A detailed guide on EOS Blockchain

EOS Blockchain has been doing its round in the world of Cryptocurrency for quite some time now. Its Initial Coin Offering (ICO) was in July 2017, and it lasted for about a year. They made sure that most of the persons who are interested in buying one should get a fair chance. Within the launch of EOS, it found its place in the list of Top Cryptocurrencies of the World.

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They are providing fierce competition for peers like Ethereum, Tron, and Neo. So what about the Bitcoin? There are still far ahead! Well, but still what are the factors that make EOS Blockchain a favorite? We will discuss it in here. Read on!

EOS: An Outline

What is EOS?

EOS or EOSIO is a Blockchain-based platform that helps in building decentralized apps (dApps) on a large scale. Their principal motive is to provide an interface that acts as an operating system, i.e., to develop an utterly user-friendly platform. EOS is far better when compared to traditional platforms like Ethereum.

One of the most significant disadvantages that the present systems do possess is the scalability issues. Scalability is one of the significant factors that is holding back the conventional forms of Blockchain Technology from the mainstream.

For instance, consider the case with Ethereum. The number of transactions done with Ethereum is meager. Also, you will be charged a fee for developing dApps built on this platform. The users may not be so interested in using platforms where they have to spend money at every stage of development.

EOS allows developing dApps at free of cost. They follow a pattern of vertical and horizontal scaling so that it enables EOS to provide them free of charge. Moreover, EOS based dApps are more secure and fast. So it allows executing thousands of transactions per second. EOS Blockchain platforms also do support smart contract development, cloud storage based dApps, user verification, etc.

"Also read guide on Security Token Offerings(STO)"

Characteristics of EOS Blockchain

Multiple characteristic features make the EOS Blockchain platform stand apart from their peers. Some of them are as follows:

1. Free of Cost

EOS Blockchain provides the services completely free of cost to the end-users.

Also, they can update to the latest version without any charges. So most of the users will retort to the platform, whenever they need to develop decentralized applications.

2. Supports a Large Number of Users at a Time

EOS is a high performing Blockchain platform and supports millions of users at a single go. The users can make use of the platform seamlessly without any blockage issues.

3. Low Latency

Latency rate is a major deciding factor when dealing with user experiences. If the Latency period is small, then it improves the user experience to a greater extent.

4. Parallel and Sequential Performance

EOS platform works in both parallel and sequential ways. Working in a parallel sequence allows the EOS platform to distribute the workload whenever necessary, whereas when working sequentially, it will enable to avoid errors like double spends, etc.

5. Scalability

Scalability is the number of transactions executed per second. Its a significant factor that a Blockchain platform should possess. EOS do support millions of transactions per second, and the major credit goes to the consensus mechanism followed by them — Distributed Proof of Stake.

6. Lesser power consumption

EOS Blockchain platform consumes a lower amount of energy when compared to other Blockchain platforms. The primary reason is the consensus algorithm they make use of — distributed Proof of Stake.

7. Flexibility

EOS Blockchain platform is highly flexible and safe when compared to the other types of Blockchain platforms. If your system is compromised or affected by any threats, then the elected Block producers can freeze the dApp till it recovers from the fix.

8. Upgradability

Upgradability is another highlight of the EOS based dApps. Users of the dApps can deploy code fix, add new features, modify the existing features, and even the logic of the application. Other types of upgradations are done implementing irreversible smart contracts.

9. Decentralized Operating System

EOS Blockchain platform works more like a decentralized operating system. Hence, it’s more user-friendly and business-friendly compared to the other types of Blockchain platforms.

"Read complete guide on Proof of Stake Coins"

Certain Practical Implementations of dApps built on EOS Platforms

There are various types of applications developed out there using the EOS Blockchain platform. We will discuss some of them below:

Ubuntu Energy Leader

Ubuntu Energy Leader was established entirely using the EOS Blockchain platform. It’s a marketplace for renewable sources of energy like Solar energy, Wind energy, etc. Ubuntu Energy leader was started with the mission to provide cost-effective electricity to the household in the African continent.

DACTROIT

DACTROIT is the codename for the EOS Detroit’s flagship product. DACTROIT deals with the selling of tools for communities to own and operate a complementary currency and high-speed internet access.

Cost Deciding Factors of building dApps on EOS Platforms

The actual cost of developing a decentralized application on EOS platform is dependent on the three factors, namely, resource types, resource usage, and resource allocation.

1. Resource Type

In the case of dApps, there are three types of resources:

RAM — Random Access Memory

Network Bandwidth and Log Storage

CPU — Computation and Computational Backlog

2. Resource Usage

RAM

The amount of RAM that you use while building the application. It refers to the data that one access from the application logic. They maybe order sheets, or account balances, etc.

Network Bandwidth

Network Bandwidth is the average consumption of data in bytes. When a user executes a transaction, it consumes an amount of particular network bandwidth.

CPU Bandwidth

CPU Bandwidth is the average usage of information in microseconds.

3. Resource Allocation

Network Bandwidth and CPU Bandwidth — Staking Contract

Both the network and CPU bandwidths are allocated on the basis of the number of tokens held in a staking contract. Those staked tokens will be freed up after a specific interval of time.

RAM

One needs to buy RAM from the marketplace, which is based on the Bancor Algorithm. Bancor Algorithm is based on a set of rules which detects the price automatically and also manages the liquidity mechanism for tokens on Smart Contract Blockchain. In the case of RAM, the data does not get freed up automatically. RAM is freed only once the information is deleted. Afterward, you can even sell the RAM in the marketplace!

"Read the blog: Public Blockchain vs Private Blockchain"

Summing Up

EOS is one of the most sought after Blockchain platforms around the world for various reasons. It has already overtaken the Ethereum platform and many other competitors within less time.

The scope and possibilities of dApps build on EOS Blockchain platform will only increase in the future. They are highly useful for developing applications related to ride-hailing, music sharing, fitness tracking, digital payment, and much more.

Moreover, they are safe, secure, and faster!

Blockchain & AI — A Powerful Pair

Blockchain and AI are groundbreaking technologies with two different applications. Still, with innovative and creative ideas, researchers are trying to integrate both the technologies to make Blockchain & AI-A power pair.

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Here in this article, we will look into the powerful pair of Blockchain and AI.

Combination Of Blockchain & AI

Blockchain is a technology that is based on a decentralized and distributed database that is used to store the encrypted data. On the other side, AI is Artificial Intelligence that is based on machine learning. Here it analyzes the data and provides the resolution based on the machine learning technology.

Both technologies have their own complexity and applications, but both Blockchain and AI can be benefited from each other.

Since both technologies are based on data and the technologies are applied in different aspects of the data. The power pair of Blockchain and AI will make insightful technology altogether. This will lead to the exploitation of data to the next higher level. With the benefits from each other, it will help to boost the architecture of blockchain and the potential of Artificial Intelligence.

When both the technologies are combined Blockchain makes AI more logical and understandable. You will be able to find why resolutions are made with machine learning. The decisions made under AI are stored in the ledger of the blockchain where it deals with machine learning data.

"Also read blog on GDPR and Blockchain"

In this way, AI helps to enhance the efficiency of blockchain technology. The computing of blockchain with AI is far better than standard computing. So we will look into the application of combined Blockchain and AI.

Future Applications of Blockchain and AI Pair

Optimized Computing Power

The encrypted data is used in the blockchain and it is operated with a large amount of processing power. For example, to mine, the Bitcoin block hash algorithm uses more power. Say a “brute force” approach which will mention all the candidates to verify the transaction before it resolves.

The machine learning-based AI technology can use the data more effectively in real-time. This helps to resolve the tasks more efficiently by optimizing the processing power to compute the data.

Developing a wide range of data set

As we all know that blockchain technology is decentralized, there will be no central authority to manage the blockchain. In the case of a public blockchain, anyone will have the power to access the blockchain. Since the latest blockchain technology powers the cryptocurrencies, various industries started implementing blockchain to manage their infrastructure.

"Read Public blockchain vs Private blockchain"

Various industries are focusing on blockchain technology to distribute a wide range of data using the algorithms of blockchain. It ensures the Artificial intelligence development, and it leads to decentralized AI technology in the future.

High Data Protection

AI is the imitation of human activities on the data by following certain rules and conditions. So it is fully dependent on data. AI receives the data as the input and analyzes the data as per the rules and resolves the specified task.

Whereas in blockchain the data stored in a secured database. This provides permission for certain authorities to verify or to alter any transaction and it is fully decentralized with its security features.

When we make the powerful pair of Blockchain and AI, we can maintain the confidential data in a secure database. When the big data is applied to AI, it analyzes the data with the given protocols to save the data securely in the blockchain. In this way, the combined technology can help to manage the large database.

There are certain industry sectors where the data is treated more sensitive and confidential and we all know that it always happens in the healthcare and financial industry. Storing the confidential or sensitive data in the blockchain, which is accessible to AI with the specified rules and protocols or certain specified permissions, provides high data protection. Data will not be hacked easily with combined AI and Blockchain technology.

"Read the blog on Blockchain revolution in healthcare"

Monetization of Data

The groundbreaking application of the combined blockchain and AI technology is the monetization of data. Data monetization provides a large revenue for the big giants like Google, Facebook.

Data monetization involves weaponizing our own data against us. Blockchain helps to securely store the data in the encrypted format using the cryptography technique. This blockchain will also allow us to monetize the data without compromising our personal data. It helps to prevent the biased algorithm in the blockchain and creates a wide range of data sets.

The same is applicable for AI that fully depends upon the data input. To learn the algorithm of AI, the network of AI needs to buy data from the data marketplace. This will open up space for startup companies without the exploitation of well-established companies.

Feeding data for AI in a startup will require a huge investment as they do not create their own data and they can buy the data from the decentralized marketplace to monetize the data more effectively.

Easy understanding of AI Decision Making with Blockchain

As we all know that AI technology imitates the real-time human activities, the researchers are satisfied only if they know the decision making of AI to know whether it’s reflecting the correct real-time activities.

To understand the AI algorithm is very difficult as it involves large data feed for its simulation and it involves large variables and text. However, to know the root cause of AI decision making, we will still analyze the large data.

With the help of blockchain, the process used to analyze the decision making of AI is stored. This stored data is immutable and difficult to alter in the blockchain. So it helps to audit those processes in the blockchain to analyze the decision making of AI.

The companies will opt AI only if it understands the decision making AI. With the help of blockchain technology, it becomes easy to understand the working of AI.

Cryptocurrency trading with the combination of Blockchain and AI

Right now cryptocurrencies are backed by powerful technology. In the future, the combination of AI and Blockchain will enhance cryptocurrency trading with high data protection. Similar to the top analyst the machine learning technology will analyze the crypto market for profitable crypto trading. AI will be able to process the data at a very fast pace, modifies the algorithm for better results. It can become a perfect tool for cryptocurrency trading.

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Conclusion

Finally, in this article, you will be able to view the innovation blockchain and AI as a powerful pair in building advanced technology. As AI depends on the data feed and the same is stored securely in the blockchain, the combination of this innovative technology will get benefited from each other.

The future will be able to cover all the data related issues with the advanced combination of blockchain and AI technology.

Difference between Tokens and Coins

Both the terms “Tokens” and “Coins” are used as synonyms in the context of Cryptocurrencies. But they do have different concepts and usage! But still, why do many Crypto users still confuse between tokens and coins. They consider both the tokens and coins as just Cryptocurrencies.

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This misleading trend began after the introduction of Bitcoin. All the cryptocurrencies introduced afterward were referred to as both tokens and coins, even though most of them do not fulfill the necessary characteristics.

Tokens Vs Coins: An Overview

Features of Coins

Function : Alternative currency to Bitcoin as a medium of exchange

Use Case : Commerce; sending and receiving digital payments

Blockchain : Possess their own independent Blockchain

Features of Tokens

Function : Representation of any tradable and fungible asset or utility

Use Case : Broad and varied; part of the elements in developing a decentralized app through smart contracts

Blockchain : Reside on top of another Blockchain

Features content credit: https://blog.xsolus.com/cryptocurrency-coins-vs-cryptocurrency-tokens

What is a Coin?

Coins are the real Cryptocurrencies. They are normally referred to as altcoins or alternative Cryptocurrency coins. Bitcoin is a major example that falls under this category. Normally, altcoins are digital currencies that make use of Cryptography based encryption techniques. The bitcoins are not included in the altcoins category. These altcoins work in a decentralized format, and hence no third parties like banks or other financial institutions are involved in between. The transactions operate in a peer to peer format.

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All the financial records are stored in a distributed ledger called Blockchain. The data is stored collectively, and it’s shared between all the participants in the network. This procedure makes it more transparent and free from frauds.

Bitcoin was developed by an unknown person (or group of persons) named Satoshi Nakamoto and made it open-source. Hence, multiple altcoins work in the same protocol as that of the Bitcoin, namely, Litecoin, Peercoin, and Namecoin. Some examples of ones that operate based on Blockchain include Ripple and Monero.

Some significant characteristics of Coins are as follows:

Fungibility

Divisibility

Acceptability

Portability, and

Durability

Moreover, they are tied to a public-open blockchain. So it enables anyone to join and act in the network. Also, the altcoins can be sent, received or mined.

Examples of Coins: Bitcoin, Eteheruem, Ripple, Bitcoin Cash, Litecoin, EOS, Cardano, Stellar, NEO, Monero, etc.

What are Tokens?

Tokens are a little different concept when compared to the coins. A token is mainly tied to any Crypto Based projects. These tokens can be used only in and around the ecosystem of the project. But at the same time, it works as in the format of altcoins! Only the ones who have ownership of tokens will be given the right to participate in the network.

To explain it more simply, tokens can be compared to a pass for a particular event like an entertainment show. One can use the pass only for entering the entertainment show and cannot be used for buying vegetables from the market.

Token also operate similarly. They have a specific working space! To be more precise, tokens represents a utility or an asset. There are some kinds of unique tokens called security tokens. Security tokens act as a company’s share, whereas utility tokens act inside a certain project.

“Read the blog on Security Token Offerings”

Another advantage of tokens is in their creation. We don’t have to develop new codes or modify an already existing one. Instead, the platforms like Ethereum help us to make use of their standard templates. Creating tokens are just a few clicks away. Platforms like Ethereum have made the tokens more interoperable. This has resulted in the users storing multiple tokens in a single wallet.

Examples of Tokens: Tron, Bytom, Vechain, Ox, Omisego, Augur, etc.

“Also read the comparative guide on ethereum vs bitcoin”

Final Thoughts

Hope the article gave you an insight into the major differences between a token and a coin. They are used as synonyms in multiple contexts, even though they have different functions. The difference between an altcoin and a token should be made clear by the Cryptocurrency enthusiasts. To summarize the whole blog in a single line, one can buy tokens using altcoins and not vice versa! That is, coins can be used with more freedom, and tokens can be used only in a certain ecosystem.

Happy Crypto investing folks!

Hashgraph Vs Blockchain

Blockchain or Hashgraph — Which is the best form of Distributed Ledger Technology?

Well read this blog and you decide yourself!

The blockchain technology was first implemented when the first known Cryptocurrency, Bitcoin came into being in the year 2008. It was purely based on Blockchain technology.

They do have a lot of positive effects compared to other technologies that we have right now.

But the Hashgraph version of the Distributed Ledger Technology was founded by Leemon Baird with better benefits as compared to the Blockchain technology.

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Some of them include their security features, fairness, cost, and speed!
We will be dealing with all the details below. We will also be mentioning about a special type of Hashgraph named the Hadera Hashgraph.

Keep reading!

Hashgraph Vs. Blockchain: An Overview

Also, Blockchain technology is more mainstream or open to the public, whereas that’s not the case with Hashgraph. An exception of the Hadera Hashgraph is there, for the more public version of the Hashgraph algorithm.

Blockchain Technology

Blockchain is based on distributed ledger technology. It follows the pattern of a decentralized platform, where there will be no other third party to handle the operations associated with them.

The data quality is maintained by database replication and computational trust.

There are different types of distributed ledgers out there. But the thing that makes Blockchain different from all others is its structure. In a Blockchain, data are organized in the form of blocks.

"Read on Future of Blockchain Technology — Top 10 Predictions of 2020"

These blocks are then linked from peer to peer using the security mechanism of cryptography.

Another feature of the blockchain is that it only allows adding data to the database. Changing or deleting the present data is almost impossible. Thus, Blockchain is a continuously growing list of records.

This feature makes it perfectly fit for managing records, transactions, tracing assets, and voting.

Bitcoin, the first cryptocurrency is the one that introduced the concept of Blockchain technology to the public.

Almost all the sectors like Government, Businesses, and Economists are planning to introduce the same technology in their own respective areas.

Some of its real-time examples include in the sectors like supply chain management, payments, and identity management.

Hashgraph Technology

Hashgraph is also a different form of distributed ledger technology. It was developed by a man named Leemon Baird, who is the co-founder as well as the present CTO (Chief Technology Officer) of Swirlds Corporation.

Hashgraph technology work almost in the same format as that of a Blockchain.

Moreover, it provides benefits like decentralization and distribution.

Also, the security of the system is high, but it follows a method of Cryptographic hashing.

Another major benefit of Hashgraph technology over the Blockchain is its high transaction speed.

For example, a Bitcoin can support only up to 5 transactions per second and some altcoins like Ethereum allows up to 15 transactions per second. But, Hashgraphs can process thousands of transactions per second. It is estimated that they can perform up to 5,00,000 transactions per second!

The hashgraph is based mainly on two techniques which are given below:

Gossip about Gossip.

Virtual Voting.

Gossip About Gossip

The Gossip about Gossip method can be explained in simple terms as given below.

Consider five different members, namely, A, B, C, D, and E.

When each member performs a primary transaction, it is considered as an ‘event’.

Here, each member calls another member at random and the two people involved will be sharing their transaction history.

For instance, the member E can call another member C, and shares the transaction information of E with C. Such type of actions can occur, between different members in the network, either constantly or whenever required.

Each event holds a record of all the previous blocks. So when one member learns about a new piece of information, the same information quickly passes to other members, when they come in contact with the same member.

Virtual Voting

In Gossip about Gossip method, each node that comes into contact with each other already knows about what the other node knows, and this allows the other node to predict what the other node would vote for, which results in virtual voting or electronic voting.

In virtual voting, you actually need to reach an agreement on the order of transactions. The events are divided into various rounds. The Hashgraph algorithm will be having an exact mathematical solution for each and every round created.

For example, imagine that around has ten events as a whole. So each member votes for the event to be qualified next. The presently running around with the majority of votes will be the qualified one and the transactions related with this round would be qualified!

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Conclusion

Blockchains and Hashgraphs are two different forms of Distributed Ledger Technology.

Blockchain mainly deals with a single chain of blocks with benefits like validated, secure and distributed agreement between the peers. Some of the major platforms that make use of this technology include Bitcoin and other altcoins.

Whereas, the Hashgraph follows a patented algorithm so that the transactions are more secure and fast at the same time.

Both Hashgraph and Blockchain has its own advantages and disadvantages as mentioned above. And more versions of the distributed ledger technology is expected to be introduced in the near future.

Well, let’s wait and see…!

Guide on Lambda Cryptocurrency

New crypto coins are emerging in the crypto marketplace to speed up the crypto trade over the platforms. Lambda is such a crypto coin which operates on Ethereum network. Investors keenly look into the current value of the new cryptocurrency, the roadmap of its network, and how it works, etc so that it will be easy to track their profit while investing on the new crypto coins and trade over the exchange platforms.

In this writing, you will be able to view the guide on Lambda cryptocurrency.

What Is Lambda Coin?

Lambda is a digital asset or currency used within the storage network of Lambda. It is a startup of data storage powered by blockchain, which is a scalable and decentralized network.

It supports the ecosystem of data storage with data security verification, which provides dApps or decentralized applications with high capacity storage.

It also offers services like data privacy protection, data possession, cross chain data management, and data cooperative storage. In the crypto market place, it is used for storage mining and storage space trading. Right now, Lambda is not into the real network of cryptocurrency; it is in the pre-mainnet phase. Mainnet phase is known as the adaption of a real network of cryptocurrency. During the 4th quarter of 2019, the mainnet release of Lambda is scheduled.

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Big giant organizations and industries had financially supported this project. The big giants like Bitmain, Zhen Fund, FBG Capital, FunCity Capital, Sparkling Capital, Metropolis Capital, Bluehill are some of the financial supporters of this project.

How Does Lambda Blockchain Work?

The four components of the Lambda network system are as follows:

Storage miners:

Storage miners are the providers of storage space in the network. Later on, they can become the validators of the Lambda network. Here the storage space is provided for money.

Retrieval miners:

These miners offer download bandwidth to the users by committing to the Lambs. The income of retrieval miners depends upon the charges incurred on the data retrieved.

Validators:

Validators are also known as verification miners. They are responsible for the integrity and security of data, to develop consensus network, packaging transactions, executing contracts, to verify PoS, and to clear all the fees.

"Read the complete guide on Proof of Stake (PoS) coins"

Market place:

A place where the users will be allowed to exchange or trade data storage space. Based on BFT and VRF protocols, it is built as a consensus network. Here the users can safely use the Lamb tokens over the storage space.

LambdaChain consensus network is the network of Lambda. It is a consensus, trusted network mechanism which offers data security, integrity, and finishes the technical process required for the verification process in the blockchain.

This blockchain network removes the work of official validators, miners, third-party validators, and all altogether1024 validators. These validators support 1000 transactions per second. In the testing mode, the Lambda network will be able to run 5000 transactions per second and can create a block in 15 seconds.

The VRF (Verifiable Random Function) algorithms will enable us to choose the nodes of the blockchain that will participate in the consensus algorithm, and BFT (Byzantine Fault Tolerance) algorithm will generate the consensus network.

The VRF (Verifiable Random Function) algorithms will enable us to choose the nodes of the blockchain that will participate in the consensus algorithm, and BFT (Byzantine Fault Tolerance) algorithm will generate the consensus network.

The Value Of LAMB Cryptocurrency

Lamb cryptocurrency is used for storage space trading, storage, mining, and other trade transactions within the Lambda project or lambda network.

Lamb currency is used in the following conditions:

Users use Lamb crypto for any services in the network of Lambda.

Validators and storage miners commit a small number of Lambs in the network.

Lamb tokens are used as rewards for the validators in the network system.

Based on the SLA (Service level agreement) and storage capacity, the storage nodes acquire a certain number of Lambs.

Price of Lamb– $0.162

Market Cap of Lamb– $103,642,126

The Circulating supply of Lamb– 652,991,183 LAMB

Total Supply of Lamb– 6,000,000,000 LAMB

Peak price– $0.274357 on July 09, 2019

Lowest price– $0.006601 on Jan 02, 2019

Lambda Coin Roadmap

The roadmap of Lambda coin with the achievements and future plans are presented in their blog. They have below plans for the future.

In the next 3 to 5 years, they are planning to reach 1024 nodes in the network and complete128 verification nodes of Lambda network.

In the next five years, they would like to reach thousands of petabytes. One petabyte equals 1000 terabytes and complete 120 storage petabytes.

For B2C and B2B crypto markets, they would like to sign the contracts for the new venture.

Where To Trade (buy or sell ) Lamb

There are many crypto exchanges which are popular for Lamb exchange. Some of the crypto exchanges are BitHumb Global, Huobi Global, Bittrex, OKEx, etc. The leading cryptocurrencies like ETH, USDT, BTC, stable coins are exchanged or traded with Lamb.

"Get the list of top cryptocurrency trading platforms"

In some exchange platforms, they use the internal currency of the platform to trade with Lamb. BitHumb Global is the exchange platform where it uses the fiat money for trading Lamb with KRW (Korean Won).

Freewallet To Store Lambda Coins

Are you searching for a place to store and secure your Lamb coins? You can do the same with Freewallet. Lambda coins can be stored in Freewallet.

Freewallet supports the lambs to be stored on the Android and web versions of the application.

It can be stored safely along with other 150 cryptocurrencies or tokens.

No or minimal processing or transaction fees to transfer Lambs to other Freewallet.

The real time price charts will allow monitoring the exchange rates of Lambda.

Two-factor authentication, multi-sig features to protect the lambda coins with high security.

Most of the coins are kept in cold storage so that the hackers do not easily hack it.

Conclusion:

Hope in this article; you will be able to find the guide on lambda cryptocurrency. This article will help you to find how the blockchain of Lambda works, the current value of Lambda, the future plans of Lambda network, the wallet to store Lamba, and the best exchanges to trade Lambda coins.

Always try with the best crypto developers to build your own crypto platform.

Industries that benefits most from the Blockchain Technology

It was always believed that Blockchain Technology could only be the guiding light for the cryptocurrency exchange until it was successfully integrated into the other fields!

Some of the major sectors that can depend on the Blockchain Technology in near future include in managing ride-hailing apps, law enforcement, voting, car leasing and sales, cloud storage, stock trading, healthcare industry and many more.

The blockchain is simply a public ledger where it can store a very high volume of data or digital transactions irrespective of the location. Another main characteristic of the blockchain technology is that they follow a decentralized mechanism, and hence there is no need for third parties to supervise the entire procedures. Since there are no third parties involved, the chances for frauds are literally impossible.

The startups nowadays are using the Blockchain Technology for sectors which demand greater transparency and authenticity. They are playing their part in creating awareness about the scope and possibilities of Blockchain Technology.

Here are some of the best ways where different companies make use of the real potential of Blockchain Technology;

"Read the blog on future of blockchain technology"

Top 5 Blockchain Use Cases in 2020

1. Banking




The banking industry has begun to try out Blockchain Technology to improve the back office procedures and settlements so that they can cut out the huge money involved with paying the third parties or middlemen. Some of the leading banks which have begun implementing the same include the Swiss-based bank UBS and the Barclays Premier Bank of the UK. Some experts believe that it enables the banks to save up to $20 Billion!

Since Blockchain is a secure and digitized public ledger, they could serve well in the Banking industry which mainly requires the above-mentioned properties to the core.

Moreover, some banks are really investing in many of the Blockchain startups like R3 CEV, which are working on developing a Blockchain platform, specifically for the players of the financial industry.

2. Ride Sharing




Blockchain Technology has a really good future in the Ride Sharing sector.
Some of the major players like Uber and Lyft works on the mechanism of a centralized platform, which is exactly opposite to the decentralized ones. They literally use algorithms to control their taxi drivers and decide on how much to charge for the trips. With the usage of Blockchain Technology, new options could be injected into the system so that it becomes more dynamic, user-driven and a market place which is much more value-oriented!

An example to indicate the above mentioned would be the startup Arcade City. They make use of the Blockchain System to take care of their transactions. Also, the drivers can decide on their rates with all the records and interactions being stored in the Blockchain.

This makes the Arcade City more interesting to the drivers. It makes the drivers build up their own cab business, where no one is there to control from a corporate office. In arcade city, they allow the drivers to set their own rates, develop their own customer base and can also offer additional services like parcel deliveries, etc.

3. Crypto Exchanges




Crypto exchanges are basically websites or platforms from where you can either buy or sell the cryptocurrencies like Bitcoin, Ethereum, etc. in return of either the digital currencies or the traditional currencies like US dollar or Euro. And since it involves a lot of transactions, Blockchain Technology is very much useful or necessary for the crypto exchanges to happen safely and securely.

Anyone can easily set up cryptocurrency exchange business with leading cryptocurrency exchange platform development company Blockchain Technology reduces the normally prone cybersecurity threats since it does not need any human intervention. And which is very much essential for the transactions involving money, or the digital currencies (cryptocurrency).

An example of the leading decentralized cryptocurrency exchange is the Ethereum-based 0x.

4. Cloud Storage




In Cloud Storage services, the enterprises store the data of its customers in a completely centralized server. And these are prone to attacks by the hackers. And if the data is compromised, the complete integrity of the enterprise is lost.

And here comes the real potential of the blockchain technology. Since the blockchain makes use of a decentralized platform, it is less prone to cyber attacks or its almost impossible to compromise them.

An excellent example of this would be the “Filecoin”. It is basically a crypto project that honors you the hosting of files. And this would be just like the decentralized version of the S3 services provided by the Amazon Web Services.

Another upcoming team is the “Storj”, which is a purely Blockchain based cloud storage service provider. Their stated mission is to provide security and to lower the costs involved for storing information in the cloud servers. It also allows the users to rent out their unused storage space in a peer-to-peer manner.

5. Government And Public Records




Blockchain technology could be really made useful in the management of public services by Governments across the world. It allows the processes to be made digital or less paper-based, avoid fraud and to improve the accountability between the departments and the common people they serve.

Some of the states in the United States have already begun to implement the same in their administrative procedures. Also, some startups have begun to assist Government institutions in Eastern Europe. The BitFury Group is presently working with the Government of Georgia to make them the government records more secure!

"Also Know how blockchain technology can transform project management"

Conclusion

There are still a lot more of industries which could be really benefited from the usage of the Blockchain Technology. Only some of them are mentioned above.

Incorporating the Blockchain Technology into their execution plan by the business owners in any of the industries mentioned above would give you that upper edge over your competitors.

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A Comprehensive Guide to Blockchain as a Service (BaaS)

The growth of Blockchain technology has been quite interesting right from its beginning. It has conquered different genres of industries within a very small time, and the scope of Blockchain is only expected to grow in the future. More and more organizations are planning to harness the core power of Blockchain by integrating their business with Blockchain technology. Hence, a lot of IT and related companies have begun to come forward with the idea of providing the Blockchain as a Service to these companies so that they can utilize it to their maximum advantage.

What is BaaS or Blockchain as a Service?

Most of you might have heard of SaaS (Software as a Service). The concept of BaaS is also almost the same, except for that here the services provided will be related to Blockchain and related technologies.

BaaS allows the business customers out there to implement or integrate Blockchain-related functionalities within their present business environment. It will in return help them to make the best out of it in terms of business growth and profit-wise.

There are a lot of service providers right now which specializes in providing BaaS (Blockchain as a Service). It's such a milestone for the Blockchain field since a lot of people would be involved with the Blockchain-related applications and it becomes more common.

Some Premium Blockchain as a Service (BaaS) Service Providers

1. IBM Blockchain Platform

IBM Blockchain is a public cloud service that helps to build Blockchain platforms. It was developed by the famous IT company, International Business Machine (IBM) in the year 2008.

2. Microsoft Azure Blockchain

Microsoft Azure Blockchain helps to create and develop high quality Blockchain applications. It was developed by Microsoft.

3. Amazon’s Blockchain Templates

Amazon’s Blockchain Templates is a Blockchain platform provided by the online giant Amazon and helps you to create and deploy high quality Blockchain networks. They provide inbuilt Blockchain templates, so the customers do not have to spend time and energy on setting up all these things manually.

4. Oracle Blockchain Cloud Service

Oracle Blockchain Cloud Service was designed and is maintained by the famous computer software company Oracle Corporation. This Blockchain platform is famous for enabling to build high performance Blockchain applications.

5. Baidu Blockchain Open Platform

Baidu is a famous Chinese search engine, and they do provide an open platform to help to develop high performance and user friendly Blockchain services.

Why Should Organizations Adopt Blockchain Technology?

The business firms right now have understood the need for adopting Blockchain Technology and are in search of the best BaaS service providers in the market (some of which are mentioned above).

The primary reason for most of the firms changing their shift towards Blockchain technology is that they provide a more secure, and safe operating environment, saving a lot of time and money. Added to it is the entry of building permissioned blockchains applications where it enhanced the overall performance and security of the whole network with its features. All these factors are very important for every company, be it a startup or a well established one.

The Working Model of BaaS

The basic thing you need to do for adopting the Blockchain technology is to find an IT partner who helps you to achieve the same. Sign up a contract or agreement with them, where the Blockchain partner will be mentioning their service fee and other terms and conditions for deploying the Blockchain Technology. They will also be providing the necessary infrastructure to develop the technology.

Different customers will have different requirements and your business IT partner will be configuring the Blockchain network with the help of a suitable Blockchain application platform.

The BaaS partner will also be supposed to record or store all the necessary and important artifacts and thus keep the process flow efficient. The contracts should also mention the activities such as bandwidth management, optimization of resources, incident management, system health monitoring, and security of the system.

Adopting the services of a BaaS partner makes it easy for the customers to concentrate on their core business rather than to get worried up on issues related to the Blockchain technology adoption, its performance etc. It in turn allows the businesses to adopt the real power of the Distributed Ledger technology in their business environments.

How To Choose the Right BaaS Partner?

Backend Services

Every business firm will be having unique needs. Hence, the backend services will also be differing accordingly. So your BaaS partner should also be providing the backend services like mainstream technologies by integrating popular services.

Data Security

Your BaaS partner should be providing the proper data security, since all the data that application deals with should be safe and secure. It should be protected from vulnerabilities.

Costing Control

BaaS platforms offer cost effective solutions when compared to SaaS platforms, which is based on a subscription per year. As a customer, you should be checking whether they charge any hidden costs.

Integration

The business firms will already be running on multiple layers of processes, workflows, or data sources. So the shift towards a Blockchain based technology should not affect the already running system of networks or work processes.

Scalability

Scalability is a very much essential factor for every application developed, since in the future there may arise a situation where the application should be altered.

Quick Provisioning

Quick provisioning means the ability to deploy the Blockchain technology with the present system as fast as possible. Normally, BaaS companies have to deal with a lot of pressure to integrate it with the present system so quickly.

Cost Comparison between Self-Hosted Blockchains and BaaS Offering

It's a crystal clear fact that it is more economical to make use of the services of a BaaS partner rather than the self-hosted Blockchains. Incase of building self-hosted Blockchains you will need costly infrastructure, a team of highly skilled Programmers and much more. Whereas BaaS offering on the cloud helps you in saving a lot of time as well as money.

Some BaaS partners even do offer their services for an amount as low as 0.29 US Dollars per CPU hour, like IBM Blockchain Platform for IBM Cloud. In BaaS offerings the customer have to pay only for the units of services used.

Another leading service provider is the Amazon AWS Managed Blockchain service. They do charge their customers based on the factors like data transfer, network membership, peer node storage etc.

Incase of Microsoft’s Azure Blockchain service, the service rate is depended on an hourly basis, with a focus on provisioned transactions, validator nodes and the storage used by the customer (in GB s).

Some Major Advantages and Disadvantages of BaaS

Knowing the benefits and drawbacks of a system is always good before adopting technology, and hence below we intend to mention some of the pros as well as cons of the same!

Saves Money and Time

Opting the services of BaaS provider helps the business clients to save both time as well as money, which are undoubtedly two important factors for your business growth.

Just imagine a business client recruiting a set of Blockchain developers and managing them to build a Blockchain application for their business requirements. It will take much time and will be an unnecessary financial burden for the company. Instead of opting the service of Blockchain Application Development company, which is well experienced in building the same will deliver you the best within much lesser time and cost!

User-friendly

The Blockchain as a Service providers takes care to deliver the best and completely user-friendly Blockchain platforms so that it doesn't require much technical expertise to operate one, only a basic understanding of software!

The platforms built will be easily customizable according to the requirements of clients as well it developed in a simple plug and play modules.

Staff and Resource Optimization

Adopting new and latest technologies will help the business customers to keep their staffs and resources optimized. The firms will be able to optimize both the number of staff and precious resources, which in turn brings more profit to the company by reducing the operating or running costs involved.

Lack of better understanding

Blockchain Technology is yet to be popular among the public and not everyone will be having an in-depth knowledge of the concepts involved with the same. Most of the people are still unaware of the benefits and the vast future of blockchain technology. So it may fail if your company tries to adopt the technology by themselves. It's always advisable to consult the help of a well established BaaS provider.

Summing Up

Blockchain as a Service is one of the best services that you can avail for the overall growth of your business establishment, by making it advanced, up to date and future-ready! It helps you to save time, money, resources, infrastructure. Moreover, it makes your business more robust, safe, secure and efficient.

Apart from all this, Blockchain technology will help to make your business firm stand apart from other competitors and peers in the sector. Consult a well established and trusted BaaS partner who can guide you well in taking that giant technological leap!