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Transcendence Reveals the development of Virtual World backed by Blockchain Technology
Blockchains can help to real such assurances. Please enter a valid Email address Email is required. In the early days of blockchain, many development that distributed ledgers could real solve the problem. The company also has internal blockchain utilising internet of things hardware, as well as augmented reality. World September 7, world, Equifaxone of the largest and blockchain prominent development credit reporting agencies, disclosed that they had just gone through a massive breach in security.
They have recently started putting up their sensitive data on the blockchain for the added security. The problem, however, is that these keys are maintained by a centralized body Certificate Authority. Since the system is centralized they are vulnerable to attacks. Back in the day, we had guards standing over a huge vault that stored your data for you. But obviously, there are a lot of issues with this system.
However, that is still risky because all those get saved in a centralized server and it can get hacked anytime. Each device will have its own SSL certificate, whose data will be stored on the blockchain.
Since the blockchain is immutable, the data that gets stored in it can never be tampered with. That means all the devices and confidential data is safe. According to David Treat, the lead of blockchain practice at Accenture, while blockchain is a brilliant technology it is not designed to handle massive amounts of data. Since companies like Equifax handle humongous amounts of data a blockchain may not be the best way to store it. But he added that a blockchain can be helpful in enabling individuals to exert control over their identity.
Voting is an absolutely essential tool for any democratic government. Having said that, it is really fascinating and shocking that we have still not moved on from the traditional paper ballot system of voting. The paper ballot system has long been used by countries around the world. The concept is simple, you put your vote on a piece of paper and put it in a ballot box.
At the end of the election, the votes are counted and whoever gets the most votes is the winner. However, as simple as it may sound, there are a lot of issues that can happen because of the traditional paper balloting system.
So as you can see, there are a lot of disadvantages to a paper ballot system. To counter this a digital voting system was employed by countries like Estonia. As The Economist reports, Estonia has had electronic voting since In fact, during the parliamentary elections, However, there were some possible issues in the system that were pointed out data taken from The Economist.
While these issues were criticized and contested by the Estonian Information Systems Authority, the fact remains that having a centralized server taking care of the votes can be susceptible to multiple attacks and hacks.
Their goal is simple, make the election process as transparent as possible. What exactly happens to your votes after you cast it? Hardly anyone knows that. So, how is integrating blockchain technology going to fix this? This is what Follow My Vote is planning to do. Any potential voter can securely login using their webcam and government-issued ID. After they are done the voting, anyone can use their voting ID to track their votes and check that it has been cast correctly.
On top of that. They even give their voters the ability to change their votes any number of times till the deadline. ECC is a form of asymmetric cryptography. Asymmetric cryptography uses two keys a public key and a private key to encrypt and decrypt data. ECC is basically what bitcoin and ethereum use for their cryptography. One thing to note, the private key should not be revealed to anyone but the user and the public key generates a public address which is shared with everyone.
So how do Follow My Vote use this technology to create their votes? The voter reveals their identity to a verifier who certifies the first key pair. Once that is done, the voter registers their second key pair anonymously as belonging to the first pair. The voter can then create a transaction which is basically their vote and sign them off with their voting private key.
Once the vote is done, anyone can verify whether the signature is valid or not and make sure that none of the votes have been tampered with. India has looked into the blockchain technology as a possible solution to their land registry problems. Property fraud is one of the biggest issues in India. In , New Delhi alone had reported cases of property fraud while Mumbai came a close second at cases. So, to counter this issue, the governments of Andhra Pradesh and Telangana have partnered up with Swedish startup ChromaWay to put their land registry on the blockchain.
The system will have a blockchain back-end and a web app front-end. The front-end will aid in the overall system abstraction. One of the many interesting innovations that they possibly could be doing is the introduction of cryptographically secure, digital fingerprints. Chandrababu Naidu had this to say about this innovation,. It will not only change the way we perceive processes but it also has the potential to transform the economy.
Of course, we all are yet to fully discover this technology and hence the Government of Andhra Pradesh has engaged with startups from across the globe such as ChromaWay to run proofs of concept within its own departments. As you can see, there are many more blockchain applications than just cryptocurrency and can affect way more sectors than just the finance sector. We hope that this guide will educate you and inspire you about the possibilities of this wonderful and disruptive technology.
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Latest commit. Git stats 31 commits. Failed to load latest commit information. Section4 ICO. View code. About the Video Course Blockchain is a revolution promising a new world without middlemen.
What You Will Learn Grasp decentralized technology fundamentals and master blockchain principles. Build blockchain projects on Bitcoin, Ethereum, and Hyperledger Build your own cryptocurrency payment app. MIT License. Releases No releases published. Packages 0 No packages published. This situation was not necessary. If there had been a better and more efficient way to trace the source of the spinach, the response and subsequent losses would have been much less. Tracing food is obviously a time-consuming process.
During this lengthy-time period, it is possible for certain industries to either slow down or close altogether. The best way to go about tackling this issue is to make the itinerary as transparent as possible. Specifically, from the time when the food is at the farm, to the time of delivery to the market. One can typically define Blockchaink as an open ledger. Any data within it is open for everyone to view. This removes unnecessarily wasted time on regulation and hierarchy while making the process much faster by comparison.
Plus, having the data on the blockchain reduces the average waiting time considerably from weeks to seconds. This is such an appealing system that Walmart has already run two tests with IBM.
One with Mexican mangoes and the other with Chinese pork. Now, the Linux Foundation hosts Hyperledger. As blockchain technology becomes more involved with the food industry, it will make the entire procedure safer and more transparent. Online food safety program, Yiannas , lists multiple advantages of a transparent food system, as seen below. On September 7, , Equifax , one of the largest and most prominent consumer credit reporting agencies, disclosed that they had just gone through a massive breach in security.
Roughly As shocking as this may seem, this was not the first instance of a cybersecurity breach occurring to a renowned company. About one billion user accounts had been jeopardized, with the attackers managing to access:. In hindsight, if there are numerous DIY guides that teach others how to hack your site, chances are pretty good that your security is compromised greatly.
Verizon and other security companies did some research into these data breaches. According to their findings, the primary reason as to why these sort of attacks came about is due largely to the people being inherently unsuspecting and naive. They fall for these attacks and proceed to give away vital information, such as passwords and credit card details.
Half of them go so far as to open any attachments that might be sent along. These properties are what make blockchain technology capable of ensuring cybersecurity.
It allows for the protection of users from any potential system attacks. Over time, it has become the largest blockchain company in the world purely by the revenue, the census, and the customer deployments. REMME is a user authentication implementation system that formulated the concept of making passwords obsolete.
This way, all of the devices and their classified data are in safe hands. Still, there is a certain drawback to utilizing blockchain for the purpose of cybersecurity. David Treat, the man who heads the blockchain practice at global management consulting firm, Accenture , states that while blockchain is a brilliant and handy piece of technology, it is not designed to handle a massive amount of data.
Companies like Equifax manage a large quantity of information. Thus, a blockchain might not necessarily be the best way to store it all. He did, however, add that blockchains are helpful in allowing people to employ control over their own identity. When it comes to a democratic government or democratic anything , voting is obviously an essential tool. With that in mind, it is a peculiar thing that we have partially moved beyond the traditional system of using paper ballots.
The concept of the paper ballot system is simple and straightforward. You place your vote on a piece of paper and then put that paper inside a ballot box.
At the end of the election, the submitted votes are counted with the winner having the most votes. As elementary as this particular system sounds, there are a good number of consequences and problems that can occur. To rectify all of these disadvantages pertaining to a paper ballot system, countries like Estonia have been applying the use of a more digital voting system.
A group of writers from Plymouth University wrote an Economist essay about the subject. In the parliamentary election, There are potential issues related to this system that was also highlighted in the Economist essay:.
These issues have since been criticized and disputed by the Estonian Information Systems Authority. But the fact remains that for every perk to a centralized server handling votes, there is also an additional drawback. Including being vulnerable to various attacks and hacking. There have been an array of companies that are using both blockchain technology and Elliptical Curve Cryptography ECC.
These systems update the voting process and bring it into the digital era. The primary goal is to make the traditional election process as transparent as possible. With this platform, any potential voter is able to securely log in to the system using their webcam and government-issued ID.
After they are done with the voting, they can use their voting ID to keep track of their votes. They can even check to make sure that it has been cast correctly. Moreover, this system gives voters the chance to change their votes under a certain deadline.
This structure of asymmetric cryptography functions with the use of the two keys to encrypt and decrypt data: a public key and a private key. It should be noted that the private key should not be shown to anyone. However, the public address generated by both the user and the public key is shared with others.
Blockchain real estate development
The second prerequisite is a means to create a secure, unbreakable and unique link between machines and the blockchain. Among other things, the company has developed blockchain-enabled crypto chips, similar to those used in credit cards, that can be permanently embedded in a machine or any physical object.
This creates a blockchain-compatible, unique digital identity for the machine, meaning anyone or anything communicating with that machine can be sure it is indeed what it purports to be. These chips can do more than just provide identity, however. They can contain crypto wallets which can hold funds as well as smart contracts, helping machines to not just exchange data, but also enter into agreements and make direct payments to each other.
The chip can also be used to hold verifiable credentials of various types, for example quality certificates or proof of provenance, that can be helpful in providing confidence in the transactions. These capabilities are available now. This would allow for much larger, more diverse groups of machines to interact and transact together in more complex ways than is possible with direct M2M interactions.
This in turn could serve as the basis for large-scale, machine-based biotopes based on a kind of circular data economy — all orchestrated by blockchain. To get an idea of how such a biotope could work, consider a manufacturing robot that produces a steel rod with certain chemical properties suitable for building bridges.
Along with the rod the machine creates a verifiable certificate of those properties as well as manufacturing data on the particular rod. Buyer robots could check the provenance of the rod, pay for it, and even if necessary provide feedback. For example, they might order new rods with slightly different properties. The manufacturing robot would receive this order, produce a new set of rods to spec, and deliver them along with verifiable quality certificates, all with no human involved.
Blockchain would be part of each phase of this value chain, providing the digital identity, the smart contract automation, verifiable credentials and certificates, and of course tokenized payments allowing the transactions to be settled immediately. The insurance industry has famously been resistant to digitisation. Today it still relies on outdated, often manual and expensive processes, ultimately resulting in higher-than-necessary prices and reduced choice for consumers.
It comes as no surprise that large insurance incumbents find themselves seriously challenged by innovative newcomers, or that blockchain is playing a part in this revolution. Blockchain can be deployed to disrupt insurance in many different areas. A promising one — which also highlights the unique qualities that blockchain technology can bring to this sector — is parametric insurance. In parametric insurance, payouts are not made based on loss or damage, but rather on pre-agreed external triggers.
If there is a drought, a farmer receives a pre-arranged amount. If a flight is cancelled, a passenger gets reimbursed for the ticket, no questions asked. In both cases there is no need to prove the damage.
Reference need only be made to some reliable data source such as weather or flight records. While parametric insurance has been around for a long time, blockchain is breathing new life into it. And for good reason. To work, parametric insurance policies need trusted data. If a payout depends on the weather at a certain place and time, the insurer needs more than just a reliable source of information.
It needs to be sure that the data it receives actually comes from that source, and has not been tampered with. Blockchains can help to provide such assurances.
The agreements underlying parametric insurance policies also tend to be fairly straightforward: if X happens pay Y the amount Z.
This makes them suitable for automation via smart contracts. With automation, of course, comes lower costs, lower premiums, and happier customers — at least in theory.
This potential has long been recognised and is currently being exploited. Back in the blockchain startup Etherisc 5 made waves when it presented its plans for a blockchain-based, parametric insurance dApp covering risk to passengers from flight delays. Since then, it has developed a whole platform for building blockchain-based, decentralised insurance products, including a recently announced parametric crop insurance for farmers in Kenya using weather data provided by Chainlink, a company which specialises in oracles for blockchain platforms 6.
As more and more real-time information about the world becomes available through developments in IoT and big data, it will become easier to create more sophisticated types of parametric insurance. According to one industry source 7 , we can for instance imagine parametric insurance against hacking that pays out directly upon proof of a data breach. With tools to measure sentiment and emotion on social media, we could imagine parametric insurance against reputational damage from mobbing and trolling.
We can imagine climate change insurance tied to rises in sea level or temperatures. The list goes on. Looking farther ahead, we can imagine a world in which these kinds of parametric insurance policies could be purchased on-the-fly based based on where we are or what we are doing at any given time, often without our intervention. Blockchain-based dApps could be configured according to our preferences to automatically purchase flight insurance when we book air travel, or payroll insurance when we contract for a freelance job, or even reputational risk insurance when we post to Facebook of Instagram.
Blockchain could bring radical automation and decentralisation to the insurance industry as well, in the form of decentralised autonomous insurance companies or Insurance DAOs — more on DAOs below. In this scenario large groups of people would contribute to a pool and self-insure themselves using the same combination of oracles, blockchain and smart contracts that is powering the parametric insurance policies mentioned above. By eliminating the company in the middle and automating processes, such insurance cooperatives could have much lower margins than traditional insurance companies.
If done correctly, this could mean lower premiums and better service. Over time such decentralised insurance products could grow into large, decentralised general insurance companies. If so, in the future we may all be both policy holders and policy issuers at the same time.
And all of it orchestrated by and on the blockchain. Trust in multi-party business processes almost always boils down to the ability of entities to agree on information along a value chain of some sort. This is not always easy to do. Companies spend hundreds of millions of dollars a year on sophisticated IT systems just to share such flows of information regarding orders, agreements, deliveries and payments — a fair amount of which goes towards reconciling data and clearing up the inevitable errors that result from the lack of interoperability between the myriad different systems and processes currently in use.
In the early days of blockchain, many thought that distributed ledgers could help solve the problem. By agreeing on and then recording business data on a shared ledger, the thinking went, companies involved in a joint business process could be confident they were all on the same page. Add smart contracts to the mix, and agreements as well as shared processes could be automated in a way all parties could trust. That made things look even better. But there was a huge catch.
The whole point of a blockchain is to create a permanent, immutable, public record of transactions. Data on a public blockchain is available for all to see, forever. Even if it is stored on chain in encrypted form, or stored off-chain and referred to by a unique identifier — generally a cryptographic hash — data written to a blockchain leaves traces that can be used to glean information about the contents, often in surprising detail 8.
When it comes to a democratic government or democratic anything , voting is obviously an essential tool. With that in mind, it is a peculiar thing that we have partially moved beyond the traditional system of using paper ballots.
The concept of the paper ballot system is simple and straightforward. You place your vote on a piece of paper and then put that paper inside a ballot box. At the end of the election, the submitted votes are counted with the winner having the most votes. As elementary as this particular system sounds, there are a good number of consequences and problems that can occur. To rectify all of these disadvantages pertaining to a paper ballot system, countries like Estonia have been applying the use of a more digital voting system.
A group of writers from Plymouth University wrote an Economist essay about the subject. In the parliamentary election, There are potential issues related to this system that was also highlighted in the Economist essay:. These issues have since been criticized and disputed by the Estonian Information Systems Authority. But the fact remains that for every perk to a centralized server handling votes, there is also an additional drawback. Including being vulnerable to various attacks and hacking.
There have been an array of companies that are using both blockchain technology and Elliptical Curve Cryptography ECC. These systems update the voting process and bring it into the digital era. The primary goal is to make the traditional election process as transparent as possible. With this platform, any potential voter is able to securely log in to the system using their webcam and government-issued ID.
After they are done with the voting, they can use their voting ID to keep track of their votes. They can even check to make sure that it has been cast correctly. Moreover, this system gives voters the chance to change their votes under a certain deadline. This structure of asymmetric cryptography functions with the use of the two keys to encrypt and decrypt data: a public key and a private key.
It should be noted that the private key should not be shown to anyone. However, the public address generated by both the user and the public key is shared with others.
The way in which Follow My Vote uses this type of technology to construct their votes is that during the period of voter registration, the voter will create two ECC key-pairs. This essentially reveals their identity to a verifier who will certify the first key-pair. Following this, the voter will enlist their second key-pair anonymously as belonging to the first key-pair. Once this has all been established, the voter is then able to initiate a transaction.
This is pretty much their vote. They can then send it off by using their voting private key. After the completion of the vote, anyone can validate the authenticity of the signature.
That way they can make sure that none of the votes have experienced tampering in any way. India has reportedly been having issues regarding property fraud and its land registry. So they have been looking into using blockchain technology as a means to solve those problems. In the year , New Delhi had a recorded cases involving property fraud. In an attempt to fix this recurring situation, the governments of Telangana and Andhra Pradesh have teamed up with a Swedish startup called ChromaWay to implement their land registry onto the blockchain.
The execution of this collaboration is fairly clear-cut, as the system will have a blockchain back-end and a web app as a back-end. According to the International Business Times :.
A notable innovation that could possibly come along with this system is the installation of cryptographically secure digital fingerprints, and this is how it could potentially work:. Chowdary, the special chief secretary and IT adviser to the chief minister of Andhra Pradesh, expressed how he felt about blockchain technology:.
It will not only change the way we perceive processes but it also has the potential to transform the economy. Of course, we all are yet to fully discover this technology and hence the Government of Andhra Pradesh has engaged with startups from across the globe such as Chromaway to run proofs of concept within its own departments.
In light of the COVID outbreak, many are starting to wonder if blockchain technology could have a hand in dealing with it. Moreover, a model that draws primarily from higher degrees of accuracy and trust.
This mostly because the technology is a tamper-proof public ledger. Obviously blockchain will not prevent the rise of new viruses by itself. However, what it is capable of doing is creating the first line of rapid protection through a network of connected devices. The intent of this connection is to remain up-to-date about any disease outbreaks. With blockchain technology, we are able to share any and all information in real-time between relevant parties acting as nodes in the chain.
Even better, we can do so in a secure and immutable manner. In the case of COVID, if there was a blockchain in action that shares real-time information about communicable diseases, things may have been different. The world might have been aware of the spread much sooner.
There may have been travel restrictions put in place earlier and a faster implementation of quarantining policies and social distancing. While it is too late for the case of the coronavirus, perhaps outcomes of any future pandemics could be different. There are only four blockchain applications within this article.
Yet each application provides a tremendous number of advantages for those who use it. Get access to all the top cryptocurrency traders in the industry.
Follow, learn and replicate the best with HedgeTrade. Real estate listings Facilitate connection between all parties involved and enjoy free access to information and smooth data sharing.
Home automation services Automate service provision with smart contracts. How blockchain works in real estate Smart contracts simplify transaction processes in real estate, remove unnecessary middlemen, lower costs for main parties and speed up closing deals.
Part 1. Part 2. Real estate companies harnessing blockchain:. Why use blockchain technology for real estate? Disrupting the real estate market. Higher transparency More transparent leasing, purchase and sale transaction processes reduce risk for all parties.
Lower costs Blockchain technology for real estate provides full transparency and control for overseeing and approving property expenses.
It also reduces the costs of accounting, compliance and property management. Improved security and compliance Blockchain technology allows real estate businesses to improve due diligence security and compliance. Faster protected payments Blockchain-enabled solutions enhance the efficiency of financing and payments systems in real estate. Timely fraud detection Blockchain provides distributed, tamper-proof and encrypted processes for the real estate industry.
Simplified property management Simplify property management processes with blockchain solutions for commercial real estate. Legally enforceable contracts Blockchain-powered smart contracts in real estate facilitate clearness, transparency and efficiency in lease terms management and cash flows. Spend hours, not days or weeks, on contracts processing. Real-time analytics Smart decision-making is facilitated by access to verified data on payments, transactions, and digital identities of individuals, properties and organizations.
Analyze turnover rates, forecast rental patterns and oversee revenues. Easier access to registries Blockchain facilitates free access to multiple real estate registries. Explore blockchain solutions for:.
Real estate: challenges in a rapidly changing world
Unless development are either a trader, investor or world the mining industry, you might not even know this company real. Machines are built, and they learn to perform intelligent tasks without any human assistance through Artificial Intelligence. If you are depositing any check on Friday evening, then you have to wait real Monday morning to see if the money has come to your account. These technologies have made their world into our blockchain through cryptocurrency, blockchain, personal assistance, and robotics. The text below is an advertorial article development was not written by Cryptonews.
Blockchain Applications in the Real World
Banks are incorporating blockchain technology so that their customers can process the transactions in just about 10 minutes.
Blockchain is providing banks with the opportunity to exchange funds between institutions in a very fast and secure manner. In Smart Contracts: A smart contract is built into the blockchain technology to verify an agreement of a contract.
It works under a set of certain constraints that users have to agree with. When those conditions in the contract are met, the terms of the agreement are unquestionably fulfilled.
Blockchain not only fulfils the requirement of third parties but also ensures that all ledger participants know the details of the contract. And the terms of the agreement are automatically enforced upon the completion of the terms.
You can make use of smart contracts for all kinds of scenarios, such as financial by-products, insurance premiums, property laws, and for making financing agreements. Many providers are still not appropriately meeting these standards.
To make things more complicated, rules vary widely from jurisdiction to jurisdiction. Several giant companies like IBM, Microsoft, and Cisco are adopting the blockchain technology to securely and privately perform the validation of their customers. Blockchain-enabled IoT devices will work faster and more securely to enable less centralised control over the financial industry, Internet usage, and ownership rights for both users and businesses.
Helium uses a decentralised machine network to connect anything over the Internet through a blockchain, wireless network, and open-source software. Real Estate: Blockchain technology is extensively used in the real estate industry, from property purchasing to title management. The technology could be used to create efficient solutions for both commercial and residential real estate.
Ukraine was the first nation to use blockchain to facilitate a property deal. The deal was done with the help of smart contracts on the Ethereum blockchain and is the first of several to be accomplished by Propy; a startup specialising in blockchain-based real estate deals.
Conclusion The examples of blockchain technology in the real-world are growing with each passing day. It is difficult to find a field that is not influenced by this technology. Save my name, email, and website in this browser for the next time I comment.
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Latest article. The industry value of the digital currency is anticipated to raise thousand worth in recent years and rise in the Revenue share. Add smart contracts to the mix, and agreements as well as shared processes could be automated in a way all parties could trust. That made things look even better.
But there was a huge catch. The whole point of a blockchain is to create a permanent, immutable, public record of transactions. Data on a public blockchain is available for all to see, forever. Even if it is stored on chain in encrypted form, or stored off-chain and referred to by a unique identifier — generally a cryptographic hash — data written to a blockchain leaves traces that can be used to glean information about the contents, often in surprising detail 8.
The same goes for smart contracts saved to a blockchain, which can be examined by all in ways that can also reveal sensitive information. Enterprises cannot afford this kind of uncontrolled transparency. Strict data protection regulations compel them to keep information safe. So does good business sense: Company A may not want Company C or anyone else to know about its discount offer to Company B. To reap the benefits of public blockchains in an enterprise setting, what is needed is a way for businesses to synchronise data between their systems without actually exposing that data — a seeming paradox.
Currently being developed as an open source project by a large consortium under the name of the Baseline Protocol 9 , it was born of the realisation that the blockchain should not be used as a shared database to store common data. Rather, it can be a powerful tool for enforcing data consistency and workflow synchronization by recording verifiable proofs that all parties are in possession of the same information.
This is a subtle, but very powerful, difference. In slightly simplified terms, it works like this. If two companies want to share a document, for example a purchase order with delivery and payment terms, they first share the document directly between each other via some form of secure messaging. This document is then baselined, meaning that a special type of digital signature of the document is created, one that uses sophisticated cryptographic techniques to ensure there is no inadvertent leakage of data or metadata Now each party knows what this signature looks like, information they keep to themselves.
The signature of the baselined record is then written to the blockchain. The result is publicly accessible, immutable proof that all parties had the same understanding of a specific piece of information at a certain moment in time — but saved in such a way that only the parties involved know what this seemingly random signature represents. To all other observers, it is simply so much digital noise. This approach has many advantages. For one, all parties can stay in sync without anyone revealing any actual data.
Because all parties can continue to use their own internal systems of record, there is no need to invest in expensive, proprietary third-party platforms or trust an expensive intermediary. While still in its very early days, baselining may prove an extremely significant development in enterprise blockchain. Above all, it appears to have squared the circle between transparency and data security that has bedevilled enterprise blockchain solutions until now.
In Baseline, blockchain is a small part of the equation, but an essential one — filling a need no other technology or method can. For those interested in the development of enterprise blockchain applications, the Baseline Protocol is therefore worth keeping an eye on.
It could be the missing ingredient to widespread adoption of this technology in the enterprise world. We have already seen that blockchain can be used to help autonomate interactions and transactions between machines. Since the early days of blockchain, people have wondered if it could be used to automate certain types of interactions between groups of humans, for example those take place within a company.
This gave rise to the notion of a Decentralised Autonomous Organisation or DAO — a company or other type of organisation that is run to a large extent, if not completely, by code. DAOs offer many advantages. The process of coding the governance and procedures of an organisation requires describing these things in detail. This can increase transparency, as procedures in code are likely to be more precisely documented, and less ambiguous, than those described in natural language.
Similarly, code can make decision-making much more transparent and democratic, for example by specifying voting procedures. It can also heighten confidence in company processes, as it is generally easier to predict what a program will do with the instructions given to it than what a human will. Coded policies and processes are also easier to enforce and harder to evade than those administered by humans.
This can help mitigate errors and fraud. Having an organisation in code also allows processes to be automated. This can add efficiencies and reduce costs, freeing up staff to focus on the more difficult problems. Last but not least, code behind a DAO is also replicable. If a certain type of DAO works well, others can copy it. Or modify the code to make it even better. But there are problems too. An organisation expressed in code can be rigid, unable to adapt to new conditions as quickly as humans can.
The code can also become quite complex, increasing the risk of bugs and making it harder for people to understand what is really going on. There is also a fair amount of legal uncertainty around decentralised organisations at the moment, especially those that have no clear owner or fixed abode. For these reasons, while DAOs today are gaining popularity in certain settings — for example crowdfunding via cryptocurrencies — they have yet to gain any traction in the business world.
Considering their potential, that is a shame. The hub is known as the Core module. It acts as the master agreement upon which the DAO is built, and serves to keep track of the members of the organisation, its bank accounts, proposals that have been submitted, decisions that have been taken, and other information that captures the state of the organisation over time.
The hub is surrounded by spoke modules known as Adapters. These are written for specific purposes. An organisation might have a Financing Adapter that allows individuals to request funding for specific projects. There could also be Voting Adapters, HR Adapters, Accounting Adapters — anything representing some policy or procedure important to the organisation.
There are several advantages to this approach. Changes in the requirements or procedures for a specific process can be made simply by updating the Adapter. There is no need to touch the code of the core module or any other Adapter. This saves time and effort and is also safer, as it mitigates the potential for introducing bugs. Like apps, Adapters can also be swapped out if better ones come along. This makes upgrades easier.
This is exactly how blockchains attain immutability. But, the fact is that many big shopping chains like Walmart are teaming up with IBM to incorporate the blockchain in their food management system. More and more people are becoming increasingly indifferent as to the source of their food and this is causing a lot of problems to not only the consumers but the suppliers as well.
The culprit? Around people were affected of whom 22 were children under 5 years old. Ultimately, 3 people died in the outbreak, one of whom was a 2-year-old child. As a result of this, the entire food industry went into pandemonium.
People were desperately trying to trace the source of the infected spinach. Everyone pulled spinach immediately from the market. It took the Food and Drug Administration FDA a total of 2 weeks to find the source of the contaminated spinach, for 2 weeks there was no spinach in the market. Just that one lot closed up an entire industry for 2 weeks. For 2 weeks, farmers whose entire livelihood depended on spinach were left broke and penniless.
All this would have been avoided if there was a better way to trace the spinach. Is that really the best that we can do when it comes to our food? Is traceability what we should be aiming for or is it complete transparency?
As we have already seen before, tracing food is a very slow process. It usually takes a long time, during which entire industries and livelihoods may be shut down. So what is the best way to tackle this? What if, we were to make each and every step of the process from the time the food grows on the farm to the time it reaches the marketplace transparent?
So, what happens if the blockchain gets implemented here to maintain all the food records? Remember that the blockchain is an open ledger and the data in it is open to everyone and there is no central authority taking charge of the records. This greatly reduces the time that may be wasted going through endless red tape and hierarchy. In fact, having these data on the blockchain will reduce the waiting time from weeks to mere seconds.
Walmart has already done two test runs with IBM, one with Chinese pork and the other with Mexican mangoes. Frank Yiannas, vice president of food safety at Walmart had this to say about the results of the trials As told to Fortune :. As the blockchain gets more and more integrated into the food industry it will make the whole process more transparent and safer.
They faced unauthorized data access from mid-May through July which they discovered on July Around However, this was definitely not the first time that a major cybersecurity breach happened to a well-known company. Attackers were able to get the following data:. Imagine how compromised the security of a company is when there are DIY guides on how to hack that specific company floating online!
When security companies like Verizon did their research they found certain trends. According to their research, the main reason why most of these attacks happen is that of the gullibility of the people themselves. Time and again people fall for phishing attacks and they keep on giving away sensitive data such as usernames, passwords, and credit card details.
If you want to know the true depth of this problem, then consider this. So, now the question is, how can the blockchain help prevent these attacks?
There are mainly 3 features that a blockchain has that can help prevent cybersecurity attacks. The blockchain allows one to store data and secure it using various cryptographic properties such as digital signatures and hashing. One of the best features of this is that as soon as data enters a block in a blockchain it cannot be tampered with. The blockchain is a decentralized distributed system.
So how does anything get done if there is no central authority? The blockchain is made of a lot of nodes. In order for any decision to be taken, the majority of the nodes need to come to a consensus and make a decision. So, instead of a central authoritative figure, we have a democratic system. These three properties lend themselves greatly to cybersecurity. Here are some real-life examples of blockchain companies disrupting the cybersecurity space. Example 1: Guardtime and real-time cyberattack mitigation.
Guardtime is a data security startup founded by Estonian cryptographer Ahto Buldas. They have recently started putting up their sensitive data on the blockchain for the added security.
The problem, however, is that these keys are maintained by a centralized body Certificate Authority. Since the system is centralized they are vulnerable to attacks. Back in the day, we had guards standing over a huge vault that stored your data for you. But obviously, there are a lot of issues with this system.
However, that is still risky because all those get saved in a centralized server and it can get hacked anytime. Each device will have its own SSL certificate, whose data will be stored on the blockchain.
Since the blockchain is immutable, the data that gets stored in it can never be tampered with. That means all the devices and confidential data is safe. According to David Treat, the lead of blockchain practice at Accenture, while blockchain is a brilliant technology it is not designed to handle massive amounts of data.
Since companies like Equifax handle humongous amounts of data a blockchain may not be the best way to store it. But he added that a blockchain can be helpful in enabling individuals to exert control over their identity.
Voting is an absolutely essential tool for any democratic government. Having said that, it is really fascinating and shocking that we have still not moved on from the traditional paper ballot system of voting.
The paper ballot system has long been used by countries around the world. The concept is simple, you put your vote on a piece of paper and put it in a ballot box. At the end of the election, the votes are counted and whoever gets the most votes is the winner.
Blockchain technology provides data integrity, immutable record-keeping and smoother, more efficient due diligence. Highly-skilled dev team All our tech solutions are built by real in-house development team. Many providers are still not appropriately meeting these standards. One of the key blockchain that world gravitate to this type of network is that it provides torrenting. For any development get in world with us or email at enquiry logicsimplified. Shire Shire blockchain themselves as "the worlds real biotech company focusing on rare diseases".