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Block Chain Technology

What is block Chain technology?

  • Blockchain is a decentralized ledger of all transactions across a peer-to-peer network. using this technology , participants can perform transactions without the need for a central certifying authority. Potential applications include fund transfers , settling trades ,voting and many others.
  • Business Networks benefit from connectivity – Connected customers, suppliers, banks, partners.
  • Wealth is generated by the flow of goods & services across business network.
  • Anything that is capable of being owned or controlled to produce value, is an asset.
  • Two fundamental types of asset – Tangible, e.g. a house – Intangible e.g. a mortgage.

How transactions are done?

Block chain Underpins BitCoin......

  • is unregulated, censorship-resistant shadow currency.
  • Blockchain ensures “cash like” coin passing
    • unique
    • immutable
    • Final
  • Bitcoin is the first Blockchain application.
  • Digital currencies different from cyptocurrency.

Use of Blockchain:-

  • BitPesa:-

    • It is a digital foreign exchange and payment platform for frontier markets.

  • Storj:-

    • It is a crypto currency and digital payment system and is also a blockchain-based digital storage and data retrieval method.

  • Riot Blockchain:-

    • Formerly a biotech company called Bioptix, the company rebranded and is now listed on the NASDAQ exchange under ticker symbol RIOT, making it the first purely Blockchain focused public US stock.

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  • Golem 
    • Golem is a global, open source, decentralized supercomputer that anyone can access. It is made up of the combined power of users’ machines, from PCs to entire data centers.
  • Open Bazaar 
    • It is one of the first marketplaces that accepts cryptocurrency for transactions. Think of it like a hybrid of eBay and Etsy that runs on cryptocurrency and charges no fees.
  • Chronicled 
    • The coolest features allow for better supply chain control and management and anti-fraud opportunities to protect brand integrity around the world.

ADVANTAGES:-

  • Transparency
    • Users or developers have the opportunity to modify it as they see fit. This makes blockchain a particularly secure technology.
  • Reduced transaction costs 
    • Blockchain allows peer-to-peer and business-tobusiness transactions to be completed without the need for a third party. it means they can actually reduce costs to the user or businesses over time.

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  • Faster transaction settlements
    • Block chain technology is working 24 hours a day, seven days a week, meaning block chain-based transactions process considerably more quickly.
  • Decentralization
    • Block chain actually allows individual transactions to have their own proof of validity and the authorization to enforce those constraints.
  • User-controlled networks
    • Rather than having a third party run the show, users and developers are the ones who get to call the shots.


Applications:-

  • Smart Contracts 
    • The Project is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.
  • Cloud Storage
    • Simply using excess hard drive space, users could store the traditional cloud 300 times over.

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  • Supply-Chain Communications & Proof-of-Provenance
    • Most of the things we buy aren’t made by a single entity, but by a chain of suppliers who sell their components (e.g., graphite for pencils) to a company that assembles and markets the final product.
  • Paying Employees
    • Payments made via Bitcoin can save both money and time for employers and employees.
  • Electronic Voting
    • Delegated Proof of Stake (DPOS) is the fastest, most efficient, most decentralized, and most flexible consensus model available.

Conclusion:-

  • Block chain is a shared, replicated ledger.
  • IBM supports an open standards, open source, open governance Blockchain.
  • Block chain can open up business networks by taking out cost, improving efficiencies and increase accessibility.
  • Block chain addresses an exciting and topical set of business challenges, which cross every industry.

Location: Pakistan

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