Cryptocurrency and Software Development- How The Two Mash Up to Create Major Change

Posted on August 31, 2018
Kevin Bell

Cryptocurrencies have clearly seen their fair share of ups and downs. From USA to Japan, every country has now looked into these and formed its stance on regulating them; after all, every single investor in the world looking for new avenues has looked into cryptocurrencies as an opportunity. Bitcoin and Ethereum have been at the forefront of the crypto wild ride, having a market cap of $100 billion and $45 billion respectively.

The ones who wanted to speculate upon cryptocurrencies speculated and either went on winning big or losing big. Jamie Dimon, the CEO of JP Morgan, was clearly against cryptocurrencies for a long period of time but in 2018 even he changed his opinion. USA saw its first legitimate acceptance of financial instruments based on cryptocurrencies. All in all, no one can accurately predict the upside or downside of Bitcoin and Ethereum but cryptocurrencies are here to stay in some or the other form.

While the speculators were busy studying the upward and downward trends, the intelligent investors looked into understanding the cryptocurrencies and the technology behind them. Each of these cryptocurrencies is based on blockchain. The simplest way of defining blockchain would to be call it an encrypted public ledge which records every transaction between the parties involved.

Bitcoin serves as token on this network while Ethereum serves as a smart contract. Beyond these applications, Blockchain Solutions provide highly sophisticated utility in several key areas of business and administration:

1. Encrypted public ledgers for banks, financial institutions and capital markets: Blockchain technology can serve as a huge support system for financial institutions looking into both running, leveraging and regulating financial markets. Stock exchanges can use these systems for maintaining real time data of listed companies, banks can use financial transactions in encrypted mode for better credit ratings thereby increasing their lending activities. Finally, the market regulators like SEC (USA) or SEBI (India) can use encrypted public ledgers to see the upcoming trends in the capital markets and look for any discrepancies.

2. Enterprise software upon a blockchain network for operational management: Blockchain application development can seem very complex at its core but it can have great impact on the daily running of a company. One of the key developments in the software development industry have been the ERP systems which help behemoth organizations run with startup like efficiency rates. That said, these ERP systems are usually lagging and expensive. If the same ERP systems are made over a blockchain network, they can provide real time data and analysis to the top management based on even the minutest of transactions occurring on a daily basis.

3. Blockchain for government bodies: Those who believe that blockchain can only work for private organizations looking forward to adapting, you couldn’t be more distant from reality. Blockchain as a network can be of great value to any set up which has a humongous amount of data being added, removed or altered on a very regular basis and one which involves a big number of participants. Hence, any system falling in these criterion can leverage blockchain for its benefits, including government bodies. For instance, with the help of a very sophisticated set of blockchain developer the administration of Visakhapatnam, a port city in India, is working towards creating a blockchain based network of real estate records. This way, the data shall remain available, safe and accessible.

With advancements in blockchain, software development will have to shift towards more collaborating approaches like agile development, over the more rule based approaches. Hence, blockchain will only foster avenues for innovation and opportunities for software developers.

Blockchain Technology- The trends that are going to rule in 2018

Posted on April 11, 2018
Kevin Bell

In the world of technology, the buzz around blockchain has seen an inordinate increase in the past few years. And if you have still not heard of this term, then you will definitely soon! Having been regarded as a technological novelty for a long time, blockchain is evolving with all speed, and may soon emerge as an operational tool on a global scale.

 Of all, trade finance is one of the most interesting areas that blockchain is seeking to address. Blockchain holds a great potential to further amplify financial inclusion to some of the remotest corners of the world. And, it is not only the financial sector that is to be affected by blockchain solutions, the technology is here to stay and shape various other domains as well. Here is what the future of blockchain technology will be in 2018 and years to come.

 Understanding Blockchain: What is the Technology All About?

 Prior to understanding what will be the future of blockchain technology in 2018, it is to be first understood what blockchain really is. In a single sentence, it is essentially a digital ledger of transactions that is incorruptible.

 In the words of a layman, blockchain can be understood as a large decentralized spreadsheet that securely records the transactions. Cryptographic algorithm serves as the means of security for the ownership and transactions which are stored in data blocks. As the blocks are linked to each other, the technology is known as Blockchain.

 Blockchain Trends that are Very Likely to Rule in 2018

 2017 was a great year for blockchain app development. Since then, there has been an increase in the demand of blockchain applications. The technology is all set to rule this year as well. And below are the blockchain predictions all set to rule in 2018 that every blockchain developer must definitely read.

  • Blockchain will Get its Very Own Asset-Tracking Tool: The blockchain platform is all powered by terms like ‘coins’ or ‘tokens’. When it comes to bitcoin technology, bitcoin is also regarded as the token. By making use of a token, it is ensured that it only appears at a single location at one time. Hence, it is very likely that asset management tools will be created for businesses that will be based on blockchain technology.
  • Merger with IoT (Internet of Things): It has been predicted that around 20 percent of the total deployments of IoT will be enabled by basic levels of blockchain services. So, it is clear that blockchain technology is here to stay, it is here to rule. The technology will bring various benefits when merged with IoT, for example, reducing costs, accelerating transactions, and building trust.
  • Proof-of-Stake (PoS) is Here to Rule: A consensus algorithm of Bitcoin, PoS, or proof-of-stake aims at achieving distributed consensus by deploying cryptocurrency blockchain network. And this algorithm is very likely to see a growth in its usage in order to reach the consensus in 2018.
  • Implementation of the Rule of Law by Bitcoin: If you are very much into bitcoin, then you must be definitely aware of the term ‘Smart Contract’. It is basically a program which is stored on every computer network. Smart Contract is considered as a powerful tool when it comes to automating business process operations. Bitcoin will be implementing the ‘Rule of the Law’ when parties to contract get into a dispute.

Growth in the Utilization of the proofs of ‘Zero-Knowledge: There is no denying that blockchain acts as a very powerful platform when it comes to making transactions between two groups or parties. And speaking of ‘Zero-Knowledge proof’, it discloses the veracity of a specific statement, without actually divulging any extra information yonder what it is proving. These zero-knowledge proofs will be acting as a concept in enhancing key elements like privacy and security.

So, this was all about the future of blockchain technology in 2018 and the coming years. If you are indulged in blockchain app development, then you must definitely take these into account.