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The Blockchain Technology is Fueling Various Industries Including the Financial

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Nowadays, the technology is scaling towards new heights setting one records after the other. One is aware of the fact that the payment in bitcoin is based on the blockchain technology – a distributed database or public ledger where information stored is in digital form and cannot be manipulated. One of biggest positives that the blockchain technology has given is giving birth to a decentralized economy by the creation of cryptocurrencies. Therefore, it has been rightly regarded as future of financial institutions that will provide a new impetus to the e-banking and the cashless transactions. So no more paying additional charges because bitcoins are free from government controls. According to a reliable research, the cost of Blockchain technology is expected to stay at around $10 billion and it will also have an impact on various sectors of the economy by the year 2022. Moreover, it would also prove helpful in managing other tasks from e-governance to online education and maintaining the digitalized form of medical records. Blockchain will also prove handy when it comes to storing the database because here in this case it won’t be stored at one place. Blockchain Catering a Wide Range of Industries Blockchain technology apparently caters to extensive range of industries from online banking to e-payments, online governance to e-education, the healthcare sector, the real estate market, online shopping to insurance and traveling etc. All these industries have been reaping benefits from the advanced blockchain technology. A Brief Introduction to its Functioning The functioning of the blockchain technology is not complicated but it has its own procedure of working. As such the e-data is mainly categorized into blocks that are serially linked with the cryptographic encryption and forms a difficult mathematical patterns via a chain. Every block is linked with the earlier ones and has its own data. The new blocks can be added towards the end of the chain. It must be remembered that after adding new blocks and updating the records you will not be able to make any further changes. It is nearly next to impossible for a person penetrating into the technology via illegal means. Once the record is upgraded, it will be done on all systems at the same time. So, if hacking is done the concerned hacker will be unsuccessful as it will not follow his orders. The Advantages of Blockchain Technology So now that we are familiar with the working process of the blockchain technology, we can divert the attention to discuss some of its pros: Blockchain technology helps to save the cost of transaction which we have pay when doing internet banking. There are no chances of breakdown or loss of internet connection in case of blockchain. Therefore, is fully reliable and durable as it has decentralized networks. There is no risk associated with hacking and it is free from malicious attacks. The users have the actual control and power with respect transaction related information. The cost of transaction is free or very nominal There is no involvement of any third party and so that raises the bar of trustworthiness. The transparency factor is also maintained since anyone can see the change occurring in the public blockchain. The changes cannot be altered or erased. The transactions take place at a quick pace. All transactions are added into a single ledger, which avoids complexity. How is Blockchain Useful for Finance Industry? As we have emphasized on a few vital points that highlight the benefits of blockchain technology, we will perceive how it is beneficial for the finance industry: Concept of Smart Contact This is not a new term in the business world but was introduced way back in 1990. The contacts are basically self-implemented and the advantage that blockchain offers is making them safe and secured. Anyone can access these contacts around the world. It also eliminates the obstacles generally associated with the middlemen as here you have to only pay a fee and that goes into the chain and you have to unlock the front door with the help of electronic key-code. Supply Chain The blockchain has also eased out the process of supply chain, which otherwise was a complicated affair for most of the organizations. The technology helps in making everything transparent from when the goods are transported, who is handling it, the shipping costs, when it is expected to reach – all these information can be easily accessed in a single go. Pay Easily in International Currency Payment in foreign currency has always been a big challenge for most of the business organizations and if you taking the help of PayPal or Braintree, then the fees is high. But thanks to the blockchain technology, much of this problem has been sorted out as the fee is very low and many companies including Etch pay their employees in bitcoins. Benefit of Stock Trading Stock Trading has been identified as one of the difficult tasks because it is time consuming as well as a risky affair. However, the blockchain technology has come to the rescue of the share traders offering automated and secured solutions. Thus, even the much popular stock markets has got the blessings of this technology. How has the Bitcoin and Cryptocurrency Influenced the Financial Sector? We already are acquainted with the fact that the blockchain technology is the driving force behind bitcoin or the cryptocurrency and since its inception in 2009, it has emphatically and vastly influenced the financial sector and various economies. As such a number of companies are conducting daily transactions using the cryptocurrency and the bitcoin wallet app, which they consider far simpler than going for the traditional payment methods. Precisely, if they are using the bitcoin wallet app, they don’t even need the support of the third parties. In addition, there is freedom from all sorts of control and regulation and there will be no effect even if there is inflation in the market. Quite similar to the blockchain technology, the bitcoin wallet apps are more secured because of

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BlockChain is a Worthy Asset for the Mobile App Developers: Let’s Discuss

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When we talk about the Blockchain technology, the word cryptocurrency instantly comes into the minds. So, if we want to know about the Blockchain technology and its usefulness to the application developers, then it would be worthy to discuss something about bitcoin technology. Eventually, the Blockchain technology was created as a public ledger to store all the digital transactions. However, how would you define its utility for the app development industry? There are a number of mobile apps which are based on bitcoin technology or have similar functionality. The Blockchain has indeed been a good rescuer for the clients, the business partners and the funds as it secures from any kind of loopholes. The Blockchain technology still has a long way to travel as many industries which haven’t used its potential. Probably they went after the applications, which weren’t deemed suitable for the Blockchain and perhaps better off with the conventional databases including MySQL. To most of the people, the Blockchain technology is a kind of distributed database containing a number of blocks. The blocks contain a timestamp and cryptographic link that is connected with the earlier block. Besides that, it also contains a database that is visible to all but cannot be updated by any one user. The Blockchain technology does not need the support of middlemen or third party to conduct the transactions. One of the vital features of the Blockchain is that it is based on peer-to-peer payment architecture rather than server-based architecture. When we talk about how Blockchain can be useful to the app developers, the fact remains how they are reaping its benefit. So, usually if the app developer is developing apps similar to that of bitcoin, then the Blockchain technology will be more than handy. Thus, if you want to reap full benefits of the Blockchain, then it would be viable to be familiar with the functionality of the bitcoin. Once you develop the understanding of how bitcoin works, your task will become much easier. First things first, the app developer has to create an architecture for incorporating the peer-to-peer pseudonymous electronic cash system, without which it will be difficult for him to develop an app like the bitcoin. The app designs will also be quite different. However, do not go for the true copy same as bitcoin because the requirements for your app may be different and you won’t be able to use the blockchains properly. The Use of Blockchain’s Distributed Database Application The Blockchain has a distributed database, which is a good news for the app developers. The fact that they run via networked computers and set up the coordination by passing the message. The message either gets coded between instances of the application or it uses a shared memory. One of the major benefits of distributed databases is that they are readily available and secondly function better in comparison to the non-distributed applications; specifically when there is network failure. However, the app developer needs to be very careful as it is a difficult job to store data in the distributed database. This is because you cannot be sure that if there is an update at one of the part, it will not have an impact on the other part of the distributed system. Another challenge that might prop is when the user spends the same bitcoin twice or more and the bitcoin blockchain will record the transaction. In that case, the bitcoin loses its consistency. This is one drawback of the distributed nature of the Blockchain that bitcoin does not stay consistent. Now the blockchain developer can also incorporate the Blockchain technology if the bitcoin users make a compromise on whether a particular transaction occurred or not. This type of agreement is common today and takes place in the databases. You need to develop some knowledge of the functionality of the database. Developing the Distributed Applications a Tough Ask The developers should be aware that developing the distributed application isn’t a cake walk and can pose a tricky situation. You need to test and debug the software so that it can run on a single system. Quite often due to a bug is known as heisenbug, the computer operation may change its behavior specifically during the testing process. So, better be ready for it. Another type of bugs that you might have to meet include mandelbugs and schrödinbugs, which can create problems such as the abstract behavior of computer and unexpected behavior during unconventional use of an application. No doubt that these types of bugs can prove frustrating both in distributed and non-distributed application. The summary of the discussion is while using Blockchain for the application, you should get ready to deal with these kinds of difficulties. The Appropriateness of Blockchain Transactions including Legality Whatever transactions getting carried out must be done through a legitimate and legal channel such as government agencies. The examples of these include payment through bank accounts. On the contrary, since the Blockchain is free from government control and regulations, the bitcoin implementation does not enjoy the same level of legal support. So, the lawyers had to do the painstaking job of developing a legal framework for the business process and use of public-key infrastructure (PKI). On the other hand, the controls related to the documents are mentioned in Certificate Policy and a Certificate Practices Statement. However, the policies associated with the legal considerations is not very clear. You cannot assume that the data will be accurate because it appeared with the Blockchain. The verification of bitcoin transactions are easier and each of the transaction gets verified before they are added to bitcoin blockchain. However, if it is some other application, the same task will become tough. But the job here is half done. The developer has to complete two tasks; validates the data to be written on the Blockchain and write the validated data to the Blockchain. Conclusion The Blockchain technology is quite handy for the app developers as it helps in developing new business

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The Blockchain Technology is Fueling the Insurance Industry

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One has witnessed a huge leap in the insurance sector over the years. And with innovative technology such as the Blockchain disrupting it furthermore, it would scale to new heights in the years to approach. According to a research, it has already turned out to become the largest industry worldwide with a market share of $1.2 trillion and still counting. The Blockchain technology has started to fuel a number of industries and the insurance sector is reaping benefits from it. We have seen in the past how people claim for false insurance because of which the insurance companies had to incur huge loses. If we perceive from the customer’s viewpoint, then claiming for an insurance policy has always been one of the daunting tasks. Moreover, the customers complain that insurance companies often delay in making the payment. So, the Blockchain Solutions is rightfully there to sort out such issues. Blockchain is a distributed peer-to-peer ledger records which are known as the blocks. Every block is connected with the previous one using a highly secured cryptography that is virtually incorruptible. The blocks even have a time and date stamp recording the transactions between two parties with no involvement of any other person. The advantage with Blockchain is that it is free from controls and all sorts of regulations, plus it also maintains the transparency; means anyone can view the records of the transaction since it is stored in each of the nodes within the network. Therefore, let’s now analyze how the Blockchain is disrupting the insurance sector: Solving the Problem of Claim Process I have already mentioned clear that insurance claim process has been a problematic area for both the company and the customer. Often the consumers faced problems related to delay in payout because the companies try to drag it unnecessarily. There is no transparency factor and the process is also quite complicated. However, ever since the arrival of Blockchain technology there has been visible changes. The introduction of Smart Contracts has brought a huge relief for the user as it a contract developed on the basis of Blockchain. In this process of Smart Contracts, the rules and regulations are laid beforehand and which needs to be strictly followed, failing which you cannot precede further. Often the insurance companies add such long and perplexing clauses that are difficult to understand and if the customer is not aware of it, the company may deny making the payment. But in an insurance contract, the clauses are clearly defined and recorded in the Blockchain that both parties agree upon. So, following all the events and meeting with the entire terms and conditions, the payment is done to the policyholder. Since no third party is involved in Blockchain, so it cannot take any undue advantage of a situation. Even you can make automatic insurance claim and you don’t have to involve any other person in the process. The entire process is fast, accurate and transparent. This has indeed helped a great deal to get property or vehicle insurance. Securing from Fraud Claims We hear about fraud insurance claims a number of times and it was a difficult asks for the companies to find out which were genuine and which wasn’t. But all thanks to the advanced Blockchain technology, it has been really a savior. In fact, one of the major reasons why most of the insurance companies have already began putting money into this technology is to identify the fraud claims. Top US investigating agency Federal Bureau of Investigation (FBI) has stated its report that about five to ten percent of all insurance claims are false. As a result the insurance companies have to incur a loss of about $40 billion a year. Now, how does the Blockchain help? Primarily it helps in maintaining a cross-industry registry of the policyholder. This actually is used in verifying the details of the person and also scrutinizing his files and documents. The Blockchain will check whether the person is holding any other past policy or not and if he is involved in any sort of illicit activity regarding claims previously. The distributed ledger of the Blockchain is nearly impossible to change and so it also provides authenticity. In addition, you can also make use of the Blockverify, which helps in keeping a vigil on the goods and items such as medicines, automobile accessories, and luxury items etc. The company will be able to detect precisely whether the goods have been stolen or manhandled or even duplicated. The Blockchain will keep a record of each of the goods and so nobody can claim false insurance in case of any damage. Enhancing the Trust Factor of the Users When it comes to building the trust on the insurance companies, we do not get a very good picture on that front. One of the key reasons is because there is a lack of transparency element in that sector. For instance, only 17% people in California have enrolled for earthquake insurance although the region falls in high earthquake prone area and loss of lives are quite huge. Moreover, the consumers often remain in dark as to what do the insurance companies do with their invested money. Yet again, it is the Blockchain that comes to the rescue and ensures a bolstering trust between the customers and the company. We know that Blockchain is basically a shared or distributed ledger and so everything is transparent here. The policyholders are aware about how the company is dealing with their amount. So, once they get the knowledge, they would be comfortable and sure that their money has gone into the right channel. Protecting the Leakage of Private Data There is always a sense apprehension amongst the policyholders regarding whether their private and confidential data would remain secured with the insurance companies. Apart from that, if a person switches the insurance company, then it becomes a tough task to get the coverage and data transfer. Blockchain is there to offer a robust security and

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The Current Blockchain Development Trends of 2022 that will Remain in Focus

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Soon after the introduction of bitcoin in 2009, we have witnessed several other cryptocurrencies making their way out in the center. And with that the Blockchain technology has certain revolution in the digital currencies. With the passage of time, the Blockchain is ascending one step further up providing new incentives and opportunities to the financial sector and corporate world. According to a study, about two-third of the companies has said would be integrating the Blockchain technology by the end of this year. The Distributed Ledger Technology (DLT) is offering the strength and impetus to a number of industries apart from the finance and so the tech giants have already began working to upgrade this technology a little further away. The previous years has been highly successful as we saw many renowned companies such as Microsoft, Oracle and IBM launching the cloud-based Blockchain services in October. The upsurge in the number of Blockchain-based application is merely indicating its bright prospect in the future. In fact, the Blockchain technology has given rise to the Initial Coin Offering (ICO), which is a fundraising tool helping in the transaction of future crypto coins in exchange of the cryptocurrencies. Current Blockchain Development Trends The ICOs have already superseded the conventional type venture capital crowdfunding models. More is expected in 2022 and within the time to arrive. So, let’s have a peep at what the current Blockchain development trends are for this year. The Blend of Blockchain with Artificial Intelligence (AI) The ones associated with mobile app development are not unfamiliar with what Artificial Intelligence (AI) is and how it has become a blockbuster in the technological arena. The basic algorithm of AI has enabled machines to perform functions that they were not programmed for. Now, just imagine if this advanced technology will shake hands with Blockchain, what the outcome would be. The question is how the Blockchain will further boost the AI and increase its potential to the fullest. We are aware that machines in order to offer its maximum output value and capacity, needs to have an access to the big data. The bulk of the big data is mainly available for the mainstream and is reserved for the analytics. Therefore, if you want to exchangethis data economically and hassle-free, the Blockchain would play a major role. The Blockchain technology is known for its robust security and so the big data providers don’t have to worry on that front. They can easily link up with the AI developers. This rather helps in the development of complex machine learning algorithms and devices can access the data for achieving artificial sentience. The Impact on Internet of Things (IoT) If the reports of the International Data Corporation (IDC) are to be believed, 20% of all IoT based industries will implement the basic level of Blockchain technology by 2019. In fact, the experts also believe that Blockchain along with Internet of Things will see the surge in the automated insurance policies. Furthermore, Blockchain will become a vital asset in the third generation security. One also cannot deny the fact that both these technologies will take the industries to a higher level as time progresses. Now talking from the digital transaction point of view, besides becoming securer, the speed becomes faster and also affordable. The business is also said to become automated and it will simplify the complicated centralized IT infrastructure. If this is not all then the micro-transactions also would be mechanized. The IoT is said to be more fortified. Blockchain Predicted to Become its Own Asset Tracking Tool The experts also believe that within the years to come, the tokenization process in Blockchain technology will gain abundance. If you want to spell it out then it is simply using the Blockchain tokens or coins that signify a few particular assets. Well, this is a game-changing trend in Blockchain for sure. As the token can be used to track an asset when it comes out from the supply chain, similarly, the tokens here are significantly used for representing the liquid assets in traditional currencies. Here there is no exchange risks involved due to Blockchain solutions. Blockchain Network to Integrate the Rule of Law The Smart Contract is closely connected with Blockchain and bitcoin. The Smart Contract is a code stored in computed and primarily used for automating the business operation process. So, for business firms looking to control the Blockchain solutions, this tool will become more prominent and can be used as productivity enablers. However, in order to resolve any dispute or disagreement between the two parties, the Blockchain is trying to enforce the rule of law. This is mainly because it is a decentralized currency and has got no authority. The two business groups will have to agree to certain rules before joining the Blockchain network. However, nothing conclusive has been found on how to enforce the laws. Moving from the Pilot to Production According to the experts, the Blockchain was getting focus mainly on the pilot projects. However, the fact was that some were getting dumped and others progressed to the production stage. So, the Blockchain is going to help the enterprises further in deciding what technology needs to be implemented to increase the value of the project. Blockchain a Boon for an Array of Industries Blockchain is bolstering a number of industries and the financial as well as the insurance sectors are the two most key areas. The transaction will become much easier with the help and advancement in smart contract. Apart from that, it also assists in supply chain and payment in international currency. The insurance sector is going to reap huge benefits from Blockchain. The Blockchain will make the process of claim settlement very simple. Plus, there will be no fraud claims. The trust factor of the users will increase and much more. The government, the education, transport and healthcare industry will also take benefit of Blockchain technology. Asia and Middle East to be Big Blockchain Markets As per the prediction and

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How is the Blockchain Technology Disrupting the Real Estate Industry

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The Blockchain has literally transformed the facets of an array of industries and the real estate sector is not lacking behind in maximizing the gains from this innovative technology. The real estate sector is booming and according to one of the stats available, about 210,000 companies operating in residential brokerage and management generated $200 billion of revenue. As of now, the terms of the real estate market were usually dictated by the large corporate houses and influential property owners. However, as Blockchain technology disrupts the real estate industry with impactful power such as increasing the speed of transactions, bringing in more efficiency in terms of transparency, reducing the heftiness of paper works and others. We can already witness the vital changes as a number of real estate companies like the RealtyShares have started to accept bitcoin as a medium of payment that not only increases the speed, but also reduces the transaction charges. This surely is a positive indication and it is being estimated that many other real estate agents will join that list very soon. The Blockchain is a peer-to-peer ledger system based on the encrypted technology that records the transactions or blocks Here each of the blocks are connected with one other that are immutable, meaning it cannot be modified or deleted. There is no presence of third-party during the transaction and it remains free from all sorts of controls and regulations. Blockchain Eliminates the Possibilities of Middlemen So, far middlemen or intermediary played an important role in the real estate sector for finalizing a deal between two parties. When you think of buying or investing in a property, you always had to deal with brokers who would take a good share for the services offered. However, enter the Blockchain technology and you won’t find these middlemen or brokers anymore within the scene. This is because you are paying or receiving money in terms of cryptocurrency such as Bitcoin or Ethereum for buying or selling the property. So, you don’t have to pay brokerage or the extra fees for finalizing the deal. Cost Effective and Validation Yes, it’s true; you can save a lot of bucks by using the Blockchain technology for conducing transactions. We have seen earlier how Blockchain has eliminated the middlemen and allow you to be cost effective as you don’t have to pay anything extra. The transactions conducted by means of cryptocurrency are highly secure and the validation process establishes the trust factor. Reducing the Cases of Forgery in Real Estate We come across a number of incidents where people resort to unethical practices in real estate so as to illegally grab the property. In fact, it has become a common practice of producing fake or false documents claiming that a person is the owner of the property but he is not actually. Well, there are various ways through which a person can produce forged documents and it is easier too. But then you have Blockchain, which has come as the biggest rescuer of the genuine property owners, buyers or sellers. It is full-proof evidence that you have purchased or sold a property with proofs of ownership, exchange and transaction. Moreover, it has also replaced the paper works with the digital document taking the trust factor to the next level. What it does is it uploads the title documentation to the Blockchain network so that other users can view and verify it accordingly. This indeed, is a substantial proof that you are the actual owner of the property. Maintaining Transparency through Smart Contracts Only a handful of people buy a property without availing any loan or any other mortgage process while the rest of the buyers and investors usually apply for home loans. And you are well aware of how harrowing the entire procedure is. It takes a long time until your loan application gets processed and then the amount is sanctioned. However, the Blockchain technology offers the facility of Smart Contracts that can actually simplify the whole process. But if you think that developing the smart contract is a piece of cake, then you may have to reconsider the decision. It is best recommended to avail the services of experienced Blockchain developers to do the job. Now how does it help or work? The Smart Contract allows you to develop a digital ID for the concerned property either as a buyer or seller. This makes the transfer of the ownership much easier, faster and smoother. In addition, the smart contract also helps in monitoring the transaction process. Yet another benefit is that they cannot be changed, deleted or tampered as they are permanently stored on the Blockchain real estate. So, ultimately the process of applying for the loan or mortgage also becomes much simpler; all credit goes to this new technology. You can dream of owning your own home without undergoing any hectic formalities. The Benefit of Liquidity The Blockchain technology has also enabled the investor to sell the shares of property much more efficiently and at affordable prices. In fact, you can even convert an asset into marketable securities for the fraction of what it could cost previously. Today, home equity has gained more liquidity. Liquidity allows you to come in and out of an investment easily. It has become prominent in the real estate sector as most of the investors have to wait for too long with no liquidity. However, the Blockchain has tried to resolve this issue letting the investors change their portfolio according to the situation of the market. As such the long wait is over now on investments as the Blockchain offers a much wider scope. This is due to the fact that the flow of capital would become easier. The investors won’t get into a tricky situation and they take decisions much more easily whether to buy or sell the property. The capital flow across borders would also open the gates for international markets. Ensuring Reliable Voting The Blockchain technology also ensures that voting done in

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