What is Blockchain?

Blockchain is an algorithm with the specific role of working as a digital ledger of information. Be it when ambulances arrive at a hospital or the number of calls a city gets, the information in a blockchain code is encrypted after it is generated. The encryption is about taking the best security measures we can. Bitcoin, as an example, proves how reliable the digital ledger is. This algorithm organizes data flows to manage any form of data–and why supply chains will benefit.

Transparency and Decentralization

Decentralization is a growing term that applies to digital systems which operate on their own. At first, decentralization proposed a cloudy situation. Usually, where there is no authority, there is also chaos and a lack of accountability. Blockchain bypasses the insecurity of decentralization in an attempt to ensure that no one authority can corrupt its system. Through decentralization, businesses are achieving a higher standard of transparency as their data never gets corrupted.

Consensus and Automation

In blockchain, a consensus is needed before your algorithm can take an action. Since no central authority stands, the consensus protocol was created to self-verify transactions, parties involved and monetary values. Interestingly, the past 10 years only shows how reliable this type of automation is. Automation is achieved when computers can take preset actions that lead to other actions. This all occurs after a transaction but without any particular person enabling it.

Inventory Checks

Being more traceable means that packages, orders and delays can be pinpointed with greater exactness. What a supplier or retailer needs to send or receive is precisely tied to their growth and routine profits. Ordering or sending more than what can be sold is a problem that leaves retailers with items they don’t want. If this happens consistently, then suppliers stand the chance of losing businesses with their retailers. Blockchain uses automated inventory checks instead.

Financial Flows

The most prominent example of blockchain at work is through the phenomenon called bitcoin. Since it was first launched in 2009, there are no cases of bitcoin’s actual blockchain failing. The system, in fact, continues to run on automation and little human participation. Among the many milestones that we’ve seen, no one has lost coins or monetary value due to a fault of bitcoin’s actual blockchain. The same holds true for the future of global banks, suppliers and retailers.

The world continues to verify the significance of blockchain and how it applies to supply chains. There’s certainly a great deal more to learn, but what the world has discovered now is the start. You too can be confident of what blockchain can do for retail, supply or banking businesses.

Also Read: The Blockchain Can Protect Personal Data In Contact Tracking Systems

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Once these blocks are assembled, they are linked to a previously filled block, resulting in a chain. Collectively, these blocks create a database timeline, also referred to as a blockchain.

Given this brief overview of how blockchains work, cryptocurrencies using blockchain technology, such as bitcoin, make transactions easier. Moreover, duplication and counterfeit payments are almost impossible due to the immutable nature of blockchain technology.

A payment using blockchain is outside the government’s jurisdiction. Because of its divisibility, inflation resistance, privacy, and transparency, blockchain technology has disrupted many industries. It also utilizes a peer-to-peer network to minimize issues in databases and address confidentiality concerns.

To further understand how blockchain technology changed and improved various sectors of society regarding their financial landscape, read this infographic.

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In particular, contact tracing seems to be, at the moment, the best control tool to allow the return to workplaces and the reopening of borders. The success of tracking systems depends on the percentage of the population that adheres to them. The more people use the contact tracing system, the more likely it will perform its preventive function. However, resistances related to security and privacy persist.

Contact Tracking App, Blockchain A Privacy Solution

However, the solutions proposed so far for large-scale tracking have met with resistance from a large part of the population, worried that the acquisition, storage, and monitoring of information relating to their health could lead to excessive government surveillance. With a consequent interference of the state in the private lives of citizens. Indeed, the failure of the contact tracing systems existing today derives essentially from the public’s distrust of the guarantee of protection of their data and the fear that, in the future, such data may be used for different and undeclared purposes.

In this regard, Apple Inc. and Google Inc. are collaborating on developing a contact tracing technology that allows health authorities to monitor citizens through a proximity detection system via smartphone. Of course, such a solution brings with it several apparent privacy and data security concerns. The potential access by these Big Players to health information constitutes a further reason for resistance for citizens.

It is, therefore, evident that to ensure the successful implementation of these tools. It is essential to address and resolve citizens’ concerns through the adoption of tools that guarantee the confidentiality, integrity, and availability of the personal data collected to rebuild a climate of trust that allows the majority of the population to join. At this juncture, blockchain technology comes into play, which could provide a practical and widespread approach to the implementation of contact tracing while also guaranteeing personal data security, privacy, and interoperability.

Also Read: Blockchain: Advantages And Disadvantages Of The Current Technological Trend

Blockchain Technology Is Applied To Contact Tracking

The decentralization that characterizes blockchain-based systems would allow overcoming the discomfort and fears of public opinion about a possible control by the Government of the private lives of citizens, helping to create a climate of trust and serenity essential for the success of the systems of contact tracking. A contact tracking system based on blockchain technology can provide a viable solution, taking advantage of the main features of the blockchain, namely decentralization, confidentiality, and immutability.

A contact tracking platform based on blockchain technology would have a decentralized structure. Organizations, public and private, and citizens could share and verify the information present without revealing their identity. Let’s imagine a blockchain-based public register to which all the health facilities in the area, both public and private, adhere. With the patient’s consent, all new cases of positivity to the virus are recorded daily through the aforementioned distributed validation system.

The test result will be associated with the cryptographic identity of the patient, protected by a private key, and registered with the public key. Let’s imagine then that all citizens adhering to the tracking system download an application on their smartphone, able to exchange information, through hash prints, with the register, including the position of the users and the possible proximity of these to subjects whose public key is associated with a positive test. Upon this condition, the system would send an automatic notification of risky contact (possible thanks to implementing a smart contract).

Such a system, based on blockchain technology, would allow, on the one hand, citizens to become aware of any contact with positive subjects, without it being possible, neither for them, nor for other users, nor health facilities. Members of any other party know the identity of the natural persons involved; on the other hand, it would allow local health units and local authorities to effectively monitor the spread of infections without running the risk of duplication or inaccuracy of the recorded data.

Summary Of The Characteristics Of Blockchain Technology

DLT

When we talk about blockchain technology, we refer to one of the applications of DLT (Distributed Ledger Technology). DLT technologies are systems based on a distributed ledger, which can be read and modified by all network participants, the so-called “nodes.” In particular, each computer participating in the network that manages a copy of the distributed ledger is defined as a “node.” In the context of such a system, any operation that involves a change to the register, to be registered, must be approved and validated by the nodes after reaching consensus.

The methods of getting consent and the record structure are the distinctive features that characterize the various applications of DLT technologies. The blockchain, therefore, is a system based on a distributed ledger (public or private) with a “blockchain” structure (hence the term “block” and “chain”), containing operations validated through a peer system. To-peer, without the need for a supervisory authority. Once validated through the consent of the nodes, all processes become unmodifiable and are packaged in their block, which is connected through a hash to the previous and next block.

This technique makes it possible to guarantee a high degree of integrity of the data contained in the operations, since if a modification were to be made, on the one hand, this modification would have to be validated with the consent of the whole network, on the other hand, it would be necessary to modify all the blocks subsequent.

For this reason, the information collected on the blockchain tends to be considered immutable. Any modification can therefore only take place through the approval by the network of a new block that acts as an “errata corrige” of inaccurate information contained in a previous block which, in any case, cannot be deleted but only rectified.

Encryption Protocols

Another fundamental feature of blockchain technologies is the adoption of sophisticated encryption protocols, which guarantee the anonymity of the subjects involved. Adopting these protocols allows the achievement of a high degree of data confidentiality. It minimizes the risk of identifiability of the data subjects through zero-knowledge test systems. This cryptographic methodology enables the user to demonstrate that certain information is known without disclosing the information.

This allows the verifiability of communication between the parties carrying out the transactions, keeping them private. In systems based on blockchain technology, the data exchanged between the parties involved are essentially two: the public key and the hash fingerprint.

The public key, which always corresponds to a private key known only by its user, is used in the blockchain without openly declaring who the user is. Therefore, a public key could be associated not only with a natural person but also with an entity or even with an object (for example, the kit of a molecular swab) to trace the production chain.

In the context of the use of the RSA algorithm (cryptographic system based on the public key-private key), although it is possible in certain circumstances to trace the identity of the user of the private key, these are extraordinary circumstances that require the use of uncommon means and resources (such as powerful means of digital forensics and extensive data analysis). Therefore, the public key is only a fragment of information that indicates a particular condition of its user (for example, positivity to Covid19), on a specific date, without revealing the identity of that user.

Hash

The hash function is a mathematical algorithm that allows you to transform a text of arbitrary length into a sequence of numbers and letters with a defined size that is always the same. This feature allows you to create a text imprint, called a “hash imprint” or “digest,” which does not contain sufficient information to be reconverted into the original text as the output has a predefined length and therefore corresponds to a number finite number of permutations against an infinite number of possible inputs. According to what was stated by the Working Party 136, precisely under this unidirectionality, namely, the fact that there is no way to obtain the original data knowing only the hash imprint, such information cannot be considered personal data, but generally anonymous data.

Conclusions

Therefore, even if it cannot be affirmed with certainty that the data processed on blockchain technology are technically anonymous, it can still be assumed that the use of such systems would allow reaching a degree of de-identification of the interested parties sufficient to guarantee their confidentiality, both towards other parties operating on the blockchain, and towards third parties.

Also Read: Blockchain In The Industry – The Hype Has Its Reasons

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A blockchain is a decentralized register containing a continuously growing list of entries and is protected against forgery and subsequent processing. It has already proven to be a technical solution in recording peer-to-peer payments with digital currencies.

But the potential of blockchain technology is not only limited to the financial sector and should also be taken into account in the industry. For example, the technology could awaken the undreamt-of potential in the supply chain by serving as an unchangeable and reliable logbook for transactions or as warehouse documentation and exchanging it between business partners. Up until now, every delivery – especially international ones – has resulted in a jumble of documentation made up of waybills, invoices, and other authentication documents. What if the material flow, the contracts, and payment processes were stored in the blockchain as soon as a delivery is on its way? All activities and relevant documentation could be viewed in almost real-time by all authorized partners,

Supply chain finance is also an area where blockchain technology could fundamentally change existing business models. Invoice processing could be automated for the parties involved via the blockchain – without the need for third parties such as banks to be involved. In this way, the time required for transactions could be reduced to a few minutes, and the delay between payment processes within the supply chain could be minimized.

Some industrial giants have long recognized the potential of the blockchain for supply chain or logistics applications. For example, IBM and the sea transport giant Maersk are developing a blockchain-based process to coordinate and track the documentation of millions of containers worldwide. An essential step is to digitize the entire supply chain process from start to finish.

The Internet of Things (IoT) is playing an increasingly important role in industry and brings with it new business models. Here, too, the use of blockchain is conceivable to record data from physical objects or services. The promise of non-manipulable data recording simplifies cooperation between OEMs and their customers and reduces costs. Mainly because many manufacturing companies are currently developing servitization strategies, the blockchain offers good advantages. Servitization means changing the previous portfolio – away from pure material goods and towards a combination of product and service. Most strategies are based on a large number of tiny transactions in machine-to-machine communication.

Blockchain technology remains exciting. In theory, we know about its tremendous potential – in practice, we are still at the beginning. So today, nobody can say how and where it will be used in the end. But the strength of the blockchain lies above all in the areas where many partners share data, and all actions have to be logged. The size of ​​the application seems almost unlimited, especially about Industry 4.0 or supply chain management. No wonder industry giants such as Airbus, Daimler, GE, or Siemens employ all teams explicitly concerned with how blockchain technology can be used sensibly and profitably.

The energy industry is one step further: Innogy, a subsidiary of the energy giant RWE, equipped around 1,000 charging stations for electric vehicles with blockchain technology in April 2017 and plans to expand the network further. Carsten Stöcker, the blockchain expert at Innogy, told WirtschaftsWoche that the technology should save third parties between the customer and the charging station. This could increase efficiency since, among other things, time-consuming customer database maintenance could be kept. It would also be conceivable that the vehicles to be charged could in the future carry out the payment process independently at the charging station using blockchain technology and features like smart contracts.

No question about it: the expectations of the blockchain could hardly be higher in the industry – and if you look at the first attempts and considerations, then this technology could be well worth the hype.

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They’re not exactly wrong, but there are ways that you can enter a competitive niche like cryptocurrency and be successful. It won’t be easy and you’ll need to be dedicated, but if you are really looking to make money, then you just have to be smart about how you go about it.

In this article, I will go over the 3 ways that you can create a successful blog about cryptocurrency.

1. Narrow Your Focus

If you think you have a very good way to help people understand the way Bitcoin works and plan to write a “What is Bitcoin” type of article, then you may want to rethink that. It is far too broad and too many other blogs are already ranking for that search term. You may get lucky by directing traffic from social media to that post, but as far as SEO goes, you won’t get any love.

Instead, focus on lower search volume questions that people are asking and find the ones that are not being answered properly by your competitors. For instance, there are a lot of smaller coins that don’t get much attention yet people need information about them. An article like “How to convert ETH to USDT” is an example.

2. Have A Solid Social Media Presence

Trying to drive traffic from Google to a site in a competitive niche is a challenge. When you do focus on low search volume keywords, there won’t be tons of traffic initially even if you rank high in the results for that term.

To really drive traffic in the early days, you need to have a large following on social media that love your content. Find out where your target audience is hanging out online and focus on those platforms. For instance, you might have a lot of success on Instagram, but not so much on Facebook. Every platform has its average user demographic so don’t try to use every available channel.

Make sure the content is engaging and share worthy so people are likely to share it and allow you even more exposure.

3. Start A Podcast And Youtube Channel

In any competitive niche, having a blog and social media presence is not enough. You need to be seen as an authority by both Google and by your potential audience.

To solidify yourself as an authority you should be promoting a podcast and Youtube or TikTok channel.

Narrow in on the type of content that your audience is looking for that they aren’t finding on other blogs and YT channels and start there. Eventually you will build a following that will end up on your blog and also make a name for yourself in the field.

*This article has been contributed on behalf of Paxful. However, the information provided herein is not and is not intended to be, investment, financial, or other advice.

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As you may have already imagined, its literal translation is blockchain and it is a shared database that works like a book for the registry of purchase-sale operations or any other type of transaction.

Its origin was simultaneous to bitcoin, in fact, it is the information encoding system that uses this virtual currency, and in a short time, the tremendous potential that it had even beyond finance was seen.

Thanks to its technical solidity, this technology allows for greater processing in the back-end of a company. It also enables multiple information sharing, including across institutional and system boundaries, without risking data integrity, automation of capital flows, and the ability to audit at any level.

An immediate application is the management of public information records on issues such as land registration and notarial obligations. With the blockchain, anyone can access the history of a property for example and it is impossible for anyone to modify or falsify this information due to the encryption made.

We also have to keep in mind that it will be essential for the Internet of Things, since in this way electronic devices will be able to communicate with each other transparently and securely.

Currently one of the main applications that is being given to the blockchain is that of creating company backups, thus ensuring that the information is secure in several blocks.

Benefits Of Blockchain For Companies

Among the greatest benefits that this technology can have at the business level we highlight:

• Higher Speed: By removing a central authority or intermediaries, it makes the information available to all network participants in the same place. Being able to simplify this process of data transmission gives us greater speed in the management of any information that we consult, allowing companies to act faster and more agile.
• Transparency: It is more transparent than any other system since it offers us a more precise view of the origin of the transactions and anyone can consult the transactions in the registry and verify them. This achieves total transparency of the system, having everything audited in the logbook.
• Lower Cost: Blockchain is a cheap technology, not only because it reduces the overload process by eliminating intermediaries, but also because it offers us the possibility of streamlining our processes and communications. Due to a more direct relationship between internal systems and devices, we can automate the execution of processes.
• Greater security and confidence: A trusted environment is built in which the exchange of data is carried out through encrypted and encrypted operations, something that allows us to preserve data exchanges and guarantee the security of all those involved. Additionally, the decentralization of information guarantees its total immutability
• Better Monitoring: Each block in the chain stores the information and the blocks are linked to each other. In this way, organizations can more easily track information and process history at any time. We, therefore, have a traceability mechanism that can help companies to monitor each transaction type uniquely.

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The Blockchain Era

The blockchain concept refers to a structure of groups or data blocks that can only be modified if all of the above are also edited. Therefore, there is a permanent list of tamper-proof records using DTL technology.

In this technology, blocks are added to the blockchain in a linear order that is managed by a peer-to-peer network that collectively adheres to a protocol to validate new blocks. Due to its decentralized design, the blockchain or blockchain eliminates the risks involved in owning data centrally, which means that the blockchain database is not stored in a single or particular location.

Also, blockchain transactions have their own proof of validity and authorization. Therefore, with the blockchain acting as a consensus mechanism to ensure that nodes remain in sync, transactions can be independently verified and processed.

Advantages VS Disadvantages

Currently, the blockchain is being applied in fields as diverse as commerce, entertainment, and, of course, cryptocurrencies. But, what are the strengths and weaknesses of the technology that everyone is talking about?

Blockchain Advantages

• It is a safe method, since altering any information unit on the blockchain would mean using a large amount of computing power to nullify the entire network.
• It has a very low transaction cost for the exchange of assets.
• It is transparent since the data is integrated into the network as a whole, which can be seen publicly.
• Users can believe that the exchanges will be executed precisely as the convention orders .
• All transactions are immutable, which means that they cannot be altered or deleted.
• Users have control of all their data and exchange.
• Due to decentralized systems, the blockchain doesn’t have a main issue of disappointment and is better ready to withstand malevolent assaults .
• Blockchain information is finished, steady, precise, auspicious, and broadly accessible.

Disadvantages Of The Blockchain

• It is slow compared to centralized databases.
• It offers incredible investment funds in exchange expenses and time, yet high introductory capital expenses could be an obstruction.
• In the blockchain system, an effort must be made to ensure that the network nodes reach a consensus.
• The blockchain is just a single data structure. It will not solve all the problems in the world.
• Each cryptocurrency will always require a mining system and the mining system will require a large amount of energy consumption.
• It speaks to a total change to a decentralized system that requires the acknowledgment of its clients and administrators.
• Blockchain is still a young technology and it has many challenges to solve such as the speed of the transaction, the verification process, and the data limit. We will have to wait to know if the blockchain will really change the world or if its limitations will make this technology not as successful as it is already envisioned.

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