Blockchain isn’t limited to just being a framework for coin exchanges, but rather has the capacity to be so much more. The underlying fundamental principles of blockchain such as decentralization of control, security, and accessibility help in its application across businesses. Read on to know more about ways we can fully utilize Blockchain technology and make it even more useful.

Sustainable Energy

Today’s world is continually talking about the need to conserve energy and switch to more green options for energy production. In such a scenario, it is interesting to look at how Blockchain can help commercialize solar power.

Solar power hasn’t yet become mainstream, because they’re expensive to install, require time to turn cash positive and are not very efficient. However, advancements in science and technology are helping in improving such solar devices. This will remove intermediary companies and reward rates, and make it easier for everyone to rely on more sustainable energy sources.

Cloud Storage

Cloud storage powers most modern businesses by granting unlimited storage space and security. We are all guilty of dragging and dropping files into cloud folders for later use. However, though most cloud servers have multiple back-ups and security checks, none of these are fool-proof.

Since all these functions come under the responsibility of a singular entity, their power is highly centralized. Therefore, by attacking a SaaS company, you can take down their entire cloud service. However, by using Blockchain technology, Storage is proving that security in place can be further improved. While most cloud servers utilize CDNs to cache files, usage of Blockchain can help take cloud computing to the next level.

Powerful Processing

The best way Blockchain can be used to derive processing power is illustrated by the supercomputer Golem. The machine has no central processing unit of its own, but rather derives its power from blockchain mining. The proof-of-work calculations that it does to verify transactions, may, in essence, be used to calculate just about anything.

Hence, the same power that makes Bitcoins possible helps Golem calculate physical values. Companies and research institutions both need enormous processing power to run their calculations. Hence, instead of investing in their own technology, they can make use of Blockchain to calculate things for them effectively.

Verification Tool

With everyone taking their lives digital, one of the biggest problems of the 21st century is identity theft. When so much regarding our lives is available online, making sure that data stays safe remains critical. We protect sensitive data using personal information, and then share things about us on social media.

Similarly, we store our most valuable and important documents on clouds, but try to keep them safe using the weakest of passwords. When miscreants get their hands on such data, they can cause severe damage to our lives. Blockchain can help us handle such lack of security, by adding another layer of encryption and verification.

All important actions, such as altering bank account details and governmental dealings may be decentralized via Blockchain. Such decentralization of identity proofs ensures a lack of a single point of failure which allows the compromising of data. Security company Civic accesses biometric data using blockchain, making it a secure process that does not need complex logins.

Gem Trading

In the business world, gem trading has quite a name for being one of the most unethical services due to the large influx of illegal money. The sheer distance separating buyers and dealers, coupled with the massive amounts of money involved, makes this business extremely risky and dirty. However, all this can change by introducing Blockchain into the mix.

By introducing a blockchain ledger into the mix, we will be able to access records regarding every transaction, helping to make everything more transparent. Moreover, the system would become extra robust and secure preventing any hacks and illegal takeovers. This is exactly what the Finnish company Everledger does in the field of the diamond trade. IBM project TrustChain wants to design a blockchain-enabled supply chain for the gems industry to track gems and precious metals.

Furthermore, people are relying on smart contracts at weddings and even funerals. Rather than using written documents attested with signatures, people are opting for smart contracts that are executed via software. Similarly, startups such as Votem, Follow My Vote and Democracy Earth, are bringing life to blockchain-powered voting platforms to eliminate fraud. Meanwhile, facial recognition startup Faceter is focusing on the prevention of crimes by using blockchain. Faceter aims to automatically trigger alarms as soon as crimes occur through facial recognition.

With businesses spending over $2.9 billion on Blockchain products, and with investments in the field set to cross $12.4 billion by 2022, it is safe to say that Blockchain is here to stay. Blockchain technology will slowly grow to have bigger roles to play in the fields of government services, healthcare, and even real estate. Right now, as you read this, more and more startups are starting to rely on blockchain-enabled platforms. Therefore, make sure you don’t get left behind and jump on in yourself.

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Blockchain- A Foundational Technology

Within Blockchain, digital code helps to embed contracts into shared databases, which help in protecting such data from deletion and revision. Thus, as per this system, every payment or transaction will have a digital signature which is then validated, stored, and shared. 

Therefore, Blockchain can in several ways forever change the way we do business. However, this revolution will take several years, because Blockchain is not a disruptive technology, but rather a foundational one. One of the earliest such uses of technology of this kind dates back to the adoption of the TCP/IP for internet usage. Before TCP/IP, telecommunications depended on “circuit switching, “which required an exchange. TCP/IP turned the entire system around by digitizing data and splitting it into small packets. 

It became a public standard for people with the surge in popularity of the World Wide Web during the mid-1990s. More and more companies switched to this system, and following close behind, new companies emerged relying on internet connectivity. Therefore, decades later, companies such as eBay and Napster changed the e-commerce and music industry respectively. Ultimately, it took TCP/IP over three decades to fully revolutionise every aspect of our lives, and Blockchain might do so in a decade.

Companies Embracing Blockchain

By the end of 2016, bitcoin transactions amounted to $92 billion, a rather meek percentage of the world’s $411 trillion global payments. However, crypto-currencies have been growing steadily since then, becoming important in the fields of instant payments and foreign currency trading. 

Most of the initial Blockchain-based development took place in the financial services sector. For instance, Nasdaq partnered with Chain.com, to offer services related to the validation of financial transactions. Furthermore, heavyweights such as Bank of America, JPMorgan, the New York Stock Exchange, and Standard Chartered have all begun using Blockchain in their transaction processing. Also, the Bank of Canada is working on a digital currency called CAD-coin.

FedEx is one of the world’s largest logistics companies, handling cargo worth billions of dollars annually. It is also the first shipping giant to integrate Blockchain into its supply chain. The company uses Blockchain to track important cargo and better their supply chain logistics. Burger King Russia came out with a token named WhopperCoin to power its rewards program. 

The Waves platform enables users to store, trade and even transfer these tokens online. KIK which hosts one of the world’s largest chat platforms uses the Kin cryptocurrency to make payments. IBM makes use of the Hyperledger Blockchain creator tool to create and maintain their own distributed ledger systems. They have partnered with Walmart and the United Bank of Switzerland in a bid to improve its logistics.

Governments using Blockchain

In 2018, the UK’s Food Standards Agency started using Blockchain to analyze and track meat distribution. This served as a tool to ensure compliance within the food sector. Similarly, the UK’s HM Land Registry uses Blockchain to improve the process related to the registration and selling of property. Meanwhile, the Department of Work and Pensions is building a system to help claimants manage their money.

Gibraltar has set up a stock-exchange based only on cryptocurrency named GSX in a bid to normalize the use of Blockchain. Georgia’s government makes use of Blockchain technology to monitor and improve their land registration projects. Switzerland has also been a vocal supporter of cryptocurrency, with Zug accepting such modes of payment for public services. Dubai meanwhile, is planning to become the world’s first completely compliant user of cryptocurrency and will switch to such a system by the end of this year.

How Entrepreneurs Are Leveraging Blockchain

Several of the world’s most successful entrepreneurs wear by Blockchain to accomplish various tasks. For instance, the HR industry notes how technology helps make the running of background checks easier than ever before. This helps to save countless hours’ resources which would otherwise be spent in gauging a candidate’s resume. Also, they serve as a great way to automate legal agreements, helping large companies handle their contracting with ease. By 2024, the Blockchain revolution will hit $60 billion thanks to the worldwide adoption of such systems.

Vik Pathak of Fura Gems leans on Blockchain technology to enable transparency within the gem industry. By installing a ledger, Fura will track their stones preventing the manufacture and trade of fraudulent synthetic stones. Similarly, All Public Art’s founder Graham Goddard has built a Blockchain-based authentication system to track artwork. Canadian mogul Stan Bharti, are relying on GEAR, which uses cryptocurrency to finance and enable clean energy production. Yubo Ruan, the founder of 8 Decimal has invested in over 40 such companies around the world. Similarly, Jag Singh led Vid. The camera runs a blockchain-based social media app to help people create videos and monetize their memories.

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A Cryptocurrency Wallet is like an e-wallet or electronic wallet, that is used to buy, sell as well as manage the cryptocurrency balance by storing its private and public keys. To trade in cryptos, you are required to have a cryptocurrency wallet, as there has to be some medium to manage your digital currency. So cryptocurrency wallets do the task for you.

Most of the cryptocurrencies have their own crypto wallets, whereas there are many, that prefer using a third-party cryptocurrency wallet. The wallets that are owned by a single cryptocurrency can only trade that particular currency in exchange with similar cryptocurrency or with the fiat money. But the third-party cryptocurrency wallets allow you to trade in multiple digital currencies, along with the fiat currency. But not all the multiple-currency wallets support all the digital currencies.

Cryptocurrencies, like Bitcoin, Etherium, and Litecoin, have their own wallets, named Bitcoin Core Wallet, MyEther Wallet, and Litecoin Core Wallet, respectively. Whereas, the Coinomi wallet is the example of the wallet that supports multiple cryptocurrencies.

Though you can also keep your digital currency on the exchange, doing so is not secure for your cryptocurrency, as these are more are vulnerable to hacks. So using a wallet for the cryptocurrency is always best for you.

How do Cryptocurrency Wallets Work?

We all know that the digital currency or the cryptocurrency does not have a physical existence. It is electronic and is managed electronically. So the cryptocurrency wallet is the one that enables the users to carry out all the electronic operations related to the cryptocurrency.

So how does it actually work?

There are several types of cryptocurrency wallets out there, and every wallet works in almost a similar way. The wallets are not supposed to store the cryptocurrency but enable the users to send and receive the digital currency through a Blockchain exchange. For that, the wallet stores a secure digital code and public secure code. This secure digital code is none other than the private key and the other, as the name suggests, is the public key.

While sending the cryptocurrency, over a Blockchain exchange, to another person, you are sending the ownership of that particular crypto to that particular recipient. The private key acts as the secure code you will use to access your bank account (for instance) and the public key will act like the account number related to that secure code. When you transfer the crypto, the recipient should have the private key of the exact match as of your public key, in order to get the ownership of the crypto.

Like an important password, your private key should be secret, such that you are safe from any kind of theft or hack. The wallet also monitors the budget and keeps the record of every transaction you made through it. So it is also a kind of your ledger that keeps all the data related to your every transaction.

Types of Cryptocurrency Wallets: The cryptocurrency wallets are categorised into two types and that includes:

• Hot Wallet
• Cold Wallet

Hot Wallet: Hot wallets are the ones that are connected to a network and make use of the online platforms. These wallets are very common among the crypto owners, and the wallet providers are responsible for the security of the cryptocurrencies. These wallets can be run on a web browser or downloaded as an app on a smartphone. But, it is never safe to keep a large amount of digital currency in a hot wallet as these are always connected to the internet and are at high risk for hacking.

Most of the times, the hot wallets are free. These are easy to use and provides quick access.

Cold Wallet: Cold wallets are safer, as these are entirely offline. These can be a software or an app, that you can run on your smartphone, desktop or keep it in a plugin hardware device, like a USB. Since these are kept at a particular place, these do not provide instant access. To make transactions through a cold wallet, one needs to push a button which is not approachable for the hackers. Hence it becomes more secure than the hot wallet. The wallet is further secured by a pin or a password, enhancing the safety of the private and the public key stored in it. But since these provide the maximum security, these are expensive too.

There are following five types of cold and hot cryptocurrency wallets:

1. Online Wallet: The online or web wallets are cold wallets. These wallets are the most convenient as these reside in the cloud and can be accessed with the help of an internet connection, independent of the place and device you are using. But these are more vulnerable to theft and hacks. So you need to make sure you use extra security for these wallets.
2. Mobile Wallet: The mobile application that you download to your smartphone, and use to keep your private and the public key, is the mobile wallet. These can be both hot and cold wallets. If you are using an internet-connected mobile wallet, the security vulnerability is the same as for the hot wallet. But, if it is a cold wallet, these mobile wallets are more secure. These are quite handy too, as you can use them even at the physical stores to make payments.
3. Desktop Wallet: These are the cold wallets that you need to download and install on your PC. These are safer but not that convenient, as you need to open your desktop and use the installation device to use it to make even a single transaction. These can be at risk if your system is attacked by a virus or malware.
4. Hardware Wallet: The hardware wallets make use of the plugin devices to store the private and public keys for a cryptocurrency. These are the cold wallets, but when connected to the internet can act as the cold wallet as these are also compatible with the web. You can make both online and offline transactions using these wallets. These provide the maximum security to the crypto owners from any hack attacks, as these are also secure from the desktop viruses as well.
5. Paper Wallet: The paper wallets literally store the private and the public keys on a paper and are the safest to use. But since most of the cryptocurrencies do not offer the paper wallets, these are not that popular. Technically, the copy of your cryptocurrency is printed on a paper in the form of a QR code. When you want to make a transaction, you need to scan this QR code. So despite being the safest, these are not as convenient as the other wallets.

Atomic Wallet, Bread Wallet, Mycelium, Exodus, Copay, are few of the most popular cryptocurrency wallets. Before opting for a cryptocurrency wallet, you need to go through thorough research based on your requirements.

Xornor Technologies is a leading crypto exchange development services provider in India. If you need to know more about cryptocurrency, crypto wallets as well as crypto exchange development services, feel free to contact us.

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Public Blockchain: The Public Blockchain is also known as Permissionless Blockchain. As the name suggests, the Public Blockchain is simply the one, which is available to everyone and anyone can join the network. In this way, the participants are allowed to read, write, and audit and they can also leave the network at any time. The Public Blockchain is an open-source and decentralized network, where no one is the in charge. Having no management to look over the ongoing processes, makes the network trustless. Being trustless does not mean that the network is prone to the data leak, but it means that the network is fully automated, and the operations running on this network are not under a single entity. Cryptocurrency is the most basic example of a Public Blockchain, which includes Bitcoin, Ethereum, Litecoin, etc.

Private Blockchain: On the other hand, Private Blockchain requires permission for every sort of access to it. The Private Blockchain is an invite-only network, that is handled by a single entity or the starter of the network. The initiator of the network or the established set of rules for the network, validate the invitations and the entrants to it. Only the participants with the permission from the managing entity of the network can read, write or audit the blockchain. The existing participants can also decide who can participate in the network, but only the owner can permit those entrants to join the network. These type of Blockchain networks are often used by big organisations to employ distributed ledger technology without making the data public.

The basis of the Private Blockchain starts with knowing who the users are. And then, the set of rules are created based on what data they can and cannot access over the network. Private Blockchain is also known as the Permissioned or Enterprize Blockchain. Some of its examples are Hyperledger, Hashgraph, Corda, etc.

Comparison between Public Blockchain & Private Blockchain

1) Addition of Participants: As we have already discussed, the Private Blockchain is managed by a single entity, only the invited participants can join the network, whereas, on the other hand, anybody can join the Public Blockchain network.

2) Security: Since Public Blockchain does not require the identity of the participants, it is more secure than that of the Private Blockchain.

3) Access: In the case of Private Blockchain, only the participants with permission can read, write and audit with the network, and in the Public Blockchain, the reading and writing permission is shared equally by all the connected users.

4) Decentralized: Public Blockchain is a decentralized network and open-source. But the Private Blockchain operates like a centralised database system which employs distributed ledger technology.

5) Immutable: Once the data in public Blockchain is verified, it cannot be changed.

6) Speed: Private Blockchain networks are faster than the Public Blockchain network.

Also, in a Public Blockchain, every node participates in the transaction validation, whereas in the Private Blockchain the transactions are processed by selected nodes.

As the Private Blockchain is a centralized network, many of the Blockchain experts do not consider it as a Blockchain, but a centralised network that uses a distributed ledger for secure transactions. In the end, both types of Blockchains are being widely used and have their own purposes.

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Last year too, we saw new developments and cutting-edge concepts, in the web development industry, that brought advancement and reformed the way web development companies work. This year too, we envision many positive changes that may take place and push the web development industry forward in 2019.

Artificial Intelligence (AI): Although AI has already paved its way into the web development industry, still there is a lot for AI to do in the same field. There are chatbots, self-learning algorithms, AI virtual assistants, etc., that have already been introduced as the part of AI, to ease out the process of web development. In 2019 too, we can see more web development companies utilising AI to enhance their workability.

Motion UI: For a website, the design has to be on point, but if the website is not able to serve the purpose, even the best looking design can lose its worth. The motion UI not only gives a better user experience but also, helps the users to look for the required information, with ease. The better the UI, the better the user engagement. So in 2019, you might see people use more eye-catchy graphics and intuitive motion UI in their website design.

Chatbots: The most useful asset that AI has given to the web design and development industry is the Chatbot. The Chatbots are really helpful when you do not want your site visitor to wait much for the assistance. Those Chatbots are capable enough to handle a basic conversation on their own, and they truly, learn more by experience. In 2019, you may see more Chatbot integrations to most of the websites.

Progressive Web Apps (PWAs): Even though the Apps is the last word of acronym PWA, it isn’t exactly the app. PWA is actually a type of website, that looks like any other web app, and is faster in its loading time, unlike the usual websites. PWA is specially built to fit into all the screen sizes, such that the users can use it at any place independent of the device they are using. PWA eliminates the need to install an app, saving the phone space, such that it, itself, appears like one, providing the user with a better user experience.

Single Page Application: The Single Page Application or SPA is nothing but a lesser intricated, single and longer web page, that avoids the need to navigate through multiple web pages and menus, to find a single piece of information. SPA renders improved performance and speed, that is the reason behind its popularity.

Push Notifications: Most of us have been tired of the unwanted emails and newsletters stuffed into our mailboxes, and the pain it causes when we have to select, delete and unsubscribe them. But now as push notifications have come into being, these are slowly replacing the old email newsletters, as these are more manageable for the website owners as well as for the users. The other prime reason is that these do not occupy much of space and the user gets notified about all the newly published content, special offers, and personalized promotions, quickly.

Blockchain Technology: Even having seen a huge price drop, people are still as much interested in Bitcoin, as they were at the beginning of it. The popularity of Bitcoin has brought the Blockchain technology into the mainstream. The security this distributed ledger provides to the data has made this technology grow so successful. Major tech giants have already built their own Blockchain platforms, and in 2019, we might see an increase in the number of its users.

Cybersecurity: Last year, tech giants like Facebook and Google had to face some serious data leak allegations, some of which, they still have to testify for. People have their data stored on various websites, so the data security on these websites has become the major concern. Most of the big companies are already prepared with their data security programs, and some are still in process of building one. The year 2019, is not going to be any different from the previous ones, as cybersecurity will be a prime issue in this year, too.

Change is the law of nature, and the same goes for technologies like web development. So far, those changes have enhanced the workability of the web developers, and we look forward to the progression those new technologies will bring into the same, in 2019.

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The blockchain technology is loved by countless people, as it is a decentralised technology and has a high application in the various financial industries. Why it is loved so much is because it does not let anyone tamper with the transactional data, and being a decentralised ledger, it does not need an authorization from a centralized authority or a third-party system. According to the blockchain experts, the technology can play a vital role in the growth every type of industry. Hence, looking at the past performance of Blockchain and with the help of the expert opinions, we can foresee a few of the planes, at which it can grow in the future:

1) Faster Settlement: In 2016, ReiseBank AG in Germany, carried out a transaction among two cross-border clients, that was completed in just twenty seconds. The question arises, “How much faster a transaction can get?” With the adoption of Blockchain, we surely are going to see faster transactions and settlements in the future.

2) DLT systems everywhere: The distributed ledgers have changed the outline of how the financial world should work, and even countries like Dubai, has pledged to adopt the DLT-based digital systems, replacing all government systems, by the year 2020. By this, we can guess, that if a country like Dubai sees some potential in the Blockchain technology, maybe other countries can also plan the same thing.

3) Interoperability between the Blockchains: The cross-border transactions are time-consuming and take a long process. But, if Blockchain technology keeps on growing, we can see the faster transactions between different Blockchain platforms, even in the cross-border settlements.

4) Transparency: The Blockchain technology is a distributed technology that keeps the transparency of every transaction. As it is a peer-to-peer method of transaction and does not include any third party authentication, it maintains the privacy and the control over data. Hence, when the Blockchain technology is going to grow into every other field, all of them are going to enjoy complete power over data and transparent digital transactions.

5) Nationalization of Cryptocurrency: We have already discussed how Dubai is planning to replace all its government systems with Blockchain technology. In future, there can be the development of every country’s own national cryptocurrency. In fact, Russian President Vladimir Putin had proposed the idea of naming ‘Crypto Rouble’ as Russia’s national cryptocurrency. Also, Venezuela has already launched its national cryptocurrency, ‘Petro’, at the beginning of 2018. The currency is upheld by the country’s oil and mineral assets.

6) Widespread to other industries: The Blockchain technology is just not limited to the financial sectors but is also associated with the other industries including the healthcare, agriculture, insurance and agriculture industry. In fact, in January 2017, Du Telecom had joined its hands with NMC Healthcare to explore blockchain-based health records. So we are likely to see the Blockchain becoming popular, handling the data and the working of almost every other industry, in the coming future.

Hence, the Blockchain technology is beyond the concept of the cryptocurrency and has an ample scope in the future. There are many pros of adopting the Blockchain technology, and we are going to see a revolution in the various industries, as it is going become a part all of them. But, still, this technology needs more efforts and time, so that the technology can be used in a better way. It has got a long way to go, and there is no clear evidence that how far it will head the growth of the different industries, in the future. Even the various governments are trying their hands on this and are looking forward to expanding with the growth of the Blockchain technology.

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