Applications of Blockchain
Blockchain is a new technology and hence it has a lot of undiscovered areas. The impact rate of blockchain technologies on the existing marketplace is around 25%. Due to the adaptability and innovativeness of blockchain applications it has become the buzzword of the modern world. The most widely used practical implementation is in cryptocurrencies and digital identity management. Various other applications are discussed below.
Blockchain in Online Marketing
Advertising has changed a great deal in the previous decade, yet it is going to experience another development, thanks in enormous part to blockchain. Truly, while a large portion of us partner advanced advertising with things like AI and examination, blockchain might be the most troublesome innovation yet to hit advertisers in each industry. Blockchain is changing advanced advertising, and you might be astonished who will profit.
As the computerized world is moving toward AI and AI advertising has hit a significant storm, all credit goes to blockchain. While a large portion of us were tackling our math problems utilizing the basic Pythagoras hypothesis, blockchain has changed and disturbed the progressing advanced promoting organizations.
The principal purpose for such an achievement of blockchain is that it empowers start-to-finish exchanges between two gatherings without the need for any outsider as a controller. This is accompanied by reduction of additional charges, and thus organizations which use this technology benefit.
While different innovations help legislatures and private organizations, blockchain has given the client authority and a playing field for the intensity of getting verified information back. For instance, the Brave program is another sort of program that has changed the manner in which clients cooperate with adverts. Rather than just filling the entire screen with entries, clients opt into survey promotions and get Basic Attention Tokens (BATs) for the advertisements with which they cooperate which basically builds the profitability of the advert organizations and the client can also freely decide to quit. This sort of thinking has changed the understanding of clients and has given them the perfect amount of room for their information which helps both the client and the organization itself. We need these sort of creative thoughts that invades somebody’s close-to-home space yet takes care of the issue .
FIGURE 6.11 End-to-end user server interaction.
Another blockchain-based innovation, Blockstack, is made to ensure the advanced privileges of the clients by making another sort of decentralized organization for clients which does not divulge their information to different information-hungry organizations.
Finally it is true that if you are in marketing industry you might not love this concept at first but as it grows in the upcoming years and becomes the next go-to thing it can lead to much more profitable businesses and happy customers. So using it might be the best possible aspect for growing companies.
So we should say hello to transparency, and goodbye to spying companies.
Blockchain and Machine Learning
Well these days everybody thinks about AI; even a multi-year old youngster can give to you a couple of examples. This interesting issue has changed product firms altogether, and this can likewise be utilized joined at the hip with blockchain innovations. It can expand security for encryption, it can test for blunders during exchanges and significantly more tasks that require a large number of calculations and time.
The models of AI can be applied to any application containing an immense measure of information and time span in which the model can be prepared to give ideal outcomes to the client.
Let us take our current brought together data management system, explicitly the ones that gather and store a great deal of information, for example, Google or Instagram; these organizations store their information in significant servers and one way or another a small amount of information becomes mixed up in the stack heap. Information being the most important thing these organizations take major aggressive stands over one another. Subsequently utilizing a decentralized system may disturb this challenge since AI models will upgrade and tackle the information putting away issue and blockchain will give the client all the authority over their information .
AI + BLOCKCHAIN = BETTER MODELS
Let us envision a spot with decentralized frameworks administered by AI models. How simple it would be for the client to enter and associate with the framework and get the ideal outcome at a moment.
A genuine guide to examine the impacts of AI on blockchain systems can be spam location. Let us state that you have more than a large number of messages in your decentralized post box and not many of them are utilized by programmers for phishing or different purposes. For this situation, the utilization of a blockchain is huge as we trade a great deal of data about the occasions and subsequently it will thus expand the precision and learning capacities of the AI model for foreseeing a bothersome occasion by utilizing past information given to it. Thus one can endure a computerized assault from a programmer utilizing AI and thus the profitability increments.
This prompts the conclusion that AI has a great deal of favorable circumstances in the event that we use it with blockchain frameworks.
One can use it to improve
- • Storage - Teaching the machine the best possible way to store data will result in faster transactions and hence blockchain systems will get much more speed.
- • Security - Giving the machine learning models the task to find the encryption algorithms and handling the security of massive transactions will lead to a major increase in security of systems and greatly improve blockchains.
Blockchain and Decentralized Web Network
Digital forms of money furnish individuals over the globe with instant, secure, and frictionless cash, and blockchains give a lasting record stockpiling to their exchanges. Earlier frameworks expected clients to confide in a focal position that the fiscal stockpile and installment move will not be tampered with. Blockchain advancements out of date this strategy for installment move by giving a trustless domain so that there is never again a need to depend on an outsider to guarantee your installment moves, along these lines making a person-to-person (peer-to-peer) condition.
The very meaning of blockchain says that it is a decentralized record that can store data safely and permanently, using cryptographic encryption and hashing. In any case, it appears actually, the word ‘decentralized’ is one way or another restricted uniquely to the definition. A great many blockchains out there in the market utilize unified systems .
Nobody controls blockchains and they do not have the infrastructural main issue of disappointment. Henceforth, they are politically and structurally decentralized. Be that as it may, they are coherently incorporated since they carry on like a solitary PC.
Be that as it may, regardless of whether we pass by the above definition, are blockchains as they are today decentralized?
Anyway, that implies unified blockchains are bad?
Not really, and this is on the grounds that blockchains fill different needs, and these may expect them to be concentrated.
As indicated by the Crytpoasset Taxonomy Report, just 16% of digital forms of money are completely decentralized. The different digital forms of money looked into are either brought together, or just semi-decentralized. Just 9% of every utility token was seen as adequately decentralized and just 7% of money related resources; for example, those conceived from beginning coin contributions are decentralized. Digital forms of money, for example, Bitcoin, Litecoin, Stellar that act fundamentally as a methods for installment are among the most decentralized sorts of crypto resources, as per the report.
While the first digital money—bitcoin—was intended to be decentralized and removing the control of governments, a few specialists guarantee that even bitcoin cannot be named as completely decentralized since most of the bitcoin miners are from China.
It is regularly said that blockchain can be considered as another ‘layer of trust’, that is being included ‘on top’ of the web. This is valid from multiple points of view. Much the same as the web takes into account immediate and prompt trade of data and information, the blockchain takes into consideration immediate and quick trade of significant worth without a concentrated and believed outsider or middlemen. The term ‘trust’ can be comprehended in the broadest sense: cash, property, licenses, commitment, notoriety, time, work, and so forth. Though the web required brought together and believed foundations so as to guarantee the respectability and authenticity of exchanges and the exchange of significant worth, blockchain systems will assume control over this job starting now and into the foreseeable future.
Over more than fifteen years, exchange went on the web and social communications in the broadest sense have moved into the cloud. Most organizations offer administrations or access to products through applications on the web. In any case, the business rationale of concentrated administrations on the web and of organic market of internet business has prompted a gathering of intensity and control by a set number of organizations. They acknowledged and took care of installments and account holders the executives, kept up a stage administration or gave access to administrations, substance and merchandise or sorted out coordinations and satisfaction.
It appears to be very clear and authentic that organizations need control; not only to play out their business exercises, but also for lawful reasons. With offering and running applications, interfacing individuals or keeping up budgetary or different business exchanges, come legitimate duties and commitments. Most organizations need to know their clients and have the ability to bar people from their administrations or decline to offer to them in any case. Clients, then again, trust known and set up brands with their cash, information and security. Much of the time they value their administrations. In different cases they rely upon them, similar to w'hen gaining admittance to a ledger.
Thinking about the upsides and drawbacks of brought-together administrations on the web, their duties and power uncover a somewhat sensitive and delicate foundation. It is no occurrence that blockchain and dispersed record advances show' up on the business scene when the defects of the current brought-together set-up are dwarfing its advantages. Proof for this can be found by taking a look at the financial part, online business or web-based life stages: trust is a value that does not stick, yet must be earned and supported in a repeating w'ay. What is more, this is the place blockchain becomes possibly the most important factor.
Blockchain can possibly disturb the intensity of brought-together organizations, organizations and stages simultaneously. As decentralized business develops, new stages w'ill emerge that will work totally extraordinary in various manners. Rather than taking care of and encouraging exchanges through their concentrated records, they w'ill bolster shared exchanges w'ith different digital forms of money or tokens on various blockchains. Rather than depending on the power and notoriety of known and trusted undertakings and its brands, exchanges will be founded on ‘trustless trust’, which is built up on the blockchain. No outsiders will be expected to direct exchange any more, no banks will be required for clearing budgetary exchanges or the exchange of significant worth. Universal deals will be conceivable without national money transformations. Exchanges will be borderless, consentless and oversight safe. What is more, nonetheless, rather than depending on unified administrations to ensure access to substance, data or information, clients will in the long run be responsible for their records and become genuine proprietors of their benefits.
Why Blockchain is Taking over the Internet
Another year has started. Thinking back to 2017 it was really a wild ride on the crypto rollercoaster. Alt coins experienced huge development and consideration. Some portion of this can be credited to bitcoin’s wild ride ever highs, trailed by huge remedies. Fortunately, ideally, this is behind us.
Maybe bitcoin was the symbol of atonement. Maybe, the ideal specimen. What bitcoin most certainly did, was acquaint digital currency and the blockchain with the world. Regardless of whether individuals got it or not, they threw cash at it. Right up till the present time trades still have shortlists for new clients, institutional cash is gradually crawling into the market, and the deluge of capital does not seem, by all accounts, to be easing back at any point in the near future.
Since the start of 2017 the business has seen some crazy development.
Bitcoin advertise top $18 bil —> $736 bil [USD]
Complete advertise top (barring bitcoin) $2 bil —► $481 bil [USD]
Without precedent for history this gives the whole digital currency / blockchain industry a market top well over $1 trillion dollars!
Something intriguing that you may have seen from the qualities above is that the remainder of the business is developing (as far as market top) impressively quicker than bitcoin. Actually, in 2017 the remainder of the business became six times quicker than bitcoin.
To jump somewhat deeper, we can take a look at the level of complete market top of bitcoin contrasted with the remainder of the business. Since December 1, 2017 bitcoin’s share of the overall industry has diminished from 55% to around 33% which has given path for many other blockchain advantages for break into the space.
If I were a betting man, in 2018 I would hope to see Ethereum surpass bitcoin concerning share of the overall industry. Without question, Ethereum will keep on beating bitcoin to the extent the group and innovation goes. Bitcoin’s administration issues, hesitance to develop, and amazingly high expenses may simply lead it to its downfall.
This being stated, I do not think bitcoin is going to bite the dust totally. Bitcoin will never kick the bucket. What is more, for the situation that it does, at that point at any rate it w'ill be prevailing by its hard-forked posterity, Bitcoin Cash. Which, I would make reference to, has an undeniable possibility and surpassing Old Man Bitcoin.
Blockchain innovation self-discipline Web 3.0, which I will allude to as ‘the new internet’.
A computerized cash is an extraordinary confirmation of idea for blockchain innovation, yet without a doubt, it is one of the most fascinating. Blockchain innovation is genuinely very astonishing, and every day we are seeing new, imaginative organizations shaping. As it at present stands, the extent that I am concerned, the market is broken into three segments.
- 1. Cryptographic money (Bitcoin, Litecoin, Ripple)
- 2. Stage (Ethereum, NEO, IOTA)
- 3. Utility Token (TRON, EOS, Status)
Up to this point, the spotlight has been fundamentally on digital currencies; however, I feel that in 2018 the stage and utility tokens will turn into the core interest. Both of these parts, all the more explicitly the stage, are vital on the grounds that they help characterize the up and coming age of web. This up and coming age of web, or Web 3.0., will be contained a stack a lot of like the following:
- 1. A decentralized exchange layer. (Ethereum — being the most grounded)
- 2. A decentralized document stockpiling layer (IPFS and Swarm)
- 3. A decentralized informing layer (Matrix or Whisper)
- 4. A high throughput registering asset (Golem)
As should be obvious, the principal part of the riddle is the exchange layer, or as referenced over, the stage. The main blockchain stage will be the essential structure hinder for the new web, and as the present fight goes, Ethereum is winning.
With the entirety of this stated, it will be an extremely intriguing year. Decentralized applications will keep on flooding into the market, and we may see the stage for the web of things to come harden itself inside the market. Get your popcorn, it will energize.
In this chapter, we began with a brief introduction of blockchain. We went through the basic concepts which form the base of this technology. Then we went through Ethereum, a platform for implementing Decentralized Applications (Dapps). Further, we discussed the applications of blockchain and how it is gradually taking over all the major fields.
Blockchain is basically a distributed ledger which works on top of a peer-to-peer network. It can be used to track anything of value in such a way that information is difficult to tamper with. As the name suggests, blockchain is a chain of blocks where every block has a cryptographic hash of the previous block, a timestamp and transaction data. The concept of hashing and consensus algorithm makes data resistant to modification. Then we discussed a comparison of transaction without blockchain and transaction involving blockchain, with the help of an example. Then we had a brief introduction of the key concepts responsible for the success of this technology such as decentralization, consensus, immutability, security and reliability. We saw how the idea of blockchain emerged in 1991 when Stuart Haber and W. Scott
Stornetta tried to create a system to prevent tampering of time-stamped documents. However, blockchain finally came into existence in 2008 due to Satoshi Nakamoto’s white paper “Bitcoin: A Peer-to-Peer Electronic Cash System”. For implementing blockchain, we need to be familiar with its key attributes. Some of the prerequisites for blockchain development include knowledge of one or more object-oriented programming languages and basic understanding of topics like cryptography and data structures. We then discussed consensus algorithms and how they provide a mechanism to reach an agreement among nodes in the blockchain network. Now since blockchain is difficult to implement from scratch and even more difficult to test due to the requirement of blockchain accounts and currencies, we can use tools and platforms which ease the process of blockchain development.
After discussing blockchain in detail we discussed Ethereum, its future and technologies associated with it. Ethereum was launched in 2015 and is a blockchain open-source software platform that uses its own cryptocurrency ether. It enables the creation and implementation of Smart Contracts and Distributed Applications (“Dapps”) without time consuming, fraud, scrutiny or third-party intrusion. Ethereum is not just a platform, but a programming language (Turing Complete) that works on the blockchain, helping developers to create and publish distributed applications. In Ethereum transactions are based on smart contracts which are like normal contracts but are also autonomous in nature. These transactions are executed in Ethereum Virtual Machine or EVM just like Java-JVM. Each machine in the network or internet on which EVM instance is active and listening to method calls is known as node. Every transaction request is mined on all nodes. This virtually makes the Ethereum network a distributed supercomputer. The smart contracts which are used in Ethereum are generally written in solidity language. Smart contracts can be created using Golang, Lisk, etc. A Smart contract is essentially a protocol to digitally facilitate, verify and enforce the negotiation or performance of a contract.
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