Bankchain is an example of which type of blockchain
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Bankchain is an example of which type of blockchain
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- Parkchain: A Blockchain Powered Parking Solution for Smart Cities
- Understanding the different Blockchain types
- Adarsh Credit partners with BankChain to Deploy blockchain solutions
- Block Chain
- India - Will Data Protection Concerns Disrupt The Emergence Of Blockchain Technology?
- Dispelling Some Myths about Blockchain
- State Bank of India partners with BankChain and Intel to deploy blockchain solutions
- Blockchain in a nutshell
- Blockchain for Beginner Class: Types of Blockchain Explained
- Sample Bankchain Feature Set
Parkchain: A Blockchain Powered Parking Solution for Smart Cities
With the advances happening in the area of urbanization, with increased demand for dwellings and an increased number of vehicles on road, finding a parking spot has become one of the major pain points for the citizens. This is mainly due to the limited parking spaces available and difficulty in finding a vacant lot during busy hours. To overcome this limitation, one solution is to create smart parking spaces which are rather easier to find and use. In this work, we propose a Blockchain based solution where parking pools can be created by developing a transparent platform where individuals can rent out their unused land for a stipulated amount of time.
A non-fungible token system representing unique parking lots will be created for transparency of the entire system. This also has the added advantage of generating revenue from their otherwise unused property. Smart contracts over Blockchain enforce the contractual agreement between the participants ensuring financial transparency in the proposed system. With the ongoing urbanization process, parking has become one major pain for the citizens due to the limited parking spaces available in the cities Wang, One solution is to build multi-level parking infrastructure so that more cars can be parked in a given land area.
This is a better-voted solution but the major drawback is the huge infrastructural investment and the ongoing maintenance Lu et al. Another option to reduce the parking crisis is to encourage people to use public conveyance such as buses, rail transport, metro, etc. However, in developing countries, public transportation may not be great and may not have deep penetration near the outskirts. Therefore, if we can create smart parking spaces with better usability, people can save their time and money by conserving gasoline wastage and time to find a parking lot along with reduced emissions.
This would also reduce congestion on roads Zheng et al. In general, there is the availability of private owned unused land in every locality. If some of these lands can be utilized for creating smart parking pools, the intensity of vehicle congestion on roads searching for a vacant lot can be mitigated Rico et al. Challenges in releasing these properties for leasing or rental are the legal complications owners will have to undergo, when they want the possession of their land back, before or after the expiry of leasing contract.
In this work, we propose a Blockchain powered smart contract based solution using IoT for leasing the property for creating parking pools Khanna and Anand, This smart platform could be extended to existing parking pools to provide smart service to the end users as well as to build a transparent revenue model for their rental business.
Smart contracts ensure the enforcement of contractual conditions such that the participating agents are exempted from the legal complication involved in the process by building an immutable audit trail in Blockchain.
An affordable parking ecosystem built up using this approach will be a win-win scenario for the public, government, landowner, and the contractor.
The landowner will get returns from his land without any capital investment with the surety of his ownership over the property. This crowd-sourced parking solution approach will leverage governments to set up enough infrastructure with little investment.
The contracting agency managing the business will generate revenue from the vehicular parking and profit will be shared with the landowner and the government agency according to the contractual agreement. Operation cost and other recurring costs for managing the park chain will be met from incoming revenue.
This solution could be extended to accommodate currently existing parking pools to migrate into the proposed Blockchain framework. The proposed system is primarily a multi-agent system where the primary player is the governing body of the state. This governmental body will be responsible for linking the landowner and the sub-leasing agent and setting up the contractual conditions between the leasing party and the contracting parties.
Multi-party consensus mechanism, say complete voting approach, is built on top of Blockchain powered smart contracts. Smart contracts ensure and enforce the terms and conditions along with the tenure of the leased property and the pricing options to be exercised during the lease period, revenue sharing contracts, etc. Terms and conditions including but not limited to the tenure of the lease period, the penalty for pre-term withdrawal of the leased property, security deposit by the contracting agencies, agreement for pre-term closure of the parking area by contacting party.
The leased lands will be converted into digital assets using non-fungible token Entriken et al. Parking, especially in city areas is a continuous struggle due to the acute space constraints Ferreira et al. People have to travel large distances in search of parking spaces in a crowded locality.
Also, an increasing number of residential apartments demands an increased parking requirement. Close knit, thickly populated residential colonies or areas finds guest parking nearly impossible or have to park along the roadsides, making roads congested. Parking demands will be high on weekends near shopping malls, beaches, and parks.
On weekdays parking near official building premises by employees and their clients will be too huge. They end up losing unnecessary time and money for a journey in search of parking and due to congested road Polycarpou et al. Huge traffic congestion in the cities can be mitigated by providing enough parking spaces.
With a smart parking solution in place, the public will be pleased to park their vehicles within the vicinity securely and to meet their day to day needs. We propose a smart solution Tsaramirsis et al. Other participating parties include contracting agencies to run and manage the parking area, law enforcing governmental bodies, public people availing the parking facility, etc.
The proposed solution offers the added benefit of making greener cities, with lesser emission, reduced traffic congestion, shorter travel time, generating revenue with little investment, improved and efficient city life and to build a transparent partnership between landowners, parking-enforcement agencies, citizens, local businesses, etc Klappenecker et al.
Blockchain is a distributed ledger technology that uses a consensus mechanism enabling trust, transparency, and immutability of data Swan, among the participants.
It is a decentralized network of nodes working together to validate transactions by solving complex computationally intensive tasks. This technology eliminates the need for a trusted third party by allowing users to sign contracts electronically verifying them as valid and legal. It brings in the concept of decentralized consensus, thus eliminating the need for a central authority.
The Blockchain is essentially a chain of blocks that contains the data of all transactions within a period of time, and a reference to the block before it. The cryptography that goes into creating a block differs depending on which Blockchain protocol is used, but typically one can traverse through the entire Blockchain and every single transaction ever made, all the way back to the first one, called genesis block.
Hashing algorithms are used to make sure that all blocks are well formed and not tampered with, and thus the Blockchain keeps itself secure and virtually unchangeable. The decentralized nature of Blockchain along with the consensus mechanism can be used to enable a land leasing system for parking lots powered by smart contracts. This paper proposes a system to leverage unused land for parking and enforces leasing agreements through smart contracts.
This non-fungible token system avoids discrepancies or disputes in land usage patterns and ensures fair distribution of income to all the involved stakeholders.
Eventually, this will promote small households to large corporates to build a new revenue model over their under utilized resources. Smart Contracts provide a decentralized, cheaper, secure and verifiable mechanism on the Blockchain to use the private land area for parking vehicles.
Ethereum is a programmable public Blockchain technology developed on the basis of much-hyped crypto-currency termed bitcoin Nakamoto, Ethereum supports the conversion of physical or legal contracts into self-executing digitalized formats called smart contracts, which are enforceable rules on Blockchain. Ethereum Virtual machine is a decentralized virtual machine that supports a Turing complete programming language.
The Ethereum Blockchain allows user-created digital smart contracts to be executed by implementing a generically programmable code Buterin, It is not solely a network for exchanging cryptocurrencies but a network where transactions can be used to execute an unlimited number of self-developed smart contracts. This Blockchain serves as the back-end of decentralized applications, which can be as different as voting systems, domain name registries, financial exchanges, confounding platforms, company governance, or intellectual property such as music songs.
The Ethereum Blockchain solution allows everyone to write smart contracts resulting in decentralized applications where it is possible to build your own arbitrary rules for ownership, transaction formats, and state transition functions. Existing parking solutions like Parkgene 1 , developed by PARKGURU Group, offers a Blockchain as a service-based platform using cryptocurrency tokens and wallets to transact the parking lot between the owners and the end users.
In this approach, the land-owner should shoulder the whole burden of setting up the parking space. The owner can rent out space through the park gene platform and generate revenue out of it. In another parking application termed Parkaide 2 , provides a smartphone based application for parking space booking with no ticketing.
The mobile app has the option to choose the car park of your convenience. After choosing which car park and based on the duration of the stay one can make payment through a token method and you can avail the parking lot for the allocated time. Parkaidapp 3 is an augmented reality-based platform that shows the available parking slot and other details of street parking using the crowdsourcing concept.
However, in Parkchain, we use ERC tokens generated by the system to create non-fungible tokens to uniquely identify each parking lot. These system generated tokens out of owner registered land will be transferred to the owner's wallet. After successful bidding through auction offline process of the parking lots by the contractor, the winning contractor will receive these tokens in their wallet.
The token id will be persisted in Blockchain, each time the corresponding slot is rented out. Incentivization of the lending parking space is through the exchange of fiat currency through the integrated payment gateway PhonePe, google pay, UPI, Amazon pay, etc in the mobile application. Though this system has similarities with other parking solutions, managed by private parties, this solution has advantages like governmental involvement, a lesser burden on the landowner in setting up parking space, etc.
For the time being, the transaction of cryptocurrency as a financial or monitory tool is illegal by law in a country like India.
There is a lot of confusion revolving around whether cryptocurrencies can be treated as a non-monetary reflection for a smart contract, similar to Commodities Futures Trading Commission recognizing bitcoin or ethereum cryptocurrency as a commodity and taxing it accordingly. Currently, there is no clear cut answer regarding how the smart contracts shall be legalized in the Indian Law.
Another challenge is that the Blockchain and smart contacts is in its infancy stage and has to face both technical and legal challenges. Ethereum doesn't provide the privacy on the transaction records along and it is buggy nature. However, with the current momentum of research and developments happening in the Blockchain domain, would help the technology to mature with time and address these issues. For a country like India, where regulatory concerns exist, a large scale adoption of the technology would require the government to make amendments to the Indian Evidence Act, and the IT Act to include the regulation and legalization with respect to the finer details connecting to smart contracts.
Until then a solution for all disputes arising out of the system will be addressed outside Blockchain. Even though running smart contract on Ethereum platform needs some expense in terms of gas value, this eliminates the chances of the cost incurred over settling disputes and discrepancies and can recover the initial expenses in the long run. Moreover, new Ethereum updates like Constantinople reduce the gas cost of smart contracts considerably for mainstream adoption. This triggers a positive sign for implementing cost-effective smart contracts over public blockchain with lesser expenses when compared to physical contracts.
Park tokens created using ERC non-fungible token standards will be made available to the stakeholders through mobile wallets. The token generation and issuance will be taken care of by the system and will be made available to the user through a simple mobile application integrated with the payment gateway.
Users can make the payments through this application and transact for the park tokens to make use of the parking lots. Currently, there is an ongoing study being carried out by the government in bringing Blockchain as a non-financial solution provider 4. Though the regulatory measures are yet to be accepted or amended in India, for accepting Blockchains and smart contracts, lot of measures are currently being studied and implemented to bring applications and platforms using it to Indian ecosystem like land-registry in Hyderabad 5 , birth certificate issuance through Blockchain in Kolkata, Amaravathi, Chattisgargh, and Maharashtra 6.
The Finance Minister in his Budget Speech marked India is all set to explore the use of Blockchain technology for the improvement and betterment in the digital economy.
In short, the legalization and regulation measures using Blockchain and smart contracts is in pipeline, and it is just a matter of time for the amendment of the rules. Blockchains can be broadly classified as: Public, Private, and Consortium Blockchains. Public Blockchains are accessible to anyone without restrictions and any node can take part in the consensus process Zheng et al.
The consensus process determines which transactions get added to the Blockchain and maintains the current state of the system. Public Blockchain is decentralized meaning no single entity has control over the network. These are Blockchain systems that are maintained by an individual or organization and is not accessible to the general public.
Understanding the different Blockchain types
Industry insiders have proposed its use for everything from claims processing and administration to supply chain management and record storage. But as with any emerging technology—especially one as potentially transformative as blockchain—it introduces a number of issues and challenges for early adopters and innovators. As a result, the blocks in the blockchain link together in chronological order in a manner that makes the data within the blockchain difficult to modify. A consensus algorithm maintains the blockchain, allowing for replication, sharing and synchronization across multiple users, sites, and countries. There is no single, uniform application for blockchains. This allows for different options but also requires that each early adapter and innovator analyze the specific blockchain technology and its use cases to determine the potential data privacy and security issues. For example, a public blockchain, like Bitcoin, allows any person to access and add information to the blockchain.
Adarsh Credit partners with BankChain to Deploy blockchain solutions
Let's address the elephant in the room. What is a blockchain after all? Putting it into simple terms it is basically a rapidly growing list of records called blocks which are linked using cryptographic hash functions. Each block contains a cryptographic hash of the previous block, a time stamp, and transaction data. Blockchain records the transactions between two parties efficiently in a verifiable and permanent way. We can consider blockchain as a peer to peer network. Bitcoin was introduced to tackle the problem of Double Spending Double-spending is a potential flaw in a digital cash scheme in which the same single digital token can be spent more than once. Bitcoin paved the way for modern blockchain technology.
In this post, Sr. Blockchain is a Secured, Shared, Distributed ledger. Blockchain is disruptive technology that will impact several industries. Its reshaping the world with new business models. But adoption of Blockchain in the enterprise world might be little challenging because of,.
India - Will Data Protection Concerns Disrupt The Emergence Of Blockchain Technology?
With the advances happening in the area of urbanization, with increased demand for dwellings and an increased number of vehicles on road, finding a parking spot has become one of the major pain points for the citizens. This is mainly due to the limited parking spaces available and difficulty in finding a vacant lot during busy hours. To overcome this limitation, one solution is to create smart parking spaces which are rather easier to find and use. In this work, we propose a Blockchain based solution where parking pools can be created by developing a transparent platform where individuals can rent out their unused land for a stipulated amount of time. A non-fungible token system representing unique parking lots will be created for transparency of the entire system. This also has the added advantage of generating revenue from their otherwise unused property.
Dispelling Some Myths about Blockchain
Blockchain is a technology that allows us to distribute and synchronise data across different parties, using cryptography including encryption to secure the data and ensure any tampering is evident. This is a type of distributed ledger technology and, in financial services specifically, can be used to decentralise trade processing by enabling simpler direct peer-to-peer transactions. In this example, traditionally when a trade occurs a record of each transaction is logged by a third party, such as a financial market infrastructure FMI. This third party also checks the validity of the transaction. Within financial services, blockchain uses a computer system to record, share and synchronise information about trade transactions.
State Bank of India partners with BankChain and Intel to deploy blockchain solutions
These are the core obsessions that drive our newsroom—defining topics of seismic importance to the global economy. Our emails are made to shine in your inbox, with something fresh every morning, afternoon, and weekend. Fintech startups used to be focused on making traditional banks obsolete. Now, it seems like they just want to sell them services.
Blockchain in a nutshellRELATED VIDEO: Types of Blockchain Explained - Blockchain Types
The task was to simplify and automate mutual payments within the group of companies, while avoiding significant investments. Now other corporate clients of the bank can also use this service. The solution is especially relevant for groups of companies and holdings to automate settlements for supplies, financing management, large manufacturing companies for settlements with buyers and suppliers. In addition, to create a payment order, the buyer must use the bank-client system. The process becomes more complicated if there are more than three participants in the system.
Blockchain for Beginner Class: Types of Blockchain Explained
This form was for expressing interest in participating in the W3C Blockchains and the Web workshop. This will be a collaborative event, not focused on presentations. We asked that individuals express their interest and explain what they can contribute to a productive conversation. Expressions of interest do not have to take a particular position, and they don't have to represent the views of and employer. Companies are not limited to a single individual or expression of interest. The results of this questionnaire are available to anybody. In addition, answers are sent to the following email address: team-blockchain-submission w3.
Sample Bankchain Feature Set
Blockchain consortia are creating a massive hype in the market. Many enterprises are highly interested in this type of network and willing to join consortia to gain optimal benefits of blockchain technology. However, there are still lots of unknown facts regarding how a consortium works and how it is governed, etc.