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5 ways Blockchain will transform the life of the common man

With all the media burning news about cryptocurrency prices, you may be wondering how this affects the common man. Blockchain technology is right at the heart of cryptocurrency and other digital currencies.
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There are various industrial and administrative problems that technology can solve for the common man. Do you own a small business but often feel that you lack transparency due to traditional methods of communication? Have you ever ended up with higher medical bills than usual? As a business owner, are you bothered to find legitimate candidates? These problems affect entrepreneurs, startups, small businesses, individuals and technology Blockchain seeks to provide solutions that make the lives of ordinary people much simpler with simplified solutions.
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Banking

Banking in almost all countries is still very focused on paper-intensive transactions for any money transfer, record keeping or other background functions. Blockchain technology can copy this in digital format and create a decentralized book that allows not only bankers but also customers access to a single source of information. This system allows banks to eliminate the chances of fraud because bankers in the Blockchain book can digitally verify documentation and proof of ownership of assets that can be accessed at any time in a fixed format.
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Identity theft is also a major problem in the banking sector, as citizen information is stolen and used to open fraudulent accounts for illegal activities.
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According to the online database of complaints of the Federal Trade Commission, over 13 million complaints were filed due to card fraud and identity theft, of which 3 million were filed in 2016 alone. Through the blockchain system, customers can directly review all accounts under their name and immediately notify their banks in the event that they notice any suspicious activity in their banking data. Some well-known examples include the Hyperledger Fabric project supported by IBM and UBS Settlement Coin from UBS.
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Healthcare

Blockchain technology can simplify healthcare in amazing ways and make medical data management much easier. Making patient records widely available can enable much more favorable research on drug development, and also reduces the implications of counterfeit drugs. Clinical trials and their outcomes can be made available in a decentralized network, enabling health professionals and researchers to conduct research and find solutions for better health care. Accenture is one of the largest companies to start offering innovative healthcare solutions for the healthcare sector for secure, fraud-free transactions.
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Medicare scams can also crash through blockchain billing management because the billing system can be fully automated without any range of intermediaries committing fraudulent activities. With over 56 million people under the Medicare program since 2017, over $ 1.3 billion is being stolen by the government through fraudulent activities of rehabilitation facilities and home health services.
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Blockchain systems can effectively protect citizens seeking medical help from healthcare providers who overcharge for services offered by fraud. Centralized data not only helps healthcare professionals provide treatment based on the patient’s and his family’s history, but also eliminates the chances of the patient recalling past symptoms or disorders incorrectly.
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Public records

One of the most important functions of the state administration is to record all data about its citizens. This includes information about individuals and businesses in terms of their assets and activities. Most of the recorded information is recorded in paper databases, which makes data management extremely difficult even in developed countries.
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Blockchain-based systems like Killquity can encode all public records into a digital book to prevent citizens from changing data due to fraud. Identity theft is a problem that can be very difficult for the administration to deal with, and digitizing all public data to protect it from unauthorized representation can help prevent such cases of criminal activity.
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Voting

One of the biggest limitations of the voting system in almost every country is that even today, voters must be physically present at polling stations to cast their ballots and can make things difficult for people who need to travel on polling days. More importantly, there is no way to check the results of a survey for the average citizen.
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Blockchain development companies like Followmyvote are coming up with solutions that seek to make online voting a reality. It will provide citizens with public insight into accurate information on the position and results of surveys and various other statistics. It also leads to safer voting for citizens of countries in internal or external conflict, and criminal activities to force citizens to vote for certain candidates can be completely avoided.
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Business employment

Companies of all sizes find it difficult to find the right staff. Through blockchain technology, it is possible for companies to verify the credibility of all candidates through a digital database. Blockchain technology can be applied to create a decentralized database of professionals with proven qualifications in a secure book that companies can refer to to hire candidates. Machine Learning is a New York-based company that is trying to solve this problem by focusing on recording verifiable worker data.
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Tax-related or employment-related fraud accounts for 34% of all identity thefts since 2016, and the blockchain system makes the process of hiring any job much safer because the company would only have access to valid candidates, reducing the risk of hiring fraudulent workers. It also helps applicants by speeding up the recruitment process and helping them find a job they qualify for and have a hassle-free process.
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The use of blockchain technologies helps both individuals and businesses, and also protects personal data and makes important data publicly visible. Although blockchain has the best application in cryptocurrencies, its use can be extended to other sectors to provide significant solutions to citizens around the world.

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8 Computer solutions in the foreground of the new economy

In recent years, we have seen new and exciting technologies that promise a more decentralized and secure economy. In this article, I have included some of the major players in this emerging market.
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1. Golem

Golem is a decentralized open source computer network.

How Golem works

The Golem Network is a computing market, where users can make money by ‘renting’ their machines or by developing and selling software.
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Within the network, users who rent computer power are called “suppliers,” and users who receive power are called “seekers.” Applicants use Golem for a variety of purposes, including graphics processing, data analysis, microservices, and machine learning.
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Advantages

  • Division of labor means that tasks can be executed simultaneously, allowing for shorter deadlines for projects.
  • Operating costs are lower than cloud-based services.
  • Users can pay instantly for their work using the Golem Network Token (GTM), a token on the Ethereum blockchain.
  • Golem builds his entire stack from the bottom up, an approach that usually results in great UXs.

2. iExec

IExec is a decentralized market for cloud services focused on distributed blockchain-based applications and affordable high-performance computing.

iExecc Dapps
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Unlike Golem, iExec (since the release of v1) allows anyone to develop and run applications.

The iExecc Dapp store contains various applications. Considering the experienced team behind iExec, their reason for choosing the Dapp path is that there is probably less competition here. Once established in the decentralized Dapp market, iExec plans to expand to decentralized computational tasks.
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RLC

RLC stands for “Runs on Lots of Computers” and is the original iExec character. There are currently 87 million ERC-20 tokens in circulation.
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3. Ethereum

Ethereum is an open source blockchain-based platform that allows users to build decentralized applications. The calculations are performed in an isolated environment called Ethereum Virtual Machine, which is located in all nodes connected to the network. The budget product is stored on the blockchain.
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Features of Ethereum Blockchain

Ether

Ether is the currency of the Ethereum blockchain. The cryptocurrencies ETH (Ethereum Hard Fork) and ETC (Ethereum Classic) are two values ​​of Ether.
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A smart contract

EVM is able to make a “smart contact”, an algorithm that stores and automatically executes the terms of the agreement. Both parties involved in the transaction agree to the terms written in the smart contract.

Bitcoin vs Ethereum platform

The Bitcoin blockchain is focused on a set of predefined operations, such as tracking Bitcoin transactions, while Ethereum allows users to run code of any complexity, making it suitable for any decentralized application, including cryptocurrencies.

Consensus mechanism

Computing on the Ethereum network costs more and takes longer than a standard computer due to parallel computing. In order to maintain consensus, all participants must agree on the order of all transactions that have occurred, regardless of whether they participated in the transaction or not.

Ethereum nodes store the latest status of each smart contract, along with all Ether transactions. As EVM is an isolated system, the code works without access to the network or file system. Thus, availability is limited even among smart contracts.

4. Hyperledger fabric

Hosted by the Linux Foundation, Hyperledger Fabric is an open source distributed book (DLT) technology that has a modular and configurable architecture that can be used at the enterprise level in a variety of industries.

Hyperledger fabric characteristics

Privacy, development and performance

  • The Fabric platform enables permitted, private work in which operators know each other and can be bound by rules, such as a legal agreement.
  • Fabric supports smart contracts written in common languages, such as Java and Go, so no additional training is required to create smart contracts.
  • Performance has improved because, unlike Ethereum, only the parties involved in the transaction need to reach a consensus.

Knots of fabric

Unlike Ethereum, Fabric nodes have different roles and tasks in the consensus process. Nodes can be clients, clients, or peers.

Source currency

The fabric does not have the original cryptocurrency. However, the chain code can be used to develop the domestic currency.

5. Tendermint

Tendermint has a blockchain consensus mechanism, known as the Tendermint Core, and a generic application interface, known as the Application Blockchain Interface (ABCI). The software enables secure and consistent replication of the application on multiple computers.

Tendermint Core

The Byzantine fault tolerance (BFT) software of the consensus engine can safely replicate the state transition machinery. BFT proxy software can tolerate one-third of failures, including hacking.

Tendermint’s goal was to offer a more secure and efficient consensus algorithm than Bitcoin’s PoW (Proof of Work). The software was the basis of important research by consensus protocol Casper’s team: a fault-tolerant chain, like Tendermint, can make good decisions about who produces a block, while a less reliable chain results in a chicken and egg problem.

The software is easy to use, replicates applications written in any language and has multiple applications.

6. Risk

Lisk is a decentralized and distributed platform that allows users to develop applications and support them with custom blocks.

Risk features

Developers can use Lisk’s JavaScript-based software development kit (SDK) to build the background and interface of their application. However, Lisk does not offer protection against nondeterministic behavior. Also, the platform cannot prevent endless loops and measure memory consumption.

Lisk’s consensus mechanism

Lisk asks developers to follow “rules” for contracts to ensure consensus. For example, they ask developers not to “use Math.random ().”

7. Corda (V 3.0)

Corda is an open source platform, a distributed book (DLT), used by the financial industry.

Characteristics of the Corde

The Cord network is a permitted network – it is not open to all node operators. Nodes run on Corda and CoDapps and communicate with each other from point to point.

The ‘gatekeeper’ of each network sets the reception rules for the nodes that want to join the network. Like Fabric, Corda offers more privacy because of its finely controlled record access control and better throughput due to limiting consensus to the parties involved.

At Corda, contract developers also add legal prose to their contract. This feature consolidates the contract by legitimizing it with associated legal prose. The platform does not have a source token.

8. Substrate

Rootstock (RSK) is an open source smart contract platform built on the Bitcoin blockchain.

Basic characteristics

Smart contracts

RSK enables a smart contract on the Bitcoin network. It uses Turing-complete Virtual Machine (RVM) for smart contracts. The two-way wedge allows users to send Bitcoin directly to the Rootstock chain. RSK coins can be used with smart contracts and Dapps devices. RSK contracts replicate “Proof of Existence”, which is used to prove the existence of a document (or property right).

Security

The RSK blockchain has a mining merger, providing it with the same level of security as Bitcoin in terms of settlement finality and double spending.

SBTC

RSK is secondary bitcoin. Bitcoin on the Rootstock blockchain is called SBTC.

RSK fills the gaps in the Bitcoin network by enabling faster transactions. In addition to being convenient for users, it also helps to keep the size of the Bitcoin block within limited limits.

Hyperledger in the Blockchain world. How is it different from other solutions?

Surely everyone has heard the words Ethereum and Bitcoin. Being part of the blockchain world, they have captured worldwide attention with wide media coverage. In general, blockchain technology has gained business interest due to its decentralized, unchanging and transparent nature. Among other valuable projects that have emerged in recent years is Hyperledger.

What is Hyperledger?

Hyperledger is a blockchain project and related open source tools hosted by the Linux Foundation. It was created in 2015 and aimed to advance inter-industry blockchain technologies. Hyperledger does not support cryptocurrencies and does not represent a cryptocurrency network or a traditional blockchain system.

So what is Hyperledger for? The project aims to make it easier for developers, and companies are working on adopting the blockchain. It provides the necessary standards and infrastructure for the development and implementation of blockchain solutions in various industries.

Hyperledgera depth structure

The Hyperledger project can be visualized as a house with open source development tools and libraries as the foundation and modular frames just below the roof.

One of the widely used digital books is called Hyperledger Fabric. It is a permitted blockchain infrastructure that serves as a foundation for building applications or solutions with a modular architecture.

Hyperledger Besu is an Ethereum client designed for corporate use for both public and private use of permitted networks. The next framework Hyperledger Burrow works on smart contracts and represents a complete single-binary blockchain distribution that supports EVM and WASM.

Hyperledger Indy can work autonomously or even interoperatively with other blockchains. Indy was developed precisely for decentralized identities. Another simple modular distributed platform is called Iroha Hyperledger. The framework contains a role-based permission model and support for multiple signatures. Iroha is adapted for digital asset management systems and is used to manage identity and serialized data. As part of the Hyperledger system, there is also no presence of cryptocurrency here.

The Hyperledger Sawtooth digital book offers a modular architecture in which smart contracts can set business rules for applications without having to know the basic design of the system. Sawtooth uses the Python programming language and simplifies the installation and maintenance of the final software.

Hyperledger applications compared to other enterprise solutions

Let’s look at the differences between traditional web portals and blockchain-based solutions. The former lack speed, security, and traceability, while the blockchain offers high-speed transactions and enhanced security provided by smart contracts and encryption. As for Hyperledger dApps, they stand out with the ability to handle complex business processes within hours.

When it comes to unlicensed blockchain solutions and approved Hyperledger applications, there are a few major differences. Blocked solutions without permission imply zero regulation, allow anonymous cryptographic identities, and generally represent public systems on a shared book. Counterfeit tracking is code-based and transactions cannot be modified.

Hyperledge applications are both public and private systems in which workflows are monitored by regulators. Hyperledger app participants are real and identifiable, and transaction identities can also be tracked.

Overall, Hyperledger guarantees data exchange and cryptographic validation of contract and operation terms. The toolkit is rich in platforms and frames that can be selected according to business specifications. Finally, the implementation of the solution will help unify databases, improve performance and scalability, reduce fraud risks, protect sensitive data, and streamline ROI.

Industries ready to adopt Hyperledgera

Hyperledger has already entered several spheres, such as supply chain management, retail, healthcare, FinTech, IoT, banking and manufacturing. Among the companies that use the technology are Walmart, Amazon, Nestle, Visa, Maersk, China Postal Savings Bank and others.

To begin your enterprise innovation through the adoption of Hyperledgera, you need to choose a competent Hyperledgera development company that will devise a customized solution to address your business challenges.