Types of blockchain platforms
Blockchain is perhaps one of the most overhyped technologies that has ever appeared. In fact, some experts suggest the technology is dying before it has even matured. However, the Global Blockchain Survey from Deloitte found that over half of respondents saw Blockchain as a critical priority for their business. So, like Mark Twain , Blockchain is alive and well.
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- Blockchain and Interoperability: key to mass adoption
- 30% Rise In Money Laundering Activity In Crypto In 2021, Finds Study
- Top Blockchain Platforms in 2021
- 5 Best Crypto Wallets of 2022
- Top Cryptocurrency Decentralized Exchanges
- What is cryptocurrency and how does it work?
- What Different Types of Blockchains are There?
- Blockchain Platforms Software Market is Going to Boom with IBM, Amazon, Ripple, Hyperledger
Blockchain and Interoperability: key to mass adoption
Presented in by Satoshi Nakamoto pseudonym of a person or group of persons not yet identified , the concept of digital currency or cryptocurrency Bitcoin brought the blockchain technology as a support for its implementation. Without any central control point, Bitcoin utilizes the blockchain technology to connect peer-to-peer P2P networks  , cryptographic algorithms, distributed storage and decentralized mechanisms of consensus.
All software is public and available on the Internet. The user does not need a formal identification: to participate, simply download the software and get a pair of cryptographic keys.
The central idea of the creation of Bitcoin is to facilitate the exchange of money in secure, electronic manner and without the assistance of intermediaries i. It does not depend on the confidence of an issuer or financial institution.
Transactions are validated by the nodes of the P2P network and recorded in blocks of a distributed data bank ledger, general ledger. Transactions generated by the users are spread across all the nodes in the network and grouped in blocks on each node. Each node compete to have their block included in the chain. The winning node has the right to register its block of transactions and in addition get a remuneration in new Bitcoins . The consensus mechanism, in addition, contributes to ensure the security of the network.
Transaction blocks are sequentially connected by means of cryptographic mechanisms blocks string and are also immutable. In practical terms, the Bitcoin network calibrates its consensus mechanism to register a transaction block every ten minutes or more.
With this latency, the system is suitable for transfer of values, but cannot be used to pay for a coffee at Starbucks…. The value of the Bitcoin has varied greatly over time. Currently, many consider it an asset and not a currency.
At the end of June of , 1 bitcoin was equivalent to USD 2. Other Governments, such as Canada and England, are also planning to adopt their national cryptocurrencies. Although it has been created to support a cryptocurrency, the blockchain can be used to sign contracts, documents, properties  , patents, products, etc. Technology extensions support smart contracts whose terms are applied automatically and digitally and other applications.
Likewise, for other applications, its basic structure remains as described above. Essentially, what changes are the consensus mechanisms adopted.
Figure 1: Scheme of the blockchain Source: adapted from Rojas, H. The blockchain can be defined as a public, distributed, ledger that always keeps a growing list of records or transactions, gathered into blocks, which are secure against any revision or adulteration and are fully traceable.
Each computer on the network is a node which has an identical copy of the chain of blocks blockchain. If any node is compromised hacking, sabotage, hardware failure , all other nodes will keep the integrity of the general ledger.
It is observed that technologies used are known. What stands out is the way how they are integrated, through the mechanism of consensus.
Note that the function of the consensus mechanism is to define which block of transactions will be written in the distributed ledger, which must be unique, as well as prevent opponents to break or damage the blockchain.
Public blockchain services, with unidentified users without any centralized control, require more sophisticated consensus mechanisms. If a validator has invested coins and another has , the first will be three times more likely to be chosen validator of a block. Yet the block has to be agreed with other validators to be written to the blockchain string. The compensation of the validators comes from the transactions themselves, i. A smart contract is a computer program that facilitates, ensures, enforces and executes agreements between people and organizations using the blockchain technology.
When a pre-programmed condition is triggered, the smart contract executes the corresponding contractual clause. They are intended to provide a security stronger than a traditional contract law and reduce transaction costs associated with contracting. They can be implemented in any transaction requiring an agreement registered between parties, as, for example, financial products procurement or insurance, security deposits, trading operations, or management of collateral or financial products.
The origin of smart contracts comes from , but blockchain technology enabled its implementation in a more full and safe way. It is a blockchain where anyone in the world can: read the transactions; forward transactions and expect that they are included in the string of blocks, if they are valid; participate in the consensus process. These blockchains are secured by components of consensus called crypto-economics — a combination of cryptographic checks and economic incentives, i.
They must also invest in computational capacity. It is a blockchain where the consensus process is controlled by a set of pre-selected nodes. As an example, you can have a consortium of 15 financial institutions, each operating a node, with the condition that at least 10 institutions need to digitally sign a block so that it is valid. Rights read blocks, interaction with public blockchains or other rights are defined according to policies established by the consortium.
It is a blockchain where write permissions are kept centralized in one organization. The read permissions can be public or restricted, on an arbitrary basis: it depends on application and analysis of the Manager. Figure 2: Types of blockchain Source: Gupta, A. There are many platforms for the development and implementation of blockchain systems, each with its own peculiarities. This project presents several business-oriented blockchain technologies and has large traditional companies as members, and other smaller, specialized, as presented in Figure 3.
Figure 3: members of the Hyperledger Source: hyperledger. The potential of the blockchain technology extrapolate the universe of the cryptocurrencies. In the World economic forum in Davos, in , more than observers and technology executives were questioned about when they thought that the Governments would begin to collect taxes using blockchain. Another topic of interest will be the growing development of the Internet of things — IoT, which many experts believe to be an ideal field to apply blockchain .
With billions of smart devices participating in a global network, from fridges and kitchens to cars and boats, we can preview a set of wonderful applications in different areas. But, why not also in the tax area? These devices will go through several changes of status from their manufacture including change of owner, upgrades, etc. Tax administrations were already interested in applications of blockchain technology and some actions and studies have taken place, initially associated with the Academy, to identify areas for application in the tax administration.
Typically, VAT management and payment were the first designed applications, although at the academic level, as we shall see in the next chapter. Also, we can think of applications that require the coordination of actions between tax administrations; between administrations and taxpayers; between internal departments of a tax administration.
Typically, tax applications will be developed in blockchains of the type consortium or private. Specialists warn that the blockchain is a potential facilitator, but not the complete solution. The expansion of the digital world and the shared economy will probably force the TAs to seek new legislation, methods and technologies to ensure the collection of taxes.
Blockchain would be a potential partner in these efforts. It is admitted that this technology can change the way taxes are collected: the responsibility for collecting the tax on income or sales may possibly shift completely from tax authorities towards the participants of the shared economy .
On the other hand, we should consider investments in information systems which, using traditional techniques or even centralized data banks, already perform this type of coordination, such as SINTEGRA Brazil and electronic invoicing. In this case, the main aspects to be evaluated are if the availability of information under the blockchain model will be more extensive, fast, secure and reliable, and if it is the case, we should consider the results that these advantages will bring to the process control and collection.
It is estimated that this reserve will be extinguished by Browse through the site without restrictions. Consult and download the contents. Activate subscription. Representatives, Correspondent and Authorized staff TA. Remember Me. Forgot your password? With this latency, the system is suitable for transfer of values, but cannot be used to pay for a coffee at Starbucks… Other cryptocurrencies, with different mechanisms of consensus, can have much lower latency. There are currently more than cryptocurrencies in the world, called altcoins.
Figure 1 below briefly explains the structure of the general ledger of the Bitcoin: Figure 1: Scheme of the blockchain Source: adapted from Rojas, H. Blockchain technology components are: Private and time-stamping key cryptography P2P distributed network Shared Data Bank or ledger shared Mechanism of consensus Incentives for participants to process transactions, stored data, and taking care of the security  It is observed that technologies used are known. In addition, other mechanisms of consensus can be used in systems based on blockchain.
Smart contracts Smart Contracts A smart contract is a computer program that facilitates, ensures, enforces and executes agreements between people and organizations using the blockchain technology. Types of blockchains : The blockchains can be characterized into 3 types  : 2. They are completely decentralized blockchains. Share Pin 5. Leave a Reply Cancel reply Your email address will not be published. Comment Name Email.
30% Rise In Money Laundering Activity In Crypto In 2021, Finds Study
Presented in by Satoshi Nakamoto pseudonym of a person or group of persons not yet identified , the concept of digital currency or cryptocurrency Bitcoin brought the blockchain technology as a support for its implementation. Without any central control point, Bitcoin utilizes the blockchain technology to connect peer-to-peer P2P networks  , cryptographic algorithms, distributed storage and decentralized mechanisms of consensus. All software is public and available on the Internet. The user does not need a formal identification: to participate, simply download the software and get a pair of cryptographic keys. The central idea of the creation of Bitcoin is to facilitate the exchange of money in secure, electronic manner and without the assistance of intermediaries i. It does not depend on the confidence of an issuer or financial institution.
Top Blockchain Platforms in 2021
Welcome to Reuters Legal News beta. Please enjoy and provide us with your feedback as we continue to improve the Reuters Legal News experience. January 24, - Depending upon who you talk to, cryptocurrency is all the rage, a Ponzi scheme or yet another energy-consuming scourge on the environment. See tweets by Elon Musk from mid-May , citing the environmental impact of bitcoin transactions for Tesla's decision to suspend bitcoin for purchasing vehicles. Perhaps it is all three, but given the potential promise of its underlying technology, it is not going anywhere soon and will remain an emerging and even volatile commodity. The question is whether it will become something more. Whether it ever becomes a true currency is open for debate. Traditional fiat currency finds its worth in its issuer. Currencies are generally controlled by governments backing their worth.
5 Best Crypto Wallets of 2022
Sunny Leone took the lead among Indian actors to secure her digital assets when she broke the news about her association with NFT, two months back. This made her the first Indian actress to mint NFTs. Choose your reason below and click on the Report button. This will alert our moderators to take action. Nifty 17,
Top Cryptocurrency Decentralized Exchanges
But insiders think the blockchain platform is interesting for a wide variety of reasons, beginning with its amiable founder, Anatoly Yakovenko, who spent more than a dozen years as an engineer working on wireless protocols at Qualcomm and who says he had a lightbulb moment at a San Francisco cafe several years ago following two coffees and a beer. Elon Musk, Technoking of Tesla, orders a halt to bitcoin car payments. But there is another way. Meanwhile, because more validators can participate in a network, consensus can be reached faster. Yakovenko is enthusiastic about the shift. Still, he argues that not even proof of stake is good enough.
What is cryptocurrency and how does it work?
When talking about technology, it is repetitive to say how technology is evolving every day. But then, that is the point which makes it exciting and keeps everyone on their toes. Scientists, researchers and entrepreneurs are spending sleepless nights to bring the next big thing and take technology to a new height. Blockchain technology, among many, is one topic that has been continuously trending since its inception almost a decade ago. It has changed how transactions take place and have led to the creation of new projects for the world to move a step forward in the technology space.
What Different Types of Blockchains are There?
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Blockchain Platforms Software Market is Going to Boom with IBM, Amazon, Ripple, HyperledgerRELATED VIDEO: Top Blockchain Platforms to explore in 2021
The purpose of this study is to analyze blockchain Bc platforms in order to expand knowledge about the functionalities applied to supply chains SCs. Therefore, this research seeks to address what these functionalities are and whether they are aligned with the theory. The research maps and synthesizes concepts and applications of the platforms for SC. The platforms involved with the development of solutions with Bc technology are relatively representative found by this research, and 47 offer solutions in SC , as well as the diversity of solutions and application applications , covering different activities and areas of the SC.
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