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Blockchain Transaction Tested on GOMX-4 Constellation

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Blockchain Transaction Tested on GOMX-4 Constellation

According to the latest announcement, JP Morgan, an American multinational investment bank headquartered in New York City, has tested a transaction of Blockchain in space. This Blockchain transaction testing is carried out by a Danish space firm named GomSpace’s satellites.

It was reported by GomSpace that it is the world’s very first bank-led tokenized value transfer in space, executed through smart contracts on a blockchain, established between satellites orbiting the earth.

Talking about GomSpace, it is a space company that aims to be engaged for space systems and services in the global market by introducing new products depending on innovation within professional nanosatellites. 

Blockchain is a peer-to-peer, decentralized distributed ledger technology that records data in individual blocks linked to one another using cryptography. This technology is known to offer immutability, transparency, security, and privacy. 

This Discovery Opens the Opportunity to a Potential P2P Satellite Marketplace

The report announced that a Blockchain transaction was executed between two GOMX-4 satellites in the low Earth orbit (LEO), which validated the approach towards a decentralized network where communication with the earth is not required.

As private companies prepare to launch their own constellations, the report mentions that in the long term, this discovery opens the opportunity to a potential P2P satellite marketplace, allowing data transfers between satellites against payment. 

GomSpace CEO Niels Buus expressed his views regarding his team’s support for J.P. Morgan. According to Buus, he is glad to have supported them as they explored this novel use case of a space-based payment infrastructure by implementing blockchain technology.

Blockchain Era has Begun 

Gone are the days when Blockchain technology was confined to finance and cryptocurrency. Today, this technology’s potential and relevance in other areas of business are coming under the limelight. Last year in July 2020, it was announced that the first use of Blockchain in renewable energy happened in Australia.

Apart from this, recently, it was announced that Twitter has considered whether to add bitcoin to its balance sheet. 

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council. 

Blockchain Transaction Tested on GOMX-4 Constellation

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Wolfram Blockchain Labs Provides New Oracle to Tezos

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Wolfram Blockchain Labs Provides New Oracle to Tezos

According to the recent announcement, Wolfram Blockchain Labs is adding assistance for Tezos, providing a two-way interface with the Blockchain.


As per the announcement, Tezos gets a new oracle through Wolfram Blockchain Labs integration providing aid for Tezos blockchain data within the Wolfram Language. Wolfram Language is known to allow Blockchain developers to obtain analytical data from the Blockchain. 

The language is developed for sophisticated mathematical queries that evaluate smart contract operation, and the integration aims to make smart contract implementation on Tezos simpler.

Today, Wolfram Blockchain Labs appears to be one of the most dynamic Blockchain tech companies.

Wolfram Blockchain has Developed an Oracle for Tezos

Apart from adding support for Tezos on its platform, Wolfram Blockchain has also developed an oracle that would supply its smart contracts with data available from Wolfram Alpha. This development of oracle would make Wolfram Blockchain the third oracle provider on the network, the first being Chainlink, and the second being Harbinger.

Tezos has made several moves aimed at attracting smart contract developers and DeFi projects.

In November 2020, it was announced that Tezos is implementing a protocol upgrade that reduces smart contract gas fees by approximately 75%.

The report also mentions that Wolfram integration adds a vital component to a smart contract developer’s toolkit; still, the integration remains in its early stages and has a relatively basic set of features. 

The CEO of Wolfram Blockchain, Jon Woodard, expressed his views regarding his extended plans. According to him, he has plans to extend these capabilities in various vital areas such as analytics, computational facts delivery, and blockchain educational information.

In his words, Wolfram Blockchain Labs is also exploring the possibility of becoming a Tezos “Baker,” its term for stakers.

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council. 

Wolfram Blockchain Labs Provides New Oracle to Tezos

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Blockchain has the Potential to Fight Root Causes of Poverty

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Blockchain has the Potential to Fight Root Causes of Poverty

You must have come across various use-cases of Blockchain. Do you have any idea how this distributed ledger technology can fight the root causes of poverty? This article talks about how Blockchain can help lift poor people out of poverty in developing countries.

Table of Contents 

  • Overview 
  • General Causes for Poverty and How Blockchain can Deal with it
  • Conclusion: Is Blockchain the Solution to End Poverty?

Overview 

While various technological advancements have significantly reduced global poverty to a great extent, it is still existing. Blockchain, which is a P2P decentralized distributed ledger technology, is assumed to have the potential to create significant political, social, and economic gains for developing countries. Although a Blockchain-based database isn’t enough to solve these difficulties, it can definitely change the poor economy’s facet. 

According to NASSCOM that stands for National Association of Software and Services Companies, Blockchain-led improvement in productivity and cost reduction can create a value of around US$5 billion in the Indian economy in the next three years from now.

Interested in learning blockchain technology and become a Blockchain Expert? Check out the best online blockchain certification courses at Blockchain Council.

General Causes for Poverty and How Blockchain can Deal with it

Poor record-keeping methods and inaccurate registry are the significant challenges that make it nearly impossible for people to prove they own the land. Citizens of developing countries do not have a secure ledger to record and store their crucial information. Without the ability to verify deeds, people are unable to buy or sell their land, access loans, and other financial tools that are necessary to improve their financial position. They are still relying on third-party intermediaries for managing their documents, and therefore, their property records are typically vulnerable to inconsistencies, tampering, damage, and data loss. Lack of legal land ownership is one of the biggest causes of poverty in developing countries.

Distributed ledger technology like Blockchain can be piloted in novel ways to address such concerns. 

Using a blockchain to record transactions ensures that it is not susceptible to tampering. Since Blockchain records a clear history of modifications, including who did what and when thus records stored on the distributed ledger is virtually impossible to change. 

Using this technology for property ownership registration protects the rights of the owner and enables easy resolve of disputes, if any, prevents cheating, and makes the correct transfer of ownership after-sale possible. Thus, technology can be used to establish credit, allowing owners to open bank accounts and perform monetary transactions, thus enabling higher financial inclusion, paving the way to sound futures.

Lack of identity is another crucial issue in developing countries. According to the World Bank’s global financial index, around a quarter of the world’s population is unbanked, and due to this, people are unable to open their bank accounts and access financial services.

Blockchain can deal with this problem by providing a Blockchain-powered digital identity that could be utilized by all those who don’t have proper identification. Such identities can be used globally and hence enable poor people to access financial systems and transactions. Moreover, Blockchain-based smart contracts can also help in the verification process for availing the desired services in a truly independent manner. People no longer have to be dependent on higher-authorities for verifying their details for processing transactions.

Apart from this, Blockchain can also provide other benefits too. Like for instance, it can make the transferring of the land process easy and straightforward. Instead of relying upon central authorities like going to a public registry house to transfer their land, which costs heavily, moving the entire process onto the Blockchain can drop the cost and streamline the entire process.

Curious to learn more about the smart contract and become a Certified Smart Contract Developer? We are here to assist you.

Conclusion: Is Blockchain the Solution to End Poverty?

The living conditions of billions of people are improving, and all credit goes to advances in technology such as Blockchain. But this technology is solely not responsible for breaking the cycle of poverty. Technologies such as the IoT, 5G combined with sound economic and social policies are also the key players in this direction. Despite the promise of Blockchain, there are various fundamental challenges for its implementation. Also, bureaucrats may oppose using that technology that reduces their power and privileges.

If you are looking for the best Blockchain Certification courses, you can get enrolled in Blockchain Council and become a Certified Blockchain Developer/Expert.

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.  

Blockchain has the Potential to Fight Root Causes of Poverty

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Blockchain in 2021: Accessibility, Authenticity, and Artificial Intelligence (AI)

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With the usher of the New Year 2021, it promises a new age wave for many industries in particular, and blockchain is no different. With several studies and forecasts, the blockchain industry in 2021 offers varied promising benefits and ways more than one. The past year was a year of disruption marked with a number of challenges, making it difficult for the boats to sail. Despite the challenges, this pandemic has attained the right push it needs and is creating waves across places.

In this blog, let us focus on the latest trend in the sphere of blockchain and how they are different from the rest.

Global blockchain market size is bound to grow:

Although this was not one of the assumptions made, however, the blockchain industry is going to explode this year. Businesses around the world are seeing a growing interest to adopt the technology and further enhancing the business procedure.

With the pandemic accelerating the digital transformation in areas, global blockchain marks the list too. Hence, the market size is expected to expand from USD 3.0 Billion to USD 39.7 billion by 2025, growing at a rate of 67.3% during these four years.

Utilization of digital health credentials:

The pandemic has largely accelerated the popularity of digital health credentials allowing individuals proof of health status. This proof is offered to employers at the workplace, for travel, or even for recreational activities.

The industry is working towards initiating individuals’ control over managing their health and personal data. Thereby, we can say that Covid 19 has successfully contributed to creating an incentive for the testing providers to all work together and curate the digital infrastructure required to support the credentials. Feel free to contact blockchain development service providers and explore its potential benefits.

AI and Automation

AI and automation are helpful to unlock further value while being integrated with reliable data offered by blockchain. For example, several business modules can recommend products to be recalled from the store shelves due to expiration.

The digital record presents attractive insights into the framework behind AI and thus reduces the distrust and mystery. Several business modules can pair the two prominent technologies, AI and automation, to leverage business solutions’ efficiency. This will be highly beneficial in attaining transparent and secured data.

Increased Accessibility:

Through the passage of time, the timeline and costs to achieve a positive ROI have fallen as blockchain slowly became integrated with distinctive solutions. As a result, enterprises are largely benefitted from choices and specific present in the networks around them. Improved flexibility through hybrid cloud and the greater ability to meet demand has been successful for organizations to view value.

A shortage of staple food during the pandemic has leveraged the need for an increased supply chain visibility and resilience.

Improved Vaccine Distribution:

With the Covid vaccines slowly rolling out, the process is becoming challenging. The technology can be largely beneficial in such a sector and help offer an accurate inventory reflection, further optimizing vaccine allocation. It can further help in maintaining cold chains while aiding to combat fraudulent activities. Simultaneously, it can also bring an improved trust and efficiency to the distribution and supply of vaccines.

The vaccine distributors tend to look for technologies such as crypto anchors, which helps to mitigate the underlying problem. It does so by tying a digital identifier to an object, which is extremely difficult to clone and transfer to another. Get in touch with the right developer for blockchain app development services and curate professional application for your business.

Accelerating Inventory Digitization:

This is being benefitted through tokenization, which can also be referred to as representing the physical assets and digitally. This will offer an additional sense of security, with the next evolution being completely a digitized inventory. These inventories help increase the source of supply chains by logging the working capital while offering an increased understanding of the liquid assets. As a result, this can be beneficial in helping them make informed decisions.

The assets can limit the number of paperwork required by economic participation and effectively address the liquidity concern. With organizations on their way to increase efficiency and eliminate costs, the New Year will witness more efforts to integrate the tokens.

Conclusion:

The past year has been a challenging one; however, technologies like these help keep the boat sailing amidst all difficulties. The challenges have delivered clarity, helping efficient vaccine distribution, supply chain management, and more. Thus, as predicted before, the technology’s impact is on the soar and is expected to grow more in years to come. It is ideal to get in touch with a professional blockchain development company and discover its potential.

Blockchain in 2021: Accessibility, Authenticity, and Artificial Intelligence (AI)

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How is the Blockchain and Fashion Industry a Perfect Fit?

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If you are wondering what are the use-cases of Blockchain in the fashion industry and what its advantages are, you have landed on the right page. This article talks about the role of Blockchain in the fashion industry, also answering what the future holds for Blockchain professionals? 

Let’s delve deeper to explore. 

Table of Contents 

  • What is Blockchain Technology?
  • Ways Blockchain can Transform the Fashion Industry 
  • Wrapping Up: The Future of Blockchain

What is Blockchain Technology?

Blockchain is a peer-to-peer(P2P), decentralized distributed ledger technology that ensures that records stored cannot be forged or destroyed. The idea behind this is to provide transparency, immutability, data security, and proof that the data is secured and not altered.

Although this technology is most famous for facilitating the rise of digital currencies, there are several other non-crypto currency uses. Technocrats and Blockchain Experts believe that the technology could considerably outpace cryptocurrencies themselves in terms of its overall impact.  

Today, this distributed ledger technology is starting to be adopted by multiple industries that are keen to promote transparency, security, and ethical supply chains. One such industry is fashion. 

Are you looking for Blockchain certifications? Want to get started as a Blockchain Expert or a Blockchain Developer? Your search ends here with Blockchain Council. 

Ways Blockchain can Transform Fashion Industry

In this section, let’s explore some of the ways by which Blockchain can provide a new definition to the fashion industry.

Provide Transparency in Supply Chains 

At present majority of the supply chains are opaque. Also, the supply chain for a simple clothing item involves multiple manufacturing stages across multiple countries. 

When it comes to the fashion industry, it means it becomes difficult for brands to monitor what materials are being used while making their finished products. Here comes the role of Blockchain in tracking and maintaining a complete record of products’ journey. 

This technology can help the fashion industry to track clothes production from the raw materials to the finished product by offering complete transparency. This transparency tracking process offers producers insights into their value chain, ensuring proper third-party goods handoff and final product labeling. 

Create Solid Proofs of Use for Trademarks

Apart from the use-cases mentioned above, technology can also help in creating solid evidence of use for trademarks. Such trademarks will help in saving time as well as money in all processes that are associated with renewing and securing a trademark in case of disputes and invalidity actions.

Helps in Anti-counterfeiting

Blockchain can be helpful in combating counterfeiting through authentication of a product along with its personal history. With the help of a Blockchain-supported certification process, each new product is provided with a digital authentication certificate. In addition, it keeps track of all the individuals involved in the process where details of a particular individual item can be verified to confirm its authenticity and its location, authenticating whether the product is genuine or not.

For example, Vacheron Constantin offers a validation mechanism backed by Blockchain whereby a digital identification certificate is issued to each new watch. And every time the watch is serviced or transferred, the records are stored on a public ledger. 

Apart from this, Hugo Boss, LVMH, and many others are utilizing Blockchain technology to ensure the authenticity and traceability of luxury products and track their goods in the supply chain. 

Want to become a Certified Blockchain and Supply Chain Professional? Get started today!

Improve Efficiency and Reduces Operational Costs 

Blockchain improves efficiency by removing intermediaries from the processes due to its decentralized nature. 

By automating the entire processes for fields such as payments, real estate, etc., Blockchain saves the weeks, unlike the traditional process that would take weeks and even months to identify the material origin and supply line. 

Moreover, Blockchain can be considered a way to reduce operating costs by offering improved data processing, supply chain transformation, and decreased counterfeiting risk.

Wrapping Up: The Future of Blockchain

The future of Blockchain is as bright as its fan thinks. Starting from Crypto-enthusiasts to ending with business minds, this technology can be seen as a one-stop solution to many problems. Surveys and headline also reveal that Blockchain developers salaries will go off the charts in the years to come. 

And this is definitely good news for all Blockchain enthusiasts. 

If you are planning to start your Blockchain career, this is the best time to invest your time and upskill. Blockchain certifications offered by Blockchain Council are specially crafted by experts in Blockchain and cover topics from basic concepts to the very core. 

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council. 

How is the Blockchain and Fashion Industry a Perfect Fit?

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Some Common Myths About Blockchain

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Some-Common-Myths-About-Blockchain

This article talks about some of the most common myths and misconceptions related to Blockchain technology, which will help you in gaining an in-depth understanding of the technology.

Curious? So, let’s get started!

Table of Contents 

  • Overview 
  • Most Common Blockchain Myths You Should Know 
  • The Verdict 

Overview

If you want to gain an in-depth understanding of Blockchain, it is essential to ward off all the doubts regarding it. Despite being a matured technology and its promising adoption rates and favourable feedback, Blockchain is still relatively new, and there are many misconceptions surrounding this technology. It is important to note that a lot of ‘facts’ you hear are not actually facts, rather misinformed statements or conjectures.

In this article, we will debunk a few common misconceptions about Blockchain technology in order to help you gather a more thorough understanding of the technology.

Most Common Blockchain Myths You Should Know 

Here is a list of the most common myths and misconceptions related to Blockchain technology.

Blockchain and Cryptocurrencies are Same 

The majority of the crowd still believes that Blockchain and Cryptocurrencies mean the same thing, and therefore they use these terms interchangeably. One of the reasons for this myth is because of the fact that they both became famous around the same time. To distinguish both these terms, cryptocurrencies like Bitcoin are digital assets used as a medium of exchange. In fact, you can say that cryptocurrency is one of the applications of Blockchain. Here it is important to note that not all cryptocurrencies use Blockchain. IOTA is one such exceptional case.

Blockchain is basically a decentralized distributed ledger technology that stores records of transactions, maintained throughout different computers linked to each other through a P2P network. 

All Blockchain are Public Blockchains

The majority of people assume that all Blockchains are public. But as a matter of fact, public blockchains are not the only type of Blockchain. There are various kinds, such as private and federated. The different types of Blockchain have their own applications, and there are various other modifications and differences. For example, public ones are permissionless, non-restrictive, distributed ledger systems, which means anyone who is connected to the internet can join and become a part of it. In contrast, a private Blockchain is a permissioned and restrictive one that operates in a closed network. Such Blockchain is generally used within an organization where only particular members are participants of a network. Federated blockchain, on the other hand, is best suited for organizations where there is a need for both types of blockchains, i.e., public and private, and offers better customizability and control over resources.

Technology Only Targets Finance Industry

There is a strong misconception surrounding Blockchain, and that is it focuses only on the finance domain. This assumption would have been true a decade ago, but at present, technology is being progressively used across various industries such as supply chain, healthcare, logistics, manufacturing, digital marketing, cybersecurity, and many others. Additionally, government institutions are another crucial field that has been significantly impacted by Blockchain. Governments all across the globe are adopting and implementing technology to provide cybersecurity, process optimization, and integrate hyperconnected services without compromising trust and accountability.

Blockchain is a Database

Another misconception related to distributed ledger technology is that it is a database. Although Blockchain can be considered as a form of database, a database is undoubtedly not a blockchain for sure. Blockchain store records and transactions within blocks which are visible to everyone. Databases are centralized collections of data stored in the form of tables. Few compare Blockchain with cloud databases, but it is important to understand that cloud databases store digital files in formats such as word documents; Blockchain, on the other hand, store records with a Proof of Existence. 

Free and Highly Accessible 

There is no reason to believe that Blockchain is free. There is no point in having a technology that performs such massive mathematical functions and implements algorithms without any cost. Blockchain charges a fee, a cryptocurrency transaction fee, to users when performing transactions. Thus nothing comes without a cost. You have to pay the blockchain fee to ensure your cryptocurrency transfers arrive on time.

And when it comes to accessibility, Blockchain developers are still working on Blockchain’s scalability, which is one of the major concerns associated with the technology. 

The Verdict

From just being a buzzword to now being a major player, Blockchain has made a lot of efforts in a few years. At present various huge corporations such as Facebook, JP Morgan, among others, are showing their interest, which means technology is here to stay. As we have uncovered the most common myths that exist, you must have gained a clear understanding of Blockchain and its functionalities.

If you want to start your Blockchain Journey, we are here to assist you. Check out Blockchain Council now!

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council. 

Some Common Myths About Blockchain

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