Now most of you have finally realized that blockchain means something more than some weird disruptive currency you completely avoid buying when it could have netted you millions, we need to get much more familiar with the actual enterprise platforms being developed, where the true potential of this ledger technology can be unleashed on our enterprises, supply chains and industries.
Please note that Bitcoin does not make it to our list of top 5 platforms, look at the top 5, namely: Ethereum, Hyperledger Fabric, R3 Corda, Ripple, and Quorum. In fact, it does not make the top 10 list when we talk about enterprise application of Blockchain.
The objective of our research is to understand blockchain platforms that show promise in solving complex business problems:
“Ethereum is a platform that makes it possible for any developer to write and distribute next-generation decentralized applications.”
“As new technology develops, there is a call for standards. Participants want to focus on time and effort and investment to build solutions versus worrying about the framework. This is the rationale for open standards…we are pulling together the most exciting portfolio with a multi-lateral developer and vendor community. It’s similar to the benefits that Linux brought to the world of operating systems.”
“Corda has been developed to service the specific needs of financial services with generations of disparate legacy financial technology platforms that struggle to interoperate, causing inefficiencies, risk and spiraling costs.”
“Global payments are undeniably going through a sea change, led by financial institutions adopting blockchain to fix their customers’ broken payments experience. Now more than 100 financial institutions are looking to Ripple as the solution to the problem…”
“J.P. Morgan has long used open source software and we are excited to have this opportunity to give back to the community. Quorum is a collaborative effort and we look forward to partnering with technologists around the world to advance the state of the art for distributed ledger technology.”
The Bottom-line: Blockchain Platforms will Consolidate and Collaborate as Enterprise Adoption Increases
The blockchain world moves at an excited speed of advancement with arising new stages, extra new elements, and new deliveries, while aggressive undertakings are anxious to stretch out beyond the bend with their problematic potential
In the mean time, venture adopters face difficulties with an absence of guidelines and interoperability issues, particularly as they attempt and redesign from pilots and PoCs to genuine creation grade conditions. The entire advancement of the blockchain environment isn't unlike the Internet for permissionless organizations and cloud for permissioned ones, where blockchain is practically similar to TCP/IP as the structural innovation.
Like with any advertised, invigorating new innovation improvement, undertakings don't require 1,500+ various stages and we will rapidly see a small bunch of genuine players begin to rule and financial backers get engaged and the biological system fully explores. This PoV features the current top 5 stage players, however given the nascency of the blockchain (practically these are just a couple of years old), this will keep on advancing.
The Blockchain Interoperability Alliance was likewise made in November 2017 to team up on exploring interchain exchanges and correspondences. Like with each new idea, blockchain is likewise going through these developing torments.
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Here we discussed Blockchain technology potential and how it benefits leading industries in the future.
With the rapidly changing technology and business environments, it has become inevitable for businesses to be on their toes. Thus, data securing becomes an important aspect, and including Blockchain technology is a must. It can be used in various industries and sectors right from the government to private. Blockchain will form a digital ledger that will be used in recording all the transactions in secured blocks.
Read More: Top 5 sectors that will be benefited by Blockchain
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The increasing demand for Blockchain technology has led to the surge in demand for Blockchain professionals, and its increasing use cases have made different businesses realize its potential. Hence, many of the big names are actively investing in exploring different avenues of this technology.
Blockchain is a distributed ledger technology that provides a decentralized platform where information exchange occurs without third-party intervention. When we talk about Blockchain platforms, you would have noticed that there are different platforms, some of which are public, while others are permissioned. The latter is the area of interest for most of the banking institutions in the present scenario. There is a growing talk about permissioned Blockchain platforms because they are highly secure, and it has its members authorizing the exchange.
These platforms allow the Blockchain development based applications and some of the interesting ones include Ethereum, Hyperledger, Corda, R3 and EOS. These are only a handful of names, while there are many others in the making and others are in use. If you are still wondering why you need to invest in Blockchain platforms, then you have to take into account the benefits that these platforms offer:
Top 5 platforms that you should be looking forward to:
Stellar: This is a distributed ledger platform that allows the exchange of assets. It allows exchange between fiat currencies and cryptocurrencies. This platform can be used for smart devices, mobile wallets and banking tools.
Tezos: The next in our list is Tezos which is linked to digital token Tozzi. However, you must know that this platform is not based on the mining of Tez. The users are rewards for participating in the proof-of-stake consensus mechanism.
Hyperledger fabric: This is a popular name, and was developed by Linux Foundation. It is a permissioned Blockchain platform that aims at providing an enterprise-level solution.
Hyperledger Sawtooth: This platform was launched by Linux and contributed by IBM and digital assets. It offers an enterprise-level solution. This platform has been created to execute distributed ledgers, which helps maintain digital records without any central governing authority.
Ripple: It came into existence in 2012. This platform has been developed to connect different payment providers, banks and digital asset exchanges via the Blockchain network. The global payments take place via XRP or Ripple.
This is built on advanced Blockchain technology, and Ripple is faster and more scalable than other Blockchain.
These are some of the popular Blockchain platforms that have garnered a lot of attention from the investors and companies.
The way ahead:
In the times to come, we will witness a rise in the demand for Blockchain experts and Blockchain developers who will help in leveraging Blockchain technology for the growth of the business. If you want to learn more about Blockchain technology and its benefits, this is the right time to begin. Connect with the Blockchain Council to know more about the various certification programs in the Blockchain domain.
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The advent of Blockchain technology has paved the way for a new range of innovations across the various verticals of industry. Every part of business activity is now pursuing assistance and assistance from the Blockchain, from human resources management to financial management. In 2009, this distributed ledger technology originated as an underlying Bitcoin trading mechanism. However, its characteristics such as decentralization, transparency, data protection, and others attracted the attention of developers and Blockchain soon emerged as the mainstream technology. Most market niches are now reaping advantages from this DLT.
When it comes to practical applications, the use of Blockchain is not limited to whitepapers, but rather the technology has its roots spreading; Deloitte, Facebook, IBM, Wallmart and several other businesses are actively using this technology. And if we’re talking about Blockchain-based enterprises, so they’re not all big names. Instead, several start-ups have entered into this sector with the ultimate aim of making this technology infallible and popular.
5 Real-world Blockchain apps:
Here, we will illustrate how Blockchain developers have made this technology useful in the real world:
Smart contracts- Smart contracts are the first example that we want to bring forward here. Such digitized contracts have the ability to alter the operation of agreements. The credit for the development of the smart contract goes to Nick Szabo. On a computerized transaction protocol supervised by several nodes linked to the Blockchain network, blockchain-based smart contracts operate. In various fields, such as real estate, law, and finance, the functional usefulness of smart contracts is then used.
Voting- Voting is one of the prominent applications of Blockchain technology. The protection of the voting system has always been a question of concern, and Blockchain may be a possible solution for those who question and criticize the voting system. We can produce voting encryption with the Blockchain, allowing data attacks and threats free from the entire system. The voting system is therefore more straightforward and infallible.
Healthcare- Fighting the issue of counterfeit drugs is a significant problem that requires prompt attention; at the same time, a vast amount of data and medical information is gathered by healthcare. It can be a little difficult to retain and access this information using the traditional platform, but it can ensure data portability, integrity and security with the Internet of Medical Stuff (IoMT) and medical examination systems using AI and Blockchain. This will also help to keep a balance on the preservation of health records and patient medical history.
Food safety- Blockchain will change the entire supply chain management system that spreads from producers, brokers, distributors, regulators, and finally, the customer, according to technology experts. The food industry is lacking transparency in the current scenario, but with the intervention of Blockchain technology, we will definitely have a system that is much more open and secure. Blockchain increases traceability, meaning that the past of pf goods can be easily traced by customers, thereby ensuring the origin of food, packaging and supply.
Cybersecurity- Definitely, this point requires a lot of focus. The growing dependency on digital forums has made the virtual world vulnerable to personal information and data. Although businesses follow a system of improved protection, it has also made it easy for hackers to target the security system and steal sensitive information. According to the Identity Theft Resource Centre report, there were around 668 cases of data breach leading to a compromise of 22,408,258 records between January 1st 2018 and July 2nd 2018, and this is only one example, there are many other instances where we have seen cases of a data breach, and thus there is a need for a system that can guarantee the system’s complete safety and protection. With Blockchain, we can definitely assume that this distributed ledger platform would make it easy for the user, free of privacy risks and abuses, to place their data and records on the system. Because all DLT data is cryptographically encrypted, it allows the system much safer and more reliable than the traditional system.
There are several real-life examples of how the real world is using Blockchain. In these times to come, we expect Blockchain to achieve CAGR growth of 67.3 percent by 2025. For Blockchain developers and Blockchain experts, all of this will open up new avenues of development and job opportunities. If you too are one of those eager to develop your career well, you must consider going ahead with Blockchain certification by the Blockchain Council.
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The technology of record-keeping behind Bitcoin has now emerged as a popular technology that, through the numerous industrial segments, finds many applications. Cryptocurrency exchanges or transactions, however, were the main explanation for Blockchain’s success. Blockchain and Bitcoin ultimately paved the way for the financial digital revolution.
Unlike the traditional database, all the data or transactions are chained by Blockchain. This implies that any data entering the DLT as the block is connected to another block, any interference in any of these will affect the other, reflecting in the ledger. What contributes to Blockchain’s security aspect. This Blockchain feature makes it ideal for cross-border transactions with improved protection, safety, and speed.
Let’s explain how the blockchain operates and how the transactions are secured.
Peer-to-peer interaction: Well, peer-to-peer interaction facilitates the operation of the Blockchain in plain terms. This implies that the two parties concerned communicate directly without relying on a third-party for approval and confirmation. Therefore, a lot of costs are saved in the form of processing fees, transaction fees, platform fees, etc.
Safe transaction: The safety and security features are next. Developers of Blockchain work to build a safe and secure Blockchain platform. All the transactions or data exchanged through the Blockchain platform is also cryptographically encrypted. It guarantees that all transactions are secure and secured. You don’t need to worry about data breaches and risks. This encryption of data guarantees that all data is protected and free from hacker attacks.
Faster processing: Blockchain helps P-2-P transactions where one does not have to wait for approval and confirmation by third parties, as discussed above. This guarantees that transactions are carried out at a quicker pace. In general, it can often take longer hours for a cross-border transaction, but this time is reduced with Blockchain. There is less time loss since all the interacting groups are directly in contact with each other.
Smart contracts: Smart contracts have become one of Blockchain’s main applications. These digitised contracts have predetermined conditions agreed by all the interacting parties, and the contract is executed and the payment is issued when these conditions are met. In real estate and financial transactions, smart contracts are currently being used.
These are some of the Blockchain transaction’s key features. Scalability remains, however, a matter of concern. Blockchain Developers are working to build a fast and scalable network so that it can present itself as an infallible monetary exchange mechanism.
And what is next?
The increasing use cases of Blockchain technology and its implementations indicate that we will see some huge advancement in the field of technology, and there will be an increasing appetite for experts from Blockchain and developers from Blockchain who can exploit this technology. This is the time to register for the Blockchain certification programmes provided by the Blockchain Council, if you are also eager to join the best Blockchain developers’ league. With all the knowledge and details that will help you become a good Blockchain developer, this online certification programme will help you.
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