of a few unique features such as multi-signature, elliptical curve cryptography, and two-factor authentication.
What types of orders our cryptocurrency exchange software offers:
Market order – Enables users to trade at the current market price.
Limit order – Users can place anticipatory orders; the orders will be by other users' matching orders.
Stop order – Users can trade the orders after an identified rate.
Buy stop order – It commences when the order is above or below the stop loss order.
Copy order – Users are kept updated on the top cryptocurrency traders.
These types of order matching in a centralized exchange make it secure from the initiation of hacks.
Cross-site request counterfeit security: Safeguard against harmful activities from the user end and more.
HTTP authentication – Most protected tokens
Jail login – For preventing numerous failed login attempts in a limited time
Encrypted data – Safeguard user credentials and other important information
Why People Choose Oodles For Developing Their Cryptocurrency Exchanges:
We develop crypto exchange platform software that supports utility and security token offerings, which also bring an array of advantages such as 99.9% uptime, optimum customization, and much more.
We strive to ensure that these features eliminate the restrictions of centralized exchanges. We deploy our best blockchain solution experts to deliver the most effective blockchain solutions and extraordinary results in less time. If you are also looking to join the world of cryptocurrency exchanges, connect with us and we'll make sure that your business thrives.
Mudit Kumar
07 Sep 2018
How Blockchain Transforms Logistics and Supply Chain
Various industries can reap countless benefits by using blockchain-based supply chain development services. In the present market, the supply chain has become one of the most prominent and sought-after services. As per the type of a product a standard supply chain delivery involves a lot of time. It’s because it passes through various levels, encompasses multiple geographical locations, involves several third-parties in-between and takes months. Also, the increased demand for all these services has made the supply chain process more cumbersome. It consumes a lot of time for the initiation of the payment process between a manufacturer and a supplier or between a customer and a vendor.
Latest trends in the Supply Chain Industry
Recently, Forbes published an article that explained how the current Supply chain industry has got broken in many ways. In the past, supply chains were quite simple and straightforward, since the majority of the trading was localized. However, with the coming of personal computers and the internet, there’s been a radical shift. Now, the manufacturing processes are entirely globalized. The supply chains are becoming more complex, making it almost impossible for customers to determine the actual value of products as there is a lack of transparency in the existing system.
Blockchain Integrated Supply chain management system and logistics industry
A Blockchain is a decentralized distributed ledger that records every digital data that can't be modified or altered. The design is made in such a way that numerous users associated with the activities can access it without any unnecessary interference. Incorporating this innovation in the logistics business will assist the associations to maintain a track record of their transactions more securely and straightforwardly. With a solution built using Blockchain for Supply chain management system, after each deal completion, the product changes hands and the tasks get permanently archived, which includes insights about its assembling date and even point of sale. Ultimately, it will radically reduce the waiting time and any unnecessary delays and expenses.
Our Expertise in Blockchain innovation
We, at Oodles’ Blockchain, have already realized the significance of Blockchain innovation in the present supply chain industry. Being the pioneers of this innovation, we have uniquely composed and created unique white label solutions that viably take into account the modern prerequisites of organizations. The solutions that we’ve developed are easy to use and could be tweaked as per the requirements of our clients.
Blockchain Integrated Supply Chain Management System: Conclusion
Presently, a few organizations have opted for the Blockchain Integrated Supply chain management system. BHP Billiton, one of the biggest mining firms recently reported that they will use Blockchain to track and record information through the mining procedure with its sellers. Also, Diamond giant De Beers has begun using Blockchain to track stones from the point they are mined to the point where they are sold to the clients. Eventually, the blockchain is anticipated to completely enhance the global supply chains, their supportive ecosystems and industries, and the logistics industry. If you are looking forward to integrating this intriguing technology into your business operations, please do check our official website.
We are a blockchain development company that has helped many reputed organizations in setting up a blockchain framework within their system.
Mudit Kumar
06 Sep 2018
Four Pertinent Blockchain Use Cases in the Automotive Industry
The buzz around blockchain stretches from innovation that fills in as an advantageous and more secure way to transact funds to a progressive development that will revamp and supplant the present condition of the web.
The truth for auto lenders is that the technology is still evolving, requiring further advancement before it can enhance internal tasks on a large scale.
Blockchain intends to eliminate the work of an "agent" that goes into payments and other financial functions by utilizing a decentralized public ledger of the transaction history. It's difficult to tell what that implies precisely with regards to auto finance, but given the amount of information that gets exchanged in the business between purchasers, merchants, and moneylenders, it’s easy to see how a tool designed to eliminate middlemen could be a benefit.
Here are the top four uses for blockchain in Automotive today:
Blockchain in Automotive
Capital Markets
Daimler AG's captive arm Daimler Financial Services finished a 1-year $116 million capital markets exchange in late June that was started a year prior by utilizing blockchain technology and is hoping to grow that accomplishment into different regions of the business.
Blockchain can influence nearly the entire supply chain. That is the reason, the firm wants to play an active role in the global blockchain community and help shape the cross-sector blockchain standards. In fact, all the areas of application that are important for a business: customer relations, sales and marketing, supplier management, digital services, and financial services, can be streamlined using Blockchain-based industry solutions.
Smart Contracts
Smart contracts can help financial institutions fund more contracts and enjoy hassle-free title transfers. Smart contracts can automatically approve borrowers based on predetermined credit metrics. While lenders already utilize automated decision-making tools, blockchain makes the transactions more secure and doesn’t require an intermediator.
Mobility Efforts
Blockchain innovation can give some energizing use cases as customers investigate how to acquire an incentive out of their car resources through rideshare and carshare.
According to IBM, blockchain can help track auto components through the supply chain, verify vehicle identity and vehicle history, establish a mobility commerce platform, automate machine payments, and support usage-based insurance and taxes.
While some of these function can happen separately, it’s the advantage of having everything streamlined under one roof.
For instance, having one system to independently verify a vehicle’s damage report, history, and maintenance can build trust and reliability in the ecosystem of carsharing.
Reducing Costs
As interest rates increase, SMEs businesses will require as much help as they can get to better those shrinking margins. A group called INVioU promises to utilize blockchain technology to manage the financial records and invoices of these middle-tier financial organizations to improve their profits. It presents a very promising use case for blockchain in Automotive. It provides small businesses with access to a decentralized invoice factoring marketplace. Subsequently, it helps in obtaining finance, neutralizing the risk of fraud and, eventually, reducing the overall cost of finance.
Mudit Kumar
05 Sep 2018
Ripple Vs IOTA: Which Is A Better Blockchain Solution
Ripple and IOTA are new cryptocurrencies that indicate an incredible guarantee to digital currency enthusiasts. How are these two coins different? Let's do a comparison of Ripple vs IOTA to find out which is better for your project's development.
Ripple, developed upon distributed open-source internet protocol is a blockchain technology-based cryptocurrency.
IOTA is an open-source distributed ledger. It’s being called the future generation cryptocurrency as it’s built using the technology platform called the ‘Tangle.’
Ripple Vs IOTA: Which Is A Better Blockchain Solution?
How is IOTA's Tangle Different from Blockchain?
Blockchain comprises a chain of blocks that represent transactions that are uniquely identifiable by blocks' height. As it is a chain of blocks, if a block needs to be changed then a similar data change needs to happen at previous blocks as well.
Tangle utilizes DAG (Directed Acyclic Graph) which is a mathematical concept of a directed graph without any cycles in it.
Unlike Blockchain where the control of transactions depends on miners, IOTA utilizes the idea of an integrated machine-to-machine and decentralized transaction execution.
Blockchain manages payment-to-payment transactions whereas IOTA manages machine-to-machine exchanges.
Transaction processing with Blockchain and Tangle IOTA
If you want to make a transaction through Tangle, you have to confirm the past two transaction history before yours. The transaction input gets marked with a private key.
Through a particular algorithm, two unverified transactions in a random manner will get referenced to your transaction action. Your transaction will be accepted by the network using some proof of work.
The whole concept behind IOTA is: The more users use IOTA, the more transactions will be referenced and confirmed, making the network more scalable and faster as the confirmation rates and timing get better with the increase in number of connected devices.
The working style of Blockchain differs from Tangle. Each node or block in the chain gets a transaction request message, updates its ledger copy, and forwards the message to other connected nodes.
The transactions require monitoring by miners. It consumes more time for execution as compared to Tangle, which doesn’t need miners to monitor them.
What IOTA brings to the table and Ripple Does Not
Zero Transaction Fees – Sending IOTA from one account to another cost nothing. No other blockchain-based cryptocurrency including Ripple is exempted from costs for making a transaction.
Robust technology platform – Unlike blockchain which limits the number of users using it at a given point in time, Tangle offers an advantage on usage. Its security and efficiency provisions get enhanced by the increase in the number of users on the network. There is no limit to it, numerous people at one time can use the Tangle simultaneously.
IOTA is future-proof – Quantum computing era is the future and Tangle’s developed to perform seamlessly with quantum computers. While Ripple with its blockchain technology is more vulnerable to decryption.
What Ripple Offers and IOTA Does Not
Awareness – Ripple cryptocurrencies are based on the blockchain. It was introduced prior to IOTA and therefore, has more awareness among users across the world. It makes its use rampant and increases its reliability as well.
Credibility – Ripple is experiencing faster adoption in major financial institutions all over the world than any other cryptocurrency. IOTA is recently launched in the market and thus, is less used by users.
Availability – Ripple is available in simpler forms as compared to IOTA and hence, convenient for users to buy it.
Ripple vs IOTA: Conclusion
The article is an overview of Ripple vs IOTA; their advantages and issues. If we discuss not so distant future, the benefits provided by Ripple are more when compared with IOTA. Also, while having a glance at the foundation of Tangle, IOTA bears the potential to beat Ripple as far as advantages, unwavering character, and straightforwardness are concerned.
Mudit Kumar
04 Sep 2018
Blockchain Beyond Cryptocurrency: New Business Applications
We all have heard numerous definitions of what blockchain technology is, and that maybe had to do with money or cryptocurrency. However, blockchain technology has widened its spectrum of applications beyond cryptocurrency. In the future, we can expect to see blockchain technology becoming part of many everyday B2B transactions, including those managed by enterprise applications.
Although countless use cases of blockchain have been discussed and it can be hard to comprehend them all, let’s look at these four use cases of blockchain beyond cryptocurrency, that can bring true value to businesses. These blockchain use cases could be applied to enterprise applications to bring more flexibility, security, and streamlined business processes- or may even enable new transforming business models.
Blockchain Beyond Cryptocurrency
1. Form distributed, autonomous marketplaces
Blockchain enables asset owners to track and exchange things of value- such as outstanding invoices- in a transparent, protected, and self-accommodation ‘chain’ of transactions.
For instance, by utilizing confirmed invoices from ERP applications, organizations could quickly raise required money as well as smoothen cash flow by selling invoices on an autonomous invoice-factoring marketplace.
Autonomous marketplaces for other assets are likely going to expand. Fundamentally, a blockchain-based smart contract does away with the need for middlemen or third-party oversight as the software itself is a controlled an open framework that can be seen by all transaction participants. Thus, enabling entities to analyze their assets multi-dimensionally in terms of value; instead of just face value.
2. Reduce friction
Enterprises could develop a self-controlled blockchain network to be used by suppliers and partners. It will allow automated instant payments, smart contracts, and Internet of Things (IoT)- activated shipments. By eliminating the need for human interaction, errors and missing information would be reduced across transactions. It would allow transactions to happen faster as buyers and sellers will be directly connected.
3. Secured decentralized private records with encryption
One of the basic aspects of blockchain technology is that each individual data record or element can be made encrypted. Currently, organizations depend on third parties to safeguard their databases of shared information using restricted access and firewalls. As high-profile data breaches and hacks show, this seems to be not working anymore.
However, each data record can be secured and encrypted with a blockchain member’s key. In this sense, a cybercriminal would need access to each key of each member to temper the data. Although this doesn’t suggest that blockchain can make all data 100% secure, it certainly can prevent the exposure of private records in a single act.
4. Tracking the provenance of products
Blockchain can ensure the guarantee of product quality and safety. The technology can make it easier to monitor and locate in-use products, parts, and materials. For instance, an auto manufacturer can develop an automotive blockchain solution that includes sub-assembly makers, parts suppliers, a quality-control provider, and the public regulatory body. So, if the need to recall defective parts occurs, it would be much easier, faster, and more effective with blockchain-based supply chain solutions.
Why Blockchain is the Future:
These were only four of many areas where blockchain beyond cryptocurrency helps to bring transparency, security, and efficiency. The technology is evolving rapidly and we must learn more about it and then consider pilot projects of value in our business. In some scenarios, blockchain-based industry solutions such as smart contracts, decentralized Ethereum and Hyperledger applications, ICOs, etc., may require developing new business processes using cloud applications. But it’s a flexible technology that’s here for the long haul. It could benefit any industry.
Mudit Kumar
31 Aug 2018
Ethereum vs Hyperledger for Smart Contracts Development
Ethereum versus Hyperledger is a discussion point that keeps on evoking enthusiasm among researchers and developers, given the distinctions and similarities shared between these projects based on Blockchain technology.
So, what are the most influential factors in both blockchain projects that make them stand out from each other?
Ethereum vs Hyperledger: Description
Ethereum is an open-source distributed public blockchain network. It provides developers with essential instruments required for making decentralized applications and Smart Contracts. Created by Vitalik Buterin, the system is an augmentation of the core blockchain idea with a couple of new features.
On the other hand, Hyperledger gives itself a role as an open-source development venture that offers better models and capabilities for an improved blockchain ledger. Hyperledger goes about as software that enables individuals to think of customized blockchains to address various business needs with enterprise-grade capabilities.
Read: Hire The Best Ethereum Developers Using These Tips
Ethereum vs Hyperledger: Purpose
Hyperledger and Ethereum differ a great deal with regard to what purpose they serve. Mainly referred to for powering Smart Contracts, Ethereum can be utilized for developing decentralized applications as well.
Hyperledger influences blockchain technology to convey high degrees of classification, flexibility, and adaptability based on business needs.
With a modular architecture, Hyperledger gives a high level of adaptability when it comes to its usage.
Ethereum vs Hyperledger: Cryptocurrency
Ethereum gets powered by Ether which is the network's local currency. Hyperledger, on the other hand, does not need digital currencies (cryptocurrencies) for exchanges. An absence of digital currency empowers scalable consensus algorithms capable of handling high transaction rates.
Ethereum vs Hyperledger: Programing Language
While the two undertakings can help develop Smart Contracts, the programming language developers use may be different. Ethereum enables Smart Contracts to be developed utilizing a high-level contract-situated language named Solidity.
Hyperledger utilizes the term 'chain code' to trigger smart contracts that handle business logic as agreed by individuals in a network. The chain code gets coded in Golang, a programming dialect made by Google.
Ethereum vs Hyperledger: Consensus
With regards to consensus, all network members must achieve accordance with transactions occurring in the Ethereum blockchain, irrespective of the parties engaged in them. Ethereum builds consensus based on the proof-of-work algorithm whereby every node agrees upon a shared ledger.
Hyperledger, on the other hand, enables nodes to decide how to continue without involving every node in the network. In this situation, at least two parties can agree so that they can impact the result, without including other individuals.
The fine-grained control of consensus enables Hyperledger to appreciate enhanced performance & adaptability and security.
Ethereum vs Hyperledger: Confidentiality
Confidentiality is another viewpoint that influences Hyperledger to emerge when compared to Ethereum. Hyperledger gives organizations and people the adaptability of keeping transactions visible to only a circle of agreed parties, with encryption keys.
Ethereum, on the other hand, can be either open or private. Anyone can take part in an Ethereum network to see the transactions that are occurring. However, with Hyperledger that isn't possible as it asks for authorization to join a system.
Conclusion:
Ethereum is a perfect blockchain platform for anybody wishing to develop smart contracts or decentralized applications. Notwithstanding, its permissionless method of operation comes at the stake of privacy. The platform also experiences scalability issues.
Hyperledger while not a well-suited alternative for Smart Contracts development when compared to Ethereum, is an easy decision for any individual who values protection. The way that it solves performance scalability issues with proficiency makes it perfect for big business ventures.
Mudit Kumar
30 Aug 2018
A Consolidated List of Best Open Source Blockchain Platforms
Open source software is mainly referred to as radical model intended technology used to enable an organization to expedite its development to reduce the entire cost involved as well as to increase the innovation for efficiency.
Generally, open-source projects don't generate much confidence in the international landscape, such as Bitcoin blockchain technology. However, the world is rapidly growing. People have started considering other open source Blockchain platforms for their blockchain developments.
So, if you are one of those people who is looking for the best open-source blockchain platforms, here's a consolidated list that provides an overview of these.
Open Source Blockchain Platforms
Monax
Earlier known as Eris, Monax is an open technology platform that enables developers to build, run and disseminate a wide array of enterprise-grade solutions providing different blockchain-based applications for varied business functions, ecosystems, and processes.
Monax allows you to entirely set out and develop your own low-cost secure, run-anywhere applications using smart contracts and blockchain technology.
Features of Monax
Develop a group of a permission-ed chain for the individuals.
The provision of a Smart Contract toolchain.
An instrument to analyze the complete action step by step manner.
HydraChain
HydraChain's core software is open source and can be used under the permissive MIT license. Basically, it's an extension of the Ethereum blockchain platform, used to provide support for creating permissioned distributed ledgers. Hydrachain's primary area of application is consortium chain or private chain setups.
Features of HydraChain
Full Compatibility to the Ethereum Protocol
It's completely compatible with an API and contract level. Toolchains in existence can be used to develop and deploy Smart Contracts and DApps.
Customizability
You can freely configure the system's various aspects to fit your custom needs, such as transaction fees, genesis allocation, gas limits, block time, etc.
Openchain
Openchain is distributed ledger technology that is well-suited for organizations wanting to manage digital assets in a secure, scalable, and robust way.
You can spin up a new Openchain instance within minutes.
The administrator of an Openchain instance determines the agreements of the ledger.
Allow end-users to exchange value on the ledger as per those rules.
The underlying technology can digitally sign every transaction on the ledger.
Features of Openchain include
Quick verification of transactions.
Fee-less mining
Highly scalable
Protected through digital signatures
Multichain
Multichain allows users to develop Private Blockchains that an organization to facilitate financial transactions. A completely working Multichain network can conduct as many as 1,000 transactions per second. It offers a simple API and command-line interface to the developers to help develop and sustain the chain.
Features of Multichain
Permissions
Using Multichain's finely tuned permissions, you can provide entities the access to operate within the Blockchain, whether it's public or private.
Speed & Efficiency
Multichain provides a rapid development process where users can quickly develop new Blockchains and function properly with a permissioned network.
Conclusion:
These were some of the most prominent open-source blockchain platforms being used to fasten the development process.
Open-source software lays the foundation for revolutionizing technology by allowing entities to expedite development, increase innovation, reduce costs, and enhance efficiency.
Never before has an open-source project attracted such attention on a global scale as Bitcoin. However, now a day the digital world seems open to widely used open-source platforms.
Mudit Kumar
28 Aug 2018
A Comprehensive List of Best Blockchain Platforms
Due to the revolution caused by blockchain technology, numerous blockchain platforms are entering the digital landscape every day.
Blockchain technology has become a transforming technology in the tech world by presenting a wide array of tools for large and small entities and startups in various industries like real estate, supply chain, banks, insurance, etc. to safely store information and database. Its independent and secure working infrastructure has offered a unique solution to streamline business operations and transferring of assets.
So, let's read on to know what types of blockchain platforms are in existence that have the potential to bring significant changes to cumbersome business operations.
Best Blockchain Platforms 2018
1. Ethereum:
Founded in 2014 by Vitalik Buterin, Gavin Wood, and Jeffery Wilcke, Ethereum is one of the fastest-growing blockchain technology-based platforms and a cryptocurrency like Bitcoin.
Why Use It?
Ethereum is an open-source platform that utilizes blockchain technology to advance smart contracts and cryptocurrency trading safely without using any third party.
2. Ripple:
Ripple was developed in 2012. Currently, the cryptocurrency that represents Ripple blockchain, XRP, is one of the high-performing cryptocurrencies in the crypto world.
Why Use It?
Ripple is the world’s only enterprise blockchain solution for global payments. It connects payment providers, banks, digital asset exchanges, and corporates through RippleNet. Also, it has gained its trading volume in the last year. Ripple facilitates the frictionless experience as it enables payment in any currency. It makes it easier for anyone to transfer money globally anytime anywhere. Its payment processing time is quite fast, with an average of 5 transactions every second.
3. Hyperledger:
Based on blockchain technology, Hyperledger offers distributed ledger frameworks to a variety of industry leaders in the fields of banking, finance, the Internet of Things, supply chains, manufacturing, and technology.
Why Use It?
Hyperledger consists of various innovative frameworks like Hyperledger Sawtooth, Indy, Iroha, Fabric, and Burrow, to facilitate distributed ledger technology effectively into enterprise-grade projects.
These innovative blockchain-based Hyperledger frameworks are a solution to the business obstacles associated with security, data privacy, inclusion, and information sharing.
4. IBM Bluemix Blockchain:
Developed using the base of Hyperledger, IBM Bluemix offers transparency in transactions and security in information for enterprises. At present, IBM Bluemix runs on the IBM cloud.
Why Use It?
IBM has also entered the blockchain development landscape with Bluemix Blockchain. Bluemix uses the blockchain format to expedite the governance, development, and operations of a multi-institutional business network. You can use it to design and develop applications and manage distributed ledgers.
5. Multichain
Multichain is one of the best Blockchain platforms that enables the creation and execution of private blockchains. This multi-asset exchange is becoming popular for solving real problems in finance, infrastructure, and e-commerce.
Why Use It?
Multichain is famous for providing privacy and security as you can control who can read, connect or engage with the chain by incorporating permissions systems. It can be used for the deployment of blockchain applications and private P2P networks.
6. Openchain:
Developed by Coinprism, Open-chain is a Blockchain infrastructure that's used for the perseverance and management of digital assets. Open-chain is an enterprise-ready platform for digital assets. Its approach is different than the standard Bitcoin approach to implementing Blockchain.
It has features:
A secured platform due to its multiple levels of control and thus, it protects the data at every level.
An efficient and reliable architecture for the peer-to-peer network.
Follows a partitioned consensus system
Conclusion:
With the above-mentioned blockchain platforms, you can get unprecedented services for the security of digital transactions and assets. Blockchain technology provides an independent and secure work structure and is a reliable solution that can be utilized to streamline an organization's processes and transfer of assets without getting into any extensive documentation or periodical controls.
Mudit Kumar
24 Aug 2018
IOTA is Emerging as the Blockchain for the Internet of Things
What's the driving force behind IOTA? It's its rapidly growing network of interconnected devices or the 'Internet of Things.' Its primary aim is to enable an infrastructure that allows machine-to-machine transactions to happen between every device hooked to the internet.
What's IOTA?
At the center of IOTA, there's an inventive new spin on the blockchain. It's being called "the tangle." Tangle architecture's designed to efficiently handle transactions in this incessantly increasing economy that bolsters the so-called Internet of Things.
Also, know the importance of combining IoT and Blockchain.
Let's see how it works:
All of the devices connected to the internet, such as computers, aren't used to their full potential most of the time.
The vision is to offer a secure medium for people to generate revenue by enabling others to use some of that unused power.
In the real world, the possibilities for this new machine-to-machine economy span far beyond computers. The first open-source distributed ledger is prepping up to be the backbone of a new type of sharing economy formed for a wide array of smart devices.
The difference between this first open-source distributed ledger and Bitcoin?
The advent of Bitcoin proposed two basic concepts to the world; decentralized digital currencies and blockchain technology. IOTA's developed keeping these two fundamental aspects in mind to create a new type of infrastructure designed for the expansion of the network of Internet-connected machines, or smart devices.
Also Read: A Compact Guide To Knowing The Importance of IoT in Blockchain
IOTA, instead of focusing on P2P (peer-to-peer) transactions, is designed for machine-to-machine level transactions.
Does it have a cryptocurrency (coin)?
The IOTA cryptocurrency's intended to work as a global medium of payment for machine-to-machine transactions, executed on the IOTA network.
Designed with global adoption in mind, IOTA aims to provide a solid foundation for digital currency transactions to be executed throughout the IoT (Internet of Things).
The IOTA Tangle:
One of the attractive parts of IOTA is the 'tangle.' It has emerged as a new type of data structure. The tangle is a decentralized, P2P network that's not dependent on "blocks," external c4.4onsensus process, or mining. It enables safe data transfers to be executed directly between IoT devices without transaction fees in a self-regulating manner.
How to make money with IOTA?
When the IOTA foundation sets out for mass distribution, users will be able to earn money by enabling people to harness the unused power of their connected devices.
Although the project currently hasn't reached this stage, the foundation decided to launch a public test net in May 2017 to provide people with a chance to interact with the platform. A "bug bounty" program is being run, which incentivizes individuals for finding bugs within the IOTA framework.
Key Takeaways:
Currently, the foundation is researching solutions to enhance networking between the various types of devices connected to the Internet of Things. Different devices utilize different protocols to engage with the network. IOTA's prime goal is to enhance this process to allow smooth machine-to-machine communication.
One of the pertinent issues with many blockchain-based applications is their scaling capabilities. This Distributed Ledger Technology solves this challenge by using a method called snapshotting" to manage data on the tangle database in a way that it can allow the network to execute many transactions at once.
Mudit Kumar
23 Aug 2018
Ripple: For Making Swift and Fast Cross-Border Payments
Cryptocurrencies are becoming increasingly popular with the passage of time. It's because these are revolutionizing the way we do trading. Now, even governments, banks, and payment transfer companies are adopting blockchain technology and cryptocurrencies for cross-border transactions.
Ripple Blockchain:
Currently, Ripple's XRP stands at the third spot in global cryptocurrency rankings. One of the most prominent works of Ripple is that it enables payment platforms for the quick processing of cross-border payments. Ripple is embracing the latest blockchain technology and has succeeded in reducing payment processing time to only four seconds.
RippleNet and Ripple XRP were formed in 2012 to enable the transfer of digital assets and money in no time. Ripple XRP is scalable to such an extent that it handles 1500 transactions per second. Also, one of the vital features of Ripple is that there's no need to own XRP (cryptocurrency) to use its platform. Due to its ability to process payments with lightning-fast speed and scalability, the number of companies joining its platforms is rapidly increasing.
Another interesting fact is that Ripple has experienced a surge of about 35000% in value in the year 2017, making it the largest increase in the value of all the cryptocurrencies in the world. Now, experts believe that Ripple is going to have an excellent year ahead as well and would achieve much more value in 2018.
Another reason for Ripple's unforeseen rise in the last few months is that the company has escrowed 55 billion XRPs. Earlier, investors were skeptical about investing in Ripple and its future. However, this escrowing of funds has diminished their worries and now more and more people are investing in it.
One of the most significant differences between other cryptocurrencies and Ripple is the type of blockchain these digital currencies use. Ripple uses a protocol instead of using blockchain to transfer money.
Ripple & XRP:
The increasing number of banks and financial institutions joining Ripple has forced the creators to extend the number of transactions per second to 50000.
The creators are also planning to bring XRP into the mainstream currency landscape to further facilitate cross-border transactions in the minimal possible time. However, crypto experts believe that the value of Ripple won't come down if it puts the XRP currency on a halt. It's because the majority of global payment firms and banks are depending on its protocol for cross-border payments.
Ripple is also considered an attractive cryptocurrency as it's very easy to sell, buy, and trade it. In fact, almost every popular crypto exchange platform in the world has kept Ripple on its list for trading activities. If you are looking for developing top-quality crypto exchange platform software, here's a compact guide of features to keep you ahead of the competition.
Here's some advice, you must contact a blockchain development company or contact Ripple directly if you're a financial institution. But, for individuals (investors), Ripple is available through numerous cryptocurrency exchanges and trading platforms around the globe.
In addition, all the transaction happening in the Ripple Blockchain Platform are stored in an open-source decentralized ledger.
XRP is also supporting many fiat currencies on countless crypto exchanges. It means anyone can exchange Ripple XRP with any other digital currency.
The Bottom Line:
To conclude, we can say that Ripple Blockchain and XRP's future is bright. It has the potential to revolutionize cross-border payments through its inventive technology. It is also eliminating middlemen's work to expedite cross-border payment processing.
Mudit Kumar
22 Aug 2018
A Step-by-Step Guide To Know Everything About Ripple
Ripple's blockchain system, RippleNet is famous for its unique digital payment protocol for cross-border payments. Ripple works on an open-source and peer-to-peer decentralized platform in any form of currency, whether USD, Yen, or Litecoin.
Ripple utilizes a method called Gateway that becomes the link in the trust chain between participants wanting to execute a transaction. The Gateway works as the credit mediator that sends and receives currencies to public addresses over the Ripple network.
This means, anyone or any entity can get registered and open a gateway, which permits the participant to act as the intermediary for the exchange of currencies, sustaining liquidity, and seamless cross-border payments on the network.
Ripple XRP
The digital currency of Ripple, XRP, serves as a link of currency to other currencies. It does not discriminate between the exchange of one cryptocurrency to another, and thus, simplifies the exchange of any currency to another.
Each currency on the ecosystem bears its own gateway, such as CADBluzelle, BTCbitstamp, and USDsnapswap.
Keeping your balances on hold with a gateway may expose the user to counterparty risk, the same is apparent in the conventional banking system as well. If the gateway, in any case, fails to consider its IOU (I owe you) or liability, users may not get the value of their money held at that gateway.
Users that don't prefer trusting a gateway, could, therefore, use a trusted gateway that in turn collaborates with the 'untrusted' gateway. Subsequently, the IOU will become the creditworthy-certified gateway.
Particular distributed nodes determine by consensus which transaction was made first by counting the majority vote.
The executions are instant, taking roughly 5 seconds. Since there's no central administration that permits who can install a node and confirm transactions, the Ripple platform can be described as decentralized.
Also, read what's the importance of 'Decentralization' in the digital space.
RippleNet keeps all information on all IOUs in a given currency for any gateway or user.
Transaction flows and IOU credits that arise between Ripple wallets are made available on the Ripple consensus ledger.
However, although financial transaction history is publicly available on the blockchain, the data doesn't get linked to any ID or account of any business or individual.
Advantages: Ripple
Ripple enhances a few of the limitations attributed to traditional banks.
'Settlement' time of transactions is in seconds on the Ripple network even if the platform is handling millions of transactions frequently. This is quite different from bank processes, where it takes days or even weeks to complete a wire transfer.
The transaction fee on Ripple is also very low, with a standard transaction set at o.oooo1 XRP. This is an extremely low transaction fee when we compare it to the large fee charges placed by traditional banks for conducting cross-border payments.
Also Read: How Blockchain Enhances The Pain Points of Cross-Border Payments
The Bottom Line:
With partnerships everywhere and firm financial backing, RippleNet (Ripple) is emerging as a major player in the crypto world. It's designed with the aim to fill the gap between the new wave of digital currencies and traditional banking. And, anyone who's ever been extorted while transferring money across the border will agree.
Mudit Kumar
21 Aug 2018
Reinvent Your Business Processes With Blockchain ERP Integration
Blockchain is an important type of Distributed Ledger Technology. DLT has the capability to reform various industries through its technological aspects. Now, it has grabbed the eyeballs of big industries that are using ERP to enhance their business processes. Those industries are looking for ways for Blockchain ERP integration for increased benefits.
Development of Blockchain:
After the sensation created by Bitcoin in the digital world, everyone came to know what's blockchain technology and its potential. Since then, blockchain has evolved into a transforming technology and is being used as the backbone for several large-scale projects. Due to its expedited adoption and capabilities, tech experts are suggesting integrating Enterprise Resource Planning (ERP) systems with blockchain technology. This sort of integration would allow different businesses to streamline their business processes and investments whilst saving costs.
As blockchain can be utilized to monitor transactions and transfer assets, it can be used for ERP for the same reason as well. An ERP software:
Makes all your business data centralized.
Offers a single point of contact.
Enhances other business process applications.
Provides shared access to data across various departments within an organization.
The same can be targeted with blockchain ERP integration, however in a wide sense such as:
1- For making business processes and workflows centralized across multiple organizations.
2-Integrating and solving complex operations of various organizations.
3- Shared access to data across different departments within multiple organizations.
Blockchain ERP integration:
ERP software streamlines and manages all complex business processes, allowing an organization to manage all back-office functions/operations smoothly, and in real-time through integrated applications. As ERP software utilizes a database management system, likewise blockchain also utilizes a real-time scalable database, facilitating platforms, proofs-of-concept, and applications.
For instance, if a marketing team member is using software for generating invoices and a member of the accounting team requires those invoices to manage sales, it gets necessary to share that information between both team members.
Still, this may result in a minus point for businesses. The reason is a lack of trust among entities or a lack of compatibility.
Since every small to large corporation follows a different set of business standards, formats, and processes, it would be a lot easier for them to embrace and integrate blockchain technology. Also, it's important to know that blockchain can't be considered an ROI factor, but it does help on strategic grounds like resisting malware threats and other cyber attacks.
The bottom line:
ERP has become an essential part of many organizations, as it can efficiently increase the productivity of employees, handle finances, purchase orders, invoices, and payments. Blockchain ERP integration could lay the foundation for true and transparent data interoperability for commercial and banking services such as trade financing, online payments, and contract management facilities.
To know how Oodles Technologies' ERP and Blockchain portals help businesses to grow, contact us here. Oodles has been developing and implementing ERP and Blockchain applications for over three years for businesses across India and overseas.
Mudit Kumar
20 Aug 2018
Types of Blockchain and their Importance in the Digital World
The term “blockchain” often conjures up images of cryptocurrencies and decentralized finance, but the reality is that this foundational technology goes far beyond digital money. As organizations and individuals realize the potential of blockchain development services to securely record, share, and verify data, it's becoming increasingly integral to a wide array of industries—from supply chain management and healthcare to governance and global finance. Yet, blockchain is not a one-size-fits-all solution. Different projects have different needs and constraints, giving rise to various types of blockchains, each with its own characteristics, use cases, and trade-offs.In this comprehensive guide, we'll explore the major types of blockchains, discuss the unique properties and applications of each, and examine why they are so important in today's digitized world.Understanding the Basics of BlockchainBefore diving into the different types of blockchains, it's helpful to revisit what a blockchain is at its core. A blockchain is essentially a distributed, append-only ledger that stores data in a chain of cryptographically linked “blocks.” Each block contains a set of transactions or records and references the block before it, creating an immutable chain of data.Key properties of blockchain technology include:Decentralization: Control and validation of the ledger are distributed across multiple nodes, rather than relying on a single central authority.Immutability: Once recorded and verified, data on the blockchain is resistant to alteration, making it a reliable source of truth.Transparency and Auditability: Transactions are visible (to permitted participants) and easily traceable, improving accountability and reducing fraud.From these foundational attributes, various blockchain configurations have emerged to serve different organizational and market needs.You may also like | Unveiling the Potential Layer 3 Blockchain DevelopmentMajor Types of BlockchainPublic BlockchainsWhat Are They?Public blockchains are open networks where anyone can join, validate transactions, and participate in consensus. They form the backbone of cryptocurrencies like Bitcoin and Ethereum.Characteristics:Permissionless: Anyone can become a node.High Transparency: All transaction data is publicly visible.Decentralized Consensus: Often relies on Proof of Work (PoW) or Proof of Stake (PoS).Robust Security: Large, distributed networks are costly to attack.Use Cases:Cryptocurrencies and DeFi: Bitcoin, Ethereum, NFTs, tokenized assets.dApps: Decentralized applications offering financial services, gaming, and more.Public Data Registries: Voting systems, open-source IP databases, land registries.Pros and Cons:Pros: Highly decentralized, censorship-resistant, fosters open innovation.Cons: Slower transaction speeds, potential high fees, scalability challenges.Private BlockchainsWhat Are They?Private blockchains restrict network participation to a single entity or a select group. They are often used internally by enterprises.Characteristics:Permissioned Access: Participants must be approved.Centralized Control: One or a few entities govern the network.Faster and Scalable: Fewer nodes enable high throughput.Use Cases:Enterprise Supply Chains: Internal tracking of goods and inventory.Record-Keeping: Banks, insurance companies, healthcare organizations storing sensitive data.Compliance and Auditing: Sharing secured data with regulators.Pros and Cons:Pros: Enhanced privacy, controlled governance, efficient performance.Cons: Reduced decentralization and trust is placed in the controlling entity.Consortium (Federated) BlockchainsWhat Are They?Consortium blockchains are governed by a group of organizations that collaborate on maintaining the ledger.Characteristics:Partial Decentralization: Multiple known entities share control.Permissioned but Collaborative: Approved members reach consensus.Scalable and Efficient: Similar to private chains but with distributed trust.Use Cases:Industry Consortia: Banks or manufacturers forming shared ledgers for KYC, supply chain tracking.Cross-Organizational Data Sharing: Reducing duplication and improving efficiency among multiple entities.Pros and Cons:Pros: More decentralized than a single private entity, yet more controlled than public chains.Cons: Complex governance, still reliant on trusted parties.Hybrid BlockchainsWhat Are They?Hybrid blockchains combine public and private elements, offering selective transparency and controlled access.Characteristics:Customizable Data Access: Some data public, some private.Flexible Governance: A mix of open participation and restricted validation.Balanced Scalability and Privacy: Efficient private operations with a public anchor for trust.Use Cases:Healthcare: Private patient records with publicly verifiable audit trails.Enterprise-Consumer Interactions: Verified authenticity without exposing internal data.Government Services: Sensitive citizen data kept private, while public commitments remain transparent.Pros and Cons:Pros: Tailored to complex, real-world needs; enables selective transparency.Cons: More complex to implement and maintain.Also, Explore | Layer 0 Blockchain Development | The Foundation of the FutureAdditional Nuances: Sidechains and Layer-2 SolutionsSidechains: Separate blockchains pegged to a main chain, allowing experimentation and scalability.Layer-2 Solutions: Offload transaction processing from main public chains to reduce fees and congestion while maintaining security by periodically settling back to the main chain.Why These Different Types of Blockchain MatterMeeting Diverse Needs: Public chains suit trustless scenarios, private ones suit confidential internal processes, consortium or hybrid solutions fit multi-stakeholder collaborations.Enhancing Efficiency and Reducing Costs: By automating processes and ensuring data integrity, blockchain reduces overhead, settlement delays, and the risk of fraud.Fostering Collaboration and Innovation: Consortium blockchains help industry players collaborate and set common standards, driving efficiencies.Improving Trust in a Digital Age: Immutability and transparency build confidence in digital records, which is vital in a world dependent on data integrity.Regulatory Compliance and Data Integrity: Blockchain's auditability assists in meeting regulatory demands, making compliance and oversight more efficient.The Future of Blockchain DiversityAs blockchain technology evolves, expect more refined and specialized models tailored to specific sectors. Interoperability solutions will help these different blockchain types communicate, enabling a seamless digital ecosystem.Whether it's enabling trustless cross-border transactions on a public chain, securing internal ledgers within a private network, or facilitating industry-level collaboration through a consortium model, blockchain's adaptability ensures it will continue to shape the digital landscape.Also, Read | Quantum-Resistant Blockchain App Development Using MochimoConclusionBlockchain technology isn't monolithic. Its various configurations—public, private, consortium, and hybrid—offer a flexible toolkit that can be adapted to a wide range of business models, compliance requirements, and user preferences.In an era where data authenticity, security, and trust are paramount, the diversity of blockchain types ensures that this transformative technology can meet the complex and evolving demands of our digital world. If you are looking to build your project leveraging this revolutionary technology, you may consider connecting with our skilled blockchain developers to gets started.Frequently Asked Questions (FAQ)1. Which type of blockchain is best for my business?It depends on your needs. If you value openness and trustlessness, a public blockchain may be best. For privacy and control, consider a private or hybrid model. If you're collaborating with multiple trusted organizations, a consortium blockchain might be optimal.2. Are private blockchains really “blockchains” if they're centralized?Private blockchains still maintain features like immutability and a secure ledger, even though they're controlled by fewer participants. They trade some decentralization for speed, privacy, and efficiency.3. How do consortium blockchains differ from private ones?While private blockchains are often controlled by a single organization, consortium blockchains distribute authority among multiple approved entities. This reduces reliance on a single trusted party.4. Can a company switch from one type of blockchain to another over time?Yes. As needs change, companies can migrate or integrate multiple blockchain solutions. Interoperability protocols and sidechains help bridge different ecosystems.5. How do scalability and performance compare across different blockchain types?Private and consortium blockchains generally offer higher transaction throughput due to fewer validators. Public blockchains trade some performance for higher decentralization and security, but layer-2 solutions are helping them scale.6. Will blockchain replace traditional databases?Not necessarily. Blockchain is best for scenarios needing trust, transparency, and immutability. Traditional databases remain efficient for internal processes that don't require these features. The two can also complement each other.
Category:
Blockchain
Mudit Kumar
13 Aug 2018
The Role Of Blockchain Trading Platform In CyberSecurity
Navigating through this online world with security is a real concern for us. Today, cybercrimes are much more intricate than before. Centralized repositories are at risk of cyber criminals. Hackers are becoming more innovative to steal and tamper with data lying on the internet. But adopting a blockchain trading platform can combat cybersecurity issues. It will protect sensitive data from cyber-attacks and improve cybersecurity across industries. Blockchain can increase the security of many businesses and ensure that data is safe.
Here are the fronts where a blockchain technology-based trading platform handles cyber attacks and increases security.
1. Removes identity thefts
As the data is saved on centralized systems, its security is questionable. Thus, in these centralized databases, the data is unsafe and can be accessed easily. But in the blockchain, it's stored in the decentralized database. So, attacking the system is not possible because the cyber attacker will need to control over 51% of the nodes to succeed in compromising the database. And the chances of making it happen are unattainable.
Moreover, Blockchain is based on public key cryptography and is the strongest form of encryption for securing websites, certificates, and just about everything on the Internet.
2. Protection from data tampering
Blockchain's famous characteristic is its immutable nature. So, the blockchain trading platform provides the network that organizations require to handle sensitive data from being tampered with and maintains data integrity.
3. Protects from DDoS attacks
Last year in October 2017, a massive DDoS attack happened on popular websites such as Twitter, PayPal, Netflix, and Spotify, which cut down the DNS servers of service provider Dyn.
This attack was enough to realize how weak the current system was. The system involves thousands and millions of nodes and users. DDoS attacks make use of mass requests to present a website as useless to its intended users. Further, it causes those sites to be knocked offline.
Current systems have centralized servers which attempt to absorb a massive amount of spam data that leads to DDoS. While the DDoS attacks give rise to the insuperable bandwidth needed to process this amount of data.
Using a decentralized blockchain platform, users are enabled to rent out their bandwidth, which can then be joined for processing large amounts of data. This results in eliminating the risk of DDoS attacks.
The decentralized blockchain trading platform forms a system in which you can access and use pooled bandwidth in some ways that are better and have higher quality than single centralized systems with limited bandwidth.
Mudit Kumar
09 Aug 2018
Blockchain Military Applications: The High-End Tech For Armed Forces
Given that blockchain technology is being featured heavily in any forum or discussion when it's about cybersecurity, it can't be possible that military organizations to refrain from taking an interest. Secure and shared communication is one instance where blockchain military applications are proving their influence.
The potential to form secure communications between units is one of the crucial requirements for any military entity, especially in times of war. Also, Cybersecurity is another matter of concern within the armed forces. However, smart contracts, decentralized ledgers, and related technologies also bring other influential opportunities to fix concurrent issues within the military space.
A Few Use Cases of Blockchain Military Applications
Military Drone Technology
The integration of AI and blockchain with drone technology gives birth to formidable opportunities in blockchain military applications. Not only these applications can analyze and accurately report on footage in real-time, but AI can also yield autonomous drones. Then drones can fly entirely independently without requiring any human intervention and control.
Blockchain-based applications can record and store data collected by AI-enabled drones in real-time. These applications can even record the flight decisions and actions performed by the drone. So, with each drone working as a part of a decentralized network, even if it's destroyed later, whatever data it has gathered would still be safely recorded and stored on the blockchain.
Decentralizing weapon control systems
Blockchain enables the decentralization of computing power over multiple nodes. By making use of the blockchain's potential to validate that all nodes are working from the same collection of data, the system can work together with weapon control to tackle threats.
The partnership between Guardtime Federal and Lockheed Martin has enabled the latter to incorporate blockchain technology into their supply chain risk management, system engineering processes, and software development.
The organization is the first US defense contractor to adopt distributed ledger technology (DLT). Now, it seems like with rapid adoption and development rate, "blockchain battleships" could be one blockchain military application in vast use around the globe.
Final Thoughts:
The blockchain military applications mentioned here may provide some vital insight into the course that military operations could move towards over the next few years. The blockchain adoption rate is gaining traction in many different sectors. It's now for sure that military organizations around the world would want to ensure that they stay ahead of others.
Mudit Kumar
06 Aug 2018
Blockchain In Defense And Aerospace
It seems like defense and aerospace companies around the globe have geared up to adopt blockchain technology into their corporate systems, and that's within the next three years as per a new report.
Role of Blockchain In Defense and Aerospace:
Profession services company Accenture released a report in which it was found that approx. 86 percent of defense and aerospace businesses wanted to integrate revolutionary technology into their corporate system by the end of 2021.
Blockchain is one of the innovative technologies and is a sort of DLT (distributed ledger-based). It can store and maintain data in a way that enables multiple stakeholders securely share and access the same information.
As per the reports by Launchpad to Relevance: Aerospace and Defense Technology Vision 2018 report, blockchain technology's immutable, secure, and decentralized features can help defense and aerospace entities lower maintenance costs, increase vessel and aircraft availability, and eradicate errors in tracking parts.
Defense and aerospace lead for Accenture Australia Paul Mylon says that Blockchain can prove to be a suitable alternative to increase the performance of one of the globe's most complex, security-dependent, and globally connected supply chains.
Check it Out | Blockchain in Aerospace: Why NASA and Others are Falling Back on it
Causing Paradigm-Shift
This innovative technology is causing a paradigm shift in various sectors and has shown the potential to deliver various benefits for numerous suppliers typically stuck in tedious and complex manufacturing ecosystems.
The report suggests that blockchain technology can help address numerous data challenges related to Defense and Aerospace. Accenture's report highlights that more than 70 percent of the defense and aerospace executive surveyed think that entities can be found grappling with increasing waves of corruption as more falsified data infiltrates their data-driven information software and systems.
In addition, 73 percent of them think that entities have installed their most critical systems and strategies on data. Yet, many haven't put their budget on increasing their capabilities to validate the accuracy of that data. Likewise, 73 percent, also believe that automating data-driven systems can impose huge risks, including data manipulation, fake data, and inherent bias.
How It Improves Their Supply Chains?
Blockchain can help eliminate the chance of falsified data and verify its authenticity as it can provide a secure and immutable chain of data. The technology can also help in maintaining a continuous flow of aircraft configuration data through the entire supply chain, as aircraft manufacturers, airlines, and maintenance providers currently store configuration data in their own systems and rarely look to integrate that information with other organizations' data.
Indeed, blockchain enables defense and aerospace companies to securely store, share and authenticate data from a single source.
Mudit Kumar
03 Aug 2018
A Compact Guide To Knowing The Importance of IoT in Blockchain
One idea that has become the most ambitious in recent times is using IoT in Blockchain (blockchain technology for the Internet of Things). It will not only allow not just people and businesses to execute transactions but would also amalgamate machines into the network to form an excellent transaction mechanism.
The Internet of Things
The Internet of Things (IoT) refers to the interconnections of various types of devices, homes, cars, etc. Chips are embedded in IoT devices to empower them to create communication through a network and exchange information with each other.
The idea of mixing these two technological advancements- Blockchain and IoT- took birth a few years ago. However, the business implication of a network would be massive. Self-driving cars might be able to communicate with each other to dodge the busy highway, or a refrigerator would be able to detect when you are out of supply of say- milk and directly communicate with the local grocer to drop off a carton.
Current Challenges For IoT in Blockchain
These ideas sound great, but the issue that's raging in the industry is how to turn this vision into reality.
Such integration would require connections between software and hardware components that aren't mature enough yet. Additionally, these components would require to be linked to security processes and cryptography to make merging successful.
IoT is a massive domain and thus, it's difficult to determine where to start. At the one end of the spectrum, there are high computational power complex devices that are hard to integrate with a decentralized network and then, there's the other end of the spectrum, where less complex devices with high computational power can be integrated with Blockchain without much hassle.
In recent times, the debate is about the level of complexity of the Internet of Things devices and how to use them to successfully integrate them with Blockchain. Helium is an enterprise that's developing wide-range wireless protocols on a blockchain with an aim to connect to edge IoT devices, adding complexity to IoT devices is a significant obstacle to building things. Our expert blockchain developers think that the complexity should not be in the IoT devices but in the Blockchain to ensure cost and power efficiencies.
However, not everyone is on the same page. Hewlett Packard Enterprise (HPE thinks that data is mainly produced at the edge of the IoT and thus, they shouldn't be 'dumb." In fact, they state that the computational power of these IoT devices should be increased to make them more intelligent so that they can effectively communicate with the blockchain network.
IoT in Blockchain: Conclusion:
Eventually, the debate on how to make use of these two technological (IoT in Blockchain) trends still rages and blockchain development companies like us are looking forward to finding clear solutions to it.
Mudit Kumar
02 Aug 2018
How Hyperledger Fabric Cultivates Business Interest In Blockchain
There are several unprecedented advantages to using Hyperledger fabric to develop your blockchain project. Based on the open-source coding concept, the Fabric allows developers to meet with industry experts and business clients to form a neutral community. Further, the established community analyzes, discusses, finds, and promotes inventive outcomes based on the DLT (distributed ledger technology).
Basically, Hyperledger Fabric's unique infrastructure for developing enterprise blockchain ushers in three layers of members; they can contribute as much as they want and be able to, in return, utilize the benefits that will help advance and uplift their and other people's businesses.
In spite of the review for placing limitations on what should be a completely decentralized method of exchanging digital values (the core feature of blockchain), it's not hard to comprehend the business logic behind permissioned blockchains or permissioned distributed ledgers. On the other hand, distributed ledgers that employ permissionless distributed ledgers involve extended development time as they ask for absolute node consensus. This means everyone in the network must have to verify that they are fine with a certain change in the facts.
For instance, a manager needs to ask all branch managers (or employees) in a global enterprise whether they confirm a 10 percent reduction in travel incentive for branch X; the time it will consume to verify and confirm the fact in a completely distributed ledger might not justify the time and the costs invested.
Generally, entrepreneurs establish communities and businesses with similar vested interests. It's nearly impossible to gather everyone and bring them on the same page. Thus, it's vital to execute mechanisms that proposed trust that most industry players can relate to, the same lowering the costs and the time involved in redundant work.
Here, Hyperledger Project presents itself as the best alternative that balances the permissioned versus permissionless. It exploits the best from the distribution and the worst from scalability along with being anonymous in the shared networks.
Hyperledger Fabric: Invitation-Only And No Cryptocurrency
Hyperledger Fabric creates permissioned distributed databases based on an invitation. In this way, it makes it similar to the traditional exchanges used for goods and services, where some previous sources of trust manage identities.
This results in reduced time for executing a transaction because there's no need for each node in a network to oversee and verify the change. Hyperledger framework uses classified modular software architecture and offers simple APIs that enterprises can tweak and use to enhance specific operations. Also, the code modules developed on the Hyperledger Projects are interoperable and distinct from the Ethereum code based on the solidity development resources.
And probably the most significant difference between Bitcoin and Ethereum on one side, and Hyperledger on the other is it does not own any cryptocurrency.
The Processes of Hyperledger Fabric:
Consensus-as-a-service mechanism
It utilizes a consensus as-a-service mechanism, which is a key characteristic of DLS (distributed ledger systems) - in which it requires the majority of the participant in a network to agree about the condition of a database based on the previously agreed set of immutable criteria, facts, and rules.
Three types of transactions
To execute operations, Hyperledger's architecture has three types of transactions; deploy, invoke, and query.
Transactions should be encouraged by the peers in the network. They need to verify that the proposal is properly formed, and never used in the past and that the signature and submission agent is permitted to sign and submit to proceed with the request.
Transactions can happen only when the validation process is successful and verified by an authorized peer signature.
Conclusion:
The most valuable part of using Hyperledger Fabric is that it, among various benefits, provides confidentiality, or the opportunity to work with shared transactions only with a few participants in a network. As opposed to Ethereum, it, however, lacks a build consensus option as a proof-of-work, as well as doesn't own any cryptocurrency.
Currently, many blockchain development companies are still exploring which skill sets to develop. And the Hyperledger projects are already being used by various industry players in finance, retail, education, healthcare, and transport.
Mudit Kumar
31 Jul 2018
Why Choose Private Blockchain Development for your Business
By providing a shared digital database, public blockchains have leveled the playing field for digital currency-related transactions by democratizing the process of transacting, making them visible to anyone.
The same technology can be deployed in a private blockchain project using blockchain development services. Although the technology will be limited in capability, it can hugely impact industries of various countries like the U.S., Australia, Singapore, Malaysia, etc.
What is a Private Blockchain, How it Works, and How it is Different from Public Blockchain Development
In a public blockchain scenario, anyone can make transactions or read them due to its open-source model having no centralized ledger or governance. A new transaction gets added to the existing string. It provides a thorough, comprehensive, and transparent history of all transactions that every participant can read, write, or audit.
On the other hand, Private Blockchain uses the same technology and principles of the public blockchain, however, with a defined operator of the string (chain) and a pre-defined set of restrictions. It not only contains the benefits of self-validation of the public blockchain but also provides privacy and centralized control.
You may also like | A Technical Guide to Set Up an Ethereum Private Testnet
The Benefits of Using Private Blockchain Development for Your Business
If you want to use the private blockchain for business, it could be for one of the following processes:
Financial transactions.
Automate record transfer, keeping, and sharing.
Vote counting (and preventing fraud in electoral processes).
As Forbes reported, blockchain and biometric eyeball scanning technology lay a solid underlying foundation for systems that manage food distribution in the Syrian refugee crisis. Although there is an endless array of use cases for blockchain, the core advantage of its business functionality is the development of transparent, stacking "databases" of information. This is where private blockchain for business shines.
Also, Check | Enterprise Ethereum: A Platform for Private Blockchain Solutions
Advantages of Private Blockchain Development
Security
In a private blockchain, entities get the ability to control who has read, write, or audit permissions. It's one of the crucial aspects for industries like financial and professional services. Their data often be sensitive and its release could result in a data breach. Thus, by combining this tactic with the shared infrastructural benefits that blockchain provides, industries can be the best of both worlds.
Automation
As we know, transactions are non-refundable and instantaneous, using a private blockchain solution can hugely reduce red tape, when transferring funds and communication within a single entity or organization. It means you're not only democratizing transfers; you're automating them, as well.
Identity
Recently, the EY blockchain revolution paper highlights a crucial issue holding public blockchain back from widespread adoption-identity.
So, no proper digital-based identity management behind the blockchain makes it difficult for it to tackle current regulatory red tape.
However, if organizations can initiate a digital identity in which people interact through the blockchain, such as a private blockchain model, EY believes that it could bring revolutions in financial services.
Also, Read | Public and Private Blockchain | An Analogy to Help You Choose the Best
Conclusion
There are certain drawbacks related to security while using the private blockchain. In the same scenario, the intranet is safer than the internet but is more limited.
Overall, the advantages of blockchain technology are significant. Less red tape, shared infrastructure, and the ability to give permissions- it's the sort of infrastructure that many industries were looking for. However, supporting the technology with proper safety protocols is a must.
If you are looking to get started with private blockchain development, consider connecting with our skilled blockchain developers for more information.
Mudit Kumar
30 Jul 2018
A Growing List Of Prominent Use Cases For BigchainDB In Business
What's BigchainDB?Designed to amalgamate the best of two worlds: the "traditional" blockchain sphere and the "traditional" distributed ledger (database), BigchainBD rather than enhancing the blockchain technology starts with a big data distributed decentralized database. Further, it adds blockchain characteristics- immutability, decentralized control, and the transfer of digital assets.Benefits of BigchainDBDecentralized Control:It has no single point of failure and no single point of control. Due to decentralized control via a federation of voting nodes, it forms a P2P network.Write and Run Query:Powered by MongoDB, one can write and run any MongoDB query and search the elements of all stored transactions, metadata, assets, and blocks.Immutability:It's more than only tamper-resistant, once you store data, it can't be changed or altered.Innate Support of Multi-assets:It works on native currency, thus, any asset, currency or token can be issued.Byzantine Fault Tolerant (BFT):Even though if one-third of the nodes in the network are experiencing arbitrary faults, the rest of the network still comes to the consensus process on the next block.Provides Low Latency:It takes about a second to come to the consensus process on a new block, making transaction finality happen extremely fast.It's Customizable:It allows developing your own private network with custom assets, permissions, transactions, and transparency.It's Open Source:It's open-source to the community. It means everyone can use it to develop their own applications on top of it.Roll Out Public or Private Networks:Another advantage is it allows to roll out your own private or public networks for specific industry use cases.Prominent Use Cases For BIgchainDB In BusinessBigchainDb is mainly used by developers and organizations looking for a queryable ledger that has blockchain elements such as immutability, decentralization and the potential to treat tangible as well as intangible things stored in the database as an asset. Whether it's bits, bytes or atoms, any real-world blockchain application would require performance, which can be achieved through using BigchainDB.BigchainDB In Supply Chain:For instance, in a typical supply chain scenario, various entities/parties work together and exchange information with each other. Essentially, this information is related to the processes/operations of tracking goods and products being manufactured until they reach the logical end-point of the cycle of the supply chain (retailers/end-consumers). Two prime obstacles that occur during the collaboration of these parties/entities in a supply chain scenario are the management and the security of the information that's being shared. Eventually, it gives birth to several silos of data, which becomes hard to manage later. That's where the blockchain technology comes into play. In general, it can help in organizing this data in a distributed or shared system to simplify and improve the overall management of information. Due to its potential characteristics like immutability and tamper-resistance, Blockchain offers a concrete layer of trust to the collaborating entities in a supply chain; they can trust data even if they don't trust each other. Although other decentralized systems and blockchain can efficiently organize data in a shared system, they might not able to provide high throughput and query capabilities, which are necessary for a supply chain scenario. And that's where BigchainDB comes into play. In a supply chain scenario, a BigchainDB based private blockchain can help organize data in a decentralized system. BichainDB Private Blockchains enable the users to query the data for reports and do calculations on the go.Manage Intellectual Property Rights Efficiently:Blockchain technology seems to be the panacea for problems related to IP rights management and provenance. The technology has several benefits to offer to the artists as well by offering the immutability to their claims. It can also be used to prove the ownership of the IP rights. For this, initially, Bitcoin blockchain was created but its throughput became a bottleneck soon. That's why BigchainDB was envisioned. BigchainDB 2.0 can handle high throughput than other blockchains and hence, makes for an excellent choice for use cases related to IP rights.Identity Management:Identity management is a crucial part when it comes to micro-managing user-related data and information. Now it's more than necessary to ensure the protection of the identity of a human or even a machine. It needs to be self-sovereign and hack-proof. We also need to make sure that the systems handling the identity management are capable of effectively handling the high scale of it. That when BigchainDB plays its part, handling identity management related issues without involving any hassle.Data Governance:In a typical data governance scenario, numerous organizations and parties/entities collaborate on setting up standard processes and directives. Today, data governance deals with the lack of collaboration and trust issues. Also, there are no incentives for the participant to attract them to collaborate on issues related to data governance. BigchainDB proves to be a suitable alternative for managing data governance. It provides an incentive-based, easy-to-integrate platform. The approach should be to model data governance feedbacks, topics and economic incentives as the assets of BigchainDB assets. By modeling a data governance system as a collection of BigchainDB assets, all participants can be given incentives for collaboration.Closing Remarks:Generally, BigchainDB can be integrated into almost every scenario where there's a requirement for immutability and tamper-proof storage of data assets with the capability to allow for search and query along with high throughput. BigchainDB can also be utilized by organizations or group of people who want to share their database for business purposes, even when they don't trust each other.
Category:
Blockchain
Mudit Kumar
27 Jul 2018
Blockchain-Based SmartPhones: The Next Revolution
Blockchain technology, due to the myriad of new opportunities it brings, has begun to disrupt a vast number of industries around the globe. Now, blockchain-based smartphones have arrived on the scene. For more about blockchain development, explore our blockchain development services.
The Blockchain Technology Revolution
The cellphone industry is eyeing as though it's next up to be revolutionized by blockchain technology. Marketwatch released a report that blockchain in the telecom sector is positively expected to grow from USD 46.6 million in 2018 to approx. USD 993.8 million over the next five years.
While it's undeniable to consider the effects that blockchain technology will have on the telecom sector, incorporating the technology into smartphones could prove to be the step that shatters the wall to its widespread acceptance.
When it comes to mobile manufacturing, major companies constantly look for the latest advancements in technology and innovation. This is the reason Apple and Samsung continually look for ways to outdo each other with their latest release.
In this sense, blockchain-based smartphones could be the next evolutionary step for both giant companies in the long run, especially if the initially manufactured phones don't fail to live up to their early promise.
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Blockchain-based Smartphones
The Finney Phone
The Finney Phone has got its name after the late Hal Finney. He was the first-ever recipient of a Bitcoin.
Based in Switzerland, Sirin Labs already has planned to hit the shelves with Finney Phones in November 2018.
It's one of the first blockchain-based smartphones. The device is ready to hit the market reportedly priced at around $1000. Finney Phone will work as an entry-level device for users who are new to the landscape of cryptocurrencies.
Designed to make cryptocurrency investment easy for users, the Finney will also bring an incredible level of security.
The HTC Exodus
HTC is the next name that has decided to enter the world of blockchain-based smartphones. It has named its new model Exodus, which is due for release by the conclusion of the third quarter of this year.
While these blockchain-based smartphones are in their early stages, our blockchain technology experts firmly believe that as cryptocurrency gains ground in the digital world and experiences widespread adoption, it's possible that some of the most prominent names in phone manufacturing eventually jump on board to join the bandwagon.
Also, Check | Smartphones as the next foundation of Blockchain Technology
Benefits of using Blockchain-Based Smartphones
The most significant advantage of these phones will be their ability to offer users a cold wallet, which will be accessible via their phones.
With this, we can think that the wallet facilities in blockchain phones will experience the same sort of appreciation as the initial run of pre-installed phones.
Eventually, we can say that the day a prominent smartphone company like Samsung or Apple chooses to work toward releasing blockchain-based smartphones would be the day both blockchain and cryptocurrency will make their most significant breakthrough toward mainstream adoption.
Connect with our skilled blockchain developers to have a free cost of consultation about blockchain and learn how it's becoming the core technology causing disruption.
Mudit Kumar
24 Jul 2018
A Comprehensive Guide To DLTs and Types of Blockchains
In this blog, we have outlined an overview of DLTs (distributed ledger technologies) and types of blockchains to help you understand certain distinctions and technicalities of them, that sets them apart from each other. It will help in determining the right platform for your blockchain application development on a global scale.
Distributed Ledger Technology (DLT)
An idea took birth after the unprecedented rise and fall of Bitcoin in the last few years. One can use the Bitcoin blockchain for various types of value transactions.
For that, the Ethereum project developed its blockchain and kept its properties quite different than Bitcoin. They decoupled the smart contract layer from the core blockchain protocol. This offered a radical new method to form online markets and programmable transactions called smart contracts.
Private entities like banks thought that they could utilize the core idea of blockchain as a DLT and form a permission (private or federated) blockchain.
In a permissioned blockchain, the validator would be a member of a consortium of the same organization. The term blockchain when used within the context of permissioned, private ledgers can be referred to as highly controversial. Thus, the term DLT became a more general title.
Private blockchains can be effective when used for solving security, efficiency, and frauds within a traditional financial entity, however, only incrementally.
Public blockchains hold more potential than private blockchains. Public blockchain can reform the cumbersome functions of traditional financial entities with software, essentially reforming the way the financial system works.
Now let's read on to the types of blockchain technology and comprehend the technicalities, advantages, uses, etc.
Also, Visit: Distributed Ledger Technology (DLT) for Business Solutions
Types of Blockchains
Public Blockchains
Based on proof-of-work (PoW), state-of-the-art public blockchain protocols are open source and not permissioned. It means that anyone can participate without requiring any permission to join it. They are also one of the most used types of blockchain.
Anyone can download the source code and run a public node on their local device. Thus verifying transactions in the network as well as participating in the consensus process. Consensus is a method to determine what blocks get added to the chain and what the current state is.
Anyone in the world can send transactions through the network and the blockchain will include valid transactions.
Anyone who wants to read transactions can use the public book explorer. Transactions will be transparent and anonymous though.
Examples: Bitcoin, Monero, Dash, Litecoin, Dogecoin, etc.
Impacts: Power to bring disruption in existing business models through disintermediation. It eliminates the need to maintain systems or server admins. Thus, it radically reduces the costs involved in developing and running dApps (decentralized applications).
Explore More: Public and Private Blockchain | an Analogy to Help You Choose the Best
Consortium Blockchain
Consortium or federated blockchains are mainly operated under the leadership of a group. Contrary to public blockchains, they don't permit anyone to join the process of verifying transactions. These blockchains are quicker and offer increased transaction privacy.
These blockchains are mostly used to disrupt the banking industry. A pre-selected set of nodes controls the consensus process.
For instance, there's a consortium of 15 financial institutions, each of which runs a node and of which 10 must sign every block of information for the block to be verified. The permission to read the blockchain can be public, or limited to participants.
Examples: EWF (Energy), R3 (Banks), B3i (Insurance), Corda
Impacts: Lowers transaction costs and data anomalies and replaces the traditional systems, streamlining document management and eliminating the semi-manual compliance mechanisms. In this sense, you can consider it equivalent to SAP in the 1990s; lowers costs, but doesn't cause disruption.
Check It Out: An Introduction to Corda Blockchain Platform and its Key Concepts
Private Blockchains
In a private blockchain, one central organization allows Write permissions. Example applications include auditing, database management, etc., which are internal to a single company. Therefore, public readability may not be necessary in many cases.
Private blockchains are one of the important types of blockchains that take advantage of blockchain technology. It sets up groups and participants who can validate transactions internally.
This increases the risk of security concerns alike a centralized system, as opposed to public blockchains. Game-theoretic incentive methods secure these networks. However, businesses prefer private blockchains when it comes to scalability and state compliance with data privacy regulations and other regulatory matters.
Examples: MONAX, Multichain
Effects: Alike the consortium blockchain, a private blockchain can help reduce transaction costs and data anomalies. It can also replace traditional systems, streamlining document management and eliminating the need for semi-manual compliance mechanisms. In that sense, you can consider it equivalent to SAP in the 1990s; lowers costs, but doesn't cause disruption.
Suggested Read: Hybrid Blockchain: Converging Public and Private Blockchains
Conclusion
To sum it up, different types of blockchains have different functionalities that make them ideal for specific uses. For instance, private businesses can opt for private blockchain to safely store their store. So, one can choose a blockchain on the basis of the requirements.
If you are interested in developing a blockchain solution for your business, then Oodles can assist you. Contact our blockchain developers to get started.
Mudit Kumar
24 Jul 2018
Merging Blockchain and AI to Foster Decentralized Landscape
Looking at the current technology trends on the internet, we can say that the two most talked technologies are blockchain and artificial intelligence (AI). After Bitcoin and cryptocurrency, most major companies are looking to make use of blockchain technology and artificial intelligence AI to impact our daily lives.
Understanding the Importance of Bringing Blockchain and Artificial Intelligence Together For an Improved AI Landscape.
The Existing AI Landscape
To develop an AI model, you need to have a lot of data. As such, prominent IT companies rule the artificial intelligence sphere. They are never short of computing resources and data pools, both are necessary to train AI algorithms.
Centralized AI?
For sure centralized AI calls into question a few of our perspectives about AI. For instance, generally, we think that AI has access to so much data that it becomes inevitable to stay an unbiased source of truth. However, numerous studies and researches have shown that AIs are the biases of the scientists who outline their algorithms.
Centralized data system, secret AI algorithms, and every industry AI expert working for prominent organizations is a matter of concern. We need to work towards succeeding AI revolution, but not at the expense of fairness, truth, and security. Thus, decentralization for AI revolutions is a must.
Making AI Accessible to Everyone in 2018
In order to democratize access to AI, we need to decentralize data and lower computing costs for training algorithms. For that, we think blockchain technology the most suitable alternative that can help on both counts.
Decentralizing Data
Decentralizing and commoditizing data means users will be getting paid for the data they share. Or they can choose not to share data. Also, another added advantage of decentralized data is that it can create a marketplace for data.
Training Algorithms
Once we have commoditized data, the value shifts away from owners of big data sets to experts who build good algorithms. With AI accessible to everyone, anyone could learn how to write good AI algorithms. Alike, the early days of internet companies and computer programming, a budding entrepreneur in Ai could be anyone once we've successfully decentralized data.
Using blockchain and artificial intelligence together could also lower the cost of training AI algorithms. Cryptocurrency miners possess enormous computing power. A decentralized network of miners can help to teach intelligence networks for a fraction of the cost of developing and executing dedicated algorithm training servers. As it will become cost-effective to train algorithms, we'll be seeing more entities experimenting and developing new Blockchain applications.
Artificially Intelligent DAOs
For blockchain enthusiasts, the ultimate link between blockchain and artificial intelligence is artificially intelligent DAOs (Decentralized Autonomous Organizations). These are autonomous entities managed by artificial intelligence.
In a DAO, the AI would be able to have access to resources and the ability to gain more resources over time. A fully autonomous organization would restrict humans to take control and shut it down once executed on the blockchain.
Moreover, the AI could be outlined to prioritize other tangible assets besides money. One idea is to bring blockchain and artificial intelligence for AI DAO that can buy forest land over the time to safeguard wildlife and provide protection against deforestation.
Mudit Kumar
23 Jul 2018
DApps For Healthcare: How They Can Reform This Sector
A DApp (decentralized app) refers to a web-based application. It makes use of a decentralized, public and cryptographically authorized ledger system to enable the exchange of information among users. It means that, unlike standard, traditional apps, no central body holds the authority to own or manage a DApp.
Instead, all participants have access to the same data of the application. And if there’s any change required, it can be made through a consensus.
So, when someone adds new information, it gets stored on all computers, regardless of how many they are in numbers in the network.
While centralized servers manage the traditional applications, DAPPs offer P2P (peer-to-peer) data exchange by using a cryptographically enforced consensus.
In the current information and technology market landscape, decentralized applications are in use for not only storing and managing financial transactions but also for all sort of information, including intellectual property, personal identity, smart contracts, and last but not the least, healthcare data.
DAPPs For Healthcare
Decentralization in the digital world has opened gates to new opportunities in the healthcare industry. Shifting to a decentralized and cryptographically enforced database can revamp the healthcare sector in unique ways.
Data exchange:
Using DAPPs for Healthcare can enable real-time sharing among users, which is the best selling-point of decentralized apps in healthcare.
For instance, when two patients have similar symptoms, different practitioners may use different treatment methods to achieve the same result. One prescription may prove to be more helpful than others, but both practitioners are working without any interaction, therefore, a little space is left for one to learn from another.
Here, DAPPs promise to shift hospital data systems onto a shared network. Consequently, it enables the exchange of data in real-time from one end to the next. If a practitioner prepared a prescription for a disease, the data would be automatically shared with every participant using the DApp to see it.
It applies to patients visiting hospitals having being treated somewhere else. Then, a doctor would be able to determine what the other hospital has administered to the patient before and make a versed, accurate decision.
Data Security:
Although decentralization and blockchain have their own privacy and security concerns, they still are a much safer option for storing and disseminating digital information, given their robustness against risks like hacks when compared to traditional data systems.
Moreover, cybercriminals usually target hospitals, as their most data gets stored in discrete, isolated central servers. Central servers are more prone to be compromised.
However, in a decentralized world, all information gets distributed and shared over many points on the network leaving no single point of failure. Therefore, it becomes more difficult for hackers to tweak or alter stored information in the system.
Public health:
Having a decentralized network or a DAPPs that connects numerous health practitioners and health organization can prove to be quite revolutionizing when dealing with epidemic cases.
Further, a distributed, immutable and trusted stream of data about ongoing diagnostics can bring every concerned person on the same page at all times.
Not only this, DAPPs could also enable the sharing of clinical trials, research, safety analysis and advanced directives, therefore, enhancing collaboration.
Hospital administration:
Blockchain-based decentralized applications can significantly streamline the communication part among staffs in health organizations. If the staff of a hospital has complete access to data, it can work more efficiently under less supervision.
Keeping everyone informed in the loop regarding hospital operations can make administration, as well as daily processes such as patient verifications and insurance claims, much easier.
Bottom Line
If we consider the significant contribution of DAPPs for Healthcare, it is evident that decentralization application development services have a lot more to offer the healthcare industry.
Although DAPPs for Healthcare may take a while to take hold of the sector, with the support of prominent government entities like Health Information Technology, and the Federal Drug Administration, as well as giant cooperation like IBM Watson Health, the revolution could be expected sooner than later.
Mudit Kumar
20 Jul 2018
Blockchain For Real Estate: How It Simplifies The Investing
Real estate investing has long been a lucrative but complex venture, often plagued by challenges such as lack of transparency, high transaction costs, and lengthy processing times. However, the advent of blockchain technology is poised to transform this industry, offering solutions that simplify and streamline real estate investing. In this comprehensive blog post, we will explore how blockchain in real estate can address various challenges and revolutionize the real estate investment landscape.
Enhanced Transparency and Security
Transparency
One of the primary benefits of blockchain technology is its ability to provide enhanced transparency. Blockchain operates on a decentralized ledger, where all transactions are recorded in a secure and immutable manner. This means that every transaction is visible to all participants in the network, eliminating the need for intermediaries and significantly reducing the risk of fraud.
Security
Blockchain's cryptographic nature ensures that once a transaction is recorded, it cannot be altered or deleted. This provides a high level of security, protecting property records from tampering and unauthorized access. For investors, this means greater confidence in the authenticity and reliability of property information.
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Reduced Transaction Costs and Time
Cost Efficiency
Traditional real estate transactions involve multiple intermediaries, including brokers, lawyers, and banks, each adding to the overall cost. Blockchain can streamline this process by enabling peer-to-peer transactions, thereby reducing or even eliminating the need for intermediaries. Smart contracts, self-executing contracts with the terms of the agreement directly written into code, can automate and enforce the terms of real estate transactions, further cutting down costs.
Speed
The conventional process of transferring property ownership can be time-consuming, often taking weeks or even months. Blockchain technology can expedite this process by enabling real-time verification of transactions and instant settlement. This efficiency is particularly beneficial in a fast-paced market, where delays can result in lost opportunities.
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Improved Liquidity
Real estate has traditionally been considered an illiquid asset, as buying and selling property typically requires significant time and financial resources. Blockchain technology addresses this issue by enabling the tokenization of real estate assets. Tokenization involves dividing a property into digital tokens that represent ownership shares. These tokens can be bought and sold on blockchain-based platforms, providing investors with the ability to easily liquidate their assets and diversify their portfolios.
Increased Accessibility
Blockchain technology democratizes real estate investing by lowering the barriers to entry. Through tokenization, investors can purchase fractional shares of properties, allowing them to invest in high-value real estate with smaller amounts of capital. This opens up the market to a broader range of investors, including those who previously could not afford to participate in traditional real estate investments.
Also, Read | Top 4 PropTech Transforming Real Estate
Streamlined Due Diligence and Record-Keeping
Due Diligence
Conducting due diligence is a critical but often cumbersome aspect of real estate investing. Blockchain can simplify this process by providing a transparent and easily accessible record of a property's history, including previous transactions, maintenance records, and legal disputes. This comprehensive and reliable information helps investors make informed decisions more quickly and confidently.
Record-Keeping
Maintaining accurate and up-to-date records is essential for real estate transactions. Blockchain technology ensures that all records are securely stored and easily retrievable, reducing the risk of errors and discrepancies. This streamlined record-keeping process enhances the efficiency and reliability of property management and transactions.
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Enhanced Smart Contracts
Smart contracts are a cornerstone of blockchain technology, offering automated and self-executing agreements that do not require intermediaries. In real estate, smart contracts can facilitate various processes, such as transferring ownership, managing lease agreements, and handling escrow payments. By automating these tasks, smart contracts reduce the potential for human error and increase the speed and accuracy of transactions.
Global Reach and Market Expansion
Blockchain technology breaks down geographical barriers, enabling real estate investors to access and invest in properties worldwide. This global reach provides investors with more opportunities to diversify their portfolios and tap into emerging markets. Additionally, blockchain-based platforms can offer multilingual support and adhere to international regulations, making cross-border transactions more seamless and efficient.
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Conclusion
Blockchain technology is poised to revolutionize the real estate industry by simplifying and streamlining the investment process. From enhanced transparency and security to reduced transaction costs and improved liquidity, the benefits of blockchain are numerous and transformative. As the technology continues to evolve, blockchain will likely become an integral part of the real estate landscape, offering investors a more efficient, accessible, and secure way to invest in property.
By embracing blockchain technology, real estate investors can look forward to a future where transactions are faster, more transparent, and less costly, ultimately making real estate investing more accessible and profitable for everyone. Wondering how to get started with blockchain for real estate? Connect with our skilled blockchain developers for assistance.
Mudit Kumar
19 Jul 2018
Global Government Perspectives on Blockchain Technology
Governments around the world, deal with a lot of data. They need to utilize the records for social benefits, which consumes a lot of time and resources. Here, blockchain can prove to be a transforming technology. It can make a huge difference in such areas. Many nations see blockchain as a technology that every industry should nurture for reasons of competitiveness. It's believed that mature blockchain application development culture is likely going to be an economic asset in the coming days.
Initial skepticism about blockchain adoption now seems to be fading. Now there's a global race where everyone wants to build up blockchain-friendly legal structures, and utilize it at the executive levels of industry and governance.
Blockchain Technology: What Do Different Governments Think About It
China:
China was one of the earliest crypto miners.
However, this saw a few radical changes over the last two years, and today, the exchange and mining of cryptos in China get strongly discouraged.
On the other hand, a government-backed entity called the China Center for Information Industry Development (CCID) is ranking the trending cryptos every month.
It means that China has begun to understand the potential of this transforming technology. China understands that Blockchain is probably going to prevail with us for the foreseeable future. Regardless of China taking actions to discourage the trade in cryptos, it's actively promoting the blockchain solutions services and the development of Blockchain applications, except the unregulated crypto sector.
The China Central Television Network (CCTV) aired an hour-long tv special about Blockchain. The show was quite supportive of the technology.
As per Western sources, the CCTV announced that "the worth of Blockchain is ten times of the internet," and went on to expressing influencing ideas throughout the show.
Last year, CCTV was discouraging nearly everything related to the blockchain.
However, this 180-degree shift in the approach is worth noticing. The change in tone seems to be coming from the Communist power structure, with Chinese President Xi Jinping urging the nation to expedite the development of next-generation technology, blockchain included.
United Kingdom:
UK MP Eddie Hughes requested the government of his nation to form a government-sponsored official committee to oversee blockchain development.
With this, MP Hughes joined the bandwagon of lawmakers around the world that are looking for solutions to expedite the adoption of blockchain technology in his country.
In his remarks, he emphasized why he is supporting blockchain development. He said Blockchain technology is a key to both in maintaining economic competitiveness, and government efficiency.
MP Hughes believes that if implemented, Blockchain technology could save the government approx 1% a year, which is a significant amount of money. In addition to the initial cost-effectiveness of Blockchain, he sees the technology as a unique way for the UK government to bridge a level of trust between the government and its citizens.
Blockchain can efficiently store sensitive data, and let people see it without hampering the value of the information. Enabling citizens to go through government data could bring a new level of public oversight to governance. Not only this, it may allow elected officials to demonstrate the work that they do in cold and hard figures as well.
South Korea:
South Korea has always been open about blockchain technology and welcoming anything related to crypto or blockchain.
Now, they're planning to push blockchain development forward with funding worth more than $200 million. The goal is to aid blockchain platforms that streamline things like voting, logistics, and property rights.
South Korea boasts some of the biggest ports in the world, and they are joining other global logistics hubs to integrate blockchain into the global freight system.
Conclusion:
There are many archaic systems that modern world uses. Such as, the central banking system has been around for decades. The settlement infrastructure to assist international sea-born trades is very old.
Although people may be reluctant to Blockchain, the countries that face up to exponentially developing global environments are moving toward blockchain technology for help.
Category:
Blockchain
Mudit Kumar
17 Jul 2018
Top 5 Technological Advantages Of IOTA For Industries
IOTA is one of the revolutionary, next-generation public shared ledgers that incorporates the utilization of an innovative technology called "Tangle" at its core. Based on a Directed Acyclic Graph, the Tangle is a new data structure. Thus, it has no blocks, no miners, and no Chain. Due to its critical data structure, processes in IOTA take place quite differently and efficiently as when compared to other Blockchains.
With blockchain technology around the corner when it's about crypto-innovation, IOTA offers users with a unique digital framework.
What's Tangle?
IOTA's most prominent market driver is its native technological offering, Tangle. Unlike a blockchain, it maps transactions onto an entire network contrary to a single data-chain.
Tangle's this type of mapping offering helps increase the implementation capabilities along with expanding the scope of application for IOTA.
Core Advantages of IOTA and Blockchain:
1. Reduced Transaction Fees
Mainly originated for Bitcoin, one of the concerning issues with the blockchain is its slow transaction times.
Currently, transfer rates for the blockchain are in double-digit range, which can be considered quite low for various modern applications.
However, IOTA utilizes a system wherein the rates of transaction increase exponentially as more customers start using its native platform. Also, by using a unique consensus protocol, it provides its users with reduced confirmation times.
2. Free Micro-Payments
In standard blockchain-based payment portals, usually, the sender/initiator of the transaction sets the transaction fees. As a result, it makes it increasingly unfeasible to execute smaller amounts of payment.
On the other hand, one of the prominent advantages of IOTA is its ability to enable smaller payments with the incurrence of very little to a fee-less transaction.
3. Scalability
From a technical point of view, experts believe that IOTA utilizes a processing module that's capable of becoming faster as its number of transactions and subscribers increase.
Also, it's worth mentioning that in an IOTA blockchain, the time taken to execute a transaction and the process to validate it gets zeroed as soon as data gets identified.
4. Future Ready
Customers using the blockchain face one central issue. Often, for them, the technology proves to be expensive in terms of its computational needs and security assurance.
For instance, implementing Bitcoin mining processes requires more and more computation power as time goes on.
However, IOTA proves to be a great alternative here. It reduces such hefty cost requirements by eradicating key areas of the traditional mining.
5. Safety
In a nutshell, the owner of a blockchain contains the power to tweak the system with new data, therefore, having the power to modify it for personal gains.
Consequently, it gives rise to a tangible dilemma for organizations looking to incorporate the blockchain technology with externally auditable applications when maintaining the immutability of data required at all times.
Why is IOTA the best in Industrial Use Cases?
In addition to the above-mentioned technological advantages, IOTA also goes beyond its deployment as a unique payment protocol. For instance, intricate business operations can utilize its Tangle technology to support their IoT use cases.
Similarly, by using MAM (Masked Authenticated Messaging), it can streamline the transfer of encrypted data along with maintaining a high-level of data protection, integrity, and data access management.
IOTA not only brings a platform to the fore that has the capability to facilitate digital payments for trade and everyday transactions but also provides a technology which turns IoT communication into a reality.
Mudit Kumar
16 Jul 2018
Why Even Small Businesses Are Adopting Blockchain Technology
Originating in 2008 to serve as a public transaction ledger for Bitcoin, blockchain technology now has become a cause of disruption for various industries. It has evolved into something a revolutionary technology. Today, blockchain technology, usually known for increasing transparency and security, can be applied to everything from cloud storage to supply chain management to business contracts to payments. Large businesses, individuals, and SMEs alike are exploring blockchain development services to reap the advantages of this innovative technology and its unique, valuable benefits. Blockchain is gradually becoming a coveted technological tool for small businesses encompassing every industry including finance, healthcare, real estate, education, medicine, and so on. You may also like | Layer 0 Blockchain Development | The Foundation of the FutureWhy Small Businesses are Adopting BlockchainCloud storageCloud storage has become a necessity for every business to store data. But small business owners are moving away from traditional cloud storage systems such as Google Cloud Platform, Amazon Web Services, and Oracle Cloud. It's because these systems are quite expensive and offer limited security and transparency. Major cloud hacks have disrupted many established and credible companies using centralized cloud platforms. As a result, small businesses are skeptical of using centralized cloud storage systems. They are now finding new, innovative methods to store their company data in a more secure and enhanced system. In turn, small businesses are adopting blockchain. Blockchain-based cloud storage services offered by blockchain development companies are stepping up on the plate. Such solutions promise large as well as small business owners to provide data security at lower prices than centralized options. Also, the rapid adoption signals the rise of a new era of cloud storage- Cloud 3.0 - it's rooted in decentralization and it moving towards revolutionizing the industry as a whole. Also, Check | The Power of Digital Marketing for Blockchain ProjectsSmart Contract SolutionsSmart Contracts are self-executing contracts, their work is to remove the involvement of any third parties, such as lawyers. This is one of the significant reasons small businesses are adopting blockchain technology, to grow exponentially. What's more appealing to small businesses is that the use of smart contracts can significantly lower costs along with increasing traceability, security, and accountability. Thus, businesses can alleviate the burdens of contracts by using smart contract solutions. Also, Read | Smart Contract Development ServicesSupply Chain ManagementNumerous various types of entities work behind to successfully create and sell a product in the market. A blockchain-based supply chain means everything from manufacturing to the sale of a product can be documented. The benefits of using a supply chain with blockchain can not only increase transparency and visibility but also reduce the risk of fraud, improve inventory management, and much more. Also, Read | The Rise of Neobanks on the BlockchainIn summaryEventually, these three significant blockchain applications listed above can clearly help SMEs by increasing transparency and security over the course. Along with it, they can also simultaneously save extra costs and decrease other risks. Undoubtedly, Blockchain is gradually becoming global. Small Businesses are adopting blockchain as well. Now, it's believed to further revolutionize and facilitate critical business operations for those who are moving toward a decentralized world and ready to adopt innovative technology. Interested in developing a blockchain solution for your business? Connect with our skilled blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
16 Jul 2018
How Blockchain Solves The Loot Box Problem
FoFoLootboxes play an important role in the business realm of game developers and publishers. Lootboxes refer to redeemable virtual items or rewards, which involve accessing maps, weapons, and a whole range of upgrades to an in-game functionality.
Loot boxes have become so substantial for game developers that some of them have entirely shifted their monetization model away from paid games to free games because of their potential to generate revenue.
However, this approach of the game developers has failed to go unnoticed by regulators concerned to classify and regulate such systems. In particular, the situations where loot boxes offering random awards, which can be purchased by paying cash, have come under regulators' scrutiny due to their classification as means of gambling.
In fact, many regulators have already taken stringent actions to restrict these type of mechanisms for the same reason. Belgium Gaming Commission followed its Dutch counterpart and banned loot boxes for 'violating gambling regulations."
For the gaming arena, which has established the profits of this monetization model, such legislation can affect adversely, especially when other regulatory bodies follow suit.
To counter this, it might be possible that developers will start resorting to an advertising business model or selling games rather than offering them for free to everyone.
However, rather than making drastic decisions, they may find peace in the shape of Blockchain Technology. By integrating a new tokenized model that blockchain provides, game developers could not only earn money without resorting to an advertising model but also employ a reward system that would enable gamers to earn rewards for the time they'll spend playing games.
The Loot Box Problem
First emerging in Asia, Loot boxes have become a more well-known term after giant social media game developers like Zynga successfully utilized them.
Since then, they have gradually embedded themselves into the fabric of almost every game. They are available even where their incorporation is unnecessary.
When an entry cost or fee is present to play the game or to enable its features, along with some luck or chance, and if there is potential for some monetary gain, the scheme is probably considered gambling due to these three points. And because loot boxes contain both a cost and a "random rewarding element," they have landed game developers under the scrutiny of regulators.
To pay cash to purchase loot boxes, for regulators in Belgium and the Netherlands, is an act of gambling - and is, therefore, considered as an illegal offering.
While leading game development company EA Games says that it will continue with loot box approach. The company is confident that other regulating authorities don't see it as an act of gambling as the Belgian or the Dutch regulators see it.
However, there is no assurance that other regulators won't act to quash them.
Blockchain as a Solution to the Loot Box Problem
Rather than halting these key revenue factors, publishers could leverage a new method of blockchain monetization.
Every blockchain network will have some type of incentive mechanism built into it. It helps the network to function smoothly. In the case of Bitcoin, the incentive mechanism is the PoW (proof-of-work) algorithm that helps keep the network secure and trustworthy by making it almost impossible to add new transaction detail to the blockchain. Using blockchain, game developers could use an algorithm that's not based on the computational power, but on the gameplay and the "time" spent by a player, or "work" done by a player.
Significantly, this could eliminate the need to submit an initial, entry fee, preventing regulators from labeling it gambling.
Although we can still earn virtual coins within games, awarding cryptocurrency as a result of gameplay is a great solution because existing virtual currencies in games have no real-world value, while cryptocurrency has value at a global scale. This is the catch. If a player can spend coins in the game to purchase loot boxes and other virtual items have real value outside of the game, game developers can allow to accept their in-game coins as real payment for their features. This way blockchain could solve the loot box problem.
Ultimately, this would eliminate the consumer risk, that's arguably the most vital of the mentioned three elements, which define what's gambling and what's not.
For Game Publishers
From the game publishers' perspective, using blockchain for loot box problems, they could continue with loot box offerings but would have to pay the player with cryptocurrency that he has mined or earned using his skills in the game.
For instance, currently, in many games, players aren't able to spend in-game credits. They spend real money or wait for a level-up to buy a loot box.
However, if game credits were in the form of cryptocurrencies generated on a blockchain as a result of a player's skills, game publishers could accept credits as payment (bearing no cost to the player).
Then, they could exchange the credits for real money like any other cryptocurrency.
Concluding:
If game publishers and developers consider the loot box regulation effect on their profits, they must consider cryptocurrency development services as a potential solution. Publishers need to understand that using blockchain technology to solve the loot box problem could safeguard the current revenue streams as well as incentivize gamers to play more.
Mudit Kumar
13 Jul 2018
How to Develop a dApp (Decentralized Application)
In this blog, we've outlined a step-by-step process that shows how to develop a DApp (decentralized application). It's because blockchain technology has become a rage in today's digital world. With over 1000 DApps in the market, and with each of them ready to influence specific industries, 'how to develop a dApp' has become a term that everyone is finding answers to it. With the market capitalization for blockchain technologies and cryptocurrency touching the $800 billion mark, why would anyone not want to develop a Dapp for themselves?
Decentralized Application Development
Dapps or Decentralized apps are basically blockchain-based solutions developed to solve various real-world problems, such as which arise because of the limitations imposed by centralization and censorship.
It's the decentralized nature of DApps that eradicates the need for middlemen and intermediaries for transactional purposes on a network. It is this very fundamental feature of DApps that has made them a raging prospect in this digital world.
Here are some of the features you need to keep in mind while getting a DApp developed either by an expert DApp Development Company or a Blockchain Development Company.
As the name suggests, all application data and operation records should be available on a public blockchain network. They need to be accessible to every participant of it.
The participant would need to adhere to some pre-defined PoV (proof-of-value) protocols, such as PoW (proof-of-work), which are currently being used by Ethereum and Bitcoin.
Open-source: A consensus of participating entities will do all the governance of the app, and the source code must be accessible for public use.
Participants who don't fail in carrying out PoV (proof-of-value) operation should be get incentivized, such as with new cryptocurrency.
Note: We've only mentioned the instance of a project deployed on the Ethereum blockchain, to keep it simple and because it is one of the most popular blockchain platforms at present.
Developing a Decentralized Application
The Setup
Before getting started developing a DApp on Ethereum Blockchain, proper planning and organization are a must. You need to decide what sort of application you want, what purposes it will serve, and what blockchain platform will be the most suitable to develop it. Do not forget that it's a DApp therefore, the services and storage facilities you want in the app must work in a decentralized way.
Coding Smart Contracts to Create Your DApp
This is one of the most vital parts when setting out to develop a DApp. In this phase, a smart contract gets coded that is the key working entity of your platform. It needs to be done properly. If it's vulnerable or glitched, people may risk losing their money.
Another thing to keep in mind is that this procedure is subject to change over the development period.
A smart contract development company or blockchain development company like Oodles can help you achieve this step in less cost and time.
Considering Gas and Gas Costs for a DApp
Gas refers to the quantity of fuel needed to execute a transaction.
Now, when a transaction is happening, a code gets executed, which happens to be on the device of the person who mines the transaction.
The gas prices are set in Ether, making it important to have a sufficient balance during the development of a DApp. One important aspect of this DApp development phase is that the smart contract needs to be structured in a way that can keep the gas costs at a minimum.
Developing the Frontend
Once the smart contracts get coded, the next step is developing the front end for your decentralized application. To skip all the R&D part and quickly get hands-on with your DApp, one can hire a decentralized app development company as well.
After successfully developing the front end, the smart contract needs to be connected to the front end of the DApp. The Remix IDE can be utilized here, with the contract ABI telling the IDE what features the contract contains.
Making the DApp Visible to the World
After the development work, when all glitches have been eradicated, and the DApp is all set to make it big on the global online scene, deploying it using hosting services and making it available for the world is all that remains.
It will be beneficial to host it on a decentralized file-sharing system, such as IPFS (Interplanetary file system). It's a platform that offers you free decentralized hosting as long as you want.
The steps mentioned above are an overview only of the development process of a Dapp. They may not provide you with complete information.
Oodles Expertise in Blockchain-based DApp Development:
If this all seems to be a tedious task, don't worry! We are here to help you.
Developing a blockchain-based decentralized application using resources like the internet and books may have you develop a working app, but it may not ensure the success you want from it. However, our team of skilled blockchain experts can ensure that you have your own DApp developed and customized as per your requirements. We provide decentralized application development services for a variety of industries and needs, as well as develop smart contracts to help you with your decentralized app.
Mudit Kumar
11 Jul 2018
Top 3 Enterprise Blockchain Platforms For Rapid Prototyping
Today, we'll be taking a thorough look at top 3 platforms for blockchain development, namely: Ethereum, Hyperledger Fabric, R3 Corda, Ripple, and Quorum. Bitcoin is not on the list. In fact, it doesn't even make it to the list of top 10 blockchain development frameworks when it's about developing enterprise application of Blockchain.
Top 3 Blockchain Development Framework:
Ethereum:
Ethereum is a blockchain development platform that enables blockchain developers to write and distribute next-generation decentralized applications. -Vitalik Buterin, Co-Founder, Ethereum
Ethereum is one the most suitable blockchain platforms available at present. It's being used widely across multiple industry use-cases because of its robust smart contracting functionality and flexibility. As a matter of fact, it has the most number of use-cases available currently. Along with Hyperledger Fabric, Ethereum is developing a large digital support community as well as delivering frequent product updates and improvements.
In spite of its adoption on a larger scale in enterprise use-cases, it's important to know that Ethereum is basically a permissionless (or public) blockchain platform designed for mass consumption against limited access. Being a POW (proof-of-work) based platform, it's not the fastest as well as is an energy sucker. However, it's expected that the community is working to change its consensus algorithms to quick PoS (proof-of-stake) in future versions.
Hyperledger Fabric:
Hyperledger is a B2B centric Blockchain Module hosted by the Linux Foundation launched in 2016. It's an open-source collaborative project to propel cross-industry blockchain technological solutions. Its key goal is to develop codebases and enterprise-grade distributed database frameworks.
Currently, Hyperledger brags about 185+ collaborating enterprises across various industries such as finance, banking, supply chain management, Internet of Things (IoT), technology and manufacturing.
Hyperledger project is a unique blockchain framework that offers enterprise-grade solutions. Given its modular architecture, it enables plug-and-play components around membership services and consensus. Recently, Hyperledger Fabric 1.0 got launched, which claims to be production-ready for enterprises.
Here's an article that'll help you comprehend the basics of Hyperledger Framework. Hyperledger: Causing The Paradigm Shift In Business World
R3 Corda.
It's a sort of new operating system for financial services.
Launched in 2015, R3 is a consortium consisting of some of the world's prominent financial organizations that have developed an open-source distributed database platform named Corda. Initially, designed with banking in mind, Corda's other use cases in the supply chain, trade finance, healthcare, and government are still emerging. There is no underlying cryptocurrency or built-in token for Corda. It basically limits data access within a clause to those entitled to it, instead of restricting the entire network. It has become popular because of it consensus system that takes into account the task of managing intricate financial clauses. Also, it's known for providing interoperability ease of integration with legacy systems.
Mudit Kumar
10 Jul 2018
Blockchain Solutions: The Panacea For The Food Industry Problems
In the current food supply chain landscape, adulteration is one of the safety concerns that hinder the development of the food industry on a global scale. Food that we consume processes through many touchpoints starting from a farmer to end consumers. The rapidly increasing complexity of the existing global food supply chain has made it almost impossible to track the provenance of food products.
So, how can we ensure that the food we consume is not of the sub-standard quality? - The answer is, by using building solutions using blockchain supply chain solutions.
Blockchain for Food
As we know, blockchain is all set to provide an open platform having no intermediaries, and a set of conditions (rules) that all participants must follow. The technology can prove to be beneficial for complex supply chain enhancement. It can prove to be invaluable in the food industry that faces the most trust and compliance issues. It brings advantages to every stakeholder within the supply chain of the Food Industry- producers, retailers, and consumers.
For instance, if someone tries to alter a food product anywhere within the supply chain, blockchain solutions would instantly find it and alert the food producer before it reaches a retailer.
Also, Explore | Developing a Food Delivery App like UberEats with Blockchain
Blockchain provides retailers with the advantage of finding the altered products that may reach the shelves. It eradicates the need for batch recalls, which prove to be extremely costly for the producer of the product many times. On the consumers' part, it ensures that they eat the right food!
Using the advantages of a blockchain, proper details of a food product could reach the hands of a customer. At the point of sale, consumers can scan the QR code printed on a food product using a smartphone and track a log of the journey of that item from "production to fork."
Blockchain stores and assigns a digital key (certificate) for each food item interaction. This abates the chances of food adulteration. Also, companies that will use blockchain for Food or become early adopters of blockchain-based food solutions will ensure a stronger and more loyal customer base.
You may also like | Blockchain in Supply Chain | Tracing From Food to Healthcare
Blockchain Solutions Development for the Food Industry
The myriad of opportunities offered by blockchain technology in the food industry has evoked the interest of some of the established players in the retail and technology landscape. Walmart and IBM have partnered to streamline the way food items are being tracked, transported, and delivered to customers. They plan to digitalize the tracking of food products from farms to stores of Walmart and ultimately to customers, including food information such as batch numbers, provenance details, expiry dates, shipping details, manufacturing and processing data, and the entire food supply chain. Walmart and IBM have planned to use blockchain solutions to reduce wastage, cut down logistics costs, deliver food to stores more quickly, and efficiently manage product shelf life.
Also Read: Analyzing the Food Traceability System Developed by Walmart with Hyperledger Fabric
Conclusion
Using blockchain can add a thick layer of security in the increasingly expanding market. And the demand of the hour is asking for improved traceability. Therefore, the opportunity is fitting for the food industry and technology to come together. With blockchain for Food, it can become possible for retailers to sell right and consumers to eat right.
Interested in developing a food traceability system for your supply chain? Connect with our blockchain developers to get started.
Mudit Kumar
09 Jul 2018
Blockchain and KYC | Simplifying Identification Processes
In the last couple of years, the blockchain realm has expanded beyond the general concept of cryptocurrency. Now, experienced blockchain developers have realized that blockchain technology can prove to be much more disruptive than what was once thought initially. In fact, at the Blockchain Summit London 2018, there were many companies that believe that blockchain has much more potential and thus, they were pushing the boundaries of the technology. As a result, one of the popular topics in Fintech was blockchain and KYC (know-your-customer). Fintech businesses are looking for ways to make KYC functionality completely decentralized which will give the end-user more control.
Why is There a Need to Bring Blockchain and KYC Together?
At present, there are businesses that need to have information about their customers in order to maintain the flow of their business processes. They need to know who their users are so they can safeguard themselves from fraud and comply with government regulations. Cryptocurrency Exchanges are one such businesses that require KYC information for enabling buying and selling fiat. This also includes bars and clubs which must ask their customers for ID before letting them enter. In this century, showing identification for doing anything is the way of life. However, the issue with the system is that we are careless about our Personal Data. We are giving away precious information that can be available readily to anyone. For verification, we are usually asked to show valid proof. Passports, driving licenses, passports, etc. are some of the most important documents we carry throughout our lives. And when we pass them over, the chances of counterfeits and forgeries increase exponentially.
Fortunately, businesses have come forward to address this issue. Many blockchain development companies are realizing the immense potential of the combination of Blockchain and KYC bears. The blockchain can fix the issue of revealing your Personal Data to numerous companies. The use of Blockchain and KYC can decentralize your data and keep it attached directly to you.
Zero-Knowledge Proofs are the future of identification:
Many blockchain development companies have come up with a solution to this by utilizing the same technique: Zero-Knowledge Proofs. This is one of the simplified concepts used to verify whether some information is true and accurate without requiring you to look at the data yourself. The only sign for true detail a person would need is whether the data is correct and accurate. This may not sound possible, however, blockchain technology can make it easy. In the blockchain, information can be stockpiled and then verified externally (using various programming methods). Further, the extracted result of the verification can be shown to somebody, rather than presenting the actual data itself.
Blockchain and KYC together propose the idea that people won't be required to show their ID to a company. Instead, they could show that their ID has been already verified.
In Summary:
Significantly, this means that within a few coming years, we can expect that blockchain and KYC may be used together and we won't be required to present our ID every time we go to a new company. Thus, keeping our data safe and secure as it will not be available readily to so many different people or companies.
Mudit Kumar
06 Jul 2018
Cryptocurrency Exchange: Must-Have Trading Features
What's the latest trend in the digital world? Evidently, "Cryptocurrency Development." The high-frequency fluctuation has paved the path for the trading of crypto assets. Thus, the crypto exchange platform development services are blooming.
When you take the help of the internet for finding the best cryptocurrency exchange/trading platform, it doesn't come up with one suggestion. Instead, there will be a list of 7-10 exchanges. It's due to the reason that there isn't any existing exchange which offers the best of all. Each exchange platform involves some flaws which hinder the trading process.
For that, we asked traders in a survey about what they expect from upcoming exchanges. And a lot of potential answers were obtained. The responses were clearly a sign that there's a need for improvement in the existing exchanges and they should be addressed in the future exchange development landscape.
So, let's have a look at the unprecedented answers provided by the traders
An easy-to-use exchange:
Out of an entire lot of participants, 20% wanted a simplified exchange platform that is easy-to-use as well as has a highly interactive interface. Undoubtedly, this emphasizes the fact that interfaces of existing crypto exchanges are inconvenient and complex. Therefore, crypto exchange development services must be focused on developing exchanges that have excellent interfaces and are easy to use for everyone.
Fiat Withdrawals – Fast and Direct to the bank account
Currently, there are only a handful of exchanges that support fiat withdrawals, such as Coinbase. It links your bank account and enables fiat withdrawals. Rest exchanges enable their users to trade only in crypto. They don't allow crypto to fiat conversion. 30% of the users that participated in the survey agreed to incorporate this feature in upcoming cryptocurrency exchanges. We can't be sure that we'll be seeing exchanges offering this feature in the near future. However, exchange/trading development companies can work toward making the withdrawal process quicker.
High-level of Security:
Among all the features, this was the most common expected feature with the highest of 32%. Safeguarding the funds deposited on an exchange platform for crypto trading was the top priority of participant traders. Hence, traders are looking for platforms that are highly secure and ensure trust.
Why Choose Us?
Oodles Technologies has become one of the fastest leading cryptocurrency development companies in the blockchain landscape. We utilize the immense expertise of our blockchain developers in developing secure online cryptocurrency exchange platforms for various popular cryptocurrencies like Monero, Litecoin, Ether, etc.
We also develop cryptocurrency exchange software platforms with Escrow integration. It helps in executing transparent trading between involved parties in an exchange. Not only do we build high-end exchange platforms for a smooth trade/exchange process but also help you build altcoin exchange software for easy and fast digital transactions.
Mudit Kumar
05 Jul 2018
How Private Blockchain Solutions Reinforce Your Business
Blockchain is the technology that underpins Bitcoin and Ethereum. It's the technology that brings the idea of decentralization to the fore. Seen by many experts as a means to remove intermediaries from transactions, it's believed to reshape entirely the way the finance sector operates.
However, it isn't restricted to enhancing the finance system (Banking). Blockchain can be of immense value for large corporations as well as SMEs. Though, in a bit different way.
In fact, corporate giants like Microsoft and JP Morgan already have invested their multi-million dollar hats into private blockchain development.
Today, we'll be discussing private blockchains and, when properly executed, how they can elevate business operations and prove to be cost-effective for companies in various sectors.
What Types of Blockchains Are There?
Currently, existing blockchains fall into the following three categories:
Public
Consortium
Private
These networks' key distinctions depend on mainly two factors; who is governing them and how.
Public Blockchains
A public blockchain refers to a blockchain that anyone can read, send transactions, and expect to see them included after the verification. In a public blockchain, anyone can participate in the consensus process- it's the process that determines what blocks should be added to the chain.
Cryptoeconomics is the technology that makes Public blockchains secure. Cryptoeconomics is the combination of cryptographic verification and economic incentives that uses the mechanisms such as Proof-of-Stake (PoS) (Ethereum) and Proof-of-Work (PoW) (Bitcoin). Public blockchain can be considered as "fully decentralized."
One problem with these types of blockchains is that they require a substantial amount of power to manage a distributed ledger at a large scale.
Consortium Blockchains
In a consortium blockchain, a pre-selected group - for instance, a group of corporations- controls the consensus process. The permission to access the blockchain and submit transactions to it may depend on; whether its public or restricted to participants. Known as the "permissioned blockchains, "Consortium blockchains are most suitable for use in business.
Private Blockchains
Controlled by a single entity, group, or organization, Private blockchains determine who can submit transactions, read them, and take part in the consensus process. As they are 100% centralized, private blockchains can be used as sandbox environments. However, should not be used for actual production.
Benefits That Corporations Can Get From Using Private Blockchains
Private blockchains are resilient.
Private blockchains have no single point of failure as they're distributed databases. The node of a private blockchain doesn't depend on a single central machine running it. Thus, there are fairly negligible chances of a system shutting down due to some unforeseen error.
Private blockchains are “Participants only”
As mentioned earlier, there's no way to impose restrictions on who can transact on public blockchains because of their explicit design that lets everyone in. Moreover, numerous nodes at distinct places that are all far apart, substantially hamper the network's agility. While private blockchains consist of a limited number of participants. Therefore, their capacity is much greater when compared to public networks.
Secure.
They are extremely secure as the miners or validators can't be anonymous on private blockchains. An organization(s) pre-selects the participants and, thus, is highly trusted. Then, the chances of someone acting maliciously on a company's network are very less. Also, hack or virus attack is out of the question, which public blockchains fear the most.
Regulations.
It's not possible that you haven't heard that Bitcoin was being used for criminal purposes. It was used by crooks to launder money, buying guns and all of that was possible because of no regulations. Well, this isn't the case with private blockchains. They can be developed along with being compliant with AML (Anti-Money Laundering), KYC (Know Your Customer), and HIPPA (Health Insurance Portability and Accountability Act) laws.
Mudit Kumar
04 Jul 2018
Hyperledger | Causing The Paradigm Shift In Business World
Experts believe that blockchain technology can transform the digital world, just like the internet did. Its capabilities to transform trading, identification, and trust have already forced 15% of banks to use it to deliver services more quickly, securely, and reliably to their users. Due to this, many IT companies have become blockchain development companies. But only a few have found proper ways to use decentralized networks for businesses, we're one of them. Among various blockchain offerings, we are providing Hyperledger blockchain development.
Hyperledger stands out with huge potential. It has now more than 200 members who are currently working on making this open-source technology available to the wider market. It means anyone looking for blockchain development can learn, distribute, adapt, and contribute to creating the right tools for distributed databases.
Currently, Hyperledger development services consist of five frameworks: Burrow, Sawtooth, Fabric, Iroha, and Indy; and three tools for blockchain developers- Cello, Composer, and Explorer.
Why is Hyperledger a Compelling Blockchain Framework?
The Hyperledger community proposes the use of permissioned networks where only reliable business entities collaborate for a business solution. It discards intermediaries, reduces costs, expedites processes, and reconciles business data in a shared but immutable ledger.
Contrary to the open invitation nature of access in the public blockchains, the authority to enter the permissioned blockchain in the Hyperledger framework is provided by a special invitation. This is the core advantage of Hyperledger blockchain solutions, thus, explaining why blockchain development will turn upside down the nature of transactions globally.
According to experts, decentralized blockchain applications can bring the problem of digital identities of people over the internet to a halt. As standard internet identifiers are places (or Internet addresses), we can validate a machine as well as the place but not the person behind it. That's why we incorporate protocols, to enable decentralization.
Also, Read | Hyperledger Use Cases | Unlocking New Opportunities in 2023
Suitable Industries for Blockchain Innovation
Energy Supply
Distributed power systems can make electricity grids smarter where batteries will be installed across multiple decentralized locations. Electric vehicles and other smart devices can utilize these resources in IoT (Internet of Things), where a decentralized network removes the need for a central location.
Predictive Markets
Broadcasting in stocks, sports, and elections can be simplified by blockchain predictive analysis.
You may also like | Best Hyperledger Projects for Enterprise Blockchain Solutions
Insurance
Using Hyperledger-based smart insurance contracts, the insurance industry can transform and overhaul itself completely. With smart insurance contracts, we can form an ecosystem where all participants in the system share reproduced and unchanged records of transactions.
Transportation
By removing the need for intermediaries, businesses can be involved in direct arrangements. As a result, they can avoid unnecessary fees and make transport sharing hassle-free, accessible, and cost-effective.
Real Estate
The silos of information, the large number of participants, and the discrepancies in the system disturb the market, making it problematic and prone to fraud.
Decentralized ledgers, when used for real estate, can help get contractors, sellers, and buyers unified information about the market values and prices, helping companies to make informed decisions.
Also, Explore | Hyperledger Fabric for Aviation Parts Marketplace Development
Concluding
Hyperledger blockchain solutions aren't restricted to the finance industry. The blockchain development services have already opened gates for various industries, including energy supply, pharmaceuticals, healthcare, and food manufacturing; as well as a few industry processes and channels, such as IoT, supply chain management, and cloud computing.
Now, we'll have to wait and see what changes it brings in the coming days. If you are looking to explore the potential of Hyperledger projects to develop your business idea, connect with our blockchain developers to get started.
Mudit Kumar
02 Jul 2018
Hire The Best Ethereum Developers Using These Tips
Latest advancements in the Blockchain development landscape have laid the foundation for unforeseen opportunities for various industries. Today, many established businesses have got influenced by the capabilities, features, and applications of Blockchain Technology. Consequently, there's a paradigm shift in the blockchain development. It is not only a revolutionary project now. It has become a career option for technology enthusiasts.
However, the exponential growth of Blockchain is creating skill shortage in the market. The demand for skilled blockchain developers has surpassed their supply on a global scale.
Due to this, it has become a challenge for many businesses to find and hire the best Ethereum developers (blockchain) or blockchain development company for their business development needs.
Best ways to find the right Ethereum Developers for your project?
There are various prominent factors that affect the sort of Ethereum developers or company you need. For instance, the type of your project, the number of developers you need, project duration, etc. However, if you choose to hire Ethereum Developers working in an established blockchain development company, you may not need finding answers to these questions.
Consequently, you can make this process hassle-free and focus on your project's core services. In fact, one of the giant corporates like VISA wasn't able to find the perfect fit for their team. So, choosing Ethereum Developers from a blockchain development company becomes the most viable option these days.
Moreover, conventional methods (online job postings) may not work for finding expert Ethereum developers. And watch out for the so-called "developers" on LinkedIn.
To filter the right option, check out for the following skillsets:
Skills in JavaScript, NodeJS, Mean Stack, jQuery, Angular 2, Golang, etc.
Proper work understanding of development platforms of Ethereum.
Skills in writing Top-quality code running on Ethereum platform.
Expertise in creating smart contracts and digital tokens.
Thorough understanding of Bitcoin and Ethereum Blockchain.
Experience in Solidity, Clojure, and Serpent.
As a result, now we're offering top blockchain development solutions. We have a team of skilled blockchain consultants and blockchain developers having all the above-mentioned capabilities.
Even if you have found the perfect candidate, look for the following desired skills to gain a competitive edge over your competitors.
Expert Javascript, CSS, and HTML5 code developers.
Expertise in API integration.
Knowledge about standard algorithms and Design patterns.
These are a few skillsets required for decentralized blockchain application development. Learn more about decentralized applications here.
Mudit Kumar
02 Jul 2018
Why Blockchain is a Game Changer for Supply Chain Management
Navigating the complexities of supply chain management is a daunting task, regardless of whether you're a startup, an established enterprise, or an SME. As the demand for efficiency and cost-saving solutions intensifies, experts are increasingly turning to cutting-edge technologies like Artificial Intelligence (AI), machine learning, and blockchain supply chain development to streamline operations and drive innovation.
Blockchain: A Game-Changer in Supply Chain Management
Blockchain, the foundational technology behind cryptocurrencies like Bitcoin, is emerging as a game-changer in supply chain management. Renowned for its immutable, distributed ledger capabilities, blockchain offers a secure and transparent cross-industry collaboration and record-keeping platform.
Strengthening Compliance with Blockchain
One of blockchain's most compelling applications in supply chain management is strengthening compliance efforts. Originally designed for financial transactions, blockchain now boasts diverse potential use cases. By meticulously recording every step of the supply chain journey, blockchain lays the groundwork for interoperable systems, providing businesses with unprecedented visibility and control.
Leading the Charge: Industry Applications
Leading players in various industries are already harnessing blockchain's transformative potential. For instance, IBM and Maersk have joined forces to develop a blockchain-based electronic shipping software system, revolutionizing cargo tracking and saving millions in the global shipping industry.
Also, Explore | Blockchain for Advancing the Supply Chain for Industries
Revolutionizing Supply Chain Operations with Blockchain
So, how exactly does blockchain revolutionize supply chain management?
The blockchain serves as an immutable digital ledger, meticulously recording every transaction and asset transfer. This ensures a complete, permanent history of assets, from provenance to sale, reducing human errors, delays, and resource wastage.
Empowering Collaboration and Efficiency
Moreover, blockchain facilitates seamless data sharing within organizations, fostering collaboration and efficiency across departments. By digitizing and decentralizing records, blockchain empowers businesses to optimize processes and adapt to evolving market demands.
Also, Check | Mining Supply Chain Meets Blockchain for End-to-End Tracking
Realizing the Benefits of Blockchain
Incorporating blockchain into supply chain management offers a myriad of benefits, including increased interoperability, enhanced transparency, and streamlined dispute resolution. From tracking purchase orders to identifying product characteristics like fragility or organic status, blockchain revolutionizes how businesses manage and monitor their supply chains.
Also, Read | Blockchain-based Food Supply Chain Traceability System
Conclusion
In summary, blockchain holds immense promise as a transformative force in supply chain management. By leveraging its capabilities, businesses can unlock unprecedented efficiency, transparency, and resilience, paving the way for a more sustainable and agile future.
If you are looking to transform your supply chain management using blockchain and other emerging technologies, connect with our skilled blockchain developers to get started.
Mudit Kumar
28 Jun 2018
How Ethereum is Bringing Blockchain Into The Mainstream
Ethereum was the invention of Vitalik Buterin. He introduced this open-source blockchain platform in a 2013 white paper. Vitalik Buterin, who's a Bitcoin programmer, wanted to expand the use of cryptocurrency applications. And thus, Ethereum's blockchain was introduced in July 2015 which seeks to incorporate the use of smart contracts to facilitate the transactions on its platform.
Deciphering the Meaning of this Trending Technology;
Firstly, let's understand blockchain technology. In a nutshell, Blockchain refers to a transforming technology. It utilizes a decentralized ledger to manage a sequential, chronological record of transactions and events. Given its open-source nature and a distributed database, not only it leaves no single point of failure (making it less vulnerable to hacks and cyber attacks) but democratizes ownership transactions and records (everyone on the network can go through transaction details, so it is tough to alter records) as well. Also, it can maintain the anonymity of users.
Real Use Cases:
With Ethereum's blockchain, any centralized service can be made decentralized including the industries controlled by intermediaries: payments, banking, insurance, real estate, etc. are some of the potential use cases of the Ethereum-based blockchain. However, it can be applied to enhance the voting landscape, IoT applications, digital media rights, forecasting, and supply chain management around the globe as well.
In fact, many big names across various industries are looking to adopt Ethereum in their blockchain applications. The new name is Microsoft's Azure. It's a blockchain-as-a-service platform. It uses many distributed databases in its service offerings which include Ethereum as well. As a matter of fact, in January 2016, eleven banks including, UBS, Barclays, and HSBC decided to incorporate the use of Ethereum protocol using Azure to analyze a bank-to-bank platform; this imitation of the process allowed instantaneous transactions between banks, as compared to current systems where processes take up to several days or weeks. Supporters even claim that blockchain technology may be commercially used by global banks to execute the transfer of real assets in the coming days.
Trust and understanding are the two biggest hindrances to blockchain's mainstream adoption. And for Ethereum to become the most preferred platform for blockchain, it will have to focus on network effects.
Some key considerations in assessing its network potential:
Global adoption will be potent. Because of its decentralized protocol, Ethereum's transactions and payment systems aren't restricted to region-specific compliance like many other payment systems, thus, allowing for mass adoption and usage globally. Having said that, Ethereum must leverage this to expand its reach to a prominent mass of adopters more quickly.
Ethereum is one of the biggest and most trusted names in blockchain platform technology. Surely, it has got a competitive edge over competitors in being one of the most trusted blockchain platforms. And we know that 'trust' will be the key thing for blockchain's worldwide adoption.
Due to its open-source nature, Ethereum can intermittently update its protocol based on the latest blockchain advancement in the market. This allows for flexibility if the blockchain market is experiencing some changing tides.
Market liquidity is a must. During payments and transactions, market liquidity is the key factor that spins the flywheel to get demand and supply onto the platform. So, if Ethereum doesn't fail in creating critical mass in market liquidity, it will be emerging as the most dominant technology in blockchain transactions.
Mudit Kumar
27 Jun 2018
Hyperledger Blockchain Solutions For Reinventing Various Industries
When we're talking about the latest technological advancements causing disruption and reforming entities, Blockchain tops the list. It is a technology that has more applications than we can think of, and we haven't yet scratched the surface. Many projects, at their core, utilize blockchain technology, like Ethereum, Bitcoin, and Hyperledger.
In a nutshell, Hyperledger doesn't refer to the implementation of another blockchain but is a collaborative evolution of an apparatus of specifications about how a blockchain-based shared database should perform actions in a trusted network. It was created and designed by the Linux Foundation.
Hyperledger is an open-source, collaborative project. The primary objective of it is to enable cross-industry collaborations to enhance and uplift performance as well as reliability.
Read more about Hyperledger Frameworks, here.
How Hyperledger Blockchain Revamps Industries
Now, let's move on to the topic we're discussing today. Today, we'll be understanding how Hyperledger is helping Blockchain in reinventing various industries.
Hyperledger for Payments
There are various challenges in payment processes around the world such as separate records for a separate transaction that is unusual in nature, prone to errors, and paper-intensive. Then, there are the middlemen who need to be paid. To fix all these roadblocks, a global team of expert developers has built a POC using the foundation of Hyperledger Fabric. It's designed to enhance payment transactions, native assets, transaction details, foreign exchange, and verifications.
Hyperledger Blockchain Solutions In Healthcare Database
Hyperledger blockchain has the potential to completely revamp the healthcare industry, it can enhance the sectors where the traditional industry has fallen short. Distribution of a patient's data records to another organization was not done for securing and making it anonymous. However, for numerous reasons, patient data sharing has become important. For this, Hyperledger Composer provides a group of APIs, a programming model, and a modeling language to install networks that enable the exchange of assets and transactions of the patient's information within healthcare organizations.
Hyperledger Blockchain Solutions In Diamond Supply Chain
Hyperledger Fabric is the central source of power for a wide type of diamond supply chain applications. It helps in facilitating the monitoring and tracking from mine to market. The transparency Hyperledger Fabric brings can initiate the certification of diamonds after it has been processed through the audit. Thus, restricting the blood diamond from entering the supply chain. Every diamond entering the supply chain will have a registered ID so that it can provide the stakeholders with reliability. Then, they can question a diamond's integrity and it can be proven immediately.
Hyperledger Blockchain Solutions In Music Industry
The music industry can experience notable changes if it incorporates the use of blockchain technology. With blockchain Hyperledger use, people can choose to pay for downloading or listening to a song using a cryptocurrency of their choice. By executing a smart contract in Hyperledger, it's possible to split the generated revenue between artists and their collaborators. Then, we can imagine improved music industry processes that will greatly benefit the artist, such as by eliminating the use of middlemen along with forming a shared global ledger so there is no issue related to Intellectual Property being mixed up.
What's more?
Hyperledger blockchain is being looked upon as a reliable technology for various industries. If you're an entrepreneur or a startup who thinks it can benefit from Hyperledger, your search ends here at Oodles Technology. We can develop Hyperledger blockchain solutions using framework tailored to match your business needs.
Mudit Kumar
25 Jun 2018
Improving Banking System with Blockchain and Cryptocurrency
The finance industry is keenly looking for ways to explore the use of blockchain and cryptocurrencies in Banking. They are looking for a new innovative technology that can challenge some of the traditional business models (processes/operations) of banking, which may bring progress to a halt. Many prominent banks, like CitiBank, Santander, and UBS, have already begun embracing the fact that disruption caused by cryptocurrency technology can bring a positive change in the banking sector in the coming days.
It's due to the blockchain's ability to store encrypted transactions in an authenticated shared ledger system. Afterward, it enables banks and individuals to send assets all over the world in a credible, secure, and traceable way. Security concerns are always paramount to Fintech, especially global and national banks.
In Blockchain, the block that stores data gets protected using public-private key encryption. This makes a user to access data if he holds the private key. It is what confuses the information stored within cryptocurrencies, therefore, helping in the prevention of data theft.
Now, read on to know how Blockchain and Cryptocurrency in Banking can be used to create an innovative form of banking system.
Blockchain and Cryptocurrency in Banking: No Need for Intermediaries
It's the area where Fintech experts are looking to explore ways which cryptocurrency technology in banking can get rid of intermediaries due to its standard cryptography-based security infrastructure. It brings an automated intermediary system into existence, removing the need for using the existing centralized ledger system that plays the role of a custodian.
In the blockchain, there is no need for a centralized ledger system- it's based on a decentralized trust model, that's not controlled by even a single entity. According to expert market researchers, we can expect blockchain-syndicated loans soon, however, the finance industry will need to align with the standards. They will need to set up checks and balances beforehand so that blockchain technology can make its way into the sector.
Voting:
Another disruption due to cryptocurrency technology the finance sector expecting is in 'voting management'. Using blockchain technology as a proxy voting mechanism can maintain the stability of electronic voting along with increased security measures. In fact, the NASDAQ chief announced that the Estonian NASDAQ market will incorporate the use of blockchain-based technology to enable proxy voting at AGMs.
Shares and Dividends:
Cryptocurrency developers are modifying cryptocurrency technology to accommodate the issuance of dividends and shares. In 2017, the U.S. Security and Exchange Commission (SEC) allowed the use of blockchain technology to enable Internet Trader Overstack.com to issue company shares.
Blockchain as a Proof Chain:
A group of users verifies the transactions stored in the Blockchain database and not by a single entity, thus, increasing the level of trust and leaving no single point of failure. Additionally, the technology individually timestamps and cryptographically signs each of part of the block in the chain.
So, if any process asks for a proof-of-validity and documentation banks can, instead, use individual blocks, such as for identity verification. Companies can use Blockchain to create certified and verified entities that bring a level of assurance to the fore when executing financial transactions.
Also Read: How Cryptocurrency Enhances the Cross-Border Payments
What Type of Blockchain to Use?
There are various types of blockchain; mainly falling into the category of private and public. Although companies like Ethereum and Ripple could propose to use their blockchain, the blockchain community and banks don't like to depend on a company to transfer their assets.
In Summary:
Indeed, cryptocurrencies' underlying technology, the blockchain, is being taken into consideration by the banking industry. Analysts have found that 94% of financial professionals involved in the survey believed that cryptocurrency in Banking has the potential to bring effective outcomes.
Mudit Kumar
22 Jun 2018
Will GDPR Bring Cryptocurrency Services to a Halt
The European Union (EU) GDPR (General Data Protection Regulation) is the new legislation designed to favor and protect the use of Personal Data of the people residing in it. It aims to provide individuals with complete control over their data.
Although the law applies to individuals and personal data residents living within the EU, many industries, organizations, and services are looking forward to adhering to GDPR compliance for the benefit of all users. Additionally, as the GDPR is applicable from May 25, 2018, many cryptocurrency service providers are also curious to know about making changes to align their practices and policies with compliance.
Blockchain: GDPR and Cryptocurrency Services
One key objective of the GDPR is to empower individuals with various data rights. Some of those rights have no problem aligning with blockchain technology.
For instance, the GDPR involves the right to information, providing individuals with a right to ask how their Personal Data is being shared and processed. The right to access is a good step towards increasing transparency, as it enables users to view Personal Data collected by a company, organization, or service.
Further, the GDPR proposes "the right to be erased." It offers individual data subjects the right to ask for the removal of any personal data. At the same time, immutability is the core feature of blockchain technology, as there is no central authority to oversee the erasure of personal data.
Therefore, this part of the GDPR becomes a challenge for open blockchain networks that store the personal data of users on the blockchain.
Also, read this article to know how Private Blockchains come to the rescue here.
GDPR and Cryptocurrency Services:
If you're a user of cryptocurrency services that include crypto exchange software platforms, cryptocurrency wallet development, and peer-to-peer marketing, you might have got numerous emails in the last couple of months asking you to revise the terms and privacy policies of service.
While the precise details of these changes are a subject of variation, here is a synopsis of the GDPR and Cryptocurrency services, and, of a few trends that cryptocurrency service providers will need to comprehend to become GDPR compliant.
Strengthening the use of Personal Data:
In preparation for a user's request to access, modify, move, or remove personal data, we can expect some cryptocurrency services to limit users to the use of only a single account.
Also, we can expect these services using software and tools that will show all personal data of an individual in a single location and ones that will enable users to make requests related to their data.
A detailed explanation of personal data gathering and its usage:
The GDPR bounds service providers to provide precise, clear, and layman-language explanations of why and how an individual's data is in use at a granular level. Thus, offering EU citizens the opportunity to know; if used for regulatory compliance, for operating a given service, or for revenue generation and advertising.
Verification of third parties that access and use your data:
Often, service providers use third parties and allow them to access and process users' personal data as a part of service delivery. These third parties may be using your data for numerous purposes, including transaction processing, identity verification, service tracking, and identifying &fixing bugs and service errors.
Here, updates to terms and privacy policies of service must highlight where third parties are being used to utilize an individual's data.
To a certain extent, it enables users to understand the background process and allows them to comprehend more about the cryptocurrency services or any other service provider you have chosen to conduct the business and who they associate with to grow it.
Mudit Kumar
20 Jun 2018
The Boons of Integrating Blockchain and Smart Contract in Finance
Traditional finance depends on paper-based systems and involves intermediaries. It leads to inefficiency, lack of privacy, and fraud. Blockchain and smart contracts can bring automation to different processes in finance. Businesses can also use blockchain and smart contracts in finance to use crypto, tokenize assets, and more. This article gives more detail about smart contract development in various finance-related fields.
How are Blockchain and Smart Contracts in Finance | Disrupting Banking and Investing
Applying for a credit card or a bank account is no less than a crazy legalese contract affair. Financial institutions provide hundreds of pages to read that are somewhat difficult to understand. Such contracts are full of holes as they allow space for interpretation, thus, are a complete waste.
Fortunately, smart contracts bear no such above-mentioned characteristics. A smart contract is a simple software code that works as a controller. For instance, a smart contract only controls its output data, such as a cryptocurrency.
In addition, a dApp developer encodes all the requirements into the smart contract, leaving no space for any interpretation. Then, even a dApp developer won't be able to modify it.
Suggested Post | Driving DeFi Revolution with Smart Contracts
Blockchain and Smart Contract in Finance | Applying the Concept to the Real World
A smart contract has various qualities; it's smart, secure, fast, and private. A fine technology that's completely applicable to the theoretical world.
Businesses can use a blockchain and a smart contract to revolutionize the finance sector. Developers will need to code smart contracts that are both sensible and valuable. These computer programs will have to be beneficial for both the consumer and the service provider.
Check It Out | Top Blockchain Use Cases in Finance
Using Blockchain and Smart Contracts in Finance to Save Millions
Smart individuals are looking for ways to yield the benefits of new technological advancements, including smart contracts.
In fact, even Forbes has declared that a smartly developed smart contract can save a fortune if used in Fintech. Banks can even save up to $10 billion a year by using blockchain technology and smart contracts. By using a program code that has the capability to execute automatic operations when pre-defined conditions or requirements aren't met (for instance, if A does B, then execute condition C).
Explore | Developing an Advanced DeFI (Decentralized Finance) Wallet
A Smart Contract is a Must-Have for a Treasurer
A smart contract enables a developer to build a system for a treasurer that automatically alerts him about a suspicious transaction. This aspect of the smart contract makes it extremely valuable for the person who has a task to provide financial oversight.
Summary
The use of blockchain and smart contracts in finance can save millions of bucks and countless hours of work and costs. Further, the combination of these disruptive technologies will add value to the customer as well by drastically solving billing disputes.
Need assistance in developing a blockchain-based smart contract for your financial institution? blockchain developers at Oodles can help you out. Contact us to discuss your requirements today.
Mudit Kumar
19 Jun 2018
How To Build Your CryptoCoin/Token and Start an ICO
Nowadays, ICOs are the latest trend in the cryptocurrency landscape. They deserve so because of their characteristics to be an agile fundraiser for coin development at almost half the cost of an IPO (Initial Public Offering). ICOs can be seen as another possible way of crowdfunding that has emerged outside of the conventional system of finance. An ICO campaign is usually run for over a period of a week or more. Meanwhile, it allows the buying of a freshly mined token in exchange for an already-developed cryptocurrency. The mined token will have a pre-determined price that will not change during the ICO campaign, keeping the token supply unchanged. Other alternatives are a dynamic token supply that'll be assessed by the number of funds received and a fixed supply with dynamic funding (the more funds, the higher the token charge). And thus, ICOs are one of the best ways for companies to raise funds and for users to invest in cryptocurrency projects.
Coin Development Process
From a blockchain developer's view, the process of developing a coin and creating a landing page using the Ethereum platform is:
Specifications:
Working upon a set of specifications helps in devising the rules as well as refraining from making updates which may reduce the credibility of the community. Fundamental parameters like start date, end date, minimum and maximum caps as well as the currency for exchange are generally discussed and confirmed in this phase.
Implementing, Testing & Deploying A Smart Contract:
For all possible scenarios, all lines of codes are in detail tested. Fixed code analysis, code review, and audit support in finding complex behavior and fixing them.
Trading Tools:
Getting a standard Ethereum-based smart contract for representing a coin with a simple ICO can be achieved with the following tools:
Solidity as the programming language
Truffle Framework as the testing and development tool
Open Zeppelin Solidity contracts as the base of the smart contract
TestRPC for Ethereum-based blockchain node stimulation
JavaScript for programming the test units
And MyEtherWallet for testing and deploying the contract on the Ethereum blockchain.
Implementation:
An example of the contract will be put to the test to analyze its properties by accessing the fields and calling features to execute absent parts.
Deployment:
After running the contract through a set of unit tests, it gets compiled using Truffle and further deployed to MyEtherWallet to test the Ethereum blockchain.
Nonautomated Testing:
Before going live, the code is run through comprehensive unit tests and tested against a functioning blockchain.
ICO Status Page:
The status page is one of the most important parts of ICO. A good-quality page keeps users informed about the fundamental ICO parameters such as start and end dates, prices, bonuses, minimum and maximum cap, etc.
In Summary
In this blog, we have covered the basics of Ethereum Smart Contracts, ICOs, the vitality of having clear specifications, smart contract development, and automatic and manual testing. However, there's more to having a successful ICO campaign, such as an excellent white paper, ICO marketing strategies, and technical execution. Get the complete coin and ICO development solutions under one roof at blockchain.oodles.io.
Mudit Kumar
18 Jun 2018
Cryptocurrencies Beyond Currency: Enabler of New Possibilities
Cryptocurrencies have experienced a dramatic rise in their popularity over the past few years. In return, 2017 not only saw a bubble for BTC in particular, but for many other cryptocurrencies, tokens, and altcoins as well. However, the start-off of 2018 has been proving to be a challenging year for this market, with the values declining rapidly as the bubble burst. Nevertheless, many blockchain enthusiasts still believe that cryptocurrencies are here to stay, they will remain to be to the future of currency. In this blog, we'll take a look at the uses of cryptocurrencies beyond currency and their potential to reform the way we do business. For more about crypto, visit our crypto/token development services.
Cryptocurrencies beyond Currency
One of the significant reasons why cryptocurrencies are still the future of currency is the blockchain technology that forms the network.
The technology offers a few disruptive, technological advancements such as secure encryptions, pseudonymity, and privacy. World leaders have already begun taking advantage of Blockchain technology. Despite the market being in the midst of a downturn and with a myriad of potential lying behind the technology as well as the possibilities that cryptocurrencies bring themselves, there is a lot to be explored. Among many prominent sectors, the finance industry is the new addition that is seeking to yield the advantages of blockchain technology. The industry wants to strengthen its security measures and is much more likely to adopt cryptocurrencies as part of this.
You may also like this | Everything You Need to Know About Crypto Exchange Marketing
Smart Contracts
One of the most viable uses of cryptocurrencies beyond currency is developing Smart Contracts.
A few cryptocurrencies built on the ERC-20 framework can develop what's known as Smart Contracts, they're highly encrypted and lay the foundation for new methods for transactions to occur. Smart Contracts are helping to ensure the tokens themselves sustain their growth and popularity. The inability for the contracts to be tempered or amended once verified on the network and the higher levels of security can help to ensure the finance industry achieves an increased level of transparency which many entities feel they're looking to get.
Also, Check | Smart Contract Development Services
Tokens and Alt-Coins
When people hear about cryptocurrencies, Bitcoin pops up in their minds, and in a few cases, Ethereum. However, there is an array of altcoins and tokens entering the market. And they are more and more rapidly being developed by companies and even a few countries.
South Korea has developed its very own cryptocurrency, the S-Coin, to excel in the market. With the likes of TRON setting up its test net earlier this year (March 31st) for improving the market, cryptocurrencies, tokens, and altcoins seem to be working together.
Explore more | The Comprehensive Guide to Crypto Token Development
Market Volatility
While the market (especially Bitcoin) is struggling at present, the volatility of cryptocurrencies is significant. As a result, investors are continuing to turn to cryptocurrency development services. The more investment this volatile market gets, the more it will likely continue to grow. And, a key to increasing the level of investment is an increase in regulation which could help stabilize the crypto landscape.
Regulation
Global, countries, as well as industries, want to regulate cryptocurrencies because of a few significant reasons- how cryptocurrencies will impact the business and everyday aspects of life and how they will improve the market.
Read, More | A Guide to Meme Coin Development on Solana
Conclusion
When it's about the use of cryptocurrencies beyond currency, they have a stigma from their past, though imposing regulation can for sure help to stabilize the market. Countries like Japan are also finding ways to make crypto exchange platforms self-regulatory, with independent entities working as compliance departments, to ensure that cryptocurrencies sustain their decentralized attributes.
If you are interested in developing a crypto project, connect with our skilled crypto developers to get started.
Mudit Kumar
18 Jun 2018
Using Private Blockchains to Become GDPR Compliant Business
Estimated Reading Time: 2 min 20 sec
With the GDPR in effect from 25th May, all organizations operating within the EU will have to comply with it, including those who use blockchain to store personal data. But, it's easier said than done. For all of its potential, Blockchain brings up some crucial challenges under the new legislation.
Although consensus seems to be that blockchain is deep down incompatible with GDPR compliance, experts believe that it depends on how you use (define) 'blockchain.'
If you are using blockchain to store personal data, GDPR compliance will rely upon how you process it, as well as the sort of blockchain you have set up. Additionally, the system must address the two main principles of the GDPR: data protection rights (people should be able to ask for their data removal) and accountability (there have to be data processors and controllers).
Here's a perfect instance:
A startup is thinking to launch a bike rental scheme through an ICO (Initial Coin Offering) campaign. So, when a person wants to rent a bike sets up an account, receives a private key, uses an exchange platform, and purchases some coins. Further, he takes the coins (tokens) to a bike, checks in with his private key, and enjoys his ride. When returning the bike, the implemented smart contract will process the payment. All of these transactions will get executed on a blockchain ledger.
There could be two different ways to record this transaction information, which comprises personal data. The first option is an open, public blockchain, such as Bitcoin. In this case, anyone can download the software, as well as run it on their device(s); they may get paid for doing so.
In this scenario, who should be held accountable? Although the bike rental company wrote the software, it refrains itself from touching any personal data- it means, neither it's a processor nor a controller, as per the law. The individuals managing nodes don't have any control over the system and thus, not falling into either condition.
The customer can ask for their data removal, but doing so is quite cumbersome on a public blockchain - which is probably stored in a ledger over thousands of machines.
Private Blockchains Development Comes To The Rescue For GDPR Compliance
A private blockchain is the other viable option and also, the most suitable one. Instead of thousands of uncontrolled nodes, a private blockchain can be limited to a particular, controlled quantity of nodes. For instance, one in your house, one in the cloud, and one stored with a third-party auditor that guarantees the solidity of the system in case of any clashes.
In the sense of accountability, the individual who ran the blockchain, and has a stored in his home, is "perhaps" the controller, while the third-party auditor and the cloud service provider can be called the processors. In addition to this, due to a controlled quantity of nodes data subject lawfulness can be made more comprehensible. However, to remove personal data, a new format of the chain (a fork) will be required.
In summary:
If blockchain experts and enthusiasts these suggestions, taken seriously, most probably, we can expect a move away from public blockchain use for business. We might expect more of a development driven towards closed, controlled, private blockchains in the coming days. 'Crypto-anarchy' might also see a move away.
Eventually, using private blockchains, companies can go about ensuring that they adhere to the GDPR compliance. So they can benefit from such disruptive technological inventions.
Mudit Kumar
12 Jun 2018
GDPR Compliance: How Blockchain Addresses Its Challenges
Given the recent events, people are becoming increasingly aware of the use of their information (data). Now, individuals are more than ever concerned about the threats of the data. The implementation of GDPR (General Data Protection Regulation) is like a breath of fresh air for consumers.
GDPR:
The GDPR seeks to provide the European Union residents a complete control over the use of their personal information (data), it creates a coordinating data protection law across the European Union.
With GDPR, even organizations having no physical market presence in the EU will have to comply with the GDPR compliance. Such organizations, offering paid or unpaid services or goods to consumers residing in the EU, will be required to be compliant with the new legislation.
Blockchain:
Blockchain is an immutable, distributed ledger that can store the history of transactions. It forms a new landscape of transactional applications that help form transparency and accountability. Blockchain offers a supreme level of both things due to its ability to manage any data, based on its tamper-resistant data storage, and consensus model used to modify the data.
While GDPR and blockchain had different goals initially- forming a currency ecosystem based on a decentralized model & implementing data privacy laws- both initiative has similar principles; secured and self-sovereign data (individuals in control of their data).
As now you know that both the initiatives align on a similar principle, you must think about how blockchain can help you to address your GDPR hindrances.
Blockchain in GDPR Compliance and how it might come to the Rescue
The most defining feature of the legislation's new regulation is that of "privacy by design." Instead of developing a system and then "adding" privacy and security as a secondary issue, the EU emphasizes, the designed system must minimize superflows data gathering and protect that which is required for operations.
Fortunately, shared (distributed) ledger technology is both intensely private and equally secure.
Let's Understand, How?
Firstly, blockchain technology enables users to exchange data with almost perfect anonymity, contingent on the application.
While a public blockchain contains an address for an inter-user transaction having no identifying elements in it, a private blockchain asks for permission to provide access.
Additionally, by creating a decentralized transaction process, distributed ledger systems eradicate the issues generally exploited in a centralized data repository. Thus, rather than leaving space for a recognizable single point of failing, a blockchain ledger ensures that single-breach failures are nearly impossible to happen.
One of the other significant characteristics a GDPR-compatible Blockchain service offers is immutability. In order to rely on evidence of GDPR compliance, all involved parties must have a unified trust, which is complete, unchanged, and accurate. It can be possible by using blockchain technology to record transactions.
It creates a unique signature for digital records when delivered to the platform, such as data transactions, events, or documents. Further, it stores these signatures in a proof chain that's an unchangeable ledger.
So, after the creation of evidence seals, the evidence holder gets a notification with a token to allow proof certificates based on those seals that can be accessed whenever needed. These proof certificates can help validate claims for each party involved, providing clear evidence of the action.
As the world is moving towards regulated data collection, security, and storage, Blockchain offers the most viable method for being compliant with upcoming, new international rules and regulations. The decentralized model and extremely minimal, invasive nature of the blockchain platforms adhere to new GDPR principles of privacy by design and the availability and immutability of the implementation of a proof chain guarantee prevention of malicious data corruption.
Mudit Kumar
11 Jun 2018
Ethereum Smart Contracts: Best Use Cases
Ethereum is known as the second generation of the blockchain technology. The first generation is Bitcoin, though it has restrained scripting abilities. And thus, to develop Smart Contracts that are deployable on the Ethereum blockchain is not possible on the Bitcoin blockchain. That's why Vitalik Buterin, the father of Ethereum, visioned a blockchain like Ethereum. The Ethereum blockchain contains advanced scripting abilities. For instance, Turing completeness along with smart contracts is one of its unique features.
Due to the advanced scripting abilities of the Ethereum smart contracts (blockchain) solutions, many unforeseen use cases of Ethereum smart contracts are imaginable in today's world.
Read on to know some of the best use cases of Ethereum Smart Contracts:
1) Banking & Financial Services Contracts
Ethereum Smart Contracts have found many smart use cases in the financial and banking industry.
Smart Contracts can become applicable to various areas, such as in national bonds, mortgages, insurance claims, payments, settlements, etc.
For instance, let us suppose that a person is paying EMIs for an asset and fails to pay an 'x' number of EMIs consecutively without providing any prior notice to the bank. In this case, instead of implying a foreclosure process, a complete-length smart contract can be written for enforcing the terms and conditions.
Or let us imagine, a government bond is about to mature. If written and maintained with Smart Contracts, it will disburse the maturity funds to the bearer upon maturity.
Doesn't it sound like an incredible application of smart contracts?
2) ICOs or DAICOs:
Ethereum Smart Contracts can help make the complete process of ICOs (Initial Coin Offering) or token sales more transparent, effective, and democratic.
Not long ago, Vitalik Buterin, the founder of Ethereum, presented a DAICO model. It's a hybrid model of a DAO and ICO.
In a DAICO, the development team that's planning to launch an ICO campaign executes a DAICO smart contract on the Ethereum blockchain along with a DAICO variable known as 'tap'. Although it's quite different when compared to the old ICO model, it also commences in 'Contribution mode' just like the old ICO contracts and enables investors to contribute Ether according to the rules of the ICO.
However, the variable in the DAICO contract, the 'tap', determines how much Ether a developer can withdraw from the contract per second. The tap limit gets monitored and governed by the DAICO contributors. It, eventually, allows contributors to keep a check on the developers as they aren't allowed to withdraw the whole contributed sum at once.
Now you can see how effective and efficient the ICO or token sale model can become using advanced Ethereum smart contracts.
3) Prediction Markets
The prediction market is another insightful addition to the use cases of Ethereum smart contracts. Also, there are a few platforms developed on the Ethereum blockchain. They decided to implement the use case of prediction markets, such as Gnosis and Augur.
The idea of a prediction market can be used for the places where you want to predict the outcome of an ongoing football match, an Election campaign in a country, price discovery points of auctions, the probability of Elon Musk succeeding in colonizing Mars, etc.
In such scenarios, the participants will be provided with incentives when making predictions. When some of them predict accurately, they'll be further rewarded using trustless smart contracts deployed on the Ethereum blockchain.
Not only these predictions can be used in gambling and betting but also for knowing whether a should go with the launch of a particular product or not and thus, making the entire process cheap and rewarding.
4) Replacing Escrow
Smart Contracts can come in use in places where you have escrow services and middlemen. Because now it's possible to replace them with smart contracts.
However, smart contracts, in this scenario, need to be extremely agile and proficient. They need to be thoroughly equipped with all scenarios and conditions. Indeed, should be well-tested.
One instance of it can be that you develop a smart contract-based job portal like Upwork where Smart Contracts will act like the escrow rather than a centralized platform that asks for commissions on each successful work done through them.
Mudit Kumar
10 Jun 2018
Reinventing Banking Processes with Blockchain Smart Contracts
A couple of years ago, Blockchain was moving out its legs and presenting itself as the backbone of cryptocurrencies like Bitcoin. During those days it was hard to imagine how influential and revolutionary it would become in the coming years. Today, most industries are looking forward to adopting this technology, including healthcare, fintech, automotive, etc.
Further, the next hype around the blockchain is the use of smart contracts and the opportunities they offer to deal-makers. As for now, blockchain-based Smart Contracts aren't only about digital transactions- you can even buy, sell, and exchange any tangible and intangible assets.
Meanwhile, the potential of blockchain-based smart contracts in the banking sector is quite significant. And thus, an acute question is the following- how to use Smart Contracts in banking and develop a transparent and efficient blockchain-based banking system?
A Comparison Between Physical Contracts and Smart Contracts:
In the banking industry, every process/action and deal need to adhere to the terms and conditions mentioned in a contract. This contract defines rights and duties. However, there is one issue with standard contracts written on paper, they seem to be outdated given the advancements in technologies and the increasingly developing digital era. The issuance of such contracts is time-consuming and inefficient. Also, they are easy to forge and destroy. Moreover, humans play a crucial role in the enforcement of paper contracts. It's the people who sign contracts and monitor whether all the conditions mentioned in them are getting fulfilled. But the issue that hinders this process is that humans are not as attentive and agile as machines could be.
On the other hand, when using Smart Contracts for Banking, you won't need to ponder over these irritating imperfections. A smart contract is software that defines rules and conditions around an agreement (contract) as traditional agreements do, but when the condition gets fulfilled, unlike paper contracts, it gets executed automatically.
Although both types of contracts (agreements) provide guarantees to the parties involved and ascribe duties, Smart Contracts are more efficient. They can reduce risks, lower administrative costs, and make the enforcement processes execute more efficiently.
As we have discussed a little bit about why traditional contracts don't seem to be a viable option in banking, now we will be focusing on how Smart Contracts in banking can be used to streamline and strengthen the sector's drawbacks.
How Can Financial Institutions Benefit From Smart Contracts?
Smart Contracts in banking can be applied quite easily. And then, clients can participate in the exchange of money, shares, property, and anything else of some value. But, why would banks prefer Smart Contracts over traditional ones? Let's understand a few significant benefits:
Reduce risks
Real-time and faster transfers of digital currency
Decrease costs due to fewer intermediaries
Establish trust and transparency
Eliminate inefficient processes
Opportunities Smart Contracts In Banking Services Industry Offer?
Capital Markets and Investments:
Corporate Finance; IPOs (Initial Public Offers) and private equity
Structured Finance; leveraged and syndicated loans
Robust stock exchange market infrastructure
Commercial and Retail Banking:
Trade finance; supply-chain documentation, invoicing, and payments
Mortgage Lending
Crowdfunding and loans to startups and SMEs
Insurance:
Automated claims processing in motor insurance, crop insurance, etc.
Fraud Prevention in luxury goods
New Products: insurance for the sharing economy, peer-to-peer insurance, autonomous vehicles, cyber insurance, etc.
The Future of Smart Contracts in Banking:
A few banking startups have already made their way into the market. One of them is Polybius. It's a digital bank that runs on the Ethereum-based blockchain solution. They were able to gain some growth due to their ICO campaign. Supported by Ambisafe Software, their ICO campaign was quite successful- surprisingly, they had collected BTC 12, 380 (approx. $31,00,000).
Indeed, we can expect a shift towards blockchain and smart contracts in banking. It's likely that global banks would resort to paper contracts but gradually incline towards cryptocurrency solutions and Smart Contracts.
Mudit Kumar
07 Jun 2018
Unexpected Ways Blockchain Is Being Used For Disruption
Blockchain technology is being considered as the next disruptive technology after the internet because of the numerous advantages it offers to various industries. The advent of such reinventing technology often requires the disposition of existing concepts. Certainly, Blockchain has the potential to cause a global paradigm shift.
In this article, we will discuss ten unexpected ways blockchain is in use for disruption. We will analyze what makes Blockchain so transforming and radical.
Following are the ways Blockchain Technology is causing disruption:
Facilitating hassle-free banking payments:
Regular customers of Western Union or any other payment solutions for transferring funds can attest to the pain points and rigors of such easy task. The technology can even change the way banking is done by authenticating and allowing high volume transactions in a very reassuring manner.
The emergence of cryptocurrency development services has also promised to influence the conventional banking procedures. Many financial institutions are already incorporating decentralized blockchain applications for some of their business operations with Ethereum and Ripple leading the pack. Indeed, Blockchain technology is likely going to be accepted and used by more countries. Also, cryptocurrency may become the most sought-after way of online trading in future.
Enhancing Cyber Security:
It is likely that you may know a friend or colleague who fell into the trap of an Internet scam. Or, you might as well be a victim of false Internet schemes. So, do not fret as Blockchain technology can for sure put an end to this. It will be able to minimize the need for human interaction or compromise, using smart contracts development and advanced cryptography strategies.
It lays the foundation for reduced human errors. Then, unauthorized tweaks, changes or hacks will be limited. In addition to this, while centralized servers can be corrupted or compromised easily, Blockchain is immutable and immune to any data hack.
Improving Crowdfunding:
According to statistics, we are forming an entrepreneurial economy because of the increasing rate of startups. Unfortunately, many businesses fail to prosper and die even before their first year due to lack of sufficient funding.
Here, ICO development services can change the way of fundraising with the effective blockchain solutions in place which supports seamless crowdfunding.
Bettering The Healthcare Industry:
Blockchain is helping developers to develop applications that can bring the healthcare sector on the track. Think of a situation where you are no longer required to carry your medical records along. Also, one of the primary causes of most hospital death is due to wrong diagnosis practices as results of misplaced or false information. Using blockchain technology a secure and decentralized system can be created which will consist of medical records, patient history, and associated facts. On top of that, enhanced and improved security layer will make sure that only those who are authorized get access to that private, privileged medical information.
Mudit Kumar
06 Jun 2018
Achieving Operational Efficiency in Automotive Operations with Blockchain
Usually, people think of blockchain, one of the most buzzing trends of 2018, as a technology that stands behind the advent of all cryptocurrencies, such as Bitcoin and Ethereum. However, in the last couple of months, this technology has presented itself as a source of disruption for various industries. Now it contains much more potential than just financial transactions. In this blog, we will be understanding how blockchain for Automotive can streamline this sector's cumbersome processes and operations.
Although the financial sector has been making exploring the technology for the last few years, blockchain automotive solutions have only begun tapping into this technology for discovering new advantages.
After using blockchain for Automotive, the next change in the use of vehicles will be that they might be able to talk to each other. They will be able to transmit important data about road safety, conditions, and maneuvers. Vehicles will not only be a medium of transportation. Significantly, Blockchain will play a vital role in the further automotive technology revolution.
Automotive companies tend to put money quite often in technology development. As per a report by Sullivan and Frost, a market research company, such companies may spend approx. $169 billion on incorporating new technological advancements by 2025. Also, read why every company will be using Blockchain by 2028. Out of this amount of investment, it's expected that 0.6% investments will be on the Blockchain. So, how can vehicle manufacturers, lenders, resellers, and distributors use Blockchain to their benefit?
Blockchain For Automotive: Use Cases
There are numerous ways the automotive sector can make use of Blockchain.
Immutability (record in the chain are not alterable or modifiable);
Transparency (records of all transactions happening in the chain are fully monitorable);
Permanence (until and unless the public ledger remains operative, its records will be safe);
No intermediation (given the decentralized system, members of the network can cooperate with each other directly, no intermediary required);
Increased speed of operations (faster transactions in comparison to centrally-controlled systems);
Data safety (network members will have a complete detail of the registry, it's impossible to breach data);
Now, read on to know each use case in detail.
Car Sales:
When planning to buy a second-hand car, customers usually face the issue of compromised odometer data. We buy a second-hand car and later come to know that it has been driven much more miles than we thought. This is where Blockchain comes into play.
Since blockchain data is unalterable, you can always compare a seller's words with the real information stored on a blockchain network. Not only you will be able to see any information about a car: mileage, repair history, accidents, etc., but will also be able to extract any other data that will help customers to not invest in the wrong purchase.
Fake Car Parts:
During 2017, Abu Dhabi officers seized more than 500,000 fake auto spare parts worth of $4 million in a single day. It had taken their whole day to count all fake pieces. Now, it's difficult to imagine how big a market of counterfeit car parts is. According to Nissan's officials, it has lost about $60 million in the Arab Emirates in a year due to fake car parts.
This means that the world requires a convenient countermeasure. Apart from money theft from car manufacturers, as well as the decreased number of jobs and fake parts can also hamper our lives, especially when talking about airbags. Luckily, the blockchain technology is a convenient solution to these issues. By using Radio-Frequency Identification Tags (RFID), car manufacturers will have proof-of-provenance of car parts and track a particular car in the supply chain, while the public ledger will store all the information about a car. Those automotive companies that will integrate Blockchain to prove the provenance of auto parts will be able to considerably lower the expense associated with recall activities.
Auto Insurance:
Blockchain can bring many unexpected benefits to insurance companies. Both the proof-of-provenance concept and Blockchain's immutability factor can help organizations to strengthen their operating activities. When a car insurance company gets fraudulent information through false claims or any other means, the use of smart contracts can help it to validate the information. With Blockchain for Automotive, insurers can even check whether a car required urgent repair before its accident, which could be due to the vehicle's technical complications or verify any other related query asked by the submitter.
As per a report by Reuters, Toyota has partnered with a few technology companies like BigchainDB, MIT, and Oaken Innovations, to develop blockchain-based applications regarding insurance purposes. Therefore, we might be seeing some usage-based blockchain solutions in 2018, from Toyota.
Expedition of self-driving car development:
Although Tesla has begun selling its cars that's equipped with a built-in autopilot feature, self-driving cars are still imperfect. They heavily depend on the condition of road marking and the readability of road signs. To propel the development process of self-driving cars, manufacturers need to gather and process a huge chunk of data.
Chris Ballinger, a Toyota official, states that because of the blockchain, automatic cars will be seen running on the roads sooner. Shared (distributed) ledger and blockchains can enable the transfer of necessary data between researchers, vehicle owners, and manufacturers. After that, car manufacturers would be able to gather any data quickly and begin the development of completely automatic electric vehicles.
Final Thoughts:
With Blockchain for Automotive, it can be made easier for corresponding companies to adhere to regulatory compliance. With blockchain for automotive, the automobile sector can become more trustworthy and efficient. Certainly, the technology has immense potential and is highly promising, though not completely mature yet.
Our Blockchain Solutions team, one of the leading blockchain development service providers in India with an extensive expertise in developing IT solutions for various industries, would like to help you develop a well-crafted application based on Blockchain or any other technology. Contact us at [email protected] to learn more.
Mudit Kumar
06 Jun 2018
Why Choose Oodles for Blockchain Development Services
Oodles Technologies' primary goal is to become a world leader in blockchain development services. The reason to excel in this landscape is that we know how Blockchain can help transform from lives to everything. And thus, we have gained expertise in blockchain development services which enable us to offer custom blockchain-based solutions for applications to be used in industries. So, let's come and explore a world full of opportunities with our best blockchain development services aimed to provide you with the platform you need to succeed. Also, we are experts in delivering strategically designed ICO (initial coin offering), Smart Contracts, smart wallets, Hyperledger, and other blockchain-based solutions.
What Are Our Blockchain Development Services?
Here is a list of reliable and intricate solutions in blockchain technology from our expert blockchain developers for a wide array of applications.
Decentralized Blockchain Application Development:
Oodles Technologies decided to carve out its niche in the field of blockchain app development by deploying some of the best custom decentralized blockchain applications, and infrastructure support. If you want to fast-forward your business to race ahead of your rivals and want to create a fast, secure, and transparent identity for your business, we can help you find a perfect blockchain technology solution.
Smart Contract Development:
Smart Contracts refer to self-executing wills. They make use of Blockchain technology to enable negotiation between two (or more) parties based on contractual clauses. Using smart contracts, you will be able to exchange almost anything such as shares, property, money, stocks, etc., and that too without any fear of fraud. Further, the utilization of blockchain technology and Escrow makes smart contracts as secure as they could ever be.
Choosing us can eliminate all the pain points of hiring the best blockchain development company. We are pioneers in developing secure, robust, and decentralized Smart Contracts based on a business' terms or conditions.
Cryptocurrency Exchange Software Development:
In a cryptocurrency exchange, all trades/exchanges are done between users using an automated process. This P2P (peer-to-peer) feature of exchanges is probably the prime reason for the unforeseen popularity of exchange websites. Another prominent advantage of executing trades through online cryptocurrency exchanges is that they offer unique and secure privacy features to their users; they're not permissioned to reveal users' personal details to anyone.
We can develop robust exchange platforms with Escrow integration to enable fair trade between involved parties. With the help of our end-to-end cryptocurrency exchange development services, you can have a high-end exchange website that will provide its users with a seamless trade/exchange process.
Hyperledger Development Services:
The Hyperledger project propels cross-industry cooperation by enabling the development of private, public, and distributed ledgers, with a focus on increasing the reliability and performance of the existing blockchain systems. Hyperledger powers these systems to efficiently support the international as well as local transactions executed by various manufacturing, financial, and supply chain organizations.
We make use of the Hyperledger ecosystem to develop secure, private blockchain applications. For that reason, we can be the best choice for creating private and public blockchain solutions for different business needs. With that, you can effectively segregate various levels of hierarchy within a business as we use Hyperledger fabric for developing private and public blockchains.
Private Blockchain Solutions:
A private blockchain develops a permissioned network which as a result, put restraints on the users that are permissioned to join in the network activities. Therefore, every new joiner would need to take the permission of the governing party to participate in the network.
Blockchain Development Services provided by Oodles Technologies offer an extremely secure private blockchain infrastructure of shared peers. This sort of infrastructure helps organizations in verifying transactions via smart contracts.
ICO Development Services:
ICO (Initial Coin Offering) is a decentralized way of raising funds. The raised fund using ICO crowdfunding provides financial help to cryptocurrency projects. An ICO campaign enables investors to help grow an underway cryptocurrency venture by buying freshly mined crypto tokens in replacement of a legal tender of in-demand cryptocurrencies like Ether and Bitcoin. Investors can buy ICO tokens during an ICO crowdsale as a means of investment in the organization. The idea of ICO is quite similar to IPO (Initial Public Offering). In an IPO, investors purchase shares of a company to support its business growth.
Oodles Technologies is an India-based IT firm, famous for its successful ICO development services which are available at the most cost-effective prices. We help companies build and launch their ICO campaigns so that they can initiate their cryptocurrency projects successfully.
Cryptocurrency Development:
A cryptocurrency refers to a digital entity. It works as a means of exchange and is best known for facilitating secure digital transactions using cryptography.
We, at Blockchain Solutions, which is a brainchild of Oodles Technologies take immense pride in ourselves as we possess the requisite resources for enabling flawless cryptocurrency development. Also, we have a team of expert cryptocurrency developers who will help you comprehend every aspect of cryptocurrency development, from the initiation of the project to the launch.
Blockchain and Supply Chain development:
The manufacturing sector is heavily dependent on supply chain management. And top of that, the supply chains are becoming more cumbersome and complicated. Although it can be done quickly to process an order, it's now taking a while to execute a transaction between the supplier and the manufacturer. In the majority of such cases, the delivery contracts are required to be managed by lawyers and bankers. It not only adds to the increased costs but also causes delays. However, Blockchain can prove to be the panacea for this supply chain. The technology can help industries strengthen and streamline their supply chains. And we are a leading blockchain development company that can help you achieve your goals using the deft expertise of our blockchain developers and best blockchain development services.
Trading Software Development:
Trading in the cryptocurrency landscape has propelled the use of cryptocurrencies and has gained immense popularity in the past few years. As the use of cryptocurrencies has increased, it has led to immense growth in Online Cryptocurrency Trading Community as well. While in the beginning, trading was limited to a couple of cryptocurrencies like Bitcoin, Ether, and Litecoin, now you can indulge in trading on a myriad of cryptocurrencies or Altcoins like Monero, Ripple, Dash, Dogecoin, and Bitcoin Cash. Basically, this type of trading is investing in a cryptocurrency for a short period of time. Where users purchase a few units of a digital currency at low prices and sell it off at a higher price.
With our top-class trading/exchange platform development services, we can help you develop the best, most robust, and most secure trading platforms. We also offer development services for the most popular cryptocurrencies like Bitcoin, Ether, Litecoin, and Ripple. Above all, the distinctive filter options allow new users to find traders from all over the world.
Mudit Kumar
05 Jun 2018
Best Blockchain Solutions To Outgrow Your Business Competition
Blockchain technology is now one of the megatrends, presenting itself as a new alternative to standard currency, transaction methods, and centralized banking. Mentioned best Blockchain solutions are not only changing the way we utilize financial transactions but also laying the foundation for alternative uses that will transform the whole world.
In a nutshell, Blockchain refers to a shared, distributed ledger, which maintains a constantly-increasing list of each digital transaction encompassing every network dispersed over thousands of computers. This forms an ecosystem that's almost impossible to hack and thus, transforming the banking processes and operations. In my opinion, it could even transform the way we run our businesses.
Best 5 Blockchain Solutions to Outgrow Your Business Competition
Blockchain-based Smart Contracts:
Traditional contracts (paper) can take up to weeks to reach overseas, while digital documents can be forged easily.
So, is there any concrete way to automate transactions to make them more efficient, smarter, and secure for each party involved?
For that, world leaders are looking forward to adopting blockchain-based smart contracts as a possible solution to compliance.
Blockchain-based smart contracts are self-executing codes placed (written) on a blockchain. They automate the implementation of the terms mentioned in an agreement between parties. It's a critical step taken towards streamlining processes that as for now are spread across multiple ERP systems and databases.
Although smart contracts haven't been proven in the commercial landscape yet, we still believe that permissioned blockchains (privately managed by a small group of parties) will achieve near-term adoption globally.
Two of the most significant blockchain-based smart contracts use cases - 1) securities trade clearing and settlement and (2) trade finance and supply chain document management- are important lessons to learn for technology and business enthusiasts interested in smart contract applications and their development.
Companies like Slock, which is developed on an Ethereum-enabled Internet-of-Things platform, allow customers to rent bicycles based on an agreement. Bicycle users can unlock a smart lock after both involved parties have agreed to the terms and conditions of the agreement. Therefore, a smart contract proves to be one of the best blockchain solutions for developing applications, and in such cases.
Cloud Storage:
In between a wide array of business verticals already using blockchain technology, cloud computing, and cloud storage are ready for their next transformation in just the next few years. Rather than storing information and files on a centralized server, such as a Google Drive, Amazon S3, or Dropbox, platforms like Storj and Sia have decided to use blockchain technology for providing users with decentralized data storage.
By segmenting files into numerous pieces, encrypting, and transferring them into hard drives shared all over the world, private businesses and individuals can offer their unused drive space on rent to make money.
Proof-of-provenance and Supply Chain Communications:
The majority of the things we buy aren't prepared by a single entity but by a chain of suppliers (supply chain) who sell a product's components, such as graphite for pencils, to a company that assembles and markets the final product. The issue with this system is that even if one single component fails, the brand would have to take the brunt of the backlash.
However, by using the best blockchain solutions and its technology, you would be able to proactively provide digitally permanent and auditable public records, which will show the stakeholders the state of the product at each value-added step, be it production, management, or marketing. Provenance and SkuChain are two such instances of companies trying to fix this issue.
Payroll Management:
As we know Blockchain has its roots in cryptocurrency, it does indicate that it can be used as a blockchain application to compensate employees. Geoff Weiss interviews on Entrepreneur that "if a company regularly pays salaries (wages) to international workers, then incorporating the blockchain technology into the payroll process could save that company almost a fortune".
Experts believe that the best blockchain solutions (such as blockchain-based payroll services) can circumvent the expensive fees linked with the money transfer, as well as the time it consumes for such funds to transfer from bank to bank. Indeed, payments executed via blockchain solutions can save both time and money for employees and employers alike.
Voting:
Wondering how blockchain technology can influence the voting paradigm around the globe? Read it here.
DPOS (Delegated Proof-of-Stake) is one of the fastest, most decentralized, most efficient, and most flexible consensus models.
DPOS utilizes the power of stakeholder permissioned voting to fix consensus issues in an easy and democratic way. In fact, all network parameters, from block intervals to fee schedules and transaction sizes, can be streamlined via elected delegates.
Mudit Kumar
01 Jun 2018
IoT And Blockchain | Combining These Two Mega Trends
The Internet of Things and Blockchain are two megatrends that are creating a great deal of hype and excitement. And it has not happened only in the technology area but in the wider business world as well. Many technology experts believe that these two megatrends of 2018, IoT and Blockchain, are all set to revitalize all aspects of our lives. However, others think that there is a lot of hot air surrounding both ideas, and a lot of information is yet to be proven.
IoT is a term that describes the existing proliferation of always-online, data-gathering devices in our professional and personal lives. And Blockchain refers to an encrypted distributed data storing (computer filling system) designed to enable the creation of real-time, tamper-proof records.
So, when these two technologies, IoT and Blockchain, are put together, in theory, you can have a secure, verifiable, and permanent way of storing data processed by "smart" machines and IoT.
Why Bring IoT and Blockchain Together?
There are so many significant advantages to this idea of building smart machines that will be able to communicate and operate via blockchain technology.
4 Important Benefits Of Combining These Two Mega Trends:
First:
The main problem is the issue of oversight, an unintentional failure to notice something. With a myriad of data transactions taking place among numerous networks owned and administrated by multiple entities, an immutable and permanent record means that custodianship can be tracked as physical goods, or data, pass between nodes in the supply chain. It's because Blockchain records are extremely transparent- activities can be tracked and assessed by an entity authorized to connect to the network.
If any breakage occurs, something goes wrong, or data leaks where it mustn't, the blockchain record will make it quite easy to determine the weak link. And hopefully, will take the necessary actions.
Second:
The utilization of distributed and encrypted storage means that all parties involved in the supply chain can trust data. Machines will record each detail of transactions taking place between themselves securely, especially with no human oversight.
Furthermore, without the private keys allowing written access to the blockchain, humans won't be able to alter the record with incorrect or inaccurate information.
Also Read: The Arrival of GDPR Causes Major Turbulence Across The EU
Third:
The revolutionary "smart contracts" features offered by a few blockchain networks, such as Ethereum, can allow the creation of such agreements that will be executed only when the pre-determined conditions meet. It will be extremely helpful, for instance, in authorizing one system to enable a payment, after conditions indicate that successful delivery of a service has been provided.
Fourth:
Blockchain offers the underlying potential of overhauling the overall security of the IoT (Internet of Things). The majority of data generated by IoT is extremely personal- for instance, surprisingly, smart home devices have access to personal records about our daily routines and lives. This data is required to be disseminated with other services and machines in order to be beneficial for us. However, it also indicates that there will be chances for hackers to attack us. Thus, businesses and governments using IoT would also have to contend with the ever-increasing scope for data breaches by criminals, foreign enemies, or rivals.
Enabling access to data from IoT devices to be handled through blockchains would mean an extra layer of security that any malicious actor would have to take another way- the layer will be secured by some of the best encryption standards available.
Mudit Kumar
29 May 2018
5 Ways Blockchain Will Change Our Lives, Economy And The world
January in 1999, the internet has taken the world by storm. Its public recognition was reaching an all-time high. Back then, only a few people had an idea of what the internet was, or just how influential it would be in the next few years. However, now we've moved past the learning phase presented by the internet. Now, we very well know how dependent our lives have become on the internet. Similarly, Blockchain technology is presenting itself as the new internet. Experts believe that initially, people were reluctant to foresee the opportunities presented by Blockchain due to the Bitcoin buzz, but now they gradually have started understanding what Blockchain can do and how it can help transform our lives.
This article briefly outlines five surprising ways blockchain is transforming the world.
Monitoring and tracking charity donations:
Is the fund you donated to that charity for children's welfare reaching those children, or will it be deposited to the bank accounts of the CEOs who run the charities? As per a study conducted by Charity Navigator, executives of some of the largest and most prestigious charity firms in the U.S. get salaries exceeding $1 million. However, if charities start accepting cryptocurrencies, it can lay the foundation for increased transparency.
By monitoring the wallet of your charity of choice, you can see their spending of funds. Significantly, it will ensure that the money given to the charity for a good cause is being used for good.
The unbalanced economy:
Soon, microtransactions would become a societal standard. If it happens, people will be able to send a few bucks to the writer of an incredible article they read before bed, to the Instagram influencer they've been following all the while, or to that indie artist who just launched his new EP as a free download. These small tips can be done within a single click and represent a threat to the latest advertising models. As of today, cost-effective cryptocurrencies such as Nano or Litecoin could best represent the potential for micropayments.
Transfer Money Cheaply:
Remittances, when migrants make cross-border payments, or in other words send money to their families back home, are quite fee-heavy transactions. Usually, they eat up as much as 7% of the money that is being sent. It's not only the middle-class American who will get benefit from the low cost associated with transferring cryptocurrencies but also aid the low-income laborer who can't afford to pay 7% of his $100/month paycheck.
Reducing Middlemen Fees:
The advent of the internet+ smartphone combination has provided us with access to incredible networks for the last couple of years. For instance, Uber offers us ride-sharing, Airbnb gives us overseas accommodation, and Postmates brings peer-to-peer food delivery. However, in return for plugging into these networks, the company which connects us to a network charges a hefty amount. Here, Blockchains can remove the need of having a centralized authority. Instead, it will allow us to establish these same networks using blockchain-based decentralized applications, which will prove to be quite cost-effective.
Better Governance:
It could surprise many, especially outsiders who think of the Blockchain revolution as a set of optimistic libertarians wanting to form a "new world." Nevertheless, Blockchain technology has a surprising amount of applicability within governments. Whether it's a land registry, an identity solution, birth and death certificates, tokenizing energy, or data integrity, Blockchain has the power to influence governments by allowing them to significantly reduce costs.
Mudit Kumar
25 May 2018
Why Google Is Looking To Leverage The Blockchain Technology
While many industries are actively exploring the potential of blockchain development services, one notable absence from the conversation has been Google. However, recent reports shed light on Google's foray into blockchain-based projects, signaling a shift in the tech giant's approach.
Research and Development
According to reports from Bloomberg, Google is delving into blockchain technology to enhance its cloud services, positioning itself against emerging startups seeking to revolutionize digital operations. One potential use case involves utilizing digital ledgers to securely record transactions and process data online, ensuring the safety and protection of consumer data across its network.
Google aims to create a distributed ledger (DL) that third parties can utilize to verify transactions, with plans to offer this technology to its cloud customers. Additionally, Google may provide a white-label version for other companies to implement on their servers.
Also, Check | Unveiling the Potential Layer 3 Blockchain Development
Focus on Cloud Services
Unnamed sources suggest that Google sees its cloud services as the ideal platform to integrate blockchain technology. The company previously experimented with blockchain on its cloud platform in 2016, signaling its commitment to exploring this technology further.
Secure Audits
In addition to its efforts in blockchain for cloud services, Google is exploring applications for audit information. A recently published patent application reveals plans to develop a tamper-proof database for signatures using blockchain technology. This system would validate that information has not been modified and provide clear oversight of any changes made.
Google's strategy involves using two blockchains: one to incorporate signatures and another to record and store verified data. These blockchains will be designed to be stored across multiple data storage spaces or on a single device, ensuring robust security and transparency.
Also, Read | Layer 0 Blockchain Development | The Foundation of the Future
Looking Ahead
As Google continues to explore blockchain technology, the development phase appears promising. While official announcements regarding blockchain-based services are pending, the potential for transformative impact remains high. It remains to be seen whether Google's blockchain initiatives will rival the success of its other services, but the company's strategic approach suggests a commitment to innovation and advancement.
Conclusion
In conclusion, Google's exploration of blockchain technology signifies a significant shift in its approach to digital innovation. By leveraging blockchain for cloud services and audit information, Google aims to enhance security, transparency, and efficiency across its platforms. As these initiatives progress, the tech industry eagerly awaits the unveiling of Google's blockchain-based services and their potential impact on the broader digital landscape.
Interested in developing a project using blockchain's potential? Connect with our skilled blockchain developers to get started.
Mudit Kumar
22 May 2018
Transforming These Industries with Blockchain-Based Applications
Frauds and hacking have become more problematic than ever, they have become difficult to track and prevent because a large portion of the world population has shifted more of their lives online. However, a couple of innovations such as blockchain, promise to crack down on insecure transactions, contractual breaches, and even unintended computer and human errors. Let's understand how Blockchain-Based Applications can revitalize the following industries.
What Is Blockchain Technology?
Blockchain refers to a distributed ledger technology (digital ledger platform) that validates identities and transactions using a protected digital network of records. It's secure and protected because it produces multiple records and stores them in a decentralized manner.
Blockchain Use Cases
Blockchain and Governments:
A couple of governments have started to adopt and test blockchain-based applications. Because the technology has shown immense potential to reform certain activities of governments. It can revolutionize the management system, malpractice in voting, transparency on revenue monitoring, and taxes.
Here are a few governments that have already planned to use blockchain technology (blockchain-based applications), such as UAE, Estonia, the United States, and Gibraltar.
The government of Dubai has begun implementing the 'Dubai Blockchain Strategy.' It proposes to be the complete blockchain-powered government in the next five years.
Blockchain in Healthcare:
Blockchain can transform the healthcare industry drastically. It can place the patient at the core of the healthcare ecosystem and tighten security, improve privacy, and enable interoperability of patient data. The technology can bring potential changes and provide a new healthcare model for health information exchanges (HIE) by enabling digital medical records in a more efficient, disinter-mediated, and secure way. Although it's not a panacea, the rapidly growing landscape of healthcare offers fertile ground for investment, experimentation, and proof-of-concept testing.
IoT (Internet of Things):
While IoT devices are increasing rapidly, they often don't have the authentication standard required to keep user data safe. If hackers penetrate through the array of IoT devices, critical infrastructure can be damaged. Thus, to ensure trust and security, standardization and authentication across all aspects of IoT are vital for its widespread acceptance. Here are a few ways the distributed architecture of blockchain technology can help get rid of challenges related to trust and security.
Blockchain-based applications can come in use to monitor and track sensor data measurements and stop duplication of it with any other faulty data.
Deployment of IoT devices is complex, a distributed ledger can prove to be beneficial in providing IoT devices with identification, seamless data transferring, and authentication.
Instead of having an intermediary or a third party for developing trust, IoT sensors can use a blockchain to exchange data.
A distributed ledger like blockchain can eliminate even a single source of failure existing within the ecosystem.
Blockchain allows device autonomy (smart contract), the integrity of data, and individual identity, as well as, supports P2P communication by eliminating technical bottlenecks and deficiencies.
Operational and deployment spending of IoT devices can be decreased using Blockchain given the fact that there is no intermediary.
Blockchain in Real-Estate
The first blockchain-based real operation was conducted on September 24, 2017. The founder of the renowned US tech website TechCrunch Michael Arrington bought an apartment in Kyiv. It was settled on smart contracts in Ethereum-based cryptocurrency.
Presently, commercial real estate brokers, buyers, owners, and sellers use web services. However, with blockchain, seeking, renting, buying, and performing real estate operations can be done easily, and in a more effective and transparent way.
It can provide you with endless benefits like bettering property search, smooth cash flow management, transparency in information, and offering an efficient process of payments.
Conclusion:
These were some of the technical and non-technical areas where Blockchain-based applications can prove to be potential methods to streamline cumbersome business processes.
Countless possibilities and opportunities have come up with the advent of this innovative technology. Although this is just the beginning, the crucial test of this technology will be when it will present itself as the new internet, and when every country will be embracing it.
Mudit Kumar
21 May 2018
Blockchain for Supply Chain Transparency And Efficiency
Latest technologies like blockchain are offering promising possibilities for improvement across supply chains. With blockchain development services, businesses can better traceability and transparency as well as lower administrative spending across their supply chains.
Blockchain For Supply Chain Development
Track Advancements
Blockchain for supply chain development services can help participants record date, price, quality, location, certification, and other necessary information to manage and improve the supply chain more efficiently. Further, this information stored within Blockchain can improve traceability of material Supply Chain, alienate losses from gray market and counterfeits, improve visibility and compliance. And potentially help stand an organization as a leader in innovative and responsible manufacturing.
Recent Blockchain and Supply Chain Development and outlook
Bitcoin was the earliest blockchain use that pushed widespread experimentation of blockchain, particularly in the finance sector. In 2015, OMX Group In. and Nasdaq cooperated with a blockchain startup, Chain. This cooperation was to test and pilot blockchain technology for the trading of shares in the Nasdaq Private Market. The Commonwealth Bank Of Australia, RBS, Visa Europe, and many of the UK's high street banks have all accepted the idea and announced that they are working to develop their own proof-of-concept using Blockchain.
It's significant that as Blockchain gains popularity, large corporations and startups will come out to explore the use of this technology outside of the finance industry. Provenance is a supply chain transparency startup, it has recently completed a six-month pilot for monitoring and tracking responsible sourcing of tuna using blockchain technology. The monograph is a startup launched in 2014, it uses blockchain to protect the usage and distribution of digital media rights such as brand-sponsored content or video clips. It enables the sharing of revenue across publishers, media creators, and distributors.
Skuchain develops blockchain-based B2B trade and supply chain finance products, targeted towards the $18 trillion global trade finance market that consists of numerous entities including logistics providers, banks, buyers, sellers, custom, and third-parties,
These were some of the instances of Blockchain for Supply Chain Development. They make clear that blockchain based innovations in the supply chain have the power to offer unforeseen business value by improving supply chain transparency, eliminating risks, and increasing efficiency and inclusive supply chain management.
Potential Benefits of using Blockchain for the Development of Supply Chains
Better corporate recognition and reputation by bringing transparency of materials used in products.
Boost credibility and public trust of shared data
Lower probable public relations risk from supply chain wrong-doing
Engage stakeholders
Blockchain can allow accurate and more transparent end-to-end monitoring and tracking of the supply chain. With it, organizations can develop decentralized immutable storage (a record) of all transactions and digitize physical assets. This boosted supply chain transparency will pave way for both businesses and consumers.
Blockchain can eliminate fraud risks for high-value products (goods) such as pharmaceutical drugs and diamonds. Not only the technology can help organizations to understand how finished goods, as well as ingredients, pass through each subcontractor but also can lower profit losses from gray market trading and counterfeits. In addition, it can increase credibility in end-market users by decreasing the impact of counterfeit products.
Furthermore, companies can better control outsourced contract manufacturing. It is because blockchain technology enables parties in a supply chain to access the same information. Significantly, this would reduce communication or transfer data breaches and errors. Less time can be consumed to validate data and more time can be given to delivering services and goods. Either by improving quality or reducing cost, or both.
Indeed, blockchain can streamline and enhance administrative operations by allowing an audit of supply chains. Business processes that involve manual interpretation for compliance or credit purposes that usually take weeks can be propelled with the use of a DLT (distributed ledger technology) which will be incorporating all relevant information.
Conclusion
Blockchain might soon become prevalent and gain momentum. Organizations should keep an eye on key blockchain development players. Blockchain advantages hugely from the network effect. Once a potential mass accumulates in supply chains, it becomes easier for others to join and reap benefits.
To read more about recent happenings in Blockchain and vital market insights, go to our blog section. Or contact us for a free-of-cost consultation and know more about how Blockchain and Supply Chain development can help your business grow.
Mudit Kumar
18 May 2018
Why Every Company Might Be Using Blockchain By 2028
Blockchain technology has been steadily gaining momentum across various industries, promising to revolutionize the way businesses operate. As we look ahead to the future, it's becoming increasingly evident that blockchain development services could become a ubiquitous tool for companies worldwide by the year 2028. Let's explore the reasons why every company might be using blockchain within the next decade.
Enhanced Security and Transparency
One of the primary reasons for the widespread adoption of blockchain is its unparalleled security features. Blockchain operates on a decentralized network, making it highly resistant to tampering and unauthorized access. Each transaction is securely recorded on a distributed ledger, creating an immutable and transparent record of data. This level of security and transparency is invaluable for companies looking to protect sensitive information and build trust with their stakeholders.
Streamlined Supply Chain Management
Blockchain technology has the potential to revolutionize supply chain management by providing end-to-end visibility and traceability. With blockchain, companies can track the movement of goods from the point of origin to the final destination, ensuring transparency and accountability at every step. By streamlining supply chain processes, businesses can reduce costs, minimize errors, and enhance efficiency, ultimately delivering a better experience for customers.
Improved Efficiency and Cost Savings
Blockchain eliminates the need for intermediaries in many business processes, leading to greater efficiency and cost savings. Smart contracts, a key feature of blockchain technology, automate and execute contractual agreements based on predefined conditions. This automation reduces the need for manual intervention, streamlining operations and reducing overhead costs. As companies strive to optimize their operations and stay competitive, blockchain offers a compelling solution for driving efficiency and cost-effectiveness.
Simplified Cross-Border Transactions
For companies operating on a global scale, cross-border transactions can be complex and time-consuming. Blockchain technology has the potential to simplify and expedite these transactions by removing intermediaries and reducing transaction fees. With blockchain, companies can securely transfer funds and assets across borders in a matter of minutes, rather than days or weeks. This increased speed and efficiency can open up new opportunities for international trade and collaboration.
Empowered Data Ownership and Monetization
In today's digital economy, data has become a valuable asset for companies in every sector. Blockchain technology enables individuals to maintain ownership and control over their data, while still allowing them to monetize it through secure and transparent transactions. By leveraging blockchain-based data marketplaces, companies can ethically and securely access data insights from their customers, driving innovation and personalized experiences.
Conclusion
As we look ahead to the future, the potential of blockchain technology to transform businesses is undeniable. From enhanced security and transparency to streamlined supply chain management and improved efficiency, blockchain offers a myriad of benefits for companies across industries. By embracing blockchain, businesses can position themselves for success in the digital economy of tomorrow, paving the way for a future where every company might be utilizing blockchain by 2028.
Ready to embrace the potential of blockchain in your business? Connect with our blockchain developers to get started.
Mudit Kumar
17 May 2018
Using Hyperledger Frameworks for Blockchain Solutions
Hyperledger provides a few DLT frameworks maintained by the Linux Foundation to enable the development of custom blockchain solutions for businesses.
Advantages of Developing Blockchain Solutions with Hyperledger Frameworks
On-Demand Data Retrieval
Hyperledger Fabric's Channels enable developers for data partitioning. This comes in handy when finance services express concerns about their competitors sneaking into their data.
With Channels on Hyperledger Fabric, they can expose only the necessary data to authorities and store the sensitive information to data partitions separately.
Permissioned Blockchains
Not every blockchain network needs to be anonymous and public. Hyperledger Fabric enables all the participants to have specific identities. Permissioned blockchains refer to the ones that the finance organization requires, given the healthcare and data protection in particular.
For instance, take into account the case of a mortgage company adopting Blockchain. Mortgaging is something that cannot be publicly exposed. This directs the group of individuals to identify themselves in the network to confirm their authenticity.
Increased Level of trust
The way Hyperledger manages transactions get executed is completely varied from others. This is for reducing the layers of trust and the number of processes of verification a transaction would need to have. Further, it enables transactions to happen quickly and better, without having any after-effects.
Large community support
The community that is developing Hyperledger Fabric is super live today. Our blockchain developers have been contributing to it. We also aim to become one of the leading contributors to Hyperledger Blockchain Solutions. With giants like IBM, Toyota, and numerous other corporates adopting Hyperledger Fabric in the enterprising landscape, the community, as well as the support, are likely to grow exponentially.
Connect with our blockchain experts well-versed in developing blockchain applications using Hyperledger frameworks for a variety of business applications and solutions. We also provide public blockchain development with platforms like Ethereum and Stellar.
Mudit Kumar
16 May 2018
Tips To Hire The Best Blockchain Developers
It is very rare to see the growth of a technology outpacing the supply of developers. However, Blockchain is presenting itself as an exception. According to Ethereum experts, the global market is a facing a "huge" scarcity of Blockchain developers. Presumably, it might be going to get worse as applications for blockchain technology continue to grow in manifolds. If you are planning to hire blockchain developers or a proficient Blockchain Development company, you need not rely on recruiting programmers. Whether contracting or onboarding, hiring the best blockchain developers for your project will require a lot more things, may require adapting to guerilla tactics.
In this article, we will be examining the fundamentals of hiring, attracting, locating, and working efficiently with skilled blockchain programmers.
The Blockchain Developer Adeptness
A developer must have a unique array of skills to work productively in blockchain and cryptocurrency technologies. While the best blockchain developers work in code, like those who work in Python or Java, there are a few different characteristics you must focus on when hiring a blockchain developer.
First, the blockchain developer or blockchain development company you are considering must have a concrete grounding in blockchains, cryptocurrencies, cryptography, the Ethereum network, consensus methods, ledgers, decentralized technologies, and P2P networks, web technologies, data security, and other high-level programming languages. Lack of comprehension in these areas transitions into a lack of understanding of the basics of DLT (distributed ledger technology).
Also, the adoption of smart contracts spread across numerous industries needs a thorough understanding and knowledge, here. Although your project might not be equipped with the legal or financial application, smart contracts can still prove to be crucial for your offerings.
When speaking of financial and legal applications, it's vital for developers to comprehend the unique essentials and regulations of the sector they serve.
Finding and Hiring the Best Blockchain Developers
Chances are that you might not find skilled developers on traditional job boards or any social media platform. Blockchain Developers are likely to be found with others of their species. You may find them on geek job boards, at Bitcoin conferences, on Reddit or GitHub, or on similar portals.
Best Blockchain Developers won't be seen sitting idle. Also, you may find yourself competing with other companies for those worth hiring. It's because these specialists are building the data networks tomorrow's market will run on, and they know it very well. Thus, instead of pushing good developers away with a downright offer, it's best to explain the job and then seek their rate for your project.
If you are looking to hire a Blockchain development firm, you can opt from companies in India, the U.S., Western Europe, or even China. Thorough online research could reveal which blockchain development company might be best for looking after your project.
Why Choose Us?
Although Blockchain is a nascent technology, its future is significantly bright. Virtually any sector or industry is optimizable by distributed, shared ledger technology. In the competition for market dominance, having skilled developers will be crucial.
If outsourcing rings any bell, Oodles welcomes you. We offer a no-cost consultation to develop your blockchain vision. Having more than 3+ experience in this domain, we are experts in every sense of Blockchain technology. Our team comprises expert blockchain developers and the projects they have delivered are the evidence of their expertise.
Mudit Kumar
15 May 2018
The Most Comprehensive Guide To Blockchain Use Cases
In the last few months, the blockchain and crypto space has experienced many ups and downs, from Bitcoin prices skyrocketing to the instant downfall of prices. Yet blockchain presented itself as the new internet. Thus, using blockchain development services to build its use cases is still one of the top trends in 2018. Indeed, not only reputed organizations are looking forward to adopting this technology but also startups are trying to yield the benefits of DLT (Distributed Ledger Technology). Therefore, the list of Blockchain use cases is expanding amazingly.
In this article, you can learn a few innovative ways blockchain technology will be used to transform our lives in the coming years, including those Blockchain use cases as well which show that it is already in use.
Best Blockchain Use Cases 2018
Employment History
Every HR manager would agree anytime that the hiring of employees is one of the arduous processes in HRD. Moreover, verifying an applicant's information contained in the resume or CV is expensive and time-consuming. Indeed, even the pre-employment screening process may not provide an HR representative with the proper assurance that the obtained information is complete and accurate.
Similar to the advantages that DLT offers to the voting landscape can also help enhance the employment screening process. Ultimately, this will benefit from hiring employees they see fit for the job.
Sooner or later, we can see blockchain-based employment screening services. And expect them to offer fast, reliable information in the following categories:
Educational documents
Resume/CVs
Employment background
Professional license & certification verification process
Criminal records
Employer credit history
Not only does the advent of such services enable employees to manage who can have access to their information but also makes information available for those who want to access it. Therefore, we can count the revamping of the HR process through Blockchain as one of many Blockchain use cases.
Also, Read | Exploring Diverse Use Cases of Polygon Blockchain
Legal Agreements
Surprisingly, legal services are now looking forward to blockchain technology to serve their clients efficiently. A law firm can provide legal services that use the speed and security of blockchain technology by turning legal contracts into self-executing programs on a blockchain network.
Real estate deeds
Rental contracts
TrustsPower of attorney
Sales contracts
The potential of blockchain technology can revitalize how law enforcement stores, shares, and secures data. As this year unfolds, so will the DLT solutions providing companies for law enforcement.
Law enforcement firms at almost every level, whether local, state, or federal, make extensive use of various database platforms for collecting and managing these datasets. Subsequently, whenever a law enforcement officer takes an action, it requires to create data about it and safely store it. No other technology can help achieve such objectives as distributed ledger technology.
Hence, by transitioning from centralized and non-centralized databases to DLT, agencies can increase the efficiency, accessibility, and accuracy of the data they manage. Also, DLT enables agencies to share data with whom they want to share, across towns or globally, making it one of the potential blockchain use cases.
Also, Explore | Diverse Use Cases and Applications ZK Proofs
Blockchain for Police Agencies
Simplifying chain-of-custody verification
Decreasing the time required to place traffic stops
Enhancing the accessibility of potential data among agencies
Bettering the accuracy of criminal records
Preventing tampering of evidence
Inter-Organization Data Management
DLT (Distributed Ledger Technology) not only serves various industries, it equally serves cross-organizational workflow management requirements of particular companies.
Since the majority of commercial enterprises follow set operating procedures, blockchains can better operational safety, efficiency, and cost.
By shifting procedures, processes, and policies to smart contracts on a private blockchain network, an organization can enhance its operations, and as a result, yield the benefits of DLT.
Improved WIP management
Improved accountability in quality control
More-powered program administration
Enhanced project scheduling
Firm process control
Blockchain Solution Providers have started to tap into this market. The months further are likely going to make this competition stiffer as cloud-based workflow management services surface.
Also, Check | AI in Crypto: Potential Use Cases
Regulatory Adherence
For industries that are liable to stringent regulatory requirements sticking to compliance is a challenge. Blockchain lays the foundation for an innovative set of advantages that can aid industries and help their regulators work together efficiently and amiably.
By shifting those regulatory compliance verification processes onto blockchain technology, industries can provide regulators with an immutable record ledger. It will have complete audit capability incorporated into the system.
Banking
Investment
Credit services
Fuel production
Motor vehicle manufacturing
The use of this technology to solve regulatory compliance requirements already has a name: reg-tech. You may see this term being used a lot this year as the number of more reg-tech solution providers will increase.
Also, Read | Emerging Use Cases of Blockchain in Healthcare in 2023
Distributed Cloud Storage
For those companies and individuals who need secure cloud storage, Blockchain can prove to be the apt solution for them.
By utilizing end-to-end encryption, DLT cloud storage can help you keep your data secure in transit. It means that not even the cloud storage company can have access to your data, as it will only have the key to your blockchain records.
Drastically improved data security
Faster download and upload speeds
High bandwidths and low rates
Thus, we think Blockchain cloud storage to be the priority for DLT companies in 2018.
Government Records
In Government bureaucracies, there is a dire need for improvements in efficiency and accessibility. The one who has gone to a government agency would know how slowly they work and provide information. Further, the silos created by government agencies in processing confidential information make government records an apt target for blockchain technology. Legislators are researching how the state can use blockchain technology to manage government records more efficiently.
As the number of blockchain use cases increases, government records may be on the blockchain technology, including these:
Taxes
Voting
Military Records
Government pension records
Government healthcare records
Welfare records
Also, Read | Emerging NFT Use Cases Capable of Transforming Real Estate
Conclusion
In 2018, it has become significant that Blockchain use cases bring so many opportunities for blockchain development companies. But to achieve success in the blockchain development landscape won't be as easy as one would think of other web development services. Only those having a thorough understanding of DLT (distributed ledger technology) mobile technology, and complete regulatory compliance will win over the market, or create new ones.
So, if using blockchain technology is part of your plan for 2018, Oodles welcomes you for a free-of-cost assessment of your blockchain-related projects. Choosing us for blockchain development services can be the right decision as we are proficient in developing robust blockchain apps, as well as, mobile app development and cloud technology.
Mudit Kumar
14 May 2018
Smart Contracts In Banking for Advancing Transformation
Enabled by blockchain technology or DLT (distributed ledger technology), smart contracts in banking can be considered as a boon for a lot of issues associated with conventional financial contracts, which have geared up for this digital age.
Solely relying on physical documentation in banking leads to inefficiencies and delays as well as intensifies exposure to errors and fraud. While financial intermediaries provide interoperability for the finance system and reducing risk, they create overhead costs and expose to compliance requirements. And thus, there has been a rise in cases where banks (financial institutions could yield benefits from the adoption of smart contracts in their standard business operations. With the use of smart contracts in banking, not only banks can be relieved of the burdens of verification and the monitoring of data, but also can benefit from the reduced administrative costs.
DLT (distributed ledger technology) and smart contracts could go mainstream. It is highly that banks start using these technologies by the year 2020.
Smart Contracts In Banking
Mortgage
Financial institutions offering mortgages can use smart contracts to save a fortune through decreased processing costs.
Mortgages depend on the collation and verification of a property and financial data provided by the entities (parties). Further, this complex system adds increased costs and delays in the process. In this sense, smart contracts can help reduce the time and cost involved in the issuance of mortgage loans. It does so through facilitating automation, enabling access to additional sources of information like Land registry records and title deeds, and sharing access to electronic versions of verified physical documents between trusted parties. The saving can benefit customers from appropriate interest and lending rates, making homeownership affordable for everyone.
Clearing and Settlement
The possibilities to streamline banks and financial institutions' clearing and settlement processes through smart contracts are immense. Indeed, nearly 40 banks operating globally have realized the potentials. They are now participating in a consortium of blockchain. The consortium has tested smart contracts to assess whether they can help in clearing and settlement activity. And thus, many of those banks have already decided to pursue further their individual trials.
Smart contracts can help tackle the onerous administrative task of handling approvals between participants. It does so by counting up the trade settlement amount and then sending the funds automatically. It happens once the transaction implanted within the smart contract gets approval.
Conclusion
Blockchain-based smart contracts can propose plenty of benefits for an array of applications for banks. With smart contracts in banking, the latter can benefit from real-time, accurate, and verified transactions and lower costs. However, they need to be accessible and comprehensible by businesses.
Mudit Kumar
10 May 2018
Blockchain for Voting: Exploring the Underlying Potential
Blockchain is one of the top trends to keep a focus on in 2018. From the world's top banks to the latest niche startups, DLT (distributed ledger technology) has become one of the front burners as numerous companies plan their strategies to race ahead of their competitors. The next is a blockchain for voting. In this article, we have shed light on the voting aspects that can be influenced by blockchain technology.
Blockchain technology may have been hype merely 12 months ago, but currently is in headline news. 2017 has seen significant Blockchain transitions. The last year has experienced the blockchain uses expanding beyond Bitcoin and entering into a diverse range of industries. Now, investors and innovators have started seeing the endless potential of distributed ledger technology (DLT) to enhance, transform, and disrupt markets as diverse as automation and food production.
Blockchain for Voting
Elections have always been subject to under-participation. Especially voting has been subject to voter fraud globally. Today, less than half of the genuine voters turn out to the polls. It could leave us wondering how election outcomes could vary amazingly if people's apt consensus can be reflected.
While concerning, hot issues magnify voter turnout, irregularities in vote counting lower voters' confidence in "the system."
In fact, online voting is in use in approx. 23 countries to prevail over the shortcoming of paper ballot systems. However, this, as well, has become vulnerable to both technical issues and frauds.
Blockchain may prove to be the fix (solution) that governments and their citizenry have been looking for to enhance voting. It's because many experts think that DLT offers the four most prominent features every voting system requires, namely: Security, Transparency, Accessibility, and Auditability.
The blockchain technology's features like security and immutability make it almost impossible for anyone to cast an illegal or fraudulent vote, or to make alterations once it's filed.
Since more and more people own computers or cellphones, a blockchain-based online voting system can make it easier for the majority of eligible voters to cast their votes.
Indeed, every "record" entered into a blockchain network gets a date and time stamp, as well as, a cryptographic hash of the previous block, making auditing quick and automatic.
With countries and governments exploring distributed ledger technology, we may see an increased implication of Blockchain for voting.
How do Oodles' Blockchain Solutions help?
2018 holds immense exciting opportunities for blockchain technology and blockchain development companies. But to succeed in this emerging landscape will not be easy. Having a complete understanding of DLT, mobile technology, and coherent regulatory compliance is essential.
If incorporating blockchain technology is part of your 2018 plan, Oodles Technologies invites you to reach us for a free-of-cost, confidential review of your projects. We are experts in creating robust blockchain apps, as well as mobile app development, and cloud technology. We have two R&D labs to research and serve outsourced development requirements.
Mudit Kumar
09 May 2018
Blockchain Application Development Explained In 8 Steps
In today's digital era, blockchain development services are not just a means to bring blockchain into reality but a transformative tool for businesses across industries. From enhancing transparency to ensuring secure transactions, blockchain applications have the potential to revolutionize processes, increase efficiency, and create new business models. This comprehensive guide explains blockchain application development in eight detailed steps, providing a roadmap for businesses looking to leverage this cutting-edge technology.Identify the Business Problem and Define ObjectivesThe journey to a successful blockchain application starts with understanding the business challenge at hand. Before diving into technical aspects, it is critical to answer the following questions:What specific problem are you trying to solve?Whether it's reducing fraud, improving supply chain transparency, or streamlining financial transactions, clearly define the pain points.Why is blockchain the right solution?Evaluate if blockchain's inherent features—immutability, decentralization, and transparency—can address your problem more effectively than traditional systems.What are your success metrics?Set measurable objectives such as reduced operational costs, increased transaction speed, or enhanced data security.Key Considerations: Engage with stakeholders to capture requirements and conduct a feasibility study. Documenting the problem ensures that the blockchain solution is not built for technology's sake but addresses real business needs.Choose the Right Blockchain PlatformSelecting a blockchain platform is a pivotal decision that influences the architecture, performance, and scalability of your application. There are several platforms available, each catering to different use cases:Public Blockchains:Platforms like Ethereum and Bitcoin offer a decentralized and permissionless environment. They are ideal for applications that require trustless interactions and broad participation. However, scalability and transaction costs can be challenges.Private/Permissioned Blockchains:Solutions like Hyperledger Fabric or Corda provide more control over the network, allowing only authorized participants. This approach is beneficial for enterprise applications that require privacy, high throughput, and compliance with regulations.Hybrid Solutions:Some projects may benefit from a hybrid model, where certain elements are on a public blockchain while sensitive data remains on a private chain.Evaluating Factors:Consider factors such as consensus mechanisms (Proof-of-Work, Proof-of-Stake, or Byzantine Fault Tolerance), scalability, security features, and community support when choosing a platform. Engaging with blockchain experts or consulting firms can also provide valuable insights tailored to your specific industry needs.Also, Read | Unveiling the Potential Layer 3 Blockchain DevelopmentPlan and Architect Your Blockchain SolutionA robust architecture is the backbone of any successful blockchain application. This phase involves translating business requirements into a technical blueprint that guides development and deployment.Define System Architecture:Outline the overall system structure, including components such as nodes, smart contracts, APIs, and user interfaces. Decide on the level of decentralization and how data will be stored and accessed.Consensus Mechanism and Data Flow:Determine the most suitable consensus mechanism that aligns with your application's security and performance needs. Establish how transactions will flow through the network, ensuring data integrity and consistency.Scalability and Interoperability:Design the system with scalability in mind. Consider how your application will handle increased transaction volumes over time and interact with other systems, including legacy databases or third-party APIs.Security and Compliance:Integrate robust security measures from the ground up. This includes encryption, access controls, and ensuring compliance with relevant data protection regulations (such as GDPR or CCPA).Documentation and Roadmap:Create detailed design documents, including flowcharts and technical specifications. This roadmap will guide your development team and serve as a reference during later stages of development and testing.Develop Smart Contracts and Blockchain LogicSmart contracts are self-executing contracts with the terms of the agreement directly written into code. They are the core of many blockchain applications, automating complex processes and reducing the need for intermediaries.Smart Contract Development:Clearly define the logic and rules that will govern transactions. Whether it's automating payments, verifying data, or enforcing regulatory compliance, smart contracts should reflect all business requirements.Programming Languages and Tools:Depending on the platform, select appropriate languages (e.g., Solidity for Ethereum, Chaincode for Hyperledger Fabric). Utilize Integrated Development Environments (IDEs) and tools that facilitate coding, debugging, and deployment.Security Best Practices:Blockchain is immutable by design, making it essential to ensure smart contract code is error-free. Conduct rigorous security audits and leverage frameworks and libraries that minimize vulnerabilities such as reentrancy attacks or integer overflows.Version Control and Testing:Use version control systems (like Git) to track changes. Develop unit tests to simulate various transaction scenarios, ensuring that smart contracts execute as intended under different conditions.Iterative Development:The development of smart contracts should be iterative, with frequent code reviews and testing cycles. Involve both technical and legal teams to ensure that the contract's logic aligns with business agreements and regulatory standards.Also, Check | Layer 0 Blockchain Development | The Foundation of the FutureIntegrate with Existing SystemsBlockchain applications rarely operate in isolation. Integrating your blockchain solution with existing systems is crucial to maximize its benefits and streamline overall business operations.API Development:Develop robust APIs to facilitate communication between the blockchain and traditional systems such as ERP, CRM, or supply chain management tools. This integration allows for real-time data exchange and enhanced decision-making.Data Oracles:Utilize oracles to bridge the gap between on-chain and off-chain data. Oracles fetch external data, such as market prices or weather conditions, and feed it into the blockchain, enabling smart contracts to execute based on real-world events.Legacy System Adaptation:Many enterprises have significant investments in legacy infrastructure. Develop middleware solutions that allow blockchain systems to interact seamlessly with existing databases and applications, minimizing disruption and enabling gradual migration.Security Considerations:Ensure that integration points are secure and that data privacy is maintained across all systems. This may involve encrypting data in transit, establishing secure communication protocols, and conducting regular security audits.Best Practices:Plan integration carefully to avoid creating data silos or bottlenecks. Collaboration between IT teams and blockchain developers is essential for a smooth transition and optimal performance.Build the Front-End InterfaceThe front-end interface is the face of your blockchain application. It must be user-friendly, responsive, and capable of effectively communicating complex blockchain interactions to users.User Experience (UX) and User Interface (UI) Design:Design interfaces that simplify blockchain interactions. Since blockchain technology can be complex, the UI should abstract underlying technical details and present clear, actionable information to users.Responsive Design:Ensure that the application is accessible on various devices, including desktops, tablets, and smartphones. A responsive design enhances user engagement and adoption.Real-Time Data Display:Implement features that allow real-time tracking of transactions, smart contract execution, and asset status. Utilize dashboards and visualization tools to provide clear insights into blockchain operations.Integration with Blockchain:Develop front-end applications that interact seamlessly with the blockchain back-end via APIs. Consider using modern web development frameworks (such as React, Angular, or Vue.js) to create a robust and interactive user experience.Focus on Usability:User adoption hinges on the application's ease of use. Engage with potential end-users during the design phase to gather feedback and iterate on the interface design to ensure it meets user expectations.Also, Discover | Exploring Solana Blockchain Development for EnterprisesTesting and Quality AssuranceTesting is an indispensable part of blockchain application development. Given the immutable nature of blockchain transactions, rigorous testing ensures that issues are identified and resolved before deployment.Unit Testing:Develop extensive unit tests for each component, especially smart contracts. Testing individual functions helps isolate issues early in the development process.Integration Testing:Validate the interaction between the blockchain back-end, smart contracts, APIs, and front-end interfaces. Ensure that all components work together seamlessly under various scenarios.Security Testing:Given the high stakes involved, security testing is paramount. Conduct vulnerability assessments and penetration testing to uncover potential weaknesses. Utilize automated tools and third-party audits to ensure that your application is secure from common exploits.Performance Testing:Evaluate the system's performance under load. Simulate high transaction volumes to ensure that the blockchain network can handle peak usage without significant delays or failures.User Acceptance Testing (UAT):Engage with a group of end-users to test the application in real-world scenarios. Gather feedback on usability, functionality, and performance, then refine the product based on this input.Continuous Improvement:Blockchain applications require ongoing testing even after deployment. Establish a feedback loop that includes regular updates, bug fixes, and performance optimizations to maintain the integrity and efficiency of your system.Deployment, Maintenance, and UpgradesOnce development and testing are complete, the focus shifts to deployment and ongoing maintenance. Blockchain applications, like any other software, require continuous monitoring and updates to adapt to evolving business needs and technological advancements.Deployment Strategy:Develop a detailed deployment plan. For public blockchains, this may involve deploying smart contracts to the live network, while for private networks, you may need to manage node configuration and permissions. Use automated deployment tools to streamline the process and reduce human error.Monitoring and Analytics:Set up monitoring systems to track the performance and security of your blockchain network. Utilize analytics tools to gather insights on transaction volumes, user interactions, and system health. Proactive monitoring helps detect and resolve issues before they impact business operations.Maintenance and Support:Establish a dedicated team to manage ongoing maintenance, security updates, and system optimizations. Blockchain applications must adapt to regulatory changes, evolving threats, and user feedback. Regularly update smart contracts and system components as needed while ensuring backward compatibility.Upgrades and Scalability:Plan for future growth. As your application scales, you may need to upgrade infrastructure, enhance security measures, or integrate new features. Adopt a modular design that allows for seamless upgrades and minimizes downtime.Documentation and Training:Maintain comprehensive documentation and provide training for users and administrators. Clear guidelines and procedures ensure that everyone involved understands how to operate and maintain the blockchain system effectively.Also, Explore | Top Blockchain Development Companies | Oodles BlockchainConclusionBlockchain application development is a multifaceted process that requires careful planning, technical expertise, and ongoing collaboration between business and IT teams. By following these eight steps—identifying the business problem, selecting the right platform, designing a robust architecture, developing smart contracts, integrating with existing systems, building a user-friendly interface, rigorously testing the solution, and planning for deployment and maintenance—businesses can harness the full potential of blockchain technology.Embracing blockchain can lead to improved transparency, reduced fraud, enhanced efficiency, and the creation of innovative business models. Whether you are in finance, supply chain, healthcare, or any other industry, understanding these steps provides a solid foundation for building secure, scalable, and transformative blockchain applications.Frequently Asked Questions (FAQ)Q1: What is blockchain application development?Blockchain application development involves creating software solutions that leverage blockchain technology to ensure secure, decentralized, and transparent transactions. This process includes designing and developing smart contracts, integrating with existing systems, building user interfaces, and deploying the solution on a blockchain network.Q2: Why should my business consider blockchain technology?Blockchain technology offers numerous benefits including enhanced security, transparency, and efficiency. It can help reduce fraud, streamline operations, and create new revenue streams by enabling decentralized processes. For industries that handle large volumes of transactions or sensitive data, blockchain provides a robust solution that traditional systems may not offer.Q3: How do I choose the right blockchain platform?The choice of a blockchain platform depends on your business requirements. Public blockchains like Ethereum offer decentralization and security, while private or permissioned blockchains such as Hyperledger Fabric provide greater control and privacy. Consider factors like scalability, consensus mechanisms, security features, and the level of decentralization needed for your application.Q4: What are smart contracts and why are they important?Smart contracts are self-executing contracts with the terms of the agreement directly written into code. They automate transactions and enforce agreements without the need for intermediaries, ensuring that processes are executed exactly as programmed. This automation reduces errors and increases trust among parties.Q5: What are the key challenges in blockchain application development?Some key challenges include selecting the appropriate blockchain platform, ensuring security, integrating with legacy systems, scalability, and regulatory compliance. Rigorous testing, planning, and a clear understanding of business requirements can help mitigate these challenges.Q6: How do I ensure the security of my blockchain application?Security should be integrated at every stage of development. This includes writing secure smart contract code, conducting regular security audits and penetration tests, encrypting data, and using robust authentication methods. Continuous monitoring and regular updates are essential to protect against evolving threats.Q7: Can blockchain technology be integrated with existing systems?Yes, blockchain technology can be integrated with legacy systems through APIs, middleware, and oracles. This integration allows businesses to leverage blockchain's benefits without completely overhauling their existing infrastructure.Final ThoughtsBlockchain application development is a strategic initiative that can drive significant business value. By methodically following the eight steps outlined in this guide, companies can build robust, secure, and scalable blockchain solutions that transform traditional business processes. The fusion of business acumen and technical expertise is key to navigating the complexities of blockchain technology and realizing its full potential.At Oodles Blockchain, a blockchain development company, our goal is to empower businesses with innovative solutions that not only meet today's challenges but also pave the way for future growth. Connect with our skilled blockchain developers to embrace the power of blockchain and transform your business operations—one step at a time.
Category:
Blockchain
Mudit Kumar
07 May 2018
Best 3 Blockchain Platforms You Must Know About
Since its inception, blockchain has presented opportunities for every sector to streamline business transactions securely and with enhanced trust. By embracing disruptive innovations from blockchain app development platforms like Bitcoin, Hyperledger, and Ethereum, businesses have addressed long-standing challenges related to confidentiality, scalability, privacy, and global performance.
Best Blockchain Platforms for dApp and DeFi Development
Ethereum
The decentralized nature of Ethereum's blockchain has revolutionized operations in various sectors such as AML, KYC, financial services, healthcare, insurance, oil & energy, and intellectual property. These industries are leveraging blockchain technology to establish secure, uninterrupted networks that streamline transactions. Ethereum's smart contracts have facilitated unique crowdfunding solutions like ICOs, offering hassle-free investment opportunities in a trusted environment and combating online fraudulent activities.
Also, Check | Exploring Token Standards Beyond Ethereum
Monax (Formerly Eris)
Monax's application platform provides blockchain developers with a robust foundation to build, test, and operate ecosystems of applications. It supports various blockchain nodes connected to multiple networks, along with smart contract interpreters and micro-services necessary for application development. Monax simplifies the complexity of blockchain-based applications, enabling technical experts to automate data-driven processes effectively.
Hyperledger
Hyperledger offers confidential and permissioned blockchain platforms with an extensible architecture. It is ideal for capital markets where transaction volumes are high and chain-code execution needs to be distributed. Hyperledger's goal is to develop enterprise-grade distributed ledger codebases and frameworks, with over 180 collaborating enterprises spanning finance, IoT, supply chain, banking, technology, and manufacturing. It provides plug-and-play components for membership services and consensus, making it an attractive option for enterprise solutions.
You may also like | Hyperledger Besu: Unveiling the Blockchain Engine for Enterprise
Conclusion
In conclusion, blockchain technology has ushered in a new era of innovation across industries. Platforms like Ethereum, Hyperledger, and Monax offer diverse solutions to address industry-specific challenges, paving the way for secure, transparent, and efficient business transactions. As businesses continue to explore the potential of blockchain, these platforms play a crucial role in driving digital transformation and fostering trust in the evolving landscape of decentralized technologies.
If you are planning to build and launch your project leveraging these blockchain platforms, connect with our skilled blockchain developers for assistance.
Mudit Kumar
04 May 2018
Introducing Blockchain Applications for Advanced Advertising
Blockchain generally refers to cryptocurrencies (altcoins), digital ledger, and finance. It's because Blockchain allows digital currency or digital assets to transfer from one person to others in one of the safest ways, especially without the involvement of any third-party source. Nonetheless, blockchain technology has a lot more to offer than this. One such sector (industry) that Blockchain can influence is Digital Media through Blockchain advertising.
Why Do We Think Blockchain Advertising can bring change?
With frauds increasing rapidly in the online advertising landscape and for those concerned about having a transparent and fraud-free media sphere, Blockchain comes as a resort. Wondering how? Let's find out.
Online Ad Fraud Shrinkage
The online media sector is suffering and experiencing a slowdown in expansion because of ad frauds, bot clicks, and plenty of misinterpretations. Companies many times fail to interpret and evaluate conversion rates of ads they place and pay for in real-time because sometimes clicks on Ads are done by the bots. It leads to the wastage of a huge amount of money as Ads don't get monitored as they should have been. Here, Blockchain Advertising can prove to be a boon for digital media advertising as we know it's an encrypted and transparent technology. Hence, it can guarantee that the used Ad metrics are verifiable.
On an advertiser's end, blockchain technology can provide a trustworthy solution for tracking and verifying ad impressions. Moreover, publishers can gain the ability to control and retain the value of their content to achieve premium ad spending. Also, all the data pertaining to ad impressions will be stored on Ethereum which is popular for its immutability and transparency capabilities in the data supply chain.
No Need for a Middleman
Blockchain advertising can give unexpected results when it comes to bettering the cost of impression ratio. Not only this, it can even bring drastic changes in the ad process so much that publishers would directly pay their targeted clientele to see their advertisements, in return, bidding adieu to the ad-buying procedure.
Utilizing the blockchain approach can prove to be a comprehensive step as funds won't go into the hand of the intermediaries but to consumers only.
Focused Advertising
The present online advertising model requires a complete overhaul. Currently, advertisers gain information about their audience through various channels. However, with Blockchain advertising, advertisers can create a customer profile based on the data a customer is ready to share.
Ultimately, it enables them to market to customers' requirements. Also, they can spend the budget on the audience that is likely to buy their services or product.
The idea of Digital Media Rights
Certainly, Blockchain can bring significant changes in the Digital Media space. Using the technology, it's possible to resolve issues pertaining to Digital Media Expression in the media landscape. Complex copyright conditions are very problematic in the entertainment industry. Here, Blockchain can secure songs, media files, cover, and workmanship in a robust, encoded, and encrypted format. Moreover, one can use "Smart Contracts" to allow automatic payment of the royalties.
Conclusion
Definitely, Blockchain has taken the world by storm because of its lying potentials in other sectors. Hopefully, 2018 will be seeing a wide range of blockchain applications across digital and cross-platform advertising. Also, increased CPM's and low volume can even intimidate TV and premium video and audio distributors. They may adopt Blockchain Advertising in the years ahead.
Mudit Kumar
03 May 2018
Blockchain Developers: How They Help Emerge These 4 Markets
Blockchain technology is relatively new and enough to be scary. And powerful enough to be interesting. Blockchain developers who intend to develop for cutting-edge markets, before anything else must consider who can get the most benefits of Blockchain's features. If we take these three advantages we have mentioned in our previous blog (speed, resiliency, and security), here is a list of markets that come to mind.
How Can Blockchain Developers Help Reform The Following Markets?
Healthcare
Like many other necessary things, data security is also essential in the healthcare industry. Further, couple it with the requirement for multiple parties to gain rapid access to huge data sets, and you may start to outline a prescription for blockchain. In fact, there are already around eight startups that vision bringing blockchain solutions to healthcare facilities, medical research labs, and disease management programs. While the field is now open for new opportunities, fierce competition is foreseen.
Gaming
This area doesn't crisscross mind and perhaps it might not be at the top of your list when looking for emerging markets for Blockchain, but it needs to be. In fact, game developers have already developed games that seamlessly run on blockchain technology. It's because Blockchain enhances and makes it easier to incorporate prominent asset-sharing and purchasing features within games.
Although the rise of blockchain technology as a gaming platform is still in the initial stage, blockchain developers who can find out how to get the best out of it will benefit from this ever-alluring gaming market. As well as, gamers' love for technology makes them a preferred test market for new, innovative platforms.
Insurance
Another industry that nobody thought can be disrupted by blockchain's fin-tech solutions is the insurance industry. However, prejudicing that the fin-tech tidal wave could pass them by unscathed is neither practical nor self-preserving.
Today, developers have some innovative and intriguing ideas on how to use blockchain technology in the insurance business. And for sure they're not playing around.
By embracing the seemingly endless capability of blockchain technology, fin-tech can help form new insurance models.
Also, Explore | A Detailed Review of The Emergence of Blockchain 4.0
Here are a few possibilities to consider:
A peer-to-peer (P2P) insurance model can bring greater advantages at lower premiums since there will be no agent or single authority working for the interests of an insurance firm.
Parametric insurance can pay policyholders not only by assessing the entire loss but by determining a few triggers. For instance, a policyholder whose property has got damaged by a hurricane can be paid money based on the hurricane's category. In addition, such agreements with reservations can be well-encouraged using smart contracts.
Decentralized storehouses for reserving policies, especially when shared by various agencies, could aid in reducing insurance fraud. While this actually may not seem disruptive, enabling insurers to disperse information on a shared database (shared ledger) could impact the insurance landscape and its customer in many positive ways.
Law Enforcement
While it's true that law enforcement agencies are coming together to fight criminal activities on the Bitcoin blockchain, they also seem to have realized the benefits Blockchain technology can bring to them in their day-to-day operations.
The ever-increasing need for high-level security and the persisting requirement for multiple agencies to access huge datasets quickly, make law enforcement one of the ideal areas for Blockchain. Penetration may be hard, but sooner or later it will gonna happen.
Most importantly, law enforcement does not likely accept radical transformations to infrastructure. Therefore, blockchain developers who can come up with viable solutions to this new market early may take the most market share. In a nutshell, the market may be open for everyone now, but don't perceive it to be receptive to late-comers arriving after those viable solutions are being implemented or already have been.
Mudit Kumar
02 May 2018
Significant Trends in the Blockchain App Development Space
In recent years, blockchain technology has emerged as a transformative force, revolutionizing various industries with its decentralized and secure approach to data management. As organizations continue to explore the potential of blockchain, the demand for innovative blockchain app development solutions is on the rise. In this blog, we will delve into the latest trends shaping the landscape of blockchain app development and explore how businesses can leverage these trends to drive growth and innovation. From smart contracts to decentralized finance (DeFi) and beyond, join us as we uncover the key trends shaping the future of blockchain app development.
Trends in Blockchain App Development
Smart Contracts
Smart contracts are small programs stored and executed on a blockchain. They can enforce predefined controls on digital assets, enabling various functions such as:
Releasing crowdsourced funds only when specific conditions are met.
Automating exchange platforms to comply with regulations.
Submitting legal contracts for execution upon meeting specific criteria.
The potential applications of smart contracts in controlling digital assets present numerous opportunities within the blockchain sphere. However, it's crucial for developers to ensure that smart contract code is error-free, as it cannot be altered once added to the blockchain.
Also, Explore | A Guide to Meme Coin Development on Solana
Ethereum Blockchain
Ethereum is an open-source blockchain platform designed to support smart contracts. Unlike the Bitcoin blockchain, Ethereum allows users to transact with various cryptocurrencies. It features the Ethereum Virtual Machine (EVM), a powerful platform for executing smart contracts. Ethereum's native programming language, Solidity, enables developers to write robust smart contracts on the EVM.
Developers seeking to enter the burgeoning smart contract market often choose Ethereum for its potential to develop error-free solidity-based code and earn Ethers (Ethereum's native currency).
Also, Check | How UAE is Harnessing the Power of Blockchain
How Oodles Assists with Blockchain Development Services
Oodles is a leading provider of blockchain technology solutions, equipped with a dedicated R&D lab and a team of experienced professionals. We offer comprehensive blockchain app development services tailored to meet your specific requirements. If you're interested in blockchain app development, reach out to us today for a complimentary consultation.
Mudit Kumar
30 Apr 2018
The Blockchain Technology: What Lies Beyond Cryptocurrencies
A blockchain mainly refers to a distributed database (ledger) of records. In other words, a public ledger of digital events or transactions executed and dispersed among participants (parties). Each transaction happening in the public ledger is verified by the concord of a majority of the participating parties in the system. And, once written, information cannot be altered or erased. The blockchain keeps a verifiable record of every single transaction being made or ever made. In a nutshell, it can be easy to steal candy from a candy jar, kept in a private place than stealing candy from a jar kept in a marketplace, which is being observed by hundreds of thousands of people. So, now let's explore blockchain technology and know how it enhances numerous industries and their cumbersome processes.
Bitcoin happens to be the most popular example of blockchain technology. Also, it is the most controversial one since it has come to light that it enables a multi-billion-dollar global market of unverified transactions having no governmental control. Hence, it has to face a number of regulatory compliance involving financial institutions and national governments.
The Blockchain Technology: What Lies Beyond Cryptocurrencies
However, blockchain technology itself is non-controversial. It has been working flawlessly over the past few years. In fact, it is being applied to both financial and non-financial world applications. Last year, the doyen of Silicon Valley's capitalists Marc Andreessen addressed the blockchain distributed consensus model as one of the significant inventions since the rise of the internet.
The existing digital economy world solely relies on the reliance on a certain trusted and secured figure (authority). In fact, our all online transactions depend on trusting some sort of authority to tell us the truth- it can be an email customer service provider letting us know that the email has been successfully sent; it can be a social network like Facebook telling us that our posts pertaining to our life achievements have been dispersed only with our friends, or it can be a certification authority to tell us that a particular digital certificate is reliable. The concern is that we are living our life precariously in this digital world by depending on a third party (entity) for the privacy and security of our digital assets. The fact that arises here is that these third-party sources can be manipulated, hacked, or compromised.
This is where the blockchain technology comes into play. Disruptive technology has the potential to revitalize and revolutionize the digital landscape by empowering a distributed ledger (consensus). In this ledger, each and every online transaction, past and present, that involves digital assets can be verified at any time, anywhere in the future. On top of that, it does not compromise the privacy of the concerned digital assets and parties. The distributed ledger and its trait of being anonymous are two of its important characteristics.
Smart Contracts:
The benefits of Blockchain technology surpass the regulatory compliance and technical complications. One of the key emerging use cases of blockchain technology is "smart contracts". Smart contracts are computer programs. They can automatically perform the terms of a contract. When its pre-configured terms among participants are met then it can automatically make payments to the parties involved in a contractual agreement in a more transparent way.
Blockchain technology is finding applications in a wide range of areas—both financial and non-financial :
Banks and financial institutions don't see blockchain technology as a danger or threat to conventional business models. In fact, some of the renowned banks are looking forward to possibilities in this area by performing continuous research on innovative blockchain applications.
On the other hand, non-financial application options are countless. In the blockchain, we can even imagine putting proof of the existence of all legal documents, royalty payments in the music industry, health records, notaries, private securities, marriage licenses, and more. By keeping the fingerprint of the digital asset stored instead of storing the digital assets, the privacy goal or anonymity can be achieved.
Mudit Kumar
25 Apr 2018
Two Key Areas To Use Blockchain In Insurance
When you want to ensure your family's health, you buy insurance- auto, life, health- because your family will have no problems if something unexpected happens. But as time consumes while you look for a claim to be processed, you start thinking whether the benefits of insurance are worth taking, given the hassles and higher premiums they include. These sorts of mindsets, along with crises and scandals, have dragged the industry to stilted growth rates and decreasing customer satisfaction rates. Also, frauds remain the most persistent source of concern and expense. However, as insurance companies have started to explore possible solutions to these problems, the Blockchain technology has emerged as a method to bring transformations in several areas, including underwriting, client onboarding, and claims processing. Now, let's find out those three key areas to use Blockchain solutions in Insurance.
Exploring Blockchain In Insurance
Underwriting
During the underwriting process, an insurer evaluates the peril of furnishing a client with a policy. He evaluates the coverage the client should get and how much they need to pay for it. Insurance sometimes is often called a gamble. Nonetheless, no insurance company would come out to play it without having a thorough at the data and before ensuring that the odds are in their favor. Sometimes, it can take up to years to evaluate the risk versus advantages for larger corporate policies.
On the blockchain, external data can be used to lower risk liability and thus, provide semi-automatic pricing. Further, this can help to shorten and automate the underwriting process, decreasing the cost of operations. Not only this, Blockchain technology can help such industries achieve transparency and strengthen trust in the underwriting procedure by empowering shared visibility in typical multinational programs.
Claims processing
For policyholders, it's not less than a bane to claiming its a long and confusing process. And they have to wait as insurers and reinsurers find out where contracts are, which are the correct one, who has already paid what, and which ledger is having the correct accounting details. It's a time taking the process and can take a while to complete, excluding the extra time required to adhere to stringent regulations for fighting fraudulent claims.
In claim prevention, distributed blockchain network can streamline the access to the same information for all those insurers, as well as, reduce administrative duties associated with claims.
Also Read: Blockchain Smart contracts Are The Future
Uplifting the insurance industry
The benefits of blockchain technology lie within its capacity to eliminate outdated systems which cause most inefficiencies in different industries. Blockchain in Insurance can make it easier to share information, offering great line-of-sight to data and security with the help of records that cannot be edited or altered when written.
Repetitive, labor-intensive and error-prone client onboarding, claims settlement and underwriting procedure can be transformed by using a unified system to store and disperse all documentation.
Mudit Kumar
24 Apr 2018
How Smart Contracts Fuel The Blockchain Technology
Every day is now an opportunity to discover a new application for blockchain technology. After successfully backing up the revolutionary cryptocurrency, the blockchain brings to the fore strategic evolution in various industries including web security, logistics, and even trade finance. However blockchain development, the advance evident of Blockchain is its growing function as a unique payment solution. And this rapid adoption is the embrace of smart contracts.
In a nutshell, smart contracts are referred to as a form of automated contracts using pre-defined rules to expedite the exchange of almost any service or good. The main principle is to propel transparent transactions along with lowering fees and allaying the chance for conflict over nonperformance.
However, unlike conventional contracts, smart contracts leave no room for interpretation. It's because all terms are predetermined. They are automatically enforced by the contract itself.
Understanding Smart Contracts
In this instance, a pizzeria promises to deliver a pie in 30 minutes or money back guaranteed. The pizzeria then creates a smart contract with a customer ordering a pizza. The customer would then put the amount in escrow. If the pizza is delivered within the stipulated time, the funds are automatically released. If the pizzeria fails to deliver the order within 30 minutes, the funds held in escrow will be returned to the customer. Although overgeneralized, this example perfectly illustrates how smart contracts can be applied to any activity involving any sort of contract between two or more parties, to establish trust and security.
Filling the Gap of the Ingenuity of Blockchain with Modern Smart Contracts
Smart contracts are designed to process specially designed functions and tasks without any intervention of any party involved in the contract as it could breach the said contract.
The reason for keeping funds in escrow, for example, is resolved by smart contracts. That's even too without the requirement for a complicated legal framework that involves fees or a broker. Further, if the seller falls short to deliver on the terms mentioned in the contract, the other party keeps the funds. The vice-versa is also possible if the buyer is not able to post the funds in escrow
Also Read: 4 Blockchain Solutions That will Promise A Better Future
The Automation Impact
Ultimately, the adoption of smart contracts may owe its success to two prominent pillars: the cost saving that it brings and automation. Foremost, transferring funds within a digital network becomes much faster than conventional baking methods. If digital wallets on both sides of a transaction can be validated, it can create an environment of trust among both parties. Further, it will enable them to collaborate without any fear of loss or the need for building confidence.
Other than saving legal expenses by building templates, enforcement becomes a much more cost-effective affair. Also, transaction times can be decreased significantly. Moreover, the time taken from contract inception to completion is also gets reduced, saving money and reducing expenditures associated with back-office processes. With the smart contracts placed, all these activities can be executed automatically as a function of their design. Indeed, reducing the likelihood of contract failure or any fraud.
Conclusion
It's the numerous functional advantage of smart contracts, they are the best innovations to accompany the blockchain development landscape. Apart from assisting uninterested parties to embrace the blockchain for agreements and payments, the security offered by smart contracts offers a win-win situation for all parties involved.
Mudit Kumar
23 Apr 2018
Blockchain and Healthcare for Unprecedented Advantages
The outburst of Blockchain technology is everywhere. In fact, almost every day, we hear about blockchain, and is likely to be mentioned irrespective of the industry. Another industry that can be streamlined and improved using blockchain technology is the healthcare industry. If blockchain and healthcare are incorporated, it can enhance and fix compliance pertaining to the spread of the global healthcare system. Read on to know how blockchain and healthcare can work together for the betterment of the latter.
Blockchain and Healthcare: Revitalizing the Industry
Significantly, blockchain is making a prominent contribution to the fintech industry and has just set out to thrive the health IT thanks to some achievable and speculative applications. In fact, healthcare stakeholders (players) have realized the sea of opportunities that blockchain is presenting. However, in order to bring more power to this technology and execute use cases of blockchain and healthcare on a global scale, the development of new frameworks is a must (important). Now, keeping aside all the hype around Blockchain, here we shrug off the cover and discuss a few of the most prominent use cases of this distributed technology in healthcare.
1) Easy Exchange and Interoperability of Clinical Data
Health IT solutions backed by Blockchain can offer robust technological solutions to numerous implications in healthcare application development work such as managing big data, data security & integrity, data interoperability, and more. It's because Blockchain can help develop a cryptographically secured data exchange system, which cannot be revoked. Further, this enables access to the historic and real-time patient data and consequently, lowers the data reconciliation cost.
2) Healthcare IT and Cybersecurity Management
As per a report published by the Identity Threat Resource Center (ITRC), healthcare shares 30% of all U.S. data hacks (breaches), second to the business sector.
In the existing system of healthcare devices, it is challenging for the Health IT infrastructure to support or accommodate the emerging IoMT (Internet of Medical Things) ecosystem. Studies indicate the number IoMT devices that will be towering and may count approx. 20-30 million devices used worldwide by 2020. In such cases, blockchain-backed health IT solutions can ensure reliability, security, and privacy pertaining to the use cases of IoMT (Internet of Medical Things).
Also Read: Benefits of Digital Identity Management With Blockchain
3) Integrity and provenance of supply chains
According to a report by WHO, it came to light that 30% of drugs supplied and selling in developing countries happen to be counterfeit. However, by developing a pharmaceutical system powered by Blockchain Technology and creating a chain of custody, it is possible to track the supply chain at an individual product level. Additionally, functionalities like smart contracts and private keys can play a vital role as they can act as proof of ownership to find out the drug source. e drug source.
Combining Blockchain and Healthcare (Health IT Solutions)
Definitely, Blockchain can offer convincing opportunities for the healthcare sector. It can aid in tackling around a few complications, from billing fraud issues to supply chain provenance to cybersecurity. Bringing out the best possible use cases of blockchain to the fore in IoT and mobile applications can let this technology sprout its wings and provide the best inimitable advantages.
Mudit Kumar
20 Apr 2018
Blockchain and Real Estate | Influencing Real Estate Investing
In this blog, we are talking about how we are going to incorporate blockchain into the real estate landscape. It's because Blockchain could impact and change the way real estate gets done. However, it may require big changes, not just minor tweaks. Now, let's read on to know how blockchain and real estate, when optimized to work together, can influence and disrupt the real estate sector.
Blockchain, a Quick Overview
Defining blockchain is quite simple, it's a distributed ledger technology, on which Bitcoin and numerous other cryptocurrencies run.
One can think of blockchain as a ledger of transactions. The ledger is safely stored and encrypted on hundreds of computers globally, instead of being stored in your own computer at home. In addition, these computers recognize, not only transactions but also what order they have been made in. Anyone in the world can download and access blockchain onto their computer and become part of it. It is the influence of these shared (distributed) computers which gets used to validate and store transactions and thus, allowing blockchain to become a shared (distributed) system that has no central authority. The act to validate transactions by these machines is called "mining." Moreover, the reward for successful validations of a transaction and the addition of it to the block is Bitcoin.
How Blockchain and Real Estate Influences Investing
Funds Escrow:
Generally, when an investment in real estate requires making a distribution-- returning funds produced through a property investment to an investor-- those funds are transferred from that property's bank account to a bank account from where those funds can be transferred via wire, account clearing house (ACH), etc., to the investors.
Distribution mainly relies on the terms outlined in the Limited Partnership Agreement (LPA). Nonetheless, creating trusts or virtual accounts and tweaking them for each investor can prove to be budget-draining.
Here, blockchain could help form a method that records these distributions and stores (locks) the value into a token, which is settled to the U.S. dollar. Further, this could significantly uplift and streamline work when making distributions, as well as, eradicate the need for setting-up costly bank accounts.
Also Read: Blockchain: Building Trust In Digital And Global Economy
Liquidity
One of the most prominent aspects of real estate investment is liquidity. Investors want their investment to be uncorrelated with the S&P to a certain extent to create a diversified portfolio, and possibly, real estate can provide that. In exchange, there will be typically longer hold periods- from 4 to 10 years based on the investment strategy. Further, because of these lengthened hold times, the obvious question rises up--" what sort of liquidity options do I have?" And, the answer could be from "there is no liquidity" to " there is some constrained liquidity and it would come with some type of penalty."
In this sense, a secondary marketplace could provide liquidity. It could offer prevailing customers the ability to exit when they think it's time, and new customers to enter. If we do investment in the blockchain, the exchange of shares between customers can become quite easy. Complications pertaining to loans and requirements would then come up, but if this market is understood upfront, these complications can be considered, instead of the get-go.
Where to Begin
If you want to find out Bitcoin's (Blockchain) effectiveness in real estate further, experts recommend investing in the Ethereum Project, which is developing a platform to build robust blockchain applications. Also, reading other organizations' ICO whitepapers can be informative. These white papers include detailed information about how a company is using blockchain to build a particular application for itself.
Mudit Kumar
19 Apr 2018
The Blockchain And Smart Contracts: To Fuel Crowdfunding
The rapid rise of cryptocurrencies has introduced a new lexicon for investors, with terms like decentralized applications and smart contract development becoming increasingly common. Understanding the interplay between blockchain technology and smart contracts is crucial for cryptocurrency investors. This guide aims to demystify these concepts.
What is Blockchain?
A blockchain is a digital network maintained by distributed computers running specialized software. In the realm of cryptocurrencies, blockchains function as digital, distributed ledgers that track and record monetary transactions. These networks use tokens to facilitate value transfers during transactions. By eliminating the need for intermediaries, blockchains streamline business and trade processes.
What are Smart Contracts?
Smart contracts are software programs that add layers of information to transactions on a blockchain network, enabling complex transactions beyond simple exchanges of digital tokens. Essentially, a smart contract acts as a self-executing agreement between parties, holding each party accountable for their obligations.
Also, Explore | Top 5 Smart Contract Development Companies
Use Cases of Blockchain and Smart Contracts
Crowdfunding
Traditional crowdfunding platforms are often plagued by inefficiencies and fraud, where project founders might abscond with raised funds. By leveraging blockchain and smart contracts, donors can contribute funds with greater confidence. Funds are managed by a distributed network, and smart contracts ensure that funds are released to project owners only when specific conditions are met. If the project fails to meet its goals, the funds are automatically returned to the donors. This approach can also be applied to large capital projects, where distributed networks of debt owners or shareholders manage funding.
Receiving Paychecks
Blockchain and smart contracts can revolutionize how employees receive their paychecks. Instead of the traditional bi-weekly or monthly payments, employers can use blockchain technology to pay employees daily or even hourly. This is particularly beneficial for contractors and freelancers who often have irregular incomes. Automated payments via smart contracts ensure timely and transparent transactions.
Also, Explore | Best Practices for Smart Contract Development
Conclusion
Cryptocurrency investors must familiarize themselves with the jargon and understand the detailed workings of blockchains and smart contracts. Not all blockchains are created equal, and only some support smart contracts. Investors should consider these factors when evaluating cryptocurrency investments, as the ability to support smart contracts may distinguish successful platforms from less successful ones.
For further information, you can contact our blockchain developers.
Mudit Kumar
16 Apr 2018
How Blockchain Eliminates The Pain Points Of Travel Industry
There is merely any sector left untouched by blockchain technology. The latest industry that can be potentially influenced by it is Fintech. Finance technology landscape is in limelight for adopting the blockchain technology, but this is just the tip of the iceberg. Even Blockchain enthusiasts know that its practical uses are not limited to Fintech. These blockchain supporters have not turned their attention to one industry i.e travel. And this is the one industry that routinely copes with many paint points. But blockchain-based applications has the potential to prove to be a panacea for the travel industry.
Here I am elaborating some of the significant problems of the travel industry and the role of Blockchain in solving those issues:
1. Overbooking
Overbooking seems so frustrating when you are a flyer who has been affected by it. Once, an incident of overbooking had occurred where a passenger was forcibly removed from an overbooked United Airlines flight. Blockchain can cure this type of issues of double booking in the airline industry, just because it is capable of preventing double spending.
2. Identity
A large section of world's population is still not a part of the global economy.
Decentralization through crypto economics will allow billions of people to gain access to basic financial services and connect them to the rest of world. To provide every person with an opportunity to travel, the technology would provide a mean of verifying their identity without fearing the identity theft and any change in data and hence, verifies a traveler's reputation with its digital identity systems.
Although, there are identity systems in use for authenticating a user's real identity such as federated identity and social login. But federated identity systems create a centralized system and are vulnerable to attacks. On the other hand, decentralized identity systems can fix this and enable a consumer to verify himself with a digital identity. With the decentralized nature of blockchain, customers will get a relief from waiting in long queues at the airports. Plus, they need not face struggles of going to multiple checkpoints.
3. Traveler Profiles
While Blockchain is very much about transferring values, managing and securing data in best ways, in the traveling landscape, the security and privacy of a user profile are extremely important. If a firm enters into an agreement with an airline, a travel management company (TMC), or any other organization, the company have to give that supplier the access to employees data so they are able to provide the expected services.
No matter whether the process is manual or automated one, it will require much time and efforts to create a well-functioning profiling process. But when employees' data is on the blockchain, it will remove the struggle on both sides. Also, employees do not have to create user accounts with numerous suppliers. This work involves the risk of data breaching. Thus, blockchain creates just one unified profile. Only the people in the blockchain network or who are given access can see the profile.
4. Smart contracts
A smart contract is an agreement that has some defined rules that are codified and stored in the blockchain network. So if the required conditions are met, certain actions will be executed automatically.
In the travel industry, blockchain-based smart contracts are useful in a number of areas such as payments, luggage handling, ID, and concluding deals. They are very beneficial for the travel industry as they are faster, cheaper and remove the middlemen(intermediary). Smart contracts build trust between two parties.
Besides, they are secure due to cryptography. All the legal documents are in encrypted form in a shared ledger. Thus, there’s no way to modify it.
Mudit Kumar
12 Apr 2018
Blockchain In Healthcare: A Revolutionary Step
Healthcare is a big market around the globe. Professionals in health IT consider Blockchain as a medium to safely share medical records, secure vulnerable data from cyber attacks, and provide patients control over their personal data.
How Blockchain Works
The term Blockchain became worldwide famous after the success of Bitcoin. It is not possible that you have missed hearing about the term or reading it somewhere on the internet. It simply is an electronic network system. Several private industries, public organizations, and researchers around the world are exploring how blockchain can be practically used for business purposes.
Further, this technology saves data in a distributed network of participants in linked blocks. Whenever there is a change in any information, a record of the transaction is created in a ledger. And, each block contains a replica of the shared ledger and is interlinked, in chronological order, to the previous block with a cryptographic hash.
What are the Use Cases and Benefits of Blockchain in the Healthcare Sector?
Data sharing among health providers, patients, and pharmacies in a better and more efficient way, will help improve treatments, cut down expenses in medical care, and give accurate diagnoses. In this way, Blockchain facilitates shared access across the network without harming data integrity and security.
Data Security
Traditional information storage is weak when it comes to security, but the shared blockchain ledger is public, and thus the data is duplicated across all the blocks in the network. It keeps all the information in a single location (Centralized form). It also provides access to records via a shared public chain or private chain. This means only the patient will have access to control their personal medical information via a private chain piece. If any hacker wants to steal data or gain access to it, he will have to concurrently breach every participant in the network, not just one.
Data Privacy
The technology gives complete data privacy at the time when you transfer data. For instance, a patient’s records will be updated as soon as a doctor prescribes him a medication. The distributed public ledger will record the change at that moment. Now the record of the patient is encrypted and a link is created for gaining access by the doctor and the patient only. This procedure reinforces the privacy of electronically protected health information (ePHI), and electronic health records (EHR) and is covered by the Health Insurance Portability and Accountability Act of 1996 (HIPAA).
Use cases of Blockchain
Drug Tracking
Around 50 % of drugs in the market are counterfeit. The pharmaceutical industry can gain great benefits from blockchain. It makes use of a highly scalable transparent method in which it assigns the manufactured product an asset. These assets are then added to the blockchain and assigned a unique identification number i.e. a hash. Then this hash is verified by blockchain technology to determine the authenticity of a product. The supply chain management using this technology can track and trace drug sourcing to mitigate the counterfeit drug business.
Billing Management
Based on estimations by Industry Analysts from Frost & Sullivan Health Practice, 10-15% of healthcare expenses are illegal, resulting from excessive billing for services that never existed. With Blockchain, improvement in the logistical tracking of reliability-centered maintenance (RCM) functions can be seen.
Healthcare IoT
Blockchain-powered solutions can close the gap on security through safeguard measures, down to the gadget level. When data breaching is done by attackers, the source can be tracked because blockchain transaction logs cannot be altered or deleted. So, Malicious insider attacks and hackers can be identified easily.
Health Research
Some health researchers and clinical trials go unreported and therefore, unregulated, making a safety issue for participants. Thus, Blockchain evolution can address selective reporting and the changes done in results by using time-stamped records and results.
Mudit Kumar
10 Apr 2018
Streamlining Cross-Border Payments with Blockchain
The global payments sector is error-prone and costly. Cases of money laundering are also common. Besides, it takes days to initiate international transfers of money in addition to limited visibility to transactions. Blockchain development services are changing this paradigm of global payments industries. The technology lays the foundation for low-cost, reliable, and fast peer-to-peer transactions.
Based on the McKinsey & Company report, cross-border payments solely cover 40% of global payments transactional revenues with payment flows of more than $135 trillion in 2016. In the future, the digital revolution is going to take over the payments arena in the long run. In this situation, banks would need to minimize the back-office costs for international payments by 90% percent according to reports.
Conventional money transfers such as Moneygram and WorldPay are also being used to transfer money overseas. The fees involved in these platforms to transfer money are similar to what banks charge. Also, the speed for transferring money is low (five to six business days).
Therefore, several companies are exploring ways to use blockchain to reduce cross-border costs and speed up transactions. With Blockchain, the cost of cross-border payments will decrease and customers will have improved transparency over the transactions.
How Blockchain Revamps Cross-border Payments
Blockchain can eliminate these issues and change the way cross-border payments are done. It is faster and provides greater visibility between two parties at a lower cost. A person in a blockchain network can see every single entry into the ledger of transactions. It provides privacy as well since the transaction details are shared among all parties who are participating in it.
Also, a high level of security is available because it forms an immutable ledger of transactions. Since transaction records are tamper-proof, Blockchain eliminates concerns about fraud.
All the manual processes involved in the work of cross-border payments are time-consuming and prone to mistakes. Blockchain can automate transactions via smart contracts. Actions can be described and performed by “smart contracts,” which make sure that all parties are abiding by the rules and which automate (and therefore expedite) transactions. Hence, blockchain makes the operations involved in international payment faster and more cost-effective.
Industry Players Adopting Blockchain for Cross-Border Payments
SWIFT
At the start of the year 2017, SWIFT launched a Proof-Of-concept(POC) to explore whether the distributed ledger technology can be used by banks to improve the management of the Nostro database in real-time, lower costs, and operational risk. As a part of SWIFT's global payments innovation (GPI) initiative, it aims to deliver a new standard in cross-border payments. 22 global banks collaborated with SWIFT's GPI in 2017 to test the PoC DLT (Blockchain) application.
WYRE
It is a cross-border payments organization based in San Francisco that professes itself as the fastest international money transfer platform in the industry. The platform helps businesses to make cross-border payments efficiently by offering faster and cost-effective services.
RIPPLE
It is a blockchain-enabled platform that offers financial settlement solutions across borders, which enables banks to do transactions directly with each other and lower the costs of settlements. Ripple is constantly diversifying its services in the banking sector. For instance, at the end of June, Thailand's Siam Commercial Bank and Japan's SBI Remit collaborated to launch the first blockchain-enabled payment service using Ripple's blockchain.
Using blockchain to build cross-border payments contains immense potential in eradicating several pain points of stakeholders. However, before venturing into this relatively new and complex tech space, due diligence is a must. Connect with our skilled blockchain developers to get started with building cross-border payment solutions.
Category:
Blockchain
Mudit Kumar
06 Apr 2018
Blockchain and the Mining Industry
This article entails how blockchain development services can enhance and streamline the mining sector with its attributes like decentralization, automation, and more.
Security Breaches in the Mining Industry
The mining industry is the most troubled by the cyber attacks. There are a few examples of the mining industry falling prey to security breaches.
1. Detour Gold networks were most affected as the 100GB worth of data was stolen.
2. 18 GB of compromised documents were shared on a torrent site.
3. And, mining industry stands at the top among many industries when it comes to receiving spam emails.
About one in four industry emails will have a virus. Thus, it is clear from these reports that mining is at greater risk than other fields. As a matter of fact, security is the major concern that will impact mining in the future. The blog shed light on what can blockchain do for mining.
Suggested Read |
Mining Supply Chain Meets Blockchain for End-to-End Tracking
What is Blockchain
The Blockchain is a revolutionary technology that creates and maintains a continuously growing list of records, called blocks and secures these records from tampering.
How Blockchain Enhances and Streamlines The Mining Sector
Security
A report by security firm Trend Micro reveals that 22 mining organizations have fallen victim to major cyber-attacks since 2010. These attacks were intended to steal intellectual property and other proprietary information, which can cause damage to a company. Blockchain is used with mining products such as gold.
A tiny QR code imprinted on the product links to a digital token (stored on a blockchain) for verifying its quality, ethical extraction, and authenticity. This helps in reducing fraud, theft, and related insurance costs. It also gives a much more robust and transparent end-to-end view of the custody of mining products.
Additionally, it keeps a record of every material and safely encrypts the information of goods without any involvement of third-party entities. Thereby, saving the information from any kind of attack.
Check It Out | Exploring the Potential of Blockchain Applications in the Mining Industry
Increased Transparency
Also, this transforming technology can be used in much more complex supply chains of goods. This technology can trace and track materials from the moment of their extraction to the point of sale.
It presents a complete picture of the supply chain in real-time. Therefore, it satisfies customers increased demands for transparency and more environmentally sound goods.
A blockchain record enables you to trace ownership along with the particular geographic location of the ore beneath the earth’s surface. It can link to a physical tag that is able to detect if the ore body is moved or mixed up. Then, this information is conveyed to a third-party vendor on the blockchain network that will inform the ore’s owners or even law enforcement.
In a nutshell, blockchain impacts the mining industry by securing the origin of raw materials and creating a liquid marketplace for unmined ore. In fact, when combined with other innovations in the field of IoT and trade finance, the possibilities with blockchain will increase.
Interested in integrating blockchain technology in gaming applications? Connect with our blockchain developers to get started.
Mudit Kumar
04 Apr 2018
An Introduction to Blockchain-Enabled Smart Property
This article gives you an introduction to smart properties, how these custom blockchain solutions work, and more.
Smart Property
A smart property is an extension of a smart contract that has a smart interrelation with the objects. In simple words, a smart property is the ownership of a person over a property or an object that a blockchain network manages and controls.
Embedding technology in a physical object is not a new idea. For example, IoT (Internet of Things) refers to objects with sensors and links to other objects that have been collecting information and transmitting data.
A tangible or intangible object like a car, phone, AC, or shares of a company can be turned into blockchain-enabled assets.
By making the property smart, it can reduce fraud, mediation fees, and situations such as bankruptcy. Plus, it would increase trust and efficiency.
One can register the information related to any asset on the blockchain along with the details of people owning an object (physical or non-physical). Smart keys could then be used to facilitate ownership rights. The blockchain network checks authentication by using an ownership key.
Take, for instance, you may be able to access and use a car if you had the right smart key stored on your phone. The same is applicable to a smart house.
People can exchange these keys and blockchain can verify these exchanges. So, blockchain serves as a decentralized ledger for recording and managing property rights.
Explore: Smart Contracts on Blockchain | Real Examples and Platforms
Role of Blockchain in Smart Property Development
Blockchain can help in a way how we think of ownership and transact values or assets. It gives two keys of ownership proof.
Your car will be a smart property under the blockchain network if it has two keys of proof to validate its ownership. One is the manufacturer key and the other is the ownership key.
Blockchain needs authentication using an ownership key. The blockchain network would record all phases of a car from manufacturing to its buyer.
Additionally, the manufacturer will provide a digital certificate for the car along with an identification key. Blockchain will use this certificate for proving the existence, mileage, and age of a car to any third-party organization.
Thus, blockchain can turn your property into a smart one where two persons can reach an agreement remotely over any communication network. And, one can publicly verify this agreement.
Check Out: Intellectual Property Rights Management with Blockchain
Blockchain Processes during Car Selling
The following processes occur under the blockchain when selling a car to any buyer:
A buyer will generate a random number and requests the seller to send all the details of the car.
Now, the seller will give the car a random number and will send an identification key with the information about the car.
The data consists of the random number, the public key of the current owner, car data, and the location of ownership transfer.
Then, the seller chooses a key (1st key) to receive the payment and quotes the price of the vehicle as P.
The buyer creates a new ownership key (2nd key). The buyer creates a transaction with 2 inputs and outputs.
Both buyer and seller will wait for the confirmation.
The buyer shows the vehicle with a cryptocurrency transaction and links it to the blockchain.
Lastly, the technology updates the ownership information in its ledger and stores enough data.
This whole activity allows a smartphone to verify a vehicle’s ownership. It can also be utilized to give a digital ignition key which will protect the automobile from theft.
This is how smart property uses blockchain for managing property rights. One can also use smart contracts for a rental agreement for an apartment or home.
You may also like Fractional Real Estate NFTs: The Next Wave of NFTs
Conclusion
In a nutshell, the use of the smart property and programming it according to one’s custom conditions to access it could give rise to new types of decision-making, group governance, and rule administration.
If you are interested in developing a blockchain-enabled smart property, then speak with our blockchain experts.
Mudit Kumar
03 Apr 2018
What Can Blockchain Do For Digital Asset Management
Digitization seems to be ubiquitous in this day and age. All the assets that are being used in businesses are now becoming digital. In this piece, you will get insights into how blockchain solutions help in effective digital asset management.
The importance of Digital Asset Management
The importance of digital assets across industries such as education, banking, finance, healthcare publishing, mining, etc is continuously growing. With it, it becomes essential to manage it efficiently too.
Digital assets such as data, applications, and systems are paramount for any organization. The sensitivity level of these assets varies widely across the sectors. For example, a picture in a digital form becomes strong police evidence in an investigation or your face photo is used for accessing iPhone X. Thus, it becomes crucial that data is correct and not modified. Another sector where data is critical is healthcare. Hospitals have sensitive healthcare data including patient information on the systems residing in hospitals. In financial institutions, their digital transactions are the most vital assets. Data breaches have doubled in the past five years, and the number of attacks has grown in big numbers. This causes huge losses to the businesses. Hence, it is essential to protect your digital assets with an effective management strategy. Companies need to find out a cost-effective solution or a way to store, search, retrieve, and distribute assets with the highest level of security.
Why Blockchain for Digital Asset Management
Blockchain app development technology can protect sensitive data and reduce the risks of such events happening. Not only this, it provides privacy and personal integrity also. Here, there is no need to send the photostream or data into the validation networks, you just have to send a hash of data and its relevant metadata. If any changes are made to the photo, it will create a different hash (a number). The changed hash clearly shows that the data has been modified. Impressively, it protects our data while keeping the file itself private.
Blockchain technology is a preeminent solution for DAM. Storing data on computers can be riskier. It is a decentralized and distributed online public ledger system that stores values or anything of value. For keeping data highly secured with your validation networks, blockchain offers lots of possibilities. It validates that the data is correct. It is not easy to modify data stored on Blockchain because the data is stored with a hash. It is distributed to a large number of validators which makes it extremely hard to tamper any data without getting noticed. Therefore, there is no denying the fact that Blockchain has immense potential to become an important component of any Digital Asset Management Strategy.
In a nutshell, technology protects the transfer of ownership of online assets. It keeps the assets safe from illegal use by checking their integrity and verifying the people who are using them. Thus, if you connect with Blockchain service providers, then it will ensure the development of a secure, reliable, and private Digital Asset Management Strategy.
Mudit Kumar
29 Mar 2018
How To Get Success In Cryptocurrency Exchange Business Startup
This article entails how you can successfully build a cryptocurrency exchange business and some crucial steps in boosting your cryptocurrency exchange development services.
Reasons that Prevent Users to Enter Crypto Landscape
Are you new to a crypto exchange business (trading startup)? Are you wondering what it takes to create a successful cryptocurrency exchange business startup? What are the common risks you will encounter in the cryptocurrency exchange business?
All in all, you would need professional guidance for making your crypto trading startup a success. You also need to find out why people would use your cryptocurrency exchange platform. What is making people maintain a distance from a cryptocurrency investment?
Here are some possible reasons that prevent people from entering the crypto exchange business landscape:
Bitcoin has no physical existence. That is why people are reluctant to try it once.
There is a section of people who are not familiar with the terms like bitcoin and blockchain. In rural areas, the condition is even worse.
This system does not come under the control of any intermediaries like a bank or any central authorities.
Recommended Post | A Guide to Whitepaper Development for Cryptocurrency Projects
How to Attract People for a Crypto Exchange Business and Start Trading with Cryptocurrencies
First, you have to raise people's interest in the crypto exchange business website. Second, it is essential to launch a variety of promising business models.
You need to make people aware of the terms like Litecoin, and Ethereum. Further, let them understand how to face all the risks in BTC trading, before launching your exchange.
A user-friendly and noncomplex website would captivate people to easily trade, buy, sell, or acquire altcoins. Also, provide them with simple ways to execute them.
People will use your platform only when they have trust in your exchange platform to keep their digital assets safer.
Explore More | Maximizing Crypto Exchange Efficiency with Crypto APIs
Major Steps You Should Follow to Boost Your Cryptocurrency Exchange Success
Achieving success in your exchange startup will be possible only when you’ll provide all the technical advancements in your exchange website. A good cryptocurrency exchange script will help you to get profits in your exchange startup.
Enhance the security level: Security is a prime concern for everyone who is going to use your website for trading altcoins.
Don't imply any restriction based on the minimum amount of transactions.
Give your users a decentralized cryptocurrency exchange platform.
Simple monitoring system and interface.
Instant buy and sell of cryptocurrency and instant responses from your website.
Highly secured wallet integration: Wallet integration in your platform should be super-secure only then people will use your services and rely on your platform.
Multi-currency platform: Users may have different types of cryptocurrencies.
Speeder trade match engine.
Low transaction fees: A decent fee for the transaction will be able to attract people to your trading website.
Check It Out | Must-Have Features for a Unique Crypto Exchange Development
Want to get successful in your crypto exchange business? Don't miss out on your valuable traders and customers in any case. Choose our end-to-end development services to launch the most secure, unique & reliable cryptocurrency exchange platform. Connect with our developers today to get started.
Mudit Kumar
28 Mar 2018
Benefits of Digital Identity Management With Blockchain
Digital identities essentially enable us to access computers or applications or automated services. They contain information that may, for instance, involve personal data, healthcare data, personally identifiable information (PII), trade secrets, or intellectual property. Now, digital identity is a part of our daily lives. It lets users interact with any kind of online platform. Indeed, digital identity plays a crucial role for many businesses and people interacting with countless resources or online transactions. But, your personal data remains vulnerable, to threats, hacks, and fraud. Indeed, cybersecurity risks are becoming rampant all around the world and data breaches occur daily. Putting a stop to a data breach is the highest or second-highest priority for IT security investing for 54% of the organizations.
What is Digital Identity Management?
Digital identity management is a broad term, when it has relevance to personal data security, refers to checking a user's true identity with a network, application, or system. It controls user's access to resources within those online systems and applications.
Blockchain For Digital Identity Management
Blockchain technology has a tremendous power to revolutionize online identity management. Today, we are a part of an era where everything is becoming digitized and can be searched on the internet. A huge amount of personal data comprising our name, age, address, social and financial records, etc remain accessible to third-parties. All this information adds up to our online profile. Unfortunately, we don’t hold control over this data. As well as, we are even unaware of the fact that how it is used and who has access to our personal data. The people who control our data can share it with third-party companies. That’s why cyber crimes and frauds scare us. XYZ is using your confidential data. Now, you are in a vulnerable situation. You can’t stop it from getting accessible by others.
Blockchain can track where is our data, who used it, etc. In case, anyone tries to fraud by using your personal data, you can take action immediately. Data is stored in a decentralized manner so that a clear history of transactions can be seen by the people connected to a peer to peer network.
Benefits for Consumers
Using blockchain, users get privacy protection and they can take control of their own data. As the paperwork reduces as well, fast access to data becomes reality.
Benefits for Businesses
For businesses, it helps to minimize the risks and cost of a data breach, while also provides efficient compliance management and monitoring. Undoubtedly, blockchain powers digital identity management by allowing the user to take great control over their personal data. You can control and track all of your data, where it is or where it is located. Also, a user picks and chooses who they opt to provide their information to.
Mudit Kumar
27 Mar 2018
The Impact Of Blockchain Technology On Peer To Peer Lending
Blockchain technology has taken center stage in the financial industry over the past decade, offering a groundbreaking approach to data storage, security, and transaction validation. As the world explores new ways to move beyond traditional banking structures, peer-to-peer (P2P) lending platforms have emerged as a compelling alternative to conventional financing. By connecting borrowers and lenders directly, P2P lending platforms developed levereging DeFi development services aim to deliver faster, cheaper, and more transparent services than traditional banks. The marriage of P2P lending with blockchain technology has the potential to revolutionize the financial services landscape and open new avenues for businesses. In this blog, we will explore the intricate world of blockchain technology, its relevance to peer-to-peer lending, and its far-reaching implications for businesses seeking to harness this powerful synergy.In this discussion, we will cover:An overview of P2P lending and how it challenges the status quo of conventional lendingA technical overview of blockchain technology and how it applies to lending processesThe key benefits and challenges in implementing blockchain-driven P2P lending solutionsThe broader financial implications, regulatory considerations, and future outlookAnswers to frequently asked questions (FAQ) to clarify critical pointsBy the end of this comprehensive blog, you will have a clear understanding of how businesses can leverage blockchain-driven P2P lending solutions to minimize costs, reduce friction, and enhance trust and transparency in lending operations.What Is Peer-to-Peer Lending?Peer-to-peer lending, often referred to as P2P lending, is an alternative form of financing that directly connects lenders and borrowers via an online platform or marketplace. Instead of working through a traditional bank or credit union, individuals or businesses can lend capital to other individuals or businesses with minimal intermediation. This lending model is designed to streamline and democratize the lending process by removing many of the overhead costs and administrative bottlenecks commonly found in traditional banking.Key Characteristics of P2P LendingDirect Connection: P2P lending platforms serve as a marketplace where lenders can choose whom to lend to based on criteria such as creditworthiness, risk tolerance, and loan terms.Lower Costs: By removing the traditional bank from the transaction, both borrowers and lenders often enjoy lower interest rates and reduced fees.Risk Diversification: Lenders can spread their capital across various borrowers to diversify their portfolios and mitigate default risks.Technology-Driven: P2P lending platforms run online and leverage algorithms, data analytics, and now increasingly, blockchain technologies to facilitate and secure transactions.P2P lending has grown in popularity over the last decade, particularly in markets where credit options are limited or traditional banking practices are perceived as inefficient. However, the involvement of intermediaries—platform operators—can still present issues such as lack of transparency, potential data breaches, and conflicts of interest. This is where blockchain technology can make a substantial impact.Also, Read | AI-Based P2P Lending Platform DevelopmentBlockchain Technology: A Brief OverviewBlockchain is a decentralized, distributed ledger technology that allows secure, transparent, and tamper-proof record-keeping across a network of computers (nodes). Rather than relying on a central authority to validate transactions, a blockchain network uses consensus mechanisms (like Proof of Work, Proof of Stake, or others) to verify the legitimacy of transactions. The fundamental attributes of blockchain include:Decentralization: The ledger is not maintained by a single authority but by multiple nodes distributed across the globe. This removes single points of failure and enhances security.Transparency: Each transaction is publicly recorded, and network participants can view the transaction history.Immutability: Once data is added to the blockchain, it cannot be altered without altering every subsequent block—a highly improbable feat due to cryptographic hashes and consensus requirements.Security: Advanced cryptographic methods ensure that the ledger is resistant to tampering.Smart Contracts: Programs that automatically execute contract terms when predefined conditions are met. Smart contracts further automate processes and reduce the need for middlemen.For the financial industry, particularly lending, these characteristics can transform how loans are issued, managed, and repaid. Smart contracts, coupled with a distributed ledger, can reduce operational costs, increase transparency, and build trust among participants who may have never interacted before.Also, Explore | Unlocking Value: Exploring the World of NFT LendingThe Key Benefits of Blockchain in P2P LendingBlockchain-driven P2P lending comes with a multitude of benefits that aim to correct many of the inefficiencies of traditional lending models. These benefits range from improved transparency to lower operational costs. Below are some of the primary advantages of integrating blockchain into a peer-to-peer lending framework.Transparency & TrustImproved Visibility: By utilizing blockchain, every transaction and agreement is recorded on an immutable ledger accessible to all authorized participants. This transparency allows lenders to track how borrowed funds are utilized and provides borrowers with clarity on the terms of repayment.Enhanced Credibility: Publicly verifiable records on blockchain improve trust among stakeholders. Lenders can more easily verify a borrower's loan history, and borrowers can demonstrate their creditworthiness through on-chain data.Reduced Fraud: Blockchain's tamper-proof nature significantly mitigates the risk of fraudulent transactions or manipulated records. Any attempt to alter existing data in the blockchain would immediately alert the network, acting as a strong deterrent to fraud.Disintermediation & Cost EfficiencyNo Centralized Authority: Because blockchain systems do not require a single controlling entity, middlemen like banks or payment gateways can be sidestepped. This disintermediation reduces costs and speeds up the lending process.Lower Transaction Fees: Using blockchain for fund transfers can be cheaper than conventional methods, especially for cross-border transactions. Smart contracts automate much of the lending workflow, reducing administrative and operational expenses.Streamlined Processes: The automation of loan underwriting, funds disbursement, and repayment collection via smart contracts enables frictionless and faster operations, which can be critical for businesses looking to manage liquidity efficiently.Immutable & Secure Transaction RecordsData Integrity: Once information is recorded on a blockchain, it becomes nearly impossible to edit without consensus from the network. This gives an additional layer of security for loan agreements and repayment records.Immutable Auditing: Regulators, investors, and other stakeholders can rely on an immutable audit trail for compliance and due diligence. This feature is invaluable for ensuring that all parties involved act in accordance with regulations and contract terms.Regulatory Confidence: Clear, transparent, and tamper-resistant data can make it easier for regulatory bodies to validate compliance, which can lead to smoother regulatory approval processes.Also, Check | NFT Lending and Borrowing | When NFT Meets DeFiChallenges to Implementing Blockchain in P2P LendingWhile the benefits are convincing, adopting blockchain technology for P2P lending is not without its challenges. From scalability issues to regulatory hurdles, businesses need to navigate a complex landscape to fully leverage this new paradigm.Scalability & Transaction SpeedNetwork Congestion: Public blockchains like Ethereum can suffer from high network congestion, resulting in slower transaction speeds and higher gas fees. This can undermine the cost benefits that blockchain promises.Scaling Solutions: Layer-2 solutions, sidechains, or alternative blockchain platforms can offer improved throughput, but adopting these solutions may present additional technical hurdles and require specialized expertise.Lender and Borrower Experience: If transactions are too slow or fees are unpredictable, it could deter mainstream adoption. Thus, finding the right blockchain platform or scaling strategy is essential for a seamless user experience.Regulatory and Compliance HurdlesJurisdictional Differences: Regulatory frameworks vary from one country to another. P2P lending platforms that operate across multiple jurisdictions must ensure they comply with each region's legal requirements—often a complex endeavor.KYC/AML Requirements: Anti-money laundering (AML) and Know Your Customer (KYC) protocols are vital in financial services. Incorporating these protocols into a decentralized model is feasible, but complex, especially if the blockchain is public and permissionless.Legal Recognition of Smart Contracts: In many countries, the legal framework for smart contracts remains unclear or insufficiently tested in courts, creating uncertainty for businesses adopting these technologies.User Adoption & EducationComplexity of Technology: Blockchain, smart contracts, and decentralized finance (DeFi) can be daunting for non-technical users. This technological complexity can hinder widespread adoption of blockchain-based P2P lending platforms.User Onboarding: For businesses aiming to launch a P2P lending solution, creating a user-friendly interface with streamlined onboarding processes is paramount. Overly complex interfaces can discourage participation, no matter how beneficial the underlying technology might be.Awareness & Trust: Despite rising interest in blockchain, there remains a gap in understanding. Businesses must invest in educational resources, marketing, and user support to build trust and familiarity among potential lenders and borrowers.Also, Discover | Defi Lending and Borrowing Platform DevelopmentPotential Use Cases and Implementation StrategiesNumerous use cases emerge when we consider integrating blockchain into P2P lending systems. From microloans to corporate financing, the potential spans various segments of the lending ecosystem.Microfinance in Developing EconomiesSmall borrowers who lack traditional credit histories can access loans through blockchain-based P2P platforms.Smart contracts and on-chain credit scoring reduce overhead costs, enabling lenders to offer more favorable loan terms.Corporate Lending and Invoice FinancingBusinesses with urgent liquidity needs can leverage blockchain platforms to secure loans directly from investors.Automated repayment structures and real-time tracking of invoices make this approach transparent and efficient.Collateralized Loans Using Tokenized AssetsBorrowers can tokenize real-world assets (e.g., real estate, intellectual property) and use them as collateral on blockchain-based lending platforms.Lenders gain confidence in the security of their investments, thanks to transparent and immutable ownership records.Crowdfunding and CrowdlendingStartups and SMEs can launch fundraising campaigns where participants fund their projects in exchange for tokens or a stake in future earnings.Streamlined, global reach via blockchain reduces geographical barriers to entry.For businesses, the path to implementing these use cases generally involves:Selecting the Right Blockchain Network: Assess public vs. private vs. consortium blockchains.Building or Adopting Existing Smart Contract Frameworks: Use existing templates or develop from scratch for unique needs.Ensuring Regulatory Compliance: Incorporate robust KYC/AML mechanisms and work closely with legal advisors.Strategic Partnerships: Collaborate with fintech companies, blockchain consortia, or technology vendors who have expertise in DLT (Distributed Ledger Technology).You may also like | Blockchain P2P Lending Platform | Revolutionizing LendingFuture OutlookBlockchain technology's impact on P2P lending is still in its nascent stages. However, the pace of innovation hints at a future where:Mainstream Adoption: As solutions become more user-friendly and scalable, the likelihood increases that both retail and institutional participants will adopt blockchain-based P2P lending for a portion of their lending or borrowing activities.Evolving Regulation: Governments worldwide are gradually shaping regulatory frameworks to accommodate cryptocurrencies, tokenization, and DeFi applications. A clearer legal environment will reduce uncertainty and encourage more players to enter the market.New Financial Instruments: Tokenization of traditional assets—such as bonds, stocks, or real estate—can offer a broader range of collateral options for borrowers on P2P lending platforms. This could further lower barriers to entry.AI-Driven Lending Decisions: Artificial intelligence and machine learning will likely integrate with blockchain-based lending platforms to enhance credit scoring and risk assessment, improving the match between lenders and borrowers.Cross-Platform Interoperability: As different blockchain solutions mature, interoperability protocols (e.g., Polkadot, Cosmos) could allow seamless data and asset transfers between various blockchains, expanding the liquidity pool and diversifying risk.For businesses, the growing synergy between blockchain and P2P lending suggests an array of opportunities—ranging from new revenue models to improved client engagement. Organizations that are quick to adapt may gain a competitive edge in the rapidly evolving fintech landscape.ConclusionThe confluence of blockchain technology and peer-to-peer lending presents a game-changing opportunity for businesses seeking innovative financing models. By eliminating middlemen, enhancing transparency, and automating administrative tasks, blockchain can solve many of the historical inefficiencies of traditional lending systems. The immutable nature of blockchain also provides lenders, borrowers, and regulators with unprecedented levels of trust and security.However, this transformation doesn't come without challenges. Scalability, regulatory uncertainty, and user adoption barriers remain significant hurdles that must be addressed. Despite these challenges, the trajectory for blockchain-powered P2P lending appears overwhelmingly positive. As more businesses experiment with decentralized finance solutions, we can anticipate a new era of lending that is more inclusive, efficient, and transparent than ever before.Whether you're a fintech startup, an established enterprise looking to diversify, or an investor wanting to capitalize on emerging opportunities, now is the time to pay attention to blockchain-driven P2P lending. By staying informed about technological innovations, regulatory changes, and market trends, businesses can position themselves to reap the long-term rewards of this burgeoning sector.You might be interested in | Developing P2P (Peer-to-Peer) Lending Platform with BlockchainFrequently Asked Questions (FAQ)Q1: How does blockchain differ from traditional databases in the context of P2P lending?A1: Traditional databases are usually centralized and controlled by one organization. If that database is compromised or altered, the entire system's data integrity may be at risk. Blockchain, on the other hand, is decentralized and distributed across multiple nodes. This makes data tampering extremely difficult and ensures that all participants can verify the authenticity of the stored data. In the context of P2P lending, this decentralization increases transparency, trust, and reliability.Q2: Are blockchain-based P2P lending platforms legal?A2: The legality of blockchain-based lending platforms varies by jurisdiction. Many countries are adopting regulations to oversee crypto assets, security tokens, and DeFi applications. It is crucial for businesses to consult legal experts in the regions where they plan to operate to ensure compliance with relevant laws, such as securities regulations, KYC/AML requirements, and consumer protection acts.Q3: What role do smart contracts play in blockchain-based P2P lending?A3: Smart contracts are self-executing contracts with the terms directly written into code. In blockchain-based P2P lending, smart contracts can automatically manage tasks like disbursement of loan funds, accrual of interest, and repayment schedules. This automation significantly reduces administrative overhead, minimizes the possibility of human error, and enhances trust between borrowers and lenders.Q4: How secure are blockchain-based lending platforms against cyberattacks?A4: While no system is entirely immune to cyber threats, blockchain offers robust security features. Its decentralized nature removes single points of failure, and cryptographic hashing secures data. However, the applications built on top of blockchains (including smart contracts and user interfaces) can be vulnerable if not properly audited or secured. Ongoing code reviews, third-party security audits, and best practices in private key management are essential to maintaining strong security.Q5: How can businesses integrate blockchain-based lending solutions without overhauling their entire IT infrastructure?A5: Many blockchain platforms and third-party providers offer APIs and development frameworks that allow businesses to integrate decentralized functionalities incrementally. Hybrid solutions can also be adopted, where certain parts of the lending process (e.g., identity verification, credit scoring) remain centralized, while blockchain manages the lending agreements and fund transfers. This modular approach enables organizations to experiment and scale up as they gain confidence in the technology and address regulatory compliance aspects.Q6: What are the primary obstacles preventing mainstream adoption of blockchain-based P2P lending?A6: The main obstacles include regulatory uncertainty, lack of user awareness and education, and the technical challenges related to scalability and transaction throughput. Additionally, designing user-friendly interfaces that abstract away the complexity of blockchain is crucial for attracting non-technical participants. Overcoming these obstacles requires concerted efforts by platform developers, regulators, and industry stakeholders.Q7: Can blockchain-based P2P lending coexist with traditional banking systems?A7: Yes. In many cases, blockchain-based P2P lending will coexist and even collaborate with traditional banking systems. Banks might integrate blockchain solutions for specific processes like loan origination or asset tokenization. Over time, we may see more partnerships between traditional financial institutions and decentralized lending platforms to offer a mix of products catering to diverse market segments.By understanding the benefits, challenges, and future possibilities of blockchain-powered peer-to-peer lending, businesses and investors can make informed decisions about integrating these solutions into their operations. As regulations evolve and technology matures, blockchain-based P2P lending is poised to become a cornerstone of modern finance, creating a more inclusive and transparent financial ecosystem for borrowers, lenders, and all stakeholders involved.If you are planning to build and launch a blockchain-powered crypto peer-to-peer lending platform, connect with our skilled blockchain developers to get started.
Category:
Blockchain
Mudit Kumar
22 Mar 2018
Blockchain Smart contracts Are The Future
The world has started to promote decentralization and automation nowadays. Official agreements (Contracts) are an integral part of our lives when it comes to buying a car or starting a new job. Conventional contracts are known for their complexities and sheer volumes. As well as it has high administrative costs, dependence on central authorities. These contracts are sometimes full of shambles because of a lot of paperwork involved. These days, all operations are becoming digitized and we want reliable digital business agreements. Blockchain smart contracts can power the contracts of tomorrow.
A Brief Description of Blockchain Smart Contract
A smart contract is software that stores rules or contractual clauses via blockchain. These contracts automatically verify and execute the terms. It eliminates the need for relying upon third-party systems to allow visibility and access to all the relevant parties. Smart contracts are faster than ordinary contracts since they are quickly passed through all the approval. It also reduces the risk of maintaining the documents.
Why are Smart contracts popular?
1. They are fast and give real-time updates: It increases the speed of business processes as no manual work is there.
2. Accurate: These contracts are less prone to manual errors. Because of the absence of a hand-filled form.
3. Lower costs: The human intervention is less here and it has fewer intermediaries too. That's the reason they are cheaper.
4. Decentralised: As the data in the decentralized registry, it cannot be lost and is less prone to cyber-attacks.
Blockchain smart contracts: Use cases
1. Smart Contracts and Supply Chain
Blockchain Smart contracts are capable of recording ownership rights as items move through the supply chain, confirming who is responsible for the product at any given time. Tracking goods from producers to warehouses is easier through the Internet of Things sensors, from warehouses to manufacturers, and from manufacturers to suppliers. At each stage of the delivery process, finished products are verified until they arrive at the customer's end. In case an item is delayed or lost, the smart contract can be used to find the exact location of a product. On the off chance that any partner neglects to meet the terms of the contract, for example, if a provider has not sent a shipment on time, then each group can see this clearly.
2. Smart contracts and Insurance
The claims process consumes a lot of time, which is a typical problem with insurance policies. This work covers many manual tasks and requires a lot of human action. As a result, additional costs are there. Using smart contracts, these insurance policies can be automated. This will result in lower costs, less human intervention, and a smooth and fast insurance process. In addition, smart contracts will reduce the risk of fraudulent claims too.
3. Smart contracts and Mortgage loans
The terms of a Mortgage depend on an assessment of the mortgagee's wage, outgoings, financial assessment, and different conditions. Third parties carry out these checks. However, it can make the process lengthy and complicated for both the lender and the mortgagee. Smart contracts wipe out the need for a middleman, however, both parties could deal directly with each other.
Mudit Kumar
21 Mar 2018
How To Enhance The Security Of Crypto Exchange Website
Cryptocurrency users always need a secure exchange platform to store their altcoins and to make cryptocurrency exchanges. As a crypto exchange businessman, you need to secure your exchange website tightly. Implementing a crypto exchange website with the Bitcoin exchange script is what you need important. It safeguards your exchange website with multiple secure business layers in the cryptocurrency exchange development phase.
The Cryptocurrency Exchange Script created with secure business modules makes the exchanges the safest. These secure business modules include a Bitcoin escrow application, secure wallet integration, KYC Compliance, and Multi-level authentication.
Here are the best features that provide full security for cryptocurrency traders and exchanges. It makes your website super secure in the development phase:
Security Mechanisms for Crypto Exchange
1. Escrow Application:
Escrow service is a must need to be implemented for your cryptocurrency exchange development. You can protect your exchange website with an escrow application. Escrow is a financial agreement between buyer and seller. It reduces the risk of fraud. A trusted escrow admin collects, holds and only disburses funds when both Buyers and Sellers are satisfied. Escrow has no role of third-party traders or brokers to sell or buy digital currencies.
The escrow-bound application has KYC norms. Owing to this, there are more chances for a refund policy if the seller doesn't release altcoins and also the buyer doesn't make payment. Escrow embedded service is the best choice to exchange cryptocurrencies.
2. Multi-level Authentication
Multi-level authentication offers top-level security to the users for login, withdrawal, and profile updates. And, your account is super secured with Google Authentication, additional layers of OTP, and Email.
3. Secure Wallet Integration:
When you log in to your cryptocurrency account successfully, the other problem that arises is storing your altcoin securely. A cryptocurrency wallet is able to store the altcoin with strong encryption. For accessing your wallet, you need to have two keys which are a private key and a public key. The public key is the altcoin address of whom you have to send money. The private key refers to an individual password or fingerprints, or PIN number to access your cryptocurrency wallet.
4. KYC Compliance
With the KYC module, you get a simple and secure medium for user identity and trust management. This debars non-KYC-compliant users from participating in trades.
Want to implement helpful add-ons in cryptocurrency exchange development? Choose Oodles Scaffold. It gives you the best features to make your site fully secure. Entrepreneurs who want to start the Bitcoin exchange website with security add-ons.
Mudit Kumar
20 Mar 2018
Cryptocurrency Exchange Development: The Challenges
Starting a cryptocurrency exchange and trading business can be rewarding but, you would have to face great challenges too. Crypto exchange development business returns a high rate of interest. That's why it is considered as a good and profitable business. For getting success after investing in cryptocurrency exchange development, an entrepreneur should be able to turn the big challenges into his triumph.
Challenges Faced by Entrepreneurs while Investing in Cryptocurrency Exchange Development:
A cryptocurrency exchange solution is a cryptocurrency exchange script that facilitates your crypto exchange business operations. It also provides you with a complete package for security, profitability, and reliability.
1. Security of your website:
Securing a cryptocurrency exchange website is a prime challenge for exchange business entrepreneurs. Having a secure environment can help to make more profits. Escrow service is a security feature for digital coins transaction in the exchange platform. Escrow reduces the risk of fraud by acting as a trusted escrow admin that collects, holds, and only disburses funds when both Buyers and Sellers are satisfied. KYC compliance and multi-level authentication are other security features that provide security to the exchange platform. Using blockchain in your exchange platform eludes the problem of corruptible transactions. There is no chance of hacking your crypto exchange business.
2. Updating with Current Crypto Exchange Business Latest Trends & Technologies
Having advanced crypto exchange business modules is necessary to keep up with the competition in the market. When you update your exchange business with the latest modules and trends, you get sure of success in your crypto exchange startup. White-label solutions, ICO, Smart contracts, Token creation, wallet integration, and blockchain technology are some of the top technologies that are currently trending.
3. Updating Exchange Business with Multiple Currency Trading
Multi-currency wallet integration is in demand by altcoins users. It lets users manage multiple currencies in the same wallet. The payment methods like ETH, BTC, and USD are a part of multi-currency trading. Also, wallet security and fast payment come at the forefront.
4. Picking High Revenue and Launch your Exchange Business with Minimal Spending
Buying a good cryptocurrency exchange script will help to generate high revenue. So the exchange script should cover all important features like blockchain, liquidity solution, customizable and ready-made exchange solution, and escrow bound platform. Thus, business persons have to develop their own websites by using a secure and reliable cryptocurrency exchange script.
Also, when entrepreneurs invest in cryptocurrency exchange development, the budget needs to be cost-effective for it. Ready-made or ready-to-build cryptocurrency exchange solutions can make cryptocurrency exchange development simple and fast. Custom-built blockchain module lets you save money, and time and design your website with your own methods and creative ideas.
If you are making up your mind to launch your cryptocurrency exchange website without risks, then choose the best cryptocurrency exchange script at Oodles Scaffold.
Mudit Kumar
16 Mar 2018
Business Processes Linked To A Crypto Exchange Website
Nowadays, if you want to start a profitable business, then it must be internet-oriented. A cryptocurrency exchange website is the hottest trend on the internet. A complete understanding of the business process involved in a crypto trading platform is necessary to make revenue. To learn about the business process involved in cryptocurrency exchange websites, this blog gives you important insights. A business person should know about the business process linked to a Bitcoin exchange business. When you develop a Crypto Exchange platform with a Bitcoin exchange script, it can turn you into a rich person.
Let's learn about its business processes:
A cryptocurrency exchange website is a digital platform or a marketplace where traders can buy and sell cryptocurrencies using fiat currencies. It facilitates the trade and exchange of cryptocurrencies. Bitcoin exchange business also provides a feature to store the Bitcoin on their website. All cryptocurrency exchanges have transaction fees that are applied to a user for buying and selling orders on a crypto exchange website. The fee depends upon the volume of Bitcoin transactions that are carried out. For example, a bitcoin exchange called Poloniex has its transaction rates ranging from 0 to 0.25%, Kraken’s fees range from 0 to 0.36%, GDAX fees range from 0 to 0.30%, etc.
So, the prime source of income comes from the service charges and transaction fees applied to a user.
When traders log into the exchange website, they are exposed to some terms and conditions through which trading fees are applied to users. If a successful cryptocurrency transaction is carried out, the website owner gets the trading commission.
When a user exchanges his fiat currency and altcoins, they need to pay transaction fees (Exchange commission)to the website owner.
Integrating wallet services on your crypto exchange website is also a great source of generating revenue. Exchange wallet services are in huge demand as the users need to pay service charges for withdrawing altcoins from the wallet.
Do you know about Margin Lending?
This is the best way to earn income with low risk involved. Margin Lending is about lending altcoins to traders for a particular period of time. Lenders get benefits from the interest on the lending service. So, you earn good and regular income here because service charges are applied to a user when he returns altcoins.
Add unique features to your crypto trading platform website that make it stand out
In the market for crypto exchange businesses, the competition is tough. A nice and user-friendly UI/UX is needed here. Web design of crypto exchange involves adding new features that make your website stand out. Updating the website with the latest trends and functionalities is also important.
Are you planning to start your crypto trading platform business? Launch your crypto exchange business with Oodles Scaffold. We build a customizable exchange platform that saves you time and money.
Mudit Kumar
15 Mar 2018
Using Cryptocurrency to Increase Business Efficiency
The use of cryptocurrency empowered by blockchain in the network can enable businesses to maximize efficiency, eliminate the risk of fraud, ensure transactional autonomy, and lower operational costs. It can lead to a more transparent and accessible business model.
How does Blockchain empower Cryptocurrencies?
The blockchain serves as the underlying technology for many cryptocurrencies and can be implemented in industries beyond finance.
Because of blockchain’s decentralized nature and immutable ledger, cryptocurrencies become more secure than traditional payment systems. Cryptocurrencies, built on blockchain, are digital or virtual currencies designed to work as a medium of exchange in the digital world. They use cryptography to secure and verify transactions as well as control the creation of new units.
Let's look at how cryptocurrency development services can facilitate businesses to transform their business models and achieve efficiency
Efficient International Transactions
Traditional financial transactions often involve varying exchange and interest rates and several other charges imposed by financial service providers. Moreover, transactions take days to complete. A cryptocurrency powered by blockchain enables users across borders to transact much faster while saving middlemen fees.
Reach Newer Markets
Businesses, by enabling users to transact through cryptocurrencies, can exploit an untapped market. Many people are connected to the internet but are unable to transact with businesses overseas due to the lack of traditional exchange systems. Cryptocurrencies fill this missing link and provide a platform for people to connect with your business.
Data Protection
Smart consumers worry about their data being misused by banks, credit card companies, and other financial intermediaries. A business accepting payments through a cryptocurrency provides consumers with an option to decide how much information they wish to share.
Transactional Anonymity
All cryptocurrency transactions on the blockchain are anonymous yet transparent. A distributed ledger records transactions in the database but does not disclose the identities of the parties involved in transactions. On the other hand, anyone with a public address (the online identity of a party created by the network) can go through previous transactions. It enables a business to present itself as an open, more transparent organization to its stakeholders and consumers.
Lower Operational Costs
One of the most disruptive features of cryptocurrencies is their ability to eliminate the middleman from transactions using smart contracts. For example, a bank is a middleman, which verifies transactions between two parties through its central server. Every transaction handled by the bank results in a service fee that businesses and consumers bear. Eliminating the service fee paid to the middleman leads to overall savings and reduced operational costs over time.
Immediate Transactions
A transaction verified and processed through a middleman can often be time-consuming. A cryptocurrency transaction on the blockchain does not need any human intervention, which results in increased efficiency.
Know More About Our Ready-To-Use Crypto Exchange Modules Solution
Conclusion
Investing in a cryptocurrency and integrating its blockchain-based features can transform business models. Businesses can update their operations and processes using the innovations pioneered by blockchain. At Oodles, a blockchain development company, our crypto developers can help you with the business transition into a more efficient model, driven by blockchain and cryptocurrency.
Mudit Kumar
13 Mar 2018
White Label Crypto Exchange Solution | A Compact Guide
Step into the dynamic realm of cryptocurrencies, where innovation and growth converge in a landscape defined by rapid evolution. For businesses eyeing entry into the digital assets space, the prospect of launching a cryptocurrency exchange sparks both excitement and trepidation. In our latest exploration, we uncover the strategic advantages driving the adoption of white-label crypto exchange development in this ever-evolving ecosystem.
Navigating the Cryptocurrency Boom
The global surge in cryptocurrency adoption has drawn a diverse array of participants, from seasoned investors to curious newcomers. While the allure of establishing a cryptocurrency exchange is undeniable, the path is fraught with challenges.
Overcoming Development Complexities
Embarking on the development of a cryptocurrency exchange from scratch presents a formidable task. From regulatory compliance to cybersecurity measures, the journey demands specialized expertise and considerable resources, all while bearing the weight of inherent risks.
The Rise of White-Label Solutions
Enter the realm of white-label crypto exchanges, offering a turnkey solution for entrepreneurs seeking a streamlined path to market entry. By providing a customizable platform that can be tailored to individual specifications, white-label solutions offer a shortcut to realizing the vision of a fully operational exchange.
You may also like to watch | White-Label Crypto Exchange
Expedited Deployment and Cost Efficiency
In a landscape where timing is paramount, white-label exchanges offer a distinct advantage in expediting market entry. The considerable time and cost savings compared to in-house development make white-label solutions an attractive proposition for ambitious ventures.
Simplified Regulatory Compliance
Navigating the labyrinthine regulatory landscape of the cryptocurrency industry is no small feat. White-label solutions often come equipped with built-in compliance features, alleviating the burden of legal complexities and ensuring adherence to regulatory standards.
Enhanced Security Protocols
Security is paramount in the world of cryptocurrency exchanges, and white-label solutions prioritize robust security measures. With features such as encryption, two-factor authentication, and secure storage options, these platforms instill confidence in users and fortify the integrity of the exchange.
Also, Explore | Customization Options in White-Label Crypto Exchanges
Tailored Customization and Branding
Despite their prefabricated framework, white-label exchanges offer ample room for customization and branding. Businesses can leverage this flexibility to craft a unique user experience, integrate bespoke features, and establish a distinct identity within the market.
Continual Support and Updates
White-label providers offer ongoing technical support and regular updates, ensuring that the exchange remains resilient, up-to-date, and compliant with industry standards. This commitment allows businesses to focus on growth and innovation, unburdened by the demands of maintenance.
Also, Read | Scratch-Built Vs. White-Label Crypto Exchange Software
Conclusion
Choosing a white-label crypto exchange is not merely a matter of convenience; it's a strategic imperative in the competitive cryptocurrency landscape. By harnessing the capabilities of a white-label exchange, entrepreneurs position themselves strategically to leave a lasting impact in the dynamic realm of digital assets. And for those inclined to forge their path, our adept crypto exchange developers stand ready to assist in bringing their vision to fruition.
Mudit Kumar
12 Mar 2018
Things To Keep In Mind While Choosing Altcoin wallet
As the price of bitcoin and other cryptocurrencies is growing, the demand for Cryptocurrency wallet development is also shooting up. The creation of Bitcoin was mainly intended to eliminate the need for a centralized chain of financial services. One can have full control over his money. A decentralized digital currency (like bitcoin) gives you the power to control and manage your own money. And, if you have invested in any cryptocurrency, you must be needing a secure Altcoin wallet for storing your coins.
First off, Let's understand clearly What is Cryptocurrency wallet or Altcoin wallet?
It is a software program that lets you send, receive and store digital currency. In technical terms, the software stores private and public keys. And both the keys enable you to send and receive digital coins through the most-secure technology named blockchain and lets you monitor your balance.
Choosing a right Cryptocurrency wallet for your needs can be daunting, but here we are to help you out. We have listed some things you should consider crypto while choosing the best wallet for your Altcoins.
1. Is it secure?
You cannot neglect one thing in cryptocurrency wallets and that's security. Offline wallets are comparatively safer than web wallets. Because offline wallets do not rely on third-party services. Online wallets are at risk of hacking attacks. Online or web wallets are vulnerable when it comes to providing a secure environment. So these online Crypto wallets should have strong authentication and security. Keep in mind if you have lost your private key, you will lose your coins. Thus you need to take proper precautions.
2. Multi-currency wallet
If you own a variety of cryptocurrencies, then you should look for multi-currency wallets for storing your different altcoins in the same place. This feature will help you manage multiple currencies on the same wallet.
3. Anonymity
If you consider anonymity as an important factor then choose a wallet that offers this. Does it have a verification process(Know your customer/ KYC)? Is registration essential for you when you use a wallet for the first time? Look according to what you want.
4. Control over your altcoins
Not having access to private keys for the cryptocurrency in your wallet means you do not have any control over your coins. If you have access to private keys, then you will be able to easily move your coins in or out. It's an important factor to consider while choosing a wallet. With this, you will have full control over your digital coins.
5. Multisignature wallet
You need to check if the altcoin wallet has a multi-sig option or not. Multisignature wallets are like joint bank accounts in which more than one key is required to authorize crypto-coin transactions. Here, like joint accounts, all the transactions would be authorized by more than one signature holder. For managing community funds, it is useful due to the trust it builds among all signature holders. Several groups of people are in charge to spend funds.
Want to create a cryptocurrency wallet? Make it happen with Oodles Scaffold.
About Oodles Scaffold :
Oodles Scaffold is a service that provides you with ready-to-build software for Bitcoin or cryptocurrency exchange platforms. Save your money and time with our re-utility product. Why spend money on the long development processes or on the resources for building the software from scratch?
Entrepreneurs who want to create cryptocurrency exchange platforms in less time and with less budget. Oodles Scaffold is right there to give you ready-to-go solutions for the crypto exchange business. Using Oodles scaffold you can attract your valuable customer instantly without wasting time on long development processes. Also, You can rename the product with your brand name and customize or style it. Startups can increase their revenue with minimal spending through Oodles Scaffold.
We at Oodles are specialists in developing cold and hot wallets. We offer a buffet of revolutionary features in cryptocurrency wallet solutions.
1. Oodles Scaffold (Ready To Go solution for businesses that saves time and money and maximizes profits )
2. KYC Compliance
3. Development of a secure Cryptocurrency wallet with Multi-level authentication.
4. Multi-signature wallets are reliable as it requires a group of multi-signature holders to authorize the transaction.
5. Multi-currency wallet to store a variety of crypto coins.
Mudit Kumar
08 Mar 2018
Consideration for Choosing a Cryptocurrency Exchange Software
The cryptocurrency world is flourishing at a meteoric pace. With the growing success of some cryptocurrencies, the number of people investing in them is also increasing. Under these circumstances, choosing a Cryptocurrency exchange platform should be your top priority. A Cryptocurrency exchange platform allows you to buy and sell cryptocurrencies in exchange for fiat currency.
Here, are some important factors to consider while choosing a Cryptocurrency exchange platform.
1. A safe and transparent platform
Security is the number one factor you look for during your fund transfers. A lot of crypto exchange platforms have failed in terms of security. Thus, you need to do proper research before choosing a platform. It is essential to prevent fraud and losses. Be guaranteed that you are choosing the right platform.
Nowadays, the fiat bank system is notorious for its delayed or lost bank transfers. Moreover, due to its structure, it is difficult to find out where the funds are stuck. The blockchain technology behind the cryptocurrencies serves as a decentralized ledger that records ownership. Hence, both the sender and receiver can trace every transaction happening.
2. User-friendly platform
Cryptocurrencies are very different from fiat money transfer systems. Trading cryptocurrencies require third-party wallet services. And these are not user-friendly. So, you would not want to deal with complicated processes, on top of managing their private keys.
Further, a majority of the clients are expected to have no technical background to pass through this process smoothly. Moreover, the user interfaces have a complex structure then it is hard for you to help them either. So, look for a fully integrated Cryptocurrency exchange platform for payments.
3. Fast purchase
The ways how we buy cryptocurrency are not the same between platforms. Some cryptocurrency exchange requires deposits by bank transfer, some use PayPal, some accept credit and debit cards, and some solely use cryptocurrency for purchases.
In case you do not have any cryptocurrency before choosing an exchange platform, it is essential that you choose a platform that accepts fiat currency so that you may enter the market. Here, you need to see how much time it takes to complete purchasing process. Some cryptocurrency exchange platforms process transactions speedily while others can take days or weeks.
Mudit Kumar
06 Mar 2018
Peer to Peer Exchange Platform: Why Do You Need One?
What is peer to peer exchange platforms? Or Why you need a cryptocurrency exchange platform?
Peer to peer exchange platforms are the websites where you can sell, buy and trade cryptocurrencies like Ethereum, Bitcoin, and other digital coins. A cryptocurrency exchange platform is controlled and managed by a software. Investment in cryptocurrencies is becoming the fastest growing trend in the market.
If you wish to invest in cryptocurrencies, then you will require converting your fiat currency into digital currency. And for this, you must need a P2P exchange platform. The best thing about such platform is that it will let the participants in the market exchange altcoins without the need of any third party or intermediary to process all exchanges. In the market, there are companies that act as intermediaries and serve as regular cryptocurrency exchanges. They make money from the fees collected through it. Contrarily, both parties interacting on exchange platform is handled by pre-programmed cryptocurrency exchange software with no need of middlemen. P2P exchanges are popular for their decentralized, secure and transparent system.
Advantages of Peer to Peer Exchanges
P2P exchanges are time-saving and cost-effective. They are private and secure for trading cryptocurrencies. As mentioned above, the big advantage of these platforms is no role of third parties. Let’s look at the advantages of P2P exchanges:
Transaction censorship resistance
Regular cryptocurrency exchanges are in charge of people. However, these exchanges are considered vulnerable to the government. These can be exploited by imposing regulatory restrictions by governments. In fact, two big exchanges in China were intervened by people’s bank of China resulting in freezing bitcoin withdraw nearly for one month. Every user expects their funds to remain safe. P2P exchange platforms do not require any third party or central authority in charge so the government cannot force regulations.
Cheap process
Regular cryptocurrency exchanges are controlled by people and they need to be paid for their work. As there is no involvement of people in maintaining and managing P2P exchanges, they are cheaper as compared to Regular cryptocurrency exchange.
Privacy
Governments are known to impose AML and KYC regulations on cryptocurrency exchanges in recent years. However, P2P exchanges are private as government intervention cannot happen in this case.
Secure and faster exchanges
Peer-to-Peer exchanges are faster and secure because nobody has a control over your funds but you. That’s why it leaves you worry-less about stealing. Faster exchanges are a result of entrusting no single authority for P2P exchanges.
What are White label exchange development solutions?
White label solution refers to providing a service or creating a product so that any agency can rebrand and consecutively it can re-sell as your own product to small or big businesses. A White Label bitcoin exchange platform is a complete software for bitcoin exchange business. It allows you to rename a current industry brand name to a new brand name as per your choice. Besides this, you also get the advantage of designing your own logo and style for your product. White label solution enables you to build your own bitcoin exchange platform. Moreover, a businessman can run his own bitcoin exchanges in the market without spending too much on the customized platform from scratch. That’s why these are better for its cost-effective solution, ready-made, and fully-integrated cryptocurrency exchange platform.
What is Oodles Scaffold and How it is better for you?
Oodles Scaffold is a service that provides you ready-to-build solutions for Cryptocurrency Exchange Platform Development. Time is money. Both the terms are inter-related here. Longer the time needed for building a bitcoin exchange platform, greater will be the amount of money spent on it. Get away with waiting for such a long time and be speedy.
We offer you the best Cryptocurrency Exchange Platform Solution that cuts down your cost and time. We provide best-quality cryptocurrency exchange software. With Oodles Scaffold, you can focus on setting up your own brand and style to sell or exchange motives.
Key Advantages of Oodles Scaffold
Saves your money and time
Creating an in-house platform from scratch requires a great deal of time, a big financial budget and a large number of human capital resources. It takes a lot of time and money in its designing, testing, infrastructure, resources and technology creation. So, you may end up busting your budget in this case. Thus, adopting to Oodles Scaffold is a better alternative to expensive investment. Plus, you get fast development results.
Faster and easier branding
Oodles Scaffold provides a ready-made bitcoin exchange platform, which in turn, makes branding simpler. When you re-sell it, then you will have no concern about needing to spend time and money on research or development.
Mudit Kumar
27 Feb 2018
Using Blockchain Technology To Curb Money Laundering
The instances of money laundering are increasing every passing day. It has become a daily occurrence and it causes whopping losses every year to the global economy. Talking about the figures, about 2-5% of transactions of the global GDP are exhausted by Money Laundering and related Ponzi schemes every year, causing losses that add up to $2 trillion.
Money Laundering is a process of conducting fraudulent transactions in a way that obscures the link between funds and their origin. Although there are several other financial problems to deal with, the threat of money laundering is far greater than one can imagine. The incidents of Money laundering not only hamper the global economy but the security of millions of people is also compromised. Despite the efforts from the authorities and in spite of various anti-money laundering solutions, the authorities are able to confiscate less than 1% of the illicit transaction flows. To make things worse, the global annual expenses on AML compliance are expected to cross $10 billion by the end of this year.
Enter The Blockchain
Blockchain is a distributed cryptographic ledger that records transactional data in a series of blocks. As the name suggests, it contains a series of Blocks that are electronically chained together to form a massive database. Each block records a small patch of data and is cryptographically secure. Blockchain forms a decentralized digital ledger where the data is shared with every node. Each user in the Blockchain network retains a copy of the ledger. Blockchain is also immutable and tamper-proof as the data stored on Blockchain cannot be deleted or modified at any point in time.
Blockchain was initially devised to be used in the Cryptocurrency landscape. Bitcoin was the first Cryptocurrency that used this decentralized Peer-to-Peer system for recording transactions. But owing to the highly flexible nature of Blockchain, the latter can be used in a wide range of applications. As of today, Blockchain is being used in almost every industry and in a plethora of different applications.
Blockchain as an AML Solution
There is no denying that Blockchain can prove to be an effective anti-money laundering (AML) solution that can eradicate such issues once and for all.
Perhaps the biggest advantage of building an AML system on top of the Blockchain is that it leverages the most advanced form of cryptography used in Blockchain. Since the data stored on a blockchain is immutable and is shared with all the nodes in the network, we can use it to stop suspicious transactions before it's too late. The decentralized smart contracts (an application of blockchain) can also help to prevent incidents of money laundering to a great extent. Smart Contracts are self-executing wills that use built-in algorithms to allow a fair exchange of goods and services between two or more parties.
Various financial institutions can be a part of Blockchain and each one of them will serve as a node within the private permissioned blockchain network. Each node will have access to the network directory and smart contracts for recording transactions on Blockchain.
More or less, it would be interesting to see how long it takes for financial institutions and regulators to adopt this state-of-the-art technology to gain visibility over transactions and prevent money laundering.
Mudit Kumar
23 Feb 2018
Blockchain is a Transformative Technology for the Legal Industry
Blockchain has gotten much attention worldwide for its use case in many industries. It is a new technology and will have more use cases in the future. Blockchain implementation can be a crucial way of how modern legal practice operates. For lawyers, the number of significant traits of Blockchain technology is a lot, but the best of them is storing information in a transparent, secure, and immutable ledger. If legal industries want to keep up with this digital technological world, then Blockchain development services are deemed to be a perfect fit for them.
Impact of Blockchain on Legal Practices
Right now, the number of Blockchain implementations in legal professions is not much, however, there are pieces of evidence of the technology being used in almost every field. The technology is a safer tool for law firms as well to adopt.
Increase in Compliant Regulatory Reporting
Legal professional players take charge of the activities such as regulatory compliance, reporting, and management. And they come across many challenges regarding regulatory compliance globalization and management. With it, current firms need efficiency and enhanced speed that could be attained with the adoption of Blockchain.
Due to its immutability, it eliminates the risk of fraudulent transactions. For this reason, it is implemented to ensure compliance is unmodified over time and maintained efficiently. Here, data is stored in a decentralized manner. In legal sectors, the vital thing is the uniformity, trust, and consistency of data most importantly for sensitive areas.
Also, Explore | Cryptocurrency Legality Around the world
Cybersecurity for law firms
Cybercriminals make the legal industry their continuous and utmost priority for fraud. The data which is open and public on the internet is prone to attacks and is not safe. So, incidents of data breaches are very likely to happen in the future. No matter whether a local network used by large companies is not connected to the outside world or collaborative teams, the chances of data breaching are very high in this case.
Blockchain can mitigate data risks because it handles data securely. A company named Bitium has already created an authentication system that depends and relies on Blockchain called Blockchain Single Sign-On, or SSO.
It’s developed to protect a user’s account and connected apps. All of it is recorded in the cloud storage. Blockchain implementation can be used to access documents, files, and sensitive data.
Also, Read | The Implications of Blockchain in the Legal Services Industry
It also protects from phishing. In this situation, cybercriminals create phony yet legitimate-looking portals to trick unsuspecting employees and individuals. You then get into their trap visit the fake portal and submit your login details or sensitive information. Now, the hacker can easily abscond with your details. Further, he utilizes the collected information to gain access to highly sensitive systems and networks, such as the ones legal professionals use to handle documents and information. For more information about how to use blockchain in the legal industry, connect with our skilled blockchain developers.
Mudit Kumar
22 Feb 2018
Blockchain and its Significance in Big Data
Today's world is an internet-savvy world. So the number of people who are using the internet is vast. A huge amount of data is being produced every day. This all data contributes to big data. Big data is valuable because it helps businesses to make smarter and better decisions. In the field of big data, the main concern is over data security and integrity. Blockchain application development is likely to reshape the world of big data.
Blockchain's Role in Big Data
A lot of information prevails in a digitized form. If we talk about medicines and healthcare areas, they have a colossal of crucial data as it is related to the patient’s health. Here, Blockchain is powerful enough because it forms a decentralized database that means no third party, person or company controls data entry or its integrity. The technology ensures the integrity and sanctity of data. Suitably, all the records under the blockchain are secure and verified constantly by every node which is a computer on the network.
Blockchain is a decentralized ledger that is capable enough to store huge amounts of medical data in a decentralized manner rather than storing it on some central server only. If the sensitive health data of hospitals are poorly managed, then it can increase the risk for a patient. With it, there will be an improper and incorrect diagnosis or treatment. This further leads to corrupted test results.
Suggested Read | Rethinking Cybersecurity Solutions with Blockchain Technology
The one major trouble is that the treatment journey of a patient having two touchpoints could have different datasets for the same individual. The innovative decentralized technology handles these datasets and creates an unchangeable resource. Storing healthcare-related databases on the decentralized ledger will create immutable and tamper-proof records that cannot be changed. The best advantage of the technology in big data is security. So the data handled by blockchain prevents hacking and data leaks.
In healthcare sectors, a doctor might need multiple signatures or permissions from other parts which are under the network to access patient data on the blockchain. With Blockchain tech, multiple signatures are sought at every stage to access patient data. This will protect the patient's records from any kind of theft.
The blockchain-based system improves transparency in data analytics to a large extent. It will not verify any data entry or input if it is viewed as dubious. Therefore, analysts in industries such as Retail only deal with data that is completely transparent. Ultimately, the customer behavior patterns identified by blockchain systems are likely to be a whole lot more accurate than it is today.
Check It Out | Advancing Identity Management with Blockchain Technology
Big Data Role
To end up, even big data analytics can do much for the records saved on a blockchain ledger. As per predictions, the data kept under the blockchain is worth trillions of dollars because it is steadily moving into banking, micropayments, remittances, and other financial services. Thus, analytics tools can be used to uncover the patterns that can maximize profits and help companies to make smarter decisions.
Interested in utilizing blockchain technology for big data? Connect with our blockchain developers to discuss.
Mudit Kumar
16 Feb 2018
How Blockchain implementation Empowers Women Globally
Blockchain technology is widely known for its connection with Bitcoin (the famous cryptocurrency). However, its use cases are beyond cryptocurrencies that cover governance to remove fraud in finance. Briefly, Blockchain is an immutable ledger that uses strong cryptography for creating transactions and all the validated transactions are tamper-proof and permanently stored on the blockchain. Blockchain implementation addresses the major concern over online security. There are women residing in remote locations all over the world who are poor and don’t have IDs or bank accounts. Blockchain, however, has an immense potential to improve the lives of girls and women.
Here, we are shedding light on how it empowers women economically.
Blockchain for Women Empowerment
Personal Important documents
Research by World Bank reveals that the number of women holding an official ID, a birth certificate, a bank amount, or other necessary documentation is quite less as compared to men in developing nations. Blockchain is a digital ledger thus, women can have digital IDs.
With blockchain implementation, records are kept with high security as well as it reduces the cost of management of records. This will help them to apply for loans, jobs and permit them to open a bank account. So, women can contribute to the economic growth of a country.
Contracts based on Blockchain Implementation
As reported by the Food and Agriculture Organization of the United Nations, women possess 20% less of a land of world’s land. And women are the most affected. They are weighed down unfairly by insecure land rights. The problem here is, in most countries, women's land rights are handicapped by the patriarchal dominance that rules various communities, and disparities between the constitutions and customary laws. Contracts based on blockchain improve the ownership power of women for land. Their property ownership rights are kept safe with blockchain as it is impossible to alter any document stored on a blockchain. Thus, it helps to knock out any kind of counterfeit or inaccuracy in it. So this creates an accurate and reliable system as far as women land’s rights are concerned. Now, no person either a government appointee or any man can contradict and challenge the land owned by women. Because all the contracts are documented on the blockchain.
Payments Via Blockchain
Blockchain has emerged to be the most secure technology for financial transactions. Nearly half of the total women in the world, do not even have a bank account. Blockchain is helpful in this situation in a way that it provides a payment system where transactions can be carried out on blockchain free of cost. It is only possible with its peer-to-peer transaction network that needs no intermediary, central bank, or third party. Moreover, if one wants to open a cryptocurrency wallet then one needs to pay nothing for it. In this case, it eliminates the barriers for women to start financially. As compared to men, women are less likely to bear the expense of maintenance fees or minimum balance requirements in respect of their overrepresentation in part-time and informal labor or productive activities that are not taxed or registered by the government.
Where the infrastructure is not strong for women, blockchain can help women transformation with economic growth opportunities.
Mudit Kumar
15 Feb 2018
Hashgraph Decentralized Ledger vs Blockchain Technology
Below is a comprehensive, in-depth comparison of Hashgraph decentralized ledger technology and traditional blockchain technology. This content is designed to provide clear, well-researched insights backed by technical details and industry best practices. Disclaimer: This article is provided for informational purposes only and does not constitute financial, legal, or investment advice. Always perform your own due diligence and consult with experts like Oodles Blockchanin, a blockchain development company, before making any decisions related to distributed ledger technologies.Hashgraph Decentralized Ledger vs. Blockchain TechnologyDecentralized ledger technologies (DLTs) have revolutionized the way data is recorded, validated, and secured. Among these technologies, blockchain has become synonymous with cryptocurrencies and decentralized applications, while Hashgraph presents itself as an alternative with distinct architectural and performance advantages. In this article, we explore the fundamentals, differences, advantages, and challenges of both systems to help you understand which may be better suited for various applications.Overview of Distributed Ledger TechnologiesDistributed Ledger Technology (DLT) refers to the digital system for recording the transaction of assets in which the transactions and their details are recorded in multiple places at the same time. Unlike traditional databases, DLTs have no central data store or administration functionality.Blockchain Technology: Uses a chain of blocks, each containing a list of transactions. These blocks are cryptographically linked and secured, forming a single, linear history.Hashgraph Technology: Employs a directed acyclic graph (DAG) and a “gossip-about-gossip” protocol, enabling each node to share information rapidly and efficiently without the need for sequential block confirmation.What Is Blockchain Technology?Blockchain is the pioneering technology behind Bitcoin and many other cryptocurrencies. It is characterized by the following features:Structure: Transactions are grouped into blocks. Each block is cryptographically linked to the previous one, ensuring data integrity and chronological order.Consensus Mechanisms: Blockchain networks employ various consensus protocols, such as Proof-of-Work (PoW) or Proof-of-Stake (PoS), to validate transactions. These mechanisms are designed to be resilient against malicious attacks but can suffer from scalability issues.Security and Transparency: The immutability of the blockchain ledger, combined with decentralized consensus, provides strong security assurances and auditability.Decentralization: Many blockchain systems (like Bitcoin and Ethereum) are permissionless, meaning anyone can join and participate in the network.For further insights, refer to the Bitcoin Whitepaper and Ethereum's official documentation.What Is Hashgraph Technology?Hashgraph is a distributed ledger technology that diverges from the traditional blockchain approach. Developed by Leemon Baird and implemented by Hedera Hashgraph, it offers several unique features:Consensus Algorithm: Hashgraph utilizes a gossip-about-gossip protocol combined with virtual voting, enabling nodes to reach consensus quickly and with a high degree of fairness.Performance: The architecture is designed to support high throughput—potentially thousands of transactions per second—while maintaining low latency and low transaction fees.Security: Hashgraph claims to achieve asynchronous Byzantine Fault Tolerance (aBFT), which is one of the highest standards for security in distributed systems.Governance Model: Platforms such as Hedera Hashgraph use a council-based governance model involving major organizations, which can raise questions about decentralization relative to permissionless blockchains.For more technical details, visit the Hedera Hashgraph Documentation.Key Comparison AreasA. Consensus MechanismsBlockchain:Method: Relies on mechanisms like PoW or PoS.Pros: Time-tested, highly decentralized (in many cases), and proven secure against certain attack vectors (e.g., 51% attacks are mitigated by high network participation).Cons: Can be resource-intensive (especially PoW), slower transaction confirmation times, and potential scalability issues.Hashgraph:Method: Uses gossip-about-gossip and virtual voting.Pros: Faster consensus with high throughput and lower energy consumption; achieves aBFT, ensuring strong security.Cons: Governance and decentralization are often more centralized (e.g., via a governing council), which may limit the permissionless nature compared to traditional blockchains.B. Transaction Speed and ScalabilityBlockchain:Transaction Speed: Varies by network; Bitcoin averages 3–7 transactions per second, while Ethereum processes roughly 15–30 TPS (transactions per second) without layer-2 solutions.Scalability: Often faces challenges with network congestion and higher fees during peak demand periods.Hashgraph:Transaction Speed: Designed for high throughput, supporting thousands of TPS with minimal fees.Scalability: The gossip protocol scales efficiently with network size, reducing latency and improving overall performance.C. Security and Data IntegrityBlockchain:Security Model: Based on cryptographic hashing, decentralized validation, and immutability of the ledger.Data Integrity: Strong, due to the cumulative proof-of-work or staking mechanisms.Hashgraph:Security Model: Achieves asynchronous Byzantine Fault Tolerance (aBFT), which is considered highly robust.Data Integrity: The virtual voting and gossip protocols ensure all honest nodes eventually agree on transaction order without relying on sequential block production.D. Decentralization and GovernanceBlockchain:Decentralization: Many blockchains are permissionless, with no central authority controlling the network.Governance: Often community-driven or based on open-source protocols, though some platforms incorporate off-chain governance mechanisms.Hashgraph:Decentralization: Generally operates on a permissioned model (as seen with Hedera Hashgraph), where a selected council governs the network.Governance: This council model aims to provide stability and regulatory compliance, but it may reduce the level of openness compared to fully decentralized blockchains.E. Use Cases and ApplicationsBlockchain:Applications: Cryptocurrencies, smart contracts, decentralized finance (DeFi), supply chain management, voting systems, and more.Ecosystem: A vast ecosystem with extensive developer communities, numerous protocols, and widespread adoption.Hashgraph:Applications: Suitable for high-performance enterprise applications, real-time data processing, micropayments, and use cases where speed and low latency are critical.Ecosystem: Growing, with increasing adoption in enterprise contexts and partnerships that emphasize speed and efficiency.Also, Explore | Ethereum Distributed Validator Technology | DVT for StakingAdvantages and ChallengesBlockchain AdvantagesMaturity and Proven Security: Years of real-world testing and a large body of academic research support blockchain's security model.Decentralization: Many blockchain networks operate in a permissionless environment, promoting transparency and resistance to censorship.Vibrant Ecosystem: Extensive developer communities and a wide range of decentralized applications.Blockchain ChallengesScalability: Many blockchains face limitations on TPS, leading to higher transaction fees and longer confirmation times.Energy Consumption: Particularly for PoW systems, energy use can be significant.Latency: Confirmation times may be slower compared to newer technologies like Hashgraph.Hashgraph AdvantagesSpeed and Throughput: Capable of handling thousands of transactions per second with low latency.Energy Efficiency: Consensus achieved via gossip protocols and virtual voting requires significantly less computational power.Robust Security: aBFT ensures high levels of security and fault tolerance.Hashgraph ChallengesGovernance and Decentralization: The permissioned nature and governance by a limited council may be seen as less decentralized.Adoption and Ecosystem: While promising, Hashgraph's ecosystem is not as extensive as that of established blockchains, potentially limiting interoperability and community support.Also, Check | Distributed Ledger Technology (DLT) for Business SolutionsConclusionBoth blockchain and Hashgraph offer robust solutions for building decentralized applications, but they cater to different needs and priorities:Blockchain Technology remains a proven and widely adopted framework ideal for applications that benefit from its permissionless nature, robust security, and vast ecosystem. It is well suited for projects where decentralization and community-driven governance are paramount.Hashgraph Technology presents an appealing alternative for applications that demand high throughput, low latency, and energy efficiency. Its innovative consensus mechanism provides rapid and secure transactions, making it ideal for enterprise applications and high-frequency use cases.Ultimately, the choice between Hashgraph and blockchain technology will depend on your specific requirements—whether that's the need for maximum decentralization and a broad ecosystem, or a focus on performance and scalability.For further reading and in-depth technical resources, consider these links:Hedera Hashgraph DocumentationEthereum Developer ResourcesBitcoin WhitepaperBy understanding the strengths and limitations of each technology, developers and decision-makers can better align their projects with the most appropriate distributed ledger solution.As technology and regulations evolve, we recommend staying informed through ongoing research and consulting with industry blockchain developers and experts like at Oodles.
Category:
Blockchain
Mudit Kumar
15 Feb 2018
How Blockchain Solutions Streamline Online Retails
There has been a steep rise in purchases made through e-commerce platforms recently. As a result, traditional stores are generating less revenue than online retail stores. The growing number of online retail platforms is a possible reason for this shift. However, challenges like centralized management, data tampering, high investment, and transactional risks have hindered their adoption. Blockchain solutions development can address these problems with its decentralized, unchangeable, and secure nature. Let's explore how blockchain technology can revolutionize the online retail business.
Current Landscape of Online Retail
According to NASDAQ, the combined market capitalization of American retail giants Walmart and Target is still $100 billion behind online giants like Amazon and Alibaba. Despite the benefits online retail businesses offer, they must evolve to meet new challenges. These include limited choices, hefty platform commissions, and buyer and manufacturer dependence on sellers.
Challenges Faced by Small Manufacturers
Small manufacturers producing various goods face significant hurdles. They often lack the resources to compete with large companies, and their products are overshadowed by low-quality, cheap imitations. Many startups fail after their initial batch of products, despite successful crowdfunding campaigns, due to a lack of money and time to expand their production units. Additionally, buyers have no choice but to accept retailers’ markups, which can reach up to 300%.
You may also like | Blockchain in Retail | Significant Applications and Use Cases
Blockchain Solutions for Online Retail Businesses
Blockchain offers solutions that create retail platforms directly connecting buyers and manufacturers, eliminating the need for middlemen. This decentralized technology helps connect manufacturers with buyers seamlessly. Sellers no longer need to set up delivery and payment systems, as the secure blockchain platform handles all these tasks.
Enhancing Trust with Smart Contracts and Identity Verification
Trust between buyers and sellers is crucial. Using smart contracts and identity verification systems builds this trust. A retail platform based on blockchain solutions provides access to a wide range of unique products that are hard to find on regular online retail platforms. The absence of middlemen allows goods to be sold at reasonable prices without excessive markups.
Also, Read | Exploring How Web3 Trends are Shaping the Retail Industry
Conclusion
Blockchain solutions are transforming the online retail sector, changing how businesses operate. They have also made a significant impact on manufacturing industries by tracking products throughout the supply chain. This innovative technology is proving to be a game-changer for online retail, offering a secure, efficient, and decentralized alternative to traditional methods.
If you are planning to integrate blockchain into your retail business, connect with our proficient blockchain developers.
Mudit Kumar
14 Feb 2018
Blockchain In Pharmacy Puts A Major Impact Worldwide
Why is blockchain needed in Pharmacies? Because Blockchain-based systems help solves challenges faced by pharma industries and distributors in managing the pharmacy supply chain. Blockchain and the supply chain of pharmacy together revolutionize the entire drug development lifecycle and drug supply chain management. It offers safety benefits for patients by terminating the Substandard, Spurious, Falsely-Labelled, Falsified, or Counterfeit (SSFFC ) medicines that torment the pharma supply chain.
Many pharmaceutical companies do not have patients' information about how they are doing when they are at home. Thus, the paucity of important patient data causes inefficient treatment.
The Existence of Substandard and Falsified (SF) Medical Products
In healthcare, the most significant use of blockchain is in combating counterfeit medicines. According to some reports, counterfeit drugs lead to a massive loss globally. So with blockchain, a chain of custody log is ensured. If you don't know the term CoC. Basically, the processes for documenting, collecting, and protecting evidence are called establishing a chain of custody. Creating and maintaining a chain of custody implies that a detailed log is kept of where the evidence was found and logging anything that happens to the evidence prior to trial. As well as it tracks and traces every step of the drug supply chain at every level.
BlockRX initiative is a project based on blockchain by iSolve. It aims to tackle the problem of drug supply chain integrity through distributed digital ledgers to manage the drug development lifecycle. It targets to fight counterfeit drugs at every level of the supply chain. The distributed ledger enables tracing each drug product back from the raw materials used for making it to its suppliers. Now, there is visibility into the supply chain. Manual work and human errors will be removed from the decentralized ledger.
Auditing and Inventory Management.
For auditing and tracking of inventory, transparency is provided by blockchain because both things are dependent on each other to make sure the medicine is delivered to patients as securely and quickly as possible. Because of its immutable nature, it can enhance data integrity. There is complete visibility in auditing and inventory management. That's why blockchain helps to stop counterfeit drugs reach in medical stores.
Blockchain and the supply chain of pharmacy are different in a unique way and will be used by most pharma companies because all the users who have permission to access the peer-to-peer network, are engaged with one accurate, immutable source of information where every chronologically stamped transaction is replicated in every block of the chain. Each block having data is impossible to alter. So everyone is assured that there is trust between each other.
Overall, the use of Blockchain and supply chain in pharmacy streamlines the entire drug supply chain operations and its transparent nature provides evidence about the truth of transactions.
Mudit Kumar
12 Feb 2018
Evolution of Blockchain Beyond Finance and Cryptocurrencies
When Bitcoin and cryptocurrencies emerged in the market, they were unfamiliar terms to many. Skepticism surrounded Bitcoin and its underlying technology, blockchain, which remained largely undiscovered by the masses. However, as people delved into cryptocurrencies, the powerful potential of blockchain development services became apparent and gained recognition beyond finance.
Diverse Applications of Blockchain
Blockchain implementation extends beyond finance into various industries. In the UK, government reports highlight blockchain as a solution to eradicate corruption, fraud, and errors in government sectors. It fosters transparency, reduces paperwork, and builds trust between citizens and governments.
Blockchain in the Diamond Industry
The diamond industry adopts blockchain to combat fraud. The technology provides a tamper-proof ledger for transaction records and diamond certification, ensuring permanent and immutable records.
Also, Explore | Mining Supply Chain Meets Blockchain for End-to-End Tracking
Blockchain in Healthcare
In the healthcare sector, blockchain ensures the security and privacy of highly sensitive data, reducing costs associated with patient care and data management. It is utilized for decentralized credit rating and Know Your Customer (KYC) processes.
Supply Chain Management
Blockchain revolutionizes supply chain management by providing transparent and immutable records of product movement, from manufacturing to delivery. It enhances transparency, reduces fraud, and enables real-time tracking, benefiting industries such as manufacturing, retail, and logistics.
Also, Check | How Blockchain Transforms the Supply Chain Finance
Real Estate
Blockchain streamlines property transactions by digitizing title deeds, contracts, and ownership records. It reduces fraud, increases transparency, and expedites the buying and selling process. Smart contracts automate transactions, facilitating secure and efficient property transactions.
Music and Entertainment
In the music and entertainment industry, blockchain enables fair compensation for artists and creators by tracking royalties and ensuring transparent revenue distribution. Smart contracts automate royalty payments, eliminating intermediaries and empowering artists with greater control over their work.
Also, Explore | Emerging Blockchain Use Cases in Media and Entertainment
Education
Blockchain transforms education by securely storing academic credentials, certifications, and transcripts on a tamper-proof ledger. It enhances credential verification, reduces academic fraud, and enables lifelong learning through verifiable digital credentials.
Retail and E-commerce
Blockchain enhances transparency and trust in retail and e-commerce transactions by providing secure and traceable product information. It enables consumers to verify product authenticity, track the origin of goods, and combat counterfeit products, fostering consumer confidence and loyalty.
Voting and Elections
Blockchain technology offers a secure and transparent platform for conducting elections and voting processes. It ensures the integrity of electoral systems, prevents tampering and fraud, and enhances voter trust and participation in democratic processes.
Energy Sector
Blockchain facilitates peer-to-peer energy trading and decentralized energy management systems. It enables transparent and efficient energy transactions, reduces reliance on centralized energy providers, and promotes renewable energy integration into the grid.
Also, Read | Reviewing Blockchain Implementation in the Energy Sector
Gaming and Virtual Assets
Blockchain transforms the gaming industry by enabling secure ownership and transfer of in-game assets and virtual currencies. It fosters a transparent gaming economy, facilitates peer-to-peer transactions, and enhances player engagement and monetization opportunities.
Conclusion
The use cases of blockchain implementation extend far beyond finance, encompassing government sectors, the diamond industry, healthcare, and more. With its potential to enhance transparency, security, and efficiency, blockchain emerges as a transformative force across various industries, shaping the future of digital transactions and data management.
If you are looking to explore blockchain implementation in your business, connect with our blockchain developers.
Mudit Kumar
09 Feb 2018
Blockchain: Building Trust In Digital And Global Economy
Cyber attacks and frauds are common in the digital world. Businesses face more challenges as they act as an intermediary in the digitized system to ensure transactions are done to the satisfaction of both parties in the agreement. Blockchain decentralized technology brings about a trustworthy infrastructure that allows your customers, masses, business people, and other beings that are unknown to each other to be capable of using data to establish trust. Blockchain develops a trust economy around peer-to-peer transactions. In fact, it adds value when the information is shared between two parties and there is no trust between them. All in all, the Blockchain decentralized ledger creates and builds trust in digital information that is handled by itself.
How Blockchain Establishes Trust
People find transparency and gain trust when there is easy access to all financial records of history and professional records as well. Besides this, it also provides access to tax-related histories, Medicare information, or consumer preferences. If the Digital identity is accurate and unmodified, it ensures security. So, Blockchain decentralized offers a public digital system that manages identity data with up-to-date history. The distributed ledger blockchain forms a relational and decentralized database that is shared among different users. The records of transactions that reside in the blockchain are tamper-proof. Plus, the time-swapped nature of blockchain is very crucial. A series of blocks interconnected to each other forms a blockchain. And each block contains a record that is linked to other blocks.
With distributed time-swapped servers and peer-to-peer networks, blockchain needs no intermediary to handle the exchange of transactions or anything of value between two individuals or groups of people. Anyone associated with this network has access to data. If a person can keep track of digital information going in the blockchain and know about how the data is being used, in that context it forms a peer-to-peer network which is built around trust and thus building trust in the economy.
Having stored digital identity, it allows users to record the digitized renderings of conventional identity records, for example, driver's licenses, travel permits, birth declarations, Social Security/Medicare cards, voter enrollment information, and voting records. Also, proprietorship documents and transactional records for vehicles and property.
All and all, Blockchain is about bringing trust to transactions and the success depends on its transparency. The blockchain is powerful enough for trying out securities settlement, executing smart contracts, property titles, storing digital records, digital rights, trade finance, supply chains, commodities, auditing, voting, notary and legal services, and the important digital identity. Thus, Blockchain decentralized renders a secure and immutable network of trust.
Mudit Kumar
07 Feb 2018
4 Blockchain Solutions That Promise A Better Future
Bitcoin is one of the trending words searched on Google this year. For this reason, Blockchain, the powerful technology behind Bitcoin is widely known to a large section of people across the globe. Thus, people have now become more familiar with the terms like bitcoin, cryptocurrencies, and blockchain technology. In fact, many big companies have been venturing into blockchain seeing its potential benefits. Even Governments are collaborating to make use of blockchain for reaping benefits. Sanguine business people are pondering on using tech to offer blockchain solutions in the field of apps, smartphones, and technologies.
Some firms are experimenting with blockchain to make transactions fast and efficient and track values through its decentralized ledger, in which everyone holds the same copy of the record. Therefore, it is not possible to alter any record. And if someone does so, everyone in the network will come to know.
Further, Blockchain use cases are not for only cryptocurrencies. However, its distributive database can be used to store and handle other records also. Besides this, there is a number of interesting uses also.
Here we are taking a look at the 4 blockchain solutions that are underway for shaping our future:
1. Smart Contracts
Blockchain-based Smart Contracts assist you to transfer money, property, assets, shares, or anything of value in a transparent and reliable way. There is no need to depend on and rely on third parties, lawyers, other intermediaries, or middlemen. Smart contracts are digital contracts that are bound by legal rules. These digitized contracts are on Blockchain. Here, what happens is. If two persons want to exchange assets or value in the future and all the preconditions, payouts are programmed into a smart contract. This means, as soon as the preset conditions are met, the shared cryptographic ledger would send money or whatever it is to the other party.
Further, Smart contracts are faster, more efficient, and cheaper and importantly remove errors that come from manually filling out heaps of forms. Ethereum and Bitcoin Blockchain are the two open-source blockchain platforms for smart contracts.
2. Digital Identity
Many frauds are taking place in the insurance sector because there are weak and outdated systems to verify and authenticate a person's identity. In other areas such as banking, healthcare, and online retailing, there are security issues. This causes big losses. Blockchain keeps track of and manages these digital identities in a secure way.
Blockchain authentication systems use definitive identity verification using digital signatures based on public key cryptography. Thus, Blockchain provides a solution where several digital identity issues are solved. With Blockchain solutions, an identity can be uniquely authenticated in an immutable and secure manner.
3. Digital Voting
The major concern about online voting is security. Is it secure to vote online? Yes, if the system is based on blockchain. It eliminates voter fraud and manipulation in the recorded data. As the technology is decentralized, it is fully impossible to tamper with data.
Liberal Alliance, a political party in Denmark, was the first organization to make use of blockchain to vote in 2017. With blockchain, one can make sure whether his vote is sent out successfully or not.
4. Cloud Storage
Our current cloud storage services use centralized systems. And the users are compelled to trust a single authority. All your online assets are under the control of them. Blockchain storage platform for storing data on clouds renders decentralized ledger. As a matter of fact, Storj is a popular cloud storage using blockchain peer-to-peer networks to increase security and reduce dependency. Blockchain makes it possible by hashing and having the data in multiple locations to secure it. In addition to it, users can rent out their surplus storage capacity and can create new marketplaces.
Mudit Kumar
05 Feb 2018
Hyperledger Blockchain Can be The Future Of Cloud Storage
Hyperledger Blockchain has already caught so much attention nowadays. People want services that are faster, secure and provide easier access. We produce a large amount of data every day. There is a requirement for secure and economical storage methods for our sensitive data.Cloud StorageGoogle Drive is one of the cloud storage services that we use for storing. After you have uploaded your data to the cloud, Google put this data in one of its data centers. And when you intend to access your data on google drive, your own computer throws a request to that data center and approval is sent as you have got access to your data. However, there are sometimes when your data center is not close to your physical location. This causes delays in delivery. No one would like to acknowledge this. Moreover, Google's protection terms lay out various situations where they can lawfully access and offer your information. Our current Cloud computing systems are outdated and not efficient. We need secure and trustworthy systems. Blockchain is popular among the masses for its transparency and security. It removes the need for trusted third parties and yet creates trust. It will potentially revamp the obsolete systems. As Hyperledger Blockchain uses a decentralized, distributed database to record any transaction or anything related to goods, or products in a digital ledger. It basically forms a transparent peer-to-peer system that can be traced and accessed by anyone in the network. After every transaction, the system logs and timestamp it. It is impossible to modify it because every node across the network has a full copy of the data. Regular verification keeps the records accurate. Earlier companies used to host their own servers on their premises and they would use quite decentralized storage methods. They had more authority but the cost of these methods was high. The whole process was costly for companies as they needed in-house expertise for maintaining expensive servers and drivers. They needed to put in off-site backups for redundancy. Nearly all companies now store their data on clouds. Services such as Amazon S3 offer incredible value at $25 per terabyte per month and replicate data across several data centers and offer authentic uptime and redundancy. In cloud services, putting trust in third parties is not wise. As our sensitive data is unencrypted. We cannot rely on third parties that will keep our private data secure. Thus, cloud storage services if enabled with Hyperledger blockchain, can offer cost-effective and efficient solutions for cloud storage.Implementing Hyperledger BlockchainTotally Decentralized system and true redundancy:Amazon S3 succeeded in redundancy by spreading files throughout the regional data centers. This results in a major failure of each data center. But blockchain stores data on dozens of individual nodes in a very smart way and all data is dolled out across the globe. So, performing meaningful disturbance is very complex.Gives Complete Privacy:Third parties have no authority or access to files. Blockchain has the data stored in encrypted form. Users have control over their own keys. You may also like | Cloud-based App Development | A Quintessential GuideCompanies using Hyperledger Blockchain for Cloud Storage:StorjStorj is based on blockchain decentralized technology which provides a secure and private way to store data on the cloud even if you are not using server farms. The data is in encrypted form and is disseminated across the Storj network. Storj won't provide anyone access to your data. It is so hard for a hacker to get access to your data. In case, they succeed in decrypting a one-piece, they cannot figure out the meaning by any of the ways.SiaSia is a popular Secure and decentralized storage platform that is based on Blockchain technology.
Category:
Blockchain
Mudit Kumar
02 Feb 2018
Emerging Blockchain Solutions for the Agriculture Industry
Blockchain technology's potential encompasses a range of applications, use-cases, and solutions across various industries. What came into existence as a technology powering cryptocurrencies has now become a hot topic for mainstream business and industries. Retail and Finance are amongst the first few applications of Blockchain. The latter was first used in Bitcoin for facilitating transactions and then as the new cryptocurrencies emerged, Blockchain became the lifeline of the domain. In our previous articles, we have talked about the use of Blockchain in Finance, Healthcare, Insurance and Education. This article focuses on how we can use Blockchain technology in Food and Agriculture industry to make it better.
It seems hard to imagine that Blockchain technology could be suitable for the Food and Agriculture industry. But as it turns out, our existing food industry provides vast opportunities for the implementation of blockchain. Several startups are already working in this field.
Simplified Deliveries Using Smart Contracts
The use of Smart Contracts can greatly streamline the delivery and procurement of food products between farmers and food suppliers. For example, a Wine Company can purchase grapes directly from a farmer using smart contracts. So we see that by using Smart Contracts, we eliminate a long chain of intermediaries which helps in reducing the final price of the product in the market.
Food Protection and Safety
The food frauds have become very common these days and they cost billions of dollars to the global food and agriculture industry. At the same time, consumers have now become more aware and alert about the food they are consuming. The incidents of food poisoning and other food-related diseases have increased by more than 200% in the last two decades, making consumers more suspicious about the food they are eating. Thankfully, Blockchain can provide a robust solution for controlling food quality that would eventually help to reduce such incidents. Blockchain technology will consolidate various food chains by providing secure means for accounting, tracing, and monitoring food quality.
Land Title Registrations
Another significant role of Blockchain-based Smart Contracts can be seen in Land Title Registrations. Land Registration is quite a cumbersome process for the farmers that causes conflicts every year. Besides, it is more prone to fraud and can be easily manipulated. In this field too, Blockchain can make a difference. We can do that by making a digital, tamper-proof list of all the registered land titles by storing them on Blockchain. By doing that, the data will be publically available, thereby providing complete transparency which in turn, would reduce any instances of fraud.
Food Supply Chain
Blockchain and its applications like cryptocurrencies and smart contract solutions can significantly simplify and optimize the food supply chain. Also, they can establish security and traceability across processes and other aspects of farm-produced crop production. Like every other supply chain, the food supply chain comprises a large network of farmers, brokers, distributors, regulators, retailers, and consumers. Collectively, it produces a lot of data, managed by a central system. The data remains prone to cyber-attacks and adds to the complexities due to being centralized and providing a single source-of-failure. Blockchain can remodel the supply chain by providing a distributed peer-to-peer system of transactional and operational information exchange. It will not only make data secure but also publicly visible. It will eliminate single-point-of-failure and establish decentralization to provide a high level of transparency and security.
Oodles Blockchain is a blockchain development company comprising a team of blockchain technology architects and developers. We have the capabilities of building blockchain-based solutions for the agriculture industries, especially the food supply chain. Connect to discover more about blockchain in agriculture.
Mudit Kumar
31 Jan 2018
Blockchain and Supply Chain For A Better and Improved Workflow
Blockchain Technology is making its effect felt across the globe with its groundbreaking aspects and immense potential to radically change the world as we see it. By this time, there’d be hardly any field or industry that has been kept devoid of its influence. Retail, Finance, Insurance, Banking, Healthcare, and R&D are just a few examples of the enormous use cases of Blockchain. Although it took time, the manufacturing and supply chain industry is now starting to embrace this state-of-the-art technology. Blockchain and Supply Chain are now being used unanimously to improve the workflow.
As it turns out, some leading manufacturing companies are now developing network frameworks and apps that will aid in making blockchain a crucial part of the food and pharma industries.
Blockchain technology is already being used in the supply chain industry on a large scale. Nevertheless, we have a subdomain of blockchain and supply chain altogether and it’s called Supply Chain Blockchain. These types of Blockchains are built specifically for supply chain management and processing.
Blockchain and Supply Chain
The use of Blockchain in the supply chain is not entirely new. Several supply chains are already using this technology to streamline their workflow. As time goes by, we are going to see a drastic incline in the use of Blockchain technology in the supply chain industry. Their integration can offer the following benefits.
Recording and Tracking:
Blockchain will create a permanent and tamper-proof record of the movement of stock between the supply chain nodes.
Besides, it will provide a more transparent medium for tracking different types of orders and shipment of products from one node to another.
Assignment:
Blockchain can be used for verifying certifications and assigning properties to physical products. For instance, it can help in determining whether a food product is organic or fair trade.
Linking and Sharing:
Blockchain technology can be used for linking barcodes, serial numbers, and digital tags to physical products.
Finally, it can be used for sharing information about various supply chain processes with the suppliers and vendors.
Other Benefits of Blockchain in Supply Chain
More Transparency:
The blockchain is a shared cryptographic ledger that forms a distributed Peer-to-Peer network. With the use of Blockchain, it gets easy to track the movement of stock across different nodes.
Scalability:
It may have any number of participants accessing any number of touchpoints.
Added Security:
It hasn’t been hidden from anyone that blockchain provides top-tier security to the stored information. It creates an immutable and tamper-proof record of stored information that can’t be altered or deleted at any time. Apart from that, it brings forth the most advanced form of cryptography that is highly immune to all kinds of cyber attacks.
Mudit Kumar
29 Jan 2018
Blockchain Revolution In the Insurance Industry
Blockchain technology is the biggest disruptor for several industries in the current technological trends. And the field of insurance also comes under it. Blockchain technology is still in its infancy stage. During this stage, it has exceptional potential to increase data security, reduce paperwork and save time and streamline business operations by cutting time and cost. Here, we are going to have insight into how blockchain technology in insurance will reap benefits through smart contracts. Smart contracts are based on blockchain technology.
But let’s have a quick recap of what is blockchain technology
In simple words, blockchain is a public record system, where anything can be recorded from physical assets to electronic cash. This is a ledger system that has a decentralized database for storing assets or anything and having access by anyone. It is mainly popular for bringing transparency and security to the data kept in blockchain-enabled applications.
How is it secure?
All digital transactions have a record in the blocks of a blockchain.
A transaction is linked together in a cryptographically protected block with other transactions that have been carried out. Due to its peer-to-peer network, members of the network can verify the transaction.
Benefits of blockchain technology in the insurance industry
Blockchain technology in the insurance industry can facilitate all the complex processes of insurance and bring disruptive changes to the insurance business model.
Blockchain will put an impact on these things :
1. Minimize identity fraud or theft
2. It provides a kind of system which one can verify
3. Minimize fraudulent activities
4. Decentralized data repository which in turn provides enhanced security
5. Reduced paperwork
6. It can improve efficiency across the insurance value chain.
The role of blockchain smart contracts in insurance
The work of the insurance business generally revolves around many operations which involve insurance contracts. They engage in work like rating a client and making decisions on paying a legal claim, premium, and interrogation of frauds. Moreover, industry experts surmise that blockchain has in it what it takes to streamline how insurers deal with clients. So, it is making changes in insurer value propositions and business operations completely.
The insurance industry has insurance-related information which needs proper handling, security. Blockchain can allow for all or most data-related transactions for an insurer with the help of the smart contract. With the involvement of blockchain, a smart contract helps to execute and impose the negotiation or performance of an agreement.
Smart contracts can enhance the efficiency in the insurance value chain wherever time, effort, or money confirmation information before processing transactions comes into. To illustrate, the insurance industry deals with insurance contracts that are hard to comprehend by people because of the legal language. If these contracts are on the blockchain, they become transparent and responsive. Smart contracts exactly do this. Thus, Blockchain can record policies and claims (insurance contracts).
Blockchain use cases could expand their reach into the other types of goods that insurance companies insure. Currently, it provides traders, insurance companies, financiers, consumers, claimants, and law enforcers with a history of an item’s authenticity, existence, and ownership. This type of use case is valuable for consumers, insurers, and intermediaries alike.
Blockchain Development Services are provided by us.
Mudit Kumar
25 Jan 2018
How Blockchain Solidifies Defense and Military Applications
Blockchain technology provides the requisite fuel to drive the cryptocurrency sphere. But, besides Cryptocurrencies, this state-of-the-art technology is finding applications even beyond the financial space. From property to supply chain, manufacturing, research and development, and healthcare, it is finding use cases across numerous industrial processes. Now, it has found its use in defense and military applications as well.
Considering its immense potential, the US Defense Advanced Research Projects Agency (DARPA) is planning to implement blockchain technology in defense and military applications. As a matter of fact, the US military is already using blockchain in some of its applications. DARPA has recently signed a contract with ITAMCO for the development of a secure messaging and transaction platform for the US Military. For those who don’t know, ITAMCO (Indiana Technology and Manufacturing Company) is an American technology and services company. The company has previously developed a highly secure messaging app called Crypto Chat.
The messaging platform will have blockchain technology and will be unhackable. Thus, it makes it an ideal choice for the military.
Action Plan
During the Phase 1 of the project, ITAMCO plans to develop a cybersecurity architecture for the messaging app. The architecture gets derived from the company’s existing resources and the Crypto Chat application with added blockchain support.
Phase 2 of the project will involve additional grant funding. It may run for multiple years. During this phase, the company will create a working prototype of the app and undergo numerous tests for evaluation. In phase 3, a full-scale implementation of the platform and commercialization of the app will take place.
The Project Goals
The project focuses on building a robust and secure messaging platform for the Department of Defence Communications in partnership with DARPA. The messaging platform will initially have a clone according to the Crypto Chat application. And, Blockchain will provide support for additional security. By adding this technology, ITAMCO aims to create a highly secure, hack-proof application for messaging and transactions. The app will be available for military communications, thus, it company don’t want to leave any stone unturned when it comes to security. The app will also support transactions and will allow the users to send and receive money. The transactions can be traced through a decentralized ledger across multiple channels.
Mudit Kumar
24 Jan 2018
Blockchain Technology- Benefits in the Healthcare Sector
Blockchain technology is famous everywhere nowadays. The innovative technology has several use cases in several industries as well as tech industries. However, the revolution of blockchain has set its foot in the healthcare industry also. Those who are healthcare experts, or in a healthcare company, they will get interested to know about the benefits of Blockchain technology in healthcare.
Blockchain disruption in the healthcare industry will help solve the crucial issues. What if you have full records and history of your health? It is possible with blockchain. The data related to your health is very sensitive and its accuracy is a crucial factor. Blockchain’s specialty is that the data stored on it can be accessed and shared in real-time by a group of institutions. Once the data is stored on the blockchain, it becomes permanent. Nobody can modify it.
There are two types of Blockchains. The one in which blockchain permits anyone to access the records and the other where a single party has the authority to give access.
Now, let’s look into the benefits of Blockchain technology in healthcare to improve overall efficiency.
1. Seamless health data exchange
In healthcare, the exchange of healthcare data can become streamlined with blockchain-enabled systems. Blockchain secures the crucial healthcare data with the use of cryptography. You cannot make any changes to the records as blockchain does not allow it to get mutable.
And finally, it will allow smooth access to real-time patient health data, and reduce costs. Thus, seamless and hassle-free data sharing across key healthcare providers play a crucial role in cost-effective treatments.
2. Transparency in billing management
Even though we have adopted digital technology largely. There are still frauds that are a result of generating a bill from the services which are not even executed. Furthermore, the occurrence of these frauds is 5 -10 percent. And in the USA, Medicare fraud resulted in around $30 million in losses in 2016. But, with the use of blockchain-enabled systems, it will help minimize the number of frauds with automated billing processes. Blockchain could help to eliminate the need for intermediaries and decrease administrative costs.
3. Blockchain Technology For Drug Tracing
All drugstore companies can make use of the blockchain technology to streamline all the activities of updating drug supply chain log. Counterfeit drugs have caused pharmaceutical companies a loss of around $200 billion. Then again, blockchain-based applications could keep track of every step of the supply chain at the individual product level and also ensures a chain-of-custody log.
Mudit Kumar
23 Jan 2018
The Blockchain Revolution For Empowering Higher Education
Can Blockchain for education realm become a revolutionary idea? Let’s try to get an insight of it. The Internet has bestowed us all the best way to connect with billions of people around the world. People are able to communicate easily and collaborate online. However, the internet is not intended for securing data and information. However, blockchain offers an independent, secure, safe and transparent platform on which higher education institutions can create a worldwide network for higher learning.
Blockchain can change the way higher educational institutes work. The technology has come to the forefront having its potential in businesses, governments, e-voting, financial transactions and it can also aid in higher education.
There are some categories in which blockchain decentralized have possibilities in higher education.
Let's understand the importance of Blockchain for education sector:
Keeping records of students and their identity
The methods we use to identify students, save privacy of each of them, record, and credentials their accomplishments, and keep all these records secure.
Latest Pedagogy
Customized teaching solutions for each student and the ways to create new models of learning.
Higher education is becoming more diversified, decentralized and democratized. It is also going to eliminate the need for middlemen or intermediaries. Higher academic institutions need to be alert to maintain their status and the people’s trust in the degrees, certifications, and education. And that’s when blockchain comes into play.
What is blockchain?
The blockchain is a decentralized open public ledger system which stores information in a secure database. It consists of a series of blocks that are interlinked with each other using cryptography. Here, one needs to become dependent on powerful intermediaries to exchange things of value on the internet of information.
Why should we give attention to blockchain decentralized?
Governments, banks, digital platforms (e.g., Amazon, eBay), and colleges and universities engage in creating our identity, keeping our trust in them and supporting us to obtain, exchange, transfer assets and settle the transactions. Currently, they make use of centralized systems which are prone to hacking. These intermediaries are sometimes unreliable and often slow.
With blockchain technology, it can create a secure and online ledger of academic qualifications and degrees.
A graduate’s degree on blockchain will help students for searching jobs. More importantly, it will also provide a secure and fully examined information source for HR to consider in future. The structure of degree certification is not secure. Our degrees are the most crucial documents that we hold throughout our lives. But, keeping this essential documents by the conventional way is vulnerable to fraud, misplacement or loss.
The blockchain is an integrated system which is beneficial for students when they are moving between international jurisdictions and they don’t hold physical copies of their degrees. Amazingly, Blockchain-based online credentials can follow them, despite their address or record-keeping.
Blockchain technology also offers a simple and easy payment method for admission, tuition and graduation fees to students in higher education. The traditional financial transactions utilize third parties who charge their own fees. This payment system will end the need for making added payments. This technology serves you simplified payment system for students. They don’t have to wait and face problems related to administrative delays in case of transfer of fees through international banks. There is so much data related to students which are private and sensitive. The blockchain is the answer for storing all their records with security.
The blockchain technology provides privacy with the data stored which holds great importance.
To sum up, Blockchain for education not only provides trust between students and universities but also between graduates and the corporate world.
Mudit Kumar
19 Jan 2018
How Blockchain Transforms the Financial Space
Blockchain is certainly one of the most sought-after technologies nowadays. It has immense potential to revolutionize every aspect of our day-to-day lives. It makes applications decentralized, which offers a high level of security, transparency, and flexibility across diverse business networks. In this blog, we will take a look at how blockchain financial solutions revolutionize its space globally. For instance, we will discover how blockchain insurance solutions can prevent fraud and address inefficiencies.
Blockchain in Finance
Blockchain creates an immutable record of data, shared among a distributed network, and made secure with the most advanced form of cryptography. It is also highly flexible and has found its primary use cases in the financial services space. They include the management of various operations, especially data entry and analytics tasks.
Although blockchain technology has made its effect felt all across the globe, the two industries in which it has gained maximum traction are banking and finance. Trillions of dollars move across the global financial system each day, serving billions of individuals, businesses, and groups of individuals. But all these day-to-day transactions heavily rely on manual processing and involve a lot of paperwork. It not only causes uneven delays but also makes the process way more complicated to manage. Or worse, it often gets on your nerves by causing whopping losses if not managed properly.
In this scenario, Blockchain can be the remedy we are looking for. Blockchain has done a bang-up job by making the entire process as swift and secure as it could ever be! This state-of-the-art technology has not only digitized the entire process. It has also rendered a decentralized peer-to-peer system. A system that no third-party, intermediary, or centralized authority controls. So, major businesses and companies can make big transactions with minimal transaction fees without requiring any central system like banks to govern transactional data.
Blockchain has got all that can revitalize the banking and financial industry space with its applications and use cases. Below we have listed a few applications and use cases of blockchain technology that can bring a drastic change in the space.
Blockchain Applications and Use Cases in the Financial Services Industry
Know Your Customer (KYC)
Not long ago, KYC required verifying hard proof of documents by meeting customers in person. However, those days have gone now. Worldwide financial institutions spend a fortune on keeping up with KYC compliance. A rough estimation is that they spend somewhat around $80 to 500 million dollars every year in KYC verifications and customer due diligence regulations. Following these regulations is crucial to protect against terrorism and money laundering activities.
In this field, Blockchain technology can be a major uplifter. It allows independent verification of one client by one organization. Further, other institutions or groups of institutions can access the same verification. Thus, you don’t have to start the KYC process over and over again. Apart from that, it also reduces the administrative costs up to great extent.
Fraud Detection and Prevention
Blockchain offers top-tier protection to user data by using the most advanced form of cryptography. It stores data in a series of blocks that form a massive database. Further, encryption protects sensitive user data, making it immune to all kinds of cyber-attacks and online thefts. The ledger contains a timestamp and stores a small patch of transactions with a link to the previous block.
The blockchain is a distributed ledger. It means cybercriminals will need to hack the entire network rather than a central hub. It makes blockchain the most advanced storage medium ever to exist and protect against all kinds of cyberattacks.
Smart Contracts
Smart Contracts are basically self-executing contracts. They automatically enforce negotiation between two or more parties based on certain contractual clauses. These contracts facilitate fair outcomes between parties based on defined terms and parameters. A smart contract solution also saves you from unnecessary paperwork. It does so by creating a permanent record on the blockchain. Nobody can neither delete nor alter or modify the database. These contracts execute automatically when exposed to a certain trigger event.
Mudit Kumar
16 Jan 2018
How Blockchain Implementation Transforms Digital Marketing
If you consider that blockchain technology is only related to financing, bitcoins, and fintech industries, you might go wrong. Indeed, there is a lot more to blockchain implementation than cryptocurrencies. It has tremendous capability to resolve the issues in other areas of industries, too. One such area is where it can promise a great transformation in digital marketing.
Digital Advertising and Blockchain
Currently, the advertising industry generates billions of dollars. So, companies gather information about their targeted consumers and make marketing strategies to expand their reach of consumers.
Basically, in the marketing and advertising space, blockchain implementation offers transparency, direct-to-consumer digital marketing, and smart contracts.
Digital marketing expenditures may reach $120 billion by 2021.
Yet, half of all ad traffic is made up of bots. But, businesses are investing huge money to reach potential consumers. It is a bad practice because studies reveal that bots have cost companies over $7 billion in 2016 alone. However, blockchain implementation will change all of that. It is due to the reason that the chain of blocks is transparent and encrypted. Thus, companies can save millions spent on ads every year. Specifically, they can be aware of the people seeing their ads are members of their targeted audience. In the coming times, companies can have the potential to target particular consumers straightaway.
Blockchain is a public ledger system that stores data in a distributed database. The best part of it is that everyone who uses blockchain can see and share all its data, thus, it remains transparent.
Now, let’s find out how digital marketing companies can utilize blockchain implementation to innovate digital marketing.
You may also like | The Power of Digital Marketing for Blockchain Projects
Discover Blockchain Implementation Transforms Digital Marketing
No Middlemen
All data stored on the blockchain is permanent. No one can do modifications. Blockchain implementation is the best storage medium for digital currencies. Also, it provides a high level of security with distributed data. Implementing this technology means you will need to say goodbye to middlemen. BitClave is a blockchain company that gives priority to search-data privacy that provides users full control over their data.
In its search engine, Ethereum blockchain technology is used that knocks out the need for ad service people. It ends the work of middlemen for all transactions. The direct consumer-to-business relationship is formed. Users have control over what they intend to release to advertisers while searching.
Transparency
Blockchain technologies bring transparency and with this property, users can be assured that companies cannot make modifications to their data. Data is accurate on the blockchain. This public ledger system offers transparency for every product’s move through the supply chain.
With blockchain, it is easy to find out where the product has come from, who has maintained and handled it, and more things about it.
It puts immense power into the hands of the customer and enhances the customer experience too.
Smart Contracts
Using smart contracts allows for the exchange of money securely. You can transfer money or anything, all without any conflict with transparency. It will take out the need for lawyers from it. These smart contracts (Cross-promotional B2B contracts) refer to computer-programmed contracts based on blockchain technology. They verify and execute the terms of an unalterable contract that can only be replaced by a brand-new contract.
Smart contracts are capable of imposing automatically obligations from all parties associated, to make sure that payments are made simply after the terms are met. For instance, in the case when a blogger has not published any article or social media post about a brand, the smart contract will not release the blogger's payment.
Indeed, blockchain implementation has tremendous power to make the digital marketing industry efficient.
Mudit Kumar
15 Jan 2018
Blockchain- How Governments Can Use It For Transparency
Over the last few years, Blockchain has already generated a lot of buzz. If you consider Blockchain technology for cryptocurrency transactions, then you need to expand your knowledge.
Almost every organization is opening their eyes towards its immense potential. This is a decentralized technology which can be implement in everyday transactions. So, this is why industries look up to this technology.
Bitcoin and Blockchain are the two terms which you would not have missed on while hearing it on TV, seeing on the internet, or scrolling through social media over the past few years. Blockchain is an underlying technology behind bitcoin(Cryptocurrency). The more bitcoin’s price skyrocketed, the more attention blockchain and bitcoin got on social media and news platforms.
Blockchain technology is a special kind of distributed database which has the ability to be widely implemented for keeping records safer. Around the globe, there are several governments which are backing up Blockchain integration and its innovation. While some are thinking over the uses of blockchain for many objectives. The technology creates a chain of blocks that cannot be modified. All blocks added to a chain, are permanent. For that reason, governments can start using the technology to secure data records and for transparency.
This decentralized ledger system can offer a number of benefits to the governments. Let’s find out how can governments incorporate blockchain in to how they function.
For keeping records
In public sector institutions, Blockchain technology has the potential to bring in security, transparency, speed to its processes. It offers secure, quick and immutable transactions. Clearly, all the records are safe with cryptography. Further, the other use of it is in keeping digital identity records. It has a number of uses in the government sector, starting from supply chain management of government departments. The Government in many countries is notorious for their high corruption rate and rapidly shrinking budgets, and inefficient processes. Academical and Staff certificates which have high chances of manipulation. Then also, Voting systems which are not trustworthy now with EVM’s hammer. These are some departments where this decentralised technology has numerous use cases.
Rajneesh Kumar Chadha, a digital transformations and blockchain expert, also give credence to Blockchain’s use in land registry and judiciary.
Digital environment embraces Blockchain Technology
Governments are encouraging and implementing digitisation largely. In digitisation, cloud technology stores every piece of data. Thus, the technology may drive the following flood of digitization and everything that is related to it. Moreover, it will be easier to see credit history and doing a background check on government officials. All records on Blockchain are easily accessible at one place with complete history.
It also eliminates the need for creating many IDs for investment purposes or insurance . A person has to make only a single ID for all reasons which smoothens the works for the user and for the one who uses it. Because everything is on one centralised system. Additionally, it has also the possibilities in audit trails as one can trace transactions clearly through it. As there is one platform for everything, no need to become apprehensive about the risks involved with it. According to Rajneesh Kumar Chadha, there is no risk involvement in it as the data is secure on the this technology.
More benefits of Blockchain
The technology has numerous advantages for keeping and maintaining records. Governments can become ready for start investing in blockchain technology. Also, they observe its ability to record transactions on distributed database systems. Governments should take advantage of it to build trust, save money and time, provide transparency and stop frauds.
Mudit Kumar
11 Jan 2018
Blockchain Technology Contributing To Scientific Research
The main technology behind bitcoin and other cryptocurrencies are Blockchain. The primary goal of blockchain was to form a distributed ledger that stores all the transactions happening within a network. Adopting blockchain technology for digital transactions was a pivotal step to ensure foremost security to the transactions of users by allowing total transparency within the network.
Nevertheless, the use of blockchain is not just restrained to the financial sector, the former has an immense potential and it is being used for a wide range of non-financial applications as well. We’ve written about many exciting uses of blockchain technology in our earlier blogs. Some of these applications are eVoting, Smart Contracts, Smart Property, Digital Identity and Copyright Protection. As exciting as it sounds, blockchain is also being used to fight crime and corruption in some countries. You can read about all such astounding applications of blockchain technology in our previous blogs. However, something that was left out earlier was the contribution of blockchain technology in Research and Development.
Yes, there has been an indelible contribution of blockchain technology in the field of Research and Development. In this blog post, we’re going to talk about some amazing endowments of blockchain technology in scientific research and development.
Astroblocks Project
Astroblocks is a blockchain project initiated by Dr Jeff Flowers, a professor at College of San Mateo and an ex-astronomer named Yvonne Tang after working at the Blockchain University for some time. Astroblocks forms a Laboratory notebook application platform based on the blockchain technology. Using the Astroblocks application, the researchers can make notes of their observations and those notes will be automatically shared with the team of reviewers, curators and decision-makers.
FoldingCoin
FoldingCoin is a digital token developed and managed by Stanford University. It is created to give incentives to all those who offer the unused computing power of their computers for various research operations. This computing power is then used to run some complex protein folding experiments. The data gathered from these protein folding experiments is then analyzed by a team of experts. Later on, the data collected from these experiments help in the discovery of drugs and medicines for some precarious human diseases. The contributors a certain amount of FoldingCoins depending on the amount of computing power donated by them. This whole FoldingCoin project is built over the Counterparty protocol and is powered by the blockchain technology.
Clinical Research
For all one knows, this is the latest endowment of blockchain technology. Many clinicians have proposed the idea of employing the blockchain proof-of-concept for various clinical trials. This can be very helpful in the treatment of cardiovascular diseases and can also contribute to ethanol research.
As a matter of fact, no one can extrapolate the future of blockchain technology. These applications are just a diminutive glimpse of an earth-shattering technology that can veritably revolutionize the entire planet.
Mudit Kumar
13 Nov 2017
How Businesses Can Use ICO As A Marketing Tool
The vogue of ICO is off to a great start and it is largely in trends these days. Indeed, many startups are seeing it as a great way to kickstart their business. For those who are not familiar with this term, Initial Coin Offering or simply ICO is an unregulated way of fundraising, especially for a new cryptocurrency venture. The process involves raising money from the public via crowdfunding campaigns in which investors get returns in the form of new digital coins.
If a startup plans to raise money for a cryptocurrency venture through ICO, the first and foremost requirement is a white paper specifying the project details. It must specify the financial requirements i.e. funds distribution for the project.
During the ICO, investors buy some of the crypto coins with a fiat currency in the same way they buy shares of a company in an Initial Public Offering. In case the ICO fails to fulfill the minimum financial requirements of the firm, smart contracts return the money to investors. Otherwise, if it succeeds, the funds raised in an ICO come into use to execute the plan, and the profits get shared with investors as mentioned in the white paper.
Growing Popularity of ICO
An ICO runs at the early stages of a project launch. It may be initiated even before the project infrastructure is finalized. Nevertheless, it provides a simple and easy way for companies to raise funds for a cryptocurrency venture.
ICOs are increasingly finding use in the development of open-source Blockchain and cryptocurrency projects. A number of companies have raised a whopping sum of money through these ICOs. Since January 2017, more than $2 billion has been raised through the Initial Coin Offerings.
Business Benefits of ICO
ICO provides a number of benefits, not only for the investors but also for the consumers. It provides a high level of liquidity as the tokens have liquid markets on cryptocurrency exchanges. Some of these tokens can exceed up to $100 million in just 24 hours cycle.
Also, anyone can run ICO to raise funds for launching a new token. You can easily create these tokens through various platforms such as Ethereum, Stellar, Omni, Wave, and Counterparty. The tokens come into limelight over the internet to reach potential buyers with marketing. Either, you can do ICO through by developing a company’s own website. Or there are plenty of online forums, social bookmarking, ad posting, and social media websites to do the same. It can be the fastest way of fundraising especially for a Cryptocurrency startup. As time goes by, we’ll start to see the startling aspects of this emergingmaking method of fundraising.
Mudit Kumar
13 Nov 2017
